Federal Reserve Bulletin, 1969-01

FEDERAL RESERVE BULLETIN NUMBER 1 □ VOLUME 55 □ JANUARY 1969 CONTENTS 1 Industrial Production in 1968 11 Balance of Payments—Revised Guidelines for Banks and Nonbank Financial Institutions 21 Statement to Congress 34 Credit Extended by Banks to Real Estate Mortgage Lenders 35 Record of Policy Actions of the Federal Open Market Committee 45 Law Department 76 Announcements 87 National Summary of Business Conditions Financial and Business Statistics A 1 Contents A 3 Guide to Tabular Presentation A 4 U.S. Statistics A 70 International Statistics A 91 Board of Governors and Staff A 92 Open Market Committee and Staff; Federal Advisory Council A 93 Federal Reserve Banks and Branches A 94 Federal Reserve Board Publications A 97 Index to Statistical Tables Map of Federal Reserve System on Inside Back Cover Charles Molony EDITORIAL Daniel H. Brill COMMITTEE 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. Direction for the art work is provided by Mack Rowe. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Industrial Production In 1968 EXPANSION in industrial production was renewed in the latter part of 1968, as a result of continued strong demand for auto­ mobiles and other consumer goods, a rise in new construction activity, and a larger-than-anticipated increase in demand for business equipment. The strength in demand in the final months of the year also reflected an expansion in the rate of inventory accumulation by producers and distributors stimulated in part by strong upward pressure on costs and prices. Growth in output of finished goods in turn increased demand for, and production of, industrial materials in the closing months of 1968. For 1968 as a whole, industrial production was 4.6 per cent higher than for 1967. This increase was much more in line with its long-term growth rate of 4 per cent than the 7 per cent annual average rate prevailing in the period 1961-66; that period in­ cluded the recovery and expansion from the cyclical low in early 1961 and, beginning in 1965, the sharp rise in output of de­ fense equipment accompanying the large-scale build-up of mili­ tary operations in Vietnam. The additions to manufacturing capacity during the past year about matched the increase in man­ ufacturing output, and the capacity utilization rate held at a level between 84 and 85 per cent, as shown in Chart 1. Manufacturing employment grew only slightly in the first three quarters of 1968, but accelerated moderately during the final quarter. For the year, manufacturing employment was only 1.5 per cent above 1967. With manufacturing production up 4.5 per cent, productivity gains in manufacturing in 1968 were larger than in 1967. Rapidly rising wages, however, caused unit labor Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

2 FEDERAL RESERVE BULLETIN □ JANUARY 1969 1 INDUSTRIAL PRODUCTION and resource use expand but plant utilization rate continues low Seasonally adjusted data. “Power” and “Freight,” Federal Reserve combinations. “Labor,” Bureau of Labor Statistics production worker man-hours. * indicates per cent of capacity utilization. Latest figures: “Utilization,” preliminary for fourth quarter; all others, pre­ liminary for December. costs to increase until late in the year when they leveled off as production expanded. CONSUMER GOODS Production of consumer goods increased 5.5 per cent in 1968; this increase followed a moderate decline and recovery in 1967 in output and inventories of the cyclical items—autos, home goods, and apparel. Gains in output in 1968 were widespread among consumer goods and have reflected strong consumer demand as well as some further accumulation of inventories. In the first half of 1968, as employment in nonagricultural establishments expanded and wages spiraled upward, personal disposable income continued to rise at the accelerated rate reached in the second half of 1967. Accompanying the rise in incomes, consumer takings increased sharply in the first 8 months of 1968. The rate of rise in disposable income, however, was reduced in the third quarter of the year by the tax increase that became effective in mid-July. In the fourth quarter disposable in­ come rose further, but the value of retail sales declined moderately (Chart 2). Prices of consumer products continued to increase during 1968, and by year-end they had risen by about 4 per cent. The PRODUCTION OF CONSUMER GOODS decline in the value of retail sales in the closing months of the year, in the face of rising prices, indicated a larger decline in the Percentage Series change, physical volume of consumer takings. While there were down­ 1967-68 ward adjustments in output of some consumer goods at year-end, Automobiles 19.0 Household appliances 8.6 over-all production of these goods continued to increase, and Television and home radios 2.9 Furniture and rugs 8.8 inventories of autos and other consumer durable goods rose Apparel 2.9 Staples (food, drugs, etc.) 4.2 further in the latter part of 19 6 8. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION IN 1968 3 Automobiles. The rise in retail sales in 1968 was led by a marked expansion in consumer demand for both domestic and imported cars. Unit sales of new domestic autos increased sharply in the first half, rose to a seasonally adjusted annual rate of about 9.0 million units in July, and then changed little until December, when they declined 5 per cent. For the year as a whole, sales were up 14 per cent from 1967—when sales had been reduced by decreased demands and strikes—and were only slightly below the record year of 1965. Meanwhile, sales of im­ ported cars rose one-fourth to a new record. Combined sales of domestic and foreign cars reached a new high—9.6 million units —with foreign autos accounting for 10 per cent of the total. The sustained increases in sales of imported autos since 1964 have led to plans by domestic manufacturers to build competitive lines of small cars in the United States. Output of CONSUMER GOODS increases . . . RETAIL SALES decline at year-end Seasonally adjusted data. Latest figures: preliminary for fourth quarter except prices (esti­ mated). Income and sales, Department of Commerce data; prices, BLS. Output of domestic autos, as well as sales, rose rapidly in 1968 and by the third quarter was at a seasonally adjusted annual rate of 9.2 million units. The 1969 models introduced in the fall of 1968 met with a favorable initial reception, and auto out­ put in the fourth quarter of the year averaged a rate of 9.1 mil­ lion units. For the year as a whole, auto production totaled 8.8 million units, 19 per cent above the level of 1967, but moder­ ately below the record output of 1965 (Chart 3). Dealers’ inventories of new domestic autos increased during Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

4 FEDERAL RESERVE BULLETIN □ JANUARY 1969 the year, but with sales also rising, the supply averaged about 50 selling days during the first three quarters. This was considerably below the record 59-day supply in the first quarter of 1967 when sales and output were both declining sharply. Stocks continued to accumulate in the fourth quarter of 1968 and on December 31 amounted to 1.6 million units, seasonally adjusted, or a 56-day supply at the reduced December sales rate. Production schedules reported for January 1969 have been cut back to a seasonally adjusted annual rate of about 8.5 million units. Seasonally adjusted data. “Output” and “Sales,” annual rates, quarterly averages. “Stocks,” index numbers, end of quarter. Latest figures: fourth quarter. Home goods and apparel. Production of home goods remained on a plateau in the first half of 1968, following recovery in the second half of 1967 from a 7 per cent decline earlier in that year. Sales of these products rose further, however, and in August 1968 output began to increase again. In December production of home goods reached a new high. Retail and factory stocks of these goods, which had changed little in early 1968, also began to rise again in the last half of the year, as the unit volume of sales lagged the rising volume of output. Production of appliances was reduced between the first and second quarters of 1968 in response to the rapid build-up of factory and distributors’ stocks which had occurred in the last half of 1967. However, a continued high level of private resi­ dential construction—a major market for these goods—and ex­ pansion in retail sales induced a sharp rise in appliance pro- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION IN 1968 5 duction in the second half of 1968. Manufacturers’ and dis­ tributors’ stocks of appliances remained at relatively high levels through most of 1968, and sales and output remained approxi­ mately in balance. . Production of television sets, while well above the reduced level of 1967 when output was cut sharply to reduce excessive inventories, was below the record high of 1966. Two major de­ velopments in the television market in recent years have been, one, the decline in demand for and output of monochrome sets beginning in 1966, and two, the rapidly expanding demand for color television sets, production of which about doubled each year from 1962 through 1966. Since then, however, the rate of in­ crease in output has slowed sharply, to 13 per cent in 1967 and to only 2 per cent in 1968. Unit sales of television sets in 1968 failed to keep pace with output, and by the end of the third quarter, stocks were back up to their 1967 high. In November and December production was curtailed. Output of apparel, which had recovered from a decline in 1967 by the end of the first quarter of 1968, was maintained through the balance of the year. The value of retail sales of apparel, which had risen during the first half of 1968, leveled off in the second half, although retail prices of apparel con­ tinued to show marked increases. BUSINESS EQUIPMENT After almost a year of little change in production, a renewed increase in the demand for and output of business equipment became evident in late 1968. Prior to this there appeared to be little incentive to step up the rate of investment. The rate of capacity utilization in manufacturing declined from 90 per cent to 84 per cent from the fourth quarter of 1966 to the third quarter of 1967. Since then the increase in output has about matched the increase in manufacturing capacity. Nevertheless, new orders for machinery began to rise in June 1968 and reached new highs in the fourth quarter. This gain reflected the strong demand for consumer goods and industrial materials, prospects for further increases in prices for new equip­ ment, and with wages rising at a rapid rate, the need for more productive machinery to hold down increases in unit labor costs. According to the Commerce-SEC survey of business expendi­ tures for new plant and equipment released in December 1968, plans were for outlays to increase 6 per cent from the third quarter to the fourth quarter of 1968 (Chart 4) and another Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

6 FEDERAL RESERVE BULLETIN □ JANUARY 1969 Output of BUSINESS EQUIPMENT rises less than expenditures OUTPUT OF BUSINESS EQUIPMENT PLANT AND EQUIPMENT EXPENDITURES PRICES OF MACHINERY AND EQUIPMENT Seasonally adjusted quarterly data. Latest figures: preliminary for fourth quarter except prices (estimated). Expenditures, Dept, of Commerce-SEC data; prices, BLS. 6 per cent in the first quarter of 1969—larger rises than had been reported in the preceding survey. Total production of business equipment in 1968 was up only 1 percent from 1967. However, strengthening demand led to a rise in output at an annual rate of about 13 per cent from the third to the fourth quarter, compared with an annual average rate of 11 per cent during the recovery and expansion period from mid-1961 to the end of 1966. Output of industrial equipment, which currently represents about one-half of all business equipment, declined moderately further in 1968 until the fourth quarter when it advanced sharply. Production of autos, home goods, apparel, and materials for further processing, which employs a considerable amount of in­ dustrial equipment, was strong and on a rising trend during 1968; this strength contributed to the increased demand for industrial equipment. New orders for electric power equipment declined substantially from the peak reached in 1966, but backlogs of orders had been sufficiently large to maintain output at advanced levels during 1967 and 1968. Currently new orders and ship­ ments of these products are about in balance, but backlogs are still high. As production of commercial aircraft and trucks continued to increase, output of freight and transportation equipment showed a sizable gain in 1968, up 9 per cent from the previous year. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION IN 1968 7 The rise in output of commercial aircraft was large, but it was considerably smaller than in the previous 3 years, apparently because capacity limitations restricted production gains. With a high level of unfilled orders for commercial aircraft at year-end, output should continue to expand further in 1969. In contrast, production of railroad equipment declined for the second succes­ sive year, despite a turnaround in the last half of the year when output of locomotives increased. Unfilled orders for new freight cars continued to decline in 1968 as shipments, which were also declining, exceeded new orders. However, beginning in Septem­ ber new orders and shipments rose, and with orders exceeding shipments, backlogs began to increase. Production of commercial equipment was relatively stable in 1968 and was up only slightly from 1967. Although output of office equipment and furniture continued to expand in 1968, the expansion was about offset by a decline in communication equipment, a large proportion of which is for defense needs. Output of farm equipment in the first half of 1968 was sub­ stantially below the reduced level of 1967. Business inventories of farm equipment had declined only slightly by the end of 1967, despite the sharp cutback in output, and then stocks changed little during 1968. Farm income also declined in 1966 and 1967, but it turned up in 1968. The rise probably contributed to in­ creased demands for farm equipment in the second half of the year when production of farm equipment rose 13 per cent. INDUSTRIAL MATERIALS Output of industrial materials—which amounts to more than one-half of total industrial production—was influenced by chang­ ing patterns of demand for final products and business inven­ tories in 1968, as well as by strikes and expectations of strikes. The rise in production of materials for further processing was interrupted in August and September by a sharp decline in steel output. But expansion in production of metal and nondurable materials was resumed late in the year, as shown in Chart 5, reflecting generally strong and rising output of consumer goods and business equipment. For the year as a whole, production of industrial materials was 6 per cent above 1967. Wholesale prices of industrial materials rose in late 1967 and then stabilized in the first half of 1968. As demand for materials showed further strength in the second half of the year, industrial prices resumed their rise, and in December were 3 per cent above a year earlier. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

8 FEDERAL RESERVE BULLETIN □ JANUARY 1969 Output of steel in 1968 followed the “roller-coaster” pattern that has prevailed before and after wage contract negotiations in recent years. Steel production rose more than 20 per cent from mid-1967 to mid-1968, as both steel mills and consuming in­ dustries built up inventories of steel mill shapes and forms in preparation for possible work stoppages. The wage contract settlement at the end of July was followed by a drop in steel output of almost 30 per cent in 2 months. With steel consump­ tion continuing strong and inventories at consuming industries declining sharply, steel production turned up in October and by December had increased 16 per cent from the September low. Because of the possibility of a strike in the steel industry and the availability of steel from abroad at lower prices, imports of steel mill products increased again and for the year amounted to about 13 per cent of domestic supplies. I Output of materials for NONDURABLE GOODS increases, |for METAL GOODS recovers, and NONDURABLE MATERIALS METAL PRODUCTS METAL MATERIALS CONSTRUCTION MATERIALS Seasonally adjusted monthly indexes. Latest figures: preliminary for December. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION IN 1968 9 n I Most MARKET CATEGORIES of industrial 0 | production rise further in 2nd half of 1968 BILLIONS OF 1958 DOLLARS Seasonally adjusted annual rates. Series are based on published production-index groupings except for “Defense equipment.*’ Latest figures: preliminary for December. Output of nonferrous metals was sharply curtailed in the last half of 1967 and the first quarter of 1968 mainly by strikes in the copper industry. After wage contract settlements were reached in late March and early April, copper production re­ covered. As a result, output of nonferrous metals rose to a new high in May, only to decline again because of work stoppages in June and July in the aluminum industry. After these labor dis­ putes were settled, production of nonferrous metals recovered rapidly. Output of construction materials had begun to rise in mid-1967 as new construction outlays started to recover from their low in that year. With new outlays at peak levels in late 1968, production of construction materials rose further and in December registered a new high. Output of nondurable industrial materials, following a sub­ stantial rise in the last half of 1967, leveled off in early 1968. Beginning in May it resumed its rapid rate of growth, as output of textiles, paper, and industrial chemicals continued to expand, in response to the rise in production of final products. CURRENT SITUATION In the fourth quarter of 1968, industrial production rose at an annual rate of over 5 per cent—well above its long-term growth trend. At the year-end, it was evident that a number of cross- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

10 FEDERAL RESERVE BULLETIN □ JANUARY 1969 currents were at work. As unit retail sales declined and inven­ tories increased, output of some consumer goods either leveled off or was cut back. The increase in social security taxes, the make-up payments due on the retroactive part of the surcharge on personal income taxes in the first half of 1969, as well as some probable further increases in prices of consumer products may tend to dampen the increase in the volume of consumer takings. If business outlays for equipment match the anticipated ex­ penditures reported by the Commerce-SEC survey, output of business equipment should continue to increase in the early part of 1969, but most likely at a slower rate than in the fourth quarter of 1968. Production of defense equipment, however, turned down in the last third of 1968 and will probably continue to decline. The rapid rise in output of materials for further processing in the closing months of the year reflected not only the increase in production of finished goods and a resumption in inventory accumulation, but also the recovery in steel mill operations. While further increases in output of steel and other materials are anticipated, the accelerated rate of production ex­ perienced in recent months is not likely to be maintained, espe­ cially if the rate of expansion in output of final products slows. □ Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

BALANCE OF PAYMENTS PROGRAM Revised Guidelines For Banks and Nonbank Financial Institutions On January 1, 1968, a new program to re­ amount of repayments during the preceding duce the deficit in the nation’s balance of month of term loans to Western Europe out­ payments was announced by the President standing on December 31, 1967. of the United States. An integral part of that All banks also are asked to hold the program was the reduction during 1968 by amount of short-term credit outstanding at least $500 million of foreign claims held (loans with maturities of 1 year or less) to by financial institutions. residents of developed countries of conti­ It appears at this time that this objective nental Western Europe to an amount not will be met. It has been determined, how­ more than the limit that the banks were re­ ever, that restraint of capital outflow, both quested to observe under the 1968 program; public and private, will continue to be re­ that is, 60 per cent of the amount of such quired in 1969. Accordingly, the Board of credits outstanding on December 31, 1967. Governors has revised the guidelines for These revisions in the guidelines are in­ banks and other financial institutions as tended to forestall any large outflow of bank follows: capital during 1969 by maintaining banks’ foreign assets at about the level planned for THE REVISED 1969 PROGRAM FOR 1968. COMMERCIAL BANKS The basic 1969 ceiling for each bank report­ THE REVISED 1969 PROGRAM FOR ing on December 31,1968, will be the bank’s NONBANK FINANCIAL INSTITUTIONS ceiling as of that date calculated in accord­ The 1969 program for nonbank financial ance with the guidelines issued on January 1, institutions is identical in all substantive 1968. ' respects with the program in effect during All banks are requested to continue to 1968. The definition of covered assets is un­ make no new term loans (loans with original changed, but the treatment of leased prop­ maturities of more than 1 year) to residents erty is clarified. The target ceiling remains of developed countries of continental West­ at 95 per cent of the adjusted end-of-1967 ern Europe except to finance exports of U.S. base. Institutions that did not reduce their goods and services. However, this provision holdings of covered assets by at least 5 per does not apply to equity investments in those cent during 1968 will be expected to increase countries. Each bank will continue to reduce their efforts to accomplish such a reduction its ceiling on each reporting date by the during 1969. □ 11 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

12 FEDERAL RESERVE BULLETIN □ JANUARY 1969 Guidelines for Banks 1. Ceiling and reporting be considered “developed” are the following A. Meaning of terms: countries: Albania, Bulgaria, the People’s (1) “Foreigners” include: individuals, Republic of China, Cuba, Czechoslovakia, partnerships, and corporations domiciled Estonia, Hungary, Communist-controlled outside the United States, irrespective of Korea, Latvia, Lithuania, Outer Mongolia, citizenship, except their agencies or branches Poland (including any area under its pro­ located within the United States; branches, visional administration), Rumania, Soviet subsidiaries, and affiliates of U.S. banks and Zone of Germany and the Soviet sector of other U.S. corporations that are located in Berlin, Tibet, Union of Soviet Socialist Re­ foreign countries; and any government of a publics and the Kurile Islands, Southern foreign country or official agency thereof Sakhalin, and areas in East Prussia that are and any official international or regional in­ under the provisional administration of the stitution created by treaty, irrespective of Union of Soviet Socialist Republics, and location. Communist-controlled Vietnam. (2) “Foreign long-term securities” are B. Specific inclusions and exclusions in those issued without a contractual maturity calculating the ceiling: or with an original maturity of more than 1 (1) The following items should be in­ year from the date of issuance. cluded: claims on foreigners without deduc­ (3) “Other claims” include all long-term tion of any offsetting liabilities to foreigners; claims other than securities, real assets, net foreign long-term securities held for banks’ investment in and advances to foreign own account; foreign customers’ liability for branches and subsidiaries, and all short-term acceptances executed, whether or not the claims (such as deposits, money market in­ acceptances are held by the reporting banks; struments, customers’ liability on accept­ deferred payment letters of credit described ances, and loans). in the Treasury Department’s Supplementary (4) “Nonexpert credit” means a foreign Reporting Instruction No. 1, Treasury For­ credit other than one that arises directly out eign Exchange Reports, Banking Forms, of the financing of exports of U.S. goods or dated May 10, 1968; participations pur­ services or that is reasonably necessary for chased in loans to foreigners, except loans to the financing of such exports. finance U.S. exports guaranteed or partici­ (5) “Developed countries” are Abu pated in by the Export-Import Bank or the Dhabi, Australia, Austria, the Bahamas, Department of Defense, or insured by the Bahrain, Belgium, Bermuda, Canada, Den­ Foreign Credit Insurance Association; and mark, France, Germany (FederalRepublic), foreign assets sold to U.S. residents, includ­ Hong Kong, Iran, Iraq, Ireland, Italy, Japan, ing the Export-Import Bank, with recourse. Kuwait, Kuwait-Saudi Arabia Neutral Zone, (2) Contingent claims, unutilized credits, Libya, Liechtenstein, Luxembourg, Monaco, claims held for account of customers, ac­ Netherlands, New Zealand, Norway, Portu­ ceptances executed by other U.S. banks, gal, Qatar, Republic of South Africa, San loans to finance U.S. exports guaranteed or Marino, Saudi Arabia, Spain, Sweden, Swit­ participated in by the Export-Import Bank zerland, and the United Kingdom. Also to or the Department of Defense, or insured by Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

REVISED GUIDELINES 13 the Foreign Credit Insurance Association, (5) A bank that had no ceiling in 1968, and claims on residents of Canada, should be or that had foreign assets of $500,000 or excluded. less on October 31, 1967, may discuss with C. Ceiling: the Federal Reserve Bank of the Federal (1) Foreign credits included in the ceil­ Reserve district in which it is located the ing (“covered assets”) are a bank’s total possibility of adopting a special ceiling ade­ claims on foreigners held for own account, quate to permit the bank to meet reason­ with the specific inclusions and exclusions able priority credit demands of existing cus­ set forth in Section B. The basic 1969 ceil­ tomers or originating in its normal trade ing for a bank reporting on December 31, area. 1968, is its ceiling calculated in accordance In discussing the ceiling of such a bank, with the guidelines issued January 1, 1968. the Federal Reserve Bank will ascertain the (2) All banks are requested to continue bank’s previous history in foreign transac­ to refrain from making new term loans tions, including acceptance of foreign de­ (those with original maturities of more than posits or handling foreign collections, and 1 year) to residents of developed countries the reasons why the bank considers that it of continental Western Europe, or relending should engage in foreign transactions. amounts received in repayment of such D. Reporting: Ioans, except to make bona fide export (1) Banks that report on Treasury For­ credits. The ceiling of each bank receiving eign Exchange Forms B-2 or B-3, or that repayments on term loans to such residents have been granted special ceilings under outstanding on December 31, 1967, will be provisions of these guidelines, should file a adjusted monthly by deducting therefrom Monthly Report on Foreign Claims (Form the dollar amount of those repayments. F.R. 391/69) with the Federal Reserve Equity investments in developed countries Bank of the Federal Reserve district in of continental Western Europe may be made which the bank is located. within the over-all ceiling, subject to re­ (2) Copies of Form F.R. 391/69 are quirements of the Board of Governors. available at the Federal Reserve Banks. (3) All banks are requested further to hold the amount of outstanding short-term credits (credits with original maturities of 2. Exclusions from the ceilings 1 year or less) to residents of developed Loans to finance U.S. exports guaranteed countries of continental Western Europe to or participated in by the Export-Import Bank or the Department of Defense, or insured the level requested by the guidelines issued by the Foreign Credit Insurance Associa­ on January 1, 1968, that is, 60 per cent of tion, are excluded from the ceiling. The role the amount of such credits outstanding on of Government lending abroad within the December 31, 1967. framework of the President’s program is co­ (4) Any bank that sells a covered for­ ordinated by the National Advisory Council eign asset to a U.S. resident other than a bank participating in the program, including for International Monetary and Financial Policies. the Export-Import Bank, without recourse should reduce its ceiling by an equivalent Also excluded are claims on Canadian amount. residents. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

14 FEDERAL RESERVE BULLETIN □ JANUARY 1969 3. Credits in excess of ceiling That is, subject to the limitations set forth A bank would not be considered as acting in Guideline 1C(1), holdings of foreign in a manner inconsistent with the program credits on any reporting date should not ex­ if it temporarily exceeded its ceiling as a re­ ceed the 1967 ceiling by more than the in­ sult of the extension of bona fide export crease in holdings of priority credits between credits. December 31, 1967, and the reporting date. The bank should, however, refrain from 5. Trust departments making new extensions of nonpriority Trust departments of commercial banks credits so as to reduce its claims on for­ should follow the guidelines with respect to eigners to an amount within the ceiling as nonbank financial institutions. quickly as possible. It should also take every opportunity to withdraw or reduce commit­ 6. Transactions for the account of customers ments, including credit lines, that are not of A bank should bear in mind the Presi­ a firm nature and to assure that drawings dent’s balance of payments program when under credit lines are kept to normal levels acting for the account of a customer. Al­ and usage. At time of renewal, each credit though the bank is obliged to follow a cus­ line should be reviewed for consistency with tomer’s instructions, it should to the extent the program. possible discourage customers from placing A bank whose foreign credits are in ex­ liquid funds outside the United States, ex­ cess of the ceiling will be invited periodically cept in Canada. A bank should not place to discuss with the appropriate Federal Re­ with a customer foreign obligations that, in serve Bank the steps it has taken and pro­ the absence of the voluntary credit restraint poses to take to reduce its credits to a level program, it would have acquired or held for within the ceiling. its own account. 4. Loan priorities 7. Foreign branches Within the ceiling, absolute priority The voluntary credit restraint program is should be given to bona fide export credits. not designed to restrict the extension of for­ Credits that substitute for cash sales or for eign credits by foreign branches if the funds sales customarily financed out of nonbank utilized are derived from foreign sources and or foreign funds are not entitled to priority. do not add to the outflow of capital from With respect to nonexport credits, banks the United States. should give the highest priority to loans to Total claims of a bank’s domestic offices developing countries and should avoid re­ on its foreign branches (including perma­ strictive policies that would place an undue nent capital invested in, as well as balances burden on Japan or the United Kingdom. due from, such branches) represent bank A bank whose 1969 ceiling is larger than credit to nonresidents for the purposes of its ceiling for 1967 will be expected to re­ the program. strict the use of any excess over its 1967 ceiling to priority credits (that is, export 8. “Edge Act” corporations credits and credits to developing countries) “Edge Act” and “Agreement” corpora­ originating among the bank’s regular cus­ tions are included in the foreign credit re­ tomers or residents of its trade territory. straint program. Corporations that chose to Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

REVISED GUIDELINES 15 adopt a separate ceiling under the provisions located in the United States are requested to of Guideline No. 11 issued in February act in accordance with the spirit of the do­ 1965 may continue to report separately mestic commercial bank voluntary credit from their parent banks or may combine for­ restraint program. eign loans and investments with those of their parent banks for purposes of the pro­ 11. Loans to U.S. residents and substitution gram. No special ceilings are provided for of domestic credit for credit from foreign Edge Act or Agreement corporations sources formed since February 1965. There are a number of situations in which Edge Act or Agreement corporations loans to domestic customers, individual as owned by a bank holding company may well as corporate, may be detrimental to the combine foreign loans and investments with President’s balance of payments program any one or all of the banks in the holding and hence should be avoided. Examples are: company group for purposes of the pro­ (A) Loans to U.S. residents—individ­ gram. uals as well as corporations—that will aid the borrower in making new foreign loans 9. Bank holding companies or investments inconsistent with the Presi­ Registered bank holding companies will dent’s program. Banks should avoid making be treated as banks for the purposes of these new Ioans that would directly or indirectly guidelines. Banks in which controlling in­ enable borrowers to use funds abroad in a terest is held by a corporation other than a manner inconsistent with the Department of registered bank holding company will con­ Commerce program or with the guidelines tinue to be treated as banks for these pur­ for nonbank financial institutions. poses. (B) Loans to U.S. subsidiaries and Registered bank holding companies may branches of foreign companies that other­ combine the ceilings and foreign loans and wise might have been made by the bank to investments outstanding of one or more of the foreign parent or other foreign affiliate the banks in the holding company group. of the company or that normally would have Any company formed after December 23, been obtained abroad. 1968, for the purpose of acquiring control­ ling interest in a commercial bank will be 12. Management of a bank’s liquid funds treated as a bank for the purpose of this pro­ A bank should not place its own funds gram, and foreign assets acquired by the abroad for short-term investment purposes, company or any of its subsidiaries, includ­ whether such investments are payable in ing the bank, will be counted against the ex­ foreign currencies or in U.S. dollars. This isting ceiling of the acquired bank. does not, however, apply to investments in Canada, nor does it call for a reduction in 10. U.S. branches and agencies of foreign banks necessary working balances held with for­ Branches and agencies of foreign banks eign correspondents. □ Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

16 FEDERAL RESERVE BULLETIN u JANUARY 1969 Guidelines for Nonbank Financial Institutions Nonbank financial institutions rope, except for new credits that are essen­ The group of institutions covered by the tial to the financing of U.S. exports. This nonbank guidelines includes: trust com­ means that reductions through amortiza­ panies; trust departments of commercial tions, maturities, or sales are not to be offset banks; mutual savings banks; insurance by new acquisitions in these countries. companies; investment companies; finance Among other foreign assets that are sub­ companies; employee retirement and pen­ ject to the guideline ceiling, institutions are sion funds; college endowment funds; chari­ asked to give absolute priority to credits that table foundations; and the U.S. branches of represent the bona fide financing of U.S. foreign insurance companies and of other exports. foreign nonbank financial corporations. In­ Institutions may invest in noncovered for­ vestment underwriting firms, securities eign assets generally as desired. However, brokers and dealers, and investment coun­ they are requested to refrain from making seling firms also are covered with respect to any loans and investments, noncovered as foreign financial assets held for their own well as covered, which appear to be incon­ account and are requested to inform their sistent with other aspects of the President’s customers of the program in those cases balance of payments program. Among these where it appears applicable. Businesses are the following: whose principal activity is the leasing of (1) noncovered credits under this pro­ property and equipment, and which are not gram that substitute directly for Ioans that owned or controlled by a financial institu­ commercial banks would have made in the tion, are not defined as financial institutions. absence of that part of the program applica­ ble to them; Ceiling and priorities (2) noncovered credits to developing­ Through the end of calendar 1969, each country subsidiaries of U.S. corporations institution is requested to limit its aggregate that would not have been permitted under holdings of foreign assets covered by the the Department of Commerce program if program to no more than 95 per cent of made by the U.S. parent directly. the adjusted amount of such assets held on (3) credits to U.S. corporate borrowers December 31, 1967. that would enable them to make new foreign Institutions generally are expected to hold loans and investments inconsistent with the no foreign deposits or money market in­ Department of Commerce program. struments (other than Canadian). However, (4) credits to U.S. subsidiaries and an institution may maintain such minimum branches of foreign companies that other­ working balances abroad as are needed for wise would have been made to the foreign the efficient conduct of its foreign business parent, or that would substitute for funds activities. normally obtained from foreign sources. In addition, institutions are expected to refrain from making any new investments, Covered assets in either debt or equity form, in the devel­ Covered foreign financial assets, subject oped countries of continental Western Eu­ to the guideline ceiling, include the follow- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

REVISED GUIDELINES 17 ing types of investments, except for “free 5. Equity securities of foreign corpora­ delivery” items received after December 31, tions domiciled in developed countries other 1967: than Canada and Japan, except those ac­ 1. Liquid funds in all foreign countries quired after September 30, 1965, in U.S. other than Canada. This category comprises markets from American investors.1 The test foreign bank deposits, including deposits in of whether an equity security is covered will foreign branches of U.S. banks, and liquid depend on the institution’s obligation to pay money market claims on foreign obligors, the Interest Equalization Tax on acquisition. generally defined to include marketable Exclusion from covered assets under this negotiable instruments maturing in 1 year program normally will be indicated when, in or less. acquiring an equity security that otherwise 2. All other claims on non-Canadian for­ would be covered, the purchasing institu­ eign obligors written, at date of acquisition, tion receives a certificate of prior Ameri­ to mature in 10 years or less. This category can ownership, or brokerage confirmation includes bonds, notes, mortgages, loans, and thereof. other credits. Excluded are bonds and notes of international institutions of which the Base-date holdings United States is a member, and loans guar­ Base-date holdings for any reporting date anteed or participated in by the Export-Im­ in 1969 are defined as: (1) total holdings port Bank or the Department of Defense or of covered foreign assets as of December insured by the Foreign Credit Insurance As­ 31, 1967; (2) minus, equity securities of sociation, regardless of maturity. companies domiciled in developed countries 3. Net financial investment in foreign (except Canada and Japan), that are in­ branches, subsidiaries and affiliates, located cluded in (1) but had been sold to Ameri­ in developed countries other than Canada can investors prior to the current quarter; and Japan.1 Such financial investment in­ (3) plus, or minus, the difference between cludes payments into equity and other capi­ sales proceeds and “carrying” value of tal accounts of, and net loans and advances covered equities sold prior to the current to, any foreign businesses in which the U.S. quarter to other than American investors or institution has an ownership interest of 10 in other than U.S. markets. On each report­ per cent or more. Excluded are earnings of ing date in 1969, “carrying” value should a foreign affiliate if they are directly retained be the value reflected in the institution’s re­ in the capital accounts of the foreign busi­ port (on Form FR 392R-68) for December ness. 31, 1967, in the case of equities held on 4. Long-term credits of foreign obligors that date, and it should be cost in the case domiciled in developed countries other than of equities purchased after that date. Canada and Japan.1 Included in this cate­ “Adjusted” base-date holdings, to which gory are bonds, notes, mortgages, loans, and the 95 per cent ceiling applies, are equal to other credits maturing more than 10 years “base-date” holdings as defined above ad­ after date of acquisition. Excluded are justed for sales during the current quarter of bonds of international institutions of which included covered equities in accordance the United States is a member. with the procedures specified in (2) and 1 See Note on p. 19. (3) of the preceding paragraph. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

18 FEDERAL RESERVE BULLETIN □ JANUARY 1969 Noncovered assets transmit the funds to a foreign business, Foreign financial assets not covered by the should be reported as a foreign asset if one guidelines are still reportable on the quar­ or more foreigners own a majority of the terly statistical reports to the Federal Re­ stock of the “Delaware” corporation. The serve Banks. Such noncovered foreign in­ amounts of such foreign loans or invest­ vestments include the following: ments should be classified according to the 1. All financial assets in, or claims on country where the funds are actually to be residents of, the Dominion of Canada. used, not according to the residence of the 2. Bonds and notes of international in­ owners of the “Delaware” corporation. stitutions of which the United States is a In the event that U.S. residents hold a member, regardless of maturity. majority ownership interest in the “Dela­ 3. Long-term investments in all develop­ ware” corporation, no part of a loan or in­ ing countries and in Japan, including credit vestment in such a corporation is to be re­ instruments with final maturities of more garded as a foreign asset of the institution. than 10 years at date of acquisition, direct investment in subsidiaries and affiliates, and Leasing of physical goods all equity securities issued by firms domi­ The foreign leasing activities of firms ciled in these countries. which engage primarily in the leasing of 4. Equity securities of firms in developed physical assets (e.g., computers, real prop­ countries other than Canada and Japan that erty, ships, aircraft), and which are not have been acquired in U.S. markets from owned or controlled by a U.S. financial in­ American investors (see Point 5 above). stitution, are not reportable under the non­ Foreign assets of types covered by the bank program. However, such activities are program and acquired as “free delivery” reportable when they are undertaken by items—that is, as new gifts or, in the case of nonbank financial institutions. These institu­ trust companies or trust departments of tions should report the book value of any commerical banks, in new accounts de­ physical assets leased to foreigners on the posited with the institution—are not defined appropriate line of the quarterly form they as covered assets, if they were acquired after file with their Federal Reserve Bank. December 31, 1967. Such assets should be reported as a memorandum item, as should all loans held that are guaranteed or partici­ Investment in certain foreign insurance ventures pated in by the Export-Import Bank or the Net investment in foreign insurance ven­ Department of Defense, or insured by the tures should be reported as such wherever Foreign Credit Insurance Association. possible. In the case of any such ventures in Credits to certain U.S. corporations which there is no segregated net investment, Any loan or investment acquired by a the U.S. insurance company may exclude nonbank financial institution after June 30, from its foreign assets investments within the 1968, that involves the advance of funds to foreign country involved, in amounts up to a domestic corporation which is simply a 110 per cent of reserves accumulated on in­ financing conduit (commonly known as a surance sold to residents of that country, or “Delaware sub”), and which in turn will (if it is larger) the minimum deposit of cash Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

REVISED GUIDELINES 19 or securities required as a condition of doing U.S. exports, or the nonmarketable nature insurance business within that country. of the institution’s holdings. Nevertheless, every institution whose December 31, 1968, Long-term credits to developing-country holdings of covered assets exceed 95 per cent subsidiaries of U.S. corporations of its adjusted base-date holdings should re­ Institutions are requested to discuss with view its situation with its Federal Reserve their Federal Reserve Bank in advance any Bank with a view to working out an individ­ future long-term loans or direct security ually tailored program for achieving a maxi­ placements that would involve extensions of mum reduction in the institution’s covered credit of $500,000 or more to private busi­ foreign assets consistent with the guideline ness borrowers located in the developing ceiling during 1969. countries. In view of the balance of payments ob­ jectives of the program, it is noted that Reporting requirement covered investments of nonbank financial Each nonbank financial institution hold­ institutions may be permitted to exceed the ing, on any quarterly reporting date, covered guideline ceiling to the extent that the funds assets of $500,000 or more, or total foreign for such investment are borrowed abroad for financial assets of $5 million or more, is investment in the same country or in coun­ requested to file a statistical report covering tries that are subject to the same or more its total holdings on that date with the Fed­ liberal guideline limitations. Thus, funds eral Reserve Bank of the Federal Reserve borrowed in the developed countries of con­ district in which its principal office is tinental Western Europe may be used to located. The reports are due within 20 days finance investments in these countries and following the close of each calendar quar­ elsewhere, and funds borrowed in other de­ ter, and forms may be obtained by contact­ veloped countries (except Canada and ing the Federal Reserve Bank. Japan) may be used to finance investment in Institutions with holdings below these covered foreign assets anywhere but in the levels, although not requested to file formal developed countries of continental Western reports, are also expected to abide by the Europe. Any institution desiring to offset provisions of the program. foreign borrowing against foreign invest­ ment, however, should discuss its plans with Covered assets in excess of ceiling the Federal Reserve Bank before entering For some institutions, repatriation of into such an arrangement. liquid funds, cessation of new investment in the developed countries of continental West­ ern Europe, and restraint on reinvestment of Note.—Developed countries other than Canada and other covered assets was not sufficient to re­ Japan: continental Western Europe—Austria, Belgium, sult in achievement during 1968 of the year­ Denmark, France, Germany (Federal Republic), Italy, Liechtenstein, Luxembourg, Monaco, Netherlands, end target ceiling specified under the 1968 Norway, Portugal, San Marino, Spain, Sweden, and program. Tn most such instances, there may Switzerland; other developed countries are: Abu Dhabi, Australia, the Bahamas, Bahrain, Bermuda, have been special circumstances—such as Hong Kong, Tran, Iraq, Ireland, Kuwait, Kuwait-Saudi the existence at year-end 1967 of firm com­ Arabia Neutral Zone, Libya, New Zealand, Qatar, Re­ public of South Africa, Saudi Arabia, and the United mitments to invest, the need to accommo­ Kingdom. Also to be considered “developed” are the date requests for the bona fide financing of following countries: Albania, Bulgaria, the People’s Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

20 FEDERAL RESERVE BULLETIN □ JANUARY 1969 Republic of China, Cuba, Czechoslovakia, Estonia, Tibet, Union of Soviet Socialist Republics and the Hungary, Communist-controlled Korea, Latvia, Lith­ Kurile Islands, Southern Sakhalin, and areas in East uania, Outer Mongolia, Poland (including any area Prussia which are under the provisional administration under its provisional administration), Rumania, Soviet of the Union of Soviet Socialist Republics, and Com­ Zone of Germany and the Soviet sector of Berlin, munist-controlled Vietnam. □ Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Statement to Congress Mr. Chairman, I welcome the opportunity held on December 31, 1964. The target to respond to the invitation to testify at these ceiling for 1969 generally is 103 per cent hearings with respect to the voluntary for­ of the 1964 base figure or a ceiling related eign credit restraint program administered to a specific percentage of total assets, which­ by the Board of Governors of the Federal ever is larger. Reserve System. Each bank, while staying within its ceiling, Since the guidelines for banks and non­ is to give an absolute priority to extending bank financial institutions have been in force credits for financing U.S. exports and to for about 4 years and have been revised providing credits to developing countries. several times, I have had prepared a report Banks are requested to refrain from mak­ in some detail describing the evolution of ing new term loans—that is, new loans of the program together with statistical ma­ more than 1-year maturity—to the developed terial. With your permission, I would like countries of continental Western Europe, to submit that report for the record as an except for the purpose of financing U.S. ex­ appendix to this statement. ports. Furthermore, they are to reduce their ceilings on each reporting date by the PRESENT STRUCTURE OF THE PROGRAM amount of repayments in the preceding FOR FINANCIAL INSTITUTIONS month of loans to such countries outstanding The present program is based on guidelines on December 30, 1967. Short-term loans to revised on December 23, 1968. These guide­ developed countries of continental Western lines continued the program from the previ­ Europe are to be held to 60 per cent of the ous year without any major change. The level existing at the end of 1967. program may be considered in two cate­ Credits to Canadians are exempt from the gories, a bank program and a nonbank pro­ guidelines. gram. Essentially, they are as follows: 2. The Program for Nonbank Financial 1. The Bank Program. The revised guide­ Institutions. The objectives of the nonbank lines for banks issued by the Federal Reserve program are the same as those for the bank Board on December 23, 1968, continue the program. The guidelines for nonbank finan­ program, initiated in February 1965, to re­ cial institutions have been conformed as strain the rate of growth in credits extended closely as possible to those for the banks, from the United States by U.S. banks to with allowances for differences in methods of foreigners. This is done by requesting each operation. bank, individually, to hold the level of About 90 per cent, or about $12 billion, assets covered by the program to a given of the total loans and related foreign assets percentage of the amount of such assets it of nonbank financial institutions are excluded from the guideline ceiling. The bulk of this exclusion, roughly $10 billion, is accounted Note.—Statement of Andrew F. Brimmer, member, Board of Governors of the Federal Reserve System, for by investments in Canada; and the remain­ before the Subcommittee on International Exchange ing $2 billion is accounted for by bonds of and Payments of the Joint Economic Committee, Jan­ uary 15, 1969. international institutions and long-term in- 21 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

22 FEDERAL RESERVE BULLETIN □ JANUARY 1969 vestments in the developing countries and in provision of the Executive Order. It has had Japan. The 1969 guidelines request that the no reason to change its position in this nonbank institutions hold the level of assets respect. covered by the guidelines to 95 per cent of Those changes that have been made in the amount of covered assets held on De­ the foreign credit restraint programs over cember 31, 1967. the last 4 years were designed to assure that The nonbank guidelines follow the bank priority credit requirements could be met and guidelines with respect to priorities and with to maximize the flexibility open to the insti­ respect to restrictions on loans to developed tutions within the over-all ceilings. countries of continental Western Europe Several changes have been aimed at re­ and exemptions for Canadians. ducing the inequities inherent in a program of restraints. I will say more about them in PRINCIPAL CHANGES IN PROGRAMS a moment. The guidelines for 1966 and 1967 SINCE 1965 permitted banks with small base figures to The objectives of the program for financial add flat dollar amounts to their bases in cal­ institutions and the means of achieving them culating their ceilings. In most cases this have remained unchanged since it was es­ alternative formula resulted in a ceiling tablished in 1965. In each year, as it became higher than the formula based on the stated apparent that the programs would have to percentage of outstanding credits on the be continued, the financial institutions could base dates. The initial guidelines for 1968 count on operating under a program struc­ provided that reporting banks whose target tured about the same as the earlier ones. ceilings (109 per cent of the 1964 base) This has been possible largely because were less than 2 per cent of their total assets the program has been based not on detailed as of December 31, 1966, could use the regulations but on guiding principles. Under latter figure as their ceilings. The “2 per the “guidelines,” the management of each cent” formula had to be modified when a financial institution can operate with a mini­ more restrictive program was announced on mum of governmental supervision or inter­ January 1, 1968, but the principle of pro­ ference in decisions of management. viding an alternative based on total assets Another important fact is that the pro­ remained. gram remains voluntary. In Executive Order Another change was an upward revision 11387, issued on January 1, 1968, the Presi­ in the target ceiling in 1966, which was dent authorized the Department of Com­ maintained in 1967. This 1966 change was merce to issue regulations governing the for­ made because the Board was satisfied that eign direct investment of nonfinancial firms. the financial institutions were making every The Executive Order gave discretionary au­ effort to reduce their foreign activities, and thority to the Board to regulate the interna­ because the Board wanted to make abso­ tional transactions of financial institutions. lutely certain that there was ample room When revised foreign credit restraint guide­ within the ceiling to meet requirements for lines were issued on January 1, 1968, the priority credits. Board announced that, in view of the strong A major change was made in the guide­ cooperation received from the financial insti­ lines issued on January 1, 1968. For the tutions throughout the life of the program, first time, they requested an outright reduc­ it did not intend to invoke the mandatory tion in the target ceilings of banks and other Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENT TO CONGRESS 23 financial institutions. The reduction re­ $170 million. Although this figure is not ex­ quested during 1968 amounted to $400 mil­ actly comparable to changes in bank claims lion for the banks and $100 million for the as reported for balance of payments statis­ nonbank financial institutions below the level tics, this sharp decline in the rate of increase, of covered assets outstanding on December compared with 1964, more than accounted 31, 1967. Additional emphasis was also for the total improvement in the balance of given to priority credits to the less developed payments in 1965. countries in order to prevent these reduc­ Nonbank financial institutions reduced tions from bearing unduly on them. their covered assets by $200 million during Finally, as a result of a difficult financial 1965. The reduction included a 50 per cent situation that developed in Canada early in decline in holdings of liquid funds abroad. 1968, the U.S. Government agreed to ex­ In this instance, we are fairly sure that empt that country from the Federal Reserve, the program had a major impact on move­ as well as the Department of Commerce, ments of bank capital. Many banks found balance of payments programs after Febru­ themselves over the target when the program ary 29, 1968. Canada was, therefore, effec­ was announced, and many had binding com­ tively exempted from the guidelines. This mitments that had to be honored. Their exemption had a larger impact on the opera­ efforts to get within the target ceiling under tions of nonbank financial institutions than these circumstances, including in some cases on those of the banks. the selling of foreign assets abroad, un­ doubtedly was the major reason for the re­ IMPACT OF THE PROGRAMS ON THE duction in the rate of growth in bank lending. BALANCE OF PAYMENTS Beginning about the fourth quarter of The Committee will recall that the present 1965, monetary conditions in the United programs were introduced in early 1965, States began to tighten and remained tight after the increase of bank lending to for­ during 1966. The limited availability of eigners rose to $2.5 billion in 1964, more funds to meet domestic loan requirements than double the average annual increase reduced the interest of the banks in making during the immediately preceding 3 years. foreign loans; indeed, during 1966, the This surge of bank lending abroad was due banks, through their foreign branches, to several factors. The imposition of the pulled in a sizable amount of Euro-dollars Interest Equalization Tax, effective in mid- for use in the domestic market. At the same 1963, led to the subsequent substitution of time, a rise in interest rates in the United bank financing for financing that had been States relative to rates abroad reduced the done in the U.S. capital market. But there attractiveness of the U.S. capital market is also some evidence which suggests that for foreign borrowers. A reduced level of a large amount of anticipatory borrowing economic activity in Western Europe also occurred to avoid governmental controls had an impact on foreign demand for credit which were generally expected by the finan­ here. cial community as the balance of payments Covered assets of the banks declined by situation worsened in 1964. about $ 1 50 million in 1966; this swing from In the 10 months following the announce­ an increase to a decline in assets improved ment of the foreign credit restraint program, the U.S. payments balance by approxi­ covered assets of banks increased by only mately $300 million. Market forces were Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

24 FEDERAL RESERVE BULLETIN □ JANUARY 1969 predominant during this period although the have increased by $1.4 billion, almost half foreign credit restraint program undoubtedly of which consisted of long-term loans that had some effect in individual instances. are so important to economic development. Monetary conditions eased in 1967. In that year the banks recorded an outflow of IMPACT OF THE PROGRAM IN 1968 about $370 million. This swing from an AND PROSPECTS FOR 1969 inflow in 1966 to an outflow in 1967 con­ We have now reached a point where we can tributed $500 million to the deterioration begin to assess the performance of the finan­ of the balance of payments. On the other cial institutions under the revised program hand, banks in the aggregate maintained a announced in the President’s New Year’s substantial leeway under their ceilings dur­ Day Message of 1968—although we have ing the year, so we cannot say with cer­ data on the banks orily through November tainty that the foreign credit restraint pro­ 1968, and on the nonbank financial institu­ gram exercised a severe check on lending tions through the third quarter of 1968. abroad. You will recall that the program was de­ From the start the programs have taken signed to secure a reduction in holdings of care to avoid adverse effects on export fi­ banks’ covered assets by $400 million dur­ nancing and the extension of loans to the ing that year. As of November 30, 1968, developing countries. Both are “priority they had reduced their covered assets by areas” in the guidelines. I will comment $673 million, or by $273 million more than briefly at this point on the experience of the the objective for the year. If this proves to developing countries under the program. be the position at the end of the year, the Helping the developing countries meet change in bank lending between 1967 and their capital needs has been an important 1968 will have contributed about $1 billion national objective for many years. It was to the year-to-year improvement in the over­ recognized early in our formulation of U.S. all U.S. payments position. balance of payments measures that there By September 30, 1968, the nonbank would be no point in reducing the outflow financial institutions had reduced their hold­ of capital in the private sector if that cut­ ings of covered Assets by $192 million; this back merely resulted in a larger outflow compared with a suggested reduction of from the U.S. through the public sector. $100 million. The actual reduction was This is the reason for the high priority ac­ achieved despite the exclusion of Canadian corded in the guidelines to credits to the assets from the target ceiling on February less developed countries. It was also the 29, 1968. Canadian assets are by far the reason, as I mentioned earlier, for designing largest part of the foreign portfolio of the the restrictive program for 1968 in such a lending institutions; they account for about way as to minimize the impact on the de­ 70 per cent of total foreign assets and about veloping countries. 80 per cent of assets not covered by the The banks are observing the priority. In guidelines. almost 4 years since the inauguration of the What are the prospects under the guide­ restraint program (through October 1968), lines for 1969? The banks on November 30, the foreign claims of banks have been re­ 1968, had a leeway under the ceiling effec­ duced by $170 million. But over the same tive on that date of about $580 million. period, claims on the developing countries From this we may subtract $55 million rep- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENT TO CONGRESS 25 resenting the last increment of a reduction have undertaken a greater volume of for­ in the ceiling related to short-term credits eign Joans in the absence of the program, in developed countries of continental West­ and therefore the balance of payments would ern Europe and perhaps $10 million reflect­ have been worse. Moreover, the reduction ing repayments of term loans to those coun­ in credit outstanding to continental Europe tries during December. (The ceiling had in 1968—the area that has had a persistent been reduced by a total of $370 million balance of payments surplus—is certainly through November by these provisions of attributable to the program. Also, the shift the guidelines.) in credits toward developing countries since Again assuming no major changes occur­ 1964, at least in part, must be related to the red during December, we are left with a program. leeway at the beginning of 1969 of about Tn a broader sense, world trade has con­ $525 million. We estimate that the ceiling tinued to grow since the beginning of the may be reduced during 1969 by a further program, and the international monetary $100 million to $200 million. This would system, despite some rough spots along the leave a potential further expansion within way, has been successful in financing the in­ the guidelines of roughly $300 million to crease in trade. We know that confidence, $400 million. This is not an exceptionally upon which the international monetary large amount in comparison with leeways system ultimately depends, can be easily that have existed in the past. Whether it shaken. The Federal Reserve’s foreign credit would be significant depends upon develop­ restraint program, by providing some in­ ments in other areas of the balance of pay­ surance against sudden large capital out­ ments and upon the course of our domestic flows from U.S. financial institutions, has economy. contributed to the stability of the interna­ tional monetary system. BALANCE OF PAYMENTS DEVELOPMENTS IN THE ABSENCE OF PROGRAM PROBLEMS AND ISSUES RELATING And now, Mr. Chairman, I have reached a TO THE PROGRAMS subject on which I cannot be so specific. The Board has been increasingly concerned You have asked what would have happened about the incidental impact of this program to the balance of payments in the absence of upon the competitive position of the banks. the foreign credit restraint program. While Basing the program upon a situation prevail­ I can express my opinion, I must stress that ing at a particular date tended to “freeze” it rests more on logic than on hard statistical the competitive situation. While this was not evidence. desirable, it was not easily avoidable and From what T have already said, it may be was acceptable for a temporary program. concluded that the major impact of the pro­ However, as the program has been carried gram occurred in 1965, when the outflow of forward, possible distortions in competitive bank capital was reduced sharply. The positions and, more basically, in the alloca­ changes in bank credits to foreigners in the. tion of resources become more and more period 1966-68, to a large degree, appeared important. to be responses to market forces operating There were 16 banks in the United States on the banks. However, it is undoubtedly on the base date with foreign assets of $100 true that, in individual cases, banks would million or more; these banks held 82 per Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

26 FEDERAL RESERVE BULLETIN □ JANUARY 1969 cent of the assets covered by the program. This additional leeway for banks with By June 30, 1966, the proportion had in­ smaller credits to foreigners had to be cur­ creased to 84 per cent; presently it is back tailed to $200 million under the program down to 82 per cent. The program has not announced on January 1, 1968. They did increased the concentration of foreign assets not in fact use this additional leeway. in these banks; however, it is probable that A major issue since the beginning of the in the absence of the program the concentra­ program has been the treatment of export tion would have been reduced. credits. Many people, both inside and out­ In this connection, we must take into ac­ side Government, have argued that all ex­ count the fact that most of the larger banks port credits should be exempted from the have branches abroad. Insofar as these guidelines on the ground that otherwise the banks were constrained by the program from possible loss of exports would cost us on making loans at the head offices, they were current account whatever we might gain on in a position to make such loans at the capital account. I do want to stress that we branches. Loans by foreign branches are ex­ are speaking here of credits to foreigners for empted from the program. All but one of financing U.S. exports. The program does the group of 16 banks to which I referred not affect credits to American producers and above have branches abroad. exporters to finance U.S. exports. As we might expect, U.S. banks that have We have kept the matter of export credits been willing and able to establish branches to foreigners under continuing review. We abroad generally have gained some com­ are convinced that in every year since 1965 petitive advantage in the international field the target ceiling has provided room for any over those U.S. banks that have not done so. reasonable expansion in export financing by This advantage may, in some cases, have the banking system as a whole. been enhanced by the ability of those over­ One indication that this is true has been seas branches, consistent with the guidelines, the behavior of exports since the program to make loans to foreigners. was initiated. On an annual average basis, The provision of the “2 per cent” rule in exports have increased at a rate of about 7 the initial guidelines for 1968 was an at­ per cent per year since 1964. In 1964 when tempt to ameliorate the situation of banks foreign lending by U.S. banks increased by with relatively small international opera­ $2.5 billion, exports increased by $3.2 bil­ tions. The provision applied to about one- lion. On the other hand, exports went up by half of the reporting banks, mostly banks $3.0 billion in 1966 while bank foreign lend­ with small bases (but many of which are ing declined by $250 million. There does not quite large over-all) located in the interior seem to be an obvious link between exports of the country. These banks are primarily and foreign lending by banks. interested in being able to handle the export Further, the banking system over the life business of their regular customers, some of the program consistently has remained of which they complain they are losing to substantially below the suggested target the banks that are big and well-established ceiling. There may have been some cases in in the international field. For this reason, which individual banks were hampered in the additions to the ceilings, about $600 mil­ granting export credits, but it seems obvious lion in the aggregate, were earmarked for that sufficient financing has been available priority credits only. within the banking system. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENT TO CONGRESS 27 A Treasury survey of export financing intention to review the program early in availability conducted in 1966 produced 1969 to determine whether additional flexi­ only 20 out of 758 respondents who said bility for financing U.S. exports might be that the credit restraint program was an provided in the guidelines. obstacle to their efforts to secure export Accordingly, I have scheduled meetings financing. A more recent survey by the Of­ over the next month or so at the Federal fice of Foreign Direct Investment, dealing Reserve Banks of New York, Atlanta, Chi­ with a somewhat narrower matter, showed cago, Dallas, and San Francisco, to which that only a minor amount of additional ceil­ have been invited representatives of other ing would be requested by U.S. firms to fi­ Federal Reserve Banks and of the reporting nance exports to foreign affiliates. commercial banks and other financial in­ There are also reasons for believing an stitutions in these areas. I hope that these exemption would be disadvantageous. In­ meetings will provide information that will deed, it might jeopardize the program and be helpful to the Board in evaluating the give no clear benefit to the balance of pay­ effectiveness of the guidelines, particularly ments. with respect to the financing of U.S. exports First, it is very difficult to determine of goods and services. whether a credit is essential to an export— To focus the discussions, each reporting that is, whether the export would be lost in institution has been given a list of questions the absence of the credit. If the export would dealing primarily with its experience in be made in any event, the granting of the financing exports under the guidelines for credit merely deprives us of the advantage of the past 4 years. The questions are specific. a “cash sale” and, in the short run, worsens They deal with matters such as the extent the balance of payments. and manner that the guidelines may have Secondly, an exemption of any type of affected export financing, bank procedures credit creates an incentive to conform for­ in processing export loans, problems in iden­ eign credits to the definition of the credit tifying bona fide export loans, and the im­ exempted. We see a danger that the exempt­ portance of export loans in the total foreign ed export credits would rise at a much asset portfolio of the reporting institutions. faster rate than would exports, with adverse Specific information, based on experience effects on the balance of payments. of individual institutions, is what we need Finally, a flat exemption would leave the in evaluating the guidelines. Since some program “open ended.” We could no longer bankers and other participants may be re­ be sure that total bank foreign lending luctant to discuss matters in detail among would remain within the specified limits. competitors, we are suggesting that they For these reasons, the Board has not been may supply answers in writing if they care to convinced that there should be a complete do so. or otherwise broad exemption for export At this moment, Mr. Chairman, I would credits to foreigners. prefer not to comment as to whether the foreign credit restraint program should be PROJECTED REVIEW OF PROGRAM modified. While the regional discussions I In the press release accompanying the an­ am planning to have will be directed pri­ nouncement of the revised guidelines on marily to the question of export financing, December 23, 1968, the Board stated its they will not be restricted to that. I want to Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

28 FEDERAL RESERVE BULLETIN □ JANUARY 1969 complete these discussions and study the banks were $321 million below the target ceiling information gained very carefully before I effective on that date. In December 1965 the Board announced revised make any recommendations to the Board as guidelines for banks for 1966 that increased the to whether the program should be continued target ceiling to 109 per cent of the end of 1964 in its present form or modified in some base, or by about $430 million. The room for addi­ way. □ tional expansion, the Board said, was allowed be­ cause the Board believed that the additional leeway would be used only to meet priority credit require­ ments and because it wished to make certain that such requirements could be met. Because the addi­ tional leeway was added to an existing leeway of APPENDIX more than $300 million, the Board requested that A Progress Report on the Federal Reserve the banks use the additional ceiling provided at a Foreign Credit Restraint Programs rate of not more than 1 per cent of the base figures per quarter during 1966; that is, the target ceiling THE PROGRAM FOR BANKS, 1965-69 was set at 106, 107, 108, and 109 per cent by In February 1965 the President requested the vol­ quarters. untary cooperation of U.S. financial institutions and The guidelines for 1966 also contained the first provisions to reduce the inequities inherent in a nonfinancial corporations in solving the problem of program that is based upon a particular point in the persistent deficit in the U.S. balance of pay­ ments. The Board of Governors was asked to ad­ time. Banks with bases between $500,000 and $5 million were permitted to adopt ceilings of base minister a program for financial institutions, and on plus $450,000 ($225,000 in each calendar half­ March 3, 1965, issued guidelines for banks and year) even though in most cases that amount ex­ nonbank financial institutions. ceeded 109 per cent of their end of 1964 base. The major objective of the program for banks Bank holdings of covered assets declined by $156 was to reduce, but not to eliminate, the banks’ million during 1966, bringing the total down to foreign lending. This was to be done without en­ about the amount outstanding on the base date. dangering other important national objectives, such The leeway available on December 31, 1966, was as the financing of exports of U.S. goods and ser­ $911 million. vices, and meeting the credit needs of the develop­ The bank program for 1967, announced in De­ ing countries. cember 1966, was essentially unchanged from the The guidelines issued on March 3, 1965, re­ 1966 program. The ceiling remained at 109 per quested the banks to hold loans and other foreign cent of the December 1964 base. Since the banks assets covered by the program to 105 per cent of had a large leeway available at the time the pro­ the amount of credits outstanding on the base date gram was announced ($1.2 billion as of October of December 31, 1964. Since the amount of 31, 1966), the banks again were asked to phase any “covered” assets approximated $10 billion, this for­ increase in their foreign lending during 1967, this mula would have permitted an increase of about time at a rate of not more than 20 per cent of the $500 million in 1965. leeway on October 31, 1967, in each quarter, cumu­ While the program applied to all banks, only lative, beginning with the fourth quarter of 1966. banks with total foreign assets of $500,000 or more The provision for banks with small bases was were requested to report to the Federal Reserve modified by raising the maximum base for these Banks. The number of reporting banks has varied “special” ceilings to $10 million, and the amount closely around 150 since the beginning of the pro­ of the ceiling to base plus $900,000. gram. The first step in the direction of a geographical During 1965 the reporting banks increased their focus, other than the priority for developing coun­ holdings of covered assets by $168 million, as tries, was taken in 1967 when the banks were asked compared with an increase in total foreign assets to use no more than 10 per cent of their available of $2.5 billion in 1964. At the end of the year, the leeway to increase nonexport credits to developed Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENT TO CONGRESS 29 countries. The related reporting requirement was duction in the level of foreign assets outstanding dropped on February 2, 1967, because the banks (in the amount of $400 million) as compared with found it difficult to identify export credits, par­ the earlier objective of restraining the rate of in­ ticularly in the short maturities. However, the banks crease in such assets. The reduction was accom­ were asked to continue to conform as closely as plished by reducing the ceiling to 103 per cent of possible to the spirit of the request. the end of 1964 base or, for banks electing the “2 Bank foreign assets covered by the program in­ per cent” calculation, to the 1967 ceiling plus onecreased by $370 million in 1967, but the banks third of the difference between that amount and ended the year with a net leeway for further expan­ 2 per cent of total assets as of December 31, 1966. sion of $1.2 billion, half of which reflected an As was true in the earlier guidelines for 1968, any increase in the ceiling under the revised guidelines amount over the 1967 ceiling was to be used only for 1968 described below. for priority credits. These measures immediately Revised guidelines for banks for 1968 were is­ reduced the ceiling for 1968 by $960 million. sued by the Board in November 1967, to be effec­ The guidelines provided that the ceiling would be tive as of the date of issue. The ceiling was in further reduced during 1968 by measures relating general retained at 109 per cent of the end of 1964 to bank foreign lending to developed countries of base. However, in a major move to overcome the continental Western Europe. The banks were re­ inequitable effects of the program already referred quested to make no new term loans to those coun­ to, the guidelines provided that banks whose foreign tries (including renewals of term loans outstanding) assets on October 31,1967, were $500,000 or more except to finance U.S. exports, and to reduce their could take as a ceiling for 1968 their 1967 ceilings ceilings on each reporting date by the amount of or 2 per cent of total assets as of December 31, repayments received during the preceding month 1966, whichever figure was larger. The amount by of such loans outstanding on December 31, 1967. which the ceiling calculated on this basis exceeded The banks also were asked to reduce their ceilings the 1967 ceiling was to be used only for priority over the year by 40 per cent of the amount of credits. short-term credits to developed countries of con­ This provision added about $600 million to the tinental Western Europe outstanding on December aggregate ceiling. Again, the size of the leeway 31, 1967. The reduction in the ceiling was to take available led to a request by the Board that any place at 10 percentage points in each quarter; the expansion of foreign lending during the last quarter banks were expected to reduce their short-term of 1967 and in 1968 be limited to not more than credits outstanding to those countries at about the 20 per cent of the leeway, cumulative, in each same rate. calendar quarter, beginning with the fourth quarter There was one major change in the January 1, of 1967. " 1968, guidelines during the year. On March 1, The geographical emphasis introduced into the 1968, because of a difficult financial situation that 1967 program was given sharper focus by a provi­ had developed in that country early in the year, sion in the guidelines which requested that banks Canada was exempted from all of the U.S. balance not increase nonexport credits to developed coun­ of payments programs. Changes in foreign assets tries of continental Western Europe above the held by financial institutions in Canada after Feb­ amount outstanding on October 31, 1967. These ruary 29, 1968, were excluded from the target countries were singled out because to a large extent ceilings. their balance of payments surpluses corresponded There are data on the performance of the report­ to our deficit, and because they were in the best ing banks under the January 1, 1968, guidelines position to meet their own credit needs. only through November 30, 1968. On that date the A reappraisal of the U.S. balance of payments banks had reduced their holdings of covered assets results for 1967 in December of that year led to by $673 million below the level outstanding on the announcement by the President on January 1, December 31, 1967, or by $273 million more than 1968, of a more restrictive balance of payments the objective for the year. The banks on November program. The bank program announced in No­ 30, 1968, actually were $300 million below the vember 1967 was replaced by revised guidelines 1964 base figure and had a net leeway for further which for the first time requested an outright re­ expansion of $581 million. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

30 FEDERAL RESERVE BULLETIN □ JANUARY 1969 On December 23, 1968, the President accepted investments outstanding on December 31, 1964. recommendations of the Cabinet Committee on the The priorities suggested in the bank guidelines also Balance of Payments that the balance of pay­ were suggested to nonbank financial institutions. ments programs be carried forward in 1969 in sub­ First reports under the tentative guidelines re­ stantially the same form as those for 1968. On the vealed an unexpectedly large amount of foreign same date the Board announced revised guidelines assets held by nonbank financial institutions—$12 for financial institutions that essentially were un­ billion, or about the same amount as total foreign changed from 1968. The target ceiling for banks claims held by banks. Revised guidelines were is­ remains the same as that provided for in the January sued in June 1965; the principal change was to 1, 1968, guidelines. The provisions relating to expand the coverage of the 105 per cent ceiling to treatment of term loans outstanding to developed loans and investments with maturities up to 10 years countries of continental Western Europe are re­ and to suggest that substantial restraint be exercised tained and are expected to result in a further reduc­ in acquiring long-term assets (those whose maturi­ tion in the ceiling by $100 million to $200 million ties placed them outside the guideline ceiling) in during 1969. Short-term credits to those countries developed countries other than Canada, Japan, and are to be held at the level requested for 1968, that the United Kingdom. On December 31, 1965, is, 60 per cent of the amount outstanding on De­ long-term investments for which a ceiling was not cember 31, 1967. suggested accounted for almost 90 per cent of total The bank guidelines for 1969 contain one change, foreign investments held by nonbank financial insti­ largely technical in nature. Under the 1968 guide­ tutions. lines equity investments by banks in developed During the first year of the program, the report­ countries of continental Western Europe were ing nonbank financial institutions increased total treated in the same way as term Joans; that is, the holdings of foreign assets by about $700 million-— banks were requested not to make such investments. from $12.2 billion on December 31, 1964, to $12.9 Under the guidelines for 1969, banks may make billion on December 31, 1965. However, foreign equity investments in developed countries of conti­ assets for which a target ceiling was suggested by nental Western Europe within their over-all ceiling. the guidelines declined from $1.7 billion to $1.5 Finally, the bank guidelines from the beginning billion during the same period. have provided that banks with no previous experi­ The guidelines for nonbank financial institutions ence in foreign lending may request from their were revised in December 1965, again with the Federal Reserve banks special ceilings for the pur­ idea of conforming them as closely as possible to pose of making priority loans or investments. the bank guidelines. The target ceiling for loans and Thirty-seven special ceilings have been granted investments with maturities of 10 years or less was since 1965 in an aggregate amount of $69 million. increased to 109 per cent of the end of 1964 base; the increase was to be used at a rate of 1 per cent PROGRAM FOR NONBANK FINANCIAL of the base figure in each quarter. Again no ceiling INSTITUTIONS, 1965-69 was suggested for long-term loans and investments Since the Board had only limited information on in the priority categories. However, lending insti­ the extent to which nonbank financial institutions tutions were requested to limit the total of credits were engaged in foreign lending and investment, and investments in developed countries other than the program announced in February 1965 included Canada and Japan to 105 per cent of the total of tentative guidelines for such institutions. The guide­ such assets held on September 30, 1965. Within lines were comparable to those for banks, but with the ceiling, nonbank financial institutions also were allowances for differences in methods of operation. asked to avoid any increase in long-term invest­ The guidelines suggested that liquid funds held ments in the developed countries of continental abroad, other than minimum working balances, Western Europe. should be limited to the end of 1964 level and Total foreign assets held by the nonbank finan­ reduced, in a gradual and orderly manner, to the cial institutions showed almost no change during December 31, 1963, level. Loans and investments 1966. Long-term investments in Canada rose by with maturities of 5 years or less were to be held about $400 million, but holdings of most other to 105 per cent of the amount of such loans and assets declined. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENT TO CONGRESS 31 The guidelines for 1967, which became effective The restrictive program announced on January in the fourth quarter of 1966, simplified the non­ 1, 1968, reduced the ceiling for covered assets to bank program by combining assets covered under 95 per cent of adjusted base date holdings (now separate guidelines in the earlier programs into one defined as covered assets held on December 31, category of “covered” assets. Covered assets in­ 1967). Lending institutions were asked to reduce cluded liquid funds and loans and investments with holdings of liquid funds abroad to zero during maturities of 10 years or less, and long-term and 1968, except for minimum working balances. In­ equity investments in developed countries other stitutions were expected to refrain from making than Canada and Japan (except equity securities new investments to developed countries of con­ acquired after September 30, 1965, in U.S. markets tinental Western Europe, in either debt or equity from U.S. investors). Covered assets as thus de­ form, except to finance U.S. exports. fined totaled $1.9 billion on December 31, 1966, As of March 1, 1968, all Canadian Joans and as compared with a total of $2.4 billion for the investments formerly subject to the ceiling (money same types of assets on December 31, 1965. market instruments and short- and medium-term The 1967 guidelines asked nonbank financial in­ credits) were excluded from the ceiling and from stitutions to hold the totals of these covered assets to the definition of covered assets. 105 per cent of the adjusted base figure (essentially Performance of the nonbank financial institutions holdings of covered assets on September 30, 1966). as a group under the January 1, 1968, guidelines The priorities for export credits and credits to de­ has been satisfactory. The guidelines had requested veloping countries were continued. In addition, a reduction in covered assets of at least $100 mil­ lending institutions were asked to limit nonexport lion. On September 30, 1968 (latest data avail­ loans and investments to developed countries of able), covered assets had been reduced by $192 continental Western Europe to the fullest extent million from the December 31, 1967, level. practicable, and in any event to a level not to ex­ Total holdings of foreign assets of reporting non­ ceed the amount of such assets held on September bank financial institutions increased by almost $350 30, 1966. million during the first three quarters of 1968 to Nonbank financial institutions reporting at the $14.1 billion. Almost the entire amount of the in­ end of 1967 increased their holdings of total for­ crease reflected increased investments in Canada. eign assets by $910 million during the year; of this The importance of Canadian assets in the port­ amount $585 million represented increases in long­ folios of nonbank financial institutions is empha­ term credits and equity investments in Canada and sized by the fact that Canadian investments on Sep­ Japan. Covered assets remained relatively un­ tember 30, 1968, both short- and long-term, ac­ changed at $1.9 billion; however, adjustments to counted for 70 per cent of total foreign assets held the base date figures reduced the ceiling by about by nonbank financial institutions and 80 per cent $130 million, leaving the lending institutions in the of the assets not covered by the guidelines. aggregate over the target ceiling by $94 million at Guidelines for nonbank fiinancial institutions the end of 1967. issued on December 23, 1968, continued the ceil­ Initial guidelines for 1968 issued in November ing for covered assets at 95 per cent of adjusted 1967 increased the target ceiling for covered assets base date holdings for 1969. Lending institutions to 109 per cent of adjusted base date holdings. that had not succeeded in reaching this ceiling dur­ Reporting requirements were eased by providing ing 1968 are requested to increase their efforts to that financial institutions holding covered assets of do so. $500,000 or more or total foreign assets of $5 mil­ lion or more were expected to report. Previously, STATISTICAL NOTE lending institutions with total foreign assets of Bank holdings of short- and long-term claims on $500,000 or more had been requested to report. foreigners are published by the Treasury Depart­ The new provision reduced the number of report­ ment and the Federal Reserve on the basis of data ers from about 570 to 340 institutions. The group collected from the banks on Treasury Department of institutions exempted from reporting held only foreign exchange reporting forms. These data are nominal amounts of covered assets and about $400 not comparable with the data reported to the Fed­ million of noncovered assets. eral Reserve Banks under the foreign credit Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

32 FEDERAL RESERVE BULLETIN □ JANUARY 1969 restraint program, since some institutions and ac­ for account of customers, loans guaranteed or counts covered by the Treasury Department forms participated in by the Export-Import Bank (and are not included in the foreign credit restraint since December 23, 1968, by the Department of program, and vice versa. For example, U.S. agen­ Defense), and since February 29, 1968, loans to cies and branches of foreign banks report to the residents of Canada. Assets reported to the Federal Treasury Department but not to the Federal Re­ Reserve and not to the Treasury Department in­ serve under the program. Foreign assets reported clude foreign long-term securities held for own by banks to the Treasury but not covered by Fed­ account and investments in foreign subsidiaries and eral Reserve guidelines include foreign assets held branches. FOREIGN CREDITS OF U.S. BANKS Dollar amounts in millions 1968 Item (964 1965 1966 1967 Dec. Dec. Dec. Dec. March June Sept. Oct. Nov. Number of reporting banks................................................. 154 161 148 151 153 153 I 54 157 153 Target ceiling.......................................................................... 9 973 10,407 11,069 9,984 9 886 9 785 9,784 9 773 Total foreign credits subject to ceiling *..... ................... 9,484 9’652 9^496 9,865 9,396 9 203 9 156 9,249 9’192 Change from previous date.................................................. + 168 -156 +369 — 469 — 193 -47 +93 — 57 Net leeway for futher expansion......................................... 321 911 1 ,204 588 683 629 535 581 Total foreign credits held for own account 2.................... 9,719 9,958 9,844 10,202 9,731 9,721 9 649 9,761 9,71 1 Change from previous date.................................................. + 239 -114 + 358 -471 -10 -72 + H2 -50 1 Total foreign assets reported on Treasury Foreign Exchange Forms residents of Canada held for own account; plus foreign assets held B-2 and B-3 minus (I) amounts held for accounts of customers, (2) for own account but not reported on Forms B-2 and B-3. loans guaranteed or participated in by the Export-Import Bank or 2 Total foreign assets reported on Treasury Foreign Exchange Forms insured by the Foreign Credit Insurance Association, and (3) begin­ B-2 and B-3 plus foreign assets not reported on those forms, minus ning March 1, 1968, changes after February 29, 1968, in claims on amounts held for account of customers. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENT TO CONGRESS 33 FOREIGN ASSETS OF U.S. NONBANK FINANCIAL INSTITUTIONS AND NONPROFIT ORGANIZATIONS Dollar amounts in millions Change from Change from Holdings June 1968 Dec. 1967 Assets end of Sept. 1968 Dollars | Per cent Dollars Per cent Assets subject to guideline Deposits & money market instr., foreign countries except Canada.......................... 26 -7 - 21.1 -30 - 54.1 Short & intermed, credits, foreign countries except Canada 1................................... 258 -9 -3.5 -37 -12.7 Long-term investments, “other” developed countries: 2 Investment in financial businesses *......................................................................... 97 4 4.1 -4 -4.4 Investment in nonfinancia! businesses 3...................................................................... 6 (4) 6.8 -3 -32.9 Long-term bonds and credits....................................................................................... 634 -9 -1.4 -25 -3.8 Stocks 3............................................................................................................................ 463 -17 -3.5 -92 -16.6 Total holdings of assets subject to guideline .......................................................... 1,483 -37 -2.5 -192 -11.5 Adjusted base-date holdings 6...................................................................................... 1,604 — 9 - 0.6 n.a. n.a. Target ceiling ’,. ............................................................................................................ 1,524 -9 -0.6 n.a. n.a. Assets not subject to guideline Investments in Canada: Deposits and money market instruments................................................................. 93 -31 -25.3 -22 -19.0 Short- and intermediate-term credits 1...................................................................... 151 9 6.3 16 12.3 Investment in financial businesses 3.......................................................................... 590 -4 -0.7 13 2.3 Investment in nonfinancia! business 3................................................................... 44 (4) 0.6 1 2.2 Long-term bonds and credits. .................................................-........................ 7,943 93 1.2 365 4.8 Stocks................................................................................................................................ 1,335 4 0.3 - 46 - 3.3 Bonds of international institutions, all maturities........................................................ 1,042 33 3.2 <3 6.5 Long-term investments in the developing countries and in Japan: Investment in financial businesses 3............................................................................. 25 (4) -0.5 12 98.9 Investment in nonfinancia! businesses 3.................................................................... 9 I 17.1 2 32.3 Long-term bonds and credits........................................................................................ 824 11 1.3 80 10.7 Stocks.. .......................................................................................................................... 231 9 4.3 9 4.2 Stocks, “other” developed countries 8.................................................................... ... 338 I 0.4 44 14.9 Total holdings of assets not subject to guideline.................................................. 12,624 125 1.0 538 4.5 Memo.—Total holdings of all foreign assets..................................................................... 14,107 88 0.6 346 2.5 1 Bonds and credits with final maturities of 10 years or less at date 6 December 3!, 1967, holdings of assets subject to guideline, less of acquisition. carrying value of equities included therein but since sold, plus pro­ 2 Developed countries other than Canada and Japan. ceeds of such sales to foreigners. 3 Net investment in foreign branches, subsidiaries, or affiliates in ? Adjusted base-date holdings, multiplied by 95 per cent. which the U.S, institution has an ownership interest of 10 per cent 0 If acquired after Sept. 30, 1965, in U.S. markets from U.S. in­ or more, vestors. 4 Less than $500,000, 5 Except those acquired after Sept. 30, 1965, in U.S. markets from n.a. Not applicable. U.S. investors. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Credit Extended by Banks to Real Estate Mortgage Lenders Credit extended to real estate mortgage secured by the pledge of real estate mortgage lenders by large commercial banks that sub­ loans owned by the borrowers as well as loans mit weekly condition reports amounted to otherwise secured or unsecured accounted for $4.1 billion, according to preliminary sum­ the largest share of total credit extended to maries of reports as of October 30, 1968. real estate mortgage lenders. As in previous This amount compared with $3.9 billion held reports—published in the March 1959 and by a slightly larger number of such banks earlier Federal Reserve Bulletins—these that reported as of December 31, 1966. loans were advanced largely to real estate On each of these reporting dates, loans mortgage companies. CREDIT EXTENDED TO REAL ESTATE MORTGAGE LENDERS BY WEEKLY REPORTING BANKS Amounts in millions of dollars Outstanding on Credit, by type of borrower Dec. 31, Oct. 30, 1966 1968 Loans to real estate mortgage lenders, total.............................................................................. 3,387 3,442 Life insurance companies 1..................................................................................................... 320 315 Mortgage companies............................................... . -....................................-................... . . . 2,164 2,194 savings banks ................... . ............................................................ 58 24 Savings & loan associations......................................................................................................... 320 157 Other 2........................................................................................................................................ 525 752 Real estate loans purchased by banks from real estate mortgages lenders under resale agreemcntSi total............... -................................................................ 520 668 Life insurance companies i...................................................................................................... 41 78 Mortgage companies.................................................................................................................. 158 268 Mutual savings banks................................................................................................................... 221 95 Savings & loan associations....................................................................................................... 18 32 Other 2................................................................ .................................................................... 81 196 Total credit extended...................................................................................................................... 3,907 4,110 Life insurance companies i............................................................................................. 361 393 Mortgage companies........................................................................................................ 2,322 2,462 Mutual savings banks...................................................................................................... 279 118 Savings & loan associations............................................................................................. 338 189 Other 2............................................................................................................................... 606 947 Number of weekly reporting banks.................................................................................................... 340 335 ' Includes insurance companies other than life Insurance compa­ of real estate loans. Includes insurance companies other than life nies in December 1966. . insurance companies in October 1968. 2 Firms (other than banks) that make or hold substantial amounts Note.—Details may not add to totals because of rounding. Figures for 1968 are preliminary. 34 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 September 10 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; November, pages 910-19; and December, pages 1004-11. The record for the meeting held on October 8, 1968, follows: 35 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

36 FEDERAL RESERVE BULLETIN □ JANUARY 1969 MEETING HELD ON OCTOBER 8, 1968 1. Authority to effect transactions in System Account. Staff estimates of GNP in the third quarter had been revised upward since the preceding meeting of the Committee, mainly because consumer expenditures had proved stronger than ex­ pected. The estimates still suggested that expansion in real GNP had moderated from its very rapid pace in the first half of the year, but they indicated that economic growth had slowed by less than earlier projections had implied. Projections for the fourth quarter, which also had been raised, suggested that ex­ pansion would continue at about the rate now estimated for the third quarter. According to retail sales figures for August and the first 3 weeks of September, consumer spending on both durable and nondurable goods was being maintained at the high level to which it had risen in July. Since growth of disposable income in the third quarter had been curtailed by the tax surcharge, it appeared that the rate of personal saving had declined sharply. Little further change in the saving rate seemed likely in the fourth quarter, and with disposable income expected to continue rising slowly, growth in consumer spending was projected to slacken. The staff projections also suggested that other cate­ gories of final demand—including Federal outlays, residential construction expenditures, and business spending on plant and equipment—would provide relatively little stimulus to economic expansion in the fourth quarter. On the other hand, the rate of inventory accumulation, which had declined in the third quarter, was now expected to rise in the fourth quarter. In September output of steel was curtailed further as users of the metal continued to reduce inventories that had been accu­ mulated prior to the wage settlement in the steel industry. As a consequence, the industrial production index was estimated to have declined again. Employment in manufacturing—even apart from the steel industry—had not increased since June, but labor Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 37 markets remained generally firm and in recent months average hourly earnings had continued to increase at a rapid pace. Average prices of industrial commodities rose appreciably in September after having changed little for several months. The rise, which was the largest for any month since late winter, re­ flected not only the advance in steel prices following the wage settlement but also increases for a broad list of other commodi­ ties. With average prices of farm products and foods turning up, the over-all wholesale price index rose in September by about as much as it had declined in August. The consumer price index increased considerably less in August than it had in June and July, partly because of a slowing of the advance in mortgage interest charges. Tn foreign exchange markets, pressures on the French franc abated for a time in late September but then increased again. However, speculation on an imminent revaluation of the German mark had subsided in recent weeks, and market conditions in general had improved considerably. The exchange rate for ster­ ling, which had strengthened after the September 9 announce­ ment that final agreement had been reached on the new sterling balances arrangement, advanced further following the publica­ tion on September 17 of figures indicating that the British foreign trade deficit had narrowed sharply in August. On September 19 the Bank of England reduced its discount rate to 7 per cent from the 71/2 per cent rate that had been in effect since March 21. In August a large rise in U.S. merchandise exports was ex­ ceeded by an even larger rise in imports, and the U.S. trade sur­ plus declined from the low level of July. Part of the increase in both exports and imports was attributable to expectations of a possible strike of longshoremen on October 1. With respect to the over-all payments balance, tentative estimates for the third quar­ ter indicated that the deficit on the liquidity basis was smaller than in the second quarter. All of the improvement, however, apparently had occurred in July; preliminary data suggested that sizable deficits had been incurred in August and September. It Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

38 FEDERAL RESERVE BULLETIN □ JANUARY 1969 appeared that there was a moderate surplus in the third quarter on the official settlements basis, mainly as a result of a further increase in liabilities of U.S. banks to their branches abroad. Such liabilities rose sharply from mid-August to mid-September, but declined subsequently. The Treasury was expected shortly to announce a cash offer­ ing of tax-anticipation bills, perhaps in the amount of $3 billion or $3.5 billion, for which commercial banks would be permitted to make payment by credits to tax and loan accounts. Also, an announcement was expected on October 23 of the terms on which the Treasury would refund notes and bonds maturing in mid-November, of which about $4 billion were held by the public. The possibility was noted that a pre-refunding of bonds maturing in mid-December, of which $1.6 billion were publicly held, might be undertaken along with the refunding of November maturities. System open market operations since the preceding meeting of the Committee had been directed at maintaining about the prevailing conditions in the money and short-term credit mar­ kets. Although the System undertook an unusually large volume of operations for this purpose—absorbing reserves on a massive scale in the first part of the period and supplying substantial amounts of reserves later—money market conditions initially eased somewhat and subsequently firmed again. Thus, the effec­ tive rate in Federal funds transactions, which had averaged about 5% per cent in the period before the previous meeting, fluctuated below that level for a time and then moved up to the 6 per cent area. Rates posted by major banks on loans to Gov­ ernment securities dealers followed a similar pattern. A number of factors combined to complicate operations and to require a large volume of transactions by the System in this period. In addition to normal seasonal fluctuations, these factors included large international transactions affecting reserves; a sharp, although temporary, decline in Treasury balances at Re­ serve Banks before the September 18 payment date for corporate Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 39 taxes; and the adoption of new methods for calculating required reserves of member banks under the revision of Regulation D that became effective on September 12.1 With respect to the last of these factors, the introduction of a 2-week lag in the deposit balances used for calculating required reserves, at a time when deposits were rising seasonally, had the effect of temporarily reducing required reserves and increasing excess reserves considerably relative to the levels that would have obtained under the prior procedures, thus necessitating offsetting open market operations, in addition, operations were compli­ cated by uncertainties as to how member banks would react— particularly during a transition period—to this and the other changes in procedures, including the new carryover provisions for reserve excesses and deficiencies. The effects of the carryover provisions on reserve-management practices of banks were ex­ pected to have the incidental consequence of weakening the short-run relationship between marginal reserves—that is, free or net borrowed reserves—and the other measures used to assess money market conditions. As it turned out, net borrowed re­ serves increased on the average in the 3 weeks beginning Sep­ tember 12; average borrowings by member banks declined to about $475 million from $520 million in the preceding 4 weeks, but excess reserves declined more. Yields on both short- and long-term Treasury securities, like day-to-day money market rates, moved down after mid-Septem­ ber and then rose again—changing little on balance during the 1 Under Regulation D, as amended effective Sept. 12, 1968, all member banks are required to meet their daily-average reserve requirements on a weekly basis; previously, a biweekly settlement period had been employed for country banks. In addition, required reserves are calculated on the basis of average deposits 2 weeks earlier rather than on the basis of average deposits in the current settle­ ment period. Similarly, the vault cash component of the total reserves maintained by banks is recorded with a 2-week lag. Also, member banks are permitted to carry forward into the next reserve week excesses, as well as deficiencies, in reserve requirements averaging up to 2 per cent of required reserves, except that any portion of such excesses or deficiencies not offset in the next week may not be carried forward into later weeks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

40 FEDERAL RESERVE BULLETIN □ JANUARY 1969 period since the preceding meeting of the Committee. The mar­ ket rate on 3-month Treasury bills, for example, fell from a high of 5.30 per cent reached before mid-September to 5.09 per cent late in the month and then advanced; on the day before this meet­ ing it was 5.26 per cent, 2 basis points above its level 4 weeks earlier. . The initial downward pressures on Treasury security yields were reinforced by expectations of a reduction in the 614 per cent prime lending rate of banks that had prevailed since mid­ April. The prime rate was reduced in late September, to 614 per cent by most banks and to 6 per cent by a few. Among the fac­ tors contributing to the subsequent upward pressures on Treas­ ury security yields were the failure of the 6 per cent prime rate to become general, indications that economic conditions were stronger than had been expected, and increasing attention among market participants to forthcoming Treasury financing opera­ tions. In private capital markets yields on new corporate bonds had been relatively stable in recent weeks, but yields on State and local government issues had declined considerably, mainly be­ cause of continued heavy acquisitions by commercial banks. At the close of the period, however, both corporate and municipal yields were rising again. Conditions in markets for residential mortgages appeared to have eased slightly further in September. Net inflows of deposits to nonbank financial intermediaries increased only moderately in August, the latest month for which data were available. How­ ever, liquidity ratios at Federal savings and loan associations declined markedly in both July and August after the Federal Home Loan Bank Board reduced minimum liquidity require­ ments, and this development helped to sustain mortgage lending activity by such associations. Time and savings deposits at commercial banks, which had grown rapidly in July and August, expanded substantially again in September. Inflows of consumer-type deposits increased fur- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 41 ther, and the outstanding volume of large-denomination CD’s declined less than seasonally despite moderate reductions in of­ fering rates on all CD’s except those of short maturity. Private demand deposits and the money supply declined; on balance the money supply had not increased since the first week of July, after rising substantially in preceding months. Growth of business loans at banks slowed in September. Al­ though banks’ holdings of municipal securities expanded con­ siderably further, their holdings of Treasury securities were about unchanged—in contrast to the two preceding months when banks had been heavy buyers of securities offered in Treasury financings. Total bank credit, as measured by the bank credit proxy—daily-average member bank deposits—rose at an annual rate of about 9 per cent in September, compared with a rate of more than 21 per cent in August. Allowance for changes in the daily average of U.S. bank liabilities to foreign branches would have served to increase the growth rate by about 1.5 per­ centage points in September and 0.5 of a percentage point in August. Bank credit growth was expected to accelerate somewhat in October as a result of the anticipated cash financing by the Treasury. The latest staff projections suggested that the bank credit proxy would expand at an annual rate of 10 to 13 per cent if the conditions in money and short-term credit markets that had prevailed on the average since the Committee’s preced­ ing meeting were maintained. This projection assumed that the Treasury would offer $3.5 billion of tax-anticipation bills for payment in the latter part of the month and that commercial banks initially would acquire the bulk of the offering. Slower growth of bank credit was projected for November, when the Treasury was not expected to raise new cash. The October pro­ jection allowed for some moderation in the rate of expansion in time and savings deposits and for little growth in private de­ mand deposits. A small increase in the money supply, reflecting mainly an expansion in currency, was anticipated. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

42 FEDERAL RESERVE BULLETIN □ JANUARY 1969 The Committee was divided in its views on the appropriate course for monetary policy under current circumstances, with a majority favoring no change and a minority advocating at least a slight increase in monetary restraint. The majority was op­ posed to greater restraint at present primarily because it con­ tinued to expect the rate of expansion of consumer spending and of economic activity in general to slow down as the effects of the recent fiscal restraint measures were increasingly felt. The fact that the Treasury would be undertaking a major refunding opera­ tion before the Committee’s next meeting also was cited as a consideration militating against a change in policy at this time. The Committee concluded that open market operations should be directed at maintaining the conditions in money and short­ term credit markets that had prevailed on the average in the period since the preceding meeting, on the understanding that operations would not be undertaken to offset any moderate up­ ward pressures on Treasury bill rates that might develop. The proviso was added that operations should be modified, insofar as the forthcoming Treasury refunding permitted, if the rate of bank credit expansion appeared to be significantly in excess of 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 over-all economic expansion has moderated, although less than projected, from its very rapid pace earlier in the year, but upward pressures on prices and costs are per­ sisting. Most market interest rates have changed little on balance in recent weeks. Bank credit and time and savings deposits expanded rapidly this summer, but the money supply has shown no net growth since July after rising substantially for several months. The earlier improvement in the U.S. balance of payments was not maintained in August and September, according to preliminary indications, and 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 sustainable economic growth, con- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 43 tinued resistance to inflationary pressures, and attainment of reasonable equilibrium in the country’s balance of payments. To implement this policy, System open market operations until the next meeting of the Committee shall be conducted with a view to maintaining about the prevailing conditions in money and short-term credit markets; provided, however, that operations shall be modified, to the extent permitted by the forthcoming Treasury refunding operation, if bank credit expansion appears to be significantly exceeding current projections. Votes for this action: Messrs. Martin, Brimmer, Daane, Galusha, Maisel, Mitchell, Morris, Robert­ son, and Sherrill. Votes against this action: Messrs. Hayes, Hickman, and Kimbrel. Messrs. Hayes, Hickman, and Kimbrel dissented from this action because they thought that the rates of bank credit growth recorded in recent months and the rate projected for October were excessive, particularly in light of the persisting inflationary pressures and the unexpected strength in the economy. Accord­ ingly, they favored seeking money market conditions somewhat firmer than those advocated by the majority, to the extent the Treasury refunding operation permitted. 2. Amendment to authorization for System foreign currency operations. At its meeting on March 14, 1968, the Committee had au­ thorized the Special Manager to undertake negotiations looking toward increases, up to specified limits, in a number of the System’s reciprocal currency arrangements, on the understand­ ing that any such enlargements—and the corresponding amend­ ments to paragraph 2 of the authorization for System foreign currency operations—would become effective upon a determina­ tion by Chairman Martin that they were in the national interest. As indicated in the policy record for March 14, the Chairman had made the indicated determination for certain of these ar­ rangements on March 17. Among the arrangements covered by the Committee’s action Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

44 FEDERAL RESERVE BULLETIN o JANUARY 1969 of March 14 was that with the Bank of Italy, for which negotia­ tions looking toward an increase of up to $250 million equivalent had been authorized. Recently these negotiations had been suc­ cessfully completed, and on the day of this meeting Chairman Martin determined that an increase in the swap arrangement with the Bank of Italy from $750 million to $1 billion equivalent was in the national interest. Accordingly, the corresponding amend­ ment to paragraph 2 of the authorization for System foreign cur­ rency operations became effective on October 8, 1968. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material REGULATION P: MINIMUM SECURITY DEVICES standards for security devices and procedures both AND PROCEDURES FOR FEDERAL RESERVE to discourage robberies, burglaries and larcenies BANKS AND STATE MEMBER BANKS involving financial institutions and to facilitate the Pursuant to authority conferred by the Bank identification and apprehension of persons who Protection Act of 1968 (82 Stat. 294), the Board commit such crimes; (2) establishes time limits for of Governors has issued a new Regulation P, effec­ compliance and procedures for reporting on com­ tive January 13, 1969. The regulation implements pliance; and (3) assures flexibility in application of the Act with respect to Federal Reserve Banks and such standards to accommodate differing circum­ State-chartered banks that are members of the Fed­ stances of individual banking offices. The text of eral Reserve System. It (1) provides minimum the regulation is as follows: MINIMUM SECURITY DEVICES AND PROCEDURES FOR FEDERAL RESERVE BANKS AND STATE MEMBER BANKS* SECTION 216.0—SCOPE OF PART (c) The term “banking office” includes the main Pursuant to the authority conferred upon the office of any State member bank and any branch Board of Governors of the Federal Reserve System thereof. by section 3 of the Bank Protection Act of 1968 (d) The term “branch” includes any branch (82 Stat. 295) with respect to State banks which bank, branch office, branch agency, additional of­ are members of the Federal Reserve System and fice, or any branch place of business located in any to Federal Reserve Banks 1 the rules contained in State of the United States or in any Territory of this Part— the United States, Puerto Rico, Guam, or the Vir­ (a) establish minimum standards for the instal­ gin Islands at which deposits are received or checks lation, maintenance, and operation of security de­ paid or money lent. vices and procedures to discourage robberies, (e) The term “Board” means the Board of burglaries, and larcenies and to assist in the identi­ Governors of the Federal Reserve System. fication and apprehension of persons who commit (f) The term “teller’s station or window” means such acts; a location in a banking office at which bank cus­ (b) establish time limits for compliance; and tomers routinely conduct transactions with the (c) require the submission of reports. bank which involve the exchange of funds, includ­ ing a walk-up or drive-in teller’s station or window. SECTION 216.1—DEFINITIONS For the purposes of this Part— SECTION 216.2—DESIGNATION OF (a) The term “State member bank” means any SECURITY OFFICER bank that is a member of the Federal Reserve Sys­ On or before February 15, 1969 (or within tem (other than a national bank or a District of thirty days after a State bank becomes a member Columbia bank). of the Federal Reserve System, whichever is later), (b) The term “banking hours” means the time the board of directors of each State member bank during which a banking office is open for the nor­ shall designate an officer or other employee of the mal transaction of business with the banking bank who shall be charged, subject to supervision public. by the bank’s board of directors, with responsibility * This text corresponds to the Code of Federal Regula­ for the installation, maintenance, and operation of tions, Title 12, Chapter II, Part 216, cited as 12 CFR 216. security devices and for the development and ad­ The words “this Part," as used herein, mean Regulation P. ministration of a security program which equal or 'See section 216.7 regarding the applicability of this Part to Federal Reserve Banks. exceed the standards prescribed by this Part. 45 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

46 FEDERAL RESERVE BULLETIN □ JANUARY 1969 SECTION 216.3—SECURITY DEVICES ticable because of costs for small banking offices in areas substantially free of crimes against finan­ (a) Installation, maintenance, and operation of cial institutions. Each bank shall consider the ap­ appropriate security devices. Before January 1, propriateness of installing, maintaining, and oper­ 1970 (or within thirty days after a State bank be­ ating security devices which are expected to give a comes a member of the Federal Reserve System, general level of bank protection at least equivalent whichever is later), the security officer of each to the standards described in Appendix A of this State member bank, under such directions as shall Part. In any case in which (on the basis of the be given him by the bank’s board of directors, factors listed in section 216.3(b) or similar ones, shall survey the need for security devices in each the use of other measures, or the decision that of the bank’s banking offices and shall provide for technological change allows the use of other the installation, maintenance, and operation, in measures judged to give equivalent protection) it is each such office, of-— decided not to install, maintain, and operate de­ (1) a lighting system for illuminating, during vices at least equivalent to these standards, the the hours of darkness, the area around the vault, bank shall preserve in its records a statement of if the vault is visible from outside the banking the reasons for such decision and forward a copy office; of that statement to the Federal Reserve Bank for (2) tamper-resistant locks on exterior doors the District in which its main office is located. and exterior windows designed to be opened; (3) an alarm system or other appropriate device SECTION 216.4—SECURITY PROCEDURES for promptly notifying the nearest responsible law enforcement officers of an attempted or perpetrated (a) Development and administration. On or robbery or burglary; and before July 15, 1969 (or within thirty days after (4) such other devices as the security officer, a State bank becomes a member of the Federal after seeking the advice of law enforcement officers, Reserve System, whichever is later), each State shall determine to be appropriate for discouraging member bank shall develop and provide for the robberies, burglaries, and larcenies and for assist­ administration of a security program to protect ing in the identification and apprehension of per­ each of its banking offices from robberies, bur­ sons who commit such acts. glaries, and larcenies and to assist in the identifica­ (b) Considerations relevant to determining ap­ tion and apprehension of persons who commit such propriateness. For the purposes of subparagraph acts. This security program shall be reduced to (4) of paragraph (a) of this section, considerations writing, approved by the bank’s board of direc­ relevant to determining appropriateness include, tors, and retained by the bank in such form as will but are not limited to— readily permit determination of its adequacy and (1) the incidence of crimes against the particu­ effectiveness, and a copy shall be filed with the lar banking office and/or against financial institu­ Federal Reserve Bank for the District in which the tions in the area in which the banking office is or main office of the bank is located. will be located; (b) Contents of security programs. Such secu­ (2) the amount of currency or other valuables rity programs shall— exposed to robbery, burglary, or larceny; (1) provide for establishing a schedule for the (3) the distance of the banking office from the inspection, testing, and servicing of all security nearest responsible law enforcement officers and devices installed in each banking office; provide the time required for such law enforcement officers for designating the officer or other employee who ordinarily to arrive at the banking office; shall be responsible for seeing that such devices (4) the cost of the security devices; are inspected, tested, serviced, and kept in good (5) other security measures in effect at the working order; and require such officer or other banking office; and employee to keep a record of such inspections, (6) the physical characteristics of the banking testings, and servicings; office structure and its surroundings. (2) require that each banking office’s currency (c) Implementation. It is appropriate for bank­ be kept at a reasonable minimum and provide pro­ ing offices in areas with a high incidence of crime cedures for safely removing excess currency; to install many devices which would not be prac­ (3) require that the currency at each teller’s Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 47 station or window be kept at a reasonable minimum shall be dated and signed by the president, or and provide procedures for safely removing excess cashier, or other managing officer of the bank and currency and other valuables to a locked safe, may be in a form substantially as follows: vault, or other protected place; “I hereby certify, to the best of my knowledge (4) require that the currency at each teller’s and belief, that this bank has developed and ad­ station or window include “bait” money, i.e., used ministers a security program that equals or ex­ Federal Reserve notes, the denominations, banks ceeds the standards prescribed by § 216.4 of of issue, serial numbers, and series years of which Regulation P; that such security program has are recorded, verified by a second officer or em­ been reduced to writing, approved by the bank’s ployee, and kept in a safe place; board of directors, and retained by the bank in (5) require that all currency, negotiable securi­ such form as will readily permit determination ties, and similar valuables be kept in a locked of its adequacy and effectiveness; and that the vault or safe during nonbusiness hours, that the bank security officer, after seeking the advice of vault or safe be opened at the latest time prac­ law enforcement officers, has provided for the ticable before banking hours, and that the vault installation, maintenance, and operation of ap­ or safe be locked at the earliest time practicable propriate security devices, as prescribed by after banking hours; § 216.3 of Regulation P, in each of the bank’s (6) provide, where practicable, for designation banking offices.” of a person or persons to open each banking office (b) Reports on security devices. On or before and require him or them to inspect the premises, March 15, 1969, and upon such other occasions to ascertain that no unauthorized persons are as the Board may specify, each State member bank present, and to signal other employees that the shall file with the Federal Reserve Bank for the premises are safe before permitting them to enter; District in which it is located a report on Form P-1 (7) provide for designation of a person or per­ (in duplicate) for each of its offices that is subject sons who will assure that all security devices are to this Part. turned on and are operating during the periods in (c) External crime reports. Each time a rob­ which such devices are intended to be used; bery, burglary, or nonbank-employee larceny is (8) provide for designation of a person or per­ perpetrated or attempted at a banking office oper­ sons to inspect, after the closing hour, all areas of ated by a State member bank, the bank shall, within each banking office where currency, negotiable se­ a reasonable time, file a report in conformity with curities, or similar valuables are normally handled the requirements of Form P-2. One copy of such or stored in order to assure that such currency, report shall be filed with the appropriate State securities, and valuables have been put away, that supervisory authority and three copies of such re­ no unauthorized persons are present in such areas, port shall be filed with the Federal Reserve Bank and that the vault or safe and all doors and win­ for the District in which the head office of the dows are securely locked; and reporting bank is located. (9) provide for training, and periodic retrain­ (d) Special reports. Each State member bank ing, of employees in their responsibilities under the shall file such other reports as the Board may security program, including the proper use of secu­ require. rity devices and proper employee conduct during and after a robbery, in accordance with the pro­ cedures listed in Appendix B of this Part. SECTION 216.6—CORRECTIVE ACTION Whenever the Board determines that the security SECTION 216.5—FILING OF REPORTS devices or procedures used by a State member bank (a) Compliance reports. As of the last business are deficient in meeting the requirements of this day in June of 1970, and as of the last business Part, or that the requirements of this Part should day in June of each calendar year thereafter, each be varied in the circumstances of a particular bank­ State member bank shall file with the Federal Re­ ing office, it may take or require the bank to take serve Bank for the District in which its main office necessary corrective action. If the Board determines is located a statement certifying to its compliance that such corrective action is appropriate or neces­ with the requirements of this Part. The statement sary, the bank will be so notified and will be fur- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

48 FEDERAL RESERVE BULLETIN □ JANUARY 1969 nished a statement of what the bank must do to unexposed film at all times to be capable of operat­ comply with the requirements of this Part. ing for not less than three minutes, and the film should be at least 16mm. SECTION 216.7—APPLICABILITY TO (ii) Installation, maintenance, and operation of FEDERAL RESERVE BANKS surveillance systems providing surveillance of other than walk-up or drive-in teller’s stations or win­ The provisions of this Part apply to each Federal Reserve Bank and its branches2, except that re­ dows. Surveillance devices for other than walk-up or drive-in windows should be: ports and other writings required or permitted to be filed by a State member bank with the Federal (A) located so as to reproduce identifiable Reserve Bank for the District in which it is located images of persons either leaving the banking office must, in the case of a Federal Reserve Bank, be or in a position to transact business at each such filed with the Board; provided, however, that the station or window; and applicability of the Bank Protection Act of 1968 (B) capable of activation by initiating devices and of this Part to Federal Reserve Banks and located at each teller’s station. their branches does not preclude the Board from (iii) Installation, maintenance, and operation of requiring, by virtue of its authority under other surveillance systems providing surveillance of provisions of law, that Federal Reserve Banks and walk-up or drive-in teller’s stations or windows. their branches comply with higher standards re­ Surveillance devices for walk-up and drive-in tel­ specting the installation, maintenance, and opera­ ler’s stations or windows should be located in such tion of security devices and procedures than those a manner as to reproduce identifiable images of that are prescribed by this Part. persons in a position to transact business at each such station or window and areas of such station SECTION 216,8—PENALTY PROVISION or window that are vulnerable to robbery or lar­ ceny. Such devices should be capable of activation Pursuant to Section 5 of the Bank Protection by one or more initiating devices located within or Act of 1968, a State member bank or Federal in close proximity to such station or window. Such Reserve Bank that violates any provision of this devices could be omitted in the case of walk-up or Part shall be subject to a civil penalty not to ex­ drive-in teller’s station or window in which the teller ceed $100 for each day of the violation. is effectively protected by a bullet-resistant barrier from persons outside the station or window, but if APPENDIX A the teller is vulnerable to larceny or robbery by MINIMUM STANDARDS FOR SECURITY DEVICES members of the public who enter the banking of­ (1) Surveillance systems, (i) General. Surveil­ fice, the teller should have access to a device to lance systems should be: activate a surveillance system that covers the area (A) equipped with one or more photographic, of vulnerability or the exits to the banking office. recording, monitoring, or like devices capable of (2) Robbery alarm systems. A robbery alarm reproducing images of persons in the banking of­ should be provided for each banking office at fice with sufficient clarity to facilitate (through which the police ordinarily can arrive within five photographs capable of being enlarged to produce minutes after an alarm is activated. Robbery alarm a one-inch vertical head-size of persons whose systems should be: images have been reproduced) the identification (i) designed to transmit to the police, either and apprehension of robbers or other suspicious directly or through an intermediary, a signal (not persons; detectable by unauthorized persons) indicating (B) reasonably silent in operation; that a crime against the banking office has occurred (C) so designed and constructed that necessary or is in progress; services, repairs, or inspections can readily be made. (ii) capable of activation by initiating devices Any camera used in such a system should be located at each teller’s station (except walk-up or capable of taking at least one picture every two drive-in teller’s stations or windows in which the seconds and, if it uses film, should contain enough teller is effectively protected by a bullet-resistant barrier and effectively isolated from persons, other - A branch of a Federal Reserve Bank means an oflicc than fellow employees, inside a banking office of established pursuant to section 3 of the Federal Reserve Act (12 U.S.C. § 521). which such station or window may be a part); Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 49 (iii) safeguarded against accidental transmission the station a direct line of fire at a person inside of an alarm; the station. (iv) equipped with a visual and audible signal (5) Vaults, safes, and night depositories. Vaults capable of indicating improper functioning of or and safes (if not to be stored in a vault) in which tampering with the system; and currency, negotiable securities, or similar valuables (v) equipped with an independent source of are to be stored when the office is closed, and power (such as a battery) sufficient to assure con­ night depositories, contracted for after February tinuously reliable operation of the system for at 15, 1969, should meet or exceed the following least twenty-four hours in the event of failure of standards: the usual source of power. (A) Vaults. Vault walls, roof and floor con­ (3) Burglar alarm systems. Burglar alarm sys­ tracted for after February 15, 1969, should be tems should be: made of steel-reinforced concrete, at least 18 (i) capable of detecting promptly an attack on inches thick; vault doors should be made of steel the outer door, walls, floor or ceiling of each vault, or other drill and torch-reistant material, at least and each safe not stored in a vault, in which cur­ three and one-half inches thick, and be equipped rency, negotiable securities, or similar valuables with a dial combination lock and a time lock and are stored when the office is closed, and any a substantial, lockable day-gate; or vaults and attempt to move any such safe; vault doors should be constructed of materials that (ii) designed to transmit, to the police, either afford at least equivalent burglary-resistance. directly or through an intermediary, a signal (not (B) Safes. Safes contracted for after February detectable by unauthorized persons) indicating 15, 1969, should weigh at least 750 pounds empty, that any such attempt is in progress; and in the or be securely anchored to the premises where case of a banking office at which the police ordi­ located. The door should be equipped with a com­ narily cannot arrive within five minutes after an bination lock, and with a relocking device that alarm is activated, designed to activate a loud will effectively lock the door if the combination sounding bell or other device that is audible inside lock is punched. The body should consist of steel, the banking office and for a distance of approxi­ at least one inch in thickness, with an ultimate mately 500 feet outside the banking office; tensile strength of 50,000 pounds per square inch, (iii) safeguarded against accidental transmission either cast or fabricated, and be fastened in a of an alarm; manner equal to a continuous one-fourth inch (iv) equipped with a visual and audible signal, penetration weld having an ultimate tensile capable of indicating improper functioning of or strength of 50,000 pounds per square inch. One tampering with the system; and hole not exceeding 3/16-inch diameter may be (v) equipped with an independent source of provided in the body to permit insertion of elec­ power (such as a battery) sufficient to assure con­ trical conductors, but should be located so as not tinuously reliable operation of the system for at to permit a direct view of the door or locking least eighty hours in the event of failure of the mechanism. The door should be made of steel usual source of power. that is at least one and one-half inches thick, and (4) Walk-up and drive-in teller’s stations or at least equivalent in strength to that specified for windows. Walk-up and drive-in teller’s stations or the body; or safes should be constructed of ma­ windows contracted for after February 15, 1969, terials that afford at least equivalent burglary­ should be constructed in such a manner that tellers resistance. are effectively protected by bullet-resistant barriers (C) Night depositories. Night depositories (ex­ from robbery or larceny by persons outside such cluding envelope drops not used to receive sub­ stations or windows. Such barriers should be of stantial amounts of currency) contracted for after glass at least one and three-sixteenths inches thick,1 February 15, 1969, should consist of a receptacle or of material of at least equivalent bullet-resist­ chest having cast, or welded, steel walls, top and ance. Pass-through devices should be so designed bottom, at least one inch thick; a combination and constructed as not to afford a person outside locked steel door at least one and one-half inches thick; and a chute, made of steel that is at least 1 It should be emphasized that this thickness is merely bullet-resistant and not bullet-proof. one inch thick, securely bolted or welded to the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

50 FEDERAL RESERVE BULLETIN □ JANUARY 1969 receptacle and to a depository entrance of strength a note) try to put it aside and out of sight, if it similar to the chute; or night depositories should appears that this can be done safely; retain the be constructed of materials that afford at least evidence, do not handle it unnecessarily, and give equivalent burglary-resistance. The depository en­ it to the police when they arrive; and refrain from trance should be equipped with a lock. Night de­ touching, and assist in preventing others from positories should be equipped with a burglary touching, articles or places the robber may have alarm and be designed to protect against the “fish­ touched or evidence he may have left, in order ing” of a deposit from the deposit receptacle, and that fingerprints of the robber may be obtained; to protect against the “trapping” of a deposit for (5) to give the robber no more money than extraction. the amount he demands, and include “bait” money Each device mentioned in this Appendix should in the amount given; be installed and regularly inspected, tested, and (6) that if it can be done safely, observe the serviced by competent persons, so as to assure direction of the robber’s escape and the description realization of its maximum performance capabili­ and license plate number of the vehicle used, if ties. Activating devices for surveillance systems any; and robbery alarms should be operable with the (7) to telephone the local police, if they have least risk of detection by unauthorized persons not arrived, and the nearest office of the Federal that can be practicably achieved. Bureau of Investigation, or inform a designated officer or other employee who has this responsi­ APPENDIX B bility, that a robbery has been committed; PROPER EMPLOYEE CONDUCT DURING (8) that if the robber leaves before the police AND AFTER A ROBBERY arrive, assure that a designated officer or other With respect to proper employee conduct dur­ employee waits outside the office, if it is safe to ing and after a robbery, employees should be do so, to inform the police when they arrive that instructed: the robber has left; (1) to avoid actions that might increase danger (9) to attempt to determine the names and to themselves or others; addresses of other persons who witnessed the rob­ (2) to activate the robbery alarm system and bery or the escape, and request them to record the surveillance system during the robbery, if it their observations or to assist a designated officer appears that such activation can be accomplished or other employee in so doing; safely; (10) to refrain from discussing the details of (3) to observe the robber’s physical features, the robbery with others before recording the ob­ voice, accent, mannerisms, dress, the kind of servations respecting the robber’s physical features weapon he has, and any other characteristics that and other characteristics as hereinabove described would be useful for identification purposes; and the direction of escape and description of (4) that if the robber leaves evidence (such as vehicle used, if any. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 51 FOREIGN BANKING AND FINANCING paragraph (a) of this section and section 25(a) CORPORATIONS of the Act, there shall be included any such in­ The Board of Governors, effective January 7, vestments in other corporations controlled by such 1969, amended section 211.8 of Regulation K, corporation. Unless otherwise specified, “shares” in “Corporations Engaged in Foreign Banking and this section includes any rights to acquire shares, Financing under the Federal Reserve Act”, to re­ except that prior Board consent is not required instate its general consent for so-called “Edge” for the acquisition and exercise of stock rights in and “Agreement” corporations to make certain lieu of dividends which are declared on shares equity investments in a foreign business. A pre­ already held by a Corporation and which do not vious general consent was eliminated from the result in an increase in percentage ownership of regulation in February 1968 in connection with the corporation. the balance of payments program then in effect. (d) Reports. A Corporation shall inform the The text of the amendment reads as follows: Board through the Federal Reserve Bank of its district within thirty days after the close of each AMENDMENT TO REGULATION K quarter with respect to any acquisition or disposi­ Effective January 7, 1969, section 211.8 is tion of shares during that quarter, including the amended to read as follows: following information concerning any corporation whose shares it acquired for the first time (unless SECTION 211.8—INVESTMENTS IN previously furnished): (1) Recent balance sheet SHARES OF OTHER CORPORATIONS and income statement, (2) brief descriptions of (a) General consent. Subject to section 25(a) the corporation’s business (including full informa­ of the Act 1 and this part, the Board hereby tion concerning any such business transacted in the grants its general consent for any Corporation to United States), the shares acquired, and any re­ invest, directly or indirectly, in the shares of for­ lated credit transaction, (3) lists of directors and eign corporations5 not doing business in the principal officers (with address and principal busi­ United States; but no investment hereunder shall ness affiliation of each) and of all shareholders cause the Corporation to have invested more than (known to the issuing corporation) holding 10 $500,000 in the shares, or to hold more than 2 5 per cent or more of any class of the corporation’s per cent of the voting shares, of any such corpo­ shares (and the amount held by each), and (4) ration. information concerning the rights and privileges of (b) Specific consent. Prior specific consent of the various classes of shares outstanding. the Board is required with respect to the acquisi­ tion of any shares by a Corporation, except as RULES REGARDING DELEGATION OF AUTHORITY provided in paragraph (a) of this section or the The Board of Governors, effective January 7, ninth paragraph of section 25(a) of the Act (re­ 1969, amended its Rules Regarding Delegation of lating to purchases of stock to prevent loss on debts Authority to provide a more expeditious means previously contracted). for performance of certain of its functions relat­ (c) Conditions. (1) Shares of stock in a cor­ ing to international operations of member banks poration shall be disposed of as promptly as prac­ and so-called “Edge” and “Agreement” corpora­ ticable if (i) such corporation should engage in tions. The text of the amendments read as follows: the business of underwriting, selling, or distribut­ AMENDMENT ing securities in the United States or (ii) the Cor­ poration is advised by the Board that their holding 1. Effective January 7, 1969, the following new is inappropriate under section 25(a) of the Act or section is added after section 265.1: this part. SECTION 265.1a—SPECIFIC FUNCTIONS ( 2) In computing the amount which may be DELEGATED TO BOARD MEMBERS invested in the shares of any corporation under Any Board member designated by the Chair­ man is authorized under sections 25 and 25(a) 4 Including the limitations therein based on capital and of the Federal Reserve Act and Parts 211 and surplus. " As used here, “corporation” does not include limited 213 of this chapter (Regulations K and M): partnerships or similar organizations. (1) To approve the establishment of a foreign Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

52 FEDERAL RESERVE BULLETIN □ JANUARY 1969 branch or agency by a member bank or corpora­ 78) and the Board’s Regulation R, “Relationships tion organized under section 25(a) (an “Edge” with Dealers in Securities under section 32 of the corporation) or operating under an agreement Banking Act of 1933” (12 CFR 218), prohibit with the Board pursuant to section 25 (an “Agree­ a person primarily engaged in securities activities ment” corporation) which has already established described in section 32, or associated with an or­ branches in more than one foreign country. ganization so engaged, from serving as an officer, (2) To grant specific consent to stock acquisi­ director, or employee of a holding company pro­ tions by a member bank or an Edge or Agree­ posed to be organized by a member bank to own ment corporation (and to approve such acquisi­ all the stock of such bank. tions which may exceed the limitations in section Section 32 provides in relevant part that: 25(a) based on such a corporation’s capital and “No officer, director, or employee of any surplus) not resulting in the acquisition by such corporation or unincorporated association, no bank or corporation of effective control of any partner or employee of any partnership, and no foreign company (other than a company perform­ individual, primarily engaged in the issue, flo­ ing nominee, fiduciary or other banking services tation, underwriting, public sale, or distribu­ incidental to the activities of a foreign branch or tion, at wholesale or retail, or through syndicate affiliate of such bank or corporation). participation, of stocks, bonds, or other similar (3) To permit an Edge or Agreement corpora­ securities, shall serve [at] the same time as an tion to exceed the limitations in §211.9(b) and officer, director, or employee of any member (c) of this chapter (Regulation K).1 bank, . . .” 2. Also effective January 7, 1968, the titles of As the United States Supreme Court observed section 265.2 and paragraph (c) thereof are in Board of Governors v. Agnew, 329 U.S. 441 amended to read as shown below, and the following (1946), “Section 32 is directed to the probability subparagraph (11) is added to paragraph (c): or likelihood, based on the experience of the SECTION 265.2—SPECIFIC FUNCTIONS 1920’s, that a bank director interested in the DELEGATED TO BOARD EMPLOYEES underwriting business may use his influence in the AND FEDERAL RESERVE BANKS bank to involve it or its customers in securities which his underwriting house has in its portfolio (c) The Director of the Division of Supervi­ or has committed itself to take. ... It [section 32] sion and Regulation (or, in his absence, the Act­ is a preventive or prophylactic measure.” ing Director) is authorized: In an earlier interpretation, the Board had con­ * * * « e cluded that section 32 did not prohibit a partner (11) Under sections 25 and 25(a) of the of a securities firm from serving as a director of Federal Reserve Act and Parts 211 and 213 of a long-established holding company, with seven this chapter (Regulations K and M), to approve nonbank subsidiaries, that recently had acquired increases and reductions in the capital stock and the controlling stock of a member bank. In dis­ amendments to the articles of association of a tinguishing that situation from the present matter, corporation organized under section 25(a) and the Board observed that the predominant—in fact, additional investments by a member bank in the almost the sole—function of the proposed bank stock of a corporation operating under an agree­ holding company would be to hold the stock of ment with the Board pursuant to section 25. the bank. It therefore appeared to the Board that the affairs of the member bank and the holding APPLICABILITY OF SECTION 32 OF THE BANKING company would be so closely identified and func­ ACT OF 1933 TO INTERLOCKING SERVICE tionally related that the same possibilities of abuse BETWEEN SECURITIES COMPANIES AND which section 32 was designed to guard against BANK HOLDING COMPANIES would be present in the case of a director of the The Board has recently considered whether holding company as in the case of a director of section 32 of the Banking Act of 1933 (12 U.S.C. the member bank. To give cognizance to the sepa­ rate corporate entities in such a situation, would, 'Subject, of course, to the limitations in section 25(a) in the Board’s opinion, partially frustrate Con­ relating to aggregate liabilities outstanding on debentures, bonds, and promissory notes. gressional purpose in enacting the statute. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 53 The Board concluded that where the principal December, 1968. activity of a holding company is the ownership By order of the Board of Governors. and control of banks, including one or more mem­ Voting for this action: Governors Mitchell, Daane, ber banks, the holding company and each mem­ Brimmer, and Sherrill. Absent and not voting: Chair­ man Martin, and Governors Robertson and Maisel. ber bank subsidiary should be considered as con­ stituting together a single entity for section 32 (Signed) Kenneth A. Kenyon, Deputy Secretary. purposes, so that a person who is primarily en­ gaged in section 32 business or associated with [seal] an organization so engaged, is prohibited by that Statement law from serving as an officer, director, or em­ The First Pennsylvania Banking and Trust Com­ ployee of such a holding company. pany, Philadelphia, Pennsylvania (“Applicant”), with total deposits of $1.8 billion has applied, pur­ ORDERS UNDER BANK MERGER ACT suant to the Bank Merger Act (12 U.S.C. 1828(c)), for the Board’s prior approval of the THE FIRST PENNSYLVANIA BANKING AND TRUST COMPANY, PHILADELPHIA, merger of that bank with Chestnut Street Trust Company, Philadelphia, Pennsylvania (“Chestnut PENNSYLVANIA Street Bank”), which is a newly organized bank, In the matter of the application of the First noi yet in operation. The banks would merge under Pennsylvania Banking and Trust Company for ap­ the name of Applicant and the charter of Chestnut proval of merger with Chestnut Street Trust Com­ Street Bank, which is to be a member of the Fed­ pany. eral Reserve System. Order Approving Merger of Banks The proposed merger is one step in a plan of There has come before the Board of Governors, corporate reorganization whereby First Pennsyl­ pursuant to the Bank Merger Act (12 U.S.C. 1828 vania Corporation, Philadelphia, Pennsylvania, a (c)), an application by The First Pennsylvania newly organized Pennsylvania corporation, would Banking and Trust Company, Philadelphia, Penn­ become a one-bank holding company. First Penn­ sylvania, a State member bank of the Federal sylvania Corporation presently owns all of the Reserve System, for the Board’s prior approval stock of Chestnut Street Bank; upon the merger of of the merger of that bank with Chestnut Street Applicant with Chestnut Street Bank, stock of Trust Company, Philadelphia, Pennsylvania, under First Pennsylvania Corporation will be exchanged the charter of the latter bank and the name of the for stock of Applicant. former. Notice of the proposed merger, in form The major purpose for the use of a merger trans­ approved by the Board, has been published pursu­ action in Applicant’s plan to form a one-bank hold­ ant to said Act. ing company is to assure that The First Pennsyl­ Upon consideration of all relevant material in vania Corporation will be able to acquire, except the light of the factors set forth in said Act, in­ for directors’ qualifying shares, all of the outstand­ cluding reports furnished by the Comptroller of ing stock of the banking subsidiary. the Currency, the Federal Deposit Insurance Cor­ Statutory considerations. From the record before poration, and the Attorney General on the com­ the Board, the proposed merger of Applicant and petitive factors involved in the proposed merger, Chestnut Street Bank—the latter being a bank with It is hereby ordered, for the reasons set forth no operating history, formed solely to facilitate the in the Board’s Statement of this date, that said corporate reorganization plan described above— application be and hereby is approved, provided would itself have no effect on either competition that said merger shall not be consumated (a) be­ or the banking convenience and needs of any fore the thirtieth calendar day following the date relevant area. Nor would it appear that the pro­ of this Order or (b) later than three months after posal would have any adverse consequences rel­ the date of this Order unless such period is ex­ ative to the financial and managerial resources and tended for good cause by the Board or by the prospects of Applicant or Chestnut Street Bank. Federal Reserve Bank of Philadelphia pursuant Accordingly, and in light of all of the standards to delegated authority set forth in the Bank Merger Act, the Board con­ Dated at Washington, D.C., this 26th day of cludes that the application should be approved. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

54 FEDERAL RESERVE BULLETIN □ JANUARY 1969 THE AMERICAN BANK AND TRUST the Board’s prior approval of the consolidation of COMPANY, LANSING, MICHIGAN that bank and Woodruff State Bank, De Witt, In the matter of the application of American Michigan (“Woodruff Bank”), which has total Bank and Trust Company for approval of con­ deposits of $2.8 million.1 The banks would con­ solidation with Woodruff State Bank. solidate under the charter and name of American Bank, which is a member of the Federal Reserve Order Approving Consolidation of Banks System. As an incident to the consolidation, the There has come before the Board of Governors, sole office of Woodruff Bank would become a pursuant to the Bank Merger Act (12 U.S.C. 1828 branch of American Bank, increasing the number (c)), an application by American Bank and Trust of its offices to ten. Company, Lansing, Michigan, a State member Competition. American Bank operates its main bank of the Federal Reserve System, for the office and seven branches in the City of Lansing, Board’s prior approval of the consolidation of that which has a population of about 132,000, and one bank and Woodruff State Bank, De Witt, Michigan, branch in Holt, which is four miles south of Lan­ under the charter and title of American Bank and sing. Woodruff Bank is located in De Witt, eight Trust Company. As an incident to the consolida­ miles north of the center of Lansing, and oper­ tion, the sole office of Woodruff State Bank would ates no branch offices. become a branch of the resulting bank. Notice Although the main offices of American Bank of the proposed consolidation, in form approved and Woodruff Bank are only eight miles apart, by the Board, has been published pursuant to three other banks each operate at least one office said Act. in the intervening area. Woodruff Bank originates Upon consideration of all relevant material in only a negligible amount of its loans and deposits the light of the factors set forth in said Act, includ­ in Lansing, while American Bank originates a ing reports furnished by the Comptroller of the small proportion of its deposits in the De Witt Currency, the Federal Deposit Insurance Corpora­ area. However, American Bank does obtain a siz­ tion, and the Attorney General on the competitive able volume of instalment and real estate loans in factors involved in the proposed consolidation, De Witt. The volume of real estate loans arises It is hereby ordered, for the reasons set forth primarily from Lansing building contractors who in the Board’s Statement of this date, that said develop real estate in the De Witt area, and many application be and hereby is approved, provided of the instalment Ioans are from merchants who that said consolidation shall not be consum­ sell their conditional sales contracts to American mated (a) before the thirtieth calendar day follow­ Bank. ing the date of this Order or (b) later than three The possibility of more effective competition de­ months after the date of this Order unless such veloping in the future is not significant. Under period is extended for good cause by the Board Michigan law, neither American Bank nor Wood­ or by the Federal Reserve Bank of Chicago pur­ ruff Bank may establish de novo offices in the com­ suant to delegated authority. munity served by the other bank. Dated at Washington, D.C. this 9th day of Janu­ Ten banks operate offices in the Lansing area. ary, 1969. The largest bank in the area is Michigan National By order of the Board of Governors. Bank, which operates offices of substantial size in Voting for this action: Vice Chairman Robertson, other cities of Michigan and has total deposits and Governors Mitchell, Daane, Maisel, Brimmer, and approaching $1 billion. American Bank ranks Sherrill. Absent and not voting: Chairman Martin. second in size in the area with about 23 per cent (Signed) Robert P. Forrestal, of area deposits. The third largest bank, which Assistant Secretary. holds about 18 per cent of area deposits, is part [seal] of a chain of banks having considerable resources. Statement Consummation of the consolidation would increase American Bank and Trust Company, Lansing, American Bank’s share of area deposits by about Michigan (“American Bank”), with total deposits .6 per cent. of about $130 million, has applied, pursuant to the Bank Merger Act (12 U.S.C. 1828(c)), for 1 Figures are as of June 30, 1968, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 55 Woodruff Bank’s closest competitor is the Order Approving Merger of Banks Clinton National Bank and Trust Company, St. There has come before the Board of Governors, Johns (deposits of $29 million), which operates pursuant to the Bank Merger Act (12 U.S.C. 1828 three offices within a six mile radius of De Witt. (c)), an application by The Sedan State Bank, The proposed consolidation should not adversely Sedan, Kansas, a State member bank of the Federal affect that institution. Reserve System, for the Board’s prior approval of The net effect of the proposal on competition the merger into that bank of The Peru State Bank, would be slightly adverse. Some existing compe­ Peru, Kansas, under the charter and title of The tition between the two banks would be eliminated, Sedan State Bank. The sole office of The Peru and there would be a slight increase in the con­ State Bank would be discontinued as a result of centration of banking resources in the Lansing the merger. Notice of the proposed merger, in area. form approved by the Board, has been published Financial and managerial resources and pros­ pursuant to said Act. pects. The banking factors with respect to Ameri­ Upon consideration of all relevant material in can Bank are reasonably satisfactory and would the light of the factors set forth in said Act, in­ remain so after the proposed consolidation. Future cluding reports furnished by the Comptroller of prospects for American Bank and the Lansing the Currency, the Federal Deposit Insurance Cor­ area are favorable. poration, and the Attorney General on the com­ The financial resources of Woodruff Bank are petitive factors involved in the proposed merger, satisfactory, and its management is capable. Its It is hereby ordered, for the reasons set forth future prospects are fair. in the Board’s Statement of this date, that said Convenience and needs of the communities. The application be and hereby is approved, provided city of De Witt is a small community of about that said merger shall not be consummated (a) 1,600 population. Although only eight miles from before the thirtieth calendar day following the downtown Lansing, De Witt has, until recently, date of this Order or (b) later than three months been located outside the path of development. With after the date of this Order unless such period is more intensive growth in the direction of De Witt extended for good cause by the Board or by the developing now and in the near future, the demand Federal Reserve Bank of Kansas City pursuant to for banking services there should also increase. delegated authority. The consolidation of American Bank and Wood­ Dated at Washington, D.C., this 9th day of Janu­ ruff Bank should enable the banking office in De ary, 1969. Witt to provide these services. By order of the Board of Governors. American Bank can provide residents of De Witt with easy access to trust services and, through Voting for this action: Vice Chairman Robertson and Governors Mitchell, Daane, Maisel, Brimmer, and increased lending limits and a wider range of Sherrill. Absent and not voting: Chairman Martin. lending services, can support more fully the eco­ nomic development of the De Witt area. (Signed) Robert P. Forrestal, Summary and conclusion. While the overall Assistant Secretary. effect of the proposed consolidation on competition [seal] would be slightly adverse, the conversion of the Statement sole office of Woodruff Bank into a branch of The Sedan State Bank, Sedan, Kansas (“Sedan American Bank would tend to serve better the Bank”), with total deposits of $4.9 million, has convenience and needs of the De Witt area in a applied, pursuant to the Bank Merger Act (12 time of impending population growth and economic U.S.C. 1828(c)), for the Board’s prior approval of development. On balance, the Board has concluded the merger of that bank with The Peru State Bank, that the application should be approved. Peru, Kansas (“Peru Bank”), which has total THE SEDAN STATE BANK, deposits of $.5 million.1 The banks would merge SEDAN, KANSAS under the charter and name of Sedan Bank, which In the matter of the application of The Sedan is a member of the Federal Reserve System. Kan- State Bank for approval of merger with The Peru State Bank. 1 Figures are as of October 30, 1968. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

56 FEDERAL RESERVE BULLETIN □ JANUARY 1969 sas law prohibits branch banking, and the sole causing some inconvenience to its residents and banking office of Peru Bank would be discontinued. resulting in slightly less banking competition. How­ Competition. Sedan Bank operates its sole office ever, the future prospects of Peru Bank are not in Sedan, which has a population of about 1,700. favorable. Its limited resources and location in a Peru Bank’s sole office is located in Peru, approx­ small community with a declining population have imately seven miles southeast of Sedan. thwarted the bank’s diligent efforts to recruit or The economy of Chautauqua County, in which retain management. both Sedan and Peru are located, is primarily Accordingly, the Board concludes that the ap­ agricultural, with the production of feeder calves plication be approved. the major source of farm income. Over the past THE BANK OF WOOD COUNTY COMPANY, twenty years, there has been a decline in the BOWLING GREEN, OHIO number of farm units due to the continued con­ solidation into larger units. The population of the In the matter of the application of the Bank County has decreased from 9,200 in 1940 to 6,000 of Wood County Company for approval of merger in 1960. with the Hardy Banking Company. The town of Peru has declined in population Order Denying Application for from about 487 in 1940 to about 340 at the present Approval of Merger of Banks time. Oil production was formerly a major source There has come before the Board of Governors, of revenue in the Peru area, but production is pursuant to the Bank Merger Act (12 U.S.C. now nominal, and major oil companies have with­ 1828(c)), an application by The Bank of Wood drawn from the area. County Company, Bowling Green, Ohio, a State The area served by Peru Bank lies within the member bank of the Federal Reserve System, for area served by Sedan Bank. However, of Peru the Board’s prior approval of the merger into that Bank’s total deposits of $500,000, 38 per cent rep­ bank of The Hardy Banking Company, North resents public funds. In addition, Peru Bank has Baltimore, Ohio, under the charter and title of The a low lending limit ($8,000 or $14,000 on qualified Bank of Wood County Company. Notice of the agricultural loans) that has prevented it from being proposed merger, in form approved by the Board, a fully effective competitor. has been published pursuant to said Act. One other bank, The First National Bank of Upon consideration of all relevant material in the Sedan, with deposits of $4.5 million, is located in light of the factors set forth in said Act, including Sedan. The two next closest banks to Sedan are reports furnished by the Comptroller of the Cur­ located 16 miles west and 21 miles southeast. rency, the Federal Deposit Insurance Corporation, The effect of the merger on competition would and the Attorney General on the competitive factors be slightly adverse. involved in the proposed merger, Financial and managerial resources and pros­ It is hereby ordered, for the reasons set forth pects. The banking factors with respect to Sedan in the Board’s Statement of this date, that said Bank are satisfactory. The financial condition of application be and hereby is denied. Peru Bank is satisfactory, but the size and popula­ Dated at Washington, D.C., this 13th day of tion trend of the community adversely affect its January, 1969. future prospects. Peru Bank is not sufficiently By order of the Board of Governors. large that it can secure and hold capable manage­ Voting for this action: Vice Chairman Robertson ment. and Governors Mitchell, Daane, Brimmer, and Sherrill. Convenience and needs of the communities. The Voting against this action: Governor Maisel. Absent and not voting: Chairman Martin. only effect of the merger relative to banking con­ venience and needs would be in the Peru area. (Signed) Robert P. Forrestal, Assistant Secretary. Since the banking office in Peru would be closed, the nearest source of banking services for customers [seal] of the present Peru Bank would be Sedan, seven Statement miles from Peru. The Bank of Wood County Company, Bowling Summary and conclusion. Consummation of the Green, Ohio (“County Bank”), with total deposits merger would eliminate Peru’s only banking office, of $38.3 million, has applied, pursuant to the Bank Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 57 Merger Act (12 U.S.C. 1828(c)), for the Board’s peeled for some time to be fully competitive with prior approval of the merger of that bank with the well-established office of the much larger The Hardy Banking Company, North Baltimore, County Bank. Ohio (“Hardy Bank”), which has total deposits The Board concludes that the effect of the pro­ of $3.4 million.1 The banks would merge under the posed merger on competition would be adverse. charter and name of County Bank, which is a mem­ Financial and managerial resources and pros­ ber of the Federal Reserve System. pects. The banking factors with respect to each of Competition. County Bank operates its main of­ the banks are reasonably satisfactory, as they would fice and one branch in Bowling Green and one he with respect to the resulting bank. branch each in Perrysburg and North Baltimore. Convenience and needs of the communities. The Bowling Green, which has a population of about proposal would affect banking convenience and 19,000, is situated in the central part of Wood needs only in the North Baltimore area. The serv­ County, 23 miles south of Toledo. Wood County’s ices that County Bank presently provides in North economy is predominantly agricultural. Baltimore would not be increased or improved by North Baltimore, the location of Hardy Bank’s the merger, and Hardy Bank would be eliminated sole office, is situated in Wood County about 15 as a convenient alternative source of banking serv­ miles south of Bowling Green and 12 miles north ices. of Findlay. A portion of the working population Summary and conclusion. The proposed transac­ of North Baltimore is employed in Findlay. tion would eliminate one of the two banking offices North Baltimore has a population of about 3,100. in North Baltimore, and, consequently, deprive resi­ County Bank and Hardy Bank, whose offices are dents of that area of competitive and convenient about one block apart, operate the only banking banking alternatives. The possibility of a new bank­ offices in the town, County Bank contemplates, if ing office being opened in the community, by yet the merger is approved, closing the office operated another bank, with the normal uncertainties at­ by Hardy Bank. tendant thereon, cannot offset the adverse effect of The nearest banking facility to North Baltimore the proposal on competition. is Cygnet Savings Bank Company, with deposits of Accordingly, the application is denied. $10.4 million, located four and a half miles north and east. A branch of Tri-County National Bank, ORDERS UNDER SECTION 3 OF Fostoria, with total deposits of $33.9 million, is BANK HOLDING COMPANY ACT located seven miles east of North Baltimore. Two DEPOSITORS CORPORATION, banks headquartered in Findlay, together with AUGUSTA, MAINE several small unit banks located within 12 miles of North Baltimore, also compete in varying degrees In the matter of the application of Depositors in the North Baltimore area. Corporation, Augusta, Maine, for approval of ac­ County Bank is the largest bank headquartered quisition of at least 5} per cent of the voting shares in Wood County. The second largest bank in the of The First National Bank of Fort Fairfield, Fort county is First National Bank, Bowling Green, Fairfield, Maine. with deposits of about ,$22 million. First National Order Approving Application Under Bank has received the approval of the Comptroller Bank Holding Company Act of the Currency to establish a de novo branch in There has come before the Board of Governors, North Baltimore. It is understood that the bank pursuant to section 3(a)(3) of the Bank Holding does not plan to establish the branch if the pro­ Company Act of 1956 (12 U.S.C. 1842(a)(3)) posed merger is denied. and section 222.3(a) of Federal Reserve Regula­ There is no doubt that the merger of County tion Y (12 CFR 222.3(a)), an application by Bank and Hardy Bank would eliminate the direct Depositors Corporation, Augusta, Maine, a regis­ banking competition existing within North Balti­ tered bank holding company, for the Board’s prior more. The establishment of a branch there by First approval of the acquisition of at least 51 per cent National Bank would ameliorate that situation to of the voting shares of The First National Bank some extent, but the new branch would not be ex­ of Fort Fairfield, Fort Fairfield, Maine. ' Figures are as of June 29, 1968. As required by section 3(b) of the Act, the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

58 FEDERAL RESERVE BULLETIN □ JANUARY 1969 Board notified the Comptroller of the Currency of and recommendation thereon. The Comptroller receipt of the application and requested his views recommended approval of the application. and recommendation. The Comptroller recom­ Statutory considerations. Section 3(c) of the Act mended approval of the application. provides that the Board shall not approve an ac­ Notice of receipt of the application was pub­ quisition that would result in a monopoly or would lished in the Federal Register on October 3, 1968 be in furtherance of any combination or conspiracy (33 Federal Register 14799), providing an oppor­ to monopolize or to attempt to monopolize the tunity for interested persons to submit comments business of banking in any part of the United and views with respect to the proposal. A copy of States. Nor may the Board approve a proposed the application was forwarded to the Department of acquisition the effect of which, in any section of Justice for its consideration. Time for filing com­ the country, may be substantially to lessen compe­ ments and views has expired and all those received tition, or to tend to create a monopoly, or which in have been considered by the Board. any other mannner 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 acquisition so approved shall not be consum­ fect of the transaction in meeting the convenience mated (a) before the thirtieth calendar day follow­ and needs of the community to be served. In each ing the date of this Order or (b) later than three case, the Board is required to take into considera­ months after the date of this Order unless such tion the financial and managerial resources and period is extended for good cause by the Board or future prospects of the bank holding company and by the Federal Reserve Bank of Boston pursuant the banks concerned, and the convenience and to delegated authority. needs of the community to be served. Dated at Washington, D. C., this 11th day of Competitive effect of proposed transaction. Ap­ December, 1968. plicant controls two subsidiary banks having 34 of­ By order of the Board of Governors. fices and serving nine of Maine’s 16 counties. Voting for this action: Chairman Martin and Gover­ With 15.1 per cent of total deposits held by com­ nors Robertson, Mitchell, Daane, Maisel, and Brimmer. mercial banks in the State, Applicant is the largest Absent and not voting: Governor Sherrill. banking organization in Maine. Its proposed ac­ (Signed) Robert P. Forrestal, quisition of Bank, which holds but .5 per cent of Assistant Secretary. total deposits in the State, would have no significant [seal] effect on State-wide concentration. Neither would Statement concentration levels in the separate areas served by Applicant’s present banking subsidiaries and Bank Depositors Corporation, Augusta, Maine (“Ap­ be unduly increased. plicant”), a registered bank holding company, has Bank, the main office of which is located in Fort applied to the Board of Governors, pursuant to Fairfield, is the fifth largest of seven banks having section 3(a)(3) of the Bank Holding Company offices in Aroostook County, and the smallest of Act of 1956 (12 U.S.C. 1842(a)(3)), for prior three banks serving its immediate area. Northern approval of the acquisition of at least 51 per cent National Bank, Presque Isle, with deposits of $51.6 of the voting shares of The First National Bank million, is the largest bank both in the County and of Fort Fairfield, Fort Fairfield, Maine (“Bank”) the immediate area. Consummation of the proposal Applicant presently controls two banks which hold would not adversely affect the competitive position deposits of $149 million.1 Bank has total deposits of any other bank, and Bank’s competitive ability of $4.5 million. should be strengthened by the proposed affiliation. Views and recommendation of supervisory au­ thority. As required by section 3(b) of the Act, the Both banking subsidiaries of Applicant are lo­ Board notified the Comptroller of the Currency of cated about 200 miles from Bank, and there ap­ receipt of the application and requested his views pears to be no competition existing between those subsidiaries and Bank. State law prohibits the estab­ lishment of de novo branches outside of a bank’s 'Banking data are as of December 30, 1967, unless otherwise noted. home office county and contiguous counties, ex- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 59 cept that a bank may establish a branch in any CHARTER BANKSHARES CORPORATION, town that has no banking office. The possibility is JACKSONVILLE, FLORIDA remote that competition between Applicant’s pres­ In the matter of the application of Charter ent subsidiaries and Bank would occur as a result Bankshares Corporation, Jacksonville, Florida, for of either Applicant’s present subsidiaries establish­ approval of acquisition of 80 per cent or more of ing a branch in Aroostook County, since all towns the voting shares of First National Bank in Milton, in the County sufficiently populous to support a Mil ton, Florida. banking office have such an office. The proposed transaction would not result in a Order Approving Application Under monopoly or be in furtherance of any combination, Bank Holding Company Act conspiracy or attempt to monopolize the business There has come before the Board of Governors, of banking in any relevant area. Approval of the pursuant to section 3(a)(3) of the Bank Holding application and consummation of the proposal Company Act of 1956 (12 U.S.C. 1842(a)(3)), would not substantially lessen competition, tend to and section 222.3(a) of Federal Reserve Regula­ create a monopoly, or restrain trade in any section tion Y (12 CFR 222.3(a)), an application by of the country. Charter Bankshares Corporation, Jacksonville, Flo­ Financial and managerial resources and future rida, a registered bank holding company, for the prospects. The financial condition of Applicant and Board’s prior approval of the acquisition of 80 per its subsidiary banks is satisfactory, and the pros­ cent or more of the voting shares of the First Na­ pects of each appear favorable. Applicant’s man­ tional Bank in Milton, Milton, Florida. agement is regarded as experienced and competent, As required by section 3(b) of the Act, the as is that of its subsidiary banks. Board notified the Comptroller of the Currency of Bank’s condition is also regarded as satisfactory, the application and requested his views and recom­ as is its management, and its prospects are favor­ mendation. The Comptroller recommended ap­ able; thus, considerations relating to the banking proval of the application. factors are consistent with approval of the applica­ The present application was originally filed under tion. the name of Commercial Associates, Inc. As part of a corporate reorganization which occurred during Convenience and needs of the communities in­ the pendency of the application, the name of the volved. Consummation of the proposed transaction applicant was changed to Charter Bankshares Cor­ would have no effect on customers of Applicant’s poration. Notice of receipt of the application was present subsidiaries. Nor does it appear that any published in the Federal Register on August 1, major banking service in the area served by Bank 1967 (32 Federal Register 11185), providing an is not being provided by the banks located in and opportunity for interested persons to submit com­ near that area. However, Applicant has indicated ments and views with respect to the proposed that it intends to make Bank a more convenient al­ transaction. A copy of the application was for­ ternative source for a complete line of banking warded to the United States Department of Justice services by providing investment management and for its consideration. Time for filing comments and data processing services, improving the lending views has expired and all those received have been ability of Bank through loan participations with considered by the Board. Applicant’s other subsidiaries, and providing spe­ It is hereby ordered, for the reasons set forth cialized advice with regard to trust services. in the Board’s Statement of this date, that said ap­ Considerations under this factor lend some plication be and hereby is approved, provided that weight toward approval of the application. the application so approved shall not be consum­ Summary and conclusion. On the basis of all mated (a) before the thirtieth calendar day fol­ relevant facts contained in the record, and in light lowing the date of this Order or (b) later than of the factors set forth in section 3(c) of the Act, three months after the date of this Order unless it is the Board’s judgment that the proposed transac­ such period is extended for good cause by the tion would be in the public interest and that the Board or by the Federal Reserve Bank of Atlanta application should be approved. pursuant to delegated authority. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

60 FEDERAL RESERVE BULLETIN □ JANUARY 1969 Dated at Washington, D.C., this 18th day of proposed, Applicant would control .27 per cent of December, 1968. the total deposits in the State and would remain By order of the Board of Governors. the smallest bank holding company in Florida. Voting for this action: Chairman Martin and Gover­ Consummation of the proposal would not signifi­ nors Robertson, Mitchell, Maisel, and Sherrill. Absent cantly affect the present degree of State-wide con­ and not voting: Governors Daane and Brimmer. centration. (Signed) Robert P. Forrestal, Milton Bank, which has deposits of $9.5 million, Assistant Secretary. is located in Milton, Santa Rosa County, and pri­ [seal] marily serves that city. Santa Rosa State Bank, Statement with deposits of $7 million, is the only other bank Charter Bankshares Corporation, Jacksonville, in Milton, and is a capable competitor of Milton Florida (“Applicant”), a registered bank holding Bank. company, has applied to the Board of Governors, Applicant’s present subsidiary banks, Commer­ pursuant to section 3(a)(3) of the Bank Holding cial National Bank of Pensacola, Escambia County Company Act of 1956 (12 U.S.C. 1842(a)(3)), ($13.3 million deposits), and Bank of Gulf Breeze, for prior approval of the acquisition of 80 per cent Santa Rosa County ($3.6 million deposits), are or more of the voting shares of First National Bank located 24 miles and 30 miles, respectively, from in Milton, Milton, Florida (“Milton Bank”). Milton Bank. Although consummation of the pro­ Views and recommendation of supervisory au­ posed acquisition will give Applicant a second sub­ thority. As required by section 3(b) of the Act, sidiary bank in Santa Rosa County and will result the Board notified the Comptroller of the Currency in its controlling a large percentage of commercial of receipt of the application and requested his bank deposits in the County, that circumstance is views and recommendation thereon. The Comp­ of limited significance in view of the locational fac­ troller recommended approval of the application. tors which separate the trade areas served by Bank Statutory considerations. Section 3(c) of the Act of Gulf Breeze and Milton Bank. The most con­ provides that the Board shall not approve an ac­ venient route between Gulf Breeze and Milton is quisition that would result in a monopoly or would through Pensacola, and the Pensacola Bay, which be in furtherance of any combination or conspiracy separates Gulf Breeze from Pensacola, serves as an to monopolize the business of banking in any part additional barrier to travel between the two sec­ of the United States. Nor may the Board approve tions of the County. In the Pensacola Standard a proposed acquisition the effect of which, in any Metropolitan Statistical Area, which encompasses section of the country, may be substantially to les­ the areas served by all three banks, Applicant’s sen competition, or to tend to create a monopoly, share of deposits held by 13 banks would increase or which in any other manner would be in restraint from 10.3 per cent to 16.1 per cent. of trade, unless the Board finds that the anticompe­ It does not appear that any significant compe­ titive effects of the proposed transaction are clearly tition exists between Milton Bank and either of outweighed in the public interest by the probable the subsidiary banks, due to their respective sizes effect of the transaction in meeting the convenience and the distances and natural barriers which separ­ and needs of the community to be served. In each ate them. These same considerations, plus a State case, the Board is required to take into considera­ law prohibition of branching, similarly limit the tion the financial and managerial resources and fu­ possibility that such competition might develop in ture prospects of the bank holding company and the future. Finally, it is reasonably foreseen that the banks concerned, and the convenience and the acquisition proposed will increase the competi­ needs of the community to be served. tive ability of the acquired bank, without adversely Competitive effect of the proposed transaction. affecting the viability or competitive effectiveness Applicant, the smallest bank holding company in of competing banks. Florida, controls deposits of about $17 million, In the light of these facts, the Board concludes representing .18 per cent of the total deposits in that consummation of the proposed acquisition the State.' Upon completion of the acquisition would not result in a monopoly or be in further­ ance of any combination, conspiracy, or attempt to ' Unless otherwise noted, all banking data are as of December 30, 1967. monopolize the business of banking in any area. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 61 It does not appear that consummation of the pro­ FIRST BANK SYSTEM, INC., MINNEAPOLIS, posal would have the effect of substantially lessening MINNESOTA competition or tending to create a monopoly in any In the matter of the application of First Bank section of the country, or would in any manner be System, Inc., Minneapolis, Minnesota, for approval in restraint of trade. of acquisition of all of the voting shares (less di­ Financial and managerial resources and future rectors’ qualifying shares) of First Plymouth Na­ prospects. The management and prospects of Ap­ tional Bank, Minneapolis, Minnesota, a proposed plicant, its present subsidiaries, and Milton Bank new bank. are considered satisfactory. Capital of both Milton Bank and Commercial National Bank of Pensacola Order Approving Application Under Bank is somewhat low in relation to the deposits of the Holding Company Act banks, and Applicant proposes to increase the capi­ There has come before the Board of Governors, tal of both by amounts which appear sufficient to pursuant to section 3(a)(3) of the Bank Holding meet present needs. Based on that proposal, the Company Act of 1956 (12 U.S.C. 1842(a)(3)) Board finds the financial condition of Applicant, and section 222.3(a) of Federal Reserve Regula­ its present subsidiaries, and Milton Bank to be rea­ tion Y (12 CFR 222.3(a)), an application by First sonably satisfactory. Bank System, Inc., Minneapolis, Minnesota, for Considerations under this factor are consistent the Board’s prior approval of the acquisition of all with approval of the application, and, insofar as of the voting shares (less directors’ qualifying the proposed acquisition is a step in strengthening shares) of First Plymouth National Bank, Min­ the resources and overall operations of both Milton neapolis, Minnesota, a proposed new bank. Bank and Applicant, lend some weight in favor As required by section 3(b) of the Act, the thereof. Board gave written notice of receipt of the appli­ Convenience and needs of the communities in­ cation to the Comptroller of the Currency and volved. Consummation of Applicant’s proposal requested his views and recommendations. The Acting Comptroller recommended approval of the would not affect the convenience or needs of the application. . communities served by its present subsidiaries. Notice of receipt of the application was pub­ The banking needs of the Milton community lished in the Federal Register on May 21, 1968 appear to be reasonably well served by the two (33 Federal Register 7505), providing an oppor­ commercial banks located there, except with respect tunity for interested persons to submit comments to trust services. Milton Bank has an inactive trust and views with respect to the proposed acquisition. department and Santa Rosa State Bank has none. A copy of the application was forwarded to the Applicant plans to provide fiduciary services as they United States Department of Justice for its con­ are needed by employing a trust officer whose serv­ sideration. Time for filing comments and views has ices would be shared by the subsidiary banks as expired and all those received have been considered required. The proposed affiliation could also facili­ by the Board. tate loan participations between Milton Bank and It is hereby ordered, for the reasons set forth Applicant’s present subsidiaries, thus enhancing in the Board’s Statement of this date, that said Milton Bank’s ability to serve the credit needs of application be and hereby is approved, provided its locality. that the action so approved shall not be consum­ These considerations are consistent with, and mated (a) before the thirtieth calendar day fol­ provide some additional weight in favor of, ap­ lowing the date of this Order or (b) later than proval of the application. three months after the date of this Order unless Summary and conclusion. On the basis of all such time shall be extended by the Board, or by relevant facts contained in the record, and in the the Federal Reserve Bank of Minnapolis pursuant light of the factors set forth in section 3(c) of the to delegated authority; and provided further that Act, it is the Board’s judgment that the proposed the First Plymouth National Bank shall be opened transaction would be in the public interest and that for business not later than six months after the the application should be approved. date of this Order. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

62 FEDERAL RESERVE BULLETIN □ JANUARY 1969 Dated at Washington, D.C., this 19th day of posed acquisition the effect of which, in any section December, 1968. of the country, may be substantially to lessen com­ By order of the Board of Governors. petition, or to tend to create a monopoly, or which in any other manner would be in restraint of trade, Voting for this action: Chairman Martin and Gover­ nors Robertson, Mitchell, Daane, Maisel, Brimmer, unless the Board finds that the anticompetitive ef­ and Sherrill. fects of the proposed transaction are clearly out­ (Signed) Robert P. Forrestal, weighed in the public interest by the probable Assistant Secretary. effect of the transaction in meeting the convenience [seal] and needs of the community to be served. In each case the Board is required to take into considera­ Statement tion the financial and managerial resources and First Bank System, Inc., Minneapolis, Minnesota future prospects of the bank holding company and (“Applicant”), a registered bank holding company, the banks concerned, and the convenience and has applied to the Board of Governors, pursuant needs of the community to be served. to section 3(a)(3) of the Bank Holding Company Competitive effect of proposed transaction. Act of 1956 (12 U.S.C. 1842(a)(3)), for prior There are 719 insured commercial banks in Min­ approval of the acquisition of all of the voting nesota. The 10 largest banking organizations in shares (except for directors’ qualifying shares) of Minnesota control 122 of these banks, and 64 per the First Plymouth National Bank (“Plymouth cent of their aggregate total deposits. Applicant Bank”), a proposed new bank. controls 49 banks in Minnesota with total ag­ Applicant controls 88 subsidiary banks with ag­ gregate deposits of $2.2 billion or 30 per cent gregate total deposits of $2.9 billion.1 Plymouth of the total deposits held by all insured com­ Bank, a proposed new bank, is to be located on mercial banks. Northwest Bancorporation, a reg­ the Near North Side- of Minneapolis to serve istered bank holding company (“Northwest”), particularly the banking needs of the residents in with 47 banks that hold aggregate total deposits the “ghetto” area of that section of the city. of $1.8 billion, controls 24 per cent of the afore­ Views and recommendations of supervisory mentioned total deposits in the State.3 authority. As required by section 3(b) of the Act, In the Minneapolis-St. Paul Standard Metro­ notice of receipt of the application was given to politan Statistical Area (“SMSA”), which includes the Comptroller of the Currency and his views and the counties of Hennepin, Ramsey, Anoka, Dakota, recommendation thereon were requested. The Act­ and Washington, there are 112 banks of which ing Comptroller recommended approval of the Applicant and Northwest each control 15. Ap­ application. plicant’s banks control 42 per cent of the aggregate Statutory considerations. Section 3(c) of the Act deposits in the SMSA and Northwest controls 31 provides that the Board shall not approve an per cent of such deposits. In the City of Minne­ acquisition that would result in a monopoly or apolis there are 22 banks with aggregate total would be in furtherance of any combination or deposits of $2.2 billion. Of these Applicant controls conspiracy to monopolize or to attempt to monop­ five banks and 40 per cent of the deposits; North­ olize the business of banking in any part of the west’s eight banks in the city control 47 per cent United States. Nor may the Board approve a proof the deposits there. Plymouth Bank would be the only banking office 1 All banking data refer to insured commercial banks and are as of December 30, 1967, unless otherwise noted. located in its primary service area.1 Seventeen '-The community known as the Near North Side of other banking offices (operated by eight different Minneapolis has been the subject of several studies. Copies banking organizations) apparently derive some of the following have been submitted as part of the appli­ cation herein: A report by the Minneapolis City Council’s Commission on Human Development to the City Council ■" Applicant and Northwest each control a number of and the People of Mineapolis (August 1967); Near-North out-of-State banks. Applicant’s system has a total of 88 Community Analysis and Action Recommendations, Re­ banks with aggregate deposits of $2.9 billion; Northwest’s port to the City Planning Commission and City Council, system has 77 banks in all, with aggregate deposits of $3.1 Publication No. 161. Community Improvement Program billion. Series No. 17, Autumn 1965; and Near North Side Neigh­ ’ The area from which Applicant estimates that Plymouth borhood Renewal in Minneapolis (Minneapolis Housing Bank would derive approximately 75 per cent of its and Redevelopment Authority). business. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 63 business from the area. Applicant controls six area of a banking organization less dominant than of these 17 offices and 41 per cent of their ag­ Applicant would be a preferable answer to the gregate total deposits; Northwest, with five offices, area’s requirements. However, as earlier stated, no controls 47 per cent of such deposits. such alternative has been offered or seems likely The existing concentration of banking resources in the reasonable future. In these circumstances, in the areas concerned is sufficiently high as to and on the basis of the entire record presented, the be viewed by the Board generally as an adverse Board concludes that consummation of the pro­ consideration in evaluating a proposal that would posed transaction would not substantially lessen involve any increase in this degree of concentra­ competition, tend to create a monopoly, nor in tion. However, with respect to Applicant’s Ply­ any other manner restrain trade in any relevant mouth Bank proposal, the Board has found that section of the country. certain special considerations override the impact Financial and managerial resources and future of the adverse nature of the concentration factor. prospects. Applicant and its subsidiary banks are This proposal relates to the establishment of a new in satisfactory financial condition, and have capable bank, and therefore the banking alternatives in the management and favorable prospects. relevant service area would be increased rather As Plymouth Bank is a proposed new bank, it than decreased. The proposal is presented with a has no financial or operating history. Its manage­ declared goal of serving area businesses and resi­ ment is to include experienced, competent per­ dents who, because of circumstances such as color, sonnel drawn from Applicant’s system, together poverty, unemployment, or other circumstances with capable, respected representatives of the evidencing a lack of financial potential, have not black community. had reasonable access to personal and commercial Applicant’s projection of a profit for the new banking services. The evidence reflects that exist­ bank’s second full year of operation appears some­ ing banking offices that are potential sources of what optimistic. It is anticipated that profitable banking services have not responded in adequate operations may be delayed beyond the projected measure to the residents and small businesses on period if the Bank is to render the services pro­ the Near North Side, particularly the black mi­ posed, and is to make the promised contribution nority located there. No alternative has been ad­ to the social and economic welfare of the area. In vanced that would provide the service contem­ these circumstances, the support of an organization plated by Applicant’s proposal. Further, the in­ with ample resources, such as Applicant, bolsters crease in concentration that would result from the prospects for the proposed new bank. The ap­ consummation of the proposed acquisition is slight. parent success experienced in the financial counsel­ It is concluded that consummation of the proposal ing facility that Applicant established in the herein would not result in a monopoly nor be in proposed service area of the Plymouth Bank lends furtherance of any combination or conspiracy to support to Applicant’s expectations that Plymouth monopolize or to attempt to monopolize the busi­ Bank will become a successful operation. ness of banking in any relevant area. On the facts of record, the Board concludes that Inasmuch as Plymouth Bank will not open for the considerations relating to the banking factors business unless the application herein is approved, are satisfactory and provide some weight toward denial action would preclude entry into this area approval. of an apparent real source of full-service banking. Convenience and needs of the community in­ It appears that the competitive vigor of existing volved. The Near North Side section of Minne­ banks that are potential competitors will not be apolis (northwest of the city’s downtown business impaired nor even significantly affected. Indeed, district) covers approximately six square miles and if Applicant’s proposal is successful in its declared 52,000 people. During the last 10-15 years, the aims and goals, it should lead to an increased de­ area apparently has suffered a net loss of almost mand for banking services that may well promote 100 business establishments and close to 5,000 jobs, competition from existing banking offices that are and the non-white population has increased sub­ in a position to offer service to the area or serve stantially. The proposed service area of Plymouth to attract other banking organizations into the area. Bank, covering about 216 square miles and con­ It is recognized that entry into the relevant taining some 26,000 persons, lies in the middle Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

64 FEDERAL RESERVE BULLETIN □ JANUARY 1969 one-third between the north and south boundaries transaction would be in the public interest and that of the Near North Side area. According to Ap- the application should be approved. licant, the site selected for Plymouth Bank is ap­ proximately in the geographic center of the black HUNTINGTON BANCSHARES community of the Near North Side and about two INCORPORATED, COLUMBUS, OHIO miles from downtown Minneapolis. In the matter of the application of Huntington As stated earlier, Bank would be the only bank­ Bancshares Incorporated, Columbus, Ohio, for ing office located in its primary service area. There approval of the acquisition of 80 per cent or more are three banking offices now located within the of the voting shares of The Farmers Bank of Ash­ Near North Side section of the city; two are land, Ashland, Ohio. branches of Applicant’s lead bank, and the third is a branch of Northwest’s lead bank. Of these Order Approving Application Under Bank three offices, Northwest’s branch and one of Ap­ Holding Company Act plicant’s are to be relocated and the Board has been There has come before the Board of Governors, advised that the new locations are expected to be on pursuant to section 3(a)(3) of the Bank Holding the east side of a proposed expressway. The site Company Act of 1956 (12 U.S.C. 1842(a)(3)), of the Plymouth Bank is to be on the west side of and section 222.3(a) of Federal Reserve Regula­ the proposed expressway, which is designated as tion Y (12 CFR 222.3(a)), an application by the eastern boundary of the Bank’s primary serv­ Huntington Bancshares Incorporated, Columbus, ice area. The record reflects that none of the 17 Ohio, a registered bank holding company, for the offices mentioned earlier as potential competitors, Board’s prior approval of the acquisition of 80 per including the banking offices now located within cent or more of the voting shares of The Farmers the Near North Side, has been successful in estab­ Bank of Ashland, Ashland, Ohio. lishing relations with the black community. The As required by section 3(b) of the Act, the operation of, and the reception accorded to, Ap­ Board gave written notice of receipt of the applica­ plicant’s financial counseling facility located near tion to the Superintendent of Banks for the State the proposed site of Plymouth Bank, as described of Ohio, and requested his views and recommenda­ by persons familiar with the facility, indicate that tion. The Superintendent recommended approval the existing banking offices are not affording to of the application. the area involved or its residents the financial Notice of receipt of the application was pub­ services that are needed and attest to the validity of lished in the Federal Register on September 5, Applicant’s claim that Plymouth Bank can and 1968 (33 Federal Register 12596), providing an will provide both necessary and desired banking opportunity for interested persons to submit com­ services on terms and under conditions offering ments and views with respect to the proposed reasonable assurance of their favorable reception transaction. A copy of the application was for­ by the residents and small businesses located or warded to the Department of Justice for its con­ to be located in the area. In the light of the dem­ sideration. Time for filing comments and views has onstrated public need for the type of services con­ expired and all those received have been considered templated by the subject proposal, and on the by the Board. basis of the entire record herein, it is concluded It is hereby ordered, for the reasons set forth that the establishment of Plymouth Bank would in the Board’s Statement of this date, that said add to the convenience of the residents and small application be and hereby is approved, provided businesses in the projected primary service area that the action so approved shall not be consum­ by providing them with additional local banking mated (a) before the thirtieth calendar day follow­ facilities suited to their unfilled needs. Considera­ ing the date of this Order or (b) later than three tions under this factor are viewed as favorable for months after the date of the Order, unless such approval. period is extended for good cause by the Board Summary and conclusion. On the basis of all the or by the Federal Reserve Bank of Cleveland pur­ relevant facts contained in the record, and in the suant to delegated authority. light of the factors set forth in section 3(c) of the Dated at Washington, D.C., this 19th day of Act, it is the Board’s judgment that the proposed December, 1968. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 65 By order of the Board of Governors. Competitive effect of proposed transaction. The 13 largest banking organizations2 in Ohio control Voting for this action: Chairman Martin and Gover­ nors Robertson, Mitchell, Daane, Maisel, Brimmer, 53 per cent of the total deposits held by all com­ and Sherrill. mercial banks located in the State. Applicant, the (Signed) Robert P. Forrestal, fourth largest of five3 bank holding companies Assistant Secretary. located in Ohio, is the tenth largest banking or­ [seal] ganization in the State, and controls 2.5 per cent Statement of the deposits of the State’s commercial banks. The acquisition of Bank, which holds .07 per cent Huntington Bancshares Incorporated, Columbus, of State deposits, will not affect Applicant’s relative Ohio, (“Applicant”), a registered bank holding position in the State. company, has applied to the Board of Governors, Both of Bank’s offices are located in Ashland, pursuant to section 3(a)(3) of the Bank Holding the county seat of Ashland County. Five banks are Company Act of 1956 (12 U.S.C. 1842(a)(3)), located in the County, the three largest of which for prior approval of the acquisition of 80 per are in the City of Ashland. Bank, with about $12.5 cent or more of the voting shares of The Farmers million in deposits—equal to about 23 per cent of Bank of Ashland, Ashland, Ohio (“Bank”). Ap­ the deposits held by all banks in the County—is plicant controls three subsidiary banks with total second in size in both the City and County of Ash­ deposits aggregating $467 million.1 Bank, with land. The two other banks in the City of Ashland total deposits of about $12 million, operates two have deposits of about $12.5 million and $20.7 offices in Ashland. million, respectively. The two smaller Ashland Ciews and recommendation of supervisory County banks are located outside Bank’s primary authority. As required by section 3(b) of the Act, service area (which includes the City of Ashland notice of receipt of the application was given to, and the immediately surrounding area), but com­ and views and recommendation requested of, the pete therein. Three larger banks in Mansfield, 10 Superintendent of Banks for the State of Ohio. miles southwest of Ashland, also compete within He recommended approval of the application. Bank’s primary service area. The nearest office of Statutory considerations. Section 3(c) of the any of Applicant’s subsidiaries is located some 69 Act provides that the Board shall not approve an miles from Bank. acquisition that would result in a monopoly As indicated by the foregoing discussion, con­ or be in furtherance of any combination or con­ summation of Applicant’s proposal would have an spiracy to monopolize or attempt to monopolize the insignificant effect on State-wide concentration, business of banking in any part of the United and would have no effect on concentration in any States. Nor may the Board approve a proposed relevant area within the State. It does not appear acquisition the effect of which, in any section of that the proposed transaction would result in a the country, may be substantially to lessen com­ monopoly or be in furtherance of any combination, petition, or to tend to create a monopoly, or which conspiracy, or attempt to monopolize the business in any other manner would be in restraint of trade, of banking in any relevant area. unless the Board finds that the anticompetitive It does not appear that consummation of Ap­ effects of the proposed transaction are clearly out­ plicant’s proposal would have any adverse effect on weighed in the public interest by the probable existing or potential competition. None of Ap­ effect of the transaction in meeting the convenience plicant’s present subsidiaries appear to derive any and needs of the community to be served, [n each business from Bank’s primary service area, and the case the Board is required to take into considera­ extent of Bank’s penetration of the service areas of tion the financial and managerial resources and Applicant’s present subsidiaries is insignificant. future prospects of the bank holding company and the banks concerned, and the convenience and -Includes First Banc Group of Ohio, Inc., Columbus, Ohio, and The Central Bancorporation, Inc., Cincinnati, needs of the community to be served. Ohio, applications for the formation of which were ap­ proved by the Board on June 5, 1968, and November 13, 'Banking data are as of December 31, 1967, unless 1968, respectively, and gives effect to Applicant’s acquisi­ otherwise rioted. The three subsidiary banks include The tion of The Savings Bank Company, Chillicothe, Ohio, on Savings Bank Company, Chillicothe, Ohio, acquired on July 11, 1968. July 11, 1968. " See note 2. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

66 FEDERAL RESERVE BULLETIN □ JANUARY 1969 Potential competition between Bank and Appli­ Company Act of 1956 (12 U.S.C. 1842(a)(3)), cant’s subsidiaries is limited by distance and a and section 222.3(a) of Federal Reserve Regula­ State prohibition against branching outside of the tion Y (12 CFR 222.3(a)), an application by home office county. While affiliation of Bank with Hawkeye Bancorporation, Red Oak, Iowa, a reg­ Applicant might reasonably be expected to increase istered bank holding company, for the Board’s the competitive effectiveness of Bank, such a prior approval of the acquisition of 69 per cent or result is viewed by the Board as a desirable one more of the voting shares of Burlington Bank and which should not adversely affect the viability of Trust Company, Burlington, Iowa. its competitors. As required by section 3(b) of the Act, the In the light of the foregoing considerations, and Board notified the Iowa Superintendent of Banking all the facts of record, the Board concludes that of receipt of the application and requested his consummation of the proposed transaction would views and recommendation. The Superintendent not substantially lessen competition, tend to create stated that he had no objection to approval of the a monopoly, nor in any other manner restrain trade application. in any section of the country. Notice of receipt of the application was pub­ Financial and managerial resources and future lished in the Federal Register on June 21, 1968 prospects. The financial condition, management, (33 Federal Register 9228), providing an oppor­ and prospects of Applicant, its subsidiary banks, tunity for interested persons to submit comments and of Bank, are viewed as reasonably satisfactory. and views with respect to the proposed transaction. Considerations under this factor are consistent with A copy of the application was forwarded to the approval of the application. United States Department of Justice for its con­ Convenience and needs of the communities in­ sideration. Time for filing comments and views volved. Consummation of Applicant’s proposal has expired and all those received have been con­ would not affect the convenience and needs of sidered by the Board. customers located in the areas served by Appli­ It is hereby ordered, for the reasons set forth cant’s present subsidiaries. However, in view of in the Board’s Statement of this date, that said Bank’s history of highly conservative credit poli­ application be and hereby is approved, provided cies, its acquisition by Applicant can be expected that the acquisition so approved shall not be con­ to affect beneficially present and potential custo­ summated (a) before the thirtieth calendar day mers through inauguration of more liberal and following the date of this Order or (b) later than more competitive loan policies. Accordingly, con­ three months after the date of this Order unless siderations under this factor lend some support such period is extended for good cause by the to approval of the application. Board or by the Federal Reserve Bank of Chicago Summary and conclusion. On the basis of all pursuant to delegated authority. the relevant facts contained in the record, and in Dated at Washington, D.C., this 19th day of the light of the factors set forth in section 3(c) December, 1968. of the Act, it is the Board’s judgment that the By order of the Board of Governors. proposed transaction would be in the public in­ Voting for this action: Chairman Martin and Gover­ terest and that the application should be approved. nors Robertson, Mitchell, Maisel, Brimmer, and Sher­ rill. Absent and not voting: Governor Daane. HAWKEYE BANCORPORATION, RED OAK, (Signed) Robert P. Forrestal, IOWA [seal] Assistant Secretary. In the matter of the application of Hawkeye In the matter of the application of Hawkeye Bancorporation, Red Oak, Iowa, for approval of Bancorporation, Red Oak, Iowa, for approval of acquisition of 69 per cent or more of the voting acquisition of 51 per cent or more of the voting shares of Burlington Bank and Trust Company, shares of First National Bank, Clinton, Iowa. Burlington. Iowa. Order Approving Application Under Bank Order Approving Application Under Holding Company Act Bank Holding Company Act There has come before the Board of Governors, There has come before the Board of Governors, pursuant to section 3(a)(3) of the Bank Holding pursuant to section 3(a)(3) of the Bank Holding Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 67 Company Act of 1956 (12 U.S.C. 1842(a)(3)), Company Act of 1956 (12 U.S.C. 1842(a)(3)), and section 222.3(a) of Federal Reserve Regula­ and section 222.3(a) of Federal Reserve Regulation tion Y (12 CFR 222.3(a)), an application by Y (12 CFR 222.3(a)), an application by Hawkeye Hawkeye Bancorporation, Red Oak, Iowa, a regis­ Bancorporation, Red Oak, Iowa, a registered bank tered bank holding company, for the Board’s prior holding company, for the Board’s prior approval of approval of the acquisition of 51 per cent or more the acquisition of 80 per cent or more of the voting of the voting shares of First National Bank, Clin­ shares of The Pella National Bank, Pella, Iowa. ton, Iowa. As required by section 3(b) of the Act, the As required by section 3(b) of the Act, the Board notified the Comptroller of the Currency of Board notified the Comptroller of the Currency of receipt of the application and requested his views receipt of the application and requested his views and recommendation. The Comptroller recom­ and recommendation. The Comptroller did not mended approval of the application. object to approval of the application. Notice of receipt of the application was pub­ Notice of receipt of the application was pub­ lished in the Federal Register on June 21, 1968 lished in the Federal Register on June 21, 1968 (33 (33 Federal Register 9227), providing an oppor­ Federal Register 9228), providing an opportunity tunity for interested persons to submit comments for interested persons to submit comments and and views with respect to the proposed transaction. views with respect to the proposed transaction. A A copy of the application was forwarded to the copy of the application was forwarded to the United United States Department of Justice for its consid­ States Department of Justice for its consideration. eration. Time for filing comments and views has Time for filing comments and views has expired expired and all those received have been consid­ and all those received have been considered by the ered by the Board. Board. It is hereby ordered, for the reasons set forth It is hereby ordered, for the reasons set forth in the Board’s Statement of this date, that said ap­ in the Board’s Statement of this date, that said plication be and hereby is approved, provided that application be and hereby is approved, provided the acquisition so approved shall not be consum­ that the acquisition so approved shall not be con­ mated (a) before the thirtieth calendar day follow­ summated (a) before the thirtieth calendar day ing the date of this Order or (b) later than three following the date of this Order or (b) later than months after the date of this Order unless such three months after the date of this Order unless period is extended for good cause by the Board or such period is extended for good cause by the Board by the Federal Reserve Bank of Chicago pursuant or by the Federal Reserve Bank of Chicago pur­ to delegated authority. suant to delegated authority. Dated at Washington, D.C., this 19th day of Dated at Washington, D.C., this 19th day of December, 1968. December, 1968. By order of the Board of Governors. By order of the Board of Governors. Voting for this action: Chairman Martin and Gov­ Voting for this action: Chairman Martin and Gover­ ernors Robertson, Mitchell, Maisel, Brimmer, and Sher­ nors Robertson, Mitchell, Maisel, Brimmer, and Sher­ rill. Absent and not voting: Governor Daane. rill. Absent and not voting: Governor Daane. (Signed) Robert P. Forrestal, (Signed) Robert P. Forrestal, Assistant Secretary. Assistant Secretary. [seal] [SEAL] Statement In the matter of the application of Hawkeye Hawkeye Bancorporation, Red Oak, Iowa (“Ap­ Bancorporation, Red Oak, Iowa, for approval of plicant”), a registered bank holding company, has acquisition of 80 per cent or more of the voting applied to the Board of Governors, pursuant to shares of The Pella National Bank, Pella, Iowa. section 3(a)(3) of the Bank Holding Company Act of 1956 (12 U.S.C. 1842(a)(3)), for prior Order Approving Application Under approval of the acquisition of 69 per cent or more Bank Holding Company Act of the voting shares of Burlington Bank and Trust There has come before the Board of Governors, Company, Burlington, Iowa (“Burlington Bank”), pursuant to section 3(a)(3) of the Bank Holding 51 per cent or more of the voting shares of First Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

68 FEDERAL RESERVE BULLETIN □ JANUARY 1969 National Bank, Clinton, Iowa (‘ Clinton Bank”), Consummation of the three proposed acquisitions and 80 per cent or more of the voting shares of would result in control by Applicant of 1.5 per cent The Pella National Bank, Pella, Iowa (“Pella of the deposits held by all commercial banks in the Bank”). Control of each of the proposed sub­ State of Iowa, and Applicant would become the sidiary banks is currently held by a separate cor­ State’s seventh largest banking organization. poration organized and controlled by Applicant’s The two present subsidiaries of Applicant are President and his associates, and the acquisitions located in Red Oak, in the southwestern part of would be accomplished through merger of these Iowa, and in Rock Rapids, in the extreme north­ corporations into Applicant. western part of the State, respectively. These two While each of the applications has been separ­ cities are over 200 miles apart and each bank ately considered and is subject to a separate Board serves primarily its own community and the im­ Order, because of common facts and circumstances mediately surrounding area. Burlington Bank is this Statement contains the Board’s findings and located in the extreme southeastern part of the conclusions with respect to all three. State; Clinton Bank is located in the cast central Views and recommendations of supervisory au­ section of Iowa; and Pella Bank is located in the thorities. As required by section 3(b) of the Act, central section of the State. The five present and the Board notified the Iowa Superintendent of proposed subsidiaries are well separated geographi­ Banking of receipt of the application relating to cally; the shortest distance between any two of the Burlington Bank and notified the Comptroller of five is over 100 miles. In view of the limited size the Currency of receipt of the applications relating of the banks involved and the distances separating to Clinton Bank and Pella Bank, and requested them, and in the light of State law restrictions on their views and recommendations thereon. Neither branching, it does not appear that present or poten­ objected to approval of any of the applications. tial competition would be eliminated by consumma­ Statutory considerations. Section 3(c) of the tion of any or all of the proposed acquisitions. Act provides that the Board shall not approve an The designated service area of Burlington Bank acquisition that would result in a monopoly or extends throughout Des Moines County and into would be in furtherance of any combination or portions of four neighboring counties. Its competi­ conspiracy to monopolize or to attempt to monop­ tion stems primarily from two other banks in Bur­ olize the business of banking in any part of the lington, one slightly larger with deposits of $26.5 United States. Nor may the Board approve a pro­ million and the other slightly smaller with deposits posed acquisition the effect of which, in any sec­ of $21 million, and secondarily from six smaller tion of the country, may be substantially to lessen banks located outside Burlington, which range in competition, or to tend to create a monopoly, or deposit size from about $2 million to $5 million. which in any other manner would be in restraint Clinton Bank competes primarily with two other of trade, unless the Board finds that the anticom­ banks in Clinton, each somewhat smaller than itself petitive effects of the proposed transaction are with deposits of about $19 million and $13 million, clearly outweighed in the public interest by the respectively. Its designated service area extends probable effect of the transaction in meeting the about 10 miles outside the City of Clinton within convenience and needs of the community to be Clinton County, and into neighboring counties in served. In each case the Board is required to take Illinois. into consideration the financial and managerial Pella Bank is the larger of two banks located in resources and future prospects of the bank holding Pella. Its principal competitors, the only other banks company and the banks concerned, and the con­ located within the designated service area, are the venience and needs of the community to be served. other bank in Pella ($6.7 million deposits) and a Competitive ejects of the proposed transactions. small bank (about $2 million deposits) located eight Applicant presently controls two banks with total miles southeast. In addition, some competition is deposits of about $20 million.1 Total deposits of provided by seven other banks, ranging in deposit Burlington Bank arc about $23 million; Clinton size from .$2 million to $14 million, which are Bank, $24 million; and Pella Bank, $12 million. located outside the service area 13 to 21 miles from Pella, but which compete to some extent for busi­ 1 Ali banking data are as of December 30, 1967, unless otherwise noted, ness originating within the area. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 69 Although each of the proposed subsidiary banks volved. Consummation of the proposed acquisitions is already a strong competitor within the area which would permit expanded lines of credit to the agri­ it serves, it does not appear that acquisition by Ap­ cultural industry, which represents a significant plicant will in any case adversely affect the viability factor in the economy of each of the areas served or competitive effectiveness of competing banks, all by the present and proposed subsidiary banks, of which have records of successful operation in the through loan participations among the banks. In face of the competition offered by the earlier men­ addition, Applicant asserts that each of the commu­ tioned affiliation already existing between Applicant nities involved will be provided with more complete and each of the proposed subsidiaries. banking services, such as computer services, assist­ In the light of these facts, the Board concludes ance to the communities in marketing bond is­ that consummation of the proposed acquisitions sues, promotion of industrial expansion and devel­ would not result in a monopoly or be in further­ opment, and provision of trust services not now ance of any combination, conspiracy, or attempt available in Pella. Contemplated improvements in to monopolize the business of banking in any area. auditing procedures and practices of the proposed It does not appear that consummation of any or all subsidiaries, and standardization of forms, proce­ of the proposals would have the effect of substan­ dures, and systems, should benefit the banks and tially lessening competition or tending to create a increase their effectiveness in serving their com­ monopoly in any section of the country, or would munities. in any manner be in restraint of trade. Most of the asserted benefits to the communities Financial and managerial resources and future can be, and to some extent presently are, provided prospects. Applicant’s management, and that of the under the loose affiliation which now exists be­ present and proposed subsidiary banks, appears tween the present and proposed subsidiaries. Con­ reasonably satisfactory and the prospects of Appli­ summation of the acquisitions, however, would cant and each of the banks appear favorable. facilitate such cooperation between the banks, and Applicant’s present debt position is sufficiently these considerations provide some additional weight heavy that, in the absence of a firm program for in favor of approval of the applications. substantial reduction or retirement, such debt would Summary and conclusion. On the basis of all be an adverse consideration with respect to the pres­ relevant facts contained in the record, and in the ent applications. Further, the applications here con­ light of the factors set forth in section 3(c) of the sidered envision the assumption by Applicant of Act, it is the Board’s judgment that the proposed additional debt now carried by the three corpora­ transactions would be in the public interest and tions whose mergers with Applicant will effectuate that the applications should be approved. the proposed acquisitions. Recognizing this prob­ lem, Applicant has committed itself to a public sale FIRST HOLDING COMPANY, INC. of stock which will provide sufficient funds to WAUKESHA, WISCONSIN retire both its present debt and that which it pro­ In the matter of the application of First Holding poses to assume. Applicant’s firm commitment to Company, Inc., Waukesha, Wisconsin, for approval this program of debt retirement warrants a finding of acquisition of 80 per cent or more of the voting that the financial condition of Applicant, as well as shares of New Berlin State Bank, New Berlin, that of its present and proposed subsidiary banks, is Wisconsin. reasonably satisfactory. Considerations relating to these factors are gen­ Order Approving Application Under erally consistent with approval of the present ap­ Bank Holding Company Act plications and, to the extent that consummation of There has come before the Board of Governors, the proposed acquisitions will facilitate the raising pursuant to section 3(a)(3) of the Bank Holding of additional capital which will improve Applicant’s Company Act of 1956 (12 U.S.C. 1842(a)(3)) financial condition and increase its ability to assist and section 222.3(a) of Federal Reserve Regulation its subsidiary banks with respect to future capital Y (12 CFR 222.3(a)), an application by First needs, that consideration lends some weight toward Holding Company, Inc., Waukesha, Wisconsin, a approval of the applications. registered bank holding company, for the Board’s Convenience and needs of the communities in­ prior approval of the acquisition of 80 per cent Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

70 FEDERAL RESERVE BULLETIN □ JANUARY 1969 or more of the voting shares of New Berlin State the Board that he had no objection to the proposed Bank, New Berlin, Wisconsin. transaction. As required by section 3(b) of the Act, the Statutory considerations. Section 3(c) of the Act Board notified the Wisconsin Commissioner of provides that the Board shall not approve an ac­ Banking of the application and requested his views quisition that would result in a monopoly or would and recommendation. The Commissioner advised be in furtherance of any combination or conspiracy the Board that he had no objection to the proposed to monopolize or to attempt to monopolize the busi­ transaction. ness of banking in any part of the United States. Notice of receipt of the application was published Nor may the Board approve any other proposed in the Federal Register on August 10, 1968 (33 acquisition the effect of which, in any section of Federal Register 11433), providing an opportunity the country, may be substantially to lessen com­ for interested persons to submit comments and petition, or to tend to create a monopoly, or which views with respect to the proposed transaction. A in any other manner would be in restraint of trade, copy of the application was forwarded to the United unless the Board finds that the anticompetitive ef­ States Department of Justice for its consideration. fects of the proposed transaction are clearly out­ Time for filing comments and views has expired weighed in the public interest by the probable ef­ and all those received have been considered by the fect of the transaction in meeting the convenience Board. and needs of the community to be served. In each It is hereby ordered, for the reasons set forth case the Board is required to take into considera­ in the Board’s Statement of this date, that said ap­ tion the financial and managerial resources and plication be and hereby is approved, provided that future prospects of the bank holding company and the acquisition so approved shall not be consum­ the banks concerned, and the convenience and needs mated (a) before the thirtieth calendar day follow­ of the community to be served. ing the date of this Order or (b) later than three Competitive effect of proposed transaction. The months after the date of this Order unless such 10 largest banking organizations 1 in Wisconsin, of period is extended for good cause by the Board or which seven are bank holding companies,2 control by the Federal Reserve Bank of Chicago pursuant $3.1 billion of deposits, or 39 per cent of the total to delegated authority. deposits held by all insured commercial banks in Dated at Washington, D.C., this 2nd day of the State. Applicant controls 1.4 per cent of such Januuary, 1969. deposits and its acquisition of Bank’s $5.2 million By order of the Board of Governors. of deposits would increase its control of deposits to 1.5 per cent. The fourth ranking banking organiza­ Voting for this action: Chairman Martin and Gover­ nors Robertson, Mitchell, Daane, Maisel, Brimmer, tion is only slightly larger than Applicant, and the and Sherrill. three largest banking organizations control about (Signed) Robert P. Forrestal, 32 per cent of such deposits. Assistant Secretary. Bank is located in, and primarily serves, the City [seal] of New Berlin (population of about 24,000), Statement Waukesha County, some 13 miles from downtown Milwaukee. Although three of the four offices of First Holding Company, Inc., Waukesha, Wis­ Applicant’s present subsidiary banks arc also lo­ consin (“Applicant”), a registered bank holding cated in Waukesha County, the closest such office company, has applied to the Board of Governors, is more than six miles from Bank, and only the pursuant to section 3(a)(3) of the Bank Holding head office of Applicant’s bank in the City of Company Act of 1956 (12 U.S.C. 1842(a)(3)), Waukesha derives deposit or loan business from for prior approval of the acquisition of 80 per cent the New Berlin area. Such business represents less or more of the voting shares of New Berlin State Bank, New Berlin, Wisconsin. Views and recommendation of supervisory au­ 1 All banking data are as of December 31, 1967, unless otherwise noted. thority. As required by section 3(b) of the Act, - Includes the Applicant, which became a bank holding the Board notified the Wisconsin Commissioner of company on April 10, 1968, and American Bankshares Corporation, Milwaukee, whose application to become a Banking of the application and requested his views bank holding company was approved by the Board on and recommendation. The Commissioner advised October 30, 1968. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 71 than one per cent of the total deposits and loans of dential community, it is presently experiencing the Waukesha bank. For the most part, the deposit rapid commercial and industrial development. An accounts that Applicant’s Waukesha bank holds industrial park covering approximately 900 acres from the New Berlin area were derived prior to is being developed within Bank’s service area. Ap­ 1960 when Bank opened for business. The amount proximately 25 industries have located in the in­ of business derived by Bank from the areas served dustrial park to date, the major banking require­ by Applicant’s subsidiaries is similarly insignificant ments of which are being served principally by and supports the judgment that the areas served by banks in neighboring communities and by the Applicant's present subsidiaries and Bank are sepa­ larger banks in downtown Milwaukee. Bank’s small rate rather than overlapping. This circumstance size and limited lending capacity have restricted its makes less significant the fact that consummation ability to respond to the demands for service origi­ of this proposal would increase by about two per nating in the industrial park. It has been equally cent Applicant’s present substantial share of de­ limited in the number and type of specialized serv­ posits originating in Waukesha County. ices it can offer to the residents and businesses While no other banks are located in New Berlin, within its service area. Affiliation with Applicant’s there are 14 offices of 10 banks located within a system as proposed would enable Bank to provide, radius of seven miles of the City. At least six of­ in more convenient and immediate manner than fices are reported to compete actively for business now available, broader and improved banking serv­ originating in Bank’s service area. Considering the ices to the New Berlin community. These considera­ distances separating Bank and the offices of Ap­ tions weigh favorably toward approval of the appli­ plicant’s subsidiaries, the insignificant amount of cation. business each presently draws from the other, and Summary and conclusion. On the basis of all Bank’s relatively small size, it is reasonably con­ relevant facts contained in the record, and in the cluded that little significant competition will arise light of the factors set forth in section 3(c) of the in the foreseeable future between Bank and Ap­ Act, it is the Board’s judgment that the proposed plicant’s subsidiaries. With respect to the effect of acquisition would be in the public interest and that consummation of Applicant’s proposal on other the application should be approved. banks competing in the area, there is nothing in Applicant’s proposal that reasonably suggests that its consummation would have any significant ad­ FIRST AT ORLANDO CORPORATION, verse impact on such banks, many of which are ORLANDO, FLORIDA presently competing with the larger downtown /n the matter of the application of First at Or­ Milwaukee banks. lando Corporation, Orlando, Florida, for approval It is the Board’s conclusion that consummation of acquisition of SO per cent or more of the voting of the proposed acquisition would not result in a shares of Central Brevard National Bank at Cocoa, monopoly, nor be in furtherance of any combina­ Cocoa, Florida. tion, conspiracy, or attempt to monopolize the business of banking in any relevant area. Nor does it appear that the proposal would have the effect of Order Approving Application Under substantially lessening competition or tending to Bank Holding Company Act create a monopoly in any section of the country, There has come before the Board of Governors, nor would it in any other manner be in restraint pursuant to section 3(a)(3) of the Bank Holding of trade. Company Act of 1956 (12 U.S.C. 1842(a)(3)) Financial and managerial resources and pros­ and section 222.3(a) of Federal Reserve Regula­ pects. Applicant’s financial condition is considered tion Y (12 CFR 222.3(a)), an application by First satisfactory, its management experienced and capa­ at Orlando Corporation, Orlando, Florida, for the ble, and its prospects generally favorable. Bank’s Board’s prior approval of the acquisition of 80 per financial condition, management, and prospects are cent or more of the voting shares of Central Bre­ considered satisfactory. vard National Bank at Cocoa, Cocoa, Florida. Convenience and needs of the communities in­ As required by section 3(b) of the Act, the volved. Although New Berlin is essentially a resi­ Board gave written notice of receipt of the applica- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

72 FEDERAL RESERVE BULLETIN o JANUARY 1969 tion to the Comptroller of the Currency and re­ over 50 per cent of the stock of Applicant and of quested his views and recommendation. The Acting Cocoa Bank are held by common shareholders. Comptroller recommended approval of the applica­ Views and recommendation of supervisory au­ tion. thority. As required by section 3(b) of the Act, Notice of receipt of the application was published notice of receipt of the application was given to the in the Federal Register on September 14, 1968 (33 Comptroller of the Currency, and his views and Federal Register 13049), providing an opportunity recommendation were requested. The Acting for interested persons to submit comments and Comptroller recommended approval of the ap­ views with respect to the proposal. A copy of the plication. application was forwarded to the United States De­ Statutory considerations. Section 3(c) of the Act partment of Justice for its consideration. Time for provides that the Board shall not approve an ac­ filing comments and views has expired and all quisition that would result in a monopoly or would those received have been considered by the Board. be in furtherance of any combination or conspiracy It is hereby ordered, for the reasons set forth to monopolize or to attempt to monopolize the busi­ in the Board’s Statement of this date, that said ap­ ness of banking in any part of the United States. plication be and hereby is approved, provided that Nor may the Board approve a proposed acquisition the action so approved shall not be consummated the effect of which, in any section of the country, (a) before the thirtieth calendar day following the may be substantially to lessen competition, or to date of this Order or (b) later than three months tend to create a monopoly, or which in any other after the date of this Order unless such time shall manner would be in restraint of trade, unless the be extended by the Board, or by the Federal Reserve Board finds that the anticompetitive efl'ects of the Bank of Atlanta pursuant to delegated authority. proposed transaction are clearly outweighed in the Dated at Washington, D.C., this 6th day of public interest by the probable effect of the trans­ January, 1969. action in meeting the convenience and needs of the community to be served. In each case the Board By order of the Board of Governors. is required to take into consideration the financial Voting for this action: Chairman Martin and Gover­ and managerial resources and future prospects of nors Robertson, Mitchell, Maisel, and Sherrill. Absent the bank holding company and the banks con­ and not voting: Governors Daane and Brimmer. cerned, and the convenience and needs of the (Signed) Robert P. Forrestal, community to be served. Assistant Secretary. Competitive effect of the proposed transaction. [seal] The 10 largest banking organizations in Florida control approximately 35 per cent of total bank Statement deposits in the State. Applicant, the fifth largest organization, controls 2.6 per cent of such deposits. First at Orlando Corporation, Orlando, Florida The acquisition of Cocoa Bank’s $22 million of (“Applicant”), a registered bank holding company, deposits would increase Applicant’s control of de­ has applied to the Board of Governors, pursuant to posits to 2.8 per cent. section 3(a)(3) of the Bank Holding Company Cocoa Bank is the third largest of 17 banks in Act of 1956 (12 U.S.C. 1842(a)(3)), for prior Brevard County and controls 10.4 percent of total approval of the acquisition of 80 per cent or more deposits in the county. None of Applicant’s present of the voting shares of Central Brevard National subsidiaries is located in that county. The subsidiary Bank at Cocoa, Cocoa, Florida (“Cocoa Bank”). closest to Cocoa Bank is 48 miles away. Applicant controls six banks with aggregate total In its primary service area - Cocoa Bank is the deposits of approximately $256 million.1 Cocoa second largest of four banks and controls 29.4 per Bank, located in Brevard County, has total deposits cent of the total deposits in the area. The largest of approximately $22 million. The application bank in the area is a subsidiary of Barnett National shows that management of Applicant’s lead bank (First National Bank at Orlando) was instrumental 3 The area from which Applicant estimates that Cocoa in the formation of Cocoa Bank in 1957 and that Bank derives more than 80 per cent of deposits of indi­ viduals, partnerships, and corporations and over 75 per 1 Banking data are as of June 30, 1968, unless otherwise cent of the Bank’s commercial, mortgage and consumer noted, and refer to insured commercial banks. loans. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 73 Securities Corporation which controls 43.3 per cent acquisition is approved. The evidence relating to of the deposits in the area. Two independent banks the convenience and needs of the area is consistent control, respectively, 20.5 and 6.8 per cent of such with approval of the application. deposits. Summary and conclusion. On the basis of all the The data presented reflect that Applicant’s ac­ relevant facts contained in the record, and in the quisition of Cocoa Bank would not have a signifi­ light of the factors set forth in section 3(c) of the cant impact upon the degree of concentration of Act, it is the Board’s judgment that the proposed banking resources in the State or within Brevard transaction would be in the public interest and that County. Consummation of the proposal would not the application should be approved. cause existing banking alternatives in the relevant service area to be reduced in number nor cause an increase in the concentration of deposits already DEPOSITORS CORPORATION, existing in the banking organizations in such area. AUGUSTA, MAINE On the record before the Board, it is concluded In the matter of the application of Depositors that the proposed affiliation would not result in a Corporation, Augusta, Maine, for approval of ac­ monopoly nor be in furtherance of any combination quisition of not less than 80 per cent of the voting or conspiracy to monopolize or attempt to monop­ shares of Newport Trust Company, Newport, olize the business of banking in any relevant area. Maine. Considering next the probable effect of consum­ mation of Applicant’s proposal on existing or po­ tential competition, the Board finds that these Order Approving Application Under considerations present no bar to approval of the Bank Holding Company Act application. The record shows that the management There has come before the Board of Governors, of Cocoa Bank has relied heavily upon First Na­ pursuant to section 3(a)(3) of the Bank Holding tional Bank at Orlando for personnel, loan partici­ Company Act of 1956 (12 U.S.C. 1842(a)(3)) pations, and daily advice and counsel in the opera­ and section 222.3(a) of Federal Reserve Regula­ tion of Cocoa Bank. Because of the interlocking tion Y (12 CFR 222.3(a)), an application by De­ stockholder interests and the distances intervening positors Corporation, Augusta, Maine, a registered between Cocoa Bank and each of Applicant’s pres­ bank holding company, for the Board’s prior ap­ ent subsidiaries, there is no effective competition proval of the acquisition of not less than 80 per between Cocoa Bank and Applicant’s group and cent of the voting shares of Newport Trust Com­ none seems likely to develop. Consummation of the pany, Newport, Maine. proposal herein would not have any significant ef­ As required by section 3(b) of the Act, the fect upon Cocoa Bank’s competitive position in its Board gave written notice of receipt of the appli­ primary service area. There appears to be no rea­ cation to the office of the Bank Commissioner for sonable likelihood that the acquisition would pre­ the State of Maine and requested views and recom­ clude future competition in any relevant area. mendation thereon. The office of the Bank Com­ The Board concludes that consummation of the missioner responded that it had no objection to ap­ proposed transaction would not substantially lessen proval of the application. competition, tend to create a monopoly, nor in any Notice of receipt of the application was pub­ other manner restrain trade in any relevant section lished in the Federal Register on November 28, of the country. 1968 (33 Federal Register 17833), providing an Financial and managerial resources and future opportunity for interested persons to submit com­ prospects. Applicant, its subsidiary banks, and ments and views with respect to the proposal. A Cocoa Bank are in satisfactory financial condition, copy of the application was forwarded to the De­ have capable management, and favorable prospects. partment of Justice for its consideration. Time for The banking factors are consistent with approval of filing comments and views has expired and all the application. those received have been considered by the Board. Convenience and needs of the community in­ It is hereby ordered, for the reasons set forth volved. Applicant states that no changes in the in the Board’s Statement of this date, that said ap­ services offered by Cocoa Bank are planned, if the plication be and hereby is approved, provided that Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

74 FEDERAL RESERVE BULLETIN □ JANUARY 1969 the acquisition so approved shall not be consum­ in any other manner would be in restraint of trade, mated (a) before the thirtieth calendar day follow­ unless the Board finds that the anticompetitive ef­ ing the date of this Order or (b) later than three fects of the proposed transaction are clearly out­ months after the date of this Order unless such pe­ weighed in the public interest by the probable effect riod is extended for good cause by the Board or by of the transaction in meeting the convenience and the Federal Reserve Bank of Boston pursuant to needs of the community to be served. In each case, delegated authority. the Board is required to take into consideration the Dated at Washington, D. C., this 13th day of financial and managerial resources and future pros­ January, 1969. pects of the bank holding company and the banks By order of the Board of Governors. concerned, and the convenience and needs of the community to be served. Voting for this action: Vice Chairman Robertson Competitive effect of proposed transaction. Ap­ and Governors Mitchell, Daane, Maisel, Brimmer, and Sherrill. Absent and not voting: Chairman Martin. plicant controls three subsidiary banks having 35 offices and serving 10 of Maine’s 16 counties. Ap­ (Signed) Robert P. Forrestal, plicant is the largest banking organization in Assistant Secretary. Maine, controlling 14.6 per cent of total deposits [seal] held by commercial banks in the State. However, its proposed acquisition of Bank, which holds less Statement than one per cent of total deposits in the State, would have no significant effect on State-wide con­ Depositors Corporation Augusta, Maine (“Ap­ centration and would not affect levels of concen­ plicant”), a registered bank holding company, has tration in the separate areas served by Applicant’s applied to the Board of Governors, pursuant to present banking subsidiaries and Bank. section 3(a)(3) of the Bank Holding Company Bank’s main office is located in Newport, and its Act of 1956 (12 U.S.C. 1842(a)(3)), for prior only branch office, a limited facility, is in Corinna, approval of the acquisition of not less than 80 per both in Penobscot County. It is the smallest of cent of the voting shares of Newport Trust Com­ three banks serving its immediate area and the pany, Newport, Maine (“Bank”). Applicant pres­ fifth largest of six banks having offices in the ently controls three banks which hold deposits of County. Although Bank’s competitive ability $146 million.1 Bank has total deposits of $5.9 should be strengthened by the proposed affiliation, million. it does not appear that consummation of the pro­ Views and recommendation of supervisory au­ posal would have significant adverse effects on the thority. As required by section 3(b) of the Act, competitive position of any other bank. the Board notified the office of the Bank Commis­ No offices of Applicant’s present banking sub­ sioner for the State of Maine of receipt of the ap­ sidiaries are located in Penobscot County. The plication and requested its views and recommenda­ nearest of such offices (three branches of Deposi­ tion thereon. The office of the Bank Commissioner tors Trust Company, the lead bank in Applicant’s responded that it had no objection to approval of system) are located in Somerset County, 25 to 30 the application. miles from Newport, and appear to offer little Statutory considerations. Section 3(c) of the Act competition to Bank. While increased competition provides that the Board shall not approve an ac­ through de novo branching is legally possible, such quisition that would result in a monopoly or would a development is unlikely considering Bank’s lim­ be in furtherance of any combination or conspir­ ited size and the fact that, based on an analysis of acy to monopolize or to attempt to monopolize the the existing banking structure, branching oppor­ business of banking in any part of the United tunities in Penobscot County appear relatively un­ States. Nor may the Board approve a proposed attractive. acquisition the effect of which, in any section of The proposed transaction would not result in a the country, may be substantially to lessen compe­ monopoly or be in furtherance of any combination, tition, or to tend to create a monopoly, or which conspiracy or attempt to monopolize the business of banking in any relevant area. Approval of the 'Banking data are as of June 30, 1968, unless otherwise noted. application and consummation of the proposal Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 73 Securities Corporation which controls 43.3 per cent acquisition is approved. The evidence relating to of the deposits in the area. Two independent banks the convenience and needs of the area is consistent control, respectively, 20.5 and 6.8 per cent of such with approval of the application. deposits. Summary and conclusion. On the basis of all the The data presented reflect that Applicant’s ac­ relevant facts contained in the record, and in the quisition of Cocoa Bank would not have a signifi­ light of the factors set forth in section 3(c) of the cant impact upon the degree of concentration of Act, it is the Board’s judgment that the proposed banking resources in the State or within Brevard transaction would be in the public interest and that County. Consummation of the proposal would not the application should be approved. cause existing banking alternatives in the relevant service area to be reduced in number nor cause an increase in the concentration of deposits already DEPOSITORS CORPORATION, existing in the banking organizations in such area. AUGUSTA, MAINE On the record before the Board, it is concluded In the matter of the application of Depositors that the proposed affiliation would not result in a Corporation, Augusta, Maine, for approval of ac­ monopoly nor be in furtherance of any combination quisition of not less than 80 per cent of the voting or conspiracy to monopolize or attempt to monop­ shares of Newport Trust Company, Newport, olize the business of banking in any relevant area. Maine. Considering next the probable effect of consum­ mation of Applicant’s proposal on existing or po­ tential competition, the Board finds that these Order Approving Application Under considerations present no bar to approval of the Bank Holding Company Act application. The record shows that the management There has come before the Board of Governors, of Cocoa Bank has relied heavily upon First Na­ pursuant to section 3(a)(3) of the Bank Holding tional Bank at Orlando for personnel, loan partici­ Company Act of 1956 (12 U.S.C. 1842(a)(3)) pations, and daily advice and counsel in the opera­ and section 222.3(a) of Federal Reserve Regula­ tion of Cocoa Bank. Because of the interlocking tion Y (12 CFR 222.3(a)), an application by De­ stockholder interests and the distances intervening positors Corporation, Augusta, Maine, a registered between Cocoa Bank and each of Applicant’s pres­ bank holding company, for the Board’s prior ap­ ent subsidiaries, there is no effective competition proval of the acquisition of not less than 80 per between Cocoa Bank and Applicant’s group and cent of the voting shares of Newport Trust Com­ none seems likely to develop. Consummation of the pany, Newport, Maine. proposal herein would not have any significant ef­ As required by section 3(b) of the Act, the fect upon Cocoa Bank’s competitive position in its Board gave written notice of receipt of the appli­ primary service area. There appears to be no rea­ cation to the office of the Bank Commissioner for sonable likelihood that the acquisition would pre­ the State of Maine and requested views and recom­ clude future competition in any relevant area. mendation thereon. The office of the Bank Com­ The Board concludes that consummation of the missioner responded that it had no objection to ap­ proposed transaction would not substantially lessen proval of the application. competition, tend to create a monopoly, nor in any Notice of receipt of the application was pub­ other manner restrain trade in any relevant section lished in the Federal Register on November 28, of the country. 1968 (33 Federal Register 17833), providing an Financial and managerial resources and future opportunity for interested persons to submit com­ prospects. Applicant, its subsidiary banks, and ments and views with respect to the proposal. A Cocoa Bank are in satisfactory financial condition, copy of the application was forwarded to the De­ have capable management, and favorable prospects. partment of Justice for its consideration. Time for The banking factors are consistent with approval of filing comments and views has expired and all the application. those received have been considered by the Board. Convenience and needs of the community in­ It is hereby ordered, for the reasons set forth volved. Applicant states that no changes in the in the Board’s Statement of this date, that said ap­ services offered by Cocoa Bank are planned, if the plication be and hereby is approved, provided that Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

74 FEDERAL RESERVE BULLETIN □ JANUARY 1969 the acquisition so approved shall not be consum­ in any other manner would be in restraint of trade, mated (a) before the thirtieth calendar day follow­ unless the Board finds that the anticompetitive ef­ ing the date of this Order or (b) later than three fects of the proposed transaction are clearly out­ months after the date of this Order unless such pe­ weighed in the public interest by the probable effect riod is extended for good cause by the Board or by of the transaction in meeting the convenience and the Federal Reserve Bank of Boston pursuant to needs of the community to be served. In each case, delegated authority. the Board is required to take into consideration the Dated at Washington, D. C., this 13th day of financial and managerial resources and future pros­ January, 1969. pects of the bank holding company and the banks By order of the Board of Governors. concerned, and the convenience and needs of the community to be served. Voting for this action: Vice Chairman Robertson and Governors Mitchell, Daane, Maisel, Brimmer, and Competitive effect of proposed transaction. Ap­ Sherrill. Absent and not voting: Chairman Martin. plicant controls three subsidiary banks having 35 offices and serving 10 of Maine’s 16 counties. Ap­ (Signed) Robert P. Forrestal, plicant is the largest banking organization in Assistant Secretary. Maine, controlling 14.6 per cent of total deposits [seal] held by commercial banks in the State. However, its proposed acquisition of Bank, which holds less Statement than one per cent of total deposits in the State, would have no significant effect on State-wide con­ Depositors Corporation Augusta, Maine (“Ap­ centration and would not affect levels of concen­ plicant”), a registered bank holding company, has tration in the separate areas served by Applicant’s applied to the Board of Governors, pursuant to present banking subsidiaries and Bank. section 3(a)(3) of the Bank Holding Company Bank’s main office is located in Newport, and its Act of 1956 (12 U.S.C. 1842(a)(3)), for prior only branch office, a limited facility, is in Corinna, approval of the acquisition of not less than 80 per both in Penobscot County. It is the smallest of cent of the voting shares of Newport Trust Com­ three banks serving its immediate area and the pany, Newport, Maine (“Bank”). Applicant pres­ fifth largest of six banks having offices in the ently controls three banks which hold deposits of County. Although Bank’s competitive ability $146 million.1 Bank has total deposits of $5.9 should be strengthened by the proposed affiliation, million. it does not appear that consummation of the pro­ Views and recommendation of supervisory au­ posal would have significant adverse effects on the thority. As required by section 3(b) of the Act, competitive position of any other bank. the Board notified the office of the Bank Commis­ No offices of Applicant’s present banking sub­ sioner for the State of Maine of receipt of the ap­ sidiaries are located in Penobscot County. The plication and requested its views and recommenda­ nearest of such offices (three branches of Deposi­ tion thereon. The office of the Bank Commissioner tors Trust Company, the lead bank in Applicant’s responded that it had no objection to approval of system) are located in Somerset County, 25 to 30 the application. miles from Newport, and appear to offer little Statutory considerations. Section 3(c) of the Act competition to Bank. While increased competition provides that the Board shall not approve an ac­ through de novo branching is legally possible, such quisition that would result in a monopoly or would a development is unlikely considering Bank’s lim­ be in furtherance of any combination or conspir­ ited size and the fact that, based on an analysis of acy to monopolize or to attempt to monopolize the the existing banking structure, branching oppor­ business of banking in any part of the United tunities in Penobscot County appear relatively un­ States. Nor may the Board approve a proposed attractive. acquisition the effect of which, in any section of The proposed transaction would not result in a the country, may be substantially to lessen compe­ monopoly or be in furtherance of any combination, tition, or to tend to create a monopoly, or which conspiracy or attempt to monopolize the business 'Banking data are as of June 30, 1968, unless otherwise of banking in any relevant area. Approval of the noted. application and consummation of the proposal Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 75 would not substantially lessen competition, tend to banking services are being provided by banks lo­ create a monopoly, or restrain trade in any section cated in and near the area served by Bank. How­ of the country. ever, Applicant has indicated that it intends to Financial and managerial resources and future make Bank a convenient alternative source of prospects. The financial condition of Applicant and services presently offered only by the larger banks its subsidiary banks is satisfactory, their manage­ in the area by providing investment management ment is regarded as experienced and competent, and data processing services, improving the lend­ and ther prospects appear favorable. ing ability of Bank through loan participations Bank’s condition and its management are also with Applicant’s other subsidiaries, and providing regarded as satisfactory, and its prospects are specialized advice with regard to trust services. favorable. Considerations under this factor lend some Considerations relating to the banking factors, weight toward approval of the application. while providing no significant weight toward ap­ Summary and conclusion. On the basis of all proval of the application, are consistent therewith. relevant facts contained in the record, and in light Convenience and needs of the communities in­ of the factors set forth in section 3(c) of the Act, volved. Consummation of the proposed transaction it is the Board’s judgment that the proposed trans­ would have no effect on customers of Applicant’s action would be in the public interest and that the present subsidiaries, and it appears that all major application should be approved. □ Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Announcements DESIGNATIONS AND APPOINTMENTS OF CHAIRMEN AND FEDERAL RESERVE AGENTS, DEPUTY CHAIRMEN, AND DIRECTORS The Board of Governors of the Federal Reserve System announced its appointments at the Federal Reserve Banks and branches, effective January 1, 1969. The appointments are for Chairmen, who also serve as Federal Reserve Agents, Deputy Chairmen, and directors at the Federal Reserve Banks, and for directors at the Federal Reserve Bank branches. Names in CAPITALS indicate NEW appointments; all others are reappointments. Brief biographic data about each of the new appointees follow the listings. CHAIRMEN AND FEDERAL RESERVE AGENTS (One-year terms) Federal Reserve Bank: Boston Howard W. Johnson, President, Massachusetts Institute of Technology, Cam­ bridge, Massachusetts. New York ALBERT L. NICKERSON, Chairman of the Board, Mobil Oil Corporation, New York, New York. Philadelphia Willis J. Winn, Dean, Wharton School of Finance and Commerce, Univer­ sity of Pennsylvania, Philadelphia, Pennsylvania. Cleveland Albert G. Clay, President, Clay Tobacco Company, Mt. Sterling, Kentucky. Richmond Wilson H. Elkins, President, University of Maryland, College Park, Mary­ land. Atlanta Edwin I. Hatch, President, Georgia Power Company, Atlanta, Georgia. Chicago Franklin J. Lunding, Chairman of the Finance Committee, Jewel Companies, Inc., Melrose Park, Illinois. St. Louis Frederic M. Peirce, President, General American Life Insurance Company, St. Louis, Missouri. Minneapolis ROBERT F. LEACH, Attorney, Oppenheimer, Hodgson, Brown, Wolff and Leach, St. Paul, Minnesota. Kansas City Dolph Simons, Editor and President, Journal-World, Lawrence, Kansas. Dallas Carl J. Thomsen, Senior Vice President, Texas Instruments, Inc., Dallas, Texas. San Francisco O. Meredith Wilson, President and Director, Center for Advanced Study in the Behavioral Sciences, Stanford, California. DEPUTY CHAIRMEN (One-year terms) Federal Reserve Bank: Boston JOHN M. FOX, Chairman of the Board, United Fruit Company, Boston, Massachusetts. New York JAMES M. HESTER, President, New York University, New York, New York. ' 76 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DEPUTY CHAIRMEN—Continued Philadelphia Bayard L. England, Chairman of the Board, Atlantic City Electric Com­ pany, Atlantic City, New Jersey. Cleveland ■ J. WARD KEENER, Chairman of the Board and Chief Executive Officer, The B. F. Goodrich Company, Akron, Ohio. Richmond Robert W. Lawson, Jr., Managing Partner of Charleston Office, Steptoe & Johnson, Charleston, West Virginia. Atlanta John C. Wilson, President, Horne-Wilson, Inc., Atlanta, Georgia. Chicago EMERSON G. HIGDON, President and Treasurer, The Maytag Company, Newton, Iowa. St. Louis Smith D. Broadbent, Jr., Owner, Broadbent Hybrid Seed Company, Cadiz, Kentucky. Minneapolis DAVID M. LILLY, Chairman, Toro Manufacturing Corporation, Minne­ apolis, Minnesota. Kansas City WILLARD D. HOSFORD, Jr., Vice President and General Manager, John Deere Company, Omaha, Nebraska. Dallas Max Levine, Retired Chairman of the Board, Foley’s, Houston, Texas. San Francisco S. Alfred Halgren, Senior Vice President, Carnation Company, Los Angeles, California. FEDERAL RESERVE BANK DIRECTORS1 (Three-year terms, unless otherwise indicated) Boston JAMES S. DUESENBERRY, Professor, Harvard University, Cambridge, Massachusetts. New York ROSWELL L. G1LPATRIC, Attorney, Cravath, Swaine & Moore, New York, New York. ALBERT L. NICKERSON (see above) (remaining year of three-year term). Philadelphia D. Robert Yarnall, Jr., President, Yarway Corporation, Blue Bell, Pennsyl­ vania. Cleveland HORACE A. SHEPARD, President, TRW Inc., Cleveland, Ohio. Richmond Wilson H. Elkins (see above). Atlanta Edwin I. Hatch (see above). Chicago WILLIAM H. FRANKLIN, President, Caterpillar Tractor Company, Peoria, Illinois. St. Louis Frederic M. Peirce (see above). SAM COOPER, President, HumKo Products Division, National Dairy Prod­ ucts Corporation, Memphis, Tennessee (remaining year of three-year term). Minneapolis Robert F. Leach (see above). DAVID M. LILLY (see above) (remaining year of three-year term). 1 Each Federal Reserve Bank has a board of directors term in each Class of directors expires at the end of each consisting of nine members, divided equally into three year. classes, known as Classes A, B, and C. The six A and B The Board of Governors designates the Chairmen and directors are elected by the member banks, and the three Deputy Chairmen from among the Class C directors. Each C directors are appointed by the Board of Governors. One Chairman also serves as the Federal Reserve Agent at his Bank. 77 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

78 FEDERAL RESERVE BULLETIN □ JANUARY 1969 FEDERAL RESERVE BANK DIRECTORS—Continued Kansas City ROBERT W. WAGSTAFF, President, Kansas City Coca-Cola Bottling Company, Kansas City, Missouri. Dallas Chas. F. Jones, President, Humble Oil & Refining Company, Houston, Texas. San Francisco Bernard T. Rocca, Jr., Chairman of the Board, Pacific Vegetable Oil Cor­ poration, San Francisco, California. FEDERAL RESERVE BANK BRANCH DIRECTORS^ (Three-year terms unless otherwise indicated) Federal Reserve Bank and Branch: New York Buffalo Norman F. Beach, Vice President and General Manager, Kodak Park Division, Eastman Kodak Company, Roches­ ter, New York. Cleveland Cincinnati Graham E. Marx, President and General Manager, The G. A. Gray Company, Cincinnati, Ohio. Pittsburgh RICHARD M. CYERT, Dean, Graduate School of Industrial Administration, Carnegie-Mellon University, Pittsburgh, Pennsylvania. Richmond Baltimore JAMES M. JARVIS, Chairman of the Board, Jarvis, Down­ ing & Emch, Clarksburg, West Virginia. Charlotte John L. Fraley, Executive Vice President, Carolina Freight Carriers Corporation, Cherryville, North Carolina. A tlanta Birmingham W. C. BAUER, President, South Central Bell Telephone Company, Birmingham, Alabama. Jacksonville Castle W. Jordan, President, Associated Oil & Gas Co., Coral Gables, Florida. Nashville EDWARD J. BOLING, Vice President for Development and Administration, University of Tennessee. Knoxville, Ten­ nessee. New Orleans Frank G. Smith, Vice President, Mississippi Power & Light Company, Jackson, Mississippi. Chicago Detroit PETER B. CLARK, President and Publisher, The Detroit News, Detroit, Michigan. - Federal Reserve Bank branches have either five or of the Federal Reserve System. The announcement of the seven directors, of whom a majority are appointed by the appointments of branch directors made by the Federal board of directors of the parent Federal Reserve Bank, Reserve Banks is published on page 83. and the others are appointed by the Board of Governors Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 79 FEDERAL RESERVE BANK BRANCH DIRECTORS—Continued 57. Louis Little Rock AL POLLARD, President, Brooks-Pollard Company, Little Rock, Arkansas. Louisville RONALD E. REITMEIER, President, Catalysts & Chemi­ cals, Inc., Louisville, Kentucky. JOHN G. BEAM, President, Thomas Industries Inc., Louis­ ville, Kentucky (remaining year of three-year term). Memphis C. WHITNEY BROWN, President, S. C. Toof & Company, Memphis, Tennessee. Minneapolis (2-year term) Helena WARREN B. JONES, Secretary-Treasurer and General Man­ ager, Two Dot Land and Livestock Co., Harlowton, Mon­ tana. Kansas Cily (2-year terms) Denver D. R. C. Brown, President, The Aspen Skiing Corporation, Aspen, Colorado. Oklahoma City F. W. Zaloudek, Manager, J. 1. Case Implements, Kremlin, Oklahoma. Omaha Henry Y. Kleinkauf, President, Natkin & Company, Omaha, Nebraska. Dallas El Paso Joseph M. Ray, Benedict Professor, Department of Political Science, The University of Texas at El Paso, Texas. Houston R. M. Buckley, President, Eastex Incorporated, Silsbee, Texas. San Antonio Francis B. May, Professor of Business Statistics, College of Business Administration, The University of Texas, Austin, Texas. San Francisco Los Angeles J. Leland Atwood, President and Chief Executive Officer, North American Rockwell Corporation, El Segundo, Cali­ fornia. (2-year terms) Portland Robert F. Dwyer, Dwyer Forest Products Company, Port­ land, Oregon. Salt Lake City Peter E. Marble, rancher, Deeth, Nevada. Seattle C. HENRY BACON, Jr., President, Simpson Timber Com­ pany, Seattle, Washington. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

80 FEDERAL RESERVE BULLETIN □ JANUARY 1969 Federal Reserve Bank of Boston Federal Reserve Bank of Cleveland JOHN M. FOX, Boston, Massachusetts, who had J. WARD KEENER, Akron, Ohio, who had been serving as a Board-appointed director of the been serving as a Board-appointed director of the Federal Reserve Bank of Boston since February 15, Federal Reserve Bank of Cleveland since January 1968, was designated Deputy Chairman of the 1, 1968, was designated Deputy Chairman of the Bank for the year 1969. Mr. Fox is Chairman of Bank for the year 1969. Mr. Keener is Chairman the Board of United Fruit Company in Boston. As of the Board and Chief Executive Officer of The Deputy Chairman he succeeds Charles W. Cole, B. F. Goodrich Company in Akron. As Deputy President Emeritus of Amherst College, Amherst, Chairman he succeeds Logan T. Johnston, Chair­ Massachusetts, whose terms as Deputy Chairman man of the Board of Armco Steel Corporation, Mid­ and as a director expired December 31, 1968. dletown, Ohio, whose terms as Deputy Chairman and as a director expired December 31, 1968. JAMES S. DUESENBERRY, Cambridge, Mas­ sachusetts, was appointed a Class C director of the HORACE A. SHEPARD, Cleveland, Ohio, was Federal Reserve Bank of Boston for a three-year appointed a Class C director of the Federal Reserve term beginning January 1, 1969. Mr. Duesenberry Bank of Cleveland for a three-year term beginning is a Professor at Harvard University in Cambridge. January 1, 1969. Mr. Shepard is President of TRW As a director he succeeds Charles W. Cole (see Inc. in Cleveland. As a director he succeeds Lo­ preceding paragraph). gan T. Johnston (see preceding paragraph). Federal Reserve Bank of New York RICHARD M. CYERT, Pittsburgh, Pennsyl­ ALBERT L. NICKERSON, New York, New vania, was appointed a director of the Pittsburgh York, was designated Chairman of the Federal Re­ Branch of the Federal Reserve Bank of Cleveland serve Bank of New York for the year 1969 and for a three-year term beginning January 1, 1969. was appointed a Class C director of the Bank for Dr. Cyert is Dean of the Graduate School of In­ the remainder of a three-year term ending Decem­ dustrial Administration at Carnegie-Mellon Univer­ ber 31, 1969. Mr. Nickerson is Chairman of the sity in Pittsburgh. As a director he succeeds Board of Mobil Oil Corporation in New York City. Fletcher L. Byrom, President and Chief Executive As Chairman of the Bank and as a director he suc­ Officer of Koppers Company, Inc., in Pittsburgh, ceeds Everett N. Case, former President of the whose term expired December 31, 1968. Alfred P. Sloan Foundation in New York City, who resigned as Chairman and as a director ef­ Federal Reserve Bank of Richmond fective December 31, 1968. JAMES M. JARVIS, Clarksburg, West Virginia, JAMES M. HESTER, New York, New York, was appointed a director of the Baltimore Branch who had been serving as a Board-appointed director of the Federal Reserve Bank of Richmond for a three-year term beginning January 1, 1969. Mr. of the Federal Reserve Bank of New York since Jarvis is Chairman of the Board of Jarvis, Down­ January 1, 1965, was designated Deputy Chairman ing & Emch in Clarksburg. As a director he suc­ of the Bank for the year 1969. Mr. Hester is Presi­ ceeds E. Wayne Corrin, President of Consolidated dent of New York University in New York City. Gas Supply Corporation in Clarksburg, whose term As Deputy Chairman he succeeds Kenneth H. expired December 31, 1968. Hannan, Executive Vice President of Union Car­ bide Corporation in New York City, whose terms Federal Reserve Bank of Atlanta as Deputy Chairman and as a director expired De­ W. C. BAUER, Birmingham, Alabama, was ap­ cember 3 1, 1968. pointed a director of the Birmingham Branch of ’ ROSWELL L. GILPATRIC, New York, New the Federal Reserve Bank of Atlanta for a three- York, was appointed a Class C director of the year term beginning January 1, 1969. Mr. Bauer Federal Reserve Bank of New York for a three- is President of South Central Bell telephone Com­ year term beginning January 1, 1969. Mr. Gilpatric pany in Birmingham. As a director he succeeds is a law partner with Cravath, Swaine & Moore in Eugene C. Gwaltney, Jr., President of Russell New York City. As a director he succeeds Ken­ Mills, Inc., Alexander City, Alabama, whose term neth H. Hannan (see preceding paragraph). expired December 31, 1968. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 81 EDWARD J. BOLING, Knoxville, Tennessee, term beginning January I, 1969. Mr. Pollard is was appointed a director of the Nashville Branch President of Brooks-Pollard Company in Little of the Federal Reserve Bank of Atlanta for a three- Rock. As a director he succeeds Carey V. Stabler, year term beginning January 1, 1969. Mr. Boling President of Little Rock University, whose term is Vice President for Development and Administra­ expired December 31, 1968. tion at the University of Tennessee in Knoxville. RONALD E. REITMEIER, Louisville, Ken­ As a director he succeeds Alexander Heard, Chan­ tucky, was appointed a director of the Louisville cellor of Vanderbilt University in Nashville, whose Branch of the Federal Reserve Bank of St. Louis term expired December 31, 1968. for a three-year term beginning January 1, 1969. Federal Reserve Bank of Chicago Dr. Reitmeier is President of Catalysts & Chemi­ cals, Inc., in Louisville. As a director he succeeds EMERSON G. HIGDON, Newton, Iowa, who C. Hunter Green, Vice President of South Central had been serving as a Board-appointed director of Bell Telephone Company in Louisville, whose term the Federal Reserve Bank of Chicago since January expired December 31, 1968. 1, 1967, was designated Deputy Chairman of the Bank for the year 1969. Mr. Higdon is President JOHN G. BEAM, Louisville, Kentucky, was ap­ and Treasurer of the Maytag Company in Newton. pointed a director of the Louisville Branch of the As Deputy Chairman he succeeds Elvis J. Stahr, Federal Reserve Bank of St. Louis for the remain­ past President of Indiana University, Bloomington, der of a three-year term ending December 31, Indiana, whose terms as Deputy Chairman and as a 1969. Mr. Beam is President of Thomas Industries, director expired December 31, 1968. Inc., in Louisville. As a director he succeeds Lisle WILLIAM H. FRANKLIN, Peoria, Illinois, was Baker, Jr., Chairman of the Finance Committee of appointed a Class C director of the Federal Re­ The Courier-Journal & Louisville Times Company, serve Bank of Chicago for a three-year term be­ in Louisville, who resigned as a director effective ginning January 1, 1969. Mr. Franklin is President December 3I, 1968. of Caterpillar Tractor Company in Peoria. As a C. WHITNEY BROWN, Memphis, Tennessee, director he succeeds Elvis J. Stahr (see preceding was appointed a director of the Memphis Branch paragraph). of the Federal Reserve Bank of St. Louis for a PETER B. CLARK, Detroit, Michigan, was ap­ three-year term beginning January 1, 1969. Mr. pointed a director of the Detroit Branch of the Fed­ Brown is President of S. C. Toof & Company in eral Reserve Bank of Chicago for a three-year term Memphis. As a director he succeeds Sam Cooper beginning January 1, 1969. Dr. Clark is President (see fourth paragraph preceding), whose term ex­ and Publisher of The Detroit News. As a director pired December 31, 1968. he succeeds Guy S. Peppiatt, Chairman of the Federal Reserve Bank of Minneapolis Board of Federal-Mogul Corporation in Detroit, whose term expired December 31, 1968. ROBERT F. LEACH, St. Paul, Minnesota, who had been serving as Deputy Chairman and as a Federal Reserve Bank of St. Louis Board-appointed director of the Federal Reserve SAM COOPER, Memphis, Tennessee, was ap­ Bank of Minneapolis since January 24, 1966, was pointed a Class C director of the Federal Reserve designated Chairman of the Bank for the year Bank of St. Louis for the remainder of a three-year 1969. Mr. Leach is an attorney with Oppenheimer, term ending December 31, 1969. Mr. Cooper is Hodgson, Brown, Wolff and Leach in St. Paul. As President of HumKo Products Division of National Chairman he succeeds Joyce A. Swan, Vice Chair­ Dairy Products Corporation in Memphis. As a man of the Board of the Minneapolis Star and director he succeeds William King Self, President Tribune, who resigned as Chairman and as a direc­ of Riverside Industries, Marks, Mississippi, who tor effective December 31, 1968. resigned as a director effective December 31, 1968. DAVID M. LILLY, Minneapolis, was desig­ AL POLLARD, Little Rock, Arkansas, was ap­ nated Deputy Chairman of the Federal Reserve pointed a director of the Little Rock Branch of the Bank of Minneapolis for the year 1969 and was Federal Reserve Bank of St. Louis for a three-year appointed a Class C director of the Bank for the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

82 FEDERAL RESERVE BULLETIN □ JANUARY 1969 remainder of a three-year term ending December John Deere Company in Omaha. As Deputy Chair­ 31, 1969. Mr. Lilly is Chairman of Toro Manu­ man he succeeds Dean A. McGee, Chairman of facturing Corporation in Minneapolis. As Deputy Kerr-McGee Corporation, Oklahoma City, Okla­ Chairman he succeeds Robert F. Leach, and as a homa, whose terms as Deputy Chairman and as a director he succeeds Joyce A. Swan (see preceding director expired December 31, 1968. paragraph). ROBERT W. WAGSTAFF, Kansas City, Mis­ WARREN B. JONES, Harlowton, Montana, souri, was appointed a Class C director of the Fed­ was appointed a director of the Helena Branch of eral Reserve Bank of Kansas City for a three-year the Federal Reserve Bank of Minneapolis for a term beginning January 1, 1969. Mr. Wagstaff is two-year term beginning January I, 1969. Mr. President of Kansas City Coca-Cola Bottling Com­ Jones is Secretary-Treasurer and General Manager pany. As a director he succeeds Dean A. McGee of Two Dot Land and Livestock Co. in Harlowton. (see preceding paragraph). As a director he succeeds C. G. McClave, Presi­ Federal Reserve Bank of San Francisco dent of Montana Flour Mills Company, Great Falls, Montana, whose term expired December 31, C. HENRY BACON, Jr., Seattle, Washington, 1968. was appointed a director of the Seattle Branch of the Federal Reserve Bank of San Francisco for a Federal Reserve Bank of Kansas City two-year term beginning January 1, 1969. Mr. WILLARD D. HOSFORD, Jr., Omaha, Ne­ Bacon is President of Simpson Timber Company braska, who had been serving as a Board-appointed in Seattle. As a director he succeeds Robert D. director of the Federal Reserve Bank of Kansas O’Brien, Chairman of the Board and Chief Execu­ City since January 1, 1967, was designated Deputy tive Officer of Pacific Car and Foundry Company, Chairman of the Bank for the year 1969. Mr. Hos­ Renton, Washington, whose term expired Decem­ ford is Vice President and General Manager of ber 31, 1968. ' Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 83 FEDERAL RESERVE BANK APPOINTMENTS OF BRANCH DIRECTORS' The Federal Reserve Banks have announced the following appoinlments of branch directors. The appoint­ ments have been made for terms of three years beginning January I, 1969, except as otherwise indicated. Federal Reserve Bank and Branch: New York Buffalo James I. Wyckoff, President, National Bank of Geneva, New York, succeeds Arthur S. Hamlin, President, The Canandaigua National Bank and Trust Company, Canan­ daigua, New York. Cleveland Cincinnati Robert B. Johnson, President, Pikeville National Bank and Trust Co., Pikeville, Kentucky, succeeds Jacob H. Graves, President, The Second National Bank and Trust Company of Lexington, Kentucky. Pittsburgh Charles H. Bracken, President, Marine National Bank, Erie, Pennsylvania, succeeds Robert C. Hazlett, President, Wheeling Dollar Savings & Trust Co., Wheeling, West Vir­ ginia. Richmond Baltimore Tilton H. Dobbin, President and Chairman of the Executive Committee, Maryland National Bank, Baltimore, Mary­ land, succeeds Joseph B. Browne, President, Union Trust Company of Maryland, Baltimore, Maryland. Charlotte Lester D. Coltrane, III, President, The Concord National Bank, Concord, North Carolina, succeeds G. Harold My­ rick, President, First National Bank, Lincolnton, North Carolina. A tlanta Birmingham K. M. Varner, Jr., President, The First National Bank, Auburn, Alabama, succeeds Major W. Espy, Chairman, The Headland National Bank, Headland, Alabama. Jacksonville Edward W. Lane, Jr., President, The Atlantic National Bank, Jacksonville, Florida, succeeds Andrew P. Ireland, Chairman and Senior Vice President, The Barnett First National Bank and Trust Co., Jacksonville, Florida. Nashville Hugh M. Willson, President, Citizens National Bank, Athens, Tennessee, succeeds Moses E. Dorton, President, The First National Bank of Crossville, Tennessee. 'Federal Reserve Bank branches have cither five or of the Federal Reserve System, The announcement of ap­ seven directors, of whom a majority are appointed by the pointments of branch directors made by the Board of board of directors of the parent Federal Reserve Bank, Governors is published on page 78. and the others are appointed by the Board of Governors Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

84 FEDERAL RESERVE BULLETIN □ JANUARY 1969 A llanta—Continued New Orleans E. W. Hainjng, President, The First National Bank, Vicks­ burg, Mississippi, succeeds Donald L, Delcambre, Presi­ dent, The State National Bank, New Iberia, Louisiana. Chicago Detroit B. P. Sherwood, Jr., President, Security First Bank & Trust Company, Grand Haven, Michigan. (Reappointed) St. Louis Little Rock Louis E. Hurley, President, The Exchange Bank & Trust Company, EI Dorado, Arkansas. (Reappointed) Louisville Hugh M. Shwab, Jr., Executive Vice President, First Na­ tional Bank of Louisville, Kentucky, succeeds John H. Hardwick, Chairman, The Louisville Trust Company, Louisville, Kentucky. Memphis Wade W. Hollowell, President, The First National Bank, Greenville, Mississippi. (Reappointed) Minneapolis (2-year terms) Helena Charles H. Brocksmith, President, First Security Bank of Glasgow, N.A., Glasgow, Montana. (Reappointed). Glenn H. Larson, President, First State Bank of Thompson Falls, Montana. (Reappointed) Kansas City (2-year terms) Denver Robert L. Tripp, President, Albuquerque National Bank, Albuquerque, New Mexico, succeeds J. P. Brandenburg, President, The First State Bank of Taos, New Mexico. Theodore D. Brown, President, The Security State Bank of Sterling, Colorado. (Reappointed) Oklahoma City Marvin Millard, Chairman of the Board and Chief Execu­ tive Officer, National Bank of Tulsa, Oklahoma, succeeds Guy L. Berry, Jr., President, The American National Bank and Trust Company, Sapulpa, Oklahoma. C. M. Crawford, President, First National Bank, Frederick, Oklahoma. (Reappointed) Omaha Edward W. Lyman, President, The United States National Bank of Omaha, Nebraska, succeeds W. B. Millard, Jr., Chairman of the Board, Omaha National Bank, Omaha, Nebraska. Dallas El Paso Joe B. Sisler, President, The Clovis National Bank, Clovis, New Mexico. (Reappointed) Houston Henry B. Clay, President, First Bank & Trust, Bryan, Texas. (Reappointed) San Antonio James T. Denton, Jr., President, Corpus Christi Bank & Trust, Corpus Christi, Texas. (Reappointed) Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 85 San Francisco (2-year terms) Los Angeles Harry J. Volk, President, Union Bank, Los Angeles, Cali­ fornia. (Reappointed) Carl E. Schroeder, President, The First National Bank of Orange County, Orange, California. (Reappointed) Portland E. W. Firstenburg, Chairman of the Board and President, First Independent Bank, Vancouver, Washington. (Re­ appointed) Charles F. Adams, President, The Oregon Bank, Portland, Oregon. (Reappointed) Salt Lake City Roderick H. Browning, President, Bank of Utah, Ogden, Utah, succeeds Alan B. Blood, President, Barnes Banking Company, Kaysville, Utah. Newell B. Dayton, Chairman of the Board, Tracy-Collins Bank and Trust Company, Salt Lake City, Utah. (Re­ appointed) Seattle A. E. Saunders, President, The Puget Sound National Bank, Tacoma, Washington. (Reappointed) Philip H. Stanton, President, Washington Trust Bank, Spo­ kane, Washington. (Reappointed) CHANGES IN THE BOARD'S STAFF Justice. Mrs. Heller received her LL.B, from Co­ lumbia University School of Law. The Board of Governors has announced the follow­ Division of International Finance—Robert F. ing promotions within its official staff, effective Gemmill and Samuel Pizer were appointed Asso­ January 1, 1969: ciate Advisers. Mr. Gemmill joined the Board’s staff Division of Research and Statistics—Stanley J. in 1956 as an Economist in the Division of Interna­ Sigel and Tynan Smith, from Associate Advisers to tional Finance. Prior to his Board employment, Mr. Advisers. Gemmill had taught economics at Washington and New appointments to the Board’s official staff Lee University and at Carleton College, and had effective the same date are as follows: been an Economist with the Mutual Security Legal Division—Robert F. Sanders was ap­ Agency. Mr. Gemmil], who received his Ph.D. pointed an Assistant General Counsel. Before join­ from Harvard University, will head the Special ing the Board’s legal staff as an Attorney in August Studies Section in the Division. 1963, Mr. Sanders, who received his LL.B, from Mr. Pizer served with the Department of Com­ Harvard Law School, had served as a Captain in merce for over 20 years and was Assistant Chief of the Judge Advocate General’s Corps, Department the Balance of Payments Division there at the time of the Army. he joined the Board’s staff in 1967. Mr. Pizer, who Pauline B. Heller was appointed an Adviser. Im­ received his M.A. degree from The George Wash­ mediately prior to her appointment to the Board’s ington University, will head the Board’s Balance of staff as a Senior Attorney in 1965, Mrs. Heller Payments Section. served as a legal consultant to the Agency for In­ ternational Development. Previously she had been CHANGE IN DISCOUNT RATE with several Federal Government agencies, in­ cluding the Civil Division of the Department of On December 19, 1968, the Board of Governors Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

86 FEDERAL RESERVE BULLETIN □ JANUARY 1969 of the Federal Reserve System announced its ap­ proval of action by the directors of the Federal Item 1968 1967 Reserve Banks of St, Louis, Kansas City, and San Francisco, increasing the discount rate of those Thousands of dollars banks from 514 to 514 per cent, effective Friday, December 20, 1968, As of that date the rate in Current earnings...................... 2,764,446 2,190,404 effect was 5'/z per cent at all Federal Reserve Banks. Current expenses..................... 242,350 220,121 Current net earnings....... 2,522,096 1,970,283 RESIGNATION OF DIRECTOR Net addition to current net Mr, Ralph M. Sloan, Jr., who had served since earnings................................ 8,520 2,094 April 18, 1968, as a director of the Little Rock Net earnings before payments Branch of the Federal Reserve Bank of St. Louis, to U.S. Treasury.................. 2,530,616 1,972,377 resigned effective January 17, 1969, to accept an Dividends paid........................ 36,960 35,028 Payments to U.S. Treasury appointment to the Arkansas Commerce Commis­ (interest on F.R. notes). ... 2,463,629 1,907,498 sion. Mr. Sloan is a practicing attorney and had Transferred to surplus............ 30,027 29,851 been until recently President of Terminal Van and Storage Company in Little Rock. EARNINGS AND EXPENSES OF THE FEDERAL Under the policy adopted by the Board of Gov­ RESERVE BANKS IN 1968 AND 1967 ernors at the end of 1964, all net earnings after the Preliminary figures received from the Federal Re­ statutory dividend to member banks and additions serve Banks indicate that during 1968 their gross to surplus to bring it to the level of paid-in capital current earnings amounted to $2,764 million. Ex­ were paid to the U.S. Treasury as interest on Fed­ penses totaled $242 million, leaving net current eral Reserve notes. earnings of $2,522 million. With a $9 million net Compared with 1967, gross earnings were up addition from profit and loss account, net earnings $574 million, or 26 per cent. The principal in­ before payments to the U.S. Treasury were $2,531 creases in earnings were as follows; on Govern­ million. Payments to the U.S. Treasury as interest ment securities, $501 million; on discounts and ad­ on Federal Reserve notes amounted to $2,464 mil­ vances, $22 million; and on foreign currencies, $51 lion; statutory dividends to member banks, $37 million. million; and additions to surplus accounts, $30 Expenses in 1968 were up $22 million, about 10 million. per cent, and dividends, $2 million. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication January 14 Industrial production and nonfarm employment indicate some further cutbacks. Production of tele­ rose further in December, but retail sales declined. vision sets and some other household goods de­ The unemployment rate remained at the low No­ clined, but output of furniture increased again. vember level. Commercial bank credit and con­ sumer-type time deposits increased. The rise in the EMPLOYMENT money supply moderated and U.S. Government Nonfarm employment advanced briskly again in deposits declined further. Between mid-December December with gains especially strong in manufac­ and mid-January, yields on U.S. Government turing, construction, and the service industries. The securities and on seasoned corporate bonds rose large increase in State and local government em­ sharply. ployment was due mainly to the return to work of New York City teachers on strike the previous INDUSTRIAL PRODUCTION month. The manufacturing workweek changed Industrial production increased further in Decem­ little and was at the level of a year earlier. The un­ ber to 168.9 per cent of the 1957-59 average, 1 employment rate remained at 3.3 per cent, reflect­ per cent above November and 4.2 per cent above ing the strong job market for adult men, whose a year earlier. For the year 1968 industrial output unemployment rate declined 0.2 percentage points averaged 4.6 per cent higher than in 1967. to 1.8 per cent—the lowest rate since the series Production of business equipment was at a new began in 1948. high in December, as output increased in most lines. DISTRIBUTION Production of iron and steel and other industrial The value of retail sales in December declined 2 per materials also rose. On the other hand, auto assem­ blies were down to a seasonally adjusted annual cent from November, according to advance reports. For 1968 as a whole retail sales were up 7 per rate of 8.9 million units from 9.2 million units in cent from 1967. Sales at both nondurable and November, and production schedules for January durable goods stores dropped. Unit sales of new domestic autos declined 4 per cent further and were 6.5 per cent below the high October rate. COMMODITY PRICES Wholesale prices of industrial commodities con­ tinued to advance in December and early January, while prices of farm products and processed foods and feeds showed little change. The BLS industrial average rose an estimated 0.3 per cent in Decem­ ber, with a sharp further spurt in lumber and ply­ wood prices accounting for most of the increase. In early January industrial prices advanced on a broad front; featuring this month’s rise are sizable increases in steel mill shapes, nickel, copper and copper products, lead, and zinc. AGRICULTURE Farm output rose 2 per cent in 1968 with both crop and livestock output exceeding any other year. Ex- F.R. indexes, seasonally adjusted, Latest figures: December. 87 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

88 FEDERAL RESERVE BULLETIN □ JANUARY 1969 panded marketings and strong prices pushed farmers’ supply increased $1 billion in December or little cash receipts to a new record in 1968, but produc­ more than half the sharp November rise. U.S. Gov­ tion expenses, also at a new high, held net realized ernment deposits declined further. earnings to about $15,0 billion, up 5 per cent from Net borrowing reserves averaged about $330 the preceding year but down 7 per cent from 1966, million over the 5 weeks ending January 1 com­ Supplies of beef, pork, and broilers are expected pared with $270 million in November. Member to rise above a year ago in early 1969 following bank borrowings increased substantially but excess a moderate dip in December, reserves also rose. BANK CREDIT, DEPOSITS, AND RESERVES SECURITY MARKETS Commercial bank credit increased $2,9 billion in Yields throughout the list in the U.S. Government December, somewhat more than in November, but securities market rose sharply on balance between at a considerably slower pace than over the July- mid-December and mid-January. The 3-month October period. Loan expansion accounted for a Treasury bill was bid at around 6.15 per cent in substantial part of the increase with most major the middle of January compared with about 5.90 loan categories showing further growth. Acquisi­ per cent a month earlier. This advance in yields tions of municipal and Federal agency issues mod­ stemmed largely from a tightening of monetary erated considerably. Holdings of U.S. Government policy and a consequent firming of credit condi­ securities rose moderately reflecting in part heavy tions as reflected in an increase in the Federal bank participation in the early-month Treasury Reserve discount rate on December 18 and in two bill financing. increases in the prime rate since the discount rate Time and savings deposits increased $2.4 billion action. in December, slightly below the high average Between mid-December and mid-January, yields monthly increase since June. Inflows of consumer­ on seasoned corporate bonds advanced steadily to type time deposits continued substantial and sales new highs, while yields on seasoned municipals re­ of large negotiable CD’s were heavy in late No­ mained relatively constant at very high levels. Stock vember (reflected in the December average) and prices declined over the period on trading volume in early December. Later in the month, however, which was quite heavy except during the holiday run-offs of CD’s were substantial. The money weeks. Bureau of Labor Statistics. “Farm products and foods” is BLS Discount rate, range or level for all F.R. Banks. Weekly aver­ “Farm products, and processed foods and feeds.” Latest figures; age market yields for U.S. Govt, bonds maturing in 10 years or Consumer, November; Wholesale, December estimates. more and for 90-day Treasury bills. Latest figures: week ending Jan. 10. 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 11 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 A 56 Industrial production A 60 Business activity A 60 Construction Continued on next page A 1 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 2 FEDERAL RESERVE BULLETIN □ JANUARY 1969 U.S. STATISTICS—Continued 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 97 INDEX TO STATISTICAL TABLES Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 3 Guide to Tabular Presentation SYMBOLS AND ABBREVIATIONS e Estimated N.S.A. Monthly (or quarterly) figures not adjusted c Corrected for seasonal variation P Preliminary IPC Individuals, partnerships, and corporations r Revised SMSA Standard metropolitan statistical area rp Revised preliminary A Assets i, n, L Liabilities III, IV Quarters S Sources of funds n.a. Not available u Uses of funds n.e.c. Not elsewhere classified * Amounts insignificant in terms of the par­ S.A. Monthly (or quarterly) figures adjusted for ticular unit (e.g., less than 500,000 when seasonal variation the unit is millions) (1) Zero, (2) no figure to be expected, or (3) figure delayed GENERAL INFORMATION Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow. A heavy vertical rule is used (1) to the right (to the left) of a total when the components shown to the right (left) of it add to that total (totals separated by ordinary rules include more components than those shown), (2) to the right (to the left) of items that are not part of a balance sheet, (3) to the left of memorandum items. “U.S. Govt, securities” may include guaranteed issues of U.S. Govt, agencies (the flow of funds figures also in­ clude not fully guaranteed issues) as well as direct obligations of the Treasury. “State and local govt.” also includes municipalities, special districts, and other political subdivisions. In some of the tables details do not add to totals because of rounding. The footnotes labeled Note (which always appear last) provide (1) the source or sources of data that do not originate in the System; (2) notice when figures are estimates; and (3) information on other characteristics of the data. TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY, WITH LATEST BULLETIN REFERENCE A nnuatly— Continued Issue Page Quarterly Issue Pane Banking and monetary statistics, 1967.. Mar. 1968 A-88—A-98 Flow of funds................... ....................... Nov. 1968 A 68 May 1968 A-89—A-93 Banks and branches, number, by class and state..........A...p..r.... ..1..9..6.8............ A 87 Semiannually Flow of funds (assets and liabilities): Banking offices: 1966..................................................... Feb.1968 A 65.10 Analysis of changes in number of.. . Aug. 1968 A 91 1967..................................................... May 1968 A 67.10 On, and not on, Federal Reserve Par List, number............................... Aug. 1968 A 92 Income and expenses: Federal Reserve Banks........................ Feb.1968 A 88 Member banks: Calendar year................................... May 1968 A 94 Operating ratios................................ Apr. 1968 A 89 Annually Insured commercial banks.................. May 1968 A 103 Bank holding companies: List of, Dec. 31, 1967., June 1968 A 91 Stock exchange firms, detailed debit Banking offices and deposits of and credit balances: group banks, Dec. 31,, 1967............ Aug. 1968 A 93 Original............................................... Sept. 1968 A 92 Corrected........................................... Oct. 1968 A 91 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 4 BANK RESERVES AND RELATED ITEMS □ JANUARY 1969 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS (In millions of dollars) Factors supplying reserve funds Factors absorbing reserve funds F.R. Bank credit outstanding Deposits, other Treas­ than member bank Member bank P d e o a r r i t o e d U To .S ta . l Go B v r o o t ig , u u h s g t­ t e h c t u R r m c a i h e t g e i a e p r n e s u s t e e s 1 r ­ ­ c v D o a a a u n n i d s c n d ­ e ­ t s s Float 2 t T a o l ­ 3 s G to o c ld k r s e o c t i u n a n u u r g n c y r t ­ ­ y d ­ r C c t e c i u i o n u n i l r c n a r ­ y ­ ­ T h c r i u n o e a r g s a l y d s h s ­ ­ T u re r w a y s it ­ h re F s F e e i . o g R rv n r­ . e s B , O an th k e s r 2 c O F o a t u . c h R n ­ e . t r s B W F a . n R it k h . s re c r C s e a o e n n u i r n c d v r 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 I ,933 250 12 2; 208 4 330 2,295 5,455 272 81 164 350 2,211 2^211 1939—Dec.......... 2'510 2,510 8 83 2,612 17318 2,956 7,609 2,402 616 739 248 11', 473 11 373 1941—Dec.......... 2,219 2^19 5 170 2304 22,759 3 339 10,985 2,189 592 1 ,531 292 12'812 12,812 1945—Dec.......... 23,708 23,708 381 65224,744 20;047 4,322 28,452 2; 269 625 L247 493 16;027 16.027 1950—Dec.......... 20’345 20,336 9 142 1,11721306 22,879 4 329 27,806 I ,290 615 920 353 739 17,391 17,391 I960—Dec.......... 27,248 27.170 78 94 1,665 29,060 17,954 5,396 33,019 408 522 250 495 1,029 16,688 2,595 19,283 1962—Dec.......... 30'546 30,474 72 305 2',298 33’,218 15378 5,561 35,281 398 587 222 290 1,048 16,932 3,108 20,040 1963—Dec.......... 33,729 33^626 103 360 233436,610 15362 5,583 37,603 389 879 160 206 1,215 17,303 3,443 20,746 1964—Dec.......... 37'126 36’895 231 266 232339,873 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—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 48^34 196 361 1,515 50,873 11 ,900 6,791 45,851 1 ,336 I ,021 143 457 -512 21,265 4,345 25,610 Mar...4..9..,.5.11 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 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 50J29 252 759 1 ; 58052,998 10,452 6,794 46,873 1 ,073 1 ,059 159 483 -581 21,179 4,326 25,505 June........ 51,306 51,160 146 705 1 ,712 53,813 10,369 6,764 47,486 973 960 181 471 -474 21,350 4,363 25,713 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 52^46 52’463 183 568 1 36055,048 10,367 6,733 48,194 811 963 170 459 -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 53,300 53,252 48 427 1 ,97655.770 10,367 6,757 48,632 781 1 ,054 137 461 -312 22,141 4,512 26,653 Nov.’*.... 53^88 53,322 66 569 2; 135 56,158 IO,’367 6,790 49,398 769 798 164 439 -491 22,238 4,523 26,760 Dec?'.... 52,529 52.454 75 765 3,20956,568 10367 6,810 50,609 756 360 225 458-1 ,105 22,442 4,737 27,179 Week ending— 1967 48,902 48,719 183 87 1 ,655 50,721 12,770 6,774 46,482 1,441 1 ,306 160 444 -65 20,498 4,342 24,840 13.............. 48,853 48,853 121 1 35250,769 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 12332 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 I ,405 709 150 412 -251 21 ,285 4,402 25,687 1968 49,298 49,044 254 495 2,33552,286 11 ,982 6,784 47,200 1 ,395 949 147 567 -685 21 ,480 4,968 26,448 10.............. 49,183 49', 109 74 180 2,33451,772 11 383 6,781 46,857 I ,385 1 ,054 161 493 -679 21,265 4,646 25,911 17............... 48^58 48;700 58 224 1 38751 344 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 1 1 382 6,784 46,117 1 ,390 939 149 471 -459 21,346 4,576 25,922 31.............. 48^70 48;936 34 241 1 34950351 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 1 367 50,949 11 ,882 6,788 45,942 1 ,343 1 ,071 137 462 -608 21,272 4,258 25,530 21.............. 48,443 48;443 405 1 ; 73450,643 11 382 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 49,077 49,019 58 501 1 ,72951,363 11 383 6,797 45,832 1,301 992 152 489 -418 21,695 4,102 25,797 13.............. 49,278 49,166 112 787 1 ,473 51 395 11,609 6,795 46,205 1,275 1 ,008 122 478 -474 21,386 4,162 25,548 20.............. 49^40 49,840 748 1 ,668 52,312 10 372 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 355 10 ,’484 6,800 46,153 1 ,129 844 205 465 -597 20,941 4,385 25,326 49,843 49,634 209 71 1 1 ,449 52,103 10,484 6,798 46,358 1,126 537 182 653 -579 21 ,109 4,354 25,463 ’ |0.............. 50,153 49;950 203 661 I ’,637 52’,57O 10,484 6,797 46,647 1 ,119 521 168 582 -555 21,369 4,065 25,434 17.............. 50,219 49;952 267 778 1 ,80452 871 10,484 6,799 46,901 1,126 422 148 534 -667 21,691 4,399 26,090 24 ............ 49 ,’927 49 927 666 1 ’841 52’490 10 484 6,797 46,608 1,124 1 ,038 160 487 -594 20,950 4,553 25,503 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...5..0..^.6...1..7. 50,200 417 837 1 36753,030 10384 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 I ,080 132 499 -698 21,083 4,296 25,379 22.............. 50 549 50 302 147 682 1 ’861 53,162 10,470 6,795 46,908 1 ,058 I ,228 145 486 -462 21,063 4,316 25,379 29.............. 50,589 505 89 777 1 ’,501 52,923 10'384 6,794 46,937 1 ,053 1 ,076 165 463 -442 20,849 4,473 25,322 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1969 □ BANK RESERVES AND RELATED ITEMS A 5 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued (In millions of dollars) Factors supplying reserve funds Factors absorbing reserve funds F.R. Bank credit outstanding Deposits, other P d e o a ri t r o e d T U o .S ta . l Go B v r o o i t g u , u h t s g ­ t e h c t u a R c r g i h e t r i a p e e s u s e e r ! ­ ­ c v D o a a a n u n i d s c n d - e ­ t s s Float 2 t T a o l ­ 3 s G to o c ld k T r s c e u o r t i u n a e n r u y r g n a c t ­ ­ d y s­ ­ T lion T 5 i ” n " ®s s ' T t u r h w e r a y a i n t s h ­ m F r e F e e .R m s i o g e . r b n r ­ v B e e r a s O n b , k t a h s n e k r 2 c O o F t a u h .R c n e ­ t . r s B W F a . n R it k h . M s e r m e C r s a e b e u n n e r d r v c r ­ e y b s an T k o tal ments coin 4 Averages of daily figures Week ending— 1968 June 5............... 50,619 50,619 772 1,540 52.985 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 ,576 53,242 10,367 6,794 47,506 1 ,004 856 157 457 -779 21,203 4,197 25,400 19.............. 50,973 50,850 123 677 1,812 53,537 10,367 6,782 47,574 982 1 ,072 146 451 -715 21 ,176 4,421 25,597 26.............. 52,009 51,797 212 820 1,737 54,685 10,367 6,766 47,484 947 1 ,063 161 481 13 21,669 4,548 26,217 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 J 10.............. 52^82 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 10^67 6,719 47,851 826 1,033 155 443 -318 21,562 4,624 26,186 Aug. 7.............. 52,483 52,160 323 748 1 ,645 54,971 10,367 6,726 47,976 824 845 204 475 -274 22,014 4,213 26,227 14.............. 52,518 52,212 306 580 1 ,63654,820 10,367 6,730 48,289 811 927 189 449 -313 21,565 4,325 25,890 21.............. 52.788 52,604 184 619 1 ,98255,457 10,367 6,734 48,252 808 998 173 467 42 21 ,816 4,411 26,227 28.............. 52,663 52,663 374 1 ,721 54,810 10,367 6,740 48,190 808 1 ,084 125 444 51 21,217 4,574 25,791 Sept. 4.............. 52,975 52,975 454 I ,707 55,188 10,367 6,730 48,431 787 938 140 457 101 21,430 4.451 25,881 11.............. 52,341 52,341 634 1 ,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.............. 51,844 51,844 475 2.223 54.592 10,367 6,742 48,325 798 866 123 445 -293 21,437 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 2,18355,868 10,367 6,759 48,702 772 1 ,043 131 450 -377 22,274 4,199 26,473 30.............. 53,402 53,345 57 495 1 .71855,671 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 ,66055,498 10,367 6,776 48,806 774 1 ,079 115 460 -357 21 ,764 4,590 26,354 13.............. 53,740 53,555 185 675 2,031 56,533 10,367 6,786 49,314 764 I ,036 132 432 -331 22,339 4,731 27,070 20.............. 53,502 53,502 513 2,67856,754 10,367 6 792 49,475 765 615 155 443 -189 22,648 4,312 26,960 27.............. 52,945 52,945 583 2,28055',869 10367 6,801 49,638 776 645 219 420 -839 22,177 4,417 26,594 Dec, 4.............. 53,281 53,252 29 531 2,27856,147 10,367 6,807 50,077 776 583 225 448-1,018 22,231 4,628 26,859 1 I"............. 52,468 52,468 435 2,60355,566 10,367 6,809 50,383 755 191 233 438 -960 21,702 4,739 26,441 18"............ 52,072 52,072 574 3,35856,063 10,367 6,807 50,616 749 70 234 444-1,247 22,372 4,690 27,062 25"............ 52,232 52,168 64 859 3.70856,862 10367 6.812 50,803 754 461 217 445-1 .153 22,514 4,692 27,206 End of month 1968 Oct....................... 53,329 53,329 180 2,37255,937 10,367 6,766 48,719 754 1 ,086 99 434 -356 22,334 4,590 26,924 Nov J’.................. 53,350 53 ,350 471 2,30956,188 10,367 6,786 49,989 742 478 220 436-1,019 22,495 4,627 27,122 Dec.".................. 52,937 52,937 .........1.88 3.43056’613 10367 6.814 50.922 752 703 216 747-1 ,353 21,807 4,918 26.725 Wednesday 1968 Oct. 2.............. 53,153 53,153 316 1 ,98255,505 10367 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 J 4055,839 10,367 6,757 48,860 760 I ,047 136 486 -369 22,043 4,609 26,652 23 53.824 53,425 399 1,102 1 ,68956,687 10367 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"............ 52,391 552,391 142 2,46755,061 10,367 6,797 49,558 777 643 155 424 -414 21 ,08: 4,319 25,401 27"............ 53,214 53,214 .......... 1 ,195 1 ,99C 56,459 10,367 6,803 50,034 775 441 252 432-1,029 22,721 4,403 27,128 52,646 552,646 12 2,512 55,339 10,367 6,809 50,294 768 645 225 446 -I,016 21,141 4,628 25,776 11"............ 51,413 551,413 .......... 271 2,613 54,357 10,367 6,805 50,657 745 58 212 426 -1 ,062 20,49( 4,739 25,229 18"............ 51,000 551,00C .......... 96€ 3,824 55,847 10,367 6,810 50,789 752 442 228 448 -I ,2b 21,578 4,69C 26,268 25"............ 52,606 52.382 224 331 3,532 56,55C 10,367 6,814 51,023 762 168 226 490 -1,14 22,20' 4,692 26,894 1 U.S. Govt, securities include Federal agency obligations. 4 Part allowed as reserves Dec. 1, 1959-Nov. 23, 1960; al! allowed 2 Beginning with 1960 reflects a minor change in concept; see Feb. thereafter. Beginning with Jan. 1963, figures are estimated except for 1961 Bulletin, p. 164, weekly averages. Beginning Sept. 12, 1968, amount is based on close-of- 3 Includes industrial loans and acceptances, when held (industrial business figures for reserve period 2 weeks previous to report date. loan program discontinued Aug. 21, 1959). For holdings of acceptances 5 Reflects 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 □ JANUARY 1969 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city banks New York City City of Chicago Period Reserves Bor- Reserves Bor- Reserves Bor- T h o e t 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 k s - . s s F e r r r e e v - 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 . n g w R t k s - . s s F e r r r e e v - e e s T h o e t ld al qui R re e d ­ > Excess B r F i a n o a . n g w R t k s - . s serves 1929—June............ 2,314 2,275 42 974 -932 762 755 7 174 -167 161 161 1 63 -62 2 2’160 1,797 363 184 179 861 792 69 69 211 133 78 78 1939—Dec.............. 11’,473 6,462 5,011 3 5,008 5,623 3,012 2,611 2,611 1,141 601 540 540 1941—Dec.............. 12,812 9,422 3,390 5 3,385 5,142 4,153 989 '989 1'143 848 295 295 1945—Dec.............. 16^27 14,536 i ,491 334 1,157 4,118 4,070 48 192 -144 939 924 14 14 1947-—Dec.............. 17,261 16,275 986 224 762 4,404 4,299 105 38 67 1,024 1,011 13 6 7 1950—Dec.............. 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 1,199 1,191 8 5 3 I960—Dec.............. 19,283 18,527 756 87 669 3,687 3,658 29 19 10 958 953 4 8 — 4 1962—Dec.............. 20,040 19,468 572 304 268 3,863 3,817 46 108 -62 1,042 1,035 7 1 8 -1 1 1963—Dec.............. 20,746 20,210 536 327 209 3,951 3,895 56 37 19 1,056 1 ,051 5 26 -21 1964—Dec.............. 21'609 21,198 411 243 168 4,083 4,062 21 35 -14 1,083 1 ,086 -3 28 -31 1965—Dec.............. 22,719 22,267 452 454 -2 4,301 4,260 41 111 -70 1,143 1,128 15 23 -8 1966—Dec.............. 23,830 23,438 392 557 -165 4,583 4,556 27 122 -95 1,119 1,115 4 54 -50 1967—Dec.............. 25,260 24,915 345 238 107 5,052 5,034 18 40 -22 1,225 1,217 8 1 3 -5 1968—Jan............... 25,834 25,453 381 237 144 5,170 5,131 39 48 -9 1,231 1,230 1 3 -2 Feb............... 25,610 25,211 399 361 38 5,060 5,011 49 106 -57 1,221 1 ,215 6 4 2 Mar.............. 25,580 25,224 356 671 -315 5 J49 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 1J51 12 76 -64 25,713 25,362 351 692 -341 5,120 5,029 91 69 22 1,145 1’150 -5 38 — 43 26,001 25,702 299 525 -226 5,047 5,060 -13 12 -25 1 ,190 1 ,181 9 87 -78 Aug.............. 26,069 25,694 375 565 -190 4,940 4,912 28 192 -164 1,165 1 J6I 4 2 2 Sept.............. 26,077 25,694 383 515 -132 4,886 4,868 18 154 -136 1,147 1,143 4 23 -19 .......2..6..,.6..5.3 26'393 260 427 -167 5,096 5,071 25 65 -40 1,182 1 ,’ 177 5 9 -4 Nov’1 26,760 26,472 288 569 -281 5,019 4,968 51 72 -21 1,151 1 J55 -4 7 -11 Dec J 27,179 26,766 413 765 -352 5,155 5,057 98 230 -132 1,196 1,184 1 1 85 -74 Week ending— 1967—Dec. 6........ 24,840 24,552 288 87 201 4,920 4,885 35 35 1 ,201 1,197 4 4 13 . . 24,710 24,377 333 121 212 4,824 4,809 15 2 13 1,158 1,151 7 7 20........ 25,203 24,936 267 185 82 5,088 5,062 26 37 - 11 1 ,217 I '219 -2 -2 27........ 25,687 25,245 442 345 97 5,236 5,179 57 27 30 1 ;264 1 ,'249 15 2 13 1968—July 3. . .. 25,839 25,657 182 493 -311 5,217 5,143 74 26 48 1,180 1,175 5 49 -44 10. . .. 25,826 25,393 433 412 21 4,999 4,975 24 2 22 1,140 1,138 2 24 -22 17. ... 26,011 25,737 274 470 -196 5,036 5,008 28 25 3 1,173 1,171 2 42 -40 24 26,261 25,851 410 639 -229 5,108 5,108 1 { -11 1 ,212 1 ,209 3 171 -168 31 , 26,186 25,828 358 602 -244 5,176 5,097 79 15 64 1,217 1 ,208 9 126 -117 Aug. 7.. . . 26,227 25,885 342 737 -395 5,113 5,093 20 337 -317 1,187 1,182 5 5 14.... 25,890 25'576 314 576 -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 JI 11 11.... 26,192 25,636 556 634 -78 4,989 4,854 135 240 -105 1,145 1,123 22 22 18. ... 25,974 25,600 374 404 -30 4,860 4,839 21 107 -86 1 ,174 1,175 -1 11 -12 25. . .. 25,855 25,658 197 474 -277 4,836 4,854 -18 90 -108 1,127 1,123 4 86 -82 Oct. 2. . . 26,387 26,002 385 541 -156 5,045 4,970 75 154 -79 1,135 1,128 7 7 9 . . 26,495 26,270 225 403 -178 5,102 5,149 -47 65 -112 1'130 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. ... 26,473 26,474 -1 337 -338 4,958 5 ,010 -52 36 -88 1,194 1 ,205 -11 25 -36 30. . 26,720 26,368 352 495 -143 4,966 4,957 -9 12 -3 1,168 1,145 23 23 Nov. 6........ 26,354 26,162 192 392 -200 4,932 4,903 29 46 -17 1,119 1,134 -15 11 -26 13........ 27,070 26,533 537 675 -138 5,140 5,061 79 129 -50 1,191 1,173 18 1 8 20........ 26,960 26,731 229 513 -284 5,203 5,123 80 43 37 1 J7I 1 157 14 14 27........ 26,594 26,409 185 583 -398 4,766 4,821 -55 57 -112 1'128 1 '153 -25 10 -35 Dec. 4.. . . 26,859 26,38C 479 531 -52 5 ,038 4,862 176 74 -102 1,187 1,155 32 13 19 IP' . 26,441 26,417 24 435 -4H 4,823 4,937 - 1 14 86 -200 1,157 1 ,174 - 17 - 17 18”.. . . 27,062 26,722 340 574 -234 5,221 5,121 100 104 -4 1 ,187 1 '185 2 44 -42 25”. . . 27,206 26,808 398 859 -461 5,119 5,017 102 282 -180 1,175 1,162 13 149 -136 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1969 □ BANK RESERVES AND RELATED ITEMS A 7 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (In millions of dollars) Other reserve city banks Country banks Reserves Reserves Period Borrow­ Borrow­ ings at Free ings at Free F.R. reserves F.R. reserves T h o e t ld al 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 i 1,188 1,568 897 671 3 668 .............................1939—Dec. 4,317 3,014 1,303 1,302 2,210 1,406 804 4 800 .............................1941—Dec. 6,394 5,976 418 96 322 4,576 3,566 1,011 46 965 1945—Dec. 6,861 6,589 271 123 148 4,972 4,375 597 57 540 .............................1947—Dec. 6,689 6,458 232 50 182 4,761 4,099 663 29 634 .............................1950—Dec. 7,950 7,851 100 20 80 6,689 6,066 623 40 583 .............................1960—Dec. 8,178 8,100 78 130 -52 6,956 6,515 442 48 394 .............................1962—Dec. 8,393 8,325 68 190 -122 7,347 6,939 408 74 334 .............................1963—Dec. 8,735 8,713 22 125 -103 7,707 7,337 370 55 315 .............................1964—Dec. 9,056 8,989 67 228 -161 8,219 7,889 330 92 238 .............................1965—Dec. 9,509 9,449 61 220 -159 8,619 8,318 301 161 140 .............................1966—Dec. 10,081 10,031 50 105 -55 8,901 8,634 267 80 187 .............................1967—Dec. 10,314 10,283 31 111 -80 9,120 8,809 311 75 236 .............................1968—Jan. 10,271 10,218 53 126 -73 9,057 8,766 291 125 166 ..........................................Feb. 10,247 10,212 35 288 -253 9,009 8,780 229 218 11 ..........................................Mar. 10,298 10,272 26 283 -257 9,097 8,859 238 229 9 ..........................................Apr. 10,268 10,195 73 262 -189 9,169 8,867 302 340 -38 ..........................................May 10,275 10,241 34 258 -224 9,172 8,941 231 327 -96 ..........................................June 10,447 10,392 55 152 -97 9,317 9,070 247 274 -27 ..........................................July 10,568 10,501 67 161 -94 9,396 9,120 276 210 66 ..........................................Aug. 10,534 10,473 61 194 -133 9,510 9,210 300 144 156 ..........................................Sept. 10,758 10,763 -5 186 -191 9,617 9,382 235 167 68 ..........................................Oct. 10,841 10,847 -6 273 -267 9,748 9,501 247 217 30 10,969 10,897 72 270 -198 9,856 9,628 228 180 48 Week ending— 9,969 9,947 22 22 8,749 8,523 226 65 161 9,882 9,844 38 69 -31 8,847 8,572 275 50 225 ..............................................13 10,049 10,018 31 52 -21 8,849 8,637 212 96 116 ..............................................20 10,177 10,130 47 199 -152 9,010 8,687 323 1 17 206 ..............................................27 10,387 10,335 52 172 -120 9,054 9,003 51 246 -195 ......................1968—July 3 10,328 10,244 84 115 -31 9,359 9,037 322 271 51 ...............................................10 10,459 10,428 31 121 -90 9,343 9,130 213 282 -69 ..............................................17 10,499 10,441 58 200 -142 9,442 9,094 348 257 91 ..............................................24 10,545 10,477 68 179 -111 9,248 9,047 201 282 -81 ..............................................31 10,538 10,515 23 170 -147 9,390 9,095 295 230 65 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 10,545 10,444 101 26! - 160 9,511 9,215 296 133 163 ..............................................11 10,467 10,461 6 147 -141 9,473 9,125 348 139 209 ..............................................18 10,447 10,447 .................. 191 -191 9,445 9,234 211 107 104 ..............................................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 10,742 10,832 -90 107 -197 9,579 9,427 152 169 -17 ..............................................23 10,904 10,810 94 228 -134 9,682 9,456 226 255 -29 ..............................................30 10,645 10,721 -76 150 -226 9,658 9,404 254 185 69 11,054 10,893 161 334 -173 9,685 9,406 279 212 67 ..............................................13 10,838 10,934 -96 251 -347 9,748 9,517 231 219 12 ..............................................20 10,900 10,846 54 282 -228 9,800 9,589 211 234 -23 ..............................................27 10,824 10,788 36 247 -211 9,810 9,575 235 197 38 10,736 10,773 -38 201 -239 9,726 9,533 193 148 45 ..............................................ID 10,862 10,845 17 231 -214 9,792 9,571 221 195 26 ..............................................18’ 10,961 10,938 23 260 -237 9,952 9,691 261 168 93 ..............................................25’ 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.—Averages of daily figures, Monthly data arc averages of daily Required reserves: Based on deposits as of opening of business each day. figures within the calendar month; they are not averages of the 4 or 5 Borrowings at F.R. Banks: Based on closing figures. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 8 MAJOR RESERVE CITY BANKS □ JANUARY 1969 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS (In millions of dollars unless otherwise noted) Basic reserve position Interbank Federal funds transactions Related transactions with U.S. Govt, securities dealers Less— Net— Gross transactions Net transactions Reporting banks week a e n n d d ing— s E e x r r v c e e e ­ s s s 1 r a o B t B w a F o i n n . r k R g ­ s s . F f i b e u n N a d n t e e n e d t k r r s a ­ l S d u e r f p ic lu it s r P r e e e q a s r o e u v c r g i f v r e . e e n d s t ch P a u s r e - s Sales a 2 c t T r - t a o w io n t a a n s y s l ­ 2 b c o b P h u a f a y u n n s i k r n e e - s g s t s o b S e a f a l n l l n i e n k e s g s t d L e o a t a o le n r s s3 de f r B i r a n o o o g l w e m s r r - ­ s4 lo N a e n t s trans. Total—-46 banks 1968 -Nov. 6............. 22 155 3,115 -3,248 28.3 5,061 1 .947 1 ,853 3,208 93 1 ,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 21 1 2,991 -3,076 26.0 5,064 2,073 1 ,958 3,106 1 15 1 ,321 167 1 ,154 27............. 8 206 I ,932 -2,130 18.6 4,384 2,452 2,007 2,377 445 1 ,000 160 840 Dec. 4............. 202 221 2,290 -2,309 20,2 4,672 2,382 2.132 2,540 250 1 ,IH 108 1 ,003 II............. -16 200 3,355 -3,571 30.9 5,413 2,058 1 ,955 3,458 103 1 ,388 126 1 ,262 18............. 101 360 3,156 -3,416 29.0 5,321 2,165 1 .969 3,352 195 I ,838 97 1 ,741 25............. 168 643 3,220 -3,695 31.6 5,054 1 .834 1 ,680 3,375 155 1 ,301 108 1,193 8 in New York City 1968—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 Dec, 4............. 140 69 395 -324 7.3 1 ,524 1 ,129 999 525 130 724 83 641 11 -30 86 938 -1 ,054 23.4 1 ,918 981 979 940 2 877 101 776 18............. 69 104 1,154 -1 ,189 25.4 1 ,997 843 843 1,154 I ,234 83 1 ,151 25............. 148 275 1 ,389 -1,515 33.2 1 .966 578 568 1 ,399 10 957 108 848 38 outside New York City 1968—Nov. 6............. - 1 1 1 19 1 ,944 -2,075 29.6 3,112 1,167 1 ,082 2,030 86 907 50 857 13............. 1 17 242 2,029 -2,154 30. 1 3,309 I ,280 1 ,154 2,155 126 462 50 412 20............. 4 168 1 ,877 -2,04l 28.6 3,122 I ,246 1 ,165 1 ,958 81 625 50 575 27............. 16 154 1 ,620 -1,758 24.9 2,891 1 ,272 I ,068 1 ,823 204 392 39 353 Dec. 4............. 62 152 1 ,896 -1 ,985 28.2 3,149 1 ,253 1 ,133 2,016 120 387 25 362 11 14 1 14 2,417 -2,517 35.6 3,495 1 ,078 976 2,518 101 511 25 486 18............. 32 256 2,003 -2,227 31 .3 3,324 1 ,322 1,127 2,198 195 604 14 590 25............. 20 368 1 .831 -2,179 30.6 3,088 1 ,257 1,112 1 ,976 145 345 ............... 345 5 in City of Chicago ! 968—Nov. 6............. 10 361 -372 36.2 71! 349 349 361 31 31 13 9 389 -380 35.6 763 374 371 392 3 2 2 20............. 21 21 1 -190 18.0 702 491 492 211 69 69 27............. -8 9 217 -235 22.5 585 367 363 222 4 41 41 Dec. 4............. 23 9 361 -347 33.1 691 330 330 361 33 33 II............. 3 613 -61 1 57.3 875 262 262 613 44 44 18............ 4 45 300 -341 31 .7 741 440 369 372 72 36 36 25............. 20 149 385 — 513 48.7 759 374 374 385 34 ............... 34 33 others 1968-Nov. 6............. -1 1 109 1 ,583 -1 ,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 Dec. 4............. 39 142 1 ,535 -1,638 27.4 2,458 923 803 1 ,655 120 354 25 329 II............. 1 1 1 14 1 ,804 -1,907 31.8 2,620 816 715 1 ,905 101 467 25 442 18............. 28 212 1 ,702 -1 ,886 31.3 2,584 881 758 1 ,826 124 569 14 555 25............. - 1 219 1 ,446 — 1,666 27.5 2,329 883 738 1 ,591 145 31 1 ............... 31 I 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 oil set ting. and back data, see Aug. 1964 Bulletin, pp. 944-74. 2 Federal funds loaned, net funds supplied to each dealer by clearing banks, repurchase agreements (purchases of securities from dealers u bject to resale), or other lending arrangements. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1969 □ 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 Dec. 31 date rate Dec. 31 date rate Dec. 31 date rate Boston............................................... 5% Dec. 18, 1968 5% 6 Dec. 18, 1968 5% 6*6 Dec. 18, 1968 6*4 New York......................................... 5'A Dec. 18, 1968 5% 6 Dec 18 1968 5% 7 Dec. 18 1968 6% Philadelphia....................................... 5'A Dec. 18, 1968 5% 6 Dec. 18 1968 5% 6 Mt Dec. 18 1968 6*4 Cleveland........................................... 5'4 Dec. 18, 1968 5M 6 Dec. 18, 1968 5% 7 Dec. 18i 1968 63/4 Richmond......................................... 514 Dec. 18 1968 5% 6 Dec 18 1968 5% 6 Ml Dec. 18 1968 614 Atlanta............................................... 5 Mi Dec. 1 8, 1968 5% 6 Dec 18 1968 5% 6^/4 Dec. 18 1968 6*4 Chicago.............................................. 5 Mt Dec. 1 8, 1968 5*4 6 Dec 18 1968 5% 614 Dec. 18, 1968 6 3/4 St. Louis............................................ 5]/2 Dec. 20, 1968 5 Mi 6 Dec. 20 1968 5% 6*4 Dec. 20, 1968 6 3/4 Minneapolis....................................... 5*4 Dec. 18, 1968 5% 6 Dec. 18 1968 5% 6*4 Dec. 18, 1968 63/4 Kansas City....................................... 5 Mt Dec. 201968 5’4 6 Dec. 20, 1968 5% 6L/2 Dec. 20, 1968 614 Dallas;............................................... 514 Dec. 18, 1968 5*4 6 Dec. 18’ 1968 5% 63/4 Dec. 18i 1968 6*% San Francisco................................... 5'4 Dec. 20; 1968 5% 6 Dec. 20,' 1968 5M 614 Dec. 20; 1968 6'/4 1 Discounts of eligible paper and advances secured by such paper or 2 Advances secured to the satisfaction of the F.R. Bank. Maximum by U.S. Govt, obligations. Rates shown also apply to advances secured maturity: 4 months, by obligations of Federal intermediate credit banks maturing within 6 J 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 ah F.R. of Banks N.Y. Banks N.Y. Banks N.Y. In effect Dec. 31, 1941......... 1 -1’4 1 1955—Cont. 1960 2 -21/4 ^ 4 1942 13............................... 2% 10..............................3.'4 1 1 Nov. 18............................... 234-214 % 14............................... 3'4 3*4 Oct 15 ......... t }4-i 1 23............................... 2'4 Aug. 12............................... 3 -3'4 3 30 ..... t ‘A t'4 Sept. 9.............................. 3 3 1956 1946 Apr. 13............................... 2'4-3 % 1963 t 3 1 /4-1 1 1 Au ' g " , 2 3 2 0 1 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 M ’4 3 - - 3 3 3 3 July 17....... ' . .... 2 .. 6 .. . . . . . . . . . . . . . .3 . . . . . . . . 3. . . .- '. . 4 3 . . .. ' . 4 .. .......... ^ . 1948 Jan. 12.........................1. .....-.l..'/4 Id 1957 1964 19 ...... 13/4 Aug. 9......................3.. ....-..3.'4 3 Nov. 24............................... 3'4-4 4 13/4-114 lit " 23............................... 3'4 3’4 30............................... 4 4 23................................... 1V4 13/4 Nov. 15............................... 3 -3'4 3 Dec. 2............................... 3 3 1965 Aug “ . 2 2 1 5 . . . .. . .. . . . . . 1 . . . . 9 . . . 5 . . . . 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1'/ 1 i- % i 3/4 !d Ja 1 n 9 . 5 8 2 2......................2...M...-..3. 3 13............................... 4 4 - '4 4'4 4 4* '4 4 24............................... r^ 1953 Mar. 7............................... 1967 IM-2 2 13............................... 2'4-2’4 2'4 Apr. 7............................... 4 -4'4 4 23................................. 2 2 21............................... 2'4 2'4 14............................... 4 4 1’4-2'4 Nov. 20............................... 4 -4'/4 4’4 1954 1’4 1M 27............................... 414 4’4 Feb. 5........................I.M....-..2.. Aug. 15............................... 1’4-2 1’4 M " a y 2 1 1 1 6 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1‘4 ^ I l' - M - / 1 1 4 M ’4 i 1 l 1 ' m / M ' 4 4 S O N e c o ' p t v . t . . 2 2 1 7 4 3 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 1 ’4 2 2 - - ' 2 2 4 1/4 2 2 2 2 '4 M Ap a r r . . 2 1 1 2 5 9 . . . . . . . . . . . . 1 . . . . . . 9 . . . . . . 6 . . . . . . 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 4 ' 5 4 - - 5 5 '4 4 5 i d ’4 ’ 15.... 1 .. 9 .. 5 .. 5 ....................... 1 H 13 ' 4 4 /4 - - 1 -2 1 3 1 M / / 4 4 1 IM '4 J M u a n y e 2 1 1 6 2 9 . . M . . . . . . . . 1 . . a . . . 9 . . r . . . 5 . . , . . 9 . . . . . . . . 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .......2. 3 . .'.4. 3 3 .-. - ' .3 4 3 . '4 3 3 3 3 ' ' 4 4 A D u e * g c. . 2 2 1 1 6 0 8 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ~ . . . . . . . . . . . . . . . . . . . . . 3 . . . . . . . . 0 . . . . . . . ....... 5 5 .. ' . ' 4 . 4 5 5 5 .. - - ' M ' . 5 4 4 . 5 . 1 . ' . 4 . 4 .. .......... i 5 5 d ' ' 4 4 5................................ 13/4-2>/4 2 Sept. 11..,........................ 3'4-4 4 12................................. 2 -2>/4 2 ' 18............................... 4 4 In effect Dec. 31 .............. 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, 1.8 5; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.37 5; 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. 439^2. 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 □ JANUARY 1969 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 b C re a e c s n n i e k t t y r s r v a e 3 l b s a c R e i n r t e v y k ­ e s C ba o tr n u y k n s ­ c b l a a ( o a n ss f k ll e s s ) Effective date 1 Un c d it e y r ban O k v s er Unde b r a nks Over de S in i p a t g s o v s ­ s ­ U ti n m d e e r d ep O os v i e ts r $5 mil­ $5 mil­ $5 mil­ $5 mil­ $5 mil­ S3 mil­ lion lion lion lion lion lion In effect Dec. 31, 1949........ 22 18 12 5 1966—July 14,21........ 5 1614 3 12 34 54 5 Sept. 8, 15........ 6 1951—Jan. 11, 16................ 23 19 13 6 Jan. 25, Feb. 1.... 24 20 14 1967—Mar. 2............... 3ft 3ft 1953—July 9,1.................. 22 19 13 Mar. 16.............. 3 3 1954—June 24, 16................ 21 5 July 29, Aug. 1.... 20 18 ii 1968—Jan. 11, 18........ 161,4 17 12 1214 1958—Feb. 27, Mar. 1.... 1914 17ft lift Mar. 20, Apr. 1.... 19 17 11 In eflect Dec. 31, 1968.. 16'4 17 12 1214 3 3 6 Apr. 17...................... 18ft Apr. 24...................... 18 16Vi Present legal I960—Sept. 1....................... 17ft requirement: Nov. 24....................... 12 Minimum................... 10 7 3 3 3 Dec. 1...................... IW 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. banka. For changes prior to 1950 see Board’s Annual Reports. 5 Sec preceding columns for earliest effective date of this rate. 2 Demand deposits subject to reserve requirements are gross demand deposits minus cash items in process of collection and demand balances Note.—All required reserves were held on deposit with F.R. Banks due from domestic banks. June 21, 1917, until Dec. 1959. From Dec. 1959 to Nov. 1960, member 3 Authority of the Board of Governors to classify or reclassify cities banks were allowed to count part of their currency and coin as reserves; as central reserve cities was terminated effective July 28, 1962. effective Nov. 24, 1960, they were allowed to count all as reserves. For further details, see Board’s Annual Reports. MARGIN REQUIREMENTS (Per cent of market value) Effective date Regulation Apr. 23, Jan. 16, Aug. 5, Oct. 16, July 28, July 10, Nov. 6, Mar. 11, June 8, 1955 1958 1958 1958 1960 1962 1963 1968 1968 Regulation T: For credit extended by brokers and dealers on—• Listed stocks....................................................... 70 50 70 90 70 50 70 70 80 Listed bonds convertible into stocks.......... 50 60 For short sales............................................................ 70 50 70 90 70 50 70 70 80 Regulation U: For credit extended by banks on— Stocks................................................................... 70 50 70 90 70 50 70 70 80 Bonds convertible into listed stocks.................... 50 60 Regulation G: For credit extended by others than brokers and dealers and banks on— Listed stocks........................................................... 70 80 Bonds convertible into listed stocks................... 50 60 Note.—Regulations G, T, and U, prescribed in accordance with Secu­ difference between the market value (100 per cent) and the maximum rities Exchange Act of 1934, limit the amount of credit to purchase and loan value. carry registered equity securities that may be extended on certain secu­ Regulation G and special margin requirements for bonds convertible rities by prescribing a maximum loan value, which is a specified percentage into stocks were adopted by the Board effective Mar. 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

JANUARY 1969 □ MAXIMUM INTEREST RATES; BANK DEPOSITS A 11 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 Other time deposits: 2 Less than 12 months...................... 314 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’/i Single-maturity: 6 months to 12 months.................. 3!4 4 4’4 Less than $100,000............... 5’A 5 5 90 days to 6 months....................... 2^ $100,000 or more: Less than 90 days............................ 1 1 4 30—59 days......................... 5ft (30-89 days) ' 60—89 days.............................. 5% 90-179 days............................ 5’4 SW 6 180 days and over................. 6'A 1 Closing date for the Postal Savings System was Mar. 28, 1966. Max­ Note.—Maximum rates that may be paid by member banks as estab­ imum rates on postal savings accounts coincided with those on savings lished by the Board of Governors under provisions of Regulation Q; deposits. however, a member bank may not pay a rate in excess of the maximum 2 For exceptions with respect to certain foreign time deposits, see rate payable by State banks or trust companies on like deposits under Bulletins for Oct. 1962, p. 1279; Aug, 1965, p. 1084; and Feb. 1968, the laws of the State in which the member bank is located. Beginning p. 167. Feb. 1, 1936, the FDIC has established identical rates for nonmember 3 Multiple-maturity time deposits include deposits that are automati­ insured commercial banks. cally renewable at maturity without action by the depositor and deposits For rates before 1962 see Board’s Annual Reports. that are payable after written notice of withdrawal. DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS (In millions of dollars) Reserve city banks Reserve city banks Item m b e a A m n l! k b s er New City C b o a u n n ks try Item m b e a A m n l k b l s er New City C b o a u n n ks try York of Other York of Other City Chicago City Chicago Four weeks ending Nov. 6, 1968 Four weeksending Dec. 4, 1968 Gross demand—Total... 169,847 36,882 7,037 60,868 65,060 Gross demand—Total.... 172,555 37,692 7,133 61 ,412 66,318 Interbank.................. 19,708 7,407 1 ,304 8,588 2,410 Interbank........................ 20,468 7,795 1 ,377 8,832 2,464 U.S. Govt.................. 4,958 888 250 2,048 1 ,772 U.S. Govt....................... 3,273 425 129 1 ,225 1 ,497 Other......................... 145,182 28,588 5,483 50,233 60,879 Other............................... 148,811 29,471 5,627 51,356 62,357 Net demand i............1..3..0...,148 23,135 5,008 47,238 54,767 Net demand 1.................... 130,050 22,550 5,052 46,915 55,533 Time.....................1.6..1.. .,.4..4..4... 20,730 6,120 6!,711 72,885 Time.................................... 86,274 15,695 4,076 33,394 33,111 Demand balances due Demand balances due from dom. banks.... 9,361 397 661 2,027 6,276 from dom. banks....... 9,671 445 612 2,120 6,494 Currency and com.......... 4,482 366 76 1 ,387 2,653 Currency and coin............ 4,539 377 80 1 ,413 2,669 Balances with F.R. Balances with F.R. Banks............................. 22,149 4,668 1 ,107 9,407 6,967 Banks............................... 22,349 4,666 1 ,092 9,493 7,097 Total reserves held.......... 26,631 5,034 1 ,183 10,794 9,620 Total reserves held........... 26,887 5,043 1 ,172 10,906 9,766 Required..................... 26,402 5,023 J, 183 10,796 9,400 Required......................... 26,599 5,032 1,167 10,880 9,52/ Excess........................ 229 11 — 2 220 Excess............................. 287 11 5 26 245 1 Demand deposits subject to reserve requirements are gross demand Note.-—Averages of daily figures. Balances with F.R. Banks arc as deposits minus cash items in process of collection and demand balances of close of business; all other items (excluding total reserves held and due from domestic banks. excess reserves) are as of opening of business. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 12 FEDERAL RESERVE BANKS □ JANUARY 1969 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1968 1968 1967 Dec. 25 Dec. 18 Dec. 11 Dec. 4 Nov. 27 Dec. 31 Nov. 30 Dec. 31 Assets Gold certificate account................................. 10,026 10,026 10,026 10,026 10,026 .10,026 10,026 11,481 Cash...................................................................................... 208 220 230 242 247 207 251 360 Discounts and advances: Member bank borrowings....................................... 331 968 271 121 1,195 188 471 141 Other................................................................................ Acceptances: Bought outright............................................................. 55 55 60 60 60 58 58 75 Held under repurchase agreements............................. 26 89 Federal agency obligations—Held under repurchase agreements.................................................................. 13 38 U.S. Govt, securities: Bought outright: Bills.............................................................................. 18,201 16,819 17,232 18,465 19,033 18,756 19,169 15,975 Certificates—Special................................................. Other.................................................... Notes........................................................................... 28,706 28,706 28,706 28,706 28,706 28,706 28,706 26,918 Bonds........................................................................... 5>75 5,475 5,475 5,475 5,475 5,475 5,475 6,087 Total bought outright................................................. 52,382 )5I,000 151,413 152,646 53,214 52,937 53,350 48,980 Held under repurchase agreements............................ 211 132 Total U.S. Govt, securities.............................................. 52,593 51,000 51,413 52,646 53,214 52,937 53,350 49,112 Total loans and securities................................................. 53,018 52,023 51,744 52,827 54 469 53,183 53,879 49,455 Cash items in process of collection................................. 9^634 11,064 9,106 9,215 8,585 "9,451 ”8,622 8,465 Bank premises.................................................................... 113 114 1 14 114 1 14 113 114 11 2 Other assets: Denominated in foreign currencies......................... 2,180 2,224 2,279 2,210 2 203 2 061 2,211 1 ,604 IMF gold deposited2................................................... 230 230 230 230 230 *230 230 233 All other.......................................................................... 453 418 395 368 324 603 337 316 Total assets......................................................................... 75,862 76,319 74,124 75,232 76,198 275,874 75,670 72,026 Liabilities F.R. notes........................................................................... 44,839 44,610 44,489 44,155 43,911 44,726 43,855 41,642 Deposits: Member bank reserves............................................. 22,202 21,578 20,490 21 .148 22,744 3’21 ,807 22,533 20,999 U.S. Treasurer—General account............................... 168 442 58 649 441 703 478 1 123 Foreign............................................................................ 226 228 212 225 252 216 220 ’135 Other: IMF gold deposit2.................................................... 230 230 230 230 230 230 230 233 All other...................................................................... 260 218 196 216 202 517 206 430 Total deposits..................................................................... 23,086 22,696 21 ,186 22,468 23,869 ”23,473 23,667 22,920 Deferred availability cash items...................................... 6,102 7.241 6,493 6,703 6,576 6,020 6,275 5,972 Other liabilities and accrued dividends........................... 403 391 412 412 401 395 409 296 Total liabilities................................................................... 74,430 74,938 72,580 73,738 74,757 ”74,614 74,206 70,830 Capital accounts Capital paid in.................................................................... 627 626 625 625 625 630 625 598 Surplus."............................................................................... 598 598 598 598 598 630 598 598 Other capital accounts...................................................... 207 157 321 271 21 8 241 Total liabilities and capital accounts............................. 75,862 76,319 74,124 75,232 76,198 ”75,874 75,670 72,026 Contingent liability on acceptances purchased for foreign correspondents............................................. 112 113 112 113 1 14 109 1 14 156 U.S. Govt, securities held in custody for foreign account................................................................. 9,650 9,706 9,447 9,757 9,947 9,120 9,673 9,223 Federal Reserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank)...................... 47,422 47,229 46,879 46,597 46,346 47,560 46,409 44,311 Collateral held against notes outstanding: Gold certificate account.......................................... 4,057 3,997 3,997 3,997 3,997 4,057 3,997 6,663 Eligible paper............................................................. U.S, Govt, securities.................................................... 44,441 44,341 43,871 43,751 43,641 44,691 43 641 38 606 Total collateral................................................................... 48,498 48,338 47,868 47,748 47,638 48,748 47,638 45,269 1 Reflects 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

JANUARY 1969 □ FEDERAL RESERVE BANKS A 13 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON DECEMBER 31, 1968 (In millions of dollars) Phila­ Kan­ San Item Total Boston New del­ Cleve­ Rich­ Atlan­ Chi­ St. Minne­ sas Dallas Fran­ York phia land mond ta cago Louis apolis City cisco Assets Gold certificate account....................... 10,026 554 2,813 494 739 861 524 1,491 353 229 338 344 1 ,286 F.R. notes of other banks.................... 784 63 162 35 67 83 80 58 33 18 35 43 '107 Other cash............................................... 207 II 21 5 24 13 27 27 25 3 16 12 23 Discounts and advances: Secured by U.S. Govt, securities.... 155 66 * 1 1 3 50 1 4 8 5 7 Other................................................... 33 ............. 8 10 15 Acceptances: Bought outright................................. 58 ............ 58 Held under repurchase agreements.. Federal agency obligations—Held under repurchase agreements.......... U.S. Govt, securities: Bought outright................................. 52,937 2,762 12,687 2,810 4,175 3,978 2,937 8,698 1 ,869 1 ,023 2,050 2,253 7,695 Held under repurchase agreements.. Total loans and securities..................... 53,183 2,762 12,819 2,810 4,186 3,981 2,947 8,763 1 ,870 1 ,027 2,058 2,258 7,702 Cash items in process of collection... 11,765 605 2,634 536 807 886 907 2,062 574 403 824 619 908 Bank premises........................................ 113 3 10 2 5 10 18 17 8 3 19 9 9 Other assets: Denominated in foreign currencies.. 2,061 101 1529 109 185 107 130 301 70 48 91 118 272 IMF gold deposited 2....................... 230 230 All other.............................................. 603 24 118 149 39 39 26 76 17 9 18 20 68 Total assets............................................. 78,972 4,123 19,336 4,140 6,052 5,980 4,659 12,795 2,950 1,740 3,399 3,423 10,375 Liabilities F.R. notes............................................... 45,510 2,637 10,511 2,616 3,700 4,142 2,476 8,076 1 ,677 764 1,679 1 ,575 5,657 Deposits: Member bank reserves.................. 21,807 731 5,868 893 1,538 1 ,021 1 ,306 3,022 784 678 1,039 1,271 3,656 U.S. Treasurer—General account.. 703 681 1 1 1 1 15 1 2 Foreign................................................ 216 11 352 12 20 11 14 32 7 5 10 13 29 Other: IMF gold deposit 2....................... 230 230 All other......................................... 517 13 287 13 18 21 12 39 8 6 10 11 79 Total deposits......................................... 23,473 755 7,118 918 1 ,576 1 ,054 1 ,333 3,094 800 704 ! ,059 1 ,296 3,766 Deferred availability cash items.......... 8,334 649 1 ,292 520 632 688 749 1,373 415 234 591 464 727 Other liabilities and accrued dividends 395 20 95 20 32 30 21 66 14 10 16 16 55 Total liabilities....................................... 77,712 4,061 19,016 4,074 5,940 5,914 4,579 12,609 2,906 1 ,712 3,345 3,351 10,205 Capital accounts Capital paid in....................................... 630 31 160 33 56 33 40 93 22 14 27 36 85 Surplus..................................................... 630 31 160 33 56 33 40 93 22 14 27 36 85 Total liabilities and capital accounts.. 78,972 4,123 19,336 4,140 6,052 5,980 4,659 12,795 2,950 1 ,740 3,399 3,423 10,375 Contingent liability on acceptances purchased for foreign correspond­ ents................................................... 109 5 <28 6 10 6 7 16 4 2 5 6 14 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank)................................................... 47,560 2,714 11,038 2,684 3,933 4,272 2,597 8,390 1 .738 790 1 ,754 1,715 5,935 Collateral held against notes out­ standing: Gold certificate account................... 4,057 280 500 300 600 665 350 1 ,000 180 27 ...........1.55 ............ U.S. Govt, securities......................... 44,691 2,451 10,600 2,500 3,400 3,690 2,300 7,650 1 ,670 775 1 ,775 1 ,630 6,250 Total collateral....................................... 48,748 2,731 11,100 2,800 4,000 4,355 2,650 8,650 1 ,850 802 1 ,775 1,785 6,250 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 □ JANUARY 1969 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 t c i u f r h t r s i . t y tions 1967—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 Nov............. 3,602 3,430 150 3,602 3,430 150 -6,293 5,586 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 Govt, (net re­ repur­ change 1 c G h p r a u o s r s e ­ s s G sa ro le s s s o E t s u r h x r m i c i f t t h y s a . ­ c G h p r a u o s r s e ­ s s G sa ro le s s s o E s t r u h x r m i c f i t t h s y a . ­ c G h p r a u o s r s e ­ s s G sa ro le s s s s it e ie c s ur­ p m u a r g e c r n h e t a e s s ­ ) e r O i n g u e h t t t ­ , a m c g h n e r a e e n s e t t e s ­ , 1967—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 2,488 2,753 1 19 -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 M,636 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 Nov.. .. 708 980 980 21 2 23 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—Sept................................. 788 754 13 3 1 13 1 1 * 3 Oct................................ 953 898 * 3 J 46 1 1 ♦ 3 Nov................................ 1,307 1,140 19 3 1 140 1 I * 2 Dec................................ 1 '604 1,140 45 3 413 1 1 * 2 1968—Jan.................................. 1 470 1 ,142 45 253 1 25 1 I 3 Feb.................................. 1 ,489 1 ,’152 50 253 1 27 1 1 4 Mar................................ 1,542 1,197 50 253 1 33 2 1 2 4 Apr................................ 1,536 1,195 50 256 1 26 2 I 2 4 May............................... 1 ^926 1 ^544 50 256 1 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 1 57 2 Aug................................ 1 ,055 601 53 4 25 235 75 1 I 57 3 Sept................................ 1 ,281 698 13 4 ...........4..5..2.. 75 1 1 33 3 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1969 □ 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 Dec. 25 Dec. 18 Dec. 11 Dec. 4 Nov. 27 Dec. 31 Nov. 30 Dec. 31 Discounts and advances—Total...................................... 331 968 271 121 1,195 188 471 141 Within 15 days............................................................... 326 963 267 1 18 1,193 186 469 139 16 days to 90 days......................................................... 5 5 4 3 2 2 2 2 91 days to 1 year........................................................... Acceptances—Total........................................................... 81 55 60 60 60 58 58 164 Within 15 days................................................................ 41 15 15 14 13 16 12 101 16 days to 90 days......................................................... 40 40 45 46 47 42 46 63 91 days to 1 year........................................................... U.S. Government securities—Total............................... 52,606 51,000 51,413 52,946 53,214 52,937 53,350 49,150 Within 15 days 1............................................................ 2,436 1 ,039 J ,210 1 ,365 2,591 1 ,341 1 ,425 1 ,365 16 days to 90 days......................................................... 16,717 16,524 16,495 17,479 16,826 18,243 18,123 8,551 91 days to 1 year........................................................... 9,019 9,003 8,916 9,010 9,005 8,919 9,010 21,662 Over 1 year to 5 years................................................... 12,880 12,880 13,238 13,238 13,238 12,880 13,238 16,185 Over 5 years to 10 years............................................... 10,943 10,943 10,943 10,943 10,943 10,943 10,943 832 Over 10 years................................................................. 611 611 611 611 611 611 61 1 555 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 (billions of dollars) Turnover of demand deposits Period 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 e ta . x S Y l c A . 2 l. ) 3 ’s 2 S o M 2 th S 26 e A r ’s S T M 2 o 3 S t 3 a A l ’s N Le .Y ad . ing S 6 M o S th A e ’s rs2 T S o N ( M t e a . x S Y l c A . 2 l ) . 3 ’s 2 S o M 2 th 2 S e 6 A r ’s 1967—Nov................................ 6,997.7 3,100.8 1,557.8 3,896.9 2,339.1 58.4 130.2 55.7 41.2 34.8 Dec................................ 7,047.0 3,149.7 1 ,515.4 3,897.3 2,381.9 58.5 122.1 54.6 41.1 35.3 1968—Jan................................. 7,369.4 3,323.4 1,584.8 4,046.0 2,461.2 60.2 128.5 55.6 41.6 36.0 Feb................................ 7,263.9 3,216.8 1,593.3 4,047.1 2,453.8 59.8 129.2 56.9 42.1 36.1 Mar............................... 7,218.7 3,197.9 1,601.6 4,020.8 2.419.2 59,3 128.2 56.5 41.6 35.7 Apr................................ 7,500.7 3,285.5 1,673.5 4,215.2 2,541.7 59.7 126.7 57.4 42.3 36.2 May............................... 7,614.0 3,370.6 1,722.0 4,243.4 2,521.4 61.0 129.5 58.8 43,0 36.1 June............ 7,948,5 3,595.0 1,771.0 4,353.5 2,582.5 62.4 131.4 59.5 43.4 36.6 July.............................. 8,163.0 3,726.1 1 ,807.9 4,436.9 2,629.0 64.3 140.3 59.9 43,7 37.0 Aug................................ 8,521.8 4,079.6 1,825.2 4,442.2 2,617.0 65.2 147.7 60.8 43.7 36,5 Sept................................ 8,368.4 3,857.8 1,840.2 4,510.6 2,670.4 64.7 144.7 61.3 43,8 36.7 Oct................................. 8,599.8 3,953.7 1,904.9 4,646.1 2,741.2 66.3 143.1 64.4 45,6 37.7 Nov................................ 8,540.1 3,925.9 1 ,904.1 4,614.2 2,710.1 66.5 144.6 63.0 44,9 37.4 Dec........................... 8,752.9 4,076.8 1,902.4 4,676,1 2,773.7 65.9 147.7 61.1 44.5 37.5 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 □ JANUARY 1969 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 1 355 2 731 2,545 3 044 724 1 433 261 556 24 46 1945....................... 28,515 20’683 1,274 1,039 73 2,313 6,782 9’201 7 834 2 327 4 220 454 801 7 24 1947....................... 28 868 20,020 1 404 1 048 65 2,110 6,275 9 119 8 850 2 548 5’070 428 782 5 17 1950....................... 27,741 19,305 1,554 1,113 64 2 049 5 998 8,529 8 438 2*422 5*043 368 588 4 12 1955....................... 31 158 22’021 1 327 1 312 75 2 151 6,617 9*940 9 136 2 736 5 641 307 438 3 12 1958....................... 32,193 22’856 2,182 1,494 83 2,186 6,624 10,288 9 337 2*792 5 886 275 373 3 9 1959....................... 32 591 23,264 2 304 1,511 85 2,216 6 672 10 476 9,326 2 801 5 913 261 341 3 5 1960....................... 32'869 23,521 2,427 1,533 88 2,246 6*691 10,536 9 348 2,815 5*954 249 316 3 10 1961....................... 33 918 24*388 2’582 1 J88 92 2*313 6 878 10 935 9,531 2 869 6 106 242 300 3 10 1962....................... 35 338 25’356 2,782 1 636 97 2,375 7 071 11,395 9 983 2 990 6 448 240 293 3 10 1963....................... 37 692 26,807 3,030 1,722 103 2,469 7,373 12,109 10,885 3*221 7 J16 249 298 3 4 1964....................... 39 619 28 J00 3^405 1 306 ill 2*517 7 543 12,717 11 519 3 381 7590 248 293 2 4 1965....................... 42 056 29,842 4327 1,908 127 2*618 7 794 13,369 12 214 3 540 8 135 245 288 3 4 1966....................... 44 663 31’695 4’480 2 051 137 2,756 8 070 14,201 12 969 3 700 8 735 241 286 3 4 1967—Oct............. 45 421 32,095 4,803 1 313 136 2,658 8,013 14,572 13 325 3 766 9 031 238 283 3 4 Nov........... 46,463 32,937 4*865 1 365 136 2,748 8,266 14’957 13,524 3*832 9,163 239 283 3 4 Dec............ 47'226 33368 4 918 2’035 136 2’850 8*366 15 162 13’758 3 915 9*311 240 285 3 4 1968—Jan............. 45,819 32,232 4,927 1,923 136 2.686 7,977 14,583 13,588 3 835 9,221 240 285 3 4 Feb............ 45 846 32,284 4*969 1 ’895 136 2,665 8 000 14,619 13,563 3 820 9 213 239 284 3 4 46,297 32 364 5,049 I 857 136 2 376 8,094 14 ,’852 13 632 3 840 9,261 239 285 3 4 iv/ay.......... 4 47 6 ,6 2 2 0 1 2 3 33 2 9 4 3 1 8 4 5 5 2 1 3 3 1 7 1 1 8 88 7 3 5 1 1 3 3 6 6 2 2 ,7 6 2 8 7 4 8 8 2 1 3 04 0 1 1 5 5 ', 0 2 0 0 2 7 1 1 3 3 7 6 8 8 7 3 3 3 8 8 5 9 7 4 9 9 2 3 9 6 3 0 2 7 4 4 0 0 2 28 8 6 6 3 3 4 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 33 363 5’385 1,871 136 2^720 8 261 15*590 14,015 3 971 9,511 240 286 3 4 48,353 34,238 5 349 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*65414 J79 4 002 9,641 241 288 3 4 48 719 34,421 5 ,’565 1 900 136 2,763 8 336 15’722 14 299 4 028 9,734 241 289 3 4 Nov............ 49,989 35 389 5’,625 1 357 136 2’,862 8,627 16*282 14,500 4,092 9,869 242 290 3 4 1 Outside Treasury and F.R. Banks. Before 1955 details are slightly 2 Paper currency only; $1 silver coins reported under coin. overstated because they include small amounts of paper currency held by the Treasury and the F.R. Banks for which a denominational break­ Note.—Condensed from Statement of United States Currency and down is not available. Coin, issued by the Treasury. KINDS OUTSTANDING AND IN CIRCULATION (In millions of dollars) Held in the Treasury Currency in circulation 1 Held by Total out­ Kind of currency s N ta o 1 n 9 v 6 d . 8 in 30 g c A g e s a o r s g t l s i i d l f a e v i c i c e n a a u r n s t r e t d i t s y Tr c e a a s s h ury A B F g a F a e . n n o R n d k r . t s s A B F g a a e . n n R n d k . t s s Nov. 30 1968 Oct. 31 No 1 v 9 . 6 7 30 Gold..................................................................................... 10,367 (10,026) 2341 Gold certificates................................................................. (10,026) 310,024 1 Federal Reserve notes....................................................... 46,409 106 2,553 43,750 42,542 40,831 Treasury currency—Total................................................ 6,786 295 252 6,239 6,177 5,631 Standard silver dollars...................................................... 485 .................. 3 482 482 482 Silver certificates................................................................ 376 Fractional coin............................................................. 5,670 277 .............2..4..9.. 5,144 5,083 4,383 United States notes...................................................... 323 14 3 306 304 304 In process of retirement4............................................. 308 308 308 86 Total—Nov. 30, 1968....................................................... 563,562 (10,026) 742 10,024 2,807 49,989 Oct. 31, 1968....................................................... 562,577 (10,026) 754 10,024 3,079 48,719 Nov. 30, 1967....................................................... 562,960 (12,770) 1 ,408 12,391 2,698 46,463 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

JANUARY 1969 □ 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 c D o d m e e m p p o o a s n n i e d t n t jus a te d d ­ 1 Total c C om ur p re o n n c e y n t c D o d m e e m p p o o a s n n i e d t n t jus a t d e ­ d 1 d d e e p m os a i n ts d 1 1965—Dec...................................................... 166.8 36.3 130.5 146.6 172.0 37.1 134.9 145.2 4.6 1966—Dec...................................................... 170.4 38.3 132.1 158.1 175.8 39.1 136.7 156,9 3 4 1967—Dec...................................................... 181.3 40.4 140.9 183.5 187.1 41.2 145.9 182.0 5.0 1968—Jan....................................................... 182.3 40.6 141,7 184.1 187,6 40.5 147.1 183,7 5.0 Feb...................................................... 182.7 40.7 141.9 185.2 181.4 40.3 141.1 185.8 7.2 Mar..................................................... 183.4 41.1 142.2’ 186.7 182.0 40.7 141.2 187.7 6.6 Apr...................................................... 184.3 41.4 143.0 187.1 185.6 41.1 144.5 187.9 4.2 May.................................................... 186.1 41.6 144.5 187.6 182.5 41.3 141.1 188.4 6.4 187.4 42.0 145.4 188.2 185.6 41.9 143.6 188.6 5.4 July...................................................... 189.4 42.2 147.2 190.4 187,2 42.4 144.8 190.8 5.7 Aug.................................................... 190.3 42.6 147.6 193.8 186.9 42.7 144.2 194.4 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 6.1 Nov...................................................... 191.9 43.2 148.7 201.9 193.4 43.7 149.7 200.7 4.2 Dec.*’................................................... 193.1 43.4 149.7 204.3 199.3 44.3 154.9 202.5 4.7 Week ending—■ 1968—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 43.2 149.0 201.7 193.2 43.6 149,6 200.5 3.3 27.............................................. 193.3 43.4 149.9 202.9 193.6 43.6 150.0 201.3 4.0 Dec. 4.............................................. 193,0 43.5 149,5 203.7 195.9 44. 1 151,8 201.9 3.3 11............................................... 193.1 43.5 149.6 204.1 197.0 44.4 152.6 202.4 3.2 18.............................................. 192.7 43.4 149.3 204.5 199.2 44,4 154.8 202.6 4.5 25”............................................ 192.9 43.4 149.5 204.6 199.6 44.7 154.9 202.6 1969—Jan. 1”............................................ 193,7 43.4 150,3 204, 1 203,6 43.9 159.7 202.7 5.2 1 At all commercial banks. mercial banks and the U.S. Govt., less cash items in process of collection and F.R. float; (2) foreign demand balances at F.R. Banks; and (3) cur­ Note.—For revised series beginning Jan. 1963, see June 1968 Bul­ rency outside the Treasury, F.R. Banks, and vaults of all commercial letin, pp. A-92—A-97. For monthly data 1947-58, see June 1964 Bul­ banks. Time deposits adjusted are time deposits at all commercial l p e p. t in 1 , 3 0 p 3 p - . 1 6 6 . 79-89; and for data for 1959-62, see Aug. 1967 Bulletin, b U a .S nk . s G o o v th t. e r E f t f h e a c n ti ve th J o u s n e e d 9 u , e 1 9 t 6 o 6 , d b o a m la e n s c t e ic s c a o cc m u m m e u r l c a i t a e l d b fo an r k p s a y a m n e d n t t h o e f Averages of daily figures. Money supply consists of (1) demand personal loans were reclassified for reserve purposes and are excluded from deposits at all commercial banks other than those due to domestic com­ time deposits reported by member banks. AGGREGATE RESERVES AND MEMBER BANK DEPOSITS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Member bank reserves 1 re D s e er p v o e s r it e s q s u u ir b e j m ec e t n to ts 2 Member bank reserves1 re D se e r p v o e s r it e s q s u u ir b e j m ec e t n to ts 2 Period Total N bo o r n ­ ­ qu R ir e e ­ d Total T a im nd e v P a r t i e ­ G U o .S vt . , Total N b o o n r­ ­ qu R ir e e ­ d Total T a im nd e v P a r t i e ­ G U o .S v . t, rowed savings demand demand rowed savings demand demand 1965—Dec........ 22.64 22.15 22.31 236,6 121.2 111.0 4.4 23.23 22.77 22.77 239.0 119.8 115.2 4.0 I960—Dec........ 22.90 22.29 22.60 244.6 129.4 111.7 3.5 23.47 22.91 23,08 247.1 127.9 116.1 3.0 1967—Dec....... 25.15 24.85 24.91 273.2 149.9 118.6 4.6 25.78 25.54 25.44 275.9 148.1 123.3 4.5 1968—Jan........ 25.50 25.19 25,15 274.7 149,9 119.4 5.4 26,04 25,80 25.65 278.3 149.4 124.4 4.4 Feb........ 25.77 25.40 25.39 277.0 150.2 119.7 7.1 25.61 25.25 25.21 276.1 150.9 118.8 6.4 Mar.. . . 25.81 25.14 25,40 278.0 151.2 120.1 6.7 25.58 24.91 25.22 277.1 152.2 119.1 5.8 Apr....... 25.62 24.94 25.28 276.9 151.3 120.4 5.2 25.55 24.86 25.28 277.5 152.0 121.7 3.7 May... , 25.71 24.98 25.24 277.3 151.5 122.1 3.7 25.51 24.76 25.09 276.5 152.3 118.6 5.6 June.. . . 25.82 25.12 25.44 278.8 151.8 123.2 3.9 25.71 25.02 25.36 278.3 152.2 121.3 4.8 July. . . . 25.92 25,43 25.60 280.9 153.8 124.3 2.7 26.00 25.48 25.70 281.7 154.1 122.6 5.0 Aug....... 26.43 25.92 26.05 285.9 156.5 124.6 4.8 26.06 25.50 25.69 283.6 157.2 121.7 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.”... 26.73 26.16 26.52 293.6 163.5 125,4 4.7 26.76 26.19 26.47 292.4 162.3 126,4 3.6 Dec.”... 26.98 26. 14 26.69 296.8 165,8 126.9 4.1 27.17 26.40 26.77 299.8 163.8 131 .9 4.1 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-weck lag. Note.—Back data for the period 1947 to date may be obtained from 2 Averages of daily figures. Deposits subject to reserve requirements in­ the Banking Section, Division of Research and Statistics, Board of Gover­ clude total time and savings deposits and net demand deposits as defined nors of the Federal Reserve System, Washington, D. C. 20551. by Regulation D. Private demand deposits include all demand deposits ex­ Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 18 BANKS AND THE MONETARY SYSTEM □ JANUARY 1969 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- Capital cur­ ities Total and Gold s r t e o i a n n u n g c t d ­ y ­ Total n L e o t a n 1, s , 2 Total s C a a v o n i m n d g l. s R F B e e a s d n e e k r r v s a e l Other3 O r s it e t i h e c e s u ­ r 2 ca a n p n e it d t al, c d u e a r p n r o e d s n it c s y c m ou i a n s n c e c t - . s t , 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.................... 22’706 171,667 60,366 96;560 72,'894 20;778 2>88 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 >97 354,371 323,251 31,118 1966—Dec. 31.................... 13'159 6'317 422,676 261,459 106',472 60,916 44,316 1 ,240 54,’745 442,152 400,999 41,150 1967 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 >00 1 ,200 71 >00 485,000 439,300 45,700 Mar. 27................... 10,500 6,800 468,000 279,300 116;300 65;600 49 >00 1 >00 72’300 485,200 439,200 46,000 Apr. 24................... 10,500 6,800 469,900 282;300 114^00 64,100 49,300 1 >00 73,200 487,100 440,800 46,400 May 29 ............ 10,400 6,800 472,400 283,100 116,300 64,700 50,500 1,100 72,900 489,500 441,300 48,200 June 29.................... 10^367 6,708 479,667 289;920 115;818 62;809 52.230 779 73'929 496,742 447,839 48,901 10,400 6’700 484,600 292,300 117,900 64,700 52,400 800 74>00 501,700 451,700 50,000 Aug. 28................... 10300 6,700 485,500 291,100 118;400 65;700 52,600 100 76,000 502,600 451,700 50,900 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 78 300 514,800 463,300 51,500 Nov. 27?’................... 10'400 6,800 499^000 299,400 120,000 66;700 53’,200 100 79,700 516,200 464,700 51,500 Dec. 31?’................... 10'400 6,800 513,000 310^600 121,600 68;600 52,900 100 80300 530,100 481,600 48,600 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted 4 Not seasonally adjusted Time U.S. Government Date Total o b r u C e a t n u s n c i k r d ­ y s e d ju e m s D p a t a e o d e n s d ­ ­ d i t s 5 Total o b r u C e a t n n s u c i k r d y ­ s e d ju e m s D p a t a e o d e n d s ­ ­ d i t s 5 Total b m C a e n o r k c m s ia ­ l 1 b M s a a u n vi t k n u s g a s l 6 S P t a S e o v y s m i s n ta ­ 3 g l s e n F i e g o t n r­ , 7 T h c i r u n o a e g r s l a y d s h s ­ ­ s b c a a a o v A n n i m n t d k g l s . s B F A a .R n t k . s 1947—Dec. 31.... 110,500 26,100 84,400 113,597 26,476 87,121 56,411 35,249 17,746 3,416 1,682 1,336 1,452 870 1950—Dec. 30.... 114,600 24,600 90,000 117,670 25,398 92,272 59,246 36,314 20,009 2,923 2,518 1,293 2,989 668 1963—Dec. 20.. .. 153,100 31,700 121,400 158,104 33,468 124,636 155,713 110,794 44,467 452 1,206 392 6,986 850 1966—Dec. 31.... 170,400 37,600 132,800 178,304 39,003 139,301 213,961 158,568 55,271 122 1,904 1,176 5,238 416 1967—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 43,500 149,000 265,100 201,200 63,900 2,400 800 3,600 400 Dec. 31?’... 198,400 42,600 155,800 206,000 43,500 162,500 266,300 202,200 64,200 2,500 800 5,400 700 1 Beginning with data for June 30, 1966, about JI .1 billion in “Deposits June 1961, also includes certain accounts previously classified as other lia accumulated for payment of persona! loans” were excluded from “Time bilities. deposits” and deducted from “Loans” at all commercial banks. These ? 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,” 3 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

JANUARY 1969 □ COMMERCIAL AND MUTUAL SAVINGS BANKS A 19 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Loans and investments Deposits — Total -------— —— assets— Securities Total Interbank3 Other Cla a s n s d o d f a b te ank Total Lo 1 a , n 2 s G U o .S v . t . Oth 2 er a C ss a e s t h s 3 b c c o i a l a a i u l p t n i c i a n i e d ­ t - t a s s l 4 Total 3 m D a e n ­ d Time U. D S. e ma O n t d her Ti 1 m .5 e B r i o n o g w r s - - c c T o a a o u p c t n i a t ­ t a s l ! N ba b u o n e m f k r s - Govt. All banks: 1941—Dec. 31................ 61,126 26,615 25,511 8,99927,344 90,908 81,816 10,982 44,355 26,479 23 8,414 14,826 1945—Dec. 31................ 140,227 30,361 101,288 8,57735,415 177,332 165,612 14,065 105,935 45,613 227 10,542 14.553 1947—Dec. 316.............. 134,924 43,002 81,199 10,723 38,388 175,091 161,865 12,793 240 1 ,346 94,381 53,105 6611,948 14,714 1966—Dec. .............. 381,684266,022 60,91654,745 70,085464,376407,637 19,770 968 4,999 167,821 214,078 4,92936,926 14,271 1967—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 6,920 168,580 245,450 6,82039,430 14,219 Feb. 28............... 423,280284,660 67,55071,07065,660502,570437,630 16,920 1 ,370 9,060 162,640 247,640 7,27039,590 14,219 Mar. 27.............. 423,870285,950 65,61072,31064,860502,940436,290 16,710 1 ,280 5,320 163,180 249,800 8,15039,670 14,218 Apr. 24.............. 427,760290,460 64,14073,16064,740506,710438,830 17,340 1 ,230 4,040 166,630 249,590 8,93039,870 14,215 May 29.............. 429,790292,180 64,69072,92065,980509,920439,59017,340 1,100 5,060 165,260250,830 9,70040,220 14,221 June 29.............. 434,415297,677 62,80973,92976,293 525,856456,874 20,638 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 5,800 172,690 255,170 10,15040,850 14,219 Aug. 28.............. 443,320301,640 65,68076,00067,930525,720451,330 18,020 1 ,350 4,970 168,800258,190 11,13041,030 14,216 Sept. 25?'............. 449,800305,470 66,68077,65070,630535,240459,540 19,250 1 ,410 8,540 170,420 259,920 11,66041,280 14,209 Oct. 30"............ 455,130307,430 68,76078,94072,270 542,480466,410 19,690 1 ,330 6,070 175,730 263,590 11,66041,590 14,205 Nov. 27?'............ 457,520311,120 66,74079,66077,130549,860471 ,29020,500 1 ,260 3,250 180,900265,380 13,02041,760 14,187 Dec. 31"............. 468,600319,230 68,64080,73083,590568,850496,07024,530 1 ,230 5 ,020 198,630266,660 8,87042,000 14,183 Commercial banks: 1941—Dec, 31.............. 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10,982 44,349 15,952 23 7.173 14,278 1945—Dec. 31.............. 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14,065 105,921 30,241 219 8,950 14,011 1947—Dec. 316............. 116,284 38,057 69,221 9,006 37,502 155,377144,103 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—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 4,040 166,550 187,920 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 58,60464,37675,334456,827 394,00420,638 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 5,800 172,610 192,44010,15035,740 13,717 Aug, 28., 375,550248,050 61,48066,02067,020455,820388,28018,020 J ,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 8,540170,320196,44011,66036,090 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 13,687 Dec. 31"............. 399,700264.480 64,64070,58082,690497,850431,82024,530 1 ,230 5,020 198,530202,510 8,87036,750 13,683 Member banks: 1941—Dec. 31.............. 43,521 18,021 19,539 5,961 23,123 68,121 61,717 10,385 140 1 ,709 37,136 12,347 4 5,886 6,619 1945—Dec. 31.............. 107,183 22,775 78,338 6,07029,845 138,304 129,67013,576 6422,179 69,640 24,210 208 7,589 6,884 1947—Dec. 31.......... 97,846 32,628 57,914 7,304 32,845 132,060 122,528 12,353 50 1 ,176 80,609 28,340 54 8,464 6,923 1966—Dec. 31............... 263,687 182,802 41,92438,96060,738 334,559291,063 18,788 794 4,432 138,218 128,831 4,61826,278 6,150 1967—Dec, 30............... 293,120 196,849 46,95649,31568,946373,584326,03320,811 1 ,169 4,631 151,980 147,442 5,37028,098 6,071 1968—Jan. 31.............. 290,389 194,262 46,57949,54859,102360,77331 1 ,534 16,668 1,170 6,313 138,263 149,120 6,42728,142 6,064 Feb. 28. . 290,844 193,582 47,35449,908 57,129 358,945309,012 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 51,17656,320 361,004308,156 16,534 1 ,083 3,438 136,258 150,843 8,58428,424 6,046 May 29............... 294,364 198,874 44,733 50,75757,415 363,139308,378 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 4,126 146,470 151,816 7,68429,139 6,039 July 31............... 303,009 206,378 45,057 51,57461,854376,785320,310 18,229 1,146 4,988 141,559 154,388 9,76329,160 6,026 Aug. 28............... 304,669205,850 45,898 52,921 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 54,31361,846383,685323,730,18,275 1 ,246 7,468 139,166 157,575 Il ,19229,415 6,010 Oct. 30"............. 314,164210,270 48,70455,19063,275 389,598329,287 18,673 1,169 5,226 143,684 160,535 11,15329,687 6,002 Nov. 27"............ 315,615 213,092 46,82055,703 67,675 395,535333,142 19,462 1 ,098 2,545 148,083 161,954 12,45029,739 5,990 Dec. 31"............ 324,964220,188 48,18456,59273,305 411 ,899354,92823,320 1 ,069 4,416 163.543 162,580 8,45429,976 5,981 Mutual savings banks: 1941—Dec. 31............... 10,379 4,901 3,704 1,774 793 11,804 10,533 6 10,527 1 ,241 548 1945—Dec. 31............... 16,208 4,279 10,682 1,246 609 17,020 15,385 14 15,371 7 1,592 542 1947—Dec. 31«............ 18,641 4,944 11,978 1,718 886 19,714 17,763 3 14 17,745 1,889 533 1966—Dec. 31............... 59,023 48,296 4,753 5,973 966 61,008 55,350 .......... i 7 70 55,271 69 4,871 504 1967—Dec. 30............... 64,231 51,590 4,280 8,362 996 66,362 60,494 .......... i 7 73 60,414 69 4,987 501 1968—Jan. 31............... 64,970 51,970 4,340 8,660 880 67,000 60,780 90 60,690 5,010 502 Feb. 28............... 65,530 52,240 4,400 8,890 900 67,590 61,140 90 61,050 5,070 502 Mar. 27............... 65,960 52,380 4,410 9,170 910 68,070 61,800 80 61,720 5,070 502 Apr. 24............... 66,100 52,470 4,300 9,330 870 68,160 61 ,750 80 61,670 5,060 501 May 29............... 66,680 52,880 4,370 9,430 880 68,770 62,130 80 62,050 5,110 501 June 29.............. 66,855 53,097 4,205 9,553 959 69,029 62,870 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 5,180 502 Sept. 25............... 67,960 53,790 4,140 10,030 990 70,200 63,580 100 63,480 5,190 502 Oct. 30.............. 68,180 54,070 4,000 10,110 910 70,310 63,750 100 63,650 .......... 5,190 502 Nov 27 '•............. 68,590 54,480 3,910 10,200 910 70,770 64,000 100 63,900 .......... 5,260 500 Dec. 31"............. 68,900 54,750 4,000 10,150 900 71.000 64,250 .......... 100 64,150 .......... 5,250 500 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 □ JANUARY 1969 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits assets— Securities Total Interbank 3 Other Cla a s n s d o d f a b te ank Total Lo ’ a , n 2 s G U o .S vt , . Oth 2 er a C s a se s t h s 3 c c b o a i j a l a i u i p a n t c n i i d - e ­ t t a s s l 4 Total’ m D a e n ­ d Time G U o . D S v e t . . ma O n t d her Time1 r B in o o g w s r ­ ­ : T a o a p o u c i n t - t a a ts l ! N a b a o u e n f m r k s ­ Reserve city member banks: New York City:7 1941—Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202 6 866 12,051 807 1,648 36 1945—Dec. 31 26,143 7,334 17,574 1,235 6,439 32’887 30,121 4,640 17 6,940 17,287 1,236 195 2,120 37 1947—Dec. 31 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1,445 30 2,259 37 1966—Dec. 31 46,536 35,941 4,920 5,67414,869 64,424 51,837 6,370 467 1,016 26,535 17,449 1,874 5,298 12 1967—Dec. 30 52,141 39,059 6,027 7,055 18,797 74,609 60,407 7,238 741 1,084 31,282 20,062 1,880 5,715 12 1968—Jan. 31 50,898 38,303 5,607 6,988 15,642 70,187 55,544 5,826 719 1,562 27,530 19,907 1,979 5,774 12 Feb. 28 50,198 37,325 5,771 7,10214,125 67,771 53,282 5,371 712 1,641 25,854 19,704 1,935 5,729 12 Mar. 27.. . . 49,973 37,334 5,151 7,488 14,275 67,903 52,675 5,484 630 1 ,258 25,667 19,636 2,283 5,740 12 Apr. 24. . . . 50,150 37,842 4,734 7,57413,961 67,654 52,036 5,696 598 575 26,089 19,078 2,809 5,766 12 May 29. . .. 50,800 38,737 5,169 6,894 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 6,776 691 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 28,20720,159 3,438 6,180 12 Nov. 27, . . , 55,084 41 ,429 5,881 7,77418,243 77,069 57,653 7,363 633 170 28,675 20,812 3,914 6,129 12 Dec. 31.... 57,201 43,114 5,978 8,109 19,935 81,610 63,923 9,022 608 887 33,318 20,088 2,733 6,202 12 City of Chicago:7’8 1941—Dec. 31 2,760 954 1 ,430 376 1,566 4,363 4,057 1,035 127 2,419 476 288 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 8^56 1 ,545 1,502 2,638 14,935 12,673 1,433 25 310 6,008 4,898 484 1,199 11 1967—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. 12,573 8,865 1 ,752 1 ,956 2,771 15,931 13,205 1,170 10 427 5,596 6,002 561 1,352 10 Feb. 28. 12,771 9,042 1 ,764 1,965 2,713 16,068 13,162 1 ,177 10 496 5,439 6,040 585 1,339 10 Mar. 27, 12,522 8,903 1,746 1,873 2,815 15,974 12,450 1,128 10 164 5,311 5,837 853 1,323 9 Apr. 24. 12,729 9,041 1 ,879 1,809 2,606 15,959 12,407 1,185 9 134 5,401 5,678 835 1 ,337 9 May 29. 12,534 8,950 1 ,730 1 ,854 2,968 16,143 12,425 1,139 8 169 5,479 5,630 826 1 ,346 9 June 29 12,848 9,248 1 ,762 1,838 2,647 16,168 12,701 1 ,220 20 93 5,768 5,600 811 1,362 9 July 13,371 9,332 2,071 1 ,968 3,089 17,120 12,935 1 ,256 7 231 5,567 5,874 1,271 1,370 9 Aug. 28. 13,473 9,381 2,061 2,031 3,033 17,179 12,870 1 ,230 10 149 5,484 5,997 1 ,047 1,365 9 Sept. 25 13,334 9,297 2,028 2,009 3,185 17,196 12,760 1 ,223 11 181 5,326 6,019 1 ,218 1,395 9 Oct. 30 13,579 9,356 2,222 2,001 3,403 17,666 13,118 1 ,260 12 253 5,456 6,137 1,134 1 ,412 9 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 Dec, 31 14,280 10,292 I .859 2,129 3,007 18,110 14,528 1 ,535 13 257 6,543 6,180 682 1 ,438 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 8^14 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—Dec. 30. 105,724 73,571 14,667 17,487 26,867 136,626120,485 9,374 310 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 17,854 22,623 132,185114,952 7,477 395 3,461 46,25657,363 3,416 10,075 164 Mar. 27. 105,064 73,232 13,790 18,04221 ,820 130,999113,620 7,247 393 1 ,679 46,687 57,614 3,523 10,087 164 Apr. 24. . 106,175 74,648 13,383 18,144 22,147 132,442114,208 7,577 380 1,412 47,40957,430 4,245 10,152 163 May 29. . 106,505 74,697 13,496 18,31221 ,950 132,720113,758 7,311 321 1,587 46,851 57,688 4,407 10,223 163 June 29 . 107,654 76,213 13,083 18,358 24,528 136,603 118,123 8,131 300 1 ,400 50,394 57,898 3,720 10,351 163 July 31 . 109,510 77,553 13,468 18,48923,601 137,652118,508 8,065 437 1 ,881 49,185 58,940 4,267 10,407 162 Aug. 28 . 110,559 77,479 13,972 19,108 22,161 136,98' 117,523 7,759 41^ 1 ,612 47,725 60,013 4,638 10,433 162 Sept.25 ■ 112,559 78,661 14,211 19,687 23,382 140,294119,750 8,054 448 2,798 48,12660,324 5,437 10,445 162 Oct. 30. ... . 114,861 79,58' 15,13520,14223,605 142.93C 122,205 8,351 395 2,128 49,854 61,477 5,554 10,555 162 Nov. 27.... . 115,027 80,382 14,291 20,354 25,803 145,322123,321 8,458 353 799 51 ,83261,879 6,441 10,572 161 Dec. 31 ... - . 119,133 83,679 14.99420,46027,965 151 ,836 132,159 10,018 346 1 ,980 57,232 62,583 4.210 10,701 161 Country member banks:7’8 1941—Dec. 31 . 12,518 5,89€ 4,377 2.25C 6,402 19,46€ 17,415 792 30 225 10,109 6,258 4 1,982 6,219 1945—Dec. 31 . 35,002 5,59€ 26,999 2,408 10,632 46,055 43,418 1 ,207 17 5,465 24,235 12,49' II 2,525 6,476 1947—Dec. 31 . 36,32' 10,199 22,857 3,268 10,778 47,553 44,443 1 ,05€ 17 432 28,37? 14,561 22 2,93' 6,519 1966—Dec. 31 . 109,518 68,641 22,419 18,458 19,004 131,338 117,749 2,392 69 1,474 56,672 57,144 30810,309 5,958 1967—Dec. 30 . 122,511 74,995 24,689 22,82€ 20,334 146,052 131,156 2,76€ 9€ 1 ,564 61,161 65,569 552 11,005 5,886 1968—Jan. 31 . 121,777 74,09; 24,88C 22,805 17,907 142,572 127,617 2,063 10€ 1 ,573 57,45€ 66,419 783 10,94' 5,878 Feb. 28 . 122,372 74,26( 25,115 22,98' 17,668 142,92: 127.61C 2,08' 10€ 2,49€ 55,58' 67,34C 889 11,045 5,874 Mar. 27 . 122,968 74,83' 24,823 23,311 17,52' I43,52( 127,958 2,051 9€ 1 ,60€ 55,925. 68,276 996 11,10€ 5,864 Apr. 24. . 124,22" 76,289 24,285 23,645 17,60€ 144,941 129,505 2,07€ 9€ 1,31' 57,35$ 68,65" 695 11,16$ 5,862 May 29. . 124,525 76,49( 24,331 23,69' 17,92' 145,49: 129,448 1 ,98$ 9€ 1 ,77' 56,40( 69,18€ 1 ,25' 11,19: 5,857 29 . 125,76' 78,01 23,469 24,28' 19,32 148,58* 132,831 2,25* io; 1,811 59,18: 69,482 87C 11,40: 5,855 July 31 . 126,695 78,77. 23,842 24,08 18,52 148,461 132,77; 2,14. 9 1,74' 58,50 70,27$ 77;.11,301 5,843 Aug. 28. . 127,45( 79,18^1 24,OK 24,25 17,95 148,62 I32,75( 2,12*1 9( 1 ,70( 57,68 71 ,14 891 11,354 5,836 Sept, 25. . 129,18' 8O,23( 24,32^ 24.632118,6I( 151,13 134,96 2,22 95 2,29 58,57 71 ,77'i 93; 11,46 5,827 Oct. 30. . 130,84 80,842 24,75( 25,26) 19,292 153,47 I37,13< 2,30 10 1,80 60,16 72,76J I ,02'H1 536 5,819 Nov. 27. . 131,84( 81 ,701 24,651 25,48(120,41 155,57 138,85' 2,35'^ 10 1,51:I 61,90 72,98: 1,14; 11 ,622 '5,808 Dec. 31'' . 134,35( 83,10 25,352 25,89 22,39 160,34 144,311 2,74 10 1 ,29 66,453 73,72< 82< 11 ,63 5,799 For notes see p. A-22. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1969 □ COMMERCIAL AND MUTUAL SAVINGS BANKS A 21 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— b c C a a la n ll s k d s a a o t n e f d Total Lo 1 a ,2 ns U S .S e . c urities as C s a e s ts h 3 c b T a i a l l o i p i n a t t i i d a t e ­ a s l l Total3 I D n e te ­ rbank 3 Dema O n t d her r B i o n o g w s r ­ ­ c c T a o a o p u c t i n a t ­ a t l s l N ba b o u n e f m k r s ­ Govt. Oth 2 er cou a n c­ ts2 mand Time U.S. Other Ti 1 m .5 e Govt. Insured commercial: 1941—Dec. 31.. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10, >54 1,762 41,298 15,699 10 6,844 13,426 1945—Dec. 31.. 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 23,740 80,27629,876 215 8,671 13,297 1947—Dec. 31,. 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,615 54 1,325 92,975 34,882 61 9,734 13,398 1965—Dec, 31,. 303,593 200,109 59,12044,364 60,327 374,051 330,323 18,149 923 5,508 159,659 146,084 4,325 29.827 13,540 1966—Dec. 31.. 321,473 217,379 55,78848,307 68,515 401,409 351 ,438 19,497 881 4,975 166,689 159,396 4,717 31,609 13,533 1967—Dec. 30.. 358,536235,502 62,09460,941 77,348 448,878 394,118 21 598 1 ,258 5,219 182,984 183,060 5,531 33,916 13,510 1968—June 29.. 365,955 243,993 58,18963,772 74,686 454,398 392,801 20,337 1 ,019 4,951 176,569 189,926 7,913 35,269 13,512 National member: 1941—Dec. 31.. 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 1,088 23,262 8,322 4 3,640 5,117 1945—Dec. 31.. 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9,'229 14,013 45,473 16,224 78 4,644 5,017 1947—Dec. 31.. 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,375 35 795 53,541 19,278 45 5,409 5,005 1965—Dec. 31.. 176,605 118,537 32,34725.720 36,880 219,744 193,86012,064 458 3,284 92,533 85,522 2,627 17,434 4,815 1966—Dec. 31.. 187,251 129,182 30,35527,713 41,690 235,996 206,456 12,588 437 3,035 96,755 93,642 3,120 18,459 4,799 1967—Dec. 30.. 208,971 139,315 34,30835,348 46,634 263,375 231,374 13,877 652 3,142 106,019 107,684 3,478 19,730 4,758 1968—June 29.. 212,344 143,802 31,62736,915 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 4,411 8,166 24,168 7,986 130 2,945 1,867 1947—Dec. 31.. 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1 ,918 1965—Dec. 31.. 74,972 51,262 12,64511,065 15,934 93,640 81,657 5,390 382 1,606 39,598 34,680 1 ,607 7,492 1,406 1966—Dec. 31.. 77,377 54,560 11,569 11,247 19,049 99,504 85,547 6,200 357 1,397 41,46436,129 1,498 7,819 1 ,351 1967—Dec. 30.. 85,128 58,513 12,649 13,966 22,312 111,188 95,637 6,934 516 1,489 45,961 40,736 1 ,892 8,368 1 ,313 1968—June 29.. 86,231 60,159 11,73414,338 22,342 112,352 94,908 7,261 373 1,306 44,37741,591 2,586 8,636 1 ,297 Insured nonmember commercial: 1941—Dec. 31,. 5,776 3,241 1,509 1,025 2,668 8,708 7,702 1.29 53 4,162 3,360 6 959 6,810 1945—Dec. 31.. 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635 5,680 7 1,083 6,416 1947—Dec. 31.. 16,444 4,958 10,039 1 ,448 4,083 20,691 19,340 262 4 149 12,366 6,558 7 1,271 6,478 1965—Dec. 31.. 52,028 30,310 14,137 7,581 7,513 60,679 54,806 695 83 618 27,528 25,882 91 4,912 7,320 1966—Dec. 31.. 56,857 33,636 13,873 9,349 7,777 65,921 59,434 709 87 543 28,471 29,625 99 5,342 7,384 1967—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 30,099 37,164 230 6,142 7,474 Noninsured nonmem­ ber commercial: 1941—Dec. 3!.. 1 ,457 455 761 241 763 2,283 1,872 3:>9 1,291 253 13 329 852 1945—Dec. 31.. 2,211 318 1 ,693 200 514 2,768 2,452 11:1 1,905 365 4 279 714 1947—Dec, 31 6. 2,009 474 I ,280 255 576 2,643 2,251 177 185 18 1,392 478 4 325 783 1965—Dec. 31.. 2,455 1,549 418 489 572 3,200 2,113 277 85 17 1,121 612 147 434 263 1966—Dec. 31.. 2,400 1 ,570 367 463 604 3,171 2,073 274 86 17 I ,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 4.>7 5,504 3,613 18 1,288 7,662 1945—Dec. 31.. 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 11 1,362 7,130 1947—Dec. 31.. 18,454 5,432 11 ,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 12 1,596 7,261 1965—Dec. 31.. 54,483 31,858 14,555 8,070 8,085 63,879 56,919 972 168 635 28,649 26,495 238 5,345 7,583 1966—Dec. 31.. 59,257 35,206 14,239 9,812 8,381 69,092 61,506 983 173 560 29,532 30,258 241 5,776 7,617 1967—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 □ JANUARY 1969 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets—b c C a a l n a ll s k d s a a o n te d f Total Lo 1 a > n 2 s G U o S .S v e t . c . urit O ie t s h 2 er as C s a e s ts h 3 c c b o T a i u a l a l o p i i n n t a c t i i d ­ t e t a ­ s a s l l 2 Total 3 m I D n a e t n e ­ d rba T n i k m e 3 U.S D . ema O O n t t d h h e e r r T 1 i m >5 e r B in o o g w s r­ ­ c c T a o a o u p c t n i ­ a t t a s l l N ba b o u n e f m k r 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 1 7 35945,520 91 3,957 329 1966—Dec. 31.. 51,267 42,591 3,324 5,352 847 53,047 48,254 1 6 381 47,865 69 4,140 330 1967—Dec. 30.. 55,936 45,489 3,111 7,336 881 57,863 52,910 1 6 42952,474 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 1 20 7,563 1 749 170 1968—June 29.. 8,677 6,283 1,166 1,228 126 8,901 7,879 ........... 1 41 7,838 .........7.62 170 i See table "Deposits Accumulated at Commercial Banks 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 all commercial and mutual savings banks in the for commercial banks on pp. A-24 and A-25. United States (including Alaska and Hawaii, beginning with 1959). For 2 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 i Regarding reclassification of New York City and Chicago as reserve them comparable with State bank data. cities, see Aug. 1962 Bulletin, p. 993. For various changes between Figures are partly estimated except on call dates. reserve city and country status in 1960-63, see note 6, p. 587, May 1964 For revisions in series before June 30, 1947, see July 1947 Bulletin, Bulletin. pp. 870-71. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1969 □ 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 Loansi,2 Total 1,2 Loans1,2 G U o .S vt . , Other 2 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 1960—Dec. 31.................................................................... 194.5 113.8 59.8 20.8 198.5 116 7 61 0 20 9 1961—Dec. 30.................................................................... 209.6 120.4 65.3 23.9 214.4 123 9 66,6 23 9 1962—Dec. 31.................................................................... 227.9 134.0 64.6 29.2 233.6 137.9 66.4 29,3 1963—Dec. 31.................................................................... 246.2 149.6 61.7 35.0 252.4 153.9 63.4 35.1 1964—Dec. 31.................................................................... 267.2 167.7 60,7 38.7 273.9 172 1 63 0 38.8 1965—Dec. 31.................................................................... 294.4 192.6 57.1 44. 8 301 .8 197,4 59.5 44.9 1966—Dec. 31.................................................................... 310.5 208.2 53.6 48.7 317.9 213.0 56.2 48 8 1967—Dec. 30.................................................................... 346.5 225,4 59.7 61.4 354.5 230.5 62.5 61.5 1968—Jan. 31.................................................................... 349.9 227.5 60.0 62.4 350.5 226.5 62.2 61.7 Feb. 28.................................................................... 353.9 229.2 62.0 62.7 350.9 225.5 63.2 62.2 Mar. 27.................................................................... 352.5 229.0 59.9 63.6 351 .5 227,2 61.2 63.1 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 63,5 357.8 233.5 60.4 63.9 361.4 238.4 58.6 64.4 July 31.................................................................... 365.9 238.4 63.1 64. 4 366.0 240.9 60.5 64.6 Aug. 28.................................................................... 370.4 241.1 63,9 65.5 367.9 240.4 61.5 66,0 Sept. 25”.................................................................. 374.8 243.8 64.0 67.0 374.6 244.5 62.5 67.6 Oct. 30’’.................................................................. 379,6 246.9 64.2 68.5 379.5 245.9 64.8 68.8 Nov. 27”.................................................................. 381.6 250.4 61.0 70.2 381 .1 248,8 62.8 69,5 Dec. 31”.................................................................. 384.5 252.3 61.7 70.5 393.3 258.1 64.6 70.6 i 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 Joans.” 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 Al! commercial........................... 1.223 1,272 I ,283 1,235 All member (cont.)— Insured..................................... 1,223 1,271 1 '283 1 ’235 Other reserve city................ 370 389 362 347 National member.................. 729 '764 ’747 '744 Country............................... 571 591 617 598 State member.......................... 212 217 232 201 All nonmember....................... 283 291 304 290 All member................................. 941 981 979 945 Insured .................................. 282 291 304 290 New York City...................... Noninsured........................ City of Chicago...................... ................. Note.-—These hypothecated deposits are excluded from “Time depos­ These deposits have not been deducted from “Loans” and “Time de­ its” and “Loans” at all commercial banks beginning with June 30, 1966, posits” in the table on pp. A-21 and A-22, or from “Loans” and “Time as follows: in the tables on pp. A-19-A-22; in the table at the top of this deposits, JPC” 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, 196 8 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 24 COMMERCIAL BANKS □ JANUARY 1969 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Other loans 1 Investments For To Class of Io T a o n t s a l 1 F e e ra d l ­ Com­ o p s r u e r c c c a u h r r a r it s y ie i i n n s g g in f s in ti a tu n t c io ia n l s Other U.S s . e G cu o r v it e ie rn s m 6 ent State bank and and funds mer­ Agri- Real to and Other call date invest­ sold, Total cial cul- es­ in­ Othei local secu­ ments etc. 2 3.4 and tur- To tate di­ 5 govt, rities 5 in­ al 5 bro­ vid- Bills secu­ d tr u ia s l ­ k a e n r d s ot T he o r s Banks Others uals3 Total ce an 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 5,25^ 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 2,54'216,405 80.59S 8,555 5,821 3,203 2,189 13,30253,95047,943 5,18256,163 n.a. n.a. n.a.41,0037,769 1967—Dec. 30.. 361,186 4,057233,18088,443 9.27C 6,215 3,78C 1,902 12,535 58,525 51 ,585 5,65962,473 n.a. n.a. n.a. 50,006 11,471 1968—June 29.. 368,795 4,813241,001 91,4279,9794,9503,731 1 ,944 12,19361 ,409 54,221 5,97658,603 n.a. n.a. n.a. 52J635 11,742 All insured: 1941—Dec. 31. 49,290 21,259 9,2141,450 614 662 40 4,773 4J05 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 16,045 51,342 3,873 3,258 1947—Dec. 31., 114,274 .......... 37,583 18,012 1,610 823 1,190 114 .......... 9,266 5,654 91467,941 9,676 5,918 52,347 5,1293,621 1965—Dec. 31., 303,593 i.oe4198,04570,887 8,191 5,088 3,172 2,093 13,14849,02645,2905,15559,120 13,134 13,233 33,858 38,4195,945 1966—Dec. 31.. 321,473 2,461214,91880,0608,5365,643 3,148 2,131 13,148 53,68647,7705,12755,788 12,08013,439 31,53640,761 7,545 1967—Dec. 30.. 358,536 3,919231,58387,8709,2506,0173,719 1 ,848 12,39458,209 51,395 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 12,02961,112 54,020 5,89358,189 n.a. n.a. n.a. 52,355 11,417 Member, total: 1941—Dec. :31.. 43,521 18,021 8,671 972 594 598 39 3,494 3,653 19,539 971 3,007 15,561 3,0902,871 1945—Dec. I31.. 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 4,1993,105 1965—Dec. :31. 251,577 1,861 167,93963,9795,0994,9152,714 2,008 12,475 38,98836,4184,83244,992 9,441 10,10626,36732,5884,198 1966—Dec. 3■1. 264,627 2,119181,62472,553 5,318 5,3892,660 2,047 12,34942,384 37,925 4,75741,924 8,567 9,789 24,60933,8005,160 1967—Dec. 3■0. 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 35,832 21,214 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 of Chicago: 1941—Dec. 31., 2,760 954 732 6 48 52 1 22 95 1,430 256 153 1,022 182 193 1945—Dec. 31., 5,931 1,333 760 2 211 233 36 51 40 4,213 1,600 749 1,864 181 204 1947—Dec. 31., 5,088 1,801 1,418 3 73 87 46 149 26 2,890 367 248 2,274 213 185 1965—Dec. 31., 11,455 72 8,147 4,642 32 444 244 188 1,201 577 762 316 1,700 542 273 961 1,400 137 1966—Dec. 31., 11,802 31 8,724 5,311 64 406 222 181 1,161 622 751 273 1 ,545 353 256 1 ,004 1,328 174 1967—Dec. 30.. 12,744 266 8,958 5,714 46 459 220 162 951 675 754 241 1,574 427 344 853 1,487 459 1968—June 29., 12,848 192 9,056 5,796 39 355 220 173 1 ,046 693 748 236 1 ,762 n.a. n.a. n.a. 1 ,564 274 Other reserve city: 1941—Dec. 31.. 15,347 7,105 3,456 300 114 194 4 1,527 1,508 6,467 295 751 5,421 956 820 1945—Dec. 31.. 40,108 8,514 3,661 205 427 1,503 17 1,459 855 38729,552 8,016 5,653 15,883 1,126 916 1947—Dec. 31.. 36,040 13,449 7,088 225 170 484 15 3,147 1,969 35120,196 2,731 1,901 15,563 1,342 1,053 1965—Dec. 3L. 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 69,01728,0901,251 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 30,6091,311 881 I ,143 578 5,446 16,969 15,047 2,148 14,667 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 15,625 2,30413,083 n.a. n.a. n.a. 16,1772,180 Country: 1941—Dec. 31.. 12,518 5,890 1,676 659 20 183 2 1,823 1,528 4,377 110 481 3,787 1,222 1,028 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 4 1,881 707 35926,999 5,732 4,544 16,722 1,342 1,067 1947—Dec. 31.. 36,324 10,199 3,096 818 23 227 5 3,827 1 ,979 22422,857 3,063 2,108 17,687 2,006 1,262 1965—Dec. 31.. 103,362 905 62,433 16,478 3,840 650 698 174 1,983 20,217 18,423 1,17723,735 4,389 5,565 14,098 13,805 2,483 1966—Dec. 31.. 110,089 1,161 68,051 17,9383,986 790 761 157 2,175 22,253 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 2,200 24,453 21 ,554 1 ,51624,689 4,168 7,793 13,147 18,338 4,488 1968—June 29.. 126,365 1,871 76,738 20,3634,610 436 835 77 1 ,899 25,647 22,721 ,61423,469 n.a. n.a. n.a. 19,607 4,680 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 9,050 383 4,555 n.a. n.a. n.a. 6,067 2,003 1966—Dec. 31.. 59,257 425 34,781 8,045 3,237 431 543 142 953 11,566 10,018 427 4,239 n.a. n.a. n.a. 7,203 2,609 1967—Dec. 30.. 67,087 618 38,791 9,0993,568 395 681 148 948 12,997 11 ,131 469 5,516 n.a. n.a. n.a. 8,4863,676 1968—June 29.. 70,219 772 41,081 9,5063,898 425 674 166 935 13,712 11,929 512 5,242 n.a. n.a. n.a. 9,252 3,871 beginning with June 30, 1948, figures for various Ioan items are available before 1947; summary figures for earlier dates appear in the shown gross (i.e., before deduction of valuation reserves); they do not preceding table. add to the total and are not entirely comparable with prior figures, Total 5 Beginning with June 30, 1966. Ioans 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. 4 Breakdowns of Ioan investment and deposit classifications are not Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1969 □ COMMERCIAL BANKS A 25 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits Bal­ De­ b c C a a l n a ll s k d s a a o n te d f B s F w e a R r . n i v R e t e h k ­ . s s r C c e a o n n u i c d n r­ y b m a a w d n e n c i o s k t e h ­ t s s i c ? ju p m s o a d a t s d e e n i ­ ­ d t d s 8 m D e I s n o t t i ­ e c? rba e F n ig k o n r ­ 9 G U o .S vt . . S g lo a o t n c a v d a t t e l . c C c h o f a e i e e e n f r f r c s d d i t ­ k * i ­ s, IPC I b n a te nk r­ G P S u a o o a n , s s v v d t ­ . t a . l S g lo a o t n c a v a d t t e l . IPC3 r B i o n o g w r s ­ ­ c C o a t a a u c p ! n ­ i t ­ s ings etc. 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 5,523 14,244 5,978 140,558 1,008 263 12,186 134,2474,47230,272 1966—Dec. 31.... 19,069 5,450 15,870 142,104 17,867 1,904 4,992 15,047 7,051 145,653 967 238 13,462 146,3294'85932,054 1967—Dec. 30.... 20,275 5,931 17,490 153,253 19,853 2,029 5,234 15,564 8,677 159,825 1,316 267 15,892167,6345,77734,384 1968—June 29.. .. 20,846 5,190 15,494 147,296 18,632 2,005 4,971 16,284 10,123 151,430 1 ,094 321 16,522 173,857 8,13035,774 All insured: 1941—Dec. 31... . 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.... 15,810 1,829 11,075 74,722 12,566 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.... 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1965—Dec. 31.... 17,992 4,833 14,801 139,601 16,620 1,529 5,508 14,152 5,913 139,594 923 263 12,135 133,6864,32529,827 1966—Dec. 31.... 19,069 5,426 15,348 140,835 17,713 1,784 4,975 14,951 6,956 144,782 881 238 13,414145,7444'71731,609 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 15,836166,9565'531 33,916 1968—June 29.... 20,846 5,170 14,936 145,782 18,468 1 ,869 4,951 16,198 9,890 150,482 1 ,019 321 16,456173,1487,91335,269 Member, total: 1941—Dec. 31.. . . 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1 ,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.... 15,811 1,438 7,117 64,184 12,333 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.... 17,797 1,672 6,270 73,528 10,978 1 ,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1965—Dec. 31,... 17,992 3,757 8,957112,569 15,977 1 ,477 4,890 10,840 5,386 115,905 840 236 10,041 109,925 4,23424,926 1966—Dec. 31.... 19,069 4,249 9,400 112,920 17,051 1,736 4,432 11,406 6,396 120,417 794 213 10,983 118,5764'61826,278 1967—Dec. 30.... 20,275 4,646 10,550 121,530 18,951 1 ,861 4,631 11,857 7,940 132,184 1 ,169 235 12,856 135,329 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 28613,373 139,1027,'68429,139 New York City: 1941—Dec. 31.... 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31.... 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,'712 17 10 20 1,206 195 2,120 1947—Dec. 31.... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1 ,418 30 2,259 1965—Dec. 31.... 3,788 310 122 18,190 4,191 1,034 1,271 620 2,937 20,708 522 84 807 17,097 1 ,987 5,114 1966—Dec. 31.... 4,062 326 201 18,013 5,105 1,265 1,016 608 3,814 22,113 467 83 918 16,447 1,874 5,298 1967—Dec. 30.... 4,786 397 476 20,004 5,900 1 ,337 1 ,084 890 4,748 25,644 741 70 1,152 18,840 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: 1 1 9 9 4 4 1 5 — — D D e e c c . . 3 3 1 1 . . . . . . . . 1,0 9 2 4 1 2 4 3 3 6 2 2 9 0 8 0 2 3 , , 2 1 1 53 5 1 1 , , 0 2 2 9 7 2 20 8 1,5 1 5 2 2 7 2 2 3 3 3 7 6 3 6 4 2 3 , , 1 1 5 6 2 0 4 71 7 9 6 ........ 2 3 8 7 8 7 1947—Dec. 31... . 1,070 30 175 3,737 1,196 21 72 285 63 3,853 2 9 902 426 1965—Dec. 31.... 1,042 73 151 4,571 1,377 59 345 328 126 5,202 39 4 210 4,785 355 1,132 1966—Dec. 31.... 815 92 136 4,502 1,362 71 310 286 146 5,575 25 1 356 4,541 484 1,199 1967—Dec. 30.... 1,105 94 151 4,758 1,357 77 267 283 217 5,751 21 2 602 5,409 383 1,346 1968—June 29.... 926 69 237 4,428 1 ,160 61 93 277 192 5,300 20 2 509 5,088 811 1,363 Other reserve city: 1941—Dec. 31 . . .. 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1 ,967 1945—Dec. 31.... 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31.... 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 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 40,5101,548 9,007 1966—Dec. 31.... 8,353 1,326 2,517 37,572 8,249 343 1,633 3,708 1,274 44,022 233 57 5,450 44,204 1 ,952 9,472 1967—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 11 2,525 1947—Dec. 31.. . . 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1965—Dec. 31. . .. 5,463 2,235 6,344 52,104 2,317 54 1,501 6,360 1,143 47,615 74 77 4,064 47,534 343 9,673 1966—Dec, 31.... 5,839 2,506 6,545 52,832 2,335 57 I ,474 6,805 1,161 48,706 69 71 4,260 53,384 30810,309 1967—Dec. 30.... 5,767 2,704 7,117 56,812 2,709 57 1 ,564 7,142 1 ,395 52,624 96 83 5,272 60,830 55211,005 1968—June 29.... 6,101 2,392 6,305 54,952 2,207 51 1 ,811 7,382 1,343 50,458 102 78 5,395 64,608 871 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 L2 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 1,191 6,275 31,027 823 170 844 3J81 872 26,715 160 35 3,149 34J55 447 6,635 7 Beginning with 1942, excludes reciprocal bank balances. that are included under member banks, see Note, p. 589, May 1964 8 Through 1960 demand deposits other than interbank and U.S, Bulletin.) These figures exclude data for banks in U.S. possessions Govt., less cash items in process of collection; beginning with 1961, except for member banks. Comparability of figures for classes of banks demand deposits other than domestic commercial interbank and U.S. is affected somewhat by changes in F.R. membership, deposit insurance Govt., less cash items in process of collection. status, and the reserve classifications of cities and individual banks, and 9 For reclassification of certain deposits in 1961, see note 6, p. 589, by mergers, etc. May 1964 Bulletin. Data for national banks for Dec. 31, 1965, have been adjusted to make them comparable with State bank data. Note.—Data are for all commercial banks in the United States. (For For other notes see opposite page. definition of “commercial banks” as used in this table and for other banks Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 26 WEEKLY REPORTING BANKS □ JANUARY 1969 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS (In millions of dollars) Loans 2 For purchasing, To financial institutions or carrying securities Loans1 Total net of Joans valua­ Com­ To brokers To other Banks Nonbank Wednesday and tion mer­ and dealers Con­ Valu­ invest­ re­ cial Agri­ _ Real sumer For­ All ation ments1 serves and cul­ estate instal­ eign other re­ indus­ tural U.S. U.S. Do­ Pers, ment govts serves trial Govt, Other Govt Other mes­ and se­ se­ se­ se­ For­ tic sales curi­ curi­ curi­ curi­ eign com­ finan Other ties ties ties ties mer­ cos., cial etc. Larae banks— Talat 1967 Dec. 6.......... 204,679 143,181 64,108 1 ,906 957 3,567 8 2,46C 1 ,400 4,243 5,347 4,435 28,738 16,189 1,115 11,593 2,962 13.......... 205,331 143,751 64,119 1 ,918 949 3,7! 1 83 2,451 1 ,401 4,160 5,682 4,429 28,815 16,227 1,120 11,645 2,959 20.......... 208,644 146,878 65,536 1 ,929 944 4,284 9C 2,451 1 ,421 4,309 6,18€ 4,473 28,892 16,244 1 ,096 11,963 2,947 27.......... 209,147 147,403 65,818 1 ,934 775 4,307 9€ 2,464 1 ,434 4,324 6,448 4,479 28,900 16,274 1 ,090 12,006 2,940 1968 Nov. 6. 226,239 158,362 70,149 2,010 1 ,418 4,664 101 2,569 I ,437 4,801 5,795 4,974 31,494 18,186 1,129 12,884 3,249 (3.......... 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.......... 225,156 158,675 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.......... 224,664 158,139 71,178 2,009 789 4,171 100 2,631 1 ,616 4,115 5,259 5,028 31 ,752 18,354 1 ,124 13,263 3,250 Dec. 4.......... 228,412 160,490 71,272 2,020 1 ,948 4,606 101 2,638 1 ,537 4,802 5,327 5,053 31,687 18,351 1 ,088 13,308 3,248 11 229,355 160,852 71,682 2,024 2,132 4,495 95 2,678 1 ,577 4,233 5,456 5,060 31,793 18,427 1,088 13,357 3,245 18" 233,426 164,638 72,968 2,019 2,245 4,746 103 2,691 1 ,580 4,723 6,304 5,111 31 ,897 18,489 1,088 13,926 3,252 24"........ 231,879 163,758 73,060 2,017 895 4,903 105 2,674 1 ,632 4,461 6,455 5,099 31,944 18,567 1 ,125 14,058 3,237 New York City 1967 Dec, 6.......... 47,635 35,525 21 ,343 13 290 2,051 16 799 646 1 ,656 1 ,513 1 ,067 3,038 1 ,256 745 1 ,925 833 13.......... 48,122 36,133 21,265 12 465 2,229 18 788 668 1 ,810 1 ,681 1 ,065 3,030 1,259 755 1 ,921 833 20.......... 49,220 37,068 21,972 12 448 2,660 18 795 689 1,389 1 ,745 1 ,051 3,053 1 ,263 761 2,043 831 27.......... 49,136 37,156 22,102 13 421 2,717 18 802 698 1 ,259 1,817 1 ,055 3,040 1 ,267 748 2,023 824 1968 Nov. 6.......... 51,525 38,582 23,218 17 608 2,594 13 823 770 78! 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 ,34l 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 3,1 96 1 ,345 714 2,432 938 Dec. 4...... 53,589 40,363 23,575 18 1,179 2,585 13 862 794 1 ,869 J ,535 1 ,325 3,164 1 ,346 696 2,340 938 11.......... 53,985 40,362 23,679 17 I ,423 2,375 10 888 840 1,601 1 ,612 1,31 1 3,169 1 ,348 693 2,334 938 18"........ 54,887 41,292 24,216 18 1 ,416 2,531 10 896 793 1 ,121 1 ,980 1 ,335 3,182 1 ,349 706 2,680 941 24"........ 53,662 40,486 24,265 18 541 2,681 17 886 825 876 2,037 1 .339 3,187 1 ,352 728 2,673 939 Outside. New York City 1967 Dec. 6...... 157,044 07,656 42,765 I ,893 667 1 ,516 65 1 ,661 754 2,587 3,834 3,372 25,700 14,933 370 9,668 2,129 13.......... 157,209 07,618 42,854 1 ,906 484 1 ,482 65 1 ,663 733 2,350 4,001 3,364 25,785 14,968 365 9,724 2,126 20.......... 159,424 09,810 43,564 1 ,917 496 1 ,624 72 1 ,663 732 2,920 4,441 3,422 25,839 14,981 335 9,920 2,1 16 27.......... (60,011 10,247 43,716 1 ,921 354 1 ,590 72 1 ,662 736 3,065 4,631 3,424 25,860 15,007 342 9,983 2,116 1968 Nov. 6.......... 174,714 19,780 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 19,556 47,084 1 ,997 636 2,1(1 84 1 ,758 711 3,563 3,828 3,723 28,441 16,894 391 10,650 2,315 20.......... 173,700 19,766 47,374 1 ,997 1 ,061 1 ,974 81 I ,761 717 3,021 3,807 3,798 28,500 16,928 386 10,671 2,310 27.......... 172,765 18,874 47,546 1 ,992 427 1 .871 86 1 ,776 724 2,557 3,695 3,706 28,556 17,009 410 10,831 2,312 Dec. 4.......... 174,823 20,127 47,697 2,002 769 2,021 88 1 ,776 743 2,933 3,792 3,728 28,523 17,005 392 10,968 2,310 11.......... 175,370 120,490 48,003 2,007 709 2,120 85 1 ,790 737 2,632 3,844 3,749 28,624 17,079 395 1,023 2,307 18"........ 178,539 123,346 48,752 2,001 829 2,215 93 1 ,795 787 3,602 4,324 3,776 28,715 17,140 382 11,246 2 24"........ 178,217 123,272 48,795 1 ,999 354 2,222 88 1 ,788 807 3,585 4,418 3,760 28,757 17,215 397 11,385 2,298 For notes see p. A-29. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1969 □ 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 an^. 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 pation4 rities Large banks— Total 1967 28,206 5,809 3,817 13,700 4,880 4,044 25,103 I ,553 2,592 45,934 23,485 4,355 228 2,795 15,071 8,989 ...........Dec. 6 27^991 5^580 3,863 13,728 4,'820 4’168 25'247 1 '552 2'622 47,019 23,695 4,245 229 3,076 15,774 9,144 ......................13 28’173 5’,819 4'026 13*818 4,510 4,083 25^332 1 ^557 2 621 47,526 23,777 4,326 217 2,990 16,216 9,151 .....................20 28'250 5 '906 4,036 13'83! 4'477 4,085 25^285 1 ’509 2’615 50,982 26,304 4,441 249 3,289 16,699 9,050 ......................27 1968 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 11,711 7'255 4'854 28^757 1 '357 3 ’009 53,792 29,168 4,673 216 2,999 16,736 10,247 ......................13 28'500 3 '982 4’900 12’713 6*905 4,771 28*830 1 *433 2,947 51 ,418 27,825 4,766 239 2,981 15,607 10,204 .....................20 28,231 3'751 5,004 12’614 6,862 4’861 28'969 1 '384 3 ^080 53,817 29,018 4,565 259 2,858 17,117 10,203 .....................27 29,579 5,145 4,967 12,649 6 818 4,970 28,916 1 ,369 3 ,088 53,087 29,400 4,794 206 2,940 15,747 10,542 ...........Dec, 4 29'858 5'395 5'002 12’649 6,812 5 036 29 J 82 1 ’350 3 077 51,747 28,437 4,584 239 3,192 15,295 10,387 ......................II 29'825 5’551 5,198 12’253 6’823 5^318 29'193 1 ’415 3 037 53,383 28,925 4,846 227 3,184 16,201 10,475 ...................."18 29'160 4,907 5'216 12^257 6’780 5,107 29’410 1 ’424 3’020 52,369 27,829 4,691 228 3,019 16,602 10,867 ...................."24 New York City 1967 5,742 2,013 807 1 ,974 948 1 ,410 4,291 60 607 14,078 9,564 321 94 401 3,698 3,363 ............Dec. 6 5’505 1 ,752 816 J ,’994 943 J ’493 4,291 71 629 13,857 9,201 227 102 430 3,897 3,493 . ....................13 5,634 1 '890 848 2’007 889 1 ’482 4'350 65 621 14,206 8,929 301 87 402 4,487 3,562 .....................20 5,510 1 ,789 808 2’024 889 1 ’470 4’313 65 622 16,194 10,736 307 107 437 4,607 3,377 .....................27 1968 5,887 1 ,608 916 1 565 1 ,798 1 ,418 4,730 1 1 3 795 20,589 15,352 342 90 371 4,434 3,747 ...........Nov. 6 5,776 1'501 903 1 ’574 1 ,798 1 ’345 4^736 105 781 17,853 13,202 326 98 388 3,839 3,685 ...............13 5’,532 1 J20 737 1 ,884 1 ,591 1 ’403 4,755 101 756 17,311 12,271 340 123 366 4,211 3,704 .....................20 5,386 1 J86 723 1 ’903 1 ’,574 1 ’529 4,843 99 777 17,840 13,170 296 137 347 3,890 3,627 .....................27 5,985 1 ,773 735 1 ,901 1 ,576 1 537 4,802 99 803 17,565 13,394 386 90 406 3,289 3,781 ............Dec. 4 6'188 1 ,962 755 1 ’881 1 ’590 1 ,610 4/927 96 802 17,542 13,369 317 125 431 3,300 3,705 ......................11 6,051 1 ,875 743 1 855 1 578 1 781 4,886 101 776 18,148 13,114 374 113 413 4,134 3,791 , .................."18 5,637 1 '515 753 1 ’832 1 ’537 1 ’726 4’943 109 761 16,946 11 ,799 289 120 387 4,351 4,033 ...................."24 Outside New York City 1967 22,464 3,796 3,010 11,726 3,932 2,634 20,812 1 ,493 1 ,985 31 ,856 13,921 4,034 134 2,394 11 ,373 5,626 ...........Dec. 6 22 486 3,828 3,047 11 734 1 877 2,675 20 956 1 481 1 993 33,162 14,494 4,018 127 2,646 11,877 5,651 ......................13 22^539 3/929 3/78 11’811 3,621 2,601 20,982 1 ,492 2’000 33,320 14,848 4,025 130 2,588 II,729 5,589 .....................20 22,740 4,117 3^228 II’807 3^588 2’615 20’972 1 '444 1 ,993 34,788 15,568 4,134 142 2,852 12,092 5,673 ......................27 1968 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 2,404 12,178 6,612 ...........Nov. 6 23 496 3,047 4’855 10’137 5’457 3,509 24’,021 1 252 2’228 35,939 15,966 4,347 118 2,611 12,897 6,562 . , ...................13 22,968 2^662 4,163 10’829 5,314 3’368 24^075 1 '332 2’l91 34,107 15,554 4,426 116 2,615 11 ,396 6,500 .....................20 22^845 2^565 4',281 10,711 5,288 3,332 24 J26 1 ^285 2’303 35,977 15,848 4,269 122 2,511 13,227 6,576 ......................27 23,594 3,372 4,232 10,748 5,242 3,433 24,114 1 ,270 2 285 35,522 16,006 4,408 116 2,534 12,458 6,761 ...........Dec. 4 23’670 3’,433 4’247 10,768 5,222 3’426 24'255 1 ,254 2'275 34,205 15,068 4,267 1 14 2,761 11 ,995 6,682 ......................11 23,774 3,676 4,455 10,398 5,245 3,537 24,307 1 ,314 2,261 35,235 15,811 4,472 114 2,771 12,067 6,684 ..................."18 23,523 3,392 4,463 10,425 5,243 3,381 24,467 1,315 2,259 35,423 16,030 4,402 108 2,632 12,251 6,834 ...................."24 For notes see p. A-29. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 28 WEEKLY REPORTING BANKS □ JANUARY 1969 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Deposits Demand Time Total Wednesday unad­ States Do­ Foreign IPC States Foreign justed and mes­ and Do­ polit­ U.S. tic polit­ mes- TotaP IPC ical Govt. com­ Com­ Total? ical .tlc 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 Dec. 6..................... 218,856 115,829 83,800 5,872 2,091 14,646 711 1 ,555 103,027 48,505 38,847 9,326 843 5,065 261 13..................... 220,604 117,393 87,331 5,793 1 ,494 13,916 700 1 ,573 103,211 48,442 38,905 9,50^ 861 5,059 261 20..................... 224,628 122,123 88,304 5,833 5,559 14,053 698 1 ,682 102,505 48,437 38,264 9,497 85t 4,980 288 27..................... 228.371 125,562 90,370 5,994 4,965 14,841 808 1 ,793 102,809 48,647 38,324 9,596 812 4,965 283 1968 Nov, 6..................... 240,282129,409 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 ,929111,059 48,627 45,228 11,27C 758 4,638 282 27..................... 236,944 125,007 91,495 6,175 1 ,429 15,596 737 1 ,922 111 ,937 48,672 45,926 11,398 762 4,654 269 Dec. 4.................... 240,996 129,007 91,782 6,264 2,823 16,473 844 1 ,901 111,989 48,679 45,876 11,479 762 4,659 284 11.................... 239,627 127,193 93,184 6,213 955 15,930 756 1 ,899 112,434 48,627 46,058 11,765 766 4,680 286 18"................... 244,513 132,551 94,554 5,978 5,049 16,575 730 1 ,991 111,962 48,640 45,416 11,932 755 4,660 285 24"................... 244,007 131,886 95,753 6,131 4,525 16,134 823 2,110 112,121 48,675 45 ,562 12,041 741 4,552 283 New York City 1967 Dec. 6..................... 50,719 31 ,313 19,499 372 418 4,440 568 1 ,057 19,406 4,744 9,572 934 591 3,350 150 13..................... 51,031 31 ,577 20,510 377 264 4,283 553 1 ,093 19,454 4,740 9,621 927 602 3,350 149 20..................... 52,530 33,489 21,347 513 1 ,947 4,138 541 1 ,183 19,041 4,740 9,316 882 596 3,265 176 27..................... 54,439 35,344 21,91 I 434 1 ,602 4,869 638 1 ,269 19,095 4,753 9,462 842 562 3,234 175 1968 Nov. 6..................... 56,945 38,000 21,506 712 907 6,385 524 I ,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 1 ,273 472 2,889 161 Dec, 4.................... 56,647 37,003 22,086 506 550 5,646 629 1 ,352 19,644 4,594 10,148 1 ,279 468 2,913 173 11..................... 55,687 35,989 22,393 618 57 5,568 585 1 ,336 19,698 4,598 10,176 1 ,281 470 2,927 174 18".................. 56,742 37,609 23,033 533 1,146 5,815 542 1 ,426 19,133 4,596 9,666 1 ,262 458 2,900 177 24".................. 55,583 36,391 23,312 510 882 5,685 635 1 ,524 19,192 4,599 9,759 1 ,295 449 2,841 177 Oat side New York City 1967 Dec. 6.................... 168,137 84,516 64,301 5,500 I ,673 10,206 143 498 83,621 43,761 29,275 8,392 252 1 ,715 11 1 13.................... 169,573 85,816 66,821 5,416 1 ,230 9,633 147 480 83,757 43,702 29,284 8,577 259 1 ,709 112 20..................... 172,098 88,634 66,957 5,320 3,612 9,915 157 500 83,464 43,697 28,948 8,615 262 1 ,715 112 27.................... 173,932 90,218 68,459 5,560 3,363 9,972 170 524 83,714 43,894 28,862 8,754 250 1,731 108 1968 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 I ,751 1 10 20..................... 182,335 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.................... 182,277 89,949 69,731 5,757 1 ,262 10,007 175 531 92,328 44,075 35,784 10,125 290 1 ,765 108 Dec. 4.................... 184,349 92,004 69,696 5,758 2,273 10,827 215 549 92,345 44,085 35,728 10,200 294 1 ,746 111 II.................... 183,940 91,204 70,791 5,595 898 10,362 171 563 92,736 44,029 35,882 10,484 296 1 ,753 112 18".................. 187,771 94,942 71 ,521 5,445 3,903 10,760 188 565 92,829 44,044 35,750 10,670 297 1 ,760 108 24"................... 188,424 95,495 72,441 5,621 3,643 10,449 188 586 92,929 44,076 35,803 10,746 292 1 ,711 106 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1969 ° 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 branches11 Large banks— Total 1967 91 7,461 12,786 20,408 259,602 138,938 200,436 75,607 21,097 13,966 7,131 4,480 109 7,270 13,109 20,402 261,494 139,591 201,171 78,288 21,115 13 >84 7,131 4,634 ............................13 356 7,018 12,986 20,333 265,321 142,569 204,335 78,734 20,384 13,266 7,118 4,365 ............................20 262 7,453 12,753 20,340 269,179 143,079 204,823 79,452 20,330 13>85 7,045 4>4I ............................27 1968 450 12,473 17,309 21,805 292,319 153,561 221,438 76,460 23,407 15,198 8,209 6,961 Nov. 6 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 21,751 286,778 154,703 221,184 78,381 23,640 15,401 8 >39 7 >88 ...........................20 1 ,077 10,985 17,948 21 ,730 288,684 154,024 220,549 78,964 24,307 15,924 8,383 7,273 ............................27 58 11,203 17,912 21,872 292,041 155,688 223,610 80,311 24,326 15,836 8,490 6,960 ..................Dec. 4 214 11,355 18,434 21,859 291,489 156,619 225,122 81,871 24,260 15,765 8,495 7,439 1 I 888 I 1 ,519 18,566 21,798 297,284 159,915 228,703 82,002 23,513 15,074 8,439 7,290 ..........................1'18 244 11 ,214 17,808 21,842 295,115 159,297 227,418 83,398 23,493 15,11 1 8 >82 6 >85 ..........................7'24 New York City 1967 2,154 6,664 5,539 65,076 33,869 45,979 16,891 7,460 5,138 2,322 3,638 14 1 ,972 6,915 5 >40 65 >72 34’,323 46>I2 I7>29 7 >55 5 J 63 2 >92 3,694 ........................13 260 1 ,970 6,715 5,513 66,988 35,679 47,831 18,475 7,050 4>75 2 >7 5 3>11 ............................20 2,214 6.541 5,513 68,707 35,897 47,877 18,137 7,121 4>29 2 J92 3 >20 ...........27 1968 125 3,797 9,082 5,912 75,861 37,801 50,744 15,356 6,994 4,744 2,250 5,220 .................N ov. 6 3,590 9,364 5,916 73,023 37,573 50,316 15,702 6,926 4,691 2,235 5 >49 ... 13 3,187 9,748 5,899 72,471 37'958 50'505 16’136 7 >37 4 790 2 >47 5 637 .................20 96 3 >46 9,282 5 >75 73,366 37’,707 50 >41 16J32 7>85 5 >73 2 >12 5 >55 ...........................27 3,056 9,296 5,936 74,935 38,494 51,720 17,413 7,478 5 ,153 2,325 5 075 3,777 9,828 5 ,940 75,232 38'761 52>84 16995 7 443 5’118 2 >25 5 492 .........II 225 4,120 9 >48 5,891 76'826 40’l7l 53,766 17,534 6 >89 4,592 2>97 5 >35 ..........................7'1 8 3,845 9.329 5,884 74,641 39,610 52,786 18,025 6>39 4,593 2>46 5 J 28 . . . 7'24 Out side New York City 1967 91 5,307 6,122 14,869 194,526 105,069 154,457 58,716 13,637 8,828 4,809 842 .................Dec. 6 95 5,298 6,194 14,862 196,022 105,268 154,859 60,459 13,660 8,821 4,839 940 ............................13 96 5,048 6,271 14'820 198',333 106 >90 156'504 60>59 1 3 >34 8 >91 4 >43 954 ............................20 262 5,239 6,212 14,827 200,472 107,182 156 >46 61 >15 13 >09 8 >56 4>53 821 ...........................27 1968 325 8,676 8,227 15,893 216,458 115,760 170,694 61,104 16,413 10,454 5,959 1 ,741 .................Nov. 6 73 8,714 8,204 15,870 216,563 115,993- 170,499 62,881 16,459 10 440 6,019 1 >31 ..........................13 82 7,485 8>53 15'852 214^307 116'745 170',679 62 >45 16>03 10 >1 1 5 >92 1 >51 ............................20 981 7,539 8,666 15,855 215’318 116,317 170 >08 62,832 16,822 10,751 6’071 1 '893 ............................27 58 8,147 8,616 15,936 217,106 1 17,194 171,890 62,898 16,848 10,683 6,165 1 ,885 214 7,578 8 >06 15,919 216,257 117>58 172^738 64 >76 16,817 10>47 6,170 1 >47 ............................11 663 7,399 8>I8 15,'907 220,458 119,744 174,937 64 >68 16 >24 !0>82 6,142 1 >55 ..........................Pl 8 244 7,369 8,479 151958 220 >74 119>87 174',632 65,373 16>54 10>18 6J36 1 >57 .........................."24 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 1 year to maturity) because of adjustments and some differences in coverage, these figures issued by States and political subdivisions. 4 Federal agencies only. are not directly comparable with the other data in this table. For his- 5 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- 7 Includes 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 isshown of “All other 9 All demand deposits except U.S. Government and domestic com- loans.” of “Other securities,” and of ownership of time certificates of mercia! banks, less cash items in process of collection. deposit in denominations of $100,000 or more. For description of revisions. io Certificates of deposit issued in denominations of; $100,000or more. see Aug. 1966 Bulletin, pp. 1137-40. 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A 30 BUSINESS LOANS OF BANKS □ JANUARY 1969 COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during—• Industry 1968" 1968 1968 Dec. Dec. Dec. Dec. Nov. 2nd 1 st 25 18 11 4 27 Dec.>’ Nov." Oct. IV 111 II half* half Durable goods manufacturing: Primary metals................................... 1 ,891 1 ,884 1 ,900 1 ,900 2,020 -129 -28 -67 -224 168 309 -56 571 Machinery........................................... 4,609 4,651 4,486 4,446 4,419 190 72 -251 11 22 46 33 286 Transportation equipment............... 1 ,920 1 ,937 1 ,926 1 ,909 1 ,891 29 -6 86 109 -45 36 64 44 Other fabricated metal products... 1 ,850 1 ,879 1 ,845 1 ,830 1 ,835 15 -17 -65 -67 11 150 -56 210 Other durable goods......................... 2,l«3 2,195 2,176 2,175 2,164 19 -30 -56 -67 40 194 -27 214 Nondurable goods manufacturing: Food, liquor, and tobacco............... 2,977 2,951 2,824 2,772 2,710 267 222 81 570 170 -227 740 -521 Textiles, apparel, and leather.......... 2,187 2,214 2,228 2,230 2,247 -60 -38 -I19 -217 128 202 -89 527 Petroleum refining............................. 1 ,603 1 ,584 I ,571 1 ,555 1 ,555 48 79 -95 32 85 45 117 -68 Chemicals and rubber...................... 2,483 2,418 2,264 2,238 2,256 227 -53 30 204 -233 55 -29 171 Other nondurable goods................... J ,770 i ,782 1 ,783 1,783 J ,772 -2 6 -86 -82 52 58 -30 72 Mining, including crude petroleum and natural gas............................... 4,71 1 4,514 4,457 4,418 4,448 263 -25 -122 116 -147 61 -31 558 Trade: Commodity dealers.................. 1 ,326 1 ,362 1 ,384 1,351 1 ,338 -12 174 140 302 -84 -222 218 -497 Other wholesale........................ 3,371 3,389 3,351 3,341 3,346 25 18 117 160 54 91 214 100 Retail.......................................... 4,036 4,183 4,030 4,019 4,060 -24 225 365 566 -260 232 306 204 Transportation....................................... 5,180 5,152 5,104 5,077 5,013 167 76 29 272 -59 405 213 560 Communication..................................... 1,179 1,140 1 ,073 1 ,093 1 ,088 91 75 25 191 -113 174 78 102 Other public utilities............................. 2,871 2,866 2,722 2,749 2,712 159 164 -12 311 351 212 662 -207 Construction........................................... 2,918 2,934 2,930 2,926 2,944 -26 51 54 79 65 221 144 263 Services.................................................... 5,976 5,987 5,917 5,900 5,886 90 184 158 432 1 374 433 547 All other domestic loans...................... 7,783 7,755 7,626 7,537 7,437 346 125 1 472 9 459 481 559 Bankers' acceptances............................ 728 721 720 742 757 -29 8 -9 -30 -53 -272 -83 -392 Foreign commercial and industrial loans..................................................... 2,594 2,597 2,568 2,563 2,589 5 44 9 58 -55 -101 3 -149 Total classified loans............................. 66,146 66,095 64,885 64,554 64,487 1 ,659 1 ,326 213 3,198 107 2,502 3,305 3,154 Total commercial and industrial loans. 73,060 72,968 71,682 71,272 71,178 1 ,855 1 ,476 277 3,608 185 2,667 3,793 3,362 See Note to table below. “TERM” COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during— 1968" 1968" 1968" Industry Dec. Nov. Oct. Sept. Aug. July June May Apr. 2nd 25 27 30 25 28 31 26 29 24 IV III II I half Durable goods manufactur­ ing: Primary metals.................... 1 ,338 1,414 1 ,417 1 ,466 1,426 1,393 1 ,339 1,199 1,185 -128 127 227 238 -1 Machinery........................... 2,261 2,245 2,212 2,338 2,294 2,395 2,279 2,188 2,231 -77 59 125 153 -18 Transportation equipment, 1 ,035 969 909 931 910 902 908 944 953 104 23 19 1 127 Other fabricated metal products....................... 738 714 748 801 798 811 759 733 696 -63 42 67 17 -21 Other durable goods.......... I ,032 994 991 999 I ,003 1 ,041 1 ,028 1 ,003 991 33 -29 34 -23 4 Nondurable goods manufac­ turing: Food, liquor, and tobacco. 775 779 755 849 823 804 821 817 813 -74 28 -55 118 -46 Textiles, apparel, and leather.......................... 629 602 601 588 575 556 566 556 562 41 22 11 90 63 Petroleum refining.............. 1 ,212 1 ,217 1 ,167 1,228 1,235 1 ,270 1 ,226 1 ,176 1 ,152 -16 2 62 -92 -14 Chemicals and rubber....... 1 ,688 1 ,544 1 ,544 1 ,538 1,462 1,516 1 ,619 I ,583 1 ,647 150 -81 6 81 69 Other nondurable goods . . 1 .061 1 ,072 1 ,083 1 ,087 1,074 1,073 1 ,051 1,062 1 ,072 -26 36 -10 -9 10 Mining, including crude pe­ troleum and natural gas... 4,033 3,828 3,829 3,963 3,984 4,042 4,121 4,152 4,233 70 -158 74 476 -88 Trade: Commodity dealers. . 118 114 114 112 114 115 113 111 110 6 -1 -2 8 5 Other wholesale........ 643 613 616 585 603 608 634 637 624 58 -49 49 9 9 Retail.......................... 1 ,135 1,159 1,144 1,114 1,106 1,152 I ,144 1,105 1 ,119 21 -30 46 15 -9 Transportation........................ 3,906 3,744 3,680 3,673 3,688 3,688 3,703 3,610 3,503 233 -30 200 160 203 Communication...................... 441 459 449 472 452 453 446 432 404 -31 26 34 -31 -5 Other public utilities.............. 1 ,224 1,181 1 ,077 1 ,071 1,001 928 815 749 731 153 256 105 -5 409 Construction........................... 808 799 782 794 774 779 769 737 737 14 25 63 24 39 Services.................................... 2,576 2,517 2,386 2,361 2,329 2,324 2,303 2,268 2,243 215 58 74 108 273 All other domestic loans.... 959 957 940 921 903 942 905 864 877 38 16 26 6 54 Foreign commercial and in­ dustrial loans................... 1,919 1 ,914 1,876 1,881 1,901 1,918 1 ,934 1,953 J ,971 38 r-53 -42 -51 -15 Total loans............................... 29,531 28,835 28,320 28,772 28,455 28,710 28,483 27,879 27,854 759 f289 1,113 1,293 1 ,048 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 Joans granted ing to about 90 per cent of such loans held by all weekly reporting banks under a formal agreement—revolving credit or standby—on which the and about 70 per cent of those held by all commercial banks. original maturity of the commitment was in excess of 1 year. For description of series see article “Revised Series on Commercial and Industrial Loans by Industry,” Feb. 1967 Bulletin, p. 209. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1969 □ 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) Nov. Aug. Nov. Aug. Nov. Aug. Nov, Aug. Nov. Aug. Nov. Aug. 1968 1968 1968 1968 1968 1968 1968 1968 1968 1968 1968 1968 Percentage distribution of dollar amount Less than 6.25 . ............................. 5.6 2.5 2.9 3.4 1.8 2.1 3.3 1 .7 3.9 2.1 7.6 2.9 6.25.................................................. 34.6 0.5 5.4 0.1 10.0 0.1 20.1 0.2 33.2 1.2 47,0 0.6 6 26 6 49 ................ ........... 16.9 0.1 5.6 5.5 0. 1 I5.3 24.7 0.3 18 1 6 50................................................. 6.5 33.9 4.3 6.0 5.7 10.4 7.5 19.4 6.1 31.3 6.5 48.4 6 51 6.99......................................... 13.3 24.5 9.8 11.4 18.3 14.7 19.7 26.2 13.6 29.2 9.7 25.2 7 00................................................. 4.7 10.6 10.9 13,4 11.5 15.1 7.0 11.8 5.1 9.1 2.1 9.3 7.01 7 49 .......... .......... 8.7 10.5 22.0 20.5 18.2 20.9 11.8 14.8 6.7 9.2 5.7 6.0 7 50................................................. 2.7 6.5 11.0 13.4 8.5 12. 1 4.7 9.6 1.7 7.0 0.6 3.2 Over 7.50........................................ 7.1 10.8 28.0 31.7 20.3 24.1 10.4 16.0 5.3 10.7 3.0 4.4 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)....................... 4,354.4 3,765.1 56.5 56. 1 485.0 466.3 922.3 886.8 638. 1 524,7 2,252.9 1 831.2 Number (thousands)................. ' 37.1 36,2 14.6 14.8 15.6 15. 1 4.8 4.6 1.1 .9 ' 1 .0 .8 Center Weighted average rates (per cent per annum) 35 centers....................................... 6.61 6.89 7.27 7,35 7.14 7,27 6.80 7.07 6.57 6.90 6.40 6.70 New York City.................. . . . 6.40 6.67 7.16 7.30 6.95 7.14 6.59 6.87 6.40 6.69 6.32 6.60 7 Other Northeast..................... 6.95 7.16 7.43 7.49 7.42 7.48 7.04 7.28 6.78 7.14 6.59 6.83 8 North Central........................ 6.69 6.96 7.22 7.35 7.14 7.34 6.87 7.21 6.66 7.08 6.55 6.78 7 Southeast................................ 6.44 6.74 6.98 7.09 6.85 6,96 6.62 6.78 6.42 6.61 5.75 6.54 8 Southwest............................... 6.48 6.86 7.14 7.20 6.93 7.08 6.63 6.91 6.48 6.78 6.10 6.72 4 West Coast............................. 6.62 6.86 7.68 7.73 7,33 7.50 6.83 7.11 6.52 6.78 6.40 6.63 Note.—Beginning Feb. 1967 the Quarterly Survey of Interest Rates on 1967—Jan. 26-27 5ft-5% 1968—Apr. 19 6ft Business Loans was revised. For description of revised series see pp. 721­ Mar. 27 5)4 Sept. 25 6-6 ft 27 of the May 1967 Bulletin. Nov. 20 6 Nov. 13 6ft Bank prime rate was 6 per cent during the period Jan. 1, 1967-Jan, Dec. 2 6ft 25, 1967. Changes thereafter to new levels (in per cent) occurred on the Dec. 18 6ft following dates: 1969—Jan. 7 7 MONEY MARKET RATES (Per cent per annum) U.S. Government securities (taxable) 4 Finance Prime co. Prime Period com!. paper bankers’ Federal 3-month bills 5 6-month bills 5 9- to 12-month issues paper, placed accept­ funds 3- to 5- 4- to 6- directly, ances, rate 3 year months 1 m 3 o - n to th s 6 - 2 90 days 1 n R ew at e is s o u n e M y a ie r l k d et n R ew at e is s o u n e M y a ie rk ld et B k i e ll t s y ( i m el a d r ) ­ 2 Other 6 issues 7 1967............................. 5.10 4.89 4.75 4.22 4.321 4.30 4.630 4.61 4.71 4.84 5.07 1968 ............................. 5.90 5.69 5.75 5.66 5.339 5.33 5.470 5.48 5.45 5.62 5.59 1967—Dec.................. 5.56 5.43 5.43 4.51 5.012 4.96 5,562 5.49 5.58 5.69 5.72 1968—Jan.................... 5.60 5.46 5.40 4.60 5.081 4.99 5.386 5.23 5.29 5.39 5.53 Feb................... 5.50 5.25 5.23 4.72 4.969 4.97 5.144 5.17 5.22 5.37 5.59 Mar.................. 5.64 5.40 5.50 5.05 5.144 5.16 5.293 5.33 5.40 5.55 5.77 Apr................... 5.81 5.60 5.75 5.76 5.365 5.37 5.480 5.49 5.44 5.63 5.69 May................. 6.18 5.99 6.04 6.12 5.621 5.65 5.785 5.83 5.83 6.06 5.95 June................. 6,25 6.04 5.96 6,07 5.544 5.52 5.652 5.64 5.67 6.01 5.71 July.................. 6.19 6.02 5.85 6.02 5.382 5.31 5.480 5.41 5.40 5.68 5.44 Aug.................. 5.88 5.74 5.66 6.03 5.095 5.08 5.224 5.23 5.15 5.41 5.32 Sept.................. 5.82 5.61 5.63 5.78 5.202 5.20 5.251 5.26 5.19 5.40 5.30 Oct................... 5.80 5.59 5.79 5.92 5.334 5.35 5.401 5.41 5.33 5.44 5.42 Nov.................. 5,92 5.75 5.97 5,81 5.492 5.45 5.618 5.59 5.51 5,56 5.47 Dec................... 6. 17 5.86 6.20 6.02 5.916 5.94 6.014 6.05 5.98 6.00 5.99 Week ending— 1968—Nov. 30.......... 6,00 5.75 6.00 5.73 5.448 5.47 5.573 5.58 5.56 5.52 5.51 Dec. 7.......... 6.00 5.75 6.00 5.71 5,633 5.66 5.730 5.77 5.69 5.73 5.79 14.......... 6.03 5.78 6.10 5.84 5,788 5,84 5.906 5.94 5.82 5.80 5.91 21.......... 6.20 5,88 6.15 6.00 5.966 6.03 6.017 6.11 5.97 6.01 6.05 28.......... 6.38 6.00 6.47 6.25 6.278 6.20 6.401 6.35 6.38 6.41 6.17 1 Averages of daily offering rates of dealers. 4 Except for new bill issues, yields are averages computed from daily 2 Averages of daily rates, published by finance companies, for varying closing bid prices. 5 Bills quoted on bank discount rate basis. maturities in the 90-179 day range. 6 Certificates and selected note and bond issues. 2 Seven-day average for week ending Wednesday. 2 Selected note and bond issues. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 32 INTEREST RATES □ JANUARY 1969 BOND AND STOCK YIELDS (Per cent per annum) Government bonds Corporate bonds Stocks State By selected By Dividend/ Earnings/ Period United and local rating group price ratio price ratio States (long­ Total* term) Total 1 Aaa Baa Aaa Baa In tr d ia u l s­ R ro a a i d l­ P u u ti b li l t i y c fe P r r r e e ­ d C m o o m n ­ C m o o m n ­ 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 4.4! 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 (966.................................................. 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 P5.7O 1 967-—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 4.28 4.96 6.60 6.27 7.03 6,49 6.87 6.60 5.92 3.07 June 5.23 4.59 4.21 5.06 6.63 6.28 7.07 6.54 6.88 6.60 5.90 3.00 July. 5.09 4.45 4.12 4.91 6.57 6.24 6.98 6.50 6.82 6.53 5.74 3.00 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 Dec. 5.65 4.76 4.50 5.18 6,80 6.45 7.23 6.72 6.97 6.85 5.93 2.93 Week ending— 1 Q68—Sent. 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 4.2! 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 <5.28 7.07 6.59 6. 82 6.64 5.83 2.88 Dec. 7............................... 5.56 4.68 4.40 5.07 6,69 6.33 7.14 6.63 6. 86 6.69 5.81 2.87 14............................... 5.55 4.73 4.45 5.15 6.77 6.45 7.18 6,71 6.94 6.87 5.87 2.90 21............................... 5,66 4.82 4.57 5.25 6.82 6.48 7.24 6,73 6.99 6.87 5.92 2.91 28.............................. 5.82 4.82 4.57 5.25 6.88 6.53 7.31 6.77 7.05 6.96 6.02 2.96 Jan. 4............................... 5.74 4.82 4,57 5.25 6.91 6.55 7.35 6,79 7.02 7,03 6.01 2.99 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

JANUARY 1969 a SECURITY MARKETS A 33 SECURITY PRICES Common stock prices Volume of Bond prices New York Stock Exchange trading in (per cent of par) thousands of Amer­ shares Period Standard and Poor’s index New York Stock Exchange index ican (1941-43-10) (Dec. 31, 1965-50) Stock Ex­ change U.S. total Govt, State Cor­ Indus­ Rail­ Public Indus­ Trans­ Fi­ index1 (long­ and porate Total trial road utility Total trial porta­ Utility nance NYSE AMEX term) local AAA tion 1965 ........................... 83.76 110.6 93 9 88.17 93.48 46.78 76.08 47.39 12.05 6,174 2,120 1966........................... 78.63 102 6 86 1 85.26 91.09 46.34 68 21 46 15 46.19 50.28 45 41 44.25 14 67 7,538 2,741 1967 ........................... 76.55 100 5 818 91 93 99.18 46.72 68 10 50.77 51.97 53 51 45 43 49 82 19 67 10,143 4,508 1967—Dec................ 71.22 93.6 75.9 95.30 103.91 43.46 64.61 53.06 55.80 48 73 42.75 52.37 23 57 11,476 5,303 1968—Jan................. 73.09 95.6 77.2 95.04 103.11 43.38 68.02 53.24 55.45 47.90 44 87 55 89 24 95 11,947 7,309 Feb................ 73.30 94.8 77.5 90.75 98.33 42.35 65.61 50.68 52.63 45.15 43.36 53.88 22.43 9,182 4,065 Mar................ 70.98 92,7 76.9 89.09 96.77 41.68 62.62 49,48 51.54 43.29 41.78 52 98 22.21 9,178 3,600 72,06 94.7 76.2 95.67 104.42 44.79 63.66 53.23 56 03 46 85 42.46 57 56 24 39 14,779 6,536 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 49.01 44.09 68.19 28. 38 10,718 4,778 Sept............... 73.95 93.7 78.4 101.34 110.53 51.11 66.77 56.80 59.57 51.94 44.53 71.77 29.75 13,435 6,542 Oct................. 72.44 92.7 77.0 103.76 113.29 54.26 66.93 58.32 61.07 55.24 45.22 77.50 30.76 15,112 6,376 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 6,789 Dec................ 68.47 89.2 73.0 106.48 116.01 55.19 70.54 60,32 63.21 57.30 46.73 79 00 32.96 14,865 8,075 Week ending— 1968—Dec. 7........ 69.34 89.4 74.3 107.94 117.67 55.83 71.06 61.04 63.92 57.92 47,38 80,65 32.69 16,384 7,863 14........ 69.39 89.1 73.9 107.49 117.18 55.90 70.68 60.87 63.81 57.72 47.04 80.08 33.12 16,298 8,972 21 68.44 89.1 72.6 106.77 116.71 55.14 70.62 60.52 63.50 57.29 46.67 79.15 33.19 16,551 8,686 28........ 66.86 89. I 71 .9 105.04 114.35 54.53 70.24 59.58 62.41 56.88 46.28 77.52 33.01 11,353 7,129 Jan. 4........ 67.61 89. 1 72.0 103.90 113.08 54.08 69.60 58.91 61.68 56.30 45.93 76.26 32.78 11,946 6,756 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 slocks, 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 5J4-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 r c p ( o a p e r a i t e n c i n o r t e ) / (t d h c p o o P h r l u l a u i a c s s r r e . ­ e s o ) f (t a h d m L o o o u l o la a s u r . n n s o ) t f C c t ( r r p e a o a n e t n c e t r t ) ­ c F c h e ( e a p e n r s e g t r e ) & 1 s M (y a e t a u r r s it ) y L p r c ( o a e p ri a t n e c i n o t e r ) / (th d c o o p P h u l r l u a i a s c s r r . e ­ e s o ) f (th a d L o o m o u ll o a a s u . r n s n o ) t f 1963......................... 5.84 .64 24.0 73.3 22.5 16,3 5.98 .60 19.2 70.8 17.8 12,6 1964......................... 5.78 .57 24 8 74.1 23.7 17.3 5.92 .55 20 0 71.3 18.9 13 4 1965......................... 5.74 .49 25.0 73.9 25.1 18.5 5.87 .55 21.8 72.7 21.6 15.7 1966......................... 6.14 .71 24 7 73.0 26.6 19.4 6.30 .72 21.7 72.0 22.2 16 1 1967..................... . 6,33 81 25'2 73.6 28.0 20,6 6.40 .76 22.5 72.7 24.1 17 5 1967-—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 7.11 .82 22.6 72.6 25.4 18.4 Oct........ 7.09 .88 25.6 74.5 31 .0 23.1 7.09 .84 22.5 72.4 25.5 18.5 Nov.’’.......... 7.07 .84 25.4 74.2 30.8 22.9 7.07 .81 22.7 72.8 26.2 19.1 1 Fees and charges—related to principal mortgage amount—include originated by major institutional lender groups (including mortgage loan commissions, fees, discounts, and other charges, which provide companies) for purchase of single-family homes. Data exclude loans for added income to the lender and are paid by the borrower. They exclude refinancing, reconditioning, or modernization; construction loans to any closing costs related solely to transfer of property ownership. home-builders; and permanent loans that are coupled with construction loans to owner-builders. Series beginning 1965, not strictly comparable Note.—Compiled by Federal Home Loan Bank Board in cooperation with earlier data. See also the table on Home-Mortgage Yields, p. A-51 . with Federal Deposit Insurance Corporation. Data are weighted averages based on probability sample survey of characteristics of mortgages Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 34 STOCK MARKET CREDIT □ JANUARY 1969 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..,.0.10 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.................. 6,170 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 9^100 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 '<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 (mil­ SPECIAL MISCELLANEOUS ACCOUNT BALANCES End of lions AT BROKERS, BY EQUITY STATUS OF ACCOUNTS period of 70 or Under dol­ more 60-69 50-59 40-49 40 (Per cent of total, unless otherwise indicated) lars)1 Equity class of accounts 1967—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) [968—Jan... 6,170 40.6 35.4 9.5 4.4 10 0 Feb... 6J50 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 <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 "28.8 28.2 9.1 4.8 UI .8 Aug....................... 49.8 46.4 3.8 '5,780 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 1 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 loan values of other lateral less net debit balance) is expressed as a percentage of current col­ collateral in the customer’s margin account or deposits of cash (usually lateral value. sales proceeds) occur, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1969 □ OPEN MARKET PAPER; SAVINGS INSTITUTIONS A 35 COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING (In millions of dollars) Dollar acceptances Commercial and finance company paper Held by— Based on— End of period Accepting banks F.R. Goods stored in or Placed Placed Total Banks p I o m rt ­ s p E o x rt ­ s Dollar ship p p o e in d t s b i e n tw — een Total through direct­ Others into from ex­ dealers 1 ly 2 Total O bi w lls n bo B u il g ls h t O ac w c n t. c F e o i o g r r r n ­ . U S n ta it t e es d U S n ta it t e e d s change U S n ta it t e es d c F o o u r n e t i r g ie n s 1962....................... 6,000 2,088 3,912 2,650 1 153 865 288 110 86 1,301 541 778 186 171 974 1963 ....................... 6^747 1,928 4,819 2,890 1 291 1,031 260 162 92 1,345 567 908 56 41 1 317 1964....................... 8'361 2'223 6’138 3,385 1,671 1,301 370 94 122 1,498 667 999 111 43 1 565 1965 ....................... 9,058 1,903 7,155 3,392 1,223 1,094 129 187 144 1,837 792 974 27 35 1,564 1966....................... 13,279 3,089 10,190 3,603 1,198 983 215 193 191 2,029 997 829 103 80 1 595 1967—Nov............ 17.147 5,136 12,011 4,218 1 ,878 1,376 501 59 151 2,130 1 095 975 52 124 1,971 Dec............ 17,084 4,901 12,183 4^317 1,906 1,447 459 164 156 2^090 1 086 989 37 162 2 042 1968—Jan............. 18,370 5,216 13,154 4,312 1 .797 1,307 490 83 141 2,292 1 055 1 ,013 49 165 2,030 Feb............. 17,813 5'493 12^320 4,266 1,808 1*329 479 56 117 2^285 1 091 1 ,029 33 134 1 979 Mar............ 18^487 5,832 12^655 4*336 1,884 1,395 490 90 100 2,262 1 J25 1,032 36 1 17 2 027 Apr............ 17^509 5,930 11 ,579 4,430 1 ,778 1,409 369 87 118 2*447 1 229 1 ,025 18 116 2*042 18'417 5,761 12,656 4 359 1 624 1,282 342 56 132 2’547 1,267 1 007 17 77 1 992 18 798 5 822 12,976 4 286 1 677 1 366 311 1 34 112 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 2'352 1 ’390 917 42 54 1,927 20,734 7,091 13,643 4 418 1 819 1,474 344 51 149 2’399 1 435 932 100 52 1 899 Sept........... 20^264 7’737 12,527 4,327 1 ,714 1 ,393 321 86 124 2 403 1 420 945 78 46 1 ,838 Oct...... . • 20,839 7,592 13'247 4,420 1 ,551 1 ,280 r271 56 119 2,695 1,479 921 80 53 1 ,887 Nov............ 22'220 7*758 14’462 4; 389 1 ,605 1 ,352 253 58 114 2,612 1 ,476 922 68 55 1 ,869 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 ................... 4,202 62 10,650 1 ,257 606 185 16,962 15,332 48 1 ,582 n.a. n.a. n.a. n.a, 1960 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 n.a. n.a. n.a. 1,200 1961 28,902 475 6,160 677 5,040 937 640 42,829 38,277 781 3,771 n.a. n.a. n.a. 1 ,654 1962 32,056 602 6,107 527 5,177 956 695 46,121 41 ,336 828 3,957 n.a. n.a. n.a. 2,548 1963 36,007 607 5,863 440 5,074 912 799 49,702 44,606 943 4,153 n.a. n.a. n.a. 2,249 1964 40,328 739 5,791 391 5,099 1 ,004 886 54,238 48,849 989 4,400 n.a. n.a. n.a. 2,820 1965 44,433 862 5,485 320 5,170 1 ,017 944 58,232 52,443 1,124 4,665 n.a. n.a. n.a. 2,697 1966. 47,193 1 ,078 4,764 251 5,719 953 1 ,024 60,982 55,006 1,114 4,863 n.a. n.a. n.a. 2,010 1967-—Nov.......... 50,046 1,243 4,397 222 8,107 915 1,130 66,061 59,462 1 ,597 5,002 730 1 ,075 879 2,684 Dec.......... 50,311 1 ,203 4,319 219 *8,183 993 1 ,138 66,365 60,121 1 ,260 4,984 742 982 799 2,523 1968-—Jan........... 50,705 1,260 4,344 218 8,444 877 1 ,153 67,002 60,581 1 ,406 5,015 666 932 819 2,416 Feb........... 50,902 1 ,334 4,405 220 8,672 903 1 ,156 67,592 60,945 1,575 5,071 627 955 818 2,400 Mar.......... 51 ,039 1 ,341 4,412 229 8,937 914 1,198 68,070 61,615 1 ,388 5,067 669 1 ,036 772 2,477 Apr.......... 51,199 1,267 4,303 221 9,113 871 1,190 68,165 61 ,554 1 ,553 5,058 695 906 961 2,561 May......... 51,402 1,474 4,374 421 9,213 877 1 ,215 68,768 61,926 1 ,732 5,110 650 1 ,069 949 2,669 June......... 51,621 I ,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 4,203 201 9,778 912 1 ,217 69,902 62,851 1 ,871 5,180 776 1 ,094 1 ,058 2,928 Sept.......... 52,323 1 ,468 4,139 204 9,827 990 1 ,253 70,203 63,381 1,628 5,194 889 1 ,067 1 ,015 2,971 Oct........... 52,636 1 ,431 3,999 195 9,913 911 1 ,227 70,312 63,550 1 ,567 5,195 835 1 ,144 1 ,090 3,070 Nov?*.. .. 52,946 1 .532 3,913 200 10,001 914 1 ,267 70,773 63,800 1 ,707 5,266 945 1,132 1,125 3,202 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 } 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. anil 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 □ JANUARY 1969 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period Total Mort­ Real Policy Other assets Total U S n ta i t t e e s d Sta lo te c a a l nd Foreign 1 Total Bonds Stocks gages estate loans ' assets Statement value; 1941....................................... 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945........................................... 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1960........................................... 119,576 11,679 6,427 3,588 1,664 51,857 46,876 4,981 41,771 3,765 5,231 5,273 1961........................................... 126,816 11.896 6,134 3,888 1,874 55,294 49,036 6,258 44,203 4,007 5,733 5,683 1962........................................... 133,291 12,448 6,170 4,026 2,252 57,576 51,274 6,302 46,902 4,107 6,234 6.024 1963........................................... 141,121 12,438 5,813 3,852 2,773 60,780 53,645 7,135 50,544 4,319 6,655 6,385 1964........................................... 149,470 12,322 5,594 3,774 2,954 63,579 55,641 7,938 55,152 4,528 7,140 6,749 1965........................................... 158,884 11,679 5,119 3,530 3,030 67,599 58,473 9,126 60,013 4,681 7,678 7,234 1966........................................... 167,022 10,837 4,823 3,114 2,900 69,816 61,061 8,755 64,609 4,883 9,117 7,760 Book value: 1964....................................... 149,470 12,343 5,594 3,785 2,964 62,112 55,735 6,377 55,197 4,534 7,141 8,143 1965........................................... 158,884 11,703 5.119 3,546 3,038 65,801 58,532 7,269 60,057 4,686 7,679 8,958 1966........................................... 167,022 10,864 4,824 3,131 2,909 68,677 61,141 7,536 64,661 4,888 9,119 8,813 1967—Oct.r............................. 175,416 10,574 4,637 2,992 2,945 73,514 64,831 8,683 66,875 5,112 9,916 9,425 Nov.............................. 176,184 10,537 4,642 2,982 2,913 73,934 65,089 8,845 67,097 5,165 9,996 9,455 Dec................................ 177,201 10,497 4,610 2,973 2,914 73,990 64,992 8,998 67,595 5,185 10,080 9,854 1968—Jan................................. 178,256 10,548 4,582 2,998 2,968 74,876 65,821 9,055 67,770 5,211 10,167 9,684 Feb................................ 178,762 10,584 4,616 2,997 2,971 75,266 66,095 9,171 67,867 5,244 10,258 9,543 Mar.............................. 179,477 10,562 4,582 3,007 2,973 75,760 66,412 9,348 68,055 5,263 10,362 9,475 180,411 10,493 4,496 3,016 2,981 76,087 66,661 9,426 68,123 5,303 10,474 9,931 181,234 10,584 4,581 3,018 2,985 76,428 66,838 9,590 68,339 5,337 10,599 9,947 June............................... 182,110 10,360 4,365 3,002 2,993 76,987 67,234 9,753 68,508 5,366 10,729 10,160 July............................... 183,094 10,476 4,400 3,038 3,038 77,602 67,659 9,943 68,708 5,424 10,813 10,071 Aug............................... 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............................... 184,752 10,505 4,443 3,012 3,050 78,176 68,002 10,174 69,024 5,496 11,026 10,525 Oct........................ 185,701 10,574 4,479 3,025 3,070 78,754 68,411 10,343 69,212 5,510 11,117 10,534 1 Issues of foreign governments and their subdivisions and bonds of Year-end figures: Annual statement asset values, with bonds carried the International Bank for Reconstruction and Development. on an amortized basis and stocks at year-end market value. Month-end figures: Book value of ledger assets. Adjustments for interest due and Note.—Institute of Life Insurance data; figures are estimates for all accrued and for differences between market and book values are not made life insurance companies in the United States. on each item separately but are included in total, in “other assets.” SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Assets Liabilities Total Mortgage E p n e d ri o o d f M ga o ge rt s ­ s G U e o c .S u vt r . , i ­ Cash Other1 a li s a T s b e o i t l t i s t a 2 ie l — s S c a a v p i i n t g a s l u R n e d a s i e n v r i d d v e e s d B m or o r n o e w y e 3 d L p o r a oc n e s s i s n Other c m o lo e m a n n m t s i 4 t­ ties profits 1941..................... 4,578 107 344 775 6,049 4,682 475 256 6 1945..................... 5*376 2,420 450 356 8,747 7365 644 336 1960..................... 60,070 4,595 2,680 4,131 71,476 62,142 4,983 2,197 1,186 968 1359 1961..................... 68,834 5’,211 3,315 4,775 82*135 70*, 885 5,708 2,856 1350 1,136 1,908 1962..................... 78*770 5 363 3*926 5,346 93*605 80,236 6320 3,629 1,999 1,221 2*230 1963..................... 90,944 6*445 3*979 6,191 107359 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 7 399 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 1 372 2*149 1*317 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 142371 122,947 9,248 4,455 2,241 4,070 3*287 Dec........... 121,893 9*244 3 308 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 Mar.......... 123,426 9,968 2,909 9,334 145*637 125,993 9*557 4,512 2,324 3,251 3,840 Apr........... 124*305 9,824 2,769 9,325 146*223 125,698 9,552 4,807 2,461 3,705 4351 May......... 125,262 10,164 2,726 9,641 147,793 126,’455 9347 4,956 2386 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 2361 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 9345 5,325 2,447 3*555 3J82 Oct............ 129*237 9,669 2,524 9*616 151 *046 129 362 9 342 5,336 2,441 4,065 3,856 Nov.......... 129 370 9,738 2,659 9,845 152*212 130,015 9 346 5 330 2,417 4,604 3,698 i Includes other loans, stock in the Federal home loan banks, other * Commitments data comparable with those shown for mutual savings investments, real estate owned and sold on contract, and office buildings banks (on preceding page) would include loans in process. and fixtures. 2 Before 1958, mortgages are net of mortgage-pledged shares. Asset Note.—Federal Home Loan Bank Board data; figures are estimates for items will not add to total assets, which include gross mortgages with no all savings and loan assns. in the United States. Data beginning with 1954 deductions for mortgage-pledged shares. Beginning with Jan. 1958, no are based on monthly reports of insured assns. and annual reports of deduction is made for mortgage-pledged shares. These have declined noninsured assns. Data before 1954 are based entirely on annual reports. consistently in recent years from a total of $42 million at the end of 1957. Data for current and preceding year are preliminary even when revised. J 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

JANUARY 1969 □ FEDERALLY SPONSORED CREDIT AGENCIES A 37 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Federal home loan banks (s F M e e c o d o r e n t r g d a a a l g r N y e a m A ti a s o r s n k n a e , l t Ba fo n r k s inte F r e m d e e d ra ia l te Fe la d n e d r al Assets Liabilities and capital operations) cooperatives credit banks banks End of period v m a b A n t e e o d c r m s e ­ s ­ I m nv e e n s ts t­ p C a o d a n s e s d i ­ t h s B n a o o n n te d d s s M po b d e s e e m i ­ r t s ­ C s a to p c it k al M l g o ( a a A o g n r ) e s t ­ D n t e a u ( o b L n r t e e e d ) s s n ­ c L a o o ( t o i t A v a o p e n ) e s s r ­ D t e u ( b L re e ) s n­ c L o a d o ( u A n a is n d n ) ­ t s s D t e u ( b L re e ) s n­ M lo g ( a a A o g n r ) e s t ­ Bo (L n ) ds 1961.............. 2,662 1,153 159 1,571 1,180 1 107 2 770 2,453 697 435 1,650 1 ,585 2,828 2,431 1962.............. 3^479 1 ’531 173 2,707 1,214 1,126 2 752 2 422 735 505 1,840 1,727 3,052 2’628 1963.............. 4,784 1 '906 159 4,363 1 ,151 1,171 2,000 1,788 840 589 2,099 1 '952 3,310 2,834 1964.............. 5,325 1J523 141 4'369 11199 1,227 1 940 1 601 958 686 2,247 2J12 3^718 3’169 1965.............. 5',997 1 ’,640 129 5,221 1 045 1,277 2,456 1 884 1 055 797 2’516 2’335 4,281 3,710 1966.............. 6,935 2,523 113 6,'859 1 ’037 1,369 4 266 3 800 1 290 1,074 2,924 2,786 4,958 4*385 1967.............. 4,386 2^598 127 4 060 1 432 1 395 5*348 4 919 I 506 1 253 3 411 3,214 5 609 4’904 1967—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 I ,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 I ,280 3,835 3,640 5,923 5,222 June.. 4,889 2,832 103 4,701 1 ,400 1 ,426 6,387 5,887 1 ,454 1 ,207 3,940 3,477 5,973 5,214 July. . 4,988 2,463 86 4,700 1 ,189 1 ,406 6,465 5,550 1 ,454 1 ,291 4,031 3,862 6,004 5,214 Aug... 4,997 2,264 68 4,501 1 ,177 1 ,401 6,502 5,822 1 ,450 1 ,280 3,998 3,871 6,033 5,384 Sept... 5,026 2,283 93 4,501 1 ,253 1 ,401 6,562 6,032 1 ,479 1 ,280 3,841 3,814 6,064 5,384 Oct... 5,034 2,300 97 4,501 1 ,287 1 ,401 6,657 5,923 1 ,551 1 ,290 3,753 3,669 6,094 5,423 Nov... 5,040 2,581 81 4,701 1 ,322 1 ,402 6,758 5,923 1 ,334 3,636 3,570 6,107 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.; for a listing of these securities, see table below. Loans are gross sheet items are capital accounts of all agencies, except for stock of home of valuation reserves and represent cost for FNMA and unpaid principal loan banks. Bonds, debentures, and notes are valued at par. They in­ for other agencies. clude only publicly offered securities (excluding, for the home loan banks, OUTSTANDING ISSUES OF FEDERALLY SPONSORED AGENCIES, NOVEMBER 30, 1968 Amount Amount Amount Agency, issue, and coupon rate (millions Agency, issue, and coupon rate (millions Agency, issue, and coupon rate (millions of dollars) of dollars) of dollars) Federal home loan banks Federal National Mortgage Federal land banks—Cont. Notes: Association—Cont. Bonds: Feb. 25, 1969.......................5.65 300 Debentures: Dec. 23, 1968.....................5.95 247 Feb. 25, 1969.......................5.85 400 Sept. 10, 1971.....................414 96 Jan. 20,1969.......................4% 341 Apr. 25, 1969.........................6’4 326 Sept. 10, 1971.....................53^ 350 Mar. 20, 1969.......................4’/8 100 May 26, 1969........................6 300 Feb. 10,1972......................5’/8 98 Apr. 21, 1969.....................5.60 250 July 25,1969.......................5.75 400 June 12, 1972.....................4H 100 July 15, 1969.....................4 >4 130 June 12, 1973.....................4 >4 146 July 15, 1969.......................4% 60 Bonds: Oct. 1, 1973........................6 250 Sept. 22, 1969........................6% 279 Jan. 27, 1969.........................5^ 300 Feb. 10, 1977......................4^ 198 Oct. 20, 1969.......................4% 209 Mar. 25, 1969.........................5% 300 Jan. 20, 1970.......................5M 209 June 25, 1969.......................6.30 550 Feb. 20, 1970........................5U 82 Sept. 25, 1969.......................6 400 Banks for cooperatives Feb. 20, 1970.....................6.30 344 Nov. 25, 1969.........................6 500 Debentures: Apr. 1, 1970........................31/2 83 Feb. 25, 1970.........................6 200 Dec. 2, 1968.....................6.20 264 Apr. 20, 1970.....................6.20 362 Mar. 25, 1970.........................6 200 Jan. 2, 1969.....................6.00 233 July 20, 1970........................514 85 Apr. 27, 1970.........................6 225 Feb. 3,1969.....................5.65 350 July 20,1970........................6 241 May 25, 1970.......................5.80 300 Apr. 1,1969.....................5.55 224 May 1,1971........................3>Z 60 Apr. 1. 1969.....................5.80 254 Oct. 20, 1971......................6.00 447 Federal National Mortgage Associa­ Feb. 15, 1972......................5.70 230 tion—Secondary market opera­ Sept. 15, 1972........................3% 109 tions Oct. 23, 1972.......................5M 200 Federal intermediate credit banks Feb. 20, 1973-78...............41/5 148 Discount notes.................................. 2,016 De D b e e c n . t ure 2, s : 1968.......................5% 460 A Fe p b r . . 2 2 0 1 , , 1 1 9 9 7 7 4 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4 4 1 % /2 2 1 0 55 0 Jan. 2, 1969.....................5.95 452 Feb. 24, 1976......................5 123 Debentures; Feb. 3,1969.....................6.10 445 July 20,1976......................5’/, 150 Apr. 10, 1969..................41^0 88 Mar. 3, 1969.....................6.45 428 Apr. 20, 1978......................5Vs 150 May 12, 1969.........................4% 300 Apr. 1,1969........................6% 409 Jan. 22,1979......................5 285 June 10, 1969.......................6.10 250 May 1,1969.....................5.95 387 July 10, 1969........................5% 250 June 2, 1969.....................5.65 337 Tennessee Valley Authority Dec. 12, 1969........................6 550 July 1,1969.......................5^ 278 Short-term notes....................... 290 Apr. 10, 1970......................478 142 Aug. 4, 1969.....................5.80 377 Bonds: June 10, 1970....................6.60 400 Nov. 15, 1985...................4.40 50 Sept. 10, 1970......................4>/« 119 Federal land banks July 1,1986.......................4% 50 Oct. 13, 1970......................53/4 400 Bonds: Feb. I, 1987.....................4i/2 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................4)4 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 □ JANUARY 1969 FEDERAL FISCAL OPERATIONS: SUMMARY (In millions of dollars) U.S. budget Means of financing R i e tu c r e e ip a t- c e c x o p u e n n t d­ Borrowings from the public L m e o s n s e : t C ar a y s h as a se n t d s M N e e m t o: Period Net Budget s B u u r d p g lu e s t Less: Invest­ m O e th a e ns r tra d t n e o s b f t e r B re u c d e g ip e t t s p t e u N e n r x e e ­ d t s i­ le in n g d­ l o ay u s t­ 1 d ( e o - fi r ) c it s P d e t u i e c e b u b s l r i t c i ­ A s P e g t l i c e u e u n s s r : c i ­ y men a t c s c b ou y n G ts ovt, S n L p o e e t s e c s s ia : 2 l b E T o q i r o n u r t g o a a w l l s : ­ o T p s i r e n u e g r r a a y ­ t­ Other fi n n in o a e g n f t , 3 c ­ p o s w ri h v n i a p e t 4 r e ­ Special balance Issues Other Fiscal year: 1965......................... 116,813 117,182 1 ,249 118,431 -1,618 5,561 704 2,023 308 -126 4,060 1 ,231 1 ,096 -116 1966......................... 130,864130,822 3,832 134,654 -3,790 2,633 4,042 2,470 773 354 3,077 -552 160 321 1967......................... 149,562 153,299 5,053 158,352 -8,790 6,330 5,079 5,035 4,001 -482 2,854 -5,222 303 1 ,017 1968......................... 153,676 172,803 6,059 178,862 -25,187 21 ,352 5,944 3,371 1 ,949 -1,119 23,095 -397 1 ,700 3,394 ............. Half year: 1967—July-Dec.... 67,253 84,978 2,520 87,498 -20,246 18,443 1 ,752 1 ,079 586 -436 18,965 -131 -5 1,144 1968—Jan.-June... 86,423 87,825 3,539 91,364 -4,941 2,909 4,192 2,292 1 ,363 -683 4,130 -266 1 ,705 2,250 ............. Month: 1967~Nov.............. 10,886 13,819 349 14,169 -3,283 4,588 -2 204 27 .......4..,.3..54 140 215 -717 ............ 1968—Jan................ 12,220 14,864 589 15,453 -3,233 1,596 1 ,434 - 1,303 371 -14 3,976 1 ,677 -69 865 Feb............... 12,087 13,695 688 14,383 -2,296 5,296 100 1 ,312 224 -220 4,081 1 ,667 -442 -559 Mar.............. 11 ,870 14,311 61 1 14,922 -3,053 -2,083 287 -530 98 -20 -1 ,345 -3,488 564 1 ,473 Apr.............. 19,045 15,199 479 15,678 3,368 -2,489 1 ,357 245 269 -19 -1 ,626 1 ,099 928 285 May............. 11,711 15,385 856 16,241 -4,529 5,310 120 2,199 435 -5 2,801 -1 ,226 -925 -423 J u ne............. 19,490 14,371 316 14,687 4,803 -4,721 894 370 -35 -405 -3,757 5 1 ,649 609 July.............. 11,706 13,961 313 14,274 -2,567 3,500 68 -641 166 -12 4,055 714 -246 -1 ,020 Aug.............. 13,195 16,161 189 16,349 -3,155 3,278 1 ,369 1 ,184 637 -15 2,841 -1 ,420 329 -777 Sept........... . 18,746 16,024 207 16,231 2,515 387 28 -374 31 758 4,003 78 806 5,284 Oct.............. 10,733 16,570 286 16,856 -6,122 2,451 300 -858 483 -7 3,132 -2,073 -325 593 Nov.............. 12,705 15,038 -55 15,092 -2,387 -331 -80 209 230 -165 -686 -3,754 338 -342 ............. Selected balances Treasury operating balance Federal securities End Memo: of Less: Debt of period B F a . n R k . s ac I c T a o o n a a u d x n n ts b G ala o n ld c e Total se P c d u u e b r b i l t i t i c e s s A ec g u e r n it c ie y s Sp G I e n c o v i v e a t s l , t m ac e c n o t O s u n t o h ts f e r S n L p o e e te s c s s ia : 2 l E p T h q u o b e u b y t ld a a l i c l l s : s c p p G o o r N i r n v o p o s a v s o w t t . e r . — - e s d issues Fiscal year: 1964 ....................... 939 9,180 120 10,238 311,713 8,632 46,627 12,581 3,581 257,555 7,195 1965 672 10,689 108 11,469 317,274 9,335 48,650 12,888 3,455 261,616 8,309 1966 ....................... 766 10,050 102 10,917 319,907 13,377 51,120 13,662 3,810 264,693 10,436 1967 1 ,311 4,272 112 5,695 326,181 18,455 56,155 17,662 3,328 267.491 9,220 1968 ....................... 1 ,074 4,113 IK 5,298 347,533 24,399 59,526 19,611 2,209 290,586 10,041” Cal. year: 1967 ....................... 1,123 4,329 112 5,564 344,663 20,206 57,234 18,286 2,892 286,457 8,994 Month: 1967-—Nov.............. 1 ,581 4,407 126 6,115 345,090 18,835 57,372 17,867 2,937 285,749 8,969 1968-—Jan................ 1 ,153 5,977 111 7,241 346,259 21,640 55,930 18,658 2,878 290,433 9,343 Feb............... 1,197 7,601 1 10 9,908 351,556 21,741 57,242 18,883 2,658 294,512 9,396 Mar.............. 581 4,727 111 5,420 349,473 22,027 56,711 18,982 2,638 293,169 9,279 Apr............... 1 ,035 5,372 111 6,519 346,984 23,384 56,957 19,250 2,619 291,542 9,274 May............. 956 4,225 1 1 1 5,293 352,294 23,505 59,156 19,684 2,614 294,345 9,065 June............. 1 ,074 4,113 (II 5,298 347,578 24,407 59,526 19,611 2,209 290,576 10,041" July.............. 1,113 4,787 111 6,012 351,078 24,474 58,885 19,840 2,197 294,631 10,004 Aug.............. 916 3,564 11 1 4,592 354,356 25,843 60,069 20,477 2,182 297,472 9,927 Sept.............. 1 ,036 7,448 1 1 1 8,595 354,743 20,055 59,695 19,975 2,182 292,947 15,948 Oct................ 1 ,086 5,325 111 6,522 357,194 20,355 58,838 20,415 2,175 296,121 15,435 Nov.............. 478 2,179 111 2,768 356,863 20,267 59,047 20,632 2,010 295,441 n.a. For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1969 □ FEDERAL FINANCE A 39 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Cash receipts from the public Income taxes Excise taxes Social ins. taxes Period Total W I i n th d ­ ivid O u t a h l er Co ra r t p e o­ Total L a b n i a q d c u c t o o o r ­ H w ig a h y ­ Total F R a I n . C R d A . e U m n p - l . E a g s n t i a f d t t e t C o u m s s ­ r m e I a e p n n n a t d . t y s ­ fu R n e d ­ s Other held Fiscal year—1965... 119,699 36,84016,820 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... 049,562 50,521 18,850 34,918 14,114 6,156 4,652 '33,636 28,752 3,666 3,014 1,972 1,805 9,582 316^ 1968.. ’■153,676 ’'57,301 20,951 '29,897 '14,320 6,409 4,493 '34,891 30,187 3,352 '3,082 2,113 2,091 11,375 '405 Half year: 1966—July-Dec... 65,681 24,641 3,983 12,045 6,762 3,105 2,313 13,789 11,969 1,569 1,258 1,017 1,493 1,142 1,835 1967—Jan.-June.. 87,915 25,880 14,867 22,873 7,352 3,051 2,339 19,068 16,731 2,088 1 ,756 955 1,250 8,440 2,354 July-Dec... 68,385 27,192 4,150 11,345 7,146 3,344 2,253 14,629 13,056 1 ,333 1 ,350 1,034 1,363 1,263 1,439 ► July-Dec,.. 67,101 27,192 4,150 11,345 7,146 3,344 2,253 15,085 13,098 1,337 1,350 1 ,034 957 1,263 1054 1968—Jan.-June.. -•86,575 '30,109 16,801 '18,552 '7,174 3,065 2,240 '19,806 17,089 2,015 '1 ,732 1 ,079 1 ,134 10,112 '300 Month; ► 1967—Nov............ 10,886 5,299 162 588 1 ,31 1 645 383 3,156 2,632 413 192 194 167 197 !<◄ 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 J u ne.......... '19,490 *•4,837 2,978 '7,419 '1 ,207 668 368 '2,804 2,629 45 242 183 205 413 28 July............ 11,706 4,560 605 2,259 I ,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 Nov............ 12,705 6,339 202 679 1 ,367 n.a. 41 1 3,661 3,197 346 234 194 218 204 15 Cash payments to the public Period Total6 t f i e N o d n e n a s ­ a ­ e l a I f n la t i i r , s s S e p r a e a r c ­ c e h A t c u g u re r l­ i­ so N u u r r r e a a c ­ t e l ­ s t m C ra a e o n n r m s d c p e ­ . H c d in o e o g v m u e s & l l . . ­ l H a w b e e o a lf r a lt , h r e & , Ed ti u o c 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........ '158,352 '70,069 4,650 5,423 4,377 2,132 7,446 2,285 40,084 4,047 6,898 10,280 2,454<< 1968........ '178,862 '80,429 Half year: 1966—Jan.-J unc.... 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 '92,053 '41,672 Month: ► 1967—Nov................ 14,169 ‘6,394 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 June............... '14,687 '7,546 July................ 14,274 ‘5,895 Aug................ 16,349 ‘6,746 16 231 •6,694 Oct................. 16*856 •7,082 Nov................ 15,092 '6,620 ► Data for this and subsequent dates on new budget basis. Data for any prior entries were derived on basis of cash budget. Federal debt outstanding in bottom panel, but is not shown as a repay­ ment of borrowing in top panel. 1 Equals net expenditures plus net lending. 5 Includes debt of Federal Home Loan Banks, Federal Land Banks, 2 Represents non-interest-bearing public debt securities issued to the D.C. Stadium Fund, and beginning Sept. 1968, Federal National Mortgage International Monetary Fund and international lending organizations. Association. New obligations to these agencies are handled by letters of credit. 6 Includes technical adjustments not allocated by functions. 1 Includes accrued interest payable on public debt securities, deposit funds, miscellaneous liability and asset accounts, and seigniorage. Note.—Based on Treasury Dept, and Bureau of the Budget data. 4 Shows conversion of FNMA to private ownership, which decreases Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 40 U.S. GOVERNMENT SECURITIES □ JANUARY 1969 TOTAL DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues 3 End of period d T g e r o o b t s t a s l 1 d d T g e i r o r o b e t s t a c s t l 2 Total Marketable C v ib e o l r e n t­ ­ Nonmarke S ta a b v l ­ e i S ss p u e e c s ia 6 l Total Bills C c e a r te ti s fi­ Notes Bonds 4 bonds Total s b i o n n g d s s & notes 1941—Dec...................................... 64.3 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 7.0 1945—Dec...................................... 278.7 278.1 255.7 198.8 17.0 38,2 23.0 120.6 56.9 48.2 20.0 1947—Dec...................................... 257.0 256.9 225.3 165.8 15.1 21,2 11.4 118.0 .........5..9....5. 52.1 29,0 1960—Dec...................................... 290,4 290.2 242.5 189.0 39.4 18.4 51.3 79.8 5.7 47.8 47.2 44.3 1961—Dec...................................... 296.5 296.2 249.2 196,0 43.4 5.5 71.5 75.5 4.6 48.6 47.5 43.5 1962—Dec...................................... 304.0 303.5 255.8 203.0 48.3 22,7 53.7 78.4 4.0 48.8 47.5 43.4 1963—Dec...................................... 310.1 309.3 261.6 207.6 51.5 10.9 58.7 86.4 3.2 50.7 48.8 43.7 1964—Dec...................................... .318.7 317.9 267.5 212.5 56.5 59.0 97.0 3.0 52.0 49.7 46.1 1965—Dec...................................... 321.4 320.9 270.3 214.6 60.2 50.2 104,2 2.8 52.9 50.3 46.3 1966—Dec...................................... 329.8 329.3 273.0 218.0 64.7 5.9 48.3 99.2 2.7 52.3 50.8 52.0 1967—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 76.5 86.2 2.5 56.7 52.3 59.0 Dec...................................... 358,6 358,0 296.0 236.8 75.0 ............... 76.5 85.3 2.5 56.7 52.3 59.1 1 Includes non-interest-bearing debt (of which $638 million on Dec. 31, 5 Includes (not shown separately): depositary bonds, retirement plan 1968, was not subject to statutory debt limitation) and guaranteed secu­ bonds, foreign currency series, foreign series, and Rural Electrification rities not shown separately. Administration bonds; before 1954, armed forces leave bonds; before 2 Excludes guaranteed securities. 1956, tax and savings notes; and before Oct. 1965, Series A investment 3 Includes amounts held by U.S. Govt, agencies and trust funds, which bonds. totaled $20,332 million on Nov. 30, 1968. 6 Held only by U.S. Govt, agencies and trust funds. 4 Includes Treasury bonds and minor amounts of Panama Canal and postal savings bonds. Note.—Based on Daily Statement of U.S. Treasury. OWNERSHIP OF DIRECT AND FULLY GUARANTEED SECURITIES (Par value in billions of dollars) Held by— Held by the public E p n e d ri o o d f T g d r o e o t b s a s t l ag G t U e a r o u n n .S v s c d i . t t e , s B F a . n R k . s Total m C b e a o r n c m k ia ­ s l M s b a a u v n t in u k g a s s l p I c n a a o n s n m c u ie e r ­ s ­ r c O a o t t i r h o p e n o r s ­ g S l a o o t n c v a d a t t s e l . Savi I n n g d s iv idu O al t s her n F a i o n t a i r t o n e e n d i r g a ­ n l 1 O i m n to v t i h r s e s c e s . r ­ 2 funds bonds securities 1941—Dec................ 64,3 9.5 2.3 52.5 21.4 3.7 8.2 4.0 .7 5.4 8.2 .4 .5 1945—Dec................ 278.7 27.0 24,3 227.4 90.8 10.7 24 0 22.2 6.5 42.9 21.2 2 4 6.6 1947—Dec................ 257,0 34 4 22.6 200.1 68.7 12 0 23.9 14.1 7.3 46.2 19.4 2.7 5.7 1960—Dec................ 290.4 55 1 27.4 207.9 62.1 6 3 11 9 18.7 18.7 45.6 20.5 13 0 11.2 1961—Dec................ 296.5 54.5 28.9 213.1 67.2 6.1 11.4 18.5 19.0 46.4 19.5 13.4 11.6 1962—Dec................ 304.0 55.6 30 8 217.6 67.2 6 1 11 5 18.6 20.1 46.9 19.2 15,3 12.7 1963—Dec................ 310.1 58.0 33.6 218 5 64.3 5.8 11.3 18.7 21.1 48.1 20,1 15.9 13.3 1964—Dec................ 318.7 60.6 37.0 221.1 64.0 5.7 11.1 18,2 21.2 48.9 20.8 16.7 14.5 1965—Dec................ 321.4 61.9 40.8 218.7 60.8 5 4 10.4 15.8 22.9 49,6 22,5 16,7 14.7 1966—Dec................ 329.8 68.8 44 3 216.7 57.5 4 7 9.6 14.9 25.0 50,2 24.5 14,5 16,0 1967—Nov................ 345.6 76,2 48.9 220.5 63.5 4.2 8.7 13.0 24.5 51.0 22.9 16.2 16.5 Dec................ 345.2 76.0 49.1 220,1 63.9 4.2 8.7 12.2 25.1 51.1 23.0 15,8 16.2 1968—Jan................. 346.8 74,7 49.1 223.0 63.1 4.1 8.6 13.4 25.6 51.0 23.5 15.4 18.3 Feb................ 352.1 76. 4 49.0 226.7 63.9 4.2 8.5 14.8 26.4 51.1 24.1 15.2 18.5 Mar................ 350.0 75.9 49.7 224.5 62.2 4.2 8.6 14.2 27.0 51.1 23.8 14,7 18.5 Apr................ 347,5 75.8 50,5 221.3 60.0 4.1 8.4 13.7 26.8 51.1 24.1 14.7 18.5 May. 352.9 78.3 50.6 224.0 60.9 4.1 8.5 15.8 26.7 51.2 24.3 14,0 18.6 June............. 348.1 79.1 52.2 216.8 59.2 4.0 8.2 13.2 26.5 51.2 23.8 12.9 17.8 July................ 351.7 78.3 52.4 220.9 60.6 3.9 8.2 14.4 26.6 51.2 24.3 13.1 18.6 Aug................ 354.9 79.4 53.0 222.5 61.5 3.9 8.2 14.6 26.8 51.3 24.4 13.3 18.5 Sept............... 355.3 79.1 53.3 223.0 62.9 3.8 8.2 13.0 26.7 51.3 24.6 13.4 18.8 Oct.,........ 357.8 78.8 53,3 225.7 ^65.4 3.7 8.2 *■14.0 r26.9 51.4 r23.6 H3.8 18.7 Nov................ 357.5 79.5 53.4 224.7 64.0 3.7 8.2 14.8 26.9 51.5 23.5 14,8 17.4 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

JANUARY 1969 □ 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—Oct. 31........................................................... 236,651 116,040 72,996 43,044 58,606 37,142 8,400 16,464 Nov. 30............................................................ 235,653 104,938 73,003 31,935 70,751 35,130 8,398 16,435 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—Oct. 31.................................................. 17,765 4,294 2,510 1 ,784 4,696 3,147 2,115 3,514 Nov. 30.................................................... 18,236 4,442 2,882 1 ,560 5,090 3,065 2,116 3,523 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—Oct. 31................................................... 53,329 34,831 19,148 15,683 7,652 10,235 203 408 Nov. 30.................................................... 53,350 28,559 19,170 9,389 13,238 10,943 203 408 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—Oct. 31................................................... 165,557 76,915 51 ,338 25,577 46,258 23,760 6,082 12,542 Nov. 30................................................... 164,067 71,937 50,951 20,986 52,426 21,122 6,079 12,504 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—Oct. 31........................................... 53,237 19,521 8,312 1 1 ,209 21,443 11,193 567 512 Nov. 30............................................ 51,961 16,696 7,438 9,258 24,169 9,992 589 515 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—Oct. 31........................................... 3,596 715 302 413 I ,049 808 237 788 Nov. 30........................................... 3,551 661 298 363 1 ,173 702 235 78! 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—Oct. 31........................................... 6,984 859 397 462 1 ,785 898 1 ,152 2,289 Nov. 30. ......................................... 6,899 789 400 389 1 ,977 745 1,108 2,280 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—Oct, 31........................................... 5,517 3,762 2,430 I ,332 1 ,201 529 9 16 Nov. 30........................................... 6,073 4,01 1 2,848 1 ,163 1 ,385 641 1 1 26 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—Oct. 31........................................... 4,734 1 ,202 632 570 1 ,539 1,233 307 453 Nov. 30........................................... 4,754 1 ,151 674 477 I ,756 1,083 315 449 State and local governments: 1965—Dec. 31........................................... 15,707 5,571 4,573 998 I ,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—Oct. 31........................................... 13,822 5,776 4,300 1 ,476 2,017 1,009 1 ,404 3,617 Nov. 30........................................... 13,632 5,507 4,417 1 ,090 2,374 808 1 .386 3,557 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—Oct. 31........................................... 77,667 45,080 34,965 10,115 17,224 8,090 2,406 4,867 Nov. 30........................................... 77,197 43,122 34,876 8,246 19,592 7,151 2,435 4,896 Note.—Direct public issues only. Based on Treasury Survey of about 90 per cent by the 5,830 commercial banks, 500 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 nonfinancia! corporations and 488 savings and loan assns.; and but for other groups are based on Treasury Survey data. Of total mar­ (3) about 70 per cent by 504 State and local govts. ketable issues held by groups, the proportion held on latest date by those “All others," a residual, includes holdings of all those not reporting reporting in the Survey and the number of owners surveyed were: (1) in the Treasury Survey, including investor groups not listed separately. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 42 U.S. GOVERNMENT SECURITIES □ JANUARY 1969 DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By maturity By type of customer U.S. Govt, Period agency Total Dealers and brokers securities Within 1-5 5-10 Over Com­ All 1 year years years 10 years U s . e S c . u G rit o ie v s t, Other m b e an rc k i s al other 1967—Nov................................ 2,343 1,935 273 96 40 848 76 862 558 243 Dec................................ 2,798 2,352 291 94 63 1 079 90 1 028 601 213 1968-—Jan................................. 2,919 2,545 263 64 48 1,160 91 I 051 618 304 Feb................................ 2.679 2 ,’207 295 150 27 1,019 82 969 609 223 Mar............................... 2,467 2,132 236 74 25 919 77 863 608 289 Apr................................ 2,246 1 J 972 185 60 28 759 75 827 586 227 May..................... 2'247 1^756 295 174 22 719 75 831 622 262 June............................... 2'400 2,006 258 103 33 912 76 847 565 311 July............................... 2'448 2^087 244 75 42 949 87 908 504 280 Aug............................... 2,214 1 ,705 228 261 20 849 90 790 485 258 Sept................................ 2'133 1,820 180 111 22 824 63 762 484 233 Oct............................... 2,'O11 1 '714 165 108 22 732 72 737 470 282 Nov............................... 2,506 2 ,'242 152 77 35 859 83 890 674 243 Week ending— 1968—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 20r. ................... 2'778 2'502 157 82 37 1 040 88 877 773 316 27 r.................... 2’202 1 '950 155 51 46 ’650 82 808 662 267 Dec, 4...................... 2,195 1,789 251 11 1 44 793 77 796 529 238 11...................... 2,145 1 ,672 234 157 73 683 97 741 625 176 18...................... 2,829 2^295 366 130 39 1 ,173 108 931 617 306 25”.................... 3^290 2,529 497 201 63 120 363 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 a G ge o n v c t y , Period Al! Corpora­ All mat A ur ll it ies W 1 y it e h a in r ye 1 a -5 rs 5 O y v e e a r r s securities sources Y N o e r w k w E h ls e e re ­ tions 1 other City 1967—Nov.......... 3,109 2,793 258 58 312 Dec.......... 2,410 2,375 35 363 1967—Nov............ 2,863 650 640 1,176 397 Dec............ 2,549 556 482 1 144 367 1968—Jan............ 3,404 3,310 114 -20 393 Feb........... 3,762 3 ,’500 108 153 369 1968_jan............. 3,209 1,003 816 944 446 Mar.......... 2,438 2,211 124 103 361 Feb............. 3,799 1,072 1,008 1 ,071 648 Apr.......... 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 May.......... 3'162 699 923 844 696 July.......... 4,420 3,972 159 288 644 June........... 3,458 867 879 1 010 702 Aug.......... 5'262 4'097 283 881 732 July............ 4,341 1,193 1 ,032 1 ,415 701 Sept.......... 5’098 4'043 198 857 687 Aug.,........ 5'465 1 ,431 1 '372 1 ,710 952 Oct........... 4,137 3'427 I 30 580 751 Sept............ 5,519 1 ,596 1 '894 1 ,254 775 Nov.......... 3',766 2*948 160 659 652 Oct........ 4’518 1 ,163 1 '664 903 788 Nov............ 4,19! 877 1 J 99 1 ,325 79) Week ending— Week ending— 1968—Oct. 2... 4,71! 3,872 151 687 708 9. . . 4,166 3,460 101 604 695 1968—Oct. 2.... 4,926 I ,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 ! ,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 Nov. 6. .. 4,186 3,202 257 727 669 13. . . 3,739 2,850 190 700 624 Nov. 6. .. . 5,012 1 ,355 1 ,747 1 ,069 84I 20. . . 3,573 2,782 138 653 637 13. . .. 4,487 983 1 ,178 1 ,358 967 27. . . 3,694 2,972 113 608 674 20.... 4,059 825 1 ,229 1 ,367 638 27.... 3,534 554 869 1 ,413 698 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

JANUARY 1969 □ GOVERNMENT SECURITIES A 43 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, DECEMBER 31, 1968 (In millions of dollars) Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills Treasury bills—Cont. Treasury notes—Cont. Treasury bonds—Cont. Jan. 2, 1969.................. 2,702 May 29, 1969.................. I ,100 May 15, 1971..........5ft 4,265 Nov. 15, 1971..........37/8 2,760 Jan. 9, 1969................... 2,703 May 31, 1969................ 1 ,503 Oct. 1,1971..........IVi 72 Feb. 15, 1972..........4 2,344 Jan. 16, 1969.................. 2,702 June 5, 1969................ 1 ,100 Nov. 15, 1971..........5% 1,734 Aug. 15, 1972..........4 2,579 Jan. 23, 1969..................... 2,700 June 12, 1969.................. 1,101 Feb. 15, 1972..........4% 2,006 Aug. 15, 1973..........4 3,894 Jan. 30,1969.................. 2,704 June 19, 1969................ 1 ,101 Apr. 1,1972..........1ft 34 Nov. 15, 1973..........4ft 4,351 Jan. 31,1969................... 1,500 June 23, 1969................. 5,012 May 15, 1972........41/4 5,310 Feb. 15, 1974..........4V# 3,129 Feb. 6, 1969.................. 2,704 June 26, 1969................ 1 ,105 Oct. 1, 1972........1ft 33 May 15, 1974..........4% 3,587 Feb. 13, 1969.................. 2,704 June 30, 1969................ 1,502 Apr. 1,1973..........1ft 34 Nov. 15, 1974..........3% 2,241 Feb. 20, 1969.................. 2,703 July 31 , 1969................. 1,502 Aug. 15, 1974........5% 10,284 May 15, 1975-85... 4% 1 ,215 Feb. 27,1969.................. 2,704 Aug. 31, 1969................. 1,506 Oct. 1, 1973........1ft 8 June 15, 1978-83... 31/4 1,565 Feb. 28, 1969.................. 1,502 Sept. 30, 1969............... 1,501 Nov. 15, 1974........5% 3,980 Feb. 15, 1980..........4 2,600 Mar. 6, 1969.................. 2,703 Oct. 31, 1969................. 1 ,002 Feb. 15, 1975........5’% 5,148 Nov. 15. 1980...........3# 1,907 Mar. 13, 1969................... 2,701 Nov. 30, 1969................ 1 ,001 May 15, 1975........6 6,760 May 15, 1985..........3ft 1,109 Mar. 20, 1969.................. 2,701 Dec. 31 , 1969................ 999 Aug. 15, 1987-92...41/4 3,816 Mar. 24, 1969f................ 2,015 Treasury bonds Feb. 15, 1988-93...4 249 Mar. 27, 1969................... 2,709 Treasury notes June 15, 1964-69... 2% 2,541 May 15. 1989-94...4ft 1 ,559 Mar. 31, 1969.................. 1 ,500 Feb. 15, 1969.........5% 10,738 Dec. 15, 1964-69... 2i/t 2,486 Feb. 15, 1990..........3ft 4,873 Apr. 3, 1969.................. 1 ,102 Apr. 1, 1969.........DA 61 Mar. 15, 1965-70...2ft 2,283 Feb. 15, 1995..........3 1,610 Apr. 10, 1969................... 1,103 May 15, 1969.........5% 4,277 Mar. 15, 1966-71... 2ft 1 ,222 Nov. 15, 1998..........3ft 4,307 Apr. 17, 1969.................. 1,102 Aug. 15, 1969.........6 3,366 June 15, 1967-72... 214 1,247 Apr. 22, 1969f................. 2,003 Oct. 1,1969.........1ft 159 Sept. 15, 1967-72.. .214 1,952 Apr. 24, 1969................... 1,100 Apr. 1,1970.........1ft 88 Dec. 15, 1967-72... 214 2,603 Apr. 30, 1969................... 1 ,501 May 15, 1970.........5% 7,794 Feb, 15,1969..........4 3,728 May 1, 1969................... I ,101 Oct. 1, 1970.........DA 113 Oct. 1,1969..........4 6,243 May 8, 1969.................. 1 ,101 Nov. 15, 1970.........5 7,675 Feb. 15, 1970..........4 4,381 Convertible bonds May 15, 1969.................. 1,103 Feb. 15,1971.........5% 2,509 Aug. 15, 1970..........4 4,129 Investment Series B May 22, 1969.................. 1 ,102 Apr. 1,1971.........1V£ 35 Aug. 15, 1971..........4 2,806 Apr. 1, 1975-80... 2% 2,487 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 Use of proceeds Total Period amount 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 HAAl G lo U a o .S n v s t . , State d S s i p a s t e n a tr c d t i i , c a t l Other2 e d r e e l d iv 3 ­ Total c E a d tio u n ­ b R r a i o d n a g d d e s s i U tie ti s l­ 4 H in o g u s s­ V a a e n i t d s e ’ r ­ O p p o t s u h e r e 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 L913 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.................. 13,405 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. 1,298 292 128 321 112 445 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 1 Only bonds sold pursuant to 1949 Housing Act, which are secured 5 Includes urban redevelopment loans. by contract requiring the Housing Assistance Administration to make annual contributions to the local authority. Note.—The figures in the first column differ from those shown on the 2 Municipalities, counties, townships, school districts. following page, which are based on Bond Buyer data. The principal 3 Excludes U.S. Govt, loans. Based on date of delivery to purchaser difference is in the treatment of U.S. Govt, loans. and payment to issuer, which occurs after date of sale. Investment Bankers Assn, data; par amounts of long-term issues 4 Water, sewer, and other utilities. based on date of sale unless otherwise indicated. Components may not add to totals due to rounding. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 44 SECURITY ISSUES □ JANUARY 1969 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 tire­ Bonds Stock ment Total U.S. U.S. Total Other of G U o . v S t . .2 G a c g o y e v n 3 t ­ , l S o a c t n a a d t l e 4 Other 5 Total Total o P f l f i e c u r l b y e ­ d p v l a P a t c r e e i­ ly d fe P rr r e e ­ d C m o o m n ­ Total m N on e e w y ? p p o u se r­ s s ri e ti c e u s ­ 1960.................... 27,541 7,906 1,672 7,230 579 10,154 8,081 4,806 3,275 409 1,664 9,924 9,653 8,758 895 271 1961.................... 35,527 12,253 1,448 8,360 303 13,165 9,420 4,700 4,720 450 3,294 12,885 12,017 10,715 1,302 868 1962.................... 29,956 8,590 1,188 8,558 915 10,705 8,969 4,440 4,529 422 1,314 10,501 9,747 8,240 1,507 754 1963.................... 35,199 10,827 1,168 10,107 887 12,211 10,856 4,713 6,143 343 1,011 12,049 10,523 8,898 1,625 1,526 1964.................... 37,122 10,656 1,205 10,544 760 13,957 10,865 3,623 7,243 412 2,679 13,792 13,038 11,233 1 ,805 754 1965.................... 40,108 9,348 2,731 11,148 889 15,992 13,720 5,570 8,150 725 1,547 15,801 14,805 13,063 1 ,741 996 1966.................... 45,015 8,231 6,806 11,089 815 18,074 15,561 8,018 7,542 574 1,939 17,841 17,601 15,806 1,795 241 1967.................... 68,514 19,431 8,180 14,288 1,817 24,798 21 ,954 14,990 6,964 885 1,959 24,409 24,097 22,233 1 ,867 312 1967—Oct.......... 4,609 422 708 991 78 2,409 1,940 1,375 566 231 238 2,367 2,289 2,120 168 79 Nov......... 8,732 5,054 710 1,320 147 1 ,500 1 ,196 645 551 81 222 1,470 1 ,467 1,305 163 3 Dec......... 4,483 371 612 1,093 22 2,385 2,107 1,087 1 ,020 42 235 2,343 2,336 2,113 223 8 1968—Jan.......... 4,556 481 999 1 ,162 144 1 ,771 1 ,449 903 546 46 276 1,732 1,705 1,588 117 27 Feb......... 8,072 4,719 550 I ,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 1,397 1 ,385 1 ,210 175 12 May........ 7,702 3,805 744 1,134 153 1 ,866 1,566 1,046 521 51 249 1,829 1,825 1 ,647 177 4 June........ 4,984 383 779 1,360 ’52 2,411 2,025 1,340 685 24 361 2,367 2,334 1,944 389 33 July......... 4,913 417 800 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 1 ,513 1 ,497 1 ,281 216 15 6,060 430 1,147 2,260 123 2,099 1 ,591 1 .016 574 25 483 n.a. n.a. n.a. n.a. n.a. Proposed uses of net proceeds, major groups of corporate issuers Manufacturing C m om isc m e e lla rc n i e a o 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 capita!8 secu­ capital8 secu­ capital8 secu­ capital8 secu­ capital8 secu­ capita!8 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-—Oct...................................... 906 6 126 7 176 ............... 573 65 119 388 Nov...................................... 512 1 207 2 88 404 82 174 Dec...................................... 1,109 6 409 I 198 ............... 278 ♦ 68 273 1968-—Jan....................................... 537 15 208 11 91 ............... 417 ............... 186 267 Feb...................................... 556 5 142 1 118 546 8 147 61 2 Mar..................................... 761 1 175 192 431 17 78 6 102 Apr..................................... 353 1 1 317 203.. 178 189 1 146 May..................................... 550 175 1 106 2 549 103 * 341 1 June..................................... 750 5 394 1 154 474 27 237 326 I July..................................... 818 5 401 2 204 236 235 195 Aug...................................... 349 212 110 438 92 2 193 Sept..................................... 432 3 208 108 469 155 125 12 Oct....................................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n,a. n.a. 1 Gross proceeds are derived by multiplying principal amounts or 6 Estimated gross proceeds less cost of flotation. number of units by offering price. 7 For plant and equipment and working capital. 2 Includes guaranteed issues. 3 AI! issues other than those for retirement of securities. 3 Issues not guaranteed. 4 See Note to table at bottom of opposite page. . Note.—Securities and Exchange Commission estimates of new issues 3 Foreign governments, International Bank for Reconstruction and maturing in more than 1 year sold for cash in the United States, Development, and domestic nonprofit organizations. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1969 □ 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—III................ 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 flip........... 8,203 4,112 4,091 4,732 I ,250 3,482 2,051 1,424 949 -493 1,102 -493 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 ot d e s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks 1963........................ 1,804 -664 339 -352 316 -19 876 245 438 447 1,806 1,696 1964........................ 1,303 -516 507 -483 317 -30 1 ,408 476 458 1,699 2,644 2,753 1965........................ 2,606 -570 614 -70 185 -1 1,342 96 644 518 2,707 3,440 1966........................ 4,324 32 616 -598 956 718 2,659 533 1,668 575 864 4,414 1967......................... 7,237 832 1,104 282 1 ,158 (65 3,444 652 1 ,716 467 1 ,302 4,178 1967—III................ 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—I................... 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 lip.............. 1 ,210 -484 716 - 123 300 -62 585 187 491 6 181 1 .085 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 e t s Total 2 po C s a it s io h n3 Other 1956............... 1,347 433 914 9,046 492 8,554 1967—Nov.. 468 231 237 43.262 2,653 40,609 1957............... 1 ’391 406 984 8,714 523 8,191 Dec.. . 501 242 259 44,701 2,566 42,135 1958............... 1^620 511 1,109 13;242 634 12,608 1968—Jan.... 556 316 240 42,466 2,679 39,787 1959.............. 2,280 786 1,494 15,818 860 14,958 Feb.,. 451 260 191 41,533 3,409 38,124 I960.............. 2’097 842 1 '255 17,026 973 16,053 Mar... 557 243 314 42,412 3,919 38,493 1961.............. 2’951 1,160 1,791 22^789 980 21^809 Apr.. . 618 309 309 46,179 3,923 42,256 1962............... 2; 699 1 J23 1,576 21’271 1,315 19,956 May. . 502 366 136 48,054 3,495 44,559 June.. 535 374 161 48,426 3,273 45,153 1963 ............... 2,460 1,504 952 25,214 1,341 23,873 July. . 582 344 237 47,342 3,113 44,229 1964.............. 3’404 1’875 1 ,528 29'116 1,329 27,787 Aug... 531 309 222 48,470 3,459 45,011 1965 ............... 4’359 1 ,962 2,395 35;220 1 ,803 33,417 Sept... 494 292 202 51,030 3,747 47,283 1966.............. 4'671 2'005 2,665 34,829 2,971 31,858 Oct.... 653 396 257 51,633 3,384 48,249 1967............... 4; 670 2’, 745 1,927 44,701 2,566 42,135 Nov,.. 688 313 375 54,860 3,413 51,447 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 short-term debt securities, less current liabilities. ment income dividends; excludes reinvestment of realized capital gains dividends. Note.—Investment Company Institute data based on reports of mem­ 2 Market value at end of period less current liabilities. bers, which comprise substantially all open-end investment companies registered with the Securities and Exchange Commission. Data reflect newly formed companies after their initial offering of securities, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 46 BUSINESS FINANCE □ JANUARY 1969 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................................................. 147,380158,253177,237195,738 201,399 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 t 1,434 Dividends........................................ 2,265 2,408 2,527 2,729 3,027 673 723 720 756 770 781 742 720 Durable goods industries (99 corps.): 3 Sales................................................. 92,008 98,482112,341 122,094 123,429 27,905 32,861 29,842 32,144 28,622 32,821 33,744 35,812 Profits before taxes........................ 11,004 11,853 14,200 14,307 11,822 2,577 3,895 3,000 3,358 2,024 3,440 3,491 4'331 Profits after taxes........................... 5,492 6,341 7,675 7,834 6,352 1 ,456 2,115 1,599 1 ,847 1,068 1,838 1 ,888 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 1 ,008 1 ,041 262 259 236 253 284 268 262 1272 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 1544 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 1 455 Dividends........................................ 734 763 818 924 892 230 260 222 214 228 228 224 229 Machinery (24 corps.): Sales................................................. 21,144 22,558 25,364 29,512 32,721 7,538 8,100 7,704 7,933 8,090 8,994 8,327 8,945 Profits before taxes........................ 2,394 2,704 3,107 3,612 3,482 851 952 868 807 837 970 920 994 Profits after taxes........................... 1,177 1,372 1,626 1 ,875 1,789 444 495 421 417 438 513 475 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 1 823 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 I 125 205 Profits after taxes........................... 651 694 816 902 325 227 244 121 143 78 -17 110 174 Dividends........................................ 383 438 468 496 539 113 161 124 156 103 155 114 136 Electric power: Operating revenue......................... 14,294 15,156 15,816 16,908 17,894 4,236 4,246 4,697 4,280 4,406 4,511 5,138 4,580 Profits before taxes........................ 3,735 3,926 4,213 4,395 4,564 1,153 1,041 1,279 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 per cent surcharge. Telephone: Data obtained from Federal Communications Commis­ 2 Includes 17 corporations in groups not shown separately. sion on revenues and profits for telephone operations of the Bell System 3 Includes 27 corporations in groups not shown separately. Consolidated (including the 20 operating subsidiaries and the Long Lines and General Depts, of American Telephone and Telegraph Co.) Note.-—Manufacturing corporations: Data are obtained primarily from and for 2 affiliated telephone companies. Dividends are for the 20 operat­ published reports of companies. ing subsidiaries and the 2 affiliates. Railroads; Interstate Commerce Commission data for Class I line­ All series: Profits before taxes are income after all charges and before, haul railroads. Federal income taxes and dividends. Electric power: Federal Power Commission data for Class A and B Back data available from the Division of Research and Statistics. electric utilities, except that quarterly figures on operating revenue and profits before taxes are partly estimated by the Federal Reserve to include affiliated nonelectric operations. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1969 □ BUSINESS FINANCE A 47 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b ta e ro x fo e fi r t s e s c ta o I x n m e ­ e s P t a a r f o x t e f e i s t r s d C d e a i n v s d i h ­ s t U r p ib r n o u d f t i i e t s s d ­ co c a n a t l i s l p o o u i n w t m a ­ l p ­ Quarter P b ta e ro x fo e fi r t s e s c ta o In x 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 e t 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 ­ ances1 ances 1 1961............... 50.3 23.1 27.2 13.8 13.5 26.2 1966—HI... 86.7 35.0 51.6 21.9 29.7 40.1 IV... 85,0 34.4 50.7 21.6 29.1 41.0 1962............... 55.4 24,2 31.2 15.2 16.0 30.1 1963............... 59.4 26.3 33.1 16.5 16.6 31.8 1967—1. . .. 79.9 32.8 47,1 22.5 24.6 41.9 1964............... 66.8 28.3 38.4 17.8 20.6 33.9 II.... 80.3 33.0 47.3 23.2 24.1 42.9 III... 80.8 33.2 47.6 23.5 24.1 44.1 1965............... 77.8 31.3 46.5 19.8 26.7 36.4 IV... 85.4 35.1 50.3 22.5 27.9 44.9 1966............... 85.6 34.6 51.0 21.7 29.3 39.7 1967............... 81.6 33.5 48.1 22.9 25.2 43.4 1968—1.... 88.9 39.8 49,1 23.6 25.5 45.7 II.... 91.8 41.1 50.7 24,4 26.3 46.7 III... 92.7 41.5 51.2 25.2 26.0 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 ec o u v r t i , ­ I t n o v ri e e n s ­ Other Total F in e c d o e m ra e l Other ties G U o . v S t . .1 Other G U o .S vt . .1 Other taxes 1962.............................. 155.6 326.5 43.7 19.6 3.7 144.2 100.7 14.7 170 9 2 0 119 1 15 2 34 5 1963............................... 163.5 351.7 46.5 20.2 3.6 156.8 107,0 17 8 188.2 2 5 130*4 165 38*7 1964............................... 170.0 372.2 47.3 18.6 3.4 169.9 113.5 19.6 202,2 2*7 140* 3 170 42^2 1965............................... 180.7 410.2 50.0 17.0 3.9 190.2 126 9 22 3 229.6 3 1 160 4 191 46Q 1966—III....................... 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 4.4 176'2 191 53.6 1967—1.......................... 192.6 443.9 47.3 14.4 4.4 205.1 148.1 24.8 251.4 4.9 173 5 18.6 54.3 II........................ 193.8 444.9 47.7 11.5 4.6 207.5 149.2 24.3 251.1 5.4 177 0 12.7 55.9 in....................... 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 1968—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 Ill...................... 210.9 492.2 52.8 12.9 4.8 229.5 163.7 28.6 281.3 6.3 193.8 15.6 65.5 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 Period Total Non­ Mining u P ti u li b ti l e ic s n C ic o a m ti m on u s ­ Other 1 a ( n S n . u A a . l 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 1.41 2.38 6.22 4.30 10.83 1965........................................... 51.96 11.40 11.05 1.30 1.73 2 81 6.94 4.94 11.79 1966........................................... 60.63 13.99 13.00 1.47 1.98 3.44 8.41 5.62 12,74 1967........................................... 61.66 13.70 13.00 1.42 1.53 3 88 9.88 5.91 12 34 19682......................................... 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 .................................. 15.40 3.33 3.15 .37 .35 .98 2.66 1.46 3.09 60.90 IV.................................. 17.05 3.82 3.48 .39 .36 1.07 2.92 1.62 3.39 62.70 1968—1..................................... 14,25 2.96 2.82 .36 .37 .98 2.33 1.48 2.93 64.75 II................................... 15.87 3/22 3.28 .36 .38 1.04 2.97 1.51 3 JI 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—F................................... 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 □ JANUARY 1969 MORTGAGE DEBT OUTSTANDING (In billions of dollars) AU properties Farm Nonfarm E p n e d ri o o d f h A ol l d l ­ Fi c n ia a l n ­ ho O ld th e e r r s 2 h A ol l d l ­ Fi c n ia a l n ­ O ho th ld e ­ r h A o U ld ­ 1- to 4-family houses4 com M m u e l r t c if i a al m p i r l o y p a e n r d ti es 5 Mo ty r p tg e a 6 ge ers tu in tio s n ti­ s 1 a U c g i . e e S s n . ­ v o I i a d t n h n u d e d a i r ­ l s s ers tu in ti s o t n i­ s1 ers 3 ers Total tu F i t n i i n o s a n t n i s ­ , 1 O h e o th r l s d e ­ r Total tu F i t n i i n o s a n t n i s ­ , 1 O h e o th r l s d e ­ r w u F V n r H i d A tt A e e - r n - ­ t C i v o e o n n n a ­ ­ l 1941............ 37.6 20.7 4.7 12.2 6.4 1.5 4.9 31.2 18.4 11.2 7.2 12.9 8.1 4.8 3.0 28,2 1945............ 35.5 21.0 2.4 12.1 4.8 1.3 3.4 30.8 18.6 12.2 6.4 12.2 7.4 4.7 4.3 26.5 1962........... 248.6 192.5 12.2 44.0 15.2 5.5 9.7 233.4 166.5 140.4 26.0 66.9 46,6 20.4 69.4 164.1 1963............ 274.3 217.1 11.2 45.9 16.8 6.2 10.7 257.4 182.2 156.0 26.2 75.3 54.9 20.3 73.4 184.0 1964............ 300.1 241.0 11.4 47.7 18.9 7.0 11.9 281.2 197.6 170.3 27.3 83.6 63.7 19.9 77.2 204.0 1965............ 325.8 264.6 12.4 48.7 21.2 7.8 13.4 304.6 212,9 184.3 28,7 91.6 72.5 19.1 81.2 223 4 1966®.......... 347.0 280.8 15.8 50.4 23.3 8.4 14.9 323.6 223.6 192.2 31.5 100,0 80.2 19.8 84.1 239.5 1967®.......... 369.8 298.9 18.4 52.4 25.5 9.1 16.3 344. 3 236.1 201.9 34.2 108.3 87.9 20.4 88.2 256.1 1966—III®.. 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—I.. . . 350. 1 282.9 16.4 50.8 23.8 8.5 15.3 326.3 224.9 192.8 32.0 101.5 81.6 19.9 84.4 241.9 11".. 355.8 287.7 16.7 51.4 24.3 8.7 15.6 331.4 227.8 195.4 32.4 103,6 83.6 20.0 85.3 246.1 III®.. 362.8 293.4 17.5 52.0 24.9 8.9 16.0 337.9 232.0 198.7 33.2 105.9 85.7 20.2 86.4 251.5 IV®.. 369.8 298.9 18.4 52.4 25.5 9.1 16.3 344.3 236.1 201.9 34.2 108.3 87.9 20.4 88.2 256.1 1968—1®. .. 375.3 302.7 19.6 53.0 26.0 9.3 16.7 349.3 239.3 203.9 35.3 110.0 89.5 20.5 89,4 259,9 11®.. 382.5 308.2 20.6 53.8 26.8 9.6 17.1 355.8 243.3 206.9 36.5 112.4 91.7 20.7 90.8 265,0 in®.. 389.4 313.6 21.1 54.7 27.3 9.8 17.5 362.1 247.3 209.9 37.3 114.8 93.9 21.0 92.0 270.1 IV®.. 396.6 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 loan assns. and loan assns. 6 Data by type of mortgage on nonfarm 1- to 4-family properties alone 2 U.S. agencies arc FNMA, FHA, VA, PHA, Farmers Home Admin., are shown on second page following. and Federal land banks, and in earlier years, RFC, HOLC, and FFMC. Other U.S. agencies (amounts small or current separate data not readily Note.—Based on data from Federal Deposit Insurance Corp., Federal available) included with “individuals and others.” Home Loan Bank Board, Institute of Life Insurance, Depts, of Agricul­ ture and Commerce, Federal National Mortgage Assn., Federal Housing 3 Derived figures; includes debt held by Federal land banks and farm Admin., Public Housing Admin., Veterans Admin., and Comptroller debt held by Farmers Home Admin. of the Currency. 4 For multifamily and total residential properties, see p. A-50. Figures for first 3 quarters of each year are F.R. estimates. MORTGAGE LOANS HELD BY BANKS (In millions of dollars) Commercial bank holdings 1 Mutual savings bank holdings 2 Residential Residential End of period Other Total Total FH in A ­ - g V u A ar - ­ C ve o n n ­ ­ n fa o r n m ­ Farm Total Total FH in A ­ - g V u A ar - ­ C ve o n n ­ ­ O n fa o t r h 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 10J56 3’088 51 1963................................ 39 ,’414 26476 7,’105 2,862 16,509 10,611 2,'327 36*224 32,718 10,’684 10,490 11,544 3,454 52 1964................................ 43,976 28,933 7,315 2,742 18,876 12,405 2,638 40,556 36,487 12,287 11,121 13,079 4,016 53 1965................................ 49^675 32’,387 7'702 2'688 21,997 14'377 2'911 44,617 40*096 13*791 11,408 14*897 4’469 52 1966................................ 54,380 34,876 7'544 2,599 24,733 16'366 3'138 47 337 42,242 14300 11,471 16’272 5*041 53 1967................................ 59,019 37,642 7’709 2,696 27’237 17,931 3,446 50*490 44 341 15'074 11,795 17,772 5 ,732 117 1966—11......................... 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 HI....................... 53,606 34369 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 .......5..5..,.7..3..1........3.5,487 '396 2’495 25.596 16,970 3,274 48’893 43,526 14’947 11,768 16,811 5,316 51 Ill........................ 57382 36*639 7’584 2^601 26,454 17,475 3'368 49,732 44’094 15,016 11,785 17,293 5,526 112 IV........................ 59,019 37 ,'642 7i 709 2,696 27,237 17,931 3,446 50,490 44’641 15,074 11 ’795 17,772 5,732 117 1968—I........................... 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 ......6...1..,.9..6..7........3.9,113 7,678 2,648 28^787 19,098 3,756 51'793 45,570 15,246 11,918 18,406 6,108 115 Hl....................... 65,567 53’248 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

JANUARY 1969 □ REAL ESTATE CREDIT A 49 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Period Total Total in F s H ur A e - d a g V n u t A e a e - r d ­ Other 1 Farm 1 Total Total in F s H ur A e - d a g V n u t A e a c r - - d Other Farm 1945................................................. 976 6,637 5,860 1,394 4,466 766 1961................................................. 6,785 6,233 1,388 220 4,625 552 44,203 41,033 9,665 6,553 24,815 3,170 1962..,........................................... 7,478 6'859 1'355 469 5,035 619 46^902 43I502 10,176 6^95 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 M49 60,013 55^90 12', 068 6; 286 36;836 4,823 1966................................................. 10’217 9'223 1 '300 467 7^56 994 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—Oct.r................................... 677 624 67 42 515 53 66,875 61,388 12,241 6,147 43,000 5,487 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 12J37 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 62^69 12^36 6,046 44^87 5^39 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 Oct....................................... 615 578 84 30 464 37 69 ;212 63,434 12;&03 6; 002 45^29 5^78 1 Certain mortgage loans secured by land on which oil drilling or monthly figures may not add to annual totals and for loans outstanding, extracting operations in process were classified with farm through June the end-of-Dec. figures may differ from end-of-year figures, because (1) 1959 and with “other” nonfarm thereafter. These loans totaled $38 monthly figures represent book value of ledger assets whereas year-end million on July 31, 1959. figures represent annual statement asset values, and (2) data for year-end adjustments are more complete. Note.—Institute of Life Insurance data. For loans acquired, the MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS FEDERAL HOME LOAN BANKS (In millions of dollars) (In millions of dollars) Loans made Loans outstanding (end of period) Advances outstanding (end of period) Period Ad­ Repay­ Members’ New vances ments deposits Period Total 1 h c o o m n­ e H p o u m r­ e Total 2 F i H n A ­ - g V u A ar - ­ C ve o n n ­ ­ Total t S e h rm or t­ 1 t L e o rm ng ­ 2 struc­ chase sured anteed tional tion 1945........................ 278 213 195 176 19 46 1945 .............. 1 913 18! 1 358 5,376 1961........................ 2,882 2,220 2,662 1,447 1,216 1,180 1962........................ 4,111 3; 294 3 379 2; 005 1,474 1 ,’213 1 1 1 1 1 9 9 9 9 9 6 6 6 6 6 3 5 1 2 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 2 1 4 3 0 4 7 ; ; , , ^ 5 8 7 3 3 0 4 5 6 5 5 7 4 4 7 6 5 5 5 , , , ; ^ 0 0 5 9 2 8 1 3 7 1 2 5 9 9 1 1 7 9 8 0 0 , ; , ’ 2 6 3 9 5 0 9 9 2 2 7 7 7 0 4 1 1 9 6 7 1 0 8 8 0 1 0 , , , , ^ 8 7 3 3 4 3 3 7 0 4 3 4 6 0 4 4 4 5 4 , , , , , 6 8 4 1 '1 9 9 6 7 4 7 6 4 6 5 6 7 7 6 6 , , , , ^ 6 9 0 1 9 8 1 6 5 8 3 0 0 2 7 9 5 6 8 8 9 7 9 7 ; , , , , 7 2 5 7 2 6 1 8 5 8 5 3 8 6 4 1 1 1 1 1 9 9 9 9 9 6 6 6 6 6 7 3 6 4 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 5 3 1 ; , 3 ; , 0 6 5 8 2 0 0 6 0 7 1 7 5 4 4 4 2 4 5 ^ ^ , ^ ^ 0 3 2 7 6 2 3 9 6 6 5 5 6 4 6 4 5 5 ; , ; ; ^ 9 3 9 3 8 3 8 9 2 4 5 6 5 7 2 2 3 5 3 ; , , ; , ' 8 8 9 0 0 6 4 8 7 0 5 3 6 4 6 2 2 1 1 , , ; ' ^ 4 9 4 9 9 0 7 2 2 2 1 9 3 1 9 1 1 1 1 1 , , ’, ; ; 0 4 1 0 i9 4 5 3 3 9 1 3 6 2 1 1 9 9 6 6 6 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 9 6 ; , 8 7 9 2 1 0 3 4, , 1 6 9 0 0 6 7 9* ,7 5 4 0 6 5 1 1 1 2 4 i; , 8 4 9 4 3 7 5 5 , ; 2 ? 7 9 0 4 6 6 , ^ 1 5 5 6 8 1 1 0 0 3 9 , ; 0 ? 1 43 9 1967— D N e o c v . . . . . . . . . . . . . . . . . . . . . . . . . . 2 1 5 7 2 6 1 5 02 4 4 4 , , 1 3 8 8 8 6 3 3 , , 7 9 9 8 3 5 3 40 9 1 5 1 1 , , 3 4 4 3 7 2 1967—N De o c v . . . . . . I 1 , , 8 7 0 5 1 9 3 3 8 8 8 0 7 8 8 5 0 6 1 1 2 2 1 1 , , 8 1 9 27 3 5 5 , , 7 7 1 9 4 4 6 6 , , 3 3 3 5 6 6 1 10 0 9 9 , , 7 0 4 7 3 7 1968—J F a e n b . . . . . . . . . . . . . . . . . . . . . . . . . . 3 10 0 1 8 2 1 5 9 1 5 4 4^ ,4 3 4 48 2 3 3, ; 9 8 6 0 3 6 4 5 7 4 9 2 1 1 , , 1 1 9 8 8 2 1968—J J J S F M A M A a u u e e u p a a n n l p b y g r y e . r t . . . . . . . . . . . . . . . . . . . . . . . . . 2 1 1 1 1 1 1 1 1 , , , , , , , , , 0 3 9 4 9 8 9 8 7 8 8 5 7 6 2 5 4 6 9 7 5 3 6 2 4 7 6 2 3 4 4 5 4 4 3 3 9 0 7 0 0 9 2 0 9 1 5 5 5 9 2 6 9 6 1 1 1 1 , , , , 0 1 0 0 7 9 6 9 8 4 3 6 7 4 0 6 3 4 1 1 5 5 4 6 4 0 6 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 8 6 2 4 5 3 5 7 , , , , , , , , , 3 6 0 3 7 9 4 2 5 9 3 9 0 8 0 2 6 8 1 7 5 5 8 7 6 2 2 5 5 5 5 6 6 6 6 6 , , , , , , , , , 7 1 8 9 9 0 3 0 2 8 8 5 0 6 8 7 8 2 1 7 3 3 4 2 4 2 9 6 6 6 6 6 6 6 6 6 , , , , , , , , , 4 4 5 5 7 4 5 6 6 4 0 9 2 3 5 8 6 9 7 5 9 8 7 9 2 4 4 1 1 1 1 1 1 1 1 1 1 0 1 1 1 1 1 1 1 1 9 3 3 1 4 2 0 5 , , , , , , , , , 0 9 3 8 6 3 2 6 8 4 0 0 8 3 5 6 1 0 1 3 7 9 3 9 7 8 6 J S M O M N u e c o a a p l t y v r y t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 3 3 1 1 1 1 4 8 3 8 6 9 7 8 5 5 7 5 4 3 2 8 5 6 2 1 1 1 1 1 1 1 3 7 0 1 6 8 6 5 3 1 5 8 5 8 4 6 6 0 4 4 4 4 4 4 5 5 5 ; , , ; , ^ ^ , ’ 8 5 0 0 0 2 7 8 9 3 4 8 4 2 6 1 8 7 5 5 9 9 0 6 9 4 4 3 4 4 4 4 4 4 , , , , , , ; ; ,’ 5 6 5 6 6 0 7 4 1 6 0 3 2 4 2 3 0 9 1 5 7 3 3 6 3 8 7 5 5 4 5 4 4 4 4 3 8 5 1 2 0 3 3 2 9 1 3 9 7 6 7 3 2 7 1 1 1 1 1 1 1 I 1 , ; , , ; j , , , 3 2 2 1 2 3 2 3 8 5 9 0 2 8 7 8 7 4 1 1 5 3 0 2 2 4 Oct.... 1 ,930 461 986 129,237 6,463 6,851 115,923 NovT. 1 ,701 383 859 129,970 6,528 6,924 116,518 i Secured or unsecured loans maturing in 1 year or less. 2 Secured loans, amortized quarterly, having maturities of more than 1 Includes loans for repairs, additions and alterations, refinancing, etc., 1 year but not more than 10 years. no 2 t s B h e o g w in n n i s n e g p a w ra it t h e l 1 y 9 . 58, 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 o JANUARY 1969 MORTGAGE DEBT OUTSTANDING MORTGAGE DEBT OUTSTANDING ON ON RESIDENTIAL PROPERTIES NONFARM 1- to 4-FAMILY PROPERTIES (In billions of dollars) (In billions of dollars) All residential Multifamily 1 Governmentunderwritten Con­ E pe n r d io o d f Total F in i c n s ia a t l i n ­ ­ h O ol t d h e e r r s Total F in c in i s a a t l i n ­ ­ h O ol t d h e e r r s E p n er d io o d f Total Total F i H n­ A- g V u A ar - ­ ti v o e n n a ­ l tutions tutions sured anteed 1 1941................ 24.2 14.9 9.4 5.8 3.6 2.2 1945................. 18.6 4.3 4.1 .2 14.3 1945................ 24.3 15.7 8.6 5.7 3.5 2.2 1961................. 153.1 59.1 29.5 29.6 93.9 1961................ 176.0 143.0 33.0 23.0 14.8 8.2 1962................. 166.5 62.2 32.3 29.9 104.3 1962................ 192.5 157.9 34.6 25.8 17.5 8.3 1963................. 182.2 65.9 35.0 30.9 116.3 1963................ 211.2 176.7 34.5 29.0 20.7 8.3 1964................. 197.6 69.2 38.3 30.9 128.3 1964............... 231,1 195.4 35.7 33.6 25.1 8.5 1965................. 212.9 73.1 42.0 31.1 139.8 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®............... 236.1 79.9 47.4 32.5 156.1 1967®............. 279.8 236.7 43,1 43.7 34.7 9.0 1966—II.......... 219.6 74.7 43.7 31.0 145.2 1966—IP.... 258.6 220.1 38.5 39.0 30.5 8.5 Ill 221.9 75.4 44.4 31.0 146.5 IH”... 261,5 222.1 39.4 39.6 31.0 8.6 IV.....2..2.3.6 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—P........ 265.7 225.0 40.7 40.8 32.2 8.6 IP.....2..2.7.8 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 nn1... 274.6 232.5 42.1 42.6 33.8 8.8 IV®.... 236.1 79.9 47.4 32.5 156.1 iip. .. 279.8 236.7 43.1 43.7 34.7 9.0 1968—r®......... 239.3 81.0 48.1 32.9 158.3 1968—HL . . . 283.5 239.1 44.4 44.2 35.1 9. 1 II®.....2..4.3.3 82.1 48.7 33.4 161.2 n®... 288.5 242.9 45.6 45.2 36.0 9.2 HP'.. . . 247.3 83.2 49.6 33.6 164.1 HP... 293.3 246.7 46.6 46.1 36.8 9.3 r ~ 1 Includes outstanding amount of VA vendee J 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 ects! im­ Total 3 Ex­ Total 30 days 60 days or more New isting prove­ New isting homes homes ments2 homes homes 1961................ 3,10 2.27 .50 .33 .29 1962................ 3.04 2.26 .50 .29 .30 1945 ............ 665 257 217 20 171 192 1963................ 3.30 2.32 .60 .38 .34 1964................ 3.21 2.35 .55 .31 .38 1961............ 6 546 1 783 2,982 926 855 1,829 1 170 656 1965................ 3.29 2.40 .55 .34 40 1962............ 7,184 1,849 3,421 1 079 834 2,652 1 ,357 1,292 1966................ 3,40 2.54 .54 .32 .36 [963............ 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 J 023 1 ,821 1965 ............ 8,689 1,705 5^760 591 634 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 HI. . 3.20 2.30 .56 .34 .38 1967............ 7,150 1 ,369 4,516 642 623 3,405 1,143 2^259 IV.. . . 3.29 2.40 .55 .34 .40 1967—Nov.. 746 149 471 72 53 383 127 255 1966—1.......... 3.02 2.13 .55 .34 .38 Dec.. 594 124 334 90 47 340 124 217 II........ 2.95 2.16 .49 .30 .38 in. 3.09 2.25 .52 .32 .36 1968—Jan... 693 147 431 70 45 349 135 213 IV.... 3.40 2.54 .54 .32 .36 Feb... 573 124 312 100 36 280 111 169 Mar.. 535 120 314 62 39 267 115 152 1967—1.......... 3.04 2,17 .56 .31 .38 Apr.. 603 131 340 80 53 265 110 156 11 2.85 2.14 .45 .26 .34 May. 686 121 374 131 60 280 112 168 in.... 3.15 2.36 .52 .27 .31 June. 674 123 371 122 58 241 98 143 IV. ... 3.47 2.66 .54 .27 .32 July.. 712 135 438 72 66 327 120 207 Aug.. 752 135 460 94 63 341 122 218 1968—1.......... 2.84 2.H .49 .24 .32 Sept.. 727 135 453 78 61 322 111 211 H........ 2.89 2.23 .44 .22 .28 Oct... 869 158 549 95 67 360 122 237 in.... 2.93 2.23 .48 .22 .26 Nov.. 749 126 473 101 49 377 138 239 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 loans, 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

JANUARY 1969 □ 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............................ 2^12 1 ,540 671 156 154 332 1965............................ 2’519 1 >64 656 757 47 462 1966............................ 2,667 2,062 604 620 491 1966............................ 4'396 3 >45 1,051 2,081 214 1967............................ 3,348 2>56 592 860 1,171 1967................................... 5'522 4,048 1 ’474 1 ,400 12 501 1967—Nov................. 3,265 2,679 586 93 1 158 1967-—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 >26 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 1 89 332 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 66 1 *215 Sept................. 6'844 4,909 1 '935 89 1 ,085 Oct.................. 4'125 3'468 657 82 1 225 Oct.. ............... 6'943 4,975 1 968 126 1 150 Nov................. 4J66 3,511 655 58 .....1. .,.2..4..8 Nov................. 7; 048 5 >45 2,003 132 .....1. .,.2..3..6 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 (Per cent) Primary Market Secondary Mortgage amounts Implicit yield market (in millions of dollars) (per cent) FHA series Accepted FH LBB series Yield Auction Period (effective rate) on FHA- date New insured Offered By commitment 90 6 1 period days months year Total U.S. 90 6 1 New Existing average New days months year 1963........................ 5.81 5.46 1968 1964........................ 5.80 5 45 1965........................ 5.81 5.95 5.83 5.47 Sept. 16..... 81.9 47.1 6.1 29.9 J 1.1 7.17 7.19 7.1! 1966........................ 6.25 6.41 6.40 6.38 23 93.2 34,5 4.5 21 .0 9.1 7.17 7.17 7.11 1967........................ 6.46 6.52 6.53 6.55 30........ 91.0 36.2 3.1 24.8 8.3 7.16 7,16 7.10 1967—Nov............ 6.45 6.55 6.65 6.77 Oct. 7........ 98.9 35.1 2.2 22.9 10,0 7.19 7,16 7.09 Dec.,...... 6.54 6.64 6.70 6 81 14........ 119.2 41,6 2.5 30.0 9.1 7.20 7.18 7.12 21........ 132.8 44.0 2.7 30.7 10.7 7.21 7.20 7.13 1968'—Jan.............. 6.52 6.70 6.75 6 81 28........ 131 .9 49,1 3.0 31 .3 14.7 7.24 7.23 7.17 Feb............. 6.62 6.71 6.75 6.78 Mar............ 6,64 6.72 6.80 6 83 Nov. 4........ 125.1 53.8 4.9 29.5 19.4 7.26 7.26 17.19 Apr............. 6.71 6.77 6.90 6 94 12........ 144.4 48.1 8.4 29.3 10.3 7.29 7.30 7.23 May............ 6.84 6.95 7.15 18....... 167.0 50.3 10.3 28.8 11.1 7.33 7.35 7.26 June........... 7.03 7.12 7.25 7.52 25........ 161.4 59.7 11.1 33.7 15.0 7.37 7.40 7.30 July............ 7.17 7.23 7,30 7.42 Aug............ 7.24 7.26 7.30 7 35 Dec. 2.......... 119.9 57.9 17.5 25.8 14.6 7.43 7.46 7.35 Sept............ 7.24 7.25 7.30 7.28 9.......... 105.1 56.1 18.4 23.5 14.1 7.47 7.5 1 7,42 Oct............ 7.23 7.22 7.25 7.29 16.......... 93.7 56.6 15. 1 32.6 8.9 7.52 7.57 7.46 Nov............. >'7.21 "7.21 7.30 7.36 23.......... 123.3 56.3 15.3 31.6 9.4 7.55 7.60 7.48 Dec............. 7.40 7.50 30.......... 104,4 62.4 20.4 32.2 9.8 7.61 7.65 7.49 1969 Note.—Annual data are averages of monthly figures. The FHA data are based on opinion reports submitted by field offices 82. 1 59.8 16,9 28.4 14.5 7.63 7.66 7.48 on prevailing local conditions as of the first of the succeeding 13.......... 127,5 57.9 8.1 36.7 13.0 7.67 7.68 7.52 month. Yields on FHA-insured mortgages are derived from 20.......... (60.0) weighted averages of private secondary market prices for Sec. 203, 30-ycar mortgages with minimum downpayment and an assumed prepayment at the end of 15 years. Gaps in the data Note.—Implicit secondary market yields arc gross—before deduction of 50arc due to periods of adjustment to changes in maximum per­ basis-point fee paid for mortgage servicing. They reflect the average accepted bid missible contract interest rates. The FHA series on average price for Government-underwritten mortgages after adjustment by Federal Reserve contract interest rates on conventional first mortgages in primary Board to allow for FNMA commitment fees and FNMA stock purchase and hold­ markets are unweighted and are rounded to the nearest 5 basis ing requirements, assuming a prepayment period of 15 years for 30-year loans. points. The FHLBB effective rate series reflects fees and charges One-year commitments are for new homes only. as well as contract rates (as shown in the table on conventional Total accepted shown in parenthesis for most recent week indicates FNMA first mortgage terms, p. A-33) and an assumed prepayment at announced limit before the “auction” date. end of 10 years. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 52 CONSUMER CREDIT □ JANUARY 1969 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 15,101 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 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 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 1967--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 8,636 6,026 6,267 May............................... 103,411 82,312 31,818 22,011 3,746 24,737 21,099 8,663 6,276 6,160 June............................... 104,620 83,433 32,364 22,248 3,769 25,052 21,187 8,674 6,368 6,145 July............................... 105,680 84,448 32,874 22,452 3,808 25,314 21,232 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 Nov................................ 110,035 87,953 33,925 23,668 3,931 26,429 22,082 9,024 6,964 6,094 1 Holdings of financial institutions; holdings of retail outlets are in- loans. For back figures and description of the data, see “Consumer Credit” eluded in “other consumer goods paper.” Section 16 (New) of Supplement to Banking and Monetary Statistics, 1965, Note.—Consumer credit estimates cover loans to individuals for house- and December 1968 Bulletin, pp. 983-1003. hold, family, and other personal expenditures, except real estate mortgage 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 .............6..5..7.. 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 11,436 285 11,151 1967—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 June............................... 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 Aug................................ 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................................. 87,058 75,871 36,352 17,823 9,962 8,588 3,146 11,187 317 10,870 Nov................................ 87,953 76,446 36,560 17,960 10,049 8,685 3,192 11,507 319 11,188 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

JANUARY 1969 □ 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 Other Repair End of period Total s c u o m n e ­ r e m rin o z d a - - s P o e n r a ­ l End of period Total m A o u b to ile ­ s c u o m n e ­ r mo an d d e rn­ s P o e n r a ­ l c P ha u s r e ­ d Direct g p o a o p d e s r lo ti a o n n s loans paper g p o a o p d e s r iz lo a a ti n o s n loans 1 1 1 9 9 9 4 3 4 5 1 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 , '7 7 0 4 2 7 5 9 6 2 4 6 3 4 7 7 6 3 1 1 3 4 7 8 3 8 3 1 1 0 6 1 9 4 6 1 1 1 3 6 1 1 5 0 4 3 3 7 6 1 1 3 2 1 1 1 9 9 9 4 4 3 1 5 9 1 1 , ^ ' 1 3 7 0 9 9 0 7 7 1,3 8 1 6 7 6 3 8 4 1 1 1 2 6 5 4 7 2 1 0 5 4 1 8 8 5 5 6 4 6 6 1 1 1 9 9 9 6 6 6 1 2 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 1 1 2 9 7 ^ , , 0 0 0 2 0 0 3 5 8 7 6 5 ' , , 3 3 1 8 9 8 1 1 4 2 3 4 ,4 8 1 5 6 0 1 0 2 2 2 3 , , ^ 7 8 2 6 2 1 1 4 3 2 2 2 , , , 2 3 1 6 7 9 1 7 8 3 4 4 * * 2 9 7 8 5 9 5 0 8 1 1 1 9 9 9 6 6 6 1 3 2 1 1 1 1 0 2 , , , 3 6 40 2 3 5 7 0 7 7 6, ’ ’ 7 2 9 0 5 2 1 2 2 2 2 2 ' ' , 4 6 2 6 9 2 5 9 6 2 2 1 1 1 8 3 6 4 1 1 1 ’ ’ 7 2 4 9 1 7 5 3 6 1 1 1 1 9 9 9 9 6 6 6 6 7 5 6 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 3 32 8 5 1 , , , 9 3 0 7 6 1 9 0 2 9 4 0 1 1 1 1 8 0 0 , , , , 6 0 9 2 9 2 2 0 1 7 9 4 4 5 5 6 , , ’ ’, 6 7 2 9 5 3 6 5 9 7 4 6 5 4 4 3 ,1 6 6 1 6 8 7 2 1 6 0 6 2 2 2 2 ’ 5 4 6 6 7 4 2 5 1 7 9 7 7 7 5 6 0 7 5 3 1 5 5 4 1 1 7 2 1 1 1 1 9 9 9 9 6 6 6 6 5 7 4 6 1 1 1 1 6 6 3 5 ^ , , , 6 6 2 8 9 0 7 3 7 5 9 8 9 9 9 8 ' , , 0 ’ 5 2 2 6 7 8 5 8 2 5 2 4 4 3 3 , , ’ 5 5 2 0 1 5 5 2 8 6 6 2 2 1 1 1 5 0 8 1 1 7 5 4 2 2 2 2 ’ * ’ 7 9 0 4 1 9 5 7 1 0 4 8 1967—N De o c v . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 2 2 , '7 5 0 4 0 7 1 1 0 0 , , 9 9 5 2 5 7 6 6 , , 2 2 4 6 5 7 5 5 *1 0 2 31 6 2 2 *6 6 2 4 9 0 7 7 *7 6 5 7 1 6 1967-— D N e ov c . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 16 6 ^ ,7 8 2 3 5 8 9 9 ,2 2 6 5 0 2 4 4 , ’ 4 5 5 1 4 8 1 11 2 1 4 2 2 ,8 9 9 5 0 4 1968—J A J J S O F M M A N a u u e e u p c o a a n n p b l t g r v y y . . e r t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 3 3 3 3 3 3 3 3 3 4 4 3 6 5 6 3 2 5 2 5 ^ * ^ , , , ' , ' ’ ’ 9 8 5 3 0 7 5 0 5 6 1 2 3 5 6 8 8 1 7 6 7 0 2 3 9 0 2 0 9 5 2 3 2 1 1 1 1 1 1 H 1 1 1 1 2 1 0 1 1 1 1 2 0 1 , , , , ’ , ' , , , , 9 3 1 0 1 7 5 8 9 1 9 5 2 6 4 1 4 4 9 9 8 5 1 1 7 3 3 5 0 3 2 0 4 6 7 6 6 6 6 6 6 7 6 6 , , , , , , , , , ’ 6 0 0 3 4 9 2 8 7 9 5 5 6 0 9 6 4 3 1 7 3 2 8 3 5 3 0 5 7 6 2 7 4 5 5 5 5 5 5 5 5 5 5 5 , , , , , ’ ’ 7 8 4 8 6 2 3 5 1 1 1 4 1 4 5 6 7 5 7 5 9 5 3 2 5 3 8 3 8 8 9 7 9 2 2 2 2 2 2 2 2 2 2 2 , * * , * ' , ’ ’ 6 7 7 5 6 5 5 5 6 5 6 0 1 2 6 3 4 8 6 9 7 8 8 3 6 3 9 5 7 5 2 7 6 7 7 8 8 8 8 7 8 8 8 8 , * * * * , , * * * 7 6 8 1 2 0 2 8 7 5 4 2 2 3 8 8 1 2 8 9 8 5 1 9 7 7 6 7 4 8 ! 0 2 1968-—J S O J J F M A N M A a u u e e c u p o a a n n l p b t g y v r . r . e y t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 1 1 1 1 1 1 7 6 7 7 6 7 7 6 7 7 6 ^ ^ , , , , ' ' ' ' J 2 4 0 6 7 6 8 7 8 9 1 3 4 5 7 1 8 6 2 2 6 3 9 8 3 0 9 8 0 0 6 0 9 9 9 9 9 9 9 9 9 9 9 ' ^ , , , , ' ' ' , ’ 3 8 2 8 2 1 1 7 8 7 5 8 2 9 0 9 6 6 5 1 0 4 8 3 8 2 0 2 8 8 2 9 4 4 4 4 4 4 4 4 4 4 4 4 ' , , , , , ' , ’ ^ , 7 4 6 4 5 5 5 5 4 6 7 3 8 9 9 1 8 9 2 7 6 8 7 3 5 8 2 0 2 9 6 3 1 1 9 9 8 7 7 8 8 7 6 0 0 3 9 8 3 9 4 9 2 4 4 4 2 2 2 2 3 3 3 3 3 3 3 * , , , ’ ’ ’ , 9 9 2 0 9 9 0 0 1 1 1 6 4 6 1 9 7 0 2 8 2 5 1 1 7 4 0 3 6 9 9 2 8 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 cred it Com- finan­ mer- cial Retail Credit 1939 ................................. 789 81 24 15 669 banks insti­ outlets cards * 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 1963................................. 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 i367 972 11 ^585 1962................ 15,101 4’690 766 5,179 505 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................................. 19’952 3,993 1 ,600 1 ,046 13,313 1964................ 17 576 5 ,950 924 5 ,587 608 4,507 1967—Nov...................... 19,673 3 ,973 1 ,583 1 049 13,068 1965................ 18,990 6,690 981 5 ’724 706 4'889 Dec...................... 19,952 3,993 1 ,600 1 ,046 13,313 1966................ 20,004 6'946 1,026 5,812 874 5,346 1967................ 21 '206 7^340 1 ,088 5,939 1 ,029 5,810 1968—Jan........................ 19,802 3,947 1 ,594 1 039 13,222 Feb....................... 19'887 3'962 1 ’603 1 041 13'281 1967—Nov.. . 20,163 7,307 1,116 5,108 1 ,038 5,594 Mar...................... 19'999 3^995 1 ,621 1 042 13,341 Dec.,.. 21 .206 7,340 1 .088 5,939 1 .029 5,810 Apr....................... 20 J 70 4,048 I ^636 1 042 13 444 20’471 4 1 23 1 ,671 1 073 1 3 604 1968—Jan.. . . 20,881 7,352 1 .097 5,377 1 ,047 6,008 J une..................... 20 J86 4,200 1 ,703 1 077 13,806 Feb.... 20,538 7,375 1,109 4.842 1 .017 6,195 July....................... 21'022 4'250 1 ,730 1 '087 13 95S Mar.. . 20,507 7,416 1,113 4,698 1 ,012 6,268 21'348 4^323 1 ,'765 1 ’ 109 14’151 Apr.... 20,929 7,526 1,110 5 .005 1 ,021 6,267 Sept...................... 21; 511 4^369 1 ,793 1,115 14’234 May... 21,099 7,526 1 ,137 5,254 1 ,022 6,160 Oct....................... 21'696 4,415 1 ,829 1 J 20 14’332 June... 21 ,187 7,546 1 ,128 5,278 1 ,090 6,145 Nov...................... 21,926 4.455 1 .847 1,134 14’,490 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 Sept.. . 21 ,452 7,719 I ,149 5,283 1 ,267 6,034 Note.—Institutions represented arc consumer finance companies, credit Oct.. .. 21 ,585 7,794 1,149 5,424 1 ,268 5,950 unions, industrial loan companies, mutual savings banks, savings and Nov.... 22.082 7,857 1,167 5,670 1 .294 6,094 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 and 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 □ JANUARY 1969 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 Ioans Period S.A.i N.S.A. S.A.i N.S.A. S.A.i N.S.A. S.A? N.S.A. S.A.i 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-—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 2J58 1 ,*925 184 140 2*646 2 J55 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 2,568 2,733 May............................... 8,033 8,377 2,590 2*853 2 J35 2’,520 197 236 2*711 2*768 June............................... 8'003 8*115 2*570 2*735 2 J36 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 2*483 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 8,687 2*782 2,917 2,645 2,752 202 211 2*904 2*807 Nov................................ 8,288 8,166 2*681 2J46 2; 640 2J39 191 190 2 J76 2391 Repayments 1961 . 48,124 16,552 14,235 2 015 15 319 1962........................................... 51*360 17,447 14 J35 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 23 178 2 110 25 428 1967........................................... 81,306 26,499 25,535 2*142 27*130 1967-—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 J93 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 J 1 1 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 2’418 185 181 2*408 2,356 Apr................................ 7^222 7,365 2,297 2,375 2'340 2*336 176 180 2,409 2 474 May............................... 7 J01 7,393 2,327 2 J66 2 J12 2 J50 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 2327 181 189 2383 2343 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 J43 2'428 2*251 179 175 2312 2*413 Oct................................ 7'586 7,813 2*391 2 J55 2*451 2392 177 182 2’567 2,584 Nov................................ 7,454 7,271 2,363 2*319 2*388 2*319 175 169 2*528 2,464 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 ,55 1 140 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 2313 90 1 775 1967........................................... 3’387 168 1 317 -29 1 ,831 1967-—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 1 ,236 357 451 274 325 15 49 288 411 Sept............................... 715 500 301 ] 1 132 211 17 24 265 254 Oct................................. 947 874 391 362 194 260 25 29 337 223 Nov................................ 834 895 318 227 252 420 16 21 248 227 1 Includes adjustments for differences in trading days. purchases and sales of instalment paper, and certain other transac­ 2 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, sec “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

JANUARY 1969 □ 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.i N.S.A. S.A.i N.S.A. S.A.i N.S.A. S.A.> N.S.A. S.A.' N.S.A. Extensions 49,048 17,711 9,510 13,010 8,816 ........................................... 56,191 20,474 11 269 14,787 9,659 1963. 63,591 23,344 12 J52 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-—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 1 ,835 1,562 1,147 Mar................................ 7,903 7,501 2^50 2,845 1 ^337 1 ,251 2'025 1 ,964 1 .'591 1,441 Apr................................ 7,863 8,219 2,910 3,194 1,290 1 ,355 2,021 2; 099 1 ,642 1,571 May............................... 8^033 8,377 21980 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 1 ,358 2^177 2,231 1 586 1 '496 July............................... 8,247 8,738 3,018 3,343 1 ;366 1 ,495 2 J 90 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 2^53 1 ,349 1 '217 2,236 2,043 1 ,547 1 ,469 Oct................................. 8,533 8,687 3,252 3,306 1,367 1,437 2'309 2,246 1 ,605 1^98 Nov................................ 8,288 8,166 3,111 2,877 1 ,411 1 368 2J39 2,139 1 ,627 1 ,782 Repayments 1 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 1 Q .............. 81,306 29,469 13,692 21 ,330 16,815 1967-—Nov................................ 6,913 6,907 2,468 2,443 1,184 1,193 1 ,837 1 ,855 1 ,424 1 ,416 Dec................................ 7,001 6,937 2,527 2,393 1'172 1,190 1 ,836 1 ,943 1 ,466 1,411 1968-—Jan................................. 7,054 7,329 2,512 2,585 1 ,184 1,190 1 ,887 1 ,907 1 ,471 I ,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 I ’205 1 ,885 1 ,852 I ,563 1 ,601 Apr................................ 7,222 7,365 2,643 2,714 1 ,174 1 ,246 1,887 1 ,928 1 ,518 I ,477 May.............................. 7J01 7,393 2,653 2,716 1 '222 t '227 1 ,939 1 ^940 1 ,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 1 ,258 1 '286 1 ,942 2’071 1 ,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 1880 1 ,503 1,393 Oct............................... 7,586 7^813 2,764 2,877 1 ;230 1'294 2,052 2,061 1 ,540 1 '581 Nov................................ 7,454 7^271 2,769 2,669 1 '254 1 ;23i 1 ,'950 1 '909 1 ;48l 1 '462 Net change in credit outstanding 2 1961. 924 335 -436 898 125 1962. 4,831 1 ,997 1,078 1 ,332 422 1063 . 6,766 3,018 1 ;225 1 ,698 825 1064........................................... 7 200 3,065 975 2,033 1 ,127 1965 8,629 3,865 1 ,674 2,093 997 1066. 6,215 2,357 1 ,418 1 '416 1 ,024 1967........................................... 3,387 1 '381 141 1 ^244 621 1967-—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 I ,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 Nov................................ 834 895 342 208 157 137 189 230 146 320 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 Jess 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. □ JANUARY 1969 MARKET GROUPINGS (1957-59 = 100) 1957-59 1967 1967 1968 pro­ aver­ Grouping por­ age tion Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept.r Oct.r Nov. Total index...................................... 100.00 158.1 159.8 162.1 161.2 162.0 163.0 162.5 164.2 165.8 166.0 164.6 165.1 165,7 167,4 Final products, total, 47.35 158.3 160.1 162.1 160.8 162.0 163.5 161.7 163.0 165.2 164. 7 164.8 165.7 166.4 167.4 Consumer goods.............................. 32.31 148.5 150.2 153.0 151.3 152.9 155.0 153.5 154.6 156.8 156.4 156,8 157.3 158.5 158.9 Equipment, including defense.... 15.04 179.4 181.5 181.5 181.4 181.6 181.8 179.4 181.1 183.2 182,6 181.9 183.6 183.3 185.7 Materials............................................... 52.65 157.8 160.1 162.0 161.7 161.8 162,8 163,1 165.2 166.7 167.4 164.2 165.1 165.5 167.5 Consumer goods Automotive products............................. 3.21 149.1 152.4 170.0 164.2 162.7 173.4 168.7 178.1 180.7 180.4 177.1 175.6 178.9 180.2 Autos................................................. 1.82 145.7 144.5 175.1 163.2 158.0 172,7 166.8 182.3 183.5 183.7 182.4 177.4 180.3 180,6 Auto parts and allied products......... 1.39 153.6 162.9 163.3 165.4 168.8 174.4 171,2 172.6 177,1 176.1 170.2 173.2 177.0 179.8 Home goods and apparel.................... 10.00 149.9 152.8 152.6 152.6 151.4 153.8 153.7 149.9 155.7 154.1 155.8 156.3 157.9 158.7 Home goods......................................... 4,59 166.0 170.8 168.3 169.1 171.5 172,9 170,1 170,4 173.4 171.5 174.6 175.9 176.7 178.4 Appliances, TV, and radios.......... 1.81 159.6 168,4 158.7 159.3 162.6 164,8 156.8 156.7 161 .6 161.8 168,0 170.4 171.8 171.1 Appliances.................................... 1.33 163.2 168.7 160.8 165.1 165.9 168.4 158.9 158.5 165.2 166,5 172.8 175.5 175.1 176.1 TV and home radios.................. .47 149.2 167.6 152.7 142.7 153.1 154.8 151 .0 151.7 151 .3 148.5 154.5 156.2 162.5 156.9 Furniture and rugs.......................... 1.26 159.6 163.4 166.5 166.4 169.2 169.9 170.1 174.6 174.8 174,5 174.0 175.5 174,2 177.5 Miscellaneous home goods............ 1.52 178.9 179.6 181.3 182.9 184.0 185.0 185.9 183.1 186.2 180.5 182.9 182.8 184,7 187.7 Apparel, knit goods, and shoes........ 5 41 136.2 137.5 139.2 136.5 137 3 140.3 139.9 139.5 140.8 139.4 139.8 139.6 141,9 Consumer staples........................ .... J 9.10 147.6 148.5 150.4 149.0 151.2 151.7 150.7 151.2 153.4 153.5 153.9 154.9 155.5 155.4 Processed foods................................... 8.43 130.0 129.5 130.4 129.5 130.6 131.3 131.2 131 .0 132.2 132.9 132.5 132.5 129,5 129.1 Beverages and tobacco.... , . 2.43 137.4 139.0 143.7 136.8 141.8 141 .7 139.4 136.6 142.9 139.6 144.7 145.2 145.8 Drugs, soap, and toiletries................ 2.97 182.7 183.1 184.3 184.2 185.9 187,5 186.1 190,0 192.0 192.6 190.6 193.6 199.8 200,2 Newspapers, magazines, and books. 1.47 140.1 135.7 138.5 138,4 141.5 142.1 142.1 145,3 143.6 144.2 143.6 140.7 145.8 145.7 Consumer fuel and lighting. . . 3.67 168.9 174.9 177.5 176.9 179.6 179.4 177.3 177.0 180,8 180,8 182,6 186,0 188.7 Fuel oil and gasoline...................... 1.20 132.4 135.4 137.8 131.8 135.4 136.2 136.3 140.2 142,8 140.3 138.3 142.6 141,4 138.1 Residential utilities............ 2.46 186.7 194.1 196.8 198.8 201 .2 200,4 197.2 194.9 199.3 200,6 204,2 207.2 21 1 .8 Electricity....................... 1.72 199.9 209,1 213.0 215.4 218.4 217.3 212.5 209.0 218.0 219.0 224.0 228.0 233,5 Gas.......................... .74 156.2 Equipment Business equipment.............................. 11.63 182.8 183.5 183.4 183.3 182.9 183.3 180.9 182.5 184.3 183.4 182.4 185.2 187.1 190.0 Industrial equipment.......................... 6.85 170.2 170.4 168.9 168.0 165.8 167.0 165.9 165.8 168.0 167.5 164.7 167.8 170.2 174. 1 Commercial equipment...................... 2.42 200.9 200.9 204.7 204.2 206.1 205.4 204.4 203.6 204.6 202.4 204.6 205.9 205.9 206.5 Freight and passenger equipment. .. 1.76 215.4 222.9 228.4 226.4 230.1 227.8 220,8 231 .5 234.0 234.3 233.2 235,6 237.8 241.1 Farm equipment.................................. .61 158.7 147.2 131.2 148.3 146.4 150.6 140.3 145.1 144.2 139.6 145,8 152.9 155.3 3.41 Materials Durable goods materials............ 26.73 151.9 252.4 255.1 154.9 255.4 156.7 157.1 159.4 160.4 159.8 153.3 153.3 155.3 158 0 Consumer durable.............................. 3.43 143.9 143.8 159.4 162.3 162.2 160.1 154.6 163,0 166,2 167.7 153.5 166 1 166.5 167 7 Equipment............................................ 7.84 184.5 186.0 184.9 183.9 186.7 185.1 181.9 183.6 184,8 185.8 185.3 185.1 184.7 186.9 Construction......................................... 9.17 139.6 141 .2 142.1 142.8 144.8 145.8 144.4 145.3 145,6 143.7 143.3 145.5 146,3 147 9 Meta! materials n.e.c........................... 6.29 133.5 132.3 139.4 137.3 141 .4 140.7 144.5 145.0 143,3 146.6 127.4 122 3 126 5 1318 Nondurable materials........................... 25.92 163.9 168.1 169.2 168.7 168.3 169.1 169.3 171.2 173.9 175.3 175.5 177.2 176.0 178 3 Business supplies................................. 9.11 152.9 154.7 154.7 154.1 154.1 150.1 152.0 154.5 159.0 157.9 158.4 161 1 161 .7 163 6 Containers........................................ 3.03 148.5 152.6 152.0 154.3 144.5 142,8 150.9 155.6 158.9 156.0 154.2 1 63 4 167.5 1 67 9 General business supplies.............. 6.07 155,1 155,7 156.0 154,5 154.4 153,8 152.6 154.0 159.0 158.8 160.5 160 0 158,8 161.4 Nondurable materials n.e.c................ 7.40 202.2 210.8 216.2 213.5 213.9 215.7 214.9 216.4 218.5 223.8 223.6 227 3 228.0 228.5 Business fuel and power.................... 9.41 144.3 147.5 146.2 147.2 149.1 150.8 150.2 151.7 153.2 154.1 154.3 153 3 148.9 153.1 Mineral fuels.................................... 6.07 129.2 130.8 129.3 128.9 131.4 134.3 132,6 133.7 136,4 136.9 136.6 134.1 126.0 131.6 Nonresidential utilities................... 2.86 183.3 189.3 188.9 193.4 194.4 193.6 194.6 197.0 196,7 198.2 200.3 202 8 205.5 Electricity..................................... 2.32 185.8 192.2 191.8 197.7 199.0 198.3 199,2 202.0 198.9 200.2 202.2 204 8 207.6 General industrial................... 1.03 182.6 187.7 188.0 192.0 193.0 191.8 195,4 197.4 193,7 195.1 197.0 199.3 203.6 Commercial and other....... 1.21 197.0 205.3 204.1 212,0 213.8 213.4 212,1 215.7 213,0 214.8 216,9 220.0 221 .6 Gas................................................ .54 172.4 Supplementary groups of consumer goods Automotive and home goods............ 7.80 159.0 163.2 169,0 167,0 167.9 173.1 169.5 173.6 176.4 175,2 175.6 175.8 177.6 179.1 Apparel and staples............................ 24.51 145.1 146.1 147.9 146.2 148.1 142.9 148.3 148.6 150.6 150.4 150.7 151 5 152.5 For foolnotes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1969 □ INDUSTRIAL PRODUCTION: S.A. A 57 INDUSTRY GROUPINGS (1957-59 = 100) 1957-59 1967 1968 Grouping pro­ 1967 por­ aver­ tion age Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept.r Oct.r Nov. Total index....................................... 100 00 158 1 159 8 162 1 161 2 162 0 163 0 162 5 164 2 1 65 8 166 0 164 6 165 l 165 7 Manufacturing, total............................ 86.45 159.7 161.3 164.1 162.7 163,6 164.6 163 7 165 8 167.3 167.4 165 7 166.3 167.4 168 7 Durable............................................. 48 07 163 7 164.1 168 1 167 2 167 6 168 2 167 2 169*8 171 b 170 8 167 8 168 7 1 69 3 171 4 Nondurable...................................... 38 38 154 6 157 7 159.0 157 1 1586 1600 159' 5 160 8 1 62 7 163 0 163 0 163 3 165 0 165 3 Mining................................................... 8.23 123.8 124.1 122.8 12E6 I2j',9 126^2 127.1 126.9 129.2 130^0 129*4 127^0 120^7 126 5 Utilities................................................. 5.32 184.9 191.5 192,6 196,7 199.0 198.0 196.5 196.1 197.9 199.3 202.1 204.8 208.4 210 0 Durable manufactures Primary and fabricated metals........... 12.32 145.3 145.8 150.3 148.3 150 8 151 7 151 ’ 155 7 156 ’ 154,7 141 8 141.1 144.5 148 8 Primary metals..................................... 6.95 132 5 134 9 140.9 136 3 139 3 140 2 143 3 148 5 148 6 145 8 122 8 120.6 123 0 1 29 6 Iron and steel.................................. 5.45 126 8 133.3 140.9 1342 137* 8 140 8 1 34' 1 146 4 148 4 146 6 112*9 107 3 108.1 116 2 Nonferrous metals and products.. 1,50 153.2 142,1 145,2 145'6 154'1 15U3 145'5 150^4 150^4 153,6 153^9 166.2 173.5 173'8 Fabricated metal products................ 5.37 161 .9 159.8 162.4 163 9 165 7 166.6 161 4 165.0 166 1 166.2 166 3 167.6 172.2 173 6 Structural metal parts.................... 2.86 158 1 158 8 160 0 1 59 4 1 60 9 1 62 7 156 9 159 8 1 61 8 1 59 7 1 59 1 161.1 165.1 168 4 Machinery and related products. .... 27.98 177.5 177.8 181.7 181.6 181.5 182.3 179.2 181,4 183.5 184.0 184.4 185.6 185.0 186,7 Machinery............................................. 14.80 183 4 183.2 182,2 183 4 183 2 183 3 179 4 179 9 181 7 182 7 183 8 186.4 186.1 188 4 Nonelectrical machinery................ 8.43 183,4 180.9 179.5 180 7 180 6 1802 i76 6 176 9 1788 179 8 179 1 1 82.6 183.7 186.5 Electrical machinery.. /................. 6.37 183.3 186.3 185.8 186 9 186.6 187 3 182 8 184.2 185 5 186 5 190 1 191.4 189.3 190.8 Transportation equipment................. 10.19 165.7 165.6 177.5 175 5 175 1 177 6 175 3 180 4 182 6 183 2 1817 180.5 180.4 179.9 Motor vehicles and parts............... 4.68 146.5 141.4 166.9 162 2 161 1 167 8 164 8 173.6 174.2 174.3 175 4 173.5 177.0 1 77.4 Aircraft and other equipment. . .. 5.26 182.1 186.0 186.3 186.8 186.5 185.4 183,5 185.4 188,6 189.3 185^7 184.7 181 .0 179.3 Instruments and related products. .. 1.71 184.8 185.4 186.3 186.7 184.7 183,8 181.4 181 .2 181.3 179,2 182.6 184.3 185,8 188.3 Ordnance and accessories.................. 1 .28 Clay, glass, and lumber..................... 4.72 130.7 132.4 137.0 132 5 130 7 128.8 138 0 137. 7 117 1 136 2 135 5 138 8 139 7 140 0 Clay, glass, and stone products......... 2.99 138,7 139,2 143,6 140^8 137^3 131.0 146^ 1 145,4 145 J 145^2 147^5 150.0 151 ‘5 150’5 Lumber and products........................ 1.73 116.9 120.6 125.7 118 1 119 3 125 0 123 9 122 7 1 23 4 120 6 114 7 119 4 119 4 1 22 0 Furniture and miscellaneous................ 3.05 162.6 161.5 163.3 165.2 166.9 166.9 166 5 169 8 169 5 169 5 170 I 170 9 171.3 171 7 Furniture and fixtures........................ 1.54 167.7 167.8 170.7 171.3 173 0 173 7 174 1 178.9 1 78 0 1778 178 6 1 79 7 180.4 1 82 3 Miscellaneous manufactures.............. 1 .51 157,3 155.1 155.7 158.9 160.7 159; 9 158,8 160.6 160^9 161 1 16L4 162.0 162 1 161 ‘6 Nondurable manufactures Textiles, apparel, and leather............. 7.60 139.4 142.8 146.0 141.0 141.9 143.9 142.9 144.1 145.2 144.2 144.1 144.8 146.2 147.2 Textile mill products.......................... 2.90 142.0 147,1 151.9 147 6 148 8 149 9 146 3 147.2 1 48 8 1 50 9 151 4 152 0 153,2 154 9 Apparel products................................. 3.59 147.6 148.6 150.9 145 2 1 46 4 148 5 148 9 149 6 151 4 1 50 4 149 0 149 9 150 8 Leather and products......................... 1 . 11 106.3 113.0 114.8 110 4 109*7 113.7 114 6 118 0 115 8 107 0 109 5 109.3 113.1 Paper and printing............................... 8.17 149.6 149.9 149.7 148,6 150 6 152,0 151 6 154.5 155 2 155 6 156 5 156.8 157.6 158.6 Paper and products............................ 3.43 153.6 156.1 157.4 155.9 157J 159.2 159.5 161.1 162^9 164 J 164 J 166.1 166.6 167.8 Printing and publishing...................... 4.74 146 8 145.5 144 1 143 3 145 9 146 8 145 8 149 8 1 49 6 149 5 151 1 150.0 151,2 152 0 Newspapers...................................... 1 53 1 34 2 1 34 4 1 29.9 129 9 1314 133 7 1 30 8 1 344 134 7 1 34 7 1377 140.9 138 4 140 8 Chemicals, petroleum, and rubber.... 11.54 190.0 197.6 199.5 197.7 200.2 201.6 200.9 203.1 206.6 208.2 207.6 207.9 211.7 212.5 Chemicals and products.................... 7.58 203 8 209.2 211.4 21 1 8 213 8 215 0 215.2 216 6 219 3 222 4 221 0 222.4 226.6 225.9 Industrial chemicals........................ 3 84 236.0 245 5 249 4 250 9 251 8 252.7 256 2 255 5 258 0 264 4 262 7 263.2 266.0 Petroleum products............................. 1 97 1 33 4 1 36 7 137 9 134* 8 1 35 *7 1 36 1 1 37 3 139 9 1 40 6 1 39 5 1 40 7 141 9 141 4 142.7 Rubber and plastics products........... 1.99 193^5 213.9 215^4 206 J 212'3 215^7 209 4 214 J 21 8 0 222 4 223 ’ I Foods, beverages, and tobacco............ 11.07 131.7 132.1 133.4 132.0 133, 1 133.7 133.6 132.9 134 5 134.2 H4 4 134.5 134. 7 133.4 Foods and beverages.......................... 10 25 132,6 1 33.5 1 34,4 133 5 1 33,2 134 5 135.3 134,0 135 5 135,1 135 3 135.4 135,8 1 34,4 Food manufactures......................... 8 64 130.1 130.2 130.5 1 30 7 1 30 7 131 4 131.9 131 9 1 32 2 1 32 7 1315 131.5 131 .6 1 30.0 Beverages.......................................... 1 61 146 0 151 0 155 5 148*2 1467 151 2 153 3 145 0 15 3 1 I 47 9 155 7 156.0 158.5 Tobacco products................................ 82 120^3 1 15^5 120.5 114^4 132 J 122^9 112J 120.'0 122^8 123^4 1 23' I 124.0 120.8 Mining Coal, oil, and gas............................... 6 80 122.7 125.0 122.7 121,9 123,2 126.0 124. 7 125.6 128.1 128. 7 127 9 IH 8 118 9 124 8 Coal....................................................... 116 120 4 117.2 119 2 113 4 116 8 126 0 124 4 1 20 4 1 26 7 1 26.6 1213 1 20 8 86 6 115 9 Crude oil and natural gas.................. 5 64 123* 1 1 26.5 123 5 123 6 124'5 1260 1 24 8 126 6 128 4 129 2 1 29 3 126 8 1255 1 266 Oil and gas extraction.................... 491 131 3 1 34.0 131.7 132 5 134 8 136.2 134 5 136 8 1 38.7 139 3 140 2 1 37 3 1 35 3 1 35 4 Crude oil...............................425 126 3 128.7 126.4 127.4 129.7 130,9 128.7 131.2 132,4 134.0 134 8 111 *2 129?1 129^ 1 Gas and gas liquids................ 66 163.5 167.9 165.3 Oil and gas drilling....................... 73 67 9 76 1 68 0 66 5 55 0 56.7 59.1 57,7 59.1 60.7 55 9 55 8 59.5 67 3 Metal, stone, and earth minerals....... 1.43 128,9 120. 1 123.3 120.3 127.0 127.4 138.3 133,5 134.3 135.8 136.2 132.8 129. 1 134.5 Metal mining....................................... 61 120 3 94 6 97.1 100 0 102 8 108.7 1 39.9 131 .4 130 8 134.1 134 5 127 7 125 0 1 32 5 Stone and earth minerals, ................. ' 82 1 35 4 139.0 142,7 135.3 145.0 141 .2 137.1 135.0 136.9 137.1 137 5 1 36 5 112 2 136.0 Utilities Electric................................................... 4 04 191 8 199 4 200.8 205.2 207 3 206 4 204 9 205 0 207.0 208.2 211 5 214.7 218,7 Gas......................................................... 1 28 163^0 166.6 166.8 169,8 172,8 171 8 170.0 168.4 169.2 171.3 172,6 Note.—Published groupings include some scries 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. □ JANUARY 1969 MARKET GROUPINGS (1957-59 = 100) 1957-59 1967 1968 Grouping pro­ 1967 por­ aver­ tion age Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug, Sept.r Oct.r Nov. Total index....................................... 100.00 158 1 161 5 160 8 159 1 162.7 164.6 163.2 165.2 169 4 160,3 163.3 169.5 170,2 169 1 Final products total......................... 47 35 158 3 161 3 161 1 159 1 162 4 164 8 160.8 162.6 168 8 159.1 162.0 171 9 171.9 169.3 Consumer goods.............................. 32.31 1485 152 I 150*5 148 9 153*4 156*2 isi 7 153,7 161 '2 149.6 154.2 165 9 166.4 1 61.4 Equipment^including defense. . . . 15.04 179^4 18U2 183^9 18L0 18L7 183^4 180.4 181.6 185.1 179.6 178,6 184.6 183.7 186,3 Materials............................................... 52.65 157.8 161.6 160.5 159.1 162.8 164.5 165.4 1 67.6 169.9 161 3 164.5 167.5 168.7 168,9 Consumer goods Automotive products...................... 3.2J 14/9 1 7 59 $ 177 7 171 0 171 2 183 7 178.7 189.5 194. 7 148.4 101.1 170.8 197.2 197.5 Autos.................................................... 1.82 145 7 1590 1926 179*5 173*8 193*4 183 5 202.4 208 3 134 1 45 6 1 65,0 207.4 212.2 Auto parts and allied products......... 1.39 153.6 160*0 158*1 164* 5 167 9 170.8 172.3 172.7 176*7 167,4 174.1 178.4 183.7 178.1 Home goods and apparel.................... JO. 00 149.9 157.9 148 1 145 5 159 0 160.6 154.9 153.1 161.0 140.4 155. 8 162.2 167.2 162.7 Home goods......................................... 4.59 166 0 180 3 172*6 164*9 177 2 177.1 172 5 170 8 177 4 157.1 1 69 8 183.9 189.5 186.2 Appliances, TV, and radios.......... 1 .81 1596 181 ^4 160 6 159*1 180*9 176 9 168.7 163.3 171 7 139.8 151,6 180.5 187.5 179.2 Appliances.......................... 1.33 163 2 178 2 163 4 168 7 187 9 185 3 180.3 167 4 180 4 149 5 147 8 183.5 186.1 179.6 TV and home radios.................. .47 149 2 190 4 152*7 131 *9 161'1 153 J 135 9 151.7 147 5 112 4 162.2 171.8 191.7 178.2 Furniture and rugs.......................... 1.26 159.6 169 4 172 7 162.7 167 2 167.9 165.3 168.0 174 8 166.1 178 0 180.4 183,3 184.1 Miscellaneous home goods............ 1,52 178.9 187.9 186.7 173.8 181.2 184.8 183.1 182.0 186,2 1 70.2 184,7 191 .0 196.9 196.3 Apparel knit goods, and shoes .. 5 41 136 2 1 38 9 127 4 1 79 0 143 5 146 6 139 9 138 1 147 1 126 2 144 0 143.8 148.3 Consumer staples................................ 19.10 147 6 147 8 146 6 146 7 147 4 149 2 145.5 148.1 155.8 154 6 162.3 167 0 160 8 114 7 Processed foods................................ 8 43 1 300 1344 128*2 1 23 0 122 1 123 8 122 8 125 1 1 32.2 132 2 140,2 152 6 143*8 134^0 Beverages and tobacco. ..................... 2.43 137*4 1318 124*3 1201 129*8 138 5 141 0 146.7 163 7 1 46 4 156 7 1 48 9 1500 Drugs, soap, and toiletries................ 2 97 182 7 184 0 181*4 182 9 185*9 198 4 183.7 192 8 198 7 1 87 8 196.9 199 4 704 6 701 7 Newspapers,’magazines, and books. 1.47 140J 133*9 138.*2 137.'2 140.9 144.2 142.7 144.9 143.0 142,'8 145,3 142.0 145*7 143.8 Consumer fuel and lighting............... 3.67 168 9 164.7 178 5 192 2 187.6 183.2 169.3 165.7 174,1 188 8 195.5 195 9 176 5 Fuel oil and gasoline.................... 1.20 132 4 134.6 141 .0 137.5 139.1 134.9 129.3 135,6 141.3 142 8 142.5 142,7 137.7 137 2 Residential utilities.......................... 2,46 186.7 Electricity..................................... 1.72 1 99 9 188.0 213.0 244.1 232.8 226.4 200.4 188.1 204.9 234.3 248,6 249.1 210.2 Gas................................................ .74 156*2 Equipment Business equipment.............................. 11.63 182.8 182.2 184.9 182.1 183.0 185.7 182.7 183.6 187.4 180.2 178.6 186.6 187.0 189.3 Industrial equipment.......................... 6.85 170 2 168 9 170 8 166 7 165 0 167 2 165.9 166.0 169 7 165 8 164.2 169.3 169 2 172 5 Commercial equipment...................... 2 42 200 9 205*9 209*2 204 4 204 7 203^6 200.5 201.2 205.2 198 4 204,6 209 0 209.4 211 .7 Freight and passenger equipment... 1.76 215.4 218.4 226 J 221.9 230.1 238.1 232.9 238.4 243.4 229.6 219.2 238.0 240.2 241.1 Farm equipment.................................. 61 158.7 132.6 128.0 151.0 162.6 170.4 156.7 153.6 152.9 126 8 119.1 143 4 145.7 Defense equipment............................... 3.41 Materials Durable goods materials...................... 26.73 151 9 153 6 154 2 151 7 156 1 157 7 158 8 162.4 164.8 155.1 153.1 Consumer durable.............................. 3 43 1439 148 1 167 *4 168 0 164 6 164 9 159.2 167.9 169,5 153 4 145.8 164 4 169 0 172 7 Equipment............................................ 7 84 1845 186*2 187*7 185*6 188*4 187*1 183.9 184.9 186,6 180 0 179.7 1 84 1 187 1 Construction......................................... 9.17 139.6 141 6 135 0 129.0 134*7 139.2 143 0 147.5 155,1 149.4 153,3 1 54 2 153 6 J 47 6 Metal materials n.e.c........................... 6.29 133 5 133 4 133 3 133 7 142.7 144 1 150 3 153.0 149.3 133 4 123.7 126 0 179*5 132 9 Nondurable materials........................... 25.92 163.9 169.8 167 0 166.7 169 7 171.5 172.2 173.0 175.1 167.6 176.3 177 9 178 9 179 1 Business supplies................................. 9 11 152 9 156 8 1516 149 0 1 50 * 6 1 52 9 156 4 1571 . 160,6 148,1 158 8 1 63 0 168 7 164 7 Containers........................................ 3 03 1 48'5 148*3 141 4 146*6 142*8 143*5 156 3 157.2 163,8 152.1 165.0 1 69 O 1760 159*8 General business supplies.............. 6.07 155 1 161.1 156* 8 150.2 154 4 1 57 6 1 56.4 157.1 159,0 146.1 155.7 164 4 167*1 Nondurable materials n.e.c................ 7.40 202,2 215 0 211*9 212.4 218 2 220.0 221.3 221.8 222,9 211.0 221 .4 225 0 230 3 230 8 Business fuel and power.................... 9 41 144 3 146.8 146 4 147 9 150 1 151 2 148 9 150.1 151.6 152.4 157.7 155 2 148 9 152 5 Mineral fuels.................................... 6 07 129*2 132.0 130^8 130.9 135*6 137^2 134.3 1 33.8 1 32,8 1 30.1 134.9 132^6 126 j 132^9 Nonresidential utilities................... 2 86 183^3 Electricity...................................... 2 32 185 8 186.3 187.8 194 4 190 8 191 8 189.8 195.3 202,9 212.2 220,7 216 7 207.3 General industrial................... 1 *03 182.6 187.7 186.1 191 .0 1 87.0 190.8 192.9 198.4 197.6 198,0 202,9 202.3 204.0 Commercial and other........... 1 21 197.0 194.0 198.0 206.7 203.1 201.9 196,2 202,1 217.3 235.2 247.3 240.2 220.7 Gas.......................................... .54 172.4 Supplementary groups of consumer goods Automotive and home goods....... 7.80 159.0 171.7 174,7 168.3 174.7 179.8 175.1 178.5 184.5 153.5 141.5 178.5 192.7 190.9 Apparel and staples............................ 24.51 145.1 145.8 142.8 142.8 146.6 148.7 144.2 145.9 153,8 148.3 158.3 161.9 1158,1 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1969 □ INDUSTRIAL PRODUCTION: N.S.A. A 59 INDUSTRY GROUPINGS (1957-59= 100) 1957-59 1967 1968 Grouping pro­ 1967 por­ aver­ tion age Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept,r Oct.T Nov. Total index....................................... 100.00 158 1 161 5 160 8 159 1 162 7 164 6 163 2 165,2 169 4 160,3 163.3 169.5 170.2 169.1 Manufacturing, total.................... 86.45 159 7 163.7 162 6 160 1 164 2 166 4 165.1 167 4 171.6 160.4 163.0 170.5 172.9 171.2 Durable............................................. 48 07 163 7 167 0 169*3 166* 1 1689 1705 169 4 172 1 175 4 164.1 160.5 170.6 173.5 174.3 Nondurable...................................... 38,38 154,6 159 5 1543 152*5 1583 161*2 159 8 161 6 167,0 155.7 166.3 170.5 172.1 167.3 Mining.................................................. 8.23 123 8 124.6 122.0 120^2 123.7 125.3 127.3 128.6 128.9 127.1 130,7 128,6 122,8 126.8 Utilities................................................. 5.32 184.9 • Durable manufactures Primary and fabricated metals........... 12.32 145.3 147.9 149 3 147.8 152.9 154.9 154 8 158 3 159. 7 146.2 140.5 143.9 147.4 150.0 Primary metals.................................... 6 95 132 5 136 2 136*7 138 3 147 2 148 9 151 5 153 7 150 8 132.7 117.9 119.4 124,2 129.6 Iron and steel.................................. 5.45 126.8 134'6 137*4 1 369 144*7 147'8 148*8 149 3 148 4 131.2 108,4 106.2 109.7 117.4 Nonferrous metals and products.. 1.50 153,2 142.1 134.2 143.1 156.4 153.0 161.3 169.7 159.7 138.2 152.4 167.4 176.8 173.8 Fabricated metal products................ 5.37 161 .9 163 0 165 6 160 0 160 2 162 6 159 0 164 2 171.1 163.7 169.6 175.6 177.4 176.4 Structural metal parts.................... 2.86 158.1 161.2 161 6 156*2 154 5 156 4 152,2 159 0 165 0 159.7 163.1 167.5 170,1 170.9 Machinery and related products........ 27.98 177.5 180.8 185.7 182.9 184.4 185.9 182.0 184.4 187.6 175.7 169.8 185.3 188.5 190.4 Machinery.......................................... 14 80 183 4 185 2 184 1 182 7 185 6 185 8 182 4 182 4 185 8 176.0 177.9 187.0 188,1 189.3 Nonelectrical machinery................ 8.43 183 4 179'8 180*8 180 7 183* 1 185.2 1 82.2 181 0 183 8 175.3 172.5 180.2 180.4 183,5 Electrical machinery....................... 6.37 183,3 192.3 188*3 185*3 188*8 186,6 182 6 184.1 188,5 176.9 185,0 196.1 198.3 197.0 Transportation equipment. ........ 10.19 165.7 170 5 185 0 180*4 179 8 183 9 179 0 185.3 188 0 170.5 150,1 178.3 186.4 188.0 Motor vehicles and parts............... 4.68 146 5 149.1 176* 1 117*1 168,6 178,1 171 3 1 84,1 1 88. 3 152.0 110.5 170.0 188.9 192.2 Aircraft and other equipment. , . . 5.26 182.1 188.8 192^8 188^7 189.3 188.2 184,4 184.7 186.0 184.8 182.4 184.0 181.9 182.0 Instruments and related products. .. 1.71 184.8 186.9 188.5 184.5 183.8 182.9 178.7 179,4 183.1 177.4 184.1 186.3 187.8 189.8 Ordnance and accessories............ 1 28 Clay, glass, and lumber............ 4.72 130.7 133 9 125 6 119 0 122.1 124 8 137 6 139.2 146 6 142.0 147.6 148.6 148.0 138.8 Clay, glass, and stone products........ 2,99 138.7 143.4 134^6 126:? 125.6 126.4 145.5 148,7 155.1 154,4 159.3 158.6 159.8 150.5 Lumber and products........................ 1.73 116.9 117 6 110 0 105.7 116.3 121.9 123.9 122,7 132.0 120.6 127.3 131.3 127.8 118.5 Furniture and miscellaneous............... 3.05 162.6 369.3 167.3 158.7 162 9 163.8 162 2 165.9 170.6 164.1 175,0 177.3 180.5 179,9 Furniture and fixtures........................ 1.54 167.7 172 5 177 2 1 67 9 171.3 171.6 173 5 169 4 179 4 173.4 183,6 185.1 187,3 187.4 Miscellaneous manufactures............. 1.51 157.3 166^0 157 J 149 4 154,3 155.9 154.8 158.2 161.7 154.7 166,2 169.3 173,5 172.3 Nondurable manufactures Textiles, apparel, and leather............ 7.60 139.4 144.6 136 3 137,9 149. 7 152 4 145.8 144.3 151.1 129.0 146.9 147.6 151.3 148.4 Textile mill products.......................... 2.90 142.0 150 8 144*3 146 9 152 5 155,1 149,2 151.6 156,2 136.6 152.2 155,0 156.3 157.2 Apparel products................................ 3.59 147.6 150 1 1 38 8 139 4 157 4 160 4 153 4 148 9 158 2 133 1 152.0 152.9 158.3 Leather and products......................... 1.11 106 3 1107 107*1 109 8 1 17*3 119 4 112 3 110*9 115.2 96.3 116.6 110.9 115.9 Paper and printing............................... 8.17 149.6 153 1 146 3 146 3 151 2 155 4 156.0 156.4 156.2 146.3 155.1 158.9 165.4 161.9 Paper and products........................... 3.43 153.6 156 9 144 8 155*1 161 6 164.0 165.9 163.5 166,6 151.0 164,1 168.6 178,3 168.6 Printing and publishing..................... 4.74 146.8 150.3 147 3 139.9 144.2 149,2 148 8 151,2 148 8 142.9 148.6 151.9 156.1 1 57,2 Newspapers...................................... 1.53 134.2 147 8 133.1 1 19 5 126.1 137 0 139.3 143.3 135 4 117.2 128.8 140.2 148.5 154.9 Chemicals, petroleum, and rubber.... 11.54 190.0 198.2 196.4 195.1 201.9 203.7 203.5 206.8 211.8 199.8 208.9 212.4 216.3 214.2 Chemicals and products.................... 7.58 203.8 211 1 209 5 208 2 215.4 217,7 218 9 222 0 224,1 214.7 222.7 225.9 230.1 228.6 Industrial chemicals.................... 3.84 236.0 251 6 251 9 247 1 255 6 255.2 261.3 260 7 259 3 253.8 261 4 265.8 270.4 Petroleum products............................. 1.97 133.4 134 9 1 34'6 1 308 1 33*0 131.3 1 31.8 1 39^9 144, 8 146.9 148.2 147,6 144.8 140.8 1 99 193 5 211 8 207 9 208 8 218 7 222 4 915 9 215 4 225 7 1 95 7 216 4 Foods, beverages, and tobacco............ 11.07 131.7 134.1 127.6 122.7 124.2 127.2 126.8 130.0 139.1 135.1 143.4 151.1 145.4 135.2 Foods and beverages.......................... 10,25 132.6 135 4 130.0 123.5 123.6 127.7 128.0 130,5 i39,7 137,2 144.2 152.9 146.5 136.2 Food manufactures........................ 8 64 130.1 134.8 128 5 123 5 1 22,6 124.0 122.9 125.3 1 32,2 131.9 139.7 151 .8 144.1 134.5 Beverages...................................... 1 6! 146 0 138 9 1 37 6 123 6 129 1 147 4 155.8 158 1 180 1 165.3 168.6 159.1 159.3 Tobacco products................................ . 82 120.3 117^8 98* 1 113 J 131.4 121 1 111.9 124.3 131 4 109.2 133,2 128,8 131 .6 Mining Coal, oil, and gas................................. 6.80 122.7 126.0 124.1 123.8 126.9 128.2 125.9 125.4 124.8 122. 7 126.9 124.8 119.1 125.9 Coal..................................................... 1.16 120 4 122,0 117.1 111 i 118,2 127 0 125 3 121 6 118.3 105,2 127,6 127 8 94.4 120,6 Crude oil and natural gas.................. 5.64 123.1 126.8 125.6 126 4 128 7 128 5 126 0 126.2 126.1 126.3 126,7 124,2 124.2 127.0 Oil and gas extraction.................... 4.91 131 .3 134.4 134.1 135.6 139.8 139.5 136.4 136.6 136.2 1 36,0 136.7 133.8 133.5 1 35.8 Crude oil....................................... 4.25 126,3 128 7 127.7 129.3 133.6 133 5 130.8 131.9 131.1 131.3 132.1 128.6 127.8 129.1 Gas and gas liquids................... .66 163.5 Oil and gas drilling......................... .73 67.9 75.7 67.9 64 5 54.2 53.7 65.0 55.7 57.9 61.1 59.4 59.2 61 .0 67.0 Metal, stone, and earth minerals........ 1.43 128.9 118.1 111.8 103.2 108.4 111.6 134. / 143.7 148.4 147.7 149.1 146.9 140.1 131.4 Metal mining....................................... . 61 120.3 88 0 87.4 88.0 92.5 96.7 1 30.1 144.5 147,8 143.5 145.3 144.3 133.8 123.2 Stone and earth minerals................... .82 135.4 140.4 129.9 114.5 120,2 122.6 137.1 143,1 148,8 150,9 151,9 148.8 144.8 137,4 Utilities Electric.......................................... 4 04 191.8 187,0 198.5 215.6 208.7 206.6 194,3 192.3 203.7 221.6 232.6 230.5 208.5 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 a JANUARY 1969 SELECTED BUSINESS INDEXES (1957-59= 100, unless utnerwise noted) Industrial production Manu­ Prices 4 facturing 2 Ca­ Nonag- Period Total M F a in jo a r l m pr a o r d k u e c t ts groupin M g a s te­ Ma g j r o o r u i p n in d g u s stry i u p n ( t t c a i p i o m e l c e i n z n i r f t a t g y ) ­ . s C t t c t r i 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 l t ­ l - - — 1 p m E lo m e y n ­ - t P ro a ll y s ­ T s re a o l t e t a a s i l l 3 s C u o m n e ­ r W m c s o h o a m o l d e l i ­ e ty ­ Total g s C o u o o m n d e ­ s r E m q e u n ip t ­ rials Mfg. M in i g n­ U itie ti s l­ 1951...................... 81.3 78.6 77.8 78.4 83.8 81.9 91.3 56.4 94.0 63 91.1 106.1 80.2 76 90.5 96.7 1952...................... 84.3 84.3 79.5 94.1 84.3 85.2 90.5 61.2 91,3 67 93.0 106.1 84.5 79 92.5 94.0 1953...................... 91.3 89.9 85.0 100.5 92.6 92.7 92.9 66.8 94.2 70 95.6 111.6 93.6 83 93.2 92.7 1954...................... 85.8 85.7 84.3 88.9 85.9 86.3 90.2 71.8 83.5 76 93.3 101.8 85.4 82 93.6 92.9 1955...................... 96,6 93.9 93.3 95.0 99.0 97.3 99.2 80.2 90.0 91 96.5 105.5 94.8 89 93.3 93,2 1956...................... 99.9 98.1 95.5 103.7 101.6 100.2 104.8 87.9 87.7 92 99,8 106.7 100.2 92 94.7 96.2 1957...................... 100.7 99.4 97.0 104.6 101.9 100.8 104.6 93.9 83.6 93 100.7 104.7 101.4 97 98.0 99.0 1958...................... 93.7 94.8 96.4 91.3 92.7 93.2 95.6 98.1 74.0 102 97.8 95.2 93.5 98 100.7 100.4 1959...................... 105.6 105.7 106.6 104.1 105.4 106.0 99.7 108.0 81.5 105 101.5 100.1 105.1 105 101.5 100.6 I960...................... 108.7 109.9 111.0 107.6 107.6 108.9 101.6 115.6 80.6 105 103.3 99.9 106.7 106 103.1 100.7 1961...................... 109.7 111.2 112.6 108.3 108.4 109.6 102.6 122,3 78.5 108 102.9 95.9 105.4 107 104.2 100.3 1962...................... 118.3 119.7 119.7 119.6 117.0 118.7 105.0 131.4 82.1 120 105.9 99.1 113.8 115 105.4 100.6 1963...................... 124.3 124.9 125.2 124.2 123.7 124.9 107.9 140.0 83.3 132 108.0 99.7 117.9 120 106.7 100.3 1964...................... 132.3 131.8 131.7 132.0 132.8 133.1 HI.5 151.3 85.7 137 111.1 101.5 124,3 ■•128 108.1 100.5 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 | 584.8 1967—Nov........... 159.8 160.1 150.2 181.5 160.1 161.3 124. I 191.5 168 127.1 113.8 158.9 154 117.8 106.2 Dec........... 162.1 162.1 153.0 181.5 162.0 164.1 122.8 192.6 166 127.7 114.3 161.2 '154 118,2 106.8 |%8—jail............ 161.2 160.8 151 .3 181.4 161.7 162.7 121.6 (95.9 166 127.7 114.4 161.2 158 118.6 107.2 Feb............ 162.0 162.0 152.9 181.6 161.8 163.6 123.9 197.5 ”84.9 152 128.7 II4.3 162.8 161 119.0 108.0 163.0 163.5 155.0 181.8 162.8 164.6 126’2 196.8 169 128.8 114.2 163,8 165 119.5 108.2 Apr........... 162.5 161.7 153.5 179.4 163.1 163.7 127.1 195.8 164 129.0 114.6 161.4 162 119.9 108.3 May.......... 164.2 163.0 154.6 181.1 165.2 165.8 126.9 196.1 ”84.8 172 129.1 114.7 166.1 165 120.3 108.5 1 65 8 165.2 156 8 183.2 1 66.7 167.3 129.2 197.9 160 129.5 115.3 167.7 167 120.9 108.7 July.......... 166.0 164.7 156.4 182.6 167.4 167.4 130.0 199.3 187 129.8 115.2 167,2 '168 121.5 109.1 Aug........... 164.6 164.8 156.8 18! .9 164.2 165.7 129.4 202.1 ”84.0 192 130.1 114.9 167.8 170 121 .9 108.7 165.1 1 65.7 157 3 183.6 165 1 166.3 127.0 204. 8 183 130.2 114.9 171 .2 '169 122,2 109.1 Oct.......... 1 65.7 1 66.4 158 5 183.3 I 65 5 167.4 120.7 208.4 200 '130.8 ”1 15.3 '172.2 168 122.9 109.1 N De o c v J .. ' . . . . . . . . . . . . . . . . . 1 1 6 6 7 8 .9 4 1 1 6 6 7 8. . 2 4 1 15 5 8 9 .4 9 1 18 8 7 5 , . 1 7 1 16 6 7 9 .6 5 1 1 6 70 8 . . 1 7 1 1 2 2 6 7 .1 5 2 21 1 2 0 . . 5 0 1 ”84.1 183 ... ' . 1 .1. 3 .3.. 1 1.. . .. 2 7. '1 1 1 1 5 6 . . 6 2 '1 1 7 7 3 4 . . 4 7 '1 1 6 6 9 5 .. 1 .. 2 .. 3 ... . . 4 .. 1 1 0 0 9 9 . . 8 6 i Employees only; excludes personnel in the armed forces, value of total construction contracts, including residential, nonresidential, 2 Production workers only. and heavy engineering; does not include data for Alaska and Hawaii. * F.R. index based on Census Bureau figures. Employment and payrolls: Based on Bureau of Labor Statistics data; * Prices are not seasonally adjusted. includes data for Alaska and Hawaii beginning with 1959. s Figure is for 4th quarter 1967. Prices; Bureau of Labor Statistics data. Note.—Data are seasonally adjusted unless otherwise noted. Capacity utilization: Based on data from Federal Reserve, McGraw- Construction contracts: F. W. Dodge Co. monthly index of dollar Hill Economics Department, and Department of Commerce. CONSTRUCTION CONTRACTS (In millions of dollars) 1967 1968 . Type of ownership and type of construction 1966 1967 Nov, Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Total construction i.......................... 50,150 52,895'4,392 3,996 3,714 3,704 5,417 4,878 6,170 5,589 5,956 6,318 5,170 6,171 4,863 By type of ownership: Public............................................... 18,152 19,039 1,435 1 ,507 I ,300 1 ,041 1 ,698 1 ,554 2,036 1,860 2,256 1,924 1,549 1,728 Private1......................................... 31,998 33,856 '2,958 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 building1.................... 17,827 19,536'1 ,851 1 404 1,462 1,495 2,220 2,312 2,543 2,243 2,287 2,295 2,125 2,408 2,043 Nonresidential building................ 19,393 20,139 1 ,585 1 ,550 1,347 1 ,251 1,835 1,522 2,227 2,030 2,414 2,128 1 ,815 2,370 I ,992 Nonbuilding................................... 12,930 13,220 956 1,042 905 958 1,362 1 ,044 1 ,400 1,316 1,255 1 ,895 1,230 1 ,393 828 1 Because of improved collection procedures, data for 1-family homes Note.—Dollar value of total contracts as reported by the F. W. Dodge beginning Jan. 1968 are not strictly comparable with those for earlier Co. does not include data for Alaska or Hawaii. Totals of monthly periods. To improve comparability, earlier levels may be raised by ap­ data exceed annual totals because adjustments—negative—are made to proximately 3 per cent for total and private construction, in each case accumulated monthly data after original figures have been published. and by 8 per cent for residential building. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1969 □ 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 t m 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 a h y ­ d C v e m o a v n & e t e i s o l n o e n t p r ­ ­ 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 1960............................... 53,941 38,078 21,706 16,372 2,851 4,180 3,118 6,223 15,863 1,366 5,437 1,175 7,885 1961............................... 55’447 38,299 21,680 16,619 2'780 4’674 3,280 5,885 17,148 1,371 5,854 1,384 8,539 19624............................. 591667 41,798 24^292 17,506 2'842 5 J44 3,631 5,889 17,869 1,266 6,365 1,524 8,714 19635............................. 63,423 44,057 26'187 17’870 2'906 4’995 3,745 6,224 19,366 1,189 7,084 1,690 9,403 1964............................... 66,200 45,810 26,258 19,552 3,565 5,396 3,994 6,597 20,390 938 7,133 1,729 10,590 1965................................ 72^319 50,’253 26^268 23'985 5'118 6,739 4,735 7,393 22,066 852 7,550 2,019 11 ,645 1966................................ 75’120 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 23’736 261851 6,131 6,982 4'993 8,745 25,573 721 8,538 2,196 14 J 18 1967—Nov.................... 79,609 53,946 27,222 26,724 5,681 7,018 5,144 8,881 25,663 776 8,198 2,194 14,495 Dec.................... 81,207 53,965 27^635 26,330 5^822 6*688 4^885 8,935 27,242 865 9 J72 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 J4I 28 ,504 859 9,839 2^304 15’502 Mar.................... 83^572 56’055 27'698 28 ,'357 5*528 8’258 5 312 9,159 27,517 734 9’151 2'197 15*435 Apr..................... 85^299 57’403 29^320 28',083 5*484 8^512 5j 00 8 ,987 27*896 708 9’777 2,085 15*326 May.................... 85,707 57^260 29^28 27'632 5^275 8 J 1 1 5J2I 9,125 28,447 767 9,895 2,054 15^731 June................... 82^050 54'981 28 J 87 26 794 4 852 8 122 4*678 9’142 27'069 660 July.................... 81 '328 54,658 27’440 27,218 4,752 8,272 4,623 9,571 26,670 679 Aug.................... 83'551 56’497 28 J 40 28’357 5’575 8’641 4’772 9 369 27 054 812 Sept.................... 84^504 57’242 29’148 28^094 5 '492 8,534 4'539 9,529 27,262 Oct..................... 87 J 51 59,455 30^019 29’436 6’096 8^939 4^680 9^721 27*696 Nov 7'................. 86,730 58,878 30,363 28,515 6,'398 7'962 4,662 9393 27 852 1 Includes religious, educational, hospital, institutional, and other build­ 5 Beginning 1963, reflects inclusion of new series under “Public” (for ings. Stale and local govt, activity only). 2 Sewer and water, formerly shown separately, now included in "Other.” 3 Beginning with 1959, includes data for Alaska and Hawaii. 4 Beginning July 1962, reflects inclusion of new series affecting most Note.—Monthly data are at seasonally adjusted annual rates. Figures private nonresidential groups. for period shown are Census Bureau estimates. NEW HOUSING STARTS (In thousands of units) Annual rate, By area By type of ownership S.A. Government- (private only) underwritten Period Total Non­ Private Total N fa o rm n­ M po e li t t r a o n ­ p m o e li t t r a o n ­ Total fam 1- i ly fam 2- i ly f M am ul i t ly i­ Public Total FHA VA 1959............................... 1,554 1,077 477 1,517 1 ,234 56 227 37 458 349 109 I960............................... 1,296 889 407 1,252 995 44 213 44 336 261 75 1961............................... 1'365 948 417 1'313 974 44 295 52 328 244 83 1962............................... 1’492 1,054 439 1'463 991 49 422 30 339 261 78 1963 ............................... 1 1642 1,152 490 11610 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 1035 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—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 1537 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................... 11364 1 *345 145 101 44 141 87 4 50 4 26 20 6 June................... 1 '365 11348 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 I 1518 1 ’496 141 101 40 137 83 4 50 4 26 21 5 Sept.................... 1 '592 1 ’570 140 103 37 134 80 4 50 6 23 19 5 Oct..................... ”1 ^562 p| 1533 Pl 43 100 42 /’140 85 5 50 pJ 27 21 5 Nov.................... ’'1 1677 p|1649 p| 25 94 32 p|23 63 3 57 p2 22 18 4 Note.*—Census Bureau series for period shown except in the case of and Veterans Admin, and represent units started, based on field office Government-underwritten data which are from Federal Housing Admin, reports of first compliance inspections. 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A 62 EMPLOYMENT □ JANUARY 1969 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons unless otherwise indicated) Civilian labor force, S.A. Period in T s o t t i a tu l ti n o o n n a - l la N b o o t r i n f o t r h c e e T la o b t o a r l Employed1 Une m ra m e te n p 2 t l oy­ po N p . u S la .A ti . on N.S.A. f S or . c A e . Total In nonagri- U pl n o e ye m d ­ (pe S r . c A e . nt) Total cultural agriculture industries 1963............................ 125,154 50,583 74,571 71,833 67,762 63,076 4,687 4,070 5.7 1964............................ 127 >24 51,394 75*830 73 >91 69,305 64,782 4’523 3,786 5.2 1965............................ 129’236 52’058 77*178 74’455 71,088 66*726 4*361 3,366 4.5 1966............................ 131’180 52*288 78*893 75 >70 72*895 68*915 3*979 2,875 3.8 1967............................ 133*319 52*527 80’793 77’347 74’371 70*527 3,844 2’975 3.8 1968............................ 135,562 53*291 82*272 78’737 75*920 72,103 3,817 2’817 3.6 1967 3-Dec................. 134,405 52,879 81,942 78,473 75,577 71,361 4,216 2,896 3.7 1968—Jan.................. 134,576 54,765 81 ,386 77,923 75,167 71,164 4,003 2,756 3.5 Feb.................. 134>44 53,876 82’138 78'672 75 >31 71*604 4,127 2,'941 3.7 Mar................. 134’904 53,965 82,150 78^658 75’802 71,788 4'014 2,856 3.6 Apr................. 135,059 53,919 81,849 78,343 75 636 71,656 3 ,980 2,707 3.5 May................ 135,249 53,479 82,149 78,613 75,829 71,936 3 ,893 2,784 3.5 June................ 135,440 50,986 82*585 79,018 76,048 72>97 3,851 2>70 3.8 July................. 135^639 51*088 82*572 78,'985 76,038 72;202 3 >36 2 >47 3.7 Aug......... 135^839 52,047 82'279 78*690 75,929 72,196 3 >33 2 >61 3.5 Sept................ 136^036 53 >00 82,422 78’,831 75,957 72,355 3 >02 2*874 3.6 Oct.................. 136'221 53*744 82,407 78'804 75'952 72>71 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 Dec................. 136',619 54*001 82 >56 79*456 76,867 72 >93 3*874 2>89 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. 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 n s t t r r a u c c t ­ T tio ra n n s & p o p r u ta b ­ ­ Trade Finance Service G m ov e e n r t n­ tion lic utilities 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>32 18*062 632 3,186 4 >36 12 >16 3 >23 9 087 10’091 1966............................................................. 64>34 19,214 627 3,275 4,151 13,245 3,100 9*551 16^871 1967............................................................. 66*030 19,434 616 3,203 4 >71 13*613 3 >17 10,060 11,616 1968?’........................................................... 68 J 34 I9>34 625 3 >56 4>46 I4JI5 3*357 10^504 12,198 SEASONALLY ADJUSTED 1967—Dec.................................................. 67,060 19,593 603 3,275 4,302 13,793 3,289 10,316 11 889 1968—Jan.................................................. 67,058 19,612 604 3 107 4,317 13,818 3 ,291 10,331 11,978 Feb.................................................. 67,600 19,612 608 3,388 4'342 13,920 3 >04 10,405 12,021 Mar................................................ 67,656 19,607 609 3,330 4>32 13 >99 3 >11 10 415 12’053 Apr................................................ 67,755 19 657 632 3 313 4*331 14 009 3 >23 10,402 12*088 May................................................. 67,792 19,693 631 3 >45 4,281 14,049 3,334 10,425 12’134 June................................................ 68 >39 19>77 632 3,174 4'336 14 >86 3'335 10 >67 12,232 July................................................. 68'170 19 >76 638 3’189 4’346 14*117 3 >50 10,498 12 >56 Aug................................................. 68*314 19>48 638 3,195 4,'358 14,181 3 >76 10,548 12>70 Sept................................................. 68'382 19 755 639 3 >52 4'365 14,222 3’387 10’545 12,217 Oct................................................... 68,701 19 807 591 3,285 4,374 14>98 3,411 10,610 12’325 Nov.7’......................................... 68,920 19 854 635 3,273 4*394 14,331 3 >25 10,695 12 313 Dec.7’.............................................. 69 >86 19,918 638 3 >53 4 >69 14,310 3 >41 10,758 12’399 NOT SEASONALLY ADJUSTED 1967—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 >67 4,276 13*658 3 >88 10,290 12,193 Apr.................................................. 67,422 19^507 626 3,157 4,296 13 >10 3>10 10>02 12,214 May................................................ 67*724 19^569 631 3 >55 4>68 13 >59 3 >27 10,488 12,227 June................................................ 68,724 19*897 647 3*387 4,375 14,139 3 >65 10’634 12,280 July................................................. 68'327 19 >29 652 3*498 4'394 14,112 3 >07 10,687 11’848 Aug................................................. 68>08 19,884 653 3*553 4>10 14*141 3*430 10'675 11,762 Sept................................................. 68 >23 20*023 646 3*515 4,417 14 >08 3 >97 10’587 12,130 Oct.................................................. 69 >92 19 >99 593 3 >98 4,400 14’328 3*404 10’631 12,439 Nov.”....................................................... 69*551 19 >98 637 3 >68 4,416 14'567 3 ,411 10'642 12,512 Dec.7’.............................................. 70’012 19 >36 637 3 >09 4*378 15 * 1 67 3 >20 10 >61 12,604 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

JANUARY 1969 □ 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 Dec. Oct. Nov.f Dec. J’ Dec. Oct. Nov J' Dec J’ Total...................................................................................... 14 400 14,524 14 564 14 634 14 425 14 718 14 720 14 657 Durable goods.................................................................... 8 389 8 432 8 470 8 502 8 422 8 497 8 552 8 536 Ordnance and accessories......................................... ’ 187 186 ’201 *200 ' 188 ’ 187 *203 203 Lumber andjwood products................... 525 520 521 521 514 529 522 510 Furniture and fixtures............................................... 382 396 401 405 384 402 407 407 Stone, clay, and glass products............................... 511 520 525 530 502 529 528 520 Primary metal industries........................................... 1 045 ! ,009 1 021 I 029 I 031 993 1 005 1 ,015 Fabricated metal products....................................... 1,063 1 ,092 1 ,090 1 099 1 ’070 1 ,098 1,105 1,107 Machinery................................................................... 1 331 1 337 1,357 1 348 1 333 1 J 324 1 ,344 1 ’349 Electrical equipment and supplies.............. 1 '319 1 302 1 ’306 1 308 1 339 J ,327 1 '328 1 ,’328 Transportation equipment....................................... 1 411 1 '446 1 '423 1 *433 1 ’449 1 ,459 1 361 1 ,471 Instruments and related products......................... 280 '280 280 ’282 282 ’280 282 '284 Miscellaneous manufacturing industries.............. 335 344 345 347 330 369 367 342 Nondurable goods............................................................... 6,011 6,092 6,094 6,132 6,003 6,221 6,168 6,121 Food and kindred products.................................... 1 ’191 1 391 1 ,191 1 ^200 1 ’ 176 1 ,276 1 322 1,185 Tobacco manufactures.............................................. 79 71 ’ 70 ’ 69 86 ’ 86 ' 78 ’ 75 Textile-mill products................................................ 860 873 877 882 858 880 883 880 Apparel and related products.................................. 1 ,243 1 ,259 1 ,249 1 ,258 1 ,239 1 ,275 1 ,263 1 .254 Paper and allied products........................................ 533 546 551 '555 ’535 548 555 556 Printing, publishing, and allied industries........... 662 667 670 671 667 669 674 675 Chemicals and allied products............................... 604 617 618 621 599 613 615 616 Petroleum refining and related industries.............. 117 119 119 1 19 114 120 119 117 Rubber and misc. plastic products........................... 415 441 440 448 420 446 448 453 Leather land leather products................................... 307 308 309 309 309 308 311 310 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 Dec. Oct. Nov?’ Dec.” Dec. Oct. Nov?' Dec.'* Dec. Oct. Nov.” Dec. ” Total....................................................................... 40 7 41.0 40.8 40.7 119.60 125.77 125.97 127.41 2.91 3.06 3.08 3,10 Durable goods........................................................ 41.3 41 .6 41.6 41.4 129.16 135,85 136.03 137.85 3.09 3.25 3.27 3.29 Ordnance and accessories...................... 41 6 42 0 41.4 40.9 136.73 139.68 138,53 138.61 3,24 3.31 3.33 3.34 Lumber and wood products....................... 40.1 40.8 40.4 40.5 95.92 107.68 105.32 104,52 2.41 2.62 2.62 2.60 Furniture and fixtures.................................. 40.7 40.8 40,4 40.4 99.84 104.58 102.82 104.49 2.40 2.52 2.52 2.53 Stone, clay, and glass products................... 41 .7 42.2 41.8 41 .9 119.81 130.36 128.63 128.74 2.88 3.06 3.07 3,08 Primary metal industries............................. 41 .6 41.4 41.4 41.3 143.45 147.24 149.14 150,28 3.44 3,60 3,62 3.63 Fabricated metal products.......................... 41 .6 42.2 42.3 42.1 128.52 136.95 137.80 138.55 3.06 3,23 3.25 3.26 Machinery..................................................... 42.4 42.3 42.3 42.6 139.53 145.51 146.36 149.64 3.26 3.44 3.46 3.48 Electrical equipment and supplies.............. 40.4 40.5 40.5 40,4 117.26 121.29 122. 10 123.82 2.86 2.98 3,00 3.02 Transportation equipment........................... 41.7 42.6 42.2 42.1 152.01 162.92 163,45 165.07 3.56 3,78 3,81 3,83 Instruments and related products.............. 41.2 40.6 40.7 40.8 121.60 123.62 124.75 126.18 2.93 3.03 3.05 3,07 Miscellaneous manufacturing industries... 39.4 39.5 39.2 39. 1 96.47 100.15 99,79 100.47 2.43 2.51 2.52 2,55 Nondurable goods................................................. 39.9 39.9 39.7 39.9 105.86 111.88 111.72 113.08 2,64 2.79 2.80 2,82 Food and kindred products........................ 40.8 40.8 40.6 40.8 110.70 115.21 116.28 118.08 2.70 2,81 2.85 2.88 Tobacco manufactures................................ 36.9 37.6 37.6 37.4 85.03 92.43 94.13 99.58 2.22 2.37 2.51 2.56 Textile-mill products..................................... 41 .6 41.1 41.1 41.3 89.67 94.21 94,21 94.85 2.14 2.27 2.27 2,28 Apparel and related products..................... 36.2 36.4 35.9 36.0 74.88 82.63 81.00 80.91 2.08 2,27 2.25 2.26 Paper and allied products.......................... 43.0 43.1 43.0 43.2 127.74 134.97 135.10 136.16 2.95 3.11 3.12 3.13 Printing, publishing, and allied industries. 38.0 38.6 38.3 38.5 129.75 137.03 136.35 140.01 3.37 3.55 3.56 3,59 Chemicals and allied products.................... 41.8 41 .9 41 .9 41 .8 132.82 138.69 139.86 139.95 3.17 3.31 3.33 3,34 Petroleum refining and related industries . 42.1 42.6 42,5 42,9 150.06 160.98 161.93 161.03 3.59 3,77 3.81 3.78 Rubber and misc. plastic products............ 41,3 41 .7 41 .6 41.2 119.55 125,16 124.98 125.10 2.86 2.98 2.99 3.00 Leather and leather products...................... 38.3 38,7 38.0 38.0 83.28 86.56 86.26 88.08 2.13 2.26 2.27 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 □ JANUARY 1969 CONSUMER PRICES (1957-59= 100) Housing Health and recreation Period ite A m U s Food Total Rent H ow s o h n m i e p e r - ­ F c a o o u n i a e d l l l t e r G a i l c e n a i d c s t ­ y o n F i t p a n i i o e s n u g h n d r r s a ­ ­ ­ A up p a k p n e a d e r e p l T p t r o i a o r n t n a s ­ ­ Total M c ic a e a r d e l ­ s P c o a e n r r e a ­ l r R e t a i c e i n o n r a g e n d d a ­ ­ O g s a i o c e t n o h e r d v d s e ­ s r 1929........................... 59.7 55.6 85.4 1933........................... 45.1 35.3 60.8 1941........................... 51.3 44,2 61.4 64.3 45,2 88.3 51.2 50.6 47.6 57.3 58.2 1945........................... 62.7 58.4 67.5 66.1 53.6 86.4 55.4 57.5 63.6 75.0 67.3 1958........................... 100.7 101.9 100.2 100.1 100.4 99.0 100.3 99.9 99.8 99.7 100.3 100.1 100.4 100.8 99.8 1959........................... 101.5 100.3 101.3 101.6 101.4 100.2 102.8 100.7 100.6 103.8 102.8 104.4 102.4 102.4 101.8 1960........................... 103.1 101.4 103.1 103.1 103.7 99.5 107.0 101.5 102.2 103.8 105.4 108.1 104.1 104.9 103.8 1961........................... 104.2 102.6 103.9 104.4 104.4 101.6 107.9 101.4 103.0 105.0 107.3 111.3 104.6 107.2 104.6 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 in.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—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................ 119.5 117.9 117.2 114.2 123.8 113.9 109,3 111.8 117.6 119.0 128,3 142.9 118,4 124.2 122.4 119.9 118.3 117.5 114.4 124.0 114.0 109.5 112.2 118.4 119,0 128.8 143.5 119.0 124.9 122.5 120.3 118.8 117.8 114.6 124.3 115.3 109,5 112.5 119,5 119.1 129.2 144.0 119.6 125.3 122.6 June.............. 120.9 119.1 118.7 114.9 126.1 115.4 109.4 112.9 119,9 119.7 129.7 144.4 120.1 125.6 123.5 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 Nov................ 123.4 120.5 121.7 116.3 131,1 115.9 109.9 114.8 124.0 121.2 132.4 148,2 122.8 128.0 125.4 Note,—Bureau of Labor Statistics index for city wage-earners and clerical workers. WHOLESALE PRICES: SUMMARY (1957-59 « 100) Industrial commodities Proc* All Farm essed Ma­ Period com­ prod­ foods chin­ Non- Trans­ m ti o e d s i­ ucts fe a e n d d s Total t T i e l e e tc x s . ­ , H e id tc e . s, F e u tc e . l, C ic e h a t e c ls m . , ­ R b e u e tc b r . , ­ L b e u e tc m r . , ­ P e a t p c e . r, M e a t l e c s . t , ­ e a e q n r u y d i p ­ F t e u u t r c r e n . , i­ t m m a I i e l n i ­ c ­ e p t q o io u r n t i a p ­ ­ 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 id 1.3 100.4 109.1 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 [967—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 1 16.7 102.5 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 1 17,9 102,0 98.6 99.7 113.9 105.2 113.8 114.3 103.6 107,3 n.a. 111.5 108,3 102.1 112.8 108.8 104.7 118.3 102.4 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 I 13.6 108.6 104.8 118,8 102.4 98,7 99.8 117.0 105.5 111.7 115.0 104.0 107.8 n.a. 111.8 June.................. 108.7 102.5 114,6 108,8 105.2 1 18.7 103.7 98.5 99.9 1 17.2 104.7 111.7 115,0 103,9 108,3 n.a. 111.8 July.................... 109.1 103.9 115.9 108,8 105.8 119.5 103,3 98.2 100.7 119.2 104.9 111.4 115.2 104.1 108.4 n.a. 111.5 Aug.................... 108.7 101,4 114,9 108,9 106.0 119,5 102.6 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 1 12.2 115,8 104,4 108,7 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. 1 12.0 Nov.................... 109.6 103.1 114.7 109,9 107.2 122.4 102.0 97.8 101.1 126.8 105.2 112.4 116.6 104.7 109.2 n.a. 112.5 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1969 ° PRICES A 65 WHOLESALE PRICES: DETAIL {1957-59= 100) 1967 1968 1967 1968 Group Group Nov. Sept. Oct. Nov. Nov. Sept. Oct. Nov. Farm products: Pulp, paper, and allied products: Fresh and dried produce...................... 102.9 97.6 99.8 109.4 Pulp, paper, and products, excluding Grains....................................................... 81.3 76.5 78.7 82.0 building paper and board................ 105. 1 105.5 105.6 105.7 Livestock................................................. 96.2 106.0 104.1 103.9 Woodpulp............................................... 98.0 98.0 98.0 98.0 Live poultry............................................. 65.6 84.8 79.3 87.6 Wastepaper............................................. 76.5 112.2 114.8 112.8 Plant and animal fibers........................ 74.9 77.1 74.2 71.2 Paper....................................................... 111.2 113.1 113.1 113.4 Fluid milk............................................... 123.6 131.1 132.2 132.4 Paperboard............................................. 97.3 90.9 91.0 91.0 Eggs.......................................................... 80.7 126.7 106.5 107.6 Converted paper and paperboard.. .. JO5.5 105.3 105.4 105.4 Hay and seeds......................................... 109.9 109.5 105.3 107.3 Building paper and board................... 92.0 93.5 93.7 93.8 Other farm products.............................. 100.9 104.1 104.1 106.9 Processed foods and feeds: Metals and metal products: Cereal and bakery products................. 117.0 119.0 119.4 119.3 Iron and steel......................................... 104.2 106.7 106.7 106.0 Meat, poultry and fish.......................... 102.2 111.2 106.9 107.7 Steel mi 11 products.................................. 106.6 110.5 110.5 109.1 Dairy products....................................... 123.0 129.1 130.1 130.0 Nonferrous metals................................. 124.7 121.5 121.9 122.4 Processed fruits and vegetables........... 112.0 113.6 114.0 114.1 Metal containers................................... 1 12.9 116.8 117.3 117.3 Sugar and confectionery....................... 113.9 117.6 118.2 117.9 Hardware................................................ 115.7 117.1 117.3 117.6 Beverages and beverage materials.... 107.4 110.0 110.5 110.6 Plumbing equipment............................. 1 10.2 114.4 114.6 115.0 Animal fats and oils.............................. 70.8 65.5 73.5 78.2 Heating equipment............................... 93.3 95.5 95.6 95.8 Crude vegetable oils.............................. 82.7 78.4 72.1 76.2 Fabricated structural metal products. 105.9 108.4 108.8 108.8 Refined vegetable oils............................ 87.5 95.9 84.6 90.0 Miscellaneous metal products............ 1 14. 1 116.7 117.5 117.7 Vegetable oil end products.................. 101.5 100.6 98.8 99.9 Miscellaneous processed foods............ 113.1 116.9 118.4 118.5 Manufactured animal feeds.................. 118.8 117.5 117.5 117.3 Machinery and equipment: Textile products and apparel: Agricultural machinery and equip.... 123.8 127.7 127.8 129.3 Construction machinery and equip... 125.3 130.3 131 .5 132.1 Cotton products..................................... 101.2 105.4 105.3 105.4 Metalworking machinery and equip.. 125.4 129.7 130.0 130.4 Wool products........................................ 102.2 104.1 104.7 104.6 General purpose machinery and Man-made fiber textile products......... 88.1 92.5 92.7 93.0 equipment........................................... 1 14.7 1(7.9 118.2 118.3 Silk yarns................................................. 183.9 177.5 175.5 172.0 Special industry machinery and Apparel................................................ 108.0 111.0 111.7 111.8 equipment (Jan. 1961=100)............ 1 18,3 123.1 123.5 124.8 Textile housefurnishings....................... 107.3 110.6 109.8 110.1 Electrical machinery and equip, ..... 101 .6 103.1 103.2 103.6 Miscellaneous textile products............. 1 14.5 118.4 121.3 125.2 Miscellaneous machinery.................... 1 10.4 114,5 115.0 115.2 Hides, skins, leather, and products: Furniture and household durables: Hides and skins...................................... 90.4 106.6 105.6 107.0 Leather..................................................... 106.5 114.1 115.1 113.8 Household furniture............................. 1 14.3 117.8 118.5 118.9 Footwear................................................. 123.7 128.8 131.3 131.7 Commercial furniture........................... 1 12.3 116.1 116.5 J 16.7 Other leather products.......................... 111.9 112.6 113.4 113.3 Floor coverings..................................... 94.9 94.8 94.8 94.8 Household appliances........................... 90.8 92.6 92.7 92.7 Fuels and related products, and power: Home electronic equipment................ 82.2 80.7 80.2 80.2 Other household durable goods......... 118.9 125.3 125.6 125.9 Coal.......................................................... 104.8 105.8 108.3 111.0 G C a o s k e fu .. e ... ls .. .. ( . J .. a .. n .. . . .. 1 .. 9 .. 5 ... 8 .. = .. . 1 ... 0 .. 0 ... ) . . . . . . . . . . .. .. . . . . . . .. .. . . . . . . .. .. . 1 13 1 2 2 . . 8 0 1 1 2 1 0 7 . . 8 0 1 1 1 20 7 . . 4 0 1 12 17 0. .0 4 Nonmetallic mineral products: Electric power (Jan. 1958= 100).......... 100.9 101.8 101.9 102.0 Crude petroleum.................................... 99.0 99.7 99.7 99.7 Flat glass................................................. 107.0 1 10. 1 110.0 110.0 Petroleum products, refined................. 100.4 100.9 99.3 99.2 Concrete ingredients............................. 106.4 109.6 109.6 110,2 Concrete products................................. 105.6 108.6 109.1 (09.2 Chemicals and allied products: Structural clay products excluding refractories......................................... 111.1 113.7 114.2 115.2 Industrial chemicals............................... 98.3 97.9 98.0 97.9 Refractories............................................ 106.0 1 12.6 112.6 112.6 Prepared paint........................................ 109.9 115.2 115.2 115.9 Asphalt roofing..................................... 99.4 96.7 96.8 96.8 Paint materials........................................ 91.4 91.9 91.9 91.9 Gypsum products.................................. 103.9 106.6 106.2 106.2 Drugs and pharmaceuticals.................. 93.7 93.0 93.3 93.5 Glass containers.................................... 101 .1 109.8 110.0 110.3 Fats and oils, inedible........................... 77.9 68.5 69.9 73.4 Other nonmetallic minerals................. 102.0 105.8 106.8 106.8 Agricultural chemicals and products.. 101.7 98.7 98.1 96.7 Plastic resins and materials.................. 86.3 80.6 80.9 80.8 Other chemicals and products............. 108.6 1 10.8 1 10.2 1 10.2 Transportation equipment: Rubber and products: Motor vehicles and equipment........... 104.0 104. 1 106.5 106.6 Railroad equipment (Jan. 1961= 100). 104.8 107.1 108.5 108.5 Crude rubber.......................................... 83.8 85.0 85.8 86.7 Tires and tubes....................................... 98.7 99.5 99.5 99.5 Miscellaneous rubber products............ 105.6 108.1 108.3 108.3 Miscellaneous products: Lumber and wood products: Toys, sporting goods, small amis, ammunition....................................... 106.3 109.0 109.1 109.2 Lumber..................................................... 110.9 131.5 133.4 136.2 Tobacco products................................. 114.8 1 14.9 115.0 116.5 Millwork.................................................. 113.5 120.3 121.4 122.5 Notions................................................... 102.1 101.2 100.7 100.7 Plywood................................................... 87.8 106.7 111.8 112.6 Photographic equipment and supplies 113.6 112.8 1 13.0 113.0 Other wood products (Dec. 1966= 100) 101.5 107.5 108.0 109.2 Other miscellaneous products............. 108.9 111.7 111.9 111.9 Note.—Bureau of Labor Statistics indexes as revised in Mar. 1967 to classification changes. Back data not yet available for some new classiincorporate (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 □ JANUARY 1969 GROSS NATIONAL PRODUCT (In billions of dollars) 1967 1968 Item 1929 1933 1941 1950 1963 1964 1965 1966 1967 III IV I II III 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........................................... 10 J. 4 57.2 120.1 278.0 584.6 626.6 675.3 732.8 783.6 789.9 802.7 829.1 842.1 863.5 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 4 152.4 163.3 175.5 188.3 203.8 205.9 209.6 213.9 218.7 223.4 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 2 9 9.2 19.5 21.2 25.5 28.5 21.9 27.7 27.7 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 Non farm.................................................. 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 —i .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 46.0 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 72.9 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 19.0 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. NATIONAL INCOME (In billions of dollars) 1967 1968 Item 1929 1933 1941 1950 1963 1964 1965 1966 1967 III IV I II III National income.................................................. 86.8 40.3 104.2 241.1 481.9 518.1 564.3 620.8 652.9 656.9 670.9 688.1 705.4 722.5 Compensation of employees............................... 51.1 29.5 64.8 154.6 341.0 365.7 393.8 435.6 468.2 471.5 482.7 496.8 507.1 519.7 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 insurance..................................................... .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 H.1 24.0 37.9 40.2 42.4 44.8 46.3 46.6 46.8 47.2 47.8 48.0 Farm................................................................. 6.2 2.6 6.4 13.5 13.1 12.1 14.8 15.9 14.4 14.6 14.3 14.6 14.8 15.4 Rental income of persons................................... 5.4 2.0 3.5 9.4 17.1 18.0 19.0 19.8 20.3 20.4 20.5 20.7 20.9 21.0 Corporate profits and inventory valuation adjustment........................................................ 10.5 -1.2 15.2 37.7 58.9 66.3 76.1 83.9 80.4 80.2 82.3 83.8 89.2 91.6 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 92.7 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 41.5 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 51.2 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 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 26.0 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 annual rates. See also Note to table above. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1969 □ 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 in 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 lia­ bility. ................................................ 7.0 7.1 11.3 23 3 54.7 58.4 62. 5 65.3 69.6 70.1 71.2 72.8 74.8 76.7 Business transfer payments................... .6 ,7 .5 .8 2.3 2.5 2.7 3.0 3.1 3.2 3.2 3.2 3.3 3.3 Statistical discrepancy............................ .7 .6 .4 1.5 - .3 -1.3 -3.1 -3.3 -3.5 — 3.4 -4.2 -4.7 -3.6 -5.3 Plus: Subsidies less current surplus of gov­ ernment 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 40.3 104.2 241.1 481.9 518.1 564.3 620,8 652.9 656.9 670.9 688.1 705.4 722.5 Less: Corporate profits and inventory valu­ ation 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 91.6 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 disburse­ ments................................................ 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: Persona! 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 for­ eigners ........................................... .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 Nov. Dec. Jan, Feb. Mar, Apr. May June July Aug. Sept, Oct. Nov?’ Total personal income........................... 586.8 628.8 644.9 652.6 654.9 663.0 670.0 672.6 678.2 683.7 689.2 694.1 699.7 703.2 707.0 Wage and salary disbursements.......... 394.6 423.4 435.4 444.2 443.0 449.7 452.2 453.2 457.5 462.2 465.4 468.7 472.8 474.9 477.4 Commodity-producing industries... 159.4 166.6 171.0 173.0 173.1 176.6 177.0 176.7 179.3 179.9 180.6 181.1 183,3 184.7 185.6 Manufacturing only....................... J28.0 134.1 137.5 139.1 140.0 141.6 142.2 141.6 144.3 145.6 146.0 146.3 147.8 148.8 149.4 Distributive industries...................... 93.9 100.5 103.1 103.8 104.5 105.9 106.5 106.9 107.4 109.7 109.9 111.2 112.1 112. 1 112.4 Service industries.............................. 63.6 70.0 72.3 73.2 73.6 74.6 75.2 75.5 76.1 77.0 77.5 78.2 78.8 79. 1 79.8 Government....................................... 77.7 86.3 89.0 94.2 91.9 92.6 93.4 94.2 94.7 95.5 97.4 98.2 98.6 99.0 99.5 Other labor income............................... 20.8 23.3 24.2 24.4 24.7 25.0 25.2 25.5 25.7 26.0 26.3 26.5 26.8 27.0 27.3 Proprietors’ income............................... 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 63.8 Business and professional................ 44.8 46.3 46.8 47.0 47.1 47.2 47.5 47.6 47.8 47.9 48.0 48.0 48.0 48.1 48.2 Farm.................................................... 15.9 14.4 14.3 14.3 14.4 14.6 14.8 14.8 14.8 14.8 15.1 15.4 15,7 15.6 15.6 Rental income........................................ 19.8 20.3 20.5 20.6 20.6 20.7 20.7 20.8 20.9 20,9 21.0 21.0 21.1 21.2 21.2 Dividends................................................ 21.7 22.9 23.1 21.1 23.2 23.6 23.9 24.3 24.7 24.3 25.0 25.2 25.3 25.3 25.4 Personal interest income...................... 43.1 46.8 48.5 49.0 49.4 49.8 50.2 50.8 51.3 51.9 52.4 52.9 53.4 54.0 54.6 Transfer payments................................. 43.9 51.7 53.0 53.2 54.5 54.9 57.8 58.1 58.2 58.5 59.1 59.6 59.9 60.4 60.8 Less: Personal contributions for social insurance......................................... 17.8 20.4 20.9 21.2 22.1 22.4 22.4 22.6 22.8 22.9 23.1 23.2 23.3 23.4 23.5 Nonagricultural income......................... 566.1 609.3 625.4 633.0 635.1 643.1 649.9 652.5 658.1 663.4 668.7 673.3 678.6 682.2 685.9 Agriculture income................................. 20.7 19.5 19.5 19.6 19.8 20.0 20.1 20.1 20.2 20.2 20.5 20.8 21.1 21.0 21.0 Note.—Dept, of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. See also Note to table opposite. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 68 FLOW OF FUNDS □ JANUARY 1969 SAVINGS, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) 1966 1967 1968 or sector ’' 1963 1964 1965 1966 1967 II HI IV I II III IV I II I. Saving and investment 1 Gross national saving.......................... 144.5 160.3 181.6 196.7 192.1 195.2 196.1 202.5 188.2 185.8 193.2 200.2 202.4 211.1 I 2 Households...................................... 85.8 98.3 108.9 118.6 129.6 114.2 118.5 125.2 125.3 125.4 129.6 137.1 138.1 144.7 2 3 Farm and noncorp, business........ 13.5 14.5 15.2 15.9 16.8 15.7 15.7 17.0 17/ 17.0 17.( 16.2 17.5 17.7 3 4 Corporate nonfin. business........... 43.9 50.5 56.6 61.1 61.5 60.1 61.C 63.9 60.2 60.6 6M 63.5 60.2 64.3 4 5 U.S. Government........................... -.6 -4.3 -.1 -.6 -14.1 2.2 -1.' -4.( -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.: -3.7 -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.C 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.« 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 1 1 1 7 8 9 N L L o o e a n t n g f s u -t n e a d r n s m d r a s s i e h s c o e u r d r t — - it t i e e N r s m o a n n f s i d n e a c m u n r . t i g t s i s e e . s c .. t . . o . . . r . . . s . . . 5 3 1 8 9 9 . . . 5 5 0 2 4 6 6 0 7 . . . 4 6 0 7 3 3 2 3 9 . . . 1 3 2 2 4 6 2 7 9 . . . 5 4 9 8 5 2 3 5 7 . . . 1 9 2 8 2 60 2 3 . . . 5 7 2 6 3 3 2 0 1. . . 9 7 6 2 4 2 9 9 0 . . . 8 9 0 4 7 3 4 3 0 . . . 8 3 6 -1 4 6 6 0 4 . . . 1 4 3 1 4 0 5 6 4 7 . . . 8 8 6 1 4 6 0 4 4 8 . . . 7 2 9 1 4 0 5 9 1 1 . . . 9 3 4 7 6 1 3 5 1 . . . 9 3 3 1 1 18 9 7 By sector 20 U.S. Government............................... 5.0 7.1 3.6 6.3 12.7 6.7 4.9 2.9 8.0-21.3 34.7 29.2 33.4 1.7 20 21 Short-term mkt. securities............ 1.4 4.0 3.5 2.2 6.4 -7.3 7.6 10. 1 9.9 -35.7 30.9 20.7 30.1 -17.5 21 22 Other securities............................... 3.6 3.0 .2 4.1 6.2 14.1 -2.7 -7.2 -1.9 14.5 3.9 8.5 3.3 19.3 22 23 Foreign borrowers.............................. 3.3 4.4 2.6 1.5 4.0 2.5 -.4 1.2 5.5 3.7 3.9 2.8 4.3 2.5 23 24 Loans................................................ 2.2 3.7 1.9 1.0 2.7 2.3 -.4 1.0 4.5 2.7 2.2 1.4 2.8 2.0 24 25 Securities.......................................... 1.1 .7 .8 .5 1.3 .2 .2 1.0 1.0 1.6 1.4 1.5 .5 25 26 Pvt. domestic nonfin. sectors............ 50.2 55.5 66.0 62.0 66.4 73.9 58.0 45.7 60.8 61.9 66.0 76.9 63.6 71.0 26 27 Loans................................................ 15.5 18.7 27.7 24.1 18.0 27.8 23.4 18.7 19.4 16.9 13.7 22.1 17.0 26.9 27 28 Consumer credit.......................... 7.3 8.0 9.4 6.9 4.4 7.0 6.8 4.6 4.1 4.0 4.9 4.8 8.3 8.0 28 29 Bank loans n.e.c........................... 5.4 6.5 13.6 9.8 9.1 15.5 9.0 5.2 6.7 11.7 3.8 14.4 2.1 14.7 29 30 Other loans................................... 2.7 4.1 4.7 7.4 4.5 5.3 7.7 9.0 8,6 1.3 5.1 2.9 6.5 4.2 30 31 Securities and mortgages.............. 34.7 36.9 38.3 37.9 48.4 46.1 34.6 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 ii.s 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 dcp. and currency 5.9 6.5 7.7 2.9 12.0 1.6 -.5 6.5 10.8 10,6 15.2 11.1 -1.4 20.0 45 46 Time and svgs. accounts... 28.5 28.8 32.7 19.8 39.0 23.0 16.4 14.6 50.7 41.0 41.0 23.0 33.4 16.9 46 47 At commercial banks..., 13.4 13.0 19.5 12.5 22.4 18.1 11.1 5.4 33.8 20.4 23.0 12.3 20.8 4.2 47 48 At savings 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 3.1 .1 6.8 -1.2 14.5 3.3 4.3 -II.2 -3.9 -3.3 13.7 -5.3 10.9 50 51 Pvt, credit mkt. instruments. . . 2.3 7.5 5.8 11.9 7.2 10.5 15.4 6.5 9.6 1.2 6.2 11.9 20.4 10.8 51 52 Less security debt...................... 2.0 -.2 .3 -.2 2.2 1.5 -1.9 -.6 -.5 2.5 3.1 3.5 -2.1 2.3 52 III. Direct lending in credit markets 53 Total funds raised............................... 58.5 67.0 72.3 69.9 83.1 83.2 62.6 49.9 74.3 44.3 104.6 108.9 101.3 75.3 53 54 Less change in U.S. Govt. cash. . .. -.3 .2 -1.0 -.4 1.2 6.7 -6.1 1.2 -.6 -14.9 13.4 6.7 -6.2 -19.2 54 55 Total net of U.S. Govt, cash............ 58.8 66.8 73.3 70.3 81.9 76.4 68.7 48.7 74.9 59.1 91.2 102.2 107.5 94.5 55 56 Funds supplied directly to cr. mkts.. 58.8 66.8 73.3 70.3 81.9 76.4 68.7 48.7 74.9 59.1 91.2 102.2 107.5 94.5 56 57 Federal Reserve System................ 2.6 3.2 3.8 3.3 3.9 -.1 6.6 4.2 2.9 -.3 7.9 4.5 8.3 3.9 57 58 Total............................................. 2.9 3.4 3.8 3.5 4.8 2.1 5.0 4.3 5.2 2.9 3.7 6.9 5.3 5.7 58 59 Less change in U.S. Govt. cash. .3 .2 * .2 .9 2.1 -1.6 .1 2.4 3.2 -4.2 2.4 -3.0 1.8 59 60 Commercial banks, net.................. 19.7 21.8 29.3 17.9 35.9 28.0 14.1 6.8 41.9 40.3 37.2 24.6 23.7 38.4 60 61 Total............................................. 19.4 22.4 29.1 17.4 36.4 32.9 9.6 7.9 39.7 22.3 54.8 28.9 20.6 18.1 61 62 Less chg. in U.S. Govt. cash... -.6 * -1.0 -.5 .2 4.6 -4.5 1.1 -3.0 -18.1 17.6 4.4 -3.2 -21.0 62 63 Security issues............. .3 .6 .8 .2 .3 * * .8 . 1 * .7 63 64 Nonbank finance, net.................... 28.0 29.1 27.0 22.5 32.4 16.7 21.0 24.2 29.0 35.0 38.1 27.4 27.9 26.3 64 65 Total............................................. 34.4 33.5 32.9 25.8 33.6 18.8 21.7 27.2 30.9 19.3 51.0 33.0 28.0 29.6 65 66 Less credit raised........................ 6.4 4.4 5.9 3.3 1.2 2.0 .7 2.9 1.9 -15.7 12.9 5.7 .1 3.3 66 67 U.S. Government........................... 2.7 3.8 4.7 7.9 4.5 10.0 7.8 2.8 6.1 -.8 5.0 8.0 14.0 8.2 67 68 Foreign............................................. .9 .6 -.1 -1.4 3.2 1.2 -4.1 -1.6 3.3 3.6 .9 5.1 1.3 -2.3 68 69 Pvt. domestic nonfin...................... 5.1 8.5 8.6 20.1 2.0 20.6 23.2 12.3 -8.1 -18.6 2.3 32.7 32.3 20.0 69 70 Households.................................. .4 3.2 2.2 10.5 -4.0 15.3 11.0 1.9 -13.1 -18.1 -1.3 16.7 13,0 10.3 70 71 Business........................................ 3.1 1.5 1.0 3.2 .4 1.4 3.4 2.5 1.2 -5.6 .2 5.9 10.4 6.2 71 72 State and local govts.................. 3.5 3.7 5.8 6.2 7.8 5.4 7.0 7.3 3.2 7.7 6.5 13.7 6.7 5.9 72 73 Less net security credit............... 2.0 -.2 .3 -.2 2.2 1.5 -1.9 -.6 -.5 2.5 3. 1 3.5 -2.1 2.3 73 Note.—Quarterly data are seasonally adjusted totals at annual rates. unrevised before 1968 relative to tables in the May 1968 Bulletin. These tables reflect revisions in income and product accounts for 1965-67 Financial revisions for 1965-67 will be published later. published in the July Survey of Current Business but financial data are Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1969 □ FLOW OF FUNDS A 69 PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) 1966 1967 1968 Transaction category, or sector 1963 1964 1965 1966 1967 H HI IV I II in IV I H I. Demand deposits and currency 1 Net incr. in banking system liability. . 5.8 7.4 7.6 2.6 14.7 10.1 -8.0 8.8 8.2 -.9 29.4 21.8 -9.0 5.2 1 2 U.S. Govt, deposits.......................... -.3 .2 -1.0 -.4 1.2 6.7 -6.1 1.2 -.6 -14.9 13.4 6.7 -6.2 -19.2 2 3 Other................................................... 6.1 7.3 8.6 3.0 13.5 3.3 -1.9 7.6 8.8 14.0 16.0 15.0 -2.8 24.4 3 4 Domestic sectors.......................... 6.0 6.8 8.3 3.3 12.7 2.1 —. 1 8.2 12.0 11.5 15.5 11.5 -1.8 22.5 4 5 Households................................ 4.3 6.4 7.1 1.9 12.4 J .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 11. Timo and savings accounts 11 Net increase—Total.............................. 29.5 30.4 33.0 20.3 40.8 24.5 16.7 15.5 52.3 45.4 42.0 23.5 32.9 17.4 11 12 At commercial banks—Total......... 14.3 14.5 20.0 13.3 23.8 20.1 11.6 6.2 35.1 23.7 23.7 12.7 20.5 4.0 12 13 Corporate business...................... 3.9 3.2 3.9 -.7 4.1 1.7 -3.9 -4.6 10.0 -.9 3.7 3.7 .5 -3.1 13 14 State and local govts.................... 1.6 1.7 2.4 1.3 2.4 2.1 1.9 1.5 5.7 3.4 .6 1.5 1.1 14 15 Foreign depositors....................... 1.0 1.4 .6 .8 1.3 2.0 .6 1.0 1.2 2.3 1.1 .8 -.7 -.4 15 16 Households.................................... 7.9 8.2 13.3 11.9 15.8 14.3 13.0 8.5 18.0 17.9 18.7 8.5 18.8 6.3 16 17 At savings institutions..................... 15.2 15.9 13.0 7.1 17.0 4.4 5.1 9.3 17.2 21.7 18.3 10.7 12.4 13.5 17 18 Memo: Households total.................... 23.0 23.9 26.5 19.2 32.4 19.2 18.3 17.8 35.0 38.6 36.7 19.2 31.4 18.9 18 Ill, U.S. Govt, securities 19 Total net issues...................................... 5.0 7.1 3.6 6.3 12.7 6.7 4.9 2.9 8.0 -21.3 34.7 29.2 33.4 1.7 19 20 Short-term marketable.................... 1.4 4.0 3.5 2.2 6.4 -7.3 7.6 10.1 9.9 -35.7 30.9 20.7 30.1 -17.5 20 21 Other................................................... 3.6 3.0 .2 4.1 6.2 14.1 -2.7 -7.2 -1.9 14.5 3.9 8.5 3.3 19.3 21 22 Net acquisitions, by sector.................. 5.0 7.1 3.6 6.3 12.7 6.7 4.9 2.9 8.0 -21.3 34.7 29.2 33.4 1.7 22 23 Federal Reserve System.................. 2.8 3.5 3.7 3.5 4.8 1.7 5.7 3.8 5.5 2.8 3.6 6.9 5.5 5.5 23 24 Short-term..................................... 4.9 2. 1 3.7 5.4 1.9 -.3 6.7 12.4 -.1 -4.2 2.3 9.3 1.4 -4.9 24 25 Commercial banks........................... -2.6 .4 -2.3 -3.5 8.8 -.3 -5.7 -4.8 17.9 -.3 23.6 -5.9 8.6 -8.2 25 26 Short-term marketable................. -3.5 3.9 -1.7 -4.5 4.6 -.5 -2.8 -4.4 10.2 -7.2 18.3 -2.7 4.9 -2.4 26 27 Other direct................................... .5 -4. 1 -1.4 1.1 1.4 -2.3 -.3 -.3 5.5 2.4 2.8 -5.2 2.7 -4.4 27 28 Nonguaranteed............................. .3 .6 .8 2.8 2.6 -2.6 -.1 2.2 4.4 2.5 2.1 1.1 -1.3 28 29 Nonbank finance............................... -.5 2.0 -.8 .9 -4.6 3.4 .8 .2 -8.5 9.6 -1.4 9.8 -2.0 29 30 Short-term marketable................. -1.3 1.2 -.4 1.5 1.0 -2.6 3.8 1.4 4.6 -10.7 10.6 -.4 10.4 -3.2 30 31 Other direct................................... .6 .5 -.7 -1.0 -1.5 -2.4 -.5 -.9 -5.2 .9 -.7 -1.1 -2.7 .7 31 32 Nonguaranteed............................. .3 .3 .3 .4 .5 .4 , 1 .4 .8 1.4 -.3 . 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 11.6 35 36 Short-term marketable................ 1,8 -3.2 2.4 .7 -2.7 -3.5 2.3 -7.9 -14.4 1.8 9.7 14.9 .3 36 37 Other direct................................... 1.0 2.8 -1.2 2.2 -1.6 .2 1.8 5.8 -9.6 -3.0 -1.8 8.1 -7.8 1.2 37 38 Nonguaranteed............................. .7 .4 1.3 4.6 .4 14.3 1.5 -1.4 -1.5 -.9 -1.5 5.6 2.5 9.6 38 39 Savings bonds—Households.... 1.2 .9 .6 .6 .9 .7 .3 .9 .8 1.1 .7 .9 .2 .4 39 IV. Other securities 40 Total net issues, by sector................... 13.1 14.6 16.2 18,7 29.6 23.4 17.2 12.5 28.1 28.1 31.4 30.8 25.5 21.1 40 41 State and local govts........................ 6.7 5.9 7.3 6.0 10.1 6.9 4.6 6.1 10.3 11.5 7.5 11.2 10.0 6.8 41 42 Nonfinancial corporations.............. 3.6 5.4 5.4 11.4 17.4 15.5 11.3 6.6 14.3 15.8 21.4 18.1 12.5 13.1 42 43 Commercial banks........................... .3 .6 .8 . 1 .2 . 3 . 8 . 1 * .7 43 44 Finance companies........................... 1.4 2.1 1.9 .8 .6 .5 1.2 -.4 1.7 -.3 1.0 . I 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 I6.2 11.0 11.5 12.5 9.1 8.1 8.9 8.3 13.7 15.1 15.5 14.0 61 62 Other................................................... 9.3 10.0 9.4 9.6 9.4 11.2 9.6 6.2 7.9 9.3 9.8 10.4 8.7 10.3 62 63 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 3.1 1.8 2.4 1.6 3.1 3.7 4.6 4.4 65 66 Commercial banks........................... 4.9 4.5 5.6 4.6 4.6 5.3 4.3 3.6 2.0 3.5 6.0 6.7 5.8 6.2 66 67 Savings institutions........................... 16.1 14.8 13.1 6.6 10.8 7.3 3.7 3.7 6.8 10.3 13.1 12.9 10.8 11.1 67 68 Insurance............................................ 4.0 5.1 5.5 5.1 3.1 5.9 5.3 3.6 5.2 2.9 2.0 2.3 2.1 2.1 68 69 Mortgage companies........................ .8 .4 .5 -.6 .4 -.6 -.9 -1.1 .3 1.3 -.2 .1 -.2 1.0 69 VI. Bank loans n.e.c. 70 Total net borrowing............................... 7.6 8.7 16.4 8.2 6.5 16.0 5.2 2.0 1.7 7.7 6.7 9.8 1.0 13.8 70 71 Nonfinancial business....................... 5.0 5.1 12.2 9.9 7.4 15.2 9.6 4.7 5.8 11.0 2.0 10.8 . 1 13.3 71 72 Nonbank finance............................... 1.7 .5 2.4 -1.4 -2.4 -.1 -3.5 -2.7 -4.3 -3.3 2.1 -4.0 -.8 -1.1 72 73 Households........................................ .4 1.4 1.3 -.1 1.7 .3 -.7 .5 .9 .7 1.7 3.5 2.1 1.3 73 74 Rest of the world............................. .5 1.7 .4 -.2 -.3 .5 -.3 -.5 -.6 -.8 .8 -.5 -.4 . 1 74 Note,—Quarterly data arc 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 □ JANUARY 1969 1. U.S. BALANCE OF PAYMENTS (In millions of dollars) 1967 1968 Item 1966 1967 I II III IV U II IIP' Transactions other than changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets—-Seasonally adjusted Exports of goods and services—Total 1....................... 43,142 45,756 11,371 11,377 11,513 11,496 11,860 12,557 13,247 Merchandise................................................................ 29,176 30,468 7,661 7,703 7,626 7,478 7,924 8,325 8,840 Military sales............................................................... 829 1 ,240 335 336 245 323 306 362 405 Transportation............................................................ 2,608 2,701 670 670 680 681 709 704 727 Travel........................................................................... 1 ,590 1,646 421 384 417 424 442 421 443 Investment income receipts, private........................ 5,659 6,234 1,443 1,39! 1 ,671 1 ,729 1 ,544 1 ,729 1,841 Investment income receipts, Govt.................... 593 624 151 165 156 153 198 221 207 Other services............................................................. 2,687 2,843 690 728 718 708 737 795 784 Imports of goods and services—Total.......................... -38,063 -40,989 -10,078 -10,108 -10,154 -10,648 -11,534 -11,965 -12,369 Merchandise................................................................ -25,541 -26,991 -6,686 -6,605 -6,541 -7,159 -7,867 -8,320 -8,578 Military expenditures................................................. -3,735 -4,340 -1,072 -1,065 -1,098 -1,104 -1,110 -1,123 -1,150 Transportation............................................................ -2,923 -2,982 -767 -745 -720 -750 -805 -748 -805 Travel........................................................................... -2,657 -3,195 -704 -841 -925 -725 -773 -754 -784 Investment income payments................................... -2,074 -2,293 -560 -560 -575 -598 -660 -704 -735 Other services.............................................................. -1,132 -1,189 -289 -292 -295 -312 -319 -316 -317 Balance on goods and services i.................................... 5,080 4,768 1,293 1,269 1,359 848 326 592 878 Remittances and pensions.............................................. -1,015 -1,276 -262 -392 -358 -263 -266 -286 -300 1. Balance on goods, services, remittances and pensions................................................................... 4,065 3,492 1,031 877 1,001 585 60 306 578 2. U.S. Govt, grants and capital flow, net................... -3,444 -4,210 -1,176 -1,039 -988 -1,008 -1,164 -1,072 - 953 Grants,2 loans, and net change in foreign cur­ rency holdings, and short-term claims........ -4,676 -5,191 -1,394 -1,305 - 1,226 -1,266 -1,510 -1,384 -1,261 Scheduled repayments on U.S. Govt, loans,, . 803 975 218 266 233 258 304 309 253 Nonscheduled repayments and selloffs.............. 429 6 * 5 42 3 55 3. U.S. private capital flow, net................................... -4,298 -5,504 -975 -1,104 -1,788 -1,638 -707 -1,448 -1,768 Direct investments................................................. -3,623 -3,020 -653 -651 -902 -815 -374 -1,035 -1,102 Foreign securities................................................... -481 -1,266 -259 -199 -476 -332 -385 -83 -313 Other long-term claims: Reported by banks............................................ 337 285 153 188 -72 16 140 49 162 Reported by others........................................... -112 -289 -68 -170 42 -93 45 -23 -44 Short-term claims: Reported by banks............................................ -84 -744 -74 -386 -363 79 163 147 -356 Reported by others........................................... -334 -470 -74 1 14 -17 -493 -296 -503 -115 4. Foreign capital flow, net, excluding change in liquid assets in U.S............................................ 2,532 3,185 866 1 ,202 766 352 1,367 2,479 1,739 Long-term investments......................................... 2,156 2,344 693 982 359 310 1,176 1,433 1 ,211 Short-term claims.................................................. 296 388 94 80 174 40 -21 268 217 Nonliquid claims on U.S. Govt, associated with—' Military contracts.............................................. 346 64 95 147 -67 -111 -29 -3 -136 U.S. Govt, grants and capital......................... -205 -85 -38 -12 -23 -12 -5 15 Other specific transactions.............................. -12 5 22 5 -12 -10 -27 -6 38 Other nonconvertible, nonmarketablc, medium-term U.S. Govt, securities3.................. -49 469 * * 335 135 273 772 409 5. Errors and unrecorded transactions......................... -210 -532 -250 -458 207 -34 -243 -429 444 Balances A. Balance on liquidity basis Seasonally adjusted (= 14-24-3+4+5)... -1,357 -3,571 -505 -522 -802 -1,742 -687 -164 41 Less: Net seasonal adjustments................ -267 -302 410 159 -428 -236 491 Before seasonal adjustment......................... -1,357 -3,571 -238 -220 -1,212 -1,901 -259 72 -450 B. Balance on basis of official reserve transactions Balance A, seasonally adjusted................ -1,357 -3,571 -505 -522 -802 -1,742 -687 -164 41 Plus: Seasonally adjusted change in liquid assets in the U.S. of: Commercial banks abroad,............................. 2,697 1,262 -979 355 1,119 767 412 2,442 851 Other private residents of foreign countries.. 212 413 80 12 96 225 3 97 43 International and regional organizations other than IMF........................................ -525 -218 -36 -78 -55 -49 77 -82 25 Less: Change in certain nonliquid liabilities to foreign central banks and govts,.......... 761 1,291 324 573 111 283 361 765 516 Balance B, seasonally adjusted............................ 266 -3,405 -1,764 -806 247 -1,082 -556 1,528 444 Less: Net seasonal adjustments......................... -485 -101 272 314 -646 -35 353 Before seasonal adjustment.................................. 266 -3,405 -1,279 -705 -25 -1,396 90 1,563 91 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1969 □ U.S. BALANCE OF PAYMENTS AND FOREIGN TRADE A 71 1. U.S. BALANCE OF PAYMENTS—Continued (In millions of dollars) 1967 1968 Item 1966 1967 I II III IV Ir II III” Transactions by which balances were settled—Not seasonally adjusted A. To settle balance on liquidity basis......................... 1,357 3,571 238 220 1,212 1,901 259 -72 450 Change In U.S. official reserve assets (in­ crease, -),................................................... 568 52 1,027 -419 -375 -181 904 -137 -571 Gold................................................................... 571 1,170 51 15 92 1,012 1,362 22 — 74 Convertible currencies...................................... -540 -1,024 1 ,007 -424 -462 -1,145 -401 267 -474 IMF gold tranche position............................. 537 -94 -31 -10 -5 -48 -57 -426 -23 Change in liquid liabilities to all foreign accounts 789 3,519 -789 639 1,587 2,082 -645 65 1,021 Foreign central banks and govts.: Convertible nonmarketable U.S. Govt. securities4.........-..9..4...5................4..5..5.............. 72 46 125 212 100 -49 Marketable U.S. Govt, bonds and notes4. -245 48 5 52 -6 -3 -359 -3 -26 Deposits, short-term U.S. Govt, securi­ ties, etc.........-..5..8...2.............1. .,.5..3..7............- 174 441 162 1 ,108 -1,112 -2,184 31 IMF (gold deposits).............1..7..7.................2..2..... 17 5 8 -11 Commercial banks abroad............................. 2,697 1,262 -753 161 1 ,265 589 638 2,248 997 Other private residents of foreign countries. 212 413 80 12 96 225 3 97 43 International and regional organizations other than IMF......................................... -525 -218 -36 -78 -55 -49 77 -82 25 B. Official reserve transactions...................................... -266 3,405 1,279 705 25 1,396 -90 -1,563 -91 Change in U.S. official reserve assets (in­ crease, —)...................................................... 568 52 1,027 -419 -375 -181 904 -137 -571 Change in liquid liabilities to foreign central banks and govts, and IMF (see detail above under A.)....................................................... -1 ,595 2,062 -80 544 281 1,317 -1,363 -2,198 -44 Change in certain nonliquid liabilities to foreign central banks and govts.: Of U.S. private organizations.................... 793 839 304 587 -212 160 122 145 118 Of U.S. Govt................................................. -32 452 28 -7 331 100 247 627 406 1 Excludes transfers under military grants. Note.—Dept, of Commerce data. Minus sign indicates net payments 2 Excludes military grants. (debits); absence of sign indicates net receipts (credits). Details may not J Includes certificates sold abroad by Export-Import Bank. add to totals because of rounding. 4 With original maturities over 1 year. 2. MERCHANDISE EXPORTS AND IMPORTS (In millions of dollars, seasonally adjusted) Exports 1 Imports 2 Export surplus Period 1965 1966 1967 1968 1965 1966 1967 1968 1965 1966 1967 1968 Month: Jan....................... 3 1,228 2,264 2,617 2,785 31,199 1 ,918 2,256 2,609 3 28 347 361 176 Feb...................... 3 1,623 2,376 2,605 2,773 3 1,606 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 3595 241 427 248 May.................... 3 2,299 2,416 2,547 2,720 31,797 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 2,989 1,941 2,186 2,382 2,813 438 317 310 176 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 31,484 921 1 ,187 136 Ill........................ 6,920 7,439 7,772 8,965 4 5,425 6,592 6,542 8,455 “1,495 846 1 ,230 509 IV........................ 7,090 7,500 7,689 5,736 6,661 7,105 1,353 839 584 ................. Year5...................... 26,700 29,379 31,007 ............4..2..1.,366 25,542 26,922 ...............5..,334 3,837 4,086 ................. 1 Exports of domestic and foreign merchandise; excludes Dept, of 3 Significantly affected by strikes. Defense shipments of grant-aid military equipment and supplies under 4 Significantly affected by strikes and by change in statistical procedures. Mutual Security Program. 5 Sum of unadjusted figures. 2 General imports including imports for immediate consumption plus entries into bonded warehouses. Note.—Bureau of the Census data. Details may not add to totals be­ cause of rounding. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 72 U.S. GOLD TRANSACTIONS □ JANUARY 1969 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 11 HI 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 ♦ -1 -12 -32 -H 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 -1 -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 -1 -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 5-11 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

JANUARY 1969 □ U.S. GOLD STOCK; POSITION IN THE IMF A 73 4. U.S. GOLD STOCK, HOLDINGS OF CONVERTIBLE FOREIGN CURRENCIES, AND RESERVE POSITION IN IMF (In millions of dollars) Gold stock 1 Con­ Reserve Gold stock ] Con­ Reserve Total vertible position Total vertible position End of year r a e s s s e e r t v s e Total 2 Treasury cu fo rr r e e n ig c n ie s IM in F 3 End of month re as s s e e rv ts e Total 2 Treasury c fo c u i r e r e r s e ig n 5 n * IM in F 3 1958......................... 22,540 20,582 20,534 1,958 1967—Dec.............. 14,830 12,065 11,982 2,345 420 1959......................... 2i;504 19,507 19^456 1,997 1968—Jan............... 14,620 12,003 11,984 2,176 441 I960......................... 19,359 17,804 17,767 1,555 Feb.............. 14,790 11.900 11,882 2,235 655 1961......................... 18,753 16,947 16^889 116 1 ^690 Mar 13^926 10.703 10,'484 2’746 477 Apr.............. 13,840 10,547 10,484 2,804 489 1962......................... 17,220 16,057 15,978 99 1,064 May............ 14’348 10,468 10,384 3'386 494 1963 ......................... 16;843 15,596 151513 212 1,035 June............ 14,063 10,681 10,367 2,479 903 July............. 14,366 10,676 10,367 2^773 917 1964......................... 16,672 15,471 15,388 432 769 Aug.............. 14’427 10,681 10,367 2’817 929 1965......................... 15,450 t13,806 413,733 781 4 863 Sept............. 14^634 10,755 10,367 2’953 926 Oct........ 14,427 10,788 10,367 2,703 936 1966......................... 14,882 13,235 13,159 1,321 326 Nov.............. 15,660 10,897 10,367 3,655 I ,108 1967......................... 14,830 12,065 11^982 2,345 420 Dec.............. 15,710 10^892 10*367 3',528 1 ,290 1 Includes (a) gold sold to the United States by the International Mon­ 4 Reserve position includes, and gold stock excludes, $259 million gold etary Fund with the right of repurchase, and (b) gold deposited by the subscription to the IMF in June 1965 for a U.S. quota increase which IMF to mitigate the impact on the U.S, gold stock of foreign purchases became effective on Feb. 23, 1966. In figures published by the IMF from for the purpose of making gold subscriptions to the IMF under quota June 1965 through Jan. 1966, this gold subscription was included in the increases. For corresponding liabilities, see Table 6. U.S. gold stock and excluded from the reserve position. 2 Includes gold in Exchange Stabilization Fund. 5 For holdings of F.R. Banks only, see pp, A-12 and A-13. 3 In accordance with IMF policies the United States has the right to draw foreign currencies equivalent to its reserve position in the IMF vir­ Note.—See Table 18 for gold held under earmark at F.R. Banks for tually automatically if needed. Under appropriate conditions the United foreign and international accounts. Gold under earmark is not included States could draw additional amounts equal to the U.S, quota. See Table 5. in the gold stock of the United States. 5. U.S. POSITION IN THE INTERNATIONAL MONETARY FUND (In millions of dollars) Transactions affecting IMF holdings of dollars IMF holdings (during period) of dollars (end of period) U.S. U.S, transactions with IMF Transactions by reserve other countries position Period with IMF in IMF Payments Transac­ Total Per cent (end of s t u d io b o n o s ll s a c f r r i . i s n p ­ by s g N I a M o l e e ld t s F 1 t c f i o c o u i r n e r e r s s e i g n 2 i n n ­ I i M d n o c F i o l n la m n rs e e t 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 ­ change Amount q U u o . o S f t a . period) 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 I ;O35 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 1968............................... -84 20 -806 -870 3,870 75 1 ,290 1968—Jan................................. 3 -24 -21 4,719 91 441 Feb................................ 2 -216 -214 4,505 87 655 200 1 —23 178 4,683 91 477 Apr............................... 2 -14 -12 4,671 91 489 May . . . 2 -7 -5 4,666 90 494 June............................. -1 -408 -409 4,257 83 903 July................................ 4 — 18 -14 4*243 82 917 Aug................................ -1 -11 -12 4,231 82 929 Sept................... 3 3 4'234 82 926 Oct............. .......... 2 -12 -10 4,224 82 936 Nov................................ -125 -1 -46 -172 4,052 79 1,108 Dec................................ -159 4 -27 -182 3',870 75 I ',290 1 Represents net IMF sales of gold to acquire U.S. dollars for use in 4 Represents a $600 million IMF gold sale to United States (1957), IMF operations. Does not include transactions in gold relating to gold less $6 million gold purchase by IMF from another member with U.S. deposit or gold investment (see Table 6), . . dollars (1948). 2 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, including dollars derived from charges on published by the IMF from June 1965 through Jan. 1966, this gold sub­ drawings and from other net dollar income of the IMF. The United scription was included in the U.S. gold stock and excluded from the States has a commitment to repay drawings within 3 to 5 years, but only reserve position. to the extent that the holdings of dollars of the IMF exceed 75 per cent of the U.S. quota. Drawings of dollars by other countries reduce the U.S. Note.—The initial U.S. quota in the IMF was $2,750 million. The U.S. commitment to repay by an equivalent amount. quota was increased to $4,125 million in 1959 and to $5,160 million in 3 Represents the U.S. gold tranche position in the IMF (the U.S. Feb. 1966. Under the Articles of Agreement, subscription payments equal quota minus the holdings of dollars of the IMF), which is the amount to the quota have been made 25 per cent in gold and 75 per cent in dollars. that the United States could draw in foreign currencies virtually automati­ 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. □ JANUARY 1969 6. U.S. LIQUID LIABILITIES TO FOREIGNERS (In millions of dollars) Liabilities to foreign countries Liabilities to Inti. Liabilities to non­ Monetary Fund arising monetary inti, and from gold transactions Official institutions3 Banks and other foreigners regional organization5 Nonp E e o r n i f o d d Total Total p G o d o s e i l ­ t d 1 i m n G v e o e n l s d t t 2 ­ Total i p t S l i i t e o a e h r s b r o t m e r r il e t d ­ ­ ­ M b G U a a o o b r n .S k v l d e e t . s , t ­ c m T o a U r a n ib e b r v . l a S k l e e e s e . r - t t ­ ­ Total i p t S l i i t e o a e h s r b r o t m e i r r l e t d ­ ­ ­ M b G U a o a o b n r . k S v l d e e t . s , t ­ Total i p S t l i i t e o a h e s r b r o t m e r i r l e t d ­ ­ ­ M b G a U a o o b r n . k S v l d e e t . s , t ­ in b a U nk .S s . no a t n e d s 4 b a o u n n ry d d s in b a U nk .S s , no an te d s 4 in b a U b n y .S k s . e no an te d s 4 notes 1957.. 715,825 200 200 n.a. 7,917 n.a. n.a. 5,724 n.a. n.a. 542 n.a. 1958.. 716,845 200 200 n,a. 8,665 n.a. n.a. 5,950 n.a. n.a. 552 n.a. 1959.. 19,428 500 500 10,120 9,154 966 7,618 7,077 541 1,190 530 660 1 1 9 9 6 6 1 0 8 8, 1 2 2 2 2 2 0 2 1 , , , , 9 8 0 9 3 5 2 9 6 3 7 4 8 8 8 8 0 0 0 0 0 0 0 0 8 8 8 8 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 , , , , 8 0 8 0 3 7 3 8 0 8 0 8 1 1 1 1 0 0 0 0 , , , , 9 9 2 2 4 1 4 1 0 2 2 0 8 8 8 8 9 7 9 6 0 6 0 6 8 7 7 8 , , , , 3 2 5 5 5 9 7 9 5 1 7 8 7 7 7 7 , , , , 8 0 0 7 4 4 4 5 1 8 8 9 5 5 5 5 1 4 1 5 6 3 6 0 1 1 1 1 , , , , 5 9 9 5 4 4 4 2 1 8 9 5 7 7 7 7 0 5 5 0 4 0 0 3 1 1 , , 2 2 7 7 4 4 9 7 5 5 1 5 19628 24,068 800 800 12,748 11,997 751 8,359 7,911 448 2,161 1,250 911 24,068 800 800 12,714 11,963 751 8,359 7,911 448 2,195 1,284 911 1963 8 26,361 800 800 14,387 12,467 1 ,217 703 9,214 8,863 351 1 ,960 808 1,152 26,322 800 800 14,353 12,467 1,183 703 9,204 8,863 341 1,965 808 1,157 19648 2 2 8 9 , , 9 0 5 0 1 2 8 8 0 0 0 0 8 8 0 0 0 0 1 1 5 5 , , 4 4 2 2 8 4 1 13 3 , , 2 2 2 2 0 4 1 1 , , 1 1 2 2 5 5 1 1 , , 0 0 7 7 9 9 1 1 1 1, , 0 0 0 5 1 6 1 1 0 0 , , 6 6 2 8 5 0 3 3 7 7 6 6 1 1 , , 7 7 2 2 2 2 8 8 1 1 8 8 9 9 0 04 4 1965.. 29,115 834 34 800 15,372 13,066 1,105 1,201 11,478 11,006 472 1 ,431 679 752 19668 1 1 2 2 9 9 , , 9 7 0 7 4 9 1 1 , , 0 0 1 11 1 2 21 1 1 1 8 8 0 0 0 0 1 1 3 3 , ,6 6 5 0 5 0 1 1 2 2 , , 4 53 8 9 4 8 8 6 6 0 0 2 2 5 5 6 6 1 14 4 , , 2 3 0 8 8 7 1 1 3 3 , , 8 6 5 8 9 0 5 5 2 2 8 8 9 90 0 5 6 5 5 8 8 1 0 3 3 2 2 5 5 1967-Oct.... 32,463 1 ,033 233 800 14,893 13,381 911 601 15,811 15,250 561 726 519 207 Nov.... 33,840 1 ,033 233 800 15,940 14,321 908 71 1 16,111 15,564 547 756 552 204 Dec.8.. { ( 3 3 3 3, ,1 29 6 7 2 1 1 , , 0 0 3 3 3 3 2 2 3 33 3 8 8 0 0 0 0 1 15 5 , , 6 6 7 7 2 9 1 1 4 4 , , 0 0 5 6 3 0 9 9 0 0 8 8 7 71 1 1 1 1 15 5 , , 7 8 7 9 1 4 1 15 5 , , 2 3 1 3 3 6 5 5 5 5 8 8 6 6 9 8 1 6 4 4 8 8 7 2 2 2 0 0 4 4 1968-Jan.. 33,141 1 ,033 233 800 15,232 13,804 717 71 1 16,185 15,615 570 691 487 204 Feb.. 33,344 1 ,033 233 800 15,352 13,989 652 71 1 16,323 15,730 593 636 431 205 Mar.. 32,517 1 ,041 241 800 14,301 12,941 549 81 1 16,412 15,808 604 763 558 205 Apr.. 33,022 1 ,045 245 800 14,397 13,037 549 81 1 16,749 16,137 612 831 626 205 May. 33,175 1 ,047 247 800 13,629 12,272 546 811 17,869 17,259 610 630 463 167 June. 32,582 1 ,030 230 800 12,114 10,757 546 81 1 18,757 18,144 613 681 515 166 July. 33,148 1 ,030 230 800 12,621 11,263 546 812 18,729 18,102 627 768 608 160 Aug.. 33,609 1 ,030 230 800 12,453 11,182 509 762 19,361 18,725 636 765 605 160 Sept.. 33,564 I ,030 230 800 12,054 10,772 520 762 19,774 19,148 626 706 630 76 Oct?' 33,980 I ,030 230 800 12,109 10,827 520 762 20,049 19,429 620 792 724 68 1 Represents liability on gold deposited by the International Monetary 8 Data on the two lines shown for this date differ because of changes in Fund to mitigate the impact on the U.S. gold stock of foreign purchases reporting coverage. Figures on the first line are comparable with those for the purpose of making gold subscriptions to the IMF under quota in­ shown for the preceding date; figures on the second line are comparable creases. with those shown for the following date. 2 U.S. Govt, obligations at cost value and funds awaiting investment obtained from proceeds of sales of gold by the IMF to the United States Note.—Based on Treasury Dept, data and on data reported to the to acquire income-earning assets. Upon termination of investment, the Treasury Dept, by banksand brokers in the United States. Data correspond same quantity of gold can be reacquired by the IMF. to statistics following in this section, except for minor rounding differences. 3 Includes Bank for International Settlements and European Fund. Table excludes IMF “holdings of dollars,” and holdings of U.S. Treasury 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. 7 Includes total foreign holdings of U.S. Govt, bonds and notes, for which breakdown by type of holder is not available. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1969 □ 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 fo T r o e t i a g l n Western Canada Am L e a r t i i c n a n Asia Africa Ocher Europe 1 countries 2 countries republics 1963............................................................................................... 14 353 8 445 1 789 1 058 2,731 154 176 1964............................................................................................... 15,424 9*220 1 608 1 '238 3 020 160 178 1965............................................................................................ 15 372 8 608 1 528 1 497 3 300 194 74s 1966 3 .......................................................................................... /13’600 7^488 1J89 1/34 3,284 277 228 113,655 7,488 1,189 1,134 3,339 277 228 1967—Oct.................................................................................... 14 893 9 065 968 1 214 3,166 228 252 Nov.................................................................................. 15 *940 10*257 901 1 *261 3,048 224 249 Dec................................................................................... 15 *672 9*872 996 1’131 3,171 249 253 1968—Jan.................................................................................... 15 232 9 373 I 091 1 210 3 082 229 247 Feb................................................................................... 15 *352 9*179 1 *403 1 ’ 170 3*112 272 21 6 Mar.................................................................................. 14’301 8*881 *851 1 ’ 174 2’953 230 212 Apr................................................................................... 14'397 8* 624 1 040 1 ’371 2 886 247 229 May.................................................................................. 13 629 7 908 1 *035 1 380 2 820 251 235 June.................................................................................. 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.................................................................................. 12,054 6 951 438 1,196 2,964 293 212 Oct.”................................................................................ 12,109 6,836 416 1,262 3,111 271 213 1 Includes Bank for International Settlements and European Fund. with those shown for the preceding date; figures on the second line are 2 Includes countries in Oceania and Eastern Europe, and Western Euro­ comparable with those shown for the following date. pea 3 n D d a e ta pe o n n d e t n h c e ie s tw in o L lin a e ti s n s A h m ow e n ri c f a o . r this date differ because of changes of N fo o re t i e g .— n c D o a u t n a t ri r e e s p , r e a s s e r n e t p o s r h t o ed rt - b te y r m ba n li k a s b i i l n it i t e h s e t U o n i t t h e e d o S f t f a ic te ia s l , i a n n s d t it f u o t r i e o ig n n s in reporting coverage. Figures on the first line are comparable in coverage official holdings of marketable and convertible non marketable U.S. Govt, securities with an original maturity of more than 1 year. 8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) International and regional Foreign E pe nd rio o d f G to ra ta n l d 1 Europe Canada Am La e t r i i n c a Asia Africa c O o t u he n r ­ Total 1 IntU gio R n e a ­ l2 Total c O ia ff l i­ 3 Other tries 1966........................... 27,599 1 380 1 270 110 26 219 12 539 1.3 680 13 933 2 502 3 883 5 250 385 266 1967—Nov................ 31,237 1 352 1 221 131 29 885 14 321 15 564 17 142 2 613 4 221 5 281 328 300 Dec, 4............. / 30/83 1 /87 1 *181 106 29/96 14/60 15/36 16/78 2/06 4*140 5/18 349 305 ]30,548 1 ,282 1,181 101 29,266 14,053 15,213 16,199 2,709 4, 137 5,567 349 305 1968—Jan.................. 30,706 1 ,287 1 ,190 97 29 419 13 804 15 615 16 033 3 101 4 194 5 ,458 326 307 Feb................. 30,950 1 231 1 117 114 29 719 13*989 15 *730 16*129 3 201 4 126 5 548 434 7g 1 Mar................ 30,107 1 *358 I *266 92 28 749 12’941 15 *808 15’861 2’791 4 075 5’401 339 282 Apr.................... 30’600 1 *426 1 '334 92 29*174 1 3 0.37 16’137 15*846 2 943 4 ’ 299 5 430 366 290 May............... 30,794 1 '263 1 ’174 89 29*531 12*272 17259 16*149 3*055 4 ’ 289 5’362 37 i 304 June............... 30'216 1,315 1 '219 96 28 901 10’757 18*144 15*857 2 842 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 I ’297 108 29 907 11 ’182 18*725 16 075 3 140 4 403 5’669 356 264 Sept................. 31'350 1 430 1 ’318 112 29 * 920 10*772 19*148 1 6*554 2’747 4'263 5*670 405 280 Oct.”.................. 31,780 1 ,524 1 404 120 30,256 10’827 19*429 16,368 3 015 4 ,405 5 815 369 283 Nov.”............. 33;429 1 ’,540 1 305 135 31 ,889 12,401 19,488 17^693 3,081 4,527 5,897 400 292 8a. Europe E pe n r d io o d f Total Austria B b L e o u l x u g e r iu g m m 5 ­ - m De a n rk ­ l F a i n n d ­ France m G F a e e n d r y . ­ , Greece Italy N la e n th d e s r­ Norway Po 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—Nov.... 17,142 184 612 201 99 1,434 2,276 161 2,001 545 389 414 130 498 Dec. .. t I 1 1 6 6 , , 1 3 9 7 9 8 2 2 3 3 1 1 6 6 0 3 1 2 2 2 4 4 3 3 9 9 9 9 1 1 , , 3 3 2 3 6 0 2 2 , , 2 2 1 1 8 7 1 1 7 70 0 1 1 , , 9 9 4 48 8 5 5 8 89 9 4 4 4 4 9 9 4 4 3 3 7 7 1 1 5 5 0 0 4 4 9 9 2 2 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 I ,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 Aub.... 16,075 150 382 149 156 977 1 ,779 184 1,109 315 485 323 196 543 Sept.... 16,554 131 360 152 155 I ,144 1 ,931 197 1 ,051 273 438 321 183 536 Oct.’’.. 16,368 153 424 130 155 1 ,174 1 ,865 176 1 ,077 277 395 319 165 534 Nov. ”.. 17,693 1 34 326 123 1 66 1 ,229 3,564 187 840 261 381 342 167 499 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. □ JANUARY 1969 8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 8a. Europe—Continued 8b. Latin America E p n e d ri o o d f Sw la i n tz d er­ Turkey U K d n i o n it m e g d ­ Y sl u a g vi o a ­ W E O u e t r s h o t e e p r r e n 6 U.S.S.R. E E O a u s t r h o te e p r r e n Total A t r i g n e a n­ Brazil Chile Co b l i o a m­ Cuba Mexico 1966.................. 1,805 43 3,817 37 234 8 40 3,883 418 299 261 178 8 632 1967—Nov.... 1,653 38 5,948 26 491 4 37 4,221 589 273 230 158 9 703 Dec. 4.. { f 1 l , , 7 7 3 3 2 2 3 3 3 3 4 4 , , 8 6 5 6 1 7 2 2 3 3 7 7 3 0 6 6 8 8 4 4 4 4 4 4 , , 1 1 4 3 0 7 4 4 7 8 9 0 2 2 3 3 7 7 2 2 5 5 2 2 1 16 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 7,104 26 511 7 4! 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 Nov.”... 2,006 36 6,994 40 358 6 34 4,527 502 312 289 224 8 892 8b. Latin America—Continued 8c. Asia E p n e d ri o o d f Panama Peru U gu r a u y ­ V zu e e n l e a ­ O L re t . h A p e . . r B B e a r h m a & m ud a a s A S n N u ti r e l i l n e th a s . m & A O L m a t e h t r i e n ic r a Total C M la h a n in i d n a ­ H Ko o n n g g India n d I e n o s ­ i ­ a Israel 1966.................. 150 249 [61 707 522 177 104 17 5,250 36 142 179 54 115 1967—Nov....... 181 264 137 792 520 236 111 20 5,281 36 209 250 39 147 Dec.4... / {1 I7 7 0 0 2 2 7 7 4 4 1 1 4 4 7 7 7 7 9 93 3 5 5 2 2 3 3 2 2 3 3 3 3 1 1 1 1 1 1 1 18 8 5 5 , , 5 5 1 6 8 7 3 3 6 6 2 2 1 1 5 7 3 3 5 5 4 4 3 34 4 1 1 3 3 7 7 1968—Jan........ 160 281 143 851 512 276 108 18 5,458 37 228 329 40 125 Feb....... 153 267 152 770 559 252 89 17 5,548 36 226 351 42 146 Mar. . .. 137 259 143 730 579 242 86 19 5,401 37 228 319 39 122 Apr. ... 136 276 140 814 603 242 90 25 5,430 36 221 342 46 131 May.... 142 272 144 780 579 226 86 25 5,362 36 238 368 41 140 June.... 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 5,670 36 261 393 55 144 Oct.”... 165 265 145 777 568 258 85 30 5,815 38 255 370 52 163 Nov.”... 163 272 153 775 576 239 93 31 5,897 36 260 379 49 163 8c. Asia—Continued 8d. Africa 8e. Other countries Congo E p n e d ri o o d f Japan Korea P p h in il e ip s ­ T w a a i n ­ T la h n a d i­ O A t s h i e a r Total s ( h K a i s n a ­ ) r M oc o co ­ 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 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—Nov.......... 2,458 203 286 220 629 802 328 13 26 63 17 209 300’ 270 30 Dec.4.... / { 2 2 , , 5 6 6 1 3 2 1 1 7 7 6 6 2 2 8 8 9 9 2 22 2 2 6 6 6 3 3 0 0 8 8 5 5 8 9 3 3 4 4 9 9 3 3 3 3 1 1 8 8 6 6 1 1 1 1 6 6 2 2 2 2 1 1 3 3 0 0 5 5 2 2 7 7 8 8 2 2 7 7 1968—Jan........... 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......... 2’551 174 289 209 669 764 339 28 22 57 17 215 282 253 29 Apr.......... 2’555 185 285 196 692 740 366 27 14 54 19 252 290 265 25 May......... 2’482 178 265 197 690 729 371 25 10 60 20 257 304 279 25 June......... 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......... 2,858 168 258 188 672 637 405 16 18 5i 20 300 280 255 25 Oct.”........ 3,094 172 259 179 639 593 369 1 3 14 49 20 274 283 256 27 Nov.’1.... 3,207 173 247 165 646 571 400 13 14 60 20 292 292 265 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 arc included in “Europe.” 6 Includes Bank for International Settlements and European Fund; J Foreign central banks and foreign central govts, and their agencies, beginning with the second line for Dec. 1967 excludes Luxembourg. and Bank for International Settlements and European Fund. 4 Data on the two lines shown for this date differ because of changes in For Note sec 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

JANUARY 1969 □ 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 6 6 Iceland............................................. 6.6 5.7 4.3 3.3 Kuwait.......................................... 49.2 28.6 36.6 340 Ireland, Rep. of............................. 8.9 7.4 9.4 14.7 Laos............................................... 4.6 6,5 3.6 4 0 Luxembourg................ 25.3 21.7 31.3 (») Lebanon........................................ 100.1 112,2 113 3 97 2 Malaysia........................................ 38.3 34.9 63 9 52 1 Other Latin American republics; Pakistan......................................... 49.2 45.3 54.8 54* 1 Bolivia............................................ 66.9 57.9 59.9 61.0 Ryukyu Islands (inch Okinawa). 15.9 31,2 14,5 26 4 Costa Rica....................................... 34.6 41.9 42,6 55.0 Saudi Arabia................................ 176.1 96.4 61,2 70 3 Dominican Republic.................... 53.2 53.9 55.1 60.2 Singapore...................................... 34.6 60.3 159 5 156 9 Ecuador........................................... 86.3 92.4 85.6 64.1 Syria............................................... 3.4 4.7 6.3 65 El Salvador................... 68.9 96'4 72.8 83.6 Vietnam......................................... 132.0 146.3 148,2 1230 Guatemala...................................... 64.2 83.9 73.0 96.4 Haiti................................................. 16.3 16.8 15.8 17.4 Other Africa: Honduras........................................ 26.8 28.6 29.7 31.4 Algeria........................................... 11.3 13,4 6.9 7.9 Jamaica........................................... 11.7 19.3 22.4 n.a. Ethiopia, (inch Eritrea).............. 53.5 40.2 23.8 22 5 Nicaragua....................................... 72.8 62,7 45.6 57.9 Ghana........................................... 6.9 5.3 4.3 13.0 Paraguay.................. 14.9 16,6 12.7 13,6 Kenya............................................ 1.2 2.1 16.4 19.8 Trinidad & Tobago....................... 4.7 5.4 6.1 9.2 Liberia........................................... 21.2 21.6 24.9 26 4 Libya............................................. 37.1 76,0 17.9 450 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 42 Sudan............................................. 3.4 6.7 2.3 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 10.3 2/) Burma............................................ 34.4 20.3 10.8 16.6 Uganda......................................... ,7 ,7 1.4 10.0 Cambodia....................................... 1.1 1.3 1.9 2.7 Zambia.......................................... 34.7 25.9 24.8 21.3 Ceylon............................................. 3.2 2.7 5.0 4.5 Iran.................................................. 36.6 44.0 49.6 38.4 All other: Iraq.................................................. 17.6 28.0 34.6 n.a. New Zealand................................ 13.6 16.7 17.5 15 4 1 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 a Included with Belgium. exclude also U.S. Treasury letters of credit and non-negotiable, non­ interest-bearing special U.S, notes held by the Inter-American Develop­ Note.—Short-term liabilities 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—Nov..................... 31,237 26,930 9,994 3,847 9,444 3,644 4,077 1 ,630 2,047 76 324 231 Dec.4.................. f ( 3 30 0, , 6 5 8 4 3 8 2 2 6 6 , , 1 3 9 2 1 6 1 9 0 , ; 8 0 8 5 4 4 3 3, , 7 7 4 5 7 4 9 9 , , 0 0 9 93 3 3 3 , , 4 4 2 6 5 7 4 4 , , 1 1 2 2 8 8 1 1 ^ ,6 9 9 3 3 2 2, , 0 0 5 5 7 2 8 8 1 1 2 3 9 0 7 2 2 2 2 29 9 1968—Jan....................... 30,706 26,369 10,148 3,672 8,867 3,681 4 ,046 1 ,576 2,083 103 283 291 Feb...................... 30’950 26,551 10,203 3^594 8,943 3,812 4,091 1 ,581 2'090 104 315 308 Mar..................... 30 J 07 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.................... 30’,794 26,419 11,963 3,408 7’082 3,967 4^055 1 ,582 2^048 88 337 320 June.................... 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 3^84 6,171 4,079 4,129 1 ,581 2.071 81 395 509 Sept..................... 31,350 26,586 12,924 3,437 6^111 4,114 4^203 1 ,641 2,116 78 368 56! Oct.7'................... 31 '780 27,032 13,328 3,365 6'328 4,011 4,1 96 1 '596 2,140 77 383 553 Nov.7'.................. 33,429 28^514 13,410 3,289 7^761 4^054 4,342 1 ,674 2,178 83 408 573 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. □ JANUARY 1969 10. ESTIMATED FOREIGN HOLDINGS OF MARKETABLE U.S. GOVERNMENT BONDS AND NOTES (End of period; in millions of dollars) 1967 1968 Area and country Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.” Nov.” Europe: Austria............................. 3 3 3 3 3 3 3 3 3 3 3 3 3 3 Denmark.......................... 13 12 12 12 12 12 12 11 11 11 11 11 11 1 1 France............................... 7 7 7 7 7 7 7 7 7 7 7 7 7 7 Germany.......................... 1 1 2 2 2 2 2 2 2 2 1 1 I I Italy................................... 2 9 9 9 6 6 6 6 6 6 6 6 6 6 Netherlands..................... 5 5 5 4 4 4 4 4 4 4 4 4 4 4 Norway............................ 51 51 51 51 49 49 49 46 46 46 27 27 27 27 Spain................................. 2 2 2 2 2 2 1 1 1 1 1 1 1 1 Sweden............................. 24 24 24 24 24 24 26 26 26 26 6 6 6 6 Switzerland,.................... 93 91 91 91 92 91 91 92 91 91 90 90 90 87 United Kingdom............ 348 371 380 390 415 423 431 427 432 445 455 449 444 446 Other Western Europe.... 49 51 51 51 51 38 38 39 38 38 38 38 38 38 Eastern Europe............... 7 7 7 7 7 7 7 7 7 7 6 6 6 6 Total 605 634 643 652 674 669 677 671 674 686 655 649 644 643 Canada 692 715 716 527 463 378 377 377 377 376 374 371 370 375 Latin America: Latin American republics.. 8 6 6 6 6 5 5 5 5 5 5 5 5 5 Other Latin America.......... 19 18 18 20 20 20 19 19 19 22 24 24 24 23 Total 25 24 24 25 26 25 24 25 25 27 29 28 28 28 Asia: Japan........ 9 9 9 9 9 9 9 10 10 10 10 10 10 10 Other Asia 42 54 54 54 54 54 54 54 54 54 52 63 63 63 Total 50 63 63 63 62 63 63 63 63 63 62 73 73 73 Africa 15 19 19 19 19 19 19 19 19 19 24 24 24 22 Other countries Total foreign countries. 1,388 1,455 1,466 1,287 1,245 1,153 1 ,161 1,156 1,159 1,173 1,145 1 ,146 1,140 1 ,142 International and regional: International................... 250 169 168 168 168 168 168 129 129 (22 122 37 29 29 Latin American regional... 75 35 35 36 36 36 36 37 37 38 38 38 38 39 Other regional................ 1 1 1 1 1 1 1 1 1 1 1 1 1 Total 325 204 204 204 205 205 205 166 167 160 160 76 68 68 Grand total 1 ,713 1,659 1,670 1,491 1,450 1,358 1 ,366 1,323 1,325 1 ,333 1,305 1,222 1 ,208 1 ,210 Note.—Data represent estimated official and private holdings of mar­ monthly reports of securities transactions (see Table 15 for total trans­ ketable U.S. Govt, securities with an original maturity of more than 1 actions). year, and are based on a July 31, 1963, survey of holdings and regular 11. NONMARKETABLE U.S. TREASURY BONDS AND NOTES ISSUED TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES (In millions of dollars or dollar equivalent) Payable in dollars Payable in foreign currencies End of period Total Bel­ Can­ Den­ Swe­ Tai­ Thai­ Aus- Bel­ Ger­ Total gium ada 1 mark Italy2 Korea den wan land Total gium many 3 Italy zerland B.LS. 1964 I ,440 354 329 25 I ,086 50 30 679 257 70 1965 I ,692 484 299 160 25 I ,208 101 30 602 125 257 93 1966 695 353 144 184 25 342 25 30 50 125 I967~Dcc. 1,563 314 177 25 I ,047 50 60 601 125 1968—Jan.. I ,484 312 173 25 I ,172 50 60 726 125 21 I Feb. 1 ,479 307 168 25 1,172 50 60 726 125 21 I Mar. 1,879 606 414 167 25 I ,272 50 60 726 125 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 31 1 June 2,506 1,108 12 914 10 147 25 I ,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 1 ,473 50 60 926 125 311 Sept. 2,865 1 ,392 12 I , 164 20 146 15 25 10 1 ,473 50 60 926 I 25 Oct.. 2,996 1 ,397 12 1,164 20 146 15 25 15 1 ,598 50 60 1,051 125 Nov. 2,969 1,370 12 1,134 20 146 15 25 18 I ,598 50 60 I ,051 125 Dec. 3,330 1,692 32 I ,334 20 146 15 25 20 100 1,638 50 1 ,051 226 311 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, nonmarketablc 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 banks in million, Nov. 1967 through Oct. 1968; and $84 million, Nov. 1968 through June 1968. latest date. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1969 □ 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................................................................................... J7.632 * * 1 1, , 2 2 0 0 1 8 ’5 6 9 69 3 2 2 , , 2 2 9 8 3 8 3 3 , , 3 3 4 5 3 8 1 1 3 39 9 6 6 7 7 1966 1.................................................................................... J7.819 1 1 ,366 620 2,489 3,135 147 62 (7,853 1 1,374 611 2,453 3,206 147 62 1967—Nov........................................................................... 8 346 * 1,224 550 2,603 3,791 107 71 Dec. 1...................................................................... J8J583 * 1,234 597 2,707 3,875 102 67 (8,606 1,238 597 2,707 3,894 102 67 1968—Jan............................................................................. 8,434 * 1 138 540 2,687 3,899 101 70 Feb............................................................................ 8 528 * 1 133 533 2’716 3,957 117 71 Mar............................................................................ 8 387 * 1 ,060 51 3 2'696 3,944 106 68 Apr............................................................................ 8 395 * t 101 496 2,696 3,932 105 65 May.......................................................................... 8,331 1 156 479 2,699 3,813 116 68 June.......................................................................... 8,244 1 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........................................................................... 8 323 ♦ 1,108 480 2’836 3,708 119 72 Oct.1’......................................................................... 8,427 I ,163 513 2,868 3,686 129 69 Nov.’1........................................................................ 8,545 * i ;2oi 503 2,887 3,759 121 74 12a. Europe Bel­ End of period Total A tr u ia s­ L b g u o iu x u e m rg m - 2 ­ D m e a n rk ­ l F a i n n d ­ France G Fe e d r o . m f R a e n p y . , Greece Italy N la e e n r t d ­ h s ­ N w o ay r­ t P u o g r a ­ l Spain S d w en e­ 1964................................ 1,230 11 48 26 84 81 152 10 114 36 43 23 40 49 1965 1............................. /l .201 8 52 37 87 72 190 13 110 38 51 26 50 52 (1,208 8 52 37 87 72 190 13 110 38 51 26 50 52 1966 1............................. Jl,366 16 67 62 91 73 215 16 108 40 76 41 67 74 (1,374 16 67 62 91 74 227 16 110 40 76 41 67 75 1967-—Nov..................... 1 ,224 10 63 48 83 82 174 18 69 49 57 14 53 67 Dec. 1. .............. JI,234 17 66 37 78 88 176 19 58 35 61 26 54 75 (1,238 1 6 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 5 5 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 7 I 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 50 108 15 77 35 45 16 50 57 Aug............... 1,007 13 49 32 66 51 114 15 71 33 47 16 46 54 Sept..................... 1 ,108 4 54 29 61 70 128 1 3 89 42 46 16 49 65 Oct.”.................. 1 ,163 5 42 33 90 145 12 96 42 44 14 41 67 Nov.”................. 1 ,201 6 48 36 62 84 175 12 98 34 45 15 49 62 12a. Europe—Continued 12b. Latin America End of period S l w a e n r it ­ d z­ T k u ey r­ U K d n i o n it m e g d ­ Y sl u a g v o ia ­ E W O u e r t s o h t p e er e r n 3 U.S.S.R, E E O a u s t r h o te e p r r e n Total A t r i g n e a n­ Brazil Chile l C o b m i o a ­ ­ Cuba M ic e o x­ 1964................................ 111 37 310 16 * 20 2 235 203 126 176 338 17 644 1965 i............................. /73 42 210 28 28 6 27 2^288 232 94 174 270 16 669 173 42 216 28 2J 6 27 2,293 232 94 174 270 16 674 1966 1............................. /83 52 210 19 37 2 16 2,489 193 114 159 308 16 767 (88 52 193 19 4J 2 16 2,453 187 112 158 305 16 757 1967—Nov.. ................. 110 23 232 19 34 * 19 2,603 208 136 175 227 16 910 Dec. i. .............. £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 1 82 193 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 ...........7..8.......... 28 241 15 12 I 23 2,814 206 347 174 195 14 971 Sept..................... 93 30 269 17 11 1 20 2,836 211 342 177 195 14 957 Oct.”.................. 87 27 300 17 1 2 19 2,868 228 348 181 201 14 937 Nov.”................. 109 27 285 17 14 1 21 2,887 233 333 181 202 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. □ JANUARY 1969 12. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 12b. Latin America—Continued 12c. Asia Other Baha­ Neth. Other E p n er d io o d f Panama Peru U gu r a u y ­ V z e u n el e a ­ re l L ic p . s A ub . ­ m B m u & e a d r s a ­ A S n na t u & i m l r l i e ­ s A L m a ic t a e in r ­ Total M C la h a n in i d n a ­ K H o o n n g g India I n n e d s o ia ­ Israel 1964................... 49 108 78 168 224 65 18 21 3,294 2 28 21 7 47 159 170 45 220 250 53 14 23 3; 343 I 29 17 2 86 1965 L........ 159 170 45 220 250 53 14 23 3,358 29 17 2 86 i yoo 1.......... J 1 8 85 4 2 2 1 1 1 2 4 45 5 2 2 2 2 6 0 2 26 7 1 2 6 6 1 1 1 1 8 8 1 1 7 6 3 3 , , 1 2 3 0 5 6 1 1 3 3 1 1 1 1 6 6 6 6 9 9 8 8 1967-Nov....... 55 248 46 211 288 54 10 20 3,791 2 29 11 6 58 J47 249 42 226 289 63 10 18 3,875 1 28 10 5 57 I47 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. . .. 50 198 56 220 277 108 14 16 3,708 29 19 26 56 Oct.”... 57 195 61 211 269 130 19 15 3,686 1 28 17 20 55 Nov.1'... 52 204 57 215 281 142 18 17 3,759 1 29 15 19 56 12c. Asia—Continued 12d, Africa 12c. 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 ia er Total C s ( h K o a n i s n g a o ­ ) Mo c r o oc­ A S f o r u ic th a U (E . g A y . p R t) . A O fr th ic e a r Total A t l r i u a a s ­ ­ o A th ll e r 1964......................... 2,810 21 203 9 65 82 131 1 2 20 42 67 64 48 16 12,751 22 231 15 82 108 139 1 2 34 43 60 67 52 15 19651 ....................... 12,768 22 230 15 82 107 139 1 2 34 43 60 67 52 15 12,502 31 220 14 81 134 147 1 2 50 25 69 62 52 10 19661....................... \2,572 31 220 15 81 135 147 1 2 50 25 69 62 52 10 (967—Nov.............. 3.062 46 326 31 90 131 107 1 2 37 14 54 71 58 13 P J47 59 295 37 100 137 102 1 2 37 11 52 67 54 13 Dec.1.......... \3,154 59 303 37 100 138 102 1 2 37 11 52 67 54 13 1968—Jan............... 3,181 48 298 41 106 127 101 1 2 37 12 49 70 58 13 Feb............... 3,213 52 313 44 107 129 117 1 3 39 11 64 71 59 12 Mar.............. 3,213 54 313 44 92 130 106 1 2 37 11 55 68 55 13 Apr.............. 3,223 54 291 42 91 128 105 2 3 39 14 46 65 53 12 May. . 3'105 51 290 41 93 127 116 4 5 40 16 51 68 54 14 June............. 3,048 53 293 38 90 125 120 4 7 40 15 53 63 51 12 July.............. 2,986 48 319 40 88 129 124 5 7 41 14 57 64 51 14 3,007 51 291 40 95 130 120 3 4 42 13 58 70 57 14 Sept.............. 2^966 59 300 36 93 123 119 2 3 44 12 59 72 57 15 Oct.*....... 2,974 68 248 38 95 142 129 5 3 45 9 67 69 56 13 Nov.7’.......... 3^057 67 241 39 93 142 121 2 3 40 8 67 74 58 15 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

JANUARY 1969 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 81 13. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Payable in dollars Payable in foreign currencies Loans to— Accept­ Foreign End of period Total Collec­ ances govt, se­ tions made Deposits curities, Total Official out­ for acct, Other Total with for­ coml. Other Total institu­ Banks Others stand­ of for­ eigners and fi­ tions! ing eigners nance paper 1964............................... 7,957 7,333 2,773 221 1 ,403 1 ,150 1.135 2,621 803 624 336 187 102 1965 2............................ J7.632 7,158 2,967 271 1,566 1 (130 1,268 2,501 422 474 325 54 95 17,734 7.243 2,970 271 1,567 1.132 1.272 2,508 492 492 329 68 96 1966 2............................. J7.819 7,399 3,138 256 1,739 1,143 1,367 2,450 443 420 240 70 110 U.853 7,433 3,141 256 1 ,739 1,145 1 ,288 2,540 464 420 241 70 110 1967—Nov.................... 8,346 7,936 3,019 264 1,566 1,190 1 508 2,942 467 410 269 71 70 18,583 8,158 3 J 37 306 I (603 1 (228 1 ,511 3(013 498 425 287 74 63 (8,606 8,182 3,150 306 1 ,616 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..................... 8*528 8,162 3,152 305 1 ,650 1 198 1 ’628 2,978 403 366 254 55 57 Mar.................... 8 387 8,062 3(031 308 1 ,525 1 ,198 1 ,630 2,991 410 325 219 50 56 Apr.................... 8 395 8^048 3,022 280 1 (561 1 ,180 1 ,612 3(016 399 347 240 50 57 May................... 8,331 8,010 3(076 270 1 (619 1 (187 1 ,610 2(886 438 321 220 48 53 June................... 8’244 7 919 3',O41 288 1 ,604 1 149 1 615 2’,796 467 325 228 43 55 July.................... 8 182 7 843 3 (004 287 1 ,569 1 ,148 1 ,586 2,787 467 338 230 51 57 Aug................ 8,232 7,906 3(024 300 1,573 1,152 1 (606 2(824 452 326 225 46 55 Sept.................... 8’323 7'977 3(197 302 1 ,731 1 (163 1 (621 2(745 415 346 250 36 60 Oct.P.................. 8’427 8 (029 3(151 267 1 (705 1 (179 1 (657 2(773 448 398 306 38 54 Nov.’*................. 8,545 8,149 3(219 220 1 (811 1 ,188 1 ,697 2(747 486 396 277 63 55 1 Includes central banks. _ with those shown for the preceding date; figures on the second line are 2 Data on the two lines shown for this date differ because of changes in comparable with those shown for the following date, reporting coverage. Figures on the first line are comparable in coverage 14. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES (Amounts outstanding; in millions of dollars) Liabilities Claims Type Country or area End of period Inter­ Total F c o t o r r i u e e i n s g ­ n n re a g a ti i n o o d n n a a l l Total P L a o y a a n b s le in do A ll l a l rs P fo a c r y i e u n a i r g b ­ l n e U K d n i o n it m e g d ­ E O u t r h o e p r e Canada Am La e t r i i n c a Japan O A t s h i e a r t O c r o ie th u s e n r ­ 1 other rencies 1964................ 310 204 106 4,285 3,995 288 1 87 1,632 327 1,275 430 255 278 1965................ 513 203 311 4,517 4,211 297 9 86 1,506 358 1,296 445 391 436 1966................ 1,494 988 506 4(180 3(915 247 18 70 1(143 326 1 (346 326 409 562 1967—Nov.... 2,357 1 ,697 660 3,975 3,691 267 17 51 825 391 1,555 193 416 545 Dec.... 2,517 1,828 689 3,925 3,635 274 15 56 720 427 1,556 180 449 537 1968—Jan.. .. 2,518 1 ,835 683 3,914 3,593 308 12 57 708 430 1,519 176 491 533 Feb.... 2,542 1 ,862 679 3,859 3,535 314 10 55 684 414 1 ,477 175 515 539 Mar.... 2,583 1 ,949 634 3,785 3,462 312 11 54 671 415 1,441 172 522 509 Apr.... 2,627 2,002 625 3,849 3,509 330 11 65 661 435 1,450 162 553 523 May... 2,725 2,045 680 3,791 3,432 348 1 1 65 632 429 1 ,442 151 553 518 June... 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.... 2,889 2,259 630 3,571 3,215 345 12 71 506 418 1 ,384 136 558 498 Oct.?.. 2,955 2,303 652 3,645 3,284 347 13 71 495 416 1 ,417 132 620 493 Nov?’., 2,996 2,297 699 3,615 3,250 351 14 69 497 420 1 ,385 128 624 493 1 Includes Africa. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 82 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ JANUARY 1969 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 piirchases or sales Period Pur­ Net pur­ Pur­ Net pur­ Pur­ Net pur­ Inti, Foreign chases Sales chases or chases Sales chases or chases Sales chases or Total and sales sales sales regional Total Official Other 1964, -338 -315 -23 -59 36 3,537 3,710 -173 915 1 ,843 -928 748 548 200 1965, -76 -151 75 -20 95 4,395 4,770 -375 1,198 2,440 -1,242 906 617 290 1966, -616 -427 -189 -245 56 6,318 5,616 703 1 ,778 2,692 -914 960 731 229 1967, -43 -121 78 45 33 10,275 9,205 1 ,070 2,024 3,187 -1 ,163 880 1 ,037 -157 1967—Nov. -20 -4 -16 -3 -14 883 922 -39 112 142 -30 75 89 -14 Dec. 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... 8 * 8 8 1,325 1,004 321 161 370 -209 73 79 -6 May.. -44 -39 -5 -3 -2 1,811 1,336 475 305 185 120 87 110 -22 June.. 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.. -83 -85 2 11 -9 1 ,210 901 310 116 225 -110 97 201 -104 Oct.”. -14 -8 -6 -6 1 ,807 1 ,450 357 446 687 -241 216 154 62 Nov.” 2 * 1 -2 3 1 ,562 1 ,265 297 170 361 -191 146 155 -9 1 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 -452 229 385 305 115 79 34 17 136 1967—Nov... -39 139 -178 9 55 -221 37 -120 49 8 11 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... 292 261 31 10 45 7 268 330 29 -13 5 1 -59 Apr... 321 Til 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 17 60 289 62 8 20 1 -I Aug... 298 75 222 32 68 50 126 276 8 -4 8 -1 * 10 Sept... 310 149 161 31 57 19 85 191 30 4 16 -1 69 Oct.». 357 204 153 14 127 11 60 212 25 12 -9 * 3 115 Nov.”. 297 282 16 57 117 22 36 233 34 11 17 * -3 6 Note.—Statistics include State and local govt, securities, and securities of U.S. Govt, agencies and corporations that are not guaranteed by the United States. Also includes issues of new debt securities sold abroad by U.S. corporations organized to finance direct investments abroad. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1969 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 83 17. NET PURCHASES OR SALES BY FOREIGNERS OF 18. DEPOSITS, U.S. GOVT. SECURITIES, LONG TERM FOREIGN SECURITIES, BY AREA AND GOLD HELD AT F.R. BANKS FOR FOREIGNERS (In millions of dollars) (In millions of dollars) Period Total g I a i r n o n e t n d ­ i, a l c T e t f o r o o i i g u e t r a n n s ­ l ­ r E op u e ­ C a a d n a ­ A L i a m c t a e in r­ Asia r A ic f a ­ O c t o r t i h u e e n s r ­ E pe nd ri o o d f Deposits U.S A . s G s o e v ts t , i n 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 1 1 9 9 6 6 6 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - - 6 1, 8 32 5 0 - - 3 17 9 1 3 - - 5 9 1 2 4 7 214 3 - - 7 7 2 6 6 8 - 3 9 8 -1 - 5 7 2 -2 1 0 6 -2 -2 7 1966...... 1 .. 9 .. 6 ... 5 . ...............1 1 5 7 0 4 7 8 , , 0 2 3 7 6 2 1 1 2 2 . , 8 9 9 4 6 6 1967-—N De o c v .. . . . .. . . . .. . . -2 -4 03 4 -3 -4 7 -2 - 0 7 0 -6 -4 2 -125 6 2 - - 1 11 4 * 2 * 1967—Dec... 135 9,223 13,253 1968—Jan.... 160 8,861 13,201 1968—Jan.......... -206 64 -142 3 -132 -1 -12 -1 I Feb... 192 8,922 13,232 Feb......... -115 10 -125 49 -112 -54 -3 -5 Mar... 197 8,418 13,466 Mar........ -126 -33 -92 -28 -9 -40 14 -31 2 Apr.,. 140 8,763 13,614 Apr...... -215 -54 -161 6 -159 -8 -2 2 May.. 422 8,328 13,645 May........ 97 137 -40 -13 -37 -6 18 -4 1 June.. 153 7,676 13,232 June....... -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 A Se u p g t . . . . . . . . . . . . . . . . . - - 1 2 7 1 2 4 - — 1 1 3 8 - - 1 19 5 5 9 - - 5 6 8 9 - -6 9 1 2 -4 -2 4 -2 -8 1 -1 * 2 S O e c p t. t . . . . . . 1 1 9 0 2 0 7 7, ,7 95 77 6 1 13 3 , , 1 1 5 8 1 7 Oct.”.... -179 -218 39 79 -55 6 -7 16 Nov... 220 9,673 13,059 Nov,p. . . -200 -58 -142 40 -101 -60 -26 3 2 Dec... 216 9,120 1 3,066 1 U.S. Treasury bills, certificates of indebtedness, notes, and bonds; includes securities payable in foreign currencies. Note.—Excludes deposits and U.S. Govt, securities held for international organizations. Earmarked gold is gold held for foreign and international accounts and is not included in the gold stock of the United States. 19. LIABILITIES OF U.S. BANKS TO THEIR FOREIGN BRANCHES (In millions of dollars) Wednesday Amount Wednesday Amount Wednesday Amount Wednesday Amount 1964 1966 1967 1968 Jan. 29................. 1,040 Apr. 27............................. 1 ,909 4,320 6,053 Feb. 26............................ 1 ,077 May 25............................. 2,003 8............................. 4,560 12............................. 6,285 Mar. 25............................ 1 ,046 June 29............................. 1 ,951 15............................. 4,623 19............................. 6,203 22............................. 4,864 26............................. 6,241 J A M u p a n r e y . 2 2 2 4 7 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 , , 1 9 1 3 1 4 2 7 6 S J A u e u p l g y t , . 2 2 3 8 7 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 3 , , , 7 4 1 8 7 3 6 2 4 2 1 3 9............................. 4 4 4 , , , 2 4 6 0 8 3 6 0 4 July 1 3 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 6 , , 9 8 5 1 9 6 J A u u ly g . 2 2 6 9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 , , 0 1 0 6 8 6 Oct. 26............................. 3,671 2 2 0 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 , , 2 3 4 6 1 5 2 1 3 4 7 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 6 6 , , , 6 1 6 8 8 7 1 3 8 Sept. 30............................ 1,166 Nov. 30............................ 3,786 Dec. 28................ 4,036 1968 Oct. 28............................ 1 ,198 6,688 N De o c v . . 2 3 5 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 , , 1 3 8 8 3 0 1967 Jan. 3 3 . 1 .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 , , 1 0 5 9 7 2 “ 2 1 1 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 6, , 9 8 6 3 7 6 10............................. 4,289 28............................ 7,025 Jan. 27.... 1 .. 9 .. 6 .. 5 .................. 1 ,358 J F M a e a n b . r . . 2 2 2 2 5 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 3 , , , 6 3 4 5 1 9 3 2 6 2 3 1 1 4 7 . . .... . . 4 4 4 , , , 3 5 2 6 5 1 9 7 6 ‘ 11............................. 7 6 , , 3 9 7 8 3 4 Feb. 24............................ 1 ,592 Feb. 7............................. 4,352 18............................. 7,599 Mar. 31............................ 1 ,431 Apr. 26............................. 3,047 14............................ 4,474 181........................... 7,610 May 31............................. 2,776 21............................. 4,739 25............................. 7,131 1,433 June 28............................. 3,166 28............................. 4,530 M Ju a n y e 2 30 6 ... . .. . . . .. . .. . .. . . . .. . .. . .. . . . .. . .. . .. . .. . 1 1 , , 4 43 3 2 6 July 26............................. 3,660 4,513 Oct. 2........................... 9 .. ......... 6 6.., , .8 9 ..8 1 ..7 4 ... .......... 13............................. 4,805 16............................. 7,240 July 28............................ 1,572 20............................. 4,430 23............................ 7,504 Aug. 25............................ 1,792 Aug. 30............................. 3,976 27............................. 4,920 30............................. 7,080 Sept. 29............................. J ,611 O N De o c c t v . . . 2 2 2 7 4 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 , , , 7 6 3 1 9 4 9 7 5 Sept. 2 2 1 6 0 7 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 3 4 , , , , 8 8 9 0 4 4 3 5 8 0 0 9 Ap ‘ r. 1 2 1 3 0 7 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 4 4 4 , , , , 0 7 8 6 6 4 2 0 8 5 0 6 2 2 1 0 3 7 ... . . . ......................... '7 7 7 6 , , , , 2 9 1 3 6 7 8 8 1 0 8 3 1966 4,784 Oct. 4............................. 4,047 8............................. 5,235 6,960 Jan. 26............................. 1,688 11............................. 4,293 15.................. 5,426 11............................. 7,439 Feb. 23............................. 1 ,902 18............................. 4,235 22....................... 5,968 18............................. 7,290 Mar. 30............................. 1 ,879 25............................. 4,322 29....................... 5,888 25 . . 6,976 1 Break in series; sec 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. □ JANUARY 1969 20. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (End of period; in millions of dollars) Liabilities to foreigners Claims on foreigners Area and country 1967 1968 1967 1968 Sept. Dec. Dec.1 Mar. June^ Sept, Dec. DeeJ 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 99 111 111 128 136 Germany, Fed, Rep. of.......................... 94 92 92 108 127 111 134 134 128 127 Greece....................................................... 3 8 11 12 15 20 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 Spain......................................................... 35 31 31 34 50 77 90 90 88 72 Sweden...................................................... 24 24 24 17 24 20 24 24 26 26 Switzerland............................................... 84 86 86 63 70 24 29 29 31 33 Turkey....................................................... 2 3 3 3 3 7 9 9 9 9 United Kingdom..................................... 312 306 306 251 270 542 690 774 I ,095 1 ,482 Yugoslavia................................................ 1 3 4 4 6 6 Other Western Europe2......................... 3 4 4 4 6 13 14 14 12 13 Eastern Europe........................................ 1 I 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 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 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 1 1 2 2 7 10 10 9 8 Total.................................................. 122 121 124 120 133 471 490 492 491 476 Asia: Hong Kong.............................................. 4 5 5 4 4 11 8 8 7 10 India.......................................................... 12 12 12 13 14 39 43 42 42 37 Indonesia.................................................. 5 4 4 4 5 3 3 4 6 6 Israel......................................................... 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 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 1 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 AH 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

JANUARY 1969 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 85 21. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS, BY TYPE (In millions of dollars) Liabilities Claims Payable in foreign currencies End of period Payable Payable Payable Total in for i e n i gn Total in Deposits with dollars currencies dollars 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. i..................................................................................... 810 600 210 2,299 i l9ii 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,1..................................................................................... 1 ,378 1 '035 343 3 002 2’585 201 216 1968—Mar..................................................................................... 1,328 969 359 3,363 2,930 209 224 June?..................................................................................... 1,442 1 ,031 411 3,798 3,344 209 245 1 Data differ from that shown for Dec. in line above because of changes in reporting coverage. 22. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (In millions of dollars) Claims Country or area End of period . Total liabilities Total K U in n g i d te o d m E O u t r h o e p r e Canada Brazil Mexico O La th t e in r Japan O A t s h i e a r Africa o A th l e l r America 1964—Dec.......................... 107 1 081 56 116 190 215 73 137 89 98 91 15 1965—Mar......................... 115 1 075 35 121 203 220 74 137 81 96 91 18 June,...................... 110 1 ’081 31 118 208 221 70 144 85 96 91 17 Sept......................... 120 1 101 31 116 230 217 74 138 89 96 91 18 Dec.......................... 136 1 169 31 112 233 209 69 196 98 114 89 17 Dec. 1...................... 147 1,139 31 112 236 209 65 198 98 87 85 18 1966—Mar......................... 176 1 156 27 124 239 208 61 206 98 87 87 19 June.................. 188 1 207 27 167 251 205 61 217 90 90 86 14 Sept......................... 249 1,235 23 174 267 202 64 207 102 91 90 14 Dec.......................... 329 1 256 27 198 272 203 56 212 95 93 87 13 1967—Mar......................... 454 1 324 31 232 283 203 58 210 108 98 84 17 June........................ 430 1 488 27 257 303 214 88 290 110 98 85 15 Sept......................... 41 5 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 d JANUARY 1969 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) Esti­ Inti. Esti­ E p n er d i o o d f m to a t t a e l d M ta o r n y e ­ U S n ta it te e s d r m es a t t e o d f A i f s g t h a a n n­ A t r i g n e a n­ t A ra u l s ia ­ A tr u ia s­ g B iu e m l­ Brazil Burma Canada Chile world1 Fund world 1961 ........................... 41,120 2,077 16,947 22,095 36 190 162 303 1,248 285 946 48 1962. 41,475 2,194 16,057 23,225 36 61 190 454 1,365 225 42 708 43 1961. 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 J85 2,652 13,235 27,300 35 84 224 701 1 ;525 45 84 1,046 45 1967-—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 1 ,418 45 84 976 45 Apr................. 2,727 10,547 r31 84 232 701 1 '450 45 84 976 45 May............... 2,735 10’468 '31 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 >>27,670 31 104 258 714 1 ,524 45 84 863 45 Oct................. 2,299 10,788 31 109 258 714 1 ,522 45 84 863 45 Nov?'............ 2,286 10,897 31 257 714 1 ’,522 45 84 863 45 Ger­ E p n er d io 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- 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 2^00 338 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 5^35 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 4,456 140 243 158 193 82 46 2,784 355 Oct................. 32 113 45 4,136 4,456 140 243 158 '193 79 46 2,784 355 Nov.7’............. 31 113 45 3,876 4,538 145 243 158 193 46 2,846 356 E pe n r d io o d f Kuwait a L n e o b n ­ Libya Ma si l a ay­ M c e o xi­ Mo c r o oc­ N la e n th d e s r­ N w o ay r­ P s a ta k n i­ Peru P pi h n i e li s p­ Po g r a t l u­ A S r a a u b d ia i 1961 43 140 112 29 1,581 30 53 47 27 443 65 1962 49 172 3 3 95 29 1,581 30 53 47 41 471 78 1963 48 172 7 8 139 29 1 ,601 31 53 57 28 497 78 1964. 48 183 17 7 169 34 1 ,688 31 53 67 23 523 78 1965 52 182 68 2 158 21 1,756 31 53 67 38 576 73 1966. 67 193 68 1 109 21 1,730 18 53 65 44 643 69 1967-—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................ 122 288 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 66 165 21 1 ,697 24 54 20 62 853 119 Oct.. 112 288 85 21 1,697 24 54 20 59 853 119 Nov.’’............. 122 288 85 21 1 ,697 24 54 .............6.5 856 119 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

JANUARY 1969 □ GOLD RESERVES AND PRODUCTION A 87 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued (In millions of dollars) Bank E p n e d ri o o d f A So fr u ic th a Spain Sweden Sw la i n tz d er­ Taiwan T la h n a d i­ Turkey ( U E . g A y . p R t) . U K d n i o n it m e g d ­ U gu r a u y ­ V zu e e n l e a ­ Y sl u a g vi o a ­ S I e f n o t t t r i l . e ­ ments 4 1961............................... 298 316 180 2,560 43 104 139 174 2,268 180 401 6 115 1962............................... 499 446 181 2,667 43 104 140 174 2,582 180 401 4 -50 1963............................... 630 573 182 2,820 50 104 115 174 2,484 171 401 14 -279 1964............................... 574 616 189 2,725 55 104 104 139 2,136 171 401 17 -50 1965............................... 425 810 202 3,042 55 96 116 139 2,265 155 401 19 -558 1966................................ 637 785 203 2,842 62 92 102 93 1,940 146 401 21 -424 1967—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 33 -269 Sept.................... 1 ,069 785 225 2,628 81 92 97 93 i ,486 134 403 38 -265 Oct...................... 1,145 785 225 2,626 81 92 97 93 403 44 -274 Nov.?’................. 1,199 785 225 2,626 92 97 93 403 44 -260 i Includes reported or estimated gold holdings of international and some member countries in anticipation of increase in Fund quotas, except regional organizations, central banks and govts, of countries listed in those matched by gold mitigation deposits with the United States and this table and also of a number not shown separately here, and gold to be United Kingdom; adjustment is $270 million. distributed by the Tripartite Commission for the Restitution of Monetary 3 Excludes gold subscription payments made by some member countries Gold; excludes holdings of the U.S.S.R., other Eastern European coun­ in anticipation of increase in Fund quotas; for most of these countries tries, and China Mainland. the increased quotas became effective in Feb. 1966. The figures included for the Bank for International Settlements are 4 Net gold assets of BIS, i.e., gold in bars and coins and other gold the Bank’s gold assets net of gold deposit liabilities. This procedure assets minus gold deposit liabilities. avoids the overstatement of total world gold reserves since most of the gold deposited with the BIS is included in the gold reserves of individual Note.—For back figures and description of the data in this and the countries. following tables on gold (except production), see “Gold,** Section 14 of 2 Adjusted to include gold subscription payments to the IMF made by Supplement to Banking and Monetary Statistics, 1962. GOLD PRODUCTION (In millions of dollars at $35 per fine troy ounce) Africa North and South America Asia Other World Period p t r i o o d n u c J ­ A S f o r u ic th a d R e h s o ia ­ Ghana C s ( h K o a n i s n g a ­ o ) U S n ta i t t e e s d C a a d n a ­ M ic e o x­ r N a i g c u a a ­ Co b l i o a m­ India P p h in il e ip s ­ t A ra u l s ia ­ ot A h l e l r 1960............................... 1,175.0 748.4 19.6 30.8 11.1 58.8 162.0 10.5 7.0 15.2 5.6 14.4 38.0 53.6 1961............................... 1i2I5.0 803.0 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............................... 1 310.0 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—Oct.................... 84.1 2.3 8.6 .5 .7 2.7 Nov................... 90.0 2.3 8.2 .7 .8 2.5 2.4 Dec.................... 88.5 2.2 8.7 .4 .6 .3 •M.6 2.2 90.3 2.1 7.7 .6 .9 .3 2.0 Feb.................... 90.0 2.2 7.7 .5 .7 .3 2.0 Mar................... 91.8 2.1 8.3 .4 .7 2.8 Apr.................... 91 .8 8.2 .7 2.5 May.................. 93.1 8.4 .7 91.5 7.5 .6 July................... 90.5 7.4 .8 91.5 7.7 .6 Sept................... 93.7 8.3 .6 Oct.................... 92.4 1 Estimated; excludes U.S.S.R., other Eastern European countries, Note.—Estimated world production based on report of the U.S. China Mainland, and North Korea. Bureau of Mines. Country data based on reports from individual 2 Data for Oct.-Nov. countries and Bureau of Mines. Data for the United States are from 3 Quarterly data. the Bureau of the Mint. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 88 MONEY RATES □ JANUARY 1969 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Changes during the last 12 months Rate as of Dec. 31, 1967 Rate as of Country 1968 Dec. 31, 1968 Per Month cent effective Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Argentina . 6.0 Dec. 1957 6.0 Austria , 3.75 Oct. 1967 3.75 Belgium 4.00 Oct. 1967 3.75 4.5 4.5 Brazil.......... 12.0 Jan., 1965 12.0 Burma... . 4.0 Feb. 1962 4.0 Canada 1 6.0 Nov. 1967 7.0 7.5 26.5 6.0 6.5 6.5 Ceylon............ 5.0 May 1965 5.5 5.5 Chile 3 15.84 July 1966 16.61 16.61 Colombia.. . 8.0 May 1963 8.0 Costa Rica...................... 3.0 Apr. 1939 3.0 Denmark . 7.5 Dec. 1967 7.0 6.5 6.0 6.0 Ecuador. . 5.0 Nov. 1956 5.0 RI Salvador .. . 4.0 Aug. 1964 4.0 Finland. . 7.0 Apr. 1962 7.0 France.................... 3.5 Apr. 1965 5.0 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 Tran........................ 5.0 Aug. 1966 7.0 7.0 Ireland................. 7.78 Dec. 1967 7.69 7.62 7.39 7.38 7.31 7.44 7.25 6.86 6.81 7.0 7.0 Israel................. 6.0 Feb. 1955 6.0 I taly................................... 3.5 June 1958 3.5 Jamaica.......... . . . 6.0 Nov. 1967 5.0 5.0 Japan 5.84 Sept. 1967 6.21 5.84 5.84 Korea... . 28.0 Dec. 1965 28.0 Mexico...................... 4.5 June 1942 4.5 Netherlands...................... 4.5 Mar. 1967 5.0 5.0 New 7.ealand 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.................... . 6.0 Dec. 1967 5.5 5.0 5.0 Switzerland........................ 3.0 July 1967 3.0 Taiwan 3................... 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 18 per cent 2 Effective July 2 the rate was 7.0 per cent. for rediscounts in excess of an individual bank’s quota; 3 Beginning with Apr, 1, 1959, new rediscounts have been granted at Costa Rica—5 per cent for paper related to commercial transactions the average rate charged by banks in the previous half year. Old redis­ (rate shown is for agricultural and industrial paper); counts remain subject to old rates provided their amount is reduced by Ecuador—6 per cent for bank acceptances for commercial purposes; one-eighth each month beginning with May 1, 1959, but the rates are /jo'one^/a—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

JANUARY 1969 □ MONEY RATES; ARBITRAGE A 89 OPEN MARKET RATES (Per cent per annum) Canada United Kingdom France Germany, Netherlands Switzer­ Fed. Rep. of land Month 3 T m re b o a il n l s s t u h , r s y 1 D m a d o y a n - y e t o y2 ­ 3 B a a a m c n n c o c k e e n e p s t r t h , ­ s s ’ T 3 r m e b a i o ll s n s u t , h ry s D m a d o y a n - y e t o y ­ a B d llo a e w n p o k o a n e s n i r c t s s e ’ D m a o d y n a - e y t y o ­ 3 Tr 6 d b e a 0 a il y - l s 9 s s u 0 4 , r y D m a o d y n a - e y t y o ­ 3 T 3 r m e b a i o ll s n s u t , h ry s D m a d o y a n - y e t o y ­ d P is r r c i a v o t a e u te n t 1965—Dec.............. 4.45 4.03 5.91 5.48 4.79 4.00 4.48 3.88 4.67 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—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 7.08 2.75 3.18 4.47 4.15 3.75 Nov............. 5.64 4.73 7.03 6.67 5.92 5.00 2,75 1.55 4.50 4.86 3.75 1 Based on average yield of weekly tenders during month. 5 Monthly averages based on daily quotations. 2 3 B R a a s t e e d s o ho n w w n e i e s k o ly n a p v r e iv ra a g t e e s s o ec f u d r a it i i l e y s . closing rates. Se N ct o io t n e .— 15 F o o f r S d u e p s p c l r e i m pt e io n n t a to n d B a b n a k c in k g d a a n ta d , M se o e n e “ ta In ry te r S n t a at t i i s o t n ic a s l , 1 F 9 in 6 a 2. nce,” * Rate in effect at end of month. ARBITRAGE ON TREASURY BILLS (Per cent per annum) United States and United Kingdom United States and Canada Treasury bill rates Treasury bill rates Date K ( U i a n U n d g . i j d S t . e o . t d o m U S n ta it te e s d S (f p a o re v f a o d r P d f ( ( o p r is + - e r o c w ) m u ) o a n i o u o u d r n n m d r t i L n o ( c f N n a e o d n v e f o t o t i v r n e ) qu A o s te d C anada A U d . j S . . t o U S n ta i t t e e s d S (f p a o r v e f o a d r C ( d f ( + P o a is - r n r ) c w e ) a o m o a d u o r i r i a n n u d n t m i . C n ( c a f N a e n o n v a e f o t d t i . v r a e ) qu b o a t s a i t s i ) on London) Can in a da qu b o a ta si t s ion Canada) dollars 1968 Aug. 2............... 6.90 4.86 2.04 -2.04 .00 5.99 5.82 4.86 F.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 -M3 -.63 -.50 Nov. 1.............. 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 Dec. 6............... 6.69 5.62 1.07 -4.80 -3.73 5.70 5.54 5.62 -.08 -.30 -.38 13............... 6.63 5.88 .77 -5,06 -4.29 5.79 5.63 5.86 -.23 -.41 -.64 20............... 6.63 6.08 .55 -4.13 -3.58 6.14 5.96 6.08 -.12 -.43 -.55 27............... 6.63 6.15 .48 -3.79 -3.31 6.24 6.06 6,15 -.09 -.45 -.54 1969 Jan. 3............... 6.63 6.11 .52 -3.29 -2.77 6.33 6.15 6.11 + .04 -.24 -.20 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 arc 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 oh 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 □ JANUARY 1969 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) 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 iIH.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 14.325 229.553 1968. .28473 .................1..11.25 3.8675 2.0026 92.801 16.678 13.362 23.761 1967--Dec...................................................... .28449 ................... 111.85 3.8696 2.0138 92.559 16.660 13.404 23.716 1968--Jan....................................................... .28465 111.98 3.8648 2.0123 92.181 16.688 13,409 23.745 Feb...................................................... .28469 111.98 3.8645 2.0142 91.962 16.688 13.412 23.763 Mar..................................................... .28468 MU .54 3.8635 2.0136 92.171 16.688 13.419 23.763 Apr...................................................... .28469 111.64 3.8655 2.0105 92.568 16.688 13.413 23.763 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 110.89 3.8664 M.9927 93.177 16,675 M3.308 523,757 Dec...................................................... .28500 .................1..10.82 3,8681 1.9935 93.177 16.678 13.340 23.763 Period F (f r r a a n n c c e ) G (d m e cu r a m ts rk a c ) h n e y (r In up d e ia e ) ( I p re o l u a n n d d ) ( I l t i a ra ly ) J ( a ye p n an ) ( M do a si l l a l a a y r ­ ) M (p e e x s i o c ) o ( e g N r u la e il n d th d e ­ s r) 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 25.007 616.596 279.30 .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 1968. ............................................................. 20.191 25.048 13.269 239.35 .16042 .27735 32.591 8.0056 27.626 1967--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 3239.97 .16023 .27620 32.630 8.0056 27.728 Apr...................................................... 20.290 25.093 13.318 240,18 .16011 .27603 32.654 8.0056 27.632 May.................................................... 20.212 25.119 13.268 238.92 .16059 .27604 32.556 8,0056 27.635 June.................................................... 20.107 25.032 13.228 238.46 .16048 .27636 32.509 8,0056 27.620 July..................................................... 20.107 24.945 13.240 239.00 .16068 .27740 32.551 8.0056 27.611 Aug..................................................... 20.105 24.919 13.241 239,11 .16090 .27803 32.540 8,0056 27.566 Sept..................................................... 20,106 25.166 13.233 238.74 ,16069 .27839 32.518 8,0056 27.504 Oct...................................................... 20.104 25.120 13.241 238.97 .16055 .27890 32.551 8.0056 27.484 Nov..................................................... 520.121 725.153 1.3,230 238.58 4.16037 .27925 32.538 8.0056 527.556 Dee...................................................... 20.199 25.032 13,234 238.42 .16026 .27940 32.614 8,0056 27.710 Period (pou N n e d w ) Zea ( la d n o d llar) N (k o ro rw n a e y ) (e P s o g c r a u t l d u o ­ ) A ( S ra o fr u n ic t d h a ) (p S e p s a e i t n a) S (k w ro ed n e a n ) ( e S fr r a w la n i n t c z d ) ­ ( U p K d o n i o n u it m n e g d d - ) 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 #131.97 13.985 3.4784 139.09 1.6383 19.373 23.104 275.04 1968. 111.37 14.000 3.4864 139.10 1.4272 19.349 23.169 239.45 1967--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 I.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..................................................... MH. 66 14.005 3.4854 M39.46 1.4264 19,345 23.085 3239.97 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 J unc.................................................... 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..................................................... I I 1.01 M3.999 53.4855 138.65 M.4281 719.323 23.256 238.58 Dec...................................................... 110.93 14.000 3.4886 138,56 1.4279 19.323 23,259 238.42 * Effective Feb. 14, 1966, Australia adopted the decimal currency » Effective July 10, 1967, New Zealand adopted the decimal currency system. The new unit, the dollar, replaces the pound and consists of 100 system. The new unit, the dollar, replaces the pound and consists of 100 cents, equivalent to 10 shillings or one-half the former pound. cents, equivalent to 10 shillings or one-half the former pound. 2 Effective Oct. 12, 1967, the Finnish markka was devalued from 3.2 to 4.2 markkaa per U.S. dollar. Nott.—After the devaluation of the pound sterling on Nov. 18, 1967, J Quotations not available Mar. 15, 1968. the following countries devalued their currency in relation to the U.S, 4 Quotations not available "Nov. 20, 1968. dollar: Ceylon, Denmark, Ireland, New Zealand, and Spain. 5 Quotations not available Nov. 20-22, 1968, Averages of certified noon buying rates in New York for cable transfers. 6 Effective June 6, 1966, the Indian rupee was devalued from 4.76 to For description of rates and back data, see “International Finance,” 7.5 rupees per U.S. dollar. Section 15 oi' Supplement to Banking and Monetary Statistics, 1962. 7 Quotations not available Nov. 20-21, 1968. 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 Robert F. Sanders, Assistant General Counsel Pauline B. Heller, Adviser Brenton C. Leavitt, Deputy Director Frederick R. Dahl, Assistant Director DIVISION OF RESEARCH AND STATISTICS Jack M. Egertson, Assistant Director Daniel H. Brill, Director Janet O. Hart, Assistant Director J. Charles Partee, Associate Director John N. Lyon, Assistant Director Stephen H. Axilrod, Adviser Thomas A. Sidman, Assistant Director Lyle E. Gramley, Adviser Tynan Smith, Acting Assistant Director Stanley J. Sigel, Adviser Tynan Smith, Adviser DIVISION OF PERSONNEL ADMINISTRATION Kenneth B. Williams, Adviser Edwin J. Johnson, Director Murray S. Wernick, Associate Adviser John J. Hart, Assistant Director James B. Eckert, Assistant Adviser Peter M. Keir, Assistant Adviser DIVISION OF ADMINISTRATIVE SERVICES Bernard Shull, Assistant Adviser Joseph E. Kelleher, Director Louis Weiner, Assistant Adviser Harry E. Kern, Assistant Director DIVISION OF INTERNATIONAL FINANCE OFFICE OF THE CONTROLLER Robert Solomon, Director John Kakalec, Controller ^Robert L. Sammons, Associate Director John E. Reynolds, Associate Director OFFICE OF DEFENSE PLANNING John F. L. Ghiardi, Adviser Innis D. Harris, Coordinator A. B. Hersey, Adviser Reed J. Irvine, Adviser DIVISION OF DATA PROCESSING *Samuel I. Katz, Adviser Bernard Norwood, Adviser Lawrence H. Byrne, Jr., Director Ralph C. Wood, Adviser Robert F. Gemmill, Associate Adviser Samuel Pizer, Associate Adviser A 91 *On leave of absence. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 92 FEDERAL RESERVE BULLETIN □ JANUARY 1969 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 Mark C. Wheeler, first federal Donald M. Graham, seventh federal reserve district RESERVE DISTRICT George S. Moore, second federal John Fox, eighth federal reserve RESERVE DISTRICT DISTRICT George H. Brown, Jr., third federal Philip H. Nason, ninth federal RESERVE DISTRICT RESERVE DISTRICT John A. Mayer, fourth federal Jack T. Conn, tenth federal RESERVE DISTRICT RESERVE DISTRICT J. Harvie Wilkinson, Jr., fifth John E. Gray, eleventh federal FEDERAL RESERVE DISTRICT RESERVE DISTRICT George S. Craft, sixth federal Frederick G. Larkin, Jr., twelfth RESERVE DISTRICT FEDERAL 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 VI UldllUll Deputy Chairman First Vice President in charge of branch Zip code Boston.................. ...02106 Howard W. Johnson Frank E. Morris John M. Fox Earle O. Latham New York............. ...10045 Albert L. Nickerson Alfred Hayes James M. Hester William F. Treiber Buffalo................ ...14240 Gerald F. Britt 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 J. Ward Keener Walter H. MacDonald Cincinnati.......... ...45201 Graham E. Marx Fred O. Kiel Pittsburgh.......... ...15230 Lawrence E. Walkley Clyde E. Harrell Richmond.............. ...23213 Wilson H. Elkins Aubrey N. Heflin Robert W. Lawson, Jr. Robert P. Black Baltimore........... ...21203 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 Jacksonville........ ...32201 Castle W. Jordan Edward C. Rainey Nashville............ ...37203 Jeffrey J. Wells New Orleans.......70160 George B. Blair Arthur H. Kantner Chicago................ ...60690 Franklin J. Lunding Charles J. Scanlon Emerson G. Higdon 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 Donald L. Henry Memphis............ ...38101 Eugene A. Leonard Minneapolis.......... ...55440 Robert F. Leach Hugh D. Galusha, Jr. David M. Lilly M. H. Strothman, Jr. Helena................ ...59601 Clement A. Van Nice Kansas City........... ...64198 Dolph Simons George H. Clay Willard D. Hosford, Jr. John T. Boysen Denver................ ...80217 Cris Dobbins John W. Snider Oklahoma City.....73125 C. W. Flint, Jr. Howard W. Pritz Omaha................ ...68102 Henry Y. Kleinkauf George C. Rankin Dallas................... ...75222 Carl J. Thomsen Philip E. Coldwell Max Levine T. W. Plant El Paso............... ...79999 Joseph M. Ray Fredric W. Reed Houston.................77001 Geo. T. Morse, Jr. J. Lee Cook San Antonio.......78206 Francis B. May Carl H. Moore San Francisco....... ...94120 O. Meredith Wilson Eliot J. Swan S. Alfred Halgren A. B. Merritt Los Angeles....... ...90054 Norman B. Houston Paul W. Cavan Portland............. ...97208 Frank Anderson William M. Brown Salt Lake City......84110 Royden G. Derrick Arthur L. Price Seattle................. ...98124 William McGregor William R. Sandstrom Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 94 FEDERAL RESERVE BOARD PUBLICATIONS Available from Publications Services, Division of Administrative Services, Board of Governors of the Federal Re­ serve 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. For a more complete list, including periodic releases, see pp. A 94—A 97 of the Decem­ ber 1968 Bulletin. (Stamps and coupons not accepted) THE FEDERAL RESERVE SYSTEM—PURPOSES AND rency. 1963. 11 pp. $.35. Sec. 12. Money Rates FUNCTIONS. 1963. 298 pp. and Securities Markets. 1966. 182 pp. $.65. ANNUAL REPORT. ‘ Sec. 14. Gold. 1963. 24 pp. $.35. Sec. 15. Inter­ FEDERAL RESERVE BULLETIN. Monthly. $6.00 per national Finance. 1962. 92 pp. $.65. Sec. 16 annum or $.60 a copy in the United States and (New). Consumer Credit. 1965. 103 pp. $.65. its possessions, Bolivia, Canada, Chile, Colom­ BANK MERGERS & THE REGULATORY AGENCIES: bia, Costa Rica, Cuba, Dominican Republic, APPLICATION OF THE BANK MERGER ACT OF Ecuador, Guatemala, Haiti, Republic of Hon­ 1960. 1964. 260 pp. $1.00 a copy; 10 or more duras, Mexico, Nicaragua, Panama, Paraguay, sent to one address, $.85 each. Peru, El Salvador, Uruguay, and Venezuela; 10 BANKING MARKET STRUCTURE & PERFORMANCE or more of same issue sent to one address, $5.00 IN METROPOLITAN AREAS: A STATISTICAL per annum or $.50 each. Elsewhere, $7.00 per STUDY OF FACTORS AFFECTING RATES ON annum or $.70 a copy. BANK LOANS. 1965. 73 pp. $.50 a copy; 10 or FEDERAL RESERVE CHART BOOK ON FINANCIAL more sent to one address, $.40 each. AND BUSINESS STATISTICS. Monthly. Annual FARM DEBT. Data from the 1960 Sample Survey subscription includes one issue of Historical of Agriculture. 1964. 221 pp. $1.00 a copy; 10 Chart Book. $6.00 per annum or $.60 a copy in or more sent to one address, $.85 each. the United States and the countries listed above; MERCHANT AND DEALER CREDIT IN AGRICUL­ 10 or more of same issue sent to one address, TURE. 1966. 109 pp. $1.00 a copy; 10 or more $.50 each. Elsewhere, $7.00 per annum or $.70 sent to one address, $.85 each. a copy. MONETARY THEORY AND POLICY: A BIBLIOGRA­ HISTORICAL CHART BOOK. Issued annually in Sept. PHY. Part I—Domestic Aspects. 137 pp. $1.00 Subscription to monthly chart book includes a copy; 10 or more sent to one address, $.85 one issue. $.60 a copy in the United States and each. countries listed above; 10 or more sent to one REGULATIONS OF THE BOARD OF GOVERNORS OF address, $.50 each. Elsewhere, $.70 a copy. THE FEDERAL RESERVE SYSTEM. FLOW OF FUNDS IN THE UNITED STATES, 1939­ RULES OF ORGANIZATION AND PROCEDURE­ 53. 1955. 390 pp. $2.75. BOARD OF GOVERNORS OF THE FEDERAL RE­ DEBITS AND CLEARING STATISTICS AND THEIR SERVE SYSTEM. 1967. 16 pp. USE. 1959. 144 pp. $1.00 a copy; 10 or more PUBLISHED INTERPRETATIONS OF THE BOARD OF sent to one address, $.85 each. GOVERNORS, as of June 30, 1968. $2.50. THE FEDERAL FUNDS MARKET. 1959. Ill pp. TRADING IN FEDERAL FUNDS. 1965. 116 pp. $1.00 $1.00 a copy; 10 or more sent to one address, a copy; 10 or more sent to one address, $.85 $.85 each. each. INDUSTRIAL PRODUCTION—1957-59 BASE. 1962. U.S. TREASURY ADVANCE REFUNDING, JUNE 172 pp. $1.00 a copy; 10 or more sent to one address, $.85 each. 1960-JULY 1964. 1966. 65 pp. $.50 a copy; 10 THE FEDERAL RESERVE ACT, as amended through or more sent to one address, $.40 each. Nov, 5, 1966, with an appendix containing pro­ SURVEY OF FINANCIAL CHARACTERISTICS OF visions of certain other statutes affecting the CONSUMERS. 1966. 166 pp. $1.00 a copy; 10 or Federal Reserve System. 353 pp. $1.25. more sent to one address, $.85 each. SUPPLEMENT TO BANKING AND MONETARY STA­ THE PERFORMANCE OF BANK HOLDING COM­ TISTICS. Sec. 1. Banks and the Monetary Sys­ PANIES. 1967. 29 pp. $.25 a copy; 10 or more tem. 1962. 35 pp. $.35. See. 2. Member Banks. sent to one address, $.20 each. 1967. 59 pp. $.50. Sec. 5. Bank Debits. 1966. 36 BANK CREDIT-CARD AND CHECK-CREDIT PLANS. pp. $.35. Sec. 6. Bank Income. 1966. 29 pp. July 1968. 102 pp. $1.00 a copy; 10 or more $.35. Sec. 9. Federal Reserve Banks. 1965. 36 sent to one address, $.85 each. pp. $.35. Sec. 10. Member Bank Reserves and INTEREST RATE EXPECTATIONS: TESTS ON YIELD Related Items. 1962. 64 pp. $.50. Sec. 11. Cur­ SPREADS AMONG SHORT-TERM GOVERNMENT Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 95 SECURITIES. 1968. 83 pp. $.50 a copy; 10 or THE LAGS BETWEEN INVESTMENT DECISIONS AND more sent to one address, $.40 each. THEIR CAUSES, by Shirley Almon. Feb. 1968. SURVEY OF CHANGES IN FAMILY FINANCES. 1968. EFFECTS OF MONEY ON INTEREST RATES, by Wil­ 321 pp. $1.00 a copy; 10 or more sent to one liam E. Gibson. Mar. 1968. address, $.85 each. A DISAGGREGATED MODEL OF THE U.S. BALANCE REAPPRAISAL OF THE FEDERAL RESERVE DIS­ OF TRADE, by William H. Branson. May 1968. COUNT MECHANISM: THE LABOR MARKET AND POTENTIAL OUTPUT OF REPORT OF A SYSTEM COMMITTEE, 1968, 23 pp. THE FEDERAL RESERVE-MIT ECONOMETRIC $.25 a copy; 10 or more sent to one address, MODEL: A PRELIMINARY REPORT, by A. J. Telia $.20 each. and P. A. Tinsley. Aug. 1968. REPORT ON RESEARCH UNDERTAKEN IN CON­ THE REGULATION OF SHORT-TERM CAPITAL MOVE­ NECTION WITH A SYSTEM STUDY. 1968. 47 MENTS: WESTERN EUROPEAN TECHNIQUES IN pp. $.25 a copy; 10 or more sent to one THE 1960’s, by Rodney H. Mills, Jr. Sept. 1968. address, $.20 each. A TECHNIQUE FOR FORECASTING DEFENSE EX­ Limited supply of the folio-wing papers relating to PENDITURES, by Harvey Galper and Edward the Discount Study, in mimeographed or similar Gramlich, Oct. 1968. form, available upon request for single copies: EVOLUTION OF THE ROLE AND FUNCTIONING Printed in full in the Bulletin. OF THE DISCOUNT MECHANISM. 1968. 65 pp. (Reprints available as shown in following list.) A STUDY OF THE MARKET FOR FEDERAL FUNDS. 1968.47 pp. THE SECONDARY MARKET FOR NEGOTIABLE REPRINTS CERTIFICATES OF DEPOSIT. 1968. 89 pp. (From Federal Reserve Bulletin unless preceded THE DISCOUNT MECHANISM IN LEADING IN­ by an asterisk.) DUSTRIAL COUNTRIES SINCE WORLD WAR ADJUSTMENT FOR SEASONAL VARIATION. Descrip­ II. 1968. 216 pp. tion of method used by Board in adjusting eco­ RESERVE ADJUSTMENTS OF THE EIGHT MAJOR nomic data for seasonal variations. June 1941. NEW YORK CITY BANKS DURING 1966. 1968. 11 PP- 29 PP- SEASONAL FACTORS AFFECTING BANK RESERVES. DISCOUNT POLICY AND OPEN MARKET OPERA­ Feb. 1958. 12 pp. TIONS. 1968. 23 pp. THE REDESIGNED DISCOUNT MECHANISM AND LIQUIDITY AND PUBLIC POLICY, Staff Paper by THE MONEY MARKET. 1968. 29 pp. Stephen H. Axilrod. Oct. 1961. 17 pp. SUMMARY OF THE ISSUES RAISED AT THE ACA­ SEASONALLY ADJUSTED SERIES FOR BANK DEMIC SEMINAR ON DISCOUNTING. 1968. CREDIT. July 1962. 6 pp. 16 pp. INTEREST RATES AND MONETARY POLICY, Staff A REVIEW OF RECENT ACADEMIC LITERATURE Paper by Stephen H. Axilrod. Sept. 1962. 28 pp. ON THE DISCOUNT MECHANISM. 1968. RECENT CHANGES IN LIQUIDITY, Staff Paper by 40 pp. Daniel H. Brill. June 1963. 10 pp. DISCOUNT POLICY AND BANK SUPERVISION. MEASURES OF MEMBER BANK RESERVES. July 1968. 72 pp. 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 pp. economic research. CHANGES IN BANKING STRUCTURE, 1953-62. Sept. 1963. 8 pp. ' Summaries only printed in the Bulletin. (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. 17 PP- ’ MEASURES OF INDUSTRIAL PRODUCTION AND FINAL DEMAND, by Clayton Gehman and Cor­ THE OPEN MARKET POLICY PROCESS. Oct. 1963. nelia Motheral. Jan. 1967. 11 PP- INTEREST RATES AND THE DEMAND FOR CON­ YIELD DIFFERENTIALS IN TREASURY BILLS, 1959­ SUMER DURABLE GOODS, by Michael J. Ham­ 64, Staff Paper by Samuel I. Katz. Oct. 1964. burger. Dec. 1967. 20 pp. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 96 FEDERAL RESERVE BULLETIN □ JANUARY 1969 REVISION OF BANK DEBITS AND DEPOSIT TURN­ THE PRICE OF GOLD IS NOT THE PROBLEM. Feb. OVER SERIES. Mar. 1965. 4 pp. 1968. 7 pp. TIME DEPOSITS IN MONETARY ANALYSIS, Staff BALANCE OF PAYMENTS PROGRAM: REVISED Economic Study by Lyle E. Gramley and Sam­ GUIDELINES FOR BANKSAND NONBANK FINAN­ uel B. Chase, Jr. Oct. 1965. 25 pp. CIAL INSTITUTIONS. Mar. 1968. 9 pp. CYCLES AND CYCLICAL IMBALANCES IN A CHANG­ U.S. INTERNATIONAL TRANSACTIONS: TRENDS IN ING WORLD, Staff Paper by Frank R. Garfield. 1960-67. Apr. 1968. 23 pp. Nov. 1965. 15 pp. QUARTERLY SURVEY OF CHANGES IN BANK LEND­ RESEARCH ON BANKING STRUCTURE AND PER­ ING PRACTICES. Apr. 1968. 6 pp. FORMANCE, Staff Economic Study by Tynan RECENT CAPITAL MARKET DEVELOPMENTS. May Smith. Apr. 1966. 11 pp. ■ - 1968. 11 pp. COMMERCIAL BANK LIQUIDITY, Staff Economic BANKING AND MONETARY STATISTICS, 1967. Study by James Pierce. Aug. 1966. 9 pp. Selected series of banking and monetary statis­ TOWARD UNDERSTANDING OF THE WHOLE DE­ tics for 1967 only. Mar. and May 1968. 20 pp. VELOPING ECONOMIC SITUATION, Staff Eco­ CONSUMER INSTALMENT CREDIT. June 1968. nomic Study by Frank R. Garfield. Nov. 1966. 13 pp. 14 pp. A REVISED INDEX OF MANUFACTURING CAPACITY, MARGIN ACCOUNT CREDIT. June 1968. 12 pp. Staff Economic Study by Frank de Leeuw with REVISION OF MONEY SUPPLY SERIES. June 1968. Frank E. Hopkins and Michael D. Sherman. 6 PP- Nov. 1966. 11 pp. RECENT MONETARY AND CREDIT DEVELOP­ THE ROLE OF FINANCIAL INTERMEDIARIES IN MENTS. July 1968. 11 pp. U.S. CAPITAL MARKETS, Staff Economic Study MONETARY RESTRAINT AND BORROWING AND by Daniel H. Brill, with Ann P. Ulrey. Jan. CAPITAL SPENDING BY LARGE STATE AND 1967. 14 pp. ' LOCAL GOVERNMENTS IN 1966. July 1968. REVISED SERIES ON COMMERCIAL AND INDUS­ 30 pp. TRIAL LOANS BY INDUSTRY. Feb. 1967. 2 pp. RECENT CHANGES IN STRUCTURE OF TIME AND AUTO LOAN CHARACTERISTICS AT MAJOR SALES SAVINGS DEPOSITS. July 1968. 20 pp. FINANCE COMPANIES. Feb. 1967. 5 pp. REVISED SERIES ON BANK CREDIT. Aug. 1968. CONSUMER INSTALMENT CREDIT. Mar. 1967. 12 4 PP- 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 bv Maurice GAGE MARKET. May 1967. 13 pp. Mann. Oct. 1968. 12 pp. BANK FINANCING OF AGRICULTURE. June 1967. BUSINESS FINANCING BY BUSINESS FINANCE 23 pp. COMPANIES. Oct. 1968. 13 pp. EVIDENCE ON CONCENTRATION IN BANKING ECONOMIC UPSWING IN WESTERN EUROPE. Nov. MARKETS AND INTEREST RATES, Staff Eco­ 1968. 17 pp. nomic Study by Almarin Phillips. June 1967. MANUFACTURING CAPACITY: A COMPARISON OF 11 PP- ’ ' TWO SOURCES OF INFORMATION, Staff Eco­ NEW BENCHMARK PRODUCTION MEASURES, 1958 nomic Study by Jared J. Enzlcr. Nov. 1968. AND 1963. June 1967. 4 pp. 5 PP- REVISED INDEXES OF MANUFACTURING CAPACITY FINANCIAL DEVELOPMENTS IN THE THIRD QUAR­ AND CAPACITY UTILIZATION. July 1967. 3 pp. TER OF 1968. Nov. 1968. 5 pp. THE PUBLIC INFORMATION ACT—ITS EFFECT ON MONETARY RESTRAINT, BORROWING, AND CAP­ MEMBER BANKS. July 1967. 6 pp. ITAL SPENDING BY SMALL LOCAL GOVERN­ INTEREST COST EFFECTS OF COMMERCIAL BANK MENTS AND STATE COLLEGES IN 1966. Dec. UNDERWRITING OF MUNICIPAL REVENUE 1968, 30 pp. BONDS. Aug. 1967. 16 pp. REVISION OF CONSUMER CREDIT STATISTICS. THE ECONOMIC PAUSE IN WESTERN EUROPE. Dec. 1968. 21 pp. Oct. 1967. 17 pp. THE FEDERAL RESERVE-MIT ECONOMETRIC BALANCE OF PAYMENTS PROGRAM: REVISED MODEL, Staff Economic Study by Frank de GUIDELINES FOR BANKS AND NONBANK FI­ Leeuw and Edward Gramlich. Jan. 1968. 30 pp. NANCIAL INSTITUTIONS. Jan. 1969. 10 pp. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 97 INDEX TO STATISTICAL TABLES (For list of tables published periodically, but not monthly, see page A 3.) Acceptances, bankers’, 14, 31, 35 Deposits (See also specific types of deposits): Agricultural loans of commercial banks, 24, 26 Accumulated at commercial banks for payment Arbitrage, 89 of personal loans, 23 Assets and liabilities (See also Foreign liab. & claims) : Adjusted, and currency, 18 Banks, by classes, 19, 24, 26, 35 Banks, by classes, 11, 19, 25, 28, 35 Banks and the monetary system, 18 Federal Reserve Banks, 12, 83 Corporate, current, 47 Postal savings, 18 Federal Reserve Banks, 12 Subject to reserve requirements, 17 Automobiles: Discount rates, 9, 88 Consumer instalment credit, 52, 53, 54 Discounts and advances by Reserve Banks, 4, 12, 15 Production index, 56, 57 Dividends, corporate, 46, 47 Dollar assets, foreign, 73, 78 Bankers’ balances, 25, 27 Earnings and hours, manufacturing industries, 63 (See also Foreign liabilities and claims) Employment, 60, 62, 63 Banks and the monetary system, 18 Banks for cooperatives, 37 Bonds (See also U.S. Govt, securities): Farm mortgage loans, 48, 49 New issues, 43, 44, 45 Federal finance: Yields and prices, 32, 33 Cash transactions, 38 Branch banks, liabilities of U.S. banks to their for­ Receipts and expenditures, 39 eign branches, 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 Ioans, 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 )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

A 98 FEDERAL RESERVE BULLETIN □ JANUARY 1969 )xedni siht ni dettimo si ”A“ xiferp eht hguohtla 09 A hguorht 4 A segap ot era secnerefeR( Interest rates—Continued Reserve requirements, member banks, 10 Foreign countries, 88, 89 Reserves: Money market rates, 31, 89 Central banks and govts., 86 Mortgage yields, 51 Commercial banks, 25, 27 Time deposits, maximum rates, 11 Federal Reserve Banks, 12 Yields, bond and stock, 32 Member banks, 4, 6, 11, 17, 25 International capital transactions of the U.S., 74 Residential mortgage loans, 33, 48, 49, 50 International institutions, 72, 73, 86, 88 Retail credit, 52 Inventories, 66 Retail sales, 60 Investment companies, issues and assets, 45 Investments (See also specific types of investments): Sales finance companies, loans, 52, 53, 55 Banks, by classes, 19, 24, 27, 35 Saving: Commercial banks, 23 Flow of funds series, 68 Federal Reserve Banks, 12, 15 National income series, 67 Life insurance companies, 36 Savings and loan assns., 36, 41, 49 Savings and loan assns., 36 Savings deposits (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 Manufacturers: Ownership of securities of, 24, 27, 35, 36 Capacity utilization, 60 Yields and prices of securities, 32, 33 Production index, 57, 60 State member banks, 21, 23 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) Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES A (Q THETEDERAL RESERVE SYSTEM *^ A Legend “■“ Boundaries of Federal Reserve Districts -----Boundaries of Federal Reserve Branch Territories O Board of Governors of the Federal Reserve System ® Federal Reserve Bank Cities • Federal Reserve Branch Cities Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis