Federal Reserve Bulletin, 1968-12

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

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

FEDERAL RESERVE BULLETIN NUMBER 12 □ VOLUME 54 □ DECEMBER 1968 CONTENTS 941 Economic Expansion in 1968 953 Monetary Restraint, Borrowing, and Capital Spending by Small Local Governments and State Colleges in 1966 983 Revision of Consumer Credit Statistics 1004 Record of Policy Actions of the Federal Open Market Committee 1012 Law Department 1037 Announcements 1041 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- 98 Index to Statistical Tables Map of Federal Reserve System on Inside Back Cover EDITORIAL COMMITTEE Charles Molony Daniel H. Brill Robert C. Holland Robert Solomon 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 Expansion in 1968 THE OPENING MONTHS of 1968 saw a rapid acceleration of economic activity following a year of inventory readjustment and recovery. The expansion in real gross national product in the first quarter was the fastest in 2 years as consumer expenditures in­ creased at a near-record rate. The exuberance of consumer de­ mand diminished somewhat in the second quarter, but the rate of growth in real GNP was sustained by higher inventory accumula­ tion. Taxes were increased in the third quarter, and defense and other Federal outlays slowed. Nevertheless, private demand strengthened. Consumer expenditures again accelerated as auto­ GNP INCREASE mobile sales exceeded the high levels of 1965. Housing starts also DOLLARS CURRENT DOLLARS rose further, and investment in plant and equipment resumed its previous uptrend. Widespread increases in employment and a continuous flow of wage increases sustained a fast expansion in personal income. The tempo of business activity continued to be very vigorous in the fourth quarter. Federal expenditures have increased moderately since midyear, but a strong increase in investment in new produc­ tive capacity is replacing defense expenditures as a leading source of growth. Optimistic business expectations and rising sales are reflected in a heightened volume of new orders for both durable and nondurable goods and by relatively high inventory accumula­ tion. Outlays for residential construction are rising, following a Dept, of Commerce quarterly data seasonally adjusted at annual rates higher level of housing starts in recent months. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

942 FEDERAL RESERVE BULLETIN □ DECEMBER 1968 Retail sales also continue strong, although they are advancing at a less rapid pace than in the third quarter. The rise in consumer spending is concentrated in nondurable goods and services; sales of autos are increasing at a somewhat slower rate than in the third quarter. Unemployment dropped in November to a new low since 1953, and wage increases show few signs of abating. Price in­ creases have become more widespread at both wholesale and retail levels. FINAL DEMAND Final sales have moved erratically thus far in 1968, mainly in re­ IN 1968 sponse to unexpectedly large surges in retail sales in the first and third quarters. A dip in expenditures for plant and equipment in the second quarter—between two stronger quarters—-also added to the impression of alternating strength and weakness. A higher rate of inventory accumulation in the second quarter offset the temporary slowing in final demands. TABLE 1 INCREASES IN GNP AND FINAL SALES (In billions of dollars, at annual rates) Final sales Quarter GNP Private Government1 1967 III 15.1 9.6 2.3 IV 15.7 8.9 3.9 1968 1 20.2 19.4 7.0 11 21 .7 7.8 5.2 III 18. 1 17.5 3.9 s Federal, State, and local. CONSUMPTION Large gains in consumer income were an important source of in­ flationary pressure in early 1968. Such income began to mount rapidly in late 1967 as the economy advanced at a faster rate, and wages and employment continued to show sharp increases. A large upward adjustment in social security benefits and a substantial in­ crease in the minimum wage in the first half of 1968 contributed to a growth in disposable income that had not been matched since late 1965. The sharp first-quarter rise in income was accompanied by an even faster growth in consumption. In fact, the percentage increase was the largest since the Korean war. Increases in expenditures were outsized for both nondurable and durable goods. However, some of the high outlays for new cars in early 1968 reflected pur- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ECONOMIC EXPANSION IN 1968 943 chases postponed from the fourth quarter when cars were in short supply because of strikes. The surge in sales was particularly note­ worthy since it followed a year in which expenditures by con­ sumers had lagged behind income gains. The saving rate, which had averaged 5.6 per cent of disposable income in the years 1959­ 66, rose to 7.4 per cent in 1967, but the gain in consumption ex­ penditures in the first quarter of 1968 reduced the rate somewhat to 7.1 per cent. INVENTORY CHANGE In the second quarter of 1968 the rise in consumer expenditures slowed appreciably, and the rate of saving rose somewhat. Con­ tinued large increases in income, high liquidity, and relatively low debt-to-income ratios of many consumers posed an increasing threat in an economy in which wage and price pressures were Dept, of Commerce quarterly data seasonally adjusted at annual rates. already intense. In June Congress enacted a 10 per cent surtax on personal and corporate incomes, in large part to dampen the exuberance in consumer buying and to reduce the inflationary pressure of the Federal deficit. Withholding taxes were raised enough in mid-July to yield about $6.5 billion at an annual rate, reducing gains in disposable income by an equivalent amount. A cut of this size was expected to reduce the buoyancy of consumer markets in the second half of the year even with some reduction in the saving rate. 11 The gain in INCOME slows CHANGE, BILLIONS OF DOLLARS DISPOSABLE INCOME But CONSUMERS increase outlays 6 1967 1968 Dept, of Commerce quarterly data seasonally adjusted at annual rales Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

944 FEDERAL RESERVE BULLETIN □ DECEMBER 1968 The immediate impact of the surtax fell much more heavily on saving than had been anticipated. Although growth in disposable income was cut to an annual rate of 4 per cent in the third quarter —less than half the rate in the first half of the year—-consumer outlays accelerated, particularly for new cars, and the saving rate dropped more than a percentage point—from 7.5 to 6.2 per cent. The surge in consumption in the third quarter was only less vigorous than in the first. Unit sales of domestic automobiles rose to an annual rate of 9 million units, and imports increased their share of the market. Accompanying high automobile sales, ex­ tensions of instalment credit accelerated, reaching a ratio to dis­ posable income slightly higher than in 1965. Several explanations for the lack of effectiveness of the surtax in restraining consumer buying in the third quarter have been sug­ gested. First, consumer liquidity was high: debt-to-income ratios were low for many consumers, and almost 2 years of exceptionally high saving had resulted in substantial additions to liquid assets. Earnings increases averaging about 7 per cent per annum also acted to offset the effect of higher taxes for a significant proportion of families. Disposable income continued to rise in the third quar­ ter, though at a much reduced rate. TABLE 2 IMPACT OF SURTAX (Percentage change) Decrease in after­ Income (dollars) Increase in tax tax income 5,000 ----- 0,0 5,500 4.32 0.3 6,000 7.11 0.6 6,900 10.00 0.9 10,000 10.00 1.2 15,000 10.00 1.6 20,000 10,00 1.9 Note.—Assumes a four-person family, all income from wages and salaries, and standard deductions. Decrease calculated on wage or salary income minus Federal income tax. Moreover, the surtax did not affect low-income families—those with an income tax liability of less than $290—and for many other families the increase in taxes was less than 10 per cent. The upper income groups—or at least those already paying high taxes—bore the major impact of the tax in terms of the reduction in after-tax incomes caused directly by the surtax. Thus, the incidence of the tax was on the groups who could more easily make discretionary adjustments between spending and saving. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ECONOMIC EXPANSION IN 1968 945 Even though the third-quarter decline in saving was very large, consumers were still able to save a very comfortable portion of income. Nevertheless, because of the surtax the saving rate de­ clined enough that further reductions are likely to be of smaller CAPITAL OUTLAYS magnitude. In the fourth quarter, the change in the saving rate was comparatively small, although consumer outlays continued to : : . . • . . 75 be stimulated by very rapid growth in income and sizable increases in prices for food,,apparel, furniture, services, and even autos and ALL BUSINESS appliances. On the other hand, unit sales of new cars, which had 55 been at near-record levels, were slightly lower in November. Although the surtax might have been expected to cut durable goods sales most sharply, expenditures for such goods rose at a 35 MANUFACTURING rate almost twice that for nondurable goods for the full year 1968. Sales of domestic autos will total 8.6 million in 1968, about 1 1967 I960 1909 million more than in 1967. In real terms, expenditures for auto­ Dept, of Commerce-SEC data season­ ally adjusted at annual rates. Fourth mobiles and parts will be about 7 per cent of disposable personal quarter 1968 through second quarter 1969 as anticipated in November 1968 income, equal to the record set in 1965. Preliminary estimates also survey. suggest that the advance this year in furniture and appliance sales will be the largest in more than a decade, although a sizable part of the rise reflects price advances. Growth in purchases of nondurable goods was also exceptional in the first quarter of 1968, but after that the rise was more mod­ erate. Price increases for such goods continued to be larger than for durables, and about half of the rise in purchases over the year reflects price increases. In real terms, growth in expenditures for services during 1968 was in line with the trend of the last few years, although the rise in the cost of services accelerated. EXPENDITURES FOR PLANT AND EQUIPMENT Business outlays for plant and equipment, which had been on a high plateau in real terms since 1966, increased moderately in the first half of 1968. However, since midyear the rise has accelerated, and there will be an even bigger increase in the first half of 1969 if business anticipations to invest in fixed capital—as disclosed in the recent Commerce-SEC quarterly survey—are realized. Planned increases in fixed investment are widespread in both manu­ facturing and nonmanufacturing industries. The strengthening in new orders for machinery since midyear—and in particular the sharp rise in October—offer some confirmation of this trend, as does the large third-quarter rise in new appropriations for capital expansion by the largest manufacturing corporations. Previously investment in manufacturing capacity had not been expected to expand rapidly in 1969, since the average rate of utilization in the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

946 FEDERAL RESERVE BULLETIN a DECEMBER 1968 MACHINERY and EQUIPMENT sector dropped from over 90 per cent in 1966 to about 84 per cent ■................ minim if mlihs in mid-1967, where it has remained except when influenced by anticipated or actual strikes. Through the third quarter of 1968 outlays for fixed capital fell substantially below business plans. Even with a strong fourth­ quarter increase, business investment this year will be only 4.7 per cent higher than last year—considerably less than had been projected in earlier surveys—and in real terms, it will be only 1.5 per cent higher. Thus, part of the strength at the end of the year may indicate failure to install capacity as fast as had been hoped. It is not certain that equipment output can be expanded fast Bureau of Census monthly data sea­ sonally adjusted. enough to meet the goals suggested in the Commerce-SEC sur­ vey—or in the case of commercial construction, whether sufficient credit will be available. However, there is no doubt about the short-term inflationary impact of the recent strengthening in new orders for machinery and equipment and in construction contract awards. INVENTORY CHANGES Changes in the rate of inventory accumulation in the first three quarters of 1968 reflected largely fluctuations in retail sales (par­ ticularly of autos), adjustments in steel stocks to the August strike deadline for steel workers, and perhaps reactions to inflationary anticipations. Accumulation was considerably higher in the second quarter than in the first, as both steel and auto stocks were built up and final sales showed less strength. In the July-September period the rate of total accumulation dipped, but if changes in steel and auto stocks are excluded, inventories rose at a faster pace. Although inventory/sales ratios for durable goods have been somewhat reduced from 1967 levels, they remain high by stand­ ards of earlier years. Manufacturers’ accumulation of inventories of durable goods has continued to be rather rapid in recent months considering the relatively constant backlogs of orders in the de­ fense and business equipment industries. In October, manufac­ turers’ inventories of durable goods were twice as large as ship­ STOCK/SALES RATIOS ments, about the same as in July when steel stocks were much October Durable Nondurable higher. of— goods goods In October, building of inventories rose to an exceptionally high 1968 1.91 1.19 1967 2.01 1.23 rate, partly reflecting increases in auto stocks. With steel inven­ 1966 1.85 1.21 1965 1.77 1.17 tories continuing to decline and with more moderate increases anticipated in auto stocks, accumulation for the fourth quarter as Includes manufacturing and trade. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ECONOMIC EXPANSION IN 1968 947 a whole is likely to be at a considerably slower rate than in Oc­ tober. Nevertheless, rising prices of materials, recent increases in new orders, and expectations of expanding sales suggest that addi­ tions to stocks may continue sizable. RESIDENTIAL Despite limited availability of mortgage funds, residential con­ CONSTRUCTION struction was sustained at a high level in 1968. The long-delayed passage of the fiscal restraint measure in June, which was widely regarded as a forerunner of easier mortgage markets, contributed to the midsummer spurt in starts. In addition, the relaxation in the spring and summer of a number of usury laws in important States and a much better regional apportionment of mortgage funds re­ sulted in a jump in starts in the Northeast. For the nation, starts rose to a rate of 1.55 million in the third quarter, a level compar­ able to that of 1964. Residential construction outlays have risen much more strongly than starts—reflecting the rise in costs and a shift to higher-quality homes; as a result expenditures for residen­ tial construction are at a new peak. 2 | CONSTRUCTION activity rises to high levels Dept, of Commerce quarterly data seasonally adjusted at annual rates. Private housing starts, Bureau of Census. Despite the upward trend in completions of new homes, the backlog of housing needs is very large. Vacancy rates have been declining in all regions of the country and are the lowest in 10 years. In addition, sharp increases in construction costs and land values over a period of several years have apparently convinced many potential buyers that it is just as well to buy now as later. Housing starts averaged slightly higher in October and Novem- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

948 FEDERAL RESERVE BULLETIN □ DECEMBER 1968 ber than in the third quarter—a rate of about 1.6 million units— despite continued tightness in mortgage markets. Interest rates on mortgages at the end of 1968 were at or near earlier peaks, and inflows of funds into mortgage institutions had not improved in line with lender expectations. FEDERAL EXPENDITURES A slower rise in Federal expenditures, particularly for goods and services, has moderated the rise in GNP since July. The expendi­ ture control measures enacted by Congress in June cut the Janu­ ary budget estimates by $6 billion for the fiscal year 1969 in desig­ nated categories, although owing to large increases in defense and various “uncontrollable” items of expenditure, the reduction from the Budget as proposed in January was not this large. The longawaited slowing in defense expenditures for the Vietnam war was also an important influence in moderating the rise in Federal out­ lays. Over-all, the third-quarter rise in Federal expenditures for all purposes was only $3 billion at an annual rate, following increases of twice this size in the first half of the year. Purchases of goods and services rose comparatively little in both defense and nondefense categories, although a pay raise for military and civilian personnel in July added appreciably to costs. The rise in transfer payments also slowed following the large increase in pensions for social security recipients last March. Federal expenditures are expected to rise even more slowly this Federal EXPENDITURES moderate, 3 RECEIPTS rise faster, the DEFICIT drops RECEIPTS EXPENDITURES 1965 1966 1967 1966 M®«tt»»i«M®sasia0Ma®«iss®3a8awaiK«waaBaass8i»®s^ Dept, of Commerce (Federal sector, NIA) data seasonally adjusted at annual rates, Fourth quarter 1968 estimated. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ECONOMIC EXPANSION IN 1968 949 quarter, although Commodity Credit Corporation purchases of farm commodities will add somewhat to nondefense purchases. These—along with transfer payments (mainly social security and veterans’ pensions), interest, and some categories of grants to States—are not subject to the recent budget cuts, and together they are expected to account for most of the small rise in Federal ex­ penditures anticipated for the remainder of the fiscal year. De­ fense expenditures are estimated to be near a peak, according to the midyear budget review. However, Vietnam war requirements, which are exempt from ceilings, could escalate—or decline— sharply if the international outlook changes. Federal receipts as measured in the national income accounts jumped sharply in the third quarter of this year following the in­ crease in withholdings on personal income in July, and in the fourth quarter there was a further rise, reflecting in part increased decla­ rations by individuals on 1968 liabilities. (Higher revenues flow­ ing from the corporate surcharge—which was retroactive to the first of the year—were incorporated in first- and second-quarter estimates of receipts.) Receipts have been rising faster than ex­ pected in recent months, reflecting the buoyancy of the economy and a continued growth in corporate profits. The sharp rise in receipts and the slowing of increases in ex­ penditures reduced the budget deficit in the Federal sector of the NIA from an annual rate of about $9 billion in the first half of this calendar year to $3.0 billion in the third quarter. A surplus should appear in the first half of next year, and unless expendi­ tures for the Vietnam war should increase considerably, the surplus could be substantial by mid-1969. For the fiscal year 1969 as a whole, the NIA budget should show a surplus compared with a deficit of $11 billion in 1968. IMPORTS AND The surplus of exports of goods and service transactions over im­ EXPORTS ports declined in the first three quarters of this year to the lowest levels since 1959. While the 9 per cent increase in exports from the year-earlier period was unusually large and the United States maintained its proportion of world exports, imports grew by 18 per cent. This was extraordinarily sharp, even considering that in­ come and prices in this country were rising rapidly. On merchan­ dise trade alone, the surplus declined from $3.5 billion in 1967 to an average of about $0.5 billion in the period January through October of this year. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

950 FEDERAL RESERVE BULLETIN □ DECEMBER 1968 COSTS AND PRICES The labor market continues very firm, and upward wage pressures are strong. Growth in nonfarm employment has continued moder­ ately strong after the sharp first-quarter rise, but the labor force has shown unusually slow growth this year. Hours of work remain high and the rate of unemployment, which had fluctuated around 3.6 per cent since late last year, declined to a new post-Koreanwar low of 3.3 per cent in November. Increases in wages and sal­ aries and in fringe benefits have been even larger this year than last; compensation per man-hour is up by more than 7 per cent. EMPLOYMENT growth continues high and the rate of UNEMPLOYMENT drops sharply Bureau of Labor Statistics data seasonally adjusted. Private nonfarm employment. Quarterly changes at annual rates. Unemployment rate, monthly. As the tempo of activity increased in late 1967 and 1968, pro­ ductivity in the private economy expanded at a somewhat faster rate, so that, despite the increase in compensation per man-hour, the rate of increase in unit labor costs did not accelerate. Since mid-1967 business in general has enjoyed a brisk market for its products. Profit margins, which had been depressed in early 1967, were restored and profits have increased this year with the rising volume of sales. Prices of industrial commodities, which had stabilized during the economic slowdown in the first half of 1967, rose briskly from mid-1 967 to March of this year and then slowed again. Since mid- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ECONOMIC EXPANSION IN 1968 951 UNIT LABOR COSTS rise less rapidly and 5 PROFITS increase 1966 61=100 WAGES, COSTS, AND PRICES CORPORATE PROFITS Dept, of Commerce and BLS data seasonally adjusted. Deflator for private nonfarm economy. Corporate profits before tax. summer, however, they have been moving up sharply (Chart 6). A few major items have accounted for a very large share of the industrial price advance since midyear—these include motor ve­ hicles and parts, lumber and plywood, machinery and equipment, and apparel. In October, prices of more than half the major classes of industrial products rose, the broadest rise since last February. In the over-all index, declines in prices of farm products and foods offset the widespread increases in industrial prices from luly to October but in November these too increased, pushing wholesale prices to a new high. Among the industrial groups rising in Oc­ tober and November were machinery, lumber and wood products, autos, and nonferrous metals. The consumer price index has been rising more steadily and rapidly than the wholesale price index. In October consumer prices were 4.6 per cent above a year earlier—the largest gain for comparable periods since the early 1950’s. The October rise was unusually large, with prices of autos and apparel up sharply and food prices rising contraseasonally. Services continued a strong uptrend. The cost of services—such as medical care, homeownership, auto repairs and maintenance, and personal care—have advanced Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

952 FEDERAL RESERVE BULLETIN □ DECEMBER 1968 faster and more steadily than commodity prices at either wholesale or retail this year. Prices of consumer nondurable goods, in turn, have risen more sharply than those of durable goods after adjust­ ment for quality changes. 6 | CONSUMER price rise steps up again and SERVICES FOODS TOTAL CPI NONFOOD COMMODITIES FOOD AND FOODSTUFFS INDUSTRIAL BLS indexes, monthly. In 1968 the United States moved closer to a pre-Vietnam pat­ tern of production, although construction continued to take a reduced share of national resources. The output of goods destined for consumers has assumed increasing importance, while that for defense is no longer growing, and, in fact, has shown a tendency to decline. Production of business equipment, which has been on a plateau, is now beginning to rise again and is approaching the peak of late 1966. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Monetary Restraint, Borrowing, and Capital Spending by Small Local Governments and State Colleges in 1966 By John E. Petersen and Paul F. McGouldrick In 1967, the Federal Reserve System con­ the survey’s objectives and design is given. ducted two surveys designed to evaluate the Next the results of the small-unit survey are impact of changing credit conditions in presented in detail, followed by selective 1966 on both large and small State and local comparisons of the findings of the small- and governmental units throughout the United large-unit surveys and estimates of the over­ States. The results of the first of these, cover­ all 1966 borrowing and related spending ex­ ing the approximately 1,000 largest govern­ periences of State and local governments. ments, were presented in an earlier issue of The mechanics and structure of the small­ the Federal Reserve Bulletin.’ This article unit survey, together with the two question­ reports and analyzes the results of the naire forms used, are presented in Appen­ second survey which was a sample of ap­ dixes A and B. proximately 12,500 small and medium-sized local governments and State colleges. It also SUMMARY compares the 1966 experiences of large and Estimates based on the sample survey of small units and estimates the over-all im­ small local governments and State-adminis­ pact of stringent capital market conditions tered colleges indicate that all units combined on all State and local units combined. experienced delays and decreases in planned The article first summarizes the findings long-term borrowing amounting to approxi­ of the small-unit survey.- Then a sketch of mately $2.6 billion in 1966. An estimated $5.8 billion in long-term borrowing was ac­ Note.—This report is based on the Federal Reserve tually accomplished by small units in that System survey described in the article and its technical appendixes. It has benefited from work of Federal Re­ year. The largest share of small-unit borrow­ serve Bank officials who supervised the survey in the ing setbacks in 1966, about 40 per cent of field and edited the results. At the Federal Reserve Board, Peter Keir and Edward Ettin were intimately the dollar volume, resulted from bond refer­ associated with survey planning, both as chiefs of endum defeats. Only about one-third of the Capital Markets Section and as members of the sub­ committee of the System Research Advisory Commit­ total of such borrowing delays and decreases, tee which exercised over-all supervision of the survey. $0.9 billion, was primarily attributable to Paul McGouldrick, formerly with the Capital Markets the high and rising interest rates of that year. Section, is now a member of the faculty of McGill Uni­ versity, Montreal, Canada. Large units, previously surveyed, had short­ 1 Paul F. McGouldrick and John E. Petersen, falls and postponements in long-term borrow- "Monetary Restraint and Borrowing and Spending by Large State and Local Governments in 1966,” Federal Reserve Bulletin (July 1968), pp. 552-81. 2 Throughout this article, "small unit" will be used to applied only in ihe relative sense that they are smaller distinguish that group of State and local governments than those units of similar governmental types that included in the second survey. Many of these units are were included in the first survey of the largest govern­ good-sized by any measure; therefore, the term small is ments. See Table 1, p. 955. 953 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

954 FEDERAL RESERVE BULLETIN n DECEMBER 1968 ing due to credit market conditions amount­ rate fluctuations, in part because changes in ing to $1.4 billion. long-term borrowing plans were more likely Nevertheless, while small governmental to disrupt planned expenditures than was units experienced relatively less borrowing the case with the large governments. difficulty because of restrictive credit condi­ tions than large units, such difficulties did OBJECTIVES AND DESIGN OF THE SURVEY lead them to cancel a higher volume of High and rising interest rates might be ex­ planned contract awards. During 1966, cut­ pected to have a negative impact on bor­ backs in planned contract awards by small rowing and spending of State and local gov­ units induced by the high costs of borrow­ ernments for at least two reasons.3 First, ing amounted to about $150 million, as taking the shorter view, an increase in inter­ compared with about $90 million for the est rates raises the current costs of debt large units. Allowing for a variety of added service. This may make borrowing impos­ expenditure reductions and postponements sible when current-period expenditures are stretching into 1967 by both large and small constrained tightly by revenues that are rela­ State and local governments, it is estimated tively inflexible in the short run. Taking the that stringent credit market conditions in longer view, an increase in the cost of bor­ 1966 reduced State and local government rowing to finance long-lived physical assets spending by somewhat over $400 million. means that the facilities themselves have This probably is equal to less than 1 per gone up in price. Potential borrowers, ex­ cent of State and local government capital amining alternatives, may defer the acquisi­ outlays for 1966 and 1967 combined. tion of facilities because costs have risen in About half of the small governments sur­ this way. Also there are institutional re­ veyed that experienced borrowing difficulties straints found in some jurisdictions which were able to proceed as planned with their limit the rates at which governments may capital expenditures. While a large per­ borrow. In times of high interest rates such centage did so by short-term borrowing, a pre-set ceilings may effectively block off significant minority resorted to reductions in long-term borrowing as a source of funds current expenditures or postponements of and thereby limit expenditures.'1 cash disbursements, relying on the flexibility of their current budget to absorb the short­ ’ A more extensive discussion of the possible reac­ tions of governmental units to the levels of and fall in long-term borrowing. Relatively few changes in interest rates will be found in the Bulletin were able to sustain planned projects be­ article cited in footnote 1, p. 953. Appendix A of that article discusses the special institutional structure of cause they used liquid asset holdings or be­ State and local governments and the market in which cause they had planned to borrow well in they borrow, both of which are important in explain­ ing their fiscal behavior and influenced the design of advance of cash needs, two principal the survey. methods used by the larger units to insulate 4 Throughout this article “governmental" and “gov­ ernments” refer to State and local government units, spending plans from borrowing difficulties. including special districts and authorities, except when Once small units had obtained permission specified otherwise. “Long-term borrowing” refers to to borrow, their financing plans appeared to borrowing with original maturity of 1 year or more. The survey asked respondents to time borrowings by be less sensitive to rapidly changing credit the offering date of the bond (the date when the lowest market conditions than those of the large bid was accepted for competitively bid issues, or when the underwriting agreement or other borrowing agree­ units. The survey indicates that small units ment was signed), not by the date of issue. The date were less inclined to speculate on interest­ “1966” refers to the calendar year 1966. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MONETARY RESTRAINT AND LOCAL BORROWING 955 Past studies of State and local government Because of the large number of small responses to varying credit market condi­ local governments falling within the scope of tions have indicated that their long-term the survey (the upper size limits are shown borrowing is sensitive to fluctuations in in Table 1), it was not feasible to conduct a bond yields, though evidently not to the 100 per cent census of their 1966 borrow­ general upward trend of yields since World ing and capital expenditure experiences, as War II/' Less is known about the extent to was done for larger State and local govern­ which these governments have curtailed cap­ ments. Rather, it was decided to adopt the ital outlays as a direct result of stringent sample of smaller units used by the U.S. credit market conditions. Moreover, whether Bureau of the Census for its annual survey or not large and small units react differently of local government expenditures.7 to credit restraint and rising interest rates has not been explored. TABLE 1 In view of the lack of information about UPPER SIZE LIMITS FOR SURVEY OF BORROWING AND CAPITAL SPENDING BY SMALL STATE AND the relative importance of the possible vari­ LOCAL GOVERNMENT UNITS IN 1966 ous responses to high and rising interest rates, the Federal Reserve survey had Type of unit Size, limit, and unit of measurement the following objectives. First, it was de­ County 250,000 population signed to measure the impact of credit con­ City 50,000 population Township 50,000 population ditions on the long-term borrowing of State Schoo! district 25,000 enrollees Special district $5 million debt outstanding and local governments and their capital out­ State college Small ones 1 lays.11 Second, it sought to determine the de­ 1 Generally, State-administered institutions with less than $5 mil­ gree of dependence between long-term bor­ lion in debt outstanding and with the power to borrow independently. rowing and spending decisions and to iden­ In an effort to achieve a high level of re­ tify and measure factors that influence that sponse to the survey and yet permit identifi­ linkage. Lastly, by including governmental cation and more intensive questioning of units of all sizes the study was structured to units that encountered borrowing difficulties permit comparison of borrowing and spend­ in 1966, the small-unit survey was con­ ing experiences on that basis. ducted in two stages. The first stage, sent to all units in the initial sample, consisted of a “ For a summary of that literature, see Paul Mc­ Gouldrick, “The Effect of Credit Conditions on State one-page questionnaire designed to facilitate and Local Bond Sales and Capital Outlays Since World response. On the basis of their replies, units War IT,” Stale anil Local Public Facility Needs and Financing, vol. 2. Joint Economic Committee of Con­ that might have experienced borrowing dif­ gress, 89th Cong., 2nd session (Washington: U.S. ficulties were followed up with a much more Government Printing Office. 1966). 0 The decision to focus on long-term borrowing and detailed second-stage questionnaire. Of the capital outlays was made for these reasons: (1) the 12,558 smaller units mailed the first-stage unique relationship between long-term borrowing (debt of 1 year or more in maturity) and capital outlays, a sizable proportion of which are 100 per cent debt- 7 Since the objectives of the Federal Reserve survey financed; (2) the greater postponability of these deci­ differ somewhat from those of the Bureau of the sions in comparison with those involving current reve­ Census, some alterations to the basic sample group nues and short-term borrowing; (3) the much greater were made. Principally, these consisted of eliminating total financial-cost consequences involved in decisions to Federally financed irrigation districts and public hous­ borrow long-term as compared with those involved in ing authorities and adding a census of approximately temporary borrowing decisions; and (4) the dollar 400 smaller State-run colleges not included in the largevolume of long-term borrowing is typically about unit survey. Altogether, 12,558 units were initially in­ twice as great as that involved in short-term borrowing. cluded in the small-unit survey sample frame. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

956 FEDERAL RESERVE BULLETIN □ DECEMBER 1968 questionnaire, 10,524 returned usable re­ TABLE 2 plies, for a response rate of 84 per cent. SMALL UNITS RESPONDING AND UNITS HAVING POWER TO BORROW LONG-TERM Only about 5 per cent of these, or 501 units in the original sample, were judged to have Respondents with power had sufficient borrowing difficulties in 1966 Total to borrow Type of unit number responding to merit inclusion in the second sample Number Per cent of total respondents frame. But because of nonresponse to the second-stage questionnaire, complete infor­ Counties....................... 1,480 1 ,274 86 Cities. . ......................... 2,793 2,691 96 mation was obtained from 429 of these." Townships.................... 696 654 94 Special districts........... 1 ,751 1 ,473 84 In appraising the results of the survey, it School districts............ 3,529 3,322 94 State colleges............... 275 162 59 should be borne in mind that the two ques­ Total..................... 10,524 9,576 91 tionnaires deal with activity over a discrete interval of time. The questionnaires did not ask about plans and their realizations in of the units empowered to borrow had held earlier years nor for comparisons of borrow­ some intention of borrowing that year but ing and spending in 1966 with that of earlier had found it necessary or desirable not to years. Moreover, the questions focused on carry out their plans. Thus, a little over 26 changes in plans rather than on their origi­ per cent of all the respondents capable of nal formulation. Thus the survey results are borrowing either actually borrowed or in­ most useful in gauging immediate impacts tended to do so in 1966. By type of govern­ rather than in measuring long-term influ­ ment, the percentage of units expressing at ences of financial factors on borrowing and least a desire to borrow ranged from about spending decisions. one-half for State colleges to about one­ tenth for special districts. GENERAL BORROWING EXPERIENCES Table 4 focuses in more detail on the Not all of the small State and local govern­ percentage breakdown of the experiences of mental units originally included in the sur­ sample units which actually borrowed or in­ vey were empowered to borrow. As is shown tended to borrow in 1966. For all the in Table 2, 91 per cent or 9,576 of the units smaller governments surveyed, 78 per cent replying indicated that they did have the actually accomplished their borrowing plans general power to borrow directly from pri­ without a hitch in either the timing or the vate sources." Of these, somewhat under 23 amount of their offerings. An additional 8 per cent actually borrowed long-term in per cent, though at least partially realizing 1966 (Table 3). An additional 3.7 per cent their borrowing plans in that year, did make some alterations in them. The remaining 14 " A more extensive discussion of the structure of the per cent of the sample units that had intended survey and the design of its questionnaires is found in to borrow long-term funds completely aban­ Appendix A of this article. The two questionnaires that were used are reproduced in Appendix B. doned their plans to borrow long-term that ” Those units which did not have such power were year. Altogether, slightly over 20 per cent of usually operating entities—commissions, agencies, or departments—adjunct to a parent government which the sample units intending to sell or place did any necessary borrowing for them. Whereas the long-term debt issues in 1966 made some great majority of local units do have the power to incur debt, subject to the approval of voters or a form of downward revision in those plans— superior unit in some cases, only a slight majority of by postponing or reducing in amount offer­ State colleges ultimately falling in the survey frame ings actually sold or by completely abandoncould borrow on their own. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MONETARY RESTRAINT AND LOCAL BORROWING 957 TABLE 3 BORROWING INTENTIONS IN 1966 OF RESPONDENT SMALL UNITS EMPOWERED TO BORROW (Percentage distribution) Type of unit All Intention types County City or Special School State town district district college Borrowed,......................................................................................................... 22,7 19.6 27.4 9.2 24.5 35.2 Intended to borrow but did not..................................................................... 3.7 2.4 3.8 1.8 4.8 9.3 No intention of borrowing,............................................................................. 73.6 78.0 68.8 89.0 70.7 55.5 Total............................................................................................................. 100.0 100.0 100.0 100.0 100.0 100.0 Item.'—Number of units responding and empowered to borrow.............. 9,576 1 ,274 3,345 1 ,473 3,322 162 TABLE 4 EXPERIENCES OF RESPONDENT SMALL UNITS INTENDING TO BORROW IN 1966 (Percentage distribution) Type of unit All Experience types County City or Special School State town district district college Borrowed: No change in plans........................................................................................ 78.0 83.4 81.0 77.2 74.9 72.6 Accelerated or increased only...................................................................... 1 .9 1.1 1 .0 1.8 2.2 Postponed, decreased, or abandoned......... ............................................. 6.1 5.1 7.0 4.3 5.7 5.6 Intended to borrow but did not...................................................................... 14.0 10.4 1 1 .0 16.7 17.2 21 .9 Total................................................................................................... 100.0 100.0 100.0 100.0 100.0 100,0 Item.—Estimated number of units with intentions to borrow................. 2,523 278 1 ,028 162 982 73 ing planned offerings.1" Tn contrast, only by type of government, in this respect, were about 2 per cent of the units intending to bor­ not very pronounced. row decided to accelerate the date of sale or to Tn Table 5, the actual amount of borrow­ increase the amount of an issue.11 Differences ing accomplished by the various types of governmental units in the small-unit sample "'The different types of changes are discussed in is compared with the estimated amount more detail below. The terms downward revision or planned for 1966.1- The difference between setback are used to denote actions that led to either a reduction in the amount actually borrowed or a the two, the gross shortfall from planned to failure to borrow at the time originally planned. It actual borrowing by sample units, is estishould be borne in mind that the distinction between changes in amount and changes in timing is a function of the length of time covered by the survey. That is, 15 Since Table 5 is constructed by using information had we chosen to look at a longer interval of time, gained from both the first and second stages of the much of the shortfall in borrowing would prove to be small-unit survey, it is necessary to allow for non­ postponements. response by units to the second stage. Altogether, by " An additional 11 units or 0.4 per cent of the using the methods described in Appendix A, adjust­ sample units either borrowing or intending to borrow ment for full response to the second stage increased indicated that they experienced some combination of the amount of reductions and abandonments by 14 both accelerations or increases and cutbacks or delays per cent. As a result, the amounts of these downward in their borrowings (for example, a postponed borrow­ revisions in borrowing plans shown in Table 5 are ing which, when ultimately sold, was increased over the somewhat larger than those shown in the subsequent amount originally planned). These have been included sections dealing only with the results of the second in the third item under “Borrowed” in Table 4. stage of the small-unit survey. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

958 FEDERAL RESERVE BULLETIN □ DECEMBER 1968 TABLE 5 PLANNED AND ACTUAL LONG-TERM BORROWING BY RESPONDENT SMALL UNITS IN 1966 (In millions of dollars unless otherwise noted) Type of unit All Experience types County City or Special School State town district district college (1) Planned borrowing ।................................................................................... 3,979 324 1,332 260 1,805 258 (2) Net decrease in planned borrowing2...................................................... 1 ,103 67 266 97 617 57 (a) Reduction.................................................................................... 56 14 1 35 7 (b) Abandonments (includes postponements beyond 1966).. . 1 ,047 67 252 96 582 50 (3) Actual borrowing3...................................................................................... 2,876 257 1,066 164 1,188 201 (4) Ratio of actual to planned borrowing (per cent).................................. 72 79 80 63 66 78 1 Line (3) plus line (2). tables based on the replies of those units answering the second-stage 2 Based on results of second-stage results of survey with adjustment questionnaire. See Appendix A. for nonresponse. Figures shown above for reductions and abandon­ 1 Based on first-stage results of survey. ments are, on average, 14 per cent greater than those subsequent mated to have been $1.1 billion in that year. timing by small governments were of rela­ Almost all of the net decrease came in the tively minor dollar importance that year and form of abandonments ($1.05 billion), that are discussed separately below. Table 5 is, offerings originally planned for sale in illustrates the great importance of school dis­ 1966 but canceled in their entirety during tricts in the planned and actual borrowing the year. Only a tiny share of the decrease of small local governmental units. Offerings in planned borrowings ($0.06 billion) came by these units accounted for over 40 per in the form of reductions, that is, issues ac­ cent of the total borrowed by respondents in tually sold but in smaller amounts than 1966. But more striking are the sizable dif­ originally planned. The amount of planned ferences in the ratios of actual to planned borrowing shown in Table 5 is slightly over­ borrowing by the various types of units, stated since no provision has been made for which range from 63 per cent for special dis­ the amount of increases in offerings, that is, tricts and 66 per cent for school districts to where the government increased the size of 80 per cent for cities and townships. But, as its borrowing over that originally intended. is shown below, the great majority of the It is unlikely, however, that these exceeded borrowing shortfalls of school districts are $20 million for the year, and thus they had an attributable to defeats of bond referenda.1:1 insignificant bearing on the over-all totals. Generally, for other governments the high Table 5 contains only those changes that and rising rates of interest were the predomi­ affected the amount of long-term borrowing nant cause of shortfalls in borrowing. in 1966; revisions in plans which most likely affected only the timing of offerings actually 1:1 The high cost of borrowing may have been an issue in some of these referendum defeats, but the sold that year are not included. Such survey could not encompass such indirect impacts of changes in timing consist of postponements, interest rates on borrowing decisions. However, it does not appear that restrictive credit conditions had a offerings sold sometime during 1966 but for noticeable impact on bond election results in 1966— which there had been a delay in marketing, the amount of bonds approved as a percentage of the total voted on was the highest since 1960. See The and accelerations, offerings whose date of Homi Buyer's Municipal Finance Statistics, vol. 5 sale was advanced during 1966. Changes in (New York: N. Y.. April 1967), p. 23. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MONETARY RESTRAINT AND LOCAL BORROWING 959 BORROWING POSTPONEMENTS AND Although half of all the dollar volume of ACCELERATIONS postponements occurred in school districts, Smaller governments replying to the second such delays were most important relative to stage of the survey reported that they tem­ over-all borrowing experience in the case of porarily postponed borrowings in the State colleges (Table 7). But even for State amount of $75 million in 1966.11 Of this colleges only 5 per cent of their borrowing amount, $7 million represents postpone­ was temporarily postponed prior to being ments that were begun in 1965 but which sold in 1966. Since the total dollar volume were extended into 1966 and ultimately ter­ of postponements was about 3 per cent of minated in that year. In Table 6 the amount all respondent borrowing in 1966, the ag­ of postponements is classified by the reasons gregate impact of temporary delays on why such action was taken, As that table small-unit borrowing plans was relatively in­ shows, about 60 per cent of the total was significant. Small units either saw little adprimarily due to interest rates being judged too high or to interest rates exceeding some terest rates were rising, but they moderated as interest legally established ceiling.15 rates soared during the third quarter. However, the third- and fourth-quarter figures for postponements initiated are undoubtedly depressed since only post­ " Even if allowance is made for nonresponse to the ponements ending during the same year are counted. second-stage questionnaire, the amount of postpone­ (Postponements stretching over into 1967 are treated ments by the sample of small units did not likely exceed as abandonments.) Unpublished tabulations of post­ $90 million. ponements ending by quarters throughout 1966 also fail 15 The pattern of intrayear postponements only par­ to reflect any convincing sensitivity to interest-rate fluc­ tially reflects that of municipal bond yields during tuations. They are equally large in both the third and 1966. In Table 6, postponements initiated show an in­ fourth quarters of the year, when interest rates, though crease during the first two quarters of 1966 while in- high both quarters, were moving in opposite directions. TABLE 6 BOND OFFERINGS POSTPONED AND LATER SOLD BY SMALL UNITS IN 1965 AND 1966 Period when postponement began; and duration of, and reason for, postponement (In millions of dollars) Period postponement began Total Duration of and reason for postponement postponed 1965, 1966 2d half II 111 IV Duration (weeks): 4 or less............................................................................................................ 5.1 .9 4.2 5-8..................................................................................................................... 11.8 .3 2.9 4.6 4. 1 9-16................................................................................................................... 32.9 2.2 10,2 13.8 6.6 17-24................................................................................................................ 18.5 16.7 1 .7 25 or more.................................................................................................... . 6.3 4.4 i .6 .9 Total............................................................................................................ 74.6 6.6 12.4 38.5 12.9 4. 1 Reason: Court cases...................................................................................................... 3.9 3.9 Referendum defeat......................................................................................... 10.0 7.6 2.4 I I n n t t e e r r e e s s t t r r a at t e e s s a ju b d o g v e e d c t e o i o lin h g i . g ... h .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 5 9. . 5 9 2 (' . ) 7 3.6 2 5 0 . . 9 9 8.8 4. i High construction costs................................................................................ 5.9 5.9 Underwriting delays not due to interest rates........................................... 2.3 .6 i .7 Other............................................................................................................... 7.0 1.8 5.2 Total........................................................................................................... 74.6 6.6 12.4 38.5 12.9 4. 1 1 Less than 550,000. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

960 FEDERAL RESERVE BULLETIN □ DECEMBER 1968 vantage in making or were not in a position BORROWING ABANDONMENTS AND REDUCTIONS to make intrayear alterations in the timing of their borrowings. Downward revisions in the amount of Accelerations and fractional increases in bond offerings constituted by far the greatest offerings sold by the small-unit respondents change in long-term borrowing plans by were also of fairly negligible importance in smaller units in 1966. Together, abandon­ 1966. The survey indicates that the net ments of and reductions in long-term bor­ amount of long-term borrowing involved in rowings by those responding to the second such revisions did not exceed $70 million to stage of the survey accounted for a total shortfall of $958 million from planned to TABLE 7 actual borrowing in 1966, exclusive of the BOND OFFERINGS POSTPONED AND LATER SOLD very small amount of increases discussed IN 1966 BY SMALL UNITS above.17 High interest rates were the primary Reasons for postponement cause of $22 million in reductions of offer­ (In millions of dollars) ings and $316 million of offerings aban­ doned or about 35 per cent of the combined Amount of postponement Type of unit shortfalls (see Tables 8 and 9). All reasons Interest-rate reasons1 Fractional reductions in bond offerings County.......................... 3.0 1.5 were much less important than complete City or town................ 16.5 13.0 Special district............. 6.6 .9 abandonments, having been equal to only School district............. 35.8 17.3 State college................ 12.7 12.7 about 2 per cent of the borrowing actually Total..................... 74.6 45.4 accomplished by smaller units in 1966 (see Table 5). As may be seen in Table 8, the 1 Combines “interest rates exceeded statutory, referendum-imposed, or constitutional ceilings” and “interest rates were judged too high, amount of borrowing reductions primarily even though they did not exceed a [pre-set] ceiling.” due to interest-rate factors is approximately $80 million—the bulk consisting of accel­ equal to that resulting from bond election erations—and that almost all changes were defeat. However, the dollar figures are made because of credit market conditions. greatly influenced by referendum difficulties In any event, the net amount of accelera­ involving one large issue. On a unit count tions and increases did not account for more basis, half of the 22 units reporting reductions than 2 to 3 per cent of the amount actually attributed their action to high interest rates.1* borrowed in 1966 by the small governments surveyed.3" $55 million while the latter is $16 million. However, these estimates might somewhat understate the actual amounts of increases and accelerations by small units because they were more likely to be reporting on the 10 Respondent units reporting accelerations or in­ experiences of only one offering than were larger units creases in their offerings borrowed a total of $115 mil­ which frequently had multiple borrowings. lion in 1966. Units with long-term borrowing amount­ 17 When allowance is made for the nonresponse to ing to $98 million declared that the accelerations or the second-stage questionnaire—which -must be done increases were undertaken primarily because of credit in order to compare the levels of planned and actual market conditions. In the large-unit survey, units bor­ borrowing as was done in Table 5 above—the esti­ rowing a total of $240 million reported accelerations mated total of reductions and abandonments by the in offerings amounting to $112 million and increases of original sample of respondents is somewhat higher, $34 million. If we apply the ratios of these revisions to about $1.1 billion. See Appendix A. the amount borrowed to the $115 million borrowed by ’" The reported amount of reductions caused either smaller units reporting either accelerations or in­ by interest-rate reasons alone or by all factors did not creases, the estimated amount of the former comes to show a close relationship to the fluctuations in munici- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MONETARY RESTRAINT AND LOCAL BORROWING 961 TABLE 8 PRIMARY REASONS FOR REDUCTIONS IN BOND OFFERINGS IN 1966 (Amount of reduction, in millions of dollars) Type of unit All Primary reason for reduction types County City or Special Schoo] State town district district college Referendum defeat........................................................................................... 22.5 .... .... 22.5 .... Interest rates above ceiling.............................................................................. 2.7 .2 2.5 Interest rates judged too high........................................................................ 19.3 .... 11.9 .4 5.0 2.0 High construction costs................................................................................... 0.9 .9 Other................................................................................................................... 4.6 .... .2 .... .9 3.5 Total........................................................................................................... 50.0 .... 12.3 .4 31.8 5.5 TABLE 9 PRIMARY REASONS FOR ABANDONMENT OF LONG-TERM BOND OFFERINGS IN 1966 (Amount of abandonments, in millions of dollars) Type of unit Primary reason for abandonment ' All types County City or Special School State town district district college Court cases.......................................................................................................... 62.6 29 1 5 33.0 Referendum defeat............................................................................................. 357 1 5.2 13 5 12.7 325 6 Interest rates above ceiling............................................................................... 29.4 I 0 25 9 2.5 Interest rates judged too high......................................................................... 286.1 20.0 102 8 8.4 135 5 19 5 High construction costs......................................................................... 21.1 9 8 4 3 7 0 Federal grant and loan delays........................................................................ 25.4 6.6 5' 5 5.2 8 1 Other 2........................................................................................................ 126.3 1 1 1 27 5 46.9 34.7 6.1 Total............................................................................................................. 908.0 43.9 214. 1 76.4 533.0 40.7 i Abandonments includes offerings postponed beyond 1966 as web due to underwriting difficulties not attributable to interest-rate diffi­ as those suspended indefinitely. culties, with the remainder primarily attributed to planning, admin­ 2 Other reasons contain $60.6 million in abandonments due to istrative, or approval difficulties. various legal problems, $7.5 due to debt limitations, about $1 million The over $900 million in abandonments counted for over 60 per cent of the volume of long-term borrowings—offerings that of abandonments. But except for school dis­ were either suspended indefinitely or post­ tricts and special districts, the high and rising poned beyond 1966—made up the great level of interest rates was the most important bulk of borrowing setbacks experienced by specific cause for the cancellation of 1966 the respondent small units in 1966. As is borrowing plans. For cities and towns, the shown in Table 9, the largest dollar volume high costs of borrowing accounted for 60 per of borrowings abandoned was attributable cent of the abandonments, and for State col­ to referendum difficulties. Bond election leges, almost 50 per cent. The dollar volume defeats were of particular importance in the of abandonments caused by interest rates ex­ case of school districts, where they ac- ceeding statutory, constitutional, or refer­ endum-imposed ceilings ($29 million) amounted to only about a tenth of that pal bond yields. Reductions were largest in the second and fourth quarters of 1966, before and after interest representing judgmental action taken on the rates reached their peak in the third quarter of that part of government officials ($286 million). year. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

962 FEDERAL RESERVE BULLETIN □ DECEMBER 1968 Table 10 gives the dollar volume of bor­ importance in terms of both the number of rowings and number of units involved in units and the dollar amounts involved. A abandonments, cross-classifying the primary total of 58 units that abandoned $126 mil­ and secondary reasons why such action was lion submitted reasons other than those sug­ taken. Although, as has been shown above, gested in the questionnaire to explain why the dollar volume of abandonments primar­ offerings were canceled or delayed beyond ily due to referendum defeats exceeds that 1966. About $61 million involved various due to high interest rates, many more units legal difficulties concerning either the under­ were involved in abandonments associated lying project or the borrowing authoriza­ with high borrowing costs. Over 40 per tion; most of the remainder was attribut­ cent of the 371 units reporting borrowing able to various administrative or planning abandonments principally attributed their difficulties. action to high interest rates; in 80 per cent of these cases, interest-rate considerations INDUCED CHANGES IN CAPITAL OUTLAYS were the only reason given for the change Almost all long-term borrowing by State in plans. An additional 22 units (with and local governments is undertaken to fi­ borrowing abandonments of $38 million) nance capital outlay projects. Therefore, gave high interest rates as a secondary fac­ unless other means of acquiring funds are tor in their decision not to borrow long readily at hand, abandonments or lengthy term in 1966. The other possible reasons delays in selling bonds should induce can­ for abandonment suggested in the second- cellation or postponement of capital ex­ stage questionnaire were of relatively minor penditure plans. Tn the second questionnaire, TABLE 10 RELATION OF PRIMARY TO SECONDARY REASON FOR ABANDONING LONG-TERM BORROWING BY SMALL UNITS IN 1966 Secondary reason Primary reason Total Court Refer­ Rates Rates High con­ Federal No cases endum above judged struction aid Other secondary defeat ceiling high costs delays Amount abandoned in millions of dollars Court cases......................................... 62.6 .... .6 .... .6 .... .... .... 61.4 Referendum defeat.................... 357.1 4.1 6.5 8.1 2.4 .5 335.4 Interest rates above ceiling............... 29.4 .... .... .3 2.5 3.1 23.6 Interest rates judged too high......... 286.1 .... .9 1.2 .... 34.8 4.5 9.9 234.7 High construction costs................... 21.1 .3 II.6 5.5 2.0 1.7 Federal grant and loan delays........ 25.4 .3 .... .... .... 25.1 Other'............................................... 126.3 1.0 .... 9.1 2.7 .7 112.8 Total................................................ 908.0 4.1 2.5 8.0 30.0 42.4 10.0 16.1 794.7 Number of units Court cases......................................... 13 1 .... 1 .... II Referendum defeat............................... 112 2 .... 1 6 3 .... 1 99 Interest rates above ceiling................ 12 1 2 .... 2 7 Interest rates judged too high......... 142 .... 2 1 16 3 9 111 High construction costs.................... 12 1 5 1 1 4 Federal grant and loan delays........ 22 2 .... 20 Other................................................... 58 2 .... 4 7 .... 1 44 Total........................................... 371 2 5 3 19 28 4 14 296 ' Other reasons consist of $60.6 million of abandonments the remainder primarily due to planning, administrative, and due to legal problems and $7.5 million due to debit limits, with approval difficulties. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MONETARY RESTRAINT AND LOCAL BORROWING 963 respondents who indicated that they had canceled $400 million in planned contract experienced borrowing difficulties were awards, which equals 42 per cent of the asked a series of questions about the impact $960 million shortfall in their long-term of such setbacks on their capital expendi­ borrowing plans. The great bulk of these tures. Attention was focused on the aban­ cancellations was associated with abandon­ donment or postponement of planned con­ ments rather than intrayear postponements tract awards.19 But respondents experienc­ or reductions in bond offerings. Not sur­ ing borrowing plan revisions were also asked prisingly, referendum defeats were the major to indicate whether borrowing setbacks had cause of small-unit contract award cutbacks, any impact on other 1966 capital spending, accounting for nearly half of the dollar such as on land or equipment or under volume of the cancellations in planned contracts already awarded. Finally, they awards (Table 11). Award cancellations were asked if 1966 borrowing disappoint­ associated with borrowing disappointments ments had lagged effects on their contract primarily due to interest-rate difficulties were awards or other capital expenditures planned second in order of importance. These totaled for 1967 contract awards. $68.3 million resulting from interest-rate- Contract awards. The dollar volume of induced borrowing abandonments, with an­ contract award cancellations related to other $8.5 million attributable to intrayear borrowing difficulties was sizable in rela­ postponements and reductions brought on tion to the total amount of long-term bor­ by high borrowing costs.2' Somewhat under rowing setbacks experienced by the small­ half of the award cutbacks induced by high unit respondents.2" Tn 1966, as a result of interest rates occurred in cities and towns. borrowing difficulties, units reported having Most of the remainder was found among the educational units—school districts and 111 Units were asked in the second-stage questionnaire State colleges. In Table 11, contract award if, as a result of a borrowing setback, they had post­ cancellations also are grouped by the pur­ poned, abandoned, or cut back a contract award (or pose of the intended award. Those cutbacks awards). In order to avoid possible confusion of changes in spending plans with those in borrowing associated with borrowing disappointments plans, the terms cancellation or cutback will be used caused by high interest rates are most sizable to denote such downward revisions in planned con­ tract awards. Since intrayear postponements and frac­ in the utility and education categories. tional reductions in borrowings were of very minor Not all of the contract award cancella­ importance in contract award cancellations (see Table 11), the great bulk of award cutbacks no doubt tions were confined to 1966. While 22 units stretched over into 1967 or beyond and thus were indicated that they experienced no can­ effectively canceled for 1966. cellation of contract awards or reductions -" Clearly, some of the decisions to cancel planned contract awards preceded and caused borrowing aban­ in the capital outlays planned for 1966, bor­ donments; for example, where high construction costs rowing setbacks did affect their capital or lack of Federal matching funds was the decisive factor in canceling a project. But for the bulk of cut­ spending in 1967. Altogether these units backs in planned contract award cancellations associ­ abandoned $45 million in long-term borated with borrowing setbacks, the direction of causa­ tion is just as clearly in the opposite direction; borrow­ ing setbacks forestalled projects that otherwise would not have gotten underway in 1966. It should also be 21 In Table 11, contract award cancellations reported noted that not all of the planned contract awards that by units with both borrowing abandonments and post­ went awry for the respondents in 1966 are shown ponements or reductions are attributed to the former above. Units were asked only about those following— type of difficulty. These amounted to $14.1 million or associated with—long-term borrowing setbacks that with $7.5 million having been induced by high interest occurred in 1966. rates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

964 FEDERAL RESERVE BULLETIN □ DECEMBER 1968 TABLE 11 VOLUME OF CONTRACT AWARD CANCELLATIONS FOLLOWING BORROWING SETBACKS By primary reason for borrowing abandonments and by reductions and postponements (In millions of dollars) Type of unit Purpose Abandonments, and reductions All and postponements units City or Special School State Educa­ Trans­ Health & County town districts districts college Utility tion portation welfare Other Abandonments: Court cases.............................. 48.1 21 .7 . 1 26.3 19.6 26.3 4 .9 .9 Referendum defeat...................... 193.7 4.6 11 .7 11.9 165.5 2,0 167.7 4 5 15.5 3 9 Interest rates above ceiling........ 7.3 1.0 3.3 3 0 5.5 1 0 8 Interest rates judged too high . . 61.0 1.7 29.9 .5 23.0 5.9 22.7 30.0 3.6 3.0 1 .7 Project cost increases.................. 15.5 5.6 2.9 7.0 2.3 13.2 Federal aid difficulties,............... 23.5 3.7 6.1 5.6 8.1 2.9 8.1 3 10.9 1 2 Other............................................. 41.1 11.3 8.1 .2 15.8 5.7 7.0 21.4 10 I 2.1 5 Reductions and postponements1.. 9.8 1 .7 3.9 4.2 1.2 8,1 (2) 5 Total......................................... 399.9 22.3 88.2 21.3 237.3 30.9 63.2 274.8 20.0 32.3 9.7 1 Includes $8.5 million for interest-rate reasons. The amount of postponements or reductions are classified by the reason for the contract award cancellations by units having both abandonments and former and included in the abandonments figures above. 2 Less than $50,000. rowings in 1966, $25 million of which re­ reductions, other than award cancellations, sulted from the high costs of borrowing. may have amounted to about $28 million However, all but $7 million of these aban­ in 1966, with $6 million of these having donments were evidently at least in part been induced by borrowing setbacks due covered by alternative means of financing primarily to high interest rates.23 in 1966." Thus the ultimate dollar impact Small-unit expenditures other than those in reduced capital expenditures and contract for capital projects also were affected by cancellations in the following year is prob­ long-term borrowing setbacks in 1966. A lematic, but it was probably less than the total of $154 million in borrowing was $45 million in borrowing abandoned in abandoned or postponed in that year by 1966. respondents who stated that borrowing dis­ Other expenditure effects. A large number appointments did not disrupt their capital of small units, 57, reported that they had expenditures or awards primarily because experienced reductions in 1966 capital ex­ "' Nineteen of the 57 which indicated that capital penditures other than those implied by can­ expenditures were reduced either reported no cancella­ cellation of planned contract awards. (These tions of contract awards or that cancellations amounted other capital expenditures were defined to to far less than the amount of abandoned borrowing. On the assumption that all the abandoned borrowing include outlays on land and equipment or was intended for capital outlays, the amount of the those made under contracts already let.) discrepancy between the abandonment and the amount of the award cancellation may serve as an approxima­ Since respondents were not asked to quan­ tion of these other capital spending reductions. Alto­ tify the amount of these additional capital gether, small /Units reporting that they had both bor­ rowing setbacks and 1966 contract award cutbacks expenditure reductions, it is not possible to abandoned, reduced, or postponed a total of approxi­ determine their magnitude with certainty. mately $440 million while canceling or cutting back a total of $400 million in planned contract awards. Of But it is estimated that such capital outlay the $40 million difference, $28 million is allocated above to spending reductions only where units spe­ " See the following section discussing how capital cifically indicated that other capital expenditure re­ outlays were maintained despite borrowing difficulties. ductions were made. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MONETARY RESTRAINT AND LOCAL BORROWING 965 they postponed cash disbursements or re­ ily due to high interest rates evidently in­ duced current expenditures (Table 12). duced a lower ratio of expenditure effects Unpublished tabulations show that approxi­ •—on the order of one-third—totaling $115 mately $30 million of the borrowing short­ to $140 million."1 Respondents were not falls and postponements covered by these asked to date all of their actions, and thus alternative means of financing were princi­ the exact timing and duration of these spend­ pally due to high interest rates. ing effects, if not the dollar magnitudes in­ Gathering together the cancellations in volved, remain uncertain. But since spend­ planned contract awards and cutbacks on ing follows contract awards by moderately other spending (both in 1966 and lagging long lags in the government sector, most of into 1967), the postponements of cash dis­ the cash impact of spending changes un­ bursements, and the reductions in current doubtedly came in late 1966 and 1967, well expenditures, the total impact of 1966 bor­ after the peaking of bond yields in the third rowing difficulties on the respondents’ com­ quarter of 1966. bined expenditures probably approached $600 million. This equals somewhat over "' The above estimates pertain only to the sample of half of the $1.1 billion in long-term borrow­ small units responding to the second-stage question­ naire and for whom we have complete information on ing abandonments, reductions, and post­ both borrowing and spending difficulties. Estimates for ponements experienced by the small-unit the totality of small governments are found in the final section of this article, where they are combined respondents in 1966 for all reasons. The with the results of the large-government survey to form $380 million in borrowing setbacks primar­ estimates for the entire State and local sector. TABLE 12 UNITS GOING AHEAD WITH CAPITAL OUTLAYS DESPITE BORROWING SETBACKS IN 1966 Relation of primary to secondary means of financing outlays ■K<®ai»a>Mea>a»ss> Secondary means of financing Primary means of financing Total Stretch­ Reduce Inter­ Short­ out cash current Increase Assets govern­ Other term disburse­ expendi­ in drawn ment or no borrowing ments tures revenues down grants secondary Amounts in millions of dollars Short-term borrowing.................. 244.3 20,3 .4 13.3 .5 209. 8 Stretchout of cash disbursements 113.6 4.9 5 .1 3.5 6.3 . I 93.7 Current expenditures reduced... 39.6 1.6 2.0 23.0 6.5 6. 5 Increase in revenues.................... 8.0 7 3.9 1 .0 2.9 Liquid assets drawn down.......... 78 9 2.3 6.8 .8 68.9 Intergovernmental grants............ 14.0 14.0 Other................................................ 38.4 3.2 .4 .5 34.3 Total......................................... 536.8 10.4 29.4 5.5 5.5 46.5 9.4 430. 1 Number of units Short-term borrowing................... 104 7 1 9 1 86 Stretchout ofcash disbursements 38 4 4 1 3 1 25 Current expenditures reduced ... 13 3 I 4 1 4 Increase in revenues.................... 17 1 T Liquid assets drawn down.......... 29 । 6 7 21 Intergovernmental grants............ 6 6 Other............................................... 25 1 I 22 Total....................................... 222 6 18 5 2 18 7 166 1 Includes postponements, reductions, and abandonments of 1966 ary reason other than those given in the stub; the remaining long-term borrowing. 161 units gave only a primary reason. -Only 5 units with $19 million in setbacks offered a second- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

966 FEDERAL RESERVE BULLETIN □ DECEMBER 1968 HOW CAPITAL OUTLAYS WERE merits of cash disbursements as alternative MAINTAINED financing devices. A suprisingly large num­ Slightly more than one-half of the smaller ber of sample units—with borrowing short­ units that experienced long-term borrowing falls and delays totaling $114 million—indi­ difficulties in 1966 were able to go ahead cated that capital expenditure plans were with capital outlays as planned that year by maintained only by a slowdown in the rate using alternative means of financing proj­ of cash disbursements or their postponement ects. Table 12 cross-classifies the primary until 1967.2,1 For those units which exclu­ and secondary alternatives. In that table it sively used such means alternatively to fi­ is assumed that the amount of capital spend­ nance projects, it is reasonable to assume that ing maintained by the indicated alternative current expenditures—and, most likely, means is equal to the amount of the long­ some capital spending as well—must have term borrowing abandonment, reduction, or been retarded to a very significant degree. postponement.25 Among the alternatives, Current expenditure reductions were the pri­ short-term borrowing clearly stands out as mary alternative means of financing an addi­ the most important. About 45 per cent of tional $40 million of projects though evi­ the $537 million in capital projects main­ dently a share of this amount was partially tained by sample units despite borrowing financed by liquid assets as well. It is impor­ difficulties was financed by substitution of tant to note that increases in current revenues short- for long-term borrowing. Unpub­ were of practically no consequence in sus­ lished tabulations show that 70 per cent of taining expenditures even as a secondary the short-term borrowing reflected expecta­ source of funds. Nor were government grants. tions that long-term rates would drop at a With this inflexibility of current receipts, the later date. Only $13 million of the short­ brunt of filling the gulf left by borrowing set­ term borrowing came in conjunction with backs evidently fell almost exclusively on the intrayear postponements and reductions, the expenditure side of the budget when resort remainder having followed abandonments of could not, or was not, made to liquid asset long-term borrowings. holdings or to short-term borrowing.27 Drawing down of liquid assets supported an estimated $79 million in maintained ex­ “'The stretching out of cash disbursements or their penditure. But this was of tertiary importance postponement into 1967 is tantamount to a reduction behind the use of stretchouts or postpone- in planned level of expenditures for a given interval of time. This phraseology was used in an attempt to cir­ cumvent semantic problems that might hinder the re­ = It should be noted that the assumption that proj­ porting of expenditure effects of a borrowing setback. ects were maintained to the full extent of the borrow­ While the other alternatives given by the questionnaire ing setbacks applies only to the 1966 capital spending for reductions of expenditures based on economic char­ and contract award plans. A total of 19 units with acter—capital outlays (contract awards and other borrowing abandonments totaling $38 million ($25 capital expenditures) and current outlays—theoreti­ million attributed to high interest rates) indicated that, cally should have exhausted the possible expenditure while alternative measures allowed projects to be main­ effects, it seemed best to include a catch-all alternative tained in 1966, they did experience decreases in capital phrased in terms of cash disbursements. expenditures or award cancellations in 1967. Sufficient =' Only a small amount of the combined total of information does not exist to calculate the amount of shortfalls and delays, $38 million, was not assigned to spending maintained by alternative means in 1966 and one of the specific reasons given in Table 12. In half that subsequently trenched in 1967. It can only be these cases, amounting to $28 million in 1966 borrow­ speculated that lagged spending reductions were present ing setbacks, the respondents indicated that spending though probably they came to less than the full plans in that year were not affected because either the amount of the borrowing difficulty. delays were very short or borrowing was planned well Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MONETARY RESTRAINT AND LOCAL BORROWING 967 * * * same percentage of respondent large and small units desiring to borrow long-term COMPARISON WITH LARGE-UNIT SURVEY made revisions in their borrowing plans (23 Stratification of the over-all study permits per cent of the large units, 24 per cent of the comparison of experiences on the basis the small). Small units were more likely, of unit size by large and small State and however, to cancel completely their intended local governments. (The measures of size borrowing (16 per cent of those planning and size-cutoffs are given in Table 1 above.) to borrow as compared with 11 per cent for Together these two surveys encompassed the the large). Large units, conversely, were 1966 experiences of the approximately more likely to delay temporarily or reduce 10,500 large and small units that responded fractionally their offerings (16 per cent and that were empowered to borrow. of those actually borrowing as opposed to A basic and predictable difference be­ 8 per cent of the small borrowers). Large tween the large and small units is the rela­ units—because of the scale of their opera­ tive frequency of their having an intention tions and ready access to the capital markets to borrow. Whereas half of the large govern­ —were evidently in a better position to ments intended to borrow in 1966, only adjust the amount and timing of their bor­ slightly more than one-quarter of the small rowings to short-term market fluctuations units had such intentions.28 This, of course, with fewer consequences for their spending is primarily a result of differences in the plans. The over-all higher frequency of bor­ scale of activity between large and small rowing abandonments by small units was units; large units are more typically multi­ due, in large part, to the much greater im­ purpose and have a steadier stream of capital portance of bond referendum defeats at projects to be financed than smaller ones. their level. Such defeats accounted for 30 But this differing level of interest and par­ per cent of all small units abandoning bor­ ticipation in the financial markets no doubt rowing plans as opposed to but 8 per cent has a bearing on the degree of sophistication of the large.™ with which units market their debt and the High interest rates were the primary cause way in which they react to changing credit of a higher percentage of all borrowing conditions.29 changes experienced by large units (68 per In 1966, for example, almost exactly the cent) than those of smaller units (42 per cent). Yet, given that a small unit made a down­ in advance of actual cash needs. Tn the remaining cases, responses indicated that an additional $3 mil­ "' The greater importance of referendum defeats to lion in spending may have been reduced. But plans small units, especially school districts, is probably a were too vaguely held, or recalled, to state exactly structural feature of the local government sector. Al­ what had happened. though direct, quantifiable information is lacking, it “" The above and following ratios of experiences on appears that referendum requirements are more restric­ a unit-count basis are taken directly from the results tive for smaller units especially if the proposed bonds of two surveys. In the case of the smaller units, no ad­ are to fund non-revenue-producing projects. Moreover, justment has been made for the fact that the “larger” tighter debt limitations, less advanced financial plan­ small units are overrepresented in the small-unit sur­ ning, and a generally smaller scale of operations on vey which was designed to estimate dollar volumes the part of small, single-purpose units probably means rather than the number of units involved in each type that fewer long-term, multiproject borrowing authori­ of experience. zations are sought and that less borrowing is done in “"The average amount of borrowing done in 1966 by advance of cash needs. These factors combine to make large units was over 10 times that done by small units it more likely that referendum defeats in a given year ($14.1 million and $1.3 million, respectively). will affect that year’s borrowing plans. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

968 FEDERAL RESERVE BULLETIN □ DECEMBER 1968 ward revision in its borrowing plans due to TABLE 13 high interest rates, it was much more likely SELECTED NATIONAL ESTIMATES OF BORROWING AND RELATED CAPITAL SPENDING EXPERIENCES also to cancel contract awards than large BY LARGE AND SMALL UNITS units. Fully 30 per cent of the small State and (in billions of dollars) local governments that delayed or cut back their long-term borrowings in 1966 for Type of experience Large Small and major reason Total units • units 2 interest-rate reasons consequently canceled Long-term borrowing: contract awards that year, compared with 18 Actual......................................... 12.22 6.38 5.84 per cent of the large units facing such borrow­ Postponements and reductions.. .79 .48 .31 Interest-rate reasons3.............. .54 .38 .16 ing difficulties. Other reasons........................... .25 . 10 .15 For those units that were able to proceed Abandonments............................. 3.55 1.29 2.26 Interest-rate reasons................ 1.72 1 .01 .71 as planned with their expenditures despite Other reasons........................... 1.83 .28 1 .55 borrowing setbacks, the size of the unit also Contract award canceled............ . . .98 .12 .86 Interest-rate reasons.................... .24 .09 .15 had an influence on the manner in which Other reasons............................... .74 .03 .71 All capital spending effects4........... 1.23 .18 1 .05 capital outlays were maintained. Most small Interest-rate reasons.................... .35 . 13 .22 Other reasons............................... .88 .05 .83 units either borrowed short-term (47 per cent) or cut or postponed current expendi­ 1 Based on large-unit survey results. See Paul F. McGouldrick and John E. Petersen, “Monetary Restraint and Borrowing and Spending tures and cash disbursements (23 per cent). by Large State and Local Governments in 1966,” Bulletin, vol. 54 (July 1968). Large units used short-term borrowing rela­ 2 Based on small-unit survey sample results after the application of expansion factors. See Appendix A. tively less often (30 per cent) and made 3 Combines both interest rates exceeding pre-set ceiling and those judged too high. relatively little recourse to current spending 4 Includes contract award cancellations and other capital spending cuts and cash stretchouts (8 per cent). Their reductions for both 1966 and 1967 resulting from 1966 borrowing difficulties. liquid assets and ample lead times in borrow­ ing plans provided the major buffers between rising interest rates. Large units, accounting borrowing disappointments and capital out­ for slightly over one-half of the borrowing lay plans. actually accomplished in 1966, experienced Table 13 gives national estimates of the the larger share of borrowing cutbacks and dollar volume of long-term borrowing by all delays brought on by the high costs of bor­ large and small State and local governments rowing—62 per cent of the dollar total in in 1966, as well as estimates of the amounts such setbacks.'1- But evidently the smaller involved in selected types of borrowing and governments accounted for a greater share spending difficulties experienced that year. (63 per cent) of the $240 million in 1966 The small-unit estimates shown in Table 13 contract award cancellations which followed are derived by blowing up the sample results borrowing setbacks induced by high interest obtained in the small-unit survey/" The total rates. Of the total of $980 million in contract dollar volume of downward revisions in long­ award cancellations associated with borrow­ term borrowing plans—abandonments, re­ ing setbacks due to all causes, the small-unit ductions, and postponements—for 1966 share is inflated by the great importance of is estimated to have exceeded $4.3 billion. Somewhat over one-half of all borrowing set­ “ The estimated total of long-term borrowing based backs were primarily the result of high and on the survey's results and shown in Table 13 ($12.2 billion) is approximately 10 per cent greater than the $11.1 billion total compiled by the Investment Bankers '" A discussion of the blow-up procedures used for Association for that year. This reflects differences pri­ these estimates is presented in Appendix A. marily in the coverage. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MONETARY RESTRAINT AND LOCAL BORROWING 969 bond election defeats which underlie about the capital projects were maintained by re­ two-fifths of the award cancellations by these duction of current outlays and postponement governments. of cash disbursements. Dollar estimates of The cancellation of contract award plans these effects are rough since the amount of for 1966 measures most, but not all, of the the borrowing setback must be used as a impacts of borrowing difficulties on the capi­ proxy for the expenditure flows involved, but tal spending plans of State and local govern­ it is estimated that all State and local govern­ ments. For the greatest part, the magnitude ments maintained $340 million in capital and timing of assorted other capital spending projects only at the expense of cutting or effects—those on land, equipment, projects stretching out other expenditures. About $80 already underway in 1966 or planned for million of capital projects primarily sustained 1967—can be only estimated by indirect this way followed 1966 borrowing setbacks means from the data received.33 But it would caused by the high interest rates of that year. appear that these approached $250 million All told, total expenditure reductions and for all governments, with approximately delays—on both the current and capital ac­ $100 million reflecting borrowing setbacks count—by State and local governments re­ caused primarily by high interest rates. In sulting from 1966 borrowing setbacks prob­ Table 13 these other capital spending effects ably exceeded $1.50 billion; those primarily —which extended into 1967—have been the result of high interest rates approached added to the 1966 contract award cancella­ $0.43 billion, of which small units experi­ tions to form an estimated total of $1.23 bil­ enced about 60 per cent of the total. When lion for all capital spending effects following measured against the over-all level of capital all types of borrowing difficulties. It is esti­ spending by State and local governments in mated that $0.35 billion of this amount rep­ 1966 and 1967, these impacts are not great. resents the effects of high interest costs in It is unlikely that the total effects of spending 1966. reductions and postponements induced by Finally, in a complete accounting of ex­ high interest rates exceeded 1 per cent of the penditure effects allowance should be made State and local capital outlays in those two for changes in noncapital outlay spending not years.34 shown in Table 13. Especially in the case of the smaller governments, a sizable share of CONCLUSIONS By and large, the major finding of the sur­ ® In most instances, as was explained above, estima­ vey of the large State and local governments tion was done by using the discrepancy between the amount of the borrowing setback and that of the 1966 still stands: the rapid escalation of interest contract award cancellation (if there was one) in rates in 1966, though greatly affecting the those cases where units indicated that 1966 or 1967 long-term borrowing plans of State and local capital expenditures were cut back as a result of that year’s borrowing difficulty. To the extent that some of governments, had only a marginal impact on the units implied by their answers that they were able their spending in that year. But the general to at least partially maintain their 1966 expenditure plans (although there were lagged effects in 1967), this method of estimation may overstate the amount of " New construction put in place by State and local the expenditure effects. The estimates in Table 13, governments totaled about $43 billion for calendar therefore, are best treated as the amounts of expendi­ years 1966 and 1967 combined. Total capital outlays— ture affected by delays or cutbacks at one time or an­ including expenditures for equipment, land, and existing other during the 2-year interval and as probably tend­ structures—are estimated to have been $47 billion on ing toward an upper limit of the net decrease in the basis of U.S. Bureau of the Census data for the spending for that period. overlapping fiscal years. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

970 FEDERAL RESERVE BULLETIN □ DECEMBER 1968 observation for the sector needs to be tem­ needed cash from the current budget, and pered by an appreciation for the significant with no offsetting increase in revenues this differences that appeared in the composition spelled delays and cutbacks in other expendi­ of that experience among units of different tures. sizes. First, it is evident that the largest gov­ Third, institutional features of State and ernments were able to abandon offerings and local governments did influence how units re­ to speculate on the future course of interest acted to the pressures of high interest rates, rates without spending cuts either because though they were not of overwhelming im­ they had a cushion of liquid assets or because portance in 1966. Interest-rate ceilings gen­ they had planned on substantial lags between erated only about one-twelfth of all the the time when they borrowed and when cash borrowing abandonments brought on by high balances would be needed for disbursement, interest rates. Clearly most downward revi­ ft is likely, however, that such flexibility sions induced by high borrowing costs were would be reduced if interest rates were to made at the discretion of the responsible gov­ remain high for some time. For chipping ernment official. But there is evidence that, away at liquid assets without their periodic as a structural feature of the State and local restoration and pushing borrowing dates sector, the diffusion of governmental respon­ back onto project starts provide only tem­ sibility among thousands of smaller local porary insulation, which would be worn thin units tends to decrease governments’ financial by prolonged periods of monetary restraint. flexibility in the face of restrictive credit con­ Second, small units that had received ap­ ditions and to tighten the linkage between proval to borrow evidently were less likely borrowing setbacks and spending reductions. to speculate on interest-rate fluctuations and Lastly, the survey findings have broader more inclined to see their long-term borrow­ implications for a better understanding of the ing plans through. This inclination to perse­ relationships between monetary policy and vere in the face of the high costs of borrowing the real and financial flows in the economy. no doubt stemmed from a lack of temporiz­ They suggest that causation runs from ing alternatives. For small units, unwilling changes not only in borrowing plans to or unable to borrow long-term, a withdrawal changes in liquidity but in the reverse direc­ from the credit markets greatly increased the tion as well. Governments—and perhaps probability that their spending plans would other economic units—that are relatively be cut back as well. Those small units that did more liquid are probably more apt to post­ go ahead with capital projects despite 1966 pone long-term borrowing in the hope that borrowing setbacks for the most part did not interest rates might decline at a later date, have the insulation provided by long borrow­ because they can do so without disrupting ing lead times or stores of liquid assets. They their spending plans. For such units, with­ turned instead cither to their current cash drawal from the capital markets denotes fi­ budget or to short-term loans for funds. nancial strength rather than weakness. And Short-term borrowing by these units—pre­ the converse of this also holds: the fact that sumably the bulk of it loans from commercial the borrowing of others might be relatively banks—was the major buffer relied on to less affected by tightening credit conditions in protect spending plans from borrowing set­ the initial phases of restraint might mask a backs. But for a sizable number, capital lack of financial flexibility that would mean spending was maintained only by allocating more severe consequences for the expenditure Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MONETARY RESTRAINT AND LOCAL BORROWING 971 plans of those ultimately finding it necessary the approximately $8 billion in capital facili­ to alter borrowing plans. The extensive use of ties assistance flowing into State and local short-term borrowing as an alternative means units may have been substituted for some of financing projects also has a bearing on the long-term borrowing that otherwise would role of State and local governments in trans­ have been done by these units, it most likely mitting the effects of monetary policy had a stimulative impact on borrowing and throughout the economy. To the extent that spending plans at least in the short run. Units governments—by virtue of the attractiveness were surely of no mind to jeopardize projects of their tax-exempt securities as well as the partially financed by Federal aid through magnitude of their deposits—have preferred failure to come up with their share on time access to commercial bank credit, other bor­ and in the full amount. rowers are turned down, and thus the impact Moreover, capital market conditions by of credit stringency is relayed to other sec­ any measure had been relatively placid for tors of the economy. the 5 to 6 years preceding 1966 and this In assessing the survey results and in gave many units ample time to build up liquid any attempt to extrapolate them into later asset reserves. These, coupled with the gen­ years, it is important to consider special fac­ erally high levels of revenues and grants and tors that may have conditioned State and widespread advanced financial planning and local reactions in 1966. An important one, borrowing on the part of the largest units, no doubt, was the tremendous upsurge in loosened the tether between current-period Federal assistance during the period.35 While borrowing and capital outlays. But pro­ longed periods of capital market restrictive­ ness might have cumulative effects beyond 35 Federal Government loans and grants to State and those implied by the experience of any single local governments were $16.8 billion in fiscal year period. 1967 and $13.8 billion in fiscal year 1966. It is esti­ mated that approximately 55 per cent of this aid was destined for capital facilities. See “Federal Aid to Budget of the United States, 1968. (Washington: U.S. State and Local Governments,” Special Analyses, Government Printing Office, undated). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

972 FEDERAL RESERVE BULLETIN □ DECEMBER 1968 APPENDIX A: Technical Description of Survey The Federal Reserve System’s survey of the borrow­ The second-stage questionnaire, sent to those ing experiences of small local governments and State units indicating either that they had planned to colleges in 1966 was conducted by the 12 Federal borrow and did not or that they had encountered Reserve Banks between November 1967 and Jan­ difficulties in borrowing, was comparable to that uary 1968. Uniform questionnaires were sent to a sent to the large units.1 Except for one question sample of these governments falling within the dealing with lagged effects of borrowing difficulties sample frame given in Table 1 of the text and to a on capital spending, questions were framed in terms selected subsample of units that indicated that they of specific actions taken in 1966, such as reductions, may have experienced borrowing difficulties in postponements, and abandonments of borrowing 1966. and capital outlays. Units were asked not only to indicate why such actions were taken but also to SURVEY STRUCTURE estimate the dollar amounts involved in most cases. Contacting and gaining useful information from a large number of small governments presented SURVEY FRAME special procedural problems. First, an unknown At the latest count, there were approximately number of the units included in the sample were 80,000 local governments falling below the upper­ without the power to borrow independently on their sized limits shown in Table 1 of the text.2 Therefore, own initiative. Moreover, even among those that after minor alterations, the survey sample was based could, only a minority would desire to do so in a on that used by the U.S. Bureau of the Census for given year. On the other hand, those units that did its annual survey of local government finances. For wish to borrow but had encountered difficulties in the small-unit survey, 607 federally financed immi­ 1966 in carrying out their plans were of special in­ gration districts and housing authorities were terest. But, it was felt, a lengthy questionnaire de­ dropped, 566 local units—already surveyed in the signed to adequately probe the experiences of the large-unit survey—were eliminiated, and 413 minority having borrowing difficulties might well smaller State colleges were added to form the firsteither discourage or confuse the response of the stage mailing list of 12,558 units. A total of 10,524 majority with no unusual experiences to relate. of these replied for a final response rate of 84 per It was therefore decided to conduct the small-unit cent.2 survey in two stages. The first stage, sent to all units The Census sample is stratified to minimize vari­ in the initial sample, consisted of a one-page ques­ ance of combined revenues and expenditures, na­ tionnaire. On the basis of their replies to the first- tionally and by States. Therefore, although all sizes stage questionnaire, units which might have experi­ of units are represented in the sample frame, the enced borrowing difficulties were followed up with smaller the size of the unit, the lower the probability a much more detailed second-stage questionnaire. of its inclusion in the sample frame. Altogether, those units included in both the small- and large- TYPES OF QUESTIONS ASKED unit surveys represented about 85 per cent of the The first-stage questionnaire was designed to ac­ population in counties, 75 per cent of the populacomplish two objectives: (1) to filter out those units 1 See McGouldrick and Petersen, op. cit., p. 570. which may have encountered difficulty in realizing “The 12,558 units in the first-stage mailing list does not their long-term borrowing plans in 1966 and (2) to reflect all units belonging in the frame of the survey but rather those thought qualified to belong at the time of the form a statistical backdrop of small-unit borrowing first mailing. Several units were later removed from the experience against which those units experiencing frame because they either had ceased to exist or had con­ solidated with other governments. These were treated as difficulties could be measured. Small units in the nonrespondents. Of the 413 State colleges originally can­ first stage were asked a series of questions about vassed, about 110 borrowed as part of a State system or their general power to borrow long-term, how much through the larger State institutions that were surveyed in the large-unit survey. It is estimated that the 275 remaining they borrowed long-term in 1966, if they encoun­ in the first-stage sample represented 90 per cent of those tered any difficulties in doing so, and if they did not reported by the large-unit survey. not borrow, whether or not they had had any inten­ 3 U.S. Bureau of the Census, Census of Governments, 1967, Vol. I, Government Organization (Washington: tion of doing so. U.S. Government Printing Office, 1968), p. 1. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MONETARY RESTRAINT AND LOCAL BORROWING 973 tion in cities and townships, 55 per cent of the en­ stage sample. This was done, for each government rollment in school districts, and 10 per cent of the type, by simply expanding second-stage results by number of local special districts.* the ratio of the number of units judged to be in the second-stage sample to that of respondents.” NATIONAL ESTIMATES National totals for selected items were estimated by SuitVEr htsMiiiv'/ njATsiK'i combining the results of the large-unit canvass and The survey was planned by a subcommittee of the blown-up figures derived from the small-unit System Research Advisory Committee. This sub­ sample. Supplementary research showed that all but committee was chaired by Mr. Robert Eisenmenger 3 per cent of the 1966 long-term borrowing of large of the Federal Reserve Bank of Boston and included units was done by those replying to the large-unit staff members of the Cleveland, Philadelphia, and survey. Thus, except for this increase in the actual Chicago Federal Reserve Banks and the Federal borrowing figure, no attempt was made to blow up Reserve Board. The survey was conducted in each the results of that survey. In the case of the small of the Federal Reserve districts by professional units, selected data were stratified by type of gov­ economists on the staffs of the respective Federal ernment and unit-size classes into a matrix of cells. Reserve Banks. Follow-up of nonrespondents and Cell results were then multiplied by the ratio of incomplete responses was done by both mail and universe population to the population of the sample telephone in each district. units and then summed to get aggregated small-unit Local government and State college officials were estimates/ most cooperative in filling out the questionnaire Second-stage survey data had to be adjusted for forms, which often required estimating dollar nonresponse to make it comparable with the first- amounts and reflection on reasons why actions were taken. The Federal Reserve Board wishes to thank * Special districts, because of their rapid growth, great those respondents whose efforts made the survey diversity, and typically very small size present special possible. sampling problems. But most significant financial activity is carried on by the strata of larger districts covered in the sample. 8 Nonresponse to the second-stage survey showed no 8 Expansion was based on population in the case of relationship to unit size, but varied considerably by type county, township, and city data; enrollment for school dis­ of unit. Blow-up factors ranged from 1.09 (school dis­ tricts; and the number of units in the case of special dis­ tricts) to 1.52 (counties). When weighted by the secondtricts and State colleges. Unit size measures were based on stage results, it averaged only about 1.14 since the govern­ the 1960 population and the 1962 Census of Governments mental types with the most units had the lowest non­ figures. response rates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

974 FEDERAL RESERVE BULLETIN □ DECEMBER 1968 APPENDIX B: Questionnaire Form FR 176 A FEDERAL RESERVE SURVEY OF LOCAL GOVERNMENT Form Approved: BORROWING IN CALENDAR 1966 Budget Bureau No.: 55-S6 7005 PUT LABEL HERE Please fill in those items below for which the above label is incorrect or incomplete. (Person completing this form) (Nome of your governmental unit) (His position) (Malling address) (His telephone number) (Malling address) 1. Does your governmental unit IF YOU ANSWERED YES TO have the legal authority to QUESTION 2, ANSWER THE sell bonds to, or undertake FOLLOWING QUESTIONS: other forms of borrowing from, private ^ lenders? Yes___ No 5. Please state the gross amount 3/ of your long-term ANSWER THE REMAINING borrowing in calendar 1966, QUESTIONS ONLY IF YOU to the nearest dollar: $. CHECKED YES ABOVE. 6. Did you temporarily postpone, 2. During calendar 1966, did or reduce in amount, any long­ your governmental unit sell term borrowing completed bonds or undertake any during calendar 1966? Yes____ No___ other long-term borrowing 2/ from private lenders? Yes____ No 7. Did you abandon, or postpone beyond calendar 1966, any IF YOU ANSWERED NO TO other long-term borrowing which QUESTION 2, CHECirONE OF you had once planned for THE FOLLOWING TWO calendar 1966? Yes____No____ STATEMENTS: 8. Did you complete any of your 3. We had no intention of long-term borrowing earlier borrowing long-term. than you had planned, during calendar 1966? Yes____No_____ OR 9. If you answered Yes to 4. There were other reasons question 8, which of the for not borrowing long­ following primarily influenced term, such as bond your decision to speed up your referendum problems or borrowing? (Check only one) financing difficulties. (a) Interest rates were expected to increase later. (b) Other reasons. ----------------- 1/ Private lenders include bond underwriting syndicates, commercial banks, and all other non-governmental lenders. 2/ Long-term borrowing is debt which falls due one year or more from the borrowing date. 3/ Gross borrowing includes all cash proceeds received from underwriters or borrowers, including those from the sale of bonds above their par value. Do not deduct repayment of debt during calendar 1966 from these proceeds. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MONETARY RESTRAINT AND LOCAL BORROWING 975 FR 176B Form approved: Budget Bureau No. 55-S67005 FEDERAL RESERVE SURVEY OF BORROWING AND CAPITAL OUTLAYS BY STATE AND LOCAL GOVERNMENTAL UNITS DURING CALENDAR 1966 This questionnaire is being sent to those State and local government units which indicated, in our earlier one-page survey, that they had had borrowing difficulties of some kind during calendar 1966. Its objective is to discover the nature of these difficulties and their impact (if any) on governmental expenditures during calendar 1966 and subsequently. General Instructions When a question asks for dollar amounts, please write them out to the nearest dollar. If you wish to estimate to the nearest thousand dollars, place three zeroes at the end of such estimates to help us avoid errors in tabulating the answers. (For example, $325 thousand should be written: $325,000). Question lisa repetition of one asked in our earlier survey. Please check it, nevertheless, in order to aid our processing of survey answers. Questions 10, 14, and 19 have spaces at the end where you can describe briefly, and rank, other reasons other than those we suggested. Please rank as many reasons as had some impact on your decisions and experiences. If you borrowed long-term more than twice during calendar 1966, we will furnish you with additional forms upon request. Unless a question states otherwise, the time period covered by this questionnaire is calendar 1966. Important Terms Used in the Questionnaire ' Borrowing This includes both the sale of bond issues and long-term borrowing ‘ from banks or other lenders. (Note that “long-term” is defined as bond or note issues or loans with a maturity of one year or longer.) Capital All outlays for construction and for the purchase of land, existing Outlays structures, and equipment (including replacements). Outlays for any major renovations should be included, but not outlays for rentals and normal repairs and maintenance. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

976 FEDERAL RESERVE BULLETIN □ DECEMBER 1968 -2- QUESTIONNAIRE ID Number: Pleose fill in the information requested below: (a) Nome of your governmental unit________________________________________________ (b) Person completing this questionnaire _ ______________________________________________ (Nome) (His position) (Of fi ce address : street) (Town or city, State and Zip code) (Telephone number) 1. During calendar 1966, did your governmental unit sell bonds or carry out other long-term borrowing (that falling due one year or more after the borrowing date)? (a) Yes _________________ (b) No ________________ INSTRUCTIONS: If you checked Yes in question 1, please complete one column of Part I for each of your bond sales or long-term loans during calendar 1966>, If you checked No in ques­ tion 1, please go immediately to Part II without answering Part I. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MONETARY RESTRAINT AND LOCAL BORROWING 977 -3- Part I ACTUAL LONG-TERM BORROWING DURING CALENDAR 1966 INSTRUCTIONS: If borrowing on a given date included two or more bond issues or loans, treat them as if they constituted only one borrowing for the purpose of answering this questionnaire. Thus, you should fill out only one column for each such bundle of issues or loans occurring on the same First Borrowing Second Borrowing (if any) 2. Timing, size, and net interest cost and maturity of long-term borrowing: (a) Date (month, day, and year) when your governmental unit accepted the lowest bid for bonds or signed a loan agreement with a lender or lenders (b) Cash proceeds of borrowing J/ (in dollars). (c) Interest rate paid (to nearest one hundredth of one per cent). __________________ __________________ (d) Bond rating,^ if borrowing consisted of a bond issue (write NR if issue was not rated). (e) Average maturity of borrowing.^/ 3. Type of borrowing (check one or more). (a) General obligation^/bonds. (b) Other types of bonds (including revenue). (c) Long-term loan. __________________ _________________ 4. Purpose of borrowing Please show, to the nearest dollar, how the funds raised by this long-term borrowing were to be distributed among one or more of the following purposes. (The amount or amounts which you put down should add up to the total that you listed in question 2b above.) (a) Water, sewer, irrigation, gas, or electric facilities. 1_____________ $_ (b) Educational facilities. (Include college living, administrative, and research facilities.) $_________ ______ $_ (c) Roads, bridges, and other transportation facilities. (Include parking, sidewalks, and harbors.) $_________ _______ $_ (d) Health, welfare, and cultural facilities. $_________ $ 1/ This is the net amount actually received by your governmental unit after deducting the expenses of borrowing. Thus, you should deduct fees and commissions paid and discounts from par; but you should include any proceeds from the sale of bonds above par. 2/ If a bond issue was rated by both Moody's and Standard and Poor's, please use the rating which you judge to be more applicable to your governmental unit. 3/ If you do not hove this information in your records, please write NA in the space to the right. 4/ General obligation bonds are those issues by a unit which has taxing powers and which pledges its full faith and credit for the payment of interest and principal on the issue. They include issues by units with limited taxing power, as long os all revenues raised up to the limits are pledged to the servicing of the bond issue. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

978 FEDERAL RESERVE BULLETIN □ DECEMBER 1968 -4- (A) (B) 4. (continued) (e) Industriol aid purposes (for plant and other facilities to 'be sold or leased to private enterprise). $ 1__ (f) Administrative facilities (including courts, jails, police and firefighting facilities, and vehicles). $ $ (g) Other purposes (please describe briefly in the appropriate box to the right). $______________ $_ 5. Was this borrowing entirely from an agency of the Federal government or a State or local government? (Check one.) (a) Yes (b) No 6. Prior to the borrowing date, did you ever postpone this borrowing during calendar 1966? (Check one.) (a) Yes (b) No 7. If you checked Yes to question 6, how many weeks did the postponement last? weeks week s 8. Was the amount which your onit obtained by this borrowing less than the amount which it had originally wanted to borrow? (Check one.) (a) Yes (b) No 9. If you checked Yes to question 8, how large was the decrease in your borrowing? (In dollars.) $_ Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MONETARY RESTRAINT AND LOCAL BORROWING 979 -5- _________ (A) (B) 10. If you checked Yes to question 6, to question 8, or to both, please write a 1 alongside the most important cause of the postponement or reduction in borrowing, a 2 alongside the next most important cause, and so forth: (a) Court proceedings, such as an injunction being sought by those opposed to a bond issue. (b) Bond referendum difficulties. (c) Interest rates exceeded statutory, referendum-imposed, or constitutional ceiling. (d) Interest rates were judged to be too high, even though they did not exceed a statutory, referendum-imposed, or constitutional ceiling. (e) Project cost estimates had to be revised upwards, for any reason. (f) Errors in underwriters' bids, or other underwriting delays not related to the interest cost of borrowing. (g) Other reasons (please describe briefly in the appropriate box to the right). 11. If your unit substantially shortened the maturity of this borrowing, please check below the reason (or reasons) which best exploin this action: (a) Long-term interest rates were too high. (b) Long-term funds were not available. (c) Other reasons. (If you wish, explain these briefly in the box below.) INSTRUCTIONS: Please proceed to Part 11. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

980 FEDERAL RESERVE BULLETIN □ DECEMBER 1968 -6- Part II LONG POSTPONEMENTS OR ABANDONMENTS OF BORROWING 12. Was any borrowing which you originally planned for calendar 1966 either postponed beyond calendar 1966 or abandoned? (Check one.) (o) Yes (b) No____________ 13. If you checked Yes to question 12, please estimate (to the nearest dollar) how much originally planned long-term borrowing was abandoned or postponed beyond calendar 1966. $ 14. If you checked Yes to question 12, please write a 1 alongside the most important cause of the postponement or reduction in borrowing, a 2 alongside the next most important cause, and so forth: (a) Court proceedings, such as an injunction being sought by those opposed to a bond issue. _________________ (b) Bond referendum difficulties. (c) Interest rates exceed statutory, referendum-imposed, or constitutional ceiling. (d) Interest rates were judged to be too high, even though they did not exceed a statutory, referendum-imposed, or constitutional ceiling. (e) Project cost estimates or spending had to be revised upwards. (f) Errors in underwriters' bids, or other underwriting delays not related to the interest cost of borrowing. (g) Other reasons (please describe briefly in the box below.) Part III EFFECTS OF BORROWING EXPERIENCE ON CONSTRUCTION AND OTHER CAPITAL OUTLAYS 15. If you postponed, abandoned, or reduced the amount of your long-term borrowing during calendar 1966, did you postpone, abandon, or cut-back a contract award (or awards) as a result? (Check one.) (a) Yes (b) No 16. If you checked Yes to question 15, please estimate as best you can the total dollar amount of such abandonments, postponements, and/or reductions (to the nearest dollar). $ Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MONETARY RESTRAINT AND LOCAL BORROWING 981 17. Please allocate the dollar amount which you estimated in question 1.6 by the following purposes (to the nearest dollar). (a) Water, sewer, irrigation, gas, or electric facilities. $_______________ (b) Educational facilities. (Include college living, administrative, and research facilities.) $_______________ (c) Roads, bridges, and other transportation facilities. (Include parking, sidewalks, and harbors.) $_______________ (d) Health, welfare, and cultural facilities. $_______________ (e) Industrial aid purposes (for plant and other facilities to be sold or leased to private enterprise). $_______________ (f) Administrative facilities (including courts, jails, police and firefighting facilities, and vehicles). $_______________ (g) Other purposes (please describe briefly in the box below). $_______________ 18. If you postponed, abandoned, or reduced the amount of your long-term borrowing during calendar 1966, did this result in less spending than you had originally planned for either equipment and land or projects for which contracts had already been awarded? (Check one.) (a) Yes (b) No_____________ 19. If you checked No to both questions 15 and 18, please indicate below why your abandonment, cut-backs, and/or postponement of long-term borrowing in calendar 1966 did not offect your contract awards or capital outlays in the same year. (Indicate the most important cause with a 1, the next most important with a 2, and so forth.) (a) Short-term borrow!ng—^was used primarily because it was expected that long-term interest rates would decline later. (b) Short-term borrowing was used primarily for other reasons than that suggested in item (a). _________________ (c) Cash disbursements were stretched out and/or postponed until calendar 1967. (d) Current expenditures were reduced below the level planned for calendar 1966. (e) Tax or other current revenues increased by more than had been anticipated. (f) Cosh ond/or other liquid assets were used. 5/ Short-term borrowing consists of loans, certificates, and notes of under 365 day’s maturity. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

982 FEDERAL RESERVE BULLETIN □ DECEMBER 1968 -8- 19. (Continued) (g) Federol or State grants (or other non-'loan transfers) became available to finance capital spending. (h) Other reasons (please describe briefly below). 20. If you had long-term borrowing difficulties in calendar 1966, did these affect adversely your contract awards or capital outlays in calendar 1967? (Check one.) (a) Y es. (b) No ADDITIONAL COMMENTS: (Please feel free to explain aspects of your borrowing and capital outlays in calendar 1966 which the questions above did not cover or covered inadequately.) Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Revision of Consumer Credit Statistics Federal Reserve estimates of consumer credit beginning in 1956 may be found in the tables have been revised for the period since June on pages 987-1003. Revised monthly data 1960. Most of the changes reflect adjustment for 1968 appear in the regular tables begin­ of the data to new benchmarks. In addition, ning on page A-52. however, seasonal and other special adjust­ Coverage of series. Consumer credit con­ ments were reviewed and certain lenders sists of amounts owed by individuals to finan­ whose business had changed were reclassi­ cial institutions, retailers, and other distribu­ fied. At the same time the finance subsidi­ tors for financing consumer purchases of aries of large retailers were shifted from sales goods and services. However, it does not in­ finance to retail credit. The net effect of the clude real estate mortgages and insurance revisions was to raise by nearly $3 billion the policy loans. estimate of consumer instalment credit out­ Estimates of consumer credit are based on standing at the end of 1967 and to lower reports of financial institutions and retailers, slightly the amount of noninstalment credit. some of which do not separate loans made Adjustments in the instalment credit sector to individuals for consumer purposes from were not evenly distributed among the major those for nonconsumer purposes. Adjust­ types of credit. Understatement was found ments are made, where necessary, to elimi­ in the estimates for “other consumer goods” nate this nonconsumer portion. Most of these paper and for personal loans. These are cate­ adjustments are comparatively small except gories in which new revolving or open-end for repair and modernization loans (where consumer credit plans have been introduced the adjustment is now 15 per cent) and single­ or actively promoted. The estimate of auto­ payment loans (where the adjustment is 50 mobile credit outstanding, on the other hand, per cent). In the retail sector, nonconsumer was reduced somewhat. adjustments are offset in part by the addition The small reduction in estimates for non­ of consumer credit extended by some whole­ instalment credit stemmed from the down­ salers. These nonconsumer and wholesale ward adjustment in charge-account credit at adjustments are made in the benchmark data retail outlets. This adjustment was necessary to which the several series are related. to reflect the replacement of some 30-day Conceptual changes. Only one conceptual charge accounts by option plans or revolving change was made in this revision: Whollycredit accounts, which are generally instal­ owned finance subsidiaries of large retailing ment credit. The decrease in the estimates for companies were shifted from the sales finance charge-account credit was largely offset category to the retail component of instal­ by additions to the amounts owed on both ment credit. During the past decade finance single-payment loans and service credit. The subsidiaries have been set up by a number of accompanying chart shows the amount of multi-unit retailers. Initially these subsid­ credit outstanding on December 31, 1967, iaries were classified as sales finance com­ by type and holder. Annual and monthly panies, but over time they appeared to repre­ figures for credit outstanding and for exten­ sent primarily a retailing function rather than sions and repayments of instalment credit a separate sales financing operation. Further- 983 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Short- and Intermediate-Term Consumer Credit, December 31, 1967, by Type of Credit and Institution (Millions of dollars) Total consumer credit 102,132 Instalment credit Noninstalment credit 80,926 21,206 Automobile Other consumer Repair & modern­ Personal Single-payment Charge Service paper goods paper ization loans loans loans accounts credit 30,724 22,395 3,789 24,018 8,428 6,968 5,810 Commercial [Commercial Commercial Commercial Commer­ banks 17,194 1 banks 5,126 banks 2,629 banks 7,751 cial banks 7,340 Sales finance Sales finance Sales finance Sales finance cos. 9,252 cos. 4,518 cos. 114 cos. 2,954 Other finan­ Other Other Other Other cial financial financial financial financial insti­ institutions 3,993 institutions 1,600 institutions 1,046 institutions 13,313 tutions 1,088 Automobile Retail dealers 285 outlets 11,151 984 FEDERAL RESERVE BULLETIN □ DECEMBER 1968 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

REVISION OF CONSUMER CREDIT STATISTICS 985 more, the pattern of transfers of instalment changes in consumer indebtedness. Another paper between parent and subsidiary appears adjustment was made in retailer-held credit to have little economic significance; rather in March and April to account for the chang­ such transfers appear to be an integral part ing date of Easter. But this adjustment is of seasonal and cyclical developments in re­ small, even for very early and very late Easter tailing. The shifting of these subsidiary com­ dates. panies necessitated a revision in the retail and Benchmark sources. Data for commercial sales finance components of other (nonauto­ banks are adjusted periodically to bench­ motive) consumer goods credit beginning marks provided by June and December call near the close of 1956. reports of condition. Adjustments are made Reclassification. Firms were reclassified by type of loan, as derived from figures for where recent information revealed that the “loans to individuals,” and are net of de­ character of their business had changed posits accumulated for repayment of personal through diversification of operations, through loans. In the current revision the series were merger, or through purchase of companies adjusted through the call report for June 30, in other lines of business. Some companies 1967. The previous commercial bank that in earlier years had been engaged pri­ benchmark adjustment had been to the call marily in the financing of automobiles or of report for June 30, 1965. Figures for mutual other major durable goods are now transact­ savings banks, a component of “other” finan­ ing more than half of their consumer business cial institutions, -also are adjusted to call re­ in personal loans. This change moved such port data. The previous benchmark adjust­ companies, by definition, from the sales fi­ ment for that series had been to call report nance to the consumer finance category. data for the end of 1961. Other companies moved in the opposite di­ Figures for sales finance and consumer fi­ rection. In addition, some business finance nance companies are based on benchmark companies that had contributed little to the data obtained in Federal Reserve surveys of consumer credit of miscellaneous lenders in finance companies, conducted at 5-year inter­ earlier years have built up their consumer vals. The most recent survey was as of June loan portfolios in the past several years. Such 30, 1965. business was not adequately represented in Data for credit unions (both State and the sample design. Federal) are adjusted to year-end figures pro­ Seasonal and trading-day adjustments. vided by the Bureau of Federal Credit Unions Trading-day differences continue to play a of the Department of Health, Education, and significant role in the month-to-month fluc­ Welfare. The present revision includes ad­ tuations in instalment credit. Therefore an justments to benchmarks from 1960 through adjustment for such differences was again December 1966. made in both credit extended and credit Year-end data from the Federal Home repaid, along with the adjustment for regular Loan Bank Board provide benchmarks for seasonal variations.1 These adjustments faci­ adjusting figures for savings and loan associa­ litate the interpretation of month-to-month tions, a component of “other” financial in­ stitutions. Data for 1962 through 1966 were used in this revision. 1 An adaptation of the modified X-11 variant of the Retail estimates are based on credit data Census Method II seasonal adjustment program was now obtained from the U.S. Bureau of the used in this revision. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

986 FEDERAL RESERVE BULLETIN □ DECEMBER 1968 Census and are adjusted through 1966 to tion of the Federal Reserve Bulletin. A year-end estimates of the Bureau. The pre­ detailed explanation of the series prior to the vious adjustment ended with 1962 data. present revision is available in Section 16 Publication of consumer credit estimates. (New) of Supplement to Banking and Mone­ Current estimates of consumer credit out­ tary Statistics, 1965, which may be obtained standing and of instalment credit extended from the Division of Administrative Services, and repaid are published monthly in Federal Board of Governors of the Federal Reserve Reserve Statistical Release (G.19) entitled System, Washington, D.C. 20551, at the “Consumer Credit” and in the statistical sec­ price quoted on page A-94. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

987 TOTAL CONSUMER CREDIT (Amounts outstanding. In millions of dollars) Instalment Noninstalment End of period Total Other Repair Auto­ consumer and mod­ Personal Single­ Total mobile goods ernization loans Total payment Charge Service paper paper loans • loans accounts credit 1956..................................... 42,334 31,720 14,420 8,606 1 ,905 6,789 10,614 3,253 4,995 2,366 1957........................................... 44,971 33,868 15,340 8,844 2,101 7,582 11,103 3,364 5,146 2,593 1958........................................... 54,129 33,642 14,152 9,028 2,346 8,116 11,487 3,627 5,060 2,800 1959........................................... 51,544 39,247 16,420 10,631 2,809 9,386 12,297 4,129 5,104 3,064 I960........................................... 56,141 42,968 17,658 11,545 3,148 10,617 13,173 4,507 5,329 3,337 1961........................................... 57,982 43,891 17,135 11,862 3,221 11,673 14,091 5,136 5,324 3,631 1962........................................... 63,821 48,720 19,381 12,627 3,298 13,414 15,101 5,456 5,684 3,961 1963........................................... 71 ,739 55,486 22,254 14,177 3,437 15,618 16,253 6,101 5,903 4,249 1 %4........................................... 80,268 62,692 24,934 16,333 3,577 17,848 17,576 6,874 6,195 4,507 1965........................................... 90,314 71,324 28,619 18,565 3,728 20,412 18,990 7,671 6,430 4,889 1966........................................... 97,543 77,539 30,556 20,978 3,818 22,187 20,004 7,972 6,686 5,346 1967........................................... 102,132 80,926 30,724 22,395 3,789 24,018 21,206 8,428 6,968 5,810 1956—Jan................................. 38,170 28,787 13,475 7,525 1 ,665 6,122 9,383 2,923 4,231 2,229 Feb................................ 37,822 28,825 13,566 7,439 1 ,660 6,160 8,997 2,933 3,787 2,277 Mar................................ 38,095 29,019 13,732 7,386 1 ,667 6,234 9,076 3,049 3,731 3,296 Apr................................ 38,554 29,332 13,878 7,445 1,685 6,324 9,222 3,087 3,796 2,339 May......................... 39,203 29,676 14,043 7,529 1 ,724 6,380 9,527 3,251 3,966 2,310 June............................... 39,679 30,062 14,237 7,626 1 ,756 6,443 9,617 3,240 4,077 2,300 ' July................................ 39,706 30,304 14,361 7,666 1 ,775 6,502 9,402 3,158 3,958 2,286 Aug................................ 40,117 30,671 14,509 7,775 I ,807 6,580 9,446 3,183 3,993 2,270 Sept................................ 40,369 30,760 14,515 7,815 1 ,840 6,590 9,609 3,239 4,091 2,279 Oct................................. 40,488 30,897 14,465 7,956 1 ,874 6,602 9,591 3,169 4,180 2,242 Nov................................ 41,006 31,145 14,433 8,157 1 ,898 6,656 9,861 3,258 4,327 2,276 Dec................................ 42,334 31,720 14,420 8,606 1 ,905 6,789 10,614 3,253 4,995 2,366 1957—Jan................................. 41 ,519 31,467 14,364 8,421 1 ,889 6,794 10,052 3,205 4,444 2,403 Feb................................ 41 ,074 31,371 14,377 8,271 1 ,886 6,838 9,703 3,242 3,980 2,481 Mar................................ 41,010 31,395 14,464 8,156 1 ,892 6,884 9,615 3,291 3,827 2,497 Apr................................ 41,529 31,640 14,618 8,128 1 ,906 6,989 9,889 3,304 4,040 2,545 May............................... 42,187 32,013 14,800 8,206 I ,940 7,067 10,174 3,437 4,211 2,526 June............................... 42,660 32,439 15,034 8,284 1 ,968 7,154 10,221 3,416 4,272 2,533 July................................ 42,862 32,792 15,220 8,325 1 ,994 7,253 10,070 3,328 4,229 2,513 Aug................................ 43,252 33,102 15,373 8,353 2,037 7,340 10,150 3,348 4,292 2,510 Sept............................... 43,366 33,203 *15,426 8,356 2,061 7,359 10,163 3,365 4,296 2,502 Oct................................. 43,405 33,285 15,440 8,372 2,091 7,383 10,120 3,292 4,363 2,465 Nov................................ 43,636 33,356 15,393 8,434 2,107 7,422 10,280 3,315 4,458 2,507 Dec................................ 44,971 33,868 15,340 8,844 2,101 7,582 11,103 3,364 5,146 2,593 1958—Jan................................. 44,072 33,484 15,176 8,630 2,097 7,582 10,588 3,362 4,597 2,629 Feb................................. 43,143 33,046 14,981 8,396 2,082 7,587 10,097 3,372 4,042 2,701 Mar............................... 42,619 32,716 14,753 8,292 2,076 7,594 9,903 3,369 3,827 2,707 Apr.......................... 42,767 32,671 14,659 8,235 2,087 7,690 10,096 3,364 3,999 2,733 May............................... 43,068 32,694 14,589 8,261 2,126 7,717 10,374 3,452 4,204 2,718 June............................... 43,204 32,794 14,573 8,281 2,152 7,789 10,410 3,499 4,202 2,709 July............................... 43,112 32,864 14,557 8,285 2,177 7,845 10,248 3,442 4,114 2,692 Aug.......................... 43,283 32,951 14,513 8,326 2,221 7,893 10,332 3,498 4,136 2,698 Sept................................ 43,253 32,858 14,334 8,355 2,260 7,910 10,395 3,519 4,190 2,686 Oct................................. 43,287 32,838 14,171 8,444 2,299 7,922 10,449 3,497 4,299 2,653 Nov................................ 43,543 32,913 14,081 8,556 2,332 7,943 10,630 3,564 4,370 2,696 Dec................................ 45,129 33,642 14,152 9,028 2,346 8,116 11 ,487 3,627 5,060 2,800 1959—Jan................................. 44,676 33,590 14,181 8,943 2,333 8,133 11 ,086 3,581 4,648 2,857 Feb................................ 44,360 33,596 14,242 8,854 2,335 8,166 10,764 3,675 4,149 2,940 Mar................................ 44,526 33,812 14,392 8,830 2,357 8,233 10,714 3,729 4,040 2,945 Apr................ 45,260 34,335 14,699 8,900 2,391 8,346 10,925 3,789 4,145 2,991 May............................... 46,149 34,930 15,010 9,041 2,451 8,426 11 ,219 3,897 3,341 2,981 June............................... 47,027 35,705 15,437 9,204 2,506 8,557 11,322 3,962 4,386 2,974 July................................ 47,539 36,336 15,785 9,318 2,565 8,669 1 I,203 3,927 4,320 2,956 Aug................................ 48,343 37,099 16,138 9,496 2,629 8,837 11,244 3,999 4,281 2,964 Sept................................ 48,905 37,621 16,321 9,637 2,688 8,976 11 ,284 4,046 4,288 2,950 Oct................................. 49,411 38,101 16,500 9,808 2,737 9,056 11 ,310 4,012 4,378 2,920 Nov................................ 49,954 38,451 16,506 10,013 2,778 9,154 11,503 4,075 4,459 2,969 Dec................................ 51,544 39,247 16,420 10,631 2,809 9,386 12,297 4,129 5,104 3,064 I960—jan................................. 50,942 39,135 16,390 10,547 2,800 9,398 11,807 4,059 4,625 3,123 Feb................................. 50,714 39,182 16,491 10,424 2,812 9,454 1 1 ,532 4,146 4,180 3,206 Mar................................ 50,856 39,411 16,685 10,356 2,831 9,531 11,445 4,225 4,016 3,204 Apr................................. 51,900 40,011 17,025 10,434 2,871 9,681 11 ,889 4,280 4,328 3,281 May............................... 52,559 40,473 17,277 10,490 2,935 9,771 12,086 4,386 4,435 3,265 June............................... 53,272 41,105 17,594 10,636 2,984 9,893 12,167 4,384 4,529 3,254 July................................ 53,501 41,469 17,719 10,670 3,021 10,059 12,032 4,373 4,413 3,246 Aug................................ 53,892 41,873 17,836 10,739 3,077 10,221 12,019 4,401 4,390 3,228 Sept............................... 54,174 42,089 17,828 10,831 3,114 10,317 12,085 4,460 4,411 3,214 Oct................................. 54,314 42,182 17,780 10,911 3,135 10,356 12,132 4,432 4,504 3,196 Nov............................... 54,656 42,338 17,763 11,007 3,152 10,416 12,318 4,478 4,605 3,235 Dec................................ 56,141 42,968 17,658 11,545 3,148 10,617 13,173 4,507 5,329 3,337 1961 —Jan................................ 55,171 42,503 17,420 11,375 3,112 10,596 12,668 4,502 4,754 3,412 Feb................................ 54,320 42,054 17,203 11,147 3,088 10,616 12,266 4,571 4,187 3,508 Mar................................ 54,118 41,867 17,095 11,015 3,082 10,675 12,251 4,608 4,141 3,502 Apr................................. 54,227 41,841 17,039 10,924 3,091 10,788 12,386 4,585 4,229 3,572 May................ 54,634 42,022 17,087 10,940 3,120 10,875 12,612 4,712 4,375 3,525 June............................... 55,011 42,348 17,213 10,977 3,143 11,015 12,663 4,738 4,440 3,485 For notes see p. 988. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

988 TOTAL CONSUMER CREDIT—Continued (Amounts outstanding. In millions of dollars) Instalment Noninstalment End of month Total Other Repair Auto- consumer and mod- Personal Single- Charge Service Total mobile goods ernization loans Total payment accounts credit paper paper loans 1 loans 1961 _JUjy................................ 54 958 42 421 17 220 10 966 3 155 11 081 12 537 4 732 4 327 3 478 Aug................................ 55 ,304 42 664 17 *223 11*028 3*193 11 *220 12’640 4*823 4*360 3 457 Sept............................... 55 ,’377 42*654 17 060 11*088 3*213 11 292 12 723 4 916 4*366 3 441 Oct............................... • 55,580 42,799 17’074 11 138 3*220 11 366 12 781 4 894 4 448 3,439 Nov................................ 56,195 43’061 17 ’ 129 11*265 3 *232 11*435 13 134 5 025 4 601 3,508 Dec................................ 57 982 43 891 17 135 11 862 3 221 11*673 14 091 5 ’1 36 5 324 3^631 1962—Jan................................. 57,012 43 546 17 037 11 658 3 180 11,671 13 466 4,924 4 846 3,696 Feb............................... 56 506 43 385 17 063 11*457 3 *146 11 719 13 121 4 976 4 292 3 853 Mar................................ 56,672 43 500 17*238 11 * 309 3 *133 11 820 13,172 5 125 4*168 3 879 Apr................................ 57,676 44 145 17 594 11*364 3*144 12 043 13,531 5,215 4’375 3,941 May............................... 58,654 44’807 17 956 11’449 3'184 12,218 13 847 5,363 4 596 3,888 June............................... 59,438 45 546 18 360 11 558 3 *213 12’415 13 892 5’386 4 644 3,862 July............................... 59,705 46 024 18 ’644 11*582 3 ’238 12,560 13 681 5,351 4*511 3,819 Aug................................ 60 >66 46 581 18 883 11*650 3 *271 12 776 13 785 5 ’401 4 580 3 ’804 Sept.............................. 60,594 46’733 18 833 11 707 3*287 12 907 13 861 5 403 4 642 3,816 Oct................................. 61.047 47 >39 19 047 11 795 3 300 12,997 13’908 5,355 4,768 3’785 Nov.,............................ 61,805 47 692 19,263 11*976 3*310 13 143 14 113 5,420 4 884 3 >09 Dec............................ ■ 63’821 48 720 19 381 12*627 3 *298 13 414 15’101 5 ’456 5 684 3 >61 1963—Jan................................. 63,289 48,677 19 422 12 528 3 265 13 462 14 612 5 ,430 5 147 4,035 Feb................................ 62,916 48,644 19518 12*338 3 ’234 13’554 14’272 5 >77 4 580 4,215 Mar................................ 63,093 48,920 19,769 12*264 3 *226 13,661 14,173 5 ’535 4,423 4,215 Apr................................ 64 ,'165 49,704 20,211 12’347 3*244 13,902 14’461 5,558 4,666 4,237 May.............................. 65,181 50,441 20’623 12465 3 290 14 063 14 740 5 '668 4 885 4'187 June............................... 66,041 51’283 21 061 12’609 3*326 14 287 14’758 5,702 4 894 4,162 July................................ 66,648 51 999 21 456 12 * 694 3 *358 14 491 14 649 5 ’696 4 830 4’123 Aug................................ 67,580 52,756 21>18 12 887 3 *405 14,746 14,824 5,810 4,903 4,111 Sept................................ 67 >60 53,102 21 ,672 13 042 3 *424 14’964 14’858 5,891 4’873 4,094 Oct.. ............................. 68,728 53>58 21’947 13 234 3’448 15 ,129 14*970 5 ,897 5’002 4 >71 Nov................................ 69,513 54,303 22’121 13*456 3 "452 15'274 15,210 5 ,984 5 ,’097 4,129 Dec................................ 71 ,739 55’486 22’254 14 177 3 437 15 618 16,253 6'101 5 >03 4,249 1964—Jan................................. 71,187 55,460 22 280 14 096 3 409 15 ,675 15 727 6,072 5,328 4,327 Feb................................ 70,923 55,493 22,396 13 926 3'390 15 781 15 >30 6 J 40 4,836 4'454 Mar............................... 71 ,312 55 >96 22,629 13*990 3 378 15 899 15,416 6 >21 4,693 4,502 Apr.......... ..................... 72,282 56,600 23’008 14*071 3 383 16 138 15 682 6,327 4,852 4,503 73,523 57,499 23 492 14*251 3 426 16 330 16,024 6 >77 5’100 4 >47 June............................... 74,575 58’460 23,978 14*457 3 *455 16'570 16’115 6’517 5’196 4,402 July............................... 75;200 59 177 24’321 14’608 3 ’490 16 758 16,023 6’507 5 ’ 168 4 >48 Aug................................ 75 >77 59,877 24 >71 14*778 3 ’536 16 992 16’100 6'607 5,141 4,352 Sept............................... 76,549 60 399 24’634 14’964 3 561 17 240 16 J 50 6,677 5 ’ 146 4,327 Oct................................. 77,131 60 911 24,784 15*212 3’583 17>32 16*220 5’272 4 >87 Nov....................... 77,713 61,270 24,749 15*455 3 587 17,479 16’443 6,761 5’312 4,370 Dec............................... 80 268 62 692 24’934 16 333 3 577 17’848 17 576 6,874 6’195 4,507 1965—Jan................................. 79,764 62 609 24,957 16 209 3 550 17 893 17,155 6,943 5,571 4,641 Feb................................. 79,402 62,629 25 >02 15*967 3’517 18’043 16,773 7,017 4 >25 4,831 Mar............................... 79 >03 63,022 25,407 15*867 3,512 18,236 16,681 7'128 4 >78 4 >75 Apr................................ 81,286 64,137 25 >34 16 029 3 528 18 >46 17 J 49 7,239 5,019 4,891 May............................... 82’551 65,095 26 405 16 206 3 567 18 >17 17,456 7,351 5,246 4,859 June............................... 83,755 66 168 26 952 16 400 3 '608 19,208 17*587 7,485 5,314 4,788 July................................ 84,582 67,057 27,487 16’538 3’644 19,388 17’525 7’488 5'306 4,731 Aug............................... 85’501 68,032 27>12 16 743 3 687 19 >90 17'469 7,533 5,238 4,698 Sept................................ 86 >88 68 >77 27 >75 17 >42 3,708 19,852 17,511 7'565 5,223 4,723 Oct................................. 86 >01 69,110 28,207 17 292 3’725 19,886 17,691 7'599 5,373 4,719 Nov................................ 87,749 69,812 28,405 17 61 3 3 737 20,057 17,937 7,629 5 >53 4,755 Dec................................ 90,314 71 ,324 28,619 18 565 3,728 20,412 18 >90 7'671 6 >30 4,889 1966—Jan................................. 89,642 71,067 28,556 18 438 3 689 20,384 18,575 7,789 5.753 5,033 Feb................................. 89,111 70,936 28,604 18 >27 3,660 20,445 18,175 7’867 5,112 5,196 Mar................. 89*542 71,351 28,913 18’205 3 '653 20,580 18,191 7,928 4,985 5,278 Apr................................ 90,587 71 ’,999 29 >18 18,317 3,653 20.811 18,588 7’968 Si 290 5,330 May............................... 91 414 72,667 29,529 18’437 3 696 21 005 18’747 8,062 5,426 5,259 June............................... 92 433 73,615 29,994 18 657 3 733 21 .231 18,818 8,043 5 ,563 5,212 July............................... 92 >95 74 >06 30,240 18,918 3,772 21 ,376 18’689 7'984 5,518 5,187 Aug............................... 93 ,795 75'082 30,450 19,182 3 ’817 21,633 18'713 7,990 5,568 5,155 Sept................................ 93,993 75 >06 30,289 19,’452 3,835 21 ,730 18,687 7,953 5,590 5,144 Oct................................. 94’342 75',593 30,371 19,642 3’832 21,748 18,749 7,904 5,706 5,139 Nov............................... 95’,098 76’144 30,499 19’951 3’838 21>56 18,954 7,942 5,824 5,188 Dec................................ 97,543 77,539 30,556 20,978 3,818 22,187 20,004 7,972 6,686 5,346 1967—Jan................................. 96,407 76,855 30,304 20,744 3,772 22,035 19,552 8,021 6,031 5,500 Feb................................. 95’,271 76,221 30,062 20,398 3>37 22,024 19,050 7,992 5,366 5,692 Mar................................ 95,231 76,183 30 >56 20’274 3,722 22,131 19,048 7,996 5,320 5,732 Apr................................ 95 >25 76'360 30,138 20,200 3’713 22,309 19,365 8,116 5,513 5,736 May............................... 96’427 76,784 30,321 20,238 3,752 22'473 19,643 8,236 5,761 5,646 June............................... 97,341 77,519 30,626 20’395 3,780 22,718 19,822 8,294 5,948 5,580 July............................... 97,632 77 >60 30,792 20;442 3 >89 22,837 19,772 8,301 5,922 5,549 Aug................................ 98,324 78’551 30’,932 20’634 3,817 23 J 68 19,773 8,324 5,930 5,519 Sept.............................. 98,625 78 >65 30'741 20 >78 3,814 23,332 19,860 8,364 5,956 5,540 Oct................................. 98,870 79^006 30>ll 21,055 3,810 23,430 19,864 8,362 5,995 5,507 Nov................................ 99'648 79'485 30*718 21,323 3 >10 23,634 20,163 8,423 6,146 5,594 Dec................................ 102,132 80 >26 30>24 22 >95 3 >89 24,018 21,206 8,428 6,968 5,810 1 Holdings of financial institutions; holdings of retail outlets are hold, family, and other personal expenditures, except real estate mortgage included 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 Statistics, 1965. Note.—Consumer credit estimates cover loans to individuals for house­ Estimates for 1968 are shown on pp. A-52—A—5 3 of this Bulletin. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

989 CONSUMER INSTALMENT CREDIT (Amounts outstanding. In millions of dollars) Financial institutions Retail outlets End of month Total Con­ Com­ Sales sumer Auto­ Depart­ Furni­ Appli­ Total mercial finance Credit finance Other Total mobile ment ture ance Other banks cos. unions cos. dealers 1 stores2 stores stores 1956............................... 31,720 26,859 11,777 8,999 2,014 2,940 1,129 4,861 502 1 ,526 1 ,187 377 1,269 1957............................... 33,868 28,915 12'843 9,324 2 429 3 ’124 1'195 4,953 478 1 ,678 1 ,210 361 1,226 1958............................... 33 642 28 761 12780 8'446 2’668 3 085 I 282 5 381 506 2,280 1 ,128 292 1 '175 1959.............................. 39’247 33,131 15.227 9,880 3 280 3’337 1 407 6’116 481 2,732 1,225 310 I *368 I960............................... 42’,968 36,673 16*672 10763 3 ,923 3 781 1 ,534 6,295 359 3 >94 1'107 333 1 ,402 1961............................... 43,891 37,471 17,008 10,327 4703 4 145 1 '688 6,420 342 3'246 1 >58 293 1 '481 1962............................... 48,720 41,878 19,005 11,405 4'875 4 765 1,828 6'842 345 3’603 1 ,073 294 1 >27 1963 55 486 47 819 22 023 12*630 5.526 2 058 7*667 351 4*036 1 792 1,488 1964............................... 62 692 53,898 25,094 13,605 6,340 6 492 2,367 8,794 329 4,701 1,632 2,132 1965 ............................... 71 ,324 61,533 28,962 15,279 7,324 7,329 2739 9,791 315 5,313 1,754 2*409 1966............................... 77 539 66,724 31,319 16,697 8 255 7 663 2,790 10,815 xin 10,538 1967............................... 80,926 69,490 32’700 16 838 8 972 8 103 2 877 11'436 285 11 151 1956—Jan...................... 28,787 24,394 10,615 8,440 1 ,666 2,632 1 ,041 4,394 486 1 ,471 1,028 356 1,053 Feb..................... 28,825 24'517 10’659 8 765 1 ’692 2,657 1 *044 4,308 487 1 '435 1 '025 349 1 >12 Mar.................... 29,019 24',779 10,782 8,531 1 ,722 2,687 1 757 4’239 490 1 '377 1 >21 343 1 ;oo8 Apr..................... 29,332 25,099 10’985 8781 1 756 2,715 I ’062 4’233 493 1 '380 1 >24 339 '997 May................... 29,676 25,400 11,139 8,647 1 ,792 2740 1 782 4776 497 1 *389 1 >33 342 1 >15 June................... 30.062 25,877 11’414 8 772 1 ,832 2774 1 '085 4 7 84 502 1 >48 1 >47 346 1 >41 July..................... 30 304 26717 11’508 8,856 1 860 2 811 1 ,082 4,187 506 1 ,241 1 >55 352 1 >33 Aug..................... 30.671 26,396 11,591 8,960 1 ,908 2’843 1 794 4,274 510 1,287 1 >75 359 1 >43 Sept.................... 30,760 26,476 11,604 8,997 1 ,933 2,839 1 >03 4'285 510 1 ,270 1 ,085 364 1 ,056 Oct...................... 30,897 26,565 11,674 8^983 1 ’962 2,847 1 799 4'331 507 1 ,270 1 ,106 365 1,083 Nov.................... 31’145 26770 11,715 8,977 1 ,986 2’863 1 729 4’475 504 1 743 1 >36 371 1 ,121 Dec..................... 31,720 26759 11,777 8 ,999 2,014 2,940 1 J 29 4*861 502 1 ,526 1 >87 377 1 ,269 1957—Jan...................... 31,468 26,705 11 ,712 8,936 2,009 2,926 1 ,122 4,762 495 1 ,547 1,144 363 1,213 Feb........... 31,371 26738 11 741 8,899 2,034 2,929 1 >35 4733 491 1 ,508 1 ,125 360 1 ,149 Mar................... 31 ’,395 26,851 11,820 8,890 2*069 2,927 1 ,145 4,544 488 1 ,484 1,106 354 1,112 Apr..................... 31’640 27,215 12*069 8,922 2,116 2,962 1 J 46 4,425 488 1 ,382 1 >95 350 1,110 May................... 32,013 27,526 12,234 8'992 2,’155 2’972 1 773 4'487 489 1 ,438 1 ,102 350 1,108 June................... 32,439 27,914 12721 9,112 2’212 2*996 1 773 4725 493 1 ,463 1 ,107 353 1,109 July.................... 32 792 28,314 12708 9 736 2’265 3,040 1 '165 4,478 495 1 ,414 1 ,107 354 1 ,108 Aug.................... 33’102 28 794 12,711 9*325 2,321 3'057 1,180 4'508 496 1 ,433 1 ,123 352 1,104 Sept.................... 32,203 28'704 12 764 9,358 2'352 3’049 1 >81 4,499 494 1 ,438 1 ,122 354 1,091 Oct...................... 33 785 28'810 12’860 9,346 2787 3’040 1 J77 4,475 489 1 >07 1 ,131 355 1 ,093 Nov........... 33,356 28,797 12,838 9 723 2702 3'049 1 '185 4,559 484 1 ,473 1,148 354 1,100 Dec..................... 33,868 28,915 12743 9 724 2'429 3’124 1 795 4753 478 1 ,678 1 ,210 361 1 ,226 1958—Jan...................... 33,484 28,659 12,749 9.207 2,401 3,106 1 796 4t825 479 1 ,671 1 ,163 349 1,163 ' Feb..................... 33,046 28729 12,562 9,081 2,403 3 786 1,197 4,717 479 1 '689 1 ,125 340 1 ,084 Mar.................... 32,716 28,038 12,456 8,920 2,410 3’,061 1,191 4,678 477 1 ,749 1 ,082 331 1 ,039 Apr........... 32,671 28'105 12*579 8*821 2,452 3,059 1 ,194 4766 479 1 ,675 1 ,064 320 1 ,028 May................... 32’694 28,092 12712 8,754 2’477 3'039 1 ,210 4,602 482 1 ,713 1 ,058 314 1 ,035 June................... 32'794 28,172 12,676 8*736 2',509 3 737 1 .214 4,622 487 1 ,748 1 ,052 307 1 ,028 July.................... 32,864 28,280 12’776 8712 2 744 3 738 1 ,210 4,584 493 1 ,725 1 ,045 301 1 ,020 Aug................... 32 951 28,350 12’834 8 775 2778 3,033 1 ,230 4,601 497 1 ,740 1 ,054 297 1,013 Sept.................... 32,858 28 747 12,633 8,563 2791 3*012 1 ,248 4,811 496 1 ,963 1 >47 295 1,010 Oct..................... 32,838 27,960 12 745 8,'452 2,615 2'999 1 ,249 4,878 495 2,011 1 ,056 291 1 >25 Nov.................... 32,913 27,938 12,660 8 778 2,630 2'999 1 ,271 4,975 498 2,077 1 >70 290 1 >40 Dec..................... 33'642 28,261 12,780 8 746 2'668 3*085 1 ,282 5,381 506 2,280 1,128 292 1,175 1959—jan...................... 33,590 28,353 12,931 8,437 2,651 3 ,074 1,260 5,237 500 2,203 1 ,100 290 1,144 Feb..................... 33’596 28,438 12'981 8,446 2,678 3 764 1 ,269 5,158 494 2,186 1,088 286 1,104 Mar.................... 33,812 28711 13'150 8*502 2'723 3,057 1 ,279 5,101 490 2,162 1 >59 286 1,104 Apr..................... 34735 29’216 13762 8’631 2781 3 756 1 ,286 5,119 492 2,175 1 ,061 286 1,105 May................... 34,930 29’750 13'758 8’793 2733 3 ,054 1 ,312 5,180 494 2,205 1 ,067 288 1 ,126 June................... 35,705 30759 14,098 9,052 2'917 3 773 1 719 5,246 501 2,242 1 >79 290 1,134 July.................... 36,336 31’,080 14,390 9,292 2'972 3'100 1 ,326 5,256 505 2,236 1 >87 291 1,137 Aug..................... 37 099 31 '765 14,688 9713 3 769 3; 140 1 ,355 5,334 508 2,277 1,108 298 1,143 Sept.................... 37,621 32,223 14,886 9,677 3,130 3,157 1,373 5,398 506 2,322 1,118 299 1,153 Oct...................... 38’101 32799 15,063 9,804 3,183 3,175 1 ,374 5,502 503 2,385 1,135 298 1 ,181 Nov.................... 38,451 32,816 15,131 9'849 3,230 3,215 1 ,391 5,635 494 2,472 1 ,158 303 1 ,208 Dec..................... 39,247 33,131 15,227 9,880 3 780 3737 1,407 6,116 481 2,732 1,225 310 1 ,368 1960—Jan...................... 39,135 33,285 15,389 9,888 3,274 3,341 1 ,393 5,850 470 2,583 1,182 307 1 ,308 Feb..................... 39,182 33704 15’478 9,964 3,310 3750 1 ,402 5,678 462 2,517 1,154 306 1 ,239 Mar.................... 39,411 33,718 15,507 10,062 3,385 3,354 1 ,410 5,693 457 2,606 1 ,124 305 1 ,201 Apr..................... 40,011 34,277 15'801 10,201 3,476 3,388 1 ,411 5,734 455 2,647 1,108 304 1 ,220 May.................. 40,473 34743 16’024 10730 3,546 3,405 1 ,438 5,730 449 2,662 1 ,092 307 1 ,220 June................... 41,105 35,341 16782 10’548 3,636 3’445 1 ,430 5,764 442 2,687 1 >93 311 1,231 July.................... 41 769 35'747 16,401 10'650 3791 3 743 1 ,462 5 722 430 2,671 1 >79 313 1 ,229 Aug.................... 41 773 36'160 16,546 10,757 3,767 3,605 1 ,485 5,713 418 2,675 1 >80 317 1,223 Sept.................... 42,089 36'357 16723 10,794 3710 3734 1 ,496 5,732 402 2,718 1 >70 322 1 ,220 Oct..................... 42,182 36703 16’627 10,778 3,850 3,640 1 ,508 5,779 386 2,776 1 ,065 324 1 ,228 Nov.................... 42,338 36,491 16,653 10,764 3,885 3,668 1 ,521 5,847 375 2,840 1 ,068 325 1 ,239 Dec..................... 42,968 36,673 16'672 10,763 3,923 3,781 1 ,534 6,295 359 3,094 1,107 333 1 ,402 1961—Jan...................... 42,503 37,367 17,539 10,634 3,876 3,774 1 ,544 5,136 356 2,064 1 >69 323 1 ,324 Feb..................... 42,054 37,015 17,285 10,527 3,879 3,768 1 ,556 5,039 352 2,090 1 ,040 313 1 ,244 Mar.................... 41,867 36790 17’,148 10,396 3,908 3,768 1 ,570 5,077 352 2,176 1 >11 305 1 ,233 Apr..................... 41,841 36701 17 772 10,325 3,948 3J89 1 ,567 5,140 351 2,284 995 297 1 ,213 May................... 42,022 36767 17,079 10,290 4,001 3,808 1 ,589 5,255 352 2,395 989 296 1,223 June................... 42’348 36777 17 J13 10741 4,083 3,842 1 ,598 5,371 354 2,496 991 296 1 ,234 For notes see p. 990. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

990 CONSUMER INSTALMENT CREDIT—Continued (Amounts outstanding. In millions of dollars.) Financial institutions Retail outlets End of month Total Con- Com- Sales sumer Auto- Depart- Furni- Appli- Total mercial finance Credit finance Other Total mobile mcnt ture ance Other banks cos. unions cos. dealers 1 stores2 stores stores 1961—July.................... 42,421 37,008 17,094 10 331 4 117 3,872 1 594 5 413 352 2,550 981 295 1 235 Aug.................... 42 >64 37 156 17,121 16*315 4,177 3,918 1 625 5,508 350 2,632 987 295 1 244 Sept.................... 42,654 37 021 16>93 10 259 4 198 3,927 1 644 5 663 343 2,752 994 294 1 250 Oct..................... 42’799 37,081 16,988 10’247 4,232 3 >68 1 646 5,718 341 2,821 997 291 1 *268 Nov........... 43’061 37 168 16,974 10 256 4 >73 4,000 1 665 5:893 342 2 936 1 015 288 1 312 Dec..................... 43; 891 37,471 17,008 10 327 4,303 4,’145 1 688 6,420 342 3,246 1 058 293 1 ,481 1962—Jan...................... 43,546 37,303 16,964 10 267 4 252 4,146 1 674 6,243 310 3,206 1 036 288 1 403 Feb..................... 43,385 37 350 16,967 10 281 4’252 4,169 1 681 6,035 298 3,096 1 *018 285 1 ,338 Mar.................... 43;500 37 561 17,062 10 307 4 290 4,199 1 703 5,939 314 3 059 *998 281 1 '287 Apr..................... 44,145 38,132 17,366 10 425 4,377 4,254 1 71b 6,013 350 3,101 991 280 1,291 May................... 44 >07 38 '763 17,686 10*582 4 463 4>85 1 747 6 >44 342 3,120 997 280 1 >05 June................... 45 >46 39 448 18,024 10 764 4 554 4,349 1 757 6,098 356 3 149 990 283 1 320 July.................... 46,’O24 39 956 18,251 10’917 4 615 4 406 1 *767 6,068 358 3,136 989 283 1,302 Aug.................... 46’581 40 504 18,460 11*071 4 706 4,471 1 *796 6,077 338 3 157 999 285 1,298 Sept.................... 46’733 40 636 18,491 11 093 4 735 4’514 1 *803 6,097 333 3 189 998 284 1 ,293 Oct..................... 47’.139 40,991 18,680 11 189 4,788 4,540 1 *794 6,148 338 3 223 1 002 285 1,300 Nov.................... 47’692 41>22 18,847 11*316 4 835 4 603 1 *821 6,270 319 3 309 1 019 287 1 >36 Dec..................... 48 >20 41 378 19,005 11,405 4,875 4,765 1 >28 6,842 345 3,603 i >73 294 1,527 1963—Jan...................... 48,677 42 007 19,129 11 431 4 833 4 789 1 825 6,670 310 3 509 1 1,498 Feb..................... 48’644 42’178 19,256 11*426 4 840 4 817 1 * 839 6,466 291 3 396 1 331 1 ,448 Mar.................... 48,920 42 494 19,450 11,460 4 887 4 840 1 *857 6,426 321 3 346 1 *320 1 ,439 Apr..................... 49’704 43’,226 19,882 11*593 4,987 4’,901 1 *863 6',478 332 3,370 1*313 1 >63 May................... 50’441 43 921 20,229 11*764 5 085 4 942 1 *901 6 >20 328 3 383 1 >23 1,486 June................... 51>83 44 699 20’602 11*964 5 193 5 023 1 *917 6 >84 342 3 412 1 *331 1 >99 July..................... 51,999 45 383 20 948 12 151 5 264 5 088 1 *932 6 >16 357 3 405 1 *343 1 ,511 Aug.................... 52,756 46 042 21 345 12*303 5 *340 5 172 1 *982 6,714 357 3 453 1 358 1 >46 Sept.................... 53,102 46 327 21 365 12 325 5 381 5 259 1 '997 6,775 338 3 513 1 *369 1 >55 Oct..................... 53>58 46 865 21,645 12’432 5 *445 5*334 2*009 6,893 344 3*564 1 *398 1 >87 Nov.................... 54,303 47 246 21,807 12’522 5 479 5 400 2 *038 7,057 348 3 675 1 422 1 ,612 Dec.................... 55’486 47 819 22 023 12 630 5 526 5 *582 2 058 7’667 351 4 036 1 488 1 ,792 1964—'Jan...................... 55,460 47 905 22,106 12 620 5 488 5 608 2 083 7,555 347 3 992 1 472 1 ,744 Feb..................... 55,493 48 200 22 303 12*640 5 509 5 *636 2*112 7,293 344 3*801 1 460 1 >88 Mar.................... 55,896 48*550 22*507 12'681 5 *568 5*662 2 132 7,346 343 3 861 1 *457 1,685 Apr.............. 56,600 49,224 22 894 12 780 5 *672 5 *724 2*154 7,376 345 3 878 1 *459 1 >94 May................... 57,499 50 029 23 316 12 955 5 *782 5 *782 2 194 7 470 347 3 925 i *468 1,730 June................... 58,460 50 898 23 770 13*151 5 903 5*861 2 21 3 7 562 349 3 968 i 488 1 >57 July.................... 59,177 51 582 24’112 13*305 5 995 5 *945 2*225 7 595 348 3*973 1 *502 1 ,772 Aug............ 59 877 52*201 24*391 13*422 6*086 6 032 2 270 7,676 346 4*029 1*513 1 >88 Sept.................... 60 399 52*628 24*586 13*464 6 163 6*118 2 297 7 771 342 4*101 1 520 1 >08 Oct.................... 60 911 52 995 24 780 13 521 6210 6 175 2 309 7 916 338 4*182 1 541 1 >55 Nov.................... 61,270 53*187 24*837 13 *493 6 *255 6*262 2 340 8,083 331 4*297 1 559 1 >96 Dec..................... 62,692 53 898 25’094 13’605 6 340 6*492 2*367 8,794 329 4 701 1 632 2,132 1965—Jan...................... 62 609 53 988 25 191 13 588 6 293 6 519 2 397 8 621 326 4 631 1 610 2,054 Feb..................... 62,629 54*257 25*319 13 *628 6*334 6’575 2 401 8 372 325 4 502 1 582 1 >63 Mar.................... 63 022 54 780 25*610 13*666 6*438 6*641 2*425 8 242 326 4*426 1*571 1 >19 Apr..................... 64,137 55*818 26*200 13*801 6 603 6*758 2*456 8,319 3 30 4*482 1 562 1 >45 May.......... 65 095 56*712 26*670 13*961 6*727 6’838 2*516 8 383 332 4*524 1 560 1 >67 June................... 66’168 57 723 27 214 14*167 6 890 6*921 2*531 8 445 335 4*566 1 568 1 >76 July..................... 67,057 58*580 27 674 14 * 424 6*969 6*983 2*530 8 477 335 4*580 1 577 1 ,985 Aug.................... 68,032 59*497 28 044 14*751 7*072 7*040 2*590 8*535 333 4*627 1 ' 587 1 >88 Sept.................... 68,577 59 924 28*246 14*893 7 135 7 *058 2*59? 8 653 328 4*705 1 605 2 015 Oct..................... 69,110 60,306 28*487 14*987 7*179 7*067 2*586 8*804 324 4 778 1 *634 2 068 Nov.................... 69,812 60 778 28 685 15’081 7*249 7 134 2*629 9 034 320 4 908 1 669 2,137 Dec.................... 71,324 61 ,533 28,962 15 >79 7 >24 7,329 2 >39 9,791 315 5313 1 >54 2 >09 1966—Jan...................... 71,067 61 442 28 951 15 281 7 243 7 315 2 652 9,625 315 9 310 Feb..................... 70 936 61 536 29*023 15*262 7 *277 7*314 2 660 9 400 315 9 085 Mar.................... 71 >51 62*009 29 348 15*297 7 '387 7*316 2*661 9’342 318 9 024 Apr..................... 71,999 62 637 29 742 15’390 7*499 7 *357 2 649 9 362 320 9 042 May................... 72,667 63 279 30 072 15*501 7*617 7*388 2 701 9 388 319 9 *069 June................... 73,615 64*153 30’526 15*701 7 *779 7 *437 2*710 9*462 320 9 142 July.................... 74 306 64 789 30 855 15*895 7*846 7 *483 2 *710 9 517 317 9*200 Aug.................... 75,082 65 477 31 137 16*079 7*986 7*526 2 749 9 605 313 9 292 Sept.................... 75,306 65 592 31 125 16*151 8 *059 7’514 2’743 9,714 304 9410 Oct..................... 75,593 65 802 31,170 16’286 8 i 11 7*493 2 742 9,791 296 9 495 Nov.................... 76,144 66,133 31 211 16*441 8 190 7*501 2 790 10 011 287 9*724 Dec.................... 77,539 66,724 31,319 16*697 8*255 7,663 2*790 10,815 277 10’538 1967—Jan...................... 76,855 66 287 31 144 16 612 8 153 7 599 2 779 10 568 275 10 293 Feb..................... 76,221 66 007 31 *017 16*484 8*145 7 569 2*792 10 214 274 9 *940 Mar.................... 76 183 66,053 31 *062 16*422 8*216 7 558 2*795 10 130 275 9*855 Apr..................... 76,360 66,303 31,231 16*440 8 302 7*555 2*775 10*057 277 9*780 May.................... 76,784 66,706 31,427 16’471 8 414 7 541 2 853 10 078 279 9*799 June................... 77:519 67,368 31>56 16*594 8 *580 7 589 2*849 10,151 282 9*869 July................. 77’860 67,768 32 008 16 681 8 627 7,645 2 807 10’092 284 9*808 Aug.................... 78 551 68 375 32 293 16*744 8*759 7 729 2*850 10 176 286 9 *890 Sept.................... 78,765 69 474 32,384 16,664 8 806 7,787 2*833 10 291 285 10 006 Oct..................... 79,006 68,651 32 459 16 698 8 841 7 807 2’846 10,355 285 10 070 Nov.................... 79,485 68,945 32,547 16,725 8*908 7,888 2*877 10,540 285 10 255 Dec..................... 80,926 69,490 32 >00 16,838 8,972 8,103 2,877 11 >36 285 11 ,151 i Automobile paper only; other instalment credit held by automobile 2 Includes mail-order houses. dealers is included with “other” retail outlets. See Note to tables on p. 988. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

991 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS (Amounts outstanding. In millions of dollars) Automobile Repair Automobile Repair Total paper Other and Total paper Other and instal­ con­ mod­ Per­ instal­ con­ mod­ Per­ End of period ment sumer erniza­ sonal End of month ment sumer erniza­ sonal credit Pur­ goods tion loans credit Pur­ goods tion loans chased Direct paper loans chased Direct paper loans 1956................... 11,777 3,651 2,075 2,464 1 469 2,118 1961—July . . . 17,094 5,310 2,861 3,026 2,179 3,719 1957................... 12,843 4', 130 2,225 2’557 1 580 2'351 Aug... . 17’121 5,'340 2^859 2,962 2'197 3'763 1958................... 12,780 4’014 2'170 2^269 1 715 2^612 Sept.... 16,993 5,326 2,821 2^864 2,206 3,775 1959................... 15,227 4,827 2'525 2,640 2 039 3 196 Oct... • 16,988 5’365 2,824 2,820 2'210 3,'769 1960................... 16^672 5,316 2^820 2,759 2 200 3,577 Nov... . 16’,974 5’,384 2'851 2,764 2,210 3’,765 1961................... 17’008 5,391 2'860 2^761 2 198 3,798 Dec.. . . 17,008 5’391 2,860 2^61 2 J98 3; 798 1962................... 19,005 6'184 3'451 2,’824 2,261 4 285 1963 ................... 22^023 7 381 4’102 3 213 2 377 4 950 1962—Jan. . . . 16,964 5,379 2,885 2,718 2,170 3,812 1964............ 25 ^094 8,691 4'734 3,670 2 457 5*542 Feb.... 16,967 5,398 2’911 2^690 2'147 3,821 1965 ................... 28,962 10 209 5’659 4,166 2'571 6 357 Mar.... 17 ,062 5'457 2,965 2^656 2 J 32 3'852 1966................... 31 ,319 11’024 5'956 4 681 2*647 7 011 Apr.. . . 17 ,366 5 j 569 3 '056 2’653 2,143 3'945 1967................... 32,700 10,927 6’267 5,126 2^629 7,751 May. . . 17 ,686 5’692 3’144 2,682 2,165 4’,003 June... 18,024 5; 823 3,229 2,716 2J88 4,068 1956—Jan......... 10,615 3,254 2,066 2,045 1,317 1,933 July . . . 18,251 5,923 3,279 2,736 2,210 4,103 Feb........ 10,659 3,297 2,077 2,033 1 ,310 1 ,942 Aug... . 18,460 6,011 3,314 2,730 2,231 4,174 Mar... .. 10,782 3,352 2,114 2,040 1 ,310 1 ,966 Sept... . 18,491 6,012 3,287 2,738 2,247 4,208 Apr........ 10,985 3,409 2,140 2,101 1 ,323 2,012 Oct... . 18,680 6,095 3,343 2,755 2,262 4,225 May.... 11 ,139 3,469 2,158 2,134 1 ,348 2,030 Nov... . 18 ,847 6,164 3,405 2,773 2,270 4,235 June.... 11 ,414 3,529 2,166 2,296 1 ,371 2,052 Dec.. . . 19,005 6,184 3,451 2,824 2,261 4,285 July........ 11 ,508 3,579 2,157 2,315 1 ,386 2,071 Aug........ 11,591 3,628 2,154 2,312 1 ,407 2,090 1963—Jan. . . . 19,129 6,216 3,492 2,861 2,239 4,321 Sept........ 11,604 3,633 2,124 2,324 1 ,430 2,093 Feb.... 19,256 6,281 3,530 2,865 2,220 4,360 Oct........ 11 ,674 3,636 2,096 2,394 1 ,452 2,096 Mar... . 19,450 6,386 3,592 2,866 2,209 4,397 Nov........ 11 ,715 3,640 2,082 2,430 1 ,466 2,097 Apr.. . . 19,882 6,549 3,699 2,895 2,229 4,510 Dec........ 11 ,777 3,651 2,075 2,464 1 ,469 2,118 May. . . 20,229 6,695 3,794 2,930 2,258 4,552 June... 20,602 6,849 3,869 2,973 2,286 4,625 1957—Jan......... 11,712 3,658 2,084 2,387 1,456 2,127 July . . . 20,948 6,998 3,938 3,008 2,315 4,689 Feb........ 11,741 3,690 2,094 2,373 1,446 2,138 Aug... . 21,245 7,117 3,969 3,056 2,343 4,760 Mar........ 11,820 3,739 2,126 2,362 1 ,444 2,149 Sept.... 21,365 7,137 3,962 3,095 2,362 4,809 Apr........ 12,069 3,810 2,169 2,448 1 ,453 2,189 Oct.. . . 21,645 7,266 4,016 3,129 2,382 4,852 May.... 12,234 3,878 2,205 2,457 1 ,471 2,223 Nov... . 21,807 7,329 4,065 3,159 2,387 4,867 June .... 12,421 3,955 2,231 2,490 I ,492 2,253 Dec.. . . 22,023 7,381 4,102 3,213 2,377 4,950 July........ 12,608 4,015 2,248 2,557 1 ,510 2,278 Aug........ 12,711 4,071 2,259 2,538 1 ,538 2,305 1964—Jan. . . . 22,106 7,403 4,132 3,239 2,352 4,980 Sept........ 12,764 4,102 2,253 2,545 1 ,554 2,310 Feb... . 22,303 7,455 4,185 3,309 2,335 5,019 Oct......... 12,860 4,140 2,243 2,582 1 ,576 2,319 Mar... . 22,507 7,570 4,253 3,306 2,323 5,055 Nov........ 12,838 4,132 2,233 2,566 1 ,586 2,321 Apr.. . . 22,894 7,735 4,341 3,325 2,329 5,164 Dec,.... 12,843 4,130 2,225 2,557 1 ,580 2,351 May. • . 23,316 7,935 4,445 3,360 2,355 5,221 June... 23,770 8,147 4,532 3,415 2,379 5,297 1958—Jan......... 12,749 4,097 2,218 2,502 1 ,569 2,363 July.. . 24,112 8,290 4,594 3,476 2,404 5,348 Feb........ 12,562 4,053 2,199 2,394 1 ,553 2,363 Aug.... 24,391 8,418 4,624 3,506 2,431 5,412 Mar........ 12,456 3,997 2,191 2,350 1,544 2,374 Sept.... 24,58<i 8,486 4,636 3,543 2,449 5,472 Apr........ 12,579 3,991 2,203 2,401 1 ,550 2,434 Oct... . 24,780 8,593 4,654 3,582 2,466 5,485 May.... 12,612 3,990 2,205 2,387 1 ,571 2,459 Nov.... 24,837 8,615 4,662 3,605 2,467 5,488 June.... 12,676 4,000 2,213 2,380 1 ,589 2,494 Dec.. . . 25,094 8,691 4,734 3,670 2,457 5,542 July........ 12,776 4,017 2,216 2,404 1 ,608 2,531 Aug..... 12,834 4,033 2,207 2,410 1 ,635 2,549 1965—Jan. . . . 25,191 8,705 4,780 3,706 2,432 5,568 Sept........ 12,633 4,008 2,182 2,221 1 ,659 2,563 Feb,.. . 25,319 8,772 4,841 3,691 2,411 5,604 Oct......... 12,645 3,990 2,161 2,232 1 ,688 2,574 Mar.. .. 25,610 8,896 4,944 3,697 2,403 5,670 Nov........ 12,660 3,988 2,151 2,240 1 ,708 2,573 Apr.. . • 26,200 9,120 5,083 3,742 2,413 5,842 Dec........ 12,780 4,014 2,170 2,269 1,715 2,612 May. . . 26,670 9,324 5,201 3,783 2,441 5,921 June. . . 27,214 9,534 5,340 3,842 2,472 6,026 1959—Jan......... 12,931 4,046 2,196 2,326 1 ,713 2,650 July . . . 27,674 9,745 5,439 3,903 2,502 6,085 Feb........ 12,981 4,079 2,220 2,303 1 ,709 2,670 Aug.... 28,044 9,878 5,501 3,955 2,533 6,177 Mar........ 13,150 4,140 2,264 2,308 1 ,720 2,718 Sept,. .. 28,246 9,937 5,487 4,016 2,553 6,253 Apr........ 13,462 4,250 2,327 2,337 1 ,748 2,800 Oct.. . . 28,487 10,055 5,531 4,062 2,569 6,270 May.... 13,758 4,352 2,379 2,382 I ,790 2,855 Nov.. .. 28,685 10,138 5,594 4,092 2,576 6,285 June.... 14,098 4,489 2,429 2,425 1 ,83! 2,924 Dec,. . . 28,962 10,209 5,659 4,166 2,571 6,357 July........ 14,390 4,596 2,470 2,474 1 ,876 2,974 Aug........ 14,688 4,703 2,501 2,528 1 ,916 3,040 1966—Jan.. . . 28,951 10,197 ' 5,667 4,175 2,542 6,370 Sept........ 14,886 4,769 2,510 2,557 1 ,953 3,097 Feb.. . . 29,023 10,226 5,701 4,174 2,520 6,402 Oct......... 15,063 4,841 2,528 2,582 1 ,991 3,121 Mar,. .. 29,348 10,378 5,788 4,193 2,516 6,473 Nov........ 15,131 4,854 2,531 2,592 2,017 3,137 Apr.. . . 29,742 10,523 5,857 4,242 2,525 6,595 Dec........ 15,227 4,827 2,525 2,640 2,039 3,196 May. . 30,072 10,655 5,915 4,285 2,551 6,666 June. . . 30,526 10,856 5,989 4,349 2,583 6,749 1960—Jan......... 15,389 4,822 2,538 2,787 2,031 3,211 July. . . 30,855 10,978 6,009 4,452 2,614 6,802 Feb........ 15,478 4,854 2,568 2,789 2,030 3,237 Aug,... 31 ,137 11,075 6,012 4,504 2,644 6,902 Mar........ 15,507 4,913 2,619 2,673 2,032 3,270 Sept.. .. 31 ,125 11 ,030 5,942 4,543 2,661 6,949 Apr........ 15,801 5,021 2,689 2,685 2,056 3,348 Oct.. . . 31,170 11 ,049 5(948 4,562 2,666 6,945 May.... 16,024 5,110 2,744 2,697 2,090 3,384 Nov.. .. 31 ,211 11 ,053 5,961 4,587 2,660 6,950 June... . 16,282 5,221 2,787 2,719 2,123 3,432 Dec.. .. 31 ,319 11 ,024 5,956 4,681 2,647 7,011 July........ 16,401 5,273 2,803 2,732 2,140 3,453 Aug........ 16,546 5,325 2,820 2,730 2,169 3,502 1967—Jan.. . . 31,144 10,904 5,927 4,725 2,616 6,972 Sept........ 16,623 5,353 2,812 2,738 2,190 3,531 Feb.. . , 31,017 10,831 5,888 4,734 2,589 6,975 Oct...... 16,627 5,355 2,802 2,739 2,201 3,530 Mar,. .. 31 ,062 10,830 5,907 4,730 2,577 7,018 Nov........ 16,653 5,353 2,824 2,732 2,207 3,537 Apr.. . . 31 ,231 10,833 5,957 4,745 2,573 7,123 Dec........ 16,672 5,316 2,820 2,759 2,200 3,577 May. .. 31,427 10,868 6,032 4,761 2,589 7,177 June, .. 31 ,756 10,946 6,110 4,806 2,610 7,284 1961—Jan......... 17,539 5,255 2,805 3,742 2,171 3,566 July. . . 32,008 11 ,018 6,157 4,865 2,624 7,344 Feb........ 17,285 5,187 2,788 3,596 2,148 3,566 Aug,. .. 32,293 11 ,065 6,197 4,9H 2,642 7,478 Mar........ 17,148 5,174 2,802 3,449 2,134 3,589 Sept.... 32,384 11 ,023 6,193 4,965 2,645 7,558 Apr.. .. . 17,072 5,170 2,810 3,309 2,141 3,642 Oct.. . . 32,459 10,989 6,216 4,996 2,645 7,613 May. .. . 17,079 5,216 2,836 3,202 2,155 3,670 Nov.. .. 32,547 10,955 6,245 5,031 2,640 7,676 June.... 17,113 5,275 2,861 3,095 2,170 3,712 Dec.. .. 32,700 10,927 6,267 5,126 2,629 7,751 See Note to table on p. 988. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

992 INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES Amounts outstanding. In millions of dollars) Other Repair Other Repair Total Auto­ con­ and Per­ Total Auto­ con­ and Per­ End of period instal­ mobile sumer modern­ sonal End of month instal­ mobile sumer modern­ sonal ment paper goods ization loans ment paper goods ization loans credit paper loans credit paper loans 1956................................. 8,999 7,238 1,159 32 570 1961—July......................... 10,331 6,945 2 111 172 1,103 1957................................. 9,324 7 >93 1 >24 31 676 Aug.......................... 10 315 6,896 2’127 167 1,125 1958 ................................. 8,446 6>10 1 >19 36 781 Sept.......................... 10,259 6,781 2>53 173 1 ,152 1959................................. 9/80 7,187 1,675 72 946 Oct........................... 10 >47 6 >46 2,154 178 1,169 I960................................. 10 ,'763 7,488 2 >59 ’ 146 1,070 Nov.......................... 10>56 6,730 2,165 183 1,178 1961................................. 10’327 6 >02 2,226 186 1,213 Dec......................... 10,327 6,702 2,226 186 1 ,213 1962................................. 11'405 7 >51 2 >65 213 1,476 1963 ................................. 12.630 7 >22 2 >99 214 1 ,795 1962—Jan........................... 10,267 6/40 2,219 188 1 ,220 1964................................. 13*605 8 >85 3,022 207 2 091 Feb......................... 10 281 6/26 2 242 189 1 >24 1965................................. 15,279 9,068 3,556 185 2 470 Mar .................. 10 307 6/46 2 242 191 1 >28 1966................................. 16,697 9,572 4 >56 151 2,718 Apr ................... 10 425 6,719 2 258 196 1 >52 1967................................. 16,838 9,252 4,518 114 2,954 May......................... 10 582 6,842 2 >69 200 1 >71 June......................... 10,764 6 >71 2 291 202 1 >00 1956—Jan........................ 8,440 6,903 1,040 28 469 July.......................... 10^917 7 ,068 2 322 207 1 >20 Feb....................... 8’465 6 >21 1 >43 28 473 Aus.......................... 11 071 7,158 2 357 208 1 >48 Mar...................... 8:531 6,974 1 >45 28 484 Sept.......................... 11 ,093 7,122 2,378 211 1 >82 Apr....................... 8,581 7 >13 1,047 29 492 Oct........................... 11 ,189 7 >68 2 401 212 1,408 May..................... 8/47 7 >73 1,046 29 499 Nov............. 11 ,316 7,249 2,423 213 1 /31 J une..................... 8 >72 7,170 1,067 30 505 Dec......................... ll>05 7,251 2,465 213 1 /76 July...................... 8/56 7 >32 I >80 30 514 Aug., ................. 8,960 7 >09 1,095 30 526 1963—.Jan........................... 11,431 7,265 2/66 212 1,488 Sept...................... 8,'997 7 >28 1,108 30 531 Feb.......................... 11 ,'426 7,265 2,457 210 1,494 Oct........................ 8*983 7 >94 1,122 32 535 Mar.................... 11,460 7,294 2 454 210 1 >02 Nov...................... 8,977 7,263 1,136 31 547 Apr.......................... 11 >93 7/09 2/56 209 1 >19 Dec............ 8 >99 7 >38 1 >59 32 570 May ................... 11,764 7>36 2/81 211 1,536 June .. 11 >64 7,681 2 513 211 1 >59 1957—Jan........................ 8,936 7,176 1,155 31 574 July. ........................ 12,151 7,805 2,537 212 1 ,597 Feb....................... 8,899 7,141 1 >47 32 579 Aug...................... 12 >03 7/79 2 571 213 1 ,640 Mar...................... 8,890 7’138 1 >35 32 585 Sept.................... 12 >25 7/19 2,600 214 1 ,692 Apr....................... 8,922 7 J58 1 >37 32 595 Oct .......................... 12/32 7/74 2/29 215 1 >14 May..................... 8 >92 7,215 1,143 33 601 Nov.......................... 12 >22 7 >12 2 657 215 1 ,738 June........... 9 J 12 7>16 1,153 33 610 Dec........... 12/30 7,922 2/99 214 1 >95 July....................... 9*236 7’401 1,177 34 624 Aug....................... 9,325 7,465 1,194 34 632 1964—Tan............................ 12,620 7,907 2 695 21 3 1 ,805 Sept...................... 9*358 7,486 1 >03 34 635 Feb....................... 12,640 7 907 2 706 212 1 /15 Oct.................. 9,346 7,464 1 ,206 36 640 Mar.................... 12,681 7,936 2,708 210 1 ,827 Nov,..................... 9,323 7,435 1 >05 33 650 Apr.......................... 12 >80 8,010 2 >24 209 1 /37 Dec....................... 9>24 7 >93 1,224 31 676 May......................... 12*955 8,136 2>57 209 1 ,853 June........................ 13>51 8 >66 2 >95 211 1 >79 1958—Jan........................ 9,207 7,284 1 ,208 32 683 July.......................... 13 >05 8 >62 2 827 211 1 >05 Feb....................... 9,081 7,157 1 ,201 32 691 Aug.......................... 13/22 8/10 2/64 212 1 >36 Mar...................... 8 920 6 >99 1 >89 32 700 Sept................. . 13/64 8,368 2 894 212 1 >90 Apr....................... 8 821 6,886 1 ,197 33 705 Oct........................... 13,521 8,369 2,933 211 2,008 May...................... 8 754 6 >04 1 ,207 34 709 Nov........... . 13/93 8,290 2,961 208 2 >34 June..................... 8 736 6,758 1 >20 34 724 Dec................ 13/05 8^85 3,022 207 2 >91 July....................... 8,712 6,707 1 ,243 34 728 Aug...................... 8*675 6 641 1 ,262 35 737 1965 Jan ..................... 13,588 8,261 3 029 206 2,092 Sept...................... 8 563 6,511 1 ,268 35 749 Feb.......................... 13/28 8,262 3 >34 205 2,127 Oct................. 8 452 6,386 1 276 36 754 Mar.......................... 13/66 8 >83 3 040 203 2>40 Nov............... 8 378 6 303 1 284 36 755 Apr..................... 13,801 8,371 3 >56 203 2>71 Dec....................... 8 >46 6,310 1 ,319 36 781 May................. 13,961 8/53 3,109 201 2>98 June........................ 14>67 8,574 3,159 201 2 >33 1959—Jan....................... 8 437 6,294 1 ,321 36 786 July.......................... 14/24 8 >60 3,180 201 2 >83 Feb....................... 8 446 6,295 1 ,323 37 791 Aug.......................... 14>51 8,942 3,264 200 2,345 Mar...................... 8 502 6,326 1 >40 41 795 Sept.......................... 14/93 8,942 3,365 196 2 >90 Apr..................... 8 631 6,436 1,353 41 801 Oct.............................. 14,987 8,995 3/07 193 2,392 May........... 8,793 6,568 1 ,378 42 805 Nov.......................... 15,081 9 >20 3 458 190 2/13 June..................... 9 052 6,767 1 423 44 818 Dec..................... 15 >79 9 >68 3,556 185 2/70 July....................... 9,292 6,940 1 ,472 48 832 Aug....................... 9,513 7/111 1 >05 52 845 1966—Jan........................... 15,281 9,041 3 596 180 2,464 Sept...................... 9*677 7 >94 1 >45 61 877 Feb........................... 15,262 9,014 3 602 176 2/70 Oct....................... 9,804 7,268 1,576 66 894 Mar.......................... 15 >97 9 >37 3 609 171 2/80 Nov.................. 9 849 7,248 1 619 68 914 Apr...................... 15'390 9,091 3 637 167 2/95 Dec....................... 9,880 7,187 1,675 72 946 May......................... 15,501 9,160 3/69 165 2,507 June................ 15 >01 9,281 3 723 162 2>35 9 888 7,161 1 703 74 950 July......................... 15 *895 9,365 3 809 161 2,'560 9 964 7 195 1 734 78 957 Aug.......................... 16 079 9,421 3,906 158 2,594 Mar...................... 1 O’062 7,255 1 >62 82 963 Sept.......................... 16,151 9,356 4 011 156 2/28 10 201 7 >81 1 765 89 966 Oct.............. 16’286 9 413 4 084 155 2/34 May. ................... 1O’33O 7,469 1 ,791 98 972 Nov.......................... 16,441 9,494 4 >45 153 2/49 10 548 7 599 1,854 106 989 Dec........................ 16/97 9,572 4,256 151 2,718 July...................... 10/50 7,645 1 ,891 115 999 10*757 7'670 1 *945 127 1 015 1967 Jan........................... 16/12 9,518 4 240 148 2,706 10 794 7,643 1 *979 134 1 038 Feb........................... 16/84 9,395 4,242 144 2,703 Oct .................. 10 778 7 600 1 997 140 1 041 Mar.................... 16/22 9,342 4'205 141 2,734 Nov................ 10 764 7,555 2 020 144 1 045 Apr.................... 16/40 9>38 4,189 141 2 >72 Dec..................... 10,763 7,488 2,059 146 1 ,070 May................... 16/71 9>57 4 185 141 2 >88 June......................... 16 >94 9’438 4 218 140 2 >98 1961 —Jan........................ 10,634 7,346 2,076 148 1 ,064 July.......................... 16/81 9,472 4 >58 138 2/13 Feb....................... 10 527 7 >17 2,096 150 1 >64 Aug.......................... 16 >44 9/70 4,298 134 2/42 Mar...................... 10*396 7 099 2 080 154 1 "063 Sept.......................... 16/64 9,313 4 358 129 2/64 Apr...................... 10,325 7 ,025 2,069 159 1 ,072 Oct.......................... 16,698 9,280 4/21 124 2/73 May..................... 10,290 6 >78 2 >75 160 1 >77 Nov.......................... 16 >25 9 >60 4/54 121 2/90 June..................... 10,341 6,983 2,098 164 1 >96 Dec........................... 16,838 9 >52 4,518 114 2>54 See Note to table on p. 988. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

993 INSTALMENT CREDIT HELD BY OTHER FINANCIAL INSTITUTIONS (Amounts outstanding. In millions of dollars) Other Repair Other Repair Total Auto­ con­ and Per­ Total Auto­ con­ and Per­ End of period instal­ mobile sumer modern­ sonal End of month instal­ mobile sumer modern­ sonal ment paper goods ization loans ment paper goods ization loans credit paper loans credit paper loans 1956.................................. 6,083 954 624 404 4 101 1961---JU]y , 9 583 1 752 768 804 6 259 1957 .................................. 6; 748 1,114 588 490 4 555 Aug.. . 9 >20 1 >78 781 829 6 ’ 332 1958 ................................ 7,035 1 '152 565 595 4,*723 Sept 9 >69 1 789 781 834 6 >65 1959................................ 8'024 1 '400 681 698 5 >44 Oct . . 9 846 1 >99 787 832 6*428 I960..................... 9’238 1 ,675 791 802 5 970 Noy 9 938 I >22 785 837 6 492 1961..................... 10,136 1 '840 797 837 6,662 Dec ............ ... 1OJ36 1 *840 797 837 6 >62 1962..................... 11'468 2'150 841 824 7 653 1963 ....................... 13,166 2,498 949 846 8’873 1962—Jan .. 10 072 1 823 788 822 6 639 1964..................... 15 ' 199 2 >95 1 176 913 10,215 Feb . 10>02 1 830 788 810 6 674 1965 ..................... 17,292 3'368 1 367 972 11 ,585 M^ir........................ 10*192 1 856 786 810 6 740 1966................. 18,708 3 ;727 1 503 1 ,020 12’458 Apr . .... 10 341 1 >00 790 805 6*846 1967......................... 19,952 3'993 1 ,600 1 '046 13’313 10 495 1 936 796 819 6*944 June. ................... 10,660 1 *981 809 823 7 *047 1956—Jan........................ 5,339 766 532 320 3,720 July......................... 10788 2016 814 821 7 137 Feb....................... 5’393 784 542 322 3 >45 Ano...................... 10'973 2 063 824 832 7 '254 Mar...................... 5,466 802 552 329 3 >84 Sept ...................... 1 1 052 2 >79 827 829 7 >17 Apr....................... 5,533 823 557 333 3 >20 Oct............. 11122 2 >03 829 826 7 >64 May..................... 5,614 846 570 347 3’851 Nov.......................... 1 1 259 2 >26 829 827 7 >77 June............. 5,691 870 581 355 3,886 Dec......................... 11 ,'468 2 > 50 841 824 7 >53 July....................... 5,753 887 590 359 3,917 Aug....................... 5,845 908 604 370 3,964 1963—Jan........................... 11,447 2 139 841 814 7,653 Sept........... 5,875 920 608 380 3,966 Feb........................... 1 1 496 2 151 841 804 7 700 Oct........................ 5,908 932 616 390 3,971 Mar.......................... 11 584 2 >76 839 807 7 762 Nov...................... 5,978 944 620 401 4 >12 Apr.......................... 11 751 2 222 850 806 7 873 Dec..................... 6,083 954 624 404 4,101 May........................ 11 ’928 2 270 862 821 7,975 June......................... 12> 33 2 320 881 829 8 103 1957—Jan........................ 6,057 951 612 402 4,093 July......................... 12 284 2*358 890 831 8,205 Feb..................... 6,098 961 609 408 4’121 Aug.......................... 12’494 2*396 903 849 8,346 Mar............ 6,141 973 603 416 4 >50 Sept......................... 12’637 2*416 910 848 8 >63 Apr....................... 6 >24 993 606 421 4,205 Oct.......................... 12>88 2 >47 927 851 8,563 May............. 6,300 1 ,013 608 436 4,243 Nov.......................... 12,917 2 >67 931 850 8,669 6,381 1 ,039 609 443 4,291 Dec.......................... 13,166 2 498 949 846 8,873 July...................... 6,470 1 ,061 608 450 4,351 Aug.......... 6,558 1 ,082 609 465 4,403 1964—Jan........................... 13,179 2 491 954 844 8,890 Sept 6,582 1 ,091 603 473 4,414 Feb.......................... 13 >57 2 505 962 843 8 947 Oct.... 6,604 1 ,104 598 479 4,424 Mar......................... 13’362 2>27 973 845 9>17 Nov.. . 6,636 1,109 588 488 4,451 Apr.......................... 13,550 2>77 991 845 9>37 Dec,, 6,748 1 ,114 588 490 4',555 May......................... 1 3 >58 2 629 1 ,011 862 9 >56 June.................... 1 3 ’977 2 684 1 '034 865 9>94 1958—Jan........................ 6,703 1 ,098 574 496 4,536 July......................... 14,165 2*727 1 >58 875 9,505 Feb 6,686 1 ,093 563 497 4,533 Aug.......................... 14 388 2 >73 1 >78 893 9,644 Mar 6 >62 1 ,089 552 500 4,520 Sept.......................... I4>78 2*802 1 >98 900 9,778 Apr.. . 6,705 1,100 550 504 4,551 Oct.......................... 14'694 2*830 1 >19 906 9>39 May. . . 6,726 1 .108 547 521 4,549 Nov......................... 14,857 2 851 1 >37 91 2 9 >57 6,760 1 ,115 546 529 4,571 Dec.......................... 15,199 2 >95 1 ,176 913 10,215 July....................... 6,'792 1 ,124 547 535 4,586 Aug.. . 6,841 1 ,135 550 551 4,607 1965—Jan.. . ..................... 15,209 2 885 1 ,179 912 10,233 6,851 1 ,137 551 566 4,598 Feb.......................... 15’310 9 002 1 >95 901 10>12 Oct........ 6 >63 1 ,139 553 575 4 >94 Mar..................... 15,504 2*958 1 ,214 906 10,426 6'900 1 ,141 555 588 4'615 Apr.......................... 15’817 3 ’ 030 1 242 912 10633 Dec 7,035 1 ,152 565 595 4 >23 May......................... 16,081 3 *095 1 ,263 925 10 >98 June........................ 16 342 3*169 1 >89 935 10 949 6,985 1,145 559 584 4,697 July..................... 16,482 3 *208 1 ,31 3 941 11 >20 Feb 7’,011 1 ,154 564 589 4 >05 Aug.......................... 16,702 3 *258 1 >22 954 11 168 Mar.. 7’059 1 ,172 571 596 4 >20 Sept......................... 16>85 3’281 1 >36 959 11 ,209 7’123 1,194 583 602 4,745 Oct........................... 16,832 3 302 1 ,343 963 11 >24 May. . . 7,199 1 ,217 595 619 4,766 Nov.......................... 17,012 3 333 1 ,349 971 11 >59 7,309 1 ,251 611 631 4,815 Dec.......................... 17 >92 3,368 1 >67 972 11 >85 July....................... 7,398 1 ’274 621 641 4,863 7 564 1 ,315 637 661 4,952 1966—Jan........................... 17,210 3 336 1 ,357 967 11 550 7 660 1 ,342 643 674 5,002 Feb.......................... 17,251 3 *348 1 >66 964 11 >73 Oct 7 732 1 >60 651 680 5 ,041 Mar................... 17,364 3 >92 1 >79 966 11'627 7’836 1 '379 661 693 5,103 Apr.......................... 17,505 3 427 1 >96 961 11 >21 8,024 1 300 681 698 5,244 May........................ 17,706 3 >80 1 >14 980 11 >32 June. ................... 17,926 3*548 1 >43 988 11 947 8 008 1,399 677 695 5,237 July......................... 18,039 3 *571 1 ,457 997 12>14 Feb....................... 8,’062 1 ,413 685 704 5,260 Aug................. 18,261 3,629 1 ,480 1 015 12,137 Mar.. . 8’149 1 ,441 694 717 5,298 Sept.......................... 18,316 3 657 1 >88 1 018 12'153 8 275 1 ,478 705 726 5,367 Oct.......................... 18'346 3 665 1 ,501 1 >11 12 169 May..................... 8 >89 1 >06 721 747 5,415 Nov.......................... 18,481 3 >04 1 ,495 1 *025 12 >57 8 511 1 ,544 741 755 5 ,472 Dec.......................... 18,708 3,727 1 ,503 1 ,020 12 >58 July....................... 8 >96 1 '568 755 766 5,607 Aug . . 8’857 1 '603 769 781 5,704 1967—Jan........................... 18,531 3,680 1 ,486 1 008 12 357 8 940 1 ,618 784 790 5,748 Feb.......................... 18 >06 3,674 1 >82 I *004 12 346 Oct........................ 8 ’998 1 ’637 782 794 5,785 Mar.......................... 1 8 >69 3,702 1 >84 1 004 12’379 Nov...................... 9 074 1 >56 783 801 5,834 Apr.......................... 18 >32 3 >33 1 >86 999 12 414 Dec . . 9,238 1 >75 791 802 5'970 May........................ 18,808 3 785 1 >93 1,022 12 508 June.................. 19,018 3 850 1 '502 1 030 12 636 1961—jan........ ........... 9 194 1 ,658 777 793 5,966 July......................... 19,079 3*861 I 511 1 >27 12*680 Feb...................... 9 203 1 ,659 768 790 5'986 Aug............... ■ 19,338 2,914 1 ,535 1 ,041 13*848 Mar . . . 9’246 1 '668 761 794 6,023 Sept......................... 19 >26 3’927 1 >49 1 040 12 910 Apr . . ...... 9 304 1 ,682 757 791 6 >74 Oct........................... 19,494 3 ,941 1 ,568 1 041 12 ’ 944 9 398 1 '705 760 805 6>28 Nov......................... 19,673 3 973 1 >83 I 049 13 068 June..................... 9,523 1 >40 767 809 6 >07 Dec.......................... 19>52 3,993 1 >00 1 >46 13>13 Note.—Excludes commercial banks and sales finance companies. associations, and other lending institutions holding consumer instalment Institutions represented are consumer finance companies, credit unions, credit. industrial loan companies, mutual savings banks, savings and loan See also Note to table on p. 988. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

994 NONINSTALMENT CREDIT (Amounts outstanding. In millions of dollars) Single-payment Charge accounts Single-payment Charge accounts loans loans Total Total non­ Service non­ Service End of period instal­ Other credit End of month instal­ Other credit ment Com­ finan­ De­ Other ment Com­ finan­ De­ Other credit mer­ cial part­ retail Credit credit mer­ cial part­ retail Credit cial insti­ ment out­ cards2 cial insti­ ment out­ cards2 banks tutions stores 1 lets banks tutions stores t lets 1956................ 10,614 2,843 410 893 3,842 260 2,366 1961-—July.. .. 12,537 4,133 599 574 3,296 457 3,478 1957................ 11.103 2,937 427 876 3,953 317 2,593 Aug.... 12,640 4,161 662 589 3,280 491 3,457 1958................ 11,487 3,156 471 907 3,808 345 2,800 Sept... . 12,723 4,221 695 623 3,260 483 3,441 1959................ 12,297 3,582 547 958 3,753 393 3,064 Oct.. . . 12,781 4,247 647 656 3,321 471 3,439 1960................ 13,173 3,884 623 941 3,952 436 3,337 Nov.... 13,134 4,312 713 717 3,424 460 3,508 1961................. 14,091 4,413 723 948 3,907 469 3,631 Dec.. . . 14,091 4,413 723 948 3,907 469 3,631 1962................ 15,101 4,690 766 927 4,252 505 3,961 1963................. 16,253 5,205 896 983 4,361 559 4,249 1962—Jan.....1..3,466 4,240 684 804 3,563 479 3,696 1964................. 17,576 5,950 924 1 ,015 4,572 608 4,507 Feb.. . . 13,121 4,294 682 635 3,185 472 3,853 1965 ................ 18,990 6,690 981 I ,033 4,691 706 4,889 Mar... . 13,172 4,3‘Jl 734 594 3,119 455 3,879 .-----------v-------—' Apr.. . . 13,531 4,544 671 620 3,305 450 3,941 1966................ 20,004 6,946 1 ,026 5,812 874 5,346 May. . . 13,847 4,614 749 636 3,496 464 3,888 1967................. 21,206 7,340 J ,088 5,939 1 ,029 5,810 June. . . 13,892 4,671 715 612 3,553 479 3,862 July.. . . 13,681 4,659 692 569 3,442 500 3,819 1956—Jan....... 9,383 2,635 288 706 3,296 229 2,229 Aug.... 13,785 4,653 748 570 3,483 527 3,804 Feb.. . . 8,997 2,630 303 596 2,968 223 2,277 Sept... . 13,861 4,660 743 614 3,500 528 3,816 Mar.. .. 9,076 2,688 361 579 2,929 223 2,296 Oct.. . . 13,908 4,653 702 638 3,619 511 3,785 Apr.. .. 9,222 2,731 356 573 3,001 222 2,339 Nov.... 14,113 4,669 751 688 3,696 500 3,809 May. .. 9,527 2,780 471 585 3,161 220 2,310 Dec,. . . 15,101 4,690 766 927 4,252 505 3,961 June... 9,617 2,814 426 573 3,271 233 2,300 July.... 9,402 2,811 347 522 3,191 245 2,286 1963—Jan...... 14,612 4,685 745 782 3,862 503 4,035 Aug.. . . 9,446 2,811 372 529 3,201 263 2,270 Feb.. . - 14,272 4,713 764 657 3,425 498 4,215 Sept.. . . 9,609 2,833 406 586 3,236 269 2,279 Mar... . 14,173 4,727 808 602 3,333 488 4,215 Oct....... 9,591 2,785 384 610 3,310 260 2,242 Apr.. . . 14,461 4,793 765 623 3,561 482 4,237 Nov.. .. 9,861 2,774 484 670 3,402 255 2,276 May. . . 14,740 4,836 832 635 3,756 494 4,187 Dec.. .. 10,614 2,843 410 893 3,842 260 2,366 June. .. 14,758 4,893 809 628 3,759 507 4,162 July.. . . 14,649 4,895 801 587 3,708 535 4,123 1957—Jan....... 10,052 2,817 388 723 3,448 273 2,403 Aug... . 14,824 4,911 899 617 3,725 561 4,111 Feb.. . . 9,703 2,828 414 611 3,103 266 2,481 Sept.. . . 14,858 4,986 905 666 3,644 563 4,094 Mar.. .. 9,615 2,839 452 566 2,994 267 2,497 Oct.. . . 14,970 5,030 867 692 3,778 532 4,071 Apr.. .. 9,889 2,872 432 592 3,180 268 2,545 Nov.... 15,210 5,092 892 728 3,840 529 4,129 May. .. 10,174 2,934 503 593 3,350 268 2,526 Dec.. . . 16,253 5,205 896 983 4,361 559 4,249 June... 10,221 2,954 462 579 3,408 285 2,533 July.... 10,070 2,910 418 533 3,394 302 2,513 1964—Jan....... 15,727 5,162 910 790 3,957 581 4,327 Aug.. . . 10,150 2,903 445 535 3,433 324 2,510 Feb.. .. 15,430 5,224 916 668 3,603 565 4,454 Sept.... 10,163 2,911 454 588 3,378 330 2,502 Mar.... 15,416 5,307 914 631 3,517 545 4,502 Oct....... 10,120 2,881 411 612 3,432 319 2,465 Apr.. . . 15,682 5,420 907 634 3,671 547 4,503 Nov.,.. 10,280 2,877 438 658 3,489 311 2,507 May. . . 16,024 5,526 951 657 3,894 549 4,447 Dec.. .. 11,103 2,937 427 876 3,953 317 2,593 June. .. 16,115 5,626 891 646 3,967 583 4,402 July,. .. 16,023 5,653 854 615 3,940 613 4,348 1958—Jan....... 10,588 2,909 453 725 3,544 328 2,629 Aug.. .. 16,100 5,690 917 634 3,864 643 4,352 Feb.. . . 10,097 2,908 464 601 3,111 312 2,701 Sept.... 16,150 5,740 937 678 3,825 643 4,327 Mar.. .. 9,903 2,904 465 573 2,945 309 2,707 Oct.. . . 16,220 5,751 910 725 3,934 613 4,287 Apr.. .. 10,096 2,926 438 580 3,108 311 2,733 Nov.... 16,443 5,801 960 778 3,940 594 4,370 May. . . 10,374 2,972 480 584 3,3(3 307 2,718 Dec.. .. 17,576 5,950 924 I ,015 4,572 608 4,507 June.. . 10,410 3,045 454 575 3,304 323 2,709 July..., 10,248 3,022 420 533 3,242 339 2,692 1965—Jan...... 17,155 5,947 996 818 4,128 625 4,641 Aug.. .. 10,332 3,042 456 546 3,230 360 2,698 Feb.. .. 16,773 6,028 989 633 3,686 606 4,831 Sept.. . . 10,395 3,034 485 600 3,228 362 2,686 Mar.. .. 16,681 6,133 995 548 3,528 602 4,875 Oct....... 10,449 3,054 443 623 3,329 347 2,653 Apr.. . ■ 17,149 6,243 996 621 3,780 618 4,891 Nov.. .. 10,630 3,087 477 669 3,364 337 2,696 May. .. 17,456 6,342 1 ,009 664 3,952 630 4,859 Dec.. .. 11,487 3,156 471 907 3,808 345 2,800 June.. , 17,587 6,477 1 .008 667 3,987 660 4,788 July.. . . 17,525 6,493 995 643 3,949 714 4,731 1959—Jan....... 11,086 3,139 442 757 3,533 358 2,857 Aug... . 17,469 6,532 1 .001 650 3,844 744 4,698 Feb.. . , 10,764 3,189 486 637 3,163 349 2,940 Sept,... 17,511 6,572 993 669 3,805 749 4,723 Mar.. . . 10,714 3,218 511 608 3,083 349 2,945 Oct.. . . 17,691 6,616 983 696 3,956 721 4,719 Apr.. .. 10,925 3,306 483 601 3,193 351 2,991 Nov.... 17,937 6,641 988 758 4,090 705 4,755 May. .. 11,219 3,356 541 609 3,387 345 2,981 Dec.. . . 18,990 6,690 981 1 ,033 4,691 706 4,889 June... 11,322 4,440 522 599 3,434 353 2,974 —------. -j July.... 11,203 3,434 493 558 3,380 382 2,956 1966—Jan....... 18,575 6,692 1 ,097 5,050 703 5,033 Aug.. . . 11,244 3,461 538 561 3,325 395 2,964 Feb.. .. 18,175 6,766 1,101 4,404 708 5,196 Sept.. ., 11,284 3,489 557 605 3,287 396 2,950 Mar.... 18,191 6,828 1 ,100 4,290 695 5,278 Oct....... 11 ,310 3,500 512 646 3,358 374 2,920 Apr.. . . 18,588 6,878 1 ,090 4,584 706 5,330 Nov.. .. 11,503 3,514 561 716 3,363 380 2,969 May. . . 18,747 6,958 1,104 4,702 724 5 ,259 Dec.. .. 12,297 3,582 547 958 3,753 393 3,064 June.., 18,818 6,955 1 ,088 4,790 773 5,212 July,. , , 18,689 6,915 1 ,069 4,707 811 5,187 I960—Jan....... 1 1 ,807 3,543 516 824 3,408 393 3,1 2.3 Aug.... 18,713 6,923 1 ,067 4,720 848 5,155 Feb.. . . 11 ,532 3,572 574 685 3,110 385 3.206 Sept.... 18,687 6,905 1 ,048 4,'122 868 5,144 Mar.. . . 11,445 3,591 634 622 3,006 388 3,204 Oct.. . . 18,749 6,875 1 ,029 4,822 884 5,139 Apr.. . . 11 ,889 3,675 605 656 3,289 383 3,281 Nov.... 18,954 6,906 1 ,036 4,950 874 5,188 May. .. 12,086 3,690 696 646 3,398 391 3,265 Dec.. . . 20,004 6,946 1 ,026 5,812 874 5,346 June... 12,167 3,754 630 633 3,488 408 3,254 July.... 12,032 3,747 626 584 3,397 432 3,246 1967-Jan....... 19,552 6,893 1 ,128 5,139 892 5,500 Aug.. . . 12,019 3,752 649 584 3,349 457 3,228 Feb.. . . 19,050 6,873 1,119 4,486 880 5,692 Sept,.. . 12,085 3,824 636 625 3,328 458 3,214 Mar.... 19,048 6,885 1,111 4,429 891 5,732 Oct....... 12,132 3,813 619 661 3,406 437 3,196 Apr.. . . 19,365 7,007 1,109 4,604 909 5,736 Nov.. .. 12,318 3,844 634 709 3,463 433 3,235 May. .. 19,643 7,101 1,135 4,847 914 5,646 Dec.. .. 13,173 3,884 623 941 3,952 436 3,337 June. .. 19,822 7,163 1 ,131 5,003 945 5,580 July.. . . 19,772 7,189 1,112 4,896 1 ,026 5,549 1961—Jan....... 12,668 3,882 620 810 3,506 438 3,412 Aug.... 19,773 7,210 1,114 4,J53 1 ,077 5,519 Feb.. .. 12,266 3,927 644 669 3,085 433 3,508 Sept.,. . 19,860 7,260 1,104 4,880 1 ,076 5,540 Mar.. . . 12,251 3,925 683 637 3,079 425 3,502 Oct.. . . 19,864 7,266 1 ,096 >39 1 ,056 5,507 Apr.. .. 12,386 3,970 615 631 3,172 426 3,572 Nov.... 20,163 7,307 1,116 5,108 1 ,038 5,594 May. .. 12,612 4,028 684 634 3,321 420 3,525 Dec.. .. 21,206 7,340 I ,088 5,939 1 ,029 5,810 June... 12,663 4,090 648 624 3,380 436 3,485 1 Includes mail-order houses. heating-oil accounts. Bank credit card accounts are included in estimates 2 Service station and miscellaneous credit card accounts and home- of instalment credit outstanding. See Note to table on p. 988. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

995 CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT (Without adjustment for seasonal variation and differences in trading days. In millions of dollars) Other consumer Repair and Total Automobile paper goods paper modernization loans Personal loans Ex­ Re­ Ex­ Re­ Ex­ Re­ Ex­ Re­ Ex­ Re­ ten­ pay­ Net ten­ pay­ Net ten­ pay­ Net ten­ pay­ Net ten­ pay­ Net sions ments change1 sions ments change1 sions ments change1 sions ments change1 sions ments change 1 1956—-Jan............. 2,878 2,996 -118 1 191 1,177 14 777 893 -116 94 121 -27 816 806 10 Feb............. 2 919 2,882 37 1 ’233 1 142 91 764 851 -87 104 110 — 6 817 779 38 Mar... .... 3*298 3,104 194 1 ,373 1 208 165 851 904 -53 120 113 7 953 879 74 Apr............ 3,328 3,016 312 1 342 1,196 146 927 868 59 131 113 18 928 839 89 May.......... 3 466 3*122 344 1 405 1 240 165 982 898 84 153 114 39 926 870 56 June........... 3 448 3 062 386 1 *388 1 193 195 979 882 97 140 110 30 940 878 62 July............ 3*334 3*091 243 1 ’335 1 ’210 125 932 893 39 139 119 20 927 869 58 Aug............ 3,530 3,163 367 1 389 1 ,241 148 1 ,019 909 110 150 118 32 973 894 79 Sept............ 3 014 2*924 90 1 152 1*147 5 ’907 868 39 139 106 33 815 804 11 Oct............. 3*430 3,294 136 1 ’287 1 >39 -52 1 ,088 947 141 156 123 33 898 887 11 Nov............ 3 431 3*184 247 1 ,222 1 ,254 -32 1,124 924 200 140 1 15 25 945 891 54 Dec............ 3 790 3*217 573 1 *195 1 208 -13 1 *369 921 448 116 1 10 6 1 110 978 1 32 1957—Jan.............. 3 084 3,335 251 1 248 1 304 — 56 832 1 017 -185 105 120 15 899 894 5 Feb............. 2* 947 3 044 -97 1 *202 1,189 1 3 769 ’919 -150 110 1 14 -4 866 822 44 Mar....... 3,324 3,300 24 1 ,368 1 ,280 88 862 978 -116 123 116 7 971 926 45 Apr............. 3,555 3,312 243 1 450 1 >98 152 910 939 -29 133 119 14 1 ,062 956 106 May........... 3 730 3 355 375 1 497 1 313 184 1 042 964 78 161 126 35 1 ,030 952 78 June........... 3*626 3 198 428 1 475 1 241 234 1 *003 924 79 1 44 116 28 1 004 917 87 July............ 3 *811 3 460' 351 1 *542 1,356 186 1 ,028 987 41 157 132 25 1 084 985 99 Aug............ 3 656 3 348 308 1 446 1 294 152 1 ,027 1 000 27 165 122 43 1 ,018 932 86 Sept............ 3*354 3 252 102 1 343 1 ,290 53 *944 940 4 153 128 25 '914 894 20 Oct............. 3 ’512 3 ,430 82 1 ’386 1,371 15 997 982 15 156 127 29 973 950 23 Nov............ 3 386 3 313 73 1 ,224 1 272 — 48 1,027 963 64 139 122 17 996 956 40 Dec............ 4,034 3,523 51 1 1 284 1 ,337 -53 1 >70 961 409 128 133 -5 1 ,252 1 ,092 160 1958—Jan............. 3 060 3 446 386 1 180 1 344 — 164 793 1 ,008 -215 125 131 — 6 962 963 -1 Feb............. 2*713 3 151 — 438 1 ’019 1 214 -195 710 944 -234 111 126 — 15 873 867 6 Mar............ 3 129 3,460 331 1 098 1 326 -228 909 1 ,013 -104 129 1 35 — 6 993 986 7 Apr............ 3 303 3 351 48 1 *216 1 ,311 -95 877 936 -59 148 137 11 1 ,062 967 95 May........... 3,343 3,321 22 1,206 I *277 -71 1 ,001 975 26 166 127 39 970 942 28 June........... 3 445 3 344 101 I 263 1 ,278 -15 967 948 19 167 142 25 1 048 976 72 July............ 3*452 3*381 71 1 *286 1,302 — 16 959 955 4 167 141 26 1 ,040 983 57 Aug............ 3*347 3 262 85 1 203 1 ,247 — 44 964 924 40 172 129 43 1 ,008 962 46 Sept.......... 3*258 3*349 91 1*110 1 ,289 —179 975 946 29 183 143 40 *990 971 19 Oct........ 3*458 3*480 22 I 181 1 ,343 -162 1,084 994 90 183 145 38 1 ,010 998 12 Nov............ 3,309 3,233 76 1 097 1 ,187 -90 1 ,061 949 112 165 132 33 *986 965 21 Dec............. 4 293 3,561 732 1 ,368 1 >98 70 1*438 965 473 154 139 15 1 ,333 1,159 174 1959—Jan............. 3 316 3 393 54 1 ,242 1,224 29 940 1 ,030 -85 124 1 39 -14 1 ,010 1 ,000 16 Feb............ 3 249 3 243 6 1 252 1*191 61 884 ’974 -90 131 129 2 *982 *949 33 Mar............ 3*783 3 567 216 I ,479 1,329 150 1,016 1,040 -24 166 144 22 1 ,122 1 ,054 68 Apr........... 4’016 3 494 522 1 579 1,273 306 1 >06 1 ;o36 70 181 147 34 1 >50 1 >38 112 May........... 4’037 3*445 592 1,563 1 ,252 31 i 1 > 48 1 ,008 140 205 145 60 1 >21 1 >40 81 June........... 4*396 3 620 776 1 759 1 >33 426 1,196 1 ,032 164 206 151 55 1 >35 1 ,104 131 July............ 4*271 3 639 632 1 700 1,352 348 1,142 1 >27 115 209 151 58 1 >20 1 >09 111 Aug............ 4>36 3,503 762 1 ,584 1,288 353 1*166 1 ,005 178 212 154 63 1 >74 1 ,056 168 Sept............ 4 073 3 552 521 1 502 1 320 182 1,180 1 ,039 141 207 148 59 1 ,184 1 ,045 139 Oct............. 4*167 3 688 479 1 545 1,366 179 1,248 1 >77 171 204 154 50 1 >70 1 ,090 80 Nov............ 3,939 3,590 349 1 ,302 1 >95 7 1 >47 1 ;043 204 195 154 41 1 >95 1 >97 98 Dec....... 4,665 3,869 796 1 271 1 ,358 -87 1,708 1 ,09! 617 179 147 32 1 ,507 1 ,274 233 I960—Jan.............. 3 531 3,642 111 1 ,260 1 ,291 -31 1 043 1,126 -S3 136 144 -8 1 ,092 1 ,081 11 Feb............. 3,726 3,68! 45 1,408 1 >07 101 1 ,013 1 >37 -124 159 148 1 1 1 > 46 1 >89 57 Mar............ 4,162 3,933 229 1 ,615 1 ,420 195 1 >06 1 >66 -60 177 159 18 1 >64 1 ,188 76 Apr........... 4*409 3,812 597 1 ’678 1 >39 339 1 >01 1 ,134 67 190 150 40 1 ,340 1 >89 151 May........... 4 291 3 830 461 1 639 1 >86 253 1*193 1,137 56 217 154 63 1 >42 1 >53 89 June........... 4 519 3 885 634 1 711 1,396 315 1,281 1 >34 147 213 163 50 1 ,314 1,192 122 July............ 4*118 3,754 364 1 ,455 1 ,330 125 1’116 1 >83 33 195 156 39 1 >52 1 ,185 167 Aug............ 4,359 3,954 405 1 ,556 1 >39 1 17 1 ,208 1 ,138 70 220 164 56 1 >75 1 ,213 162 Sept....... 4 027 3 810 217 1 354 1,361 -7 1 ,212 1,121 91 193 156 37 1 ,268 I ,172 96 Oct............ 3,989 3,897 92 1 ,382 1 *430 -48 1 >32 1 >52 80 185 164 21 1 >90 1 >51 39 Nov............ 4,053 3*894 1 59 1 ,362 1 >78 -16 1 >39 1 >41 98 176 160 16 1 ,276 1 ,215 61 Dec............. 4’609 3*981 628 1 *237 1 >42 -105 1 *681 1 ,144 537 154 158 -4 1 ,537 1 ,337 200 1961 —-Jan.............. 3,427 3,893 -466 1 ,137 1 ,376 -239 983 1,154 -171 129 165 -36 1 ,178 1 ,198 -20 Feb............ 3’219 3,668 -449 1 *054 1 >71 -217 877 1 ,105 -228 127 152 -25 1 ,161 1 ,141 20 Mar............ 3,965 4,152 - 187 1 ,332 1 ,439 -107 1,109 1 ,241 -132 164 169 -5 1 ,361 1 ,302 59 Apr............. 3,844 3,*870 -26 1 >11 1 >68 -57 1 >76 1 >67 -91 167 158 9 1 >90 1 ,177 113 May........... 4*276 4*094 182 1 >61 1,413 48 1 >25 1 ,209 16 203 173 30 1 ,387 1 ,299 88 June 4,438 4,112 326 1 ,531 1,404 127 1,252 1,215 37 198 175 23 1 ,458 1 ,318 140 July............ 4,013 3,940 73 1 ,385 1,379 6 1,137 1 ,148 -11 178 165 13 1 ,313 1 ,248 65 Aug............ 4*364 4,121 243 J *418 1,414 4 1 >70 1 ,208 62 213 175 38 1 ,463 1 ,323 140 Sept............ 3 ,894 3*904 -10 1 ’183 1 >46 -163 1 >29 1 >68 61 190 169 2! 1 ,292 1 ,221 71 Oct............. 4,319 4*173 146 1 *474 1 ,460 1 4 1 >78 1 >28 50 193 185 8 1 ,373 1 >99 74 Nov............ 4*367 4,105 262 1 *429 1 >74 55 1 >19 1 >93 126 180 168 12 1 ,439 1 ,369 70 Dec............ 4,922 4,092 830 1 ’,314 1 >08 6 1 ,796 1,199 597 150 161 -11 I ,662 1 ,424 238 For notes see p. 996. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

996 CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT—Continued (Without adjustment for seasonal variation and differences in trading days. In millions of dollars) Other consumer Repair and Total Automobile paper goods paper modernization Joans Persona! loans Ex­ Re­ Ex­ Re­ Ex­ Re­ Ex­ Re­ Ex­ Re­ ten­ pay­ Net ten­ pay­ Net ten­ pay­ Net ten­ pay­ Net ten­ pay­ Net sions ments changel sions ments change1 sions ments change1 sions ments change1 sions ments change 1962—Jan............. 3 911 4 256 — 345 1 354 1 ,452 — 98 1 087 1,291 — 204 126 167 41 1 344 1 346 2 Feb............ 3 689 3 850 — 161 1,320 1 294 26 987 1 188 — 201 121 155 34 1 *261 1 *213 48 Mar............ 4,413 4 298 115 1 ,621 1 >446 175 1,132 1 280 -148 1 59 172 — 13 1 '561 1 400 1 O| Apr............ 4 773 4 128 645 1 737 1 ,381 356 1 '269 1 214 55 176 165 11 1 591 1 368 223 May.......... 5,012 4,350 662 1 ;855 1,493 362 1 ,347 1 '262 85 215 175 40 1 '595 1 320 175 June...... 4 996 4 257 739 1 829 1 ,425 404 1 356 1 247 109 198 169 29 1 6| 1 1 4l 6 197 July............ 4 799 4*321 478 1 *773 1 >489 284 1 258 1 ,233 25 195 171 24 1 573 1 478 145 Aug.......... 4944 4387 557 1 *749 1 510 239 1 319 1 251 68 209 176 33 1 667 1 451 216 Sept......... 4 189 4'036 153 1 320 1 370 50 1 248 1,191 57 173 1 58 15 1 447 1 317 t Oct............ 4’962 4556 406 1 *835 1 ,621 214 1 370 1 282 88 190 177 1 3 1 *567 i 476 Nov,...... 5,020 4*467 553 1 ’731 1 ,515 216 1 448 1 *267 181 1 72 163 9 1 668 1 522 146 Dec............ 5 483 4’454 1 029 1 *570 1 451 119 1 880 1 '229 651 150 162 12 1 883 I 612 27 f 1963—Jan............. 4 560 4 603 -43 1 617 1 576 41 1 269 1 ,368 — 99 132 165 33 1 542 1 4‘)4 48 Feb............ 4’214 4*247 -33 1 ’528 1 ’432 96 1 075 1 265 —190 124 155 31 1 487 1 395 92 Mar............ 4 867 4*591 276 1 ’774 1 523 251 1 ,295 1 *369 74 160 168 8 1 *638 1 531 107 Apr....... 5,’507 4 723 784 2 058 1 616 442 1 ,419 1 ,336 83 190 172 18 1 840 j 509 241 May........... 5,493 4 756 737 2*055 1 *643 412 1 ,’475 1 *357 11 8 219 173 46 1 ’744 1 583 161 June.......... 5 418 4 576 842 1 956 1 518 438 1 485 I 341 144 202 166 36 1 775 1 551 224 July............ 5,633 4’916 717 2*077 1 *682 395 1 480 I *394 86 21 3 181 32 1 *863 1 659 204 Aug....... 5,518 4’76! 757 1 '868 1 606 262 1 548 1 355 193 220 173 47 1 *882 1 *627 255 Sept............ 5 .057 4 710 347 1 *572 1’618 — 46 1 ,491 I ,335 156 194 175 19 1 800 1 582 218 Oct............. 5,772 5’117 655 2 059 1 *784 275 I 646 1 455 191 207 183 24 1 860 1 605 165 Nov............ 5 ’254 4’708 546 1 *764 1 ’590 1 74 I 593 1 371 222 166 161 5 1 731 1 586 1 45 Dec............ 6'298 5 J 17 1 181 1 798 1 *666 1 32 2 144 1 ’423 721 159 174 15 2197 1 854 343 (964—Jan........ 5,108 5,134 -26 1 729 1 703 26 1 ,502 1 583 -81 147 175 28 1 730 1 673 57 Feb............ 4,821 4 788 33 1 727 1611 116 1 281 I ,451 -170 140 159 19 1 673 1567 106 Mar.......... 5 670 5 269 401 7 *022 1 790 232 1 606 1 542 64 165 178 1 3 1 877 1 759 118 Apr....... 5 ,941 5,*236 705 2*170 1 *791 379 1,622 1 ’541 81 177 171 6 1 ’972 1 733 239 May...... 5 ,958 5 061 897 2 181 1 *698 483 1 690 1 ’mo 180 21 1 169 42 1 876 1 *684 1 92 June.......... 6,370 5,407 963 2 ’ 303 1816 487 1 781 1 ’575 206 208 178 30 2 078 1 *838 240 July............ 6'175 5 457 718 2 186 1 842 344 I ’722 1,571 151 217 182 35 2 050 1 86?, 188 Aug............ 5 *928 5 230 698 2*018 1 '769 249 1 ’700 1 ,’530 170 220 175 45 1 990 1 ’7.56 234 Sept............ 5 >7B3 5 260 523 1 872 1 *808 64 1 728 1 542 1 86 201 176 25 1 982 1 *734 248 Oct 5,996 5 ’485 511 2*035 1 886 149 1 853 1 ’605 248 200 178 22 1 908 1 *816 9? Nov............ 5 ,738 5 381 357 1 764 I 800 -36 1 327 1 584 243 176 172 4 1 971 1 825 146 Dec....... 7,182 5,762 1 420 2 039 1 855 1 84 2’509 1 632 877 163 173 —10 2,471 2 102 369 1965’—Jan............. 5,362 5 447 -85 1 828 1 806 22 1,589 1 ,713 — 124 1 38 166 28 I 807 1 762 45 Feb............ 5'214 5 193 21 1 909 1 '763 146 1 ,367 1 ^609 -242 127 160 — 33 1811 1 661 150 Mar............ 6,421 6 030 391 2 358 2*055 303 1 ,’661 1 ,760 — 99 179 185 —6 2,223 2 030 19.3 Apr....... 6^860 5’747 1 113 2*447 1 ’920 527 1 798 1 ’637 161 1 89 173 16 2,426 ? *017 409 May.......... 6 496 5 536 ’960 2358 1 ’887 47! 1 ’800 1 '623 177 212 172 40 2 126 1 854 272 June........... 7,097 6*024 1 073 2*585 2’037 548 1 ,912 1 ’718 194 227 186 41 2’373 2 083 290 July............ 6 756 5 ’867 889 7*466 1 931 535 ! '887 1 749 1 38 21 3 177 36 2 190 2*010 1 80 Aug............ 6'797 5*822 975 2*396 1*971 425 1 893 1 688 205 228 185 43 2*280 1 978 302 Sept............ 6,335 5 790 545 2 023 1 *960 63 1 ^954 I ,655 299 199 178 21 2 159 1 *997 162 Oct........ 6,500 5 967 533 2*826 2’054 232 1 '996 1 ,746 250 192 175 17 2 026 1 992 34 Nov........... 6'861 6 159 702 2’310 2,112 198 2 ’ J 08 1 ’787 321 191 179 12 2,252 2 081 171 Dec............ 7’887 6 375 1 ,512 2’261 2’04 7 214 2’785 1 '833 952 171 180 „9 2/70 2*315 355 1966—Jan............. 5.812 6,069 -257 1 927 1 990 -63 1 813 1 ,940 — 127 136 175 — 39 1 936 1 964 -28 Feb............ 5 628 5 759 -131 1 982 1 ’934 48 1 573 1 784 -211 133 162 — 29 1 940 1 *879 61 Mar............ 7 023 6 608 415 2*498 2’189 309 2 014 2,036 — 22 178 185 — 7 2,133 2’198 1 35 Apr............ 6,899 6 251 648 2*386 2 081 305 1 ’993 1 '881 112 178 178 0 2,342 2*111 231 May........... 6 945 6’277 668 2 414 2’103 311 2 032 1 '912 120 221 178 43 2'278 2 084 194 June...... 7 481 6’533 948 2'634 2 ’ 169 465 2’ 1 54 1 '934 220 220 183 37 2'473 2 247 226 July............ 6,963 6'272 691 2’340 2*094 246 2 ’ 1 60 1 ,899 261 211 172 39 2252 2'107 145 Aug............ 7’271 6’495 776 2391 2’181 210 2,219 1 955 264 232 187 45 2 429 2’172 257 Sept ...... 6’502 6’278 224 1 ’967 2*128 -161 2,1 76 1 ,906 270 194 176 1 8 2’165 2 *068 97 Oct............. 6,722 6,435 287 2’322 2’240 82 2,154 1 ’964 190 172 175 -3 2,074 2*056 1 8 Nov............ 7’063 6,512 551 2,323 2’195 128 2,’272 I '963 309 177 171 6 2 291 2^183 108 Dec............ 8 026 6’631 1 ,395 2 157 2,100 57 3^031 2’004 1 ,027 148 168 -20 2 ’ 690 2’359 331 1967-—Jan............ 5 979 -684 1 ,888 2 140 -252 1 ,963 2,197 -234 127 173 -46 2,001 2,153 - 1 52 Feb.......... . 5,554 6,’188 -634 1 .847 2 ’089 -242 1^617 I ’963 -346 133 168 -35 1,957 1 ,968 -II Mar............ 6 884 6,922 -38 2,274 2,280 -6 2’066 2,190 — 124 168 183 -1 5 2’376 2 269 107 Apr............ 6,713 6^536 177 2'254 2,172 82 1 ,993 2^067 -74 169 178 -9 2,'297 2J 19 178 May........... 7 175 6 751 424 2 448 2 265 1 83 2 125 2,087 38 227 188 39 2 375 2 211 164 June........... 7,701 6,966 735 2',599 2’,294 305 2,259 2,102 157 221 193 28 2,622 2,377 245 July............ 7 123 6,782 341 2,357 2,*191 166 2’150 2 J 03 47 188 179 9 2’428 2 ’ 309 119 Aug............ 7’615 6,924 691 2’357 2’217 1 40 2,380 2,188 192 21 1 183 28 2'667 2'336 331 Sept............ 6/905 6,691 214 2^013 2^204 -191 2^350 2'106 244 177 180 -3 2,365 2’201 164 Oct............. 7,280 7,039 241 2,341 2’371 -30 2,355 2,178 177 175 179 -4 2,’4O9 2’311 98 Nov............ 7,386 6^907 479 2'215 2,208 7 2’429 2,161 268 177 177 0 2’565 2'361 204 Dec............ 8,378 6; 937 1 ,441 2’074 2,068 6 3’265 2,193 1 ,072 140 161 -21 2'899 2'515 384 1 Net changes in credit outstanding are equal to extensions less repay­ the amount of extensions and repayments without affecting the amount ments. outstanding. Annual figures are shown on p. 999. For back figures and description Note.—Estimates are based on accounting records and often include of the data, see "Consumer Credit", Section 16 (New) of Supplement to financing charges. Renewals and refinancing of loans, purchases and Hanking and Monetary Statistics, 1965. Estimates for 1968 are shown on sales of instalment paper, and certain other transactions may increase p. A-54—A-55 of this Bulletin. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

997 CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (Without adjustment for seasonal variation and differences in trading days. In millions of dollars) Sales Other Total Commercial banks finance companies financial institutions Retail outlets Ex­ Re­ Ex­ Re­ Ex­ Re­ Ex­ Re­ Ex­ Re­ ten­ pay­ Net ten­ pay­ Net ten­ pay­ Net ten­ pay­ Net ten­ pay­ Net sions ments change1 sions ments change1 sions ments change1 sions ments change1 sions ments change1 1956—Jan............. 2 878 2 996 118 1 096 1 082 14 705 712 —7 646 658 —12 431 545 114 Feb............. 2 919 2’882 37 1 083 1 *039 44 718 694 24 682 627 55 436 522 86 Mar............ 3 *298 3 ’ 104 194 1 ’197 I ’074 123 823 756 67 785 711 74 493 562 69 Apr....... 3,328 3 016 312 1 298 1 095 203 770 721 49 747 681 66 513 519 May...... 3,466 3’122 344 1,271 1 117 154 843 777 66 778 697 81 574 531 43 June...... 3 448 3 062 386 1 297 1 097 275 848 724 124 781 704 77 521 538 92 July............ 3,334 3 091 743 1 242 1 148 94 820 736 84 767 705 62 505 502 3 Aug............ 3,530 3,163 367 1 247 1 J 64 83 873 768 105 817 725 92 593 506 87 Sept............ 3,014 2 924 90 1 087 1 074 1 3 723 686 37 682 653 29 522 511 11 Oct............. 3 430 3'294 136 1 ’267 1 *197 70 822 836 14 753 719 34 588 542 46 Nov............ 3,431 3 184 247 1 165 1,124 41 774 782 8 805 735 70 687 543 144 Dec............ 3 790 3 *217 573 1 213 1 151 62 765 745 20 905 800 105 907 521 386 1957—Jan............. 3 084 3 335 251 1,216 1 206 -65 733 795 62 709 734 — 25 426 600 99 Feb............ 2^47 3 *044 97 1,119 1 *090 29 678 716 38 716 675 41 434 563 129 Mar,...... 3 324 3 *300 24 1 228 1 ’ 149 79 780 790 10 808 764 44 508 597 89 Apr............. 3^555 3*312 243 1 ,361 1 J96 249 808 778 30 858 775 83 528 563 -119 May........... 3 730 3 355 375 1 373 1 208 165 862 790 72 865 789 76 630 568 62 June.......... 3’626 3 198 428 1 *345 1 ’158 187 878 757 121 826 744 82 577 539 38 July............ 3 811 3 *460 351 1 *398 1 *256 187 947 825 1 22 896 807 89 570 572 -47 Aug............ 3 656 3 *348 308 1 ’334 1*231 103 873 785 88 857 770 87 592 562 30 Sept....... 3*354 3 252 102 1 *254 1 *201 53 805 770 35 753 730 23 542 551 9 Oct........ 3 512 3*430 82 1 317 1 238 96 835 847 12 801 779 22 559 566 24 Nov............ 3’386 3*313 73 1 ,163 1 ’ 185 22 75 1 772 21 823 791 3? 649 565 84 Dec............ 4*034 3 *523 511 1 247 1 *242 5 832 831 1 1 003 892 1 I 1 952 558 394 1958—Jan........ 3 060 3 446 386 1 194 1 248 94 687 806 1 19 741 786 45 438 606 — 128 Feb............. 2*713 3151 — 438 1 *030 1 *160 187 597 725 128 679 694 15 407 572 - 108 Mar............ 3 129 3*460 33T 1’154 1 *242 106 644 806 162, 774 798 ?4 557 614 •39 Apr............ 3’303 3*351 48 1 * 308 1 *225 123 690 792 102 81 4 771 43 491 563 • 112 May........... 3*343 3^321 22 1 ,*252 1 *219 33 699 767 -68 775 754 21 617 581 36 June........... 3 445 3 344 101 1 302 1 238 64 738 756 18 816 781 35 589 569 20 July............ 3,452 3*381 71 1 ^345 1 ,245 100 765 788 -23 817 785 32 525 563 -38 Aug............ 3 347 3 262 85 1 261 1 203 58 706 745 39 805 756 49 575 558 17 Sept............ 3 258 3*349 91 1 *221 1 *221 201 673 783 110 776 766 10 588 579 210 Oct............. 3358 3 480 — 22 1 *267 1 ’255 12 697 809 112 806 795 11 688 621 67 Nov............ 3 309 3 *233 76 1 166 1 151 1 5 643 716 73 794 757 37 706 609 97 Dec............ 4 293 3 *561 732 1 *360 1 ’240 120 853 783 70 1 058 922 1 36 1 022 616 406 1959~Jan............. 3 316 3 393 54 1 345 1 208 151 718 727 9 737 794 52 5 16 664 - 144 Feb............. 3 249 3’243 6 1 *249 1 175 50 708 699 9 760 734 26 532 635 79 Mar....... 3 783 3 *567 216 1 ’456 1 287 169 849 793 56 87 1 823 48 607 664 57 Apr............ 4 016 3*494 522 1 *590 1 278 312 885 757 128 871 807 64 670 652 18 May........... 4*037 3*445 592 1 *549 1 *253 296 902 742 1 60 894 819 75 692 631 61 June 4*396 3 620 776 1 658 1 318 340 1 037 778 259 978 867 11 1 72.3 657 66 July............ 4 271 3*639 632 1 *650 1 *358 992 1 ,025 785 240 948 858 90 648 638 10 Aug............ 4 136 3*503 762 1 *571 1 *314 998 940 739 222 919 816 164 706 634 78 Sept............ 4’073 3552 521 1 *519 1 *321 1 98 938 775 163 908 812 96 708 644 64 Oct............. 4,167 3*688 479 1 *529 1 *352 177 948 821 127 91 8 847 71 772 668 104 Nov............ 3 939 3*590 349 1 *385 1 *317 68 813 769 44 954 850 104 787 654 i 33 Dec............ 4 665 3 869 796 1 475 1 *379 96 86! 831 30 1 182 993 189 1 147 481 1960—Jan............. 3 531 3 642 11 1 1 392 1 350 163 758 751 7 826 841 15 5SS 7O() - 266 Feb............. 3 *726 3*681 45 1 *444 1*356 88 871 796 75 901 847 54 5IO 682 - 172 Mar............ 4,162 3 933 229 1 ,565 1,424 29 951 853 98 1 009 922 87 637 734 15 Apr............ 4 409 3 812 597 1 661 1,368 293 958 821 1 37 1 047 9?1 126 743 702 41 M ay........... 4 291 3 *830 461 1 647 1,424 223 943 816 127 1 *012 897 1 15 689 693 4 June.......... 4*519 3’885 634 1 693 1 ,434 259 1 ,023 803 220 1 057 936 121 746 712 34 July............ 4 118 3 754 364 1 494 1 ’375 119 883 781 102, 1*114 929 185 627 669 42 Aug............ 4*359 3’954 405 1 *599 1 *454 145 962 855 107 1’117 95 5 162 681 690 9 Sept............ 4,027 3 810 217 1 ,470 1 393 77 861 824 37 *992 908 84 704 685 19 Oct............. 3 989 3 ’897 92 1,450 1 ,446 4 844 860 — 16 954 897 57 741 694 47 Nov....... 4 053 3*894 159 1 437 I 410 27 826 840 — 14 1 030 952 78 760 692 68 Dec....... 4 609 3 981 628 1 416 1 397 19 827 828 — 1 1 *223 1 061 162 1 143 695 448 1961—Jan............. 3,427 3 893 — 466 1 350 1 ,460 866 643 772 —129 888 932 — 44 546 729 1 159 Feb............. 3 219 3,668 -449 1 ,217 1 ,471 254 615 722 —107 899 890 9 488 585 ’ 97 Mar............ 3’965 4 152 — 187 1 *465 1 ’602 — 1 37 754 885 131 1 073 1 030 43 673 635 38 Apr............ 3,844 3,870 -26 1 ’435 1 *511 -76 779 850 71 *984 926 58 646 583 63 May........... 4 276 4 094 182 1 608 I 600 8 817 852 35 1 118 1 024 94 733 618 115 June.......... 4 438 4 J 12 326 1 *603 I *569 34 908 857 51 1 *179 1 054 1 25 748 632 116 July............ 4,013 3,940 73 1 510 1 ,529 -19 795 805 -10 1 *051 *991 60 657 61 5 42 Aug............ 4 364 4,121 243 1 590 1 563 27 862 867 16 1 167 1 041 1 37 745 650 95 Sept............ 3,894 3 904 -10 1 403 1 490 128 731 787 — 56 1 *020 *971 49 740 656 125 Oct............. 4,319 4,173 146 1 ,571 1 575 — 4 875 887 12 1’108 1 031 77 765 680 85 Nov............ 4,367 4 105 262 1 491 1 488 14 837 828 9 1 *184 1 *092 92 855 697 175 Dec............ 4,*922 4,*092 830 1 ,*469 1*435 34 894 823 71 1 ,*339 1 ,’141 198 1 ,220 693 527 For notes see p, 998. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

998 CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER—Continued (Without adjustment for seasonal variation and differences in trading days. In millions of dollars) Sales Other Total Commercial banks finance companies financial institutions Retail outlets Ex­ Re­ Ex­ Re­ Ex­ Re­ Ex­ Re­ Ex­ Re­ ten­ pay­ Net ten­ pay­ Net ten­ pay­ Net ten­ pay­ Net ten­ pay­ Net sions ments change1 sions ments change1 sions ments change* sions ments change1 sions ments change 1 1962—Jan............. 3,911 4,256 -345 1 498 1 ,542 -44 773 833 -60 I 017 1 081 — 64 623 800 — 177 Feb............. 3,689 3 850 -161 I 418 1 ^415 3 771 757 14 990 *960 30 510 718 208 Mar............ 4,413 4 298 115 1 ,648 1 '553 95 890 864 26 1,202 1 112 90 673 769 — 96 Apr............ 4 773 4,128 645 1 816 1 ’503 304 932 823 11 8 1 240 1 091 149 785 711 74 May........... 5 >12 4 350 662 1 881 1 561 320 1,018 861 157 1 295 1 141 154 818 787 31 4,996 4’257 739 1 862 1 524 338 1 ,023 841 1 82 1 294 1 * 129 i 65 817 763 54 July............ 4 799 4*321 478 1 *805 1 ,578 227 1 ,003 850 153 1 '254 1*126 128 737 767 30 Aug............ 4 944 4*387 557 1 *791 1 ,582 209 I 021 867 154 1 331 1 146 185 80 i 792 9 Sept............ 4189 4 036 153 1 *504 1 ,*472 32 804 782 22 1 109 1 030 79 772 752 20 Oct............. 4,962 4 556 406 1 *828 i *639 189 1 ,044 948 96 1 ,235 1,165 70 855 804 51 Nov............ 5 020 4 * 467 553 1 *721 i ’554 167 I 005 878 127 1 347 1 210 1 37 947 825 L22 Dec............ 5 *483 4’454 1 029 1 ’704 1 ,545 159 985 896 89 1 473 1 *264 209 1 ,321 749 572 1963—Jan............. 4 560 4 603 43 1 754 1 ,630 124 891 865 26 1 ,163 1 184 21 752 924 172 Feb............ 4’214 4’247 — 33 1 *614 1 ’487 127 817 822 — 5 1 140 1 091 49 643 847 204 Mar.......... 4 867 4 591 276 1 *840 1 646 194 926 892 34 1 285 1 197 88 816 856 40 Apr............ 5 >07 4 >23 784 2>33 1 ,701 432 1 ,061 928 133 1 ,*425 1 >58 167 888 836 52 May........... 5,493 4,756 737 2,074 I ,727 347 I ,079 908 171 1 ,417 1 ,240 177 923 881 42 June.......... 5 418 4 576 842 2 010 1 637 373 I 079 879 200 1 423 1 218 205 906 842 64 July............ 5 633 4*916 717 2*138 1 791 347 1 125 938 187 1 *466 I 315 151 904 872 32 Aug............ 5 518 4*761 757 1 *991 1 694 297 1 062 910 1 52 1 ,492 I >82 210 973 875 98 Sept............ 5 >57 4>10 347 1 >26 t ,705 121 915 893 22 1 ,387 1 ,244 143 929 868 61 Oct............ 5 772 5 117 655 2 107 1 ,828 279 1,133 1 026 107 1 485 1 334 151 1 047 929 118 Nov............ 5 254 4708 546 1 855 1 692 163 969 879 90 1 384 1 255 129 1 046 882 164 Dec............ 6298 5*117 1 181 2*002 I ’788 214 1 095 987 108 1 701 1 452 249 1 500 890 610 1964—Jan.............. 5,108 5 134 -26 I 901 I ,818 83 903 913 -10 1,330 1 ,317 13 974 1 ,086 -112 Feb............. 4 821 4*788 33 1 *854 1 '743 197 901 881 20 1 ’,288 1 ,210 78 778 >54 — 262 Mar............ 5 670 5 269 401 2114 1 '912 202 1 ,046 1 005 41 1 479 1 >74 105 1 ,03! 978 53 Apr............. 5 941 5 *236 705 2*287 1 899 388 1 ,097 998 99 1 ,544 1 ,356 188 1 013 983 30 May........... 5 958 5 061 897 2 288 1 ,868 420 1 080 905 175 1 527 1 319 208 1 063 969 94 June,.,... fi’370 5 *407 963 2 * 397 1 941 456 1 J 98 1 002 196 1,671 1 ,452 219 1 >04 1 012 92 July........: . 6175 5 457 718 2*346 2 003 343 1 ,144 990 154 1 649 1,461 188 1 ,036 1 '003 33 Aug............ 5 928 5 230 698 2 195 I 918 277 1 >61 944 117 1 ,598 1 ,375 223 1 074 ’993 81 Sept.......... 5 783 5 260 523 2*126 1 930 196 992 950 42 1 ,572 1 ,382 190 1 093 998 95 Oct............. 5 ’996 5 *485 511 2 191 1 998 193 1 ,065 1 ,008 57 1 ,538 1 ,422 116 1 ,202 1 057 145 Nov............ 5 >38 5 >381 357 2 >03 1 ,948 55 '940 ’968 -28 I ,604 1 >41 163 1,191 I >24 167 Dec....... 7 182 5 762 1 420 2 248 1 993 255 1,186 1 ,074 1 12 1 ,997 1 ,655 342 1 75! 1 ,040 71 1 1965—Jan............. 5 362 5 447 — 85 2 042 1 ,947 95 916 933 - 17 1 ,420 1 410 10 984 1 ,157 -173 Feb............ 5 214 5*193 21 2 042 1 ,91 3 129 954 914 40 I ’409 1 ,308 101 809 I >58 — 249 Mar ...... 6 421 6 030 391 2*494 2,205 289 1,119 1 ,081 38 1 ,795 1 601 194 1 013 1'143 -130 Apr............ 6 860 5 747 1 113 2*665 2*077 588 1 J 56 1 *021 135 I ,909 1 ,596 313 1 130 1 *053 77 May.......... 6396 5*536 *960 2*523 2,051 472 1 ,126 '966 160 1 ,716 1 ,452 264 1 >31 ! >67 64 J u ne.......... 7 097 6 024 1 073 2 746 2,202 544 1 ,271 1 ,065 206 1 ,907 1 ,646 261 1,173 1,111 62 July............ 6 756 5 867 889 2*632 2’172 460 1 ',234 '977 257 1 '740 1 ,600 140 1 >50 1,118 32 Aug............ 6 J97 5 >22 975 2*585 2^215 370 1 *247 920 327 1 ,802 I ,582 220 1,163 1 >05 58 Sept....... 6 335 5 790 545 2 364 2,1 62 202 1 ,085 943 142 I ,664 1 ,581 83 1 ,222 1,104 118 Oct........ 6 500 5 *967 533 2*445 2 >04 241 1 ,140 1 ,046 94 1 ,603 1 >56 47 1 >12 1 >61 151 Nov............ 6361 6*159 702 2*470 2’272 198 1 J 47 1 '053 94 1 ,835 1 >55 180 1 >09 1 >79 230 Dec............ 7 887 6*375 1,512 2*520 2'243 277 1 '327 1'129 198 2,106 1 >26 280 1 '934 1 ,177 757 1966—Jan............. 5 812 6 069 — 257 2 186 2,197 -11 1 ,021 1 ,019 2 1 ,475 1 ,557 -82 1,130 1 ,296 -166 Feb........... 5,628 5 *759 -131 2*182 2,110 72 ’968 987 -19 1 ,520 1 >79 41 '958 1 ,183 -225 Mar........... 7 023 6*608 415 2*716 2 >91 325 1,164 1,129 35 1 ',850 1 >37 113 1 ,293 1 >35! -58 Apr............ 6,899 6’25! 648 2 646 2 >52 394 1 '207 1,114 93 1 ,782 I ,641 141 1 ,264 1 ,244 20 May. 6 945 6’277 668 2 644 2,314 330 1 J 84 1 ,073 111 1 ,830 1 >29 201 1 ,287 1 ,261 26 June......... 7,481 6’533 948 2,825 2>7I 454 1 ,322 1 ,122 200 2,001 1 ,781 220 1 ,333 1 ,259 74 July............ 6,963 6 272 69! 2 625 2,296 329 1 ,231 1 ,037 194 1 ,776 1 ,663 1 13 1,331 1 ,276 55 Aug............ 7,271 6,495 776 2*721 2'439 282 1 >32 1 '048 184 1 >28 1 >06 222 1 >90 1 >02 88 Sept.. 6,502 6,278 224 2,325 2,337 -12 1 ,088 1 ,016 72 I ,699 1 ,644 55 1 ,390 1 ,281 109 Oct............. 6,722 6 435 287 2,416 2,371 45 1 ,229 1 ,094 135 1 ,659 1 ,629 30 1 ,418 I ,341 77 Nov............ 7’063 6 512 551 2’385 2344 41 1 ,261 1,106 155 1 ,873 1 ,738 135 1 ,544 I ,324 220 Dec............ 8’026 6 >>31 I ,395 2,402 2,294 108 1 ,371 1,115 256 2,097 1 ,870 227 2,156 1 ,352 804 1967—Jan........ 5,979 6,663 -684 2,227 2,402 -175 1 ,009 1 ,094 -85 1,525 1 ,702 -177 1 ,218 1 ,465 -247 Feb............. 5,554 6*188 -634 2'109 2'236 -127 960 1 ,088 -128 1 ,530 1 ,555 -25 955 1 ,309 -354 Mar....... 6’884 6,922 -38 2’532 2,487 45 1,118 1,180 -62 1 ,887 1 ,824 63 I ,347 1 ,431 -84 Apr............ 6,713 6,536 177 2,553 2,384 169 1,133 1,115 18 1 ,747 1 ,684 63 1 ,280 1 ,353 -73 May........... 7,175 6*751 424 2’744 2,548 196 1,146 1 ,115 31 1 ,915 1 ,739 176 1 ,370 1 ,349 21 June.......... 7301 6,966 735 2 >43 2,514 329 1 ,298 1 ,175 123 2,093 1 ,883 210 1 ,467 1 ,394 73 July............ 7,123 6 782 341 2,742 2,490 252 1,161 1 ,074 87 1 ,868 1 ,807 61 1 ,352 1 ,41 1 -59 Aug............ 7’615 6,924 691 2'836 2'551 285 1 ,188 1 ,125 63 2,068 I ,809 259 1 ,523 1 ,439 84 Sept........... 6,905 6,691 214 2,529 2,438 91 1 ,043 1,123 -80 1 >10 1 ,722 88 1 ,523 1 ,408 115 Oct............. 7'280 7,039 241 2,658 2,583 75 1 ,254 1 ,220 34 1 ,875 I >07 68 1 ,493 1 ,429 64 Nov.......... 7'386 6*907 479 2,531 2,443 88 1 ,220 1 ,193 27 2,034 1 ,855 179 1 ,601 1 ,416 185 Dec............ 8378 61937 1 ,441 2,546 2,393 153 1 ,303 1,190 113 2,222 I ,943 279 2,307 1 ,411 896 1 Net changes in credit outstanding are equal to extensions less repay­ ments for some particular holders do not equal the changes in their out­ ments, except in certain months when data for extensions and repayments standing credit. Such transfers do not affect total instalment credit extended, have been adjusted to eliminate duplication resulting from large transfers repaid, or outstanding. of paper. In those months the differences between extensions and repay­ Annual figures are shown on p. 999. See Note to table on p. 996. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

999 CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT (In millions of dollars) Other consumer Repair and Total Automobile paper goods paper modernization loans Personal loans Ex­ Re­ Ex­ Re­ Ex­ Re­ Ex­ Re­ Ex­ Re­ ten­ pay­ Net ten­ pay­ Net ten­ pay­ Net ten­ pay­ Net ten­ pay­ Net sions ments change1 sions ments change1 sions ments change1 sions ments change1 sions ments change1 1956....................... 39,866 37,056 2,810 15 515 14 555 960 11.721 10 758 963 1 582 1,370 212 11 051 10,373 678 1957 ....................... 42,019 39,870 2,149 16,465 15 545 920 11 ,810 11 ,574 236 1 ,’674 1 377 197 12;069 11 ; 276 793 1958 ....................... 40 J 10 40,339 -229 14,226 15,415 -1,189 11 J38 I 1 ;557 181 1 ,871 1 ; 626 245 12,275 11 ;?4i 534 1959 ....................... 48’048 42'603 5 ,598 I7J79 15,579 2; 268 13’981 12 ,’402 1 ,601 2,222 1 ;765 463 14,070 12,857 I ,269 1960....................... 49’793 46,073 3’,720 17;657 16’,4i9 1 ,238 14’, 525 13’613 912 2,215 1 ,876 339 15,396 14,165 I ,231 1961....................... 49,048 48;124 '924 16’,029 16,552 -523 14,551 14,235 316 2 ;092 2^15 77 16,377 15,319 1 ;058 1962....................... 56,191 51,360 4,831 19;694 17’447 2,247 15’701 14’935 766 2,084 2 ;oio 74 18;?l0 16,969 1 ,741 1963 ....................... 63’591 56;825 6^66 22,126 19’254 2;«72 17 920 16,369 1 ,551 2J86 2;046 140 21,359 19J56 2,203 1964....................... 70,670 63; 470 7; 200 24;046 21’369 2 ,'677 20,821 18,666 2J55 2,225 2;O86 139 23,578 21;349 2,229 1965....................... 78,586 69^57 8,629 27;227 23 543 3,684 22 750 20^ 18 2;232 2,266 2J 16 150 26;343 23 ;?80 2^63 1966....................... 82’335 76,120 6,215 27’,341 25’,404 1 ’,937 25,591 23,178 2,413 2,200 2J 10 90 27’,203 25,428 1 ,775 1967....................... 84,693 81;306 3^87 26;667 26 ,’499 168 26,952 25;535 I 317 2; 11 3 2J42 -29 28,961 27;130 1 ,831 1 Net changes in credit outstanding are equal to extensions less repay­ amount of extensions and repayments without affecting the amount out­ ments. standing. , Note.—Estimates are based on accounting records and often include For back figures and description of the data, see “Consumer Credit”, financing charges. Renewals and refinancing of loans, purchases and sales Section 16 (New) of Supplement to Banking and Monetary Statistics, 1965. of instalment paper, and certain other transactions may increase the CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (In millions of dollars) Sales Other Total Commercial banks finance companies financial institutions Retail outlets Ex­ Re­ Ex­ Re­ Ex­ Re­ Ex­ Re­ Ex­ Re­ ten­ pay­ Net ten­ pay­ Net ten­ pay­ Net ten­ pay­ Net ten­ pay­ Net sions ments change1 sions ments change1 sions ments change1 sions ments change’ sions ments change1 1956 39,866 37,056 2,810 14,463 13,362 1 ,176 9,486 8,937 549 9,148 8,415 733 6,770 6,342 353 1957 42,019 39,870 2,149 15,355 14,360 1 ,066 9,782 9,456 326 9,915 9,250 665 6,967 6,804 92 1958 40,110 40,339 -229 14,860 14,647 -63 8,392 9,276 -884 9,654 9,365 289 7,203 7,051 428 1959 48,048 42,603 5,598 17,976 15,560 2,447 10,624 9,216 1 ,430 10,940 10,020 986 8,508 7,807 735 1960 49,793 46,073 3,720 18,269 16,832 1 ,446 10,707 9,828 879 12,282 11,066 1 ,216 8,536 8,348 179 1961 49,048 48,124 924 17,711 18,294 335 9,510 9,935 -436 13,010 12,123 898 8,816 7,773 125 1962 56,191 51,360 4,831 20,474 18,468 1 ,997 11,269 10,200 I ,078 14,787 13,455 1 ,332 9,659 9,237 422 1963 63,5(>I 56,825 6,766 23,344 20,326 3,018 12,152 10,927 1 ,225 16,768 15,070 I ,698 11,327 10,502 825 1964 70,670 63,470 7,200 25,950 22,971 3,065 12,613 11,638 975 18,797 16,764 2,033 13,310 12,097 1,127 1965 78,586 69,957 8,629 29,528 25,663 3,865 13,722 12,048 1 ,674 20,906 18,813 2,093 14,430 13,433 997 1966 82,335 76,120 6,215 30,073 27,716 2,357 14,278 12,860 1 ,418 21,490 20,074 1 ,416 16,494 15,470 1 ,024 1967 84,693 81,306 3,387 30,850 29,469 1 ,381 13,833 13,692 141 22,574 21 ,330 1,244 17,436 16,815 621 $ Net changes in credit outstanding are equal to extensions less repay­ ments for some particular holders do not equal the changes in their ments, except in certain periods when data for extensions and repayments outstanding credit. Such transfers do not affect total instalment credit have been adjusted to eliminate duplications resulting from large transfers extended, repaid or outstanding. of paper. In those periods the differences between extensions and repay­ See Note to above table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1000 CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT (Adjusted for seasonal variation and differences in trading days. In millions of dollars) Other consumer Repair and moderni­ Total Automobile paper goods paper zation Ioans Personal loans Month Ex­ Re­ Ex­ Re­ Ex­ Re­ Ex­ Re­ Ex­ Re­ ten­ pay­ Net ten­ pay­ Net ten­ pay­ Net ten­ pay­ Net ten­ pay­ Net sions ments change sions ments change sions ments change sions ments change sions ments change 1956—Jan................. 3,289 2 977 312 1,348 1 178 170 938 869 69 123 116 7 880 814 66 Feb................ 3 358 2,970 388 1,390 1,188 202 941 841 100 132 112 2o 895 829 66 Mar............... 3,300 2,963 337 1,351 1,161 190 898 850 48 131 109 22 920 843 77 Apr................ 3 385 3,083 302 1 >21 1 231 90 1 007 882 125 137 116 21 920 854 66 May.............. 3 ,290 3,072 218 1 297 1,221 76 949 883 66 134 113 21 910 855 55 June.......... ■ ■ 3,236 3,056 180 1,250 1,190 60 950 888 62 130 110 20 906 868 38 July................ 3,283 3,129 154 1 >43 1,212 31 987 921 66 131 120 11 922 876 46 Aug................ 3,346 3,105 241 1 >65 1,204 61 1 ,002 903 99 131 115 16 948 883 65 Sept............... 3 268 3 156 112 1'248 1'221 27 '958 929 29 134 112 22 928 894 34 Oct........... 3,321 3,146 175 1 251 1,243 8 1 013 918 95 137 114 23 920 871 49 Nov. .............. 3,406 3 187 219 1 278 1 253 25 1 043 935 108 133 112 21 952 887 65 Dec......... 3,395 3,230 165 1,299 1,248 51 1 ,018 965 53 130 114 16 948 903 45 1957—Jan................. 3,468 3,274 194 1,406 1,299 107 958 959 -1 139 117 22 965 899 66 Feb................ 3^512 3,255 257 1 >05 1,286 119 978 939 39 143 122 21 986 908 78 Mar............... 3^477 3 >68 209 1’391 1,277 114 967 950 17 139 117 22 980 924 56 Apr................ 3'444 3 >52 192 1,366 1,279 87 939 922 17 134 118 16 1 005 933 72 May.............. 3,524 3 294 230 1377 1'289 88 1 000 942 58 139 126 13 1 008 937 71 June.............. 3,538 3,314 224 1,377 1,286 91 1,015 964 51 140 122 18 1 >06 942 64 July................ 3 588 3 359 229 1,378 1 303 75 1 ’028 978 50 144 127 17 1 >38 951 87 Aug................ 3,509 3 >41 168 1,342 1,275 67 1 >13 1 ,009 4 147 122 25 1 ’607 935 72 Sept............... 3,528 3,376 152 1,403 1*312 91 '993 987 6 141 129 12 991 948 43 Oct................. 3,461 3,337 124 1,357 1,305 52 952 964 -12 141 121 20 1 ,011 947 64 Nov................ 3’455 3,352 103 1'342 1,285 57 959 977 — 18 134 124 10 1 >20 966 54 Dec................ 3 >98 3,462 36 1,316 1 ’ 348 -32 996 995 1 140 135 5 1 ,046 984 62 j 9 58—Jan................. 3 449 3,382 67 1,341 1,342 -1 912 948 —36 166 127 39 1 030 965 65 Feb......... 3 235 3,372 — 137 1,191 1,313 — 122 902 965 -63 145 134 11 997 960 37 Mar............... 3 247 3,389 -142 1 095 1,304 -209 1,014 976 38 145 137 8 993 972 21 Apr......... 3,241 3,342 — 101 1'162 1,316 -154 '913 930 — 17 149 137 12 1,017 959 58 May.............. 3,207 3,314 -107 1'131 1,279 — 148 964 963 1 146 128 18 966 944 22 June.............. 3 ’ 260 3’354 — 94 1,135 1,276 -141 962 973 -11 156 142 14 1,007 963 44 July................ 3,310 3,331 -21 1,173 1 >72 -99 964 954 10 155 138 17 1,018 967 51 Aug............... 3,343 3,386 -43 1,165 1 >78 -113 991 972 19 158 132 26 1,029 1 ,1X14 25 Sept............... 3,298 3,348 -50 1 ,131 1 '266 — 135 982 956 26 163 138 25 1,022 988 34 Oct................. 3’401 3,'371 30 1'159 1,’ 263 -104 1,032 976 56 164 137 27 1 >46 995 51 Nov................ 3,456 3'406 50 1,208 1,257 -49 1 ,028 997 31 164 138 26 1 >56 1,014 42 Dec.. ............ 3 649 3'377 272 1,402 1'273 129 1 >08 961 47 162 136 26 1 ,077 1 ,007 70 1959—jan................. 3,772 3,368 427 1 ,413 1,233 191 1 ,097 976 126 164 139 26 1,098 1,020 84 Feb................. 3 >85 3,463 422 1 ,'463 1,290 173 1,133 984 149 170 139 31 1,119 1,050 69 Mar......... 3,860 3,446 414 1,448 1,287 161 1,125 993 132 181 143 38 1,106 1,023 83 Apr................ 3 935 3*484 451 1 '507 1'276 231 1 ,153 1 ,030 123 182 149 33 1 >93 1 ,029 64 May........ 4,014 3,572 442 1,516 1,300 216 1,151 1,037 114 188 151 37 I > 59 1 ,084 75 June.............. 3 986 3'500 486 1,522 1'283 239 1 >36 1,021 115 185 146 39 1,143 1,050 93 July............... 4,093 3,578 515 1,549 1'313 236 1 ,153 1,030 123 195 148 47 1>96 1 ,087 109 Aug................ 4,069 3,580 618 1 >07 1,297 267 1 >95 1'045 167 191 156 40 1 >76 1,082 144 Sept............... 4,204 3,614 590 1,581 1,324 257 1,193 1 ',060 133 188 147 41 1 >42 1,083 159 Oct.......... 4'146 3,626 520 1'538 1'303 235 1 >89 1,064 125 187 149 38 l>32 1,110 122 Nov................ 3,993 3,664 329 1’370 1,321 49 1'201 1 >80 121 190 157 33 1'232 1' 106 126 Dec................ 3 989 3 729 260 1,332 1,355 -23 1,214 1 >95 119 194 148 46 1 >49 1,131 118 I960—jan........ 4,164 3,762 402 1,471 1,351 120 1,266 1,116 150 183 151 32 1,244 1, 144 100 Feb................ 4'213 3,716 497 1’548 1 >35 213 1 >34 1,100 134 197 151 46 1,234 1,130 104 Mar............... 4,185 3,734 451 1’565 1,356 209 1,195 1,084 111 189 154 35 1 >36 1 , 140 96 Apr................ 4 >48 3'867 481 1,596 1,365 231 1 '263 I ,144 119 192 153 39 1,297 1,205 92 May............... 4,132 3,844 288 1,519 1,384 135 1,174 1'148 26 193 153 40 1 >46 1,159 87 June.............. 4>70 3,833 337 1’504 1,378 126 1 '227 1>29 98 193 161 32 1 >46 1 ,165 81 July................ 4'193 3,895 298 1,417 1,367 50 1,193 1,137 56 189 158 31 1,394 1,233 161 Aue................ 4,097 3,853 244 1 '445 1,385 60 1,173 1 >35 38 186 158 28 1 >93 1, 175 118 Sept............... 4'179 3,882 297 1,459 1,369 90 1 >17 1' 140 77 178 154 24 1,325 1,219 106 Oct................. 4,045 3,921 124 1’378 1,401 -23 1 >10 1>65 45 176 162 14 1,281 1,193 88 Nov............... 4 >54 3,901 153 1 '427 1'387 40 1,168 1,150 18 171 161 10 1,288 1,203 85 Dec......... 4>10 3'876 134 1', 340 1 >60 -20 1 >99 1,144 55 174 163 11 1,297 1,209 88 1961_jan................. 3,883 3,881 2 1,282 1,377 -95 1,144 1,123 21 169 166 3 1,288 1,215 73 Feb................ 3 860 3'920 -60 1,216 1,368 -152 1 >51 1 >36 15 168 164 4 1,325 1,252 73 Mar............... 3,961 3 >46 15 1 '272 1'366 -94 1,177 1,171 6 175 161 14 1,337 1,248 89 Apr................ 3,905 4,032 -127 1 ,267 1 '432 -165 1,169 1,207 -38 173 165 8 1,296 1,228 68 May. ............ 3,958 3 >28 30 1 '285 1'349 -64 1,176 1,162 14 170 167 3 1,327 1,250 77 June........ 4,082 4,020 62 1,343 1,382 -39 1,189 1>92 -3 177 170 7 1,373 1,276 97 July................ 4^007 3'993 14 1,320 1'382 -62 1 >00 1,184 16 166 165 1 1,321 1,262 59 Aug................ 4,156 4,055 101 1,347 1'381 -34 1,240 1,206 34 182 170 12 1,387 1,298 89 Sept............... 4 >95 4 >27 68 1,316 1'374 -58 1 >37 1,' 195 42 177 169 8 1,365 1,289 76 Oct................. 4'288 4J11 177 1 ,423 1'394 29 1,243 1,226 17 180 179 1 1 ,442 1,312 130 Nov............. . 4,331 4,094 237 1’479 1'379 100 1 >37 1,198 39 176 168 8 1,439 1,349 90 Dec................ <431 4>19 312 1,471 U373 98 1 ,328 1>39 89 175 170 5 1,457 1,337 120 For notes see p. 1001. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1001 CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT—Continued (Adjusted for seasonal variation and differences in trading days. In millions of dollars) Other consumer Repair and moderni­ Total Automobile paper goods paper zation Ioans Personal loans Month Ex­ Re­ Ex­ Re­ Ex­ Re­ Ex­ Re­ Ex­ Re­ ten­ pay­ Net ten­ pay­ Net ten­ pay­ Net ten­ pay­ Net ten­ pay­ Net sions ments change sions ments change sions ments change sions ments change sions ments change 1962--Jan................. 4,351 4,163 188 1,508 1 ,433 75 1,224 1,219 5 163 165 -2 1,456 1,346 110 Feb................ 4,430 4,133 297 1,534 1,398 136 1,289 1,232 57 161 167 -6 1,446 1,336 110 Mar............... 4,490 4,157 333 1,579 1,400 179 1,230 1,220 10 173 168 5 1,508 1,369 139 Apr................ 4,671 4,175 496 1,613 1,390 223 1,336 1,242 94 176 166 10 1,546 1,377 169 May............... 4,713 4,262 451 1,657 1,455 202 1,313 1,237 76 184 171 13 1,559 1,399 160 June.............. 4,688 4,233 455 1,643 1,431 212 1,312 1,236 76 180 167 13 1,553 1,399 154 July................ 4,707 4,312 395 1,660 1 ,467 193 1,314 1,262 52 177 168 9 1,556 1,415 141 Aug................ 4,735 4,341 394 1,678 1 ,486 192 1,294 1,254 40 179 172 7 1,584 1 ,429 155 Sept................ 4,628 4,354 274 1,552 1,463 89 1,313 1,274 39 168 164 4 1,595 1,453 142 Oct................. 4,768 4,340 428 1,714 1 ,495 219 1,293 1,241 52 172 166 6 1,589 1,438 151 Nov................ 4,993 4,472 521 1,785 1,524 261 1,364 1,277 87 171 164 7 1,673 1,507 166 Dec................ 4,901 4,418 483 1,722 1,500 222 1,377 1,261 116 174 170 4 1,628 1,487 141 1963--Jan................. 5,061 4,507 554 1,798 1,559 239 1,413 1,283 130 171 164 7 1,679 1 ,501 178 Feb................. 5,076 4,568 508 1,775 1,547 228 1,423 1,314 109 168 168 0 1,710 1,539 171 Mar................ 5,129 4,611 518 1,793 1,532 261 1,445 1,352 93 181 169 12 1,710 1 ,558 152 Apr................ 5,189 4,602 587 1,839 1,564 275 1,445 1,317 128 184 169 15 1,721 1 ,552 169 May.............. 5,166 4,667 499 1,833 1 ,601 232 1,445 1,334 111 187 no 17 1,701 1,562 139 June.............. 5,293 4,729 564 1,829 1,585 244 1,500 1,382 118 189 170 19 1,775 1,592 183 July................ 5,312 4,716 596 1,867 1 ,596 271 1,489 1,370 119 186 173 13 1,770 1,577 193 Aug............... 5,375 4,784 591 1,832 1,616 216 1,534 1,368 166 188 172 16 1,821 1,628 193 Sept................ 5,422 4,922 500 1,797 1,663 134 1,544 1,410 134 182 175 7 1,899 1 ,674 225 Oct................. 5,628 4,955 673 1,954 1 ,673 281 1,568 1,422 146 191 174 17 1,915 1,686 229 Nov................ 5,305 4,787 518 1,850 1,627 223 1,513 1,392 121 167 165 2 1,775 1 ,603 172 Dec................ 5,530 5,001 529 1,917 1,694 223 1,561 1,451 110 181 178 3 1,871 1,678 193 1964--Jan................. 5,688 5,033 655 1,927 1,692 235 1,670 1,475 195 191 174 17 1,900 1,692 208 Feb................. 5,693 5,042 651 1,970 1,708 262 1,642 1,461 181 187 169 18 1,894 1 ,704 190 Mar................ 5,784 5,137 647 1,980 1 ,736 244 1,733 1,502 231 182 174 8 1,889 1,725 164 Apr................ 5,745 5,201 544 1,984 1,769 215 1,694 1,540 154 177 171 6 1,890 1,721 169 May............... 5,963 5,269 694 2,073 1,761 312 1,754 1,559 195 189 175 14 1,947 1,774 173 June.............. 5,842 5,226 616 2,002 1 ,758 244 1,731 1,552 179 181 170 11 1,928 1,746 182 July................ 5,922 5,329 593 2,002 1 ,790 212 1,741 1,556 185 192 177 15 1,987 1,806 181 Aug................ 5,924 5,395 529 2,028 1 ,822 206 1,738 1,596 142 190 177 13 1,968 1,800 168 Sept................ 6,079 5,397 682 2,111 1 ,831 280 1,734 1,589 145 188 174 14 2,046 1,803 243 Oct................. 5,965 5,400 565 1,977 1 ,803 174 1,784 1,588 196 191 174 17 2,013 1 ,835 178 Nov................ 5,849 5,532 317 1,864 1 ,843 21 1,793 1,661 132 178 177 1 2,014 1 ,851 163 Dec.......... 6,148 5,527 621 2,115 1,861 254 1,779 1,618 161 187 175 12 2,067 1,873 194 1965-—Jan................. 6,272 5,604 668 2,154 1,885 269 1,823 1,658 165 188 172 16 2,107 1,889 218 Feb................. 6,273 5,591 682 2,208 1,896 312 1,796 1,670 126 172 173 -1 2,097 1,852 245 Mar................ 6,299 5,648 651 2,214 1 ,916 298 1,748 1,644 104 191 176 15 2,146 1,912 234 Apr................ 6,566 5,694 872 2,233 1,890 343 1,838 1,631 207 190 171 19 2,305 2,002 303 May............... 6,507 5,748 759 2,245 1 ,951 294 1,874 1,669 205 187 176 11 2,201 1,952 249 June............... 6,532 5,802 730 2,290 1 ,961 329 1 ,861 1,696 165 198 178 20 2,183 1,967 216 July................ 6,536 5,752 784 2,268 1,904 364 1,913 1,714 199 188 174 14 2,167 1,960 207 Aug................ 6,609 5,911 698 2,300 1,993 307 1 ,912 1,742 170 191 183 8 2,206 1 ,993 213 Sept................ 6,623 5,931 692 2,267 1 ,981 286 1,950 1,711 239 186 176 10 2,220 2,063 157 Oct................. 6,688 6,068 620 2,296 2,030 266 1,991 1 ,788 203 189 177 12 2,212 2,073 139 Nov................ 6,711 6,061 650 2,336 2,068 268 1,979 1,795 184 185 177 8 2,211 2,021 190 Dec................ 6,694 6,101 593 2,314 2,056 258 1 ,963 1,811 152 196 182 14 2,221 2,052 169 1966-—Jan................. 6,685 6,146 539 2,230 2,049 181 2,049 1,852 197 183 179 4 2,223 2,066 157 Feb................. 6,779 6,181 598 2,264 2,073 191 2,086 1,846 240 180 175 5 2,249 2,087 162 Mar.,............. 6,931 6,291 640 2,357 2,085 272 2,107 1,914 193 191 178 13 2,276 2,114 162 Apr................ 6,753 6,278 475 2,226 2,085 141 2,076 1,889 187 182 179 3 2,269 2,125 144 May.............. 6,772 6,312 460 2,222 2,091 131 2,095 1,936 159 189 176 13 2,266 2,109 157 June.............. 6,952 6,388 564 2,310 2,130 180 2,143 1 ,928 215 192 176 16 2,307 2,154 153 July................ 7,003 6,412 591 2,264 2,143 121 2,252 1 ,959 293 193 175 18 2,294 2,135 159 Aug................ 6,865 6,353 512 2,264 2,128 136 2,154 1,937 217 189 179 10 2,258 2,109 149 Sept............... 6,819 6,412 407 2,240 2,137 103 2,162 1 ,966 196 182 174 8 2,235 2,135 100 Oct................. 6,809 6,434 375 2,283 2,166 117 2,133 1,994 139 168 175 -7 2,225 2,099 126 Nov................ 6,987 6,493 494 2,371 2,170 201 2,153 1,990 163 173 173 0 2,290 2,160 130 Dec................ 6,848 6,455 393 2,247 2,151 96 2,135 1,990 145 173 173 0 2,293 2,141 152 1967-—Jan................. 6,792 6,590 202 2,162 2,158 4 2,196 2,069 127 168 173 -5 2,266 2,190 76 Feb................. 6,735 6,617 118 2,146 2,219 -73 2,144 2,034 110 179 181 -2 2,266 2,183 83 Mar................ 6,803 6,566 237 2,170 2,156 14 2,134 2,053 81 180 176 4 2,319 2,181 138 Apr................ 6,856 6,766 90 2,184 2,248 -64 2,176 2,123 53 179 185 -6 2,317 2,210 107 M ay............... 6,744 6,554 190 2,173 2,168 5 2,113 2,055 58 188 180 8 2,270 2,151 119 June.............. 7,114 6,794 320 2,277 2,235 42 2,213 2,097 116 193 185 8 2,431 2,277 154 July................ 7,059 6,802 257 2,228 2,196 32 2,248 2,145 103 169 179 -10 2,414 2,282 132 Aug................ 7,272 6,874 398 2,259 2,215 44 2,320 2,172 148 172 176 -4 2,521 2,311 210 Sept................ 7,278 6,965 313 2,297 2,280 17 2,339 2,188 151 169 180 -11 2,473 2,317 156 Oct................. 7,250 6,934 316 2,253 2,244 9 2,307 2,193 114 169 176 -7 2,521 2,321 200 Nov............... 7,304 6,913 391 2,262 2,190 72 2,303 2,193 110 174 178 -4 2,565 2,352 213 Dec............... 7,360 7,001 359 2,233 2,205 28 2,383 2,255 128 170 171 -1 2,574 2,370 204 * Includes adjustments for differences in trading days. increase the amount of extensions and repayments without affecting 2 Net changes in credit outstanding are equal to extensions less re­ the amount outstanding. payments. For back figures and description of the data, see “Consumer Note.—Estimates are based on accounting records and often in­ Credit,” Section 16 (New) of Supplement to Banking and Monetary clude financing charges. Renewals and refinancing of loans, purchases Statistics, 1965. Estimates for 1968 are shown on pp. A-54—A-55 of and sales of instalment paper, and certain other transactions may this Bulletin. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1002 CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (Adjusted for seasonal variation and differences in trading days. In millions of dollars) Sales Other Total Commercial banks finance companies financial institutions Retail outlets Month Ex­ Re­ Ex­ Re­ Ex­ Re­ Ex­ Re­ Ex­ Re­ ten­ pay­ Net ten­ pay­ Net ten­ pay­ Net ten­ pay­ Net ten­ pay­ Net sions ments change sions ments change sions ments change sions ments change sions ments change 1956-—Jan................. 3,289 2,977 312 1,159 1 ,067 92 814 722 92 727 664 63 589 524 65 Feb................. 3,358 2,970 388 1 ,207 1 ,074 133 841 726 115 745 663 82 565 507 58 Mar................ 3,300 2,963 337 1,186 1 ,043 143 833 722 111 766 683 83 515 515 Apr................ 3,385 3,083 302 1,267 1 ,104 163 783 745 38 754 695 59 581 539 42 May............... 3,290 3,072 218 1,190 1 ,095 95 793 769 24 756 684 72 551 524 27 June............... 3,236 3,056 180 1,204 1 ,099 180 765 725 40 755 695 60 512 537 -100 July................ 3,283 3,129 154 1,192 1 ,141 51 750 748 2 762 712 50 579 528 51 Aug................ 3,346 3,105 241 1,177 1 ,128 49 782 744 38 794 720 74 593 513 80 Sept................ 3,268 3,156 112 1,180 1 ,155 25 779 734 45 764 724 40 545 543 2 Oct................. 3,321 3,146 175 1 ,227 1,137 90 788 771 17 761 708 53 545 530 15 Nov................ 3,406 3,187 219 1 ,216 1,138 78 790 774 16 797 728 69 603 547 56 Dec................ 3,395 3,230 165 1 ,267 1 ,193 74 770 752 18 764 735 29 594 550 44 1957-—Jan................. 3,468 3,274 194 1,281 1 ,182 24 846 801 45 793 738 55 548 553 70 Feb................ 3,512 3,255 257 1 ,293 1 ,170 123 821 777 44 816 742 74 582 566 16 Mar............... 3,477 3,268 209 1 ,265 1,161 104 821 779 42 817 762 55 574 566 8 Apr................ 3,444 3,252 192 1 ,263 1 ,158 189 792 774 18 834 761 73 555 559 -88 May............... 3,524 3,294 230 1 ,279 1,180 99 811 780 31 835 776 59 599 558 41 June.............. 3,538 3,314 224 1 ,293 1 ,202 91 828 793 35 827 761 66 590 558 32 July................ 3,588 3,359 229 1 ,285 1 ,194 136 836 802 34 857 783 74 610 580 - 15 Aug................ 3,509 3,341 168 1 ,283 I ,213 70 799 777 22 842 776 66 585 575 10 Sept............... 3,528 3,376 152 1 ,306 1 ,231 75 828 784 44 811 775 36 583 586 -3 Oct................. 3,461 3,337 124 1 ,300 1 ,205 112 802 792 10 823 779 44 536 561 -42 Nov................ 3,455 3,352 103 1 ,255 1,216 39 804 776 28 827 795 32 569 565 4 Dec................ 3,498 3,462 36 1 ,251 1 ,254 -3 794 82! -27 834 801 33 619 586 33 1958-—Jan................. 3,449 3,382 67 1 ,270 I ,226 4 793 807 -14 826 787 39 560 562 38 Feb................ 3,235 3,372 -137 1,190 I ,242 -109 722 790 -68 779 767 12 544 573 28 Mar................ 3,247 3,389 -142 1 ,175 1 ,234 -77 668 785 -117 774 787 -13 630 583 65 Apr................ 3,241 3,342 -101 1 ,232 1 ,211 61 692 802 -110 802 769 33 515 560 -85 May............... 3,207 3,314 -107 1 ,189 1 ,215 -26 674 772 -98 758 755 3 586 572 14 June............... 3,260 3,354 -94 1 ,203 I ,235 -32 674 762 -88 785 770 15 598 587 11 July................ 3,310 3,331 -21 1 ,258 1 ,204 54 690 780 -90 798 775 23 564 572 -8 Aug................ 3,343 3,386 -43 1 ,260 1 ,237 23 675 766 -91 814 790 24 594 593 1 Sept.......... 3,298 3,348 -50 1 ,224 1 ,208 -185 665 768 -103 803 781 22 606 591 216 Oct................. 3,401 3,371 30 1 ,249 1 ,206 43 671 754 -83 823 796 27 658 615 43 Nov................ 3,456 3,406 50 1 ,291 1 ,238 53 693 750 -57 825 788 37 647 630 17 Dec................ 3,649 3,377 272 1 ,349 1 ,213 136 798 744 54 854 800 54 648 620 28 1959--Jan................. 3,772 3,368 427 1 ,442 1,202 254 836 740 96 833 807 31 661 619 46 Feb................. 3,885 3,463 422 1 ,444 1,252 168 856 764 92 867 812 55 718 635 107 Mar................ 3,860 3,446 414 1 ,450 1 ,257 193 865 756 109 858 802 56 687 631 56 Apr................ 3,935 3,484 451 1 ,494 1 ,265 229 883 765 118 857 806 51 701 648 53 May.............. 4,014 3,572 442 1 ,518 1 ,298 220 905 777 128 905 850 55 686 647 39 June.............. 3,986 3,500 486 1 ,472 I ,265 207 909 759 150 907 825 82 698 651 47 July................ 4,093 3,578 515 1 ,542 1 ,311 231 919 771 148 928 845 83 704 651 53 Aug................ 4,069 3,580 618 1,540 I ,328 253 883 748 156 913 837 137 733 667 72 Sept................ 4,204 3,614 590 1 ,563 1 ,331 232 956 777 179 958 846 112 727 660 67 Oct................. 4,146 3,626 520 1 ,534 I ,321 213 927 778 149 955 867 88 730 660 70 Nov................ 3,993 3,664 329 1 ,473 1 ,360 113 841 775 66 956 853 103 723 676 47 Dec................ 3,989 3,729 260 1 ,490 1 ,376 114 810 808 2 977 876 101 712 669 43 I960-—Jan.................. 4,164 3,762 402 1 ,534 1 ,401 254 905 795 110 982 885 97 743 681 -59 Feb................. 4,213 3,716 497 1 ,579 1 ,357 222 985 819 166 982 886 96 667 654 13 Mar............... 4,185 3,734 451 J ,543 1 ,369 62 954 801 153 989 888 101 699 676 135 Apr................ 4,348 3,867 481 1 ,568 1 ,383 185 961 845 116 1 ,034 936 98 785 703 82 May............... 4,132 3,844 288 1 ,544 1 ,413 131 907 823 84 994 898 96 687 710 -23 June.............. 4,170 3,833 337 1 ,542 1 ,408 134 910 802 108 993 915 78 725 708 17 July................ 4,193 3,895 298 I ,478 1 ,409 69 866 817 49 1,141 965 176 708 704 4 Aug................ 4,097 3,853 244 1 ,491 1 ,401 90 883 823 60 1 ,037 928 109 686 701 -15 Sept........... 4,179 3,882 297 1 ,531 1,403, 128 887 834 53 1 ,048 948 100 713 697 16 Oct................. 4,045 3,921 124 1 ,480 1 ,455 25 833 829 4 1 ,013 932 81 719 705 14 Nov................ 4,054 3,901 153 1 ,520 I ,435 85 843 842 1 1 ,016 940 76 675 684 -9 Dec......... 4,010 3,876 134 1 ,464 1 ,416 48 812 81 1 1 ,026 957 69 708 692 16 1961--Jan................. 3,883 3,881 2 1 ,441 1 ,450 967 737 789 -52 1 ,013 943 70 692 699 -983 Feb................ 3,860 3,920 -60 1 ,406 1 .558 -152 726 787 -61 I ,036 978 58 692 597 95 Mar................ 3,961 3,946 15 1 ,434 1 ,526 -92 746 831 -85 1 ,060 992 68 721 597 124 Apr................ 3,905 4,032 -127 1 ,391 1 ,578 -187 796 885 -89 1 ,011 965 46 707 604 103 May............... 3,958 3,928 30 1 ,437 1 ,514 -77 751 818 -67 I ,052 985 67 718 611 107 June........ 4,082 4,020 62 1 ,448 1 ,531 -83 805 846 -41 1 ,101 1 ,017 84 728 626 102 July................ 4,007 3,993 14 1 ,456 1 ,526 -70 769 824 -55 1,050 1,003 47 732 640 92 Aug................ 4,156 4,055 101 1 ,509 1 ,527 -18 807 849 -53 1 ,094 1 ,023 82 746 656 90 Sept................ 4,095 4,027 68 I ,488 1 ,525 -78 773 811 -38 1 ,091 1 ,026 65 743 665 119 Oct................. 4,288 4,11 1 177 1 ,562 1 ,546 16 833 834 -1 1 ,151 1 ,046 105 742 685 57 Nov................ 4,331 4,094 237 1 ,565 1 ,509 39 845 825 20 1,160 1 ,075 85 761 685 93 Dec................ 4,431 4,119 312 1 ,578 1 ,508 70 894 830 64 1 ,169 1 ,067 102 790 714 76 For notes see p. 1003. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1003 CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER—Continued (Adjusted for seasonal variation and differences in trading days. In millions of dollars) Sales ( Other Total Commercial banks finance companies financial institutions Retail outlets Month Ex­ Re­ Ex­ Re­ Ex­ Re­ Ex­ Re­ Ex­ Re­ ten­ pay­ Net ten­ pay­ Net ten­ pay­ Net ten­ pay­ Net ten­ pay­ Net sions ments change sions ments change sions ments change sions ments change sions ments change 1962—Jan................. 4,351 4,163 188 1,587 1 ,507 80 874 841 33 1,143 I ,077 66 747 738 9 Feb................. 4,430 4,133 297 1 ,644 1 ,508 136 914 827 87 1,150 1 ,060 90 722 738 -16 Mar................ 4,490 4,157 333 1 ,638 1 ,509 129 901 829 72 1,211 1 ,091 120 740 728 12 Apr................. 4,671 4,175 496 1,693 1 ,511 173 914 824 99 1,230 1 ,097 133 834 743 91 May............... 4,713 4,262 451 1,712 1 ,511 201 951 847 104 1,241 1,124 117 809 780 29 June............... 4,688 4,233 455 1 ,718 1,522 196 930 843 87 1,234 1 ,109 125 806 759 47 July................ 4,707 4,312 395 1,708 1 ,547 161 952 855 97 1 ,232 1 ,114 118 815 796 19 Aug................ 4,735 4,341 394 1 ,711 1 ,553 158 964 858 106 1,256 1 ,132 124 804 798 6 Sept................ 4,628 4,354 274 1 ,680 1 '573 107 899 849 50 1,239 1 ,136 103 810 796 14 Oct................. 4,768 4,340 428 1 ,753 1 ,551 202 964 862 102 1,244 1,143 101 807 784 23 Nov................ 4,993 4,472 521 1 ,808 1 '582 226 1 ,014 879 135 1,321 I ,194 127 850 817 33 Dec................ 4,901 4,418 483 1 ,801 1,597 204 964 881 83 1,270 I ,163 107 866 777 89 1963—Jan.................. 5,061 4,507 554 1 ,864 1 ,598 266 1 ,005 877 128 1 ,310 1 ,185 125 882 847 35 Feb................. 5,076 4,568 508 1 ,869 1 ,592 277 971 896 75 1,328 1 ,208 120 908 872 36 Mar................ 5,129 4,611 518 1 ,899 1 ,663 236 978 890 88 1,340 1 ,218 122 912 840 72 Apr................. 5,189 4,602 587 1 ,913 t ,648 265 997 889 108 1 ,361 1 ,225 136 918 840 78 May............... 5,166 4,667 499 1 ,885 1 ,672 213 I ,008 897 in 1,357 1 ,226 131 916 872 44 June............... 5,293 4,729 564 1 ,929 1 ,705 224 1 ,024 911 113 1 ,405 1 ,242 163 935 871 64 July................ 5,312 4,716 596 1 ,940 1 ,687 253 1 ,024 910 114 1,389 1 ,250 139 959 869 90 Aug................ 5,375 4,784 591 1 ,937 I ,690 247 1 ,027 928 99 1 ,434 1 ,285 149 977 881 96 Sept................ 5,422 4,922 500 1 ,970 1 ,747 223 989 935 54 1,486 1 ,318 168 977 922 55 Oct.................. 5,628 4,955 673 2,056 1 ,760 296 1 ,065 954 111 1 ,519 1 ,335 184 988 906 82 Nov................ 5,305 4,787 518 1 ,987 1 ,754 233 996 897 99 1,381 1 ,259 122 941 877 64 Dec................. 5,530 5,001 529 2,069 1 ,813 256 1 ,030 948 82 1 ,442 1 ,314 128 989 926 63 1964—Jan.................. 5,688 5,033 655 2,039 1 ,791 248 1 ,018 929 89 1,508 1,325 183 1 ,123 988 135 Feb................ 5,693 5,042 651 2,107 I ,836 357 1 ,052 938 114 1 ,479 1 ,321 158 1 ,055 947 22 Mar................ 5,784 5,137 647 2,104 1 ,861 243 1 ,072 965 107 1,491 1 ,347 144 1 ,117 964 153 Apr................. 5,745 5,201 544 2,103 1 ,884 219 1 ,055 971 84 1,509 1 ,352 157 1 ,078 994 84 May............... 5 ,963 5,269 694 2,220 1 ,928 292 1 ,081 954 127 1 ,555 1 ,391 164 1,107 996 111 June............... 5,842 5,226 616 2,133 1 ,876 257 1 ,059 961 98 1,538 1 ,375 163 1,112 1 ,014 98 July................ 5,922 5,329 593 2,167 1 ,928 239 1 ,062 981 81 1 ,593 1 ,419 174 1,100 1 ,00! 99 Aug................ 5,924 5,395 529 2,178 1 ,951 227 1 ,055 996 59 1,572 1 ,41 1 161 1,119 1 ,037 82 Sept................ 6,079 5,397 682 2,273 1 ’945 328 1 ,053 985 68 1,646 1 ,439 207 1,107 1 ,028 79 Oct................ 5,965 5,400 565 2,184 1 ,963 221 1 ,029 962 67 1,614 1 ,441 173 1 ,138 1 ,034 104 Nov................ 5,849 5,532 317 2,159 2,022 137 974 991 -17 1,594 1 ,452 142 1,122 1 ,067 55 Dec................. 6,148 5,527 621 2,284 1 ,991 293 1 ,071 1,011 60 1,671 1 ,477 194 1 ,122 1 ,048 74 1965—Jan................. 6,272 5,604 668 2,327 2,033 294 1 ,090 99! 99 1,702 1 ,499 203 1 ,153 1 ,081 72 Feb................. 6,273 5,591 682 2,357 2,052 305 1,133 998 145 1,649 1 ,463 186 1 ,134 1 ,088 46 Mar................ 6,299 5,648 651 2,378 2,061 317 1 ,102 995 107 1 ,734 1 ,510 224 1 ,085 1 ,082 3 Apr................. 6,566 5,694 872 2,445 2’063 382 I ,109 982 127 1,846 1 ,586 260 1,116 1 ,063 103 May...................... 6,507 5,748 759 2,445 2,109 336 1 ,137 1,016 121 1 ,744 1 ,533 211 1 ,181 1 ,090 91 June............... 6,532 5,802 730 2,434 2,122 312 l ,171 1,016 155 1,741 1 ,550 191 1 ,186 1,114 72 July................ 6,536 5,752 784 2,463 2,122 341 1 ,1 38 968 170 1,719 I ,553 166 1 ,216 1,109 107 Aug................ 6,609 5,911 698 2,496 2,200 296 1 ,168 967 201 1 ,740 1 ,597 143 1 ,205 1 ,147 58 Sept................ 6,623 5,931 692 2,517 2,175 342 1 ,131 984 147 1 ,744 1 ,634 110 1 ,231 1,138 93 Oct.................. 6,688 6,068 620 2,528 2,229 299 1 ,1 40 1,038 102 1 ,737 1 ,629 108 1 ,283 1,172 1)1 Nov................ 6,711 6,061 650 2,553 2^252 301 1 ,137 1,027 110 1,746 1 ,601 145 1 ,275 1,181 94 Dec................. 6,694 6,101 593 2,529 2,238 291 1,178 1,056 122 1,753 J ,625 128 1 ,234 1,182 52 1966—Jan.................. 6,685 6,146 539 2,451 2,247 204 1,182 1 ,071 111 1 ,740 1 ,624 116 1 ,312 1 ,204 108 Feb................. 6,779 6,181 598 2,490 2,26! 229 1 ,158 1,055 103 1 ,781 1 ,647 134 1 ,350 1 ,218 132 Mar........ . 6,931 6,291 640 2,599 2,274 325 1 ,171 1,067 104 1,804 1 ,671 133 1,357 1 ,279 78 Apr................ 6,753 6,278 475 2,487 2,274 213 1,178 1 ,085 93 1 ,760 1 ,659 101 1 ,328 1 ,260 68 May............... 6,772 6,312 460 2,471 2,286 185 1 ,158 1,083 75 1 ,789 1 ,657 132 1 ,354 1 ,286 68 June............... 6,952 6,388 564 2,548 2,337 21 1 I ,188 1 ,086 102 1,837 1 ,698 139 1 ,379 1 ,267 112 July.......... 7,003 6,412 591 2,547 2,329 218 I ,217 1,093 124 1 ,805 1 ,677 128 1 ,434 1 ,313 121 Aug................ 6,865 6,353 512 2,514 2,326 188 1 ,170 1,056 114 1,796 1 ,671 125 1 ,385 1 ,300 85 Sept................ 6,819 6,412 407 2,496 2,348 148 1 ,149 1,047 102 1 ,781 1 ,694 87 1 ,393 1 ,323 70 Oct................. 6,809 6,434 375 2,455 2,344 111 1 ,203 1,068 135 1,765 1 ,670 95 1 ,386 I ,352 34 Nov.......... 6,987 6,493 494 2,503 2,355 148 1 ,257 1,098 159 1,825 1 ,708 117 1 ,402 1 ,332 70 Dec................. 6,848 6,455 393 2,453 2,338 115 1 ,227 1,061 166 1 ,793 1 ,700 93 1 ,375 1 ,356 19 1967—Jan.................. 6,792 6,590 202 2,456 2,392 64 1,160 1,118 42 1 ,773 1 ,726 47 I ,403 1,354 49 Feb................. 6,735 6,617 118 2,445 2,390 55 1 ,138 1,156 -18 1 ,790 1 ,728 62 1 ,362 1 ,343 19 Mar................ 6,803 6,566 237 2,461 2,370 91 1 ,126 1,101 25 1 ,830 1 ,743 87 1 ,386 1 ,352 34 Apr................. 6,856 6,766 90 2,491 2,489 2 1 ,151 1,124 27 1,797 1 ,762 35 1 ,417 1 ,391 26 May............... 6,744 6,554 190 2,469 2,422 47 1 ,089 1 ,080 9 1 ,801 1 ,704 97 1 ,385 1,348 37 June............... 7,114 6,794 320 2,561 2,463 98 1,164 1,135 29 1 ,918 1 ,794 124 1 ,471 1 ,402 69 July................ 7,059 6,802 257 2,606 2,468 138 1 ,117 1,105 12 1 ,855 1 ,783 72 1 ,481 1 ,446 35 Aug................ 7,272 6,874 398 2,658 2,470 188 1,142 1,167 -25 1 ,960 1 ,806 154 I ,512 1 ,431 81 Sept................ 7,278 6,965 313 2,704 2,51 1 193 1,134 1,195 -61 1,921 1 ,807 114 1 ,519 1 ,452 67 Oct................. 7,250 6,934 316 2,645 2,509 136 1 ,191 1,171 20 1,959 1 ,819 140 1 ,455 1 ,435 20 Nov................ 7,304 6,913 391 2,661 2,468 193 1 ,218 1,184 34 1,975 1 ,837 138 1 ,450 1 ,424 26 Dec................. 7,360 7,001 359 2,685 2,527 158 1 ,189 1,172 17 1,966 1 ,836 130 1 ,520 1 ,466 54 1 Includes adjustments for differences in trading days. tensions and repayments for some particular holders do not equal the - Net changes in credit outstanding are equal to extensions less re- changes in their outstanding credit. Such transfers do not affect total payments, except in certain months when data for extensions and re- instalment credit extended, repaid, or outstanding. payments have been adjusted to eliminate duplication resulting from See Note on p. 1001. large transfers of paper. In those months the differences between ex- 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 August 19 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; October, pages 853-71; and November, pages 910-19. The record for the meeting held on September 10, 1968, follows: 1004 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 1005 MEETING HELD ON SEPTEMBER 10, 1968 Authority to effect transactions in System Account. Consumer expenditures had been expanding vigorously this sum­ mer, according to reports at this meeting. Staff projections sug­ gested, however, that the rate of business inventory accumulation was declining markedly in the third quarter—largely because of a shift from accumulation to liquidation of steel stocks—and that growth in over-all activity was slowing as a consequence. Steel production had been cut back sharply following the wage settlement in the steel industry at the end of July, and as a result the industrial production index was tentatively estimated to have declined in August. Although nonfarm payroll employment in­ creased fairly sharply in August, manufacturing employment was unchanged for the second consecutive month. Total civilian em­ ployment declined in August, but the labor force declined some­ what more and the unemployment rate fell to 3.5 per cent from 3.7 per cent in July. Growth in Federal outlays appeared to be slowing in the third quarter, but total final sales were now estimated to be rising at a rapid rate. Retail sales, which had increased sharply in July, re­ mained at a high level in August according to available weekly figures. The sizable advance in consumer spending apparently was associated with a decline in the saving rate; the new income tax surcharge affected paychecks beginning in mid-July, and dis­ posable income was estimated to be advancing less rapidly in the third quarter than earlier in the year. Housing starts also rose considerably in July, and it appeared that residential construc­ tion outlays would be somewhat higher in the third quarter than in the second. A new Commerce—SEC survey, taken in August, indicated that business outlays on plant and equipment would be somewhat lower in 1968 as a whole than estimated earlier, but that businesses planned to increase their outlays moderately from the second quarter to the third. Staff projections for the fourth Quarter suggested that the rate Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1006 FEDERAL RESERVE BULLETIN □ DECEMBER 1968 of inventory accumulation would be reduced somewhat further as liquidation of steel stocks continued and that the expansion in final sales would slow. It was expected that the increase in Fed­ eral expenditures would be quite small and that the rise in con­ sumer spending would slacken as a result of continuing slow growth of disposable income. Little change was anticipated in residential construction expenditures, and the recent Commerce —SEC survey suggested that business outlays for plant and equipment would be maintained at about the third-quarter rate. Average prices of industrial commodities, according to pre­ liminary estimates, were unchanged in August after rising only slightly in July. It was expected, however, that the industrial average for September would be affected by advances already announced in prices of steel mill products. Prices of farm prod­ ucts and foods, which had increased considerably in July, de­ clined in August, and the over-all wholesale price index moved down to its June level. The consumer price index rose substan­ tially in July for the second month in a row; as in June, a large part of the advance reflected higher costs of consumer services, including mortgage interest charges. In foreign exchange markets, rumors in late August that a re­ valuation of the German mark was imminent led to large-scale inflows of funds into Germany and to sharply increased pressures on the French franc and sterling. On September 4 the French Government unexpectedly removed the foreign exchange con­ trols it had imposed on May 31. Following the announcement of this action and the simultaneous publication of preliminary esti­ mates of the French budget for 1969, the position of the franc improved; but pressures subsequently resumed. The sterling ex­ change rate strengthened appreciably after the announcement on September 9 that final agreement had been reached by the Bank of England and 12 other central banks on new arrangements to offset fluctuations in overseas sterling balances. The price of gold in the private London market had risen by about $1 per ounce Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 1007 since mid-August and currently was fluctuating narrowly around $40. ’ ' U.S. exports increased slightly and imports fell sharply in July —resulting in a small surplus in the foreign trade balance after 2 months of deficit. Despite a foreign trade deficit in the May-July period as a whole, the payments balance on the liquidity basis, apart from special official transactions, had improved consider­ ably. However, tentative estimates for August suggested that a large deficit had re-emerged. The balance on the official settle­ ments basis apparently was in surplus in August, as liabilities of U.S. banks to their foreign branches rose to a new high after de­ clining during the last 3 weeks of July. In domestic financial markets, prior to the reductions in Fed­ eral Reserve Bank discount rates from 51^ to 514 per cent—the first of which was announced on August 15—interest rates on various types of market securities had been rising from the lows they had reached early in the month. Market reactions to the dis­ count rate cuts were varied; some observers interpreted the action as a confirmation of earlier expectations of some relaxation in monetary restraint, while others—who had expected more vig­ orous action—thought it indicated that a marked easing of policy was not likely in the near future. On balance, interest rates on new corporate bonds and on Treasury securities changed little during the latter half of August. However, yields on municipal bonds remained under upward pressure in the face of continuing heavy flotations of new issues by State and local governments. In early September yields on new corporate bonds and on Treasury securities also advanced, as corporate underwriters released unsold new offerings from syn­ dicate and some Government securities dealers acted to lighten their heavy inventories. The market rate on 3-month Treasury bills was 5.24 per cent on the day before this meeting, 13 basis points above its level following the mid-August announcement of discount rate action. Rates on longer-term Treasury bills had Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1008 FEDERAL RESERVE BULLETIN □ DECEMBER 1968 risen only slightly during the interval and currently were close to or below the rate on 3-month bills. Growth in commercial bank time and savings deposits, which had stepped up sharply in July, accelerated further in August. Expansion in large-denomination CD’s outstanding was sub­ stantial but less than the very large rise of July, when interest rates on competing market instruments had been declining. The average level of U.S. Government deposits increased consider­ ably in August as a result of Treasury cash financings, and ex­ pansion in private demand deposits and the money supply slowed appreciably—the money supply to an annual rate of about 5 per cent from nearly 15 per cent in July. In August, as in July, banks were heavy buyers in the large offerings of securities undertaken by Federal, State, and local governments. Growth in bank Ioans to businesses was maintained at about the recent average pace, and loans to brokers and deal­ ers to finance holdings of securities increased moderately further. Total bank credit, as measured by the bank credit proxy—daily­ average member bank deposits—expanded at the unusually high annual rate of 21 per cent, after rising at a 9 per cent rate in July. Allowance for changes in the daily average of U.S. bank liabili­ ties to foreign branches would have served to increase the growth rate by about of a percentage point in August and 1 per­ V2 ¥2 centage points in July. System open market operations in the period since the Com­ mittee’s August 19 meeting had been directed mainly at facili­ tating orderly adjustments in money market conditions to the reduction in Federal Reserve Bank discount rates. As the period progressed less emphasis was placed on the supplementary ob­ jective of moderating upward pressures on Treasury bill rates, in light of accumulating evidence that bank credit was growing at a higher rate than that projected at the time of the Committee’s previous meeting. The effective rate on Federal funds, which had been mostly in a 6 to 614 per cent range prior to the discount rate cuts, subsequently fluctuated in a 5% to 6 per cent range Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 1009 and was at the upper end of that range at the close of the period. Net borrowed reserves and member bank borrowings averaged about $185 million and $480 million, respectively, in the 3 weeks ending September 4, down from averages of about $290 million and $640 million in the previous 3 weeks. Growth in bank credit was expected to moderate from the high August rate in September and October. The Treasury was not expected to engage in an another major cash financing until the latter part of October; and prospects favored some reduction from the current high level of outstanding loans to finance hold­ ings of securities and also a slower growth in business loans, par­ ticularly after the mid-September tax date. New staff projections suggested that the bank credit proxy would expand at an annual rate of 7 to 10 per cent in September if prevailing conditions in money and short-term credit markets were maintained. Growth in about the same range was foreseen for October, on the as­ sumption that the Treasury would raise about $3 billion of new cash in the latter part of the month. The projections suggested that expansion in time and savings deposits would moderate in September, and that on the average Government deposits would change little over September and October and the money supply would rise only slightly. The Committee decided that no change in monetary policy was warranted at this time. On the one hand, a relaxation of monetary restraint was not deemed appropriate in light of the current strength of final demands and the persistence of infla­ tionary pressures; on the other hand, greater restraint was not considered desirable in view of the outlook for slowing in over­ all economic activity, although it was noted that firm evidence was lacking thus far on the amount of slowing in prospect. How­ ever, a number of members—while not advocating a firming of policy—expressed concern about the rapid rates of bank credit expansion in recent months, and some thought that expansion in September and October at a rate near the upper end of the pro- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1010 FEDERAL RESERVE BULLETIN □ DECEMBER 1968 jected range would be higher than desirable in the current eco­ nomic environment. At the same time, it was noted that Treasury bill rates might well come under temporary upward pressure as a result of credit demands associated with the September tax date and the larger-scale sales of bills by the System that were expected to be required in the next week or so to absorb reserves supplied by market factors. A number of members expressed the view that such pressures should be moderated if they proved to be unduly marked or prolonged, in light of the risk that persistent large in­ creases in bill rates might precipitate a change in market expecta­ tions that would result in a new general uptrend in market in­ terest rates. The Committee concluded that it would be desirable at present for open market operations to be directed at maintaining about the prevailing conditions in the money and short-term credit markets, on the understanding that increases in Treasury bill rates in the near term, if moderate, would not be considered in­ consistent with this objective. The proviso was added that opera­ tions should be modified if bank credit appeared to be deviating significantly from current projections. The following current economic policy directive was issued to the Federal Reserve Bank of New York: The information reviewed at this meeting suggests that, although con­ sumer demands have been strong this summer, reduced rates of inventory accumulation and tapering growth of Government expenditures are being reflected in a slowing of expansion in over-all activity. Industrial prices have been increasing less rapidly in recent months, but consumer prices have continued to rise substantially and wage pressures remain strong. Most market interest rates have changed little on balance following reductions in Federal Reserve Bank discount rates. Growth in bank credit and time and savings deposits has been rapid this summer; growth in the money supply slowed in August as U.S. Government deposits were built up following an extended decline. The earlier improvement in the U.S. balance of payments was not maintained in August, according to preliminary indications, and Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 1011 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 conducive to sus­ tainable economic growth, continued resistance to inflationary pressures, and attainment of reasonable equilibrium in the country’s balance of pay­ ments. System open market operations until the next meeting of the Committee shall be conducted with a view to maintaining about the prevailing condi­ tions in money and short-term credit markets; provided, however, that operations shall be modified if bank credit appears to be deviating signifi­ cantly from current projections. Votes for this action: Messrs. Martin, Hayes, Brimmer, Daane, Galusha, Hickman, Kimbrel, Mai­ sel, Mitchell, Morris, Robertson, and Sherrill. Votes against this action: None. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material OBLIGATIONS ELIGIBLE AS COLLATERAL (12 U.S.C. 347) to authorize advances thereunder FOR ADVANCES BY RESERVE BANKS to member banks “secured by such obligations as The Board of Governors, effective November are eligible for purchase under section 14(b) of 13, 1968, amended Regulation A, “Advances and this Act.” The relevant part of such paragraph had Discounts by Federal Reserve Banks”, to imple­ previously referred only to “notes . . . eligible . . . ment section 3(a) of the Act of September 21, for purchase”, which the Board had construed as 1968 (October 1968 Bulletin page 872), pur­ not including obligations generally regarded as se­ suant to which the Reserve Banks may make 90- curities. (See 1962 Federal Reserve Bulletin 690, day advances to member banks, at the basic dis­ 12 CFR 201.103(d).) count rate, on the security of any obligation that is Under section 14(b) direct obligations of, and eligible for purchase by Federal Reserve Banks obligations fully guaranteed as to principal and in­ under section 14(b) of the Federal Reserve Act. terest by, the United States or any agency thereof Simultaneously the Board adopted an interpreta­ are eligible for purchase by Reserve Banks. Follow­ tion relating to the eligibility as collateral for ad­ ing are the principal agency obligations now eli­ vances to member banks of obligations of Federal gible as collateral for advances: agencies and of certain municipal obligations. The (1) Federal Intermediate Credit Bank deben­ text of the amendment and interpretation read as tures, follows: (2) Federal Home Loan Bank notes and AMENDMENT TO REGULATION A bonds, (3) Federal Land Bank bonds, Effective November 13, 1968, section 201.2 (b) is revoked and sections 201.1 and 201.2 (a) are (4) Bank for Cooperative debentures, amended to read as follows: (5) Federal National Mortgage Association notes, debentures and guaranteed certifi­ SECTION 201.1—INTRODUCTION cates of participation, This part is issued under section 13 and other (6) Obligations of or fully guaranteed by the provisions of the Federal Reserve Act and relates Government National Mortgage Associa­ to extensions of credit by Federal Reserve Banks. tion, (7) Merchant Marine bonds, SECTION 201.2—ADVANCES TO MEMBER BANKS (8) Export-Import Bank notes and guaran­ teed participation certificates, (a) Advances on obligations or eligible paper.-— (9) Farmers Home Administration insured Reserve Banks may make advances to member banks for not more than 90 days if secured by (1) notes, obligations or other paper eligible under the Fed­ (10) Notes fully guaranteed as to principal and eral Reserve Act for discount or purchase by Re­ interest by the Small Business Administra­ serve Banks or (2) certificates of interest issued by tion, the Commodity Credit Corporation in a pool of (11) Federal Housing Administration deben­ notes with maturities of not more than nine months tures, evidencing loans made by the Corporation pursu­ (12) District of Columbia Armory Board bonds, ant to a commodity loan program. (13) Tennessee Valley Authority bonds and (b) [Revoked] notes, * * * (14) Bonds and notes of local urban renewal or public housing agencies fully supported as OBLIGATIONS ELIGIBLE AS COLLATERAL FOR ADVANCES to principal and interest by the full faith Section 3(a) of Public Law 90-505, approved and credit of the United States pursuant September 21, 1968, amended the eighth para­ to section 302 of the Housing Act of 1961 graph of section 13 of the Federal Reserve Act (42 U.S.C. 1421a(c), 1452(c)). 1012 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1013 Nothing less than a full guarantee of principal ORDERS UNDER BANK MERGER ACT and interest by a Federal agency will make an obli­ THE MIDDLE TENNESSEE BANK, gation eligible. For example, mortgage loans in­ COLUMBIA, TENNESSEE sured by the Federal Housing Administration are not eligible since the insurance contract is not In the matter of the application of The Middle equivalent to an unconditional guarantee and does Tennessee Bank for approval of acquisition of as­ not fully cover interest payable on the loan. Obliga­ sets of The Hampshire Bank. tions of international institutions, such as the Inter­ Order Approving Acquisition of Bank’s American Development Bank and the International Assets Bank for Reconstruction and Development, are also There has come before the Board of Governors, not eligible, since such institutions are not agencies pursuant to the Bank Merger Act (12 U.S.C. of the United States. 1828(c)), an application by The Middle Tennessee Also eligible for purchase under section 14(b) Bank, Columbia, Tennessee, a State member bank are “bills, notes, revenue bonds, and warrants with of the Federal Reserve System, for the Board’s a maturity from date of purchase of not exceeding prior approval of its acquisition of assets and as­ six months, issued in anticipation of the collection sumption of deposit liabilities of The Hampshire of taxes or in anticipation of the receipt of assured Bank, Hampshire, Tennessee, and, as an incident revenues by any State, county, district, political sub­ thereto, The Middle Tennessee Bank has applied, division, or municipality in the continental United under section 9 of the Federal Reserve Act, for States, including irrigation, drainage and reclama­ the Board’s prior approval of the establishment by tion districts”. To the extent such obligations would that bank of a branch at the location of the sole be eligible for purchase under Part 205 of this office of The Hampshire Bank. Notice of the pro­ chapter (Reg. E), they are now eligible as collat­ posed acquisition of assets and assumption of de­ eral for advances to member banks. Such obliga­ posit liabilities, in form approved by the Board, has tions should by their terms mature within six months been published pursuant to said Act. after the date of the advance and be payable out Upon consideration of all relevant material in of specific tax or similar types of revenue and the light of the factors set forth in said Act, in­ should be otherwise eligible for purchase under cluding reports furnished by the Comptroller of the Currency, the Federal Deposit Insurance Cor­ Part 205. poration, and the Attorney General on the competi­ The following interpretations are hereby re­ tive factors involved in the proposed transaction. voked: I*nterpretations 1) 925, 1916 Federal Re­ serve Bulletin 609 (county warrants ineligible); It is hereby ordered, for the reasons set forth in the Board’s Statement of this date, that said Interpretations 1)930, 1918 Bulletin 33 (Fed­ applications be and hereby are approved, provided eral Land Bank bonds ineligible); Interpretations that said acquisition of assets and assumption of 1)950, 1960 Bulletin 151, 12 CFR 201.101 deposit liabilities and establishment of the branch (Merchant Marine bonds ineligible); Interpreta­ shall not be consummated (a) before the thirtieth tions 1) 955, 1960 Bulletin 858, 12 CFR 201.102 calendar day following the date of this Order or (mortgage notes guaranteed under military hous­ (b) later than three months after the date of this ing program in Title VIII of National Housing Order unless such period is extended for good cause Act ineligible); Interpretations 1) 956, 1962 Bulle­ by the Board or by the Federal Reserve Bank of tin 690, 12 CFR 201.103 (Farmers Home Ad­ Atlanta pursuant to delegated authority. ministration insured notes eligible); Interpretations Dated at Washington, D.C., this 25th day of 1) 960, 1966 Bulletin 188, 12 CFR 201.105 (Ex­ November, 1968. port-Import Bank guaranteed participation certifi­ By order of the Board of Governors. cates eligible); Interpretations 1) 961, 1966 Bulle­ Voting for this action: Chairman Martin, and Gov­ tin 340; 12 CFR 201.106 (Small Business Ad­ ernors Robertson, Mitchell, Daane, Maisel, Brimmer, ministration fully guaranteed notes eligible). and Sherrill. (Signed) Robert P. Forrestal, Assistant Secretary. * Published Interpretations o) the Board of Governors of the Federal Reserve System. [seal) Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1014 FEDERAL RESERVE BULLETIN a DECEMBER 1968 Statement The First National Bank of Mt. Pleasant, with The Middle Tennessee Bank, Columbia, Tennes­ about $7 million of deposits, also operates an office see (“Middle Bank”), with total deposits of about in Columbia. $18 million, has applied, pursuant to the Bank The competition existing between Middle Bank Merger Act (12 U.S.C, 1828(c)), for the Board’s and Hampshire Bank cannot be regarded as sig­ approval of its acquisition of assets and assumption nificant. Furthermore, because of the nature of the of deposit liabilities of The Hampshire Bank, community in which Hampshire Bank operates, the Hampshire, Tennessee (“Hampshire Bank”), which limited banking services it offers, its small size, has total deposits of about $990 thousand.1 As an and its unsatisfactory condition (as noted below), incident to the transaction, the sole office of Hamp­ the Board believes that the possibility of meaning­ shire Bank would become a branch of Middle ful potential competition between the banks is re­ Bank, increasing the number of its offices to five. mote. Indeed, a likely effect of the transaction Competition. Middle Bank operates three would be the enhancement of competition in the branches, as well as its main office, in Columbia, Hampshire area, without appreciable adverse effects the seat of Maury County in the central part of the on any other banking institution. State. The city and county have populations of A substantial, although not controlling, percent­ about 18,000 and 42,000, respectively. The econ­ age of the outstanding stock of Hampshire Bank omy of the area is agricultural and industrial, with has been owned since 1965 by an officer of Middle the latter becoming increasingly important. Hamp­ Bank. Recently, that officer acquired additional shire Bank's single office is the only bank in Hamp­ stock of Hampshire Bank, giving him almost 100 shire, which is also located in Maury County, 15 per cent ownership of its stock. miles west of Columbia. Hampshire, with a popula­ Financial and managerial resources and pros­ tion of about 200, serves a trade area that is prin­ pects. The banking factors with respect to Middle cipally agricultural. For many years, that area’s Bank arc reasonably satisfactory and would remain population (approximately 2,500) has not changed so after the proposed acquisition. Future prospects substantially, although it is now reported as de­ for Middle Bank and the Columbia area are good. creasing. Hampshire Bank has had a serious management Hampshire Bank’s service area comprises Hamp­ problem since the incapacitating illness of its chief shire and its immediate environs, and its principal executive officer in 1965, and as a result, the Bank’s competition is provided by banking offices in Mt. general condition is unsatisfactory. The Bank ap­ Pleasant, Tennessee, approximately seven miles parently has been unable to improve its condition, southeast of Hampshire and 10 miles southwest of and its prospects as an independent unit bank are Columbia. not good. Middle Bank competes to some degree in all of Convenience and needs of the communities. The Maury County. However, although there are no transaction would affect banking convenience and banking offices along the direct route from Colum­ needs principally in the area served by Hampshire bia to Hampshire, Middle Bank has not been an Bank. In view of the condition of Hampshire Bank, active competitor in the Hampshire and Mt. Pleas­ its continued existence as an independent institu­ ant communities. It is estimated that less than 2 tion is in jeopardy. Consummation of the proposal, per cent of Middle Bank’s deposits originate in the therefore, would assure the continued presence of service area of Hampshire Bank and a similarly a banking office in the community of Hampshire. small percentage of its loans originate in that area. This banking office, significantly, would provide Of the four banks operating in Columbia, Mid­ the area with a substantially larger loan limit and dle Bank is the second largest, and this ranking an expansion of loan services. Other improved serv­ would not be changed by the proposal. The largest ices that would be brought to the area by Middle bank in Columbia has deposits of about $19 mil­ Bank include aggressive community development lion. The third largest banking office in Columbia, work and trust department services, which are not with deposits of about $15 million, is a branch of a now available in the Hampshire area. Nashville bank, with deposits of over $200 million. Summary and conclusion. Since the proposed transaction would not have materially adverse com­ iFigures are as of June 29, 1968, petitive consequences but, instead, tend to enhance Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN □ DECEMBER 1968 1015 banking competition in the Hampshire area as well (Signed) Robert P. Forrestal, as significantly improve banking services, the Assistant Secretary. Board has concluded that the application should [seal] be approved. Statement CHEMICAL BANK NEW YORK TRUST COMPANY. NEW YORK, NEW YORK Chemical Bank New York Trust Company, New York, New York (“Applicant”), with total de­ posits of $5.6 billion, has applied, pursuant to the Bank Merger Act (12 U.S.C. 1828(c)), for the In the matter of the application of Chemical Board’s prior approval of the merger of that bank Bank New York Trust Company for approval of with Chemical Bank, New York, New York merger with Chemical Bank. (“Chemical Bank”), which is a newly organized bank, not yet in operation. The banks would merge under the charter and name of Chemical Bank, Order Approving Merger of Banks which is a member of the Federal Reserve System. The proposed merger is one step in a plan of There has come before the Board of Governors, corporate reorganization whereby Chemical New pursuant to the Bank Merger Act (12 U.S.C. York Corporation, New York, New York, a newly 1828(c)), an application by Chemical Bank New organized Delaware corporation, would become a York Trust Company, New York, New York, a one-bank holding company. Chemical New York State member bank of the Federal Reserve System, Corporation presently owns all of the stock of for the Board’s prior approval of the merger of Chemical Bank; upon the merger of Applicant that bank with Chemical Bank, New York, New with Chemical Bank, stock of Chemical New York York, under the charter and title of Chemical Bank. Corporation will be exchanged for the stock of Notice of the proposed merger, in form approved Applicant. by the Board, has been published pursuant to said The major purpose for the use of a merger trans­ Act. action in Applicant’s plan to form a one-bank hold­ Upon consideration of all relevant material in ing company is to assure that Chemical New York the light of the factors set forth in said Act, in­ Corporation will be able to acquire, except for cluding reports furnished by the Comptroller of directors’ qualifying shares, all of the outstanding the Currency, the Federal Deposit Insurance Cor­ stock of the banking subsidiary. poration, and the Attorney General on the com­ Statutory considerations. From the record before petitive factors involved in the proposed merger. the Board, the proposed merger of Applicant and It is hereby ordered, for the reasons set forth Chemical Bank—the latter being a bank with no in the Board’s Statement of this date, that said ap­ operating history, formed solely to facilitate the plication be and hereby is approved, provided that corporate reorganization plan described above— said merger shall not be consummated (a) before would itself have no effect on either competition the thirtieth calendar day following the date of or the banking convenience and needs of any rele­ this Order or (b) later than three months after the vant area. Nor would it appear that the proposal date of this Order unless such period is extended would have any adverse consequences relative for good cause by the Board or by the Federal to the financial and managerial resources and pros­ Reserve Bank of New York pursuant to delegated pects of Applicant or Chemical Bank. authority. In the Board’s view, it could not, under present Dated at Washington, D.C., this 29th day of law, refuse to approve a merger application solely November, 1968. on the ground that the merger is one step in the By order of the Board of Governors. formation of a one-bank holding company. Accordingly, and in light of all the standards Voting for this action: Chairman Martin and Gov­ set forth in the Bank Merger Act, the Board con­ ernors Robertson, Mitchell, Daane, Maisel, and cludes that the application should be approved. Brimmer. Absent and not voting: Governor Sherrill. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1016 LAW DEPARTMENT ORDERS UNDER SECTION 3 OF Dated at Washington, D.C., this 13th day of BANK HOLDING COMPANY ACT November, 1968. SOUTHEAST BANCORPORATION, INC., By order of the Board of Governors. MIAMI, FLORIDA Voting for this action: Chairman Martin and Gov­ In the matter of the application of Southeast ernors Robertson, Mitchell, Daane, Maisel, and Brimmer. Absent and not voting: Governor Sherrill. Bancorporation, Inc., Miami, Florida, for approval of acquisition of 80 per cent or more of the voting (Signed) Robert P. Forrestal, shares of First City Bank of Tampa, Tampa Assistant Secretary. Florida. [seal] Order Approving Application Under Bank Holding Company Act Statement There has come before the Board of Governors, Southeast Bancorporation, Inc., Miami, Florida pursuant to section 3(a)(3) of the Bank Holding (“Applicant”), a registered bank holding com­ Company Act of 1956 (12 U.S.C. 1842(a)(3)) pany, has applied to the Board of Governors, and section 222.3(a) of Federal Reserve Regula­ pursuant to section 3(a)(3) of the Bank Holding tion Y (12 CFR 222.3(a)), an application by Company Act of 1956 (12 U.S.C. 1842(a)(3)), Southeast Bancorporation, Inc., Miami, Florida, a for prior approval of the acquisition of 80 per cent registered bank holding company, for the Board’s or more of the voting shares of First City Bank of prior approval of the acquisition of 80 per cent or Tampa, Tampa, Florida (“Tampa Bank”). more of the voting shares of First City Bank of Views and recommendation of supervisory au­ Tampa, Tampa, Florida. thority. As required by section 3(b) of the Act, the As required by section 3(b) of the Act, the Board notified the Florida Commissioner of Bank­ Board notified the Florida Commissioner of Bank­ ing of the application and requested his views and ing of the application and requested his views and recommendation. The Commissioner advised the recommendation. The Commissioner advised the Board that he had approved an application re­ Board that he had approved an application relating lating to the same transaction pursuant to section to the same transaction pursuant to section 659.14 659.14 of the Florida Statutes, subject to approval of the Florida Statutes, subject to approval by the by the Board of Governors. Board of Governors. Statutory considerations. Section 3(c) of the Act Notice of receipt of the application was pub­ provides that the Board shall not approve an lished in the Federal Register on September 5, acquisition that would result in a monopoly or 1968 (33 Federal Register 12596) providing an would be in furtherance of any combination or opportunity for interested persons to submit com­ conspiracy to monopolize or to attempt to monopo­ ments and views with respect to the proposed lize the business of banking in any part of the transaction. A copy of the application was for­ United States. Nor may the Board approve any warded to the United States Department of Justice other proposed acquisition the effect of which, in for its consideration. Time for filing comments and any section of the country, may be substantially views has expired and all those received have been to lessen competition, or to tend to create a mo­ considered by the Board. nopoly, or which in any other manner would be in It is hereby ordered, for the reasons set forth restraint of trade, unless the Board finds that the in the Board’s Statement of this date, that said ap­ anticompetitive effects of the proposed transaction plication be and hereby is approved, provided that are clearly outweighed in the public interest by the the acquisition so approved shall not be consum­ probable effect of the transaction in meeting the mated (a) before the thirtieth calendar day follow­ convenience and needs of the community to be ing the date of this Order or (b) later than three served. In each case the Board is required to take months after the date of this Order unless such into consideration the financial and managerial period is extended for good cause by the Board or resources and future prospects of the bank holding by the Federal Reserve Bank of Atlanta pursuant company and the banks concerned, and the con­ to delegated authority. venience and needs of the community to be served. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN □ DECEMBER 1968 1017 Competitive effect of proposed transaction. Ap­ by the present proposal, and it does not appear plicant, the second largest holding company and that there would be any significant adverse effect the second largest banking organization in the on the viability or competitive effectiveness of the State of Florida, presently controls three banks smaller, unaffiliated banks in the area. with aggregate deposits of $649 million.1 the 10 In light of these facts, the Board concludes largest banking organizations, the seven largest of that consummation of the proposed acquisition which are bank holding companies, presently would not result in a monopoly nor be in further­ control about 37 per cent of the total commercial ance of any combinations, conspiracy, or attempt bank deposits in the State. Applicant now controls to monopolize the business of banking in any area. 6.7 per cent of the total deposits held by the State’s It does not appear that the proposal would have 447 commercial banks. Upon completion of the the effect of substantially lessening competition proposed acquisition, its market share of total or tending to create a monopoly in any section deposits would be 6.8 per cent. Approval of the of the country, nor would it in any other manner application would therefore have little effect on be in restraint of trade. State-wide concentration. Financial and managerial resources and future Tampa Bank is located in the City of Tampa, prospects. Applicant’s financial condition, its man­ Hillsborough County, Florida. All of Applicant’s agement, and its prospects are considered satis­ present subsidiary banks are in Dade County, 250 factory. miles from Tampa. Less than 1 per cent of Tampa The present capital of Tampa Bank is somewhat Bank’s IPC2 deposits and none of its loans origin­ ate in Date County. Applicant’s largest subsidiary3 below the desirable level for a bank of its size, derives a small amount of time deposits (about and present management lacks experience in the $20,000) and instalment loans (under $100,000), commercial Ioan field. These facts have been and about $5 million of commercial loans, almost recognized by Applicant, which proposes if the all of which are greatly in excess of Tampa Bank’s present application is approved, to provide addi­ legal lending limit, from Tampa Bank’s service tional capital and to strengthen existing manage­ area. It appears that there is no significant com­ ment. petition between Applicant’s present subsidiary Considerations under this factor are consistent banks and Tampa Bank, and in view of the dis­ with approval of the application. tances involved and the prohibition against branch Convenience and needs of the communities in­ banking in Florida, it does not appear likely that volved. The banks operating in Tampa and Hills­ such competition would develop in the future. borough County provide those areas with reason­ Tampa Bank, with deposits of $15.5 million, is ably complete banking services. Consummation of twelfth in size of the 24 banks, with total deposits the proposal, however, would permit Tampa Bank of $736 million, in Hillsborough County. Its most to institute trust services and modern data process­ direct competitors are three banks in downtown ing facilities, and would provide the bank with Tampa, with deposits of $197 million, $174 mil­ experienced personnel. In addition, Applicant pro­ lion, and $79 million, respectively, each of which poses to move Tampa Bank’s present banking is the largest bank cither in a holding company quarters, presently located two blocks from system or in a banking chain. The effect of the Tampa’s main thoroughfare, to the main thorough­ proposal should tend to enhance Tampa Bank’s fare. position as a competitor of these large organiza­ These considerations weigh in favor of approval tions. The present level of concentration in Tampa of the application. and Hillsborough County would not be increased Summary and conclusion. On the basis of all relevant facts contained in the record, and in the i Banking data are as of December 30, 1967, unless other­ light of the factors set forth in section 3(c) of wise noted. the Act, it is the Board’s judgment that the pro­ -Deposits of individuals, partnerships, and corporations. posed acquisition would be in the public interest sThe First National Bank of Miami (total deposits $621 million). and that the application should be approved. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1018 LAW DEPARTMENT THE CENTRAL BANCORPORATION, INC., by the Federal Reserve Bank of Cleveland pursu­ CINCINNATI, OHIO ant to delegated authority. Dated at Washington, D.C., this 13th day of In the matter of the application of The Central November, 1968. Bancorporation, Inc., Cincinnati, Ohio, for ap­ By order of the Board of Governors. proval of action to become a bank holding com­ Voting for this action: Vice Chairman Robertson pany through the acquisition of 80 per cent or and Governors Mitchell, Daane, Maisel, and Sherrill. more of the voting shares of the Central Trust Absent and not voting: Chairman Martin and Gov­ ernor Brimmer. Company, Cincinnati, Ohio, and the Citizens (Signed) Robert P. Forrestal, National Bank of Marietta, Marietta, Ohio. Assistant Secretary. [seal] Order Approving Application Under Statement Bank Holding Company Act The Central Bancorporation, Inc., Cincinnati, There has come before the Board of Governors, Ohio (“Applicant”), has filed with the Board, pursuant to section 3(a)(1) of the Bank Holding pursuant to section 3(a)(1) of the Bank Holding Company Act of 1956 (12 U.S.C. 1842(a)(1)) Company Act of 1956, an application for approval and section 222.3(a) of Federal Reserve Regula­ of action to become a bank holding company tion Y (12 CFR 222.3(a)), an application by The through the acquisition of 80 per cent or more Central Bancorporation, Inc., Cincinnati, Ohio, of the voting shares of The Central Trust Company, for the Board’s prior approval of action whereby Cincinnati, Ohio (“Central”), and The Citizens Applicant would become a bank holding company National Bank of Marietta, Marietta, Ohio (“Citi­ through the acquisition of 80 per cent or more of zens”). the voting shares of The Central Trust Company, Central operates 22 banking offices with total Cincinnati, Ohio and The Citizens National Bank deposits of $482 million.1 Citizens has two offices of Marietta, Marietta, Ohio. and holds deposits of $19 million. As required by section 3(b) of the Act, the Views and recommendation of supervisory au­ Board notified the Ohio Superintendent of Banks thority. As required by section 3(b) of the Act, and the Comptroller of the Currency of receipt notice of receipt of the application was given to, of the application and requested their views and and views and recommendations requested of the recommendations. The Superintendent and the Ohio Superintendent of Banks and the Comptroller Comptroller both recommended approval of the of the Currency. Both recommended approval of application. the application. Notice of receipt of the application was pub­ Statutory considerations. Section 3(c) of the lished in the Federal Register on August 7, Act provides that the Board shall not approve an 1968 (33 Federal Register 11189), which pro­ acquisition that would result in a monopoly or vided an opportunity for interested persons to would be in furtherance of any combination or submit comments and views with respect to the conspiracy to monopolize or to attempt to monopo­ proposed acquisition. A copy of the application lize the business of banking in any part of the was forwarded to the United States Department of United States. Nor may the Board approve a pro­ Justice for its consideration. The time for filing posed acquisition the effect of which, in any section comments and views has expired and all those of the country, may be substantially to lessen com­ received have been considered by the Board. petition, or to tend to create a monopoly, or which It is hereby ordered, for the reasons set forth in any other manner would be in restraint of trade, in the Board’s Statement of this date, that said unless the Board finds that the anticompetitive ef­ application be and hereby is approved, provided fects of the proposed transaction are clearly out­ that the action so approved shall not be consum­ weighed in the public interest by the probable effect mated (a) before the thirtieth calendar day follow­ of the transaction in meeting the convenience and ing the date of this Order or (b) later than three needs of the community to be served. In each case months after the date of this Order unless such ■ All banking data are as of December 30, 1967, unless period is extended for good cause by the Board or otherwise noted. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN □ DECEMBER 1968 1019 the Board is required to take into consideration the consummation of the proposal would not sub­ financial and managerial resources and future stantially lessen competition, tend to create a mo­ prospects of the bank holding company and the nopoly, or restrain trade in any section of the banks concerned, and the convenience and needs country. of the community to be served. Financial and managerial resources and future Competitive effect of proposed transaction. The prospects. Applicant has no operating history. Its 10 largest banking organizations in Ohio, of which projected financial condition is regarded as satis­ three are bank holding companies, control 36 factory, as is its management, which will be com­ banks with total deposits of $8.6 billion, represent­ prised of officers and directors of Central. The ing 46.4 per cent of the deposits held by the 530 financial condition and management of the pro­ insured commercial banks in the State. Central is posed subsidiary banks also are regarded as the ninth largest banking organization in Ohio, satisfactory, and the prospects of Applicant and and accounts for 2.6 per cent of the total deposits the banks appear favorable. held by banks in the State. If its proposal is con­ On the basis of the foregoing, the Board con­ summated, Applicant would rank eighth in size cludes that considerations relating to this factor are among the State’s largest banking organizations consistent with approval of the application. and third among five bank holding companies, and Convenience and needs of the communities in­ would control 2.7 per cent of total bank deposits volved. Consummation of Applicant’s proposal will in Ohio. Statewide concentration therefore would not lead to any significant additions to, or improve­ not be significantly affected, and this consideration ments upon, the services which Central is now does not present a bar to approval of the applica­ able to provide its customers. However, the avail­ tion. ability to Citizens of the resources and banking expertise which Applicant would possess could Central is the third largest of six banks in result in significant improvements in the level of Cincinnati, and of eight banks in Hamilton banking service available to residents of Marietta County, Ohio. Marietta, where both of Citizens’ and Washington County. Applicant proposes to offices are located, is in Washington County, about provide Citizens with the means of expanding the 200 miles from Cincinnati. Citizens is the second scope of its trust services, to pursue branching largest of three banks in Marietta, and of eight opportunities which will provide more convenient banks in Washington County. There is no com­ availability of banking services, and to increase petition between Central and Citizens at present Citizens’ effectiveness in serving the need for busi­ and little prospect that such competition would ness and construction loans. Through Citizens, develop in the future, in view of the distance be­ Applicant would also provide the area with a tween the two banks and the fact that State law check credit plan, travel agency services, student limits branching to the County in which the head loans, computer payroll accounting, and market office of the bank is located. Consummation of research. By facilitating loan participations between the proposal therefore would not eliminate exist­ Citizens and Central, the transaction will increase ing or potential competition between the two banks the credit resources available to the area. and would not increase banking concentration in Considerations bearing upon the convenience the area served by either bank. Neither does it and needs of customers in Marietta and Washing­ appear that the viability or competitive effective­ ton County weigh in favor of approval of the ness of competing banks in either area would be application. adversely affected. Summary and conclusion. On the basis of all On the record before the Board, it is concluded relevant facts contained in the record and in the that the proposed transaction will not result in light of the factors set forth in section 3(c) of the a monopoly or be in furtherance of any combina­ Act, it is the Board’s judgment that the proposed tion, conspiracy, or attempt to monopolize the transaction would be in the public interest and business of banking in any relevant area. Further, that the application should be approved. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1020 LAW DEPARTMENT DOMINION BANKSHARES CORPORATION, ernors Robertson, Mitchell, Daane, Maisel, and ROANOKE, VIRGINIA Brimmer. Absent and not voting: Governor Sherrill. (Signed) Robert P. Forrestal, Assistant Secretary. In the matter of the application of Dominion Bankshares Corporation, Roanoke, Virginia, for [seal | approval of acquisition of 80 per cent or more of the voting shares of the First National Bank of In the matter of the application of Dominion Norfolk, Norfolk, Virginia. Bankshares Corporation, Roanoke Virginia, for approval of acquisition of 80 per cent or more of the voting shares of The City Bank and Trust Order Approving Application Under Company of Alexandria, Alexandria, Virginia. Bank Holding Company Act There has come before the Board of Governors, Order Approving Application Under pursuant to section 3(a)(3) of the Bank Holding Bank Holding Company Act Company Act of 1956 (12 U.S.C. 1842(a)(3)), There has come before the Board of Governors, and section 222.3(a) of Federal Reserve Regula­ pursuant to section 3(a)(3) of the Bank Holding tion Y (12 CFR 222.3(a)), an application by Company Act of 1956 (12 U.S.C. 1842(a)(3)), Dominion Bankshares Corporation, Roanoke, Vir­ and section 222.3(a) of Federal Reserve Regula­ ginia, a registered bank holding company, for the tion Y (12 CFR 222.3(a)), an application by Board’s prior approval of the acquisition of 80 Dominion Bankshares Corporation, Roanoke, Vir­ per cent or more of the voting shares of the First ginia, a registered bank holding company, for the National Bank of Norfolk, Norfolk, Virginia. Board’s prior approval of the acquisition of 80 As required by section 3(b) of the Act, the per cent or more of the voting shares of The City Board notified the Comptroller of the Currency of Bank and Trust Company of Alexandria, Alexan­ the application and requested his views and recom­ dria, Virginia. mendation. The Comptroller recommended ap­ As required by section 3(b) of the Act, the proval of the application. Board notified the Commissioner of Banking of Notice of receipt of the application was pub­ the State of Virginia of the application and lished in the Federal Register on August 7, 1968 requested his views and recommendation. The (33 Federal Register 11190), providing an op­ Commissioner recommended approval of the ap­ portunity for interested persons to submit com­ plication. ments and views with respect to the proposed Notice of receipt of the application was pub­ transaction. A copy of the application was for­ lished in the Federal Register on August 7, 1968 warded to the United States Department of Justice (33 Federal Register 11190), providing an op­ for its consideration. Time for filling comments portunity for interested persons to submit com­ and views has expired and all those received have ments and views with respect to the proposed been considered by the Board. transaction. A copy of the application was for­ It is hereby ordered, for the reasons set forth warded to the United States Department of Justice in the Board’s Statement of this date, that said for its consideration. Time for filing comments and application be and hereby is approved, provided views has expired and all those received have been that the application so approved shall not be con­ considered by the Board. summated (a) before the thirtieth calendar day It is hereby ordered, for the reasons set forth following the date of this Order or (b) later than in the Board’s Statement of this date, that said three months after the date of this Order unless application be and hereby is approved, provided such period is extended for good cause by the that the acquisition so approved shall not be con­ Board or by the Federal Reserve Bank of Rich­ summated (a) before the thirtieth calendar day mond pursuant to delegated authority. following the date of this Order or (b) later than Dated at Washington, D.C., this 14th day of three months after the date of this Order unless November, 1968. such period is extended for good cause by the By order of the Board of Governors. Board or by the Federal Reserve Bank of Rich­ mond pursuant to delegated authority. Voting for this action: Chairman Martin and Gov­ Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN □ DECEMBER 1968 1021 Dated at Washington, D.C., this 14th day of probable effect of the transaction in meeting the November, 1968. convenience and needs of the community to be served. In each case the Board is required to take By order of the Board of Governors. into consideration the financial and managerial Voting for this action: Chairman Martin and Gov­ resources and future prospects of the bank holding ernors Robertson, Mitchell, Daane, Maisel, and Brimmer. Absent and not voting: Governor Sherrill. company and the banks concerned, and the con­ (Signed) Robert P. Forrestal, venience and needs of the community to be Assistant Secretary. served. [seal] Competitive effects of the proposed transactions. Applicant, the sixth largest banking organization Statement in Virginia, controls deposits of $353 million, Dominion Bankshares Corporation, Roanoke, representing 5.8 per cent of the total deposits in Virginia (“Applicant”), a registered bank holding the State.1 Upon completion of the acquisitions company, has applied to the Board of Governors, proposed, Applicant would control 6.3 per cent of pursuant to section 3(a) (3) of the Bank Holding total deposits in the State and would become the Company Act of 1956 (12 U.S.C. 1842(a) (3)), fifth largest banking organization in Virginia. for prior approval of the acquisition of 80 per Consummation of the proposals would not signifi­ cent or more of the voting shares of the First cantly affect the present degree of State-wide con­ National Bank of Norfolk, Norfolk, Virginia centration. (“First Norfolk”), and The City Bank and Trust First Norfolk, which has deposits of $21 mil­ Company of Alexandria, Alexandria, Virginia lion, has its principal office in Norfolk and has (“City Bank”). While each of the applications has one branch in each of the neighboring cities of been separately considered and is subject to Virginia Beach and Chesapeake. The areas served a separate Board Order, because of facts and by the three offices are separate and consist of circumstances common to both applications, this portions of the three cities. First Norfolk is the Statement contains the Board’s findings and con­ smallest of seven banks serving these areas; its clusions with respect to both. competitors are the two largest independent banks Views and recommendations of supervisory au­ in the State and four banks which are subsidiaries thorities. As required by section 3(b) of the Act, of three bank holding companies. the Board notified the Comptroller of the Cur­ City Bank, with deposits of $10 million, has its rency of receipt of the application relating to main office and only branch in Alexandria and First Norfolk and notified the Commissioner of serves the eastern section of that city and a small Banking of the State of Virginia of receipt of the portion of adjoining Arlington County. It is the application relating to City Bank, and requested smallest bank in that area, and its competitors their views and recommendations thereon. Recom­ are four subsidiaries of bank holding companies mendations for approval were received in both and a $14 million independent bank. cases. None of Applicant’s present subsidiary banks is Statutory considerations. Section 3(c) of the located less than 95 miles from either Norfolk or Act provides that the Board shall not approve an Alexandria, and First Norfolk and City Bank are acquisition that would result in a monopoly or located about 180 miles apart. It does not appear would be in furtherance of any combination or that any competition exists between the two pro­ conspiracy to monopolize or to attempt to monopo­ posed subsidiary banks or between cither of them lize the business of banking in any part of the and present subsidiaries of Applicant. Further, in United States. Nor may the Board approve a view of the distances involved and State branching proposed acquisition the effect of which, in any restrictions, it does not appear likely that such section of the country, may be substantially to competition would develop in the future. It is lessen competition, or to tend to create a monopoly, reasonably foreseen that the acquisitions proposed or which in any other manner would be in restraint will increase the competitive abilities of the acof trade, unless the Board finds that the anticom­ petitive effects of the proposed transaction arc 1 Unless otherwise noted, all banking data are as of De­ clearly outweighed in the public interest by the cember 31, 1967. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1022 LAW DEPARTMENT quired banks, without adversely affecting the lets. There is no evidence of unserved needs, nor viability or competitive effectiveness of competing does Applicant suggest that the proposed affiliation banks. will fulfill any unserved needs. Rather, the affilia­ In the light of these facts, the Board concludes tion’s primary contribution to the Alexandria bank­ that consummation of the proposed acquisitions ing community would be the overall improvement would not result in a monopoly nor be in any in City Bank’s financial condition and stability that furtherance of an combination, conspiracy, or can be reasonably expected to ensue from Appli­ attempt to monopolize the business of banking cant’s efforts to correct operational difficulties and in any area. It does not appear that consumma­ management deficiencies. Applicant also proposes tion of either or both of the proposals would have to expand and improve the quality of services the effect of substantially lessening competition or presently offered by City Bank. Affiliation of City tending to create a monopoly in any section of the Bank with Applicant would serve the convenience country, or would in any manner be in restraint of of the community by providing the community trade. with an additional well-managed full service bank­ Financial and managerial resources and future ing institution. prospects. The financial condition, management These considerations are consistent with, and and prospects of Applicant and First Norfolk are provide some weight in favor of, approval of the considered satisfactory, although the prospects of application. First Norfolk would be somewhat improved by Summary and conclusion. On the basis of all consummation of Applicant’s proposal. relevant facts contained in the record, and in the City Bank’s four and one-half years of operating light of the factors set forth in section 3(c) of the history reflect significant managerial difficulties. An Act, it is the Board’s judgment that the proposed exceptionally high rate of personnel turnover is transactions would be in the public interest and only partially reflected by the fact that three dif­ that the applications should be approved. ferent chief executive officers have served the bank. The absence of continuing, experienced manage­ MERRILL BANKSHARES COMPANY, ment direction has adversely affected many as­ BANGOR, MAINE pects of City Bank’s operations, particularly its loan portfolio and its earnings. Absent substantial In the matter of the application of Merrill Bank­ improvements in these areas, City Bank’s prospects shares Company, Bangor, Maine, for approval of are not promising. action to become a bank holding company through Considerations under this factor, as they relate the acquisition of up to 100 per cent of the voting to First Norfolk, are consistent with approval of shares of The Merrill Trust Company, Bangor, the application. Such considerations lend sig­ Maine, and Washburn Trust Company, Washburn, nificant weight toward approval of the proposed Maine. acquisition of City Bank. Convenience and needs of the communities in­ Order Approving Application Under volved. Consummation of Applicant’s proposals Bank Holding Company Act would not affect the convenience or needs of the communities served by its present subsidiaries. There has come before the Board of Governors, Applicant details plans for broadening the serv­ pursuant to section 3(a)(1) of the Bank Holding ices available through First Norfolk and for the Company Act of 1956 (12 U.S.C. 1842(a)(1)), opening of new offices which will contribute to the and section 222.3(a) of Federal Reserve Regula­ convenience of that bank’s customers. Immediate tion Y (12 CFR 222.3(a)), an application by plans include the creation of an international de­ Merrill Bankshares Company, Bangor, Maine, for partment and a mortgage department, and the the Board’s prior approval of action whereby enlargement of the bank’s existing installment loan Applicant would become a bank holding company department to encompass a full range of specialty through the acquisition of up to 100 per cent of consumer financing. the voting shares of The Merrill Trust Company, The communities served by City Bank are amply Bangor, Maine, and Washburn Trust Company, supplied with convenient full service banking out­ Washburn, Maine. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN □ DECEMBER 1968 1023 As required by section 3(b) of the Act, the of Washburn Trust (deposits $6.7 million).1 The Board gave written notice of receipt of the applica­ offices of the two banks nearest each other are tion to the office of the Bank Commissioner for 110 miles apart. Merrill Trust presently operates 18 the State of Maine, and requested views and re­ offices, and Washburn Trust operates two offices. commendation thereon. The office of the Bank Views and recommendation of supervisory au­ Commissioner stated that it had no objection to thority. As required by section 3(b) of the Act, approval of the application. notice of receipt of the application was given to, Notice of receipt of the application was pub­ and views and recommendation requested of, the lished in the Federal Register on July 27, 1968 office of the Bank Commissioner for the State of (33 Federal Register 10768), providing an op­ Maine. The office of the Bank Commissioner re­ portunity for interested persons to submit com­ plied that it had no objection to the proposal. ments and views with respect to the proposed Statutory considerations. Section 3(c) of the transaction. A copy of the application was for­ Act provides that the Board shall not approve an warded to the United States Department of Justice acquisition that would result in a monopoly or for its consideration. Time for filing comments would be in furtherance of any combination or and views has expired and all those received have conspiracy to monopolize or to attempt to monopo­ been considered by the Board. lize the business of banking in any part of the It is hereby ordered, for the reasons set forth United States. Nor may the Board approve a pro­ in the Board’s Statement of this date, that said posed acquisition the effect of which, in any application be and hereby is approved, provided section of the country, may be substantially to that the action so approved shall not be consum­ lessen competition, or to tend to create a monopoly, mated (a) before the thirtieth calendar day follow­ or which in any other manner would be in restraint ing the date of this Order or (b) later than three of trade, unless the Board finds that the anticom­ months after the date of the Order, unless such petitive effects of the proposed transaction are period is extended for good cause by the Board or clearly outweighed in the public interest by the by the Federal Reserve Bank of Boston pursuant probable effect of the transaction in meeting the to delegated authority. convenience and needs of the community to be served. In each case the Board is required to take Dated at Washington, D.C., this 25th day of into consideration the financial and managerial November, 1968. resources and future prospects of the bank holding By order of the Board of Governors. company and the banks concerned, and the con­ venience and needs of the community to be served. Voting for this action: Chairman Martin and Gov­ ernors Robertson, Mitchell, Daane, Maisel, and Competitive effect of proposed transaction. Mer­ Brimmer. Absent and not voting: Governor Sherrill. rill Trust operates 18 banking offices in five of (Signed) Robert P. Forrestal, Maine’s 16 counties. Its main office and five branch offices are located in Penobscot County, and those Assistant Secretary. offices constitute about 27 per cent of the 22 bank­ [seal] ing offices located there and hold about 40 per cent of the total County deposits.2 Merrill Trust holds Statement about 26 per cent of aggregate deposits in the other Merrill Bankshares Company, Bangor, Maine four counties in which it has offices. (“Applicant”), has filed with the Board, pursuant Washburn Trust operates two banking offices and to section 3(a)(1) of the Bank Holding Company holds about 7 per cent of total deposits in Aroos­ Act of 1956, an application for approval of action took County, in which six other banks operate 18 to become a bank holding company through the offices. Northern National Bank, Presque Isle, is acquisition of up to 100 per cent of the voting the largest bank in the County, operating 10 offices shares of The Merrill Trust Company, Bangor, and holding about 54 per cent of total County Maine (“Merrill Trust”), and Washburn Trust deposits. Company, Washburn, Maine (“Washburn Trust”). 'All banking data are as of December 30, 1967, unless The main office of Merrill Trust (deposits $72.2 otherwise noted. million) is located 180 miles from the main office "As of June 30, 1966. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1024 LAW DEPARTMENT The offices of Merrill Trust and Washburn Trust financial condition, managerial resources, and pros­ located nearest each other are separated by a dis­ pects would be entirely dependent upon those of tance of about 110 miles, and there appears to be its subsidiary banks. no competition existing between the two banks. The financial condition, managerial resources, Under State law, Merrill Trust could establish and prospects Of both Merrill Trust and Washburn branch offices in the area served by Washburn Trust are reasonably satisfactory; therefore, con­ Trust, except in the town of Washburn (population siderations relating to the banking factors are 2000). In view, however, of the distance of Merrill consistent with approval of the application. Trust’s present offices from the Washburn area, Convenience and needs of the communities in­ and the rural and sparsely populated character of volved. Formation of the holding company will the Washburn area, it is unlikely that Merrill have little eflect on the banking convenience and Trust would establish offices in that area in the needs of the communities served by Merrill Trust. foreseeable future. Thus, the possibility that po­ The affiliation of Merrill Trust and Washburn tential competition between the two banks would Trust should, however, enhance the services and be foreclosed by the holding company formation efficiency of the latter bank. The banking needs of is remote. individuals and businesses in the Washburn area It does not appear that formation of the proposed are being served by several commercial banks in holding company would adversely affect competi­ addition to Washburn Trust. The effect of the tion with other banking institutions. Rather, since affiliation will thus be to provide those individuals Washburn Trust’s two major competitors are larger and businesses with a convenient, alternative banks, the proposed affiliation with Merril) Trust source of full banking services. Applicant pro­ may strengthen Washburn Trust’s competitive poses to provide Washburn Trust with investment ability in Aroostook County. The competitive po­ advice, loan participations, employee training, in­ sition of Merrill Trust within the areas of its stalment credit systems, legal services, and com­ present operations would not appear to be signi­ puter services. ficantly affected. Considerations under this factor provide some The transaction would not affect concentration weight toward approval of the application. levels in the separate areas served by Merrill Trust Summary and conclusion. On the basis of all the and Washburn Trust, and would not unduly in­ relevant facts contained in the record, and in light crease the concentration of banking resources in of the factors set forth in section 3(c) of the Act, the State of Maine. The State’s 10 largest banking it is the Board’s judgment that the proposed trans­ organizations hold approximately 73 per cent of action would be in the public interest and that the aggregate deposits held by 41 insured commercial application should be approved. banks in the State. Merrill Trust presently is the fifth largest banking organization in the State, FIRST WISCONSIN BANKSHARES holding about 7.3 per cent of total deposits; ap­ CORPORATION, MILWAUKEE, WISCONSIN proval of the application will result in the Applicant' becoming the fourth largest banking organization In the matter of the application of First Wis­ in the State, holding about 8.0 per cent of total consin Bankshares Corporation, Milwaukee, Wis­ deposits. consin, for approval of acquisition of 80 per cent The proposed transaction would not result in or more of the voting shares of First Wisconsin a monopoly or be in furtherance of any combina­ National Bank of Greenfield, Greenfield, Wiscon­ tion, conspiracy or attempt to monopolize the busi­ sin, a proposed new hank. ness of banking in any relevant area. Approval of the application and consummation of the proposal Order Denying Application Under would not substantially lessen competition, tend Bank Holding Company Act to create a monopoly, or restrain trade in any sec­ There has come before the Board of Governors, tion of the country. pursuant to section 3(a)(3) of the Bank Holding Financial and managerial resources and future Company Act of 1956 (12 U.S.C. 1842(a)(3)) prospects. Applicant is a newly-formed corpora­ and section 222.3(a) of Federal Reserve Regula­ tion and has no financial or operating history. Its tion Y 12 CFR 222.3(a)), an application by First Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1025 Wisconsin Bankshares Corporation, Milwaukee, cant estimates that Bank will have $3.9 million Wisconsin, for the Board’s prior approval of the deposits after three years of operation. acquisition of 80 per cent or more of the voting Views and recommendation of supervisory shares of First Wisconsin National Bank of Green­ authority. As required by section 3(b) of the Act, field, Greenfield, Wisconsin, a proposed new bank. the Board notified the Comptroller of the Currency As required by section 3(b) of the Act, the of receipt of the application and requested his Board notified the Comptroller of the Currency of views and recommendation thereon. The Comp­ receipt of the application and requested his views troller recommended approval of the application. and recommendation. The Comptroller recom­ Statutory considerations. Section 3(c) of the mended approval of the application. Act provides that the Board shall not approve an Notice of receipt of the application was pub­ acquisition that would result in a monopoly or lished in the Federal Register on May 17, 1968 would be in furtherance of any combination or (33 Federal Register 7338), which provided an conspiracy to monopolize or to attempt to monop­ opportunity for interested persons to submit com­ olize the business of banking in any part of the ments and views with respect to the proposed United States. Nor may the Board approve a pro­ acquisition. A copy of the application was for­ posed acquisition the effect of which, in any sec­ warded to the United States Department of Justice tion of the country, may be substantially to lessen for its consideration. Time for filing comments and competition, or to tend to create a monopoly, or views has expired and all those received have been which in any other manner would he in restraint considered by the Board. of trade, unless the Board finds that the anticom­ It is hereby ordered, for the reasons set forth petitive effects of the proposed transaction are in the Board’s Statement of this date, that said clearly outweighed in the public interest by the application be and hereby is denied. probable effect of the transaction in meeting the Dated at Washington, D.C., this 27th day of convenience and needs of the community to be November 1968. served. In each case the Board is required to take By order of the Board of Governors. into consideration the financial and managerial resources and future prospects of the bank holding Voting for this action: Chairman Martin and Gov­ company and the banks concerned, and the con­ ernors Robertson, Maisel, Brimmer, and Sherrill. Voting against this action: Governors Mitchell and venience and needs of the community to be served. Daane. Competitive effect of proposed transaction. The (Signed) Robert P. Forrestal, 10 largest banking organizations in Wisconsin, of Assistant Secretary. which 6 are bank holding companies," control $3.1 [seal] billion of deposits, or 39.3 per cent of the total deposits held by all insured commercial banks in Statement the State. Applicant, the largest banking organi­ First Wisconsin Bankshares Corporation, Mil­ zation in the State, controls about 17 per cent of waukee, Wisconsin ("Applicant”), a registered such deposits. bank holding company, has applied to the Board The Milwaukee Standard Metropolitan Statisti­ of Governors, pursuant to section 3(a)(3) of the cal Area (“SMSA”) includes Milwaukee County Bank Holding Company Act of 1956 (12 U.S.C. and three other counties. The 3 largest banking 1842(a)(3)), for prior approval of the acquisition organizations in this area, all of which arc Mil­ of 80 per cent or more of the voting shares of waukee-based bank holding companies, control First Wisconsin National Bank of Greenfield, about 65 per cent of the total deposits in the Greenfield, Wisconsin (“Bank”), a proposed new SMSA and about 73 per cent of the deposits in bank. Milwaukee County. Subsidiaries of Applicant con­ Applicant controls 12 banks 1 with total deposits trol 34 per cent of the deposits in the SMSA and of $1.3 billion as of December 31, 1967." Appli- 38 per cent of the deposits in Milwaukee County. r Includes First Northwestern National Bank, of Mil­ It is anticipated by Applicant that Bank will waukee, a proposed new bank, the acquisition of which was approved by the Board on July 2, 1968. includes First Holding Company, Inc., Waukesha, 2 All banking data are as of this date unless otherwise which became a bank holding company on April 10, 1968. noted. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1026 FEDERAL RESERVE BULLETIN □ DECEMBER 1968 serve an area of about 4.5 square miles in south­ concentration are limited. This is particularly true in a western Milwaukee County, about nine miles from State such as Wisconsin, where branching is highly restricted. If every newly developing need for banking the central financial area of the City of Milwaukee. facilities which arises in a concentrated market were The population of this area, presently 10,600, is to be filled by the market’s dominant organization, any meaningful deconcentration of the market's banking expected to increase by about 50 per cent by 1980, resources would be made impossible, and further con­ and business growth of the area is expected to be centration might be encouraged. Each application by even more rapid. There is now being developed such an organization to expand within its present trade area, even through acquisition of a new bank, immediately adjacent to Bank’s proposed site a must therefore be examined to determine its probable shopping center which, when completed in 1970, effect on existing concentration, whether it will fore­ close an opportunity for new entry which could pro­ will be the largest in the State of Wisconsin and vide additional competition and possibly promote a is expected to attract shoppers from the entire decrease in concentration, and its effect in limiting the southwest section of the county. Only one banking development of existing competitors located in or near the area to be served by the new institution. office, a branch of Layton Park State Bank, Mil­ waukee (total deposits of $22 million), is located In the case of Applicant’s acquisition of First within the area designated by Applicant as the area Northwestern National Bank, the Board noted to be served by Bank. Eight other banks, all lo­ that: “While it seems clear that new entry would cated within nine miles of Bank’s site, are regarded be a competitively preferable means of satisfying as competing significantly within the area. In­ the present and anticipated banking needs of the cluded among the eight are Applicant’s largest sub­ community, nothing in the record provides a basis sidiary bank, First Wisconsin National Bank of for concluding that such entry is reasonably prob­ Milwaukee, which has three offices located from able within the foreseeable future. The Board two and one-half to six and one-half miles of the viewed the mere possibility of a procompetitive site, and another Applicant subsidiary, Southgate alternative as an insufficient basis for concluding National Bank, Milwaukee, located four miles that consummation of the proposal would result in from the site of Bank. Applicant’s subsidiary banks a substantially less competitive market than would derive $1.2 million in deposits from individuals, otherwise likely develop, and therefore approved partnerships, and corporations located in the area. the application. It is estimated by Applicant that a significant por­ In the present case, the record postures a differ­ tion of the $3.9 million of deposits projected for ent conclusion. The shopping center to be devel­ Bank after three years of operation will result from oped adjacent to Bank’s proposed site will contain accounts transferred from offices of other of Appli­ four major department stores, numerous other cant’s subsidiaries. businesses, office buildings, a theatre, a restaurant In the Statement which accompanied its Order and motel, and will have parking facilites for 8,000 approving Applicant’s acquisition of First North­ automobiles. A shopping center of this size and western National Bank of Milwaukee,' the Board nature typically includes at least one banking indicated its views with respect to the considera­ office, and the satisfactory growth attained by most tions applicable to a proposal such as the present of these offices evidences the favorable prospects one: which the large-scale development in Greenfield will offer for a bank located in or near the pro­ Since the instant proposal involves the acquisition of a proposed new bank which will be opened only in posed shopping center. the event of approval of the application, no existing Determination of the competitive effects of a or potential competition between Bank and Appli­ cant’s present subsidiaries would be eliminated by the proposed holding company acquisition, whether proposal and no immediate increase in banking concen­ the proposal is one to acquire an existing bank or tration in any area would result. Nevertheless, in view a new bank to be organized under the holding of the significant degree of concentration reflected by the foregoing data, and the extent of Applicant’s par­ company’s direction, turns on the issue of whether ticipation in such large organization control of banking consummation of the proposal will result in a sub­ resources, it cannot be said that a proposal by Appli­ cant to establish a new subsidiary in the area of its stantially less competitive banking market than is greatest domination (Milwaukee County) presents no likely to exist or develop in the event that the pro­ competitive issues. Inasmuch as entry into a commer­ posal is not consummated. In the present case, cial banking market is restricted, opportunities for de­ consummation of the proposal would result in ex­ ' 1968 Federal Reserve Bulletin 645, 647-648. pansion of the dominant banking organization in Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1027 Milwaukee County and would tend to preclude interest by the proposal’s effect in meeting the con­ entry which could lessen the extent of Applicant’s venience and needs of the community to be served. dominance in the county, and provide competition Convenience and needs of the communities in­ to offices of Applicant’s present subsidiaries which volved. The convenience and needs of customers serve the immediate area. in those areas in which Applicant’s present sub­ In the event Applicant’s proposal is not con­ sidiaries are located would not be affected by con­ summated, the record provides reasonable assur­ summation of the proposal. ance that new entry would be effected. In view of It appears that the banking needs of customers the opportunity which the growth potential of the located in Bank’s service area are presently being proposed service area provides, it would be diffi­ served, in varying degrees of convenience, by one cult, under any circumstances, to avoid the con­ banking office located within the area and by bank­ clusion that efforts to provide banking service to ing offices located outside the area, including four the area will not be limited to Applicant. In addi­ offices of Applicant’s subsidiary banks. Consum­ tion, however, the record indicates that an appli­ mation of the proposal would make the services cation was filed by the developers of the proposed of Applicant’s system more conveniently available shopping center for a national bank charter for a to present customers located within the area, and new bank to be located in the center. That appli­ would provide residents and businesses in the pro­ cation was opposed by Bank’s organizers for the jected service area with a local alternative source stated reason that it would be premature to grant of banking services. This consideration is of little such a charter so soon after the preliminary ap­ significance, however, in view of the evidence that proval given to Bank’s organization, and the the community will be provided with additional Comptroller recently denied the developers’ bank local banking facilities in any event, and from a charter application. Without expressing any opin­ source independent of those already available with ion as to the overall merits of that particular reasonable convenience. Moreover, inasmuch as application, the Board views the fact of its filing the announcement of the proposed shopping center as significant evidence of the likelihood that efforts appears to be the event which principally dictates will be made to provide competitive banking facili­ the need for additional banking facilities, it would ties for the area. appear that such need would be served with some­ In view of present concentration in Milwaukee what greater convenience to the community by a County banking and the dcsirabilty of encouraging facility located within the shopping center than by the development of new sources of competition, it a facility located adjacent to it, as contemplated seems clear that if Applicant’s proposal had in­ by Applicant’s proposal. Consummation of the volved an attempt to acquire a new bank chartered proposal would represent an impediment to the by independent interests, the standards of the Act establishment of facilities which would offer greater would require a finding that competition would be community convenience. substantially lessened by the proposal’s consum­ Considerations under this factor do not out­ mation. But the law is no less opposed to a pro­ weigh the significant anticompetitive effects earlier posal which suppresses the development of com­ noted. petition than to one which eliminates competition Financial and managerial resources and future which already exists. In every case, the test is the prospects. Applicant’s financial condition, and that probable effect which the acquisition would have of its subsidiary banks, is regarded as satisfactory. on future competition in the relevant market. On The prospects of Applicant and its subsidiary banks the present record, it appears probable that con­ arc regarded as favorable and management summation of Applicant’s proposal would result in throughout Applicant’s organization is considered a substantially less competitive and significantly capable and experienced and in all respect satis­ more concentrated banking market in the imme­ factory. diate area and in Milwaukee County than would Bank has no financial or operating history. Its likely develop if the proposal were not consum­ management will be derived from Applicant’s pres­ mated. The Board is therefore precluded from ent subsidiaries, and its projected growth and earn­ approving the application unless such anticompeti­ ings indicate favorable prospects. tive effects are clearly outweighed in the public Considerations under this factor are consistent Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1028 FEDERAL RESERVE BULLETIN □ DECEMBER 1968 with approval of the application, but provide no tion here was filed within several weeks of the significant weight in favor of approval. announcement of the proposed shopping center, Summary and conclusion. Previous Board deter­ which announcement clearly stimulated the present minations on applications by a dominant bank proposal and in all likelihood will stimulate less holding company to expand by acquisition of a anticompetitive proposals to serve the same an­ proposed new bank have indicated the considera­ ticipated banking needs. The shopping center, still tions applicable to such a proposal. Although such in the early stages of construction, is to be com­ an acquisition has some inherent anticompetitive pleted in two stages, with less than one-half the implications, it also sometimes represents the least floor space completed in 1969 and the balance in anticompetitive means of expansion of such an 1970. These facts present no urgent public need, organization within its immediate area, so that the satisfaction of which overrides in the public particular care is required in analyzing the facts interest the significant anticompetitive effects in­ of each case to avoid a determination which would herent in the proposal. stifle the enterprise, energy and far-sightedness On the basis of all relevant facts contained in necessary to meet the banking needs of the com­ the record, and in the light of the factors set forth munity. Thus, in those cases in which a proposal in section 3(c) of the Act, it is the Board’s judg­ has been responsive to a clear and present need for ment that Applicant’s proposals may have the banking facilities, the Board has approved such an effect of substantially lessening competition, and acquisition, and in one case did so despite the fact that the anticompetitive effects of the transaction that proposals which may have been competitively are not clearly outweighed in the public interest preferable were belatedly advanced/ In other cases, by any probable effect of the transaction in meeting in which the need to be served was not imminent the convenience and needs of the community to be or where it appeared probable that competitively served. Accordingly, the application should be preferable proposals adequate to meet the needs denied. would be timely advanced, applications by a large holding company to acquire a proposed new bank Dissenting Statement of Governor Mitchell have been denied." The majority in this case has denied First Wis­ The principles evolved by those cases, and those consin Bankshares de novo access to a market area considerations discussed in the Board’s earlier- in suburban Milwaukee. It has done so by pre­ cited Statement on Applicant’s proposals to acquire venting Bankshares from creating a new banking First Northwestern National Bank, represent a affiliate. sound policy from which the Board sees no reason The newly organized bank would have served to depart, and adherence to that policy dictates portions of the communities of Greenfield and that the present application be denied. The applica- Greendale. The estimated population of the two communities is 36,500, and the population of the " Application oj First Wisconsin Bankshares Corpora­ bank’s “primary service” area (defined as the area tion, 1960 Federal Reserve Bulletin 266. In that case, which involved a bank to be located within a shopping from which 75 per cent of projected deposits will center, the Board noted that “although the shopping center originate) is estimated at 10,600. Bank of Green­ had been proposed for many years and had been in opera­ field ($2,234,000 in deposits), State Bank of Hales tion for some time," only after a Tentative Decision of the Board indicating that the Applicant’s proposal would be Corners ($17,835,000 in deposits) and a branch approved did anyone other than the Applicant evince in­ of Layton Park State Bank ($22,000,000 in de­ terest in establishing banking facilities in the area. Under those circumstances, the Board stated (p. 268): “to deny posits) are, respectively, FA, 2%, and FA road Bankshares’ application because of these recent indications miles from the proposed location and are the of interest would tend to discourage initiative in providing major competitors for locally oriented business. needed banking facilities. The Board has concluded that such an outcome would not be in the public interest.” First Wisconsin Banksharcs already had custom­ "Application of Northwest Bancorporation, 1958 Federal ers in the area with deposits estimated at $1,200,­ Reserve Bulletin 11; Application of Wisconsin Bank­ 000. The other major Milwuakee banks also have shares Corporation, 1958 Federal Reserve Bulletin 15; Ap­ plication of First Bank Stock Corporation, 1958 Federal customers in the area with undisclosed holdings. Reserve Bulletin 1061; Application of Northwest Ban­ The proposed office would enable Banksharcs to corporation, 1961 Federal Reserve Bulletin 1289; Appli­ better service its existing customers in the area and cation of Central Wisconsin Bankshares, Inc., 1966 Fed­ eral Reserve Bulletin 29. to attract new customers as the community grows. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1029 Denial of this application will impair Bankshares’ that other statutory provisions covering banking or ability to offer its services in a convenient location general corporate powers would be interpreted to and to attract new business on the strength of the permit such affiliation. quality and diversity of its services. Wisconsin does not fit any of these categories Most individual depositors and small businesses very well but it has more in common with the sec­ select a banking connection as close to home or ond category than the others. Some branching has work as is feasible. In suburban residential areas been inherited from earlier statutory provisions, such as Greenfield these customers would ordi­ State-wide access through holding company affilia­ narily be within a radius of 1 to 3 miles of a bank­ tion is allowed, and recently the State opened to ing office, depending on competitive alternatives, branching those municipalities without a banking the income level of the community and the popula­ office. tion per square mile. Under present-day conditions, Under the spirit of the Federal policy which rejecting an application for an office in this subur­ yields to a State the determination of the scope ban area is tantamount to excluding Bankshares of banking markets within its boundaries, it could from effectively competing for such customers in be argued that in the absence of more expansive the area. provisions with respect to branching in Wisconsin, Only a compelling and plainly evident conflict Bankshares should not be allowed an affiliate in with the public interest would jusify the rejection locations where branches would be more in keeping of the Applicant’s right to earn—not purchase with general banking practice. But I am more through merger or consolidation—the patronage persuaded to the contrary by the precedents that of suburban customers. Does the public interest have come into being under the Wisconsin law. require so drastic a measure as confinement of in­ Over a long period of time several affiliates of this ternal expansion by First Wisconsin Bankshares? type have been organized and operated without The proposal could conceivably be rejected on statutory challenge or correction. It seems appro­ two grounds: that it contravenes State banking priate to regard such affiliates as consistent with policy or that it contravenes Federal policy on con­ State banking policy. The proposal, therefore, centration of power and a trend toward monopoly. should not be struck down on the grounds it con­ A State government under the so-called “dual travenes State policy as defined by the legislature. banking system” has the power to exclude from It is obvious from the facts contained in its state­ effective competition banks chartered under the ment that the majority has been influenced toward laws of other States, to restrict competition among its denial by statistical measures of banking concen­ the State banks it charters and to limit their market tration. The concentration ratios for First Wiscon­ areas in any manner it deems consistent with the sin Bankshares are in their judgment too large; State’s interest. It may even, through anti-branch­ therefore, that organization is denied the right to ing restraints and home office protection laws, expand even de novo—in fact, it is exposed to the create local monopolies. A State’s power over State risk of losing some of its present customers to banks is all the greater because of the established more convenient banking accommodations because Federal policy to impose on National banks the it cannot even adapt to population shifts within the same office location restrictions as are applicable metropolitan area. to State banks. The statistical measures of concentration for State laws governing the access of banks to local States or metropolitan areas are useful if used with markets within the State are extremely diverse; but caution and consideration as to their real signifi­ three groupings are roughly disinguishable: (1) cance. The standard metropolitan area as a signifi­ State-wide access to local markets through branch­ cant market area for the sale of products, services ing or holding companies or both, (2) limited ac­ or labor clearly has its limitations and qualifica­ cess confined to a single city, a county or contigu­ tions. It is not ordinarily a suitable basis for gauging ous county areas, often combined with State-wide competition in providing banking services to in­ access through holding company affiliation, (3) dividuals and smaller firms and associations, unless local access limited to a one-office location, usually the competitors blanket the entire area with their with an explicit statutory prohibition with respect to offices. holding company affiliation or at least uncertainty The “total deposit” measure most commonly Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1030 FEDERAL RESERVE BULLETIN □ DECEMBER 1968 used is also inappropriate in those cases where and/or holding company affiliation is permitted some deposits are nonlocal in origin reflecting within all or nearly all of the related metropolitan larger banking organizations’ penetrations of na­ area. California SMSA’s are excluded because of tional and international deposit markets. Thus, data non-comparability. while the great majority of a bank’s customers may The data in the table reveal the relatively low be recruited within close proximity to its offices, level of banking concentration in the Milwaukee the larger businesses, some of the larger local gov­ metropolitan area. Using the market share of the ernments or their agencies, nonprofit organizations four largest banks in each area as a criterion, Mil­ and wealthy individuals can and do transact some waukee ranks 17th among 17 in concentration of of their banking business elsewhere, and irrespec­ offices, total deposits, and demand deposits of less tive of their residence or principal place of busi­ than $100,000, and 16th in concentration of sav­ ness. In some banks these larger depositors hold ings deposits of less than $100,000. a preponderance in the bank’s deposit aggregate. Using the market share of the largest banking Bearing in mind these limitations, what approach organization in each area as a criterion, Milwaukee should be taken to the probem of judging whether ranks 15th in concentration of offices and savings or not some particular level of statistical concen­ deposits of less than $100,000, 16th in concentra­ tration is or is not compatible with the public in­ tion of demand deposits under $100,000 and is terest? We can look at some comparative situations. tied for 13th in concentration of total deposits. Before doing so, however, I think the presumption The shares of large (over $100,000) II’C time underlying such a procedure should be bared. and demand accounts arc also shown in the table It seems to me reasonable to presume that if but are far less significant indicators of concentra­ Congress, after evaluating banking service and per­ tion in local markets since they include the balances formance, held to the view that there was ex­ of regional, national and international customers cessive banking concentration in metropolitan areas as well as those of local depositors. throughout the Nation it would direct the Federal One finds, therefore, slight justification in terms supervisory agencies, including the Federal Re­ of the actual banking structure patterns in the Na­ serve Board, to attack that problem directly and on tion’s metropolitan areas for characterizing the a widespread basis by prohibiting further branch­ Milwaukee situation as comparatively over con­ ing of any kind in any such areas by the largest centrated. These real-life criteria seem to me a banking organizations. Congress has authorized sounder basis for approval than the majority in­ no such step unless to implement State policy tuitive judgment is for denial. and, in my opinion, the majority in this denial has One also finds no hint in the record that the over-reached its Congressional mandate by so using performance of Bankshares, or Milwaukee banks Federal power in the Bankshares case. generally, is anticompetitive in consequence of the Could the majority reasonably contend, how­ extant degree of concentration. On the contrary, ever, that the situation in the Milwaukee metropoli­ such performance as can be deduced from the tan area is so extreme a case of concentration as record is indicative of a vigorous competitive cli­ to justify the unusual constraint it has introduced mate. The benefits to bank customers show up in against de novo entry? the level of interest charges on loans, interest rates The latest facts on concentration levels in 17 paid on deposits and a variety of service features. metropolitan areas are contained in the attached On the record, Bankshares’ role in the Milwaukee table; they are as of June 1966. The metropolitan metropolitan area is not one that should be re­ areas included bracket Milwaukee in population pressed or cut oft but one that should be recognized size ranging from 500,000 to 2,500,000 and are as contributing to the competitive environment the located in States where some type of branching majority seeks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1031 SHARES OF BANKING MARKETS IN 17 METROPOLITAN AREAS, JUNE 1966 Market Shares (Per cent) Metropolitan Area Number Small Accounts Large Accounts (I960 population of Number Total (Less than $100,000) (Over $100,000) in thousands) Banking of Deposits OrgJ Offices 1PC Demand Savings IPC Demand 1 PC Time Deposits Deposits Deposits Deposits Pittsburgh, Pa. (2,405) 48 Largest 24 52 32 34 70 72 4 largest 72 88 79 77 98 99 Others 44 28 12 21 23 2 1 Cleveland, Ohio (1,909) 24 Largest 31 34 42 41 20 24 4 largest 69 82 79 86 83 77 Others 20 31 18 21 14 17 23 Baltimore, Md. (1,804) 28 Largest 21 27 29 22 30 79 4 largest 71 81 78 73 93 98 Others 24 29 19 22 27 7 2 Buffalo, N.Y. (1,307) 10 Largest 40 49 47 46 58 45 4 largest 96 97 97 96 99 100 Others 6 4 3 3 4 1 — Milwaukee, Wis, (1,279) 48 Largest 19 34 25 28 50 25 4 largest 38 70 60 59 88 57 Others 44 62 30 40 41 12 43 New Orleans, La. (907) 23 Largest 14 31 31 34 45 17 4 largest 46 77 72 70 90 62 Others 19 54 23 28 30 10 38 Portland, Ore. (822) 21 Largest 26 38 36 36 41 36 4 largest 65 86 81 83 94 99 Others 17 35 14 19 17 6 Providence, R.I. (821) 15 Largest 29 52 41 59 46 60 4 largest 61 91 89 91 94 95 Others 1 1 39 9 11 9 6 5 Columbus, Ohio (755) 16 Largest 45 45 43 47 51 17 4 largest 78 95 92 93 99 100 Others 12 22 5 8 7 1 — Rochester, N.Y. (733) 18 Largest 26 39 34 32 64 45 4 largest 85 94 93 92 99 98 Others 14 15 6 7 8 1 2 Phoenix, Ariz. (664) 10 Largest 36 49 45 49 50 40 4 largest 92 94 93 91 98 97 Others 6 8 6 7 9 2 3 Albany, N.Y, (658) 18 Largest 14 32 20 17 32 54 4 largest 54 78 68 54 83 91 Others 14 46 22 32 46 17 9 Akron, Ohio (605) 1 1 Largest 37 42 45 29 47 54 4 largest 66 83 85 83 94 95 Others 7 34 17 15 17 6 5 Norfolk, Va. (579) 1 1 Largest 27 48 41 36 59 72 4 largest 65 79 75 73 92 91 Others 7 35 21 25 27 8 9 Syracuse, N.Y. (564) 10 Largest 34 29 27 30 35 30 4 largest 90 93 92 90 99 97 Others 6 10 7 8 10 1 3 Hartford, Conn. (549) 17 Largest 23 45 38 37 59 60 4 largest 70 93 89 83 98 99 Others 13 30 7 11 17 2 1 Greensboro, N.C. (520) 1 1 Largest 30 51 37 53 53 62 4 largest 69 94 93 90 98 100 Others 7 31 6 7 10 2 — 1 Data are consolidated for banks within holding companies. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1032 FEDERAL RESERVE BULLETIN □ DECEMBER 1968 Dissenting Statement of Governor Daane lowing the date of this Order or (b) later than three months after the date of this Order unless I concur wholeheartedly in Governor Mitchell’s such period is extended for good cause by the dissent. I would only comment additionally that I Board or by the Federal Reserve Bank of Atlanta, remain skeptical of the Board’s prescience in pre­ pursuant to delegated authority, and that United determining that approval precludes any other en­ National Bank of Dadeland shall be open for busi­ trants while denial assures another entrant of a ness not later than six months after the date of character such as to provide a greater competitive this Order. force. Dated at Washington, D.C., this 2nd day of December, 1968. UNITED BANCSHARES OF FLORIDA, INC., CORAL GABLES, FLORIDA By order of the Board of Governors. In the matter of the application of United Banc­ Voting for this action: Chairman Martin and Gov­ ernors Robertson, Mitchell, Daane, Maisel and Sherrill. shares of Florida, Inc., Coral Gables, Florida, for Absent and not voting: Governor Brimmer. approval of acquisition of at least 66% per cent (Signed) Robert P. Forrestal, of the voting shares of United National Bank of Assistant Secretary. Dadeland, Miami, Florida, a proposed new bank. [seal] Order Approving Application Under Statement Bank Holding Company Act United Bancshares of Florida, Inc., Coral There has come before the Board of Governors, Gables, Florida (“Applicant”), a registered bank pursuant to section 3(a)(3) of the Bank Holding holding company, has applied to the Board of Company Act of 1956 (12 U.S.C. 1842(a)(3)) Governors, pursuant to section 3(a)(3) of the and section 222.3(a) of Federal Reserve Regula­ Bank Holding Company Act of 1956 (12 U.S.C. tion Y (12 CFR 222.3(a)), an application by 1842(a)(3)), for prior approval of the acquisi­ United Bancshares of Florida, Inc., Coral Gables, tion of 66% per cent or more of the voting shares Florida, a registered bank holding company, for the of United National Bank of Dadeland, Miami, Board's prior approval of the acquisition of at least Florida (“Dadeland Bank”), a proposed new bank. 66% per cent of the voting shares of United Na­ Views and recommendation of supervisory tional Bank of Dadeland, Miami, Florida, a pro­ authority. As required by section 3(b) of the Act, posed new bank. the Board notified the Comptroller of the Cur­ As required by section 3(b) of the Act, the rency of receipt of the application and requested Board notified the Comptroller of the Currency of his views and recommendation thereon. The receipt of the application and requested his views Comptroller recommended approval of the appli­ and recommendation. The Comptroller recom­ cation. mended approval of the application. Statutory considerations. Section 3(c) of the Notice of receipt of the application was published Act provides that the Board shall not approve an in the Federal Register on June 21, 1968 (33 acquisition that would result in a monopoly or Federal Register 9229), providing an opportunity would be in furtherance of any combination or for interested persons to submit comments and conspiracy to monopolize or to attempt to monop­ views with respect to the proposed transaction. A olize the business of banking in any pari of the copy of the application was forwarded to the United States. Nor may the Board approve a pro­ United States Department of Justice for its con­ posed acquisition the effect of which, in any sec­ sideration. Time for filing comments and views has tion of the country, may be substantially to lessen expired and all those received have been considered competition, or to tend to create a monopoly, or by the Board. which in any other manner would be in restraint It is hereby ordered, for the reasons set forth of trade, unless the Board finds that the anticom­ in the Board’s Statement of this date, that said petitive effects of the proposed transaction are application be and hereby is approved, provided clearly outweighed in the public interest by the that the acquisition so approved shall not be con­ probable effect of the transaction in meeting the summated (a) before the thirtieth calendar day fol­ convenience and needs of the community to be Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1033 served. In each case the Board is required to take about two to four miles from Dadeland Bank’s into consideration the financial and managerial re­ proposed location. It does not appear that consum­ sources and future prospects of the bank holding mation of Applicant’s proposal would adversely company and the banks concerned, and the con­ affect the viability or competitive effectiveness of venience and needs of the community to be served. competing banks. Competitive effect of proposed transaction. Ap­ In light of these facts, the Board concludes that plicant, the seventh largest holding company and consummation of the proposed acquisition would seventh largest banking organization in the State not result in a monopoly nor be in furtherance of of Florida, presently controls three banks with any combination, conspiracy, or attempt to monop­ aggregate deposits of $219 million.1 The 10 largest olize the business of banking in any area. It does hanking organizations presently control about 37 not appear that the proposal would have the effect per cent of the total commercial bank deposits in of substantially lessening competition or tending to the State; Applicant controls 2.3 per cent of such create a monopoly in any section of the country, deposits. Dadeland Bank, a proposed new bank, is nor would it in any other manner be in restraint expected to have $12 million in total deposits of trade. after three years of operation. Approval of the Financial and managerial resources and future application would therefore have no immediate prospects. Dadeland Bank’s proposed capital ap­ effect and only negligible long-range effect on the pears adequate; its management, which will be present degree of State-wide concentration. drawn from Applicant’s present subsidiaries, is Dadeland Bank will be located in the Dadeland considered satisfactory; and its prospects appear Shopping Center about 614 miles south of Appli­ favorable. cant’s Coral Gables subsidiary and about 121/2 The financial condition of Applicant’s present miles south of the business district of Miami, subsidiary banks is reasonably satisfactory, and the where another of Applicant’s subsidiaries is lo­ management of Applicant and its subsidiaries is cated. Applicant's lead bank, located in Miami capable and experienced. While Applicant now has Beach, is not a competitor in the area to be served a relatively heavy debt position, consummation of by Dadeland Bank. this proposal will not further increase this debt Of Applicant’s three present subsidiary banks, and, from an earnings standpoint, could provide only Coral Gables Bank is regarded as competing opportunity for reduction of Applicant’s debt posi­ significantly in the area to be served by Dadeland tion by affording it an expanded source of future Bank. However, since Dadeland Bank is a pro­ earnings. On balance, the Board concludes that posed new bank that will not open for business considerations under these factors are consistent unless the application is approved, no existing with approval of the present application. competition will be eliminated, nor will potential competition between the hank and Applicant’s Convenience and needs of the community in­ present subsidiaries be foreclosed by the trans­ volved. The establishment of Dadeland Bank at its action. proposed site will add to the convenience of the Dadeland Bank will face competition from four businesses located in the Dadeland Shopping Cen­ existing banks in its primary service area, a rapidly ter, and to that of their employees and customers. growing area in the southern part of Dade County. In addition, Dadeland Bank will offer a check At present, the nearest bank is the Bank of Ken­ credit plan and long-term mortgages, services not dall, which is located less than one mile from available from other banks located in the area to Bank’s proposed site, on the opposite side of a be served. This added convenience and additional primary north-south expressway. The Bank of service provide some weight in favor of approval Kendall is a subsidiary of Commercial Bancorp, a of the application. registered bank holding company. The other three Summary and conclusion. On the basis of all banks, which range in deposit size from $6 million relevant facts contained in the record, and in to $31 million, are located along the expressway light of the factors set forth in section 3(c) of the Act, it is the Board’s judgment that the proposed i Banking data are as of December 30, 1967, unless other­ transaction would be in the public interest and wise noted, and reflect acquisitions approved by the Board to date. that the application should be approved. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1034 FEDERAL RESERVE BULLETIN □ DECEMBER 1968 THE MARINE CORPORATION, By order of the Board of Governors. MILWAUKEE, WISCONSIN Voting for this action: Chairman Martin and Gov­ ernors Robertson, Mitchell, Daane, Maisel and Sherrill. Absent and not voting: Governor Brimmer. In the matter of the application of the Marine (Signed) Robert P. Forrestal, Corporation, Milwaukee, Wisconsin, for approval Assistan Secretary. of the acquisition of 80 per cent or more of the [seal] voting shares of Meinhardt Bank, Burlington, Wis­ consin. Statement The Marine Corporation, Milwaukee, Wisconsin Order Approving Application Under (“Applicant”), a registered bank holding company, Bank Holding Company Act has applied to the Board of Governors, pursuant to section 3(a)(3) of the Bank Holding Company There has come before the Board of Governors, Act of 1956 (12 U.S.C. 1842(a)(3)), for prior pursuant to section 3(a)(3) of the Bank Holding approval of the acquisition of 80 per cent or more Company Act of 1956 (12 U.S.C. 1842(a)(3)), of the voting shares of Meinhardt Bank, Burling­ and section 222.3(a) of Federal Reserve Regula­ ton, Wisconsin (“Bank”). Applicant controls 12 tion Y (12 CFR 222.3(a)), an application by The subsidiary banks which operate a total of 17 Marine Corporation, Milwaukee, Wisconsin, a offices 1 with aggregate total deposits of $530 mil­ registered bank holding company, for the Board’s lion.-’ Bank, with total deposits of $8.5 million, prior approval of the acquisition of 80 per cent or operates a single office in Burlington, Wisconsin, more of the voting shares of Meinhardt Bank, which is about 35 miles southwest of Milwaukee. Burlington, Wisconsin. Views and recommendation of supervisory au­ As required by section 3(b) of the Act, the thority. As required by section 3(b) of the Act, Board gave written notice of receipt of the ap­ notice of receipt of the application was given to, plication to the Commissioner of Banking for the and views and recommendation requested of, the State of Wisconsin, and requested his views and Commissioner of Banking for the State of Wiscon­ recommendation. The Commissioner recommend­ sin. He recommended approval of the application. ed approval of the application. Statutory considerations. Section 3(c) of the Act Notice of receipt of the application was pub­ provides that the Board shall not approve an ac­ lished in the Federal Register on June 21, 1968 quisition that would result in a monopoly or would (33 Federal Register 9228), providing an oppor­ be in furtherance of any combination or conspiracy tunity for interested persons to submit comments to monopolize or to attempt to monopolize the and views with respect to the proposed transaction. business of banking in any part of the United A copy of the application was forwarded (o the States. Nor may the Board approve a proposed Department of Justice for its consideration. Time acquisition the effect of which, in any section of for filing comments and views has expired and all the country, may be substantially to lessen com­ those received have been considered by the Board. petition, or to tend to create a monopoly, or which in any other manner would be in restraint of trade, It is hereby ordered, for the reasons set forth unless the Board finds that the anticompetitive ef­ in the Board’s Statement of this date, that said ap­ fects of the proposed transaction are clearly out­ plication be and hereby is approved, provided that weighed in the public interest by the probable ef­ the action so approved shall not be consummated fect of the transaction in meeting the convenience (a) before the thirtieth calendar day following the and needs of the community to be served. In date of this Order or (b) later than three months each case the Board is required to take into con­ after the date of this Order, unless such period is extended for good cause by the Board or by the i Included are Germantown State Bank, acquired on June Federal Reserve Bank of Chicago pursuant to dele­ 7, 1968, and one branch each of Marine National Bank, gated authority. Milwaukee, and Peoples Bank of Green Bay, both opened on March 29, 1968. ' Dated at Washington, D.C., this 3rd day of -All banking data refer to insured commercial banks and December, 1968. are as of December 31, 1967, unless otherwise noted. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1035 sideration the financial and managerial resources Marine National Bank, Oak Creek (deposits of and future prospects of the bank holding com­ less than $4 million), located respectively, 26 pany and the banks concerned, and the conven­ miles north and over 24 miles northeast of ience and needs of the community to be served. Burlington. Bank does not derive any of its de­ Competitive effects of proposed transaction. The posits of individuals, partnerships, or corpora­ 10 largest banking organizations in Wisconsin, tions or any loans from the service areas of Ap­ including seven bank holding companies 3 control plicant’s subsidiary banks, and none of Applicant’s approximately 39 per cent of the total deposits present subsidiaries is a significant competitor in held by all commercial banks in the State. Ap­ Bank’s primary service area. On the record herein, plicant, with 6.8 per cent of such deposits, ranks and particularly in light of the distance between third in size among banking organizations in Wis­ Bank and Applicant’s present subsidiaries and the consin. Consummation of the present proposal fact that numerous banks are located in the inter­ would increase Applicant's control of such deposits vening areas, it appears unlikely that any signifi­ to 6.9 per cent, and its relative position among the cant present or future competition between Bank State’s banking organizations would remain un­ and Applicant’s subsidiaries would be foreclosed changed. by the proposed affiliation. Further, it appears that Bank primarily serves an area within a seven consummation of the proposal herein will strengthen mile radius of its only office, an area which in­ Bank’s competitive position, particularly with respect cludes the City of Burlington and the nearby to the other Burlington banks, without adverse ef­ communities of Waterford, Rochester, Spring fect on the competitive vigor of any of the in­ Prairie, Lyons, and Honey Creek. This area stitutions serving the relevant area. (population 20,000), which encompasses por­ The Board concludes that the proposed ac­ tions of the three counties of Racine, Kenosha, quisition would not substantially lessen competi­ and Walworth, is served by four banks with a tion, tend to create a monopoly, nor in any other total of seven offices and $42 million of deposits. maner restrain trade in any relevant section of the Bank, with approximately 20 per cent of such de­ country. posits, ranks third in size among the four banks, Financial and managerial resources and future and sixteenth in size among 32 banks in the three prospects. The financial and managerial resources counties. and prospects of Applicant and its subsidiary banks The data presented reflect that Applicant’s arc considered to be reasonably satisfactory and acquisition of Bank would not result in any consistent with approval of the application. meaningful increase in the degree of concentra­ Bank’s financial condition is regarded as fairly tion of banking resources at the State level; no satisfactory. Its chief executive officer, however, change in concentration would result in any is approaching retirement age and Bank is not other area; and no banking alternatives would be prepared to provide successor management. Ap­ eliminated. On the record before the Board, it is plicant, with its established management training concluded that the proposed affiliation would not program, would be able to strengthen Bank’s man­ result in a monopoly, nor be in furtherance of agement and provide capable succession. Such any combination or conspiracy to monopolize or improvement, together with implementation of attempt to monopolize the business of banking Applicant’s plans for instituting more aggressive in any relevant area. banking policies at Bank and providing additional Considering next the probable effect of con­ services, would strengthen Bank’s competitive posi­ summation of Applicant’s proposal on existing or tion and substantially improve Bank’s prospects. potential competition, the Board finds that these Considerations related to financial resources, considerations present no bar to approval of the management and prospects weigh in favor of application. Applicant’s subsidiary hanks closest approval of the application. to Bank are Marine National Bank, Waukesha (deposits of less than $8 million), and Oak Creek Convenience and needs of the community in­ volved. The convenience and needs of customers sIncludes First Holding Company, Inc., Waukesha, located in the areas served by Applicant’s present which became a bank holding company on April 10, 1968, and American Bankshares Corporation, Milwaukee, forma­ subsidiaries would not be affected by consum­ tion of which was approved by the Board on October 30, mation of the proposed acquisition. 1968. ’ Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1036 FEDERAL RESERVE BULLETIN □ DECEMBER 1968 Credit needs of the principal industries in physical facilities for Bank’s customers. Bank’s area exceed the statutory loan limits of Considerations relating to the convenience and any of the local banks, and in some instances needs of the community to be served provide even the aggregate of their loan limits, and such some additional weight toward approval of the industries are required to rely on out-of-town application. banks for major banking services. Applicant pro­ Summary and conclusion. On the basis of all poses to enable Bank to meet the existing demand the relevant facts contained in the record, and for improved and needed banking services in the in the light of the factors set forth in section 3(c) community, including a response to the credit of the Act, it is the Board’s judgment that the pro­ needs of the larger businesses, access to foreign posed transaction would be in the public interest trade advice and service, computer services, credit and that the application should be approved. card and check credit services, and improved Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Announcements ELECTION OF CLASS A AND CLASS B DIRECTORS The Federal Reserve Banks have announced the results of the annual elections by their member banks of Class A and Class B directors as shown below. The directors have been elected to serve for three years, unless otherwise indicated, beginning January 1, 1969. Boston Class A John Simmen, Chairman of the Board and Chief Executive Officer, Industrial National Bank of Rhode Island, Providence, Rhode Island. Mr. Simmen succeeds Lawrence H. Martin, Chairman of the Board and Chief Executive Officer, The National Shawmut Bank of Boston, Massachusetts. Class B W. Gordon Robertson, Chairman of the Executive Committee and Chief Executive Office, Bangor Punta Corporation, Bangor, Maine. (Re-elected) New York Class A Charles E. Treman, Jr., President and Chief Executive Officer, Tompkins County Trust Company, Ithaca, New York. Mr. Treman succeeds Robert G. Cowan, Chairman of the Board, National Newark & Essex Bank, Newark, New Jersey. Class B Milton C. Mumford, Chairman of the Board, Lever Brothers Com­ pany, New York, New York. (Re-elected) Philadelphia Class A Harold F. Still, Jr., President, Central-Penn National Bank of Philadelphia, Pennsylvania. Mr. Still succeeds Howard C. Petersen, Chairman of the Board, The Fidelity Bank, Philadelphia, Pennsyl­ vania. Class B Henry A. 'I'houron, President, Hercules, Incorporated, Wilmington, Delaware. (Re-elected) Cleveland Class A George F. Karch, Chairman of the Board and President, The Cleve­ land Trust Company, Cleveland, Ohio. Mr. Karch succeeds Everett D. Reese, director and former Chairman of the Board, The City National Bank and Trust Company of Columbus, Ohio. Class B J. William Henderson, Jr., President, Buckeye International, Inc., Columbus, Ohio. Mr. Henderson succeeds Walter K. Bailey, director and former Chairman of the Board, The Warner and Swasey Com­ pany, Cleveland, Ohio. 1037 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1038 FEDERAL RESERVE BULLETIN □ DECEMBER 1968 Richmond Class A Douglas D. Monroe, Jr., President, Chesapeake National Bank, Kil­ marnock, Virginia. Mr. Monroe succeeds William A. Davis, President, The Peoples Bank of Mullens, West Virginia. Class B Charles D. Lyon, President, The Potomac Edison Company, Ha­ gerstown, Maryland. (Re-elected) Atlanta Class A John W. Gay, President, The First National Bank, Scottsboro, Alabama. (Re-elected) Class B Harry T. Vaughn, President, United States Sugar Corporation, Clewiston, Florida. (Re-elected) Chicago Class A Floyd F. Whitmore, President, The Okcy-Vernon National Bank, Corning, Iowa. Mr. Whitmore succeeds Harry W. Schaller, President, The Citizens First National Bank of Storm Lake, Iowa. Class B Joseph O. Waymire, Vice President for Finance, Eli Lilly and Com­ pany, Indianapolis, Indiana. (Re-elected) St. Louis Class A James P. Hickok, Chairman of the Board, First National Bank in St. Louis, Missouri. Mr. Hickok succeeds Harry F. Harrington, Chairman of the Board, The Boatmen’s National Bank of St. Louis, Missouri. Class B Sherwood J. Smith, industrialist, Evansville, Indiana. (Re-elected) Minneapolis Class A Gustav A. Dahlen, President, First National Bank, Ironwood, Mich­ igan. Mr. Dahlen succeeds Curtis B. Mateer, Executive Vice President, The Pierre National Bank, Pierre, South Dakota. Class B John H. Bailey, President, The Cretex Companies, Inc., Elk River, Minnesota. Mr. Bailey succeeds John H. Toole, President, Toole and Easter Company, Missoula, Montana. Class B Dale V. Anderson, President, Mitchell Packing Company, Inc., Mitchell, South Dakota. (Unexpired portion of term ending December 31, 1970.) Mr. Anderson succeeds Neil G. Simpson, President, Black Hills Power and Light Company, Rapid City, South Dakota, who re­ signed effective December 31, 1968. Kansas City Class A John A. O’Leary, Chairman of the Board, The Peoples State Bank of Luray, Kansas. Mr. O’Leary succeeds Burton L. Lohmuller, Chairman of the Board, The First National Bank of Centralia, Kansas. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 1039 Kansas City—continued Class B Stanley Learned, Director and member of the Finance Committee, Phillips Petroleum Company, Bartlesville, Oklahoma. (Re-elected) Dallas Class A A. W. Riter, Jr., President, The Peoples National Bank of Tyler, Texas. Mr. Riter succeeds Ralph A. Porter, President, The State National Bank of Denison, Texas. Class B Hugh F. Steen, President, El Paso Natural Gas Company, El Paso, Texas. Mr. Steen succeeds J. B. Perry, Jr., Real Estate Investments and Development, Lufkin, Texas. San Francisco Class A Ralph V. Arnold, Chairman of the Board and Chief Executive Of­ ficer, First National Bank and Trust Company, Ontario, California. (Re-elected) Class B Herbert D. Armstrong, Treasurer, Standard Oil Company of Cali­ fornia, San Francisco, California. (Re-elected) CHANGE IN DISCOUNT RATE ment of Bernard Norwood as an Adviser in the The Board of Governors of the Federal Reserve Division of International Finance, effective De­ System announced on December 17, 1968, its ap­ cember 2, 1968. Mr. Norwood is on leave of proval of action by directors of the Federal Reserve absence from the Department of State and his Banks of Boston, New York, Philadelphia, Cleve­ position as Chairman of the Interagency Trade land, Richmond, Atlanta, Chicago, Minneapolis, Staff Committee of the Office of the Special Rep­ and Dallas, increasing the discount rate of those resentative for Trade Negotiations. banks from 5'4 to S'/z per cent, effective Wednes­ day, December 18. APPOINTMENT OF DIRECTOR The rate increase was approved in recognition The Board of Governors of the Federal Reserve of the advances that have taken place in other System announced the appointment, effective market interest rates in recent months and also in November 22, 1968, of Leland D. Pratt, Executive light of the resurgence in inflationary expectations Vice President of Kelco Company, San Diego, that is impeding the restoration of economic sta­ California, as a director of the Los Angeles branch bility. The objective of Federal Reserve policy is to of the Federal Reserve Bank of San Francisco for foster financial conditions conducive to the reduc­ the unexpired portion of a term ending December tion of inflationary pressures, with a view toward 31, 1969. As a director of the Los Angeles branch encouraging a more sustainable rate of economic he succeeds the late Dr. Arthur G. Coons, former expansion and attaining reasonable equilibrium in President of Occidental College, Los Angeles, the country’s balance of payments. The present California. action was taken in furtherance of a policy of restraint. The increase restores the rate to the level CHANGES IN FAMILY FINANCES prevailing between April 19 and August 15, 1968, Survey of Changes in Family Finances, by Dorothy which was the highest in nearly four decades. S. Projector, is available for distribution. The study presents analyses of consumer sav­ CHANGES IN THE BOARD’S STAFF ing in 1963 in relation to income, net worth, and The Board of Governors announced the appoint­ other characteristics. Broad findings with respect Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1040 FEDERAL RESERVE BULLETIN o DECEMBER 1968 to the distribution of saving among consumer units Governors of the Federal Reserve System (prices and the relationship of saving to income and to age shown on page A—95). are compared with data from other cross-section studies, some of which date back to the late 19th CHANGE IN BULLETIN INDEX century. Starting with the 1968 volume, the annual index The relation of total saving to wealth is analyzed of the Bulletin will exclude references to all of in terms of an hypothesis that consumers save in the statistical tables that have appeared in the vari­ order to distribute their resources over the life span ous issues during the year. The monthly index to in some optimum consumption pattern. Composi­ statistical tables in each issue includes references tion of total saving is analyzed in terms of a stock to all special tables; the page numbers for these adjustment model, under which consumers move indexes appear in the “Guide to Page References toward a preferred composition of wealth by cor­ in Monthly Issues” at the top of the first page of recting imbalances in their portfolios. the annual index (page A-100). The basic results of the Survey are presented References to all special tables that have ap­ in tables of detailed data on saving flows by various peared during the year will be listed in the “Guide groupings of consumer units. As a result of the to Tabular Presentation” at the bottom of page special sample design, it is possible to present data A-3 of the December issue. not heretofore available on the composition of sav­ ing of consumer units in upper-income and upper­ ADMISSION OF STATE BANK TO wealth classes and on transactions in certain types MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM of financial assets. The following bank was admitted to membership Requests for copies should be sent to the Divi­ in the Federal Reserve System during the period sion of Administrative Services, Board of Gover­ November 15, 1968, through December 15, 1968: nors of the Federal Reserve System, Washington, D.C. 20551. Remittance should accompany order New Jersey and be made payable to the order of the Board of Madison Township..........Madison State Bank Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication December 17 Industrial production, nonfarm employment, and 1 63,000 increase in nonfarm payroll employment retail sales rose in November. The unemployment was concentrated in the nonindustrial sector, with rate dropped to a 15-year low. Commercial bank the largest gain in services. In manufacturing, most credit and time and savings deposits increased. The durable goods industries showed small increases, money supply rose as U.S. Government deposits with particular strength in machinery. The average declined further. Between mid-November and mid­ factory workweek was 40.8 hours, down 0.2 hours December, yields on Treasury securities and on reflecting a shortening of the workweek in non­ corporate and municipal bonds rose. durables industries. In durables, hours of work continued close to peak levels for the year. Hourly INDUSTRIAL PRODUCTION earnings in manufacturing rose 2 cents from Octo­ Industrial production increased further in Novem­ ber to $3.08, and were up 6.9 per cent from a ber to 167.4 per cent of the 1957-59 average, from year earlier. Unemployment dropped in all major the upward revised October level of 165.7, and labor force groups and the unemployment rate fell was 4.8 per cent above a year earlier. Gains in out­ to a 15-year low of 3.3 per cent in November. The put were widespread among finished goods and rate for adult men (20 years and over) was 2.0 materials. per cent, equal to its postwar low, while the rate Auto assemblies continued at the advanced for teenagers continued high at 12.2 per cent. October level, and December schedules are set at DISTRIBUTION the same rate. Output of household goods increased in November, except for television sets which de­ T he value of retail sales in November rose 1.5 per clined. Production in most sectors of business cent from October and was about 10 per cent above equipment rose further. Output of iron and steel a year earlier. Sales at nondurable goods stores in­ and most other industrial materials also increased. creased 2 per cent and at durable goods stores were about unchanged, although they rose sharply at EMPLOYMENT furniture and appliance stores. Unit sales of new domestic autos were down somewhat from the The labor market continued very tight in Novem­ high October rate. ber. Nonfarm employment rose sharply; the COMMODITY PRICES The wholesale commodity price index rose an estimated 0.4 per cent from mid-October to mid­ November, reflecting to a large extent a contraseasonal increase in prices of foods and foodstuffs. Prices of industrial commodities rose further as in­ creases for lumber, machinery, and nonferrous metals were more than offset by a sharp cut in hot-rolled steel sheets. Prices of industrial com­ modities have apparently continued upward since mid-November. BANK CREDIT, DEPOSITS, AND RESERVES Commercial bank credit increased $2.0 billion in November, or somewhat less than one-half the average amount of the previous three months. F.R. indexes, seasonally adjusted. Latest figures shown are for November. Due in part to the absence of a Treasury financing 1041 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

1042 FEDERAL RESERVE BULLETIN □ DECEMBER 1968 in November—normally a large financing month— reflected a moderate reduction in excess reserves bank holdings of U.S. Government securities de­ coupled with increased member bank borrowing. clined sharply. Most major Joan categories ex­ panded substantially further with loans to busi­ SECURITY MARKETS nesses showing a particularly large rise. Acquisition Yields throughout the list in the U.S. Government of municipals and agency issues continued at a securities market rose sharply between mid­ rapid rate. November and mid-Decembcr, with the bid on the The money supply increased $1.8 billion in 3-month bill issue rising nearly one-half of a per­ November—more than twice the October increase centage point to around 5.90 per cent. On Decem­ —as U.S. Government deposits declined further. ber 2, major city banks raised the prime rate on Time and savings deposits rose $2.4 billion in business loans from 61/4 to 6'/2 per cent. November, only slightly less than the average in­ Between mid-November and mid-December, crease over the previous four months. Sales of large yields on new and seasoned corporate and munici­ negotiable CD’s as well as inflows of consumer­ pal bonds advanced sharply to new highs. The type time and savings deposits were substantially rapid yield movements caused several offerings in above those in comparable periods of recent years. both markets to be postponed and also resulted in Net borrowed reserves averaged about $294 a large number of syndicate terminations. On very million over the four weeks ended November 27 heavy trading volume, meanwhile, common stock compared to $191 million in October. This rise prices rose to record levels. Bureau of Labor Statistics. Latest figures shown are for Discount rate, range or level for all F.R. Banks. Weekly October. 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 Dec. 13. 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 □ DECEMBER 1968 U.S. STATISTICS—Continued A-56 Industrial production A-60 Business activity A-60 Construction A-62 Labor force, employment, and earnings A-64 Consumer prices A-64 Wholesale prices A-66 National product and income A-68 Flow of funds INTERNATIONAL STATISTICS: A-70 U.S. balance of payments A-71 Foreign trade A-72 U.S. gold transactions 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-98 INDEX TO STATISTICAL TABLES Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-3 Guide to Tabular Presentation SYMBOLS AND ABBREVIATIONS e Estimated N.S.A. Monthly (or quarterly) figures not adjusted c Corrected for seasonal variation p Preliminary IPC Individuals, partnerships, and corporations r Revised SMSA Standard metropolitan statistical area rp Revised preliminary A Assets I, L Liabilities III, IV Quarters S Sources of funds n.a. Not available U Uses of funds n.e.c. Not elsewhere classified * Amounts insignificant in terms of the par­ S.A. Monthly (or quarterly) figures adjusted for ticular unit (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 IN 1968, WITH ISSUE DATE AND PAGE REFERENCE Quarterly Issue Page A nnually—Continued Issue Page Flow of funds............................................ Feb. A-64 Banking and monetary statistics, 1967 Mar. A-88—A-98 May A-66 May A-89—A-93 Aug. A-68 Nov. A-68 Banks and branches, number, by class and State.................................. Apr. A-87 Semiannually Flow of funds (assets and liabilities): Banking offices: 1966.................................................... Feb. A-65.10 Analysis of changes in number......... Feb. A-90 1967 ........................................................ May A-67.10 Aug. A-91 On, and not on. Federal Reserve Par List, number............................... Feb. A-91 Income and expenses: Aug. A-92 Federal Reserve Banks................... Feb. A-88 Member banks: Calendar year............................... May A-94 Operating ratios............................... Apr. A-89 Annually Insured commercial banks............... May A-103 Bank holding companies: Stock exchange firms, detailed debit List of, Dec. 31, 1967....................... June A-91 and credit balances: Banking offices and deposits of Original............................................. Sept. A-92 group banks, Dec. 31, 1967............ Aug. A-93 Corrected........................................... Oct. A-91 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-4 BANK RESERVES AND RELATED ITEMS □ DECEMBER 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 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 s u t e e s ! r ­ ­ c v D a o a a n u n d i c s n d ­ e ­ ts s Float t T a o l ­ 3 s G to o c ld k T r s c o e u t i r u n a n e u ry g r n c a t ­ ­ y d s ­ r C c t e c i u i o n u i n l r c n a r ­ ­ y ­ T h c r i u n e o a g r a s l y d s h s ­ ­ Tr u e r a w y s i ­ th re F F e se i . o g R r n v r­ . e s B , O an th k e s r 2 c O o F a t u . c h R n ­ e t . s r B W F a . n R it k h . s re c r C s e o a e n u n in r c d r v ­ y e 4 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 4,03C 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 11,47- 11,473 1941—Dec.... 2,219 2,219 5 17C 2,404 22,759 3,239 10,985 2,189 592 1 ,531 292 12,812 12,812 1945—Dec.... 23,708 23,708 381 652 24,744 20,047 4,322 28,452 2,269 625 1,247 493 16,027 16.027 1950—Dec... . 20,345 20,336 9 142 1,11721,606 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 2,29833,218 15,978 5,561 35,281 398 587 222 290 1,048 16,932 3,108 20,040 1963—Dec........ 33,729 33,626 103 360 2,434 36,610 15,562 5,583 37,603 389 879 160 206 1,215 17,303 3,443 20,746 1964—Dec........ 37,126 36,895 231 266 2,42339,873 15,388 5,401 39,698 595 944 181 186 1,093 17,964 3,645 21 ,609 1965—Dec........ 40,885 40,772 113 490 2,34943,853 13,799 5,565 42,206 808 683 154 231 389 18,747 3,972 22,719 1966—Dec........ 43,760 43,274 486 570 2,38346,864 13,158 6,284 44,579 1,191 291 164 429 83 19,568 4,262 23,830 1967—Nov.... 48,010 47,885 125 133 1,53549,752 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 1,51550,873 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 ,71253,813 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 81 1 963 170 459 -102 21 ,653 4,416 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 48 427 1 ,97655,770 10,367 6,757 48,632 781 1 ,054 137 461 -312 22,141 4,5(2 26,653 Nov.J',,. . 53,388 53,322 66 569 2,12956,152 10,367 6,791 49,397 771 798 164 439 -491 22,232 4,523 26,755 Week ending- 1967 Nov. I 47,220 47,220 80 1 ,28948,643 12,978 6,787 45,341 1 ,483 929 124 462 -210 20,279 4,426 24,705 8 47,865 47,710 155 132 1,407 49,458 12,907 6,777 45,563 1 ,474 928 127 470 -184 20,762 3,992 24,754 15. 47,868 47,713 155 162 1,487 49,570 12,907 6,782 45,878 1 ,470 1 ,096 133 451 -240 20,470 4,229 24,699 22 47,837 47,712 125 127 1 ,777 49,796 12,906 6,782 46,089 1 ,451 1,051 148 442 -79 20,383 4,239 24,622 29 48,396 48,347 49 119 1 ,548 50,117 12,908 6,785 46,347 1 ,457 1 ,570 175 432 -345 20,176 4,482 24,658 Dec. 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 2,335 52,286 11,982 6,784 47,200 1 ,395 949 147 567 -685 21 ,480 4,968 26,448 10 49,183 49,109 74 180 2,33451,772 11,983 6,781 46,857 1 ,385 1,054 161 493 -679 21,265 4,646 25,911 17 48,758 48,700 58 224 1 ,987 51,044 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 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 1 12 787 1 ,473 51,595 11,609 6,795 46,205 1 ,275 1 ,008 122 478 - 474 21 ,386 4,162 25,548 20. 49,840 49,840 748 1 ,668 52,312 10,872 6,801 46,233 1 ,224 1 ,059 166 505 -609 21 ,406 4,266 25,672 27. 49,621 49,621 597 1 ,53451 ,855 10,484 6,800 46,153 ’ J29 844 205 465 -597 20,941 4,385 25,326 Apr. 3 49,843 49,634 209 711 1 ,449 52,103 10,484 6,798 46,358 1,126 537 182 653 -579 21,109 4,354 25,463 10 50,153 49,950 203 661 1 ,637 52,570 10,484 6,797 46,647 1,119 521 168 582 -555 21,369 4,065 25,434 17 50,219 49,952 267 778 1 ,804 52,871 10,484 6,799 46,901 1 ,126 422 148 534 -667 21,691 4,399 26,090 24 49,927 49,927 .........6.66 1 ,841 52,490 10,484 6,797 46,608 1,124 1 ,038 160 487 -594 20,950 4,553 25,503 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 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 Period Treas- Cur- than m r e es m e b rv e e r s , bank Me re m s b er e v r e s bank d o at r e U To .S ta . l Go B v r o o i t g , u u h t s g - t e h c t u a R m c r g i h e t e r i a p e e n s u s e t 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 tai 3 s G to o c ld k r s c e o t i u n a n u r g n c - t­ y d ­ r c e t c i u n i o i n r l c a n ­ y ­ h c i u n a o g r s l y d s h ­ T u r w e r a y it s h ­ F F e .R i o g . n r ­ Ba O nk t s her2 c O o F t a u h . c n R e ­ t . r s B W F a . n R it k h . s c r C o a e i n u n n d r c ­ 4 y Total Averages of daily figures Week ending-—• 1968 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 ,81253,537] 10,367 6,782 47,574 982 1 ,072 146 45! -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 2,026 54,800 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 Aub. 7.............. 52,483 52,160 323 748 1 ,.645 54,9711 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 2! ,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 ,70755,188 10,367 6,730 48,431 787 938 140 457 101 21,430 4,451 25,881 11.............. 52,341 52,34! 634 1 ,904 54,930 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.............. 5!,844 51,844 .......... 475 2,223 54,592 10,367 6,742 48,325 798 866 123 445 -293 2!,437 4,418 25,855 Oct. 2.............. 52,893 52,829 64 541 1 ,83955,328 10,367 6,744 48,306 791 1 ,201 145 449 -257 21,803 4,584 26,387 9.............. 53,063 53,063 403 1 ,963 55,482 10,367 6,749 48,550 786 1 ,072 156 473 -250 21 ,812 4,683 26,495 16.............. 53,496 53,397 99 516 2,01456,133 10,367 6,754 48,764 780 980 132 483 -248 22,366 4,609 26,975 23.............. 53,289 53,232 57 337 2,183 55,868 10,367 6,759 48,702 772 1 ,043 131 450 -377 22,274 4,1 99 26,473 30.............. 53,402 53,345 57 495 I .718 55,671 10,367 6,767 48,556 782 1 ,092 127 438 -382 22,192 4,528 26,720 Nov. 6"............ 53,389 53,294 95 392 1 ,65355,491 10,367 6,776 48,806 774 1 ,079 115 460 - 357 21 ,757 4,590 26,347 13*’............ 53,740 53,555 185 675 2,001 56,503 10,367 6,786 49,314 764 1 ,036 132 432 -331 22,309 4,742 27,051 20*’............ 53,502 53,502 511 2,637 56,7H 10,367 6,792 49,475 765 615 155 443 -189 22,605 4,319 26,924 27*’............ 52,945 52,945 .......... 582 2,22755,814 10,367 6,801 49,638 776 645 219 420 -839 22,122 4,403 26,525 Ent of month 1968 Sept. 53,288 52,839 449 too 1 ,00454,768. 10,367 6,743 48,340 772 1 ,036 192 485 -246 21 ,297 4,704 26,001 Oct., 53,329 53,329 180 2,37255,937 10,367 r6,766 r48,719 '754 1 ,086 99 434 -356 22,334 4,590 26,924 Nov. j*.................. 53,350 53,350 .......... 471 2.30956,188 10,367 6,808 49,973 780 478 220 436-1,019 22,495 4,627 27,122 Wednesday 1968 Sept. 4.............. 52,796 52,796 445 -1,801 ’55,01)4 10,367 6,731 48,694 795 1 .041 149 448 68 '20,997 '4,449 ’’25 ,446 II.............. 50,952 50,952 .......... 1 15 9 ,995 '53,113 10,367 6,7 34 48.771 788 21 129 460 -71 CO ,116 ’4,418 ’24,534 18.............. 50,395 50,395 355 2,32653,125 10,367 6,738 4 8,527 800 668 125 446 - 31 5 19,980 4,449 24,429 25.............. 52,405 52.405 1 .565 1 ,79255.811 10,367 6,741 48,356 797 1 ,027 134 451 -281 22.435 4,418 26.853 Oct. 53,153 53,153 316 1 ,98255,505 10.367 6,747 48,475 789 1,178 170 470 -263 21,800 4,584 26,384 9.............. 52,606 552,606 289 1 ,72854,677 10,367 6,751 48,794 795 1 ,295 112 481 -258 20,576 4,683 25,259 16.............. 53,409 553,204 205 191 2,14055,839 10,367 6,757 48,860 760 1 ,047 136 486 -369 22,043 4,609 26,652 23.............. 53,824 53,425 399 1,102 1 ,689 56,687 10,367 6,760 48,695 780 1 ,031 136 439 -392 23,125 4,199 27,324 30.............. 53,561 53.362 199 514 1,75055,882 10,367 6,769 48,706 784 1.155 127 427 -388 22,207 4,528 26,735 Nov. 6*’............ 53,649 53,475 174 534 1,52855,770 10,367 6,782 49,163 777 1 ,044 136 434 -356 21 ,721 4,590 26,311 13*’............. 53,728 53,728 .......... 156 1,841 55,786 10,367 6,788 49,561 754 807 139 440 -496 21 ,736 4,742 26,478 20*’............ 52,391 52,391 142 2,46755,061 10,367 6,797 49,558 777 643 155 424 414 21 ,082 4,319 25,401 27*’............ 53,214 53,214 .......... 1 ,195 1 ,99056,459 10,367 6,803 50,034 775 441 252 432 1 ,029 22,725 4,403 27,128 1 U.S. Govt, securities include Federal agency obligations. 4Part allowed as reserves Dec. 1, 1959-Nov. 23, 1960; all allowed 2Beginning 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 - 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 □ DECEMBER 1968 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city banks All member banks New York City City of Chicago Period Reserves Bor­ Reserves Bor­ Reserves Bor­ T h o e t l a d l qu R ir e e ­ d 1 Excess B r F i a o n a . n g w R t s k ­ . s se F r r r e v e ­ e e s T h o e t l a d l qu R ir e e ­ d 1 Excess B r F i a n o a . g n R w 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 qui R re e d ­ 1 Excess B r F i a o n a . n g w R t k s ­ . s s F e r r r e v e ­ e e s 1929—June............ 2,314 2,275 42 974 -932 762 755 7 174 -167 161 161 1 63 -62 1933—June............ 22,160 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;O27 14,536 1,491 334 1,157 4 J 18 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 3i 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 23,830 23,438 392 557 -165 4,583 4,556 27 122 -95 1,119 1,115 4 54 -50 1967—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 25,834 25,453 381 237 144 5,170 5,131 39 48 -9 1 ,231 1,230 3 -2 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 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 26,069 25,694 375 565 -190 4,940 4,912 28 192 -164 1,165 1 ,161 4 2 2 26^077 25 J 694 383 515 -132 4,886 4^868 18 154 -136 1 ,147 1,143 4 23 -19 Oct............... 26,653 26,393 260 427 -167 5,096 5,071 25 65 -40 1 ,182 1 ,177 5 9 -4 Nov.”.......... 26,755 26,472 283 569 -286 5,019 4,968 51 72 -21 1 ,151 1 ,155 -4 7 -11 Week ending— 1967—Nov. 1.... 24,705 24,414 291 80 211 4,942 4 919 23 5 18 1,179 1 ,180 -1 -1 8. . . . 24,754 24,424 330 132 198 4,852 4,824 28 3 25 1 ' 197 1 J94 3 10 -7 15. . . . 24,699 24,181 518 162 356 4,687 4,658 29 36 -7 1 ,166 1 ,159 7 7 22 24 622 24,401 221 127 94 4,816 4,797 19 29 - 10 1,197 1 ,186 11 1 1 29 24,658 24,274 384 119 265 4,856 4’808 48 8 40 1,177 I ’173 4 4 1968—June 5.... 25,332 25,124 208 759 -551 5,024 5,001 23 79 -56 1,154 1 ,147 7 18 -11 12.... 25.4OC 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. . .. 25,82f 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 II -11 I ,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 25,89€ 25,576 314 576 -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 -21 111 -132 1,186 1 ,175 11 1 1 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 J75 -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 1 54 — 79 1,135 1 ,128 7 7 9. . . . 26 49* 26 270 225 403 -178 5,102 5’l49 -47 65 -112 1 J 30 1 ,132 -2 -2 16.... 26^975 26^602 373 516 -143 5,279 5',221 58 173 -115 1 '251 1 ,246 5 14 -9 23. . . . 26,47- 26,474 -1 337 -338 4,958 5,010 -52 36 -88 1,194 1 ,205 -11 25 -36 30 26 72C 26,368 352 495 — 143 4,966 4,957 9 12 — 3 1,168 1 145 23 23 Nov. 6”. .. 26,347 26,165 182 391 -209 4,926 4,903 23 46 -23 1,121 1,134 -13 11 -24 13”... 27,051 26,568 483 675 -192 5,140 5 061 79 129 -50 1 ,188 1,173 15 15 20”... 26,92^ 26,742 182 511 — 329 5,199 5 123 76 43 33 1 168 1’157 1 ] 11 27”... 26,525 26,406 119 582 -463 4,749 4’821 -72 57 -129 1,125 1’153 -28 10 -38 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1968 □ BANK RESERVES AND RELATED ITEMS A-7 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (In millions of dollars) Other reserve city banks Country banks Reserves Reserves Borrow­ Borrow­ Period ings at Free ings at Free F.R. reserves F.R. reserves T h o e t l a d l Required1 Excess Banks T h o e t l a d l Required1 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 9,900 9,835 65 51 14 8,823 8 540 283 61 222 .............................1967—Nov. 10,081 10',031 50 105 -55 8,901 8,634 267 80 187 .................. Dec. 10.314 10,283 31 111 -80 9,120 8 809 311 75 236 .............................1968—Jan. 10,271 10,218 53 126 -73 9^057 8*766 291 125 166 10^247 10^212 35 288 -253 9,009 8 780 229 218 11 10^298 10,272 26 283 -257 9,097 8,859 238 229 9 ................ Apr. 10,268 10'195 73 262 — 189 9,169 8’867 302 340 — 38 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 10’534 10373 61 194 -133 9'510 9,210 300 144 156 ..........................................Sept. 10'758 10,763 -5 186 -191 9,617 9'382 235 167 68 ...........................................Oct. 10',838 10347 -10 273 -283 9,747 9,501 246 217 29 Week ending— 9,917 9,897 20 28 -8 8,667 8 418 249 47 202 ........................1967—Nov. 1 9,950 9'894 56 45 11 8’755 8’511 244 74 170 ............................................. 8 9,845 9,802 43 71 -28 9; 000 8 562 438 55 383 ........................................... 15 9,910 9,861 49 34 15 8,699 8,557 142 64 78 ..............................................22 9'812 9,755 57 63 -6 8^12 8 ,539 273 48 225 ....................................... .. 29 10,180 10,138 42 294 -252 8,974 8 837 137 368 -231 ......................1968—June 5 10,182 10,151 31 278 -247 9 J 63 8,906 257 344 -87 ..............................................12 10,237 10,212 25 164 -139 9'155 8,965 190 340 - 150 ..............................................19 10314 10370 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 9’037 322 271 51 ............................................. 10 10,459 10't428 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 ..............................................21 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 ....................................Sept. 4 10’545 10,444 101 261 -160 9:511 9,215 296 133 163 ...............................................11 10367 10'461 6 147 -141 9,473 9,125 348 139 209 ..............................................18 10’447 10 347 191 -191 9,445 9'234 21 i 107 104 ..............................................25 10,620 10,572 48 182 -134 9,587 9 332 255 205 50 ......................................Oct. 2 10’647 10'648 - 1 232 -233 9'616 9 341 275 106 169 ............................................. 9 10,884 10'821 63 205 - 142 9,561 9,314 247 124 123 ..............................................16 10342 10332 -90 107 -197 9,579 9’427 152 169 -17 ..............................................23 10’904 10310 94 228 -134 9,682 9'456 226 255 -29 ..............................................30 10,641 10,722 -81 147 -228 9,659 9 406 253 187 66 .......... Noy. 6'* 11,002 10 396 106 335 -229 9’720 9,438 282 211 71 ..............................................13” 10’824 10'936 -112 250 -362 9,733 9’526 207 218 -11 ........................................... 20” 1 O’, 866 10,843 23 283 -260 9'786 9’589 197 232 -35 ..............................................27” 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, $51 Total reserves held: Based on figures at close of business through Nov. million in balances of unlicensed banks. 1959; thereafter on closing figures for balances with F.R, Banks and open­ ing figures for allowable cash; see also note 3 to preceding table. Note.—A.verages 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. Ranks: Based on closing figures. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-8 MAJOR RESERVE CITY BANKS □ DECEMBER 1968 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS (In millions of dollars unless otherwise noted) Related transactions with Basic reserve position Interbank Federal funds transactions U.S. Govt, securities dealers Less—■ Net—■ Gross transactions Net transactions Reporting banks and Bor­ week ending— s E e x r r v c e e e ­ s s s 1 r a o t B w F o in . r R g ­ s . F i b e n N a d t e e n e t r k r a ­ l Su o rp r l us r P e e q a r o u v c g i f r e . e n d t c P ha u s r e ­ s Sales a 2 t c T r - t a o w io n t a n a s y s ­ l 2 b c o h P u f a y u n s i r n e e ­ g s t s o S e f a l l l n i e n e s g t d L e o a t a l o e n rs s 3 de f r i r a o n o l g w e m s r ­ s 4 lo N a e n t s Banks funds deficit reserves banks banks trans. Total—46 banks’ 1968—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 I ,407 23............ -39 103 2,676 -2,818 24. 1 4,528 1 ,852 1 ,718 2,81 1 134 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 Nov. 6............. 22 155 3,115 -3,248 28.3 5,061 1 ,947 1 ,853 3,208 93 I ,888 145 1 ,743 13............. 213 371 3,838 -3,996 33.9 5,585 1 ,747 1 ,595 3,990 151 1 ,308 131 1 ,177 20............. 126 211 2,991 -3,076 26.0 5,064 2,073 1 ,958 3,106 115 1 ,321 167 1 ,154 27............. 8 206 1 ,932 -2,130 18.6 4,384 2,452 2,007 2,377 445 1 ,000 160 840 8 in New York City 1968—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 Nov. 6............. 33 36 1 ,171 -1,173 26,3 1 ,950 779 772 1 ,178 8 981 95 886 13............. 96 129 1 ,809 -1,842 39.9 2,276 466 441 1 ,834 25 846 81 765 20. 122 43 1,114 -1 ,035 22.1 1 ,942 828 794 1,148 34 696 1 17 579 27............. -8 52 312 -372 8.5 1 ,493 1 ,181 939 554 241 608 121 487 38 outside New York City 1968—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 1 17 2,043 -2,154 31 .0 3,325 1 ,282 1 ,110 2,215 172 1 ,367 25 I ,342 16 56 115 1,883 -I ,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 Nov. 6............ -II 119 1,944 -2,075 29.6 3,112 1,167 1 ,082 2,030 86 907 50 857 13............. 117 242 2,029 -2,154 30.1 3,309 1 ,280 1,154 2,155 126 462 50 412 20............. 4 168 1,877 -2,041 28.6 3,122 1 ,246 1 ,165 1 ,958 81 625 50 575 27............. 16 154 1 ,620 -1,758 24.9 2,891 1 .272 1 ,068 1 ,823 204 392 39 353 5 in City of Chicago 1968—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 35 10 361 -372 36.2 711 349 349 361 31 31 13. 9 389 -380 35.6 763 374 371 392 3 2 2 20............ 21 211 -190 18.0 702 491 491 21 1 69 69 27 -8 9 217 -235 22.5 585 367 363 222 4 41 41 33 others (968—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 81 1 685 1 ,383 126 636 50 586 30............ 51 100 1,(04 -1,153 19.2 2,052 948 765 1 ,287 183 608 36 572 Nov. 6............ 1 1 109 1,583 -i ,703 28.4 2,401 818 732 1,669 86 875 50 825 13............ 108 242 1,640 -1 ,775 29.1 2,546 906 783 1 ,763 123 460 50 410 20............ -18 168 1 ,666 -1 ,851 30.4 2,420 754 674 1 ,747 81 557 50 507 ■ 27............. 24 145 1 ,402 -1,523 25.3 2,307 904 705 1 ,602 200 352 39 312 1 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

DECEMBER 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 Nov. 30 date rate Nov. 30 date rate Nov. 30 date rate Boston................................................ 5% Aug. 27, 1968 514 5’4 Aug. 27, 1968 6 6% Aug. 27, 1968 6'4 New York . ....................................... 51% Aug. 30 1968 5*4 Aug 30 1968 6 6% Aug. 30 1968 7 Philadelphia...................................... 5*4 Aug. 23 1968 5*4 Aug. 23* 1968 6 6*4 Aug. 23' 1968 6*4 Cleveland........................................... 5*4 Aug. 23, 1968 5*4 Aug. 23’ 1968 6 6% Aug. 23’ 1968 7 Richmond ......................................... 5*4 Aug. 19 1968 5*4 5^4 Aug. 19’ 1968 6 6*4 Aug. 19’ 1968 6'4 Atlanta......................... 5(4 Aug. 30 1968 5*4 5 54 Aug. 3o' 1968 6 6*4 Aug. 30’ 1968 6*4 Chicago.............................................. 5*4 Aug. 23’ 1968 5'4 554 Aug. 23* 1968 6 6’4 Aug. 23’ 1968 6*4 St. Louis............................................. 5*4 Aug. 30 1968 5’4 5*4 Aug. 30 1968 6 6*4 Aug. 30' 1968 6*4 Minneapolis....................................... 5% Aug. 16 1968 5*4 5 % Aug. 16’ 1968 6 6*4 Aug. 16’ 1968 6'4 Kansas City...................................... 5% Aug. 23 1968 5*4 Aug. 23’ 1968 6 6*4 Aug. 23’ 1968 6*4 Dallas................................................. 5% Aug. 28 1968 5*4 5% Aug. 28* 1968 6 6*4 Aug. 28' 1968 6’4 San Francisco.................................. 5% Aug. 30, 1968 5 >4 5% Aug. 30* 1968 6 6% Aug. 30* 1968 6'4 i Discounts of eligible paper and advances secured by such paper or 2 Advances secured to the satisfaction of the F.R. Bank. Maximum by U.S. Govt, obligations. Rates shown also apply to advances secured maturity: 4 months, by obligations of Federal intermediate credit banks maturing within 6 3 Advances to individuals, partnerships, or corporations other than months. Maximum maturity: 90 days except that discounts of certain member banks secured by U.S. Govt, direct obligations. Maximum matu­ bankers’ acceptances and of agricultural paper may have maturities not rity: 90 days. over 6 months and 9 months, respectively, and advances secured by FICB obligations are limited to 15 days. FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Range F.R. Range F.R. Range F.R. Effective (or level)— Bank Effective (or level)— Bank Effective (or level)— Bank date all F.R. of date all F.R. of date all F.R. of Banks N.Y. Banks N.Y. Banks N.Y. In effect Dec. 31, 1941 ..... I -IVi 1 1955—Cont. 1960 Sept. 9............................. 2 -214 2'4 June 3............................... 3'4-4 4 1942 13............................... 2’4 2'4 10.......3.. V...W...................3'4 1 t Nov. 18............................... 2'4-214 2'4 14...........3..'.4.................314 1- '4-1 1 23........ 2'4 2’4 Aug. 12............................... 3 -3'4 3 30................................... + '4 t 'A Sept. 9............................... 3 3 1956 1946 Apr. 13............................... 2'4-3 2’4 Apr. 25.......................t. ...'.4..-.1.... 1 20..................... 2’4-3 2’4 1963 1 1 2’4-3 3 July 17............................... 3 -3'4 3^ ~ 31............................... 3 3 ' 26...........3..’4.................3.'4 1948 Jan. 12................................... 1 -IV4 1^ 1957 19........................ 1'4 Aug. 9............................... 3 -3’4 3 1964 1'4-1'/i l1^ 23............................... 3'4 3’4 Nov. 24............................... 3'4-4 4 23................................... 1’4 3 -3'4 3 30............................... 4 4 Dec. 2............................... 3 3 1950 Aug. 21.........................1...'4...-.1..’/4 1^: 1958 1965 25............................... 1’4 Jan. 22............................... 2’4-3 3 4 -4'4 4'4 24............................... 2)4-3 2y' 13............................... 4’4 4'4 1953 Mar. 7............................... 2’4-3 2% Jan. 16........................1..’4...-..2. 2 13............................... 2'4-2% 2’4 23................................. 2 2 21............................... 2'4 2’4 1967 Apr. 18.............................. 1’4-2'4 1’4 Apr. 7............................... 4 -4'4 4 1954 May 9............................... 1’4 1’4 14...........4....................4 Feb. 5........................1..’4...-..2.. 1’4 1’4-2 1’4 Nov. 20............................... 4 -4'4 4'4 15................................ 1’4 1% 1 ’4-2 2 27...........4..'.4.................4’4 Apr, 14................................ »4 1% 23 2 16................................. 4 1'4 Oct. 24............................... 2 *-2'4 2 May 21 ...,,,.,,,,,..,, . 1'4 1'4 Nov. 7............................... 2'4 2’4 1968 Mar, 15............................... 4'4-5 4’4 1955 1959 22..................... 5 5 1'4-1’/4 1'4 2'4-3 3 Apr. 19............................... 5 -5'4 5'4 ‘ 15..........................1...'4-1’/4 16............................... 3 3 ‘ 26 5'4 5'4 1’4 May 29............................... 3 -3'4 3’4 Aug. 16............................... 5‘4-5 !4 5'4 1’4-2'/^ 13/4 3'4 3’4 Aug. 30............................... 5'4 5'4 ~ 5................................. 1’4-2'/ 2 Sept. 11............................... 3'4-4 4 12.............................. 2 -2’/i 2 18............................... 4 4 In effect Nov. 30............... 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. 3-4, 2.50; June 29, 2.75; July 20, 31, Aug. 1-3, 2.50; Sept. 28-29, 2.75; Oct. 5, 2.50; Oct. 23, Nov. 3, Note.—Discount rates under Secs. 13 and 13a (as described in table 2.75; 1962—Mar. 20-21, 2.75; 1964—Dec. 10, 3.85; Dec. 15, 17, 22, 24. above). For data before 1942, see Banking and Monetary Statistics, 28, 30, 31, 3.875; 1965—Jan. 4-8, 3.875; 1968—Apr. 4, 5,11, 15, 16,5.125; 1943, pp. 439-42. Apr. 30, 5.75; May 1-3, 6, 9, 13-16, 5.75; June 7, 11-13, 19, 21, 24, 5.75; The rate charged by the F.R. Bank of N.Y. on repurchase contracts July 5, 16, 5.625; 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 □ DECEMBER 1968 RESERVE REQUIREMENTS OF MEMBER BANKS (Per cent of deposits) Dec. 31, 1949, through July 13, 1966 Beginning July 14, 1966 Net demand Net demand Time deposits 4 deposits 2 deposits 2 (all classes of banks) Time depos­ its Reserve Country Other Effective date 1 C re e s n e t r r v a e l s R er e v ­ e Co tr u y n ­ cla ( o s a s f ll e s Effective date 1 city banks banks d S e in p a g o v s ­ s ­ time deposits ba c n i k ty s 3 b c a i n ty k s banks banks) $ U 5 n m de il r ­ $ O 5 v m er il ­ $ U 5 n m de il r ­ $ O 5 v m er il ­ its $ U 5 n m de il r ­ $ O 5 v m er il ­ lion lion lion lion lion lion In effect Dec. 31, 1949..... 22 18 12 5 1966—July 14,21........ 5 1614 5 12 54 5 4 5 Sept. 8, 15........ 6 1951—Jan. 11,16................ 23 19 13 6 Jan. 25, Feb. 1.... 24 20 14 1967—Mar. 2............... 3*6 3ft 1953—July 9 1................... 22 19 13 Mar. 16........ 3 3 1954—June 2< 16................ 21 5 July 29, Aug. 1.... 20 18 12 1968—Jan. 11,18........ 1614 17 12 1214 1958—Feb. 27, Mar. 1.... 19^ 17J4 11^ Mar. 20, Apr. 1.... 19 17 11 In effect No v. 30, 1968.. 16^ 17 12 12J4 3 3 6 Apr 17 18>6 Apr. 24....................... 18 16% Present legal 1960—Sept. 1...................... 17ft requirement: Nov. 24............ 12 Minimum................... 10 7 3 3 3 Dec. 1....................... 16?4 Maximum.................. 22 14 10 10 10 1962—July 28...................... (3) Oct. 25, Nov. 1..., 4 1 When two dates are shown, the first applies to the change at central 4 Effective Jan. 5, 1967, time deposits such as Christmas and vacation reserve or reserve city banks and the second to the change at country club accounts became subject to same requirements as savings deposits. banks. For changes prior to 1950 see Board’s Annual Reports. s See preceding columns for earliest effective date of this rate. 2 Demand deposits subject to reserve requirements are gross demand deposits minus cash items in process of collection and demand balances Note.-—All required reserves were held on deposit with F.R. Banks due from domestic banks. _ ... June 21, 1917, until Dec. 1959, From Dec. 1959 to Nov. 1960, member 3 Authority of the Board of Governors to classify or reclassify cities banks were allowed to count part of their currency and coin as reserves; as central reserve cities was terminated effective July 28, 1962. effective Nov. 24, I960, they were allowed to count all as reserves. For further details, see Board’s Annual Reports. MARGIN REQUIREMENTS (Per cent of market value) Effective date Regulation Apr. 23, Jan. 16, Aug. 5, Oct. 16, July 28, July 10, Nov. 6, Mar, 11, June 8, 1955 1958 1958 1958 1960 1962 1963 1968 1968 Regulation T: For credit extended by brokers and dealers on: Listed stocks.................................................. 70 50 70 90 70 50 70 70 80 lasted 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 Ponds convertible into listed stocks.................... 50 60 Regulation G: For credit extended by others than brokers and dealers and banks on: Listed stocks. ......................................................... 70 80 Ronds convertible into listed stocks................... 50 60 Note.—Regulations G, T, and U, prescribed in accordance with Secu­ difference between the market value (100 per cent) and the maximum rities Exchange Act of 1934, limit the amount of credit to purchase and loan value. carry registered equity securities that may be extended on certain secu­ Regulation G and special margin requirements for bonds convertible rities by prescribing a maximum loan value, which is a specified percentage into stocks were adopted by the Board effective March 11, 1968. of its market value at the time of extension; margin requirements are the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1968 □ MAXIMUM INTEREST RATES; BANK DEPOSITS A-ll MAXIMUM INTEREST RATES PAYABLE ON TIME AND SAVINGS DEPOSITS (Per cent per annum) Rates Jan. 1. 1962—July 19, 1966 Rates beginning July 20, 1966 Effective date Effective date Type of deposit Type of deposit Jan. 1, July 17, Nov. 24, Dec. 6, July 20, Sept. 26, Apr. 19, 1962 1963 1964 1965 1966 1966 1968 Savings deposits: 1 Savings deposits................................ 4 4 4 12 months or more......................... 4 4 } 4 4 Other time deposits: 2 Less than 12 months....................... 3^ 3*/2 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 j 5«/4 Single-maturity: 6 months to 12 months.................. 371 4 4*/2 Less than $100,000................... 5*/z 5 5 90 days to 6 months....................... 2*6 $100,000 or more: Less than 90 days............................ 1 1 4 30-59 days............................. 5V4 | ^/1 (30-89 days) 60-89 days............................. 90-179 days........................... 5’A 6 180 days and over................ 6% t Closing date for the Postal Savings System was Mar. 28, 1966. Max­ Note.—Maximum rates that may be paid by member banks as estab­ imum rates on postal savings accounts coincided with those on savings lished by the Board of Governors under provisions of Regulation Q; deposits, however, a member bank may not pay a rate in excess of the maximum 2 For exceptions with respect to certain foreign time deposits, see rate payable by State banks or trust companies on like deposits under Bulletins for Oct. 1962, p. 1279; Aug. 1965, p. 1084; and Feb. 1968, the laws of the State in which the member bank is located. Beginning p. 167. Feb. I, 1936, the FDJC has established identical rates for nonmember 3 Multiple-maturity time deposits include deposits that are automati­ insured commercial banks. cally renewable at maturity without action by the depositor and deposits For rates before 1962 see Board’s Annual Reports. that are payable after written notice of withdrawal. DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS (In millions of dollars) Reserve city banks Reserve city banks All All Item m b e a m nk b s er Y N o e r w k C o it f y Other C b o a u n n ks try 1 tern 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 Oct. 9, 1968 Four weeks ending Nov. 6, 1968 Gross demand—Total... 169,571 37,255 7,129 60,625 64,562 Gross demand—Total.... 169,847 36,882 7,037 60,868 65,060 Interbank........... 19,677 7 414 1 ,305 8,584 2,374 Interbank....................... 19,708 7,407 1 ,304 8,588 2,410 U.S. Govt...................... 6 417 1 '526 349 2 509 2 033 U.S. Govt....................... 4,958 888 250 2,048 1 ,772 Other............................. 143,478 28’315 5 ,475 49 533 60 156 Other............................... 145,182 28,588 5,483 50.233 60,879 Net demand ’.................. 130'071 23’782 5,202 46,769 54'319 Net demand 1................... 130,148 23,135 5,008 47,238 54,767 Time................................. 159'198 201 80 6,025 60,958 72,036 Time.................................... 161,444 20,730 6,120 61,711 72.885 Demand balances due Demand balances due from dom. banks..... 9 373 386 567 2 132 6 288 from dom. banks.......... 9,361 397 661 2,027 6,276 Currency and coin...... 4’534 359 78 1 '401 2; 696 Currency and coin............ 4,482 366 76 1 ,387 2,653 Balances with F.R. Balances with F.R. Banks............................. 21,644 4,602 1 ,064 9,144 6,834 Banks.............................. 22,149 4,668 1 ,107 9,407 6,967 Total reserves held...... 26'178 4 961 1 ,142 10,545 9'5 30 Total reserves held.......... 26,631 5,034 1 ,183 10,794 9,620 Required......................... 25.’ 883 d’,953 I \ 14V io’,532 9,258 Required......................... 26,402 5,023 1,183 10,796 9,400 Excess............................ 295 8 ' 2 ’ 13 '272 Excess............................. 229 _ 2 220 1 Demand deposits subject to reserve requirements arc gross demand Note.—Averages of daily figures. Balances with F.R. Banks are as deposits minus cash items in process of collection and demand balances of close of business; all other items (excluding total reserves held and due from domestic banks. excess reserves) are as of opening of business. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-12 FEDERAL RESERVE BANKS □ DECEMBER 1968 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1968 1968 1967 Nov. 27 Nov. 20 Nov. 13 Nov. 6 Oct. 30 Nov. 30 Oct. 31 Nov. 30 Assets Gold certificate account.................................................... 10,026 10,026 10,026 10,026 10,026 10,026 10,026 12,392 Cash..................................................................................... 247 265 272 283 287 251 289 351 Discounts and advances: Member bank borrowings....................................... 1 ,195 142 156 534 513 471 179 76 Other............................................................................ Acceptances: Bought outright............................................................. 60 61 61 59 57 58 56 59 Held under repurchase agreements............................ Federal agency obligations—Held under repurchase agreements............................................................... 26 23 U.S. Govt, securities: Bought outright: Bills.............................................................................. 19,033 18,210 19,547 19,294 19,181 19,169 19,148 15,603 Certificates—Special................................................. Other.................................................... Notes........................................................................... 28,706 28,706 28,424 28,424 28,424 28,706 28,424 26,918 Bonds........................................................................... 5,475 5,475 5,757 5,757 5,757 5,475 5,757 6,087 Total bought outright.................................................. 53,214 52,391 53,728 53,475 53,362 53,350 53,329 48,608 Held under repurchase agreements........................... 148 199 323 Total U.S. Govt, securities.............................................. 53,214 52,391 53,728 53,623 53,561 53,350 53,329 48,931 Total loans and securities................................................ 54,469 52,594 53,945 54,242 54,131 53,879 53,564 49,089 Cash items in process of collection................................ '’8,585 "9,779 "8,494 "8,562 7,878 8,622 7,932 7,023 Bank premises.................................................................... 1 14 114 114 H4 114 114 112 11 1 Other assets: Denominated in foreign currencies....................... 2,203 1 ,569 1 ,209 1 ,271 1 .273 2,21 1 1 ,273 1 ,307 IMF gold deposited2................................................... 230 230 230 230 230 230 230 233 All other......................................................................... 324 291 685 653 613 337 615 197 Total assets......................................................................... "76,198 "74,868 "74,975 "75,381 74,552 "75,670 74,041 70,703 Liabilities F.R, notes........................................................................... 43,911 43,462 43,458 43,100 42,667 43.855 42,655 40,936 Deposits: Member bank reserves................................................. '’22,744 "21,082 "21,736 "21,721 22,207 "22,533 22,334 20,648 U.S. Treasurer—General account............................... 441 643 807 1 ,044 1,155 478 1 ,086 1 ,581 Foreign............................................................................ 252 155 139 136 127 220 99 168 Other: IMF gold deposit2..................................................... 230 230 230 230 230 230 230 233 All other..................................................................... 202 194 210 204 197 206 204 207 Total deposits.................................................................... '’23,869 "22,304 "23,122 "23,335 23,916 "23,667 23,953 22,837 Deferred availability cash items..................................... 6,576 7,312 6,653 7,034 6,127 6,275 5 ,559 5,243 Other liabilities and accrued dividends........................... 401 404 406 406 386 409 411 337 Total liabilities.................................................................. "74,757 "73,482 "73,639 "73,875 73,096 "74,206 72,578 69,353 Capital accounts Capital paid in................................................................... 625 623 622 623 621 625 621 591 Surplus................................................................................. 598 598 598 598 598 598 598 570 Other capital accounts..................................... 218 165 116 285 237 241 244 189 Total liabilities and capital accounts............................. "76,198 74,868 74,975 75,381 74,552 75,670 74,041 70,703 Contingent liability on acceptances purchased for foreign correspondents............................................. 114 119 119 118 120 1 14 119 151 U.S. Govt, securities held in custody for foreign account........................................................................ 9,947 9,036 8,403 8, H 9 7,882 9,673 7,956 9,456 Federal Reserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank)....................... 46,346 46,030 45,766 45,598 45,476 46,409 45,444 43,279 Collateral held against notes outstanding: Gold certificate account............................................... 3,997 3,957 3,968 4,068 4,068 3,997 4,068 6,589 Eligible paper............................................................... U.S Govt, securities...................... 43,641 43,441 43,391 43,251 42,951 43,641 42,951 37,941 Total collateral................................................................... 47,638 47,398 47,359 47,319 47,019 47,638 47,019 44,530 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

DECEMBER 1968 □ FEDERAL RESERVE BANKS A-13 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON NOVEMBER 30, 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...................... 10,026 536 2,868 546 759 855 554 1,769 367 172 395 354 851 F.R. notes of other banks.................... 626 62 146 28 32 59 65 35 22 19 27 35 96 Other cash............................................... 25! 1 3 28 4 32 15 34 36 26 4 18 14 27 Discounts and advances: Secured by U.S. Govt, securities.... 358 24 64 1 12 63 16 91 8 2 16 4 57 Other.................................................... 113 75 37 1 Acceptances: Bought outright............................ 58 58 Held under repurchase agreements.. Federal agency obligations—Held under repurchase agreements...... U.S. Govt, securities: Bought outright............................. 53,350 2,832 13,354 2,731 4,123 3,943 2,844 8 ,684 1 ,884 1 ,026 2,055 2,236 7,638 Held under repurchase agreements.. Total loans and securities..................... 53,350 2,832 13,354 2,731 4,123 3,943 2,844 8,684 1 ,884 1 ,026 2,055 2,236 7,638 Cash items in process of collection... 11,303 646 1 ,820 587 835 887 1 ,105 1 ,893 565 444 736 752 1 ,033 Bank premises........................................ 114 3 10 2 5 10 1 9 17 8 3 19 9 9 Other assets: Denominated in foreign currencies., 2,211 108 1574 116 198 H4 139 322 75 51 97 126 291 IMF gold deposited 2................... 230 230 All other.......................................... 337 18 84 19 27 27 18 52 12 7 13 13 47 Total assets................................. 78,977 4,242 19,311 4,034 6,023 5 ,973 4,831 12,899 2,968 1,728 3,376 3,543 10,049 Liabilities F.R. notes................................................ 44,481 2,570 10,217 2,543 3,607 4,058 2,394 7,945 1 ,644 746 1 ,651 1 ,533 5,573 Deposits: Member bank reserves,..................... 22,533 958 6,513 914 1 ,550 1 ,044 1 ,366 3,1 46 817 568 1 ,028 1 ,287 3,342 U.S. Treasurer—General account.. 478 1 470 1 ' * 1 1 * 1 2 Foreign................................................ 220 12 334 13 22 13 16 37 9 6 11 14 33 Other: I VIP gold deposit 2....................... 230 230 All other.......................................... 206 169 1 2 6 2 1 * i 3 1 20 Total deposits.......................................... 23,667 971 7,416 929 1 ,574 1 ,064 1 ,384 3,1 85 826 576 1 ,042 1 ,303 3,397 Deferred availability cash items...... 8,956 608 1 ,203 465 682 741 940 I ,482 433 365 606 610 821 Other liabilities and accrued dividends 409 21 104 21 32 29 22 65 14 15 17 60 Total liabilities....................................... 77,513 4,170 18,940 3,958 5,895 5,892 4,740 12,677 2,917 1,696 3,314 3,463 9,851 Capital accounts Capital paid in............................... 625 30 159 32 56 33 40 93 22 14 27 36 83 Surplus...................................................... 598 29 154 32 54 31 38 87 20 14 26 34 79 Other capital accounts.............. 241 13 58 12 18 17 I3 42 9 4 9 10 36 Total liabilities and capital accounts.. 78,977 4,242 19,311 4,034 6,023 5,973 4,831 12,899 2,968 1,728 3,376 3,543 10,049 Contingent liability on acceptances purchased for foreign correspond­ ents. ..................................... 114 6 429 6 10 6 7 17 4 3 5 6 15 ___ .. — F.R. notes outstanding (issued to Bank)................................................ 46,409 2,663 10,640 2,617 3,854 4,212 2,505 8,194 1 ,722 773 1,729 1 ,660 5,840 Collateral held against notes outstanding: Gold certificate account................... 3,997 330 500 300 600 555 350 1,000 180 27 ...........1.55 ............. U.S. Govt, securities......................... 43,641 2,341 10,400 2,500 3,300 3,700 2,200 7,450 1 ,620 775 1 ,775 1 ,580 6,000 Total collateral....................................... 47,638 2,671 10,900 2,800 3,900 4,255 2,550 8,450 1 ,800 802 1 ,775 1 ,735 6,000 1 After deducting $1,637 million participations of other F.R. Banks. 3 After deducting $186 million participations of other F.R. Banks 2 See note 2 to table at top of page A-73. 4 After deducting $85 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 □ DECEMBER 1968 TRANSACTIONS OF THE SYSTEM OPEN MARKET ACCOUNT (In millions of dollars) Outright transactions in U.S. Govt, securities by maturity Total Treasury bills Others within 1 year 1-5 years Month Exch., c G h p r a u o s r s e ­ s s G sa ro le s s s Re ti d o e n m s p­ c G h p r a u o s r s e ­ s s G sa ro le s s s Re ti d o e n m s p­ c G h p r a u o s r s e ­ s s G sa ro le s s s m re s a d h o t e i u f r m t r s i p t , y ­ c G h p r a u o s r s e ­ s s G sa ro le s s s m E s a h x o tu c i r ft h r s i . t y tions 1967—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 May 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 Oct ....... 2,736 2,246 2,601 2,246 53 308 27 -308 Outright transactions in U.S. Govt, securities—Continued Repurchase Bankers’ agreements Federal acceptances (U.S. Govt, Net agency 5-10 years Over 10 years securities) change obliga­ Month in U.S. tions Under Net c G h p r a u o s r s e ­ s s G sa ro le s s s o E t s r u h x r m i c i f t t h y a s . ­ c G h p r a u o s r s e ­ s s G sa ro le s s s o E t s u r h x r m c i i f t h t y a s . ­ 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 u n g r e e c r t n e h t e a r s e ­ s ) ­ e r O ig n u e h t t t ­ , a r m c e g h n e r p a e e n u s e t t e r s ­ ­ , change 1 1967—Oct....... 1,427 1,427 474 1 -104 370 Nov.... 45 20 1 ,369 1 ,046 1 ,541 23 5 1 ,570 Dec... -96 545 736 182 15 16 89 302 1968—Jan..... 21 5 1,136 1 ,031 -20 -38 -12 -69 -139 Feb.. .. 839 968 1 ,205 -140 -7 -20 -166 Mar,... 64 15 657 596 739 57 -1 35 830 Apr.... 8 3 1 ,832 1 ,627 815 -45 2 -5 766 May... 18 3,638 1 2,488 2,753 119 -12 -1 -30 75 June... 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 Oct....... 50 7 790 1,230 50 -9 9 -39 11 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 Aug................................. 866 761 3 3 1 94 1 * 3 Sept................................. 788 754 13 3 13 1 1 ♦ 3 Oct............................... • 953 898 3 1 46 1 1 3 Nov................................. 1 ,307 1,140 19 3 1 140 1 ♦ 2 1 ',604 1 ,140 45 3 1 413 1 * 2 1968 Jan ............................... 1 ,470 1,142 45 253 1 25 1 1 3 Feb.................................. 1 ,489 1 1152 50 253 1 27 1 1 4 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 1 ,926 1 '544 50 256 67 2 1 2 4 June................... 1 ,009 '503 52 132 25 101 134 1 1 57 4 July................................. 1 ,217 851 52 8 25 151 69 1 57 2 Aug................................. 1 ,055 601 53 4 25 235 75 1 I 57 3 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 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 Nov. 27 Nov. 20 Nov. 13 Nov. 6 Oct. 30 Nov. 30 Oct. 31 Nov. 30 Discounts and advances—Total........................... 1,195 142 156 534 513 471 179 76 Within 15 days.................................................. 1 ,193 140 152 531 508 469 174 73 16 days to 90 days........................................................ 2 2 4 3 5 2 5 3 91 days to 1 year............................................................ Acceptances—Total.......................................................... 60 61 61 59 57 58 56 59 Within 15 days............................................................... 13 12 12 16 13 12 13 11 16 days to 90 days.......................................................... 47 49 49 43 44 46 43 48 91 days to 1 year........................................................... U.S. Government securities—Total............................... 53,214 52,391 53,728 53,649 53,561 53,350 53.329 48,954 Within 15 days 1........................................................... 2,591 I ,585 7,714 8,651 3,004 1 ,425 7,675 I ,568 16 days to 90 days........................................................ 16,826 16,946 9,764 8,925 14,660 18,123 8,518 7,658 91 days to 1 year........................................................... 9,005 9,068 17,752 17,575 17,399 9,010 18,638 21,987 Over 1 year to 5 years.................................................. 13,238 13,238 7,652 7,652 7,652 13,238 7,652 16,258 Over 5 years to 10 years............................................... 10,943 10,943 10,235 10,235 10,235 10,943 10,235 928 Over 10 years.................................................................. 611 611 611 611 611 611 611 555 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 . l 2 . ) 3 ’s 2 S o M 2 th 2 S e 6 A r ’s S T M 2 o S 3 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 Y S l c A . l 2 . ) 3 ’s 2 S o M 2 th S 2 e 6 A r ’s 1967—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 J00.8 1 357,8 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 i’593.3 4,047.1 2353.8 59.8 129.2 56.9 42.1 36.1 Mar............................... 7 ,’21 8.7 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 J22.0 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 2370.4 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 Nov................................ 8^540.1 3,925.9 1,904.1 4,614.2 2JI0, 1 66.5 144.6 63.0 44.9 37.4 1 Excludes interbank and U.S, Govt, demand deposit accounts. Note.-—Total SMSA’s includes some cities and counties not designated 2 Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and as SMSA’s. Los Angeles-Long Beach. For a description of series, see Mar. 1965 Bulletin, p. 390. All data shown here are revised. For description of revision, see Mar. 1967 Bulletin, p. 389. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-16 U.S. CURRENCY □ DECEMBER 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 32 1941....................... 11,160 8,120 751 695 44 I '355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945....................... 28^515 20'683 1,274 1,039 73 2'313 6^782 9*201 7’834 2,327 4'220 454 801 7 24 1947....................... 28,868 20,020 1'404 1'048 65 2'110 6,275 9,119 8,850 2 548 5’070 428 782 5 17 1950....................... 27,741 19^305 U554 1,113 64 2*049 5,998 8,529 8*438 2,422 5 ,043 368 588 4 12 1955 ....................... 31'158 22'021 1'927 1,312 75 2*151 6*617 9*940 9,136 2'736 5,641 307 438 3 12 1958....................... 32’193 22*856 2'182 M94 83 2 *186 6^624 10,288 9,337 2,792 5,886 275 373 3 9 1959....................... 32,591 23,264 2,304 1,511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 3 5 I960....................... 32^869 23'521 2*427 1,533 88 2'246 6*691 10*536 9',348 2,815 5 ,954 249 316 3 10 1961....................... 33’918 24*388 2'582 1 *588 92 2^313 6*878 10'935 9,531 2'869 6 J06 242 300 3 10 1962....................... 35,338 25,356 2'782 1'636 97 2*375 7,071 11’395 9*983 2*990 6,448 240 293 3 10 1963....................... 37*692 26,807 3^030 1'722 103 2,469 7'373 12,109 10'885 3*221 7*110 249 298 3 4 1964....................... 39'619 28,100 3*405 M06 J11 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,’7OO 8^735 241 286 3 4 1967—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 14’957 13,524 3,832 9,163 239 283 3 4 Dec............ 47*226 33’468 4^918 2,035 136 2,850 8^366 15 J 62 13*758 3315 9^311 240 285 3 4 1968—Jan......... 45,819 32,232 4,927 1,923 136 2,686 7,977 14,583 13,588 3,835 9,221 240 285 3 4 Feb............ 45,846 32,284 4*969 1 ,'895 136 2,665 8,000 14’619 13^563 3*820 9,213 239 284 3 4 Mar., 46^297 32^664 5,049 1 ^857 136 2,676 8^094 14^852 13,632 3'840 9,261 239 285 3 4 Apr............ 46,621 32*938 5’137 1,875 136 2,684 8,104 15^002 13,683 3,857 9*293 240 286 3 4 May.......... 47,202 33,414 5,231 1 ^883 136 2^727 8,230 15*207 13,787 3 894 9,360 240 286 3 4 June. 47^640 33,745 5*309 1 ,860 136 2*728 8’287 15'424 13,895 3,932 9,430 240 286 3 4 July............ 47,979 33^963 5,385 1 ,871 136 2,720 8,261 15,590 14,015 3,971 9,511 240 286 3 4 Aug.. 48*353 34,238 5'449 1 ^863 136 2,728 8,309 15,753 14,115 3,999 9,581 240 287 3 4 Sept........... 48’340 34,161 5^498 1 ;872 136 2',732 8,269 15,654 14,179 4,002 9’641 241 288 3 4 Oct............. 48,719 34,421 5,565 1 ,900 136 2,763 8,336 15 ,722 14,299 4^28 9,734 241 289 3 4 1 Outside Treasury and F.R. Bonks. Before 1955 details are slightly 2 Paper currency only; SI silver coins reported under coin. overstated because they include small amounts of paper currency held by the Treasury and the F.R. Banks for which a denominational break­ Note.—Condensed from Statement of United States Currency and down is not available. Coin, issued by the Treasury. KINDS OUTSTANDING AND IN CIRCULATION (In millions of dollars) Held in the Treasury Currency in circulation 1 Held by Kind of currency T s O o ta c t 1 a n t 9 . l d 6 o 3 8 in 1 u g , t ­ A g s a o g s ld a e i c n a u s n r t d it y Tre ca a s s h ury B F F a . n o R k r . s A B F g a a e . n n R n d k . t s s 1968 1967 silver and Oct. 31 Sept. 30 Oct. 31 certificates Agents Gold.... ............................................................................ 10,367 (10,026) 2342 Gold certificates................................................................. (10,026) 310,024 1 Federal Reserve notes...................................................... 45,444 114 2,788 42,542 42,229 39,851 Treasury currency—Total................................................ 6,766 299 289 6,177 6,111 5,571 Standard silver dollars..................................................... 485 ................... 3 ................... 482 482 482 Silver certificates................................................................ (...........) 378 Fractional coin............................................................. 5,649 ................... 282 285 5 ,083 5,016 4,321 United States notes....................................................... 323 14 5 304 304 303 In process of retirement4............................................. 309 308 309 86 Total—Oct. 31, 1968......................................................... 562,577 (10,026) 754 10,024 3,079 48,719 Sept. 30, 1968..................................................... 562,581 (10,026) 772 10,024 3,444 48,340 Oct. 31, 1967....................................................... 562,218 (12,792) 1,451 12,408 2,937 45,421 1 Outside Treasury and F.R. Banks. Includes any paper currency held 5 Does not include all items shown, as some items represent the security 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

DECEMBER 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 D d e e m po a s n i d t jus a te d d ­ 1 Total c C om ur p re o n n c e y n t D d e e m po a s n i d t jus a te d d ­ 1 d d e e p m os a i n ts d 1 component component 1965—Dec...................................................... 166.8 36.3 130.5 146.6 172.0 37.1 134.9 145.2 4.6 1966—Dec...................................................... 170.4 38 3 132.1 158, t 175.8 39,1 136.7 156.9 3 4 1967—Nov..................................................... 181.0 40 1 141.0 182.0 182.4 40,4 141 9 181.3 5 3 Dec...................................................... 181.3 40 4 140 9 183. 5 187 1 41 .2 145 9 182.0 5*6 1968—Jan...................................................... 182.3 40.6 141 7 184. 1 187.6 40.5 147 1 183.7 5 0 Feb.................................................... 182.7 40.7 141.9 185,2 181 4 40,3 141,1 185 8 7*2 Mar.................................... 183.4 41 .1 142.2 186.7 182 0 40.7 141.2 187 7 6 6 Anr..................................................... 184.3 41 .4 143.0 187.1 185.6 41.1 144.5 187 9 4 2 May. 186.1 41 6 144 5 187.6 182 5 41 3 141 I 188 4 June. 187.4 42.0 145.4 188.2 1 85 6 41 .9 143.6 188 6 5*4 Tulv. 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 5* 5 Sept..................................................... 189.5 42.7 146.7 196.6 188.6 42.7 145.8 196.2 5 9 Oct..................................................... 190.2 42.8 147.4 199. 5 190.6 42.9 147.7 199.1 6 i Nov.7’................................................. 192.0 43.2 148.8 201.9 193.5 43.6 149.9 200.7 4 3 Week ending— 1968—Oct. 2............................................. 190.0 42.7 147.3 198. 1 r189. 7 42.4 147.3 197.1 8. 1 9............................................. 189.9 42,9 ’147.0 198.7 190.3 43.2 147.1 198.3 7.2 16............................................. 191.0 42.8 r148.1 199. 1 191.8 43.0 148.8 198.9 4 9 23............................................ 189.4 42.8 146. 5 200. 0 189.2 42.9 146.4 199.6 5.2 30............................................ 1 89.9 42.9 147.1 200. 4 190.3 42.5 147.8 200,0 6.7 Nov. 6.............................................. 191 .9 42,9 149.0 200. 8 193.9 43.3 150.6 200.2 5.7 13.............................................. 190.6 43.2 147. 3 201.4 192.3 43.7 148.6 200.4 4 9 20*. .......................................... 192.2 43.2 149.0 201.8 193.2 43.6 149.6 200.5 3.3 27*............................................ 193,3 43.4 150.0 202.9 193.6 43.6 150.0 201.3 4.2 1 At all commercial banks. mercial banks and the U.S. Govt., less cash items in process of collection le N tin o , t e p . p — . F A o -9 r 2 r — ev A ise -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 s e e e J J u u n n e e ’ 1 1 9 9 6 6 8 4 B Bu u l l­ ­ a r b e n a n d n c k y F s . . o R u . T t s f im i l d o e e a t; t d h ( e e 2 p ) T o f s o re i r t e a s i s g u a n r d y j d u , e s F m te .R a d n . d a B r b e a a n la k ti n s m c , e e a s n d a d e t p v F o a . s R u it l s . t s B a o a t n f k a a s l l l ; l a c c n o o d m m m ( m 3 e ) e r r c c c u i i a a r l ­ l p le p. t in 1 , 3 0 p 3 p - . 1 6 6 . 79^89; and for data for 1959-62, see Aug. 1967 Bulletin, banks other than those due to domestic commercial banks and the U.S. Govt, Effective June 9, 1966, balances accumulated for payment of Averages of daily figures. Money supply consists of (I) demand personal Joans 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 l 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 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 r N o b w o o e r n ­ d ­ qu R ir e e ­ d Total s T a a v im n in d e g s de v P m a r a t i e ­ n d de G U m o .S a v n . t, d Total r N o b w o o e n r d ­ ­ qu R ir e e ­ d Total sa T a v im n in d g e s de v P m a r a t i e ­ n d d G e U m o .S a v n t . , d 1965—Dec....... 22.64 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 1 H .7 3.5 23.47 22.91 23.08 247.1 127.9 116.1 3.0 1967—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 1 19.4 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 J 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 ’157.2 121 .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........ 26.61 26.21 26.34 290.9 161.5 124.5 5.0 26.64 26.21 26.40 291.2 161.0 124.8 5.4 Nov.7’... 26.71 26.14 26.53 293.8 163.5 125.5 4.8 26,74 26. 17 26.47 292.6 162.4 126.6 3.7 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. Nott:.—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 □ DECEMBER 1968 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total Bank credit assets, net— Treas­ Total Date ury U.S. Government securities liabil­ Capita! cur­ ities Total and Gold rency Other and deposits misc. s o t i a n u n g t d ­ ­ Total n L e o t a n 1, s , 2 Total s C a a o v n i r n d n g !, s R F B e e a s d n e e k r r v s a e l Other3 r s it e ie c s u ­ 2 ca n p e it t al, cur a r n e d n cy co n a u e c n ­ t ts, banks 1947—Dec. 31.................... 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30.................... 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,008 184,384 14,624 1963—Dec. 20.................... 15'582 5,586 333,203 189,433 103,273 69,068 33,552 653 40,497 354,371 323,251 31,118 1966—Dec. 31.................... 13 J59 6,317 422,676 261,459 106,472 60,916 44,316 1 ,240 54,745 442,152 400,999 41,150 1967—Nov. 29........... 12,900 6,800 458,300 273,000 117,100 67,300 48,500 1 ,300 68,100 478,000 431 ,500 46,500 Dec. 30.................... 11,982 6,784 468,943 282,040 117,064 66,752 49,112 1 ,200 69,839 487,709 444,043 43,670 1968—Jan. 31.................... 12,000 6,800 466,300 279,100 116,900 66,600 49,100 1 ,200 70,400 485.100 439,800 45,300 Feb. 28.................... 11,900 6,800 466,300 277,700 117,600 67,600 48,800 1 ,200 71,100 485,000 439,300 45,700 10,500 6,800 468,000 279,300 116,300 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 46,400 May 29........... 10,400 6,800 472,400 283,100 116,300 64,700 50,500 I ,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 Sep*t. 25..................... 10^400 6,700 492,200 295,400 119,100 66,700 52,400 100 77,700 509,300 457,600 51,700 Oct. 30^................... 10,400 6,800 497,700 296,300 122,400 68,800 53,600 100 78,900 514,800 463,300 51,500 Nov. 27".................. 10,400 6,800 498,900 299,300 120,100 66,800 53,200 100 79,500 516,100 464,600 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 C u e a t n u s n c i r k d ­ y s e d ju e m s D a p t a e o d e n d s ­ ­ d i t s 5 Total o b r u C e a t n u s n c i k r d y ­ s e d ju e m s D p a t a o e d e n s d ­ ­ d i t s 5 Total b m C a e n o r k c m s ia ­ l 1 b s M a a u v n i t k n u s g a s l 6 S P t a S e o v y s m i s n ta ­ 3 g l s e n F i e g o t n r­ , 7 T h c i r u n a o e r g s l a y d s h s ­ ­ s b c a a a o v A n n i m n t d k g l s . s B F A a .R n t k . s 1947—Dec. 31.... 110,500 26,100 84,400 113,597 26,476 87,121 56,411 35,249 17,746 3,416 1,682 1,336 1,452 870 1950—Dec. 30.... 114,600 24,600 90,000 117,670 25,398 92,272 59,246 36,314 20,009 2,923 2,518 1,293 2,989 668 1963—Dec. 20.... 153,100 31,700 121,400 158,104 33,468 124,636 155,713 110,794 44,467 452 1 ,206 392 6,986 850 1966—Dec. 31.... 170,400 37,600 132,800 178,304 39,003 139,301 213,961 158,568 55,271 122 1 ,904 1,176 5,238 416 1967—Nov. 29.. . . 178,300 39,000 139,300 180,700 39,700 141,000 240,500 180,900 59,600 1 ,900 1 ,500 5,200 1,800 Dec. 30.... 181,500 39,600 141,900 191,232 41,071 150,161 242,657 182,243 60,414 2,179 1 ,344 5,508 1,123 1968—Jan. 31 . . .. 180,600 40,000 140,600 183,000 39,400 143,600 245,200 184,500 60,700 1 ,900 1 ,400 7,200 1 ,200 Feb. 28.... 179,300 39,900 139,400 178,400 39,400 139,000 247,300 186,300 61,100 2,000 1,300 9,400 900 Mar. 27 . . . 182,600 40,200 142,400 180,000 39,800 140,200 249,500 187,800 61,700 2,000 1,100 5,700 1 ,000 Apr, 24 . . . 182,400 40,400 142,000 182,400 40,000 142,400 249,300 187,600 61,700 2,000 1,100 4,400 1 ,600 May 29 . . . 183,200 40,800 142,400 181 ,400 41,100 140,300 250,500 188,500 62,100 2,100 1 ,000 5,400 1 ,000 June 29.... 186,700 40,800 145,900 186,562 42,261 144,301 251,913 189,144 62,769 2,154 838 5,298 1 ,074 July 31 . , . 186,800 41,300 145.500 186,600 41,400 145,200 254,800 192,100 62,700 2,200 800 6,100 1,100 Aug. 28 . . . 186,400 41,300 145,100 184,700 41,500 143,200 257,800 194,900 63,000 2,000 800 5,300 1 ,000 Sept. 25'' . . 186,500 41,400 145,100 185,300 41,500 143,800 259,600 196,100 63,500 2,100 800 8,900 1 ,000 Oct. 30"... 187,900 41,600 146,300 189,600 41,800 147,800 263,300 199,600 63,700 2,100 800 6,400 1 ,200 Nov. 27". . . 189,500 42,300 147,200 192,500 43,500 149,000 265 ,000 20),200 63,800 2,400 800 3 ,600 400 1 Beginning with data for June 30, 1966, about $1.1 billion in “Deposits June 1961, also includes certain accounts previously classified as other lia­ accumulated for payment of personal loans” were excluded from “Time bilities. deposits” and deducted from “Loans” at all commercial banks. These 7 Reclassification of deposits of foreign central banks in May 1961 re­ changes resulted from a change in Federal Reserve regulations. These hy­ duced this item by $1,900 million ($1,500 million to time deposits and $400 pothecated deposits are shown in a table on p. A-23, million to demand deposits). 2 See note 2 at bottom of p. A-22. 3 After June 30, 1967, Postal Savings System accounts were eliminated Note.—For back figures and descriptions of the consolidated condition from this Statement. statement and the seasonally adjusted series on currency outside banks 4 Series begin in 1946; data are available only last Wed. of month. and demand deposits adjusted, see “Banks and the Monetary System,” 5 Other than interbank and U.S. Govt., less cash items in process of Section 1 of Supplement to Banking and Monetary Statistics, 1962, and collection. . Bulletins for Jan. 1948 and Feb. 1960. Except on call dates, figures 6 Includes relatively small amounts of demand deposits. Beginning with are partly estimated and are rounded to the nearest $100 million. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1968 □ COMMERCIAL AND MUTUAL SAVINGS BANKS A-19 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans Securities a C ss a e s t h s 3 b T i . a l i o ! t n * i t a e d a - s l Total3 Interbank3 Dema O nd ther B r in o o g w r s ­ ­ c c T o a a o u p c t n i a ­ t t a l s l b N a b o u n e m f k r s ­ 1.2 G U o .S v . t . Oth 2 er c c o a a u p c n i ­ ta ts l 4 m D a e n ­ d Time U.S. T 1 im . e s Govt. Other All banks: 1941—Dec. 31.. 61,126 26,615 25,511 8,99927,344 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 10,72338,388 175,091 161,865 12,793 240 1,346 94,381 53,105 6611,948 14,714 1966—-Dec. 31 . 381,684266,022 60,91654,74570,085464,376407,637 19,770 968 4,999 167,821 214,078 4,92936,926 14,271 1967—Nov, 29 415,110279,740 67,25068,12062,650490,710427,760 16,970 1 ,340 4,980 163,730240,740 6,92038,890 14,230 Dec. 30 424,134287,543 66,75269,83978,924517,374455,501 21,883 1,314 5,240 184,139242,925 5,84639,371 14,223 1968—Jan. 31, 421,940284,980 66,57070,39067,710503,580439,740 17,470 1,320 6,920 168,580245,450 6,82039,430 14,219 Feb. 28. 423,280284,660 67,55071,07065,660502,570437,630 16,920 1 ,370 9,060 162,640247,640 7,27039,590 14,219 Mar. 27, 423,870285,950 65,61072,31064,860502,940436,290 16,710 1 ,280 5,320 163,180249,800 8,15039,670 14.218 Apr. 24 427,760290,460 64,14073,16064,740506,710438,830 17,340 1 ,230 4,040166,630249,590 8,93039,870 14,215 May 29 429,790292,180 64,69072,92065,980509,920439,590 17,340 1,100 5,060 165,260250,830 9,70040,220 14,221 June 29 434,415297,677 62,80973,92976,293525,856456,87420,638 1 ,095 4,977 177,930252,234 8,19640,885 14,224 July 31 440,760301,620 64,74074,40070,540526,100454,140 19,170 1 ,310 5,800 172,690255,17010,15040,850 14,219 Aug, 28. 443,320301,640 65,68076,00067,930525,720451,330 18,020 1 ,350 4,970168,800258,190 11,13041,030 14,216 Sept. 25?-. 449,800305,470 66,68077,65070,630535,240459,540 19,250 1 ,410 8,540 170,420259,92011,66041,280 14,209 Oct. 30?’. 455,130307,430 68,76078,94072,270542,480466,410 19,690 1 ,330 6,070 175,730263,59011,66041,590 14,205 Nov. 27?’ 457,390311,030 66,83079,53077,170549,750471,20020,500 1 ,260 3,250 180,900265,29013,02041,740 14,205 Commercial banks: 1941—Dec. 31 . 50,746 21,714 21,808 7,22526,551 79,104 71,283 10,982 44,349 15,952 23 7,173 14,278 1945—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 9,00637,502 155,377 144,103 12,792 240 1 ,343 94,367 35,360 65 10,059 14,181 1966—Dec. 31 . 322,661 217,726 56,16348,77269,119403,368352,287 19,770 967 4,992 167,751 158,806 4,85932,054 13,767 1967—Nov. 29 351,100228,460 62,85059,79061,730424,650368,100 16,970 1 ,340 4,980 163,640 181,170 6,92033,890 13,739 Dec, 30 359,903235,954 62,47361,47777,928451,012395,00821,883 1 ,314 5,234 184,066 182,511 5,77734,384 13,722 1968—Jan. 31 356,970233,010 62,23061,73066,830436,580378,960 17,470 1,320 6,920 168,490 184,760 6,82034,420 13,717 Feb. 28. 357,750232,420 63,15062,18064,760434,980376,490 16,920 1,370 9,060 162,550 186,590 7,27034,520 13,717 Mar. 27, 357,910233,570 61,20063,14063,950434,870374,490 16,710 1 ,280 5,320 163,100 188,080 8,15034,600 13,716 Apr. 24. 361,660237,990 59,84063,83063,870438,550377,080 17,340 1 ,230 4,040166,550187,920 8,93034,810 13,714 May 29, 363,110239,300 60,32063,49065,100441,150377,460 17,340 1 ,100 5,060 165,180 188,780 9,70035,110 13,720 June 29 367,560244,580 58,60464,37675,334456,827394,00420,638 1 ,094 4,970 177,837 189,465 8,131 35,774 13,723 July 31, 373,480248,370 60,53064,58069,610456,670391,330 19,170 1 ,310 5,800 172,610 (92,440 10,15035,740 (3,717 Aug. 28, 375,550248,050 61,48066,02067,020455,820388,280 18,020 1 ,350 4,970 168,720195,22011,13035,850 13,714 Sept. 25?’ 381,840251,680 62,54067,62069,640465,040395,960 19,250 1 ,410 8,540 170,320 196,440 11,66036,090 13,707 Oct. 30?’. 386,950253 360 64,76068 83071,360472 170402 660 19,690 1 ,330 6,070 175,630 199 94011,66036,400 13,703 Nov. 27?’ 388 930256 640 62,83069 46076 220479 090407’29020 500 1 260 3 '250 180 800201 480 13 ,02036 500 13 703 Member banks: 1941—Dec. 43,521 18,021 19,539 5,961 23,123 68,121 61,717 10,385 140 1,709 37,136 12,347 4 5,886 6,619 1945—Dec. 31 . 107,183 22,775 78,338 6,07029,845 138,304 129,670 13,576 64 22,179 69,640 24,210 208 7,589 6,884 1947—Dec. 31 . 97,846 32,628 57,914 7,30432,845 132,060122,528 12,353 50 1,176 80,609 28,340 54 8,464 6,923 1966—Dec. 31 . 263,687182,802 41,924 38,96060,738334,559291,063 18,788 794 4,432 138,218 128,831 4,61826,278 6,150 1967—Nov. 29 . 285,700 190,515 47,091 48,094 54,809350,888302,689 16,082 1 ,189 4,356 134,283 146,779 6,45627,734 6,083 Dec. 30 293,120 196,849 46,95649,315 68,946373,584326,033 20,811 1 ,169 4,631 151,980 147,442 5,37028,098 6,071 1968—Jan. 31 290,389 194,262 46,57949,548 59,102360,773311 ,534 16,668 1,170 6,313 138,263 149,120 6,42728,142 6,064 Feb. 28 290,844193,582 47,35449,908 57,129358,945309,012 16,112 1 ,223 8,094 133,136 150,447 6,82528,188 6,060 Mar. 27......... 290,527 194,303 45,51050,71456,437 358,402306,703 15,917 1,129 4,707 133,587 151,363 7,65528,250 6,049 Apr. 24......... . 293,281 197,820 44,285 51 ,17656,320361,004308,15616,534 1 ,083 3,438 136,258 150,843 8,58428,424 6,046 May 29. . .. . 294,364 198,874 44,733 50,75757,415363,139308,378 16,574 955 4,282 135,242 151,325 9,07328,706 6,041 June 29..... 297,630203,016 43,361 51 ,253 67,130376,904322,990 19,644 934 4,126 146,470151,816 7,68429,139 6,039 July 31......... 303,009206,378 45,05751 ,57461 ,854376,785320,310 18,229 1 ,146 4,988 141,559 154,388 9,76329,160 6,026 Aug. 28 r. .. . 304,669205,850 45,89852,921 59,497375,766317,186 17,088 1 ,193 4,181 138,031 156,693 10,68429,240 6,019 Sept. 25?’. . . . 309 985 208 917 46,755 54 313 61,846383 685 323,730 18,275 1 ,246 7,468 139,166 157,575 11 ,19229,415 6,010 Oct. 30?’. . . . 314,164210,270 48,70455,19063,275389,598329’287 18,673 1 J 69 5,226 143,684160,535 11,15329,687 6,002 Nov. 27?’. . . . 315,615213,092 46,82055,70367,675395,535333,142 19,462 1 ,098 2,545 148,083 161,954 12,45029,739 6,002 Mutual savings banks: 1941—Dec. 31 . . 10 379 4 901 3,704 1 774 793 11 804 10,533 6 10,527 1,241 548 1945—Dec. 31 . . 16,208 4 279 10,682 1 *246 609 17,020 15 385 15,371 7 1 ’592 542 1947—Dec. 316. , 18,641 4 944 11,978 1 718 886 19,714 17,763 1 3 14 17,745 1,889 533 1966—Dec. 31 . . 59,023 48’296 4,753 5,973 966 61 008 55,350 1 7 70 55’271 69 4,871 504 1967—Nov. 29, 64 010 51 280 4 400 8 330 920 66 060 59,660 90 59 570 5,000 501 Dec. 30 64 231 51*590 4 280 8*362 996 66*362 60*494 1 7 73 60*414 69 4,987 501 1968—Jan. 31. 64 970 51 970 4 340 8 660 880 67 000 60.780 90 60,690 5,010 502 Feb. 28, 65 530 52*240 4 400 8*890 900 67*590 61,140 90 61 ,050 5,070 502 Mar. 27. 65 960 52*380 4 410 9*170 910 68 070 61 '800 80 61 ,'720 5,070 502 Apr. 24. 66,100 52*470 4,300 9*330 870 68,160 61 ,’750 80 61 ,*67'0 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 1 7 93 62,769 65 5,111 501 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 J 80 502 Sept. 25. , 67,960 53*790 4 140 10*030 990 70’200 63,580 100 63,480 5,190 502 Oct. 30 r 68 180 54*070 4 000 10*110 910 70,310 63*750 100 63’650 5,190 502 Nov. 27?’, 68’460 54i390 4,00010’070 950 70,660 63’,910 .......... 100 63;810 .......... 5,240 502 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 □ DECEMBER 1968 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans U S .S e . curities a C ss a e s t h s 3 c b T a i a l l o i i p n a t t i i d a e - ta l s l Total3 I D n e te ­ rbank 3 Dema O n t d her 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 ba u b o n e m f k r ­ s Govt. Oth 2 er co a u c n ­ ts4 mand Time U.S. Other Time1 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 5,674 14,869 64,424 51,837 6,370 467 1,016 26,535 17,449 1,874 5,298 12 1967—Nov. 29................... 49,805 36,799 6,257 6,749 13,106 66,251 52,163 5,254 752 828 24,83620,493 1,946 5,729 12 Dec. 30.................. 52,141 39,059 6,027 7,055 18,797 74,609 60,407 7,238 741 1 .084 31 ,28220,062 1 ,880 5,715 12 1968—Jan. 31................... 50,898 38,303 5,607 6,988 15,642 70,187 55,544 5,826 719 1 ,562 27,530 19,907 1,979 5,774 12 Feb. 28................... 50,198 37,325 5,771 7,102 14,125 67,771 53,282 5,371 712 1 ,641 25,854 19,704 1,935 5,729 12 Mar. 27.. . ............. 49,973 37,334 5,151 7,488 14,275 67,903 52,675 5,484 630 1 ,258 25,667 19,636 2,283 5,740 12 Apr. 24................... 50,150 37,842 4,734 7,574 13,961 67,654 52,036 5,696 598 575 26,089 19,078 2,809 5,766 12 May 29................... 50,800 38,737 5,169 6,894 14,573 68,783 52,747 6,135 530 749 26,506 18,827 2,586 5,944 12 June 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 7,036 16,643 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 7,526 16,347 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 6911 2,198 27,136 19,458 3,605 6,108 12 Oct. 30................... 54,882 40,488 6,607 7,787 16,975 75,530 56,825 6,757 660 1 ,042 28,207 20,159 3,438 6,180 12 Nov. 27.................. 55 ,084 41,429 5,881 7,774 18,243 77,069 57,653 7,363 633 170 28,675 20,812 3,914 6,129 12 City of Chicago:7’® 1941—Dec. 31 . ................. 2,760 954 1 ,430 376 1,566 4,363 4,057 1 ,035 127 2,419 476 288 13 1945—Dec. 31......... .... 5,931 1,333 4,213 385 1,489 7,459 7,046 1 ,312 1,552 3,462 719 377 12 1947—Dec. 31................... 5,088 1,801 2,890 397 1,739 6,866 6,402 1 ,217 72 4,201 913 426 14 1966—Dec. 31................... 11,802 8,756 1 ,545 1,502 2,638 14,935 12,673 1 ,433 25 310 6,008 4,898 484 1,199 11 1967—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 I ,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 1 1 181 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 Nov. 27.................. 13,658 9,573 1 ,990 2,095 3,218 17,571 13,311 1 ,287 10 58 5,676 6,280 953 1 ,416 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—Nov. 29................... 103,221 71,628 14,127 17.46621,957 128,973 (12,429 7,555 322 1 ,803 47,335 55,414 2,937 9,931 163 Dec. 30.................. 105,724 73,571 14,667 17,48726,867 136,626 (20,485 9,374 3(0 1 ,715 53,28855,798 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 3,41610,075 164 Mar. 27................... 105,064 73,232 13,790 18,042 21,820 130,999 113,620 7,247 393 1 ,679 46,68757,614 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 47,40957,430 4,245 10,152 163 May 29................... 106,505 74,697 13,496 18,31221,950 132,720 113,758 7,31 1 321 1 ,587 46,851 57,688 4,407 10,223 163 June 29.................. 107,654 76,213 13 ,083 18,358 24,528 136,603 118,123 8,131 300 1 ,400 50,39457,898 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 47,72560,013 4,638 10,433 162 Sept.25.................. 112,559 78,661 14,211 19,68723,382 140,294 (19,750 8,054 448 2,798 48,12660,324 5,437 10,445 162 Oct. 30.................. 114,861 79,584 15,13520,142 23,605 142,930 122,205 8,351 395 2,128 49,85461,477 5,554 10,559 162 Nov. 27.................. 115,027 80,382 14,291 20,35425,803 145,322 123,321 8.458 353 799 51 ,83261,879 6,441 10,572 161 Country member banks:7’8 1941—Dec. 31.................. 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 30 225 10,109 6,258 4 1,982 6,219 1945—Dec. 31.................. 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,207 17 5,465 24,235 12,494 11 2,525 6,476 1947—Dec. 31.................. 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,056 17 432 28,378 14,560 23 2,934 6,519 1966—Dec. 31................... 109,518 68,641 22,419 18,458 19,004 131,338 117,749 2,392 69 1,474 56,67257,144 308 10,309 5,958 1967—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 24,68922,82620,334 146,052 131,156 2,766 96 1 ,564 61,161 65,569 552 11,005 5,886 1968—Jan. 31................... 121 ,777 74,092 24,88022,805 17,907 142.572 127,617 2,063 106 1,573 57,45666,419 783 10,947 5,878 Feb. 28................... 122,372 74,266 25,11922,987 17,668 142,921 127,616 2,087 106 2,496 55,587 67,340 889 11,045 5,874 Mar.27................... 122,968 74,834 24,82323,311 17,527 143,526 127,958 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 24,338 23,697 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 59,18369,483 870 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 58,50870,279 772 11,302 5,843 Aug. 28.......... 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.................. 129,187 80,230 24,325 24,63218,610 151 ,135 134,961 2,222 96 2,291 58,57871 ,774 932 11,467 '5,827 Oct. 30.................. 130,842 80,842 24,75025,26019,292 153,472 137,139 2,305 102 1 ,803 60,16772,762 1 ,027 1 1 ,536 5,819 Nov. 27”................ 131 ,846 81,708 24,658 25,48020,411 155,573 138,857 2,354 102 1 ,518 61,90072,983 1 ,142 11,622 5,820 For notes see p. A-22. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1968 □ COMMERCIAL AND MUTUAL SAVINGS BANKS A-21 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank 3 Other b c C a a l n a ll s k d s a a o n te d f Total Loans as C s a e s ts h 3 bi a l l i i n t a i d e ­ s Total3 Demand r B in o o g w r s ­ ­ c c T a o a o p u c t i n a ­ ta t l s l b N a b o u n e f m k r s ­ 1 . 2 U.S. capital De­ Govt. Oth 2 er cou a n c­ ts2 mand Time G U o .S v . t. Other Ti 1 m .5 e Insured commercial: 1941—Dec. 31.. 49,29( 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1.762 41,298 15,699 10 6,844 13,426 1945—Dec. 31.. 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 23,740 80,27629,876 215 8,671 13,297 1947—Dec. 31.. 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,615 54 1,325 92,975 34,882 61 9,734 13,398 1965—Dec. 31.. 303.593200,109 59,12044,364 60,327 374,051 330,323 18,149 923 5,508 159,659 146,084 4,325 29,827 13,540 1966—Dec. 31.. 321,473 217,379 55,78848,307 68,515 401,409 351,438 19,497 881 4,975 166,689 159,396 4,717 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.. 365,955243,993 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 32,34725,720 36,880 219,744 193,860 12,064 458 3,284 92,533 85,522 2,627 17,434 4,815 1966—Dec. 31.. 187,251 129,182 30,355 27,713 41,690 235,996 206,456 12,588 437 3,035 96,75593,642 3,120 18,459 4,799 1967—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 5,097 20,503 4,742 State member: 1941—Dec. 31.. 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 1 2,246 1,502 1945—Dec. 31.. 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,41 1 8,166 24,168 7,986 130 2,945 1,867 1947—Dec. 31.. 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1 ,918 1965—Dec. 3!.. 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 I ,892 8,368 1,313 1968—June 29.. 86,231 60,159 11,734 14,338 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 31,00434,640 162 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 if:i 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 28,64926,495 238 5,345 7,583 1966—Dec. 31., 59,257 35,206 14,239 9,812 8,381 69,092 61,506 983 173 560 29,532 30,258 241 5,776 7,617 1967—Dec. 30.. 67,087 39,409 15,516 12,162 8,983 77,732 69,279 1 ,071 147 603 32,085 35,372 408 6,286 7,651 1968—June 29.. 70,219 41 ,853 15,242 13,124 8,204 80,213 71,304 994 160 844 31,367 37,939 447 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 o DECEMBER 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 Lo 1 a i n 2 s G U o .S vt . . Oth 2 er as C s a e s ts h 3 c c b o a i u a l a l i p i n n a t c i i d t ­ t e ­ s a s l 2 Total 3 m D a e n ­ d Time U.S D . e ma O n t d her T 1 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 m f 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 1,034 192 1947—Dec. 31.. 12,683 3,560 8,165 958 675 13,499 12,207 1 2 12 12,192 1,252 194 1965—Dec. 31.. 48,735 39,964 3,760 5,010 904 50,500 45,887 J 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 8,738 1,077 496 1945—Dec. 31.. 5,361 1,198 3,522 641 180 5,596 5^022 2 5^020 6 '558 350 1947—Dec. 316 5,957 1,384 3,813 760 211 6,215 5’556 1 2 5,553 637 339 1965—Dec. 31.. 7,526 5,325 1,710 491 113 7,720 6,874 1 8 6,865 1 706 177 1966—Dec. 31.. 7,756 5,705 1,429 621 119 7,961 7,096 1 19 7,076 732 174 1967—Dec. 30.. 8,295 6,100 1,169 1,026 115 8,499 7,584 ] 20 7,563 J 749 170 1968—June 29.. 8,677 6,283 1 ,166 1 ,228 126 8,901 7’879 1 41 7.838 762 170 1 See table "Deposits Accumulated at Commercial Hanks for Payment 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 ali 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 5 Figures for mutual savings banks include relatively small amounts Bulletin. of demand deposits. Beginning with June 1961, also includes certain Comparability of figures for classes of banks is affected somewhat by accounts previously classified as other liabilities. changes in F.R. membership, deposit insurance status, and the reserve 6 Beginning with Dec, 31, 1947, the series was revised; for description, classifications of cities and individual banks, and by mergers, etc. see note 4, p. 587, May 1964 Bulletin. Data for national banks for Dec. 31, 1965, have been adjusted to make 7 Regarding reclassification of New York City and Chicago as reserve them comparable with State bank data. cities, see Aug. 1962 Bulletin, p. 993. For various changes between Figures are partly estimated except on call dates. reserve city and country status in 1960-63, see note 6, p. 5 87, May 1964 For revisions in series before June 30, 1947, see July 1947 Bulletin, Bulletin. pp. 870-71. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1968 □ COMMERCIAL BANKS A-23 LOANS AND INVESTMENTS AT COMMERCIAL BANKS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Period Securities Securities Total 1,2 Loans1,2 Total 1,2 Loans’,2 G U o .S vt . . Other2 G U o .S vt . . Other2 1959—Dec. 31.................................................................... 185.9 107.8 57.7 20.5 189.5 110.0 58 9 20.5 I960—Dec. 31.................................................................... 194,5 113.8 59.8 20.8 198.5 116.7 61 0 20 9 1961—Dec. 30.................................................................... 209.6 120.4 65.3 23.9 214.4 123.9 66 6 23.9 1962—Dec. 31.................................................................... 227.9 134.0 64.6 29.2 233.6 137.9 66 4 29.3 1963—Dec. 31.................................................................... 246.2 149.6 61.7 35.0 252.4 153.9 634 35 1 1964—bee. 31........................................................... 267.2 167.7 60.7 38.7 273.9 172.1 63 0 388 1965—Dec. 31.................................................................... 294.4 192.6 57.1 44.8 301.8 197.4 59'5 449 1966—Dec 31 .................. ................................... 310.5 208.2 53 6 48.7 317 9 213 0 56 '2 48 8 1967—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 6! .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 Apr. 24................................................................ 355.2 231.4 60.3 63.4 354.7 231.0 59,8 63.8 May 29................................................................... 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 Aug. 28................................................................... 370.4 241.1 63.9 65.5 367.9 240.4 61 5 66.0 Sept. 25p.................................................................. 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 Nov. 2711.................................................................. 381.6 250.4 61.0 70.2 381 .1 248,8 62.8 69,5 1 Adjusted to exclude interbank loans. Note.—For monthly data 1948-68, see 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 are 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 1,27! 1 ,283 1 ,235 Other reserve city......... 370 389 362 347 National member.................. 729 764 747 744 Country............................... 571 59! 617 598 State member....................... 212 217 232 201 All nonmember...................... 283 291 304 290 All member.......................... 94! 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 See 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 □ DECEMBER 1968 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Other loans 1 Investments For To Class of lo T a o n t s a l 1 F er e a d l ­ Com­ o p s r u e r c c c a u h r r a r it y s ie i in n s g g in f s in ti a tu n t c io ia n l s Other, U.S s . e G cu o r v it e ie r s n 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, rities 5 in­ al s bro­ vid- Bills secu­ d tr u ia s l ­ k a e n r d s ot T h o e rs Banks Others uals3 Total c a e n rt d if i­ Notes Bonds rities deal­ cates ers Total:2 1947—Dec. 31.. 116,284 38,057 18,167 1,660 830 1,220 115 9,393 5,723 94769,221 9,982 6,03453,205 5,2763,729 1965—Dec. 31.. 306,060 2,103199,55571,437 8.212 5,258 3,231 2,158 13,291 49,30045,468 5,21559,547 n.a. n.a. n.a.38,6556,201 1966—Dec. 31.. 323,885 2,544216,405 80,5988,555 5,821 3,203 2,189 13,30253,95047,9435,18356,163 n.a. n.a. n.a. 41,003 7,769 1967—Dec. 30.. 361,186 4,057233,180 88,4439,2706,215 3,780 1 ,902 12,535 58,525 51,585 5,65962,473 n.a. n.a. n.a.50,006 11,471 1968—June 29.. 368,795 4,813241,001 91,4279,979 4,9503,731 1 ,944 12,193 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 4,505 21,046 988 3,159 16,899 3,651 3,333 1945—Dec. 31.. 121,809 25,765 9,461 1,314 3,1643,606 49 4,677 2,361 1,13288,91221,526 16,04551,342 3,8733,258 1947—Dec. 31.. 114,274 ....3...7..,.583 18,012 1,610 823 1,190 114 .......... 9,266 5,654 91467,941 9,676 5,91852,347 5,129 3,621 1965—Dec. 31.. 303,593 2,064198,045 70,8878,191 5,088 3,172 2,093 13,14849,02645,2905,15559,120 13,134 13,233 33,858 38,419 5,945 1966—Dec. 31.. 321,473 2,461214,91880,0608,5365,6433,148 2,131 13,148 53,68647,770 5,12755,788 12,080 13,43931 ,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 18,624 31,623 49,737 11,204 1968—June 29.. 365,955 4,655239,33890,8739,958 4,723 3,668 1,881 12,029 61,11254,0205,89358,189 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 3,653 19,539 971 3,007 15,561 3,0902,871 1945—Dec. 31.. 107,183 22,775 8,949 855 3,133 3,378 47 3,455 1 ,900 1,05778,338 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 4,815 45,295 4,199 3,105 1965—Dec. 31.. 251,577 1,861 167,93963,9795,0994,915 2,714 2,008 12,475 38,988 36,418 4,83244,992 9,441 10,10626,36732,5884,198 1966—Dec. 31.. 264,627 2,119181,62472,553 5,318 5,389 2,660 2,047 12,34942,38437,925 4,75741,924 8,567 9,789 24,60933,8005,160 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 4,041 199,920 81,9226,081 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 38,988 24,042 192,976 796 1,015 3,118 3,495 3,197 1,309 5,046 n.a. n.a. n.a. 6,034 736 City oj 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 I ,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 64,64624,784 1,206 954 1,108 635 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 1,084 1,079 684 5,748 16,044 14,375 1,96813,040 2,552 2,673 8,222 12,033 1 ,294 1967—Dec. 30.. 106,086 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 75,138 31,7201,414 758 1,206 513 5,196 17,861 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 16,4783,840 650 698 174 1 ,983 20,217 18,423 1,17723,735 4,389 5,565 14,098 13,805 2,483 1966—Dec. 31.. 110,089 1,161 68,051 17,938 3,986 790 761 157 2,175 22,253 20,000 1 ,30722,419 3,791 5,917 13,096 15,4732,985 1967—Dec. 30.. 123,127 1 ,538 74,074 19,8394,332 607 906 100 2,20024,453 21,554 1 ,51624,689 4,168 7,793 13,147 18,3384,488 1968—June 29.. 126,365 1 ,871 76,738 20,3634,610 436 835 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 7,4583,113 343 516 151 817 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 11,566 10,018 42714,239 n.a. n.a. n.a. 7,2032,609 1967—Dec. 30.. 67,087 618 38,791 9,0993,568 395 681 148 948 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 13,71211,929 51215,242 n.a. n.a. n.a. 9,2523,871 1 Beginning with June 30, 1948, figures for various loan items arc available before 1947; summary figures for earlier dates appear in the shown gross (i.e., before deduction of valuation reserves); they do not preceding table. add to the total and are not entirely comparable with prior figures. Total 5 Beginning with June 30, 1966, loans to farmers directly guaranteed loans continue to be shown net. by CCC were reclassified as “Other securities,” and Export-Import Bank 2 Includes securities purchased under resale agreements prior to June portfolio fund participations were reclassified from loans to “Other se­ 30, 1967—they were in loans, for the most part in loans to banks. Prior curities,” This increased “Other securities” by about $1 billion. to Dec. 1965, Federal funds sold were included with total loans and loans 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. • ♦ Breakdowns of loan investment and deposit classifications are not Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1968 □ COMMERCIAL BANKS A-25 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits b c C a a l n a ll k s d s a a o n te d f s B w F e R a r . i n v R e th e k ­ . s s r C c e a o n n u i c d n r y ­ b m a w a B d n e n c i o a s t k e h l ­ t ­ s s ic 7 ju p m s D o d a a t s e d e e n i - ­ d t ­ d s 8 m D e In s o t t ­ e ic r 7 ba e F n i k g o n r­ 9 G U o .S vt . . S g lo a o t n c a v a d t t e l . c C c h a o f e i e e e n f r f c r d d s i t k ­ ’ i s ­ . I PC I b n a t n e k r­ G P U S a o o a n . s S v v d t ­ t . a , l S g l a o o t n c a v d a t t e l . IPC3 r B i o n o g w r s - ­ 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 12,186134,247 4,47230,272 1966—Dec. 31 .... 19,069 5,450 15,870 142,104 17,867 1 ,904 4,992 15,047 7,051 145,653 967 238 13,462 146,329 4,85932,054 1967—Dec. 30.... 20,275 5,931 17,490153,253 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 15,494147,296 18,632 2,005 4,971 16,284 10,123 151,430 1 ,094 321 16,522173,857 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 15,348140,835 17,713 1,784 4,975 14,951 6,956 144,782 881 238 13,414145,7444,71731,609 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 15,836 166,9565^3133,916 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,’91 335,269 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 10,041 109,9254,23424,926 1966—Dec. 31 ... . 19,069 4,249 9,400 112,920 17,051 1,736 4,432 11,406 6,396 120,417 794 213 10,983 118,5764,61826,278 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 12,856135,329 5,37028,098 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 Neiv 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 18,840 1 ,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 I ,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 1965—Dec. 31.... 7,700 1,139 2,341 37,703 8,091 330 1,773 3,532 1,180 42,380 206 71 4,960 40,510 1,548 9,007 1966—Dec. 31.... 8,353 1,326 2,517 37,572 8,249 343 1,633 3,708 1,274 44,022 233 57 5,450 44,204 1,952 9,472 1967—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 50,2502,55510,033 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 51,9103,72010,351 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 1 1 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 60,830 552.I 1,005 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 64,608 871 11,403 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. .,.1..9..1 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 8 Through 1960 demand deposits other than interbank and U.S. Bulletin.) These figures exclude data for banks in U.S. possessions Govt., less cash items in process of collection; beginning with 1961, except for member banks. Comparability of figures for classes of banks demand deposits other than domestic commercial interbank and U.S. is affected somewhat by changes in F.R. membership, deposit insurance Govt., less cash items in process of collection. status, and the reserve classifications of cities and individual banks, and 9 For reclassification of certain deposits in 1961, see note 6, p. 589, by mergers, etc. May 1964 Bulletin. Data for national banks for Dec. 31, 1965, have been adjusted to make them comparable with State bank data. Note.—Data are for all commercial banks in the United States. (For For other notes see opposite page. definition of “commercial banks” as used in this table and for other banks Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-26 WEEKLY REPORTING BANKS n DECEMBER 1968 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS (In millions of dollars) Loans 2 For purchasing To financial institutions or carrying securities Loans 1 Total net of Wednesday lo a a n n d s va tio lu n a ­ C m o e m r­ ­ a T n o d b d r e o a k l e e r r s s To other Banks Nonbank Con­ Valu­ invest­ re­ cial Agri­ Real sumer For- All ation ments 1 serves and cul­ estate ns tai­ eign other re­ indus­ tural U.S. U.S. Do­ Pers, men t govts. serves trial Govt, Other Govt, Other mes­ and se­ se“ se­ se“. For­ tic sales curi­ curi- curi­ cun- eign com­ finan. Other ties ties ties ties mer­ cos., cial etc. Large banks— Total 1967 Nov. 1.......... 204,586142,909 63,401 1 ,902 1 ,365 3,841 78 2,507 1 ,337 3,692 6,017 4,411 28,531 16,196 1,118 11,485 2,972 8.......... 202,617 141,432 63,527 1 ,903 1 ,035 3,524 77 2,494 1,359 3,301 5,488 4,413 28,576 16,174 1,116 11,414 2,969 15.......... 204,426 142,413 63,857 1 ,906 I ,195 3,550 81 2,479 1 ,400 3,471 5,526 4,424 28,692 16,179 1 ,123 11,497 2,967 22.......... 203,372142,157 63,885 1 ,901 918 3,437 78 2,466 1 ,379 3,864 5,274 4,424 28,731 16,173 1 ,098 11,494 2,965 29.......... 203,199 141,714 63,733 1 ,899 899 3,397 79 2,442 1 ,388 3,501 5,355 4,418 28,754 16,185 1 ,105 11,519 2,960 1968 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 1 ,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.......... 220,956154,924 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.......... 223,987 155,936 69,702 2,008 1 ,205 4,445 97 2,557 1 ,407 4,010 5,334 4,911 31,447 18,148 1,146 12,771 3,252 Nov, 6..... . 226,239 158,362 70,149 2,010 1 ,418 4,664 101 2,569 1 ,437 4,801 5,795 4,974 31 ,494 18,186 1,129 12,884 3,249 13.......... 225,547 158,298 70,477 2,013 1 ,068 4,580 97 2,610 1 ,462 4,732 5,448 5,040 31,612 18,232 1,134 13,045 3,252 20” 225,156158,675 70,908 2,013 1 ,994 4,297 94 2,615 1 ,505 3,972 5,281 5,139 31,686 18,267 1 ,112 13,039 3,247 27”........ 224,476157,984 71,102 2,015 789 4,179 100 2,631 1 ,608 4,094 5,263 5,057 31,743 18,337 1 ,134 13,182 3,250 New York City 1967 Nov. 1.......... 47,485 35,450 21,169 13 629 2,342 13 854 648 805 1,842 1 ,032 3,025 1 ,241 761 1 ,911 835 8.......... 46,619 34,872 21,242 13 .385 2,052 13 835 671 I ,038 1 ,516 1 ,029 3,033 1 ,240 753 1 ,886 834 15........... 47,178 35,312 21 ,312 13 502 2,069 15 827 691 1 ,126 1 ,590 1 ,046 3,055 1 ,248 758 1 ,895 835 22.......... 46,683 35,087 21,208 12 360 1 ,958 15 818 664 1 ,452 1 ,448 I ,056 3,056 1 ,249 743 1 ,882 834 29.......... 47,050 35,075 21,205 12 377 1 ,936 14 796 670 1 ,357 1 ,572 1 ,056 3,036 1 ,252 736 1 ,890 834 1968 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 I ,287 1 ,612 1 ,252 3,(70 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 ,272 3,147 1 ,335 765 2.241 938 Nov. 6.......... 51,525 38,582 23,218 17 608 2,594 13 823 770 781 1 ,903 1 ,293 3,152 1 ,332 738 2,277 937 13.......... 51,485 38,742 23,393 16 432 2,469 13 852 751 1 ,169 1 ,620 1 ,317 3,171 1 ,338 743 2,395 937 20”........ 51,456 38,909 23,534 16 933 2,323 13 854 788 951 1 ,474 1 ,341 3,186 1 ,339 726 2,368 937 27”........ 51,899 39,265 23,632 17 362 2,300 14 855 892 1 ,558 1 ,564 1,322 3,196 I ,345 714 2,432 938 Outside New York City 1967 Nov. 1.......... 157,101 107,459 42,232 1 ,889 736 1 ,499 65 1,653 689 2,887 4,175 3,379 25,506 14,955 357 9,574 2,137 8 155,998 106,560 42,285 1 ,890 650 1 ,472 64 1 ,659 688 2,263 3,972 3,384 25,543 14,934 363 9,528 2,135 15.......... 157,248 107,101 42,545 1 ,893 693 1 ,481 66 1 ,652 709 2,345 3,936 3,378 25,637 14,931 365 9,602 2,132 22.......... 156,689 107,070 42,677 1 ,889 558 1 ,479 63 1,648 715 2,412 3,826 3,368 25,675 14,924 355 9,612 2,131 29.......... 156,149 106,639 42,528 1 ,887 522 1 ,461 65 1,646 718 2,144 3,783 3,362 25,718 14,933 369 9,629 2,126 1968 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.......... 172,307 117,599 46,500 1 ,993 699 2,008 84 1,738 659 2,813 3,756 3,639 28,300 16,813 381 10,530 2,314 Nov. 6......... 174,714 119,780 46,931 1,993 810 2,070 88 1,746 667 4,020 3,892 3,681 28,342 16,854 391 10,607 2,312 13.......... 174,062 119,556 47,084 1 ,997 636 2,11 1 84 1,758 71 1 3,563 3,828 3,723 28,441 16,894 391 10,650 2,315 20”. . ... 173,700 119,766 47,374 1 ,997 1 ,061 1 ,974 81 1,761 717 3,021 3,807 3,798 28,500 16,928 386 10,671 2,310 27”........ 172,577 118,719 47,470 1 ,998 427 1 ,879 86 1,776 716 2,536 3,699 3,735 28,547 16,992 420 10,750 2,312 For notes see p. A-29. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1968 □ WEEKLY REPORTING BANKS A-27 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Investments Cash assets U.S. Government securities Other securities Balances with— Obligations of States Other bonds, Cash All Notes and bonds and corp, stocks items Cur­ Re­ other Wednesday maturing— political and in rency serves assets Cer­ subdiv. securities Total process and with Total Bills tifi­ of coin F.R. cates collec­ Do­ For­ Banks Certif. tion mestic eign With­ 1 to After Tax All of Other banks banks in 5 yrs. 5 yrs. war­ other partici­ secu­ 1 yr. rants 3 pation 4 ri ties Large banks— Total 1967 28 915 7,073 3,452 13,744 4,646 4 037 24,652 1 475 2 598 46,474 23,451 4,156 301 2,649 15,917 8,762 ............Nov. 1 28*488 6,608 3,522 13,708 4,650 3,855 24'778 1 >02 2 562 45 ,794 23,339 4,006 251 2,667 15 ,531 8,718 ..................... 8 29’053 6,252 3,716 14,059 5,026 3,977 24>86 1 ’560 2'537 46,573 24,430 4,147 236 2,711 15 ,049 8,632 ......................15 28,212 5'738 3,721 13',876 4 >77 3>62 25,013 1 592 2*536 45,151 22,375 4,033 220 2,643 15 ,880 8,687 .....................22 28 ’400 5,964 3,680 13,869 4 >87 3,945 25 >23 1 554 2 >63 43,093 20,630 3,902 231 3,02015,310 8,700 ......................29 1968 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 3,910 5,576 11 ,815 7'298 5’217 28 >88 1 >47 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,’281 5179 28 >38 1,338 2 >37 53,572 28,877 4,79! 217 2,837 16,850 9,901 ......................16 28 262 3’599 5'643 11,741 7 >79 5’155 28 >88 1 ’347 2,980 52,036 26,766 4,416 212 2,965 17,677 9,885 ......................23 30 099 5'329 5'752 1 I,762 7 '256 5 >94 28 >40 1 370 3 048 50,121 25,554 4,471 210 3,01916,867 10,102 ......................30 29,874 5,088 5,790 11,743 7,253 5 019 28 579 1 367 3 038 55,721 31,318 4,796 220 2,775 16,612 10,359 29’,272 4,548 5 ,758 1 1 ‘,71 1 7’255 4,854 28 ,757 1 >57 3 009 53,792 29,1 68 4,673 216 2,999 16,736 10,247 ......................13 28,500 3 '982 4,900 12,713 6'905 4,'771 28 >30 1 >33 2 947 51,418 27,825 4,766 239 2,981 15,607 10,204 ....................*20 28,209 3 >49 5 ,004 12'594 6 >62 4 >59 28,981 1 ,384 3 >59 53,697 28,919 4,566 259 2,85417 ,099 10,444 ....................*27 New York City 1967 6 056 2,354 921 1 ,888 893 1 ,170 4,107 58 644 14,689 9,453 263 132 342 4,499 3,201 ...........Nov. 1 5 896 2,155 995 1 '859 887 1 >49 4'125 59 618 15,005 10,395 262 92 361 3 ,895 3,148 ..................... 8 5 *890 1 '938 907 2'076 969 1 ’ 162 4 151 60 603 14,075 9,384 279 110 355 3 ,947 3,191 ......................15 5 *524 1 ,735 879 1 ,977 933 1 >44 4 185 60 583 13,129 8,092 206 106 341 4,384 3,319 .....................22 5 797 2,046 785 2,041 925 1 ’326 4 >00 58 594 12,809 7,878 260 109 388 4,174 3,240 .................. .29 1968 5 529 1 ,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 ,827 1 651 4853 104 740 16,928 12,119 298 115 362 4,034 3,376 ..................... 9 5 528 1 '252 882 1 ,594 1 800 1 588 4 >26 103 747 17,324 12,874 334 105 354 3,657 3,397 ......................16 5*519 1 '228 884 1 >92 1 815 1 >57 4,926 110 756 17,990 13,151 300 95 360 4,084 3.454 .....................23 6*064 1 >58 936 1 ’570 1 800 1 ,678 4,699 116 786 16,659 11 ,768 270 96 374 4,151 3,544 ......................30 5,887 1 ,608 916 1 ,565 I ,798 1 418 4,730 113 795 20,589 15,352 342 90 371 4,434 3,747 5 ,776 1 '501 903 1 ,574 I ,798 1 ,345 4>36 105 781 17,853 13,202 326 98 388 3,839 3,685 ......................13 5,532 1,320 737 1 >84 1 >91 1,403 4,755 101 756 17,311 12,271 340 123 366 4,21 1 3,704 ... ..............*20 5 386 1,186 723 1 ,903 1 ,574 1 529 4 843 99 777 17,800 13,170 256 137 347 3,890 3,627 ....................*27 Outside New York City 1967 22 859 4,719 2,531 1 1 ,856 3 753 2,867 20,545 1 ,417 1 954 31,785 13,998 3,893 169 2,307 11 ,418 5,561 ...........Nov. I 22 592 4’453 2’527 11,849 3'763 2 806 20 >53 1 443 1 944 30,789 12,944 3,744 159 2,306 Il ,636 5,570 ..................... 8 23’163 4,314 2'809 11'983 4,’057 2>15 20 >35 1 ,500 1 *934 32,498 15,046 3,868 126 2,356 11 ,102 5,441 ......................15 22 688 4,003 2,842 11 >99 3’944 2 >18 20 >28 1 ’532 I *953 32,022 14,283 3,827 114 2,302 1 ,496 5,368 .....................22 22’603 3 >918 2’895 1 1 >28 3 >62 2,619 20 >23 1 >96 1 969 30,284 12,752 3,642 122 2,63211 ,136 5,460 ......................29 1968 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 10,207 5 471 3 566 23,235 I 243 2 202 31,896 13,716 3,961 117 2,47011,632 6,465 .................. - 9 22 988 2’555 4'762 10’190 5 481 3>91 23 ’ 312 1 ,235 2 ’ 190 36,248 16,003 4,457 112 2,483 13,193 6,504 ......................16 22’743 2,371 4,759 10'149 5 >64 3 >98 23 >62 1 ’237 2 >24 34,046 13,615 4,116 117 2,605 13 ,593 6,431 .....................23 24’035 3'571 4’816 10,192 5 456 3 616 23 >41 1 254 2 >62 33,462 13,786 4,201 114 2,645 12,716 6,558 .....................30 23 987 3,480 4,874 10,178 5 455 3,601 23,849 1 ,254 2 243 35,132 15,966 4,454 130 2,40412,178 6,612 ...........Nov. 6 23 ’496 3 ,047 4'855 10’137 5 457 3,509 24 >21 1,252 2 >28 35,939 15,966 4,347 118 2,611 '2,897 6,562 ......................13 22’968 2’662 4'163 10>29 5 3 14 3 368 24 >75 1 >32 2'191 34,107 15,554 4,426 116 2,615 11 ,396 6,500 ....................*20 22,823 2'563 .....4..'.2...81 10 >91 5 >88 3,330 24 J 38 1 >85 2 >82 35,897 15,749 4,310 122 2,507 13,209 6,817 ....................*27 For notes see p. A-29. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-28 WEEKLY REPORTING BANKS □ DECEMBER 1968 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Deposits Demand Total Wednesday unad­ States Do­ Foreign IPC States Foreign justed and mes­ and Do­ polit­ U.S. tic polit­ mes­ TotaD IPC ical Govt. com­ Com­ Total? ical tic Com­ sub- mer­ Govt., mer­ Sav­ Other sub­ inter­ Govt., mer­ divi­ cial etc.6 cial ings divi­ bank etc. cial sions banks banks sions banks Large banks—■ Total 1967 Nov. I..................... 220,814 118,625 84,808 6,683 4,031 13,960 738 1 ,639102,189 48,438 37,949 9,372 843 5,141 256 8..................... 217,820115,451 82,030 5,957 3,333 14,666 726 1 ,577 102,369 48,501 38,096 9,345 826 5,15^ 258 15..................... 220,301 117,981 85,383 6,088 3,516 14,204 691 1 ,536 102,320 48,489 38,171 9,270 813 5,136 251 22..................... 216,650 113,861 83,658 5,607 3,649 13,455 633 1 ,541 102,789 48,527 38,530 9,302 852 5,121 263 29..................... 216,390 113,421 83,521 5,607 3,368 12,774 786 1 ,557 102,969 48,533 38,788 9,297 852 5 ,045 268 1968 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 30..................... 234,346123,575 88,596 6,175 3,990 14,896 723 1 ,782 110,771 48,522 45,106 11 ,099 817 4,680 285 Nov 6..................... 240,282 129,409 89,328 6,638 3,915 17,716 672 1 ,761 110,873 48,593 45,041 11,264 779 4,645 288 13..................... 237,855 127,071 91 ,333 6,008 2,793 16,527 637 1 ,753 110,784 48,589 44,965 11,284 766 4,630 292 20”................... 235,972 124,913 90,293 6,094 2,579 16,128 683 1 ,929 111,059 48,627 45,228 11 ,270 758 4,638 282 27”................... 236,989 125,094 91 ,465 6,187 1 ,491 15,626 735 1 ,925 111,895 48,668 45,908 11 ,377 762 4,657 269 blew York City 1967 Nov 1..................... 51,597 32,549 20,209 821 1 ,217 4,260 576 1 ,123 19,048 4,728 9,074 1 ,008 589 3,437 141 8..................... 50,859 31,709 19,118 430 894 4,636 575 1 ,087 19,150 4,744 9,143 1 ,026 584 3,442 140 15..................... 50,487 31,294 19,879 650 904 4,086 544 1 ,049 19,193 4,747 9,230 1 ,006 571 3,431 136 22.................... 48,774 29,414 19,438 345 804 4,044 485 1 ,062 19,360 4,751 9,370 992 601 3,426 150 29..................... 49,456 30,000 19,665 333 815 3,846 609 1 ,050 19,456 4,745 9,560 973 598 3,356 154 1968 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 I ,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..................... 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..................... 53,887 34,914 21,367 542 1 ,027 5,129 570 1 ,258 18,973 4,565 9,701 1 ,072 483 2,898 178 Nov 6..................... 56,945 38,000 21,506 712 907 6,385 524 1 ,244 18,945 4,575 9,574 1 ,175 481 2,884 180 13..................... 54,153 35,251 21,282 475 567 5,780 487 1 ,229 18,902 4,579 9,541 1,168 477 2,879 182 20”................... 53,637 34,565 21,432 486 453 5,705 502 1 ,376 19,072 4,594 9,700 1 ,181 468 2,881 173 27”................... 54,667 35,058 21,764 418 167 5,589 562 1 ,391 19,609 4,597 10,142 J ,273 472 2,889 161 Outside New York City 1967 Nov. 1..................... 169,217 86,076 64,599 5,862 2,814 9,700 162 516 83,141 43,710 28,875 8,364 254 1 ,704 115 8..................... 166,961 83,742 62,912 5,527 2,439 10,030 151 490 83,219 43,757 28,953 8,319 242 1 ,712 118 15..................... 169,814 86,687 65,504 5,438 2,612 10,118 147 487 83,127 43,742 28,941 8,264 242 1 ,705 115 22..................... 167,876 84,447 64,220 5,262 2,845 9,411 148 479 83,429 43,776 29,160 8,310 251 1 ,702 113 29..................... 166,934 83,421 63,856 5,274 2,553 8,928 177 507 83,513 43,788 29,228 8,324 254 1 ,689 114 1968 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.................... 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..................... 180,459 88,661 67,229 5,633 2,963 9,767 153 524 91 ,798 43,957 35,405 10,027 334 1 ,782 107 Nov. 6..................... 183,337 91,409 67,822 5,926 3,008 11 ,331 148 517 91,928 44,018 35,467 10,089 298 1 ,761 108 13..................... 183,702 91,820 70,051 5,533 2,226 10,747 150 524 91 ,882 44,010 35,424 10,116 289 1 ,751 110 20?’................... 82,335 90,348 68,861 5,608 2,126 10,423 181 553 91,987 44,033 35,528 10,089 290 1 ,757 109 27”................... 182,322 90,036 69,701 5,769 1 ,324 10,037 173 534 92,286 44,071 35 ,766 10,104 290 I ,768 108 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1968 □ WEEKLY REPORTING BANKS A-29 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Borrowings Memoranda Total assets— Other Capital , total Total Large certificates Liabili­ liabili­ ac­ liabilities loans of deposits 1 o ties of Wednesday ties counts and Total (net) Demand U.S. From From capital loans ad­ deposits banks F.R. others accounts (net) justed ad­ to Banks ad­ and in­ justed 9 Total Issued Issued their justed 8 vest­ issued to to foreign ments 8 I PC’s others branches'1 Large Banks— Total 1967 114 6,275 12,298 20,321 259,822 139,217 200,894 77,183 20,233 13,059 7,174 4,320 ..................Nov. 1 134 6,455 12,384 20,336 257,129 138,131 199,316 74,113 20,435 13,225 7,210 4,560 ........................... 8 107 6,156 12,781 20,286 259,631 138,942 200,955 75,831 20,646 13,475 7,17! 4,623 ............................15 57 7,062 13,181 20,260 257,210 138,293 199,508 74,382 20,931 13,772 7,159 4,864 ............................22 75 6,094 12,135 20,298 254,992 138,213 199,698 76,649 21 ,131 13,946 7,185 4,206 ............................29 1968 187 11,066 16,511 21,642 286,129 153,411 219,650 78,029 22,589 14,531 8,058 6,914 .................Oct. 2 222 11,134 16,721 21,668 281 ,574 152,629 218,822 76,984 . 22,699 14,635 8,064 6,887 ........................... 9 145 12,096 17,245 21,660 287,066 152,676 218,884 77,115 23,108 14,988 8,120 7,240 ............................16 1 ,015 10,295 17,602 21,670 282,877 151,231 217,263 76,390 23,155 15,101 8,054 7,503 ............................23 416 10,393 17,304 21,751 284,210 151,926 219,977 79,135 23,303 15,172 8,131 7,080 ............................30 450 12,473 17,309 21,805 292,319 153,561 221,438 76,460 23,407 15,198 8,209 6,961 73 12,304 17,568 21 ,786 289,586 153,566 220,815 78,583 23,385 15,131 8,254 7,180 ............................13 82 10,672 18,301 21 ,751 286,778 154,706 221 ,184 78,381 23,640 15,401 8,239 7,388 ..........................i'2O 1 ,077 10,939 17,898 21 ,714 288,617 153,890 220,382 79,058 24,302 15,920 8,383 7,248 ..........................1’27 New York City 1967 35 1 ,905 6,299 5,539 65,375 34,645 46,680 17,619 7,173 4,728 2,445 3,513 23 1 ,860 6,489 5,541 64,772 33,834 45,581 15,784 7,240 4,805 2,435 3,736 ........................... 8 1 ,615 6,803 5,539 64,444 34,186 46,052 16,920 7,250 4,859 2,391 3,752 . . 15 54 1 ,726 7,057 5,520 63,131 33,635 45,231 16,474 7,393 5,004 2,389 3,964 ............................22 1 ,801 6,319 5,523 63,099 33,718 45,693 17,461 7,507 5,130 2,377 3,395 . 29 1968 4 3,686 8,758 5,892 72,919 38,107 51,020 17,227 6,626 4,465 2,161 5,242 ...................Oct. 2 82 3,615 8,791 5,876 71,208 37,484 50,431 15,991 6,717 4,537 2,180 5,163 ........................... 9 3,710 8,903 5,911 72,465 37,565 50,457 15,734 6,919 4,742 2,177 5,360 ............................16 160 3,135 9,401 5,904 72,363 36,923 49,791 15,493 6,928 4,778 2,150 5,618 ............................23 85 2,997 8,990 5,924 71 ,883 37,140 50,483 16,990 6,962 4,805 2,157 5,217 ............................30 125 3,797 9,082 5,912 75,861 37,801 50,744 15,356 6,994 4,744 2,250 5,219 3,590 9,364 5,916 73,023 37,573 50,316 15,702 6,926 4,691 2,235 5,449 ...........................13 3,187 9,748 5,899 72,471 37,958 50,505 16,136 7,037 4,790 2,247 5,637 .................. >’20 96 3,446 9,282 5,875 73,366 37,707 50,341 16,132 7,485 5,173 2,312 5,355 ..........................1’27 Outside New York City 1967 79 4,370 5,999 14,782 194,447 104,572 154,214 59,564 13,060 8,331 4,729 807 ....................Nov. 1 111 4,595 5,895 14,795 192,357 104,297 153,735 58,329 13,195 8,420 4,775 824 ........................... 8 107 4,541 5,978 14,747 195,187 104,756 154,903 58,911 13,396 8,616 4,780 871 ............................15 3 5,336 6,124 14,740 194,079 104,658 154,277 57,908 13,538 8,768 4,770 900 ............................22 75 4,293 5,816 14,775 191,893 104,495 154,005 59,188 13,624 8,816 4,808 811 ............................29 1968 183 7,380 7,753 15,750 213,210 115,304 168,630 60,802 15,963 10,066 5,897 1,672 ................. Oct. 2 140 7,519 7,930 15,792 210,366 115,145 168,391 60,993 15,982 10,098 5,884 1 ,724 ........................... 9 145 8,386 8,342 15,749 214,601 115,111 168,427 61,381 16,189 10,246 5,943 1,880 ............................16 855 7,160 8,201 15,766 210,514 114,308 167,472 60,897 16,227 10,323 5,904 1,885 ............................23 331 7,396 8,314 15,827 212,327 114,786 169,494 62,145 16,341 10,367 5,974 1 ,863 ............................30 325 8,676 8,227 15,893 216,458 115,760 170,694 61,104 16,413 10,454 5,959 1,742 73 8,714 8,204 15,870 216,563 115,993 170,499 62,881 16,459 10,440 6,019 1 ,731 ............................13 82 7,485 8,553 15,852 214,307 116,748 170,679 62,245 16,603 10,611 5,992 1 ,751 ..........................p20 981 7,493 8,616 15,839 215,251 116,183 170,041 62,926 16,817 10,747 6,071 1 ,893 ..........................i>27 1 After deduction of valuation reserves. 2 Individual items shown gross. 11 Liabilities to branches are reported gross; for this reason, as well as 3 Includes short-term notes and bills (less than I year to maturity) because of adjustments and some differences in coverage, these figures issued by States and political subdivisions, * Federal agencies only, are not directly comparable with the other data in this table. Por his­ 3 Includes certified and officers’ checks, not shown separately. torical data, see Table 19, page A-83. 6 Deposits of foreign governments and official institutions, central Note.—Beginning June 29, 1966, coverage of series was changed from banks, and international institutions. Weekly Reporting Member Banks to Weekly Reporting Large Commer­ 11ncludes U.S. Government and postal savings not shown separately. cial Banks (earlier figures for 1966 are comparable with the new series). 8 Exclusive of loans to domestic commercial banks. Also beginning June 29, 1966, detailed breakdown is shown of “All other ’ All demand deposits except U.S. Government and domestic com­ loans,’’ of “Other securities,” and of ownership of time certificates of mercial banks, less cash items in process of collection. deposit in denominations of $100,000 or more. For description of revisions, 1 0 Certificates of deposit issued in denominations off $100,000 or more. sec Aug. 1966 Bulletin, pp. 1137-40, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-30 BUSINESS LOANS OF BANKS □ DECEMBER 1968 COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during— Industry 1968 1968 1968 1968 1967 Nov. Nov. Nov. Nov. Oct. 1st 2nd 27” 20” 13” 6” 30 Nov.” Oct. Sept. III II I hair half Durable goods manufacturing: Primary metals.............................. 2,020 2,026 2,024 2,028 2,048 -28 -67 69 168 309 262 571 287 Machinery........................................... 4,419 4,404 4,363 4,330 4,347 72 -251 125 22 46 240 286 -630 Transportation equipment............... 1 ,891 1 ,932 1 ,942 1 ,897 1 ,897 -6 86 100 -45 36 8 44 -136 Other fabricated metal products. .. 1 ,835 1 ,834 1 ,843 1 ,834 1 ,852 -17 -65 32 11 150 60 210 -281 Other durable goods......................... 2,164 2,186 2,183 2,178 2,194 -30 -56 14 40 194 20 214 -142 Nondurable goods manufacturing: Food, liquor, and tobacco........... 2,702 2,708 2,590 2,585 2,488 214 81 274 170 -227 -294 -521 615 Textiles, apparel, and leather.......... 2,247 2,281 2,333 2,309 2,285 -38 -119 -3 128 202 325 527 -410 Petroleum refining............................. 1 ,555 1 ,497 1 ,474 1 ,472 1 ,476 79 -95 34 85 45 -113 -68 -113 Chemicals and rubber...................... 2,256 2,255 2,274 2,275 2,309 -53 30 114 -233 55 116 171 -83 Other nondurable goods.................. 1 ,772 1 ,783 1 ,784 1 ,795 1 ,766 6 -86 45 52 58 14 72 95 Mining, including crude petroleum and natural gas............................... 4,448 4,457 4,441 4,432 4,473 -25 -122 -24 -147 61 497 558 164 Trade: Commodity dealers.................. 1 ,338 1 ,286 I ,278 1 ,208 1 ,164 174 140 -31 -84 -222 -275 -497 679 Other wholesale........................ 3,346 3,374 3,390 3,355 3,328 18 H7 73 54 91 9 100 96 Retail.......................................... 4,060 4,050 3,977 4,039 3,835 225 365 -89 -260 232 -28 204 6 Transportation....................................... 5,013 4,955 4,901 4,878 4,937 76 29 -15 -59 405 155 560 428 Communication..................................... 1 ,088 1 ,083 1 ,072 1 ,068 1 ,013 75 25 51 -113 174 -72 102 4 Other public utilities............................. 2,712 2,698 2,635 2,617 2,548 164 -12 137 351 212 -419 -207 258 Construction........................................... 2,944 2,961 2,945 2,913 2,893 69 54 21 65 221 42 263 -103 Services................................................... 5,886 5,840 5,821 5,776 5,702 184 158 54 1 374 173 547 221 All other domestic loans...................... 7,445 7,375 7,329 7,316 7,312 133 221 69 459 100 559 356 Bankers’ acceptances............................. 757 686 699 723 749 8 -9 -47 -53 -272 -120 -392 554 Foreign commercial and industrial loans................................................. 2,589 2,547 2,537 2,544 2,545 44 9 -22 -55 -101 -48 -149 -112 Total classified loans............................. 64,487 64,218 63,835 63,572 63,161 1 ,344 213 1,133 167 2,502 652 3,154 1,753 Total commercial and industrial loans. 71,102 70,908 70,477 70,149 69,702 1 ,418 277 1,291 245 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 f Net change during- ■ 1968 1968 1967 1968 Industry Nov. Oct. Sept. Aug. July June May Apr. Mar. 1st 27” 30 25 28 31 26 29 24 27 HI JI 1 JV half Durable goods manufactur­ ing: Primary metals.................... 1 ,414 1 ,417 1 ,466 1 ,426 1 ,393 1 ,339 1,199 1,185 1,112 127 227 238 182 465 Machinery........................... 2,245 2,212 2,338 2,294 2,395 2,279 2,188 2,231 2,154 59 125 153 38 278 Transportation equipment. 969 909 931 910 902 908 944 953 889 23 19 1 52 20 Other fabricated metal products...................... 714 748 801 798 811 759 733 696 692 42 67 17 4 84 Other durable goods.. . . , . 994 991 999 1 ,003 1 ,041 1 ,028 1 ,003 991 994 -29 34 -23 11 1 1 Nondurable goods manufac­ turing: Food, liquor, and tobacco. 779 755 849 823 804 821 817 813 876 28 -55 118 30 63 Textiles, apparel, and leather.......................... 602 601 588 575 556 566 556 562 555 22 11 90 44 101 Petroleum refining.............. 1 ,217 1,167 1,228 1 ,235 1 ,270 1 ,226 1,176 1,152 1,164 2 62 -92 102 -30 Chemicals and rubber....... I ,544 1 ,544 1,538 1 ,462 1 ,516 1 ,619 1 ,583 1 ,647 1 ,613 -81 6 81 10 87 Other nondurable goods. . 1 ,072 1 ,083 1 ,087 1 ,074 1 ,073 1 ,051 1 ,062 1,072 1 ,061 36 -10 -9 44 -19 Mining, including crude pe­ troleum and natural gas... 3,828 3,829 3,963 3,984 4,042 4,121 4,152 4,233 4,047 -158 74 476 385 550 Trade: Commodity dealers. . 114 114 112 114 115 113 111 110 115 -1 -2 8 5 6 Other wholesale........ 613 616 585 603 608 634 637 624 585 -49 49 9 61 58 Retail.......................... I ,159 1 ,144 1,114 1,106 1,152 1,144 1,105 1,119 1 ,098 -30 46 15 13 61 Transportation........................ 3,744 3,680 3,673 3,688 3,688 3,703 3,610 3,503 3,503 -30 200 160 236 360 Communication...................... 459 449 472 452 453 446 432 404 412 26 34 -31 4 3 Other public utilities.............. 1 ,181 1 ,077 I ,071 1 ,001 928 815 749 731 710 256 105 -5 74 100 Construction........................... 799 782 794 774 779 769 737 737 706 25 63 24 -1 87 Services.......................... 2,517 2,386 2,361 2,329 2,324 2,303 2,268 2,243 2,229 58 74 108 119 182 All other domestic loans .... 957 940 921 903 942 905 864 877 879 16 26 6 36 32 Foreign commercial and in­ dustrial loans................... 1 ,914 1,876 1 ,881 1 ,901 1,918 1 ,934 1 ,953 1,971 1,976 *■-53 -42 -51 -59 -93 Total loans............................... 28,835 28,320 28,772 28,455 28,710 28,483 27,879 27,854 27,370 r289 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 I 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

DECEMBER 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 percent........................ 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 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 1 1 .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 H .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 3,7 3.9 2.9 1 .4 2.6 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 1967—Jan. 26-27 5^-514 1968—Apr. 19 6^ , Business Loans was revised. For description of revised series see pp. 721­ Mar. 27 5y2 Sept. 25 6-6% 27 of the May 1967 Bulletin. Nov. 20 6 Nov. 13 Bank prime rate was 6 per cent during the period Jan. 1, 1967-Jan. Dec. 2 6‘A 25, 1967. Changes thereafter to new levels (in per cent) occurred on the following dates: MONEY MARKET RATES (Per cent per annum) U.S. Government securities (taxable) 4 Finance Prime co. Prime Period p c a o p m er l. , p p la a c p e e d r b a a c n c k e e p r t s ­ ’ F f e u d n e d r s a l 3-month bills 5 6-month bills 5 9- to 12-month issues 3- to 5- 4- to 6- directly, ances, rate 3 year months 1 3- to 6- 90 days 1 Rate on Market Rate on Market Bills (mar­ issues 7 months 2 new issue yield new issue yield ket yield)5 Other 6 1966......................... 5.55 5.42 5,36 5.11 4.881 4.85 5 082 5.06 5 07 5 17 5 16 1967............................. 5.10 4.89 4,75 4.22 4,321 4, 30 4 630 4.6! 4 71 4 84 5 07 1967—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 Anr.......... 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 Julv. 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 Nov. 5,92 5.75 5.97 5.81 5.492 5.45 5.618 5.59 5,51 5.56 5.47 Week ending— 1968—Nov, 2........... 5.88 5.73 5.88 5.91 5.471 5.48 5.473 5.50 5.45 5.52 5.42 9........... 5.88 5.75 5.90 6.05 5.554 5.48 5 616 5 59 5 46 5 59 5 44 16........... 5.88 5,75 6.00 6.00 5.483 5.42 5.602 5 61 5 49 5 62 5 47 23........... 5.93 5.75 6.00 5.45 5,483 5.43 5.679 5.61 5,54 5 53 5.48 30........... 6.00 5.75 6.00 5,73 5.448 5.47 5,573 5,58 5.56 5.52 5.51 i Averages of daily offering rates of dealers. 4 Except for new bill issues, yields are averages computed from daily 2 Averages of daily rates, published by finance companies, for varying closing bid prices. 5 Bids quoted on bank discount rate basis. maturities in the 90-179 day range. 6 Certificates and selected note and bond issues. 3 Seven-day average for week ending Wednesday. 7 Selected note and bond issues. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-32 INTEREST RATES □ DECEMBER 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 (long­ Total1 term) Total 1 Aaa Baa Aaa Baa In tr d ia u l s­ R ro a a i d l­ P u u ti b lit li y c fe P r r r e e ­ d C m o o m n ­ C m o o m n ­ 1960 4.01 3.69 3.26 4.22 4.73 4,41 5.19 4.59 4.92 4.69 4.75 3.47 5.88 1961 3.90 3.60 3.27 4.01 4.66 4.35 5.08 4.54 4.86 4,57 4,66 2.98 4.76 1962. 3.95 3.30 3.03 3.67 4,62 4.33 5 02 4.47 4.86 4.51 4.50 3.37 6.06 1963. 4.00 3.28 3.06 3.58 4.50 4,26 4.86 4.42 4.65 4,41 4.30 3.17 5.68 1964. 4.15 3.28 3.09 3 54 4.57 4.40 4 83 4.52 4.67 4.53 4.32 3.01 5.54 1965 4.21 3.34 3,16 3.57 4.64 4,49 4.87 4,61 4.72 4.60 4.33 3.00 5.87 1966. 4.66 3.90 3.67 4.21 5.34 5.13 5.67 5.30 5,37 5.36 4.97 3.40 6.72 1967 4.85 3.99 3.74 4 30 5.82 5.51 6.23 5.74 5.89 5.81 5.34 3.20 P5.70 1967-—Nov 5.44 4.32 3.99 4.66 6.36 6.07 6.72 6.28 6.42 6.39 5.79 3.18 Dec. 5.36 4,42 4.15 4.73 6.51 6.19 6 93 6.39 6,63 6.57 5.95 3.09 5.72 1968-—Jan.. 5.18 4.31 4.06 4,66 6.45 6.17 6.84 6.34 6.65 6.47 5.70 3.13 Feb. 5.16 4.28 4,01 4.69 6.40 6.10 6.80 6.31 6.65 6.36 5.65 3,28 Mar. 5.39 4.54 4.28 4.89 6.42 6.11 6.85 6.33 6.67 6.39 5.80 3.34 6.17 Apr. 5.28 4.44 4,13 4.84 6.53 6.21 6.97 6.42 6.79 6.54 5.86 3.12 May 5.40 4.59 4.2S 4.96 6.60 6.27 7.03 6.49 6 87 6.60 5 92 3.07 June 5.23 4.59 4.21 5.06 6.63 6,28 7.07 6,54 6.88 6.60 5.90 3.00 July. 5.09 4.45 4 12 4 91 6.57 6,24 6.98 6.50 6.82 6.53 5.74 3.00 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 3.01 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 Nov. 5.36 4.60 4. 33 4.98 6.56 6.19 7.01 6.47 6.78 6.58 5.82 2.92 Week ending—• 1 Q6R— Aiip. 3................................................. 4.99 4.22 3.90 4.73 6.46 6.14 6.88 6.37 6.75 6.4! 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 9................................ 5.28 4.54 4.25 4.95 6.52 6,16 6.97 6.41 6.75 6.54 5.81 2.98 16............................... 5.33 4.61 4.35 4.97 6.54 6.15 7.00 6.43 6.77 6.57 5.81 2.92 23............................... 5.40 4.61 4.35 4.97 6.57 6.17 7.02 6.46 6.79 6.60 5.82 2.91 30............................... 5.44 4 63 4.35 5.03 6.63 6.28 7.07 6.59 6.82 6.64 5.83 2.88 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 based on Wed. figures; earnings/price ratios are as of end of period. 2 Number of issues varies over time; figures shown reflect most recent Preferred stock ratio is based on 8 median yields for a sample of noncount. 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: U.S, Govt, bonds: adjusted at annual rates, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 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=30) 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 1 1 9 9 6 6 5 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 78 3 . . 6 7 3 6 1 1 1 0 0 2 . . 6 6 9 8 3 6. . 1 9 8 8 8 5 . . 1 2 7 6 9 9 3 1 . . 4 0 8 9 4 4 6 6 . . 7 3 8 4 7 68 6 . . 2 0 1 8 4 46 7 . . 1 3 5 9 46 19 50.28 45% 1 44.25 1 1 4 2 0 6 5 7 7 6 ’5 1 3 7 8 4 2 2 ’7 1 4 2 1 0 1967 ........................... 76.55 100.5 81 .8 91,93 99.18 46.72 68,10 50.77 5197 53.51 45 43 49 82 19 67 1 o’ 143 4 508 1967 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 4275 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 J 82 4 065 Mar.,............. 70.98 92.7 76.9 89.09 96,77 41.68 62.62 49,48 51 54 43.29 41 78 52.98 22 21 9 178 3 ’600 Apr................ 72,06 94.7 76.2 95.67 104 42 44.79 63,66 53.23 56 03 46 85 4? 46 57.56 24 39 14 779 6 536 May............... 70.89 92.7 75.3 97.87 107.02 48.00 62.92 54.85 58 04 49 92 42 07 60.43 27 17 13^276 8 142 June............... 72.58 92.8 75,6 100.53 109.73 51.72 65.21 56.64 59 83 52.86 43 30 64.60 29 20 15,139 7 ’491 July................ 73.99 95.3 76 1 100.30 109.16 51,01 67.55 56.41 59'12 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 49.0! 44 09 68.19 28 38 10 718 4778 73.95 93.7 78 4 101.34 110.53 51.11 66.77 56.80 59 57 51.94 4453 71.77 29*75 13.435 6’542 Oct................ 72 >4 92.7 77.0 103.76 (13.29 54.26 66.93 58.32 61 07 55.24 45.22 77.50 30 76 15,112 6 ’ 376 Nov................ 71.27 91.2 75.7 105.40 114.77 53.74 70.59 59.44 61 97 55.96 47.18 79.55 31 “24 14,821 6 >89 Week ending— 1968—Nov. 2........ 72.20 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 9.....7..2...00 91.8 76.1 103.46 112.82 52.99 68.05 58. 18 60,79 54.50 45.65 78.04 30.36 12,376 4,703 16........ 71.55 91.2 76.2 105.18 114.48 53.57 70.89 59.29 61.82 55.86 47.01 79.71 31 .02 15,719 7,434 23 70 90 91.0 75 4 106.08 115.39 53.61 72.09 59.90 62 29 56.22 48 27 79 95 31 58 15 821 7 880 30......... 70.48 91 .0 75.1 107.47 116.99 54.91 72.17 60.77 63 >4 57.64 48’25 80.89 32 >5 15,451 7 >69 1 Begins June 30, 1965, at 10.90. On that day the average price of a share yields in table at bottom of preceding page on basis of an assumed 3 per of stock listed on the American Stock Exchange was $10.90. cent, 20-year bond. Municipal and corporate bonds, derived from average 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 5^-hour trading day. 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 it ) y L c r p ( a o e p ri a t n e c io n t r e ) / (t d h c o o p P h l u r l a u i a c s s r r e , ­ e s o ) f (th a d o L m o o u ll o a a s 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 ) & ’ s M (y a e t a u r r s i ) ty L c p r ( a o e p ri a t n e c io t n r e ) / (t d h 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 d a L o o m o u ll o a a s u r . n s n o ) t f 1963......................... 5.84 .64 24.0 73.3 22.5 16.3 5.98 .60 19.2 70.8 17.8 12.6 1964......................... 5.78 .57 24.8 74.1 23.7 17.3 5.92 .55 20.0 71.3 18.9 13.4 1965......................... 5.74 .49 25.0 73.9 25.1 18.5 5.87 .55 21.8 72.7 21.6 15.7 1966......................... 6.14 .71 24.7 73.0 26.6 19.4 6.30 .72 21.7 72.0 22.2 16.1 1967........................ 6,33 .81 25.2 73,6 28.0 20.6 6.40 .76 22.5 72.7 24.1 17.5 1967-—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............. 7.10 .87 25.5 74.2 30.3 22.5 7.1 1 .82 22.6 72.6 25.4 18.4 Oct.f'...... 7.08 .87 25.6 74.3 31.3 23.3 7.08 .83 22.6 72.5 25.6 18.6 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 arc 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 □ DECEMBER 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—Oct.................. 6,010 2,420 8,430 7,111 2,513 4,598 30 per 30-39 40-49 50-59 60 per lars) Nov................ 6,050 2'440 8,490 7^200 2,500 4^700 cent per per per cent Dec................. 6^300 2; 460 8,760 7,948 2^763 5,183 or less cent cent cent or more 1968—Jan.....6..,.1..7..0......2,430 8,600 7,797 2,942 4,855 Feb.................. 6'150 2,420 8’570 7'419 2,778 4,641 1967-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; 640 2^360 9^000 8'268 3’064 5; 204 June......... 6’690 2,410 9 J00 8',728 3^293 5,435 1968-Jan.... 5.3 60.3 11.7 4.6 10.2 11,940 July................. 6'500 2,420 8’920 8,861 3'269 5'592 Feb.... 4.1 56.8 14.4 5.3 19.4 11,870 Aug................ 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 r8,723 3'126 T5 ,597 Apr... . 19.8 46.1 10.8 4.7 18.7 12,270 Oct.?’.............. 6; 300 2,'560 8,860 8 ,’865 3,402 5,463 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 20 or 60 or of the N.Y. Stock Exchange in margin accounts, estimated from reports less 20-29 30-39 40-49 50-59 more by a sample of 38 firms. 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 June.. 0.8 22.1 47.3 8.5 4.0 17.3 12,590 for the purpose of purchasing or carrying securities. Excludes loans col­ July... 1.2 21.3 43.5 10.4 5.1 18.5 12,060 lateralized by obligations of the U.S. Govt. Aug... 2.7 25.9 37.9 10.1 4.9 18.6 11,940 Note.—Customers’ net debit and free credit balances are end-of-month Sept... 5.4 32.4 29.6 8.8 4.1 19.7 11,910 ledger balances as reported to the N.Y. Stock Exchange by all member firms Oct.?’.. 4.3 35,8 27.0 8.9 4.2 20.0 11,640 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 SPECIAL MISCELLANEOUS ACCOUNT BALANCES (mil­ End of lions AT BROKERS, BY EQUITY STATUS OF ACCOUNTS period 1 ,of 70 or Under dol­ more 60-69 50-59 40-49 40 (Per cent of total, unless otherwise indicated) lars) i Equity class of accounts 1967—Oct... 6,010 45.2 30.4 10.1 4.6 9.6 Net in debit status Total Nov.. 6,050 43.8 31.8 9.7 4.9 9.9 End of period credit balance Dec.. 6,300 50.6 25.8 9.0 4.1 10,5 status 60 per cent Less than (millions or more 60 per cent of dollars) 1968—Jan... 6,170 40.6 35.4 9.5 4.4 10.0 Feb... 6,150 33.8 38.3 12.0 5.2 10.7 Mar.. 6,190 32,1 37.6 14.1 5.3 11 .0 1967—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.........5..0....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 6,030 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.. 6,460 17.3 r28.8 28.2 9.1 4.8 Ml.8 Aug........................ 49.8 46.4 3.8 r5,780 Sept.. 6,390 20.0 31.1 25.0 8. 1 4.4 11.5 Sept............... 51.0 45.3 3.6 5,840 Oct.?’. 6,300 20.9 31.1 23.3 8.7 4.0 11.8 Oct?’..................... 52.8 43.0 4.2 5,690 Note.—Special miscellaneous accounts contain credit balances that i See footnote 1 to table above. may be used by customers as the margin deposit required for additional Note.—Each customer’s equity in his collateral (market value of col­ purchases. Balances may arise as transfers based on Joan values of other ateral less net debit balance) is expressed as a percentage of current col­ collateral in the customer’s margin account or deposits of cash (usually ateral value. sales proceeds) occur. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 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 Total th P r la o c u e g d h P di l r a e c c e t d ­ Total Banks Others p i I n o m t r o t ­ s p fr E o o x r m t ­ s D e o x ll ­ ar ship p p o e in d t s b i e n tw — een dealers 1 ly 2 Total O bi w lls n bo B u iU g s h t O ac w c n t. c F e o i o g r r n 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 4^19 2^90 1^91 1,031 260 162 92 1,345 567 908 56 41 1,317 1964....................... 8,361 2,223 6J38 3:385 11671 1,301 370 94 122 1 ^98 667 999 111 43 1,565 1965 ....................... 9358 1 :903 7,155 3^92 1,223 1:094 129 187 144 11837 792 974 27 35 1,564 1966....................... 13,279 3,089 10,190 3^03 1,198 983 215 193 191 2 022 997 829 103 80 1 '595 1967—Oct...... . . 16,777 5,186 11,591 4,136 1,822 1,298 524 54 163 2 096 1 085 956 51 83 1,961 Nov............ 17,147 5J36 12,011 4,218 11878 1 '376 501 59 151 2J30 1 095 975 52 124 1 ,971 Dec............ 17,084 4^01 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 5^93 12,320 4^66 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 1 17 2,027 Apr............ 17^09 5^30 11:579 4,430 1 378 1 309 369 87 118 2 447 1 229 1 ,025 18 116 2:042 May.......... 18;417 5 ;?6i 12,656 4,359 1,’624 I i282 342 56 132 2,547 1,267 1 ,007 17 77 1 1992 June.......... 18,798 5,822 12,976 4 286 1,677 1 .366 311 134 112 2 364 1 338 944 23 55 1 925 July............ 19,746 6 ,'270 13:476 4,330 1 ,751 1 ,410 341 99 128 2^52 1 *390 917 42 54 1 ,927 Aug.......... 20’734 7:09I 13:643 43I8 1 ,819 1 ,'474 344 51 149 2:399 1 435 932 100 52 1 ,899 Sept............ 20’264 7:737 12,527 4^27 1 :714 1 ^93 321 86 124 2,403 1 420 945 78 46 1 838 Oct............. 20^39 7:592 13,247 4^20 । 351 1 ,280 270 56 1 19 2; 695 1 ,479 921 80 53 1 ,887 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— commitments-1 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 general govt. other1 reserve accts. 3 or 3 thru Over less 9 9 Total 1941..................... 4,787 89 3,592 1 86 829 689 11,772 10,503 38 1 ,231 n.a. n.a. n.a. n.a. 1945..................... 4^02 62 1O;65O 1 ’257 606 185 16:962 15,332 48 1 382 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..................... 28^02 475 6,160 677 5^40 937 640 42,829 38:277 781 3371 n.a. 1 ,654 1962..................... 32^56 602 6,'107 527 5,177 956 695 46:121 4! 336 828 3/957 n.a. n.a. n.a. 2348 1963..................... 36,007 607 5^63 440 5^74 912 799 49,702 44,606 943 4J53 n.a. n.a. n.a. 2 349 1964..................... 40,328 739 5^91 391 5,099 1 ,004 886 54,238 48^49 989 4 300 n.a. n.a. 2,820 1965..................... 44^33 862 5,485 320 5,170 1 ,017 944 58.232 52343 1,124 4365 n.a. n.a. n.a. 2 397 1966..................... 47,193 1 ,078 4,764 251 5^19 953 1 ,024 60,982 55,006 1 :114 4,863 n.a. n.a. n.a. 2310 1967—Oct........... 49,827 1 ,1 69 4,299 228 8,080 959 1,134 65,696 59,257 1 ,489 4,590 801 999 911 2,710 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 '8 183 993 1 ,138 60J21 1 ’260 4,984 742 982 799 2 323 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 4305 220 8,672 903 1 ,156 67’592 60,945 1 ’575 5 ,071 627 955 818 2’,400 Mar. 51,039 1 341 4^12 229 8,937 914 1 J98 68 070 61,615 1 ’388 5 367 669 1 336 772 2 377 Apr.......... 51:199 1 267 4;303 221 9,113 871 1:190 68’165 61 354 1 ,553 5 358 695 '906 961 2 361 May........ 51,402 1 ,474 41374 421 9,213 877 1 ,215 68,768 61 326 1 ,732 5,110 650 1 369 949 2 369 June........ 51,621 1 ,387 4,235 206 9,403 951 1 ,230 69,034 62,411 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 1 ,046 996 2,779 Aug...... 52,102 1 '489 4^03 201 9,778 912 1 :217 69^02 62351 1 871 5,180 776 1 394 1 ,058 2,928 Sept,..... 52^23 1 468 4:139 204 9^27 990 1 ;253 7d:2O3 63 381 1 628 5 J94 889 1 367 1 ,015 2,971 Oct.7'........ 52^36 1 ,431 3 ,'999 195 9,913 911 1 ;227 70,312 63 350 1 ,567 5 ,'195 835 1 J44 1 390 3 370 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 □ DECEMBER 1968 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities Total Mort­ Real Policy Other assets Total United State and Foreign 1 Total Bonds Stocks gages estate loans assets States local 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—Sept.r............................ 174,714 10,546 4,619 2,983 2,944 73,011 64,436 8,575 66,704 5,087 9,861 9,505 Oct................................. 175,390 10,551 4,655 2,981 2,915 73,546 64,822 8,724 66,884 5,100 9,933 9,376 Nov.............................. 176,184 10,537 4,642 2,982 2,913 73,934 65,089 8,845 67,097 5,165 9,996 9,455 Dec................................ 177,201 10,497 4,610 2,973 2,914 73,990 64,992 8,998 67,595 5,185 10,080 9,854 1968—Jan................................. 178,256 10,548 4,582 2,998 2,968 74,876 65,821 9,055 67,770 5,21 I 10,167 9,684 Feb................................ 178,762 10,584 4,616 2,997 2,971 75,266 66,095 9,171 67,867 5,244 10,258 9,543 Mar............................... 179,477 10,562 4,582 3,007 2,973 75,760 66,412 9,348 68,055 5,263 10,362 9,475 Apr................................ 180,411 10,493 4,496 3,016 2,981 76,087 66,661 9,426 68,123 5,303 10,474 9,931 May............................... 181,234 10,584 4,581 3,018 2,985 76,428 66,838 9,590 68,339 5,337 10,599 9,947 J unc............................... 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................................ 183,840 10,491 4,427 3,023 3,041 77,894 67,850 10,044 68,909 5,474 10,925 10,147 Sept.7'............................ 184,752 10,505 4,443 3,012 3,050 78,176 68,002 10,174 69,024 5,496 11,026 10,525 1 Issues of foreign governments and their subdivisions and bonds of Year-end figures: Annual statement asset values, with bonds carried the International Bank for Reconstruction and Development. on an amortized basis and stocks at year-end market value. Month-end figures: Book value of ledger assets. Adjustments for interest due and Note.—Institute of Life Insurance data; figures are estimat s 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 Other1 a li s a T s b e o i t l t s 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 ro a c n e s 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. 1945. ... 5 376 2,420 450 356 8747 7,365 644 336 402 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 80,236 6,520 3,629 1,999 !,22l 2,230 1963 ..................... 90’944 6*445 3'979 6,191 107'559 91,308 7,209 5,015 2,528 1,499 2,614 1964 .................... 101,333 6,966 4,015 7,041 119,355 101,887 7,899 5,601 2,239 1,729 2,590 1965...................... 110'306 7'414 3'900 7,960 129,580 110,385 8,704 6,444 2,198 1,849 2,751 1966...................... 114.447 7’771 3,362 8.416 133,996 114,009 9,102 7,464 1 ,272 2,1 49 1 ,517 1967—Sept.......... 119,529 9,017 3,078 9,158 140,782 121,870 9.255 4,382 2,158 3,117 3,337 Oct............ 120,362 9,171 3,040 9,217 141,790 122,365 9,256 4,373 2,'213 3,583 3,310 Nov...... 121,127 9,424 3^068 9,352 142,971 122,947 9,248 4,455 2,241 4,070 3,287 Dec........... 121,893 9,244 3,408 9'057 143^602 124,562 9,557 4,739 2,281 2,463 3'042 1968—Jan............ 122,095 9,505 2,827 9,101 143,528 124,133 9,571 4,735 2,204 2,885 3,128 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 9,334 145'637 125,993 9,557 4,512 2,324 3,251 3,840 124’305 9,824 2’769 9; 325 146 ,’223 125,698 9'552 4,807 2,461 3,705 4,051 May......... 125,262 10,164 2,726 9,641 147,793 126,455 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........... 127,582 9,668 2,365 9,573 149,188 127,733 9,845 5,275 2,465 3,870 3,855 Sept......... 128'391 9,597 2^484 9,567 150,039 128,867 9,845 5,325 2,447 3,555 3,782 Oct.7’........ 129,240 9,669 2,519 9,610 15! ,038 129,363 9,843 5,334 2,441 4,057 3,851 1 Includes other loans, stock in the Federal home loan banks, other 4 Commitments data comparable with those shown for mutual savings investments, real estate owned and sold on contract, and office buildings banks (on preceding page) would include loans in process. and fixtures. 2 Before 1958, mortgages are net of mortgage-pledged shares. Asset Note.—Federal Home Loan Bank Board data; figures are estimates for items will not add to total assets, which include gross mortgages with no all savings and loan assns. in the United States. Data beginning with 1954 deductions for mortgage-pledged shares. Beginning with Jan. 1958, no 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. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 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 e t e o d c m rs e ­ ­ s I m nv e e n s ts t­ p C a o d a n s e s d i ­ t h s B n a o o n n te d d s s 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 o a d ( u A a n is n d n ) ­ t s s D t e u ( b L re e ) s n­ M I g o ( a A a o g n r ) e s t ­ B ( o D nds 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 J71 2’000 1 ’788 840 589 2,099 1 '952 3'310 2,834 1964.............. 5,325 1 ,523 141 4,369 1,199 1,227 1 '940 1'601 958 686 2,247 2,112 3,71 8 3 169 1965.............. 5'997 I .640 129 5’221 1 ;045 1 ^277 2’456 1'884 1,055 797 2'516 2,335 4’281 3,710 1966.............. 6'935 2,523 113 6,859 1 ,037 1,369 4,266 3'800 1,290 1,074 2,924 2,786 4,’958 4 385 1967.............. 4'386 2,598 127 4,060 1 ,432 1 ,395 5^348 4,919 1 ,506 1 ',253 3’411 3’214 5,609 4 904 1967—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 J ,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 1 ,454 1 ,291 4,03! 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 3,84! 3,814 6,064 5,384 Oct... 5,034 2,300 97 4,501 1 ,287 1 ,401 6,557 5,923 1 ,551 1 ,290 3,753 3,669 6,094 5,423 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.; fora 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 ofTered securities (excluding, for the home loan banks. OUTSTANDING ISSUES OF FEDERALLY SPONSORED AGENCIES, OCTOBER 31, 1968 Amount Amount Amount Agency, issue, and coupon rate (millions Agency, issue, and coupon rate (millions Agency, issue, and coupon rate (millions of dollars) of dollars) of dollars) Federal home loan banks Federal National Mortgage Federal land banks—Cont. Notes: Association—Coot. Bonds: Feb. 25, 1969.....................5.65 300 Debentures: Dec. 23, 1968................ ..5.95 247 Feb. 25, 1969.....................5.85 400 Sept. 10, 1971................ ■••4>/z 96 Jan. 20,1969.............. . .4y4 341 Apr, 25, 1969.......................614 326 Sept. 10, 1971................ ...534 350 Mar. 20, 1969................ .. .4’/, 100 May 26, 1969.........................6 300 Feb. 10, 1972................ •..514 98 Apr, 21, 1969................ ..5.60 250 July 25,1969........................5.75 400 June 12, 1972............. •■•43/b I0O July 15, 1969............ .. . .4% 130 June 12, 1973................ •••414 146 July 15, 1969................ ...4S4 60 Bonds: Oct. 1, 1973................ • .6 250 Sept. 22, 1969................ ...6% 279 Nov. 25, 1968.......................5% 300 Feb. 10, 1977................ ••.4>/z 198 Oct. 20, 1969............ .....41/4 209 Jan. 27, 1969.......................5*^4 300 Jan. 20,1970................ 209 Mar. 25, 1969.......................5% 300 Feb. 20, 1970................ ...5'4 82 June 25, 1969.....................6.30 550 Banks for cooperatives Feb. 20, 1970.. . .............6.30 344 Sept. 25, 1969........................6 400 Debentures: Apr. 1, 1970................ 83 Feb. 25, 1970........................6 200 Nov. 4, 1968................ . .5.90 216 Apr. 20, 1970................ ..6.20 362 Mar. 25, 1970........................6 200 Dec. 2, 1968................ ..6.20 264 July 20, 1970................ ...5’4 85 Apr. 27, 1970........................6 225 Jan. 2, 1969................ .’6.00 ’’233 July 20,1970................ . .6 241 May 25, 1970......................5.80 300 Feb. 3, 1969................ . .5.65 350 May 1,1971................ ...3'4 60 Apr. 1, 1969................ ■ ■5.55 224 Oct. 20.1971................ ..6.00 447 Federal National Mortgage Associa­ Feb. 15,1972................ . .5,70 230 tion—Secondary market opera­ Sept. 15, 1972................ ...3’4 109 tions Oct. 23, 1972................ ...5% 200 Federal intermediate credit banks Feb. 20, 1973-78.......... . .4'4 148 Discount notes................................... 1,772 De N b o e v n . t ur 4 e , s : 1968................ •. .534 476 A Fe p b r . . 2 2 1 0 , , ' 1 1 9 9 7 7 5 4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ■ . .4 4 1 ' / / 2 , 2 1 0 55 0 Dec. 2,1968................ ...5’4 460 Feb. 24, 1976................ . . .5 123 Debentures: Jan. 2, 1969................ . .5.95 452 July 20’1976.................. ..5% 150 Apr. 10, 1969. 4 iMo 88 Feb. 3, 1969................ . .6.10 445 Apr. 20; 1978................ . ..5'/, 150 May 12, 1969. ..4% 300 Mar. 3, 1969................. 428 Jan. 22, 1979................ . . .5 285 June 10, 1969. .6.10 250 Apr. 1, 1969................ ...6*4 409 July 10,1969, ..5*/8 250 May 1,1969................. .5.95 387 Tennessee Valley Authority Dec. 12, 1969. ..6 550 June 2, 1969................ 337 Short-term notes. ....... 290 Apr. 10, 1970. ..45/s 142 July 1,1969................ ■-.5?6 278 Bonds: June 10, 1970. .6.60 400 Nov. 15, 1985................ ..4.40 50 Sept. 10, 1970. ..4i/8 119 Federal land banks July 1,1986................ • .4’/, 50 Oct. 13, 1970. 400 Bonds: Feb. 1,1987................ ...4'4 45 Mar. 11, 1971 . .6 350 Feb. 15, 1967-72.......... ...4'/, 72 May 15, 1992................ ..5.70 70 Aug. 10, 1971. ..4% 64 Oct. 1, 1967-70.......... ...43/z 75 Nov. 13, 1992.............. ..6’/, 60 Note.—These securities are not guaranteed by the U.S. Govt.; see also note to table above. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-38 FEDERAL FINANCE □ DECEMBER 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 re N c e ts t . or Change Less: Less: Bu n d e g t et T f P u r l n u u d s s s : t g I L n o e t v s r t a s . : ­ I E r T e q o c u t t a s a l . s l 2 : Budget f T P un r lu u d s s s : t 3 A m L d e e j n s u t s s s : ' t * ­ E p T q a o u y t a t a s l l s . : payts. & (d d a i e i r n g e b e c t n t .) a I t g n r e v u b n e s y . s t s t & , N c d a e o s b n h t ­ Eq N u e a t ls: Cal. year—1965 ............. 96,679 31,384 4,449 123,376 101,379 31,014 4,473 127,919 -4,543 4,673 1,386 417 2,872 1966............. 110,802 40,011 4,792 145,137 118,077 36,791 4,003 150,867 -5,730 13,526 8,396 342 4,788 1967............. 117,708 45,861 6,581 156,300 131,698 38,654 6,779 163,572 -7,272 14,967 7,248 -103 7,822 Fiscal year-—1965.......... 93,072 31,047 4,303 119,699 96,507 29,637 3,749 122,395 -2,696 6,933 2,356 250 4,328 1966...1..0..4..,.727 34,853 4,451 134,480 106,978 34,864 4,026 137,817 -3,337 6,710 3,562 530 2,618 1967...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 2,848^ " 1968”........ ♦............. 153,485 ............... 178,892 -25,407 28,428 5,338 .......2..3..,.0..90 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..,..972^ 1968—Jan.-June”.... 86,409 92,147 -5,738 7,797 3,680 4,118 Month: ► 1967—Oct................... ............ 8,646 ............... 14,827 -6,181 5,042 -337 .........5..,.3..80 1968—Jan.................... 12,220 15,453 -3,233 3,044 -919 3,963 Feb................... 12,087 14,383 -2,295 5,617 1 ,533 4,084 Mar.................. 11,870 14,922 -3,049 -1,776 -428 -1,348 Apr................... 19,045 15,678 3,369 -1,113 514 -1 ,627 May................. 11,711 16,241 -4,529 5,435 2,634 .........2..,.8..0.1 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..,.8..4.1 Sept.................. 18,746 16,231 2,515 416 -343 5758 Oct........... 10,733 16,856 -6,122 2,757 -375 3,132 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 r o er f ’ s p e a r c i c o o d u ) nt Period Agencies & trusts Change Operating bal. Budget in Held Treas­ Other s d u e r o p fi r l c u it s f T un ru d s s t 3 C ac le co a u ri n n t g s i M ss a u o a r f k n e ce t i I n G n v o U e v . s S t t , , . p d g u i r r o b e s l c s ic t T o r u e t a s s id u e ry a u cc re o r u ’s n t Balance B F a . n R k . s l T a o n a a d x n as n s e e t t s sec.3 sec.3 debt accts. 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......... -8,807 793 5,079 - 9,026 6,796 -517 -4,648 7,759 1,311 4,272 2,176^ 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-—J an.-J une........ 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 I ,594 ►July-Dec........ -19.644 6 562 1,752 -1,658 18,878 578 -713 7,046 1,123 4,329 1.5944 1968—Jan.-June”. . . -5,738 0 2,174 4,200 -3,680 3,597 906 -351 6,694 1,074 4,113 1,507 Month; ► 1967—Oct.................. 181 6207 431 337 4,611 200 -794 7,542 697 5,171 1 ,674 1968—Jan................... -3,233 6877 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.................. 3.369 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 1 ,369 -1,821 3,293 251 -1,342 5,753 916 3,564 1 ,273 Sept................. 2,515 6 809 1 28 343 387 39 4,042 9,795 1 ,036 7,448 1,311 Oct.................. -6,122 6592 300 375 2,458 -200 -2,198 7,597 1 ,086 5,325 1,186 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 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 Estate Int. Total Individual C r o a r t p e o­ Total a L n iq d u t o o r ­ H w ig ay h­ Total F a I n C d A e U m n p - l . a g n if d t t C o u m s s ­ r m e a e p n n a d t y s ­ fu R n e d ­ s Other With­ Other bacco R.R. held 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 9,582 316< 1968>'.. 153,485 57,268 20,951 29,889 14,313 6,409 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 1,263 105^ 1968—Jan.-June,. ^86,409 30,076 16,801 18,544 7,167 3,065 2,240 19,794 17,088 2,015 1 ,726 1 ,079 1,134 10,113 201 Month: ► 1967—Oct............. 8,646 4,172 298 913 1 ,221 600 345 1 ,569 1 .424 40 234 179 155 180 «M 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 1,199 668 368 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 Oct............. 10,733 4,981 378 1 ,496 1,237 n.a. 354 2,258 2,024 109 245 217 210 301 12 Cash payments to the public Period Total 5 t f i N e o d n n e a s ­ a ­ e l a I fl n a t i i r , s s S e p r a e a r ­ c c e h A t c u g u re r l­ i­ so N u u r r r e a a c ­ t e l ­ s t C m ra a o e n n r m s d c p e ­ . H d c in e o o g v m u e s & b l. ­ l H a w b e e o a lf r a lt , r h e & , Ed tio uc n a­ e V ra e n t­ s In e t s e t r­ g G e o r e a v n 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 2,454 1968”,. .. 178,892 *80,252 Half year: 1966—Jan.-June,... 70,781 31,377 2,235 3,094 803 1 ,464 2,829 2,271 16,873 2,072 2,968 4,856 1,146 July-Dec....... 80,086 33,850 2,457 2,855 3,630 2,002 4,372 1 ,801 18,192 1,755 3,475 4,627 1.386 1967—Jan.-June.... 75,056 37,996 1 ,955 2,570 • 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—Oct.................. 14,827 <6,654 1968—Jan.................. 15,453 *7,164 Feb.. ............. 14,383 *6,412 Mar................ 14,922 *6,363 Apr......... 15,678 *7,091 May............... 16,241 *7,191 June3’............. 15,470 *7,471 July................ 14,274 *5,895 Aug................ 16,349 *6,746 Sept............... 16,231 *6,694 Oct................ 16,856 *7,082 ► Data for this and subsequent dates on new budget basis. Data for any debt declined by $5,284 million due to conversion of FNMA to private prior entries were derived 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. J 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. I 5 In addition to the changes that are shown for September, the Federa Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-40 U.S. GOVERNMENT SECURITIES □ DECEMBER 1968 TOTAL DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues 3 End of period T gr o o t s a s l T gr o o t s a s l Marketable Con­ Nonmarketable Special debt 1 d d e ir b e t c t 2 Total Total Bills C c e a r te ti s fi­ Notes Bonds 4 b v i o b e n l r e d t­ s Total 5 b S i o n a n g v d s ­ s issues 6 & notes 1941—Dec...................................... 64.3 57.9 50.5 41.6 2.0 6.0 33,6 8.9 6.1 7.0 1945—Dec...................................... 278.7 278,1 255,7 198.8 17.0 38.2 23.0 120,6 56.9 48.2 20.0 1947—Dec...................................... 257.0 256.9 225.3 165.8 15.1 21.2 11.4 118.0 59.5 52.1 29.0 I960—Dec...................................... 290.4 290,2 242.5 189.0 39.4 18.4 51.3 79.8 5.7 47.8 47.2 44.3 1961—Dec...................................... 296.5 296.2 249.2 196.0 43.4 5.5 71.5 75.5 4.6 48.6 47.5 43.5 1962—Dec...................................... 304.0 303.5 255.8 203.0 48.3 22.7 53,7 78.4 4.0 48,8 47.5 43.4 (963—Dec...................................... 3(0.1 309,3 261.6 207.6 51.5 (0.9 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 1 965—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—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 Nov..................................... 357.5 356.9 294.8 235.7 73.0 .........7..6....5. 86,2 2.5 56.7 52.3 59.0 J Includes non-interest-bearing debt (of which $639 million on Nov. 30, s Includes (not shown separately): depositary bonds, retirement plan (968, 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 $19,861 million on Oct. 31, 1968. 6 Held only by U.S. Govt, agencies and trust funds. 4 Includes Treasury bonds and minor amounts of Panama Canal and postal savings bonds. Note.—Based on Daily Statement of U,S. Treasury. OWNERSHIP OF DIRECT AND FULLY GUARANTEED SECURITIES (Par value in billions of dollars) Held by—- Held by the public E pe nd 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 I p c n a a o n s n m c u ie e r ­ s ­ r c O a o t t i r h o p e n o r s ­ g S l a o o t n c a v d a t t s e l . Savi I n n g d s i vidu O al t s her n F a i o n t a i r o t n e e n d ig 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 I960—Dec................. 290.4 55.1 27.4 207.9 62.1 6.3 11.9 18.7 18.7 45,6 20.5 13.0 11.2 1961—Dec................. 296,5 54.5 28.9 213.1 67.2 6.1 11.4 18.5 19.0 46.4 19.5 13.4 11,6 1962—Dec................ 304.0 55.6 30 8 217.6 67.2 6 1 11.5 18.6 20.1 46.9 19.2 15.3 12.7 1963—Dec................ 310.1 58.0 33 6 218.5 64.3 5 8 11.3 18.7 21.1 48.1 20.1 15.9 13.3 1964—Dec................. 318.7 60.6 37.0 221.1 64.0 5.7 11.1 18.2 21.2 48.9 20.8 16.7 14.5 1965-—Dec................. 321.4 61.9 40.8 218.7 60.8 5.4 10.4 15.8 22.9 49.6 22.5 16.7 14.7 1966—Dec......... 329.8 68.8 44.3 216.7 57.5 4.7 9.6 14.9 25.0 50.2 24.5 14.5 16.0 1967—Oct.................. 341.0 75.9 47.4 217.7 63.6 4.1 8.8 1 1.6 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 (3.0 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 18.5 350.0 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 U3.4 18.8 Oct.................. 357,8 78.8 53.3 225.7 64.8 3.7 8.2 14.2 26.7 51.4 24.5 13.5 18.7 1 Includes investments of foreign balances and international accounts Note.—Reported data for F.R. Banks and U.S. Govt, agencies and in the United States. trust funds; Treasury estimates for other groups. 2 Includes savings and loan assns., dealers and brokers, nonprofit institutions, and corporate pension funds. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 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 17,148 1966—Dec. 31........................................................... 218,025 105,218 64,684 40,534 59,446 28,005 8.433 16,923 1967—Dec. 31.......................................................... 226,476 104,363 69,870 34,493 78,159 18,859 8,417 16,679 1968—Sept. 30........................................................... 233,556 106,534 69,779 36,755 64,997 37,143 8,401 16,482 Oct. 3!........................................................... 236,651 116,040 72,996 43,044 58,606 37,142 8,400 16,464 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—Sept. 30................................................... 17,224 3,357 2,032 1 ,325 5,111 3,127 2,115 3,515 Oct. 31................................................... 17,765 4,294 2,510 1 ,784 4,696 3,147 2,115 3,514 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—Sept. 30................................................... 53,279 34,552 19,227 15,325 7,934 10,189 201 404 Oct. 31................................................... 53,329 34,831 19,148 15,683 7,652 10,235 203 408 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—Sept. 30................................................... 163,053 68,625 48,520 20,105 51,952 23,827 6,085 12,563 Oct. 31................................................... 165,557 76,915 51 ,338 25,577 46,258 23,760 6,082 12,542 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—Sept. 30........................................... 51 ,756 16,115 6,979 9,136 23,419 11,150 564 508 Oct. 31........................................... 53,237 19,521 8,312 11,209 21,443 11,193 567 512 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—Sept. 30........................................... 3,730 698 347 351 1,179 825 240 788 Oct. 31........................................... 3,596 715 302 413 1,049 808 237 788 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—Sept. 30........................................... 6,972 689 351 338 1,936 883 1,157 2,308 Oct. 31........................................... 6,984 859 397 462 1,785 898 1 ,152 2,289 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—Sept. 30........................................... 4,557 2,683 1 ,484 1,199 1 ,453 403 5 13 Oct. 31........................................... 5,517 3,762 2,430 I ,332 1 ,201 529 9 16 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—Sept. 30........................................... 4,709 1 ,049 605 444 1,679 1 ,207 325 449 Oct. 31........................................... 4,734 1 ,202 632 570 1 ,539 1 ,233 307 453 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—Sept. 30........................................... 13,878 5,536 4,401 1 ,135 2,260 1 ,033 1 ,425 3,623 Oct. 31........................................... 13,822 5,776 4,300 1 ,476 2,017 1 ,009 1 ,404 3,617 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—Sept. 30........................................... 77,451 41,855 34,353 7,502 20,026 8,326 2,369 4,874 Oct. 31........................................... 77,667 45,080 34,965 10,115 17,224 8,090 2,406 4,867 Note,—Direct public issues only. Based on Treasury Survey of about 90 per cent by the 5,836 commercial banks, 501 mutual savings Ownership. banks, and 755 insurance companies combined; (2) about 50 per cent by Data complete for U.S. Govt, agencies and trust funds and F.R. Banks the 469 nonfinancial corporations and 488 savings and Ioan assns.; and but for other groups are based on Treasury Survey data. Of total mar­ (3) about 70 per cent by 504 State and local govts. ketable issues held by groups, the proportion held on latest date by those “All others,” a residual, includes holdings of all those not reporting reporting in the Survey and the number of owners surveyed were: (1) in the Treasury Survey, including investor groups not listed separately. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-42 U.S. GOVERNMENT SECURITIES □ DECEMBER 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 W 1 y it e h a in r ye 1 a -5 rs y 5 e - a 1 r 0 s 10 O y v e e a r r s U.S. Govt, m b C e a o n r m c k i s a ­ l o A th l e l r securities Other 1967—Oct. ................................ 2,168 1,941 150 43 33 795 66 841 465 202 Nov........................... 2'343 1 335 273 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 2307 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................................ 2348 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 1,820 180 111 22 824 63 762 484 233 Oct......................... 2,011 1,714 165 108 22 732 72 737 470 282 Week ending— 1968—Oct. 2........................ 2,132 1,839 153 110 31 724 65 752 590 221 9....................... 1 ,703 1,447 132 106 18 620 62 658 363 193 16....................... 1 375 1,712 169 73 20 703 65 685 522 364 23....................... G ,860 H ,633 142 62 24 734 69 r676 r38l 322 30...................... 2,327 1 ,924 224 154 26 809 9! 876 551 309 Nov. 6....................... 2,534 2,193 172 133 36 881 78 993 583 212 13...................... 2,'722 2’456 152 93 21 981 87 991 663 185 20..................... 2,781 2’505 157 82 37 1 ,040 88 887 776 318 27 J’.................... 2,165 1 ,914 154 52 45 267 Note.—The transactions data combine market purchases and sales of ties under repurchase agreement, reverse repurchase (resale), or similar U.S. Govt, securities dealers reporting to the F.R. Bank of N.Y. They contracts. Averages of daily figures based on the number of trading do not include allotments of, and exchanges for, new U.S. Govt, securities, days in the period. redemptions of called or matured securities, or purchases or sales of securi- DEALER POSITIONS DEALER FINANCING (Par value, in millions of dollars) (In millions of dollars) U.S. Government securities, by maturity U.S. Commercial banks Period All Within 1-5 Over s a e G g c e o u n r v c it t y i , e s Period sou A r l c l e s New Else­ C t o io r n p s o r 1 a­ o A th U e r maturities 1 year years 5 years Y C o it r y k where 1967—Oct........... 2,880 2,837 22 20 379 3,109 2,793 258 58 312 1967—Oct............. 2,660 844 688 744 383 2,410 2,375 35 1 363 Nov............ 2,863 650 640 1 ,176 397 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 2,585 306 312 382 Apr............ 3,073 794 832 937 510 June......... 3,308 2,826 222 261 576 3'162 699 923 844 696 July.......... 4,420 3,972 159 288 644 June........... 3,458 867 879 1 ,010 702 5,262 4,097 283 881 732 July............ 4,341 1,193 1 ,032 I 415 701 5'098 4,043 198 857 687 Aug............ 5'465 1 ,431 1 ,372 1,710 952 Oct....... 4,137 3,427 130 580 751 Sept............ 5^519 1 ,596 1 ,894 1 ^254 775 Oct......... 4,518 1,163 1 ;664 903 788 Week ending—• Week ending— 1968—Sept. 4. .. 5,203 4,048 206 949 765 11. .. 5,352 4,176 242 934 683 1968—Sept. 4. . . . 5,367 1 ,431 1,478 1 ,786 672 18. . . 5,276 4,229 182 864 654 5,886 1 ,554 1 ,870 1 ,689 774 25. .. 4,752 3,751 192 809 680 18.... 5,981 1 ,772 2,039 I ,315 855 25. . . . 5,195 1 ,631 1 ,985 855 725 Oct. 2... 4,711 3,872 151 687 708 9... 4,166 3,460 101 604 695 Oct. 2.... 4,926 J ,435 2,050 668 773 16. .. 3,637 2,951 114 573 803 9. . . . 4,662 1,161 2,133 702 666 23. . . 3,828 3,140 151 537 824 16.... 4,158 974 1 ,512 788 883 30. . . 4,658 3,976 124 558 722 23.... 4,269 1,112 1 ,358 1 ,003 797 30.... 4,751 1 ,281 1 ,419 1 ,191 860 Note.—The figures include all securities sold by dealers under repur­ chase contracts regardless of the maturity date of the contract, unless the 1 All business corporations, except commercial banks and insurance contract is matched by a reverse repurchase (resale) agreement or delayed companies. delivery sale with the same maturity and involving the same amount of securities. Included in the repurchase contracts are some that more Note.—Averages of daily figures based on the number of calendar days clearly represent investments by the holders of the securities rather than in the period. Both bank and nonbank dealers are included. See also dealer trading positions. Note to the opposite table on this page. Average of daily figures based on number of trading days in the period. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1968 □ GOVERNMENT SECURITIES A-43 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, NOVEMBER 30, 1968 (In millions of dollars) Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills Treasury bills—Cent. Treasury notes—Cont. Treasury bonds—Cont. Nov. 30, 1968.............. 1,501 Apr 24 1969............ 1,100 May 15, 1971...........5% 4,265 Aug. 15, 1971..........4 2,806 Dec. 5, 1968.................. 2,701 Apr. 30 ’ 1969................. 1,501 Oct. 1,1971...........11,4 72 Nov. 15, 1971...........3% 2,760 Dec, 12, 1968.................. 2,701 May 1’ 1969................ 1,101 Nov. 15, 1971...........5% 1,734 Feb. 15, 1972..........4 2,344 Dec. 19, 1968.................. 2,702 May 8,’1969.................. 1,101 Feb. 15, 1972...........4% 2,006 Aug. 15, 1972..........4 2,579 Dec. 26, 1968.................. 2,710 May 15’ 1969.................. 1,103 Apr. 1,1972............1J4 34 Aug. 15, 1973..........4 3,894 Dec. 31, 1968.................. 1,499 May 22’ 1969.................. 1,102 May 15, 1972...........4% 5,310 Nov. 15, 1973...........41/8 4,351 Jan. 2, 1969.................. 2,702 May 29’ 1969.................. 1,100 Oct. 1,1972............114 33 Feb. 15, 1974...........4% 3,129 Jan. 9, 1969.................. 2,703 May 31’ 1969................ 1,503 Apr. 1, 1973............114 34 May 15,1974...........4>^ 3,588 Jan. 16, 1969.................. 2,702 June 23’ 1969f.............. 3,010 Aug. 15, 1974...........5% 10,284 Nov. 15, 1974...........37/8 2,241 Jan. 23, 1969.................. 2,700 June 30’ 1969 ............... 1,502 Oct. 1, 1973 ..........PA 7 May 15, 1975-85...414 1 ,215 Jan. 30; 1969.................. 2,704 July 31 ’ 1969............ , . 1,502 Nov. 15, 1974......5% 3,980 June 15, 1978-83... 3 >4 1 ,566 Jan. 31' 1969.................. 1 ,500 Aug. 31 ’ 1969................. 1,000 Feb. 15, 1975..........5% 5,148 Feb. 15,1980..........4 2,600 Feb. 6, 1969.................. 2,704 Sept. 30 ’ 1969................. 1,001 May 15, 1975...........6 6,760 Nov. 15, 1980...........3^ 1 ,907 Feb. 13, 1969.................. 2,704 Oct. 31’ 1969................. 1,002 May 15, 1985...........3>% 1,109 Feb. 20, 1969.................. 2,703 Treasury bonds Aug. 15, 1987-92... 414 3,816 Feb. 27, 1969.................. 2,704 Treasury notes Dec. 15, 1963-68... 2^ 821 Feb. 15, 1988-93... 4 249 Feb. 28, 1969.................. 1,502 Feb. 15, 1969.........55/8 10.738 June 15, 1964-69... 2^ 2,541 May 15, 1989-94.. .4% 1 ,559 Mar. 6’ 1969................... 1,103 Apr. 1,1969.........U4 61 Dec. 15, 1964-69... 2^ 2,488 Feb. 15, 1990...........3>A 4,874 Mar. 13, 1969................. 1,100 May 15, 1969.........5% 4,277 Mar. 15, 1965-70...2^ 2,284 Feb. 15, 1995...... 3 1 ,620 Mar. 20, 1969.................. 1,100 Aug. 15, 1969.........6 3,366 Mar. 15, 1966-71... 2% 1 ,223 Nov. 15, 1998...........3'/2 4,317 Mar. 24, 1969f................ 2,015 Oct. 1,1969..........114 159 June 15, 1967-72... 2i/2 1 ,248 Mar. 27 , 1969................. 1,102 Apr. 1,1970.........l'A 88 Sept. 15, 1967-72... 2% 1 ,952 Mar. 31; 1969.................. 1,500 May 15, 1970.........5% 7,794 Dec. 15, 1967-72. ..21/2 2,605 1,102 Oct. 1, 1970.........11/4 113 Feb. 15, 1969..........4 3,728 Apr. 10, 1969................. 1,103 Nov. 15, 1970.........5 7,675 Oct. 1, 1969..........4 6,244 Convertible bonds Apr. 17' 1969................ 1,102 Feb. 15,1971.........5M 2,509 Feb. 15, 1970..........4 4,381 Investment Series 13 Apr. 22' 1969f.......... 2,003 Apr. 1,1971.........114 35 Aug. 15, 1970..........4 4,129 Apr. 1, 1975-80... 2% 2,489 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 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 HAA1 G l U o o a .S n v s . t, State S di p s a s t e n t a c r d t i i , c a t l Other2 ered 3 Total c E a d ti u o ­ n b R r a o id n a g d d e s s i U tie t s il ­ 4 H in ou g s 5 ­ V a a e n i t s d e * r ­ O p p o t s h u e e r s ­ r auth. 1961 8,566 5,724 2,407 315 120 1,928 2,165 4,473 8,301 8,463 2,821 1,167 1,700 385 478 1,913 1962 8,845 5,582 2,681 437 145 1 ,419 2,600 4,825 8,732 8,568 2,963 1,114 1,668 521 125 2,177 1963 10,538 5,855 4,180 254 249 1 ,620 3,636 5,281 10,496 9,151 3,029 812 2,344 598 2,369 1964 10,847 6,417 3,585 637 208 1,628 3,812 5,407 10,069 10,201 3,392 688 2,437 727 120 2,838 1965 11,329 7,177 3,517 464 170 2,401 3,784 5,144 11,538 10,471 3,619 900 1,965 626 50 3,311 1966 11,405 6,804 3,955 325 312 2,590 4,110 4,695 n.a. 11,303 3,738 1,476 1,880 533 3,667 1967 14,766 8,946 5,013 477 334 2,842 4,810 7,115 n.a. 14,643 4,473 1,254 2,404 645 .....5..,.8..6..7. 1967-—Oct........ 975 686 256 32 207 257 510 n.a. 974 269 130 139 18 417 Nov..... 1 ,400 766 592 43 335 548 517 n.a. 1 ,400 225 43 320 9 803 Dec...., 1 ,182 484 539 138 22 153 507 521 n.a. 1 ,182 277 43 129 152 .........5..8..0 1968-—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 ! 12 .........4..4..5 May. ... 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.... 1 ,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 3 622 Oct..... 2,190 1 ,413 758 ............. 19 617 802 768 n.a. 2,187 706 371 393 29 .........6..8..8 i Only bonds sold pursuant to 1949 Housing Act, which are secured 5 Includes urban redevelopment Ioans. by contract requiring the Housing Assistance Administration to make annual contributions to the local authority. Note.—The figures in the first column differ from those shown on the 2 Municipalities, counties, townships, school districts. following page, which are based on Bond Buyer data. The principal 3 Excludes U.S. Govt, loans. Based on date of delivery to purchaser difference is in the treatment of U.S. Govt, loans. and payment to issuer, which occurs after date of sale. Investment Bankers Assn, data; par amounts of long-term issues 4 Water, sewer, and other utilities. based on date of sale unless otherwise indicated. Components may not add to totals due to rounding. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-44 SECURITY ISSUES □ DECEMBER 1968 TOTAL NEW ISSUES (In millions of dollars) Proposed use of net proceeds, Gross proceeds, all issues 1 all corporate issues 6 Noncorporate Corporate New capital Re­ Period Bonds Stock tire­ Total U.S. U.S. Total ment G U o . v S t . .2 G a c g o y e v n J t ­ , l S o a c t n a a d t l e 4 Other 5 Total Total P lic u l b y ­ v P at r e i­ ly fe P rr r e e d ­ C m o o m n ­ Total m N on e e w y 7 O p p o t u s h e r e ­ s r s ri e t o i c e f u s ­ offered placed I960.................... 27,541 7,906 1,672 7,230 579 10,154 8,081 4,806 3,275 409 1 ,664 9,924 9,653 8,758 895 271 1961.................... 35,527 12,253 1,448 8,360 303 13,165 9,420 4,700 4,720 450 3,294 12,885 12,017 10,715 1,302 868 1962.................... 29,956 8,590 1,188 8,558 915 10,705 8,969 4,440 4,529 422 1,314 10,501 9,747 8,240 1,507 754 1963.................... 35,199 10,827 1,168 10,107 887 12,211 10,856 4,713 6,143 343 1,011 12,049 10,523 8,898 1,625 1,526 1964.................... 37,122 10,656 1,205 10,544 760 13,957 10,865 3,623 7,243 412 2,679 13,792 13,038 11,233 1,805 754 1965.................... 40,108 9,348 2,731 11,148 889 15,992 13,720 5,570 8,150 725 I ,547 15,801 14,805 13,063 1,741 996 1966.................... 45,015 8,231 6,806 11,089 815 18,074 15,561 8,018 7,542 574 1,939 17,841 17,601 15,806 1,795 241 1967.................... 68,514 19,431 8,180 14,288 1 ,817 24,798 21 .954 14,990 6,964 885 1,939 24,409 24,097 22,233 1 ,867 312 1967—Sept......... 4,218 362 599 1,273 220 1,763 ,549 902 647 41 173 1,732 1,723 1,581 142 10 4,609 422 708 991 78 2,409 .940 1 ,375 566 231 238 2,367 2,289 2,120 168 79 Nov......... 8,732 5,054 710 1,320 147 1 ,500 1 ,196 645 551 81 222 1 ,470 1,467 1 ,305 163 3 Dec,........ 4,483 371 612 1,093 22 2,385 2,107 1 ,087 1 ,020 42 235 2,343 2,336 2,113 223 8 1968—Jan.......... 4,556 481 999 1 ,162 144 1 ,771 1 ,449 903 546 46 276 1 ,732 1 ,705 1 ,588 117 27 Feb......... 8,072 4,719 550 1,134 61 1,608 1 ,382 796 585 58 169 1 ,585 1 ,568 1 ,447 121 16 Mar........ 5,069 418 1,370 1,363 118 1 ,799 1 ,359 766 593 145 295 1 ,765 1 ,740 1 ,592 149 24 Apr......... 3,423 404 225 1,277 88 1,428 1,157 719 438 49 221 I ,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 r52 2,411 2,025 1 ,340 685 24 361 2,367 2,334 1 ,944 389 33 July'.. . . 4,913 417 800 1,422 130 2,143 1 ,771 1 ,244 528 85 286 2,097 2,091 1 ,985 106 6 Aug'.. .. 9,821 5,850 580 1 ,729 230 1 ,432 1 ,037 637 400 93 303 1 ,397 1 ,394 1,074 320 3 Sept........ 3,819 361 250 1 ,423 228 1 ,557 1 ,159 726 433 1 397 I ,513 1 ,497 1,281 216 15 Proposed uses of net proceeds, major groups of corporate issuers Manufacturing C m om is m ce e ll r a c n ia eo l u a s nd Transportation Public utility Communication a R nd e a f l i n e a s n ta c t i e a l Period Retire­ Retire­ Retire­ Retire­ Retire­ Retire­ New ment of New ment of New ment of New ment of New ment of New ment of capitals secu­ capital8 secu­ capital8 secu­ capital8 secu­ capital8 secu­ capital8 secu­ rities rities rities rities rities rities 1960................................................. 1,997 79 794 30 672 39 2,754 51 1,036 1 2,401 71 1961................................................. 3,691 287 1,109 36 651 35 2,883 106 1,435 382 2,248 22 1962................................................. 2,958 228 803 32 543 16 2,341 444 1,276 11 1,825 23 1963................................................. 3,272 199 756 53 861 87 1,939 703 733 359 2,962 125 1964................................................. 2,772 243 1,024 82 941 32 2,445 280 2,133 36 3,723 80 1965................................................. 5,015 338 1,302 79 967 36 2,546 357 847 92 4,128 93 1966................................................. 6,855 125 1,356 44 1,939 9 3,570 46 1,978 4 1,902 14 1967................................................. 10,774 111 2,211 47 2,016 22 4,741 127 1 ,955 1 2,399 5 1967—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 (86 267 Feb...................................... 556 5 142 I 118 546 8 147 61 2 Mar .......................... 761 1 175 192 431 17 78 6 102 353 11 317 2()3. . 178 189 1 146 May.................................... 550 1 175 1 1()6 2 549 103 * 341 1 June..................................... 750 5 394 1 154 474 27 237 326 July' . . . . 818 5 401 2 204 236 235 195 349 212 110 438 92 2 193 Sept . .......................... 432 3 208 * 108 469 155 125 12 1 Gross proceeds are derived by multiplying principal amounts or 6 Estimated gross proceeds less cost of flotation. number of units by offering price. i For plant and equipment and working capital. 2 Includes guaranteed issues. s AH 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

DECEMBER 1968 □ SECURITY ISSUES A-45 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Derivation of change, all issuers All securities Bonds and notes Common and preferred stocks Period New issues Retirements Net change New Retire­ Net New Retire­ Net issues ments change issues ments change In C v O e S s .1 t. Other In c v o e s s .1 t. Other In c v o e s s .1 t. Other 1963......................... 15,641 8,711 6,930 10,556 4,979 5,577 3,138 1 ,948 1,536 2,197 1,602 -249 1964......................... 18,826 8,290 10,536 10,715 4,077 6,637 4,363 3,748 1,895 2,317 2,468 1 ,431 1965........................ 21,535 10,025 11,511 12,747 4,649 8,098 5,583 3,205 2,134 3,242 3,450 -37 1966......................... 26,327 9,567 16,761 15,629 4,542 11,088 6,529 4,169 2,025 3,000 4,504 1,169 1967......................... 33,303 10,496 22,537 21,299 5,340 15,960 6,987 4,664 2,761 2,397 4,226 2,267 1967—Ji................. 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—1................... 7,682 3,049 4,663 3,997 1 ,286 2,711 2,454 1 ,230 821 912 1 ,633 319 II................. 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 o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks 1963......................... 1,804 -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 -I 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—11................. 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 1968—1................... 991 -60 191 112 170 -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—Oct... 409 270 139 42,652 2,218 40,434 1957 ............... 1 '391 406 984 8’714 523 8 J91 Nov. . 468 231 237 43*262 2’653 40’609 1958............... 1 '620 511 1,109 13,'242 634 12,608 Dec... 501 242 259 44 701 2,566 42,135 1959............... 2,280 786 1,494 15,818 860 14,958 1968—Jan.... 556 316 240 42,466 2,679 39,787 I960.............. 2'097 842 1 ’255 17,026 973 16^053 Feb... 451 260 191 41 533 3 '409 38,124 1961.............. 2,951 1,160 1,791 22,789 980 21,809 Mar.., 557 243 314 42’412 3,919 38 493 1962............... 2; 699 1'123 1^76 21,271 1,315 19,956 Apr.. . 618 309 309 46 J 79 3*923 42 256 May. . 502 366 136 48,054 3,'495 44;559 1963............... 2,460 1 ,504 952 25,214 1,341 23,873 June.. 535 374 161 48 426 3 ,273 45 153 1964.............. 3’404 1 ^875 1,528 29,116 1 ’329 27’787 July. . 582 344 237 47 342 3'113 44*229 1965............... 4,359 1 '962 2^395 35^220 I '803 33’417 Aug... 531 309 222 48’470 3,459 45'011 1966............... 4’671 2'005 2,665 34’829 2’971 31 '858 Sept... 494 292 202 51 030 3'747 47’283 1967............... 4,670 2‘, 745 1,927 44,701 2,566 42,135 Oct... . 653 396 257 51^633 3,384 48 ,’249 1 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 shori-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 □ DECEMBER 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................................................. 147,380158,253 177,237 195,738 201,399 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 11,434 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 98,482 112,341 122,094 123,429 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 1 2,034 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 I ,008 1 ,041 262 259 236 253 284 268 262 1 272 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 1 384 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 1 544 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 1455 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 1 444 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 i 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 I 14 136 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 1 ,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 1 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.) Notes—-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 affiliated nonelectric operations. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1968 □ BUSINESS FINANCE A-47 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b ta e ro x fo e fi r s t e s c ta o I x n m e ­ e s P t a a ro f x t e e fi s t r s d C d e a i n v s d i h ­ s tr U p ib r n o u d f t i i e t s s d ­ co c a n a t l s l i p o o u i n w t m a ­ l p ­ Quarter P b t e a ro x fo e fi r s t e s c ta o I x n m e ­ e s P t a a r f o x te e fit 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 t e s s d ­ co c a t n a i l o s l p o u n i w t m a ­ l p ­ ances 1 ances 1 1961............... 50.3 23.1 27.2 13.8 13.5 26.2 1966—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 B..., 80.3 33.0 47.3 23.2 24.1 42.9 IB. . . 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 B.. .. 91.8 41.1 50.7 24,4 26.3 46.7 IIP’.. 92.2 41.3 51.0 25.2 25.8 47.6 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 e o cu v r t i , ­ I t n o v ri e e n s ­ Other Total F in e c d o e m ra e l Other ties G U o . v S t . .1 Other G U o . v S t . .1 Other taxes 1962................................ 155.6 326.5 43.7 19.6 3.7 144.2 100.7 14.7 170.9 2.0 119.1 15.2 34.5 1963 ............................... 163,5 351,7 46.5 20.2 3.6 156.8 107.0 17.8 188.2 2.5 130.4 16.5 38.7 1964............................... 170.0 372.2 47.3 18.6 3.4 169.9 113.5 19.6 202.2 2.7 140.3 17.0 42.2 1965................................ 180.7 410.2 50.0 17.0 3.9 190.2 126.9 22.3 229.6 3. 1 160.4 19.1 46.9 1966—BI....................... 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—।.......................... 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 B........................ 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 BI....................... 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 ] 968—1.......................... 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 Non­ Mining utilities nications Other 1 annual Durable durable Railroad Other rate) 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 i .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 ‘12.34 1968 2r....................................... 64.53 13.58 13.19 1.49 1.51 4.46 11.38 6.26 12.65 1967—1..................................... 13.59 3.08 3.02 .32 .41 .70 1.84 1.35 2.87 61.65 II................................... 15.61 3,46 3.34 .34 .41 1.12 2.46 1.49 2.99 61.50 Bl.................................. 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—I..................................... ’■14.25 2.96 2.82 .36 .37 .98 2.33 1.48 •2.93 '64.75 II................................... B5.87 3,22 3.28 .36 .38 1.04 2.97 1.51 r3.11 -62.65 Ill................................ 16.08 3.37 3.25 .34 .36 1.12 2,96 1 .50 3. 18 63.45 IV2'.............................. 18.33 4.03 3.83 .42 .40 1.32 3.13 5.20 67.25 1969-12................................... 15.62 3.28 3.22 .36 .41 .96 2.64 4.74 71.15 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 □ DECEMBER 1968 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties Farm Nonfarm Other 1- to 4-family houses4 Multifamily and Mortgage End of holders2 commercial properties 5 type * period All Finan­ All Finan­ Other All h e o r l s d­ tu i t n c io i s a n t l i s ­ 1 a U g . e S n . ­ v I i a d n n u d d a i ­ ls h e o r l s d­ tu i t n c i i o s a t n l i ­ s1 h e o r l s d 3 ­ h e o r l s d­ Total F in in s a ti n ­ , O ho th ld e ­ r Total F in in s a t n i­ , O ho th ld e ­ r u F V n H d A A e - r - ­ C ve o n n ­ ­ cies others tutions1 ers tutions1 ers written tional 1941............ 37.6 20.7 4.7 12.2 6.4 1.5 4.9 31.2 18.4 11,2 7.2 12.9 8.1 4,8 3.0 28.2 1945............ 35.5 21.0 2.4 12.1 4.8 i .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 J 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 1840 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 r239'5 1967 J’.......... 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 IR. . 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 HP.. 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 ’’239.5 1967—Ip. . . 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 HP’.. 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 1 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 Ioan assns. and loan assns. 6 Data by type of mortgage on nonfarm 1- to 4-family properties alone 2 U.S. agencies are FNMA, FHA, VA, PHA, Farmers Home Admin., are shown on second page following. and Federal land banks, and in earlier years, RFC, HOLC, and FFMC. Other U.S agencies (amounts small or current separate data not readily Note.—Based on data from Federal Deposit Insurance Corp., Federal available) included with “individuals and others,” Home Loan Bank Board, Institute of Life Insurance, Depts, of Agricul­ ture and Commerce, Federal National Mortgage Assn., Federal Housing 3 Derived figures; includes debt held by Federal land banks and farm Admin., Public Housing Admin., Veterans Admin., and Comptroller debt held by Farmers Home Admin. of the Currency. 4 For multifamily and total residential properties, see p. A-50. Figures for first 3 quarters of each year are F.R. estimates. MORTGAGE LOANS HELD BY BANKS (In millions of dollars) Commercial bank holdings 1 Mutual savings bank holdings 2 Residential Residential End of period Total Total F i H n A ­ - g V u A ar - ­ C ve o n n ­ ­ O n fa t o h rm n e ­ r Farm Total Total F i H n A ­ - g V u A ar - ­ C ve o n n ­ ­ O f n a t o h r n m e ­ r Farm sured anteed tional sured anteed tional 1941................................. 4,906 3,292 1,048 566 4,812 3,884 900 28 1945................................ 4’772 3,395 856 521 4,208 3'387 797 24 1961................................ 30,442 21,225 5,975 2,627 12,623 7,470 1 ,747 29,145 26,341 8,045 9,267 9,029 2,753 51 1962.,............................. 34,476 23,482 6; 520 2^654 14,308 8'972 2,022 32,320 29,181 9,238 9,787 10,156 3,088 51 1963................................ 39’414 26'476 7,105 2,862 16',509 10,611 2,327 36,224 32,718 10,684 10,490 11,544 3,'45 4 52 1964................................ 43,976 28,933 7,315 2,742 18,876 12,405 2,638 40,556 36,487 12,287 11,121 13,079 4,016 53 1965................................ 49,675 32’387 7'702 2,688 21,997 14,377 2,911 44,617 40,096 13,791 11,408 14,897 4,469 52 1966................................ 54’380 34^876 7’544 2,599 24',73 3 16'366 3,138 47^337 42,242 14,'500 11,471 16,272 5,041 53 1967................................ 59,019 37^642 7'709 2,696 27,237 17,931 3,446 50,490 44,641 15,074 11,795 17,772 5,732 117 1966—1........................... 50,650 32,822 7,717 2.659 22,446 14,840 2,988 45,370 40,700 13,956 11,408 15,336 4,617 53 iIIn....................................... 52'306 33'800 7,769 2,654 23,377 15,478 3,028 45,883 41,083 14,’047 11,346 15,690 4,747 53 53,606 34^469 7,687 2,620 24,162 16,028 3,109 46,622 41,673 14,274 11,413 15,986 4,896 53 IV........................ 54’380 34,876 7’544 2,599 24,733 16,366 3,138 47,337 42,242 14,500 11,471 16,272 5,041 53 1967—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 ri......................... 55,731 35,487 7,396 2,495 25,596 16,970 3.274 48,893 43,526 14,947 11,768 16,811 5,316 51 in........................ 57,482 36,639 7,584 2^01 26,454 17,475 3,368 49,732 44,094 15,016 11,785 17,293 5,526 112 IV........................ 59’019 37'642 7,709 2,696 27,237 17,931 3,446 50,490 44,641 15,074 11,795 17,772 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 5,931 116 II......................... 61,967 39,113 7,678 2^648 28 ;?87 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

DECEMBER 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 VA- Farm 1 Total VA- 1 Farm Total in F s H ur A e - d guar­ Other 1 Total in F s H ur A e - d guar­ Other anteed anteed 1945. 976 6,637 5,860 1,394 4,466 766 1961. 6,785 6,233 1,388 220 4,625 552 44,203 41,033 9,665 6,553 24,815 3,170 1962. 7,478 6,859 1,355 469 5,035 619 46,902 43,502 10,176 6,395 26,931 3,400 1963. 9,172 8,306 1,598 678 6,030 866 50,544 46,752 10,756 6,401 29,595 3,792 1964. 10,433 9,386 1,812 674 6,900 1 ,047 55,152 50,848 11,484 6,403 32,961 4,304 1965. 11,137 9,988 1,738 553 7,697 1 ,149 60,013 55,190 12,068 6,286 36,836 4,823 1966. 10,217 9,223 1 ,300 467 7,456 994 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-—Sept.r.................................. 698 640 61 40 539 58 66,704 61,241 12,268 6,149 42,824 5,463 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 Sept...................................... 542 497 58 25 414 45 69,024 63,248 12,003 6,012 45,233 5,776 i Certain mortgage loans secured by land on which oil drilling or monthly figures may not add to annual totals and for loans outstanding, extracting operations in process were classified with farm through June the end-of-Dec. figures may differ from end-of-year figures, because (1) 1959 and with “other” nonfarm thereafter. These loans totaled $38 monthly figures represent book value of ledger assets whereas year-end million on July 31, 1959. figures represent annual statement asset values, and (2) data for year-end adjustments are more complete. Note.—Institute of Life Insurance data. For loans acquired, the MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS FEDERAL HOME LOAN BANKS (In millions of dollars) (In millions of dollars) Loans made Loans outstanding (end of period) Advances outstanding (end of period) New Period va A n d ce ­ s R m e e p n a ts y­ M de e p m o b s e its rs’ Period Total 1 h c o o m n­ e H p o u m r­ e Total 2 F i H n A ­ - g V u A ar - ­ C ve o n n ­ ­ Total S te h rm or t­ 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 I 358 5,376 1961........................ 2,882 2,220 2,662 1 447 1,216 1,180 1962........................ 4’111 3'294 3,479 2 005 1,474 1,213 1961.............. 17,364 5,081 7,207 68,834 4,167 7,152 57,515 1963...................... 5 '601 4,296 4^784 2'863 1 '921 1 ,151 1962.............. 20,754 5*979 8 524 78,770 4,476 7,010 67’284 1964........................ 5 ,565 5’,025 5,325 2*846 2,479 1 ,199 1963 .............. 24,735 7,039 9'920 90’944 4,696 6,960 79*288 1965........................ 5 ,007 4335 5,997 3’074 2'923 t ^043 1 19 9 6 6 5 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 4 3 , , 5 8 0 4 5 7 6 5 ' , 5 9 1 2 5 2 1 1 0 0 , . 3 6 9 9 7 7 1 1 0 1 1 0 , '3 33 0 3 6 4 5, ’ 1 8 4 9 5 4 6 6 , . 6 3 8 9 3 8 8 98 9 , ’ 7 7 6 5 3 6 1 1 9 9 6 6 6 7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . ....... 3 1 , ’, 8 5 0 2 4 7 2 4 ^ ,0 8 7 6 6 6 4 6^ ,3 9 8 3 6 5 5 3 ,0 9 0 8 6 5 1 ,9 4 2 01 9 1 1 ^ ,4 0 3 3 2 6 1966.............. 16,720 3^606 7,746 114’447 5,270 6,158 103^019 1967.............. 19,891 4'190 9,505 121,893 5,794 6,356109,743 1967— N O o ct v .. . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 6 7 0 6 1 1 0 6 2 9 4 4 , '1 1 8 1 8 4 3 3 ,7 6 9 8 3 1 4 3 3 9 3 5 1 1 , , 3 34 2 7 3 1967—Oct.... 1 ,950 413 949 120,362 5,660 6,292 108,410 Dec............. 252 54 4^386 3 985 401 1 ,432 Nov... 1 ,801 388 856 121,127 5,714 6,336 109,077 Dec... 1 ,759 380 780 121,893 5,794 6,356 109,743 1968—Jan.............. 308 251 4,442 3,963 479 1,198 Feb............. 101 195 4,348 3.806 542 1 ,182 1968—J F A M a e p n a b r . r . . . . . . . . . . . . 1 1 1 1 , , , , 3 9 4 7 8 5 5 6 9 2 6 6 2 4 3 4 9 7 0 0 1 5 5 9 6 9 7 8 6 3 0 4 5 4 4 0 1 1 1 1 2 2 2 2 2 2 4 3 , , , , 0 6 3 4 9 3 0 2 5 7 5 6 5 5 5 5 , , , , 7 9 8 9 8 0 5 6 7 3 3 4 6 6 6 6 , , , , 4 4 5 4 0 4 2 8 5 7 8 2 1 1 1 1 0 1 1 1 9 1 1 0 , , , , 0 9 3 8 0 4 3 1 1 3 7 3 J M un a e y . . . . . . . . . . . . . . . . . . . . . . . . 2 3 2 4 8 8 8 7 5 6 2 1 1 1 1 7 6 0 1 6 5 8 4 4 4 4 , , , 7 2 8 5 1 6 8 4 9 9 9 5 3 4 4 4^ , * , 7 4 0 1 3 0 2 9 3 8 7 6 5 4 5 5 8 3 2 1 1 6 9 2 I 1 1 1 ^ ’, , '2 ' 2 3 3 9 7 0 8 3 2 0 2 J M u a n y e . . . . 2 1 , , 0 9 8 6 7 5 5 4 0 2 5 6 1 1 , , 0 0 4 6 1 6 1 12 2 5 5 , , 9 2 8 6 8 2 6 6 , , 0 0 2 8 9 2 6 6 , , 5 5 6 99 4 1 1 1 1 2 3 , , 6 3 6 0 9 7 J A u u l g y . . . . . . . . . . . . . . . . . . . . . . . . . 3 1 3 9 4 8 2 1 3 8 5 8 4 4 , , 9 9 8 9 8 7 4 4 , , 5 5 6 3 1 5 4 4 5 3 3 7 1 1 , , 1 1 8 7 4 4 J A u u l g y. . . . . . I 1 , , 9 84 7 4 7 3 4 9 0 6 9 I 1 , , 1 03 4 1 6 1 1 2 2 6 7 , , 7 5 0 8 7 2 6 6 , , 1 2 8 8 1 2 6 6 , , 6 6 3 9 7 4 1 1 1 1 3 4 , , 8 6 8 0 9 6 S O e c p t. t . . . . . . . . . . . . . . . . . . . . . . . . 1 1 6 7 5 3 1 1 3 6 6 4 5 5 , , 0 0 2 3 6 5 4 4 , , 6 6 0 2 3 7 4 4 2 0 3 7 1 1 , , 2 2 5 8 1 5 Sept... 1 ,823 392 975 128,391 6,374 6,759 115,258 Oct J*.. 1 ,924 459 983 129,240 6,471 6,833 1 15,936 1 Secured or unsecured loans maturing in 1 year or less. 2 Secured Joans, amortized quarterly, having maturities of more than 1 Includes loans for repairs, additions and alterations, refinancing, etc., I year but not more than 10 years. not shown separately. 2 Beginning with 1958, includes shares pledged against mortgage loans; Note.—Federal Home Loan Bank Board data. beginning with 1966, includes junior liens and real estate sold on contract; and beginning with 1967, includes downward structural adjustment for change in universe. Note—Federal Home Loan Bank Board data. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-50 REAL ESTATE CREDIT □ DECEMBER 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 Multifamily1 Governmentunderwritten E pe n r d io o d f Total Fi c n ia a l n ­ Other Total Fi c n ia a l n ­ Other E p n e d ri o o d f Total FHA- VA- t C i v o e o n n n a ­ ­ l insti­ holders insti­ holders Total in­ guar­ 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 31.1 139.8 1965............... 250,1 213.2 36.9 37.2 29.0 8.2 1966................. 223.6 76.1 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 32.5 156.1 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—I”........ 254.4 216.7 37.7 38.2 29.8 8.4 H.....2..1..9..6 74,7 43.7 31.0 145,2 II”... . 258.6 220.1 38.5 39.0 30,5 8.5 Ill........ 221.9 75.4 44.4 31.0 146.5 III”. .. 261.5 222.1 39.4 39.6 31 .0 8.6 IV........ 223.6 76.1 44,8 31.3 147.6 IV”... 263.8 223.7 40.1 40.1 31.5 8.6 1967—1”......... 224.9 76,4 45.2 31.2 148,4 1967—1”........ 265.7 225.0 40.7 40.8 32.2 8.6 II”........ 227.8 77.2 45.7 31.5 150.6 IP... . 269.5 228.3 41.2 41.7 32.9 8.8 III”.. . . 232.0 78.3 46.6 31.7 153.7 HI”. 274.6 232.5 42.1 42.6 33.8 8.8 IV”... . 236.0 79.9 47,4 32.5 156.1 HI”... 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—1”..... 283.5 239.2 44.3 44.2 35.1 9.1 II”.....2..4.3.4 81,4 48.7 32.7 162.0 II”... . 288.6 243.1 45.5 45.2 36.0 9.2 i Includes outstanding amount of VA vendee 1 Structures of 5 or more units. For 1- to 4-family mortgage debt see 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) FHA-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 Total3 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 I 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 1 ,272 1 ,770 1967................ 3.47 2,66 .54 .27 .32 1964............ 8,130 1 ,608 4,965 895 663 2 846 1 021 1 821 1965............ 8'689 1 ,705 5 '760 59! 634 2 652 '876 1 ,774 1965—11 ........ 3,00 2.18 .52 .30 .38 1966............ 7,320 1 ’,729 4’366 583 641 2 600 980 1 618 III.. .. 3.20 2.30 .56 .34 .38 1967............ 7'150 1 ,369 4 516 642 623 3 405 I 143 2 259 IV. . . . 3.29 2.40 .55 .34 .40 1967—Oct... 817 150 515 88 64 434 125 310 1966—I........... 3.02 2.13 .55 .34 .38 Nov.. 746 149 471 72 53 383 127 255 II..... 2,95 2.16 .49 .30 .38 Dec.. 594 124 334 90 47 340 124 217 III.. .. 3.09 2.25 .52 .32 .36 IV... . 3.40 2.54 .54 .32 .36 1968-—Jan... 693 147 431 70 45 349 135 213 Feb... 573 124 312 100 36 280 HI 169 1967—1.......... 3.04 2.17 .56 .31 .38 Mar., 535 120 314 62 39 267 115 152 II........ 2.85 2.14 .45 .26 .34 Apr., 603 131 340 80 53 265 HO 156 III. . . . 3.15 2,36 .52 .27 .31 May. 686 121 374 131 60 280 112 168 IV.... 3.47 2.66 .54 .27 .32 June. 674 123 371 122 58 241 98 143 July.. 712 135 438 72 66 327 120 207 1968—1.......... 2.84 2.11 .49 .24 .32 Aug.. 752 135 460 94 63 341 122 218 II........ 2.89 2.23 .44 .22 .28 Sept.. 727 135 453 78 61 322 111 211 III. . .. 2.93 2.23 .48 .22 .26 Oct... 869 158 549 95 67 360 122 237 Note.—Mortgage Bankers Association of America data from 1 Monthly figures do not reflect mortgage amendments included in annual reports on 1- to 4-family FHA-insured, VA-guaranteed, and con­ totals. ventional mortgages held by more than 400 respondents, including 2 Not ordinarily secured by mortgages. mortgage bankers (chiefly), commercial banks, savings banks, and 3 Includes a small amount of alteration and repair Joans, not shown separ­ savings and loan associations. ately; only such loans in amounts of more than $1,000 need be secured. Note.—Federal Housing Admin, and Veterans Admin, data. FHA-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

DECEMBER 1968 □ REAL ESTATE CREDIT A-51 GOVERNMENT NATIONAL MORTGAGE FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY ASSOCIATION ACTIVITY (In millions 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 of 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 ”183 1963, 2,062 1 ,372 689 181 780 9 1964............................ 2,415 1,610 805 227 174 ‘274 1964. 1,997 1,386 611 198 78 39 1965............................ 2,212 1,540 671 156 154 332 1965. 2,519 1,864 656 757 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-—Oct.................. 3,189 2,609 580 92 1 ,146 1967—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 1,700 189 332 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 1 ^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 1 ,215 Sept. 6,844 4,909 1,935 89 1 ,085 Oct.................. 4,125 3,468 657 82 .....1. ..,.2.2..5 Oct.. 6,943 4,975 1 ,968 126 1,150 Note.-—Government National Mortgage Assn, data. Data prior to Note.-—Federal National Mortgage Assn. data. Data prior to Sept. Sept. 1968 relate to Special Assistance and Management and Liquidating 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 loans acquired by former FNMA from the RFC Mortgage Co., the Defense Homes Corp., the Public Housing Admin., and Com­ munity Facilities Admin. HOME-MORTGAGE YIELDS FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY UNDER FREE MARKET SYSTEM (Percent) Primary Market Se m c a o r n k d e a t ry (in M m o i r l t l g io a n g s e o a f m d o o u ll n a t r s s ) I ( m pe p r li c c e it n y t) ield FHA series Accepted FHLBB series Yield Auction Period (effective rate) on FHA- date New insured Offered By c p o e m r m io i d tment d 9 a 0 y s mo 6 n ths ye 1 ar Total U.S. 90 6 1 New Existing average New days months year 1963. 5.81 5.46 1968 1964. 5.80 5.45 1965, 5.81 5.95 5.83 5.47 Aug. 5........ 121.8 66.3 9.8 49.7 6.8 7.31 7.32 7.31 1966. 6.25 6.41 6.40 6.38 12......... 108.4 60.2 9.8 43.4 7.0 7.29 7.31 7.29 1967. 6.46 6.52 6.53 6.55 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 1967-—Oct.............. 6.47 6.52 6.55 6.65 Nov............ 6.45 6.55 6.65 6.77 Sept. 3......... 90.9 51.7 5.7 37.6 8.3 7,25 7.23 7.21 Dec............. 6.54 6.64 6.70 6.81 9........ 88.5 50.4 5.0 39.0 6.5 7.21 7.22 7.17 16......... 81.9 47.1 6.1 29.9 11.1 7.17 7.19 7.U 1968-—Jan.............. 6,52 6.70 6.75 6.81 23......... 93.2 34.5 4.5 21.0 9.1 7.17 7.17 7.H Feb............. 6.62 6.71 6.75 6.78 30......... 91.0 36.2 3.1 24.8 8.3 7.16 7.16 7,10 Mar............ 6.64 6.72 6.80 6.83 Apr............. 6.71 6.77 6.90 6.94 Oct. 7......... 98.9 35.1 2.2 22.9 10.0 7.19 7.16 7,09 May........... 6.84 6.95 7.15 14........ 119.2 41 .6 2.5 30.0 9.1 7.20 7.18 7,12 June............ 7,03 7.12 7.25 7.52 21. .... 132,8 44.0 2,7 30.7 10.7 7.21 7.20 7.13 July............ 7.17 7.23 7.30 7.42 28........ 131.9 49.1 3.0 31.3 14.7 7.24 7.23 7.17 Aug.. . .. . . 7.24 7.26 7.30 7.35 Sept....... 7.24 7.25 7.30 7.28 Nov. 4........ 125.1 53.8 4.9 29.5 19.4 7.26 7.26 7.19 Oct.............. 3*7.22 3’7.22 7.25 7.29 12........ 144.4 48.1 8.4 29.3 10.3 7.29 7.30 7.-23 Nov............ "...............7.30 7.36 18........ 167.0 50.3 10.3 28.8 11.1 7.33 7.35 7.26 25........ 161.4 59.7 11.1 33,7 15.0 7.37 7.40 7.30 Note.—Annual data are averages of monthly figures. The Dec. 2.......... 119.9 1 57.9 17.5 25.8 14.6 7.43 7.46 7.35 FHA data are based on opinion reports submitted by field offices 9.......... (55.0^F on prevailing local conditions as of the first of the succeeding month. Yields on FHA-insured mortgages are derived from weighted averages of private secondary market prices for Sec. Note.—Implicit secondary market yields are gross—before deduction of 50- 203, 30-year mortgages with minimum downpayment and an basis-point fee paid for mortgage servicing. They reflect the average accepted bid assumed prepayment at the end of 15 years. Gaps in the data price for Government-underwritten mortgages after adjustment by Federal Reserve are due to periods of adjustment to changes in maximum per­ Board to allow for FNMA commitment fees and FNMA stock purchase and hold­ missible contract interest; rates. The FHA series on average ing requirements, assuming a prepayment period of 15 years for 30-year loans. contract interest rates on conventional first mortgages in primary One-year commitments are for new homes only. markets are unweighted and are rounded to the nearest 5 basis Total accepted shown in parenthesis for most recent week indicates FNMA points. The FHLBB effective rate series reflects fees and charges announced limit before the “auction” date. as well as contract rates (as shown in the table on conventional 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 □ DECEMBER 1968 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Other Repair Auto­ consumer and mod­ Personal Single­ Charge Service Total mobile goods ernization loans Total payment accounts credit paper paper loans 1 loans 1939........................................... 7,222 4,503 1 497 1 ,620 298 1 ,088 2 719 787 1 414 518 1941........................................... 9 ’ 172 6 085 2 458 1 929 376 1,322 3,087 845 1 *645 597 1945........................................... 5 *665 2’462 ’455 816 182 1 ,009 3,203 746 1 *612 845 1961........................................... 57 982 43,891 17,135 11,862 3,221 11,673 14 091 5,136 5,324 3,631 1962......................................... 63 821 48'720 19’,381 12,627 3'298 13,414 15’lbl 5 456 5,684 3,961 1963........................................... 71’739 55 486 22’254 14,’ 177 3 437 15’618 16’253 6 101 5 903 4,249 1964........................................... 80,268 62,692 24,934 16,333 3,577 17,848 17 576 6 874 6,195 4,507 1965 ........................................... 90 314 71 ’324 28’619 18’565 3’728 20,412 1 8 990 7 671 6 430 4’889 1966........................................... 97 543 77,539 30 556 20’978 3’818 22'187 20 004 7 972 6 686 5,346 1967........................................... 102’132 80,926 30,724 22 ,’395 3,789 24,018 21 ,’206 8,428 6 968 5,810 1967—Oct................................. 98 870 79 006 30,711 21 ,055 3,810 23,430 19,864 8,362 5 995 5,507 Nov................................ 99’648 79,485 30,718 21,323 3,810 23,634 20,163 8,423 6,146 5 ’594 Dec................................ 102’132 80 926 30,724 22,395 3,789 24,018 21,206 8 ’428 6’968 5'810 1968—Jan................................. 101,260 80,379 30,579 22,117 3,734 23,949 20,881 8,449 6,424 6,008 Feb................................. 100’771 80,233 30,682 21'767 3^708 24,076 20,538 8,484 5 ^859 6,195 Mar................................ 100 981 80^474 30’942 21'644 3,688 24'200 20’507 8 529 5 710 6,268 Apr................................ 102 257 81’328 31 ’,331 21 ’,841 3’697 24’,459 20’929 §’,636 6’026 6,267 103 411 82,312 31’818 22,’O1 1 3 746 24'737 21 099 8 663 6 276 6,160 104’620 83’433 32’364 22’248 3’769 25 ,052 21 J 87 8’674 6 368 6,145 July................................ 105’680 84’448 32’874 22’452 3 808 25,314 2i’232 8 ,695 6,457 6,080 Aug................................ 107,090 85^684 33’325 22'777 3'857 25,725 21,406 8’774 6’574 6,058 Sept............................... 107,636 86,184 33’336 22'988 3’881 25'979 21 ,452 8,868 6’550 6^034 Oct................................. 108',643 87,058 33,698 23,248 3'910 26,202 21,585 8,943 6,’692 5^950 1 Holdings of financial institutions; holdings of retail outlets are in- earlier data and description of the data, see “Consumer Credit,” Section eluded in “other consumer goods paper.” 16 (New) of Supplement to Banking and Monetary Statistics, 1965. Note.—Revised data. For description of revision of series and back Consumer credit estimates cover Joans to individuals for household, data beginning Jan. 1956, see pages A-983-A-1003 of this Bulletin. For family, and other personal expenditures, except real estate mortgage loans. INSTALMENT CREDIT (In millions of dollars) Financial institutions Retail outlets End of period Total Com­ Sales Con­ Auto­ Other Total mercial finance Credit sumer Other1 Total mobile retail banks cos. unions finance1 dealers2 outlets 1939........................................... 4 503 3,065 1,079 1,197 132 657 1 ,438 123 1 315 1941........................................... 6,085 4,480 1 ’,726 1 ’,797 198 759 1 ,605 188 1 417 1945 ........................................... 2 462 1 ,776 '745 ’300 102 629 ’686 28 658 1961.......................................... 43 891 37,471 17,008 10,327 4,303 4,145 1,688 6,420 342 6,078 1962........................................... 48 720 41,878 19,005 11,405 4,875 4,765 1 ,828 6,842 345 6,497 1963.......................................... 55 ’486 47,819 22,023 12,630 5,526 5,582 2,058 7,667 351 7,316 1964............................ 62 692 53,898 25 ,094 13,605 6,340 6,492 2,367 8,794 329 8,465 1965........................................... 71’324 61,533 28,962 15,279 7,324 7,329 2,639 9,791 315 9,476 1966........................................... 77 539 66,724 31 ,319 16,697 8,255 7,663 2,790 10,815 277 10,538 1967........................................... 80 926 69,490 32,700 16,838 8,972 8,103 2,877 1 I ,436 285 11 ,151 1967—Oct................................. 79 006 68,651 32,459 16,698 8,841 7,807 2,846 10,355 285 10,070 Nov................................ 79’485 68,945 32,547 16,725 8,908 7,888 2,877 10,540 285 10,255 Dec................................ 80*926 69,490 32,700 16,838 8,972 8,103 2,877 11 ,436 285 11,151 1968—Jan................................. 80,379 69,238 32,710 16,726 8,868 8,050 2,884 11 ,141 285 10,856 Feb................................ 80 233 69,439 32,839 16,713 8,899 8,071 2,917 10,794 286 10,508 Mar............................... 80*474 69,840 33,082 16,759 8,975 8,091 2,933 10,634 289 10,345 Apr................................ 81 ,’328 70,600 33,562 16,868 9,109 8,144 2,917 10,728 293 10,435 May............................... 82’312 71,560 34,079 17,010 9,271 8,175 3,025 10,752 298 10,454 83 433 72,610 34,585 17,239 9,461 8,302 3,023 10,823 303 10,520 July............................... 84’448 73,573 35,103 17,448 9,574 8,397 3,051 10,875 308 10,567 85 ,684 74,690 35,672 17,670 9,739 8,490 3,119 10,994 313 10,681 Sept............................ 86’184 75,114 35,923 17,680 9,851 8,530 3,130 11 ,070 313 10,757 Oct................................. 87^58 75,871 36,352 17,823 9,962 8,588 3,146 11 ,187 317 10,870 1 Consumer finance companies included with “other” financial insti­ dealers is included with “other retail outlets.” tutions until 1950, See also Note to table above. 2 Automobile paper only; other instalment credit held by automobile Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 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 paper Other and End of period Total ch P a u s r e ­ d Direct s g p c u o a o m o p n d e e ­ s r r e m l r o t i i a n o o n z n d s a ­ - s lo P o a e n n r a ­ s l End of period Total m A pa o u p b t e o il r e ­ s g O p c u o a o t m o h p n d e e e ­ s r r r m R iz lo o a e a a n d p ti n d e o a s r n ir n ­ s lo P o a e n n r a ­ s ! 1 1 1 9 9 9 3 4 4 9 5 1 .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 . , 0 7 7 7 2 4 9 5 6 2 4 3 4 6 7 7 6 3 1 1 3 7 4 8 8 3 3 1 1 0 6 1 9 6 4 1 1 1 6 3 1 1 5 0 3 4 3 7 6 1 1 3 2 1 1 1 9 9 9 4 4 3 1 5 9 1 1 , / 7 3 9 9 0 7 7 0 1 ,3 8 1 6 7 6 3 8 4 1 1 2 1 6 5 7 4 2 1 0 5 4 1 8 8 5 6 5 6 6 4 1 1 1 9 9 9 6 6 6 2 1 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 1 1 2 9 7 , , , 0 0 0 2 0 0 3 8 5 5 7 6 , , , 3 3 1 9 8 8 1 1 4 2 3 4 , , J 4 8 0 5 6 1 2 0 2 2 3 , , , 7 2 8 6 1 2 1 3 4 2 2 2 , , , 2 1 3 6 9 7 1 8 7 3 4 4 , , ’ 7 2 9 8 9 5 5 8 0 1 1 1 9 9 9 6 6 6 1 3 2 ..... H 1 1 ..0 2 . ., , , . 3 6 . 4 .2 3 . 0 .7 0 5 .......... 7 7 6.. , , ,. 2 9 .7. 5 . 2 0. 1 2 2 2 2 2 , , , 4 6 2 6 9 2 5 9 6 2 2 1 1 1 8 3 4 6 1 1 1 , , , 2 4 79 1 7 5 3 6 1 1 1 1 9 9 9 96 6 6 6 7 4 5 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 3 3 1 5 8 2 , , , ’, 9 7 0 3 6 0 9 1 2 9 0 4 1 1 1 1 8 0 0 , , , , 6 2 9 0 9 0 2 2 1 9 7 4 4 5 5 6 ^ , , ’ 7 9 6 2 3 5 5 6 4 9 6 7 4 3 4 5 , , ' , 1 6 6 1 8 6 7 2 1 6 0 6 2 2 2 2 , , , ' 5 4 6 6 7 5 4 2 1 7 7 9 7 5 6 7 , , , ' 0 3 7 5 1 5 5 4 1 1 7 2 1 1 1 1 9 9 9 9 6 6 6 6 5 4 7 6 1 1 1 1 3 5 6 6 , , , , 6 2 6 8 0 7 9 3 5 9 7 8 9 8 9 9 , , , , 0 2 2 5 8 6 7 5 5 8 2 2 3 3 4 4 , , , , 0 5 5 2 2 5 1 5 2 6 8 6 2 1 1 1 0 5 8 1 1 7 5 4 2 2 2 2 , , , , 0 4 7 9 9 7 1 5 1 0 8 4 1967—O N De o ct c v .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 3 2 2 2 , ' ’ 5 4 7 4 5 0 7 9 0 1 1 1 0 0 0 , , '9 9 9 2 5 8 5 7 9 6 6 6 , ’ ’ 2 2 2 1 6 4 6 5 7 4 5 5 ' , ’ 0 9 1 3 9 2 1 6 6 2 2 2 , , , 6 6 6 4 4 2 5 0 9 7 7 7^ , , 6 7 6 5 1 7 1 3 6 1967--O N D c e o t c v . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 6 6 6 , , , 6 7 8 9 2 3 8 5 8 9 9 9 , , , 2 2 28 6 5 0 0 2 4 4 4 , , , 4 5 4 2 1 5 1 8 4 1 1 1 2 2 1 1 4 4 2 2 2 , , , 8 8 9 7 9 5 3 0 4 196g—j J F M A J S O M a u u e e p c a a n b p n l t r y y r e . . t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 3 3 3 3 3 3 3 3 3 3 2 5 2 4 5 6 5 4 , , , , , , , , ' ’ 0 5 7 1 9 8 5 6 3 0 8 1 6 3 8 0 2 5 7 7 2 0 9 5 3 2 3 9 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 2 1 0 0 1 1 1 , ; , , ’ , ’ , , , ’ 1 1 0 3 8 9 9 7 5 9 6 5 4 1 9 2 8 4 4 5 1 1 3 3 2 7 5 4 3 0 6 6 6 6 6 7 6 6 6 6 , ' , , ' , ’ ’ ’ 4 3 8 0 7 9 2 5 6 9 3 4 6 7 0 1 9 3 5 2 7 5 3 2 5 7 8 0 6 4 5 5 5 5 5 5 5 5 5 5 , , , , , ' ' ’ , ' 4 1 5 1 1 3 6 7 8 2 7 5 9 5 4 5 6 4 1 7 3 7 9 8 8 3 8 3 9 2 2 2 2 2 2 2 2 2 2 2 , , ' , ' , , , , ' 5 5 5 5 5 6 6 6 6 7 8 6 4 6 8 0 3 7 9 1 7 5 2 3 6 8 5 7 9 6 7 7 7 8 8 8 8 8 8 8 ' , , , ' ' J 8 ’ ’ ’ 7 2 5 8 2 0 6 4 3 8 1 8 8 9 2 8 2 5 1 1 0 7 7 6 4 7 8 2 1968—J S A J O F M M J A a u u e e p u c a n a n l p b t g y r . r . y e . t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 1 1 1 1 1 7 6 6 6 7 6 7 7 7 7 , , , , , , , , , , 7 7 8 4 7 0 2 6 8 6 1 5 6 4 2 1 3 8 2 7 3 9 8 0 8 6 9 0 3 0 9 9 9 9 9 9 9 9 9 9 , , , , , , , , , / 2 3 1 2 7 8 5 7 8 6 0 8 6 9 5 2 4 0 1 0 8 8 2 2 8 3 4 9 2 4 4 4 4 4 4 4 4 4 4 , , , , , , , , , , 4 4 5 5 4 5 6 5 6 7 8 7 2 1 9 8 9 6 3 9 9 8 3 0 2 2 5 3 7 6 1 1 9 9 8 7 6 7 0 0 8 8 3 9 9 4 8 3 4 9 4 2 2 2 2 2 3 3 3 3 3 3 , , , , , , , , / 9 9 9 / 9 0 1 0 0 5 2 9 7 4 6 6 0 8 2 1 8 2 3 7 1 4 6 9 9 _______________ . See Note to first table on previous page. See Note to first table on previous page. INSTALMENT CREDIT USED BY OTHER NONINSTALMENT CREDIT FINANCIAL INSTITUTIONS (In millions of dollars) (In millions of dollars) Single Other Repair payment Charge accounts Auto­ con­ and Per­ loans End of period Total mobile sumer modern­ sonal paper goods ization loans Total Service paper loans End of period Other credit Com- finan­ mer- cial Retail Credit 1939................................. 789 81 24 15 669 banks insti­ outlets cards1 1941................................. 957 122 36 14 785 tutions 1945 ................................. 731 54 20 14 643 1961................................. 10,136 1 ,840 797 837 6,662 1939................ 2,719 625 162 1 ,414 518 1962................................. 11,468 2,150 841 824 7^653 1941................ 3'087 693 152 1 645 597 1 963................................. 13,166 2,498 949 846 8’873 1945................ 3'203 674 72 1 ’612 845 1964................................. 15,199 2,895 1 ,176 913 10,215 1961................ 14,091 4 413 723 4 855 469 3,631 1965 ................................. 17,292 3,368 1 ’367 972 11 ^585 1962................ 15/01 4’690 766 5/79 505 3,961 1966................................. 18,708 3,727 1 ,503 1 ,020 12'458 1963................ 16,253 5,205 896 5’344 559 4,249 1967................................. 19/352 3/393 1 ^600 1 '046 13,313 1964................ 17 ,576 5 ,950 924 5,587 608 4 507 1967—Oct....................... (9,494 3,941 1 ,568 1 ,041 12,944 1965................ 1 8 '990 6,690 981 5,724 706 4,889 Nov..................... 19,673 3,973 1 ,583 1 ,049 13,068 1966................ 20,004 6’946 1 ,026 5 812 874 5'346 Dec....................... 19,952 3'993 1 ,600 1 '046 13,313 1967................ 21 ,206 7,340 1 ’()«8 5’939 1 ,029 5,810 19,802 3,947 1 ,594 1 ,039 13,222 1967—Oct.. . . 19,864 7,266 1 ,096 4,939 1 ,056 5,507 Feb....................... 19',887 3/362 I ,603 I ,041 13,281 Nov.. . 20/63 7,307 1/16 5/08 1 ,038 5,594 Mar...................... 19,999 3'995 1 ,621 1 '042 !3’341 Dec.... 21,206 7.340 1 ,088 5,939 1 ,029 5,810 A or....................... 20,170 4,048 1 ,636 1 '042 13'444 May..................... 20,471 4,123 1 ,671 1 ’073 13,604 1968—Jan.... 20,881 7,352 1 ,097 5,377 1 ,047 6,008 J une..................... 20’786 4,200 1 ’703 1 ’077 13,806 Feb... . 20,538 7,375 1/09 4,842 1 ,017 6,195 J uly...................... 21,022 4,250 1 ,730 1 ,087 13^955 Mar.. . 20,507 7,416 1,113 4,698 1 ,012 6,268 Aug.. .......... 21 ,348 4,323 1 ,765 I109 14/51 Apr... . 20,929 7,526 1 / 10 5,005 1 ,021 6,267 Sept...................... 21 ,511 4,369 1 ;793 1,115 14'234 May... 21,099 7,526 1/37 5,254 1 ,022 6/60 Oct....................... 21,696 4,415 1 ,829 1,120 14,332 June... 21,187 7,546 1,128 5,278 1 ,090 6,145 July... 21,232 7,565 1,130 5,297 1,160 6,080 Aug.... 21,406 7,627 1 ,147 5,329 1 ,245 6,058 Nott:.—Institutions represented are consumer finance companies, credit Sept.. . 21,452 7,719 1 ,149 5,283 1 ,267 6,034 unions, industrial loan companies, mutual savings banks, savings and Oct... . 21,585 7,794 1/49 5,424 1 ,268 5,950 loan assns., and other lending institutions holding consumer instalment credit. See also Note to first table on previous page. 1 Service station and miscellaneous credit-card accounts anti home­ heating-oil accounts. Bank credit card accounts outstanding are included in estimates of instalment credit outstanding. 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 n DECEMBER 1968 INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT (In millions of dollars) Other consumer Repair and Total Automobile paper goods paper modernization loans Personal loans Period S.A.t N.S.A. S.AJ N.S.A. S.A.t N.S.A. S.A.l N.S.A. S.A.l N.S.A. Extensions 1961 49,048 16,029 14,551 2,092 16,377 1962. 56,191 19,694 15,701 2,084 18’710 1963 63,591 22'126 17*920 2,186 21 359 1964. 70,670 24,046 20,821 2,225 23,578 1965 78’586 27,227 22’750 2*266 26 343 1966 82,335 27,341 25*591 2*200 27 *203 1967. 84'693 26'667 26,952 2*113 28 *961 1967-—Oct................................. 7 250 7,280 2,253 2,341 2,307 2,355 169 175 2,521 2,409 Nov................................ 7 304 7,386 2,262 2,215 2'303 2,429 174 177 2*565 2*565 Dec............................... 7 360 8,378 2,233 2,074 2,383 3'265 170 140 2,574 2,899 1968 Jan............................... 7 453 6,782 2,385 2,157 2,339 2,156 169 132 2,560 2,337 Feb................................. 7 847 6,716 2,559 2,296 2,458 1,925 184 140 2*646 2355 Mar.............................. 7 903 7'501 2,605 2,565 2'531 2,295 183 161 2 *584 2,480 Apr .............................. 7 863 8,219 2,509 2,764 2'597 2,533 189 189 2 368 21733 May............................... 8 033 8,377 2^590 2,853 2^535 2’520 197 236 2,711 2,768 June ......................... 8 003 8,115 2,570 2,735 2,536 2,441 179 194 2*718 2*745 July............................... 8 247 8,738 2,673 2'974 2,622 2,631 195 228 2,’757 2*905 Aug................................ 8 187 8,502 2,684 2^774 2383 2,531 185 225 2*835 2*972 Sept.............................. 8 416 7,682 2,783 2,354 2,560 2,462 196 199 2’877 2'667 Oct................................. 8 533 8^87 2,782 2^17 2,645 2^52 202 211 2304 2,807 Repayments 1961 ....................................... 48,124 16,552 14,235 2,015 15 319 1962........................................... 51,360 17,447 14^935 2*010 16,969 1963........................................... 56,825 19,254 16,369 2,046 19 156 1964......................................... 63,470 21,369 18,666 2,086 21 349 1965 ......................................... 69,957 23'543 20,518 2,116 23,780 1966 ....................................... 76,120 25’404 23 J78 2’110 25 428 1967........................................... 81 ',306 26'499 25,535 2'142 27*130 1967—Oct........................... 6,934 7,039 2,244 2,371 2,193 2,178 176 179 2,321 2 311 Nov............................... 6’913 6^907 2,190 2,208 2'193 2,161 178 177 2*352 2^361 Dec................................ 7*001 6,937 2*205 2^068 2'255 2,193 171 161 2*370 2 515 1968—Jan................................. 7,054 7,329 2,254 2,302 2,223 2,434 182 187 2,395 2,406 Feb................................. 7*111 6,862 2,275 2,193 2,269 2,275 173 166 2,394 2,228 Mar................................ 7'281 7,260 2,316 2,305 2^372 2418 185 181 2,408 2^356 Apr................................ 7,222 7,365 2,297 2,375 2,340 2’336 176 180 2 409 2 374 May............................... 7*301 7,393 2,327 2,366 2’312 2'350 184 187 2*478 2'490 June............................... 7,287 6,994 2*289 2'189 2'324 2’204 175 171 2 499 2*430 July............................... 7*390 7,723 2*352 2'464 2*374 2*427 181 1 89 2 483 2*643 Aug............................. . 7,253 7^266 2^327 2,323 2^209 2',206 170 176 2,547 2,561 Sept................................ 7,701 7,182 2*482 2,343 2,428 2*251 179 175 2*612 2,413 Oct................................. 7,586 7’,813 2,391 2,555 2351 2,492 177 182 2; 567 2*584 Net change in credit outstanding 2 1961........................................... 924 -523 316 77 1 058 1962......................................... 4,831 2,247 766 74 1 ’741 1963.......................................... 6,766 2,872 1,551 140 2*203 1964 ....................................... 7,200 2,677 2,155 139 2,229 1965 ....................................... 8,629 3*684 2*232 150 2 563 1966........................................... 6,215 1 ,937 2,413 90 1 ,775 1967 ....................................... 3'387 168 1 *417 -29 1 *831 1967—Oct............................... 316 241 9 -30 114 177 -7 -4 200 98 Nov............................ 391 479 72 7 110 268 -4 0 213 204 Dec................................ 359 1 ,441 28 6 128 1 ,072 -1 -21 204 384 1968—Jan........................ 399 -547 131 -145 116 -278 -13 -55 165 -69 Feb................................ 736 -146 284 103 189 -350 11 -26 252 127 Mar................................ 622 241 289 260 159 -123 -2 -20 176 124 Apr................................ 641 854 212 389 257 197 13 9 159 259 May............................... 732 984 263 487 223 170 13 49 233 278 June.............................. 716 1,121 281 546 212 237 4 23 219 315 July.............................. 857 1,015 321 510 248 204 14 39 274 262 Aug................................ 934 t ,236 357 451 274 325 15 49 288 411 Sept................................ 715 '500 301 11 132 211 17 24 265 254 Oct................................ 947 874 391 362 194 260 25 29 337 223 1 Includes adjustments for differences in trading days. purchases and sales of instalment paper, and certain other transac­ - Net changes in credit outstanding are equal to extensions less tions may increase the amount of extensions and repayments repayments. without affecting the amount outstanding. For back figures and description of the data, see “Consumer Note.—Estimates are based on accounting records and often Credit,’’ Section 16 (New) of Supplement to Banking and Mone­ include financing charges. Renewals and refinancing of loans. tary Statistics, 1965, and pp. 983-1003 of this Bulletin. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1968 □ CONSUMER CREDIT A-55 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (In millions of dollars) Sales finance Other financial Total Commercial banks companies institutions Retail outlets Period S.A.’ N.S.A. S.A.’ N.S.A. S.A.’ N.S.A. S.A.’ N.S.A. S.A.’ N.S.A. Extensions 1961. 49,048 17,711 9,510 13,010 8,816 1962. 56,191 20,474 11,269 14,787 9,659 1963. 63,591 .................. 23,344 ................... 12,152 16,768 11,327 1964. 70,670 25,950 12,613 18,797 13,310 1965. 78,586 29,528 13,722 20,906 14,430 1966. 82,335 30,073 14,278 21 ,490 16,494 1967. 84,693 30,850 13,833 22,574 17,436 1967--Oct................................. 7 250 7,280 2.645 2,658 1,191 I ,254 1,959 I ,875 1 ,455 1 ,493 Nov................................ 7 304 7,386 2.661 2,531 1 ,218 1 ,220 1,975 2,034 1 ,450 1,601 Dec................................ 7 360 8,378 2,685 2,546 1,189 1 ,303 1,966 2,222 1 ,520 2,307 1968--Jan................................. 7 453 6,782 2,766 2,595 1,197 1 ,078 1,984 1 ,757 1,506 1 ,352 Feb................................ 7 847 6,716 2,918 2,617 1 ,282 1 ,117 2,085 I ,835 I ,562 1,147 Mar................................ 7 903 7,501 2,950 2,845 1 ,337 1 ,251 2,025 1 ,964 I ,591 1 ,441 Apr................................ 7 863 8,219 2,910 3,194 I ,290 I ,355 2,021 2,099 i ,642 1 ,571 May............................... 8 033 8,377 2,980 3,233 1 ,332 1 ,369 2,157 2,241 1 ,564 1 ,534 June............. • 8 003 8,115 2,938 3,030 1 ,302 I ,358 2,177 2,231 1 ,586 1 ,496 July............................... 8 247 8,738 3,018 3,343 1,366 I ,495 2,190 2,307 1 ,673 1 ,593 Aug................................ 8 187 8,502 3,066 3,245 1 ,289 1 ,329 2,248 2,344 1 ,584 1 ,584 Sept................................ 8 416 7,682 3,284 2,953 1 ,349 1 ,217 2,236 2,043 1 ,547 I ,469 Oct................................. 8 533 8,687 3,252 3,306 1,367 I ,437 2,309 2,246 1 ,605 1 ,698 Repayments 1961 . 48,124 18,294 9,935 12,123 7,773 1962. 51,360 18,468 10,200 13 ,455 9,237 1963 . 56,825 20,326 ................... 10,927 15 ,070 10,502 1964.......................................... 63,470 22,971 11,638 16,764 12,097 1965. 69,957 25,663 12,048 18,813 13,433 1966. 76,120 27,716 12,860 20,074 15 ,470 1967. 81,306 29,469 ................ • 13,692 21 ,330 16,815 1967--Oct................................. 6 934 7,039 2,509 2,583 1 ,171 1 ,220 1 ,819 1 ,807 1 ,435 1,429 Nov........................... 6 913 6,907 2,468 2,443 1,184 1,193 1,837 1 ,855 1 ,424 I ,416 Dec................................ 7 001 6,937 2,527 2,393 1,172 1 ,190 1 ,836 1 ,943 1 ,466 I ,411 1968- Jan................................. 7 054 7,329 2,512 2,585 1 ,184 1,190 I ,887 1 ,907 1 ,471 1 ,647 Feb................................ 7 111 6,862 2.572 2,488 1,169 1,130 1 ,888 1 ,750 1 ,482 1 ,494 Mar................................ 7 281 7,260 2,641 2,602 1,192 1 ,205 1 ,885 I ,852 1 ,563 1 ,601 Apr................................ 7 222 7,365 2,643 2,714 1 ,174 1 ,246 1,887 1 ,928 1,518 1,477 May............................... 7 301 7,393 2,653 2,716 I ,222 1 ,227 I ,939 1 ,940 I ,487 1 ,510 June.............................. 7 287 6,994 2,666 2,524 1,164 1 ,129 1,957 1 ,916 1 ,500 1 ,425 July............................... 7 390 7,723 2,662 2,825 I ,258 I ,286 I ,942 2,071 I ,528 1 ,541 Aug................................ 7 253 7,266 2,610 2,676 1,156 1 ,107 2,023 2,018 1 ,464 1,465 Sept............................... 7 701 7,182 2,849 2,702 1 ,323 1 ,207 2,026 1 ,880 1 ,503 1 ,393 Oct................................. 7 586 7,813 2,764 2,877 1 ,230 1 ,294 2,052 2,061 ‘ I ,540 1,581 Net change in credit outstanding 2 1961 . 924 335 -436 898 125 1962. 4,831 1,997 1,078 1 ,332 422 1963. 6,766 .................. 3,018 •.........1. .,..2..2..5 .........1. ..,.6..9.8... .............8.2..5... 1964 ........................................ 7,200 3,065 975 2,033 1 ,127 1965. 8,629 3,865 1 ,674 2,093 997 1966. 6,215 2,357 1 ,418 1 ,416 1,024 1967 3,387 1 ,381 141 1 ,244 621 1967-—Oct................................. 316 241 136 75 20 34 140 68 20 64 Nov................................ 391 479 193 88 34 27 138 179 26 185 Dec................................ 359 1 ,441 158 153 17 113 130 279 54 896 1968-—Jan................................. 399 -547 254 10 13 -112 97 -150 35 -295 Feb................................ 736 -146 346 129 113 -13 197 85 80 -347 Mar................................ 622 241 309 243 145 46 140 112 28 -160 Apr................................ 641 854 267 480 116 109 134 171 124 94 May............................... 732 984 327 517 110 142 218 301 77 24 June.............................. 716 1,121 272 506 138 229 220 315 86 71 July............................... 857 1 ,015 356 518 108 209 248 236 145 52 Aug................................ 934 1 ,236 456 569 133 222 225 326 120 119 Sept................................ 715 500 435 251 26 10 210 163 44 76 Oct................................. 947 874 488 429 137 143 257 185 65 117 1 Includes adjustments for differences in trading days. tween extensions and repayments for some particular holders do 2 Net changes in credit outstanding are equal to extensions less not equal the changes in their outstanding credit. Such transfers do repayments, except in certain months when data for extensions and not affect total instalment credit extended, repaid, or outstanding. repayments have been adjusted to eliminate duplication resulting See also Note to previous table. from large transfers of paper. In those months the differences be­ Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-56 INDUSTRIAL PRODUCTION: S.A, □ DECEMBER 1968 MARKET GROUPINGS (1957-59 = 100) 1957-59 1967 1967 1968 pro­ aver­ Grouping por­ age tion Oct. Nov, Dec. Jan. Feb. Mar. Apr. May Juner Julyr Aug.r Sept.r Oct. Total index........................................ 100.00 158.1 157.2 159.8 162,1 161.2 162,0 163.0 162,5 164.2 165.8 166.0 164.6 165.1 165 7 Final products, total............................. 47.35 158.3 157.0 160.1 162.1 160.8 162.0 163.5 161.7 163.0 165.2 164.7 164.8 165.6 166 7 Consumer goods,............................. 32.31 148.5 148.2 150.2 153,0 151.3 152.9 155.0 153.5 154.6 156.8 156.4 156,8 157.3 159*0 Equipment, including defense.. . . 15.04 179.4 176.0 181.5 181 .5 181.4 181 .6 181.8 179.4 181.1 183.2 182.6 181.9 183.5 182.9 Materials....................................................................... 52.65 157.8 157.7 160.1 162,0 161.7 161.8 162.8 163.1 165.2 166.7 167.4 164,2 164.9 164,8 Consumer goods AutamrUive products............................ 3.21 149.1 145.2 152.4 170.0 164.2 162.7 173.4 168.7 178.1 180. 7 180.4 177.1 175.6 178.8 AptOs..................................................... I .82 145.7 135.3 144.5 175.1 163.2 158.0 172.7 166,8 182.3 183.5 183.7 182 4 177 4 180 3 Apto parts and allied products......... 1.39 153.6 158,2 162.9 163.3 165.4 168.8 174.4 171 2 172.6 177.1 176.1 170 2 173 2 176 8 Home goods and apparel. .......... 10.00 149.9 150.0 152.8 152.6 152.6 151.4 153.8 153 7 149.9 155.7 154.1 155,8 156 1 158 0 Home goods......................................... 4.59 166.0 166.4 170.8 168.3 169.1 171.5 172.9 170.1 170.4 173.4 171.5 174.6 175.9 177 3 Appliances, TV, and radios........... 1.81 159.6 162.9 168.4 158.7 159.3 162.6 164.8 156.8 156.7 161.6 161.8 168.0 170.4 173 4 Appliances.................................... 1.33 163.2 164.2 168.7 160.8 165.1 165,9 168.4 158.9 158.5 165.2 166.5 172,8 175.5 177 2 TV and home radios................... .47 149.2 159.2 167.6 152.7 142.7 153.1 154.8 151 .0 151.7 151.3 148.5 154.5 156.2 162 5 Furniture and rugs.......................... 1.26 159.6 159.7 163.4 166.5 166.4 169.2 169.9 170.1 174.6 174.8 174.5 174.0 175,5 174.6 Miscellaneous home goods........... 1.52 178.9 176.1 179.6 181 .3 182.9 184.0 185.0 185.9 183.1 186.2 180.5 182.9 182,8 184.3 Apparel, knit goods, and shoes........ 5.41 136.2 136.1 137.5 139.2 136.5 137.3 140.3 139.9 139.5 140.8 139.4 139.8 139.3 (Consumer staples................................. 19.10 147.6 147.7 148.5 150.4 149.0 151.2 151.7 150.7 151.2 153.4 153.5 153. 9 154.9 156 3 Processed foods................................... 8.43 130.0 129.3 129.5 130.4 129.5 130,6 1 31.3 131 .2 131.0 132.2 132.9 132,5 132.5 131,8 Beverages and tobacco....................... 2.43 137.4 139,7 139.0 143.7 136.8 141.8 141.7 139.4 136.6 142,9 139.6 144.7 145.2 Drugs, soap, and toiletries................. 2.97 182.7 181.6 183.1 184.3 184.2 185,9 187.5 186. 1 190.0 192.0 192.6 190.6 193.6 199 6 Newspapers, magazines, and books. 1.47 140.1 134,8 135.7 138.5 138.4 141 .5 142.1 142.1 145.3 143,6 144.2 143.6 140.7 143.8 Consumer fuel and lighting. ....... 3.67 168.9 172,1 174.9 177.5 176.9 179.6 179.4 177.3 177,0 180.8 180.8 182.6 186.0 Fuel oil and gasoline....................... 1 .20 132.4 138.1 135.4 137,8 131.8 135.4 136.2 136.3 140.2 142.8 140.3 138.3 142.6 141.6 Residential utilities.......................... 2.46 186.7 188.7 194.1 196.8 198.8 201 .2 200.4 197.2 194.9 199.3 200.6 204.2 207,2 Electricity..................................... 1.72 199.9 201.4 209.1 213.0 215.4 218.4 217.3 212,5 209.0 218.0 219.0 224.0 228.0 Gas..................................... .74 156.2 Equipment business equipment........................... 11.63 182.8 176.9 183.5 183.4 183.3 182.9 183.3 180.9 182.5 184.3 183.4 182.4 185.1 186. 7 Industrial equipment. ... ............... 6.85 170.2 1 62.3 170,4 1 68.9 168.0 165 8 167.0 1 65 9 165 8 1 68,0 167.5 164.7 167 8 171 1 Commercial equipment...................... 2.42 200.9 199.0 200,9 204.7 204.2 206.1 205 4 204^4 203.6 204.6 202.4 204.6 205.9 206 0 Freight and passenger equipment. .. 1.76 215.4 209.9 222.9 228.4 226.4 230.1 227.8 220.8 231 .5 234,0 234.3 233.2 235.6 233.1 Farm equipment.................................. 61 158.7 157.5 147.2 131,2 148.3 146.4 150.6 140,3 145.1 144.2 139.6 145,8 150.7 Defense equipment........................ ? 41 Materials Durable goods materials...................... 26.73 151.9 148.6 152.4 155.1 154.9 155.4 156.7 157.1 159.4 160. 4 159.8 153.3 153.2 154 3 Consumer durable........................ 3.43 143.9 130.0 143.8 159,4 162.3 162.2 160.1 154.6 163.0 166.2 167.7 153.5 166.1 166 4 Equipment.... .................................. 1 84 184,5 184.1 186.0 184,9 183.9 186.7 185.1 181.9 183.6 184.8 185.8 185,3 185.1 184 7 Construction........................................ 9 17 139.6 1 39.5 141.2 142,1 142.8 144.8 145 8 144,4 145.3 145.6 143.7 143.3 145.6 145 9 Metal materials n.e.c.......................... 6^29 133.5 128.7 132.3 139,4 137.3 141 .4 140.7 144.5 145,0 143.3 146.6 127.4 121 .7 125 6 Nondurable materials........................... 25.92 163.9 167.0 168.1 169.2 168.7 168.3 169.1 169.3 171.2 173.9 175.3 175.5 176.9 175 5 Business supplies......................... ... 9.11 152.9 155.0 154.7 154.7 154.1 154.1 150,1 152.0 154.5 159.0 157.9 158.4 162.1 161 4 Containers......................................... 3.03 148.5 153.7 152,6 152.0 154.3 144.5 142,8 150.9 155,6 158.9 156.0 154.2 163.6 165 5 General business supplies........ 6.07 155,1 155.7 155.7 156.0 154.5 154.4 153.8 152.6 154,0 159.0 158.8 160.5 161 3 159.4 Nondurable materials n.e.c................ 7 40 202.2 206.7 210.8 216.2 213.5 213.9 215.7 214.9 216.4 218.5 223.8 223,6 224.9 225 7 Business fuel and power.................... 9.41 144.3 147.5 147.5 146.2 147.2 149.1 150.8 150.2 151.7 153.2 154.1 154.3 153.4 149.7 Mineral fuels................................... 6,07 129.2 131.4 130 8 129.3 128.9 131 4 134.3 132,6 133.7 136,4 136.9 136.6 1 14 1 127,3 Nonresidential utilities................... 2.86 183.3 188.7 189.3 188,9 193.4 194.4 193.6 194.6 197.0 196.7 198.2 200.3 202.8 Electricity.. ................................ 2.32 185.8 191.6 192,2 191.8 197.7 199.0 198.3 199.2 202.0 198.9 200.2 202.2 204 8 General industrial.................... 1 .03 182.6 186.6 187,7 188.0 192.0 193 0 191.8 195.4 197.4 193.7 195,1 197.0 199.3 Commercial and other............ 1.21 197.0 204.9 205.3 204.1 212.0 213.8 213.4 212.1 215.7 213.0 214.8 216.9 220.0 Gas.............................................. 54 172.4 Supplementary groups of consumer goods Automotive and home goods....... 7.8(1 159.0 157 r 163J 169.0 167.( 167,9 173.1 169.5 173.f 176.4 175.2 175.6 175.8 177.9 Apparel and staples . . ............... 24.51 145.1 1 145. 146,1 147.9 146.: 148.1 142.<1 148.: 148.f 150T 150,< 150.7 151.‘ .......... For footnotes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1968 □ INDUSTRIAL PRODUCTION: S.A. A-57 INDUSTRY GROUPINGS (1957-59 = 100) 1957-59 1967 1968 pro­ 1967 Grouping por­ aver­ tion age Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June r July r Aug.r Sept.r Oct.r Total index............................ 100.00 158.1 157.2 159.8 162.1 161.2 162.0 163,0 162.5 164.2 165.8 166.0 164.6 165.1 165.7 Manufacturing, total.................. 86.45 159.7 158.5 161.3 164.1 162.7 163.6 164.6 163.7 165.8 167.3 167.4 165.7 166.3 167.2 Durable............................................. 48.07 163.7 160.7 164.1 168.1 167.2 167.6 168,2 167,2 169,8 171.0 170.8 167.8 168.5 169,0 Nondurable...................................... 38.38 154.6 155.8 157.7 159.0 157.1 158.6 160,0 159,5 160.8 162.7 163.0 163.0 163.6 164.9 Mining................................................... 8.23 123.8 122.8 124.1 122.8 121,6 123.9 126.2 127.1 126.9 129.2 130.0 129.4 126.9 121.8 Utilities........................................... 5.32 184.9 188.7 191.5 192.6 196,7 199.0 198 0 196.5 196.1 197.9 199.3 202.1 204.8 208,5 Durable manufactures Primary and fabricated metals...... 12.32 145.3 143.3 145.8 150,3 148.3 150.8 151.7 151.2 155.7 156.2 154.7 141.8 140. 7 143. 7 Primary metals.................... 6.95 132,5 131.7 134,9 140.9 136.3 139.3 140.2 143.3 148.5 148.6 145.8 122.8 119,9 122,0 Iron and steel................................... 5.45 126,8 127.7 133,3 140.9 134.2 137.8 140.8 134.1 146.4 148.4 146.6 112,9 106.9 107.7 Nonferrous metals and products,. 1 .50 153.2 142.8 142.1 145,2 145.6 154.1 151.3 145.5 150.4 150.4 153.6 153.9 164.4 170.5 Fabricated metal products.......... 5,37 161 .9 158.2 159.8 162.4 163.9 165.7 166.6 161.4 165.0 166,1 166.2 166.3 167.6 171 .7 Structural metal parts........... 2.86 158,1 156.4 158.8 160.0 159.4 160.9 162.7 156.9 159 8 161.8 159.7 159.1 161 J 165.0 Machinery and related products........ 27.98 177.5 173.3 177.8 181.7 181.6 181.5 182.3 179.2 181.4 183.5 184.0 184.4 185.5 185.1 Machinery............................................ 14.80 183.4 179.6 183.2 182.2 183.4 183.2 183 3 179.4 179.9 181 7 182.7 183.8 186.3 186.4 Nonelectrical machinery................ 8.43 183.4 177.2 180.9 179.5 180.7 180.6 180.2 176.6 176.9 178.8 179.8 179.1 182.4 1 84.4 Electrical machinery....................... 6.37 183.3 182.8 186.3 185.8 186.9 186,6 1 87.1 182.8 184.2 185,5 186,5 190.1 191.4 189 1 Transportation equipment. ............... 10.19 165.7 159.2 165.6 177.5 175.5 175.1 177.6 175 3 180.4 182.6 183,2 181 .7 180.5 180.3 Motor vehicles and parts. ............ 4.68 146.5 128.6 141.4 166.9 162.2 161.1 167.8 164.8 173.6 174.2 174.3 175,4 173.5 177.1 Aircraft and other equipment. . . . 5.26 182.1 185.2 186.0 186.3 186,8 186.5 185.4 183.5 185.4 188.6 189.3 185,7 184.7 180.5 Instruments and related products... 1 .71 184.8 183.2 185.4 186.3 186.7 184.7 183.8 181.4 181 .2 181,3 179,2 182.6 184.3 185.4 Ordnance and accessories.,.............. 1.28 Clay, glass, and lumber............ 4.72 130.7 131.4 132.4 137.0 132.5 130. 7 128.8 138.0 137. 7 137.1 136.2 135.5 138.8 139.2 Clay, glass, and stone products........ 2.99 138.7 139.7 139.2 143.6 140.8 137.3 131 .0 146,1 145 4 145.1 145.2 147.5 150.0 150,4 Lumber and products......................... 1.73 116,9 117.0 120.6 125.7 118.1 119.3 125.0 123.9 122.7 123.4 120.6 114.7 119.4 119,8 Furniture and miscellaneous,............ 3.05 162.6 160.9 161.5 163.3 165.2 166.9 166.9 166.5 169.8 169.5 169.5 170.1 170.9 170.6 Furniture and fixtures........................ 1 .54 167.7 167.8 170.7 171 .3 173.0 173.7 174.1 178.9 178.0 177.8 178.6 179.7 180.6 Miscellaneous manufactures.............. 1.51 157,3 155.0 155.1 155.7 158.9 160,7 159.9 158.8 160.6 160.9 161.1 161.4 162.0 160.5 Nondurable manufactures Textiles, apparel, and leather....... 7.60 139.4 140.1 142.8 146,0 141.0 141.9 143.9 142.9 144.1 145.2 144.2 144.1 144.6 145.3 Textile mill products........................... 2.90 142.0 144.3 147,1 151.9 147.6 148.8 149.9 146.3 147 2 1 48.8 1 50.9 151 4 1 52.0 150 7 Apparel products............................. 3.59 147.6 146.2 148,6 150,9 145.2 146.4 148.5 148.9 149.6 151.4 150.4 149.0 149.5 Leather and products......................... 1.11 106.3 109.4 113.0 1J 4.8 110.4 109.7 113.7 114.6 118,0 115,8 107,0 109. 5 109.8 Paper and printing............................... 8.17 149.6 148.6 149.9 149,7 148.6 150.6 152.0 151.6 154.5 155.2 155.6 156.5 156.7 157. 1 Paper and products............................. 3.43 153.6 154.5 156.1 157.4 155,9 157.1 159.2 159.5 161.1 162,9 164.1 164.1 165.9 166 4 Printing and publishing...................... 4,74 146,8 144.3 145.5 144.1 143.3 145.9 146.8 145,8 149.8 149.6 149.5 151 .1 150.0 150.4 Newspapers............................. 1,53 134.2 134.0 134.4 129.9 129.9 131.4 133.7 130 8 134 4 1 34.7 i 34.7 117 7 140.9 138.4 Chemicals, petroleum, and rubber.... JI.54 190.0 195.3 197.6 199.5 197.7 200.2 201.6 200.9 203.1 206.6 208.2 207.6 208.8 212.2 Chemicals and products..................... 7.58 203.8 206.4 209.2 211.4 211.8 213.8 215.0 215.2 216.6 219 3 222.4 221 0 222.4 226.9 Industrial chemicals........................ 3.84 236.0 241.5 245,5 249.4 250.9 251.8 252.7 256.2 255.5 258 0 264.4 262.7 262,9 Petroleum products............................. 1.97 133.4 137.1 136.7 137.9 134.8 135.7 136.1 137.3 139.9 140.6 139.5 140.7 142.3 141.4 Rubber and plastics products............ 1.99 193.5 210.6 213.9 215.4 206.7 212,3 215.7 209 4 214.3 218.0 222.4 223.1 223.3 Foods, beverages, and tobacco............ 11.07 131.7 131.4 132.1 133.4 132.0 133.1 133.7 133.6 132.9 134.5 134.2 134.4 134.5 134.9 Foods and beverages...... ............ 10.25 132.6 132.5 133.5 134.4 133.5 133,2 134.5 135.3 134.0 135 5 135.1 135.3 115.4 135 8 Food manufactures......................... 8.64 130.1 129.1 130,2 130.5 130.7 130.7 131.4 131.9 131 .9 132.2 132.7 131.5 131.5 131*9 Beverages.......................................... 1.61 146,0 150.8 151 .0 155.5 148.2 146.7 151.2 153.3 145.0 153.1 147.9 1 55,7 156.0 Tobacco products................................ .82 120,3 118.0 115.5 120.5 114.4 132,1 122.9 112.1 120.0 122.8 123.4 123.1 124,0 Mining Coal, oil, and gas................................. 6.80 122.7 124.2 125.0 122.7 121.9 123.2 126.0 124.7 125.6 128.1 128.7 127.9 125.7 120.0 Coal....................................... , 1.16 120.4 115.3 117,2 119,2 113.4 116.8 126.0 124.4 120.4 126.7 126.6 121 3 120.8 86.6 Crude oil and natural gas.................. 5.64 123 1 126.0 126.5 123 5 123.6 124.5 126.0 124.8 126.6 128 4 129.2 129.3 126,7 126.9 Oil and gas extraction.................. 4.91 131.3 135.2 134.0 131.7 132.5 134.8 136.2 134 5 136.8 138.7 139.3 140.2 137.2 137.0 Crude oil...................................... 4.25 126,3 130.3 128,7 126.4 127.4 129.7 130.9 128 7 131.2 1 32.4 134.0 134.8 131 .2 130.8 Gas and gas liquids..................... .66 163.5 166.8 167.9 165.3 Oil and gas drilling......................... .73 67.9 63.4 76.1 68.0 66.5 55.0 56.7 59.1 57.7 59.1 60.7 55,9 55.8 Metal, stone, and earth minerals..,., 1.43 128.9 116.4 120.1 123.3 120.3 127.0 127.4 138.3 133.5 134.3 135.8 136.2 132.8 130.3 Metal mining........................................ .61 120,3 94.1 94.6 97.1 100.0 102.8 108,7 139.9 131 .4 130.8 134.1 134 5 127.7 126,8 Stone and earth minerals................... .82 135,4 132.9 139.0 142.7 135.3 145.0 141.2 137.1 135.0 136,9 137.1 137.5 136,5 132.9 Utilities Electric...................................................| 41..208c 191.8 195.8 199.4 200.8 205.; 207.3 206 J 204.9 205, C 207.0 208.2 211.5 214.7 Gas..................................................... 163,0 166.5 166.€ 166.8 169.$ 172.8 17l.fi 170.0 168.4 169.2 171.3 172,6 174.0 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-58 INDUSTRIAL PRODUCTION: N.S.A. n DECEMBER 1968 MARKET GROUPINGS (1957-59 = 100) 1957-59 1967 1968 pro­ 1967 Grouping por­ aver­ tion age Oct. Nov. Dec. Jan. Feb. Mar. Apr. May [uner July Aug.r Sept.r Oct. Total index....................................... 100,00 158.1 161.7 161.5 160.8 159.1 162.7 164.6 163.? 165.2 169.4 160.3 163.3 169,4 170.3 Final products, total.................... 47.35 158.3 162.3 161.3 161.1 159.1 162.4 164.8 160.8 162.6 168.8 159.1 162.0 171.4 172.5 Consumer goods.............................. 32.31 148.5 155.7 152.1 150.5 148.9 153.4 156.2 151.7 153.7 161.2 149.6 154.2 165.2 167.3 Equipment, including defense,, .. 15.04 179.4 176.7 181.2 183.9 181.0 181 .7 183.4 180.4 181.6 185.1 179.6 178.6 184.6 183.7 Materials............................................... 52.65 157.8 161.1 161.6 160.5 159.1 162,8 164.5 165.4 167,6 169.9 161.3 164.5 167.6 168.6 Consumer goods Automotive products... ....................... 3.21 149.1 155.6 159.5 177. 7 173.0 171.2 183.7 178. 7 189.5 194.7 148.4 101.1 170.8 197 0 Autos..................................................... 1.82 145.7 148.8 159.0 192.6 179.5 173.8 193.4 183.5 202.4 208.3 134.1 45.6 165.0 207.4 Auto parts and allied products..... 1.39 153.6 1 64.6 160.0 158.1 164.5 167.9 170.8 172.3 172,7 176.7 167.4 174.1 178.4 183 4 Home goods and apparel................ 10.00 149.9 159. 7 157.9 148.1 145.5 159.0 160.6 154.9 153.1 161.0 140.4 155.8 162.8 167 4 Home goods......................................... 4.59 166.0 180.1 180.3 172.6 164,9 177.2 177.1 172.5 170.8 177.4 157.1 169.8 183 9 190.2 Appliances, TV, and radios........... 1.81 159.6 182.2 181 .4 160.6 159.1 180.9 176.9 168.7 163.3 171.7 139.8 151.6 180.5 189.4 Appliances.................................... 1.33 163.2 180.1 178.2 163.4 168.7 187.9 185.3 180.3 167.4 1 80.4 149.5 147.8 183.5 188.5 TV and home radios............ .47 149.2 187.8 190.4 152.7 1 31 .9 161.1 153.1 135.9 151.7 147.5 112.4 162.2 171.8 191 7 Furniture and rugs.............. 1.26 159.6 168.0 169,4 172.7 162.7 167.2 167.9 165.3 168.0 174.8 166.1 178 0 180 4 183.7 Miscellaneous home goods....... 1.52 178.9 187.7 187.9 186.7 173,8 181.2 184.8 183.1 182.0 186.2 170.2 184 7 191 0 196.5 Apparel, knit goods, and shoes........ 5.41 136.2 142.4 138.9 127.4 129.0 143.5 146.6 139.9 138.1 147,1 126.2 144.0 144.9 Clnnxumer Staples................................. 19.10 147.6 153.6 147 8 146.6 146.7 147.4 149.2 145.5 148.1 155.8 154.6 162.3 165.6 162 2 Processed foods................................... 8.43 130.0 143,5 134.4 128.2 123.0 122.1 123.8 122.8 125.1 132.2 132.2 140.2 152 6 146 J Beverages and tobacco............ 2.43 137.4 143.8 131 .8 124.3 120.1 129.8 138.5 141.0 146.7 163.7 146.4 156.7 148 9 Drugs, soap, and toiletries................ 2.97 182.7 186.0 184.0 181 .4 182.9 185.9 198.4 183.7 192,8 198.7 187.8 196.9 199 4 204 4 Newspapers, magazines, and books. 1.47 140.1 134.7 133.9 138.2 137.2 140.9 144,2 142.7 144.9 143.0 142.8 145.3 142,0 143.7 Consumer fuel and lighting............... 3.67 168.9 163.4 164.7 178.5 192.2 187.6 183.2 169.3 165.7 174.1 188.8 195 5 188 2 Fuel oil and gasoline,..................... 1.20 132.4 134.5 134.6 141 .0 137.5 139.1 134.9 129.3 135.6 141 .3 142.8 142.5 142,7 138,0 Residential utilities......................... 2.46 186.7 Electricity.................................... 1.72 199.9 185.3 188.0 213.0 244.1 232.8 226.4 200.4 188.1 204.9 234.3 248.6 232,6 Gas....................................... .74 156.2 Equipment business equipment................... 11.63 182.8 177.3 182.2 184.9 182.1 183.0 185.7 182.7 183.6 187.4 180.2 178.6 186.5 187.3 Industrial equipment.......................... 6.85 170.2 161.3 168 9 170.8 166.7 165.0 167.2 165.9 166 0 169.7 165.8 164.2 169 3 170 1 Commercial equipment................... 2.42 200.9 202 4 205,9 209.2 204.4 204.7 203.6 200.5 201.2 205.2 198.4 204.6 209.0 209 5 Freight and passenger equipment... 1.76 215.4 215.1 218,4 226.1 221 .9 230.1 238.1 232.9 238.4 243.4 229.6 219.2 238.0 238.9 Farm equipment.................... .61 158.7 147.9 132,6 128.0 151.0 162.6 170 4 156.7 153.6 152.9 126,8 119.1 141.4 Defense equipment.. ........................... 3.41 Materials Durable Roods materials...................... 26. 73 151.9 152.1 153.6 154.2 151.7 156.1 157.7 158.8 162.4 164.8 155.1 153.1 157.2 158 5 Consumer durable............................... 3.43 143.9 132.0 148.1 167. 4 168 0 164.6 164 9 159.2 167.9 169 5 153.4 145.8 164 4 168'9 Equipment............................................ 7.84 184,5 183 5 186.2 187.7 185,6 188.4 187 1 183.9 184.9 1 86.6 180.0 179.7 183.2 184 1 Construction......................................... 9.17 139,6 146.5 141.6 135.0 129.0 134.7 139.2 143.0 147.5 155.1 149.4 153 3 1 54.3 153 2 Metal materials n.e.c........................... 6.29 133.5 131 8 133,4 133.3 133.7 142.7 144.1 150.3 153.0 149.3 133.4 123.7 125.3 128.6 Nondurable materials >.............. 25.92 163.9 170.4 169.8 J67.0 166,7 169.7 171 5 172.2 173,0 175.1 167.6 176.3 178.2 179 1 Business supplies................................. 9.11 152.9 161 3 156.8 151.6 149.0 150.6 1529 156.4 1571 . 160.6 148.1 158.8 163.9 168 * 0 Containers........................................ 3.03 148.5 161.5 148.3 141.4 146.6 142.8 143,5 156.3 157,2 163.8 152,1 165.0 169.2 173 9 General business supplies.............. 6.07 155.1 161 2 161.1 156.8 150.2 154 4 157.6 156.4 157,1 159.0 146.1 155.7 161.3 165.0 Nondurable materials n.e.c................ 7.40 202.2 210.8 215.0 211.9 212.4 218.2 220,0 221 3 221 8 222.9 211 ,0 221 4 224.9 230.2 Business fuel and power................... 9.41 144.3 147 5 146.8 146.4 147.9 150.1 151,2 148.9 150,1 151.6 152,4 157.7 155 3 149.7 Mineral fuels.................................... 6.07 129.2 132.0 132.0 130.8 130.9 135.6 137.2 134.3 133.8 132.8 130,1 134.9 132.6 127.4 Nonresidential utilities.................. 2.86 183.3 Electricity...................................... 2.32 185,8 190.2 186 3 187.8 194.4 190 8 191.8 189.8 195.3 202 9 212.2 220.7 216.7 General industrial................... 1.03 182.6 187.0 1 87.7 186.1 191.0 1 87.0 190.8 192.9 198.4 197,6 198,0 202.9 202.3 Commercial and other............ 1.21 197.C 202.0 194.0 198.C 206.7 203.1 201.9 196.2 202.1 217.3 235.2 247.3 240.2 Gas............................................... .54 172.4 .......... Supplementary groups of consumer goods Automotive and home goods.......... 7.80 159.C 170.0 171." 174." 168.3 174.7 179.8 175,1 178.5 184.5 153.5 141.5 178.5 193.0 Apparel and staples.......................... 24.51 145.1 151,1 145.i 142.1 142.8 146.( 148.7 144,; 145.9 153.8 148.3 158,3 161.0 .......... For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1968 □ INDUSTRIAL PRODUCTION: N.S.A. A-59 INDUSTRY GROUPINGS (1957-59= 100) 1957-59 1967 1968 Grouping pro­ 1967 por­ aver­ tion age Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Juner July Aug. r Sept.r Oct. Total index. ..................... 100.00 158.1 161.7 161,5 160.8 159.1 162.7 164,6 163.2 165.2 169.4 160.3 163.3 169.4 170.3 Manufacturing, total............... 86.45 159.7 163.9 163.7 162,6 160.1 164.2 166,4 165.1 167.4 171.6 160.4 163.0 170.6 172.7 Durable............................................. 48.07 163.7 164.1 167,0 169.3 166.1 168.9 170.5 169.4 172.1 175.4 164.1 160.5 170,4 173.2 Nondurable...................................... 38,38 154.6 163.5 159.5 154.3 152.5 158.3 161 .2 159.8 161.6 167.0 155.7 166.3 170.9 172.1 Mining................................................... 8.23 123.8 125,1 124.6 122.0 120.2 123.7 125.3 127.3 128.6 128.9 127.1 130.7 128.6 123.9 Utilities................................................. 5.32 184.9 Durable manufactures Primary and fabricated metals........... 12.32 145.3 146.0 147.9 149.3 147.8 152.9 154.9 154.8 158,3 159.7 146.2 140.5 143.5 146.6 Primary metals.................................... 6.95 132.5 133.0 136.2 136.7 138.3 147.2 148.9 151.5 153.7 150.8 132.7 117.9 118.7 123.2 Iron and steel........................1......... 5.45 126.8 129.6 134.6 137,4 136.9 144.7 147.8 148.8 149.3 148.4 131.2 108.4 105,8 109.3 Nonferrous metals and products.. 1,50 153.2 145,5 142.1 134.2 143.1 156.4 153.0 161 .3 169.7 159.7 138.2 152.4 165.6 173.7 Fabricated metal products................. 5.37 161.9 162.9 163.0 165.6 160.0 160.2 162.6 159.0 164.2 171.1 163.7 169.6 175.6 176.8 Structural metal parts.................... 2.86 158.1 161,1 161 .2 161.6 156.2 154.5 156.4 152.2 159.0 165,0 159.7 163.1 167.5 169.9 Machinery and related products......... 27.98 177.5 175.7 180.8 185.7 182.9 184,4 185.9 182,0 184.4 187.6 175.7 169.8 185.2 188.5 Machinery........................... 14.80 183.4 181.4 185.2 184.1 182.7 185,6 185.8 182,4 182.4 185.8 176.0 177.9 186.9 188.5 Nonelectrical machinery................ 8.43 183.4 174,0 179.8 180.8 180.7 183.1 185,2 182.2 181 .0 183.8 175.3 172.5 180,0 181 .1 Electrical machinery............... 6.37 183.3 191 .3 192.3 188.3 185.3 188.8 186.6 182.6 184.1 188.5 176.9 185.0 196.1 198.2 Transportation equipment................. 10.19 165.7 162,6 170.5 185.0 180.4 179.8 183.9 179.0 185.3 188.0 170.5 150,1 178,3 186.2 Motor vehicles and parts........ 4.68 146.5 134,8 149.1 176.1 117.1 168.6 178.1 171.3 184.1 188.3 152.0 1 10.5 170,0 189.1 Aircraft and other equipment.... 5.26 182.1 186.1 188,8 192.8 188.7 189.3 188.2 184.4 184.7 186,0 184.8 182,4 184,0 181.4 Instruments and related products... 1.71 184.8 185.2 186.9 188.5 184.5 183.8 182.9 178.7 179.4 183, 1 177.4 184. 1 186.3 187.4 Ordnance and accessories.................. 1.28 Clay, glass, and lumber....................... 4.72 130. 7 139.2 133.9 125.6 JI9.0 122.1 124.8 137.6 139.2 146.6 142.0 147.6 148.5 147.5 Clay, glass, and stone products......... 2.99 138.7 147.4 143,4 134.6 126.7 125.6 126.4 145.5 148,7 155.1 154.4 159.3 158,5 158.7 Lumber and products......................... 1.73 116.9 125.2 117,6 110.0 105.7 116.3 121 .9 123,9 122.7 132.0 120.6 127.3 131,3 128.2 Furniture and miscellaneous................ 3.05 162.6 169.4 169.3 167.3 158.7 162.9 163.8 162.2 165.9 170.6 164. 1 175.0 177.3 179.7 Furniture and fixtures......................... 1.54 167.7 172.9 172,5 177.2 167.9 171 .3 171 .6 173,5 169.4 179.4 173.4 183,6 185.1 187.5 Miscellaneous manufactures........ 1.51 157.3 165.8 166.0 157.3 149.4 154,3 155.9 154.8 158.2 161 .7 154.7 166,2 169,3 171.7 Nondurable manufactures Textiles, apparel, and leather............. 7.60 139.4 146.7 144.6 136.3 137.9 149,7 152.4 145.8 144.3 151.1 129.0 146.9 148.4 151.6 Textile mill products........................... 2.90 142.0 151.5 150,8 144.3 146,9 152,5 155.1 149.2 151.6 156.2 136.6 152.2 155,1 156.7 Apparel products............................. 3.59 147.6 153.5 150,1 138.8 139.4 157,4 160.4 153,4 148.9 158.2 133.1 152,0 154.4 Leather and products......................... 1 .11 106.3 112.1 110.7 107.1 109,8 117.3 119.4 112.3 110.9 115.2 96.3 116,6 111.4 Paper and printing............................... 8.17 149,6 156.3 153.1 146.3 146.3 151.2 155.4 156.0 156.4 156.2 146.3 155.1 158.8 164.8 Paper and products............................ 3.43 153.6 166.5 156,9 144.8 155.1 161 .0 164.0 165,9 163.5 166.6 151 .0 164, 1 168,4 178.1 Printing and publishing...................... 4.74 146.8 149.0 150.3 147.3 139.9 144.2 149,2 148,8 151.2 148.8 142.9 148,6 151.9 155.3 Newspapers....................................... 1.53 134.2 143.8 147.8 133.1 119,5 126.1 137.0 139,3 143.3 135.4 1 17.2 128.8 140.2 148.5 Chemicals, petroleum, and rubber.... 11.54 190.0 199.0 198.2 196.4 195.1 201.9 203.7 203,5 206.8 211.8 199.8 208.9 213.4 216.3 Chemicals and products.................... 7.58 203.8 208.7 211.1 209.5 208.2 215,4 217.7 218.9 222.0 224.1 214.7 222.7 225.9 229.6 Industrial chemicals........................ 3.84 236.0 244.0 251.6 251.9 247.1 255,6 255,2 261,3 260.7 259.3 253.8 261 .4 265.5 Petroleum products............................. 1.97 133.4 138.5 134.9 134.6 130.8 133,0 131 .3 131,8 139.9 144.8 146.9 148.2 148,0 142.8 Rubber and plastics products....... 1 .99 193.5 222.2 211.8 207.9 208.8 218.7 222,4 215.9 215.4 225.7 195.7 216.4 230.7 ........... Foods, beverages, and tobacco............ 11.07 131.7 143.5 134.1 127.6 122.7 124.2 127.2 126.8 130.0 139.1 135.1 143.4 151,1 145.6 Foods and beverages.......................... 10.25 132.6 144.6 135.4 130,0 123.5 123,6 127.7 128,0 130.5 139,7 137.2 144,2 152.9 146.4 Food manufactures......................... 8.64 130.1 143,3 134.8 128,5 123.5 122.6 124.0 122.9 125,3 132.2 131.9 139,7 151.8 144.4 Beverages.......................................... 1,61 146.0 151 .6 138,9 137,6 123.6 129.1 147.4 155,8 158.1 180.1 165.3 168,6 159.1 Tobacco products.......................... ,. .82 120.3 128.5 117.8 98,1 113.1 131 .4 121.1 111,9 124.3 131.4 109.2 133.2 128.8 ........... Mining Coal, oil, and gas................................. 6.80 122.7 124.9 126.0 124.1 123.8 126,9 128.2 125,9 125.4 124.8 122,7 126.9 124.7 120.3 Coal....................................................... 1.16 120.4 125.7 122.0 117,1 111.1 118.2 127,0 125,3 121.6 118.3 105.2 127.6 127.8 94.4 Crude oil and natural gas.................. 5.64 123.1 124.7 126.8 125.6 126.4 128.7 128,5 126,0 126.2 126.1 126.3 126.7 124.1 125.6 Oil and gas extraction.................... 4.91 131.3 133.5 134.4 134, 1 135.6 139,8 139.5 136.4 136.6 136.2 136.0 136.7 133.7 135.2 Crude oil..................................... 4.25 126.3 129.0 128.7 127,7 129,3 133,6 133,5 130,8 131.9 131.1 131,3 132.1 128.6 129.5 Gas and gas liquids.................... . 66 163.5 Oil and gas drilling......................... .73 67.9 65.0 75.7 67.9 64.5 54.2 53.7 65.0 55,7 57.9 61 .1 59.4 59.2 Metal, stone, and earth minerals........ 1.43 128.9 126.4 118.1 111.8 103.2 108,4 111.6 134.1 143.7 148.4 147.7 149.1 146,9 141.3 Metal mining....................................... .61 120.3 100.7 88,0 87.^ 88.0 92.5 96.7 130,1 144.5 147.8 143.5 145.3 144.3 1 35.7 Stone and earth minerals................... .82 135.4 145,5 140.4 129.9 1 14.5 120.2 122.6 137.1 143.1 148.8 150.9 151.9 148.8 145.5 Utilities Electric.................................................. 4.04 191.8 188,1 187.0 198.5 215.6 208.7 206.6 194.3 192,3 203.7 221.6 232.6 223.5 Gas......................................................... 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 □ DECEMBER 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 t s groupin M g a s te­ Ma g j r o o r u p in in d g 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 t lo m a r u n a y l t ­ l ) - — ­ 1 p m E lo m e y n ­ - t P ro a ll y s ­ s T re a o l t e t a a 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 i l ­ e ty ­ Total s C u o m n e ­ r E m q e u n ip t ­ rials Mfg. M in i g n­ U itie ti s l­ goods 1951...................... 81.3 78.6 77.8 78.4 83.8 81.9 91.3 56.4 94.0 63 91.1 106.1 80,2 76 90.5 96.7 1952...................... 84.3 84.3 79.5 94.1 84.3 85.2 90.5 61.2 91.3 67 93.0 106.1 84.5 79 92.5 94.0 1953...................... 91.3 89.9 85.0 100.5 92,6 92.7 92.9 66.8 94.2 70 95.6 111.6 93.6 83 93.2 92.7 1954...................... 85.8 85.7 84.3 88.9 85.9 86.3 90.2 71.8 83.5 76 93.3 101.8 85.4 82 93.6 92.9 1955...................... 96.6 93.9 93.3 95.0 99.0 97.3 99.2 80.2 90.0 91 96.5 105.5 94.8 89 93.3 93.2 1956...................... 99.9 98.1 95.5 103.7 101.6 100.2 104.8 87.9 87.7 92 99.8 106.7 100.2 92 94.7 96.2 1957...................... 100.7 99.4 97.0 104.6 101.9 100.8 104.6 93.9 83.6 93 100.7 104.7 101.4 97 98.0 99.0 1958...................... 93.7 94.8 96.4 91.3 92.7 93.2 95.6 98.1 74.0 102 97.8 95.2 93.5 98 100.7 100.4 1959...................... 105.6 105.7 106.6 104.1 105.4 106.0 99.7 108.0 81.5 105 101.5 100.1 105.1 105 101.5 100.6 1960...................... 108.7 109.9 111.0 107.6 107.6 108.9 101.6 115.6 80.6 105 103.3 99.9 106.7 106 103. 1 100.7 1961...................... 109.7 111.2 112.6 108.3 108.4 109.6 102.6 122.3 78.5 108 102.9 95.9 105.4 107 104.2 100.3 1962...................... 118.3 119.7 119.7 119.6 117.0 118.7 105.0 131.4 82.1 120 105.9 99.1 113.8 115 105.4 100.6 1963...................... 124.3 124.9 125.2 124.2 123.7 124.9 107.9 140.0 83.3 132 108.0 99.7 117.9 120 106.7 100.3 1964...................... 132.3 131.8 131.7 132,0 132.8 133.1 111.5 151.3 85.7 137 111.1 101.5 124.3 N28 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 85.3 153 125.7 113.5 155.0 153 116.3 106.1 J 967—Oct............ 157.2 157.0 148.2 176.0 157.7 158.5 122.8 188.7 J 84.7 171 126.2 112.2 155.2 153 117.5 106.1 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 I 17.8 106.2 Dec........... 162.1 162.1 153.0 181,5 162.0 164.1 122.8 192.6 166 127.7 114,3 161.2 r154 118.2 106.8 1968—Jan............ 161,2 160.8 151 .3 181.4 161,7 162.7 121.6 195.9 166 127.7 114,4 161.2 158 118.6 107,2 Feb........... 162.0 162.0 152.9 181 .6 161.8 163.6 123.9 197.5 ■ ”84.9 152 128.7 114,3 162.8 161 119.0 108,0 163,0 163.5 155.0 181.8 162.8 164.6 126.2 196,8 169 128,8 114.2 163.8 165 119.5 108.2 Apr........... 162,5 161.7 153.5 179.4 163.1 163.7 127. 1 195.8 164 129,0 I 14.6 161.4 162 119.9 108. 3 May...... 164.2 163.0 154.6 181.1 165.2 165.8 126.9 196.1 ”84.8 172 129.1 114.7 166.1 165 120.3 108.5 June 165.8 165.2 156,8 183.2 166.7 167.3 129.2 197.9 160 129.5 115.3 167.7 167 120.9 108.7 July.......... 166.0 164.7 156.4 182,6 167,4 167.4 130.0 199.3 187 129.8 115.2 167.2 r168 121.5 109.1 164.6 164.8 156.8 181 .9 164.2 165.7 129.4 202.1 ”84.0 192 130.1 114.9 167.8 170 121.9 108.7 Sept...... 165.1 165.6 157.3 183.5 164.9 166.3 126.9 204.8 183 130.2 114.9 H71.2 169 122.2 109.1 Oct............ 165.7 166.7 159.0 182.9 164.8 167.2 121.8 208.5 200 ■•130.7 115.3 H72.0 168 122.9 109. 1 Nov.’’.... 167.4 167.7 159.8 184.8 167,4 168.8 126.1 210,5 .....1..3.1.. ....0 115.4 172.9 170 .....1..0..9....5 i Employees only; excludes personnel in the armed forces. and heavy engineering; does not include data for Alaska and Hawaii. 2 Production workers only. Employment and payrolls: Based on Bureau of Labor Statistics data; J F.R. index based on Census Bureau figures. includes data for Alaska and Hawaii beginning with 1959, 4 Prices are not seasonally adjusted. Prices: Bureau of Labor Statistics data. Note.—Data are seasonally adjusted unless otherwise noted. Capacity utilization: Based on data from Federal Reserve, McGraw- Construction contracts: F. W. Dodge Co. monthly index of dollar Hill Economics Department, and Department of Commerce. value of total construction contracts, including residential, nonresidential, CONSTRUCTION CONTRACTS (In millions of dollars) 1967 1968 Type of ownership and type of construction 1966 1967 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Total construction 1.......................... 50,150 52,895’5,204 4,258 3,996 3,714 3,704 5,417 4,878 6,170 5,589 5,956 6,318 5,170 6,171 By type of ownership: Public............................................... 18,152 19,039 1 ,526 1 ,435 1 ,507 1,300 1 ,041 1 ,698 1,554 2,036 1 ,860 2,256 1,924 1 ,549 1 ,728 Private i.......................................... 31,998 33,856r3,677 2,823 2,490 2,414 2,664 3,719 3,324 4,135 3,730 3,700 4,394 3,621 4,443 By type of construction; Residential building 1.................... 17,827 19,536r2,O37 1,717 I ,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 M74 1,585 1 ,550 1,347 1,251 1 ,835 1,522 2,227 2,030 2,414 2,128 1 ,815 Nonbuilding.................................. 12,930 13,220 1 ,292 956 1,042 905 958 1 ,362 1 ,044 1,400 1,316 1,255 1 ,895 1,230 .......... J 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

DECEMBER 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 b O u th il e d r ­ Other Total M ta i r l y i­ H w ig ay h­ d C v e m o a v n & e t e i s n o l e o t n r p ­ ­ Other 2 trial mercial ings 1 19593 ............................. 55,305 39,235 24,251 14,984 2,106 3,930 2,823 6,125 16,070 1,465 5,761 1,121 7,723 I960............................... 53,941 38,078 21,706 16,372 2,851 4,180 3,118 6,223 15,863 1,366 5,437 1,175 7,885 1961............................... 55 347 38,299 21'680 16’619 2,780 4,674 3380 5,885 17J48 1,371 5,854 1 ;384 8,539 19624 ............................. 59,667 41 ’798 24,292 17’506 2,842 5J44 3,631 5,889 17’869 1 ;266 6,365 1 ;524 8,714 1963 5 ............................. 63’423 44,057 26,187 17,870 2,906 4395 3 J45 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 26^68 23'985 5J18 6339 4335 7,393 22’,066 852 7,550 2,019 11,645 1966................................ 75,120 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 23^36 26^851 6J31 6,982 4,993 8,745 25;573 721 8>38 2,196 14,118 1967—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 8J98 2,194 14;495 Dec..................... 81,207 53,965 27’635 26,330 5,822 6; 688 4,885 8,935 27,242 865 9J72 2; 226 14;979 1968—Jan...................... 82,873 55,316 26,988 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 15^02 Mar.................... 83,572 56'055 27'698 28 >57 5,528 8,258 5312 9J59 27317 734 9; 151 2; 197 15,435 Apr..................... 84,579 56'683 28^00 28;083 5,484 8,512 5 J00 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 ;?3t 82,478 54’454 27'660 26;794 4,852 8,122 4378 9,142 28,024 660 July.................... 82,698 54,658 27’440 27;218 4^52 8,272 4,623 9 ;571 28;040 679 85,114 56,497 28,140 28357 5375 8341 4372 9,369 28,617 812 86,062 57^39 29'145 28^94 5,492 ) 8,534 4339 9 ,'529 28^23 Oct''........... 88,285 58’987 30,015 28,972 6,131 8,462 4^51 9 ;528 29,298 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 Government- S.A. (private only) underwritten Period Total Metro­ Non­ Private Total N fa o rm n­ politan p m o e li t t r a o n ­ Total fam 1- i ly fam 2- i ly M fam ul i t ly i­ Public Total FHA VA 1959 1,554 1,077 477 1,517 1,234 56 227 37 458 349 109 1960 1,296 889 407 1,252 995 44 213 44 336 261 75 1961............................... 1,'365 948 417 1 ;313 974 44 295 52 328 244 83 1962............................... 1 >92 1,054 439 1,463 991 49 422 30 339 261 78 1963 ............................... 1,642 1; 152 490 1,610 1 ,021 53 536 32 292 221 71 1964................................ 1,562 1,093 470 1,529 972 54 505 32 264 205 59 1965................................ 1,510 1,035 475 1,473 964 51 458 37 246 197 49 1966............................... 1,196 808 388 1,165 779 35 351 31 195 158 37 1967............................... 1 ,322 920 402 1,292 844 41 406 30 232 180 53 1967--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>45 145 101 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.................... 1 ;518 1 ,496 141 101 40 137 83 4 50 4 26 21 5 Sept................... J’l ,592 M 370 *140 103 37 *134 80 4 50 *6 23 19 5 Oct..................... ’'1 ;548 J’l ,'519 *142 100 42 *139 84 5 50 *3 27 21 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 □ DECEMBER 1968 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons unless otherwise indicated) Civilian labor force, S.A. Total non- Total Unemploy­ institutional Not in the labor Employed 1 ment Period population labor force force rate2 N.S.A. N.S.A. S.A. Total Total In c n u o lt n u a ra g l r i- In U pl n o e ye m d ­ (pe S r . c A e . nt) agriculture industries 1962............................ 122.981 49,539 73,442 70,614 66,702 61,759 4,944 3 911 5 5 1963............................ 125,154 50,583 74,571 71,833 67,762 63^076 4’687 4 070 5 7 1964............................ 127,224 51,394 75,830 73^091 69,305 64,782 4323 3 786 5 2 1965............................ 129,236 52,058 77,178 74'455 71,088 66,726 4'361 3 366 4 5 1966............................ 131,180 52,288 78,893 75,770 72,895 68'915 3,979 2 875 3 8 1967............................ 133,319 52,527 80,793 77,347 74'371 70’527 3 844 2 975 38 19673-Nov................ 134,224 52,641 81,459 77,989 75,005 71,166 3,839 2 984 3 8 Dec................. 134305 52,879 81,942 78'473 75,577 71,361 4^216 2’896 3 7 1968—Jan.................. 134,576 54,765 81 ,386 77,923 75,167 71,164 4,003 2,756 3 5 Feb................ 134^744 53^876 82,138 78,672 75,731 71'604 4 J27 2 941 3 7 Mar................ 134,904 53,965 82,150 78’658 75,802 71 ,788 4'014 2 856 3 6 Apr.......... 135^059 53,919 81'849 78'343 75,636 71,656 3 980 2 707 3'5 May,.............. 135,249 53 379 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 82,279 78'690 75'929 72 J 96 3 ,733 2,761 3 5 Sept................ 136,036 53,900 82,422 78'831 75,957 72,355 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 Nov................ 136,420 53,718 82,549 79,032 76,389 72'713 3; 676 2,643 3.3 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. t years of age and over is obtained on a sample basis. Monthly data relate 3 Beginning Jan. 1967 data not strictly comparable with previous data. to the calendar week that contains the 12th day; annual data are averages Description of changes available from Bureau of Labor Statistics. of monthly figures. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Period Total M t a u n ri u n f g ac­ Mining c C o o n t n i s o t t n r r a u c c t ­ T ti l o r ic a n n u s & ti p l i o p ti r e u t s a 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 9,596 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 J00 9,551 10,871 1967............................................................ 66,030 19334 616 3,203 4,27! 13'613 3,217 10,060 11,616 SEASONALLY ADJUSTED IQ A7—Nov 66,778 19,518 603 3,214 4,297 13,79! 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 3,29! !O,33( 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 4332 13,999 3’311 10,415 12’O53 Apr................................................. 67,755 19,657 632 3,313 4,331 14,009 3,323 10'402 12,088 May................................................ 67’792 19,693 631 3^245 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 12,232 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............................................... 68 382 19,755 639 3,252 4,365 14'222 3'387 10 '545 12,217 Oct p.............................................. 68,640 I9J94 590 3'280 4’362 14'306 3'409 10'601 12'298 v i>............................................. 68,803 19'819 638 3,260 4,383 14,314 3,418 10 690 12,'281 NOT SEASONALLY ADJUSTED 1967— Nnv 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 19’425 591 2,893 4'264 13,585 3,271 10,228 12,136 Mar................................................ 66 713 19'447 594 2,967 4,'276 13’658 3,288 10,’290 12 ’ 193 Apr. ............................................... 67,422 19,507 626 3'157 4,296 13,910 3,310 10,402 12,214 May................................................ 67324 19^569 631 3’255 4,268 13’959 3'327 10,488 12'227 June................................................ 68^724 19'897 647 3,387 4'375 14,139 3,365 10334 12,280 July................................................. 68,327 19,729 652 3,498 4,394 14’112 3,407 10387 11,848 Aug............................................. 68,508 19'884 653 3’553 4'410 14'141 3,430 10,675 11,762 Sept................................................. 68,923 20'023 646 3315 4,417 14,208 3,397 10'587 12’130 Oct?’............................................... 69,234 19,989 592 3,493 4,388 14,336 3,402 10'622 12312 Nov.’’............................................. 69,421 19,962 640 3,355 4,405 14,548 3,404 10337 12,470 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

DECEMBER 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 Nov. Sept. Oct?' Nov J' Nov. Sept. Oct.»' Nov?' Total...................................................................................... 14 338 14 476 14 524 14 531 14 489 14 739 14 716 14,689 Durable goods..................................................................... 8 362 8,410 8,428 8 455 8 440 8 491 8 492 8,539 Ordnance and accessories........................................ ’1 87 198 185 198 ’ 189 199 187 200 Lumber and wood products...................... 519 517 521 524 519 533 529 525 Furniture and fixtures............................................. 375 393 396 398 381 398 402 405 Stone, clay, and glass products............................... 504 515 521 528 507 533 529 531 Primary metal industries........................................... I 043 1,012 I 009 1 007 1 026 1 011 993 991 Fabricated metal products....................................... 1 049 I ,073 1 ’ 091 1 089 1 064 1 082 1 097 1 ,104 Machinery................................................................... 1 366 I 332 1 339 1 ’361 1 ’353 1 ’.325 1 326 I ’347 Electrical equipment and supplies........................... 1’315 1 313 1 .301 1 ’306 1 337 1 ’322 1 326 1 ,329 Transportation equipment....................................... 1 390 1 ,439 1 446 I 426 I ’427 I ’448 1 459 1 ,465 Instruments and related products......................... 279 277 280 280 ’281 279 280 282 Miscellaneous manufacturing industries,............... 335 341 339 338 356 361 364 360 Nondurable goods.............................................................. 5 976 6 066 6,096 6 076 6 049 6,248 6,224 6,150 Food and kindred products............................ 1’183 1’183 1 194 1’181 1’213 1 ’312 1 ’,278 1 ,212 Tobacco manufactures.............................................. ’ 77 * 74 72 69 ’ 87 89 87 ’ 78 Textile-mill products............................................ 853 875 873 874 859 881 880 880 Apparel and related products ................. 1 ,238 1 ,254 1 ,259 1 ,247 1 251 I ,270 I ,274 1 ,260 Paper and allied products....................................... 530 ’541 '547 ’549 ’534 ’548 ’548 '553 Printing, publishing, and allied industries............. 661 663 665 668 665 664 667 672 Chemicals and allied products............................ 600 614 618 620 596 615 615 616 Petroleum refining and related industries.............. 116 1 18 119 120 1 16 121 120 120 Rubber and misc. plastic products........................... 413 438 441 441 420 441 447 449 Leather and leather products................................... 305 306 308 307 308 307 308 310 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 Nov. Sept. Oct?’ Nov?' Nov. Sept. Oct?’ Nov?' Nov. Sept, Oct?' Nov?* Total...................................................................... 40 7 41 1 4! 0 40 8 1 17 50 125 66 125.77 125.97 2.88 3 05 3.06 3,08 Durable goods.............................................................. 41 2 41 .7 41 6 41 6 1 25 66 135 01 1 35 85 136.03 3.05 3.23 3.25 3.27 Ordnance and accessories.,,. ■ ................... 41 8 42^0 42 0 41 9 136 40 137 76 I 39 26 140.53 3,24 3.28 3.30 3.33 Lumber and wood products....................... 40.9 41.1 40.9 40 4 98.49 109 03 107.94 105.32 2.42 2.64 2.62 2,62 Furniture and fixtures................................... 40.5 40.8 40.8 40 8 97,34 104*33 104.58 104.24 2.38 2.52 2.52 2.53 Stone, clay, and glass products.................. 42.1 42.2 42.1 41 .7 121.96 130.36 130.05 127,91 2.89 3.06 3.06 3.06 Primary metal industries............................. 41 5 41.3 41.3 41 .6 141.25 148 68 146.88 147.29 3 42 3.60 3.60 3.61 Fabricated metal products........................... 41 4 42.1 42.3 42 3 125.33 136 85 137.28 137. 80 3.02 3.22 3.23 3.25 Machinery..................................................... 42.3 42.4 42.2 42.1 137.05 143 82 145.17 145.25 3.24 3.40 3.44 3.45 Electrical equipment and supplies.............. 40.5 40.9 40.4 40.3 115.18 121.06 120.99 121.10 2.83 2.96 2.98 2.99 Transportation equipment............ 39.8 42.6 42.7 42.5 141.35 160.07 162.00 165.89 3,49 3.74 3.75 3.84 Instruments and related products.............. 41. i 40.6 40.5 40.6 119.77 123.62 123.32 124.44 2.90 3.03 3.03 3.05 Miscellaneous manufacturing industries... 39.5 39.7 39.5 39.4 94.56 99.50 100.55 100.69 2.37 2.50 2,52 2.53 Nondurable goods................................................ 39.9 40.1 39.9 39.6 105.06 112.03 111.88 111.44 2.62 2.78 2.79 2.80 Food and kindred products........................ 40.8 40.9 40.8 40.2 109.47 116.48 115.21 114.74 2.67 2.80 2.81 2.84 Tobacco manufactures................................ 38.9 38.5 37.6 37.8 83.42 94.33 92.43 94.63 2.15 2.37 2.37 2.51 Textile-mill products.................................... 41 .4 41.6 41 J 41.1 89.03 94.02 94.21 94.21 2.13 2.26 2.27 2.27 Apparel and related products..................... 36.2 36.5 36.4 35.8 75,14 82.26 82.63 80.78 2.07 2.26 2.27 2.25 Paper and allied products......................... 42.7 43.2 43.1 42.9 125.99 135.60 134.54 134.35 2.93 3.11 3.10 3.11 Printing, publishing, and allied industries. 38.1 38.4 38.6 38.3 127.64 137.39 137.42 136,35 3.35 3.55 3.56 3.56 Chemicals and allied products................... 41.8 42.0 41 .9 42.2 132.40 138.60 138.69 140,44 3.16 3.30 3.31 3.32 Petroleum refining and related industries . 42.9 42.5 42.7 42.6 156.16 162.49 161.36 161.88 3.64 3.77 3.77 3.80 Rubber and misc. plastic products............ 41 .7 41.6 41 .7 41.6 119.70 125.46 125.16 124.98 2.85 2.98 2.98 2.99 Leather and leather products...................... 39.3 38.4 38.6 38.0 82,92 85.28 86.33 86.26 2.11 2.25 2.26 2.27 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 □ DECEMBER 1968 CONSUMER PRICES (1957-59= 100) Housing Health and recreation Fur­ Apparel Trans­ Period ite A m D s Food Total Rent o H w o n m e e r - ­ F a o u n i e d l l e G a le n a d c s ­ n i a n is n g h d s ­ up a k n e d e p p t o io rt n a­ 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 ­ O g 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—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 1 16.5 121.4 120.3 Nov................ 117.8 115.6 115.5 113.2 121.9 112,7 109,0 109.3 116.6 118.3 126.2 139.7 116.9 122.0 121 .0 Dec................ 118,2 116,2 116.0 113.5 122.6 113.1 108.7 109.7 116,8 117.9 126.6 140.4 117.2 122.2 121.4 1968—jan.................. 118.6 117.0 116,4 113.7 122.9 113.7 108.9 110.6 115.9 118.7 127.1 141.2 117,6 122.7 121.9 Feb................. 119.0 117.4 116.9 113.9 123.5 113.8 109.3 111.2 116.6 118.6 127.5 141.9 117.6 123.0 122.1 Mar. 119.5 117.9 117.2 114.2 123.8 113.9 109.3 111.8 117.6 119.0 128.3 142.9 118,4 124.2 122.4 119.9 118.3 117.5 114.4 124.0 114.0 109.5 1 12.2 118.4 119.0 128.8 143.5 119.0 124.9 122.5 120.3 118.8 117.8 114.6 124,3 115.3 109.5 112.5 119.5 119.1 129.2 144.0 119.6 125.3 122.6 120.9 119.1 118.7 114.9 126.1 115.4 109.4 112,9 119.9 119.7 129.7 144.4 120,1 125,6 123.5 July................ 121.5 120.0 119.5 115.1 127.8 115.7 109,5 113.1 119.7 119.8 130,2 145.1 120.4 125.9 123.9 121.9 120.5 120.1 115.4 128.8 115.7 109,7 113.3 120.3 120,0 130.5 145.5 120.9 126,3 124.2 Sept.......... 122.2 120,4 120.4 115.7 129,1 115.8 109.3 113.9 122.2 119.5 131. 1 146.4 121.5 126.7 124.4 Oct................. 122.9 120.9 120,9 116.0 130.0 115.9 109.1 114.2 123,3 120.6 131.9 147.4 122, 1 127,5 125.1 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 r b . , ­ L b e u t e c m r . , ­ P e a t p c e . r, M e a t l e c s t . , ­ e c a e q h n r u i y n d ip ­ ­ F t e u u t r c r e n . , i­ N t m m a o l i e l n n i ­ c ­ - T e p t r q i o a o u r n n t i a p s ­ ­ ­ n c M e e o l i l s u a ­ s ­ ment erals ment 1958 ............................... 100.4 103,6 102.5 99,5 98.9 96.0 98.7 100.4 100.1 97,4 100.1 99.1 100.0 100.2 99.9 n.a. 100.6 1959............................... 100.6 97.2 99.9 101,3 100.4 109.1 98.7 100.0 99.7 104.1 101.0 101,2 102.1 100,4 101,2 n.a. 100.8 1960............................... 100.7 96.9 100.0 101.3 101,5 105.2 99,6 100.2 99.9 100.4 101.8 101.3 102.9 100.1 101.4 n.a. 101.7 1961............................... 100.3 96.0 101.6 100,8 99.7 106.2 100.7 99,1 96.1 95.9 98.8 100.7 102.9 99.5 101.8 n.a. 102.0 1962............................... 100.6 97.7 102.7 100.8 100.6 107.4 100.2 97.5 93.3 96.5 100.0 100.0 102.9 98.8 101.8 n.a. 102.4 1963............................... 100.3 95,7 103.3 100.7 100,5 104.2 99.8 96.3 93.8 98.6 99.2 100.1 103.1 98,1 101.3 n.a. 103.3 1964............................... 100.5 94.3 103.1 101.2 101.2 104.6 97.1 96.7 92.5 100.6 99.0 102.8 103.8 98.5 101.5 n.a. 104.1 1965............................... 102.5 98,4 106,7 102.5 101.8 109.2 98.9 97.4 92.9 101.1 99.9 105.7 105.0 98.0 101.7 n.a. 104.8 1966............................... 105.9 105.6 113.0 104.7 102.1 119.7 101.3 97.8 94.8 105.6 102.6 108,3 108.2 99.1 102.6 n.a. 106.8 1967............................... 106,1 99.7 111.7 106.3 102,1 115.8 103.6 98.4 97.0 105.4 104.0 109,5 111.8 101.0 104,3 n.a. 109.2 1967—Oct..................... 106.1 97.1 111.7 106.8 102.2 114.8 103.0 98.2 98.8 107.3 104.3 109,9 112,2 101.7 104,9 n.a. 110.5 Nov.......... 106.2 96,4 110,9 107.1 103.0 115.4 102.8 98.2 99.1 106.7 104.6 111.0 112,6 102.0 105.1 n.a. 110,6 Dec.................... 106.8 98.9 111.5 107.4 103.8 116.0 102.6 98.4 99.2 107.6 104,8 111.4 113.2 102.1 105.3 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 99.5 111.6 105.7 113,3 114.1 103.3 106.9 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.................. 108,5 103.6 113.6 108.6 104.8 118.8 102,4 98.7 99.8 117.0 105.5 111,7 115.0 104.0 107,8 n.a. 111.8 June................... 108,7 102.5 114.6 108.8 105.2 118.7 103,7 98,5 99,9 117.2 104.7 111,7 115.0 103.9 108.3 n.a. 111.8 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 1 15.2 104.1 108.4 n.a. 111.5 Aug................ . 108.7 101.4 114.9 108.9 106.0 119.5 102.6 98.1 100.6 120.5 104.9 111,3 115,4 104.2 108.7 n.a. 111.6 Sept.................... 109.1 102.8 115,3 109.2 106.5 120.7 102.5 97.9 100.7 122.6 105.1 112,2 115.8 104.4 108.7 n.a. 111.9 Oct..................... 109. 1 101.2 114,4 109.7 107.0 122,3 101 .9 97.8 101 .0 124.9 105.2 112.5 116.1 104.5 108.9 n.a. 112.0 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1968 □ PRICES A-65 WHOLESALE PRICES: DETAIL (1957-59= 100) 1967 1968 1967 1968 Group Group Oct. Aug. Sept. Oct, Oct. Aug. Sept. Oct. Farm products: Pulp, paper, and allied products: Fresh and dried produce...................... 91.6 97.4 97.6 99.8 Pulp, paper, and products, excluding Grains....................................................... 86.6 75.1 76.5 78.7 building paper and board................. 104.8 105.3 105.5 105.6 Livestock................................................. 101.8 106.2 106.0 104. 1 Woodpulp............................................... 98.0 98.0 98.0 98.0 Live poultry............................................. 73.8 87.8 84.8 79.3 Wastepaper............................................. 76.6 112.8 1 12.2 114.8 Plant and animal fibers........................ 72.4 76.8 77.1 74.2 Paper........................................................ 111.2 113.0 113.1 113.1 Fluid milk............................................... 123.5 130.7 131.1 132.2 Paperboard............................................. 97.3 90.6 90.9 91.0 Eggs.......................................................... 76.8 98.4 126.7 106.5 Converted paper and paperboard... . 104.9 105.0 105.3 105.4 Hay and seeds......................................... 108.5 113.0 109.5 105.3 Building paper and board.................... 92. 1 92.9 93.5 93.7 Other farm products.............................. 97.4 103.1 104.1 104.1 Processed foods and feeds: Metals and metal products: Cereal and bakery products................ 116.8 119.3 119.0 119.4 Iron and steel......................................... 103.8 104.8 106.7 106.7 Meat, poultry and fish.......................... 104.7 109.7 111.2 106.9 Steelmill products.................................. 106.4 108.0 110.5 1 10.5 Dairy products....................................... 123.0 128.8 129. 1 130.1 Nonferrous metals................................. 121.1 121.7 121.5 121.9 Processed fruits and vegetables........... 109.3 113.6 113.6 114.0 Metal containers.................................... 111.7 116.8 116.8 117.3 Sugar and confectionery....................... 113.9 116.2 117.6 118.2 Hardware................................................ 115.4 116,9 117.1 117.3 Beverages and beverage materials.... 107.3 109.8 110.0 110.5 Plumbing equipment............................. 110.2 114.2 114.4 114.6 Animal fats and oils.............................. 76.3 64.2 65.5 73.5 Heating equipment............................... 92.9 95.4 95.5 95.6 Crude vegetable oils.............................. 83.3 87.0 78.4 72.1 Fabricated structural metal products. 105.7 107.9 108.4 108.8 Refined vegetable oils............................ 88.1 102.1 95.9 84.6 Miscellaneous metal products............. 114.1 115.8 116.7 117.5 Vegetable oil end products................... 101.8 100.6 100.6 98.8 Miscellaneous processed foods............ 112.6 114.8 116.9 118.4 Manufactured animal feeds.................. 120.6 118.6 117.5 117.5 Machinery and equipment: Textile products and apparel: Agricultural machinery and equip.... 122.3 127.0 127.7 127.8 Construction machinery and equip.., 124.3 129.0 130.3 131.5 Cotton products..................................... 99. 1 105.3 105.4 105.3 Metalworking machinery and equip., 124.6 129.3 129.7 130.0 Wool products........................................ 102.8 104.1 104.1 104.7 General purpose machinery and Man-made fiber textile products......... 86.9 90.7 92.5 92.7 equipment........................................... 114.4 117.6 117.9 118.2 Silk yarns................................................. 179.5 175. 1 177.5 175.5 Special industry machinery and Apparel.................................................. 107.5 110.9 111.0 111.7 equipment (Jan. 1961= 100)............ 118.2 122.5 123.1 123.5 Textile housefurnishings....................... 107.4 110.6 110.6 109.8 Electrical machinery and equip.......... 101.5 102.9 103.1 103.2 Miscellaneous textile products............ 115.9 117.0 118.4 121.3 Miscellaneous machinery..................... 109.9 114.6 114.5 115.0 Hides, skins, leather, and products: Furniture and household durables: Hides and skins...................................... 86.8 102.8 106.6 105.6 Leather..................................................... 104.7 113.6 114.1 115. 1 Household furniture............................. 113.4 117.5 117.8 1 18.5 Footwear................................................. 123.6 127.2 128.8 131.3 Commercial furniture........................... J 12.0 116.0 116.1 116.5 Other leather products.......................... 111.9 112.6 112.6 113.4 Floor coverings..................................... 94.8 95.3 94.8 94.8 Household appliances........................... 90.5 92.5 92,6 92.7 Fuels and related products, and power: Home electronic equipment................ 82. 1 80.7 80.7 80.2 Other household durable goods......... 1 18.9 125.0 125.3 125.6 Coal.......................................................... 103.8 105.5 105.8 108.3 C G o as k e fu .. e ... ls .. .. ( . J .. a .. n .. . . .. 1 .. 9 ... 5 .. 8 .. = .. .. 1 .. 0 .. 0 .. ) .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 13 1 2 2 . . 7 0 1 12 1 0 7 . . 6 0 1 1 2 1 0 7 . . 8 0 1 12 17 0. .0 4 Nonmetallic mineral products: Electric power (Jan. 1958= 100).......... 100.8 101.8 101.8 101.9 Crude petroleum.............................. 99.0 99.7 99.7 99.7 Flat glass................................................. 107.0 110.5 110. 1 110.0 Petroleum products, refined................ 101.0 101.0 100.9 99.3 Concrete ingredients............................. 106. 3 109.6 109.6 109.6 Concrete products................................. 105.9 108.5 108.6 109.1 Chemicals and allied products: Structural clay products excluding refractories......................................... 1 10.7 113.7 113.7 1 14.2 Industrial chemicals.............................. 98.3 98.4 97.9 98.0 Refractories............................................ 104.9 112.6 112.6 112.6 Prepared paint......................................... 109.9 114.4 115.2 115.2 Asphalt roofing..................................... 95. 1 97.6 96.7 96.8 Paint materials...................................... 91.0 92.1 91.9 91.9 Gypsum products.................................. 103.9 106,6 106.6 106.2 Drugs and pharmaceuticals.................. 93.6 93.2 93.0 93.3 Glass containers................................... 101. 1 109.8 109.8 110.0 Fats and oils, inedible........................... 78.5 71.2 68.5 69.9 Other nonmetallic minerals................. 101.9 105.8 105.8 106.8 Agricultural chemicals and products.. 101.6 99.4 98.7 98.1 Plastic resins and materials.................. 86.1 80.9 80.6 80.9 Other chemicals and products........... 108.8 110.5 110.8 110.2 Transportation equipment: Rubber and products: Motor vehicles and equipment........... 103.7 104.4 104.1 106.5 Railroad equipment (Jan. 1961= 100), 104.5 107.1 107.1 108.5 Crude rubber........................................... 84.2 85.3 85.0 85.8 Tires and tubes....................................... 98.7 99.5 99.5 99.5 Miscellaneous rubber products............ 104.8 107.8 108. 1 108.3 Miscellaneous products: Lumber and wood products: Toys, sporting goods, small arms, ammunition........................................ 106.3 108.9 109.0 109. 1 Lumber..................................................... 111.2 129.8 131.5 133.4 Tobacco products............................. 114.8 114.9 114.9 115.0 Millwork.................................................. 113.4 118.8 120.3 121.4 Notions................................................... 100.8 101.2 101.2 100.7 Plywood................................................... 90.2 102.3 106.7 111.8 Photographic equipment and supplies 113.6 112.8 112.8 113.0 Other wood products (Dec. 1966= 100) 101.5 106.7 107.5 108.0 Other miscellaneous products............. 108.7 110.9 111.7 111.9 Note.—Bureau of Labor Statistics indexes as revised in Mar. 1967 to classification changes. Back data not yet available for some new classi­ ncorporate (1) new weights beginning with Jan. 1967 data and (2) various fications. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-66 NATIONAL PRODUCT AND INCOME □ DECEMBER 1968 GROSS NATIONAL PRODUCT (In billions of dollars) 1967 1968 Item 1929 1933 1941 1950 1963 1964 1965 1966 1967 III IV t II IIP* Gross national product....................................... 103.1 55.6 124.5 284.8 590.5 632.4 684.9 747.6 789.7 795.3 811.0 831.2 852.9 871.0 Final purchases.................................................... 101.4 57.2 120.1 278.0 584.6 626.6 675.3 732.8 783.6 789.9 802.7 829.1 842.1 863.1 Personal consumption expenditures.............. 77.2 45.8 80.6 191.0 375.0 401.2 432.8 465.5 492.2 495.5 502.2 519.4 527.9 541.1 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 1 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 62.4 152.4 163.3 175.5 188.3 203.8 205.9 209.6 213.9 218.7 233.4 Gross private domestic investment.................... 16.2 1.4 17.9 54.1 87.1 94.0 108.1 120.8 114.3 114.7 121.8 119.7 127.3 127.1 Fixed investment................................. 14.5 3.0 13.4 47.3 81.3 88.2 98.5 106.1 108.2 109.3 113.5 117.6 116.5 119.6 Nonresidential.......................................... 10.6 2.4 9.5 27.9 54.3 61.1 71.3 81.3 83.6 83.3 85.0 88.6 87.0 90. 1 Structures.......................................... 5.0 .9 2.9 9.2 19.5 21.2 25.5 28.5 27.9 21.1 21.1 29.6 28.5 28.8 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 3 Residential structures................................. 4.0 .6 3.9 19.4 27.0 27.1 27.2 24.8 24.6 26.0 28.5 29.1 29.5 29 5 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 9 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 7 5 Nonfarm,..................................................... 1.8 -1,4 4.0 6.0 5.1 6.4 8.6 14.9 5.6 4.8 7. 1 1.6 10.4 7.3 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 3.3 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 52 6 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 49 4 Government purchases of goods and services. . 8.5 8.0 24.8 37.9 122.5 128.7 137.0 156.2 178.4 179.6 183.5 190.5 195.7 199.6 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 2 National defense.............. 13.8 14.1 50.8 50.0 50.1 60.6 72.4 12.9 74.6 76.8 79.0 79" 6 Other............................................................. 3.1 4.3 13.5 15.2 16.8 16.8 18.2 18.4 19 O 20.3 21.0 21 5 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 3 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 40.3 104.2 241.1 481.9 518.1 564.3 620.8 652.9 656.9 670.9 688.1 705.4 722.0 Compensation of employees............................... 51.1 29.5 64.8 154.6 341.0 3«5.7 393.8 435.6 468.2 471.5 482.7 496.8 507.1 519.7 Wages and salaries......................................... 50.4 29.0 62.1 146.8 311.1 333.7 358.9 394.6 423.4 426.3 436.4 448.3 457.6 469.0 Private........................................................... 45.5 23.9 51 .9 124,4 251.6 269.4 289.6 316.9 337.1 339.4 346.0 355.7 362.8 370.9 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 63.1 70.0 70.8 73.3 75.2 77.0 79.1 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 50.7 Employer contributions for social in­ surance ................................................. .1 . 1 2.0 4.0 15.0 15.4 16.2 20.2 21.5 21.6 22. 1 23.5 23,7 24.2 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 I4.3 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 91.2 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 92.2 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 41 .3 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 51.0 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 25.8 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 -1.0 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 26.7 Note.—Dept, of Commerce estimates. Quarterly data are seasonally adjusted totals at annua! rates. See also Note to table above. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 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 HIP Gross national product....................................... 103.1 55.6 124.5 284.8 590.5 632.4 684.9 747.6 789.7 795.3 811.0 831.2 852.9 871.0 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 Jiability................................................... 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 To .4 -.3 -1.3 — 3 1 — 3 3 -3.5 -3.4 -4.2 -4.7 -3.6 -4.9 Plus: Subsidies less current surplus of govemment enterprises............................. —. 1 , 1 2 .8 1.3 1.3 2.3 1.6 1 5 1 3 .5 .7 1.0 Equals: National income.................................... 86.8 40.3 104.2 241.1 481.9 518.1 564.3 620.8 652.9 656.9 670.9 688.1 705.4 722 0 Less: Corporate profits and inventory vafuation 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 91 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 47^4 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 96.0 227.6 465.5 497.5 538.9 586.8 628.8 633.7 645.2 662,7 678.1 694.3 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 91.9 101.6 Equals: Disposable personal income................ 83.3 45.5 92.7 206.9 404.6 438.1 473.2 511 6 546.3 550.0 559.6 574.4 586.3 592.7 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 5 542.3 555.6 Personal consumption expenditures.. 77.2 45.8 80.6 191.0 375.0 401.2 432.8 465.5 492.2 495,5 502,2 519,4 527.9 541,1 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 37.1 Disposable personal income in constant (1958) dollars......................................................... 150.6 112.2 190.3 249.6 381.3 407.9 435.0 459.2 478.0 479.5 483.7 491.8 497.1 499.2 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 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.!’ Total personal income........................... 586.8 628.8 638.0 644.9 652.6 654.9 663.0 670.0 672.6 678.2 683.7 689.2 694.1 699.7 702.2 Wage and salary disbursements........... 394.6 423.4 429.6 435.4 444.2 443.0 449.7 452.2 453.2 457.5 462.2 465.4 468.7 472.8 474.2 Commodity-producing industries... 159.4 166.6 167.6 171.0 173.0 173.1 176.6 177.0 176.7 179.3 179.9 180.6 181.1 183.3 184.1 Manufacturing only....................... 128.0 134.1 134.8 137.5 139.] 140.0 J41.6 142.2 141.6 144.3 145.6 146.0 146.3 147.8 148.6 Distributive industries....................... 93.9 100.5 102.4 103. 1 103.8 104.5 105.9 106.5 106.9 107.4 109.7 109.9 111.2 112.1 112.3 Service industries............................... 63.6 70.0 71.6 72.3 73.2 73.6 74.6 75.2 75.5 76.1 77.0 77.5 78,2 78.8 78.7 Government........................................ 77.7 86.3 88.1 89.0 94.2 91.9 92.6 93.4 94.2 94.7 95.5 97.4 98.2 98.6 99.0 Other labor income............................... 20.8 23.3 24.0 24.2 24.4 24.7 25.0 25.2 25.5 25.7 26.0 26.3 26.5 26.8 27.0 Proprietors’ income............................... 60.7 60.7 60.7 61.1 61.3 61.5 61.8 62.3 62.4 62.6 62.7 63.1 63.4 63.7 63.7 Business’and professional................ 44.8 46.3 46.5 46.8 47.0 47.1 47.2 47.5 47.6 47.8 47.9 48.0 48.0 48.0 48.0 Farm.................................................... 15.9 14.4 14.2 14.3 14.3 14.4 14.6 14.8 14.8 14.8 14.8 15.1 15.4 15.7 15.7 Rental income....................................... 19.8 20.3 20.5 20.5 20.6 20.6 20.7 20.7 20.8 20.9 20.9 21.0 21.0 21.1 21.2 Dividends................................................ 21.7 22.9 23.2 23.1 21.1 23.2 23.6 23.9 24.3 24.7 24.3 25.0 25.2 25,3 25.3 Personal interest income.................. 43.1 46.8 48.0 48.5 49.0 49.4 49.8 50.2 50.8 51.3 51.9 52.4 52.9 53.4 53.9 Transfer payments................................. 43.9 51.7 52.6 53.0 53.2 54.5 54.9 57.8 58.1 58.2 58.5 59.1 59.6 59.9 60.2 Lew;Personal contributions for social insurance......................................... 17.8 20.4 20.7 20.9 21.2 22.1 22.4 22.4 22.6 22.8 22.9 23.1 23.2 23.3 23.3 Nonagricultural income......................... 566.1 609.3 618.8 625.4 633.0 635.1 643.1 649.9 652.5 658.1 663.4 668.7 673.3 678.6 681.1 Agriculture income................................. 20.7 19.5 19.2 19.5 19.6 19.8 20.0 20.1 20.1 20.2 20.2 20.5 20.8 21.1 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

A-68 FLOW OF FUNDS □ DECEMBER 1968 SAVINGS, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) 1966 1967 1968 Transaction category, or sector 1963 1964 1965 1966 1967 II 111 IV I II III IV 1 II 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 II. Financial flows—Summary 17 Net funds raised—Nonfinan. sectors. 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 17 18 Loans and short-term securities.... 19.0 26.4 33.1 27.4 27.2 22.7 30.7 29,8 33.8 -16.1 46.8 44.2 49.9 11.3 18 19 Long-term securities and mtgs......... 39.5 40.6 39.2 42.5 55.9 60.5 31.9 20.0 40.6 60.4 57.8 64.7 51.4 63.9 19 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 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 27.0 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 7- 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 A t 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 instit............... 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. J 6.8 -J.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 . 3 .6 . 8 .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 Noth.—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

DECEMBER 1968 □ FLOW OF FUNDS A-69 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 III IV I 11 III 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 I .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 1.3 -.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 II 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 . I 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 (7.0 4.4 5. 1 9.3 17.2 21.7 18.3 10.7 12.4 13.5 (7 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 18 111. 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 .4 .8 1.4 -.3 . 1 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 .1 -.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 1 1.6 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 . 1 * * .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 - .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 11.4 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 6! 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 Net 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. I 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 71 Nonfinancial business...................... 5.0 5.1 12.2 9.9 7.4 15.2 9.6 4.7 5.8 i 1.0 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 12 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 -.3 .5 -.3 - .5 - .6 -.8 .8 -.5 - .4 . 1 74 Note.—Quarterly data are seasonally adjusted totals at annual rates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-70 U.S. BALANCE OF PAYMENTS □ DECEMBER 1968 1. U.S. BALANCE OF PAYMENTS (In millions of dollars) 1967 1968 Item 1965 1966 1967 I II HI IV T II” 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 -2,657 -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 services1..................................... 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 cur­ rency 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 Nonscheduled 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 1 14 -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, me­ dium-term U.S. Govt, securities 3............... -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 (= 1+2+3+44-5)... -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 Phis: 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 Levs ■ 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

DECEMBER 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 Up 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.............-..5..8...2.. 1 ,537 -174 441 162 1,108 -1,113 -2,181 IMF (gold deposits)...............3..4................1..7..7.... 22 17 5 g -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.........-..2..9...1.............-.5...2...5..... -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 ' 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 3 2,455 31,861 2,080 2,200 2,612 3 878 474 349 -158 Apr...................... 3 2,406 2,354 2,653 3 2,889 3 1,811 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 41,742 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 33,246 1,858 2,295 2,209 32,964 433 244 429 282 Oct....................... 2,349 2,588 2,394 32,594 1,885 2,250 2,198 32,657 464 338 196 -63 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 II 3 6,940 7,257 7,777 8,368 35,456 6,336 6,590 8,232 3 1,484 921 1,187 136 HI........................ 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 Year 5............... 26,700 29,379 31,007 421,366 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 □ DECEMBER 1968 3. U.S. NET MONETARY GOLD TRANSACTIONS WITH FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (Net sales (—) or net acquisitions; in millions of dollars at $35 per fine troy ounce) 1967 1968 Area and country 1959 1960 1961 1962 1963 1964 1965 1966 1967 III IV I II III Western Europe; Austria............................. -83 -1 -143 -82 -55 -100 -25 Belgium,.............................. -39 -141 -144 -63 -40 -83 -25 — 33 France................................... -266 -173 -456 -518 -405 -884 -601 220 240 Germany, Fed. Rep. of. .. -34 -23 -225 Ireland................’............. -1 -2 -2 -2 * -12 -32 -11 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 -25 -25 United Kingdom................ -350 -550 -306 -387 329 618 150 80 -879 -77 -771 -900 50 Bank for Inti. Settlements. -32 -36 -23 Other,................................... -48 -96 -53 -12 1 -6 -35 -49 16 19 -6 -I -22 -16 Total............................ -827 -1,718 -754 -1,105 -399 -88 -1,299 -659 -980 -58 -863 -1,195 163 213 Canada..................................... 190 200 150 100 50 Latin American republics: Argentina......................... -50 -90 85 -30 -39 -1 ♦ -5 -15 Brazil.................................... -11 -2 -2 57 72 54 25 -3 -1 * * * Colombia............................. -6 38 10 29 7 Venezuela............................ 65 -25 Other.............................. -35 -42 -17 -5 -11 -9 -13 -6 11 6 -7 -28 -7 -3 Total............................ 19 -100 -109 175 32 56 17 -41 9 6 -7 -28 -12 -18 Asia: Iraq....................................... -30 -10 -4 -21 -21 -14 -28 Japan.................................... -157 -15 -56 Lebanon............................... -21 -32 -11 -11 -1 -74 -21 Malaysia............................... -1 -10 -24 Saudi Arabia....................... -11 -48 -13 -25 -25 Singapore............................. -30 -23 -28 Other................................... -28 -57 -32 -47 12 14 -14 -15 -22 -1 -1 -15 -26 -18 Total............................. -186 -113 -101 -93 12 3 -24 -86 -44 -1 -22 -143 -146 -71 All other................................... -5 -38 -6 -1 -36 -7 -16 -22 1-166 -1 1-162 -I -15 1-51 Total foreign countries.......... -998 -1,969 -970 -833 -392 -36 -1,322 -608 -1,031 -53 -953 -1,317 - 10 73 Inti. Monetary Fund............ 2 -44 3 300 150 4-225 5177 522 5* 58 5-|l Grand total................. -1,041 -1,669 -820 -833 -392 -36 -1,547 -431 -1,009 -53 -953 -1 ,309 - 22 73 1 Includes sales to Algeria of $150 million in 1967 and $50 million in repurchase; proceeds from these sales invested by IMF in U.S. Govt, 1968. securities. 2 Payment to the IMF of $344 million increase in U.S, gold sub­ 4 Payment to the IMF of $259 million increase in U.S. gold subscription, scription, less sale by the IMF of $300 million (see note 3). less gold deposits by the IMF. 3 IMF sold to the United States a total of $800 million of gold ($200 5 Represents gold deposited by the IMF; see note 1(b) to Table 4. In million in 1956, and $300 million in 1959 and in 1960) with the right of 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

DECEMBER 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) End of year re T as s o s e t e r a t v s l e To G ta o l l 2 d st T oc re k a s 1 ury cu v fo e r C r r r e e o ti n i n b g c ­ l n e ie s p R I o M e s s in i F e ti r o v 3 n e End of month r T a e s s o s e t e r a v ts l e To G ta o l l 2 d st T oc re k a s 1 ury v c fo e C u r r r e o t r i e i n b g n ­ l n e ­ p R I o M e s s in i F e t i r o v 3 e n cies 5 1958......................... 22,540 20,582 20,534 1,958 1967—Nov.............. 15,438 12,965 12,908 2 092 381 1959 ......................... 21,504 19’507 19'456 1 997 Dec.............. 14,830 12,065 11,982 2’345 420 1960......................... 19,359 17,804 17,767 1,555 1968—Jan............... 14,620 12,003 11,984 2,176 441 1961......................... 18^753 16,947 16,889 H6 1,690 Feb............... 14,790 11,900 11’882 2,235 655 Mar. 13^926 10'703 10,'484 2’746 477 1962......................... 17,220 16,057 15,978 99 1,064 Apr........ 13,840 10,547 10,484 2,804 489 1963 ......................... 16^43 15’,596 15,513 212 1,035 May............. 14’, 348 I O’468 10 384 3,386 494 June............ 14,063 10,681 10’367 2,479 903 1964......................... 16,672 15,471 15,388 432 769 July............. 14’366 10,676 10,367 2'773 917 1965......................... 15^450 4 13,806 413,733 781 4 863 Aug.............. 14,427 10,681 10,367 2,817 929 Sept.............. 14',634 10,755 10'367 2’953 926 1966......................... 14,882 13,235 13,159 1,321 326 Oct.. 14,427 10,788 10’367 2,703 936 1967......................... 14,830 12^065 11,982 2,345 420 Nov.............. 15^60 10,897 10,367 3,655 1,108 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-I3. 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. U.S. transactions with IMF Transactions by reserve Period oth w e i r t h c o I u M nt F ries p in o s IM itio F n P s t a u d io y b o n m o s ll s c a f e r r n . i i s n p ts ­ by s g N I a o M l e e ld t s F 1 T t c f i r o o c u a i r n e r n e r s s s e i g a n i 2 n n c ­ ­ I i M d n o c F i l o n la m n rs e et D d ra o w o lla f in rs gs R d m o e e i l p n l n a a t r y s s ­ c T ha o n ta g l e Amount P q e U u r o . o c S f t e . a nt p ( e e r n io d d o ) f 3 1946—1957............................... 2,063 4 594 -45 -2 664 827 775 775 28 1,975 1958—1963............................... 1 ^031 150 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—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 I —23 178 4,683 91 477 Apr....................... 2 — 14 — 12 4,671 91 489 2 —7 -5 4,666 90 494 J une............................... -1 -408 -409 4,257 83 903 July................................ 4 -1 8 -14 4,243 82 917 Aug................................ -1 -1 1 -12 4,231 82 929 Sept,............................... 3 3 4,234 82 926 O No c v t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . -125 -T — -1 4 2 6 -1 -1 7 0 2 4 4 , , 2 0 2 5 4 2 7 8 9 2 1 ,1 9 0 3 8 6 1 Represents net IMF sales of gold to acquire U.S. dollars for use in 4 Represents a $600 million IMF gold sale to United States (1957), IMF operations. Does not include transactions in gold relating to gold less $6 million gold purchase by IMF from another member with U.S. deposit or gold investment (sec Table 6). dollars (1948). 2 Positive figures represent purchases from the IMF of currencies of 5 Includes $259 million gold subscription to the IMF in June 1965 for other members for equivalent amounts of dollars; negative figures repre­ a U.S. quota increase, which became effective on Feb. 23, 1966. In figures sent repurchase of dollars. The United States has a commitment to repay published by the IMF from June 1965 through Jan. 1966, this gold sub­ drawings within 3 to 5 years, but only to the extent that the holdings ol' scription was included in the U.S. gold stock and excluded from the dollars of the IMF exceed 75 per cent of the U.S. quota. Drawings of reserve position. dollars by other countries reduce the U.S. commitment to repay by an equivalent amount. Note.—The initial U.S. quota in the IMF was $2,750 million. The U.S. 3 Represents the U.S. gold tranche position in the IMF (the U.S. quota was increased to $4,125 million in 1959 and to $5,160 million in quota minus the holdings of dollars of the IMF), which is the amount Feb. 1966. Under the Articles of Agreement, subscription payments equal that the United States could draw in foreign currencies virtually automati­ to the quota have been made 25 per cent in gold and 75 per cent in dollars. cally if needed. Under appropriate conditions, the United States could 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. □ DECEMBER 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 institutions 3 Banks and other foreigners regional organization5 Non­ p E e o r n i f o d d Total Total p G o d o s e l i ­ d t 1 i m n G v e o e n l s d t t 2 ­ Total i i p t S n l b i i t e o a a e h b s U r n b r o t y m e k . i r r S l e s t d ­ ­ . ­ M n b G a U o a a o b o t n r . n e S k l v d e d s e t . s , 4 t ­ c m T b o U a a a i o r n u b e b n . n r v r l S a k l y e d e d e s e . s r ­ t t ­ ­ Total i i p t S n l b i i t e o a a h e b s U r n b r o t y m k e . i r r S l s t e d ­ ­ . ­ M b n G o U a o a a n o b t r n . e S k d l v d e s e s t . , 4 t ­ Total i i n p t S l b i i t e o a a e h U b s r n b r o y t . m e k S i r r l s t e d ­ . ­ ­ 6 M n b G a a U o a o o b t r n n . e S k l v d d e s e . t s , 4 t ­ notes 1957.............. 715,825 200 200 n.a. 7,917 n.a. n.a. 5,724 542 1958 ............ 716'845 200 200 n.a. 8^665 n.a. n.a. 5,950 552 1959 .......... 19*428 500 500 10,120 9,154 966 7,618 7'077 541 1,190 530 660 1960 8............ J2O;994 8 8 0 0 0 0 .............. 8 8 0 0 0 0 1 1 1 1 ,0 0 7 8 8 8 1 10 0 ,2 2 1 1 2 2 8 8 7 6 6 6 7,591 7^048 543 1,525 750 775 19618............ j22,853 8 8 0 0 0 0 .............. 8 8 0 00 0 1 1 1 1 ,8 8 3 30 0 1 1 0 0 ,9 9 4 4 0 0 8 8 9 9 0 0 8 8 ,2 3 7 5 5 7 7,759 516 1,948 703 1 .245 19628............ 8 8 0 00 0 ............... 8 8 0 0 0 0 1 12 2 ’7 7 4 1 8 4 1 11 1 ,9 9 9 6 7 3 7 7 5 5 1 1 8,359 7^911 448 2,161 1,250 911 19638............ /26,’361 800 .............. 800 1 14 4 ,3 3 8 5 7 3 1 1 2 2 ,4 4 6 6 7 7 1 1 ,2 1 1 8 7 3 ’ ’' '7 70 0 3 3' 9,’214 8,863 351 1,960 808 1,152 19648............ 28,951 8 8 0 0 0 0 ............... 800 1 is 5 ,4 4 2 2 8 4 1 13 3 ,2 2 2 2 4 0 1 1 ,1 1 2 2 5 5 1 1 ,0 0 7 7 9 9 11,001 10,625 316 1,722 818 904 1965.............. 29,115 834 34 800 15^372 13,066 1,105 i,’201 11,478 11,006 472 1,431 679 752 (29,904 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-Sept.r.. 31,223 1 ,033 233 800 14,365 12,955 911 499 15,089 14,537 552 736 528 208 Oct.r.. 32,463 1 ,033 233 800 14,893 13,381 91 1 601 15,811 15,250 561 726 519 207 Nov.r.. 33,840 1 ,033 233 800 15,940 14,321 908 711 16,111 15,564 547 756 552 204 ( 33,297 1 ,033 233 800 15,679 14,060 908 711 15,894 15,336 558 691 487 204 (33,162 1 ,033 233 800 15,672 14,053 908 711 15,771 15,213 558 686 482 204 1968-Jan.r.. 33,141 I ,033 233 800 15,232 13,804 717 711 16,185 15,615 570 691 487 204 Feb/.. 33,344 1 ,033 233 800 15,352 13,989 652 7! 1 16,323 15,730 593 636 431 205 Mar.r.. 32,517 1 ,041 241 800 14,301 12,941 549 811 16,412 15,808 604 763 558 205 Apr.r.. 33,022 1 ,045 245 800 14,397 13,037 549 811 16,749 16,137 612 831 626 205 May r,. 33,175 1 ,047 247 800 13,629 12,272 546 811 17,869 17,259 610 630 463 167 Juner. . 32,582 1 ,030 230 800 12,114 10,757 546 811 18,757 18,144 613 681 515 166 July. . . 33,148 1 ,030 230 800 12,621 11,263 546 812 18,729 18,102 621 768 608 160 Aug... . 33,609 1 ,030 230 800 12,453 11,182 509 762 19,361 18,725 636 765 605 160 Sept.1’.. 33,603 1 ,030 230 800 12,070 10,788 520 762 19,797 19,171 626 706 630 76 1 Represents liability on gold deposited by the International Monetary s Data on the two lines shown for this date differ because of changes in Fund to mitigate the impact on the U.S. gold 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. J Includes Bank for International Settlements and European Fund. Table excludes IMF “holdings of dollars,” and holdings of U.S. Treasury 4 Derived by applying reported transactions to benchmark data; letters of credit and non-negotiable, non-interest-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 are 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. 11ncludes 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

DECEMBER 1968 a INTL. CAPITAL TRANSACTIONS OF THE U.S. A-75 7. U.S. LIQUID LIABILITIES TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES, BY AREA (Amounts outstanding; in millions of dollars) End of period c f o o T u r o e n t t i a g ri l n e s E W u e ro s p te e rn 1 Canada A re m L p e a u r b t i i c n li a c 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 >20 160 178 1965.............................................................................................. 15,372 8,608 1,528 1 497 3,300 194 245 1966 3......................................................................................... /13.6OO 7,488 1,189 1,134 3,284 277 228 U3,655 7,488 1,189 1,134 3,339 277 228 1967 Sept.r.............................................................................. 14 365 8 649 903 1 179 3,167 224 243 Oct.r............................................................... 14’893 9 065 968 1 *214 3,166 228 252 Nov. r.............................................................................. 15’940 10’257 901 1 261 3 048 224 249 Dec.r............................................................................... 15 *672 9 872 996 1131 3,171 249 253 1968—Jan.r.....................................-......................................... 15.232 9,373 1 091 1 210 3 082 229 247 Feb.r............................................................................. 15,’352 9,179 1 ’ 403 r 170 3,112 272 216 Mar r..................... . 14 301 8 881 ’851 1’174 2 953 230 212 Apr.r.................. ................................. 14,397 8,624 1 ,040 1'371 2,886 247 229 Mayr........................................................................ 13 >29 7'908 1 035 1 380 2,820 251 235 Juner...... -...................... 12,114 7,034 '671 1 197 2,763 259 190 July.................................................................................. 12’621 7,041 709 1 528 2,874 284 185 Aug.. .............................................■............................ 12,453 6 838 780 1 432 2,956 242 205 Sept?’.............................................................................. 12,’070 6,951 438 1 J96 2,980 293 212 * Includes Bank for International Settlements and European Fund. with those shown for the preceding date; figures on the second line arc 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 p e o n n d e t n h c e ie t s w i o n L lin a e t s in 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 r n e t p s o h rt o e r d t - b te y r m ba n li k a s b i 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 , a in n s d t it f u o t r i e o i n g s n 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. SHORTTERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) International and regional Foreign Other E pe n r d io o d f G to r t a a n l d 1 Total 1 Intl.i gi R on e­ al2 Total O cia ff l i­ 3 Other Europe Canada Am La e t r i i n c a Asia Africa c t o ri u e n s ­ 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—Oct.r.............. 29,950 1 ,319 1 ,191 128 28,631 13 ,381 15,250 15,834 2,688 4,121 5,352 332 305 Nov.r............. 31’237 1 ,352 1 .221 131 29'885 14,321 15*564 17,142 2>I3 4,221 5,281 328 300 Dec.4 r...... > J 3 0 0 , 5 > 4 83 8 I 1 , ,2 2 8 8 2 7 1 1 , , 1 1 8 8 1 1 1 10 0 1 6 2 2 9 9 , > 2 9 6 6 6 1 14 4 , > 0 6 5 0 3 1 1 5 5 , , 2 3 1 3 3 6 1 1 6 6 , , 3 1 7 9 8 9 2 2, ; 7 7 0 0 9 6 4 4 , , 1 14 3 0 7 5 5 , , 5 5 1 6 8 7 3 3 4 4 9 9 3 3 0 0 5 5 1968—Jan.r.............. 30,706 1 ,287 1,190 97 29,419 13,804 1 5,615 16,033 3,101 4,194 5,458 326 307 Feb.r............. 30,950 1 >31 1,117 114 29>19 13,989 15'730 16,129 3,201 4,126 5 >48 434 281 Mar.r............. 30 107 1 ,358 1 266 92 28,749 12.941 15,808 15,861 2,791 4,075 5 ,401 339 282 Apr.r............. 30,600 I ,426 I ,334 92 29 J 74 13 ,037 1 6'137 15 ,846 2,943 4 '299 5 ,430 366 290 Mayr............. 30,794 1 .263 1,174 89 29,531 12,272 17,259 16,149 3'055 4,289 5,362 371 304 Juner............. 30’216 1 '315 1 ,219 96 28,901 10,757 18,144 15,857 2 >42 4,174 5,396 370 262 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................ 31’312 1 '405 1 ,297 108 29,907 11’. 1 82 18'725 16,075 3,140 4,403 5,669 356 264 Sept.J’....... 31 ,’389 1 330 1 ,318 112 29'959 10,788 19’ 171 16,557 2,747 4,263 5 >06 405 280 Oct.7’.............. 31 ,780 1 ,524 1 ,404 120 30,256 10 >27 19,429 16,368 3,015 4,405 5,815 369 283 8a. Europe Ger­ E p n e d ri o o d f Total Austria B b L e o u l u x g e r iu g m m 5 ­ - m De a n rk ­ l F a i n n d ­ France m F a e n d y . , Greece I taly N l e an th d e s r­ Norway Po g r a t l u­ Spain Sweden Rep. of 1966.... 13,933 196 420 305 58 1 ,070 2,538 129 1 ,410 364 283 358 162 656 1967—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 / 16,378 231 601 243 99 1 ,326 2,218 170 1 ,948 589 449 437 150 492 Dec.4.. ( 16,199 231 632 243 99 J ,330 2,217 170 I ,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 Oct.7’.. 16,368 153 424 130 155 1 ,174 1 ,865 176 1 ,077 277 395 319 165 534 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. □ DECEMBER 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 it n z 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 Ar ti g n e a n­ Braz'd Chile Co b lo ia m­ Cuba Mexico 1966.................. 1 ,805 43 3,817 37 234 8 40 3,883 418 299 261 178 8 632 1967—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. . ( 1 1 1 , , 7 7 3 3 2 2 3 33 3 4 4 , , 8 6 5 6 1 7 2 23 3 7 70 3 6 6 8 8 4 44 4 4 4, , 1 1 3 4 7 0 4 4 7 8 9 0 2 2 3 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 6,841 59 350 4 26 4,289 473 310 241 190 8 813 June..., 1,741 25 7,027 51 297 5 40 4,174 429 258 245 201 8 789 July. . .. 1,863 22 7,053 20 401 6 32 4,486 642 248 254 182 8 817 Aug..... 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 Oct.?.. . 1,741 31 7,244 28 439 4 38 4,405 463 285 287 219 8 849 8b. Latin America—Continued 8c. Asia E pe n r d io o d f Panama Peru U gu r a u y ­ V zu e e n l e a ­ O L re t . h A p e . . r B B e a r h m & am u d a a s A S n u N ti r o l i l n e th a s . m & A O m La t e h t r i e n ic r a Total C M la h a n in i d n a ­ H Ko o n n g g India n d e In s o i ­ ­ a Israel 1966................... 150 249 161 707 522 177 104 17 5,250 36 142 179 54 115 1967—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 )170 274 147 793 523 233 111 18 5,518 36 215 354 34 137 V70 274 147 793 523 233 111 18 5,567 36 217 354 34 137 1968—Jan.r. .. 160 281 143 851 512 276 108 18 5,458 37 228 329 40 125 Feb.L .. 153 267 152 770 559 252 89 17 5,548 36 226 351 42 146 Mar.T. . 137 259 143 730 579 242 86 19 5,401 37 228 319 39 122 Apr. r. . 136 276 140 814 603 242 90 25 5,430 36 221 342 46 131 Mayr... 142 272 144 780 579 226 86 25 5,362 36 238 368 41 140 June r... 150 278 138 742 592 220 100 25 5,396 36 243 384 74 139 July.. . . 151 268 133 797 623 245 91 27 5,542 36 260 376 51 146 Aug....... 147 278 140 792 621 234 86 28 5,669 36 255 394 51 148 Sept.?... 156 275 142 723 608 254 92 29 5,706 36 261 393 55 164 Oct.?... 165 265 145 777 568 258 85 30 5,815 38 255 370 52 163 8c. Asia—Continued 8d. Africa 8e. 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 o K a n i s n g a o ­ ) r M oc 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-—Oct. 2,519 193 273 229 663 805 332 16 32 59 15 210 305 280 25 Nov.......... 2,458 203 286 220 629 802 328 13 26 63 17 209 300 270 30 /2,563 176 289 226 630 858 349 33 18 61 16 221 305 278 27 (2,612 176 289 222 630 859 349 33 18 61 16 221 305 278 27 1968-—Jan.r..... 2,508 195 296 216 655 830 326 30 17 61 18 201 307 280 27 Feb.’'. . .. 2,559 181 291 211 661 843 434 30 22 53 15 315 281 249 33 Mar.r.. . . 2,551 174 289 209 669 764 339 28 22 57 17 215 282 253 29 Apr.r.... 2,555 185 285 196 692 740 366 27 14 54 19 252 290 265 25 Mayr.... 2,482 178 265 197 690 729 371 25 10 60 20 257 304 279 25 June r. . .. 2,537 172 268 196 692 655 370 21 21 47 19 261 262 233 29 July.......... 2,661 178 269 206 687 671 397 22 20 51 19 284 247 221 25 Aug.......... 2’,827 179 262 201 687 627 356 18 19 52 21 246 264 240 24 Sept.?... . 2,860 168 258 188 686 637 405 16 18 51 20 300 280 255 25 Oct?........ 3,094 172 259 179 639 593 369 13 14 49 20 274 283 256 27 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. * 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

DECEMBER 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—Cont.: Cyprus............................................. 1.7 1.5 1.7 20.9 Jordan....................... 39 7 45 2 39 8 O. O 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 5 3 6 4 0 Luxembourg................................... 25.3 21.7 31.3 (’) Lebanon...................................... 1003 112*2 113*3 97 2 Malaysia........................................ 38.3 34^9 63 9 52 1 Other Latin American republics: Pakistan...................................... 49.2 45 3 54*8 54'1 Bolivia............................................. 66.9 57.9 59.9 61.0 Ryukyu Islands (incl. Okinawa) 1 5 9 312 14*5 Costa Rica...................................... 34,6 41.9 42.6 55.0 Saudi Arabia .. 176 1 96 4 61'2 . ~> Dominican Republic.................... 53.2 53.9 55.1 60,2 Singapore...................................... 34,6 60 3 159 5 1 56 9 Ecuador.......................................... 86.3 92.4 85.6 64.1 Svria................................, 3 4 4*7 6 3 6 5 El Salvador..................................... 68.9 96’4 72.8 83,6 Vietnam....................................... 132.'o 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........................................ 113 13 4 6 0 7 9 Jamaica........................................... 11.7 19.3 22.4 Ethiopia, (incl. Eritrea)... 53 5 40'2 23,8 22 5 Nicaragua....................................... 72.8 62.7 45.6 57.9 Ghana......................................... 6.9 5'3 4*3 13 0 Paraguay ....................................... . 14.9 16.6 12.7 13.6 Kenya............................................ 1.2 2'1 1 6 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 British West Indies........................ 14.6 14.2 13.8 20.6 Southern Rhodesia...................... 2.7 3 3 2 4 4 Sudan......................... 3.4 6.7 23 2 1 Other Asia: Tanzania........................................ 6 5 9.1 20*3 Afghanistan................................... 9.5 7.8 5.5 5.6 Tunisia........................................... 1.1 1 0 103 2J) 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*9 248 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 »Included with Belgium. exclude also U.S, Treasury letters of credit and non-negotiablc, non­ interest-bearing special U.S. notes held by the Inter-American Develop­ Note.'—Short-term liabilities are 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 in foreign 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—Oct.r.................. 29,950 25,686 9,846 3,952 8,117 3,771 3,983 1 577 1 ,999 84 322 282 Nov. 31'237 26*930 9'994 3*847 9*444 3 644 4 077 1 630 2,047 76 324 231 Dec.4''................ 30*683 26,326 10,054 3*754 9 093 3 *425 4’128 1 ,*693 2’052 81 302 229 30,548 26*191 9^884 3*747 9’093 3*467 4,128 1 ,693 2,057 81 297 229 1968—Jan.r................... 30,706 26,369 10,148 3,672 8,867 3,681 4,046 I ,576 2,083 103 283 291 Feb.r.................. 30,950 26,551 10,203 3,594 8 943 3 812 4 091 I 581 2 090 104 315 308 Mar.r................ 30,107 25,699 10,*487 3,453 8,098 3,661 4,085 1 ,585 2,055 101 344 323 Apr. ’.................. 30*600 26,221 10*750 3*515 8*047 3,909 4,080 1 *607 2*059 86 327 300 May r.................. 30*794 26'419 11 ,963 3,408 7*082 3 967 4 055 1 *582 2,048 88 337 320 Juner.................. 30*216 25,718 12,313 3; 343 6,067 3,996 4,174 1 ,694 2,050 88 342 323 July..................... 30*773 26*147 12,466 3*426 6*031 4*224 4*114 1 *613 2,070 79 352 512 Aug...................... 31 ,312 26^675 12^941 3,484 6*171 4*079 4,129 1 ,581 2.071 81 395 509 Sept.^.................. 31,389 26,635 12,925 3,490 6'111 4,110 4,203 I ,641 2 116 78 368 551 Oct. J’................... 31 *780 27'032 13,328 3,365 6*328 4,011 4*196 1 ,596 2,140 77 383 553 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. □ DECEMBER 1968 10. ESTIMATED FOREIGN HOLDINGS OF MARKETABLE U.S. GOVERNMENT BONDS AND NOTES (End of period; in millions of dollars) 1967 1968 Area and country 1966 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept,? OctJ’ 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 11 11 11 11 11 11 France................................... 7 7 7 7 7 7 7 7 7 7 7 7 7 7 Germany.............................. 1 1 1 2 2 2 2 2 2 2 2 1 1 1 Italy................................ 2 9 9 9 9 6 6 6 6 6 6 6 6 6 Netherlands......................... 5 5 5 5 4 4 4 4 4 4 4 4 4 4 Norway................................ 51 51 51 51 51 49 49 49 46 46 46 27 27 27 Spain..................................... 2 2 2 2 2 2 2 1 1 1 1 1 1 1 Sweden................................. 24 24 24 24 24 24 24 26 26 26 26 6 6 6 Switzerland......................... 93 91 91 91 91 92 91 91 92 91 91 90 90 90 United Kingdom................ 348 383 371 380 390 415 423 431 427 432 445 455 449 444 Other Western Europe.... 49 51 51 51 51 51 38 38 39 38 38 38 38 38 Eastern Europe.,...,..,. 7 7 7 7 7 7 7 7 7 7 7 6 6 6 Total 605 646 634 643 652 674 669 677 671 674 686 655 649 644 Canada 692 716 715 716 527 463 378 377 377 377 376 374 371 370 Latin America: Latin American republics.. 8 6 6 6 6 6 5 5 5 5 5 5 5 5 Other Latin America.......... 19 18 18 18 20 20 20 19 19 19 22 24 24 24 Total 25 24 24 24 25 26 25 24 25 25 27 29 28 28 Asia: Japan.... 9 9 9 9 9 9 9 9 10 10 10 10 10 10 Other Asia 42 54 54 54 54 54 54 54 54 54 54 52 63 63 Total 50 63 63 63 63 62 63 63 63 63 63 62 73 73 Africa 15 22 19 19 19 19 19 19 19 19 19 24 24 24 Other countries Total foreign countries. 1,388 1,472 1,455 1,466 1,287 1,245 1 ,153 1,161 1 ,156 1,159 1,173 1,145 1,146 1 ,140 International and regional: International................... 250 169 169 168 168 168 168 168 129 (29 (22 122 37 29 Latin American regional,,. 75 38 35 35 36 36 36 36 37 37 38 38 38 3 8 Other regional................ 1 1 1 1 1 1 1 1 1 1 1 1 1 Total 325 207 204 204 204 ' 205 205 205 166 167 160 160 76 68 Grand total 1,713 1,679 1,659 1,670 1 ,491 1 ,450 1 ,358 1,366 1 ,323 1,325 1,333 I ,305 1 ,222 1 ,208 Note.—Data represent estimated official and private holdings of mar­ monthly reports of securities transactions (sec 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 Italy 2 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 1965............................................ I ’692 484 299 160 25 1 ,208 101 30 602 125 257 93 1966............................................ 695 353 144 184 25 '342 25 30 50 125 111 1967-—Nov................. 1,563 516 314 177 25 ! ,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 2(1 Feb.................................. 1 479 307 114 168 25 1,172 50 60 726 125 211 Mar................................ 1 879 606 414 167 25 I '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 I ’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 Aug................................ 2,595 1 122 12 914 10 146 15 25 11473 50 60 926 125 311 Sept................................. 2 865 1 ’392 12 1 ,164 20 146 15 25 10 1 1473 50 60 926 125 311 Oct.................................. 2,996 1,397 12 1,164 20 146 (5 25 15 1,598 50 60 1,051 125 311 Nov................................. 2,969 1,376 12 1 J34 20 (46 15 25 18 1,598 50 60 1 1051 125 3H .......... 1 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; $114 million equivalent were issued to a group of German commercial hanks in million, Nov. 1967 through Oct. 1968; and $84 million for Nov. 1968. June 1968. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 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................................................................................... P.W2 * 1,201 593 2^288 3,343 139 67 (7,734 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—Oct.r........................................................................ 8 261 1 ,268 558 2 554 3 704 108 70 Nov.r........................................................................ 8 346 ♦ 1 224 550 2 603 3*791 107 71 Dec. t r,.................................................................. / [ 8 8 , , ' 6 5 0 8 6 3 * * 1 I , , ’ 2 2 3 3 8 4 5 59 9 7 7 2 2, ; 7 7 0 0 7 7 3 3, ^ 8 7 9 5 4 1 1 0 02 2 6 67 7 1968—Jan.r......................................................................... 8 434 1 138 540 2 687 3 899 101 70 Feb.r........................................................................ 8*528 * 1 *133 5 33 2*716 3 *957 117 71 Mar.r............................................... 8 *387 1 *060 513 2 *696 3 *944 106 68 A M p a r y .r . r.......................................................... 8 8* * 3 3 3 9 1 5 * * 1 1 , J 1 5 01 6 4 47 9 9 6 2 2* * 6 6 9 9 9 6 3 3 *9 8 3 13 2 1 1 0 1 5 6 6 6 5 8 June.r..................................................................... 8 244 J 1 101 479 2*705 3 776 120 63 July........................................................................... 8,182 1 1,019 501 2*738 3,735 124 64 Aug.......................................................................... 8,232 1 1 007 490 2 814 3,731 120 70 Sept 15 .... . . . 8 314 1 103 480 2*833 3 708 119 Oct.”........................................................................ 8^427 * 1 J 63 M3 2^868 3,*686 129 69 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 ­ m De a n rk ­ l F an in 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 ug o a r­ l Spain S d w en e­ 1964................................. 1 ,230 11 48 26 84 81 152 10 114 36 43 23 40 49 1965 1............................. / H 1 , , 2 2 0 0 1 8 8 8 5 5 2 2 3 37 7 8 87 7 7 7 2 2 1 1 9 9 0 0 1 1 3 3 1 11 1 0 0 3 38 8 5 51 1 2 26 6 5 5 0 0 5 5 2 2 1966 1. ........................... / l 1 1 , .3 3 2 66 4 1 1 6 6 6 6 7 7 6 62 2 9 9 1 1 7 73 4 2 2 1 2 5 7 1 16 6 1 1 1 08 0 4 4 0 0 7 7 6 6 4 41 1 6 67 7 7 75 4 1967—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 ........ . fl.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 32 77 74 140 19 55 37 55 19 53 58 Mar..................... 1 060 7 58 39 77 59 116 14 58 31 55 16 76 59 Apr,.............. 1 101 7 57 30 77 66 113 17 65 38 59 16 73 61 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 Aug.................... i ’607 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 Oct.”................... 1,163 5 42 33 64 90 145 12 96 42 44 14 41 67 12a. Europe—Continued 12b. Latin America Switz­ United Other Other Co­ End of period la e n r­ d T k u ey r­ K d i o n m g­ Y sl u a g vi o a ­ E W u e r s o t p e e rn 3 U.S.S.R. E E u as ro te p r e n Total Ar t g in e a n­ Brazil Chile lo b m ia ­ Cuba M ic e o x­ 1964................................... 111 37 310 16 20 * 20 2,235 203 126 176 338 17 644 1965 1............................... 1 1 7 7 3 3 4 4 2 2 2 2 1 1 0 6 2 2 8 8 2 28 8 6 6 2 27 7 2 2 , , 2 2 8 9 8 3 2 2 3 3 2 2 9 94 4 1 1 7 7 4 4 2 2 7 7 0 0 1 16 6 6 6 6 7 9 4 1966 1............................... / 1 8 8 3 8 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 8 9 3 30 0 5 8 1 1 6 6 7 7 5 6 7 7 1967—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 15 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 11 ♦ 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...................... 78 28 241 1 5 12 I 23 2^814 206 347 174 195 14 971 Sept.”................... 93 30 267 17 11 1 20 2 833 211 339 177 195 14 957 Oct.”..................... 87 27 300 17 17 2 19 2,868 228 348 181 201 14 937 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. □ DECEMBER 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 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 ­ r O l e L ic p t . h s A u e b . r ­ m B m B a u & e a h d r s a a ­ ­ A N S n n e a t u & i t m l r l h i e ­ . s A O L m a i t c h t a e i e n r r ­ Total C M la h a n in i d n a ­ H Ko o n ng 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 1965 1................ / [ 5 5 9 9 1 1 7 7 0 0 4 4 5 5 2 22 2 0 0 2 25 5 0 0 5 5 3 3 1 1 4 4 2 23 3 3 3 , '3 3 4 5 3 8 1 1 2 2 9 9 1 1 7 7 2 2 86 19661................ Z 1 8 85 4 2 2 1 1 1 2 4 4 5 5 2 2 2 2 6 0 2 26 7 1 2 6 61 1 1 1 8 8 1 1 7 6 3 3 , , 1 2 3 0 5 6 1 1 3 3 1 1 1 1 6 6 6 6 9 9 8 8 1967-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 1 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.... . 50 199 45 211 278 93 14 16 3,731 1 27 13 22 56 Sept.7’ .. 50 198 56 220 277 108 14 16 3,708 1 29 19 26 56 Oct.7'. .. 57 195 61 211 269 130 19 15 3,686 1 28 17 20 55 12c. Asia—Continued 12d. Africa I2e. 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 So fr u ic th a ( U E . g A y . p R t) . A O f t r h ic e a r Total A t l r u i a a s ­ ­ o A th U e r 1964. 2,810 21 203 9 65 82 131 1 2 20 42 67 64 48 16 19651 1 /2 2 , , 7 76 5 8 l 2 2 2 2 2 2 3 3 1 0 1 1 5 5 8 82 2 1 1 0 0 8 7 1 13 3 9 9 I 2 2 3 34 4 4 43 3 6 6 0 0 6 6 7 7 5 5 2 2 1 1 5 5 J2,502 31 220 14 81 134 147 2 50 25 69 62 52 10 19661 \2,572 31 220 15 81 135 147 1 2 50 25 69 62 52 10 1967—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 Dec J / \3 3 , . 1 1 5 4 4 7 5 5 9 9 2 3 9 0 5 3 3 3 7 7 1 1 0 0 0 0 1 13 3 8 7 1 1 0 0 2 2 1 1 2 2 3 3 7 7 1 1 1 1 5 5 2 2 6 6 7 7 5 5 4 4 1 13 3 1968—Jan... 3,181 48 298 41 106 127 101 I 2 37 12 49 70 58 13 Feb.. . 3,213 52 313 44 107 129 117 1 3 39 11 64 71 59 12 Mar.. . 3,213 54 313 44 92 130 106 I 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... 3,007 51 291 40 95 130 120 3 4 42 13 58 70 57 14 Sept?’. 2,966 59 300 36 93 123 1 19 2 3 44 12 59 72 57 15 Oct?’. 2,974 68 248 38 95 142 129 5 3 45 9 67 69 56 13 1 Data on the two lines shown for this date differ because of changes in Note.—Short-term claims are principally the following items payable reporting coverage. Figures on the first line are comparable in coverage on demand or with a contractual maturity of not more than 1 year: loans with those shown for the preceding date; figures on the second line are made to, and acceptances made for, foreigners; drafts drawn against comparable with those shown for the following date. _ foreigners, where collection is being made by banks and bankers for 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

DECEMBER 1968 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A-81 13. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Payable in dollars Payable in foreign currencies Loans to— Foreign End of period Total Total Total O in f s fi t c it i u a ­ l Banks Others C s t o t o i a o u l n n le t d s ­ c ­ ­ f A o m o a c r f n a c c d a e f e e o c p s c r t ­ ­ t, Other Total D w e e i i t g p h n o f e s o r i s r ts ­ g c c a o u o n v r d m i t t , i e ] f s , i s e ­ , ­ Other tions! ing eigners n p a a n p c e e r 1964............................... 7,957 7.333 2,773 221 1 ,403 1,150 1 ,135 2,621 803 624 336 187 102 1965 2............................. / 0 7 , , 7 6 3 3 4 2 7 7 , , 1 2 5 4 8 3 2 2 , , 9 9 6 7 7 0 2 2 7 7 1 1 1 1 , , 5 5 6 6 7 6 1 1 J ,1 3 3 0 2 1 1 , . 2 2 6 7 8 2 2 2, , 5 5 0 0 1 8 4 4 2 9 2 2 4 49 7 2 4 3 3 2 2 5 9 5 6 4 8 9 9 5 6 1966 2............................. P 17 .8 ,8 1 5 9 3 7 7 , , 3 4 9 3 9 3 3 3, , 1 1 4 3 1 8 2 2 5 5 6 6 1 1 , , 7 7 3 3 9 9 1 1 , , 1 1 4 4 3 5 1 1 , , 3 2 6 8 7 8 2 2 , , 4 5 5 4 0 0 4 4 4 6 3 4 4 4 2 2 0 0 2 2 4 4 1 0 7 7 0 0 1 1 1 1 0 0 1967—Oct r.................. 8,261 7,828 2,963 270 1 ,556 1,138 1 456 2,899 510 433 293 61 79 Nov.r................. 8,346 7,936 3,019 264 1 ’566 1,190 1 ’,508 2,942 467 410 269 71 70 Dec.2’’............. 8,583 8,158 3'137 306 1 ' 603 1 '228 1 ,51 1 3 013 498 425 287 74 63 8; 606 8,182 3,150 306 1 />16 1 '228 1 ,552 3,013 467 425 287 74 63 1968—Jan '.................. 8,434 8,031 3 059 296 1 ,554 1,209 1 560 3 025 387 403 261 70 72 Feb.r......... 8,528 8,162 3 J 52 305 1 '650 1,198 1 ’,628 2’978 403 366 254 55 57 Mar.r.. ............. 8'387 8 ,’062 3 ’031 308 1 '525 1 '198 1 630 2,991 410 325 219 50 56 Apr.r................. 8’395 8',048 3,022 280 1 ’561 1,180 1 ,612 3,016 399 347 240 50 57 May r................. 8,331 8,010 3 076 270 1 ,619 1,187 1 610 2'886 438 321 220 48 53 J uner......... 8’244 7’919 3’041 288 I ,604 1,149 I ’615 2*796 467 325 228 43 55 July.................... 8,182 7,843 3,004 287 1 '569 1,148 I 586 2,’787 467 338 230 51 57 Aug.............. 8^232 7,906 3^024 300 1 ,573 1 J52 1 ;606 2,824 452 326 225 46 55 Sept,”................ 8'314 7,968 3,190 302 1 ,729 1,158 1 ,625 2’745 409 346 250 36 60 Oct.?’.................. 8^427 8,029 3,151 267 1 ,705 1 J79 1 ,657 2'773 448 398 306 38 54 i Includes central banks. with those shown for the preceding date; figures on the second line are 2 Data on the two lines shown for this date differ because of changes in comparable with those shown for the following date. reporting coverage. Figures on the first line are comparable in coverage 14. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES (Amounts outstanding; in millions of dollars) Liabilities Claims Type Country or area End of period Foreign n I a n ti t o e n r­ al Payable in dollars Payable Total c t o ri u e n s ­ reg a i n o d n al Total Loans AH fo c re i u n i r g ­ 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 O c tr o i t e h u s e n r ­ * other rencies 1964................ 310 204 106 4,285 3,995 288 1 87 1,632 327 1 ,275 430 255 278 1965................ 513 203 311 4,517 4,211 297 9 86 1,506 358 1,296 445 391 436 1966................ 1,494 988 506 4,180 3',915 247 18 70 I ,143 326 1 ,346 326 409 562 1967-—Oct.r.. 2,293 1 ,667 626 3,994 3,708 271 15 52 856 391 1 ,534 204 408 549 Nov.r.. 2,357 1,697 660 3,975 3,691 267 17 51 825 391 1 ,555 193 416 545 Dec.r.. 2,517 1 ,828 689 3,925 3,635 274 15 56 720 427 1 ,556 180 449 537 1968-—Jan.r., 2,518 1 ,835 683 3 ,914 3,593 308 12 57 708 430 1 ,519 176 491 533 Feb.L. 2,542 1 ,862 679 3,859 3,535 314 10 55 684 414 1 ,477 175 515 539 Mar.f.. 2,583 1 ,949 634 3,785 3,462 312 1 1 54 671 415 1 ,441 172 522 509 Apr.r.. 2,627 2,002 625 3,849 3,509 330 1 1 65 661 435 1 ,450 162 553 523 Mayr.. 2,725 2,045 680 3,791 3,432 348 11 65 632 429 1 ,442 151 553 518 Juner.. 2,751 2,095 656 3,736 3,377 348 1 1 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... ■ 2,716 2,087 629 3,610 3,256 342 12 70 519 414 1 ,399 138 567 502 Sept.1’,. 2,853 2,224 629 3,574 3,218 345 12 71 506 418 1 ,387 136 558 498 Oct*,, 2,955 2,303 652 3,645 3,284 347 13 71 495 416 1 ,417 132 620 493 i Includes Africa. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-82 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ DECEMBER 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 r -43 -121 78 45 33 10,275 9,205 1 ,070 2,024 3,187 -1,163 880 1 ,037 -157 1967—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.r. 10 * 10 10 1 ,038 795 243 120 262 -142 94 155 -61 1968—Jan.'. -178 1 -179 -191 13 1,169 858 311 81 276 -196 68 79 -11 Feb.'. -42 * -42 -65 23 1 ,059' 703 356 160 266 -105 70 80 -10 Mar.' -92 * -92 -103 11 1,114 822 292 323 415 -92 114 148 -34 Apr.r. 8 8 8 1 ,325 1 ,004 321 161 370 -209 73 79 -6 Mayr. -44 -39 -5 -3 -2 1 ,811 1 ,336 475 305 185 120 87 110 -22 Juner. 3 2 -1 3 1,459 1,130 329 105 237 -131 94 113 -19 July'. 8 -6 14 14 1,440 1 ,059 381 167 253 -86 81 83 -2 Aug... -28 -28 -36 8 1 ,291 993 298 141 225 -84 100 187 -87 Sept.1' -83 -85 2 11 -9 1 ,206 899 306 114 225 -111 97 189 -92 Oct?’. -14 -8 -6 * -6 1 ,807 1 ,450 357 446 687 -241 216 154 62 i Excludes nonmarketable U.S. Treasury bonds and notes issued to Also includes issues of new debt securities sold abroad by U.S. corpora­ official 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 ,070 757 313 182 427 -452 229 385 305 1 15 79 34 17 136 1967 Oct,., 188 58 -246 12 47 — 302 28 — 213 6 24 3 * — 8 Nov... -39 139 -178 9 55 -221 37 -120 49 8 1 1 * 11 3 Dec.'. 243 161 82 12 87 13 32 144 32 44 23 * 3 __4 1968—Jan.'. 311 169 141 18 106 12 74 209 62 17 5 3 1 14 Feb.'. 356 71 285 32 84 118 91 325 24 -6 5 8 Mar.r. 292 261 31 10 45 7 268 330 29 -13 5 1 * -59 Apr.r. 321 277 44 22 120 19 22 182 81 35 16 * 7 May'. 475 90 385 42 96 166 159 464 22 23 12 • 1 -46 June'. 329 191 138 16 118 75 26 235 52 19 19 3 July'. 381 217 164 36 177 (7 60 289 62 8 20 1 -1 Aug... 298 75 222 32 68 50 126 276 8 -4 8 -1 ♦ 10 Sept.”. 306 145 161 31 57 16 85 188 30 4 16 -1 69 Oct.”. 357 204 153 14 127 11 60 212 25 12 -9 * 3 115 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 a broad by U.S. corporations organized to finance direct investments abroad. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1968 o 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) Inti, Total Period Total g a i r o n e n d ­ a l c e t f o r o i i g u e r n n s ­ ­ r E op u e ­ C a a d n a ­ A L i m a c t a e in r­ Asia r A ic f a ­ O c t o r t i h u e e s n r ­ E pe n r d io o d f Deposits U.S. A s G s o e v ts t . i n c E us a t r o m d a y rked securities1 gold 1964.................... -728 -140 -588 163 -670 -36 -77 7 25 1965.................... -953 -164 -788 108 -659 -55 -131 3 -54 1964.............. 229 8,389 12,698 1966.................... -685 -171 -514 214 -726 -9 -7 16 -2 1965.............. 150 8,272 12,896 1967.................... -1,320 -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 Nov..... — -1 - 2 4 4 0 4 4 3 -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 - 9 1 14 -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,r. . . -126 -33 -92 -28 -9 -40 14 -31 2 Apr... 140 8,763 13,614 A M p a r y . . r . . .. . .. . . . . -21 9 5 7 -5 13 4 7 -1 -4 61 0 -13 6 -1 -3 5 7 9 - - 8 6 -2 18 -4 2 1 J M u a n y e . . . . 4 1 2 53 2 7 8 , , 6 32 7 8 6 1 1 3 3 , , 6 2 4 3 5 2 Juner.... -150 2 -152 8 -103 -27 -20 -12 2 July.. . 202 7,609 13,281 July.... -88 -14 -74 53 -56 -60 -7 -4 Aug... 127 7,590 13,357 S O e c p t t . . ” ?’ . . . . . . . - - - 2 1 1 7 0 7 9 4 2 -2 - - 1 1 1 3 8 8 - -1 1 8 5 3 5 9 9 - - 5 6 7 8 9 9 - - - 6 5 9 1 5 2 -3 -2 4 6 -2 - - 7 8 1 - 1 1 6 ♦ 2 * * N S O e o c p t v . t . . . . . . . . . 2 1 1 2 0 9 0 0 2 9 7 7 , , , 6 7 9 7 7 5 3 7 6 1 1 13 3 3 , , , 1 0 1 5 8 5 1 7 9 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 tn 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 1 ,909 Oct. 4. . . ....................... 4,047 4 784 Feb 26............................ 1 ,077 May 25............................. 2'003 11,........................... 4 >93 ' 8............................. 5’235 Mar. 25............................ 1 ,046 1 '951 18............................. 4 >35 15............................. 5*426 25............................. 4,322 22............................. 5’968 Apr 29............................ 1,146 July 27............................. 2,786 29............................. 5>88 1 132 3’134 Nov. 1............................. 4,320 *917 Sept 28 .......................... 3 >72 8............................. 4,560 6 053 15............................. 4,623 12 July 29 . 1 008 Oct. 26 ., . . . . 3 ,671 22............................. 4,864 19 6 203 1 * 166 Nov. 30 ., . 3 ,786 29............................. 4,206 26 6241 Sept. 30............................ 1 >66 Dec. 28............................. 4,036 4 480 1 3 4* 634 July 3............................. 6,816 Oct. 28............................ 1,198 1967 20 4 ^65 10............................. 6,959 Nov. 25............................ 1 ,380 77 4241 17............................. 6,678 Dec. 30........................... 1,183 3,653 24............................. 6 681 1965 F M e a b r . . 2 2 2 9 .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 3 3 ' > 3 1 9 2 6 1 >Oo 31............................. 6 >83 Inn 3 4 1 ST Aug. 7............................. 6,688 Jan. 27............................. 1,358 Apr. 26............................. 3,047 14............................ 6,836 Feb. 24............................ 1 ,'592 May 31............................. 2,776 10 21............................. 6 >67 Mar. 31............................ 1 ,431 June 28............................. 3,166 1 7 28............................. 7 >25 24............................. 4,516 Apr. 28............................ 1 ,433 July 26............................ 3,660 31 Sept. 4............................. 6,984 1 ,432 11............................. 7 373 1 ',436 July 5........................... 3,078 Feb. 7............................. 4,352 18...................... 7*599 " 12............................. 3 >04 14............................. 4’474 181.......................... 7*610 July 28............................ 1 ,572 19..................... 3,558 21............................. 4 >39 25............................. 7 >31 1 >92 26........................... 3 >60 28............................. 4,530 Sept. 29............................ 1 ,611 Oct. 2............................. 6 914 A ug. 2............................. 3,370 Mar, 6............................. 4,513 9........................... 6*887 Oct. 27............................. 1,719 “ 9............................. 3 >69 13............................. 4 805 16........................... 7*240 Nov. 24............................ 1 ,697 16............................. 3,877 20............................. 4 430 23............................. 7 504 Dec. 29........................ 1,345 23............................ 4,031 27............................. 4 >20 30............................. 7 >80 30............................. 3 >76 1966 3 848 Apr. 3. .. ................... 4 768 6 961 I ,688 ‘ 13............................. 3 >40 ‘ 10............................. 4*606 B .......................... 7*180 Feb. 23............................. 1 ,902 20............................. 3 >30 17............................. 4*845 20............................. 7388 Mar. 30............................. i >79 27............................. 4 >59 24............................ 5,020 27............................. 7 >49 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. □ DECEMBER 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 196« Sept. Dec. Dec.1 Mar. JuneP 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 99 111 111 L28 136 Germany, Fed. Rep. of.................... 94 92 92 108 127 111 134 134 128 127 Greece....................................................... 3 8 11 12 15 70 20 20 20 24 Italy................................................... 66 61 61 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 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 I ,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 9 118 114 114 109 85 Panama..................................................... 2 4 4 5 3 14 14 13 10 12 Peru........................................................... 7 6 6 6 5 32 29 29 28 28 Uruguay.................................................... 1 1 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 ) 1 9 12 24 23 23 35 36 Neth. Antilles & Surinam..................... 5 5 5 5 4 5 7 7 5 6 Other Latin America.............................. 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........................................ . .......... 1 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 * 1 I 2 3 3 4 6 South Africa............................................ 7 8 8 7 6 14 14 14 17 16 U.A.R. (Egypt)....................................... 3 3 4 4 6 7 7 7 5 6 Other Africa............................................. 11 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 All 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...................................... 1,349 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

DECEMBER 1968 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A-85 21. SHORTTERM 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 Payable Pay in a ble Payable Total do i l n la rs foreign Total do i l n la rs Deposits with currencies banks abroad 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 2 116 192 246 Dec.............................................................................. 1 '367 1,023 343 2 941 2'523 201 216 Dec.i................................................................................... . 1 ,378 1 035 343 3 ,002 2 585 201 216 1968—Mar......................................................................................... 1 ,328 969 359 3,363 2 930 209 224 June1’...................................................................................... 1 ,’442 1,031 41 1 3 ,’798 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 End of period Total Country or area 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 l e l r 1964—Dec.......................... 107 1 ,081 56 116 190 215 73 137 89 98 91 15 1965—Mar.......................... 115 1 ,075 35 121 203 220 74 137 81 96 91 18 June......................... 110 1 ;o8i 31 118 208 221 70 144 85 96 91 17 Sept,......................... 120 1,101 31 116 230 217 74 138 89 96 91 18 Dec.......................... 136 1,169 31 112 233 209 69 196 98 114 89 17 Dec. 1....................... 147 1'139 31 112 236 209 65 198 98 87 85 18 1966—Mar.......................... 176 1,156 27 124 239 208 61 206 98 87 87 19 June................ 188 1’207 27 167 251 205 61 217 90 90 86 14 Sept......................... 249 I '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 JuneP....................... 762 1 ,556 27 283 336 207 64 259 131 134 83 32 i 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 □ DECEMBER 1968 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) Esti­ Inti. Esti­ End of mated Mone­ United mated Afghan­ Argen­ Aus­ Aus­ Bel­ period total tary States rest of istan tina tralia tria gium Brazil Burma Canada Chile world1 Fund world 1961 41,120 2,077 16,947 22,095 36 190 162 303 1,248 285 946 48 1962. 41,475 2,194 16,057 23,225 36 61 190 454 1,365 225 42 708 43 1963. 42,305 2,312 15,596 24,395 36 78 208 536 1 ,371 150 42 817 43 1964. 43,015 2,179 15,471 25,365 36 71 226 600 1 ,451 92 84 1,026 43 1965. 243,230 31,869 13,806 27,285 35 66 223 700 1,558 63 84 1.151 44 1966.......................... 43,185 2,652 13,235 27,300 35 84 224 701 1,525 45 84 1,046 45 1967--Oct................. 2,680 13,039 33 84 230 701 1 ,512 45 84 1,104 46 Nov......... 2,682 12,965 33 84 229 701 1 ,510 45 84 1,110 45 Dec................. 41,600 2,682 12,065 26,855 33 84 231 701 1 ,480 45 84 1 ,015 45 1968--Jan.................. 2,684 12,003 33 84 233 701 1 ,460 45 84 1,025 45 Feb................. 2,699 11,900 33 84 234 701 1 ,454 45 84 1 ,026 42 Mar................ 40,240 2,711 10,703 26,825 33 84 233 701 I ,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............... 40,510 2,210 10,681 27,620 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................ ^40,720 2,296 10,755 3’27,670 31 104 258 714 1 ,524 45 84 863 45 Oct.................. .................. 2,299 10,788 .............3.1. ...........2..5..8 714 1 ,522 .............8..4 863 45 Ger- E pe nd ri 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 2,587 3,679 77 247 129 98 18 41 2,243 289 1963. 62 92 61 3,175 3,843 77 247 142 98 18 60 2,343 289 1964. 58 92 85 3,729 4,248 77 247 141 112 19 56 2,107 304 1965. 35 97 84 4,706 4,410 78 281 146 110 21 56 2,404 328 1966. 26 108 45 5,238 4,292 120 243 130 106 23 46 2,414 329 1967--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 4,228 130 243 144 315 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 3,973 141 243 166 193 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 4,350 141 243 166 193 78 46 2,698 355 Aug................ 32 113 45 4,366 4,421 140 243 158 193 81 46 2,730 355 Sept................ 32 113 45 4,166 4,456 r140 243 158 193 82 46 2,784 355 Oct.......... 32 113 45 4,136 4,456 140 243 158 189 79 46 2,784 355 E pe nd 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- P pi h n i e li s p- Po g r a l l u- A S r a a u b d ia i 1961 . 43 140 112 29 1,581 30 53 47 27 443 65 1962. 49 172 3 3 95 29 1,581 30 53 47 41 471 78 1963. 48 172 7 8 139 29 1,601 31 53 57 28 497 78 1964. 48 183 17 7 169 34 1 ,688 31 53 67 23 523 78 1965. 52 182 68 2 158 21 1,756 31 53 67 38 576 73 1966. 67 193 68 1 109 21 1 ,730 18 53 65 44 643 69 1967--Oct................. 89 193 68 10 155 21 1 ,731 18 53 20 58 692 69 Nov................ 89 193 68 24 164 21 1 ,731 18 53 20 59 698 69 Dec................ 136 193 68 31 166 21 1 ,711 18 53 20 60 699 69 1968--Jan.................. 134 193 68 31 164 21 1,682 18 53 20 62 699 69 Feb................. 124 203 75 33 163 21 1,677 18 53 20 63 711 69 Mar................ 125 267 85 42 156 21 1,654 18 54 20 64 711 69 Apr................. 127 267 85 52 156 21 1 ,654 18 54 ' 20 65 711 69 May. ....... 131 267 85 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................ 122 238 85 66 165 21 1 ,697 24 54 20 69 761 94 Aug................ 116 288 85 66 165 21 1 ,697 24 54 20 61 835 119 Sept................ 110 288 85 21 1,697 24 54 62 853 119 Oct................ 112 288 85 1 ,697 24 54 .............5.9 119 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1968 □ GOLD RESERVES AND PRODUCTION A-87 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued (In millions of dollars) Bank E pe n r d i o o d f S A o fr u ic th a Spain Sweden Sw la i n tz d er­ Taiwan T la h n a d i­ Turkey ( U E . g A y . p R t) . U K d n i o n it m g ed ­ 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 50 104 115 174 2,484 171 401 14 -279 1964. 574 616 189 2,725 55 104 104 139 2,136 171 401 17 -50 1965 425 810 202 3,042 55 96 116 139 2,265 155 401 19 -558 1966 ............................. 637 785 203 2,842 62 92 102 93 1 ,940 146 401 21 -424 1967-—Oct...................... 518 785 203 2,840 81 92 97 93 147 401 22 -358 Nov.................... 558 785 203 2,753 81 92 97 93 140 401 22 -275 Dec..................... 583 785 203 3,089 81 92 97 93 1 ,291 140 401 22 -624 1968-—Jan...................... 625 785 203 2,978 83 92 97 93 133 401 22 -529 Feb..................... 691 785 203 2,793 83 92 97 93 133 401 21 -406 Mar.................... 742 785 203 2,603 81 92 97 93 1 ,493 133 401 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 ,474 133 403 23 -333 July..................... 1 ,003 785 225 2,600 81 89 97 93 133 403 33 -274 Aug..................... 1 ,016 785 225 2,629 81 89 97 93 134 403 p33 -269 Sept.................... 1 ,069 785 225 2,628 81 92 97 93 1 ,486 134 403 p38 -265 Oct...................... 1,145 785 225 2,626 .............. 92 97 93 403 P44 -274 1 Includes reported or estimated gold holdings of international and some member countries in anticipation of increase in Fund quotas, except regional organizations, central banks and govts, of countries listed in those matched by gold mitigation deposits with the United States and this table and also of a number not shown separately here, and gold to be United Kingdom; adjustment is $270 million. distributed by the Tripartite Commission for the Restitution of Monetary 3 Excludes gold subscription payments made by some member countries Gold; excludes holdings of the U.S.S.R., other Eastern European coun­ in anticipation of increase in Fund quotas: for most of these countries tries, and China Mainland. the increased quotas became effective in Feb. 1966. The figures included for the Bank for International Settlements are 4 Net gold assets of BIS, he., 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 So fr u ic th a R de h s o ia ­ Ghana C s (K h o a n i s n g a ­ o ) U S n ta it te e s d C a a d n a ­ M ic e o x­ r N a i g c u a a ­ Co b l i o a m­ India P p h in il e ip s ­ t A ra u l s ia ­ ot A h l e l r 1960............................... 1,175.0 748.4 19.6 30.8 11.1 58.8 162.0 10.5 7.0 15.2 5.6 14.4 38.0 53.6 1961............................... 1,215.0 803.0 20.1 29.2 8,1 54.8 156.6 9.4 7.9 14.0 5.5 14.8 37.7 53,9 1962.............................. 1,295.0 892,2 19.4 31.1 7.1 54.5 146.2 8,3 7.8 13.9 5.7 14.8 37.4 56.6 1963............................... 1,355.0 960,1 19.8 32.2 7.5 51.4 139.0 8.3 7.2 11.4 4.8 13.2 35.8 64.3 1964............................... 1,405.0 1,018.9 20.1 30.3 6.6 51.4 133.0 7.4 7.9 12,8 5.2 14.9 33.7 62.8 1965............................... 1,440.0 1 ,069.4 19.0 26.4 3,2 58.6 125.6 7.6 6.9 11,2 4.6 15.3 30,7 61.5 1966............................... 1,445.0 1,080.8 19.3 24.0 5.6 63,1 114.6 7.5 7.0 9.8 4.2 15.8 32.1 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—Sept................... 90.5 8.0 .7 .8 2.9 24.2 2.2 Oct....... .... 84.1 8.6 .5 .7 2.7 Nov................... 90.0 8.2 .7 .8 3.5 2.4 Dec.................... 88.5 8.7 .4 .6 .3 24.6 2.2 1968—Jan.................... 90.3 7.7 .6 .9 .3 2.0 Feb.................... 90.0 7.7 .5 .7 .3 2.0 Mar.................... 91.8 8.3 .4 .7 2.8 Apr................... 91.8 8.2 .7 2.5 93.1 8.4 .7 June................... 91.5 7.5 .6 July................... 90.5 7.4 .8 Aug.................. 91.5 7.7 ........6 Sept.. ............... 93.7 8.3 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 □ DECEMBER 1968 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) 1 Changes during the last 12 months Rate as of Nov. 30, 1967 Rate Country 1967 1968 as of Nov. 30 Per Month 1968 cent effective Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. 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 12.0 Burma................. 4.0 Feb. 1962 4.0 Canada t..................... 6.0 Nov. 1967 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 3.0 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 prance..................... . . 3.5 Apr. 1965 5.6 6.0 6.0 Germany, Fed. Rep. of........ 3.0 May 1967 3.0 Ghana..................... 6.0 May 1967 5.5 5.5 Greece..................................... 4.5 July 1967 5.0 5.0 Honduras 4.................... . 3.0 Jan. 1962 3.0 Iceland.......................... ,. 9.0 Jan. 1966 9.0 India.............................. 6.0 Feb. 1965 5.0 5.0 Indonesia,............................... 9.0 Aug. 1963 9.0 Iran..................................... 5.0 Aug. 1966 7.0 7.0 Ireland.................... . . 7.75 Nov. 1967 7.78 7.69 7.62 7.39 7.38 7.31 7.44 7.25 6.86 6.81 6.81 Israel........................................ 6.0 Feb. 1955 6.0 Italy......................................... 3.5 June 1958 3.5 Jamaica.................................. 6.0 Nov. 1967 5.0 5.0 Tapan....................................... 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 June 1961 4.0 Sweden........................ . . 5.0 Mar. 1967 6.0 5.5 5.0 5.0 Switzerland ............... .. . 3.0 July 1967 3.0 Taiwan 5 . ............................... 10.8 May 1967 11.9 11.9 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............ . 8.0 Nov. 1967 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 1 8 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. Japan—penalty rates (exceeding the basic rate shown) for borrowings 4 Rate shown is for advances only. from the central bank in excess of an individual bank’s quota; 5 Rediscount rate for export and special production loans. Peru—8 per cent for agricultural, industrial, and mining paper; Philippines—4 per cent for financing the production, importation, and dis­ Note.—Rates shown are mainly those at which the central bank either tribution of rice and corn and 5.75 per cent for credits to enterprises en­ discounts or makes advances against eligible commercial paper and/or gaged in export activities. Preferential rates are also granted on credits to govt, securities for commercial banks or brokers. For countries with rural banks; more than one rate applicable to such discounts or advances, the rate Spain—-4.6 per cent for financial paper rediscounted for banks (rate shown shown is the one at which it is understood the central bank transacts is for commercial bills); and the largest proportion of its credit operations. Other rates for some Venezuela—2 per cent for rediscounts of certain agricultural paper (Sept. of these countries follow: 1962), and 4 per cent for advances against govt, bonds, mortgages, or gold, Argentina—3 and 5 per cent for certain rural and industrial paper, de­ and for rediscounts of certain industrial paper, and 5 per cent on advances pending on type of transaction; against securities of Venezuelan companies. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1968 □ MONEY RATES; ARBITRAGE A-89 OPEN MARKET RATES (Per cent per annum) Canada United Kingdom France Fe G d e . r R m e a p n . y o , f Netherlands Sw la it n z d er­ Month 3 T m r b e o i a l n l s s t u h , r s y J D m a o d n y a e - y t y o 2 ­ 3 B a a m a c n n c o c k e e n e p s th r t , s ­ s ’ 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 ­ a B d llo a e w n p o o k a n e s n . r it c s s e * D m a o d y n a - e y t y o 3 ­ Tr 6 d b e 0 a i a l y - l s 9 s s u 0 , 4 r y D m a o d y n a - e y t y o s ­ 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 a iv o t a e u te n t 1965—Dec.............. 4,45 4.03 5.91 5.48 4.79 4.00 4.48 3.88 4.67 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—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 6.76 2.75 2.66 4.39 3.73 3.75 Oct........ 5.63 5.10 6.97 6.51 5.93 5.00 ................. 2.75 3.18 4.47 4.15 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. 3 4 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 le ri 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 ry te r S n t a at t i i s o t n ic a s l , 1 F 9 in 62 a . nce," 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 K U in n g i d te o d m Spread d ( is + c ) o u o n r t , in ( c f N a en v e o t t i v r e Canada Spread ( d ( + is - ) c ) o o o u r n n t in ( c f N a en v e t o t i v r e q ( u a b o U d a t . s a j S . i t s . t i ) o o n U S n ta it te e s d Lo (f n a o d v f o o r n ) f ( o p “ r o w u ) a n o d r n d Lon o d f on) C q a u A n i o n s a te d d a qu A b o U d a t . j a s S . t is i . t o o n U S n ta i t t e e s d C ( a fa n o v a f o d r a ) C f d o a o r n w l a la d a r i r a s d n Can o a f d a) 1968 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 Aug, 2............... 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 5.10 + .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 Sept. 6............... 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 Oct. 4.............. 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 1 .01 -1.12 -.11 5.66 5.50 5,37 + .13 -.63 -.50 Nov. 6.43 5.42 1.01 -.87 + .14 5.55 5.40 5.42 -.02 -.62 -.64 8.............. 6.41 5.41 1.00 -.89 + .11 5.60 5.45 5,41 + .04 -.63 -.59 15.............. 6.44 5.38 1 .06 -1,65 -.59 5.65 5.50 5.38 + .12 -.48 -.36 22.............. 6.66 5.41 1 .25 n.a. n.a. 5.65 5.50 5.41 + .09 -.54 -.45 29............... 6.66 5.48 1.18 -3.54 -2.36 5.66 5.50 5.48 + .02 -.32 - .30 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 □ DECEMBER 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 223.41 2111.22 3.8686 2.0067 92.811 20.946 14.475 31.061 1967. .30545 111.25 3.8688 2.0125 92.689 20.501 14.325 329,553 1967-—Nov..................................................... .28488 111.28 3.8656 2,0145 93.004 19.806 14.028 23.714 Dec...................................................... .28449 111.85 3,8696 2.0138 92.559 16.660 13.404 23.716 1968-—Jan....................................................... .28465 111.98 3.8648 2,0123 92.181 16.688 13,409 23.745 Feb...................................................... .28469 111.98 3,8645 2.0142 91.962 16.688 13.412 23.763 Mar..................................................... .28468 4111.54 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 1.9982 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 111.08 3.8706 1.9864 93,202 16.678 13.321 23.763 Nov..................................................... .28476 .................1..10.89 3.8664 51.9927 93.177 16.675 M3.308 623.757 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 ( a ye p n a ) n ( M do a s l i 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--Nov..................................................... 20.401 25.072 13.236 266.18 .16059 .27621 32.472 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 4239.97 .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 .J 6059 .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 Nov..................................................... 620.121 925.153 13.230 238.58 5.16037 ,27925 32.538 8,0056 527.556 New Zealand United Period Norway Po ga rt l u ­ A So fr u ic th a Spain Sweden S er w la i n tz d ­ King- (pound) (dollar) (krone) (escudo) (rand) (peseta) (krona) (franc) (p d o o u m nd ) 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. 276.69 10131.97 13.985 3.4784 139.09 1,6383 19,373 23.104 275,04 1967--Nov.................................................... 128.28 13.985 3.4654 139.05 1,5831 19,326 23,146 266.18 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 4139.46 1.4264 19.345 23,085 4239.97 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 Nov..................................................... 111.01 M3.999 <•3.4855 138.65 51 .4281 919,323 23,256 238.58 1 A new markka, equal to 100 old markkaa, was introduced on Jan. 1, 9 Quotations not available Nov. 20-21, 1968. 1963. io Effective July 10, 1967, New Zealand adopted the decimal currency 2 Effective Feb. 14, 1966, Australia 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. 3 Effective Oct. 12, 1967, the Finnish markka was devalued from 3.2 Note.-—After the devaluation of the pound sterling on Nov. 18, 1967, to 4.2 markkaa per U.S. dollar. the following countries devalued their currency in relation to the U.S. 4 Quotations not available Mar. 15, 1968. dollar: Ceylon, Denmark, Ireland, New Zealand, and Spain. The averages 5 Quotations not available Nov. 20, 1968. for Nov. 1967 reflect the extent of the devaluation. 6 Quotations not available Nov. 20-22, 1968. Averages of certified noon buying rates in New York for cable transfers. 7 Effective Jan. 1, 1963, the franc again became the French monetary For description of rates and back data, see “International Finance,’’ unit. It replaces, at a 1 to 1 ratio, the new franc introduced Jan. 1, 1960. Section 15 ot' Supplement to Banking and Monetary Statistics, 1962. 8 Effective June 6, 1966, the Indian rupee was devalued from 4.76 to 7.5 rupees per U.S, dollar. 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 LEGAL DIVISION Lloyd M. Schaeffer, Chief Federal Reserve David B. Hexter, General Counsel Examiner Thomas J. O’Connell, Deputy General Counsel DIVISION OF SUPERVISION AND REGULATION Jerome W. Shay, Assistant General Counsel Frederic Solomon, Director DIVISION OF RESEARCH AND STATISTICS Brenton C. Leavitt, Deputy Director D J S L K . t y a e C e l n n p h e n i h e a e E e r l t . n l H h e G H s . B r B . P . a r a A W m r i x l l i t l i l e l e l , y r e i D a , o , i m A A d re , s s d c s A v , o t A i d o s c d v e r ia i v r s t i e e s e r D r irector J J J T F o a a r h c n h e o k e n d m t e M a N r O s . . i c . E L A k H g y . R a o e r S . r n t i D t , d , s A m a A o s h a s n s s l n , i i , s s , A A t t a s a A s n s n s s t i t s i s s D i D t s t a a t i i n a r n r e t e n t c c t D D t t o i o D i r r r e r e i r c c e t t c o o t r r o r Stanley J. Sigel, Associate Adviser Tynan Smith, Acting Assistant Director Tynan Smith, Associate Adviser Murray S. Wernick, Associate Adviser DIVISION OF PERSONNEL ADMINISTRATION James B. Eckert, Assistant Adviser Edwin J. Johnson, Director Peter M. Keir, Assistant Adviser John J. Hart, Assistant Director Bernard Shull, Assistant Adviser DIVISION OF ADMINISTRATIVE SERVICES Louis Weiner, Assistant Adviser Joseph E. Kelleher, Director DIVISION OF INTERNATIONAL FINANCE Harry E. Kern, Assistant Director Robert Solomon, Director *RobertL. Sammons, Associate Director OFFICE OF THE CONTROLLER John E. Reynolds, Associate Director John Kakalec, Controller John F. L. Ghiardi, Adviser A. B. Hersey, Adviser OFFICE OF DEFENSE PLANNING Reed J. Irvine, Adviser Innis D. Harris, Coordinator * Samuel I. Katz, Adviser Bernard Norwood, Adviser DIVISION OF DATA PROCESSING Ralph C. Wood, A dviser Lawrence H. Byrne, Jr., Director ,:On leave of absence. 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 □ DECEMBER 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 anvil 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 Arthur H. Kantner 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 The material listed may be obtained 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 accompany request and be made payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S, currency. (Stamps and coupons not accepted). THE FEDERAL RESERVE SYSTEM—PURPOSES AND $.35. Sec. 9. Federal Reserve Banks. 1965. 36 FUNCTIONS. 1963. 298 pp. pp. $.35. Sec. 10. Member Bank Reserves and Related Items. 1962. 64 pp. $.50. Sec. 11. Cur­ ANNUAL REPORT. rency. 1963. 11 pp. $.35. Sec. 12. Money Rates FEDERAL RESERVE BULLETIN. Monthly. $6.00 per and Securities Markets. 1966. 182 pp. $.65. annum or $.60 a copy in the United States and Sec. 14. Gold. 1963. 24 pp. $.35. Sec. 15. Inter­ its possessions, Bolivia, Canada, Chile, Colom­ national Finance. 1962. 92 pp. $.65. Sec. 16 bia, Costa Rica, Cuba, Dominican Republic, (New). Consumer Credit. 1965. 103 pp. $.65. Ecuador, Guatemala, Haiti, Republic of Hon­ BANK MERGERS & THE REGULATORY AGENCIES: duras, Mexico, Nicaragua, Panama, Paraguay, APPLICATION OF THE BANK MERGER ACT OF Peru, El Salvador, Uruguay, and Venezuela; 10 1960. 1964. 260 pp. $1.00 a copy; 10 or more or more of same issue sent to one address, $5.00 sent to one address, $.85 each. per annum or $.50 each. Elsewhere, $7.00 per annum or $.70 a copy. BANKING MARKET STRUCTURE & PERFORMANCE IN METROPOLITAN AREAS: A STATISTICAL FEDERAL RESERVE CHART BOOK ON FINANCIAL STUDY OF FACTORS AFFECTING RATES ON AND BUSINESS STATISTICS. Monthly. Annual BANK LOANS. 1965. 73 pp. $.50 a copy; 10 or subscription includes one issue of Historical more sent to one address, $.40 each. Chart Book. $6.00 per annum or $.60 a copy in the United States and the countries listed above; FARM DEBT. Data from the 1960 Sample Survey 10 or more of same issue sent to one address, of Agriculture. 1964. 221 pp. $1.00 a copy; 10 $.50 each. Elsewhere, $7.00 per annum or $.70 or more sent to one address, $.85 each. a copy. MERCHANT AND DEALER CREDIT IN AGRICUL­ HISTORICAL CHART BOOK. Issued annually in Sept. TURE. 1966. 109 pp. $1.00 a copy; 10 or more Subscription to monthly chart book includes sent to one address, $.85 each. one issue. $.60 a copy in the United States and MONETARY THEORY AND POLICY: A BIBLIOGRA­ countries listed above; 10 or more sent to one PHY. Part I—Domestic Aspects. 137 pp. $1.00 address, $.50 each. Elsewhere, $.70 a copy. a copy; 10 or more sent to one address, $.85 FLOW OF FUNDS IN THE UNITED STATES, 1939­ each. 53. 1955. 390 pp. $2.75. REGULATIONS OF THE BOARD OF GOVERNORS OF DEBITS AND CLEARING STATISTICS AND THEIR THE FEDERAL RESERVE SYSTEM. USE. 1959. 144 pp. $1.00 a copy; 10 or more RULES OF ORGANIZATION AND PROCEDURE­ sent to one address, $.85 each. BOARD OF GOVERNORS OF THE FEDERAL RE­ SERVE SYSTEM. 1967. 16 pp. THE FEDERAL FUNDS MARKET. 1959. Ill pp. $1.00 a copy; 10 or more sent to one address, PUBLISHED INTERPRETATIONS OF THE BOARD OF $.85 each. GOVERNORS, as of June 30, 1968. $2.50. INDUSTRIAL PRODUCTION—1957-59 BASE. 1962. TRADING IN FEDERAL FUNDS. 1965. 116 pp. $1.00 172 pp. $1.00 a copy; 10 or more sent to one a copy; 10 or more sent to one address, $.85 address, $.85 each. each. U.S. TREASURY ADVANCE REFUNDING, JUNE THE FEDERAL RESERVE ACT, as amended through 1960-JULY 1964. 1966. 65 pp. $.50 a copy; 10 Nov. 5, 1966, with an appendix containing pro­ or more sent to one address, $.40 each. visions of certain other statutes affecting the Federal Reserve System. 353 pp. $1.25. SURVEY OF FINANCIAL CHARACTERISTICS OF CONSUMERS. 1966. 166 pp. $1.00 a copy; 10 or SUPPLEMENT TO BANKING AND MONETARY STA­ more sent to one address, $.85 each. TISTICS. Sec. 1. Banks and the Monetary Sys­ tem. 1962. 35 pp. $.35. Sec. 2. Member Banks. THE PERFORMANCE OF BANK HOLDING COM­ 1967. 59 pp. $.50. Sec. 5. Bank Debits. 1966. 36 PANIES. 1967. 29 pp. $.25 a copy; 10 or more pp. $.35. Sec. 6. Bank Income. 1966. 29 pp. sent to one address, $.20 each. A-94 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-95 BANK CREDIT-CARD AND CHECK-CREDIT PLANS. COMMERCIAL AND INDUSTRIAL LOANS OUT­ July 1968. 102 pp. $1.00 a copy; 10 or more STANDING BY INDUSTRY (H.12) sent to one address, $.85 each. CONDITION REPORT OF LARGE COMMERCIAL INTEREST RATE EXPECTATIONS: TESTS ON YIELD BANKS IN NEW YORK AND CHICAGO (H.4.3) SPREADS AMONG SHORT-TERM GOVERNMENT CONDITION REPORT OF LARGE COMMERCIAL SECURITIES. 1968. 83 pp. $.50 a copy; 10 or BANKS (H.4.2) more sent to one address, $.40 each. DEMAND DEPOSITS, CURRENCY, AND RELATED SURVEY OF CHANGES IN FAMILY FINANCES. 1968. ITEMS (H.6) 321 pp. $1.00 a copy; 10 or more sent to one FACTORS AFFECTING BANK RESERVES AND CON­ address, $.85 each. DITION STATEMENT OF F. R. BANKS (H.4.1) REAPPRAISAL OF THE FEDERAL RESERVE DIS­ RESERVE POSITIONS OF MAJOR RESERVE CITY COUNT MECHANISM: BANKS (H.5) REPORT OF A SYSTEM COMMITTEE, 1968, 23 pp. WEEKLY FOREIGN EXCHANGE RATES (H.10) $.25 a copy; 10 or more sent to one address, $.20 each. WEEKLY U.S. GOVERNMENT SECURITY YIELDS REPORT ON RESEARCH UNDERTAKEN IN CON­ AND PRICES (H.15) NECTION WITH A SYSTEM STUDY. 1968. 47 pp. $.25 a copy; 10 or more sent to one address, $.20 each. SEMIMONTHLY—IRREGULAR Limited supply of the following papers, in mimeo­ ASSETS AND LIABILITIES OF ALL BANKS IN THE graphed or similar form, available upon request UNITED STATES (J.4) for single copies: CHANGES IN STATE MEMBER BANKS (K.3) EVOLUTION OF THE ROLE AND FUNCTIONING OF THE DISCOUNT MECHANISM. 1968. 65 pp. DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS (J.l) A STUDY OF THE MARKET FOR FEDERAL FUNDS. 1968. 47 pp. RESEARCH LIBRARY—RECENT ACQUISITIONS (J.2) THE SECONDARY MARKET FOR NEGOTIABLE CERTIFICATES OF DEPOSIT. 1968. 89 pp. MONTHLY THE DISCOUNT MECHANISM IN LEADING IN­ DUSTRIAL COUNTRIES SINCE WORLD WAR AGGREGATE RESERVES AND MEMBER BANK DE­ II. 1968. 216 pp. POSITS (G.10) RESERVE ADJUSTMENTS OF THE EIGHT MAJOR ASSETS AND LIABILITIES OF ALL MEMBER BANKS, NEW YORK CITY BANKS DURING 1966. 1968. BY DISTRICTS (G.7.1) 29 pp. AUTOMOBILE LOANS BY MAJOR SALES FINANCE DISCOUNT POLICY AND OPEN MARKET OPERA­ COMPANIES (G.25) TIONS. 1968. 23 pp. AUTOMOBILE INSTALMENT CREDIT DEVELOP­ THE REDESIGNED DISCOUNT MECHANISM AND MENTS (G.26) THE MONEY MARKET. 1968. 29 pp. BANK DEBITS AND DEPOSIT TURNOVER (G.6) SUMMARY OF THE ISSUES RAISED AT THE ACA­ BUSINESS INDEXES (G.12.3) DEMIC SEMINAR ON DISCOUNTING. 1968. 16 pp. CONSUMER CREDIT (G.19) A REVIEW OF RECENT ACADEMIC LITERATURE CONSUMER CREDIT AT CONSUMER FINANCE ON THE DISCOUNT MECHANISM. 1968. COMPANIES (G.22) 40 pp. CONSUMER INSTALMENT CREDIT AT COMMER­ CIAL BANKS (G.18) PERIODIC RELEASES DEBITS, DEMAND DEPOSITS, AND TURNOVER AT WEEKLY 233 INDIVIDUAL CENTERS (G.ll) APPLICATIONS AND REPORTS RECEIVED, OR FEDERAL RESERVE PAR LIST (Also annual list) ACTED ON, BY THE BOARD (H.2) (G.3) Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-96 FEDERAL RESERVE BULLETIN □ DECEMBER 1968 INTERDISTRICT SETTLEMENT FUND (G.15) INTEREST RATES AND THE DEMAND FOR CON­ SUMER DURABLE GOODS, by Michael J. Ham­ INDEX NUMBERS OF WHOLESALE PRICES (G.8) burger. Dec. 1967. MATURITY DISTRIBUTION OF OUTSTANDING NE­ THE LAGS BETWEEN INVESTMENT DECISIONS AND GOTIABLE TIME CERTIFICATES OF DEPOSITS THEIR CAUSES, by Shirley Almon. Feb. 1968. (G.9) EFFECTS OF MONEY ON INTEREST RATES, by Wil­ MONTHLY FOREIGN EXCHANGE RATES (G.5) liam E. Gibson. Mar. 1968. NATIONAL SUMMARY OF BUSINESS CONDITIONS A DISAGGREGATED MODEL OF THE U.S. BALANCE (G.12.2) OF TRADE, by William H. Branson. May 1968. OPEN MARKET MONEY RATES AND BOND PRICES THE LABOR MARKET AND POTENTIAL OUTPUT OF (G.13) THE FEDERAL RESERVE-MIT ECONOMETRIC SALES FINANCE COMPANIES (G.20) MODEL: A PRELIMINARY REPORT, by A. J. Telia STATE MEMBER BANKS OF THE FEDERAL RE­ and P. A. Tinsley. Aug. 1968. SERVE SYSTEM AND NONMEMBER BANKS THAT THE REGULATION OF SHORT-TERM CAPITAL MOVE­ MAINTAIN CLEARING ACCOUNTS WITH FEDERAL MENTS: WESTERN EUROPEAN TECHNIQUES IN RESERVE BANKS (Also annual list) (G.4) THE 1960's, by Rodney H. Mills, Jr. Sept. 1968. SUMMARY OF EQUITY SECURITY TRANSACTIONS A TECHNIQUE FOR FORECASTING DEFENSE EX­ (G.16) PENDITURES, by Harvey Galper and Edward MONTHLY U.S. GOVERNMENT SECURITY YIELDS Gramlich, Oct. 1968. AND PRICES (G.14) Printed in full in the Bulletin. QUARTERLY—SEMIANNUALLY (Reprints available as shown in following list.) ALL BANKS IN THE UNITED STATES AND OTHER REPRINTS AREAS—PRINCIPAL ASSETS AND LIABILITIES, (From Federal Reserve Bulletin unless preceded BY STATES (E.4) by an asterisk.) BANK RATES ON SHORT-TERM BUSINESS LOANS ADJUSTMENT FOR SEASONAL VARIATION. Descrip­ (E.2) tion of method used by Board in adjusting eco­ CAPACITY UTILIZATION IN MANUFACTURING (E.5) nomic data for seasonal variations. June 1941. SUMMARY REPORT—ASSETS AND LIABILITIES OF 11 PP- MEMBER BANKS (E.3.1) SEASONAL FACTORS AFFECTING BANK RESERVES. ALL MEMBER BANKS, BY CLASS OF BANK (E.3.4) Feb. 1958. 12 pp. SALES, PROFITS, AND DIVIDENDS OF LARGE COR­ LIQUIDITY AND PUBLIC POLICY, Staff Paper by PORATIONS (E.6) Stephen H. Axilrod. Oct. 1961. 17 pp. SEASONALLY ADJUSTED SERIES FOR BANK ANNUALLY CREDIT. July 1962. 6 pp. INTEREST RATES AND MONETARY POLICY, Staff BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS Paper by Stephen H. Axilrod. Sept. 1962. 28 pp. EXCEPT INTERBANK AND U.S. GOVERNMENT ACCOUNTS (C.5) RECENT CHANGES IN LIQUIDITY, Staff Paper by Daniel H. Brill. June 1963. 10 pp. MEMBER BANK INCOME (C.4) MEASURES OF MEMBER BANK RESERVES. July 1963. 14 pp. STAFF ECONOMIC STUDIES MEASURING AND ANALYZING ECONOMIC GROWTH, Studies and papers on economic and financial sub­ Staff Paper by Clayton Gehman. Aug. 1963. jects that are of general interest in the field of 14 ppeconomic research. 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- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS A-97 YIELD DIFFERENTIALS IN TREASURY BILLS, 1959­ THE ECONOMIC PAUSE IN WESTERN EUROPE. 64, Staff Paper by Samuel I. Katz. Oct. 1964. Oct. 1967. 17 pp. 20 pp. THE FEDERAL RESERVE-MIT ECONOMETRIC REVISION OF BANK DEBITS AND DEPOSIT TURN­ MODEL, Staff Economic Study by Frank de OVER SERIES. Mar. 1965. 4 pp. Leeuw and Edward Gramlich. Jan. 1968. 30 pp. TIME DEPOSITS IN MONETARY ANALYSIS, Staff THE PRICE OF GOLD IS NOT THE PROBLEM. Feb. Economic Study by Lyle E. Gramley and Sam­ 1968. 7 pp. uel B. Chase, Jr. Oct. 1965. 25 pp. BALANCE OF PAYMENTS PROGRAM: REVISED CYCLES AND CYCLICAL IMBALANCES IN A CHANG­ GUIDELINES FOR BANKS AND NONBANK FINAN­ ING WORLD, Staff Paper by Frank R. Garfield. CIAL INSTITUTIONS. Mar. 1968. 9 pp. Nov. 1965. 15 pp. U.S. INTERNATIONAL TRANSACTIONS: TRENDS IN RESEARCH ON BANKING STRUCTURE AND PER­ 1960-67. Apr. 1968. 23 pp. FORMANCE, Staff Economic Study by Tynan QUARTERLY SURVEY OF CHANGES IN BANK LEND Smith. Apr. 1966. 11 pp. ING PRACTICES. Apr. 1968. 6 pp. COMMERCIAL BANK LIQUIDITY, Staff Economic RECENT CAPITAL MARKET DEVELOPMENTS. May Study by James Pierce. Aug. 1966. 9 pp. 1968. 11 pp. TOWARD UNDERSTANDING OF THE WHOLE DE­ BANKING AND MONETARY STATISTICS, 1967. VELOPING ECONOMIC SITUATION, Staff Eco­ Selected series of banking and monetary statis­ nomic Study by Frank R. Garfield. Nov. 1966. tics for 1967 only. Mar. and May 1968. 20 pp. 14 pp. CONSUMER INSTALMENT CREDIT. June 1968. A REVISED INDEX OF MANUFACTURING CAPACITY, 13 pp. Staff Economic Study by Frank de Leeuw with MARGIN ACCOUNT CREDIT. June 1968. 12 pp. Frank E. Hopkins and Michael D. Sherman. REVISION OF MONEY SUPPLY SERIES. June 1968. Nov. 1966. 11 pp. 6 PP- THE ROLE OF FINANCIAL INTERMEDIARIES IN RECENT MONETARY AND CREDIT DEVELOP­ U.S. CAPITAL MARKETS, Staff Economic Study MENTS. July 1968. 11 pp. by Daniel H. Brill, with Ann P. Ulrey. Jan. MONETARY RESTRAINT AND BORROWING AND 1967. 14 pp. ' CAPITAL SPENDING BY LARGE STATE AND REVISED SERIES ON COMMERCIAL AND INDUS­ LOCAL GOVERNMENTS IN 1966. July 1968. TRIAL LOANS BY INDUSTRY. Feb. 1967. 2 pp. 30 pp. AUTO LOAN CHARACTERISTICS AT MAJOR SALES RECENT CHANGES IN STRUCTURE OF TIME AND FINANCE COMPANIES. Feb. 1967. 5 pp. SAVINGS DEPOSITS. July 1968. 20 pp. CONSUMER INSTALMENT CREDIT. Mar. 1967. 12 REVISED SERIES ON BANK CREDIT. Aug. 1968. PP- 4 PP- FEDERAL FISCAL POLICY IN THE 1960’s. Sept. SURVEY OF FINANCE COMPANIES, MID-1965. Apr. 1968. 18 pp. 1967. 26 pp. TREASURY AND FEDERAL RESERVE FOREIGN EX­ MONETARY POLICY AND ECONOMIC ACTIVITY: A CHANGE OPERATIONS. Sept. 1968. 22 pp. POSTWAR REVIEW. May 1967. 22 pp. HOW DOES MONETARY POLICY AFFECT THE MONETARY POLICY AND THE RESIDENTIAL MORT­ ECONOMY? Staff Economic Study by Maurice GAGE MARKET. May 1967. 13 pp. Mann. Oct. 1968. 12 pp. BUSINESS FINANCING BY BUSINESS FINANCE BANK FINANCING OF AGRICULTURE. June 1967. COMPANIES. Oct. 1968. 13 pp. 23 pp. ECONOMIC UPSWING IN WESTERN EUROPE. Nov. EVIDENCE ON CONCENTRATION IN BANKING 1968. 17 pp. MARKETS AND INTEREST RATES, Staff Eco­ nomic Study by Almarin Phillips. June 1967. MANUFACTURING CAPACITY: A COMPARISON OF TWO SOURCES OF INFORMATION, Staff Eco­ 11 PPnomic Study by Jared J. Enzler. Nov. 1968. NEW BENCHMARK PRODUCTION MEASURES, 1958 5 PP- AND 1963. June 1967. 4 pp. FINANCIAL DEVELOPMENTS IN THE THIRD QUAR­ REVISED INDEXES OF MANUFACTURING CAPACITY TER OF 1968. Nov. 1968. 5 pp. AND CAPACITY UTILIZATION. July 1967. 3 pp. MONETARY RESTRAINT, BORROWING, AND CAP­ THE PUBLIC INFORMATION ACT—ITS EFFECT ON ITAL SPENDING BY SMALL LOCAL GOVERN­ MEMBER BANKS. July 1967. 6 pp. MENTS AND STATE COLLEGES IN 1966. Decem­ INTEREST COST EFFECTS OF COMMERCIAL BANK ber 1968, 30 pp. UNDERWRITING OF MUNICIPAL REVENUE REVISION OF CONSUMER CREDIT STATISTICS. BONDS. Aug. 1967. 16 pp. December 1968. 21 pp. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDEX TO STATISTICAL TABLES (For list of tables published periodically, but not monthly, see page A-3.) )xedni siht ni dettimo si ”A “ xiferp eht hguohtla 09-A hguorht 4-A segap ot era secnerefeR( Acceptances, bankers’, 14, 31, 35 Deposits (See also specific types of deposits): Agricultural loans of commercial banks, 24, 26 Accumulated at commercial banks for 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 flanks, 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, 29, 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, 29, 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 A-98 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-99 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 (See Time deposits) Savings institutions, principal assets, 35, 36 Labor force, 62 Securities (See also U.S. Govt, securities): Loans (See also specific types of loans): Federally sponsored agencies, 37 Banks, by classes, 19, 24, 26, 35 International transactions, 82, 83 Commercial banks, 23, 24, 30 New issues, 43, 44, 45 Federal Reserve Banks, 4, 12, 15 Silver coin and silver certificates, 16 Insurance companies, 36, 49 State and local govts.: Insured or guaranteed by U.S., 48, 49, 50, 51 Deposits, 25, 28 Savings and loan assns., 36, 49 Holdings of U.S. Govt, securities, 40, 41 New security issues, 43, 44 Ownership of securities of, 24, 27, 35, 36 Manufacturers: Capacity utilization, 60 Yields and prices of securities, 32, 33 Production index, 57, 60 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 Time deposits, 11, 17, 18, 19, 25, 28 Reserve requirements, 10 Treasurer’s account balance, 38 Reserves and related items, 4, 17 Treasury cash, Treasury currency, 4, 16, 18 Mining, production index, 57, 60 Treasury deposits, 4, 12, 38 Money rates (See Interest rates) Money supply and related data, 17 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 Banks, 4, Nonmember banks, 21, 23, 24, 25 12 , 38 U.S. Govt, securities: Open market transactions, 14 Bank holdings, 18, 19, 24, 27, 35, 40, 41 Dealer transactions, positions, and financing, 42 Federal Reserve Bank holdings, 4, 12, 15, 40, 41 Payrolls, manufacturing, index, 60 Foreign and international holdings, 12, 78, 82, 83 Personal income, 67 International transactions, 78, 82 Postal Savings System, 18 New issues, gross proceeds, 44 Prices: Open market transactions, 14 Consumer and wholesale commodity, 60, 64 Outstanding, by type of security, 40, 41, 43 Security, 33 Ownership of, 40, 41 Production, 56, 60 Yields and prices, 32, 33, 89 Profits, corporate, 46, 47 United States notes, 16 Utilities, production index, 57, 60 Real estate loans: Banks, by classes, 24, 26, 35, 48 Veterans Administration, 48, 49, 50, 51 Delinquency rates on home mortgages, 50 Mortgage yields, 51 Weekly reporting banks, 26 Type of holder and property mortgaged, 48, 49, 50, 51 ' Reserve position, basic, member banks, 8 Yields (See Interest rates) )xedni siht ni dettimo si ”A“ xiferp eht hguohtla 09-A hguorht 4-A segap ot era secnerefeR( Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDEX TO VOLUME 54 GUIDE TO PAGE REFERENCES IN MONTHLY ISSUES Issue Text Other (“A” pages) Issue Text Other (“A” pages) etc. Index to etc. Index to total Total tables total Total tables January . . . 1-100 1- 95 94- 95 July ............. . 533- 654 1- 98 97- 98 February . 101-244 1- 99 98- 99 August ........ . 655- 700 1-105 104-105 March .... .. 245-338 1-106 105-106 September . 701- 786 1-101 100-101 April ......... . 339-394 1- 99 98- 99 October . . 787- 882 1- 99 98- 99 May ........... . 395-456 1-112 111-112 November 883- 940 1- 98 97- 98 June ........... .. 457-532 1-106 105-106 | December . . . 941-1043 1- 99 98- 99 Pages Pages American Bankshares Corporation, Order under Bancorporation of Montana, Orders under Bank Bank Holding Company Act.......................... 934 Holding Company Act ................................... 509 Anderson, Dale V., Class B director, Minneapolis, Bank holding companies: election...................................................................1038 Regulation Y, amendments ............................ 310 Tax status of distributions, legislation ............. 79 Anderson, Frank, director, Portland Branch, ap­ Bank Holding Company Act: pointment ........................................................... 87 Interpretation: Annual Report, 1967, Board of Governors .......... 454 Acquisition of stock of small business invest­ ment companies by bank holding com­ Articles: panies ........................................................... 440 Bank lending practices, survey of changes ... 362 Orders issued under: Business financing by business finance com­ American Bankshares Corporation............... 934 panies ............................................................. 815 Bancorporation of Montana ............................ 509 Capital market developments ............................ 395 Barnett National Securities Corporation 451, 875 Construction and mortgage markets ................. 787 BT New York Corporation ............................ 225 Consumer credit statistics, revision ................... 983 Central Bancorp ................................................ 448 Consumer expenditures and saving ................. 245 Central Bancorporation. Inc. ............................1018 Consumer instalment credit ................................. 457 Central Banking System, Inc...............................330 Credit and monetary developments ............101, 533 Charter New York Corporation.......................925 Economic expansion in 1968 .............................. 941 Commerce Bancshares, Inc................................ 690 Economic upswing in Western Europe ........ 883 Denver U.S. Bancorporation, Inc......................233 Federal fiscal policy in the 1960’s ................... 701 Dominion Bankshares Corporation...............1020 Federal Reserve discount mechanism, reap­ First at Orlando Corporation............................ 515 praisal ............................................................. 545 First Banc Group of Ohio, Inc......................... 522 Financial developments in the third quarter of First National Bancorporation, Inc.................. 520 1968, report to Congress ................................. 905 First Virginia Bankshares Corporation 518, 932 Gold, price of, remarks of Chairman Martin . 115 First Wisconsin Bankshares Labor market, resurgence of growth ............. 1 Corporation .....................................645, 1024 Margin account credit ......................................... 470 Huntington Bancshares Incorporated 525 Member bank income, 1967 .............................. 408 Marine Corporation .................................442, 1034 Monetary and credit developments ............101, 533 Merrill Bankshares Company............................1022 Monetary restraint and borrowing and capital Mid-Wis Bankshares Inc...................................... 387 spending in 1966 by— Moody Foundation............................................. 221 Large State and local govts......................... 552 Northwest Bancorporation .......................222, 445 Small local govts, and State colleges........ 953 Otto Bremer Foundation .................................. 771 Mortgage markets and construction................... 787 Southeast Bancorporation, Inc...........................1016 Price developments ................................................ 655 Union Bond & Mortgage Company.............643 Time and savings deposits, surveys ..............41, 582 United Bancshares of Florida, Inc....................1032 Treasury and Federal Reserve foreign exchange United Virginia Bankshares, Incorporated . . 777 operations, reports .................................267, 721 Valley Bancorporation ..................................... 773 U.S. international transactions: Trends in Virginia Commonwealth Bankshares, Inc. 446 1960-67 .......................................................... 339 Bank lending practices, survey of changes .......... 362 Atkins, Orin E., director, Cincinnati Branch, ap­ Bank Merger Act: pointment ........................................................... 86 Orders issued under: Axilrod, Stephen H., Adviser, Division of Re­ Bank of Virginia, Richmond, Va..................... 440 search and Statistics, appointment ............... 95 Bankers Trust Company, New York, N.Y. 920 Bailey, John H., Class B director, Minneapolis, Chemical Bank New York Trust Company, election..................................................................1038 New York, N.Y............................................1015 Bakke, Karl E., Assistant Secretary of the Board, Citizens Banking Company, Sandusky, Ohio 82 resignation ........................................................... 651 Citizens State Bank, Sturgis, Mich................... 770 Balance of payments (See U.S. balance of pay­ Colonial Bank and Trust Company, Water­ ments) bury, Conn................................................... 922 A-100 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-101 Pages Pages Bank Merger Act—Continued Board of Governors—Continued Orders issued under—Continued Staff changes—Continued Fidelity Bank, Philadelphia, Pa....................... 765 Hexter, David B., General Counsel, appoint­ Girard Trust Bank, Philadelphia, Pa............764 ment ........................................................... 95 Kingston Trust Company, Kingston, N.Y. , . 873 Holland, Robert C., Secretary of the Board, Marine Midland Trust Company of Rock­ appointment .............................................. 95 land County, Nyack, N.Y......................... 923 Hoof!, Wilson L., Assistant General Coun­ Merril] Trust Company, Bangor, Maine . . 509 sel, retirement ......................................... 454 Middle Tennessee Bank, Columbia, Tenn. 1013 Keir, Peter M., Assistant Adviser, Division Wachovia Bank and Trust Company, Win­ of Research and Statistics, appointment . . 95 ston-Salem, N.C...................................639, 697 Kenyon, Kenneth A., Deputy Secretary of Wells Fargo Bank, San Francisco, Calif. . . . 328 the Board, appointment .......................... 95 Bank of Virginia, Richmond, Va., Order under Kiley, John N., Associate Director, Division Bank Merger Act . ............................................ 440 of Bank Operations, appointment ......... 95 Bank Protection Act of 1968 ................................... 682 Koch, Albert R.. Deputy Director, Division Bank securities, “tender offers" with respect to of Research and Statistics, death........ 782 securities of member State banks .................. 683 l .eavitt, Brenton C., Deputy Director, Divi­ Bankers Trust Company, New York, N.Y., Order sion of Examinations, appointment...... 95 under Bank Merger Act ................................. 920 Lyon, John N., Assistant Director, Division of Banking and Monetary Statistics, supplement . . 335 Supervision and Regulation, appointment 651 Barnett National Securities Corporation, Orders McIntosh, James A., Assistant Director, Divi­ under Bank Holding Company Act .......451, 875 sion of Bank Operations, appointment.... 95 Bassett, Harry Hood, director, Jacksonville Nichols, Robert E., Special Assistant to the Branch, appointment ....................................... 91 Board, appointment ..................................... 782 Beach, Norman F., director, Buffalo Branch, Norwood, Bernard, Adviser, Division of In­ appointment ....................................................... 86 ternational Finance, appointment ..........1039 Board of Governors: O’Connell, Thomas J., Deputy General Coun­ Annual Report, 1967 ......................................... 454 sel, appointment ....................................... 95 Delegation of authority, amendment to rules . . 690 Reynolds, John E., Associate Director, Divi­ Division of Bank Operations, changed to Di­ sion of International Finance, appointment 95 vision of Federal Reserve Bank Opera­ Rhinehart, John H., Assistant Director, Divi­ tions ................................................ 651 sion of Data Processing, resignation ..... 529 Division of Examinations, changed to Division Ring, P. D., Assistant Director, Division of of Supervision and Regulation . 651 Bank Operations, appointment................... 95 Foreign credit restraint program (See Foreign Schaeffer, Lloyd M., Chief Federal Reserve credit restraint program) Examiner, transferred to Division of Fed­ Members: eral Reserve Bank Operations ............... 651 List, 1913-68 .................................................... 602 Sherman, Merritt, Assistant to the Board, ap­ Salaries, legislation ........................................... 80 pointment .................................................... 95 Sherrill, William W., reappointment............ 242 Shull, Bernard, Assistant Adviser, Division of Statements to Congress (See Statements to Research and Statistics, appointment ... 651 Congress) Smith, James C., Assistant Director, Division Members and officers .........................................A-91 of Examinations, retirement................... 242 Motion picture ..................................................... 391 Smith, Tynan, Acting Assistant Director, Di­ Publications (See Publications) vision of Supervision and Regulation, as­ Regulations (Sec Regulations) signment ....................................................... 651 Reorganization, functional ................................... 651 Walcutt, Charles C., Assistant Director, Divi­ Rules of Procedure, amendment ........................ 310 sion of Examinations, appointment, and Staff changes: transfer to Division of Federal Reserve Axilrod, Stephen H., Adviser, Division of Re­ Bank Operations ...............................242, 651 search and Statistics, appointment......... 95 Weiner, Louis, Assistant Adviser, Division of Bakke, Karl E., Assisttint Secretary of the Research and Statistics, appointment .... 95 Board, resignation ......................................... 651 Wernick, Murray S., Associate Adviser, Divi­ Coyne, Joseph R., Special Assistant to the sion of Research and Statistics, appoint­ Board, appointment ..................................... 694 ment ........................................................... 95 Daniels, M. B., Assistant Director, Division Branch banks: of Bank Operations, retirement ........... 242 Federal Reserve: Fauver, Clarke I.., Assistant to the Board, Directors (See Directors, Federal Reserve resignation .................................................. 651 branch banks) Forrestal, Robert P., Assistant Secretary of Territory of Charlotte Branch, extension . . . 782 the Board, appointment .......................... 95 Foreign: Ghiardi, John F. L., Adviser, Division of Assets and liabilities of overseas branches of International Finance, appointment ......... 454 member banks........................................... 696 Gramley, Lyle E., Adviser, Division of Re­ Liabilities of U.S. banks to, announcement 454 search and Statistics, appointment......... 95 Loan production offices as branches, inter­ Hackley, Howard H., Assistant to the Board, pretation and statements ...................681, 828 appointment .............................................. 95 Brimmer, Andrew F.: Hart, Janet, Assistant Director, Division of Bank voting of own stock and cumulative vot­ Supervision and Regulation, appointment 651 ing, statement ....................................... 624 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-102 FEDERAL RESERVE BULLETIN □ DECEMBER 1968 Pages Pages Brimmer, Andrew F.—Continued Credit—Continued Commercial bank entry into credit-card field, Monetary and credit developments, articles. 101, 533 statement ......................................................... 846 Stock as collateral when bank in “good faith” Foreign credit restraint program, responsibility has not relied on such stock as collateral. . . 439 for administration of ................................... 529 Crime, organized, statement of Governor Sherrill. 127 Brooks, H. Phelps, Jr., director, Charlotte Branch, Crouch, H. A., Jr., director, Nashville Branch, appointment ....................................................... 90 appointment......................................................... 91 BT New York Corporation, Order under Bank Daane, J. Dewey: Holding Company Act......................................... 225 Special Drawing Rights in the International Buckley, R. J., Jr., article ....................................... 408 Monetary Fund, statement ........................ 414 Business conditions, national summary...........98, 243, Dahlen, Gustav A., Class A director, Minneapolis, 337, 393, 455, 531, 653, 698, 784, 881, 939, 1041 election....................................................................1038 Daniels, M. B., Assistant Director, Division of Cagle, Caroline H., articles ...............................41, 582 Bank Operations, retirement................................. 242 Capacity utilization in manufacturing, announce­ Defense Production Act, extension ........................ 639 ment ...................................................................... 242 de Leeuw, Frank, staff economic study ............... 11 Capital market developments, article .................... 395 Denver U.S. Bancorporation, Inc., Order under Central Bancorp, Order under Bank Holding Bank Holding Company Act ............................. 233 Company Act ......................................................... 448 Deposits: Central Bancorporation, Inc., Order under Bank Aggregate reserves and member bank deposits, Holding Company Act.........................................1018 revisions of series .......................................... 529 Central Banking System, Inc., Order under Bank lime and savings deposits: Holding Company Act ......................................... 330 Foreign time deposits, exemption of interest Central banks, communique of Governors con­ on certain deposits ............................167, 872 tributing to Gold Pool ..................................... 254 Interest paid on basis that 360 days equals Chairmen and Deputy Chairmen of Reserve 1 year, interpretation ................................... 639 Banks ................................................84, 391, A-93 Maximum interest rates on, flexible authority Charter New York Corporation, Order under for supervisory agencies to set. statements Bank Holding Company Act ............................... 925 and extension of law .............368, 609, 872 Chemical Bank New York Trust Company, New Maximum interest rates on large-denomina­ York, N.Y., Order under Bank Merger Act .1015 tion, single-maturity time deposits, Citizens Banking Company, Sandusky, Ohio, changes .................................................391, 437 Order under Bank Merger Act ...................... 82 Reserve requirements against certain demand Citizens State Bank, Sturgis, Mich., Order under deposits, increases ..................................80, 95 Bank Merger Act .................................................. 770 Surveys ............................................................41, 582 Clay, Albert G., Chairman and Federal Reserve Directors, Federal Reserve Banks: Agent, Cleveland, designation ............................. 84 Chairmen and Federal Reserve Agents. . . .84, 391, Colonial Bank and Trust Company, Waterbury, A-93 Conn., Order under Bank Merger Act............... 922 Class A and B, elections.......................93, 879, 1037 Commerce Bancshares, Inc., Order under Bank Class C, appointments ...............85, 242, 391, 938 Holding Company Act......................................... 690 Deaths ................................................................95, 651 Commercial banks: Deputy Chairmen ..................................... 84, A-93 Commercial and industrial term loans outstand­ List............................................................................ 137 ing, new table .................................................... 454 Resignations ...................................................694, 879 Credit card and check credit, System study and Directors, Federal Reserve branch banks: statement...................................................782, 846 Appointments........86, 90, 334, 454, 651, 694, 1039 Loans and investments, revisions in series. . 694 List............................................................................ 137 Construction and mortgage markets, article...........787 Resignations and death .............391, 454, 651, 694 Consumer Credit Protection Act...........497, 695, 783 Discount mechanism. System report on reap­ Consumer credit statistics, revision ........................ 983 praisal, article, research papers, and state­ Consumer expenditures and saving, article........... 245 ment ....................................................545, 696, 743 Consumer instalment credit, article ........................ 457 Discount rates at Federal Reserve Banks: Cook, George S., director, Pittsburgh Branch, ap­ Increases ......................................334, 391, 454, 1039 pointment ........................................................... 90 Reductions .......................................................694, 782 Coombs, Charles A., reports on Treasury and Fed­ Dividends: eral Reserve foreign exchange operations. 267, 721 Federal Reserve Banks......................................... 97 Coons, Arthur G., director, Los Angeles Branch, Member banks ......................................409, 411, 413 death ......................................... 694 Dominion Bankshares Corporation, Orders under Coyne, Joseph R., Special Assistant to the Board, Bank Holding Company Act...........................1020 appointment......................................................... 694 Dorsey, B. R„ director, Pittsburgh Branch, ap­ Craig, Wilmot R., director, Buffalo Branch, ap­ pointment ........................................................... 334 pointment ......................................................... 90 Duffey, H. Lyle, Class A director, Philadelphia, Credit (See also Stock market transactions): election ................................................................ 93 Consumer Credit Protection Act . . . .497, 695, 783 Consumer credit statistics, revision .................... 983 Earnings and expenses: Consumer instalment credit, article .................... 457 Federal Reserve Banks..................................... 97 Credit card and check credit, System study and Member banks ................................................... 408 statement .................................................783, 846 Ebel, A. James, director, Omaha Branch, appoint­ Margin account credit, article ............................. 470 ment .................................................................... 87 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDEX VOLUME 54 A-103 Pages Pages Electronic transfer system, announcement............. 879 Federal Reserve notes: Elkins, Wilson H., Chairman and Federal Reserve Interest paid to Treasury................................. 97 Agent, Richmond, designation .......................... 84 Requirements for gold reserves against, elimi­ Ellis, A. L., Class A director, Atlanta, election. 93 nation ................................................................. 382 Emrich, Cecil O., Class B director, Kansas City, Federal Reserve System: election ................................................................ 879 Admissions of State banks to membership. .97, 335, Enzler, Jared J., staff economic study .................... 900 938, 1040 Executive officers of member banks, loans to, re­ Balance of payments program (See Foreign vision of Regulation O .......................................... 215 credit restraint program) Executive Order 11387, foreign investment con­ Bank credit-card and check-credit plans, Sys­ trol ..................................................................80, 438 tem study .................................................782, 846 Fauver, Clarke L., Assistant to the Board, resig­ Discount mechanism (See Discount mechanism) Electronic transfer system, announcement ... 879 nation ................................................................ 651 Foreign exchange operations (See Foreign ex­ Federal Advisory Council .....................................A-92 change operations) Federal National Mortgage Association, new table 938 Fetting, John H., Jr., director, Baltimore Branch, Federal Open Market Committee: appointment ...................................................... 86 Foreign exchange operations, reports . , . .267, 721 Fidelity Bank, Philadelphia, Pa., Order under Members and staff ...............................................A-92 Bank Merger Act ............................................. 765 Policy actions. . 72, 151, 289, 372, 431, 482, 628, Financial developments in the third quarter of 671, 749, 853, 910, 1004 1968, report to Congress ................................ 905 Reciprocal currency arrangements ............334, 652 First at Orlando Corporation, Order under Bank Federal Reserve Act: Holding Company Act..................................... 515 Interpretations: First Banc Group of Ohio, Inc., Order under Loan “production offices” of State member Bank Holding Company Act ........................ 522 banks as branches, re-examination ...... 681 First National Bancorporation, Inc., Order under Member bank purchase of stock of “opera­ Bank Holding Company Act ........................ 520 tions subsidiaries,” re-examination ....... 681 First Virginia Bankshares Corporation, Orders Section 9A: under Bank Holding Company Act......518, 932 Gambling activities and lottery ticket sales by First Wisconsin Bankshares Corporation, Orders State member banks, addition to law pro­ under Bank Holding Company Act .....645, 1024 hibiting ....................................................... 79 Fiscal policy in the 1960’s, article ........................ 701 Section 10: Foreign banking and financing corporations, Salaries of members of Federal Reserve amendment to Regulation K .......................... 309 Board, amendment ................................... 80 Foreign branches of U.S. banks (See Branch banks) Sections 11, 15, 16, et al.: Foreign credit restraint program: Gold reserve requirements against Federal Administration of program transferred to Gov­ Reserve notes, amendments .................... 382 ernor Brimmer .............................................. 529 Section 14(b): Foreign investment control established by Ex­ Authority of Reserve Banks to purchase Govt. ecutive Order 11387 ............... 80, 438 obligations directly from U.S., extension. . 497 Guidelines for banks and nonbank financial in­ Federal Reserve and Treasury foreign exchange stitutions ............................................63, 96, 257 operations, reports......................................267, 721 Foreign exchange operations: Federal Reserve Banks: Reciprocal currency arrangements .......334, 652 Advances by: Treasury and Federal Reserve operations, re­ Amendment of Regulation A and interpreta­ ports ..........................................................267, 721 tion ..............................................................1012 Foreign investment control (See Foreign credit Legislation ........................................................... 872 restraint program) Statements ..................................................368, 609 Foreign time deposits, exemption of interest on Authority to buy and sell Federal agency obli­ certain deposits ......................................... 167, 872 gations, statements and extension Forrestal, Robert P., Assistant Secretary of the of law............................368, 609, 872 Board, appointment ......................................... 95 Authority to purchase Govt, obligations directly Fox, John M., Class C director, Boston, appoint­ from U.S., statement and extension of ment .................................................................... 242 law .........................................368, 497 Branches (See Branch banks) Ghiardi, John F. L., Adviser, Division of Inter­ Chairmen and Deputy Chairmen . 84, 391, A-93 national Finance, appointment ...................... 454 Directors (See Directors, Federal Reserve Banks) Gilmore, Fred W., Class B director, Kansas City, Discount rates (See Discount rates) resignation ........................................................... 694 Earnings and expenses ......................................... 97 Girard Trust Bank, Philadelphia, Pa., Order under Gold reserve requirements: Bank Merger Act .................................................. 764 Elimination of, against Federal Reserve Gold, price of, remarks of Chairman Martin. . . 115 notes, amendments to Federal Reserve Act 382 Gold Pool, communique of Governors of central Statements of Chairman Martin ................... 124 banks contributing to ..................................... 254 Presidents and First Vice Presidents, list . A-93 Gold reserve requirements (See Federal Reserve Vice Presidents, list ...............................................A-93 Banks) Federal Reserve districts: Government National Mortgage Association, new Territory of Charlotte Branch, extension . . 782 table ........ 938 Federal Reserve-MIT econometric model, staff Gramley, l.ylc E., Adviser, Division of Research economic study .................................................. 11 and Statistics, appointment ............................ 95 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-104 FEDERAL RESERVE BULLETIN □ DECEMBER 1968 Pages Pages Gramlich, Edward, stall economic study............... 11 International Monetary Fund, Special Drawing Guidelines for banks and nonbank financial insti­ Rights in, statements and legislation . 414, 638 tutions, foreign credit restraint program 63, 96, 257 International transactions, U.S., article................. 339 Gushman, John L., Class B director, Cleveland, Interpretations: election ............................................................... 93 Advances, obligations eligible as collateral . . .1012 Bank holding companies, acquisition of stock Hackley, Howard H., Assistant to the Board, ap­ of small business investment companies 440 pointment ........................................................... 95 Credit extended on registered stock when con­ Hart, Janet, Assistant Director, Division of Su­ tract date was prior to enactment of Regula­ pervision and Regulation, appointment ........... 651 tion G ....................................................\ . 328 Hatch, Edwin J., Chairman and Federal Reserve Dealers’ reserves and differential accounts as Agent, Atlanta, designation ................................. 84 deposits against which reserves arc required 761 Hebert, Lucien J., Jr., director, New Orleans Interest paid on basis that 360 days equals 1 Branch, appointment.............................................. 91 year .................................................................. 639 Henderson, J. William, Jr., Class B director, Interlocking relationships between member Cleveland, election .............................................1037 bank and— Hextcr, David B„ General Counsel, appointment 95 Insurance company-mutual fund complex 763 Hickok, James P., Class A director, St. Louis, Variable annuity insurance company 762 election...................................................................1038 Loan “production offices” of State member Hirschler, Frederic S., Class C director, and banks as branches, re-examination ........... 681 Chairman and Federal Reserve Agent, San Member bank acting as trustee, whether pro­ Francisco, death .................................................... 95 hibited by Banking Act of 1933 from acquir­ Holderness, H. Dail, Class B director, Richmond, ing majority of shares of mutual fund . 504 election ................................................................ 93 Member bank purchase of stock of “operations Holland, Robert C., Secretary of the Board, ap­ subsidiaries,” re-examination .................... 681 pointment ........................................................... 95 Published interpretations of Board ......... 454, 938 Hooff, Wilson L., Assistant General Counsel, re­ Stock as collateral when bank in “good faith” tirement ............................................................... 454 has not relied on such stock as collateral. . 439 Housing and Urban Development Act of 1968 757 Investments (See also Securities): Houston, Norman B., director, Los Angeles Commercial bank loans and, revisions in series 694 Branch, appointment . .......................................... 87 Foreign investment control (.See Foreign credit Huffman, Alvin, Jr., director, Memphis Branch, restraint program) appointment ....................................................... 694 Hughes, Charles I.., director, Buffalo Branch, ap­ Johnson, Arthur L., director, Birmingham Branch, pointment ........................................................... 90 appointment ...................................................... 90 Humphress, John Y., director, Jacksonville Branch, Johnson, Howard W., Chairman and Federal Re­ appointment ....................................................... 91 serve Agent, Boston, designation ................. 84 Huntington Bancshares Incorporated, Order under Jones, Chas. F., Class C director, Dallas, appoint­ Bank Holding Company Act ........................... 525 ment .................................................................... 938 Hurley, Evelyn M., article ............................ 815 Jordan, Alfred E., Class B director, Kansas City, election ............................................................... 94 Income and expenses (See Earnings and expenses) Instalment credit, article............................................ 457 Karch, George F., Class A director, Cleveland, Institutional investors, bills authorizing study of election .................................................................1037 activities of, statements ..................... . . 424, 604 Keck, Ray M., Jr., director, San Antonio Branch, Interest on deposits: appointment ....................................................... 92 Maximum rates on large-denomination, single­ Keener, J. Ward, Class C director, Cleveland, maturity time deposits, changes ..........391, 437 appointment ....................................................... 85 Maximum rales on time and savings deposits, Keir, Peter M., Assistant Adviser, Division of Re­ flexible authority for supervisory agencies to search and Statistics, appointment ............... 95 set, statements and extension of law. 368, 609, 872 Kelly, J. V„ Class A director, Dallas, election. 94 Paid on basis that 360 days equals 1 year. . 639 Kennedy, William R., Class A director, Boston, Interest rates: election .............................................................. 93 Discount rates at Federal Reserve Banks: Kenyon, Kenneth A., Deputy Secretary of the Increases ..................................334, 391, 454, 1039 Board, appointment ......................................... 95 Reductions ...................................................694, 782 Kiley, John N., Associate Director, Division of Maximum rates on deposits or share accounts, Bank Operations, appointment .......................... 95 flexible authority for supervisory agencies to Kingston Trust Company, Kingston, N.Y., Order set, and related provisions, statements and ex­ under Bank Merger Act ............................. 873 tension of law ...............................368, 609, 872 Knowlton, Lloyd M., director, San Antonio Maximum rates on large-denomination, single­ Branch, appointment ....................................... 87 maturity time deposits, changes...........391, 437 Koch, Albert R., Deputy Director, Division of Re­ Paid on basis that 360 days equals 1 year. . . 639 search and Statistics, death ............................. 782 Study on interest-rate expectations ................. 880 Interlocking relationships between member bank and— Labor market, article on resurgence of growth. . 1 Insurance company-mutual fund complex, Lawson, Robert W., Jr., Deputy Chairman, Rich­ interpretation ............................................ 763 mond, designation.............................................. 85 Variable annuity insurance company, inter­ Leavitt, Brenton C., Deputy Director, Division of pretation .................................................... 762 Examinations, appointment ............................. 95 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDEX VOLUME 54 A-105 Pages Pages Legislation: Loans—Continued Advances by Reserve Banks: Loan production offices as branches of State New provisions of law ................................. 872 member banks, interpretation and state­ Statements of Vice Chairman Robertson and ments .......................................................681, 828 Chairman Martin....................................368, 609 Stock market transactions (See Stock market Authority of Reserve Banks to buy and sell transactions) Federal agency obligations: Lockard, Melvin C., Class A director, Chicago, Law made permanent ..................................... 872 election ................................................................ 94 Statements of Vice Chairman Robertson and Lyon, John N., Assistant Director, Division of Chairman Martin .................................368, 609 Supervision and Regulation, appointment . . . . 651 Authority of Reserve Banks to purchase Govt, obligations directly from U.S.: Extension of law .............................................. 497 Maisel, Sherman J., statement on urban crisis and Statement of Vice Chairman Robertson. . 368 financial institutions .......................................... 837 Bank holding company distributions, tax status 79 Mann, Maurice, staff economic study ................... 803 Bank Protection Act of 1968 ............................ 682 Manufacturing: Bank voting of own stock and cumulative vot­ Benchmark production indexes for. Bureau of ing in federally insured banks, statement Census and Board publication ........................ 651 of Governor Brimmer on bill .. 624 Capacity, staff economic study............................ 900 Consumer Credit Protection Act........................ 497 Capacity utilization in, announcement ........... 242 Defense Production Act, extension ................... 639 Margin account credit, article ................................. 470 Federal Reserve Board, salaries ........................ 80 Margin requirements: Gambling activities and lottery ticket sales by Credit extended on registered stock when con­ State member banks prohibited ........... 79 tract date was prior to enactment of Regula­ Gold reserve requirements against Federal Re­ tion G ............................................................. 328 serve notes: Extension of, to over-the-counter stocks, state­ Public T.aw 90-269 ......................................... 382 ments and legislation .....................424, 604, 682 Statements of Chairman Martin ................... 124 Regulatory changes by Board in, relating to Housing and Urban Development Act stock market transactions. 168, 315, 439, 504, 529 of 1968 ......................................... 757 Table of, eff ective Mar. 11, 1968 ........................ 334 Institutional investors activities, statements of Marine Corporation, Orders under Bank Holding Vice Chairman Robertson on bills au­ Company Act.............................................442, 1034 thorizing study of .............................424, 604 Marine Midland Trust Company of Rockland Margin requirements for over-the-counter stocks: County, Nyack, N.Y., Order under Bank Public Law 90-437 ..................................... 683 Merger Act ........................................................... 923 Statements, Vice Chairman Robertson . .424, 604 Martin, Wm. McC., Jr.: Rate ceilings on deposits or share accounts, Economic and financial conditions of the coun­ flexible authority for Federal supervisory try, statements .........................................122, 131 agencies to set: Extension of Public Law 89-597 and proposed Extension of law .............................................. 872 amendments, and remarks on support for Statements of Vice Chairman Robertson and the mortgage market, statement................. 609 Chairman Martin .................................368, 609 Gold, remarks on price of ................................. 115 Reserve requirements of member banks, ex­ Gold reserve requirements, statements ........... 124 panded authority for changes in: Special Drawing Rights in the International Law made permanent ..................................... 872 Monetary Fund, statement ........................ 414 Statements of Vice Chairman Robertson and State-charter banks establishing “operations Chairman Martin .................................368, 609 subsidiaries” and “loan production offices,” Special Drawing Rights in the International statement ......................................................... 828 Monetary Fund: McGouldrick, Paul F„ co-author of articles . .552, 953 Public Law 90-349 ......................................... 638 McIntosh, James A., Assistant Director, Division Statements of Chairman Martin and Gov­ of Bank Operations, appointment ............... 95 McNeill, R. E., Jr., Class A director, New York, ernor Daane .............................................. 414 election ................................................................ 93 “Tender offers” with respect to securities of Member banks: member State banks, amendments to Acting as trustee, whether prohibited by Bank­ Securities Exchange Act of 1934 . 683 ing Act of 1933 from acquiring majority Truth in Lending Act ......................................... 497 of shares of mutual fund ................... 504 LeMaistre, George A., director, Birmingham Advances by Reserve Banks to, statements and Branch, appointment ........................................... 91 legislation ..............................368, 609, 872 Loans: Income and expenses, 1967 ................................. 408 Advances by Reserve Banks (See Federal Re­ Interlocking relationships between, and— serve Banks) Insurance company-mutual fund complex, Bank lending practices, survey of changes ... 362 interpretation .............................................. 763 Commercial and industrial term loans outstand­ Variable annuity insurance company, in­ ing at large commercial banks, announce­ terpretation ................................................ 762 ment ............................................................... 454 Loans to executive officers of, revision of Reg­ Commercial bank loans and investments, re­ ulation O .............................................. 215 visions in scries.............................................. 694 Overseas branches of, assets and liabilities. . . . 696 Executive officers of member banks, loans to, Reserve requirements (See Reserve require­ revision of Regulation O ............................ 215 ments) Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-106 FEDERAL RESERVE BULLETIN □ DECEMBER 1968 Pages Pages Member banks—Continued Packard, Howard M., Class B director, Chicago, State member banks (See State member banks) election ................................................................ 94 Supplement to Banking and Monetary Statistics, Fenick, Edward M., director, Little Rock Branch, Section 2, on.................................................. 335 appointment ....................................................... 91 Time deposits, maximum permissible rates on Peters, Kenneth H., Class A director, Kansas City, large-denomination, single-maturity depos­ death .................................................................... 651 its, changes .......................................391, 437 Petersen, John E., co-author of articles 552, 953 Withdrawal from membership in System, Pitzer, Dr. Kenneth S., Class C director, Dallas, amendment of certain rules regarding, . 690 resignation ........................................................... 879 Membership in Federal Reserve System: Policy actions, Federal Open Market Committee 72, Admissions of State banks....97, 335, 938, 1040 151, 289, 372, 431, 482, 628, 671, 749, 853, 910, Merrill Bankshares Company, Order under Bank 1004 Holding Company Act............................................1022 Pratt, Leland D., director, Los Angeles Blanch, Merrill Trust Company, Bangor, Maine, Order appointment...........................................................1039 under Bank Merger Act ................................. 509 Presidents of Federal Reserve Banks, list ..............A-93 Middle Tennessee Bank, Columbia, Tenn., Order Price developments, article ........................................ 655 under Bank Merger Act...................................1013 Production, benchmark indexes for manufactur­ Mid-Wis Bankshares Inc., Order under Bank ing ...................................................................... 651 Holding Company Act .......................................387 Profits, member banks .............................409, 411, 412 Miller, C. M., Class A director, Kansas City, Projector, Dorothy S., Survey of Changes in Fam­ election ................................................................ 879 ily Finances, announcement..............................1039 Miller, Giles H., Class A director, Richmond, Publications in 1968, Board of Governors: election ....... .......................................... 93 Annual Report, 1967 ........................................... 454 Mitchell, George W.: Bank Credit-Card and Check-Credit Plans . . . 782 Federal Reserve discount mechanism, statement 743 Banking and Monetary Statistics, supplement on Monetary policy, statement ............................ 415 member banks .............................................. 335 Monetary and credit developments, articles . .101, 533 Benchmark production indexes for manufactur­ Monetary policy: ing, Bureau of Census and Board publication . 65 I Motion picture made by Board ........................ 391 Interest-Rale Expectations: Tests on Yield Staff economic study ........................................... 803 Spreads Among Short-Term Government Statement of Governor Mitchell ........................ 415 Securities, by Helmut F. Wendel............. 880 Money supply, aggregate reserves, and member List ............................................................................A-94 bank deposits, revisions of scries.................... 529 Published interpretations of Board ............454, 938 Monroe, Douglas D., Jr., Class A Director, Rich­ Reappraisal of the Federal Reserve Discount mond, election.....................................................1038 Mechanism ........................................545, 696, 743 Moody Foundation, Order under Bank Holding Survey of Changes in Family Finances.............1039 Company Act ......................................................... 221 Mortgage markets: Radcliff, Robert H., Jr., director, New Orleans Construction and, article ................................. 787 Branch, appointment ............................................ 86 Housing and Urban Development Act Reciprocal currency arrangements ..................334, 652 of 1968 ........................................................... 757 Record of policy actions of Federal Open Market Statement of Chairman Martin on support for 611 Committee . 72, 151, 289, 372, 431, 482, 628, 671, Tables on FNMA and Government National 749, 853, 910, 1004 Mortgage Association, announcement........... 938 Regulations, Board of Governors: A, Advances and Discounts by Federal Reserve National summary of business conditions 98, 243, Banks: 337, 393, 455, 531, 653, 698, 784, 881, 939, 1041 Amendment..........................................................1012 Newton, Carl D.. Class B director, Dallas, election 94 D, Reserves of Member Banks: Nichols, Robert E., Special Assistant to the Dealers’ reserves and differential accounts as Board, appointment .............................................. 782 deposits against which reserves are re­ Northwest Bancorporation, Orders under Bank quired, interpretation ............................. 761 Holding Company Act ..................................222, 445 Reserve requirements, amendment to change Norwood, Bernard, Adviser, Division of Interna­ rules governing computation .................437 tional Finance, appointment..............................1039 Reserve requirements against certain demand Nyce, Fletcher E., director, Cincinnati Branch, deposits, increases ................................80, 95 appointment ....................................................... 90 Delegation of authority, rules regarding, amend­ ment .............................................. 690 O’Connell, Thomas J., Deputy General Counsel, F, Securities of Member State Banks: appointment ....................................................... 95 Amendment......................................................... 683 O'J.cary, John A., Class A director, Kansas City, G, Credit by Persons Other Than Banks, election .................................................................1038 Brokers, or Dealers for Purpose of Pur­ Open Market Committee (See Federal Open Mar­ chasing or Carrying of Registered ket Committee) Equity Securities: Operations subsidiaries of State member banks, Amendments to case restrictions on lenders interpretation and statements .................681, 828 which act as agents in handling transac­ Otto Bremer Foundation, Order under Bank tions involving loans on securities ...... 382 Holding Company Act......................................... 771 Amendments to increase margin require­ Over-the-counter securities (See Securities) ments on new extensions of credit . 504, 529 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDEX VOLUME 54 A-107 Pages Pages Regulations, Board of Governors—Continued Reserve requirements, member banks—Continued G, Credit by Persons Other Than Banks, etc.— Computation of, change in rules ................. 437 Continued Dealers’ reserves and differential accounts as Amendments to relax effect of certain provi­ deposits against which reserves are required, sions and to clarify others........................ 758 interpretation ................................................ 761 Credit extended on registered stock when Expanded authority for changes in, statements contract date was prior to enactment of and extension of law .................368, 609, 872 regulation, interpretation ........................ 328 Reserves, member banks: Deferral of due date on certain reports and Aggregate reserves and member bank deposits, statements, and technical amendments. 315, 439 revisions of series ......................................... 529 Issuance of new regulation ....................168, 334 Reserve requirements (See Reserve require­ Stock as collateral when bank in “good ments) faith” has not relied on such stock as col­ Reynolds, John E., Associate Director, Division lateral, interpretation................................. 439 of International Finance, appointment ...... 95 K, Corporations Engaged in Foreign Banking Rhinehart, John H., Assistant Director, Division and Financing Under the Federal Re­ of Data Processing, resignation .................... 529 serve Act: Ring, P. D., Assistant Director, Division of Bank Amendment........................................................ 309 Operations, appointment ................................. 95 O, Loans to Executive Officers of Member Ritchie, Reeves E., director, Little Rock Branch, Banks: resignation ........................................................... 391 Revision ............................................................... 215 Riter, A. W., Jr., Class A director, Dallas, elec­ Q, Payment of Interest on Deposits: tion ........................................................................1039 Foreign time deposits, exemption of interest Robertson, J. L.: on certain deposits, amendments . .167, 872 Extension of Public Law 89-597 and proposed Interest paid on basis that 360 days equals amendments, statement................................ 368 1 year, interpretation..................................... 639 Margin requirements for over-the-counter Maximum rates on large-denomination, stocks and study of activities of institutional single-maturity time deposits, changes. 437 investors, statements .............................424, 604 R, Relationships with Dealers in Securities State-chartered banks establishing “operations under Section 32 of the Banking Act of subsidiaries” and "loan production offices,” 1933: ' statement ........................................................ 828 Interlocking relationships between member Robinson, James J., director, Baltimore Branch, bank and— appointment ...................................................... 90 Insurance company-mutual fund com­ plex interpretation............................ 763 Saving, consumer expenditures and, article....... 245 Variable annuity insurance company, in­ Schaeffer, Lloyd M., Chief Federal Reserve Ex­ terpretation ....................................... 762 aminer, transferred to Division of Federal Re­ T, Credit by Brokers, Dealers, and Members of serve Bank Operations ..................................... 651 National Securities Exchanges: Securities: Amendments for broadening the coverage of Eligible as collateral for advances by Reserve and tightening control over use of credit Banks (See Federal Reserve Banks) in stock market transactions ...... 168, 334 Federal agency obligations, authority of Re­ Amendments to ease restrictions on lenders serve Banks to buy and sell, statements and which act as agents in handling transac­ extension of law ...........................368, 609, 872 tions involving loans on securities ...... 382 Margin requirements for over-the-counter Amendments to increase margin requirements slocks, statements and legislation . .424, 604, 683 on new extensions of credit ............504, 529 State and local govt, securities market, state­ Deferral of due date for certain statements, ment ............................................................. 616 and technical amendments ............315, 439 Stock market transactions (See Stock market U, Credit by Banks for the Purpose of Pur­ transactions) chasing or Carrying Registered Stocks: "Tender offers” with respect to securities of Amendments for broadening the coverage of member State banks, legislation ............... 683 and tightening control over use of credit U.S. Govt, obligations, authority of Reserve in stock market transactions ........... 168, 334 Banks to purchase directly from U.S., state­ Amendments to ease restrictions on lenders ment and extension of law .......................368, 497 which act as agents in handling transac­ Seidman, L. William, director, Detroit Branch, tions involving loans on securities..........382 appointment ...................................................... 86 Amendments to increase margin require­ Shadow, Hoskins A., Class B director, Atlanta, ments on new extensions of credit . 504, 529 election ............................................................... 94 Deferral of due date for certain reports and Shearin, T. H., director, Los Angeles Branch, statements, and technical amendments. 315, 439 appointment ...................................................... 92 Stock as collateral when bank in “good faith” Sherman, Merritt, Assistant to the Board, ap­ has not relied on such stock as collateral, pointment .................................................... 95 interpretation............................................. 439 Sherrill, William W.: Y, Bank Holding Companies: Crime, organized, in the United States, state­ Amendments .................................................. 310 ment on........................................................... 127 Reserve requirements, member banks: Reappointed member of Board of Governors . 242 Certain demand deposits, increases in reserve State and local govt, securities market, state­ requirements against .................................80, 95 ment ............................................................... 616 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A-108 FEDERAL RESERVE BULLETIN □ DECEMBER 1968 Pages Pages Shriver, Philip R., director, Cincinnati Branch, Statement to Congress—Continued appointment ...................................................... 651 Rate ceilings on deposits or share accounts, Shull, Bernard, Assistant Adviser, Division of Re­ flexible authority for Federal supervisory search and Statistics, appointment ................ 651 agencies to set, extension .....................368, 609 Shumate, Stuart, Class C director, Richmond, ap­ Reserve requirements of member banks, ex­ pointment ........................................................... 85 panded authority for changes in, exten­ Simmen, John, Class A director, Boston, election. 1037 sion ............................................................368, 609 Sloan, Ralph M., Jr., director, Little Rock Branch, Special Drawing Rights in the International appointment ...................................................... 454 Monetary Fund ......................................414, 638 Small business investment companies, acquisition State and local govt, securities market ........... 616 by bank holding companies of stock of, inter­ State-chartered banks establishing “operations pretation ............................................................. 440 subsidiaries” and “loan production offices”. . 828 Smith, James C., Assistant Director, Division of Urban crisis, financial institutions and ........... 837 Examinations, retirement ................................. 242 Stauffer, John N., director, Cincinnati Branch, Smith, Tynan, Acting Assistant Director, Division resignation ........................................................... 651 of Supervision and Regulation, assignment.. 651 Steen, Hugh F., Class B director, Dallas, election 1039 Southeast Bancorporation, Inc., Order under Bank Still, Harold F., Jr., Class A director, Phila­ Holding Company Act...........................................1016 delphia, election ................... 1037 Special Drawing Rights facility, bill to provide Stock market transactions: for U.S. participation in, statements and legisla­ Credit extended on registered stock when con­ tion ................................................................414, 638 tract date was prior to enactment of Reg- Special tables (See list at bottom of p. A-3) lation G ........................................................... 328 Staff economic studies: Margin account credit, article ............................. 470 Federal Reserve-MIT econometric model . 11 Regulatory changes by Board affecting credit How does monetary policy affect the economy? 803 in ....... 168, 315, 334, 382, 439, 504, 529. 758 Manufacturing capacity ..................................... 900 Stock as collateral when bank in “good faith” Summaries ................... 113, 255, 406, 669, 719, 801 has not relied on such stock as collateral . 439 State and local govts.: Swain, W. H., director, Nashville Branch, appoint­ Monetary restraint and borrowing and capital ment .................................................................... 91 spending in 1966 by— Large State and local govts.............................. 552 Territory of Charlotte Branch, extension ............. 782 Small local govts, and State colleges ........... 953 Treasury and Federal Reserve foreign exchange Securities market for, statement ........................ 616 operations, reports ......................................267, 721 State member banks: Treman, Charles E., Jr., Class A director, New Admissions to membership in Federal Reserve York, election......................................................1037 System .......................................97, 335, 938, 1040 Truth in lending, legislation and advisory com­ Bank Protection Act of 1968 ............................ 682 mittee on .............................................497, 695, 783 Gambling activities and lottery ticket sales by, prohibited .................................................. 79 Ulrey, Ann P., article .............................................. 470 Union Bond & Mortgage Company, Orders under Loan “production offices” as branches, inter­ Bank Holding Company Act ............................. 643 pretation and statements .......................681, 828 United Bancshares of Florida, Inc., Order under Mergers (See Bank Merger Act) Bank Holding Company Act...................................1032 Operations subsidiaries of State member banks, U.S. balance of payments (See also Foreign credit restraint program): “Tender offers” with respect to securities of Economic upswing in Western Europe, article 883 member State banks, legislation ................... 683 U.S. international transactions, article ........... 339 Statement to Congress: U.S. Govt, securities: Advances by Reserve Banks, collateral for, Authority of Reserve Banks to buy and sell proposed amendments to law ............368, 609 Federal agency obligations, statements and Authority of Reserve Banks to buy and sell extension of law .........................368, 609, 872 Federal agency obligations, extension . . 368, 609 Authority of Reserve Banks to purchase directly Authority of Reserve Banks to purchase Govt. from U.S., statement and extension of obligations directly from U.S., extension 368 law ............................................................368, 497 Bank voting of own stock and cumulative vot­ United Virginia Bankshares, Incorporated, Order ing ........................................................................ 624 under Bank Holding Company Act........... 777 Commercial bank entry into credit-card field . 846 Valley Bancorporation, Order under Bank Hold­ Crime, organized .................................................. 127 ing Company Act .............................................. 773 Economic and financial conditions of U.S.. 122, 131 Vaughan, Warren F., Class A director, Minne­ Federal Reserve discount mechanism ............... 743 apolis, election .................................................. 94 Financial developments in the third quarter of Virginia Commonwealth Bankshares Inc., Order 1968, report to Congress................................. 905 under Bank Holding Company Act ........... 446 Gold reserve requirements................................... 124 Voss, Ralph J., director, Portland Branch, ap­ Institutional investors, study of activities .... 424 pointment ........................................................... 92 Margin requirements, over-the-counter stocks........................................................424, 604 Wachovia Bank and Trust Company, Winston- Monetary policy .................................................. 415 Salem, N.C., Order under Bank Merger Mortgage market aid, congressional proposal . 609 Act .................................................................639, 697 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDEX VOLUME 54 A-109 Pages Pages Walcutt, Charles C., Assistant Director, Division Whitney, Morgan, director, New Orleans Branch, of Examinations, appointment, and transfer to appointment ...................................................... 91 Division of Federal Reserve Bank Opera­ Williams, James S., director, Memphis Branch, tions ..............................................................242, 651 resignation .......................................................... 454 Weiner, Louis, Assistant Adviser, Division of Re­ Wilson, Dr. O. Meredith, Class C director, San search and Statistics, appointment ............... 95 Francisco, appointment; designation as Chair­ Wells Fargo Bank, San Francisco, Calif., Order man and Federal Reserve Agent .................... 391 under Bank Merger Act ................................. 328 Wilson, John C., Class C director, Atlanta, ap­ Wendel, Helmut F., study on interest-rate expec­ pointment; designation as Deputy Chairman... 85 tations .................................................................. 880 Wolbach, S. N., director, Omaha Branch, appoint­ Wernick, Murray S., Associate Adviser, Division ment ................................................................... 92 of Research and Statistics, appointment ...... 95 Wright, M. Steele, Jr., director, Houston Branch, White, J. J., director, Memphis Branch, appoint­ appointment ...................................................... 87 ment .................................................................... 91 Whitmore, Floyd F., Class A director, Chicago, Young, Harry M., Jr., director, Louisville Branch, election ................................................................1038 appointment ...................................................... 86 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis