Federal Reserve Bulletin, 1969-03

FEDERAL RESERVE BULLETIN MARCH 1969 BOARD OF GOVERNORS □ THE FEDERAL RESERVE SYSTEM □ WASHINGTON, D.C. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

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

FEDERAL RESERVE BULLETIN NUMBER 3 □ VOLUME 55 □ MARCH 1969 CONTENTS 177 Recent Patterns of Manpower Resource Use 189 Changes in Time and Savings Deposits, April-October 1968 210 Treasury and Federal Reserve Foreign Exchange Operations 228 Housing Production and Finance 235 Statements to Congress 258 Record of Policy Actions of the Federal Open Market Committee 275 Law Department 287 Announcements 288 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 103 Board of Governors and Staff A 104 Open Market Committee and Staff; Federal Advisory Council A 105 Federal Reserve Banks and Branches A 106 Federal Reserve Board Publications A 109 Index to Statistical Tables Map of Federal Reserve System on Inside Back Cover EDITORIAL Charles Molony COMMITTEE Daniel H. Brill Robert C. Holland Robert Solomon 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

Recent Patterns of Manpower Resource Use THE MARKET for labor tightened appreciably further in 1968 as strong demands for goods and services generated large increases in employment and income. Late in the year employment gains accelerated, and by year-end, the unemployment rate had edged down to its lowest point in 15 years. The year 1968 opened with rapid growth reflecting steady employment increases in the nonindustrial sectors as well as the continuing recovery from the 1967 setback in manufacturing and strength in construction employment. Employment increases slowed in the second and third quarters of 1968, as both the actual and the anticipated effects of fiscal restraint legislation dampened activity. Construction employment which had declined somewhat in the spring was stable over the summer, and manufacturing employment also stabilized as em­ EMPLOYMENT: NONFARM ployers assessed the economic outlook. Hiring and spending con­ trols that were imposed as part of the fiscal package began to reduce Federal civilian employment in July. The build-up in the Armed Forces, associated with the intensification of the Vietnam war, reached a high late in the third quarter, and manpower demands in industries that are heavily dependent on Federal purchasing had turned down before the end of the year. However, labor demands intensified in the fourth quarter of 1968 and early 1969. The extra surge was centered in construc­ tion and in manufacturing, where employment rose most strongly QI Q2 03 04 QI in the producers’ goods industries. Mirroring this strengthened 13M M '69 demand, unemployment rates dropped further, especially among Bureau of Labor Statistics data, sea­ sonally adjusted. First quarter 1969 is adult men whose jobless rate was lower than at any other time January-February average. Change from previous quarter in thousands of in the post-World War II period. persons. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

178 FEDERAL RESERVE BULLETIN □ MARCH 1969 1 | EMPLOYMENT and EARNINGS rise sharply in 1968, and UNEMPLOYMENT drops to a post-Korean low BLS monthly data for employment and unemployment rates (per and salaries are seasonally adjusted quarterly totals at annual cent of civilian labor force). Dept, of Commerce data for wages rates; “real” is in 1958 dollars. Wage increases accelerated again in 1968, continuing the pattern of larger advances which began in 1965. Major factors in the 1968 rise were the continued tightness of labor markets, a sharp boost in the minimum wage, a major round of collective bargaining, and the effect of an accelerated rise in consumer prices on both union and nonunion wage demands. Although hourly compensation costs rose more in 1968 than in 1967, the increase in labor costs per unit of output was slightly less than the 1967 rise because output per man-hour also rose at a faster pace and offset the extra increase in compensation costs. DEMAND FOR LABOR Reflecting widespread strong demands for labor, the unemploy­ ment rate dropped from 3.9 per cent in the fourth quarter of 1967 to 3.7 per cent in the first quarter of 1968. Over the next two quarters the rate held steady at 3.6 per cent, then moved down again to reach a low of 3.3 per cent over the 3 months end­ ing in February 1969. Industrial and occupational growth patterns held closely to trends in most other recent years, with the largest increases oc­ curring in the service-type activities and white-collar occupations. This pattern of growth was sharply different than that of the 1965-66 expansion, when demands were relatively strongest for industrial workers. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MANPOWER RESOURCE USE 179 Industrial employment. Over the last 12 months, strike activity and the change in fiscal policy influenced production schedules and business expectations enough to first moderate and then intensify labor demand in the goods-producing industries. In manufacturing, job increases from February through September primarily reflected the slow but steady growth of the nondurable­ goods industries. Over that period manufacturing employment rose by only 143,000, with over half of the rise in the soft-goods industries. Thereafter factory hiring accelerated. Employment rose by 308,000 from September through February 1969, with five-sixths of the rise in the hard-goods industries. The largest ad­ vances during this period were registered in primary and fabri­ cated metals, machinery, and electrical equipment. With the ex­ ception of primary metals, these growth patterns appeared to reflect a step-up of capital-goods purchasing based on expecta­ tions of expanding demands and continued price increases. Employment developments in primary metals revolved around collective bargaining situations in 1968. Steel producers and fabricators accumulated large inventories in the first 7 months MANUFACTURING EMPLOYMENT of 1968 in anticipation of a possible strike when the labor con­ tract expired July 31. The strike did not eventuate, and excessive inventories were worked down over the fall and early winter, and some workers were laid oft. After November, steel producers boosted employment again under the impetus of large orders from other capital-goods industries and from structural steel users. However, as of February steel employment had not quite regained BLS payroll data, seasonally adjusted. the high level of last spring. While retail sales had changed little on balance since mid­ summer and had declined after allowance for price increases, most industries providing consumer goods—such as apparel, furniture, and autos—continued to add employees at a modest but steady pace throughout the year ending in February 1969. Over the period from September through February, however, the average work-week in manufacturing edged steadily down, with the largest reduction in the nondurable goods sector. Construction employment rose strongly in late 1968 and early 1969 as activity spurted. During the summer of 1968, construc­ tion employment had been hindered by strikes and by uncertainty as to the availability of funds and the possible effects of fiscal re­ straint. With both business and residential building on an up­ swing at the turn of the year, however, construction employment Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

180 FEDERAL RESERVE BULLETIN □ MARCH 1969 moved up strongly, reaching a new high of 3.5 million in February 1969. Nonmanufacturing. Growth of employment in trade, services, and State and local government has continued strong and steady. Together, these activities provided 1.7 million new jobs over the 12 months ending in February, thereby accounting for nearly three-fourths of the over-all increase in employment. The largest absolute and percentage employment increases in recent years have occurred in State and local governments. The bulk of this hiring was for education and related activities, an area where employment has grown steadily and strongly. Because the sharpest increases of the school-age population resulting from the post-World War II baby boom are past, demands for educa­ tional personnel may be less urgent in the years ahead, but de­ mands for other public services are expected to rise as these post­ war youngsters marry and have families of their own. Service employment has also continued to grow strongly. Em­ ployment in the medical services group has risen at an annual rate of nearly 10 per cent over the last 2 years and seems likely to continue to grow at a rapid pace in the years ahead. « (Employment growth continues strong in PRIVATE NONINDUSTRIAL Z land STATE AND LOCAL GOVERNMENT sectors 1965 1966 1967 1966 '69 1965 1966 1967 1968 '69 BLS data seasonally adjusted except for Armed Forces. Private nonindustrial includes trade, finance, and services; industrial includes manufacturing, mining, construction, transportation, and public utilities. Defense-related industries include ordnance, communication equipment, electronic components, aircraft and parts, and ship and boat building. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MANPOWER RESOURCE USE 181 Defense manpower and Federal employment. Between late 1965 when the U.S. commitment in Vietnam was greatly enlarged and mid-1967, manpower engaged in the defense-oriented manufac­ turing industries, the Armed Forces, and Federal civilian employ­ ment increased by more than 20 per cent. This defense build-up was an important source of inflationary pressure, and because of its speed, the build-up contributed to the creation of imbalances in the male labor market. From mid-1967 through mid-1968, these demands moderated significantly but continued to rise. By the fourth quarter of 1968, the economic stimulus of the rapid defense build-up had moderated further, levels of the Armed Forces and Federal employment had declined slightly, and em­ ployment in the defense-oriented manufacturing industries was edging down. SUPPLY OF LABOR Although there have been both reductions in unemployment and reallocation of labor from industries with declining require­ ments, the bulk of the additional manpower necessary to sustain strong increases in output was drawn from growth in the labor force. The rate of growth of the labor force has varied during the last year—as it frequently had in the past—but for 1968 as a whole the rise of 1.4 million from a year earlier was about in line with “normal” growth expected from population increases in the working ages and trends in participation rates. The number of men 25 and over in the labor force increased by half a million in 1968. This increase, resulting from a net rise in the population of this age group, was a key factor in meeting manpower requirements. The slower labor force growth for adult men in the mid-1960’s had aggravated labor scarcities during the Vietnam build-up. Because of the big jump in births immediately after World War II, the number of young men aged 20 to 24 is now rising rapidly. However, in early 1969 the number in the civilian labor force was little higher than a year earlier, mainly because their number in the Armed Forces had risen by nearly 300,000, ac­ counting for over four-fifths of the population increase. In peace­ time, of course, this group would have provided a significant por­ tion of industry’s new manpower needs. Reflecting relatively stable population levels and participation rates, the teenage labor force has shown little change over the last 2 years and growth should continue moderate over the next several years. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

182 FEDERAL RESERVE BULLETIN □ MARCH 1969 I CIVILIAN LABOR FORCE growth continues (rapid in 1968 ... especially among adults BLS household survey data. Adults, age 20 and over; teenagers, age 16 to 19. 1962-66 indicates average annual net change for that period. The labor force increase for women amounted to 800,000 in 1968; both higher population levels and increasing participation contributed to the rise. Nearly 60 per cent entered the full­ time labor force, where the majority obtained jobs as secre­ taries, teachers, and other full-time employees. The remaining proportion entered the ever-growing group of part-time workers, concentrated largely in trade and service occupations. In the years immediately ahead, labor force growth is likely to average about 1.4 million annually and, reflecting the distri­ bution of population growth, will consist mostly of adults. This trend should have an important influence on economic activity. Income and output increases should be large relative to employ­ ment advances because a greater proportion of labor force en­ trants will seek full-time, year-round jobs and because the new entrants are more highly educated, on average, than their pre­ decessors. UNEMPLOYMENT The tightening of the labor market over the past 12 months has reduced unemployment to near-frictional levels for prime labor force groups. In recent months, the unemployment rate for adult men has been below 2 per cent for the first time since World War II and the rate for women has been at a post-Korean war low of 3’/2 per cent. On average, half of the unemployed had been jobless for a month or less, and the level of long-term un­ employment—15 weeks or more—had dropped sharply from a year earlier. Because of the continuing decline in joblessness among ex­ perienced workers in the prime-age groups, inexperienced per­ sons and those who lack skill and education have become an Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MANPOWER RESOURCE USE 183 increasingly large proportion of the unemployed. Teenagers, who comprise less than one-tenth of the labor force, account for nearly one-third of the unemployed, whereas adult men, who comprise nearly three-fifths of the labor force, account for only one-third of the unemployed. New data on the reasons for unemployment present another picture of the nature of current unemployment. On the average in 1968, 38 per cent of those who were jobless had lost their jobs—actually many were on temporary seasonal layoffs—15 per cent had quit, and nearly half were entering or reentering the labor force and had not yet found jobs. The last category accounted for one-fourth of adult male joblessness, one-half of adult female unemployment, and three-fourths of all teenage un­ employment. Among adult women, labor force entry usually fol­ lows a period of absence from the work force to bear and raise children. Among teenagers, the large flow is evenly divided be­ tween those who are seeking work for the first time and those who have returned to the labor market after a period of absence, usu­ ally to attend school. Most adult men in the entry group are aged 20 to 24 and are seeking work after completing military service or leaving college. Despite the low rates of aggregate unemployment, longstand­ ing inequalities persist in the distribution of joblessness. Unem­ ployment rates among nonwhites, the unskilled, and other rela­ tively disadvantaged workers continue high relative to the over­ all totals, even though their employment situation has improved. Historically, the nonwhite unemployment rate has averaged about double the white rate, and this over-all relationship con­ tinues. High levels of labor demand supplemented by job train­ ing and other programs were important factors in the attain­ ment of the lowest nonwhite unemployment rate, 5.7 per cent in February, since the Korean war. But there has been no sig­ nificant reduction in the unemployment differential—in fact, the gap widened for younger workers. The movement of nonwhite men into better jobs continued in the past year with a higher proportion employed as profes­ sionals, managers, and craftsmen than ever before. Moreover, the ratio of the nonwhite to white adult male unemployment rates did dip below 2 in 1968 after averaging 2.3 from 1960 to ’84 '66 '88 BLS household survey data. Unem­ 1965. In February, the jobless rate for nonwhite adult men was ployment rates are seasonally adjusted quarterly averages. Employment per­ 3.2 per cent; the rate for white men was 1.7 per cent. centages (based on total nonwhite em­ ployment) are annual averages. Among nonwhite women the rate of unemployment edged Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

184 FEDERAL RESERVE BULLETIN □ MARCH 1969 down to a low of 5.3 per cent in February 1969. Moreover, their number employed in higher-paying, white-collar categories rose in 1968—with the largest advance in the clerical group—while the proportion employed as household workers dropped further. One of the Nation’s most serious problems is the continuing failure of private and public job markets to provide meaningful work or training opportunities for young nonwhites. The jobless rate for nonwhite teenagers, still over 20 per cent in early 1969, clearly illustrates the dimensions of the problem. LABOR INCOME AND Accelerated increases in wage rates were instrumental in the COSTS rapid growth of labor income from 1967 to 1968. Roughly three-fourths of the rise in wage and salary payments was attrib­ utable to wage rate increases with the remainder due to employ­ ment gains. Compensation costs per man-hour—that is, wages and all fringes—rose 716 per cent in 1968 compared with 6 per cent in 1967 and an average of 5 per cent earlier in the postwar period. For the private economy as a whole, output per man-hour increased by 3.3 per cent in 1968, compared with 1.6 per cent in 1967, reflecting the strong growth of total output. As a result of the recovery in productivity, the rise in unit labor costs was held to about 4 per cent as compared with nearly 416 per cent in 1967. Although increases in unit labor costs no longer ap­ pear to be accelerating, the current rate of increase is among the fastest of the last two decades. Wages. In the first quarter of 1968 the upward pressure on wages was augmented by the effects of a large increase in the minimum wage. In addition, there were probably some second- UNIT LABOR COSTS in private economy rise slightly less in 1968 than in 1967 BLS data. Rates of change computed from the least squares trend of the logarithms of the index numbers. 1947-66 indicates average annual rate of change for that period. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MANPOWER RESOURCE USE 185 [INCREASES in HOURLY EARNINGS j accelerate in 1968 PRIVATE NONFARM wholesale trade CONSTRUCTION MANUFACTURING FINANCE RETAIL TRADE BLS payroll data. ary impacts as other workers attempted to bring their wages up to maintain traditional differentials. Wages were renegotiated in 1968 for nearly 5 million workers covered under large union contracts—close to half of all such workers. The wage and benefit increases resulting from these contracts were greater than in earlier years, with an important feature being strong emphasis on the large first-year wage in­ creases, known as front-loading, which were compensated for in part by smaller increases in later years of the contract. The firstyear increases—which averaged 7!/2 per cent—were designed in many cases to balance the sharp rise in prices. In some instances, wage increases provided in earlier contracts, when prices were rising much more slowly, had been almost entirely offset by in­ flation. For manufacturing as a whole, hourly earnings adjusted for consumer price increases had risen only 1.3 per cent in each year 1965, 1966, and 1967, while the postwar trend rise was 2.3 per cent annually. The current-dollar average hourly earnings of production workers in manufacturing rose 6.4 per cent in 1968, compared with 4.0 per cent, the previous year. Hourly earnings rose fastest in the lower-wage tobacco, textile, apparel, and leather industries where the minimum wage boost and tight labor markets had more impact. In the durable goods sectors, hourly earnings in­ creased 6 per cent or more in all industries except ordnance, machinery, and electrical equipment—where contract negotia­ tions will take place this year. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

186 FEDERAL RESERVE BULLETIN □ MARCH 1969 As in manufacturing, the largest percentage increases in hourly earnings in the nonindustrial sectors occurred in indus­ tries at the lower end of the earnings scale. Hourly earnings in­ creases of 8 per cent or more were recorded for employees of laundries and dry cleaners and of eating and drinking places. These increases reflect the bidding up of wages among employers seeking labor in a tight market as well as higher minimum wages. Collective bargaining. Despite the emphasis on protection against price increases in collective bargaining in 1968, rela­ tively few additional workers were brought under the coverage of automatic cost-of-living escalator clauses. Moreover, of those covered by such clauses, an upper limit—or a maximum adjust­ ment—was provided in about four-fifths of the cases. The trend toward reducing the frequency of wage adjustments from quar­ terly to annual reviews spread further in 1968. At the beginning of this year, 2 million workers were covered by contracts provid­ ing an annual wage adjustment based on the rise in the consumer price index, while quarterly reviews remain in effect for less than half a million. This year, the number of workers whose wages are subject to renegotiation under major union agreements drops sharply to about 2.7 million from nearly 5 million in 1968. Contract re­ openings are scheduled in electrical products, lumber, paper, construction, airlines, railroads, and various service industries. More than 6 million workers will receive deferred wage in­ creases in 1969 as a result of contracts signed in earlier years. The predominance of deferred increases in the organized indus­ trial sector—the median increase will be about 4 per cent— should tend to dampen the rate of increase of average wages somewhat. At the same time, however, wage increases for em­ ployees not covered under long-term contracts are likely to con­ tinue large until the pressure on wages from rapidly rising con­ sumer prices and a tight labor market moderate somewhat. Since these employees account for the bulk of the labor force, the upward pressure on unit labor costs is likely to continue strong in 1969, especially in the private and government service sectors. Moreover, if price increases are not curtailed, the easing result­ ing from relatively small deferred wage adjustments in the more heavily unionized sectors could turn out to be short-lived. For if consumer prices continue to rise rapidly, the real income of Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MANPOWER RESOURCE USE 187 workers covered under long-term contracts may show little or no increase over the term of the labor contract. Such a situation could well result in large wage demands and strikes when major contracts come up for renegotiation in 1970 and subsequent years. □ Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Changes in Time and Savings Deposits, April-October 1968 In the 6 months ending October 31, consumer savings in 1967, which resulted 1968, insured commercial banks made fur­ in part from the return to bank deposits of ther upward adjustments in the most com­ funds that had been transferred to market mon rate paid on various categories of instruments in 1966, when market yields consumer-type time and savings deposits in had been relatively high. response to pressures from continued high Information on changes in interest rates yields on market instruments and from the paid by insured commercial banks during further upward trend in rates at competing the 6 months ending in October 1968 and savings institutions. Offering rates on large- flows into time and savings deposits were denomination time deposits, which had fluc- obtained from surveys conducted jointly by uated during this period in response to the Federal Reserve System and the Federal changes in market yields, were at about the Deposit Insurance Corporation; one survey same level at the end of October as 6 was as of July 31, the other as of October months earlier. Most of the adjustments in 31.1 The data for July 31 were reported by rates on consumer-type deposits were at a sample of all insured commercial banks; smaller banks, since virtually all large banks these data have been expanded to give uni­ have been paying ceiling rates on both sav­ verse estimates. Information for October 31 ings and small-denomination time deposits is more detailed and is based on reports for some time. submitted by virtually all insured commer­ In this 6-month period, bank holdings of cial banks. time and savings deposits of individuals, As in previous surveys, information was partnerships, and corporations (IPC) grew collected on the amounts outstanding in at a much faster rate than in the 3 months various categories of time and savings de­ ending April 30. In April ceiling rates had posits, IPC, as well as on rates of interest been raised on large-denomination time de­ paid on new deposits in each category. The posits, and much of the faster growth in time October 31 survey also collected informa­ and savings deposits, IPC, in the period from tion on maturity and denomination of the April through October reflected the sub­ various types of instruments offered and on stantial inflow of large negotiable time the estimated percentage of each category certificates of deposit (CD’s) that occurred of deposits held by businesses. during the summer when market rates de­ clined below the CD ceilings. Nevertheless, GROWTH OF DEPOSITS BY TYPE expansion of total time and savings deposits Total time and savings deposits, IPC, at from April through October was at a slower all insured commercial banks increased by pace than during the 12 months ending 1 Previous surveys of time and savings deposits at January 1968. This reflects in part the ef­ all member banks were conducted by the Board of fects of the surtax enacted by Congress in Governors in late 1965, in early 1966, and quarterly beginning in 1967. The results of earlier surveys have mid-1968 as well as the larger inflow of appeared in Bulletins in 1966, 1967, and 1968, the most recent being July 1968, p. 582. Note.—Caroline H. Cagle of the Board’s Division Appendix tables for this article appear on pp. 198­ of Research and Statistics prepared this article. 209 of this Bulletin. 189 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

190 FEDERAL RESERVE BULLETIN □ MARCH 1969 $10.6 billion, or about 3 per cent per April 30 level and were above their reduced quarter, in the 6 months ending October 31, level of late June by a considerably larger 1968. (See Table 1.) This rate was twice as amount. The growth in these deposits ac­ rapid as that during the 3 months ending counted for nearly two-fifths of the expan­ April 30, by which time expansion had sion in all forms of time and savings de­ slowed considerably from the rapid 1967 posits, IPC, in the April-October period. pace, in part because of the inability of By contrast, total inflows into regular banks in early April to roll over their large- savings deposits and small-denomination denomination CD’s at the 516 per cent ceil­ CD’s, on which there was no change in rate ing rate on these deposits. About mid-1968, ceilings, increased less rapidly during the when market yields fell below ceiling rates 6-month period ending October 31 than on large-denomination time deposits, which they had earlier in the year. Regular savings had been revised upward on April 19, bank deposits rose only slightly over the period, holdings of negotiable CD’s began to rise whereas small-denomination CD’s issued sharply. By October all large-denomination mainly to businesses declined. Even small time deposits were $3.9 billion above their consumer-type CD’s, which had expanded TABLE 1 TYPES OF TIME AND SAVINGS DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS HELD BY INSURED COMMERCIAL BANKS ON SURVEY DATES IN 1968 Number of issuing banks Amount (in millions of dollars) Percentage change in deposits (quarterly rate) 1968 1968 Type of deposit Jan. April July Oct. Jan. April July Oct. Jan. 31- April 30- 31 30 31 31 31 30 31 31 Aprii 30 Oct. 31 Total time and savings deposits................. 13,241 13,321 13,324 13,440 165,592 168,048 173 054 178,613 1 5 3 1 Savings........................................................... 12,742 12,758 12,776 12,629 92,994 93,373 93,166 93,756 0.4 0.2 Time deposits in denominations of less than $100,000—total..................... n.a. n.a. n.a. 47,031 49,283 52,495 54,830 4.8 5 6 Issued mainly to: Consumers—total......................... 11,766 12,046 12,202 12,264 40,709 43,902 46,700 49,786 7.8 6.7 Certificates of deposit:1 R A a ll t e o t g h u e a r r .. , . .. o .. v ... e .. r .. .. 1 .. 2 .. .. m .... o . s... } 11,689 11,952 12,108 I f 1 1 1 , , 7 3 5 5 6 2 } 37,754 40,179 41 ,759 / I 37 6 , , 7 4 6 2 1 2 } 6.4 5.0 Open account (passbook or statement form)2.................. 452 663 824 966 2,955 3,723 4,941 5,603 26.0 25.2 Issued mainly (or in large part) to businesses—total................ 5,754 5,839 6,730 7,798 6,322 5,381 5,795 5,043 -14.9 -3 I Certificates of deposit3...... 5 098 5 084 6,048 7 160 4,987 4 016 4,286 3,690 -19.5 -4 1 Open account4........................... 1 ,432 1 ,’426 1,393 1,617 1,334 1,365 1,509 1,354 2.3 —0 4 Time deposits in denominations of $100,000 or more (issued mainly to businesses)—total.............................. 2,955 3,470 3,517 3,732 21,290 20,558 21 ,990 24,445 -3.4 9.5 Negotiable CD’s................................. 1 385 1,632 1 ,638 1,582 15'202 14,173 15,293 16,899 -6.8 9.6 Nonnegotiable CD’s......................... 1 ,718 1,974 2,040 2,261 4,437 4,799 5,033 5,568 8.2 8.0 Open account....................................... 492 548 521 571 1,651 1,587 1,664 1,979 -3.9 12.4 Christmas savings and other special funds........................................................... 7,241 7,749 7,907 7,619 4,278 4,833 5,402 5,582 13.0 7.7 n.a. Not available. ments are issued both to consumers and to businesses. On Oct. 31, 1968, 1 Includes all time certificates of deposit in denominations of less than 23 per cent of the amount outstanding was estimated to be held by busi­ $100,000 for which, in the judgment of the reporting banks, 50 per cent nesses. (See Table 2.) or more of the outstanding volume of deposits was issued to consumers Note.—Data were compiled jointly by the Board of Governors of the (nonbusiness holders). Federal Reserve System and the Federal Deposit Insurance Corporation. 2 Includes time deposits, open account, issued in passbook, statement, For Jan. 31, Apr. 30, and July 31, the information was reported by a or other forms that are direct alternatives for regular savings accounts. probability sample of all insured commercial banks; for Oct. 31, the Most of these are believed to be in accounts totaling less than $100,000. data were reported by virtually all insured commercial banks, 3 Includes all time certificates of deposit in denominations of less than Some deposit categories include a small amount of deposits outstanding $100,000 for which, in the judgment of the reporting bank, 50 per cent or in a relatively few banks that no longer issue these types of deposits and more of the outstanding volume of deposits was issued to businesses. are not included in the number of issuing banks. Dollar amounts may not 4 Includes time deposits, open account, in denominations of less than add to totals because of rounding. $100,000, other than those described in footnote 2 above. These instru­ Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

TIME AND SAVINGS DEPOSITS 191 rapidly in 1966 and 1967, increased at a banks reported they held $6.4 billion of substantially reduced rate. such deposits, or 14 per cent of all consumer Nevertheless, commercial banks have CD’s outstanding. A sizable part of this been able to attract a large volume of small­ total was at large banks in the New York, denomination time deposits by introducing Philadelphia, Atlanta, and San Francisco in recent years instruments more carefully Reserve Districts. For the most part the tailored to their customers’ needs. One such rate offered on these instruments was the 5 instrument is the time deposit, open account, per cent ceiling. in passbook or statement form, on which a PROPORTION OF BUSINESS-HELD TIME notice of withdrawal is required. An ex­ DEPOSITS AT MEMBER BANKS ample is the so-called “golden passbook” ac­ count. As of October 31, this type of deposit At banks that are members of the Federal was available at about 960 banks, and the Reserve System nearly three-fourths of all total amount outstanding had increased at a time deposits in denominations of $100,000 quarterly rate of 25 per cent from April and over—but less than one-tenth of such through October; this compared with a deposits in smaller denominations (other growth rate of about 5 per cent on small-de­ than regular savings deposits)—were held nomination consumer CD’s. by businesses on October 31.2 (See Table 2.) Even though businesses accounted for The much greater convenience and flexi­ most of the large negotiable CD’s, they bility of these passbook-notice accounts as held only 50 to 60 per cent of other types compared with a CD, together with the 5 of large-denomination time deposits. Among per cent rate that most banks pay on these instruments with denominations of less than accounts, appear to be the major factors in $100,000, member banks issued to busi­ the expansion. Much of the increase un­ nesses about one-tenth of the dollar volume doubtedly has reflected transfers of funds of all small CD’s outstanding but nearly from regular savings, which are subject to a one-fourth of open account deposits—ex­ 4 per cent ceiling, and to a lesser extent cept those in passbook or statement form. from time certificates at banks and other In general, the larger the bank, the higher forms of saving at various nonbank savings the percentage of time deposits held by busi­ outlets. While these passbook-notice ac­ nesses. For banks with total deposits of counts are issued by large and small banks $500 million and over, for example, nearly in all parts of the country, a high propor­ half of all time deposits (other than regular tion of the total outstanding is at large banks savings deposits) were held by businesses, in the Boston, New York, and Chicago Fed­ but this proportion dropped to less than 7 eral Reserve Districts. per cent for banks in the smallest size class Another type of specially tailored instru­ —reflecting mainly the fact that big banks ment that commercial banks have been hold most of the large-denomination instru­ issuing is a small-denomination consumer ments that are issued principally to busi­ certificate that provides a guaranteed rate nesses. One exception was the new pass­ of interest for a relatively long period but book-notice account. While the proportion allows for withdrawal of funds at regular of such accounts held by businesses was intervals, generally 90 days. Special infor­ small at banks in all size classes, small mation on these deposits was collected for banks had twice as high a percentage of the the first time in the October 1968 survey, 2 Similar information is not available for insured when about 1,750 insured commercial nonmember banks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

192 FEDERAL RESERVE BULLETIN □ MARCH 1969 TABLE 2 ESTIMATED PERCENTAGE OF TIME DEPOSITS, IPC, HELD BY BUSINESSES AT MEMBER BANKS ON OCTOBER 31, 1968 Denominations of less than $100,000 Denominations of $100,000 and over All Certificates of deposit Time deposits, time open account deposits (exclud­ Group ing pass­ Issued mainly Non- Time book All to consumers Issued In pass­ All Nego­ nego­ deposits, savings) types mainly book or types tiable tiable open to state­ All CD’s CD’s account Interest busi­ ment other rate All nesses form guar­ other anteed t All banks reporting information.... 33.5 9.8 5.5 3.8 89.5 4.4 22.7 73.6 81.4 53.2 57.2 Size of bank (total deposits in millions of dollars) : Under 10........................................... 6.8 5.7 1.8 2.3 92.0 8.9 9.6 43.4 49.4 38.1 53.4 10-50.................................................. 11.2 7.9 3.1 3.1 93.7 5.2 14.7 51,3 52.7 51.4 41.6 50-100................................................ 18.0 11.1 3.9 5.4 89.2 5.1 8.8 53.0 54.7 51.7 46.3 100-500............................................. 27.6 11.9 2.9 4.7 89.6 3.9 15.2 64.0 67.6 57.8 45.2 500 and over.................................... 47.3 10.5 7.5 4.1 86,9 4.2 47.4 77.1 85.2 52.7 58.9 F.R, district: Boston....................................... 42.7 11.5 1.3 7.6 82.6 4.2 22.2 76.0 77.7 47.9 86.3 New York........................................ 57.5 IS. 1 16.0 8.5 84.7 5.3 19.2 75.4 85,8 51.4 51.3 Philadelphia.................................... 22.7 10.9 2.7 2.4 92.8 64.6 35.1 68.9 76,3 50.1 61.3 Cleveland.......................................... 26.3 8.9 6.2 4.5 93.0 3.1 25.5 73.2 76.0 57.9 74.3 Richmond......................................... 27.5 14,3 2.2 4.0 82.1 5.2 39.0 69.4 69.4 69,5 66.5 Atlanta............................................... 23.3 8.6 2.3 3.7 90.9 1.7 12.8 63.8 77.4 51.9 19.7 Chicago.............................................. 23.7 6.3 3.1 3.2 97.2 1.3 14.3 79.1 88.6 44.2 83.0 St. Louis........................................... 19.3 8.6 3.2 6.0 86.1 3.5 17.7 75.1 82.1 64.6 46.1 Minneapolis..................................... 13.1 4.6 (.2 2.7 94.9 1.0 13.2 73.8 81.7 33.9 59.6 Kansas City..................................... 20.0 8.2 1.7 3.3 81.0 2.4 7.9 62.8 65.5 48.7 91.4 Dallas................................................. 36.3 11.0 2.8 4.9 87.6 5.3 6.0 64.4 67.4 45.1 54.5 San Francisco.................................. 38.9 11.4 4.0 3.1 92.9 6.8 33.7 74.9 83.2 56.9 96.3 Total time deposits—Oct. 31, 1968 (in millions of dollars).................. 61,231 38,441 5,321 25,139 2,295 4,623 1,063 22,790 16,169 4,773 1 ,848 1 Consumer CD’s with interest rate guaranteed for more than 12 Nevertheless, the member banks that did report accounted for more months. than 90 per cent of the total deposits of these types in all member Note.—Data are for member banks of the Federal Reserve System banks. For a description of small-denomination instruments issued only. Relatively few insured nonmember banks reported this informa­ mainly to consumers and those issued mainly to businesses, see text tion, and there was some nonreporting among small member banks. Table I, footnotes 1-4. amount outstanding issued to businesses as the higher rates available. Even for small­ large banks. denomination instruments, the October sur­ Between January 1967—when similar vey indicated that business holdings had de­ information on business holdings was last clined from about 18 to 10 per cent of the obtained—and October 1968 the estimated total. This decline no doubt reflects in some proportion of total time deposits held by part the large growth since January 1967 in businesses declined. Except for large negoti­ passbook-notice accounts (and to a lesser able CD’s, where the percentage was about degree consumer-type CD’s), a part of four-fifths in both surveys, the proportion of which represents funds shifted out of regu­ large-denomination instruments held by lar savings, which are held only by indi­ businesses dropped from two-thirds to some­ viduals and nonprofit organizations. what over half—suggesting that individuals and nonprofit organizations with large sums RATE CHANGES AND RATE STRUCTURE to invest had moved increasingly into these About 700 banks, or nearly 6 per cent of larger denominations to take advantage of the total, raised their offering rate to 4 per Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

TIME AND SAVINGS DEPOSITS 193 TABLE 3 TIME AND SAVINGS DEPOSITS, IPC, HELD BY INSURED COMMERCIAL BANKS ON JULY 31 AND OCTOBER 31, 1968, BY TYPE OF DEPOSIT, BY MOST COMMON RATE PAID ON NEW DEPOSITS IN EACH CATEGORY, AND BY SIZE OF BANK Size of bank (total deposits in Size of bank (total deposits in millions of dollars) millions of dollars) All banks AU banks Group Less than 100 100 and over Less than 100 100 and over July Oct. July Oct. July Oct. July Oct. July Oct. July 1 Oct. 31 31 31 31 3t 31 31 31 31 31 31 31 1 Amount of deposits (in millions of dollars) Number of banks, orpercentage distribution or percentage distribution Savings deposits: Issuing banks......................................... ., 12,776 12,629 12,320 12,162 456 467 93,166 93,756 38,755 38,548 54,411 55,207 Percentage distribution by most com­ mon rate paid on new deposits: Total. -.................................................. 100.0 100,0 100.C 100.C 100.0 100.C 100.0 100.0 100.0 100.0 100.0 100.0 3.50 or less............................................... 28.4 26.8 29. 1 27.5 7.5 7.7 9.7 8.6 18.1 15.8 3.6 3.6 3.51-4.00.................................................. 71.6 73.2 70,9 72.5 92.5 92.3 90.3 91.4 81.9 84.2 96.4 96.4 Time deposits in denominations of less than $100,000: Issued mainly to consumers: Issuing banks.......................................... 12,202 12,264 11,773 1 1 ,814 429 450 46,700 49,785 27,054 28,059 19,646 21,726 Percentage distribution by most common rate paid on new de­ posits: 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 4.50 or less.......................................... 17.7 16.3 18.2 16.7 5.6 6.0 4.9 4.3 8.0 7.3 0.5 0.5 4.51-4.75....................................... 0.5 0.5 0.5 0.5 0.0 0.2 0.2 0.2 0.4 0.3 0.1 4.76-5.00............................................. 81.8 83.2 81.3 82.8 94.4 93.8 94.9 95.5 91.6 92.4 99.5 99.4 Issued mainly to businesses: Issuing banks.......................................... 6,730 7,798 6,339 7,405 391 393 5,795 5,021 2,829 2,699 2,967 2,322 Percentage distribution by most common rate paid on new de­ posits: 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 4.50 or less.......................................... 23.3 19.8 23.8 20.1 16.4 12.7 7.1 7.4 9.3 li .6 4.9 2.5 4.51-4.75............................................ 0.3 0.6 0.2 0.6 0.7 0.8 0.4 0.3 0.7 0.4 0.1 0.2 4.76-5.00............................................. 76.4 79.6 76.0 79.3 82.9 86.5 92.5 92.3 90.0 88.0 95.0 97.3 Time deposits in denominations of $100,000 or more: Issuing banks.......................................... 3,517 3,732 3,071 3,278 446 454 21 ,990 24,445 2,231 2,630 19,760 21,816 Percentage distribution by most common rate paid on new de­ posits: Total...................................................... 100,0 100.0 100.0 I0O.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 4.50 or less.......................................... 10.8 11.4 11.5 12,4 5.6 5. 1 1.2 1.3 4.8 5.4 0.8 0.8 4.51-4.75........................................... 1.4 0 7 1 .5 0.7 0.2 0.5 0.1 0.1 0.4 0.3 (1) 4.76-5.00............................................. 44,0 43.2 46.9 46.6 24.2 18.7 6.7 5.4 33.2 31.1 3.7 2.3 5.01-5.25.............................................. 3.6 3.7 3.8 3.4 2.5 5.9 1.3 2.6 4.7 3.4 1.0 2.5 5.26-5.50.............................................. 21.5 19.0 21,0 17.4 24.9 30.6 10,4 15,1 26.5 24.2 8.6 14.0 5.51-5.75.............................................. 3.2 6.7 2.5 4.1 8.5 25.1 8.5 44.1 5.0 9.2 8.9 48.3 5.76-6.00.............................................. 9.3 8.8 7.1 8,3 24.2 12.1 61.1 29.6 13.0 14,9 66.5 31.4 6.01-6.25............................................. 6,2 6,5 5.7 7.1 9.9 2.0 10.7 1.8 12.4 11.5 10,5 0.6 1 Less than 0,05 per cent. While rate ranges of % of & percentage point are shown in this and other tables, the most common rate reported by most banks was the Note.—The most common interest rate for each instrument or top rate in the range; for example, 4.00, 4.50, etc. On business-type group of instruments refers to the basic stated rate per annum (before time deposits in denominations of $100,000 and over, however, some compounding) in effect on the survey date that was generating the large banks had rates at intervals of H of a percentage point, such largest dollar volume of deposit inflows. If the posted rates were as 5.625 and 5.875. unchanged during the 30-day period just preceding the survey date, For a description of time deposits in denominations of less than the rate reported as the most common rate was the rate in effect on $100,000 issued mainly to consumers and those issued mainly to the largest dollar volume of deposit inflows during that 30-day period, businesses, see notes to Table 1. Time deposits in denominations of If the rate changed during that period, the rate reported was the rate $100,000 and over (issued mainly to businesses) include negotiable prevailing on the largest dollar volume of inflows from the time of and nonnegotiable CD’s and open accounts. Figures may not add to the last rate change on the survey date. totals because of rounding. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

194 FEDERAL RESERVE BULLETIN □ MARCH 1969 cent on regular savings deposits between the sumer-type time deposits were paying their end of April and the end of October 1968. customers the 5 per cent ceiling. (See Appendix Tables 9 and 10.) Banks Among insured commercial banks the raising rates were mainly small institutions number offering some form of a small-de­ —with total deposits of less than $10 mil­ nomination time deposit instrument that is lion—many of which were located in the held mainly by businesses is less than 3 out Midwest, where rates paid have been lower of every 5. There were only small differences than in other areas. Almost all large banks between these deposits and those issued had been paying the highest permissible rate mainly to consumers, both in the recent on these deposits for some years. As of the trend in rates and in the structure of rates at end of October, about three-fourths of all the end of October. insured commercial banks were paying the Large-denomination business-type time 4 per cent ceiling on savings deposits. This deposits are closely competitive with other three-fourths held 91 per cent of the total of money market instruments, and the rates such deposits. (See Table 3.) Of the approx­ that banks offer on these deposits, insofar as imately 3,380 banks with rates below the ceilings permit, tend to adjust more sensi­ ceiling, most were located in the Chicago, tively to changes in market rates than rates St. Louis, Minneapolis, and Kansas City paid on other forms of time deposits. The Federal Reserve Districts. revised rate ceilings established in April Of the more than 12,000 banks that offer 1968 varied from 516 per cent for deposits consumer-type time deposits, over one-tenth with maturities of 30 to 59 days to a high raised their offering rate to 5 per cent be­ of 614 per cent for maturities of 180 days tween April and October. These rate in­ and over. These large time deposits are creases were mainly at small banks that issued by only about 1 out of every 4 in­ previously had been paying 416 per cent. sured commercial banks, but this number Another 8 per cent of the banks that had includes nearly all banks with total deposits not issued instruments of this kind began of $100 million and over. to offer them—for the most part at a 5 per Almost half of these large banks raised cent rate. By the end of October, 83 per their most common offering rate on these cent of the issuing banks holding nearly 96 deposits between April 30 and July 31, per cent of all small-denomination con­ 1968—for the most part to 6 or 614 per Notes to Table 4 on facing page. i Includes certificates of deposit and small-denomination time deposits, open account, other than those in passbook or statement form. 2 The selected large Standard Metropolitan Statistical Areas, as defined by the Bureau of the Budget and arranged by size of population in the I960 census, are as follows: New York City Buffalo San Bernardino-Riverside Norfolk-Portsmouth Nashville Los Angeles Houston Tampa-St. Petersburg Gary-Hammond-E, Chicago Salt Lake City Chicago Milwaukee Louisville Ft. Worth Flint Philadelphia Pa terson-CJ ift on- Passa ic Indianapolis Syracuse Wichita Detroit Seattle Dayton Hartford Ft. Lauderdale-Hollywood San Francisco-Oakland Dallas San Antonio Akron Orlando Boston Cincinnati Columbus Oklahoma City Charlotte Pittsburgh Kansas City Phoenix Youngstown-Warren Des Moines St. Louis San Diego Albany-Schenectady-Troy Sacramento Ft. Wayne Washington, D.C. Atlanta San Jose Honolulu Baton Rouge Cleveland Miami Birmingham Omaha West Palm Beach Baltimore Denver Memphis Jacksonville Rockford Newark New Orleans Jersey City Tulsa Jackson, Miss. Minneapolis-St. Paul Portland, Ore. Rochester Richmond Note.—7he average rates were calculated by weighting the most common rate reported on each type of deposit at each bank by the amount of that type of deposit outstanding. Christmas savings and other special funds, for which no rate information was collected, were excluded. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

TIME AND SAVINGS DEPOSITS 195 TABLE 4 AVERAGE OF MOST COMMON INTEREST RATES PAID ON VARIOUS CATEGORIES OF TIME AND SAVINGS DEPOSITS, IPC, AT INSURED COMMERCIAL BANKS ON JULY 31 AND OCTOBER 31, 1968 (Per cent per annum) Business-type time deposits Consumer-type time deposits in denominations of— Savings CD’s Time, $100,000 or more . Au and open Bank location and size of bank time and consumer­ Savings With account (total deposits in millions of dollars) d s e a p v o in s g it s s t d y e p p e o t s im its e Total g ra u t a e r , b ( o p o a k ss o ­ r S Le I 0 ss 0 ,o th o a o n t Nego­ o 1 v 2 e r o A th l e l r s m ta e t n e t ­ t C ia D bl ’ e s Other rnos. form) July 31, J 968 All banks: AH size groups................................. 4 50 4.27 3.92 4.97 4.97 5.00 4.94 5.88 5 71 Less than 10................................. 4.40 4.37 3.78 4.91 4.90 4.99 4.91 5'21 5 04 10-50............................................... 4 32 4 27 3 84 4.97 4.96 4 99 4 90 5 45 5 31 50-100............................................ 4’39 4.28 3.93 4.99 4.99. 4.99 4.95 5.69 5'44 100-500.......................................... 4.39 4.21 3.93 4.99 4.99 5.00 4.92 5.80 5.42 500 and over.............. 4.70 4,27 4.00 5,00 5.00 5.00 4.98 5.93 5.88 Banks in— Selected large SMSA’s2: All size groups............................ 4.57 4.24 3.96 4.99 4.99 5.00 4.96 5.91 5 81 Less than 10............................. 4 32 4,26 3.90 4.95 4.95 4.99 4.94 5.25 5.07 10-50.......................................... 4.30 4.22 3.88 4.97 4.97 4.98 4.92 5.62 5.53 50-100........................................ 4 40 4.26 3,95 4.99 4.99 5,00 4.96 5.81 5.59 100-500...................................... 4 41 4.19 3.93 4.99 4.99 5.00 4.93 5.84 5.49 500 and over........................... 4.7! 4.26 4.00 5.00 5.00 5,00 4.98 5.93 5.90 AH other SMSA’s: AH size groups.......................... . 4 36 4. 26 3.89 4.98 4.98 4.99 4.91 5.62 5.24 Less than 10............................. 4 31 4.25 3.69 4.93 4.93 5.00 4.95 5.86 4 41 10-50.......................................... 4.30 4.25 3.86 4.98 4.98 5.00 4/89 5.16 5.16 50-100........................................ 4.42 4.31 3.90 4.98 4.98 4.98 4,94 5,52 5.28 100-500..................................... 4.35 4.24 3,93 4.99 4.99 4.99 4.87 5.69 5.27 500 and over....................... 4.47 4.29 3.95 5.00 5.00 5.00 5.00 5.62 5 35 Banks outside SMSA’s: All size groups,................................ 4 38 4.34 3.81 4.93 4.93 5.00 4.90 5.32 5 17 Less than 10.................................. 4 43 4 40 3.76 4.90 4 90 4.98 4.90 5.00 514 10-50............................................... 4.35 4.31 3 81 4.96 4 96 5 00 4 90 5 23 5 14 50-100............................................. 4.32 4.25 3.91 5.00 5.00 5 00 4.91 5 66 5 ’ 32 100-500......................................... 4.30 4.22 3.97 4.99 4.99 4.99 4.96 5.51 5 21 500 and over............................... 4.50 4.48 4.00 5.00 5.00 5.00 5.00 5.50 October 31, 1968 All banks; AU size groups................................ 4.50 4.29 3.93 4.9? 4.96 4.97 4.97 4.93 5.71 5.55 Less than 10............. 4.40 4.37 3.78 4.92 4.89 4.92 4.66 4.81 5.21 5.06 10-50.............................................. 4.36 4.30 3.86 4.96 4.93 4.96 4,86 4.91 5.52 5.33 50-100............................................. 4.41 4.29 3.93 4.99 4.96 4.99 4.99 4.94 5.65 5.45 100-500......................................... 4.39 4.22 3.93 4.99 4.95 5.00 5.00 4.96 5.54 5.47 500 and over............................ , 4.68 4.28 4.00 5.00 4.99 5.00 5.00 4.99 5.75 5.64 Banks in­ Selected large SMSA’s2: All size groups....................... 4.50 4.29 3.93 4.97 4.96 4.97 4.97 4.93 5.71 5.55 Less than 10............................. 4.40 4.37 3.78 4.92 4.89 4.92 4.66 4.81 5.21 5.06 10-50.......................................... 4.36 4.30 3.86 4.96 4.93 4.96 4.86 4.91 5.52 5.33 50-100........................................ 4,41 4.29 3.93 4.99 4.96 4.99 4.99 4.94 5.65 5.45 100-500............................... 4.39 4.22 3.93 4.99 4.95 5.00 5.00 4.96 5.54 5.47 500 and over............................ 4.68 4.28 4,00 5.00 4.99 5.00 5.00 4.99 5.75 5.64 All other SMSA’s: All size groups....................... 4.37 4.27 3.89 4.97 4.97 4.98 4.97 4.94 5.33 5.46 Less than 10................ 4.29 4.25 3.73 4.92 4.89 4.94 4.55 4.90 5.29 5.08 10-50 ......................................... 4,34 4.27 3.86 4.96 4.98 4.96 4.92 4.92 5.50 5.32 50-100 ...................................... 4.42 4.32 3.91 4.98 4.92 4.98 4.98 4.95 5.51 5.36 100-500 .................................... 4.34 4.24 3.91 4.99 4.97 4.99 5.00 4.95 5.17 5.34 500 and over ........................... 4.53 4.30 3.96 5.00 5.00 5.00 5.00 5.00 5.46 6.07 Banks outside SMSA’s: All size groups............................ 4.40 4.35 3.84 4.94 4.90 4.95 4.87 4.86 5.58 5.20 Less than 10................................. 4.43 4,41 3.76 4.91 4.88 4.92 4.64 4.78 5.05 4,97 10-50............................................... 4.39 4.35 3,83 4.95 4.90 4.96 4.86 4.89 5.28 5.19 50-100............................................. 4.38 4.30 3,93 5.00 4.94 5.00 5.00 4.88 5.54 5.40 100-500........................................... 4.30 4.22 3.93 4.99 4.93 4.99 5.00 4.96 5.59 5.43 500 and over. ......................... 4,47 4.21 4.00 5.00 5.00 5.00 5.00 5.00 5,75 5.47 For notes see facing page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

196 FEDERAL RESERVE BULLETIN □ MARCH 1969 cent. In the succeeding 3 months, during into three groups by size of the area in which part of which market rates of interest were located—(1) selected large Standard Met­ declining, more than one-third of the big ropolitan Statistical Areas (SMSA’s), (2) banks reduced their most common rate— other SMSA’s, and (3) outside SMSA’s— mainly to 6, 5%, or 516 per cent. As of the the surveys showed that the lowest rates were October 31 survey date, nearly two-fifths of generally paid by banks outside SMSA’s or the large banks reported that their most in the smaller SMSA’s and that the highest common rate was 5% or 6 per cent, and rates were paid by banks in selected large banks in this size class paying these rates SMSA’s. held more than seven-tenths of all largedenomination time deposits outstanding. MINIMUM-DENOMINATION AND MATURITY REQUIREMENTS AVERAGE INTEREST RATES PAID Over one-third of the more than 12,000 Weighted average interest rates offered on banks that offered a consumer-type time major categories of time and savings de­ certificate of deposit on October 31, 1968, posits for banks grouped by size of area in reported that the minimum balance they re­ which located and by size of bank are shown quired on these deposits was $100 or less, for the July and October survey dates in and most of the remainder had minimums Table 4. between $100 and $1,000. (See Appendix The average rate of interest paid on all Table 11.) On the passbook-notice ac­ time and savings deposits, IPC, at insured counts, balance requirements were only commercial banks on October 31 was 4.50 slightly higher. per cent—about 6 basis points above the On small-denomination time CD’s issued rate for April 30. This average rate varied mainly to businesses, minimum-balance re­ directly with size of bank—from a low of quirements were somewhat higher than on 4.40 per cent for banks in the smallest size similar instruments issued principally to class to a high of nearly 4.70 per cent for consumers. One-eighth of the banks had a banks in the largest size group—and as in­ requirement above $1,000 on small CD’s dicated earlier, this was due mainly to vari­ issued to businesses compared with about ations in relative amounts of large-de­ one-tenth for those issued to consumers. nomination time deposit instruments held. Two-fifths of the banks reported that 90 On nearly all major types of small-denomi­ days was the shortest maturity they would nation instruments (other than regular sav­ extend on any CD with a denomination ings) average interest rates paid were at or under $100,000, whether issued to busi­ near the 5 per cent ceiling at banks in all nesses or to consumers. At the same time, size classes. However, on regular savings, at 95 per cent of the banks the longest banks in the smallest size class paid about maturity on these instruments was 12 months ■4 of 1 percentage point less than the 4 per or less, and relatively few banks would issue cent ceiling—the rate in effect at nearly all them with a maturity beyond 4 years. Only large banks—and on large-denomination in­ rarely would a bank offer a consumer-type struments, of which they held very few, CD with a maturity of more than 1 year they offered rates from 16 to % of 1 per­ if the minimum denomination exceeded centage point below the rate offered at the $5,000. largest banks. For consumer CD’s with the interest rate When the banks were further subdivided guaranteed for more than 12 months, not all Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

TIME AND SAVINGS DEPOSITS 197 issuing banks reported usable information than 10 years. In this latter group a substan­ covering maximum maturity. However, more tial proportion of the deposits were in the than two-fifths of those that did stated that Philadelphia Reserve District where the in­ the longest maturity they would offer was 4 strument used was generally a savings bond years, and another two-fifths said it was with a 14-year maturity. Most banks offer­ from 4 to 5 years. Nevertheless, as many ing a CD with interest rate guaranteed for as 25 banks with $288 million of these de­ more than 12 months reported that the mini­ posits offered a maximum maturity of more mum denomination was $500 or less. □ Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

198 FEDERAL RESERVE BULLETIN a MARCH 1969 APPENDIX TABLE 1—SAVINGS DEPOSITS Most common interest rates paid by insured commercial banks on new deposits on July 31 and on October 31, 1968 ' Most common rate paid (per cent) Most common rate paid (per cent) Group Total Total 3.00 3.00 or less 3.50 4.00 or less 3.50 4.00 NUMBER OF BANKS MILLIONS OF DOLLARS July 31, 1968 All banks...................................................................................... 12,776 2,587 1,043 9,146 93,166 4,722 4,280 84,165 Size of bank (total deposits in millions of dollars): Less than 10.......................................................................... 8,184 2,058 618 5 508 8,888 1 354 648 6 886 16-50........................................................................................ 3,722 487 389 2,846 21 583 2 114 2 141 17 328 50-100...................................................................................... 414 24 21 369 8,284 334 441 7'509 100-500................................................................................... 353 17 14 322 19 777 877 941 17 959 500 and over................................................................. 103 1 1 101 34,634 (2) 34,482 Federal Reserve district: Boston..................................................................................... 370 23 I 346 3,835 84 3 685 456 37 10 409 15 004 761 314 13 929 Philadelphia.......................................................................... 513 163 142 208 5,871 829 1 574 3 468 Cleveland............................ -............................. 843 146 (26 571 9,417 423 615 8 378 Richmond. . ............................................................ 766 55 30 681 6,206 80 137 5 *989 Atlanta..................................................................................... 1,566 77 60 1 429 6,933 46 259 6^628 Chicago................................................................................... 2,402 729 240 1,433 16,652 1,374 878 14 400 St. Louis................................................................................. 1 '276 432 84 ‘760 2'645 455 (56 2 034 Minneapolis.......................................................................... 1 ,351 581 253 517 1 ^878 526 260 1 092 Kansas City......................................................................... 1 ,682 317 50 1 ,315 3,314 130 12 3,172 Dallas...................................................................................... 1'150 27 47 1 '076 3'322 13 9 3 300 San Francisco....................................................................... '401 401 18,089 18,089 ■ ~ .............................................................. - ............................... October 31, 1968 All banks...................................................................................... 12,629 2,518 863 9,248 93,755 4,686 3,367 85,702 Size of bank (total deposits in millions of dollars): Less than 10......................................................................... 7,901 1 ,946 594 5,361 8,481 1,288 595 6,598 10-50 ...................................................................................... 3,821 526 231 3,064 21,508 2,048 1,360 18,100 50-100..................................................................................... 440 27 21 392 8,559 397 392 7,770 100-500.................................................................................... 364 18 16 330 20,154 909 923 18,322 500 and over......................................................................... 103 I 101 35,053 (2) (2) 34,912 Federal Reserve district: Boston................................................................................... . 344 12 4 328 3,730 56 76 3,599 New York.. ........................................................................... 459 19 10 430 15,576 727 220 14,629 Philadelphia........................................................................... 487 143 147 197 5,664 735 1 ,446 3,484 Cleveland......................................................................... 783 195 44 544 8,934 449 210 8,275 Richmond............................................................................... 773 73 24 676 6,328 111 168 6,050 Atlanta..................................................................................... 1,510 102 132 1,276 6,563 116 391 6,056 Chicago................................................................................... 2,465 741 153 1,571 16,959 1,425 543 14,991 St, Louis.................................................................................. 1 ,260 300 67 893 3,157 351 58 2,748 Minneapolis........................................................................... 1,320 630 188 502 1,791 574 162 1,055 Kansas City........................................................................... 1 ,734 264 86 1,384 3,418 106 75 3,237 Dallas........................................................................................ 1,083 34 4 1 ,045 3,374 30 2 3,341 San. Francisco................................................................... 411 5 4 402 18,261 7 18 18,237 For notes to Appendix Tables 1-8, see p. 205. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

TIME AND SAVINGS DEPOSITS 199 APPENDIX TABLE 2—CERTIFICATES OF DEPOSIT, IPC, IN DENOMINATIONS OF LESS THAN $100,000— ISSUED MAINLY TO CONSUMERS 3 Most common interest rates paid by insured commercial banks on new deposits on July 31 and October 31, 1968 Most common rate paid (pec cent) Most common rate paid (per cent) Group Total Total 3.50 3,50 or 4.00 4.50 4.75 5.00 or 4.00 4.50 4.75 5.00 less less NUMBER OF BANKS MILLIONS OF DOLLARS July 31, 1968 All banks............................................. 12,108 64 791 1,353 82 9,818 41,759 16 602 1,671 101 39,369 Size al bank (total deposits in millions of dollars): Less than 10............................. 7,817 59 526 ( ,177 20 6,035 9,565 3 268 1,278 13 8,004 10-50........................................... 3,487 2 249 155 58 3,023 12,531 I2) 303 258 80 11,887 50-100......................................... 383 4 11 2 365 3,575 (2) 6 68 <2) 3,497 100-500....................................... 327 2 10 9 305 6,204 <2) 24 66 (2) 6,100 500 and over.............. 94 ................ 2 1 1 90 9,884 (2) (2) (2) 9,882 Federal Reserve district: Boston......................................... 260 27 42 35 156 311 15 13 6 278 New York.................................. 322 I 31 9 280 1,941 <2) 3 (3 (2) 1,923 Philadelphia............................. 452 9 II 93 339 2,893 (') 12 156 2,725 Cleveland................................... 784 1 84 162 2 535 3,019 (2) 35 198 (2) 2,776 Richmond.................................. 580 24 49 507 2,124 6 14 2,104 Atlanta...................................... 1,499 1 347 152 11 988 3,686 (2) 231 148 12 3,292 Chicago.................................... 2,408 26 80 235 10 2,057 9,654 3 9 315 7 9,320 St. Louis.................................... 1,343 3 130 265 945 3,986 (b 283 454 3,249 Minneapolis............................. 1,269 ................ 119 ................1,150 3,795 123 3,671 Kansas City............................. 1,682 23 54 190 1,415 2,897 <‘) 4 213 2,679 Dallas......................................... 1,156 3 36 23 1,094 2,430 3 24 73 2,331 San Francisco.......................... 353 ................ 1 ............3...5.2 5,023 (2) 5,023 October 31,1968 ^ All banks............................................ 11,352 130 803 897 56 9,466 37,761 78 495 1,173 Tt 35,938 Size of bank (total deposits in millions of dollars): Less than 10............................ 7,158 110 612 670 27 5,739 8,381 44 299 549 22 7,467 10-50........................................... 3,381 15 167 202 26 2,971 12,410 27 168 513 41 11,660 50-100......................................... 408 1 11 12 1 383 3,514 (2) 7 57 (2) 3,443 100-500...................................... 317 2 9 11 295 5,480 (2) 8 40 5,432 500 and over............................ 88 2 4 2 2 78 7,977 (2) 14 (2) (2) 7,936 Federal Reserve district: Boston........................................ 218 1 9 14 7 187 216 (2) 1 3 2 210 New York................................. 332 4 15 21 3 289 1,328 2 18 14 1 ,294 Philadelphia,........................... 365 5 14 55 2 289 1,702 11 10 93 (2) 1,583 Cleveland.................................. 631 8 77 62 7 477 2,454 3 55 101 13 2,283 Richmond.................................. 568 6 86 67 3 406 1,745 (') 38 74 2 1,631 Atlanta...................................... t,301 12 201 51 14 1,023 3,039 4 107 42 15 2,870 Chicago................................. 2,328 30 85 132 9 2,072 9,490 32 63 213 9 9,173 St. Louis................................... 1,273 17 156 257 1 842 3,641 4 164 396 (2) 3,075 Minneapolis.............................. 1,208 7 11 57 ................1,133 3,875 5 10 105 3,755 Kansas City.............................. 1,714 29 101 124 6 1,454 3,176 10 27 87 4 3,050 Dallas......................................... 1,046 10 43 50 4 939 2,267 9 15 34 10 2,198 San Francisco.......................... 368 1 5 7 ................ 355 4,828 (2> 3 7 4,817 ^k For October 31,1968, data exclude instruments on which the interest rate was guaranteed for more than 12 months. These statistics are shown separately in Supplement to Appendix Table 2 on p. 209. For other notes see p. 205. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

200 FEDERAL RESERVE BULLETIN □ MARCH 1969 APPENDIX TABLE 3—TIME DEPOSITS, OPEN ACCOUNT, IPC, IN DENOMINATIONS OF LESS THAN $100,000— CONSUMER-TYPE IN PASSBOOK OR STATEMENT FORM Most common interest rates paid by insured commercial banks on new deposits on July 31 and October 31, 1968 Most common rate paid (per cent) Most common rate paid (per cent) Group Total Total 3.50 3.50 or 4.00 4.50 4.75 5.00 or 4.00 4.50 4.75 5.00 less less --------------.-------------------------------------- NUMBER OF BANKS MILLIONS OF DOLLARS July 31,1968 All banks............................................. 824 60 26 37 3 698 4,941 1 8 8 6 4,917 Size of bank (total deposits in millions of dollars): Less than 10............................. 244 51 4 23 166 163 I (9 I 161 10-50........................................... 350 8 13 II 2 316 744 (0 3 3 (2) 736 5O-1OO......................................... 101 3 t 96 476 2 (2) G) 465 100-500...................................... 84 1 6 ( 76 813 3 810 500 and over............................ 45 1 44 2,744 2,744 Federal Reserve district: Boston............................... 159 4 3 152 955 2 G) 954 New York,................................ 92 6 2 84 841 1 (2) 839 Philadelphia.............................. 15 6 5 4 71 G) 2 68 Cleveland................................... 53 23 4 ( 25 362 I I (2) 360 Richmond.................................. 134 2 132 449 (2) 449 Atlanta........................................ 54 1 23 30 30 (2) i 29 Chicago............................. 120 2 1 1 116 1,676 (z> (2) (2) 1,668 St. Louis.................................... 58 28 3 27 22 O) 22 Minneapolis............. 8 8 29 29 Kansas City.............................. 14 9 2 10 17 (2) (2) 15 Dallas.......................... . 71 71 164 164 San Francisco........................... 46 1 2 4 39 325 (2) (2) 3 321 October 31,1968 All banks.......................................... 966 62 150 37 4 713 5,603 37 109 37 7 5,412 Size of bank (total deposits in millions of dollars): Less than 10.. . ....................... 320 41 84 19 I 175 175 21 28 5 (2) 120 10-50..................................... 400 18 56 15 2 309 704 15 75 28 (2) 584 50-100......................................... 100 1 ' 5 1 1 92 521 (2) (!) G) G) 512 100-500.................................... 94 2 4 1 87 1,091 (2) 2 (2) 1,089 500 and over . .. 52 I 1 50 3 JH (2) (2) 3,108 Federal Reserve district: Boston........................................ 131 2 4 3 122 765 (2) 1 1 760 New York.................................. 90 1 8 4 77 1,044 (2) 2 9 1,033 Philadelphia............................ 46 12 10 4 20 153 8 I 1 143 Cleveland . ................ 71 I 15 4 51 386 (2) 6 5 375 Richmond,........................... 90 1 19 4 66 351 (2) 4 6 341 Atlanta....................................... 99 8 17 2 I 71 174 (0 31 (2) (2) 136 Chicago...................................... 206 15 21 7 2 161 2,244 13 30 12 (2) 2,183 St. Louis. . ................................ 31 3 7 2 19 42 (l) 4 (2) 36 Minneapolis.............................. 24 7 5 1 11 11 4 (2) 6 Kansas City..................... 54 7 20 1 26 59 5 16 (2) 38 Dallas....................................... 70 4 16 3 47 132 3 O) 126 San Francisco .. ... 54 I 8 3 42 240 (2) 6 G) 234 For notes to Appendix Tables 1-8, see p. 205. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

TIME AND SAVINGS DEPOSITS 201 APPENDIX TABLE 4—CERTIFICATES OF DEPOSIT, IPC, IN DENOMINATIONS OF LESS THAN $100,000—ISSUED MAINLY TO BUSINESSES 4 Most common interest rates paid by insured commercial banks on new deposits on July 31 and October 31, 1968 Most common rate paid (per cent) Most common rate paid (per cent) Group Total Total 3.50 3.50 or 4.00 4.50 4.75 5.00 or 4.00 4.50 4.75 5.00 less less NUMBER OF BANKS MILLIONS OF DOLLARS July 31, 1968 All banks...................................... 6,048 49 422 533 16 5,028 4,286 3 141 80 21 4,042 Size of bank (total deposits in millions of dollars): Less than 10,..................... 3,330 34 271 369 2,656 604 1 30 21 552 10-50.................................... 2,127 12 130 147 12 1,826 1,194 72 47 1 1,074 50-100.................................. 269 1 8 9 2 249 363 <2) 3 5 (9 336 100-500............................... 243 1 11 7 2 222 716 (2) 18 6 (2) 690 500 and over...................... 79 2 ! ................ 75 1,408 (2) (2) (2) 1,389 Federal Reserve district: Boston.................................. 212 4 4 6 2 196 106 (9 6 1 (2) 99 New York.......................... 305 1 20 31 253 529 (9 5 3 519 Philadelphia....................... 228 16 5 54 2 151 333 I1) <9 17 (2) 296 Cleveland............................ 420 30 73 317 182 6 4 172 Richmond........................... 446 23 46 2 375 296 12 (9 282 Atlanta................................ 654 186 52 ................ 416 405 76 14 315 Chicago............................... 1,108 2 16 42 12 1,036 411 (9 4 3 403 St. Louis............................. 632 79 132 421 267 29 19 219 Minneapolis...................... 494 70 424 316 8 308 Kansas City....................... 636 3 30 66 537 389 (9 2 8 379 Dallas.................................. 644 3 4 637 289 1 288 San Francisco............... 269 3 1 265 764 (9 763 October31,1968 All banks...................................... 7,160 75 558 442 39 6.046 3,690 14 138 74 16 3,447 Size of bank (total deposits in millions of dollars): Less than 10...................... 4,057 53 374 323 19 3,288 575 9 56 36 4 470 10-50.................................... 2,466 18 154 104 15 2,175 1,054 4 46 27 4 972 50-100................................. 298 3 13 8 2 272 384 1 6 6 (9 370 100-500............................... 258 1 15 7 1 234 779 (9 27 5 (2) 746 500 and over...................... 81 2 2 77 897 (9 5 889 Federal Reserve district: Boston................................. 231 4 9 10 3 205 116 I1) I 1 2 111 New York.......................... 285 2 20 12 2 249 426 I2) 2 2 (2) 420 Philadelphia...................... 209 5 8 27 4 165 202 9 3 3 187 Cleveland............................ 337 1 35 26 3 272 170 (9 5 4 (9 162 Richmond........................... 402 7 71 33 3 288 251 <9 10 5 (') 235 Atlanta................................ 940 5 171 24 13 727 330 1 39 5 5 280 Chicago............................... 1,424 21 52 54 4 1,293 538 3 14 7 (9 513 St. Louis. ........................... 694 5 86 152 451 223 1 40 31 151 Minneapolis...................... 793 7 8 33 1 744 290 2 3 8 (2) 277 Kansas City........... 838 7 63 44 5 719 244 1 7 5 5 226 Dallas............................... 719 11 22 21 1 664 333 5 2 2 (9 323 San Francisco................... 288 ........ 13 6 ................ 269 569 6 (9 563 For notes to Appendix Tables 1-8, see p. 205, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

202 FEDERAL RESERVE BULLETIN □ MARCH 1969 APPENDIX TABLE 5—TIME DEPOSITS, OPEN ACCOUNT, IPC, IN DENOMINATIONS OF LESS THAN $100,000 -BUSINESS-TYPE 5 Most common interest rates paid by insured commercial banks on new deposits on July 31 and October 31, 1968 Most common rate paid (per cent) Most common rate paid (per cent) Group Total Total 3.50 3.50 or 4.00 4.50 4.75 5.00 or 4.00 4.50 4.75 5.00 less less NUMBER OF BANKS MILLIONS OF DOLLARS July31,1968 AH banks...................................... 1,392 195 479 176 7 535 1,507 25 94 94 3 1,292 Size of bank (total deposits in millions of dollars): Less than 10...................... 492 87 183 55 1 166 222 3 14 9 (2) 195 10-50............................. 506 63 195 84 4 160 194 3 28 12 (') 150 50-100.................................. 157 16 44 17 1 79 251 4 10 18 (2) 220 100-500............................... 163 21 45 15 1 81 366 3 33 46 (2) 282 500 and over................... 74 8 12 5 ........ 49 474 10 9 9 446 Federal Reserve district: Boston.................................. 69 2 26 12 29 69 (2) 4 5 59 New York........................... 261 10 89 30 1 131 492 2 19 13 (2) 457 Philadelphia...................... 170 70 22 30 4 44 45 4 6 7 2 25 Cleveland........................... 156 6 113 25 12 63 2 28 3 30 Richmond.......................... 205 31 80 9 85 237 1 9 10 217 Atlanta................................ 125 4 42 31 1 47 32 <0 6 2 (2> 24 Chicago............................... 63 10 18 16 19 189 12 16 47 114 St. Louis............................. 73 31 18 I 23 87 2 (■) (2) 83 Minneapolis....................... 29 2 27 30 (2) 30 Kansas City....................... 59 28 12 3 16 14 1 1 (*) 12 Dallas.................................. 93 33 14 41 109 1 2 105 San Francisco.................... 89 1 21 5 I 61 140 (?) 2 3 (2) 135 October 31, 1968 All banks...................................... 1,617 176 589 ISO 15 687 1,339 15 102 56 2 1,162 Size of bank (total deposits in millions of dollars): to Less than 10.................... 640 82 258 68 222 142 7 30 9 (■) 95 10-50.................................... 622 66 238 60 4 254 331 3 36 24 1 266 50-100.................................. (33 11 38 10 74 212 2 12 12 184 100-500................................ 155 15 40 9 1 90 371 2 13 8 (2) 347 500—and over. ................... 67 2 15 3 47 283 <2) 11 3 270 Federal Reserve district: Boston................................. 87 2 21 4 2 58 90 (2) I I (2) 87 New York........................... 227 17 85 16 109 355 11 6 337 Philadelphia...................... 188 56 67 18 I 46 69 3 10 4 (2) 51 Cleveland........................... 149 21 90 6 32 82 1 22 9 50 Richmond.......................... 177 7 100 16 54 168 <0 20 9 139 Atlanta................................ 199 9 59 19 1 111 65 (>) 9 2 (2) 54 Chicago............................... 162 26 37 14 6 79 178 4 9 13 I1) 151 St. Louis............................ 94 9 35 30 2 18 28 2 3 6 (2) 17 Minneapolis...................... 40 H 4 2 23 46 1 1 (2) 43 Kansas City................ 92 12 41 7 32 42 1 12 2 27 Dallas.................................. 105 2 30 12 I 60 92 C2) 2 3 I2) 86 San Francisco,.................. 97 4 20 6 2 65 124 (2) 2 2 (2) 120 For notes to Appendix Tables 1-8, see p. 205. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

TIME AND SAVINGS DEPOSITS 203 APPENDIX TABLE 6—NEGOTIABLE CERTIFICATES OF DEPOSIT, IPC, IN DENOMINATIONS OF $100,000 OR MORE Most common interest rates paid by insured commercial banks on new deposits on July 31 and October 31, 1968 Most common rate paid (per cent) Most common rate paid (per cent) Group Total 4.50 Total 4.50 or 4.75 5.00 5.25 5.50 5.75 6.00 6.25 or 4.75 5.00 5.25 5.50 5.75 6,00 6.25 less less NUMBER OF BANKS MILLIONS OF DOLLARS July 31, 1968 AU banks.............................................. 1,638 146 2 681 78 319 82 202 128 15,293 125 (2) 544 165 1,4431,3929,6661,954 Site of bank (total deposits in millions of dollars): Less than 10..........3..9..8...........3..3... 257 61 9 17 21 83 6 53 8 in 10 6 10-50..........7..3..7..........9...0.............i.... 325 54 137 26 60 44 477 14 I2) 127 64 136 16 57 61 50-100....................................... . 176 7 i 52 15 41 17 23 20 460 6 (2) 72 5 112 72 103 88 100-500........................................ 231 14 42 8 64 16 59 28 2,222 43 134 36 566 131 818 495 500 and over. .......................... 96 2 ..........5 1 16 14 43 15 12,052 (2) 158 (2) 621 1,1738,678 1,304 Federal Reserve district: Boston..........1..1..2.................. 24 8 38 13 22 7 862 22 10 57 35 592 145 New York................ 128 4 22 3 28 36 26 9 5,299 2 53 233 4854,110 416 Philadelphia............6..2.........28 2 18 1 6 ......... 5 2 432 2 (2) 111 (2) 68 ......... 191 (2) Cleveland. .................................. 106 1 81 1 7 2 12 2 933 (') 31 A 16 (2) 749 (2) Richmond................................... 92 12 52 9 9 6 3 1 283 7 38 6 99 UI 18 (2) Atlanta........................................ 176 58 ......... 78 2 13 ......... 7 18 458 39 .........73 (2) 59 ......... 42 180 Chicago....................................... 218 26 61 8 84 8 27 4 1,924 4 37 3 130 601,555 136 St. Louis...................................... 75 8 59 5 3 249 64 17 39 130 Minneapolis............................... 115 87 ..... 7 15 6 264 22 76 28 138 Kansas City................... 125 3 64 2 15 4 16 21 503 2 52 (2) 88 17 192 146 Dallas........................................... 323 5 116 41 77 8 35 41 1,561 3 64 50 325 57 529 533 San Francisco............. 106 1 .........19 3 30 5 31 17 2,525 (2) .........2.3 3 253 4961,533 214 October 31, 1968 AU banks.............................................. 1,582 132 6 590 56 322 171 189 116 16,898 168 2 445 4792,5807,6735,343 209 Size of bank (total deposits in millions of dollars): Less than 10............................... 398 59 3 196 6 49 18 31 36 102 13 1 47 1 10 9 9 12 10-50............................................ 678 48 2 300 23 134 39 75 57 539 17 (2) 154 19 126 61 87 76 50-100..........1..7..7.............9............... 60 7 43 15 24 19 494 3 91 24 110 75 99 92 100-500..........2..3..2...........1..4.............i 31 18 71 61 32 4 2,416 57 <2) 107 114 834 995 278 30 500 and over............................. 97 2 ......... 3 2 25 38 27 13,346 (2) 47 1,501 6,5334,869 Federal Reserve district: Boston................................ 98 19 2 35 16 20 6 891 14 (2) 223 53 591 4 New York................ 144 6 34 7 34 28 31 3 5,832 4 (2) 60 9 3602,5582,840 2 Philadelphia............................... 42 3 ......... 22 1 6 4 6 .........465 36 13 (2) 32 153 217 Cleveland.................................... 58 2 30 3 9 6 6 2 904 (2) 24 18 244 467 147 (2) Richmond............9..2...........1..4........ 39 3 21 10 4 322 8 35 14 145 94 24 (2> Atlanta..........1..8..3..........3..5............2. 76 6 29 13 9 13 580 19 (2) 43 61 203 191 33 28 Chicago...................................... 191 8 1 86 5 50 22 14 5 2,194 3 (J) 70 6 124 1,132 851 8 St. Louis...................................... 95 36 37 13 5 2 1 286 88 25 (2) 40 132 (2) <0 Minneapolis,............................. 79 5 35 1 9 12 14 3 317 2 9 (2) 11 42 245 7 Kansas City............................... 179 13 1 65 16 23 12 29 20 573 3 A 40 47 88 206 168 20 Dallas........................................... 277 9 1 104 4 55 18 37 49 1,665 4 (2) 86 1 512 847 111 104 San Francisco..................... 144 1 ......... 43 7 38 25 17 13 2,869 (2) 25 303 598 1,795 114 33 For notes to Appendix Tables 1-8, see p, 205. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

204 FEDERAL RESERVE BULLETIN □ MARCH 1969 APPENDIX TABLE 7—NONNEGOTIABLE CERTIFICATES OF DEPOSIT, IPC, IN DENOMINATONS OF $100,000 OR MORE Most common interest rates paid by insured commercial banks on new deposits on July 31 and October 31, 1968 Most common rate paid (per cent) Most common rate paid (per cent) Group Total 4.50 Total 4.50 or 4.75 5.00 5.25 5.50 5.75 6.00 6.25 or 4.75 5.00 5.25 5.50 5.75 6.00 6.25 less less NUMBER OF BANKS MILLIONS OF DOLLARS July 31, 1968 All banks..................................... 2,040 172 47 989 60 466 45 153 108 5,022 69 6 933 93 792 40€2,379 348 Size of bank (total deposits in mil­ lions of dollars): Less than 10............................... 456 48 23 263 15 33 5 41 28 157 4 4 113 3 10 2 14 6 10-50.................... ..................... 1,054 102 23 464 33 327 6 52 47 527 26 2 201 14 193 2 40 51 50-100.......................................... 239 7 130 5 47 13 (9 18 407 4 149 13 116 18 54 53 100-500........................................ 221 12 1 114 6 46 14 20 8 934 13 fl) 328 31 262 149 129 40 500 and over.............. 70 3 18 I 13 7 21 7 2,996 22 143 (2) 211 2292,142 199 Federal Reserve district: Boston......................................... 69 22 2 26 12 5 2 119 16 (2) U 16 39 (2) New York................................... 106 41 4 25 8 18 4 1,255 2 105 2 116 223 800 7 Philadelphia..................... 94 5 1 68 1 13 5 I 160 J (2) 77 (2) 51 5 (2) Cleveland.................................... 127 28 79 2 . 7 2 7 2 161 11 80 (2) 14 (2) 18 (2) Richmond................................... 177 13 51 95 4 13 1 317 3 70 137 80 27 (2) Atlanta........................................ 258 37 23 142 7 31 3 2 13 332 16 2 154 52 69 15 (2) 19 Chicago....................................... 398 5 195 27 109 4 43 15 605 I 127 17 199 5 105 150 St. Louis............. 155 40 76 12 11 9 7 133 31 35 3 47 7 10 Minneapolis.............................. 76 5 43 27 ! 82 1 52 6 (2) D Ka a n ll s a a s s . .. C .... i . t . y ... . . . . . . . . . . . . . . . . . .. . . . . ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 1 6 79 0 29 4 23 1 6 8 3 0 3 1 4 1 6 9 5 1 8 5 2 1 7 6 3 1 0 3 0 5 2 2 4 15 3 ? 5 ((20) 2 54 6 4 4 1 5 4 2 5 3 San Francisco........................... 141 29 1 57 7 27 20 1,422 25 (2) 2 321,265 38 October 31 1968 AU banks..................................... 2,261 196 121,122 94 407 122 174 134 5,558 103 41,151 1391,0092,197 747 207 Size of bank (total deposits in mil­ lions of dollars): Less than 10............................... 544 82 4 271 22 72 19 39 35 138 18 (l) 66 7 21 7 11 8 10-50............................................. 1 153 94 7 602 46 196 39 89 80 681 36 4 277 23 138 54 85 64 50-100.......................................... 275 7 134 11 73 10 28 (2 498 14 143 14 187 27 73 40 100-500........................................ 219 11 1 92 15 54 31 9 6 1,063 15 (2) 150 95 394 293 64 51 500 and over............................. 70 2 23 12 23 9 1 3,178 G) 515 269 1,816 514 (2) Federal Reserve district: Boston......................................... 70 4 18 6 22 6 II 3 108 (9 15 3 26 5 45 13 New York................................. 152 11 60 4 39 21 15 2 1,298 7 342 9 248 328 364 (2) Philadelphia,....................... 114 11 1 67 8 19 3 4 1 199 9 (2) 51 7 96 14 21 (2) Cleveland.................................... 142 10 1 93 7 18 3 8 2 191 10 <2) 71 7 73 13 17 (2) Richmond.......................... 156 18 86 7 27 8 5 5 353 5 78 28 128 104 9 2 Atlanta......................................... 323 26 8 158 14 48 13 25 31 480 13 3 94 42 54 118 127 30 Chicago....................................... 416 10 219 16 101 25 25 20 681 2 128 7 133 270 80 59 St Louis.. . 192 68 70 2 27 4 15 6 186 49 42 (2) 65 6 19 4 Minneapolis .............................. 113 3 89 2 11 4 2 2 65 (0 30 (2) 8 25 (2) (2) Kansas City................................ 204 17 2 103 15 22 9 25 11 158 4 (2) 39 10 8 42 21 32 Dallas........................ . . . 260 15 121 9 47 9 22 37 301 5 72 5 106 57 27 28 San Francisco........................... 119 3 38 4 26 17 17 14 t,538 (1) 188 22 63 1,213 17 34 For notes to Appendix Tables 1-8, see p. 205. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

TIME AND SAVINGS DEPOSITS 205 APPENDIX TABLE 8—TIME DEPOSITS, OPEN ACCOUNT, IPC, IN DENOMINATIONS OF $100,000 OR MORE Most common interest rates paid by insured commercial banks on new deposits on July 31 and October 31, 1968 Most common rate paid (per cent) Most common rate paid (per cent) Group Total 4.50 Total 4.50 or 4.75 5.00 5.25 5.50 5.75 6.00 6.25 or 4.75 5.00 5.25 5.50 5.75 6.00 6.25 less less NUMBER OF BANKS MILLIONS OF DOLLARS July 31. 1968 AU hanks.............................................. 521 202 183 4 55 7 54 16 1,660 95 >04 5 230 58 955 212 Size of bank (total deposits in mil­ lions of dollars): Less than 10............................. 178 92 48 9 29 44 28 7 2 9 10-50.......................................... 108 32 ......... 60 9 3 4 37 15 17 3 (') ......... 2 50-100........................................ 66 20 ......... 27 2 11 1 5 38 9 13 UI 6 .........u> 6 100-500..................................... 103 41 31 1? 9 3 126 28 33 (9 13 ■ . • • . 46 4 500 and over........................... 66 17 ......... 17 9 4 15 4 1 .415 15 34 .......... 206 58 900 200 Federal Reserve district: Boston....................................... 14 2 6 2 1 3 33 (9 4 (9 (2) 1 New York................................ 65 15 22 1 9 2 12 4 I ,173 4 36 19 142 (9 780 163 Philadelphia............................. 55 9 ......... 35 ......... 5 3 2 1 135 5.......... 13 ..........57 (9 (2) (2> Cleveland. . . . 26 13 9 3 I 22 10 7 5 (2) Richmond . . . 23 14 7 1 1 17 9 4 (9 (2) Atlanta.......... 130 42 ......... 51 I 11 .........24 1 63 22.......... 11 (9 3 ..... 23 (2) Chicago.......... 43 12 12 1 1 7 1 12 9 9 3 (2) St. Louis......... 98 70 ......... 25 3 30 19 7 4 Minneapolis.. 1 ____1 (l) (2) ......... Kansas City.. 12 H 1 8 8 (2) Dallas............. 20 7 7 5 1 14 2 5 .......... 31......... u> San Francisco 34 7 ..... 9 1 6 1 8 2 J32 4.......... 8 19 6 (2) 98 (2) October 31, 1968 All banks.............................................. 571 217 12 202 13 68 26 24 9 1,967 72 6 165 22 688 506 496 10 Size of bank (total deposits in millions of dollars): Less than 10.............................. 133 72 44 1 14 1 1 26 14 9 (2) J (2) (2) 10-50............................................ 207 85 8 75 6 21 4 5 3 95 24 4 28 3 26 6 3 3 50-100.......................................... 71 21 2 30 1 8 1 4 4 55 9 (9 17 (2) 4 (9 17 7 100-500........................................ 99 29 2 31 4 17 9 6 1 167 19 (2) 31 4 29 54 28 (9 500 and over. .......................... 6! 10 ......... 22 1 8 12 8 ......I. .,.624 7.......... 80 (2) 626 446 448 ......... Federal Reserve district: Boston ......................................... 26 8 2 10 2 1 1 2 54 2 (2> 7 (2) (9 (9 (9 New York.................................. 84 2t 29 13 9 10 1,350 3 (2) 58 ......... 593 259 432 (9 Philadelphia................................ 50 17 2 18 1 7 3 2 .........165 5 (2) 18 (9 13 75 (9 ......... Cleveland.................................... 41 24 1 12 3 1 24 12 (2) 10 1 (9 Richmond.................................. 34 10 17 2 3 1 19 4..... 11 (9 ([) (9 ..... (9 Atlanta......................................... 90 30 1 37 4 13 2 1 2 75 10 (2) 12 3 17 (2) (9 (9 Chicago....................................... 50 13 1 2) 7 4 2 32 1 (2) 10 C2) 4 3 (9 (2) St. Louis...................................... 70 50 4 12 1 2 ......... I ......... 29 15 2 10 f2) (2) .........(9 Minneapolis............................... 15 7......... 4 ......... 3 ......... 1 ......... 7 3 ......... 1 ......... 2 ......... (2) ......... Kansas City................................ 30 26 2 1 1 13 12 (2) .........(2> (9 Dallas...................................... 39 6..... 25 1 4 2 ......... 1 31 2......... 11 (2) 12 (2)......... (2) San Francisco.......................... 42 5 15 3 10 4 4 1 169 2 17 16 5 129 1 (9 Notes to Appendix Tables 1-8: alternatives for savings deposits, shown separately in Appendix Table 3. 1 Less than $500,000. Note.—-Data as of July 31 were compiled from information reported 2 Omitted to avoid individual bank disclosure. by a probability sample of all insured commercial banks expanded to 3 Includes all certificates of deposit in denominations of less than provide universe estimates. Figures as of Oct. 31, were compiled from data $100,000 of which, in the judgment of the issuing bank, 50 pec cent or reported by virtually all insured commercial banks. For both survey dates more of the total amount outstanding on the survey date was issued to the figures exclude banks that reported no interest rate paid and that nonbusiness (consumer) holders, except that for Oct? 31, instruments of held no deposits on the survey dates, and they also exclude a few banks this kind with the interest rate guaranteed for more than 12 months are that had discontinued issuing these instruments but still had some deposits excluded and shown separately in the table entitled ‘’Supplement to Appen­ outstanding on the survey date. Time deposits, open account, exclude dix Table 2,” p. 209, Christmas savings and other special accounts. Dollar amounts may not 4 Includes all certificates of deposit in denominations of less than add to totals because of rounding. $100,000 of which, in the judgment of the reporting bank, 50 per cent or In the headings of these tables under “most common rate paid (per more of the total amount outstanding on the survey date was issued to cent)” the rates shown are those being paid by nearly all reporting banks. businesses. However, for the relatively few banks that reported a rate in between 5 Includes all time deposits, open account, in denominations of less those shown, the bank was included in the next higher rate. than $100,000 except those in passbook or statement form used as direct Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

206 FEDERAL RESERVE BULLETIN □ MARCH 1969 APPENDIX TABLE 9—INSURED COMMERCIAL BANKS CHANGING THE MOST COMMON RATE PAID ON NEW TIME AND SAVINGS DEPOSITS, IPC, BETWEEN APRIL 30 AND JULY 31, 1968 Business-type time Savings Consumer-type time Instruments of less than Instruments of $100,000 SI 00,000 or more Group Size of bank (total Size of bank (total Size of bank (total Size of bank (total deposits in millions deposits in millions deposits in millions deposits in millions of dollars) of dollars) of dollars) of dollars) All All All All bank bank bank bank sizes Less 10­ 100 sizes Less 10­ 100 sizes Less 10­ 100 sizes Less 10­ 100 than 100 and than 100 and than 100 and than 100 and 10 over 10 over 10 over 10 over Number of issuing banks July 31, 1968.................. 12,759 8,181 4,122 456 12,186 7,868 3,890 428 6,718 3,664 2,664 390 3,506 964 2,097 445 PERCENTAGE DISTRIBUTION OF NUMBER OF BANKS IN GROUP * Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100,0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 No change in rate, Apr. 30-July 31, 1968 ......... 95,4 94.7 96,6 98.7 84.9 83.3 87.1 94.6 63.0 53.3 72.3 89.2 55.5 48.3 60.4 48.3 Banks raising rate.... 3.6 4.2 2.7 1.3 10. 1 10.9 9.3 3.7 8.7 8 .'9 8.7 5.9 25.3 15.2 25.7 45.2 New most common rate ’ (per cent) 3,50 or less... 0.3 0.4 (2) 0.3 3.51-4.00......... 3.8 2.7 1.3 0.1 0.1 (2) (2) (2) 4.01-4.50 0.4 0.5 0.3 0.2 0.5 (z) 1.2 0.5 0.3 0.2 0.3 0.2 4.51-4.75........ 0. 1 0.3 (2) 0.3 4.76-5.00......... 9.6 10.4 8.7 3.5 8.1 8.8 7.5 4.8 3.7 5.4 3.4 1.8 5.01-5.25......... 1.3 0.4 1.8 0.7 5.26-5.50......... 6.2 0.5 8.2 9.0 5.51-5.75........ 2.6 1. I 2.6 5.8 5.76-6.00........ 6.4 4.6 4.7 18.4 6.01-6.25. , . . 4.8 3.0 4.7 9.2 Banks reducing rate. . 0.8 0.8 0.7 1.0 1.2 0.9 0.3 1.8 1.8 . 2.1 2.1 4.7 3.1 5.2 6.1 New most common rate1 (per cent) 3.50 or less. . . 0.8 0.8 0.7 (2) 0.3 0, 1 0. 1 0.1 0.3 3.51-4.00......... 0.5 0.4 0,8 0.8 O.2 1.7 1.0 LI 0.5 1.5 0.2 4.01-4.50......... O.5 0.7 0. 1 0.9 L5 0.2 0.5 1.2 1.5 1.3 0.2 4.51-4.75. . . . (2) 0. 1 (2) 0.1 0.3 4.76-5.00......... 1.3 0.3 1.6 2.7 5.01-5.25......... 0.6 0.8 0.4 0.4 5.26-5.50......... 0.1 0.1 0.9 5.51-5.75 0.1 0.7 5.76-6.00......... 0.3 0.2 0.9 Banks introducing new instrument................. 0.2 0.3 4.0 4.6 2.7 1.4 26,5 36.0 16.9 2.8 14.5 33.4 8.7 0.4 Most common rate1 (per cent) 4.00 or less..... 0.2 0.3 0.9 1.4 3.8 5.8 1.6 0,5 1.8 6.2 0.1 4.01-4.50............. 0.4 0.5 0.1 2.5 3.9 1.0 0.4 1.2 (2) 4.51-4.75............. 0. 1 0.3 0.6 LI 4.76-5.00............. 2.7 2.7 2.6 1.4 20.0 26.3 14.0 2.3 7.1 16.3 4.3 5.01-5.25.............. 0. 1 0.1 0.2 5.26-5.50........... 1.6 3.6 1.0 5.51-5.75.............. 0.3 0.4 0.3 0.2 5.76-6.00............. 1.7 4.3 0.8 6.01-6.25.............. 0.9 1.4 1.0 * Shaded areas indicate that rates shown in the stub are higher than the maximum permissible rate allowed on the various instruments. 1 For description of most common rate, see Note to text Table 3. The table excludes banks that issued these types of deposits on April 30 2 Less than 0.05 per cent. but no longer issued them on July 31. For a description of consumer-type time deposits and business-type time Note.—This table was compiled by comparing rates as reported by the deposits, see notes to text Table I. Figures may not add to totals be­ sample banks that had these types of deposits outstanding on July 31, cause of rounding. 1968, with the rates reported by the same banks on April 30, 1968. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

TIME AND SAVINGS DEPOSITS 207 APPENDIX TABLE 10—INSURED COMMERCIAL BANKS CHANGING THE MOST-COMMON RATE PAID ON NEW TIME AND SAVINGS DEPOSITS, IPC, BETWEEN JULY 31 AND OCTOBER 31, 1968 Business-type time Savings Consumer-type time Instruments of less than Instruments of $100,000 $100,000 or more Group Size of bank (total Size of bank (total Size of bank (total Size of bank (total deposits in millions deposits in millions deposits in millions deposits in millions of dollars) of dollars) of dollars) of dollars) Ait All Ail AH bank bank bank bank sizes Less 10­ 100 sizes Less 10­ 100 sizes Less 10­ 100 sizes Less 10­ 100 than 100 and than 100 and than 100 and than 100 and 10 over 10 over 10 over 10 over Number of issuing banks Oct. 31, 1968..............12,655 7,937 4,252 466 12,085 7,599 4,035 451 7,463 4,251 2,817 395 3,745 1,048 2,242 455 PERCENTAGE DISTRIBUTION OF NUMBER OF BANKS IN GROUP * Total 100.0 100.0 100.0 100.0 100.0 100.0 100,0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 No change in rate, July 31-Oct. 31, 1968......... 96.8 95.8 98.4 99.4 88.9 86.2 93.2 95.8 68.2 62.5 74. 1 86.6 51.2 46.6 55.5 41.1 Banks raising rate.. .. 2.2 2.8 1.2 0.4 4.4 5.7 2.6 0.4 4.6 2.6 7.4 5,3 15.2 10.6 16.2 21.1 New most common rate1 (per cent) 3.50 or less,. .. (2) (2) 3.51-4.00...... 2.2 2.8 1.2 0.4 (2) 0.1 4.01-4.50........... 0. 1 0. 1 0.4 6.5 0.2 0.5 6.2 0.8 0.2 4.51-4.75.......... (2) 0. 1 4.76-5.00........... 4.3 5.6 2.5 0.4 4. 1 2.1 7. 1 4.8 2.2 2.1 2.5 1. 1 5.01-5,25........... 1.0 2.4 0.3 1.8 5.26-5.50........... 4.2 1.1 5.2 5.9 5.51-5.75. 2.3 2.0 1.5 6.6 5.76-6.00........... 3.1 0.6 3.9 4.8 6.01-6.25........... 2.2 1.6 2.8 0.7 Banks reducing rate, . 0.8 1.1 0.4 0.2 2.6 3.7 0.8 0.4 3.0 3.2 2.8 3.0 16.2 7.4 15.9 37.1 New most common rate1 (per cent) 3.50 or less.. ., 0.8 1.1 0.4 0.2 0.3 0.4 0.1 0.6 0.7 0.5 0.8 0. 1 0.3 0.4 3.51-4.00........... 1.3 1.9 0.4 0.2 2.0 2.3 1.6 1.5 1.2 0.2 1.9 0.2 4,01-4.50.......... 0.8 1. 1 0.2 0.4 0.2 0.7 0.2 0.9 2.8 0. 1 0.2 4.51-4.75........... 0.2 0.3 0. 1 0.2 (2) (2) 0.5 0.2 0.4 0.2 4.76-5.00........... 5.6 2.4 7.8 1.8 5.01-5.25........... 1.2 0.4 1.0 4.0 5.26-5.50.......... 2.6 0.2 2. 1 9.9 5.51-5.75..., . . 2.8 0.5 I. I 16.7 5.76-6.00........... 1.6 0,6 1.5 3.7 Banks introducing new instrument,,.,...... 0.2 0.3 (2) ...........4.. 1 4.4 3.4 3.4 24.2 31.7 15.7 5.1 (7.4 35.4 12.4 0.7 Most common rate’ (per cent) 4.00 or less........... 0.2 0.3 (Z) 0.7 1.0 0.2 0.7 4. 1 5.6 2.4 0.3 2.1 5.0 1.2 4.01-4.50.. 0.2 0.6 1.7 2.8 0.4 2.1 6.7 0.4 4.51-4.75............... (2) (2) 0.1 0. 1 4.75-5.00.............. 3.2 3.4 2.6 2.7 18.4 23.3 12.9 4.8 8.8 13.4 8.4 6.2 5.01-5.25............... 1.0 2.5 0.4 5.26-5.50............... 1.6 3.8 0.8 0.5 5.51-5.75............... 0.1 0.1 0.2 5.76-6.00............... 1.2 3.8 0.2 6.01-6.25.............. 0,4 0. 1 0.6 ♦ Shaded areas indicate that rates shown in the stub are higher than themaximum permissible rate allowed on the various instruments. 1 For description of most common rate, see Note to text Table 3. table excludes banks that issued these types of deposits on July 31, but 2 Less than 0.05 per cent. no longer issued them on October 31. For a description of consumer-type time deposits and business-type time Note.—This table was compiled by comparing rates as reported by the deposits, see notes to Table 1. Figures may not add to totals because of sample banks that had these types of deposits outstanding on October 31, rounding. 1968, with the rates reported by the same banks on July 31, 1968. The Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

208 FEDERAL RESERVE BULLETIN □ MARCH 1969 APPENDIX TABLE 11—MINIMUM DENOMINATIONS AND LONGEST AND SHORTEST MATURITY ON WHICH MOST COMMON RATE WAS PAID ON TIME DEPOSITS IN DENOMINATIONS OF LESS THAN $100,000 ON OCTOBER 31, 1968 Number of banks Longest maturity (in months) Shortest maturity (in months) All Minimum denomination matu­ Ail (in dollars) rities 6 or 169 matu­ 3 or Over less 7-12 13-24 25-48 49-60 61-120 121-168 and rities less 4-6 7-12 13-24 25-60 60 over Consumer-type CD’s—Excluding CD’s with rate guar, over 12 mos. All denominations.................... 11,345 2,062 8,876 151 116 110 23 4 3 11,345 4,564 3,883 2,879 8 9 2 100 and less........................... 4,071 603 3,344 49 34 33 5 2 1 4,071 1,599 1 ,411 1 ,054 2 4 101-500.................................... 2,725 526 2,089 32 40 27 10 2,725 1,077 990 656 1 1 501-1,000................................. 3,426 674 2,619 54 30 41 7 1 3,426 1 ,473 1,072 876 3 2 1.001-5 0O0.............................. 980 220 724 12 12 9 1 1 1 980 349 363 264 2 2 5,001-25,000........................... 133 38 91 4 133 63 41 28 I Over 25,000........................... 10 1 9 10 3 6 1 Consumer-type CD’s—with rate guar, over 12 mos. J 809 185 178 357 64 14 11 1,734 642 330 5U 89 157 5 100 and less........................... 341 40 55 197 34 10 5 703 305 142 160 18 77 I 101-500.................................... 135 47 43 32 12 1 340 105 71 122 20 20 2 501-1,000................................ 250 73 55 101 15 3 3 509 180 87 169 33 39 1 1,001-5,000............................. 61 14 19 23 3 1 1 141 43 27 46 10 14 1 5,001-25,000........................... 22 11 6 4 1 41 9 3 14 8 7 Over 25,000........................... Small denomination CD’s—-issued mainly to businesses 7,138 1 ,280 5,512 121 107 97 17 2 2 7,138 3,513 2,134 1,478 3 10 100 and less........................... 2,369 356 ( ,917 33 30 28 4 2,369 1,117 716 530 1 5 101-500.................................... 1,585 273 1 ,224 26 37 16 8 I 1 ,585 730 525 327 3 501-1,000................................ 2,289 442 1 ,722 47 31 42 5 2,289 1 ,186 644 456 I 2 1,001-5,000............................. 704 148 523 13 8 10 1 i 704 351 212 140 ( 5,001-25,000......................... 171 52 1 15 2 1 171 116 32 23 Over 25,000........................... 20 9 I 1 20 13 5 2 Time deposits, open account, in passbook or statement form 953 562 334 1 3 12 19 5 j 7 953 809 106 35 1 1 I 100 and less........................... 322 174 133 6 3 3 1 2 322 234 75 13 101-500.................................... 208 122 67 3 2 9 2 j 2 208 191 8 6 1 1 I 501-1,000................................. 366 230 117 4 6 6 1 2 366 338 16 12 1,001-5,000............................. 47 33 11 1 1 1 47 39 6 2 5,001-25,000.......................... 7 3 3 1 7 5 1 1 Over 25,000........................... 3 3 3 2 1 All other time deposits, open account, less than $100,000 All denominations.......... I ,610 751 787 20 10 31 7 4 1,610 1 ,082 379 132 1 14 2 100 and less........................... 785 378 371 9 4 17 5 1 785 499 216 61 8 1 101-500.................................... 163 65 86 2 ( 6 2 I 163 112 34 13 3 1 501-1,000................................ 445 199 231 6 3 4 2 445 326 82 37 1,001-5,000............................. 116 57 54 2 1 2 116 81 21 13 1 5,001-25,000........................... 91 48 40 1 I 1 91 59 24 6 2 Over 25,000........................... 10 4 5 1 10 5 2 2 1 1 A sizeable number of banks that issued these instruments did not Note.—The figures in this table exclude banks that failed to report report usable information on longest maturity. usable information. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

TIME AND SAVINGS DEPOSITS 209 SUPPLEMENT TO APPENDIX TABLE 2—CERTIFICATES OF DEPOSIT, IPC, IN DENOMINATIONS OF LESS THAN $100,000—ISSUED MAINLY TO CONSUMERS WITH INTEREST RATE GUARANTEED FOR MORE THAN 12 MONTHS Most common interest rates paid by insured commercial banks on new deposits on October 31, 1968 Most common rate paid (per cent) Most common rate paid (per cent) Group Total 3.50 Total 3.50 or 4.00 4.50 4.75 5.00 or 4.00 4.50 4.75 5.00 less less NUMBER OF BANKS MILLIONS OF DOLLARS All banks 1,756 27 139 241 21 1,328 6,419 12 92 254 16 6,045 Size of bank (total deposits in millions of dollars): Less than 10........................... 866 17 91 135 8 615 705 4 39 2 588 10-50......................................... 644 7 39 81 9 508 1,299 5 26 83 10 1,175 50-100...................................... 9! 3 14 I 73 349 26 (2) 322 100-500...................................... 104 3 4 8 3 86 1,114 3 12 53 4 1 ,042 500 and over........................... 51 2 3 46 2,953 (2) 21 2,917 Federal Reserve district: Boston......................... 38 1 1 3 1 32 94 (2) (2) (2) 92 New York.................. 84 5 9 3 66 1,056 (2) 4 4 1,048 Philadelphia............. 121 3 6 17 2 93 1,195 4 57 (2) 1,130 Cleveland. 154 2 20 23 1 108 516 (2) 8 52 (2) 454 Richmond 124 1 I 27 2 84 425 12 13 (2) 400 Atlanta. . . 317 6 23 44 4 240 992 2 15 17 4 954 Chicago.... 2(4 5 16 26 1 166 366 4 15 44 (2) 303 St. Louis. .. 162 2 29 39 1 91 368 (2) 29 43 (2) 295 Minneapolis 108 1 4 14 89 292 (2) 2 276 Kansas City. . 163 4 16 18 5 120 150 4 5 140 Dallas............. 184 I 7 16 1 159 280 (2) 3 7 (2) 270 San Francisco, 87 1 1 5 ..............8..0 685 (2) (2) 683 For notes to Appendix Tables 1-8, see p. 205. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Treasury and Federal Reserve Foreign Exchange Operations This 14th joint interim report reflects the This report was prepared by Charles A. Treasury-Federal Reserve policy of making Coombs, Vice President in charge of the available additional information on foreign Foreign Department of the Federal Reserve exchange operations from time to time. The Bank of New York, and Special Manager, Federal Reserve Bank of New York acts as System Open Market Account. It covers agent for both the Treasury and the Federal the period September 1968 to March 1969. Open Market Committee of the Federal Re­ Previous reports were published in the serve System in the conduct of foreign March and September Bulletins of each exchange operations. year beginning with September 1962. The major development in the exchange seems to have been triggered not by any spe­ markets during the period under review was cial event, but rather by a sudden boiling-up the surging wave of speculation last fall on of rumors of an imminent intergovernmental a simultaneous revaluation of the German agreement on a realignment of the mark and mark and devaluation of the French franc other currency parities. The market accord­ and possibly other currencies. Between late ingly rushed to hedge against what seemed August and the Bonn conference in Novem­ to be a near-term risk until a number of ber, the German Federal Bank was swamped major markets were closed during the emer­ by record gross market purchases of more gency conference at Bonn of the Finance than $4 billion. Over the same period the Ministers and Central Bank Governors of Bank of France and the Bank of England the Group of Ten. suffered reserve losses, largely attributable While the Bonn conference in itself did to speculation, of over $2 billion. The flood not fully clear the air, market apprehension of money across the exchanges, probably the was immediately relieved by the categorical largest in international financial history, was assertion by all elements of the German rooted in national currency problems rather coalition government that the mark would than basic flaws in the international finan­ not be revalued and that adjustment of the cial system. The extraordinary competitive foreign trade balance would instead be strength of German exports, the struggle of sought via tax measures. Similarly, market France to restabilize the franc after the fears of a devaluation of the French franc “events of May,” the lagging recovery of also receded as the French Government, on sterling after the devaluation of November the day after the Bonn conference, equally 1967, and more generally, concern over the categorically asserted its determination to erosion by inflation of the value of the dollar hold to the present parity and to introduce —these and other fears had kept the ex­ changes in taxation and stringent exchange change markets in a state of continuous controls to protect the franc until more basic anxiety and vulnerability to any persuasive policy measures restored a natural equilib­ rumor. Thus the speculative rush into marks rium. The British Government simultane­ in late August and again in November 1968 ously took forceful action to restrain inter- 210 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE OPERATIONS 211 nal demand which had been eroding much the game agreed upon at Bretton Woods of the benefit anticipated from the Novem­ were designed to provide, and do provide, ber 1967 devaluation of sterling. Finally, an effective safeguard against the competi­ during the Bonn conference, the central tive devaluations of the 193O’s, while the bank Governors quickly put together a new development of central bank and intergov­ package of credits totaling $2 billion on be­ ernmental cooperation at Basle and in the half of the Bank of France, thus providing Group of Ten have further strongly rein­ further convincing evidence of the solidarity forced the ability of the major trading na­ of the major trading countries against any tions to prevent any accidental collapse of threat of breakdown in the existing inter­ existing monetary arrangements. These national financial system. countries have in their hands all the au­ With this clarification of official inten­ thority, the financial resources, and the fa­ tions, the speculative fever abruptly subsided. cilities for immediate communication and Encouraged by unusually high rates in the consultation required to protect the interna­ Euro-dollar market, favorable terms on tional financial system against the risk of a market swaps provided by the German Fed­ national currency crisis escalating into a eral Bank, and outright forward mark cover worldwide financial explosion. initially offered by both the German Fed­ Illustrative of the determination of the eral Bank and the Federal Reserve, massive central banks to deal with the speculative return flows of funds from Germany con­ risks inherent in all free markets was the tinued throughout the winter months, and response of the central bank governors meet­ by early March 1969 all the funds taken in ing at Basle to their undertaking, as noted by the German Federal Bank between late in the Bonn communique, to “. . . examine August and the Bonn conference had been new central bank arrangements to alleviate withdrawn or recycled into the international the impact on reserves of speculative move­ money markets. The Bank of France suc­ ments.” The conclusions of the governors’ ceeded in recovering a substantial portion of study, as communicated to Minister Schiller, the reserves lost during the fall months, Chairman of the Ministers and Governors of while the pound sterling showed a healthier the Group of Ten, noted that “. . . facilities tone with sizable dollar gains by the Bank between central banks, or with the BIS of England appearing after the turn of the [Bank for International Settlements], have year. been established extremely quickly in case Since the end of the last war, the mone­ of need. If, at any time in the future, it ap­ tary authorities of the major industrial pears that new arrangements are needed in countries have been confronted with a num­ order to cope with an unusually large move­ ber of speculative storms which may well ment of speculative funds, the central banks recur over the years to come as one country of the group declare themselves ready to or another drifts into disequilibrium. But meet together immediately, at the request of there is no reason why trouble at any one the President of the BIS, to arrange such point in the network of currency parities additional facilities as the group may judge should trigger a chain reaction of competi­ appropriate.” The governors further ex­ tive devaluations or resort to floating rates. pressed their belief that “. . . in any new The Bonn communique noted that “. . . in­ group arrangement designed to recycle spec­ ternational monetary stability is the joint re­ ulative flows, both the shares of the partici­ sponsibility of all countries in the interna­ pants and the timing of drawings should tional economic community.” The rules of reflect the direction of the flows involved. 211 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

212 FEDERAL RESERVE BULLETIN o MARCH 1969 Thus, central banks that were receiving TABLE 1 funds at the time could accept proportion­ FEDERAL RESERVE RECIPROCAL CURRENCY ARRANGEMENTS ately larger shares in the arrangement and/ In millions of dollars or they could agree to be drawn on first. Amount Amount Central banks that were drawn on and were of Increases in 1968 of Institution facility, facility, not gaining reserves at the time should be June 30, Mar. 10, 1968 HI IV 1969 afforded refinancing facilities for the period of the drawing from other central banks that Austrian National Bank......... 100 100 National Bank of Belgium. . . 225 225 were gaining reserves at the time.” Bank of Canada........................ 1 ,000 1 ,000 National Bank of Denmark.. 100 100 Among other important developments, Bank of England...................... 2,000 2,000 Bank of France.......................... 100 1600 23OO 1,000 the Federal Reserve swap network was fur­ German Federal Bank............. 1 ,000 1 ,000 Bank of Italy.............................. 750 3250 1 ,000 ther increased to $10,505 million (see Table Bank of Japan . ..................... 1 ,000 1 ,000 Bank of Mexico......................... 130 130 1). The System’s swap line with the Bank Netherlands Bank..................... 400 400 of France was raised by $600 million in Bank of Norway............ 100 100 Bank of Sweden........................ 250 250 July and by a further $300 million in No­ Swiss National Bank................ 600 600 vember, to a total of $ 1 billion, as the Fed­ Bank for International Settle­ ments: Swiss francs/dollars....... 600 600 eral Reserve participated in international Other authorized European currencies/dollars....... 1 ,000 1,000 credit packages for France. Tn October, the Total................................. 9,355 600 550 10,505 facility with the Bank of Italy was also raised to $1 billion, an increase of $250 i Effective July 3, 1968. 2 Effective Nov. 25, 1968. million, bringing it into line with other ' Effective Oct. 10, 1968. major reciprocal currency arrangements. By midsummer 1968 the Federal Reserve in late 1967 and March 1968. (See Table 2 had liquidated its $1.8 billion of swap com­ for the System’s swap operations since the mitments outstanding at the beginning of the beginning of 1968.) In late August this year, and shortly thereafter the System and Bank, acting for the Federal Reserve and the Treasury had cleared away all forward the U.S. Treasury, reentered the forward market commitments originally undertaken market in German marks for the first time TABLE 2 FEDERAL RESERVE SYSTEM SWAP ACTIVITY UNDER ITS RECIPROCAL SWAP LINES In millions of dollars equivalent Drawing (+) or repayments (—) System swap System swap Transactions commitments, 1968 1969, commitments. with Jan. 1, Jan. 1- Mar. 10, 1968 Mar. 10 1969 I II III IV National Bank of Belgium............................... 105.8 I I + -8 5 8 3. . 1 8 + -1 2 5 4 4 . . 1 0 ......................... |..................... German Federal Bank........................................ 350,0 I ( + -3 3 5 0 0 0 . . 0 0 -300.0 + 112.1 -112,1 j..................... Bank of Italy........................................................... 500.0 { -175.0 + -3 1 1 7 1 5 . . 0 0 -189.0 ......................... J.................... Netherlands Bank................................................. 170.0 I +15.0 ......................... j.................... ( -120.0 -65.0 ......................... Swiss National Bank........................................... 250.0 { -1'73.0 + -1 7 5 3 , . 0 0 + -1 1 6 4 0 5 . . 0 0 + - 2 8 8 0 0 . . 0 0 -280.0 | 40.0 Bank for International Settlements............... ’400.0 -345,0 -55.0 ......................... Total................................................I. .,.7...7..5.....8........( I . . -1 + , 3 2 6 51 8 .1 .8 + -8 3 7 0 0 2 . . 1 0 + -3 1 4 4 9 5 . . 0 0 + - 3 8 9 0 2. . 1 0 -392,1 } 40.0 1 System drawings in Swiss francs. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE OPERATIONS 213 since 1961, supplying $33.8 million of for­ the only outstanding Federal Reserve com­ ward marks to the New York market in sup­ mitments under all swap arrangements. port of much larger market swap operations Foreign central banks and the BIS con­ by the German Federal Bank in Frankfurt; tinued to make heavy use of their swap lines, the forward commitments of the United with borrowings of $1.7 billion outstanding States to the market were fully liquidated by at the end of 1968 (see Table 3). The Bank the end of the year. In November, during the of England reactivated its facility in July phase of acute speculative demand for after having repaid all its earlier outstanding marks, the Federal Reserve reactivated its swap debt; by the end of November its swap line with the German Federal Bank to drawings on the System totaled $1,150 mil­ finance $40 million equivalent of spot sales lion. Bank of France drawings reached a in the New York market. After the Bonn peak of $611 million by late November, but meeting, the System once again sold marks these obligations were reduced to $306 mil­ forward in New York and covered them lion by early March. By the end of October with a further $72.1 million equivalent of drawings by the National Bank of Belgium swap drawings. These System obligations rose to $120.5 million, but nearly all of totaling $112.1 million equivalent also were these drawings had been repaid by late fully liquidated as the speculative fever February. When Euro-dollar rates rose in abated and funds flowed from Germany. In December, the BIS placed a total of $80 addition, Federal Reserve swap commit­ million drawn from the Federal Reserve to ments in Swiss francs rose to $320 million minimize any immediate pressures on ster­ in late November, but the System was able ling. These drawings were repaid in Janu­ to reduce its obligation to $40 million ary. In smaller operations, the National equivalent by the end of February. As of Bank of Denmark drew $25 million in March 10, the Swiss franc drawings were January. On the other hand, the Nether- TABLE 3 DRAWINGS (+) AND REPAYMENTS (-) ON FEDERAL RESERVE SYSTEM BY ITS SWAP PARTNERS In millions of dollars Drawings (+) or repayments (~) Commitments Commitments Ban t k o s S c y o s m te m m itted to J S an y . s t 1 e , m , 1968 to D e S c y . s t 3 e 1 m , , 1968 1968 I II III IV National Bank of Belgium................................. + -2 3 0 0 . . 0 0 + -1 1 8 8 3 0 . . 0 5 • 7.5 ' 4-250.0 -125.0 -125.0 ............................. 4-25.0 National Batik, of Denmark............................... -25.0 Bank of England................................................... 1,050.0 4-50.0 -1 4 ,6 -5 4 4 5 5 . . 0 0 + -2 6 0 0 0 0 . . 0 0 + -1 8 0 5 0 0 . . 0 0 1,150.0 Bank of France...................................................... 4-100.0 + - 3 4 9 0 0 . . 0 0 + -2 2 9 7 5 5 . . 0 0 430.0 + 54.7 -24.9 -29.8 Bank ( f a o g r a I i n n t s e t r G na e t r i m on a a n l m Se a t r t k le s m ) ents................. 346.0 -4 4- 1 6 2 6 . . 0 0 + -1 3 9 0 5 6 . , 0 0 + -2 1 5 4 6 5 . . 0 0 + - 4 12 6 6 . . 0 0 80.0 Total...................................................................... 1,396.0 4 -4 -3 1 6 2 6 . . 0 0 + -1 1 , 9 ,0 6 3 5 0 . . 0 7 + 1 -6 ,1 9 6 0 5 . . 9 0 + 1 -6 ,4 5 3 3 1 . . 8 5 1,667.5 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

214 FEDERAL RESERVE BULLETIN □ MARCH 1969 lands Bank liquidated an outstanding $29.8 to reduce the trade surplus and discourage million commitment to the System in Oc­ the inflow of hot money. The German Fed­ tober, placing its $400 million facility on a eral Bank met each inflow of funds with fully standby basis. Over-all, credits ex­ vigorous exchange market operations and tended under the reciprocal currency ar­ over the course of the fall and early winter rangements since their inception in March months succeeded in pushing out all of its 1962 total $17.6 billion, of which $6.3 huge dollar intake. Thus by February 1969 billion has been drawn by the System and the spot mark was once again well below $11.3 billion by foreign central banks and par, as it had been last summer before the the BIS. speculation came to a head. Since February 1964 the United States The first major wave of revaluation has drawn a number of times on its gold rumors occurred toward the end of August tranche with the International Monetary 1968 and touched off heavy speculative de­ Fund (IMF), on some occasions in con­ mand for marks. Within days the spot mark junction with Fund repayments by other had risen virtually to its ceiling, and the countries and on others to settle U.S. foreign German Federal Bank had begun to take in currency commitments. U.S. repurchase ob­ huge amounts of dollars. The bank’s market ligations to the IMF reached a peak of $964 purchases amounted to $1.7 billion in the million by December 1966. Subsequent period August 27-September 6. Some of the drawings of dollars by other countries re­ inflow represented conversions of sterling duced this obligation to $284.3 million by and French francs, but a large part came late 1968. In November and December from the Euro-dollar market. From the out­ 1968 the Treasury voluntarily liquidated set, the Federal Bank moved to neutralize this obligation, using Netherlands guilders, the potentially disruptive effect of these in­ Belgian francs, and Italian lire, thereby flows, as it had in the past, by making avail­ fully reconstituting the U.S. gold tranche of able dollar/mark swaps at rates that pro­ $1,290 million with the IMF. vided a sizable incentive to German banks to channel the funds to the Euro-dollar mar­ GERMAN MARK ket. The U.S. authorities assisted these ef­ Germany recorded large monthly trade sur­ forts by selling some $33.8 million equiva­ pluses throughout 1968, but for most of the lent of marks in the forward market in New year the balance of payments was roughly York. After the monthly central bank meet­ in equilibrium as there were offsetting capi­ ing in Basle on the week-end of September tal outflows facilitated by the official policy 7-8, the demand for marks let up as specu­ of monetary ease. In the exchange markets, lative influences receded. The German Fed­ however, attention tended to focus on the eral Bank continued with its swap sales so large trade surpluses, which were interpreted that by the end of September it had returned as evidence that the Germany economy had to the market virtually all it had taken in developed a wide competitive advantage. from the earlier speculative inflow. Consequently, there were frequent rumors The market atmosphere remained quiet of an imminent revaluation of the mark, through most of October—encouraging re­ and on several occasions these set off vast newed capital outflows and consequent sub­ shifts of funds into Germany. German au­ stantial sales of dollars by the German Fed­ thorities repeatedly denied that any revalu­ eral Bank. As the spot rate declined, the ation was in the offing, and on the eve of Federal Reserve Bank of New York made the Bonn conference took strong measures modest purchases of marks for Treasury ac- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE OPERATIONS 215 count, and the System and the Treasury paid minent revaluation once again swept the ex­ off maturing August-September forward changes, triggering a huge demand for sale commitments. marks, and by November 15, the German Market expectations of an eventual re­ Federal Bank had purchased nearly $2 bil­ valuation of the mark persisted, however, lion. Although the momentum behind the and by the end of October this undercurrent speculation was being generated mainly in was reflected in a strengthening of the spot Europe, the heavy demand reflected pur­ rate. In early November, rumors of an im- chases by U.S. firms as well. To meet some of the demand in New York, the Federal Exchange rates: Jan. 1968 to Mar. 1969 Reserve Bank of New York sold $47 mil­ N.Y. noon offered rates lion marks on behalf of the Federal Reserve. The System sales were covered through a $40 million drawing on the swap line with the German Federal Bank and from balances. Once again the German Federal Bank acted to recycle the funds by concluding market swap sales of dollars at attractive rates. After swapping out some $1 billion of its spot gains, however, the Federal Bank then took action to curb the tendency of German banks to resell the spot dollar pro­ ceeds of the swaps rather than hold the funds in dollar investments, thereby in ef­ fect obtaining outright forward cover as a result of the swaps. The authorities indi­ cated that they would conclude further swap sales of dollars only if the banks invested the spot dollar proceeds in U.S. Treasury bills. The German banks and their customers had 27.8358 become interested mainly in acquiring out­ -^-27.6243 right forward cover in marks, and they chose • 27.4160 not to engage in swap transactions with the Federal Bank on these terms; instead, they bid for spot marks and sought forward cover through swaps in the market. Speculative buying of marks continued with full fury on Monday, November 18, when the regular monthly meeting of cen­ tral banks at Basle ended without the offi­ cial statement that the market expected, and Weekly averages of daily rates. Upper and lower boundaries of panels represent official buying and selling rates of dollars against the speculators remained convinced that the various currencies. However, the Bank of Canada has informed the market that its intervention points in transactions with banks are next move would be an upward revaluation SO.9324 (upper limit) and $0.9174 (lower limit). * indicates that no rate is shown for the week ending November 22 of the mark. In the 2 days through Novem­ because the average of daily data for that week was severely distorted ber 19 the Federal Bank purchased $850 by abnormal or nominal rates during the Bonn meeting on November 20-22 when several major European markets were closed. million, bringing gross purchases in Novem- Black rule indicates par value of currency. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

216 FEDERAL RESERVE BULLETIN □ MARCH 1969 ber to more than $2.8 billion. On November ered by swap drawings, which raised Federal 19, in an effort to calm the market, German Reserve swap debt in marks to $112.1 authorities issued a formal communique million equivalent. stating that the mark would not be revalued On December 2 the Federal Bank and the and, to reduce the German trade surplus, Federal Reserve discontinued outright sales announced new tax measures that would of forward marks—concluding that such raise the price of exports while lowering im­ sales had served their purpose of encourag­ port costs. After a holiday on November 20, ing capital outflows and assuring the market trading in Germany was effectively sus­ that there would be no parity change. The pended for the next 2 days before the week­ Federal Bank offered instead to do swaps end as the Finance Ministers and Central with its banks at improved rates and for a Bank Governors of the Group of Ten na­ wider range of maturities. Earlier the au­ tions met in emergency session in Bonn. thorities had dropped their requirement that On November 22 the Group of Ten na­ the proceeds of the swaps be invested in tions issued a communique fully supporting U.S. Treasury bills and requested only that the German Government’s decision to stand investments match the maturities of the offi­ firm at the existing mark parity, supporting cial swap contracts. German banks re­ its new tax measures, and supporting the sponded to the improved incentives, en­ Federal Bank’s decision to impose 100 per abling the authorities to roll over into 1969 cent reserve requirements on new foreign- the very large December maturities of owned mark deposits held in German banks. earlier swaps. Moreover, the Federal Bank The monetary move, which was designed to also sold very substantial amounts of spot discourage further speculative inflows, rein­ dollars, as foreigners withdrew funds from forced the ban on interest payments on Germany and commercial leads and lags foreign-owned sight or time deposits de­ began to unwind. nominated in marks already in effect. The Heavy demand for dollars both spot and German authorities also initiated legislation on a swap basis continued into January 1969, authorizing the licensing of mark deposits reinforced by seasonal reflows from the Ger­ by foreigners with German banks. man money market. As the outflows con­ When trading resumed in Frankfurt on tinued, the spot mark eased below par and November 25, substantial amounts of funds the Federal Bank raised the cost of its offi­ began to flow from Germany as market ex­ cial swaps moderately in several steps. Late pectations of a revaluation receded and long in January, however, the very considerable positions were liquidated. To encourage outflows finally brought about some tighten­ these and subsequent reflows, the Federal ing of German banks’ liquidity, and the Fed­ Bank offered outright forward cover back eral Bank’s swap sales began to taper off. into marks at a 3 per cent per annum pre­ At the same time the Federal Bank raised mium for 3-month maturities. The Federal its swap rates again, to reduce the net incen­ Reserve backed up the German Federal tive to move funds into the Euro-dollar Bank’s operations—offering outright cover market. to the market at the same rates for the same During February the mark continued to maturities. By the end of November the move lower in active trading. At first the Federal Bank had resold $880 million spot German Federal Bank gained reserves on and sold $246 million of outright forward balance as receipts of dollars under matur­ marks. The System’s outright forward sales ing forward contracts slightly exceeded cur­ reached $72.5 million equivalent, all cov­ rent spot sales and new swaps. By the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE OPERATIONS 217 month-end, however, new outflows of funds neutralize U.S. troop costs in Germany, the into dollar investments were again running Treasury had issued new medium-term se­ ahead of maturities. As of the end of Febru­ curities to the German Federal Bank as part ary 1969, German gold and foreign ex­ of the quarterly series of four issued to total change reserves were $7.0 billion, as com­ $500 million equivalent. By early January pared with $7.4 billion at the end of August three of these securities had been purchased 1968. " by the German Federal Bank, bringing the During the period of heavy outflows from total of such securities to $876 million Germany beginning in late 1968, the Fed­ equivalent. eral Reserve was able to accumulate sub­ stantial amounts of German marks. By late FRENCH FRANC January the System had purchased sufficient The political and economic crisis in France marks in the market and from the German in May and June of 1968 gave rise to heavy Federal Bank to repay the entire $112.1 selling of French francs in the exchanges, million of swap drawings from the Federal and as the spot rate fell to its lower limit, Bank. The System continued to acquire the Bank of France suffered large dollar mark balances during February and early losses in support operations. The crisis at­ March. mosphere lifted in late June after the strikes In early February the U.S. Treasury re­ were settled and returns from general elec­ deemed at maturity a mark-denominated tions assured the continuation of a strong note equivalent to $50 million held by the government. Furthermore, firm domestic German Federal Bank. The Treasury ob­ and international measures were taken to tained the marks to meet the maturity di­ support the franc, including a $1.3 billion rectly from the German Federal Bank, credit package extended to France in early which was losing reserves at the time. Dur­ July by the United States, Germany, Italy, ing the period covered by this report, in the Netherlands, Belgium, and the BIS. U.S. conjunction with the second agreement to participation in the package took the form TABLE 4 U.S. TREASURY SECURITIES, FOREIGN CURRENCY SERIES In millions of dollars equivalent Issues, or redemptions ( —) — Outstanding Outstanding Issued to— Jan. 1, 1968 1969, Mar. 10, 1968 Jan. 1- 1969 Mar, 10 I II ill IV Austrian National Bank . . . 50.3 50.3 National Bank of Belgium................................ 60.4 -60.4 German Federal Bank........................................ 601.2 124.9 125.5 ( ( -5 12 0 4 . . 3 4 | 250.8 1-50.0 1,125.9 German hanks................................................... 125 J 125,1 Bank of Italy......................................................... 124.8 100.2 225.6 Netherlands Bank.......................... . . 65.7 -65.7 Swiss National Bank........................................... 210.7 100.1 (33.7 25.4 470.0 Bank for International Settlements2 . . . 152.2 54.7 49.7 257.0 Total..................................................................... 1.199.6 290.7 250.6 262.5 224.9 25.1 2,253.9 i In addition, on Jan. 24, 19(59, the U.S. Treasury issued a medium­ 2 Denominated tn Swiss francs. term security in place of a certificate of indebtedness issued to the Note.—Discrepancies in totals are due to valuation adjustments, German Federal Bank on Dec. 27, 1968. refundings, and rounding. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

218 FEDERAL RESERVE BULLETIN □ MARCH 1969 of a $600 million increase in the Federal On November 18, after the November Reserve swap arrangement with the Bank of 16-17 monthly meeting of central bankers France, raising that facility to $700 million. at Basle, Premier Couve de Murville went Despite these stabilizing measures, the on nationwide television to declare that market remained skeptical about the future France was assured of “all the help she of the franc, particularly in view of the in­ might need or will need in the future” and flationary potential of the wage increases in promised large cuts in planned government June. Pressure on the franc continued spending to bolster the franc. But the mar­ throughout the summer and was aggravated kets remained convinced that the franc by recurring rumors of a revaluation of the faced imminent devaluation, and heavy sell­ German mark. Selling pressures eased only ing continued. To meet the pressures, the temporarily following the publication, in Bank of France drew further on the Federal mid-September, of the French Government’s Reserve swap facility, raising its debt under 1969 budgetary plans. At the same time re­ that line to $611 million, and also drew moval of exchange controls imposed in May funds from other participants in the July also had only a short-lived favorable impact. credit package. In view of the continuing Over the course of the summer the Bank feverish speculation, the French authorities of France drew several times on the Federal decided to close the Paris financial markets Reserve swap line, using the first $100 mil­ during the period of the Bonn meeting (No­ lion by the end of June and drawing another vember 20-22). Although the New York $390 million on the expanded facility market remained open, there were only through the end of September. Net drawings scattered quotations for spot francs at deep on September 30 amounted to only $450 discounts below parity, and forward quota­ million, however, since the Bank of France tions were essentially unobtainable as the had repaid $40 million of its drawings in market believed that a devaluation of the the summer following a sale of gold to the franc was certain to follow the meeting. U.S. Treasury; France sold a total of $240 At the conclusion of the Bonn meeting a million of gold to the United States in the new central bank credit facility for France third quarter (after sales of $220 million in in the amount of $2 billion was announced. the second quarter). The French authorities U.S. participation in the new credits took also made use of other international credit the form of a $300 million increase in the facilities. Federal Reserve swap line—raising the total October was a generally quieter month, to $1 billion—and a $200 million facility and the Bank of France was able to repay extended to the Bank of France by the U.S. $75 million of its swap debt to the System Treasury. The next day President de Gaulle and to reduce obligations under other inter­ confounded market expectations by reject­ national credits. The respite was short-lived, ing devaluation of the franc, and on Novem­ however. The outbreak of renewed specula­ ber 24 he set forth a new program to de­ tion in marks in early November gave rise fend the existing franc parity. The new plan to a massive outpouring of funds from included a sharp cut in the government France, with heavy losses to French official budget deficit, further monetary curbs, price reserves. The French authorities responded restraints, and tax adjustments to improve by tightening monetary policy—including the French competitive position, all backed an increase in the discount rate to 6 per cent up by stringent exchange controls. and a ceiling on short-term bank credit When trading resumed on Monday, No­ growth. vember 25, there was some immediate cov- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE OPERATIONS 219 ering of short positions, and the Bank of their way through the French economy. In France began to take in dollars. In subse­ addition, the Bank of France used some of quent days the Bank of France continued to its reserve intake to reduce its outstanding gain reserves, as the newly imposed ex­ Federal Reserve swap debt to $306 million change controls stopped capital outflows by early March. and French exporters complied with regula­ tions requiring them to repatriate export STERLING proceeds within a short period of time. In Sterling recovered slowly from the shock of early December further restrictions required devaluation, and it was not until the latter French importers to abrogate a substantial part of 1968 that a material improvement portion of their contracts to purchase for­ began to be visible. During the first half of ward cover in foreign exchange, and French last year, when many holders of sterling banks were obliged to sell to the Bank of were struggling to reassess their positions, France the currencies held as cover against the pound was caught up first in the gold those contracts. crisis and then in the backwash of the As a result of these moves the Bank of French troubles in May and June. Thus it France continued to gain reserves, which it was not until the summer that signs emerged used in part to repay official borrowings. By of an improvement in the fundamental posi­ the year-end the bank had liquidated a total tion of sterling. Even then, however, forward of $181 million of its swap debt to the Fed­ discounts remained relatively wide, and ster­ eral Reserve, lowering those commitments ling continued to be vulnerable to any new to $430 million. The bank had also repaid external shocks. Consequently, when specu­ substantial credits drawn from other Euro­ lation on a revaluation of the German mark pean Economic Community (EEC) coun­ and a devaluation of the French franc tries and the BIS. At the same time the erupted again during the fall, sterling too French authorities made further gold sales, came under pressure. Once this crisis had bringing such sales to the United States to been weathered, however, and the exchange $600 million for the year. markets generally assumed a calmer atmos­ The French franc remained generally phere, sterling was able to resume its re­ firm during January and February 1969. covery. During the first part of 1969, with French controls were tightened further in increasing evidence that the United King­ January. The authorities requested that dom’s economic measures were taking hold, French banks deposit with the Bank of sterling has been in a generally stronger France, over a period of several months, an position and the U.K. authorities have been amount of foreign exchange representing the able to make some progress in reducing net surplus of the banks’ foreign exchange Britain’s international indebtedness. assets over liabilities in transactions with The second half of 1968 started rather foreigners, as of the end of January. Those auspiciously for sterling. May and June had French banks with net borrowings abroad been very costly months for U.K. reserves were asked to maintain the existing level of as the uncertainties of the deepening crisis those foreign exchange liabilities. By this in France compounded the adverse impact means the authorities mobilized substantial on sterling of continuing large British trade amounts of foreign exchange to help cover deficits, threatened labor disputes, and the the continuing French current-account defi­ pull of rising Euro-dollar market rates. De­ cit, while the many corrective measures that spite these pressures, the U.K. authorities had been taken in recent months worked were able to make substantial repayments Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

220 FEDERAL RESERVE BULLETIN a MARCH 1969 of short-term assistance in June, mainly the floor, and the Bank of England had in­ through use of the full $1.4 billion available creased its drawings on the Federal Reserve under a standby credit with the IMF. Thus, to $400 million. at the end of June all outstanding debt As in earlier months, the market’s ap­ under the swap facility between the Federal praisal of sterling turned heavily on the Reserve and the Bank of England was paid latest trade figures. Relatively favorable re­ off, and the $2 billion facility reverted to a sults for August and September were thus standby basis (Bulletin, September 1968). important factors in sterling’s improved Official confirmation on July 8 that 12 showing through the end of October. The central banks and the BIS were prepared to temporary subsiding of mark revaluation participate in a new multilateral credit fa­ rumors and the announcement in early Sep­ cility—amounting to $2 billion—to offset tember that filial agreement had been reductions in the sterling balances of ster­ reached on the new sterling balances ar­ ling-area countries helped to turn market rangement were further elements in sterling’s sentiment, which until that period had been stronger market performance during this increasingly discouraged. More important, period. June trade figures, showing reduced imports, A sharp run-up in sterling rates, follow­ seemed to offer the first tangible evidence ing President Johnson’s announcement of a that devaluation was working. Combined bombing halt in North Vietnam, was with a number of other encouraging devel­ abruptly halted by the new outbreak of opments at home and abroad, these an­ mark revaluation rumors in early Novem­ nouncements stimulated widespread buying ber. The sterling market remained roughly of sterling, lifting the spot rate above balanced at about $2.39 during the first 2 $2.3950 by the end of July. However, heavy weeks of November despite uneasiness over losses at the end of June and in the first the implications for the domestic economy week of July had required the Bank of of the government’s announcement of new England to reinstitute drawings on the Fed­ instalment credit restrictions. But news on eral Reserve swap arrangement, and despite November 13 of a doubling of the U.K. sizable reserve gains in the last 3 weeks of trade deficit for October left sterling fully July, outstanding drawings amounted to exposed to the mounting pull of funds into $350 million at the month-end. Germany in anticipation of an imminent Hopes for further improvement in the mark revaluation. Before the end of Novem­ trade account helped to sustain demand for ber the Bank of England had been forced to pounds through early August, and the Bank extend heavy support to hold sterling at of England was able to reduce its swap $2.3827 and had increased its outstanding drawings by $50 million to $300 million. drawings on the Federal Reserve by $750 But these hopes were dashed with the publi­ million, raising the total to $1,150 million. cation of July trade results showing that the During the Bonn meeting of November previous month’s gains had been reversed. 20-22, foreign exchange dealings were sus­ Shortly afterward Soviet intervention in pended in London as in several other major Czechoslovakia brought new uncertainties, European centers. Meanwhile, the U.K. au­ which were soon compounded by mark re­ thorities acted to bolster their austerity pro­ valuation rumors which in turn cast new gram through indirect tax increases, tight­ doubts on sterling. The pressures thus gen­ ened credit curbs, and a 50 per cent deposit erated carried through early September by requirement against imports of manufac­ which time the spot rate was back close to tured and semimanufactured goods. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE OPERATIONS 221 Although speculation abated and markets again expected favorable trade figures, buy­ were steadier once the Bonn meeting was ing of sterling picked up, only to taper off over, considerable uneasiness remained. once more later in the month. When trading resumed on November 25, de­ Although the December trade results mand for pounds was limited to modest failed to measure up to expectations, the re­ covering of short positions. Moreover, in lease in mid-February of sharply reduced the early part of December, sterling was sub­ deficit figures for January again gave a boost jected to renewed selling pressure by the to the market, which was also encouraged market’s apprehensions over heightened ten­ by prospects for much reduced government sions in the Middle East and reports sug­ domestic borrowing during the coming year. gesting disagreement within the British Gov­ Thus, despite record levels for Euro-dollar ernment regarding the austerity program. rates in the latter part of February, the Bank Higher U.S. interest rates added to market of England was able to announce an $18 pressures. In this atmosphere the Bank of million reserve gain for the month even after England sustained substantial losses in sup­ heavy debt repayments, mainly to IMF. On port of spot sterling, and forward discounts February 27, the discount rate of the Bank again widened sharply. By midmonth, how­ of England was raised by a percentage ever, the market had become heavily over­ point to 8 per cent in order to help achieve sold, and spurred by expectations that the the desired reduction in bank credit and to next set of trade figures would show substan­ help insulate sterling from the pull of con­ tial improvement—as in fact was the case— tinuing high Euro-dollar rates. traders moved to cover short positions. The rebound enabled the Bank of England to SWISS FRANC recover most of its losses earlier in the The Federal Reserve liquidated a large month, but the market then turned cautious volume of Swiss-franc swap drawings dur­ once again. On balance, very little of the ing the first half of 1968, and by mid-July substantial reflux of funds from Germany the System’s Swiss franc swap lines were en­ found its way back into sterling, with the re­ tirely on a standby basis. Shortly afterward, sult that Bank of England commitments to however, Swiss commercial banks began the Federal Reserve remained at $1,150 bringing home funds to meet domestic million at the year-end. liquidity needs, and the Federal Reserve re­ Increasing monetary restraint in the activated its swap line with the Swiss Na­ United States, signaled by the '.4 percentage tional Bank to absorb dollars that were point increase in Federal Reserve discount taken into Swiss reserves. By August 1 the rates effective December 18, was quickly System had drawn $145 million equivalent transmitted to the Euro-dollar market after on the Swiss central bank. The inflow of the turn of the year through the rapid rise funds to Switzerland brought about an eas­ in dollar placements with head offices by the ing of liquidity conditions in the Swiss European branches of U.S. banks. The con- money market and subsequently a decline traseasonal upswing in Euro-dollar rates in the spot franc rate, which lasted well into probably kept sterling from benefiting fully August. Accordingly, in August the System from the normal seasonal reflows of funds and the U.S. Treasury paid off the last $36 from continental centers, augmented on this million of forward franc commitments to occasion by the sizable outflows from Ger­ the market dating from late 1967 and early 1968. ' many. About mid-January, as Euro-dollar pressures eased temporarily and the market After mid-August the Soviet invasion of Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

222 FEDERAL RESERVE BULLETIN □ MARCH 1969 Czechoslovakia and the uncertainties gen­ of the Swiss National Bank’s intake of dol­ erated by a renewed flare-up of speculation lars by drawing an additional $200 million in German marks brought a sharp jump in equivalent on its swap line with that bank. demand for Swiss francs. However, the franc These drawings raised the System’s indebt­ rate did not reach the Swiss National Bank’s edness under the swap facility with the upper intervention point, and in early Sep­ Swiss National Bank to $320 million tember the spot rate eased somewhat as equivalent. funds began to move out of Switzerland into In December, as in past years, the Swiss Germany. Later in that month, end-of- authorities offered short-term swaps to Swiss quarter liquidity demands resulted in a commercial banks repatriating funds for firming of the franc, but Swiss banks sold year-end needs. The banks made very heavy only a small amount of dollars to the Na­ use of this facility, with total swaps rising tional Bank—meeting their liquidity needs to $746 million. Following past procedure primarily by rediscounting money market the Swiss authorities rechanneled these dol­ paper with the Swiss National Bank rather lars back to the Euro-dollar market in order than by liquidating dollar assets in view of to prevent the disturbance of that market the relatively higher Euro-dollar rates. In that would otherwise have occurred. these circumstances, the Swiss National After the year-end, the usual seasonal Bank covered the dollar needs of the Swiss easing of liquidity conditions in Switzer­ Confederation and dollars required for ex­ land, coupled with high and rising Euro­ change transactions with other countries dollar rates, resulted in substantial outflows through purchases of dollars from the Fed­ of Swiss funds and a sharp drop in the Swiss eral Reserve, thereby providing the System franc rate. The dollars received by the banks with francs needed to meet short-term obli­ under maturing swaps with the Swiss Na­ gations. Thus, by early October the Federal tional Bank were readily absorbed during Reserve had reduced its outstanding swap early January, and in the latter part of the debt to the Swiss National Bank by $105 month, as additional demand for dollars million to $40 million equivalent. pushed the spot franc lower, the Swiss Na­ The Swiss money market remained tight tional Bank re-entered the market as a seller in October, and late in the month the Swiss of dollars for the first time since April 1968. National Bank had to take in dollars. The These dollar sales provided the Federal Re­ Federal Reserve absorbed these gains by serve with the opportunity to purchase drawing $80 million equivalent on the swap francs from the Swiss National Bank. By line with the National Bank, raising the the end of February, the System had made swap debt to $120 million equivalent by $190 million equivalent of such purchases. early November. Subsequently the spot The System used the francs to repay out­ franc dipped lower and traded quietly standing swap indebtedness to the Swiss through mid-November, despite the heavy National Bank. Additional repayments were speculation in the exchanges focused on the made with $75 million equivalent of francs German mark, the French franc, and ster­ obtained through U.S. Treasury issues of ling. When international currency uncer­ Swiss-franc securities to the Swiss National tainties intensified severely during the 3 Bank and the BIS, and with $15 million of days of the Group of Ten meeting in Bonn, francs from balances. At the same time the the Swiss franc rose to the ceiling, and the Swiss National Bank purchased $25 mil­ Swiss National Bank took in some $215 lion of gold from the Treasury. Thus, by the million. The Federal Reserve absorbed most end of February, the System had reduced its Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE OPERATIONS 223 Swiss franc obligation by $280 million to serve in November and another $5 million $40 million equivalent. in December to cover the cost of official ex­ change market support. In early November BELGIAN FRANC and late December the U.S. Treasury pur­ Economic recovery in Belgium and the chased a total of $216 million of Belgian maintenance of relatively low levels of short­ francs from the Belgian authorities; $60.4 term interest rates resulted in a steady de­ million equivalent of these francs was used cline in the Belgian franc rate during the to redeem in advance of maturity a 2-year summer of 1968. In July the spot franc note issued to the National Bank in 1967 dipped below par ($0.02000), and the Bel­ (leaving no further U.S. obligations in Bel­ gian National Bank provided support to gian francs), and the balance was paid to slow the decline. As part of that operation, the IMF to help reconstitute the U.S. gold the bank utilized $20 million under its swap tranche position with the Fund. For its part, facility with the Federal Reserve, the first the Belgian central bank used the dollar pro­ such drawing since 1963. Selling of francs ceeds of the U.S. Treasury’s franc purchases continued intermittently through late sum­ to replenish its reserves and to repay a total mer, especially during the period of heavy of $183 million of its swap debt with the pressure on the French franc. The selling Federal Reserve, leaving $7.5 million still was not severe, however, and in the latter outstanding at the end of 1968. part of September the Belgian National In the meantime, effective December 19, Bank repaid the $20 million of credits the Belgian National Bank had raised its drawn earlier under the swap line with the discount rate to 414 per cent from 3% per Federal Reserve, thereby restoring the en­ cent to help stem short-term capital out­ tire $225 million arrangement to a standby flows and in response to evidence of money basis. market strains in Belgium associated with Selling pressures resumed near the end of larger domestic borrowing requirements. September and carried into October. Part of Subsequently the spot franc strengthened, the outflows from Belgium reflected spot reaching par just before the year-end. sales of francs by some U.S. corporations But selling of francs resumed in January that refinanced in Belgium dollar credits 1969, reflecting largely the weaker trend in employed earlier in direct investments in the Belgian current account. The Belgian that country. During most of October the National Bank again provided support for authorities held the spot franc moderately the franc and eased the consequent reserve above its official floor ($0.019851) and drains by making use of its swap line with covered market losses with drawings on the the Federal Reserve. In January the bank Federal Reserve swap line. By the end of drew a net of $33 million, raising its swap October drawings by the Belgian National debt to the System to $40.5 million. Trad­ Bank totaled $120.5 million. ing in francs was quieter in February and November’s speculative upheaval in early March, and the Belgian National Europe gave rise to heavy selling of francs Bank was able to make swap repayments that cost the Belgian authorities substantial totaling $27.5 million, reducing the obliga­ support losses, although the pressures light­ tion to $13 million. Effective March 6, that ened considerably in the quieter atmosphere bank raised its discount rate by 16 per­ after the Group of Ten meeting at Bonn. centage point to 5 per cent in view of the The Belgian central bank drew $65 million rise in interest rates abroad and to moderate under its swap line with the Federal Re­ domestic credit expansion. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

224 FEDERAL RESERVE BULLETIN □ MARCH 1969 DUTCH GUILDER the bank’s swap purchases for December In June the Netherlands Bank had drawn totaled $84 million. Just before Christmas $54.7 million under the Federal Reserve the Netherlands Bank raised its discount swap line after its dollar balances had been rate 14 point to 5 per cent, explaining that depleted by conversions of guilders drawn the move was made in response to the rise in from the IMF by France and the United rates abroad, a weaker trend in the Dutch Kingdom. Although the guilder drifted current account, and danger of renewed in­ lower in July and August, the Netherlands flationary tensions in the Dutch economy. Bank took in sufficient dollars to make a During the early months of 1969 the $24.9 million swap repayment in early Dutch current international payments posi­ September. tion was roughly in balance, but along with The downward drift of the spot rate other European currencies, the spot guilder continued into late summer, as the Dutch responded to the pressures associated with current account weakened and as Dutch active demand for Euro-dollars. Thus the funds moved into U.S. corporate securities. spot rate declined moderately as Dutch resi­ A slight rise in Euro-dollar rates in early dents switched some funds from guilders to October contributed to a further decline in dollars, but the outflows were modest and the rate so that by mid-October it had central bank activity was minimal. reached $0.274414, its lowest level since Shortly before the end of 1968, the the 1961 revaluation. During the course of Dutch Government elected to prepay debts the decline, however, the Netherlands Bank outstanding under postwar Marshall Plan provided only occasional and modest mar­ credits and purchased $65.7 million from ket support. Tn fact, in mid-October the the U.S. Treasury for that purpose. The bank was able to restore the full swap fa­ Treasury used the entire guilder proceeds cility with the Federal Reserve to a standby to redeem in advance of maturity a 1-year basis by repaying the $29.8 million out­ certificate of indebtedness issued to the standing balance of the June drawing. Netherlands Bank in January 1968. This The downtrend ended when the money was the only outstanding U.S. obligation in market in Amsterdam tightened in the last guilders. half of October. However, the spot rate held -steady as an increasing demand for marks ITALIAN LIRA more or less outweighed the influence of the With the Italian economy showing signs of tight money market. At that time the Neth­ slower growth through much of 1968, sub­ erlands Bank increased its dollar balances stantial amounts of long-term capital moved by selling $25 million of guilders to the U.S. abroad in response to more attractive in­ Treasury, which used them to make an ad­ vestment opportunities, notably in the Euro­ vance repurchase of its obligation to the bond market. Italian banks also placed IMF. After the Bonn meeting on November large amounts of short-term funds in the 20-22, the demand for marks eased Euro-dollar market. As a consequence of abruptly, and the spot guilder strengthened. these capital outflows, Italian official re­ Year-end liquidity requirements in the serve gains were limited. These develop­ Netherlands resulted in a further firming of ments, and Italian official sales of dollars the guilder throughout December. Pressures in connection with conversion of lire drawn were modest, however, and were relieved from the IMF by France and the United through market purchases of dollars by the Kingdom, provided the opportunity for the Netherlands Bank, largely on a swap basis; Federal Reserve to liquidate completely its Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE OPERATIONS 225 outstanding swap debt with the Bank of tal resources both in the United States and Italy—thus placing the swap facility fully Europe provided a buoyant market outlook on a standby basis by early July. Subse­ for the Canadian dollar. During the sum­ quently, in October, the Federal Reserve mer months the Bank of Canada repaid its and the Bank of Italy agreed to increase earlier swap drawings on the Federal Re­ their reciprocal currency facility by $250 serve, and other special international credit million, to $1 billion, bringing it fully into facilities were terminated without the need line with the System’s reciprocal currency for their use. Subsequently, through late arrangements with other major countries. summer the Canadian dollar remained As the Italian balance of payments largely at its effective ceiling ($0.9324), as moved into its period of seasonal weakness, demand was spurred in part by the conver­ the lira began to ease in September, and sion of Canadian borrowings abroad. The during the November speculative upheaval Canadian authorities gained modest in European exchange markets, the lira amounts of reserves, and the use of Cana­ came under further selling pressure as dian dollars in drawings on the IMF by Italians covered commitments in marks. France and the United Kingdom substan­ More normal trading patterns resumed after tially reduced Canada’s repayment obliga­ the Bonn meeting and continued through tion to the Fund incurred earlier in 1968; the year-end. In early 1969, however, the by September Canada’s gold tranche was pull of interest rates in the Euro-dollar mar­ reconstituted to the full $185 million. ket drew funds from Italy, and the Italian The Canadian dollar continued to bene­ authorities provided some support for the fit from optimistic market appraisals lira while permitting the spot rate to fall through the closing months of 1968. In sharply. mid-December an exchange of letters took During the period under review the U.S. place between U.S. and Canadian Treasury Treasury added moderately to its technical officials restating the U.S. exemption of forward-lira commitments, which have Canada from all U.S. balance of payments arisen in connection with dollar/lira swaps programs and the basic principle that it extended by the Bank of Italy to its com­ would not be Canada’s intention to achieve mercial banks. (These commitments were increases in its exchange reserves through described in the September 1968 issue of borrowings in the United States. Implemen­ the Federal Reserve Bulletin, pages 735 tation of this principle does not require that and 736.) Shortly before the end of 1968 Canada’s reserves be limited to any particu­ the Treasury issued to the Italian Exchange lar figure. Office a 4’/2-year lira-denominated note in On December 18 the Bank of Canada an amount equivalent to $100 million in raised its discount rate by !^ percentage connection with its understanding with Italy point to 6V2 per cent following announced on the neutralization of U.S. military ex­ increases in Federal Reserve discount rates. penditures. The Treasury took advantage For the month of December the Bank of of the lira proceeds to make an advance Canada gained some further reserves. Thus, repurchase of its obligations to the IMF. despite a major crisis early in 1968, Can­ ada’s gold and foreign exchange reserves CANADIAN DOLLAR (including the net creditor position with Once the speculative atmosphere of early the IMF) were up by $332 million for the 1968 cleared away, Canada’s strong trading year as a whole. position and ready access to long-term capi­ The Canadian dollar edged off early in Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

226 FEDERAL RESERVE BULLETIN □ MARCH 1969 1969, as the further upswing in U.S. inter­ 2 (Yield comparisons est rates led to some switching of Canadian PER CENT funds into dollar investments. Nevertheless, the market undertone remained quite strong through early March. Effective March 3 the Bank of Canada raised its discount rate by another Vi percentage point to 7 per cent in view of strong demand for domestic credit and the rise in short-term money rates following higher rates abroad. EURO DOLLAR MARKET During the second half of 1968 and the III I I I II I I I I I first 2 months of 1969, activity in the Euro­ Covered interest rate differential 8 dollar market reached unprecedented levels, but the massive flows of funds through that market were accommodated in an orderly fashion with the assistance of some defen­ sive central bank operations—primarily by the German Federal Bank and the Swiss IN FAVOR OF 0. K. LOCAL AUTHORITY DEPOSITS National Bank. Indeed, the Euro-dollar 1968 market once again demonstrated its re­ Weekly averages of daily rates. markable resiliency in the face of extraordi­ nary demands. In particular, it accommo­ Moreover, heavy drains oh French reserves dated a further very substantial increase in also tended to supply funds to the market in the borrowings by U.S. banks through their early September. Consequently, funds re­ overseas branches during a period in which mained readily available in the market, and there were massive flows into and out of interest rates declined somewhat. the market as a result of developments in During the course of October the Euro­ the foreign exchange markets. dollar market was generally much quieter, Early in July, with funds readily avail­ as were the exchange markets. On the other able after the midyear adjustments by con­ hand, interest rates began to move up in tinental banks, U.S. banks increased their sympathy with somewhat firmer monetary borrowings sharply, with total takings conditions in the United States. reaching $7.0 billion. During the rest of the The speculative upheaval in the exchange month these borrowings were allowed to markets in November caused only moderate run off somewhat, to a level of approxi­ strains in the Euro-dollar market, as the mately $6.2 billion at the month-end, only German Federal Bank once again immedi­ to be followed by a further sharp rise in ately moved to rechannel a major portion August. Late in August the outburst of of its dollar intake out into the market speculation over a revalution of the German through swaps. Moreover, the Federal mark resulted in a heavy flow of funds, Bank’s outright sales of forward marks in some of which came out of Euro-dollars, the first few days after the Bonn meeting en­ into German official reserves. The German couraged additional reflows from Germany, authorities moved quickly to push these and this operation was backed up in New funds out again through dollar/mark swap York, where the Federal Reserve sold for­ operations with German commercial banks. ward marks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE OPERATIONS 227 Nevertheless, in early December Euro­ Seasonal pressures eased after the year­ dollar rates once again began moving up end, but nevertheless interest rates soon rose sharply as U.S. domestic interest rates ad­ further as major U.S. banks looked to the vanced. Pressures were felt particularly in Euro-dollar market to relieve liquidity the shorter maturities, reflecting not only drains imposed by large run-offs of certifi­ generally tighter monetary conditions in the cates of deposit. The advance in rates United States but also the usual seasonal gained new momentum, following the % pressures associated with year-end position­ point rise in the prime loan rate of U.S. ing by European banks. At the same time, banks to 7 per cent per annum on January exchange market sentiment regarding ster­ 7. U.S. banks bid aggressively for Euro­ ling was softening once again, and as dis­ dollars through their European branches— counts on forward sterling widened, a sub­ raising their takings to a new peak of $8.6 stantial incentive developed in favor of billion by the end of January. Meanwhile Euro-dollars over U.K. investments. To market supplies were being augmented by avoid any undue additional strain on the further flows of funds from Germany and pound in view of approaching year-end re­ reflows from Switzerland, and there was patriations of funds to the continent, the some reversal of the heavy U.S. corporate BIS, using dollars drawn on the swap line repatriations just prior to the end of 1968. with the Federal Reserve, placed $80 mil­ With demand for funds heaviest in the lion in the Euro-dollar market. short-term maturities, interest rates for 1- Although Euro-dollar rates rose further month deposits advanced sharply, to nearly in the latter part of December, the increase 8 per cent per annum in early January com­ reflected by and large the higher U.S. rates pared with 7 per cent per annum at the (following the 14 point increase in Federal year-end. Reserve discount rates on December 18 and In late January the heavy flow of funds the further rise in U.S. banks’ prime loan to the Euro-dollar market from Germany rates to 6% per cent), and Euro-dollar tapered off, and the German Federal Bank market conditions remained orderly. Re­ began to take in dollars as German banks’ flows from Germany continued. At the deliveries of dollars under maturing swap same time, repatriations of funds by Swiss and forward sale contracts exceeded Ger­ commercial banks for domestic year-end man official spot dollar sales. Demand for needs were again accommodated without Euro-dollars from branches of U.S. banks undue strain on the market thanks to the remained brisk in February, and repatria­ swap operations of the Swiss National tions by French banks, which had to com­ Bank. The Swiss commercial banks under­ ply with newly tightened exchange controls, took $746 million of swaps with the Na­ added to market pressures. As a result, tional Bank, and the Swiss central bank in Euro-dollar rates moved up to new record turn rechanneled the dollars so obtained levels—in excess of 8 per cent per annum back into the Euro-dollar market, both di­ for 1- to 6-month deposits—attracting rectly and through the BIS. In the latter funds from Italy and Switzerland in particu­ part of December, takings by branches of lar and contributing to the generally weaker U.S. banks dropped sharply (to a total of about $6.0 billion), but U.S. corporations trend in most continental currencies took a substantial amount of dollars out of through early March. Nevertheless, through­ Europe, partly in response to interest-rate out this period dealings in Euro-dollars re­ considerations and partly to comply with mained quite orderly, and market needs the Commerce Department’s program. were met without undue strain. □ Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Housing Production and Finance The Commission on Mortgage Interest Rates or fiscal measures, or both. It follows, there­ —established by the Congress last year and fore, that to the extent social priorities call composed of four Senators, six Congress­ for an easier monetary policy than otherwise men, and five public members—submitted would be indicated, fiscal policy must be to the Board of Governors of the Federal commensurately more restrictive. Reserve System background questions re­ Stating housing goals in terms of number lating to housing production and finance. alone, however, can be misleading in any Answers to the questions are contained in determination of over-all credit require­ the following Staff Memorandum which the ments. First, there is the question of whether Board in February 1969 authorized to be credit flows can be diverted from other uses forwarded to the Commission. into housing through improvements in mar­ kets, subsidies, and other inducements. 1. It has been estimated that the Nation’s housing Second, there is the question of how much needs during the coming years require, on the av­ credit will be needed to finance the housing erage, construction or rehabilitation of 2 million goals. What proportion of starts in the regu­ housing units a year for the general commercial lar market will consist of lower-cost multi­ market plus 600,000 units a year for low-income family units, for example? What allowance families. in either the regular or subsidized market is a. Do you foresee an adequate supply of mort­ gage funds to finance this volume of homebuilding to be made for lower-priced mobile homes, (or whatever volume you feel will meet the Na­ which do not count as starts but do provide tion’s needs)? shelter? What shifts in the regional distribu­ b. Do you foresee that these funds will be tion of housing starts are to be expected? available at “reasonable” cost (i.e., at reasonable Different assumptions about these and re­ interest rates) to builders and home buyers? c. Do you favor a combination of sufficient lated compositional factors would obviously fiscal restraint and monetary ease to assure that yield significantly different estimates of the needed real and financial resources are avail­ financing requirements. able to support this volume of homebuilding, while Stating housing goals in terms of funds re­ maintaining reasonable price stability? quired just for new housing may also be Any steps to meet our housing goals with­ misleading in terms of the total credit in the framework of a free market system burden implied. An annual starts average obviously will have to be taken in the con­ approaching 2.6 million housing units—or text of over-all public and private require­ nearly three-fourths above last year’s total ments for all types of goods and services— —-would, for example, involve a large— including defense and other priority Govern­ though perhaps less than proportionate—ment programs. If these demands in aggre­ increase in the number and dollar volume of gate continue to press against our growing supporting transactions to be financed in the but still limited resource capacity—which market for existing homes. In addition, it we think likely—then it will be necessary to would require a commensurate increase in employ meaningful economic restraint in outlays for schools, streets, and other ele­ public economic policy—through monetary ments of the necessary infrastructure with 228 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE OPERATIONS 229 comparable pressures on funds from both The future ability of these mortgage lend­ public and private sources. ers to attract more loanable funds through So far as residential and other mortgage regular depositary channels may be limited funds are concerned, under present institu­ by the shifting population distribution, tional arrangements the principal source of which—unlike the early 1960’s—will in­ credit will continue to be the four major volve most rapid growth for adults under 35 financial institutions—commercial banks, years of age. This age group, of course, savings banks, savings and loan associations, tends on the average to incur debt rather and life insurance companies—and Federal than to provide savings. Ability to attract National Mortgage Association-Govern­ more funds will also be limited by the in­ ment National Mortgage Association. For creased saver-sophistication about relative the year 1968, when private housing starts yields available on instruments other than reached a 4-year high of 1.5 million units, savings deposits, as events since 1965 have these groups made gross investments in proved. Thus, we are not prepared to say mortgages for all types of properties total­ that the principal financial institutions as a ing about $62 billion. The increase in hous­ group will be able to provide gross mortgage ing starts postulated, along with associated flows at an average in excess of $100 billion demands, could require gross mortgage annually over the years immediately ahead. funds for all purposes each year of over Repayment flows (based on regular amor­ $100 billion from these four lender groups tization or prepayments) from growing and FNMA-GNMA alone, assuming no mortgage portfolios held by lenders will be change in prices and no significant change a growing source of funds supporting sav­ in the housing mix. And this would not in­ ings flows. But as in the past, a very large clude such funds as would also be required share of mortgage repayment volume will from other private and public sources. be needed to support transactions in the Of course, some allowance may be made growing stock of existing homes at prices for greater efficiency in the use of mortgage that will usually be higher than they were funds for new as well as existing residential when the mortgages to be replaced were construction. Examples of changes related originated. Nor can it be assumed that all to such efficiency are larger downpayments, mortgage repayments will necessarily flow greater assumption of first mortgages (with back into housing. private placement of seconds), and lower Under these circumstances and given the costs per unit of housing. And some allow­ pressure for as rapid an expansion in starts ance can be made for (a) further increases as possible, mortgage interest rates required in equity or bond market financing, particu­ of builders and home buyers will have to re­ larly in the case of multifamily structures main high enough relative to other capital and for (b) increased subsidy allotments market yields to attract the funds required. from Federal funds even under the assump­ Elimination of mortgage interest-rate ceil­ tion of relatively tight budgetary con­ ings—or at least a more flexible policy with straints. New lenders, such as pension funds, respect to them—would obviously remove may also be attracted increasingly into mort­ this structural barrier to competition for gage investments. But it still appears that necessary funds and would alleviate the dis­ ultimate results will continue to depend count burden that currently must be borne mainly on the ability of depositary institu­ directly by builders and other home sellers. tions to compete for the funds necessary to Moreover, mortgage interest costs, in the expand their mortgage lending volume. final analysis, are a function of not only the 229 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

230 FEDERAL RESERVE BULLETIN □ MARCH 1969 contract interest rate but also the price of At the least, these programs would appear the house, the downpayment, and the loan to point in a fruitful direction. However, maturity. Thus, any reduction in construc­ since they are designed to subsidize occu­ tion and related costs per unit would help pancy—not construction activity—they will not only to spread the available mortgage tend to add to the aggregate of private credit more widely but also to moderate or credit demands. Nor will they obviate the reduce the burden of interest costs. need for supplementary programs of public housing and other assistance. Also, these d. Do you see any other ways to reduce in­ terest rates in general and mortgage rates in par­ programs can be of only limited value unless ticular from their present high levels to facilitate they are adequately funded. homebuilding in a noninflationary environment? On the rent-subsidy program, it may be Any lasting progress that can be made questioned whether major reliance on non­ toward a noninflationary environment profit sponsors will not serve to limit the should serve to promote investor interest in potential of the program, as has been typi­ debt instruments as opposed to equity in­ cal in other instances in the past. Moreover, struments. Also, any steps that will help in the case of both this program and the reduce per-unit construction costs and hence homeownership-subsidy program, excessive limit capital requirements will help to lower reliance on new as opposed to existing units the general structure of interest rates and may also have a limiting effect. particularly of mortgage rates. Beyond this, 2. A number of structural or institutional re­ it does seem feasible to develop further forms have already been instituted to improve the mortgage market features that could narrow mortgage market since the 1966 housing crunch. the differential required to encourage invest­ What specific additional reforms do you recom­ ment in mortgages as against bonds or other mend to assure that mortgage credit is more types of investments. These include: readily available and at a more reasonable cost than indicated in your answers to the preceding 1. Removal of market imperfections that questions? impede the allocation of available mortgage In a report to the Congress in 1967 on funds, including unrealistic statutory limits “Monetary Policy and the Residential Mort­ on contract interest rates. gage Market” (published in Federal Reserve 2. Improvement of the mortgage instru­ ment by greater standardization of laws on Bulletin for May 1967, pages 728-40), the Board suggested, without necessarily foreclosure, origination costs, and other endorsing them at the time, a number of fees. proposals that might be considered for im­ 3. Development of a debt instrument proving the mortgage market. Among the supported by mortgages—along the lines potential reforms mentioned in the Board’s authorized by the 1968 Housing Act—that 1967 report which have yet to be instituted would appeal to investors not interested in are the following: amortization of principal or the handling of many relatively small financing units. (a) Flexible secondary-reserve require­ These and other possibilities are discussed ments for nonbank thrift institutions; in answers to some of the other questions (b) Federal chartering of mutual savings below. banks; (c) FNMA trading desk for Govern­ e. Do you feel that the interest- and rent-sub­ ment-underwritten mortgages; and sidy programs provided by the 1968 Housing Act (d) Reexamination of geographical and are adequate to meet the housing problems of lowincome families? other barriers to mortgage investment to Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

HOUSING PRODUCTION AND FINANCE 231 make them more nearly uniform, or to order to qualify for preferential tax treat­ eliminate them. This includes a review of ment. The suggestion outlined above would the mortgage investment powers and origi­ obviously broaden such policy beyond the nation practices of financial institutions; home mortgage field, but it would also ex­ mortgage, usury, foreclosure, and related tend the restriction—apparently without tax State statutes; and geographical, type-of- benefit—to other major financial institu­ structure, and nonrate restrictions affecting tions. We are most dubious about the different types of mortgage lenders. equity aspects of such a proposal. On several occasions, the Board has rec­ It is difficult to evaluate the effects that ommended legislation to the Congress that the restriction might have in the absence of would permit member banks of the Federal precise definitions about the types of institu­ Reserve System to borrow from the Federal tions, mortgages, and loanable funds con­ Reserve Banks on the security of any sound templated, or the exact percentage of new assets—including mortgages—without pay­ loanable funds that would have to be di­ ing the “penalty” rate of interest required rected into mortgages by each type of insti­ whenever technically ineligible paper is tution involved within any particular time presented. This legislation would replace period. Moreover, it is not clear whether present provisions of the Federal Reserve the proposed requirement would apply to Act that permit borrowings without a pen­ the proportion of new funds flows that would alty interest rate only on the security of Gov­ have to be placed in mortgages or to the in­ ernment obligations or of paper meeting stitutions’ ultimate portfolio of mortgages, certain outmoded “eligibility” requirements. which is a function of loan repayments and As the Board has noted, amendment of these sales as well as of loan originations and pur­ restrictive provisions would facilitate rather chases. than penalize efforts by banks to meet the These problems aside, there remains the public’s changing needs for mortgage as question of whether the public interest would well as other kinds of credit. best be served over the long run by erect­ 3. The following suggestions for institutional re­ ing a new structural barrier to the flow of forms have been made in previous studies of the credit within the money and capital markets. mortgage market. Please comment on the merits It may be argued that even the mortgage and weaknesses of each, pointing out what adjust­ market as a whole might not benefit greatly, ments in other policies—particularly with respect to monetary and fiscal policies—would be neces­ since lenders not so restricted would tend to sary to maintain full employment and price sta­ withdraw from such investment. An alterna­ bility if any of these suggestions were adopted. tive and more positive approach would be a. Change the lending policies of the Federal to encourage steps to further enhance the Home Loan Banks so that savings and loan associa­ competitive appeal of mortgage investment tions can borrow with greater certainty, at lower within general financial markets in which cost, and/or for a longer time than at present. credit could flow as readily as possible to­ The Board’s affirmative position along ward sectors where effective credit demands these iines is set forth in the 1967 report. were most pressing. b. Require financial institutions to direct a cer­ tain percentage of their new loanable funds into c. Require the Federal Reserve System to pur­ mortgages. chase securities issued by the Federal Home Loan Banks and/or the Federal National Mortgage Present policy, in effect, requires non­ Association at times of tightness in the mortgage bank thrift institutions to hold a large share market, thereby providing these institutions with of their total assets in home mortgages in funds to funnel to the mortgage market. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

232 FEDERAL RESERVE BULLETIN □ MARCH 1969 The Board’s response to suggestions along a greater liquidity reserve to “dip” into when this line was incorporated in Chairman needed to sustain their mortgage lending. Martin’s testimony in June 1968 before the The Board suggested in its 1967 report House Committee on Banking and Cur­ that this question warranted further study to rency (published in the Federal Reserve determine whether such broadened powers Bulletin for July 1968, pages 609-16). would in fact enhance the mortgage lending As Chairman Martin pointed out in his potential of nonbank thrift institutions at prepared statement, “Such a directive would times when general interest-rate levels are violate a fundamental principle of sound rising. To the extent that genuinely liquid monetary policy, in that it would attempt to investments are acquired when mortgage de­ use the credit-creating powers of the central mands are relatively slack, of course, a po­ bank to subsidize programs benefiting spe­ tential supplement would be provided to cial sectors of the economy.” Tn concluding, currently generated funds in times of strong he noted, “As time progressed, the effects mortgage demand. of the Federal Reserve support operation would adversely affect savings flows to f. Bring into early operation the new authority provided to the Government National Mortgage aided as well as to unaided mortgage lend­ Association (GNMA) to insure mortgage-backed ers. At the same time, the operation would bonds issued by institutions seeking to raise new increase costs of funds to all nonmortgage funds for mortgages. borrowers. Ultimately, there would be little In its 1967 report, the Board suggested or no net increase in the over-all availability that encouragement be given to such sales of residential mortgage credit. There would of participation certificates or other instru­ be a substantial substitution of public for ments against pools of residential mortgages, private funds. All this would occur at the subject to appropriate safeguards. expense of possible disruption to other finan­ cial markets if not to the formulation and g. Permit FNMA to engage in secondary market implementation of general monetary policy operations in conventional as well as Federally as well.” insured mortgages. Although FNMA as a Government-spon­ d. Permit savings and loan associations, mutual savings banks, and other mortgage lenders to issue sored corporation has recently shifted from long-term securities to raise funds for mortgages. mixed to wholly private ownership, its oper­ Both national banks and Federal savings ations would be changed significantly if this and loan associations now have the statutory recommendation were adopted. Thus far, authority to issue long-term securities, FNMA’s activities have been confined to whether to raise funds for mortgages or dealing in mortgages which conform to pub­ for other types of investments, under appro­ lic policies, as expressed in the underwriting priate supervisory safeguards. The ability of of mortgages by the Federal Housing Admin­ other mortgage lenders to act in this respect, istration and the Veterans Administration. of course, varies with the provisions of State While further improvements in the sec­ laws and regulations. We favor the maxi­ ondary mortgage market would clearly be mum possible latitude in this respect, since in the public interest, important technical as the mortgage instrument itself is not well well as policy questions arise if FNMA is suited to the needs of many bond market permitted to deal in conventional mortgages participants. —presumably solely on residential proper­ ties. Such conventional mortgages, of course, e. Broaden the investment and lending powers for savings and loan associations so that they have lack the marketability of Government- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

HOUSING PRODUCTION AND FINANCE 233 underwritten loans based on uniform mini­ normal reduction in vacancy rates would mum standards relating to safety of princi­ have required—-resulted primarily from pal, collateral, loan terms, and origination sharply reduced net savings inflows to sav­ practices. There is serious risk, therefore, ings and loan associations and mutual sav­ that FNMA would gradually accumulate a ings banks that specialize in lending on real portfolio which is relatively illiquid and estate, as outlined in the Board’s 1967 re­ which would have to be financed in the port. money market at interest levels at times During 1968, when underbuilding was a quite disadvantageous to flows of funds to factor, contract interest rates on conventional the depositary institutions which are also first mortgages secured by homes rose by 70 active mortgage investors. basis points—exactly as much as they did through most of 1966, and from a higher 4. How has the volume of homebuilding activity level, according to data compiled by the been affected by a. changes in the general level of interest FHA. Yet private housing starts increased rates, and/or mortgage rates, and in 1968 by over 210,000 units, in contrast b. administration of the FHA-VA ceiling on to a decline of more than 300,000 units in mortgage rates? 1966. The improved performance of hous­ 5. The practice of discounting mortgages—i.e., ing starts last year in the face of a sharp deducting “points” in order to raise the yield—has often been found objectionable. What kind of increase in mortgage interest rates appeared evidence is there as to who or what is hurt by these to reflect the continued availability of mort­ discounts? Should discounts be forbidden? gage credit—albeit at high cost—to meet a So far during the 1960’s, the volume of strong backlog of basic demand. The hous­ homebuilding has overwhelmingly reflected ing starts performance was also aided by the availability of mortgage credit—depend­ greater emphasis on multifamily properties, ent partly on relative interest returns on since these could be financed more flexibly open market as against depositary claims— than home properties. and the strength and composition of under­ An important way in which interest rates lying demands for housing and related credit, have played a restrictive role since early as disposable personal incomes have risen 1966 in the housing market in general has sharply further and housing costs have ac­ been related to the large discounts asso­ celerated. Homebuilding appears to have ciated from time to time with FHA and VA been affected only to a minor degree by loans that bear fixed contract interest rates changes in the level of mortgage interest which were not adjusted rapidly enough to rates, at least with regard to mortgages bear­ keep abreast of going market yields. In this ing rates that can follow the market closely. connection, the Board suggested in its 1967 Basic demands in the regular market have report that greater flexibility should be pro­ continued to be a significant factor. For vided in setting ceiling rates on these Gov­ example, as overbuilding accumulated be­ ernment-underwritten loans. This would tween 1963 and 1965, housing starts tended lessen uncertainty by all market participants downward despite the ample availability of about the magnitude of expected changes in mortgage credit at stable interest rates. The such ceiling rates and would avoid sub­ downtrend in housing starts accelerated stantial discounts which discourage lenders, abruptly in 1966 when the availability of builders, sellers, and buyers alike from re­ mortgage credit to accommodate transac­ liance on the types of mortgages affected. tion demands was sharply curtailed. The Especially hard hit are lower-income fam­ drop in starts—which far exceeded what a ilies who often depend heavily on mortgages Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

bearing high loan-to-price and long maturity tends to be fairly small and does not consti­ terms—typical of FHA and VA loans—in tute an important impediment to property order to sell existing homes as well as to buy buyers, sellers, builders, and lenders. new ones. To forbid discounts on either conven­ Discounts, of course, are the standard tional or federally underwritten residential method by which returns on any type of in­ mortgages would seriously disrupt normal strument carrying fixed rates of interest are market processes and inhibit credit flows to adjusted to currently prevailing yields in the types of loans affected in the national financial markets generally. The process is market as a whole. This was the reason why essential to effective clearing of markets, Congress has twice (in 1954 and 1958) since it encourages lenders to allocate their abandoned unsuccessful efforts to control resources toward sectors of the economy discounts on FHA and VA loans. The pref­ where credit demands are strongest. But erable and much more successful alterna­ when contract rates on mortgages can be tive, of course, is to allow contract interest negotiated freely—as on new conventional rates on mortgages to follow the market loans—they respond much more flexibly to closely, thereby minimizing the magnitude general changes in interest-rate levels, pro­ of the discounts that are likely to develop vided usury ceilings are not restrictive. when market conditions are in the process Hence the magnitude of discounts, if any, of tightening. □ 234 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Statements to Congress Statement by William McChesney Martin, 1967, and close to 4 per cent last year. Jr., Chairman, Board of Governors of the Public skepticism about the Government’s Federal Reserve System, before the Joint ability to “do something” about prices has Economic Committee, February 26, 1969. its roots in this history of ever-quickening inflation. I welcome the opportunity of meeting This skepticism has been reinforced by with this committee again to discuss some the initially inauspicious results of fiscal of the key economic problems facing the restraint. The immediate response to enact­ Nation. We are, at long last, beginning to ment of the tax and expenditure control make some headway in dealing with a major legislation last June was, admittedly, dis­ economic problem that has plagued us for appointing. For a month or two after with­ over 3 years—inflation. Progress has been holding taxes were raised, consumers con­ slow, but that is understandable after so tinued to increase their outlays at a rapid much inflationary momentum has been rate, drawing on their savings and borrow­ generated by the delay in getting the Na­ ing heavily to finance both higher taxes and tion’s finances in order. I am optimistic, higher spending. The ebullient behavior of however, that the forces of fiscal and mone­ consumers infected the business community. tary restraint set in motion last year will With retail sales booming, business plans for gradually bring us back to reasonable price adding to inventories and plant capacity stability. were revised upward sharply, and in this Optimism about the ultimate success in heady atmosphere, cost increases were containing inflationary pressures should not, rapidly passed on in the form of higher however, blind us to the difficulty of the prices. The pause in the spiral of prices last task in the months immediately ahead. We summer lasted only briefly; by early fall, the must deal with a heritage of cost and price price indexes were headed up again at an increases that is continuing to generate accelerating pace. further cost and price increases, and—im­ Our foreign trade balance, too, has portantly—has become deeply embedded in shown the effects of the last 4 years’ spiral­ business and consumer expectations. After ing rise in prices and costs in this country. several years of rapidly rising prices, it is In 1968 the U.S. merchandise trade surplus only natural that many spending decisions virtually disappeared. Exports increased are motivated now by the fear that prices fairly well, at least until the port shutdowns will be even higher next year, or by the con­ near the end of the year. But imports in­ viction that inflation will bail out even the creased substantially, as aggregate demand most marginal speculation. The price com­ in the United States expanded excessively ponent of our national product has ad­ and as our prices rose. vanced with increasing rapidity, from an In retrospect, I believe that the Federal average increase of less than 1.5 per cent a Reserve was overly hasty last summer in year in the early 1960’s, to 2 per cent in expecting an immediate impact from fiscal 1965, 2.5 per cent in 1966, 3 per cent in restraint. As the published record of Board 235 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

236 FEDERAL RESERVE BULLETIN □ MARCH 1969 and Federal Open Market Committee de­ currents in financial flows to occur. At times liberations indicates, monetary policy moved of policy tightening, institutional lenders promptly to an accommodative stance at typically have some cushion of liquidity that midyear, anticipating that an easing of de­ they can utilize, at a cost, to maintain loans. mands and of financial market pressures Borrowers, too, have liquid resources at would ensue with little delay after the enact­ their disposal and can take advantage of ment of the fiscal restraint legislation. The past arrangements to command additional easing in financial markets that did occur funds, at least for a time. Individual and in early summer enabled the banking system business holdings of money balances are im­ to rebuild its liquidity rapidly. Inflows to portantly influenced over the short run by banks of time and savings deposits, which such technical factors as fluctuating trans­ had contracted during the spring, expanded fers in and out of U.S. Government deposits, rapidly during the summer, permitting a as well as by the play of market uncertain­ resurgence in bank credit expansion to ties and pressures on investors’ decisions, finance both Federal and private borrowing. and by underlying forces stemming from Federal Reserve open market operations changes in monetary policy. provided the reserve base to support this Nonetheless, the effects of a policy of expansion; while deposits expanded rapidly, restraint become more and more evident as banks were able to reduce their borrowings these liquidity cushions are worked off and at the discount window. the effects of temporary aberrations and The business statistics that emerged over transitional adjustments fade. As was the summer and early fall indicated far less pointed out in our staff’s report on financial of an impact of fiscal restraint on aggregate developments during the fourth quarter of demands than had earlier been anticipated, 1968, submitted to this committee earlier and as the pace of inflation quickened, mon­ in the month, the developing monetary etary policy moved back toward a posture restraint last autumn was first indicated by of restraint. The intensification of this a considerable slowing in the growth of the restraint has been gradual, rather than volume of reserves supplied to banks abrupt, in keeping with our assessment of through open market operations. As a con­ the economy’s needs over the longer term. sequence, banks were forced to increase It takes some time for such a change in their borrowings from the Federal Reserve monetary policy to have its full effect on and to bid more aggressively for certificates financial markets and financial flows, and of deposit (CD’s) in order to maintain ex­ as the policy is working through, there are pansion in their loans and investments. likely to be disparate movements in key Banks with branches abroad had to pay financial indicators. Interest rates often tend relatively high interest rates even to retain to react most quickly because they reflect Euro-dollar deposits. With the passage of market participants’ assessment of the future time, these adjustments of bank sources of of policy and its interactions with the econ­ funds had to be supplemented by modifica­ omy. tions of bank lending and investing policies; The effects of policy changes on the gen­ banks generally began to withdraw from eral availability of money and credit, how­ active participation in the markets for U.S. ever, typically take more time to work Government and State and local government through. The very flexibility that is a key securities, while also stiffening lending terms attribute of our financial system over the to businesses and consumers. longer run allows some short-run cross­ By late November and early December Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENTS TO CONGRESS 237 the developing pressures on the banking postponed bond issues in view of tight system had pushed the effective offering current market conditions. rates on large negotiable time CD’s to Regu­ In mortgage markets, interest rates rose lation Q ceiling limits. Shortly thereafter, during the fourth quarter of last year and interest rates on competitive market instru­ have moved steadily higher in recent weeks. ments, such as on Treasury bills and com­ Demands for mortgage credit have remained mercial and finance company paper, moved strong while the availability of new funds above the Regulation Q ceilings. has become increasingly constrained. Net in­ The result has been a steady reduction in flows of savings to thrift institutions tapered outstanding large-denomination time CD’s off in December as market interest rates rose at banks, particularly at large banks, which further, and preliminary data suggest a fur­ account for the bulk of such deposits. From ther tapering in January. Net savings with­ the first week in December through the first drawals at these institutions during the re­ half of February, these deposits declined by investment period of late December and almost $4 billion, or about 15 per cent of early January were somewhat larger than a the total outstanding. In addition, there was year earlier, and it appears that the subse­ a slowdown in net inflows of other time and quent deposit build-up was less than usual. savings deposits to banks during this period. Currently the mortgage market does not Although banks with branches abroad built seem to be quite so dependent on thrift insti­ up Euro-dollar borrowings sharply in Janu­ tutions as in earlier years, nor do these in­ ary, aided by a heavy outflow of funds from stitutions themselves seem to be quite so Germany, outstanding bank credit has, on sensitive to monetary restraint as in, say, balance, shown little growth over the past 1966. The existing structure of ceiling rates several weeks. on deposits at banks and thrift institutions Under these conditions, banks have had has contributed to a more even-handed slow­ to turn increasingly to liquidation of short­ ing of consumer deposit flows among the term securities to accommodate loan de­ major savings institutions. Thus, monetary mands. They have also had to cut back restraint has developed so far without an sharply their net purchases of other securi­ excessive burden falling on the homebuild­ ties. While the liquidity position of banks ing industry, although new supplies of funds as a group is not quite so strapped as it was for the housing market are becoming in­ in the spring of 1968, or in the fall of 1966, creasingly restricted. the ability and willingness of banks to help Even while credit markets were in the finance credit-based spending is clearly be­ process of tightening during the fourth coming more and more limited. quarter, expansion in the privately held Outside the banking sector, evidences of money supply accelerated, to a 7.5 per cent the effect of monetary restraint are also be­ annual rate. A principal cause was the coming somewhat more widespread. Interest larger-than-seasonal rundown in U.S. Treas­ rates on high-grade corporate and State and ury balances at commercial banks during local government bonds have edged up the fall. A little later, around the year-end, further from the advanced levels reached in deposit balances were swollen by the com­ December of last year. These high-yield bination of seasonal money market pres­ levels have been maintained even though the sures, large year-end international and prospective volume of bond offerings has domestic flows of money, and market un­ not tended to build up, and there is evi­ certainties about the intensity and course dence that some potential borrowers have of monetary restraint. In the ensuing weeks Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

238 FEDERAL RESERVE BULLETIN □ MARCH 1969 of 1969, however, the money supply con­ still strong. A slowing in expansion that is tracted, while U.S. Government deposits widely expected to be temporary is not likely were being rebuilt more than seasonally. to be enough to eradicate such expectations. In my judgment, monetary restraint is The experience of early 1967 is a lesson now fully reinforcing fiscal restraint. And in point. Moderation in economic activity at fiscal restraint is becoming increasingly that time did indeed produce a significant effective. In retrospect, it appears that while slowing in the rate at which prices advanced. the Federal Reserve was overly optimistic in But the moderation was short-lived. As eco­ anticipating immediate benefits from fiscal nomic activity accelerated after midyear, so restraint, the business community may have did prices. The rate of increase in the GNP been overly hasty, last fall, in writing it off as deflator, which had slowed to about 2 per a complete failure. For just about the time cent by the spring of 1967, almost doubled that business spending plans were being en­ by the end of that year. larged, consumers’ spending enthusiasm be­ The critical test for stabilization policies gan to wane. Retail sales reached a peak in in 1969 will be their ability to keep such a August but have remained below that level rebound in activity and prices from develop­ since then. The consequence was a rapid ing. If we were to dissipate again the benefits rise in business inventories in the fourth derived from a reduction in excessive de­ quarter; for some types of merchandise, the mands, the credibility—at home and abroad build-up of stocks in distributors’ hands be­ •—-of Government economic policies would came excessive before the year-end, and pro­ be severely strained. duction of these goods has begun to be cur­ We have been fortunate this past year that tailed. Moreover, the impetus provided to the poor results in the U.S. trade balance consumer incomes and business activity by have not damaged the international stand­ rising Government spending also began to ing of the dollar. In fact, we had a surplus moderate after midyear. In the second half in the over-all balance of payments, both on of last year the rate of Government purchas­ the so-called liquidity basis of calculation ing of goods and services rose by less than and as measured by official reserve trans­ $2 billion, compared with a rise of $6.5 actions. The surplus was the result of favor­ billion in the first half of the year. able flows of capital: greatly enlarged for­ Federal spending is scheduled to flatten eign purchases of U.S. equities at the same out further during the winter and spring time as foreigners were acquiring a substan­ months, and the full impact on consumer tial volume of securities that U.S. companies spending of the higher taxes legislated last were issuing abroad in compliance with the June is only now coming to be felt, as compulsory direct investment controls; re­ retroactive personal income tax payments payments by foreigners of U.S. bank loans, are made to cover surcharge liabilities for in accordance with the Federal Reserve the period before increased tax withhold­ voluntary foreign credit restraint program; ings began. Over the next few months, and large flows of foreign liquid funds out of therefore, the economy’s advance should be other currencies into the Euro-dollar market at a more moderate pace, and that should where they were borrowed by U.S. banks. provide a start on alleviating some of the This year a slowing of the excessive ex­ demand pressures underlying the advance in pansion of domestic demand should bring price levels. with it a slowing in the growth of U.S. im­ Expectations of inflation are deeply em­ ports, and an improvement in the trade bedded, however, and speculative fervor is balance. On the other hand, capital flows Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENTS TO CONGRESS 239 are not likely to be so favorable as in 1968, continuing to mount, the stage would be even with relatively taut credit conditions set for a strong resurgence in over-all de­ here. mand. The problems of restoring international Whether such a surge in demand will in payments equilibrium are truly international fact occur cannot be predicted with any problems. It has been recognized more and assurance, but it would be foolhardy to in­ more widely that better international balance crease the risk by adding the fuel of easy requires positive actions by countries in sur­ credit. In the hope that it will be useful to plus as well as by those in deficit. For our your committee, I am attaching to my state­ part, whatever else we or any other country ment a projection, prepared by the Board’s may be doing, one absolute essential is to staff, of the monetary and credit conditions check the inflation in this country and to that would be consistent with progress to­ make a start in restoring a healthy and last­ ward achieving the objective of reducing in­ ing surplus in our trade with the rest of the flationary pressures. The progress envisioned world. would necessarily be gradual, for an effort Much of the burden of accomplishing the to “disinflate” abruptly, after so extended a containment of domestic demand pressures period of cumulating inflationary pressures, this year will rest on monetary policy, for would risk wrenching the economy sharply, even with continuation of the 10 per cent with major dislocations in employment and surcharge into the fiscal year 1970, fiscal in the structure of production. The state of policy is scheduled to become less restric­ the economic art does not, of course, permit tive after midyear. Completion of the retro­ precision—or too much confidence—in such active tax payments on 1968 liabilities, the projection exercises, but they are useful in increase in pay scheduled for Federal work­ describing the general financial environment ers, and the rise indicated in the January that would be appropriate in light of pros­ Budget for other Federal expenditure pro­ pective private and public resource demands. grams will reduce the Budget surplus sub­ As I noted in my opening remarks, I am stantially in the second half of the year, and optimistic about the prospects for gradual at the same time increase the flow of in­ success of the stabilization policies now in comes available for spending. A sharp up­ force if we have the fortitude and patience turn in consumer spending would be likely to give them time to work. It is essential for to rekindle business incentives to acquire us to do so; at stake is the opportunity not additional inventories and to add further to only of restoring a stronger base for equi­ plant capacity. With pressures for additional librium in our international payments situa­ housing still strong, and the spending re­ tion but also of restoring a sound base for quirements of State and local governments continued domestic growth. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

240 FEDERAL RESERVE BULLETIN □ MARCH 1969 Staff Projection of Economic and Financial Developments in 1969 ECONOMIC BACKGROUND the subsequent upward revision of planned A moderation in the pace of economic ex­ expenditures by business for plant capacity pansion began to be evident late in 1968 and inventories. and has continued into 1969, largely as a It is now clear that the rate of growth in result of the fiscal restraint measures adopted consumer spending in the fourth quarter in the middle of last year. In real terms, eco­ dropped abruptly to just over a 4 per cent nomic growth diminished to less than a 4 annual rate. Retail sales, in fact, began to per cent annual rate in the fourth quarter, drift downward after reaching a peak in compared with 5 per cent in the third and August of last year. January sales picked 6 per cent or more in the first half. In current up from the sluggish December pace, but dollars the diminution in the growth rate not quite enough to regain the November of gross national product was not so large, level. Among the major elements of con­ however, as average prices rose somewhat sumer spending, unit auto purchases have faster late in the year. shown the most significant weakness, with The slower pace of economic expansion the annual sales rate for domestically pro­ late in 1968 was accompanied by a change duced cars, including Canadian imports, in the structure of GNP growth. The rise in dropping from a high of 9 million units in final sales (GNP expenditures other than for October to about 8.25 million in January. inventories) dropped from an annual rate Moreover, sales of nondurable goods have of 10 per cent in the third quarter to just also eased somewhat since last August. over 6 per cent in the fourth, and inventory Business investment in inventories, how­ investment contributed substantially more ever, advanced considerably in the fourth to the GNP increase in the fourth quarter quarter, to a $1016 billion annual rate, part­ than in the third. ly reflecting this distinct slowdown in the In retrospect, it appears that failure of growth of consumer purchases. There is no the economy to respond more promptly to clear evidence that businesses, in the aggre­ the enactment of the Revenue and Expendi­ gate, regard themselves as heavily burdened ture Control Act reflected a temporary will­ with excessive stocks. But it does appear that ingness of consumers to maintain unusually some downward adjustments have occurred high rates of spending in the face of marked­ in production schedules for autos and other ly reduced growth of disposable income dur­ consumer lines in response to recent in­ ing the summer. As a consequence, while ventory sales developments. the effects of cutbacks in some categories of An economic projection for 1969 must Federal expenditures began to be felt shortly take into account, therefore, the increasing after midyear, the effect of the tax increase evidence that fiscal restraint is working, was blunted by one of the sharpest quarterly though with a somewhat longer lag than increases of recent years in consumer spend­ the Board staff and most economists else­ ing relative to disposable income. Total con­ where had assumed. Moreover, the pressure sumer purchases in the third quarter rose at of fiscal restraint will be intensified in the a 10 per cent annual rate, and this spurt period just ahead. Federal purchases of appears to have been a significant factor in goods and services are projected in the Janu­ ary Budget document to show no further advance in the first half of this calendar Note.—Prepared by Divisions of Research and Sta­ year, and the total of all Federal expendi­ tistics and of International Finance, Board of Gover­ nors of the Federal Reserve System, Feb. 25, 1969. tures included in the national income ac- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENTS TO CONGRESS 241 counts should register only very modest in­ family units, have also shown exceptional creases during this period. Federal receipts, buoyancy. Interest rates as high as 7 per meanwhile, will be increased sharply fur­ cent and over have not been enough to cause ther by the rise in social security taxes in deferral of investment intentions in the cli­ the first quarter and by retroactive pay­ mate of strongly inflationary expectations ments on 1968 income tax liabilities in both that has prevailed. the first and second quarters. The Federal Excess demand in the domestic economy budget on a national-income-accounts basis during this period has also spilled over into will thus be moving to a significant surplus world markets. U.S. imports have risen very in the months immediately ahead. rapidly, and our trade surplus last year al­ With Federal purchases leveling out and most disappeared. Thus, balance of pay­ the growth of disposable income and con­ ments considerations reinforce the need to sumer spending tempered by increased tax persevere with policies to combat domestic payments, a further slowing in the over-all inflation. pace of economic expansion seems highly As noted earlier, the expectation of a probable in the first half of 1969. The rate slowdown in the domestic economy during of business inventory accumulation may the current half year is predicated mainly on well taper off in the months ahead. Some re­ the belief that fiscal measures already covery in consumer spending from the slug­ adopted will become increasingly effective in gish pace of the fourth quarter is to be ex­ restraining spending. After midyear, Fed­ pected, and the momentum of rising housing eral expenditures—assuming they follow the starts and increasing business expenditures path laid out in the January Budget—will be for plant and equipment during the last half rising more briskly, and the completion of of 1968 is likely to carry forward into the retroactive tax payments by individuals will opening months of this year. But our assess­ give rise to more rapid growth in disposable ment of the economic climate on which our income. Fiscal policy will become less re­ staff projection for 1969 is based starts with strictive in the second half of 1969, there­ the premise that the fiscal restraints adopted fore, even if the tax surcharge is extended. last summer are working and, together with The strength in markets for goods and serv­ the intensification of monetary restraint ices that could result, in an atmosphere of since last fall, will slow the pace of expan­ protracted inflation, could touch off a new sion further in the first half of this year. spurt of business and consumer spending, A second major element of the economic with its inevitable effects on prices and environment to be taken into account in costs. Should the surcharge be allowed to developing a projection for 1969 is the lapse, inflationary pressures could break out climate of inflationary expectations that has even more strongly in the latter half of this developed over the past 314 years. This long year. period of predominantly overheated condi­ tions has quite clearly begun to affect pri­ POLICY ASSUMPTIONS vate spending decisions. Since about the It would seem apparent that the principal middle of last year, for example, plans for task of stabilization policies this year will business fixed investment have strengthened be to ensure that significant progress is made measurably, despite relatively low rates of in curbing the rate of inflation in the domes­ capacity utilization in manufacturing, as tic economy and that the initial steps are businesses have sought to find ways to hold taken towards restoration of our traditional down the pressure of rising costs on prices trade surplus. It will be especially important, and profits. Housing starts, especially multi­ if these results are to be accomplished, to Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

242 FEDERAL RESERVE BULLETIN □ MARCH 1969 adopt policies that prevent resumption of an plus demand deposits) should also occur in excessively rapid pace of spending in the the financial market conditions arising from second half of the year, following the slower expansion of bank credit at the slower rate pace of advance expected in the first 6 assumed and from the projected moderation months. in growth of GNP. We project a reduction In our projection, therefore, we assume in the growth rate of the money stock from the surcharge will be extended, as recom­ the 6.5 per cent rate of 1968 to a rate in the mended in the January Budget document, range of 3 to 6 per cent during 1969. The since without that extension the prospects of stance of policy assumed implies a some­ cooling off the economy appear dim indeed. what higher growth rate of bank credit (on We are also assuming that the projected an end-of-month basis) than that which oc­ pattern of Federal expenditures outlined in curred in January and currently seems in the January Budget will be realized. Of prospect for February. course, unforeseen developments in Vietnam GNP PROJECTION or elsewhere could alter the outlook for Based on these fiscal and monetary policy defense spending radically, and stabilization assumptions, as Table 1 indicates, current policies will have to stand ready to alter dollar GNP for the year as a whole is pro­ course with any marked change in those out­ jected to be in a range of $918 billion to lays. $920 billion, which would mean an increase The projections also assume a monetary from 1968 of about $60 billion, or a little policy of substantial—but not severe— less, compared with a gain of $71 billion restraint, dictated by the need for a steady from 1967 to 1968. pressure of stabilization policies to contain Following the moderation that began in the strong inflationary pressures in the econ­ omy. The shift toward greater monetary TABLE 1 restraint initiated last fall has already begun 1969 PROJECTION OF GNP AND RELATED ITEMS to have noticeable effects in financial mar­ In billions of current dollars kets. Growth rates of money and bank credit Annual totals Annual changes have declined from the rapid pace of the Item Projected Projected second half of 1968, while interest rates 1968 1969 1968 1969 have risen well above their average fourth­ Total GNP................ 860.6 918-20 70.9 58-60 quarter levels. As the year progresses, credit Personal con­ sumption ex­ restraint should become increasingly effec­ penditures ... 533.8 567-69 41.6 33-35 Gross private do­ tive in moderating the pace of private spend­ mestic invest­ ment....... 127.7 135-37 13.4 7-9 Residential ing. construction.. 29.9 30-32 5.3 1-2 Business fixed The staff projection assumes that the investment... 90.0 98-100 6.4 8-10 Inventories.... 7.7 5-7 1.6 — 3 to growth of bank credit will be reduced from Net exports........... 2.0 3.5-4.5 -2.8 1-2 the 11 per cent rate of 1968 to a rate in the Govt, purchases... 197.2 210-12 18.8 13-15 Federal............... 100.0 103 9.4 3 range of 4 to 7 per cent in 1969. The de­ Pe S rs ta o t n e a l a n in d c o lo m c e a . l . . 6 9 8 7 5 . . 2 8 7 1 3 0 5 7- - 0 3 9 7 5 9 7 . .0 4 4 1 9 0 - - 5 1 1 2 Disposable per­ cline in credit expansion rates would re­ sonal income. 589.0 622-24 42.7 33-35 Corporate profits flect reduced growth in bank deposits, par­ before tax. . . 192.3 89-92 >10.7 -3to0 Total Federal ex­ ticularly a turnaround in large-denomination penditures, NIA basis ... 182.2 192 18.6 10 negotiable CD’s, from a rapid expansion Total Federal re­ ceipts, NIA during 1968 to significant reduction in basis.. 176,9 194-95 25.7 17-18 Surplus (-(-) or 1969. A decline in the growth rate of the deficit (—).. • -5.3 2-3 7.1 7-8 narrowly defined money stock (currency i Based on an estimate for the fourth quarter of 1968. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENTS TO CONGRESS 243 the latter half of last year, the reduced the calendar year as a whole is projected at growth rate foreseen in this projection around $2 billion to $3 billion. should be increasingly apparent in the first A significant part of the projected growth half of 1969. The most important factors in of Federal expenditures is due to the rise in the anticipated cooling off during the first military and civilian pay on July 1, with the half are an expected leveling out and then a net increase estimated at $2.8 billion (an­ decline in inventory accumulation, and a nual rate). The January Budget calls for marked shift of the Federal Budget into sub­ defense outlays, excluding the pay raise, to stantial surplus. Final sales during the first continue on a plateau, with reductions in half of the year should continue to expand spending for the Vietnam war offset by in­ at about the reduced $14 billion rate of the creases on other military programs. Non­ fourth quarter of 1968, reflecting some in­ defense expenditures are scheduled in the crease in the growth of consumer spending Budget to rise somewhat in the last half of from the exceptionally low fourth-quarter the year. rate, continued though diminishing strength In contrast to the somewhat faster rise in in business investment, and a topping out of Federal expenditures after midyear, receipts housing starts in the first quarter. Real are likely to rise sharply in the first half and growth in the economy during the first 6 then stay on a plateau during the last half, months is expected to drop a little more even though the surcharge is maintained. sharply than dollar expenditures, given the This reflects the completion of retroactive prospects for continued sizable price in­ tax payments, together with the effect on creases, and might average near a 2 per tax receipts of the projected slowdown in the cent annual growth rate if our current dollar growth of personal income and some weak­ GNP projection is realized. ness in corporate profits. For the last half of the year the course of Disposable income and consumer spend­ GNP depends importantly on the assump­ ing. The impact of the surtax on disposable tion of continuing and increasingly effective income was appreciable in the last half of monetary restraint. Although fiscal policy is 1968, and gains in after-tax income should scheduled in the Budget to become more continue to be limited in the first half of this stimulative around midyear—even with year as a result of the retroactive portion of continuation of the surcharge—we believe the higher tax payments and the anticipated that quarterly GNP increases in current slowing in economic expansion. Therefore, dollars during the second half might be held we expect that growth in consumer expendi­ down to an average only a little higher than tures will continue relatively moderate, projected for the first half, given sufficient despite the prospect of some acceleration monetary restraint and continuation of the from the small rise of $6 billion in the fourth surcharge. Real growth in GNP also would quarter of 1968. Such an acceleration would be a little larger in the second half, as in­ require a decline in the rate of personal sav­ flationary pressures diminish. ing during the first half. That pattern does Federal Budget outlook. The surplus in the not seem unreasonable, assuming that the Federal Budget, as measured in the national fourth-quarter rise in the saving rate was income accounts, should reach an annual due in part to special factors—such as the rate of around $6 billion during the first half influenza epidemic—and given the fact that of 1969. But as expenditures increase and the saving rate typically falls when a tem­ receipts level out after midyear, this surplus porary slowdown occurs in the growth of may well disappear. Thus, the surplus for disposable income. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

244 FEDERAL RESERVE BULLETIN □ MARCH 1969 In the second half of 1969, faster expan­ the economy in the near term. Expectations sion in disposable income could again pro­ of future growth in sales, a concern about vide the potential for renewed strong con­ rapidly rising prices, and the need to offset sumer buying. At that time, too, the effects some of the increasing pressures from labor in consumer markets of an abrupt change costs are likely to produce a continued up­ in income growth should be cushioned to a trend in investment outlays. Considerable degree by a change in the saving rate. To business optimism also is reflected in recent hold expansion within bounds, however, we surveys of business plans to spend for new are depending importantly on continuation plant and equipment. Quarterly increases in of the tax surcharge and the success of business fixed investment are therefore ex­ restrictive monetary policy in altering busi­ pected to average somewhere around $2 bil­ ness expectations and spending decisions. If lion during the first half—and would be this restraint can be accomplished, slower larger but for an anticipated sharp decline growth of nonconsumption demands should in commercial construction and in invest­ act to offset the latent strength in consumer ment by aircraft manufacturers. However, markets and to dampen aggregate demands. once manufacturing production begins to Housing. Higher mortgage interest rates, level off, declining capacity utilization rates a slackening in the flow of loanable funds and lower profit margins—together with through banks and other depositary institu­ credit restraint—should tend to dampen tions, and an anticipated curtailment in the optimism. Although plant and equipment volume of new mortgage commitments expenditures are projected to rise by roughly should limit housing starts this year. The 10 per cent for the year as a whole, we drop in starts in December was followed by anticipate a marked slowing in these ex­ a large rise in January, as this series con­ penditures as the year progresses, with little tinues to display large erratic movements. further dollar growth—and perhaps some As the year progresses, however, we expect decline in real terms—after midyear. the policies of monetary restraint in train The staff’s projection also takes an opti­ since late last year to begin registering their mistic view about the prospects for cooling effects on housing starts and residential con­ off investment in inventories, given our as­ struction expenditures. By the second half sumption that final demands will be held in the annual rate of housing starts may drop check. Some dampening influence should somewhat from recent high levels, but the result from the imbalances that already monetary policy assumptions underlying the have developed between output and con­ projection suggest a much more moderate sumption. Exactly when the accumulation decline than in 1966, when the financial of stocks will begin to outrun businessmen’s crunch reduced housing starts by a third. confidence in the prospects for higher sales For the year as a whole, therefore, housing and prices is problematical. By early spring, starts are projected to average around 1.5 however, we think that downward produc­ million units, and the dollar volume of resi­ tion adjustments to temper the inventory dential construction is expected to register build-up should become more general, so a small rise from the 1968 level. that, on average, the rate of inventory in­ Business investment. The current surge of vestment would decline in the first half. If investment in plant and equipment in the growth in final demands is kept to a mod­ face of a relatively low rate of capacity erate pace in the second half, the rate of in­ utilization would appear to reflect consider­ ventory accumulation may decline some­ able business optimism about the course of what further, especially in view of the great- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENTS TO CONGRESS 245 er cost and difficulty of holding large stocks covered under collective bargaining agree­ when funds are tight. ments up for renegotiation this year, the Resource utilization. If growth of real smaller second- and third-year wage in­ output moderates in line with the projection creases under earlier settlements, and the to a range of 2 to 3 per cent in 1969, pres­ smaller and less pervasive increase in the sures on both physical and manpower re­ minimum wage scheduled for this year. sources should gradually abate. As Table 2 However, the effect on costs is likely to be shows, the rate of capacity utilization in offset in large part by a slowing in produc­ tivity gains as the rise in output moderates. TABLE 2 As a consequence, the increase in unit labor REAL GROWTH, RESOURCE USE, AND PRICES costs could continue at close to the recent 4 per cent rate during the first half of 1969 Projected Item 1968 1969 and then edge down somewhat in the latter Growth of GNP in constant (1958) dollars months of the year. (per cent).....................-................................. 5.0 2-3 GNP implicit price deflator (annual per- Prices. With labor and other costs con­ centage change)........................................... 3.8 i3.1-3.5 Labor force (millions of persons): tinuing to climb and business demands very Total............................................. 82.3 83.5-84.0 Armed Forces................................... 3.5 3.5 strong, industrial prices recently have been Civilian......................................................... 78.7 80-80.5 Unemployment rate (per cent).................... 3.6 3.8-4.0 moving up at a very fast pace. But if the Capacity utilization in manufacturing (per cent)................................................................ 84.5 81.5-82.5 slowing in growth in the economy indicated i Excluding effects of the Federal pay raise in the third quarter. in our projections is achieved, the rise in in­ dustrial prices should moderate, especially manufacturing is expected to fall from 84.5 in the latter part of the year after upward per cent in 1968 to a range around 82 per wage pressures ease and business expecta­ cent in 1969, reflecting both the slowing tions and spending plans have lost their of growth in industrial production and con­ steam. The sharp consumer price gains wit­ tinuing large additions to manufacturing nessed during most of last year also seem capacity. At the same time, employment likely to moderate in 1969. Prospects are gains are likely to fall short of prospective for some slowing in prices of consumer net additions to the labor force. The adjust­ products in response to smaller increases in ment is expected to occur mainly in manu­ industrial prices, although prices of services facturing, where cutbacks in the length of seem certain to continue climbing at a fast the work-week may be followed by effects pace—perhaps around a 6 per cent annual on employment once it becomes clear that rate—for some time to come. prospects for further growth in product de­ On balance, if we can continue to make mand are less ebullient. The uptrend in em­ headway in avoiding excessive rates of ex­ ployment in nonindustrial sectors will un­ pansion in GNP, the rise in average prices doubtedly continue, but probably at a slower should diminish as the year progresses. The pace than in the last several years. As a projection implies a steady downward drift result, the unemployment rate is projected in the GNP implicit price deflator, adjusted to rise somewhat from the exceptionally low for the third-quarter Federal pay raise, to­ rate of 3.3 per cent in recent months, but wards something around a 3 per cent annual the average is projected to stay under 4 per rate of increase in the closing months of cent for the year as a whole. 1969. " Upward pressures on wage levels should abate somewhat in 1969 if the GNP projec­ FINANCIAL PROJECTION tion is realized. Key factors here include The GNP projection just described, together a sharp reduction in the number of workers with the assumptions about fiscal and mone- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

246 FEDERAL RESERVE BULLETIN □ MARCH 1969 tary policies on which it rests, implies a sig­ The projected effects of monetary restraint nificant reduction in the rate of total credit on private credit expansion are perhaps expansion this year, with the total volume best illustrated by considering the volume of of funds raised declining from about $100 borrowing by consumers and businesses, and billion in 1968 to a range of $75 billion to the relation of borrowing to projected net $80 billion in 1969, as Table 3 indicates. investment in these two sectors (shown at We are in the process of experiencing a sub­ the bottom of Table 3). Total borrowing by stantial swing in Federal borrowing require­ these two sectors together is projected to ments, from an annual borrowing rate of decline in 1969, despite continued high de­ over $15 billion in the last half of 1968 to mands for credit. For example, even though debt repayment at around a $2 billion an­ the rate of inventory investment is projected nual rate in this half year. Federal borrow­ to drop, business needs for external financ­ ing—measured to include the borrowing of ing will be sustained in the first half by large Federal agencies as well as the Treasury— tax payments and further growth in plant should pick up again in the second half, outlays, at a time when profits are projected however, to register an annual total in the to be squeezed. $2 billion to $3 billion range, substantially But the very essence of monetary restraint less than in 1968. is to prevent some credit demands from be­ ing satisfied. Given the degree of restraint TABLE 3 assumed, businesses and consumers should FUNDS RAISED IN CREDIT MARKETS have to dig further into their liquid assets In billions of dollars unless otherwise noted to realize spending plans, and—more im­ Projected Type of borrower or Ioan 1968 1969 portantly—to trim these plans in areas heavily dependent on credit availability. The Total, ail nonfinancial borrowers................... 97.5 75-80 Federal Government1......................................... 16.9 3-4 ratio of borrowing to net investment is pro­ Foreign borrowers................................................ 3.0 2-3 Private domestic nonfinancial sectors............ 77.7 70-75 jected to fall below 90 per cent, compared Loans................................................................... 29.7 24-27 Consumer credit........................................... 11.0 6-8 Bank loans...................................................... 12.7 9-12 with 96 per cent for 1968. Other loans................................................... 6.0 7-9 Securities.. ................................................ 22.7 23-26 Bank credit expansion. This decline in State and local.............................................. 10.0 8-10 Corporate....................................................... 12.7 15-17 private credit expansion, like the mainten­ Mortgages........................................................... 25.3 22-24 Consumer and business borrowing included ance of a more moderate pace of GNP in private domestic nonfinancial sectors. Total................................................................ 67.4 62-65 growth during the latter half of 1969, is Per cent of net investment....................... 96.0 86-90 predicated on the assumption that monetary 1 Includes Federal agency issues and participation certificates. restraint is maintained during most of 1969. Home loan banks, Federal land banks, and FNMA are consolidat­ ed with other government agencies in this table, which departs in this Based on our judgments of the relations be­ respect from new budget concepts. Table includes net issues by these agencies but excludes interagency transactions. tween financial variables and rates of GNP Private borrowing. Borrowing by the pri­ expenditure, we believe the GNP projection vate domestic nonfinancial sectors (busi­ —and its financial counterpart in terms of nesses, consumers, and State and local gov­ total funds raised—could be realized if bank ernments) is also expected to recede a little credit growth were limited to an annual rate in 1969. This is a reflection partly of the as­ in the 4 to 7 per cent range. At this pro­ sumed effects of monetary restraint in re­ jected growth rate, the banking system ducing the degree to which expenditures are would be supplying from about one-fifth to financed by credit, but the projected slower about one-third of total funds raised during pace of economic activity resulting from 1969, compared with two-fifths or more both monetary and fiscal restraints will also during each of the past 2 years. help to reduce private credit expansion. Time and savings deposits. In the banking Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENTS TO CONGRESS 247 system the effect of restraint on the growth The annual growth rate of consumers’ time of deposits seems to us likely to show up and savings deposits at commercial banks is mainly in time and savings accounts, rather projected to decline to a range of about 8 to than in demand balances and the money 10 per cent—less than the rate in the latter stock, as Table 4 indicates. Much of the ex­ half of 1968. pected reduction in growth rates of time Nonbank savings accounts. This diver­ deposits relates to the projected outlook for gence of consumer savings flows from de­ large-denomination negotiable CD’s. The positary claims to market securities is likely rise in rates of interest on competing short­ to affect nonbank intermediaries also. In­ term money market instruments late last flows to these institutions were curbed in year and the existing Regulation Q ceiling December and January, and we project them rates that banks may offer to attract time to stay at a reduced pace of about 5 per cent, deposits have made it very difficult for banks only a little above the amounts that would to roll over maturing CD’s since early De­ result from interest crediting. The reduction cember 1968. Consequently, the total vol­ in flows projected, however, is much less ume of large CD’s issued began to decline severe than in 1966. after mid-December and fell $2.3 billion in Money stock. We do expect that, in addi­ the first 6 weeks of 1969. tion to affecting time and savings deposits at banks and nonbank intermediaries, the TABLE 4 tighter monetary conditions assumed in this BANKING AND MONETARY VARIABLES projection will produce some slowing in the Percentage rates of change rate of expansion of the narrowly defined Projected money stock (currency and demand de­ Item 1969 posits). Interest rates are high enough now Total reserves 1..................................................... 7.2 3-5 to induce some further economization of Money stock.................................................. 6.5 3-6 Currency.............................................................. 7.4 5-6 cash; additionally, the moderation of GNP Demand deposits............................................... 6.2 3-6 T T i o m ta e l d b e a p n o k s i c ts re a d t i c t. o ... m ... m .... e .. r .. c .. i . a ... l . . b ... a ... n .. k ... s .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 (1 1 . . 0 3 4 1 - - 7 5 growth is projected to hold down the rise in Nonbank savings accounts................................. 6.4 4.5-5.5 transactions demand for money. The over­ 1 Adjusted for reserve requirement changes. all monetary policy projected seems con­ Note.—Data for reserves, money stock, and time deposits at com­ sistent with an annual rate of expansion in mercial banks are on a daily average basis. Bank credit and nonbank savings accounts are on an end-of-month basis. the money stock in the 3 to 6 per cent range. Our projection assumes that monetary Effects on credit markets. At the reduced conditions will remain taut enough to keep growth rates of deposits projected, both large banks under pressure in the CD mar­ banks and nonbank intermediaries will find ket. It also assumes, however, that attrition themselves under pressure to reduce the of CD’s will diminish from the very high availability of credit to private borrowers. rates of January and February; rates of de­ This restraint on funds flowing through cline that large would not be consistent with the major depositary institutions is the prin­ growth rates of bank credit in the 4 to 7 per cipal factor that underlies the projected de­ cent range projected for the year as a whole. cline in the rate of private credit expansion The projection also implies some reduc­ relative to spending mentioned earlier and tion in growth rates of time and savings de­ the trimming of expenditures on goods and posits held by consumers. Given prospective services that is essential to moderate the interest-rate relationships, we are projecting rate of expansion in GNP during the second that consumers will divert a larger share of half. their savings flows into market securities. While some of the impact of reduced Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

248 FEDERAL RESERVE BULLETIN □ MARCH 1969 credit availability will inevitably be felt by payments surplus were clearly at unsustain­ the mortgage market, and consequently by able rates. While net capital inflows in the the residential building sector, other markets year ahead will probably not be so large as for loanable funds would also likely be af­ last year’s, the slowdown in the pace of fected by the restrictive credit policy as­ domestic expansion should bring some im­ sumed here. With limited supplies of funds provement in the goods and services ac­ available because of the reduced rate of count. growth in their time and savings deposits, Statistical indexes of export unit values banks would presumably cut back on new for the United States, Germany, and Japan investment in municipal securities; last year clearly illustrate the need for a persistent they took roughly 80 per cent of the net in­ effort to check the deterioration that has crease in such debt. The projected diversion been going on since 1965 in our costs and of consumer savings flows into market secu­ prices compared with those of some of our rities will help to fill the gap left by the bank­ dynamic rivals in world trade. But positive ing system’s reduced purchases, but we also benefits for the balance of trade from im­ are projecting some moderation in the total provement in price relationships cannot be of new issues during 1969, in response to the quickly achieved. The significance for the reduced availability of funds. 1969 balance of payments of the assumption More importantly, the posture of mone­ of a gradual slowing of price inflation lies tary policy assumed in this projection im­ mainly in the assurance it provides against plies that banks will have to intensify signif­ a further worsening of the trade balance and icantly further their rationing of credit to against any general weakening of confidence businesses and other customers as the year in the dollar as a key currency and reserve proceeds. This is expected to impel busi­ currency. nesses to turn increasingly to market financ­ Improvement in the trade balance in ing, and we are projecting a rise in corporate 1969 would result from continuing export security issues to about one-fifth to one­ expansion and a slowing of the rise in U.S. fourth above the 1968 level. Such an in­ demand for imports. On the export side, it crease in the supply of new issues would seems likely that continental European eco­ presumably raise the cost of capital financ­ nomic activity will continue to rise strongly ing to large businesses, which, together with this year, so that growth of world demand the intensified rationing by banks, would may bring an advance in the value of U.S. help to moderate the course of business merchandise exports by 9 or 10 per cent ($3 spending for fixed investment and inven­ billion annual rate in round terms). Over tories. the past several years U.S. nonagricultural exports have risen about in line with total BALANCE OF PAYMENTS world exports of manufacturers, and our The gradual cooling off of demand pressures percentage share has not changed signifi­ projected for the domestic economy should cantly. This performance is creditable so far have helpful implications for the external as it goes, though in the light of apparent balance of payments, since it would be ac­ U.S. propensities to import goods and invest companied by changes in the structure of abroad it seems to be inadequate. receipts and payments in the right direction While the strongly rising trend in U.S. for getting nearer to a sustainable equilib­ imports—a major element in the world pay­ rium. Last year some of the capital inflows ments disequilibrium—cannot be quickly that contributed to our over-all balance of modified by cost and price developments, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENTS TO CONGRESS 249 Last years’ import swing above trend borrowings abroad by U.S. companies built should be followed by a dip below trend up a large target leeway under the direct this year, as happened in the first three quar­ investment controls, and it is assumed that ters of 1967 when growth of domestic some of this leeway will now be used. Fur­ demand slowed that year. The rise in mer­ thermore, there will probably not be the net chandise imports in 1969 will probably be reflow of bank credit we saw in 1968. somewhat more than $1 billion. Taking ex­ We assume, however, that the domestic ports and imports together, the merchandise credit restraint that is needed to bring in­ trade surplus for the year 1969 might ap­ flation under control will help to prevent a proach $2 billion, compared with about resumption of the trends shown in earlier $100 million last year. years toward much greater outflows of U.S. When we add in flows of services, invest­ private capital. For example, corporations ment income, and military expenditures will still be encouraged to do some borrow­ abroad, net exports of goods and services ing abroad. may be around $4 billion this year, about For foreign private capital, exclusive of double last year’s net exports. While growth the flow of liquid funds to the United States in payments for transportation may be below through commercial banks abroad, the in­ normal in a year of slow import expansion, flow last year apparently amounted to about and while a renewed acceleration in receipts $6 billion if bond issues sold in Europe and from foreign travel in the United States may bank loans obtained in Europe by U.S. com­ occur, these and other services will not con­ panies for direct investment financing are tribute much on balance to the improve­ included, and about $3 Vi billion if these are ment. Interest payments to foreigners will be netted out against U.S. capital outflows. In larger, offsetting much of the gain in invest­ 1969 the corresponding net inflow could be ment income receipts. As for military ex­ smaller, but any projection would be subject penditures abroad, they are projected as to much uncertainty. While inflows are in­ leveling off now and then dipping slightly fluenced by relative financial market condi­ later this year, but on the other side of the tions, they also depend very heavily on fac­ account military export sales also are pass­ tors other than interest rates. First, over $2 ing their peak. billion of last year’s inflow was to acquire Outflows of U.S. private capital last year U.S. stocks and to make direct investments were apparently near $5 billion, including here. A large inflow into U.S. equities is the investment abroad of funds obtained expected again in 1969, but its magnitude through long-term borrowings abroad by is uncertain. Second, something like $1 bil­ U.S.-based companies. The net outflow of lion of last year’s private capital inflow was U.S. funds after deducting such borrowings apparently in such miscellaneous accounts was perhaps not much over $2 billion in as commercial credit, advance payments for 1968. This net outflow is projected to be aircraft, and foreign working balances in the greater in 1969, despite the assumed con­ United States. tinuance of credit restraint in the United After taking account of transactions in States and the probability that financial con­ goods and services, Government loans and ditions abroad will not restrict seriously the grants, other unilateral transfers, and all ability of U.S. businesses to sell securities private capital flows other than flows of abroad or to obtain credit from banks in liquid funds to the United States through Europe. The main reason for expecting a commercial banks abroad, there was a nega­ larger net outflow is that last year’s heavy tive balance last year of somewhat under $2 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

250 FEDERAL RESERVE BULLETIN □ MARCH 1969 billion. That was more than covered by could be difficult to achieve. The projection about $314 billion of liquid funds from U.S. of bank deposit and credit growth depends bank branches and other commercial banks importantly on the maintenance of the ap­ abroad, so that on the official settlements propriate degree of restraint exerted on the basis the balance of payments showed a sur­ larger banks in the banking system, a re­ plus of $1.7 billion. straint consistent with a continued gradual It is difficult to foresee at present whether decline in outstanding CD’s as 1969 prog­ the adverse balance in the accounts men­ resses, but at a rate more moderate than the tioned above will be larger or smaller than steep descent of January and early February. $2 billion in 1969. The projected improve­ This will not be easy to accomplish. The re­ ment on current account would make it sponse of banks and potential holders of smaller, while the probable shifts in flows of CD’s to fluctuations in the spread between private capital (apart from liquid funds market rates and CD ceilings is neither through banks) would make it larger. But in smooth nor easily predictable; at times a any event the inflow of funds through U.S. shade of difference can trigger large inflows bank branches and foreign banks is not to or outflows from banks. It may be neces­ likely to be so large as last year’s $314 bil­ sary to vary the intensity of restraint on bank lion, in view of the very high interest rates reserve positions from time to time in order U.S. banks are now having to pay to attract to keep the degree of tautness needed, if this fresh funds into the Euro-dollar market out projection is to be realized. of assets in other currencies. Thus a surplus Given the high degree of sensitivity that on the official settlements basis is rather un­ exists among banks and depositors to chang­ likely in 1969. It is quite possible, however, ing differential rates of return on market that the over-all deficit to be settled by using securities and bank deposits, there may well U.S. reserve assets or by increasing U.S. be periods of time in which actual rates of liabilities to foreign monetary authorities growth of bank credit, time deposits, and the may be small. money stock are outside their projected Given the assumptions we are making ranges. Nonetheless, if the general direction about the U.S. economy and conditions of policy is maintained along the course out­ abroad, the U.S. balance of payments in lined, its effect should be increasingly ob­ 1969 is not likely to give rise to acute diffi­ served in all credit markets. culties. As noted earlier, the prospective im­ The more important substantive issue to provement in the goods and services account which we must be alert in 1969 is the possi­ is a change in the right direction. But we bility that the course of credit restraint pro­ have a long way to go, since this year our jected here, even if realized, may not pro­ net exports get the benefit of a favorable duce the GNP expenditure patterns that we cyclical conjuncture here and abroad; be­ presently are projecting. The relationships cause capital controls, hoped to be tempo­ between financial variables and GNP ex­ rary, are still in force; and because interest­ penditures are not fixed; our economic and rate relationships are more favorable now financial history indicates very clearly that for the U.S. balance of payments than they there are wide variations in relative rates of may become later. growth of GNP and money or bank credit, and in the relationship of GNP expenditures POLICY PROBLEMS IN 1969 to interest rates. Our judgmental projections From a purely technical viewpoint, the could well have overestimated the potency monetary policy assumed in this projection of monetary factors in slowing down the rate Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENTS TO CONGRESS 251 of expansion in GNP—especially at the seems likely to plague us for quite some present time, when inflationary expectations time, even if the real economic growth rate are strong. On the other hand, the course of is reduced during 1969 in line with the pro­ monetary policy assumed here could entail jection, and some slack begins to develop in greater effects on GNP growth than envis­ markets for resources. Yet, the declining aged in the staff projection. Monetary policy rates of resource utilization projected for must remain flexible, and policy-makers 1969 are evidence that even this modest step alert to the actual course of developments as in the movement toward a noninflationary the year progresses. economy will not be without its costs. The Finally, it seems appropriate to note that momentum of inflationary pressures is so the staff GNP projection, if realized, would great that efforts to accomplish a more rapid result in economic conditions that are still a return to reasonable price stability could long way from being fully satisfactory. For result in a much heavier toll in real output example, it seems quite clear that we cannot, and employment. The gradual cooling off of and should not, hope to restore fully our demand pressures embodied in the projec­ traditional trade surplus in 1 year. The costs tion, however, is an essential first step in the both at home and abroad of such an abrupt longer-term task of halting inflation and as­ change in our international trade position suring a sustainable rate of economic ex­ would be too great. Also, price inflation pansion. □ Statement of J. L. Robertson, Vice Chair­ standards for advertising credit terms; and man, Board of Governors of the Federal Re­ they permit a customer to cancel some types serve System, before the Subcommittee on of credit arrangements within three business Consumer Affairs of the Committee on days if his residence is used as collateral. Banking and Currency, House of Represent­ This hearing should prove useful in calling atives, March 6, 1969. public attention to the fact that Z-Day is coming. I appreciate this opportunity to review with At the Board, preparation for this event the Subcommittee on Consumer Affairs the began before the Consumer Credit Protec­ steps that have been taken to get ready for tion Act was signed into law. In February Z-Day. Since the reference to Z-Day may 1968, we established a task force on Truth possibly be puzzling to some of those in this in Lending, drawn from the staffs of the hearing room, let me explain that I am talk­ Board and the Reserve Banks, aided by out­ ing about this coming July 1, the effective side consultants with experience in various date of Regulation Z, prescribed by the aspects of consumer credit. We wanted to Board of Governors of the Federal Reserve get a headstart, since we realized time would System to implement the Truth in Lending be needed not only to study the legislation Act. And in case these remarks should reach and then draft and redraft the regulation, people who have never heard of the Truth in but also to issue far enough in advance of Lending Act, it may be useful to summarize the July 1 effective date to give creditors what the Act and the regulation do. Together time to get ready. Obviously they need time they spell out the disclosures—chiefly the to prepare and “debug” necessary forms, finance charge and the annual percentage computer programs, and other compliance rate—that those who extend consumer credit procedures, and to train personnel. And we must make to their customers; they set were determined to do our best to develop a Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

252 FEDERAL RESERVE BULLETIN □ MARCH 1969 practical, workable regulation—one that sumer groups, and others. We also received would carry out the objectives of the Act comments from the other Federal agencies without imposing unnecessary burdens on involved in the enforcement of the Truth in business that could result in higher costs Lending Act and were contacted by several being passed on to the consumer. State authorities regarding their own con­ In this effort we were most fortunate to sumer credit disclosure statutes. We met have the assistance of the Advisory Com­ again with the Advisory Committee on De­ mittee on Truth in Lending, established cember 12 and 13 to discuss the major is­ under Section 110 of the Act. This 20- sues presented. All of the comments and member group was appointed by the Board suggestions were carefully reviewed and con­ in August; their names and affiliations are sidered in the preparation of the final ver­ given on page 257. Dr. Richard H. Holton, sion of Regulation Z, which was made Dean of the School of Business Administra­ public by the Board on February 10 and tion at the University of California, Ber­ printed in the Federal Register on February keley, is chairman of the Committee. Its 11,1969. members were carefully selected to provide The final version of Regulation Z has a broad representation of retailer, lender, benefited substantially from the widespread and consumer groups in all sections of the review that was given to the preliminary ver­ country. sion, although there were no changes in the The Advisory Committee has acted as basic disclosure requirements which are, in­ liaison between the Board and the public, deed, largely dictated by the law itself. including industry as well as consumer in­ One troublesome question we faced in terests, with regard to the purpose, scope, this process relates to conflicts between the and implementation of Regulation Z. The Federal statute and State laws. Very few Committee has served as an important ve­ States have a truth in lending act, but many hicle for channeling to us advice on prob­ States have statutes that require that some lems and issues involved in the preparation types of consumer credit contracts disclose of the regulation. The members of the Com­ information in a manner that is inconsistent mittee, although selected from the various with the Federal statute, either in form of industry and consumer groups interested in presentation or in method of determining the and affected by the Act, have represented information. Section 111 of the Federal the public in a broad sense, rather than statute provides that it shall not exempt any merely their own special interest groups. In creditor from complying with any State law short, this has been an effective working relating to disclosure of information in con­ committee that has contributed greatly to nection with credit transactions, except to the development of Regulation Z and will the extent the State law is inconsistent with contribute in the future to our informational the Federal law. program and to appraising the effectiveness Accordingly, Section 226.6(b) of the of Truth in Lending. regulation provides that State law is incon­ The first meeting of the Advisory Com­ sistent with the Federal law and regulation mittee was held on September 12 and 13, to the extent that it 1968, to review a preliminary working draft (1) requires a creditor to make disclo­ of the regulation, which, after redrafting, sures different from the requirements of was released for comment in mid-October. Regulation Z with respect to form, content, This draft generated more than 1,200 terminology, or time of delivery; comments and suggestions by industry, con­ (2) requires disclosure of the amount of Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENTS TO CONGRESS 253 the finance charge determined in any man­ In the meantime, however, the regulation ner other than that prescribed in Regulation permits a creditor to make a disclosure spec­ Z; or ified in State law that is inconsistent with the (3) requires disclosure of the annual per­ regulation if he does so separately and apart centage rate determined in any manner from the disclosures required by the regula­ other than that prescribed in Regulation Z. tion, so as not to confuse the borrower by Many of these State laws are not purely mixing the two. The disclosure may be made “disclosure” statutes; that is, they establish on a separate piece of paper, or (if it is certain requirements that must be met if the clearly marked as being inconsistent with credit contract is to be enforceable. For ex­ the Federal requirements) on the same piece ample, some State laws prescribe that an of paper but below the Federal disclosures. instalment sales contract on an automo­ I hope that in time it will be possible to bile, to be valid, must state the cash price eliminate these provisions for conflicting dis­ and the “time price differential.” The “time closures, as the problem disappears. price differential” must include part—but Another (less troublesome) problem in­ not necessarily all—of the amounts that volves credit extended “without charge.” must be included in the “finance charge” to The Act defines creditors as persons who be disclosed under the Federal statute. This “regularly extend or arrange for the exten­ requirement is inconsistent with the Federal sion of credit for which the payment of a regulations. finance charge is required.” In many cases Nevertheless, we recognize that there will creditors claim to make no finance charge, be cases in which the question of whether a although in every other respect they regu­ requirement of State law is invalidated by larly extend consumer credit. Take, for ex­ the Federal law will not be entirely free from ample, the merchant who advertises watches doubt. Doubts on this score could confront for a dollar down, and a dollar a week, with creditors with a hard choice. If they elect to no indication of how many dollars are re­ ignore a requirement of the State law, in the quired to pay for the watch. There is little belief that it is no longer in force, they run doubt that he is in fact collecting a finance some risk that courts might later determine charge, included but not identifiable in the that the State requirement is still in effect. In cash price. And it seems clear that Congress such a situation, the creditor might have no intended to reach advertising of this kind. valid contract and could be left without any Accordingly, the regulation defines “con­ security to protect his interest since the fail­ sumer credit” to include credit payable in ure to comply with the State law might also more than four instalments even though no invalidate the underlying contract and the finance charge is expressly imposed. Thus, means of enforcing it. the advertising and disclosure provisions ap­ Creditors as well as consumers urged the ply to this type of credit except for those Board to minimize the need for dual disclo­ provisions that cannot be complied with be­ sure, and we have tried to do so in the regu­ cause the finance charge cannot be identi­ lation. fied. In the example given above, the mer­ Since virtually everyone agrees that con­ chant would have to state the price of the flicting disclosures are undesirable, we have watch and give particulars as to the payment good reason to hope that the problem is a schedule even though he could not give the temporary one that will disappear as uncer­ amount of the finance charge expressed as tainties regarding the areas of conflict are an annual percentage rate. eliminated. Then there was the question of whether Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

254 FEDERAL RESERVE BULLETIN □ MARCH 1969 we should have more than one regulation. A Section 226.12 of the regulation any State few creditor groups argued that their prob­ may apply to the Board for exemption of lems were so different from those of other any class of transactions within the State creditors that separate regulations should be that is subject to requirements substantially issued exclusively covering their particular similar to the Federal requirements, if there activities. We decided instead to follow in is adequate provision for enforcement of the the regulation the approach taken in the State requirements. The Board will soon Act, namely, to have a single set of rules ap­ publish a proposed set of guidelines to be plicable generally, but with special provi­ used in ruling on State applications for such sions to cover particular situations that re­ exemptions. Until these have been formu­ quire special treatment. For example, both lated, I hope you will understand that I am the Act and Regulation Z exempt purchase­ not in a position to comment on what steps money real estate first mortgage credits from should be taken by State officials to secure the requirement that the total dollar amount such exemptions. Uncertainties remain as to of the finance charge, as contrasted with its how transactions should be classified for this rate, be disclosed. We hope to prepare ex­ purpose, how closely the requirements of planatory material relating the regulation the State law and regulations should con­ specifically to the activities of particular in­ form to those of the Federal law and regula­ dustries. However, we felt that to issue sep­ tions, and what provisions for enforcement arate regulations would either result in un­ should be regarded as adequate. desirable impairment of the basic principle Let me add a few words about the infor­ of treating equivalent situations equally or mational aspects involved in Regulation Z would require useless repetition of many and what the Board is doing in this field. basic regulatory provisions in the regula­ The Board decided even before the final tions applicable to particular groups. regulation was published that a major effort Now a word or two about what we did would be needed to acquaint the Nation’s not put in the regulation. First, we omitted creditors with the requirements of the regu­ the formulas involved in computing the an­ lation. Although no exact figures are avail­ nual percentage rate since most creditors able, estimates of the number of creditors will have no need for them. They are avail­ covered range from 500,000 to 1 million. able, however, without charge upon written The nine enforcement agencies, including request to the Board. The Board has pre­ the Federal Reserve, are working together pared annual percentage rate tables, con­ to make sure that all known creditors receive sisting of two volumes, which will be avail­ a copy of the regulation and explanatory able at the Board and at the Reserve Banks material well before the July deadline. at a charge of $ 1 per volume. Volume I con­ As part of our over-all information pro­ tains standard tables that may be used to gram, the Board has arranged for the pro­ compute the annual percentage rate for most duction of a pamphlet containing not only types of transactions. Volume II can be used Regulation Z and the statute but also an ex­ in conjunction with Volume I for transac­ planatory series of questions and answers tions with irregular payments or those in­ and some illustrative forms that a creditor volving multiple advances. For orders of 10 may use or modify to suit his own circum­ or more, the charge is reduced to 85 cents. stances. This pamphlet will be distributed We also omitted standards for granting through the nine enforcement agencies so exemptions under Section 123 of the statute. that creditors will receive the material di­ You will recall that under this section and rectly from the agency to which they should Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENTS TO CONGRESS 255 address any questions about it. Included in Trade and consumer groups were contacted the pamphlet will be a listing of addresses at that time to enlist their aid in distributing where creditors can obtain any additional data as widely as possible. Special mailing information they might need from the ap­ lists with the names of any group or person propriate enforcement agency. wanting Truth in Lending material were Distribution of this pamphlet will begin prepared by the Board’s staff during this in the next 2 weeks. Each enforcement period. These lists included business and agency has placed its order for copies with consumer groups and individuals throughout the Board and approximately 950,000 the country. Meetings were also held with copies of the pamphlet will be run off at this the other enforcement agencies not only to stage. facilitate uniform enforcement of the law In the meantime, other aspects of the in­ but also to coordinate the informational ef­ formational program have been under de­ forts. The result was a much wider distribu­ velopment. For example, the Board has ar­ tion of the regulation when it was published ranged for the preparation of a film strip on in final form in early February than we Truth in Lending that will be made avail­ could otherwise have achieved. able to interested groups through the Fed­ One week following publication of Regu­ eral Reserve Banks and other enforcement lation Z, the Board released a question and agencies. This film strip is designed to make answer series, which has been widely pub­ creditors aware quickly just how Truth in lished in the press and trade journals, ex­ Lending applies to them and what they will plaining in relatively simple terms how the need to do before July 1, such as preparing law and regulation will work. These ques­ forms and educating their personnel. And tions and answers served as the basis for a tomorrow the Board’s staff will initiate a similar series that will appear in the pam­ series of meetings to share with staff mem­ phlet to be distributed soon to all known bers of the enforcing agencies informational creditors. materials we have developed. The first meet­ The Board is also considering further in­ ing will be held at the Board’s headquarters formational efforts including the preparation in Washington. Subsequent meetings are of booklets for specific types of credit, such scheduled this month at each of the 12 Fed­ as mortgage credit or department store eral Reserve Banks, with field representa­ credit. tives of the enforcement agencies, as well as If this statement gives the impression that creditor groups invited to attend. This pres­ I take some pride in the job that has been entation will consist of an explanatory talk done, it is because I do. The assignment was illustrated by slide projections of the illustra­ particularly challenging since the Federal tive forms that will appear in the Truth in Reserve System has no special qualifications Lending pamphlet. Copies of the talk and as a consumer protection agency. Indeed, I the slides will be distributed to the enforce­ hope you will reflect on the need to vest con­ ment agencies and to the Reserve Banks for sumer protection functions in some agency use by them before various public groups. better suited to the job than is the central These phases of the information program bank, in view of the likelihood that con­ were reviewed last week at a meeting of the sumer legislation will cover ever broader Advisory Committee. areas. The information program has been under But to return to Truth in Lending, I am way since publication in mid-October of the happy to review with you our efforts to im­ proposed Truth in Lending regulation. plement the legislation that your subcom- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

256 FEDERAL RESERVE BULLETIN □ MARCH 1969 mittee worked so hard to enact, and to re­ clear that this can be done without affecting port to you that this experience has con­ the application of State usury laws. What re­ vinced me that the great bulk of business­ mains to be done now is to make sure that men can be counted on to cooperate in mak­ this message gets to the people who will in ing credit cost disclosure effective. As your the end make it work. This informational committee report on this legislation pointed job is obviously much too broad for the out, the present confusing and conflicting Board to handle alone. We are preparing methods of quoting credit costs arose in part educational materials, but we must rely on out of difficulties with usury laws and then banks, trade associations, consumer groups, became imbedded in industry practice so educational institutions, and others to use that no one segment of the industry has felt these materials. We have had encouraging it could disclose an annual percentage rate indications of their desire to cooperate in without incurring a competitive disadvan­ this effort. The favorable response we have tage. Your efforts have made it possible for had since the regulation was released leads all creditors to adopt this reform simulta­ me to expect that Z-Day will dawn bright neously, and you have also made it crystal and fair. □ Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENTS TO CONGRESS 257 ADVISORY COMMITTEE ON TRUTH IN LENDING Chairman: Dr. Richard H. Holton Dean, School of Business Administration University of California, Berkeley Mr. James M. Barry Mr. Richard G. Gilbert, President Managing Director Citizens Savings Association Texas Credit Union League Canton, Ohio Dallas, Texas Mr. William F. James, President Bill James Chevrolet Co. Mr. Clark W. Blackburn St. Louis, Missouri General Director, Family Service Association of America Mr. Robert J. Klein New York, New York Economics Editor Consumers Union of the U.S., Inc. Mr. W. H. Bowman 1 Mt. Vernon, New York Credit Sales Manager Davison-Paxon Co. Mr. William F. Melville, Jr. Atlanta, Georgia Vice President Maryland National Bank Mr. O. C. Carmichael, Jr. Baltimore, Maryland Chairman of the Board Associates Investment Company Mr. Irving S. Michelman South Bend, Indiana Executive Vice President Budget Finance Plan Mr. Dick Christman Los Angeles, California Dick Christman, Inc. Mrs. Doris E. Saunders Oklahoma City, Oklahoma Director of Community Relations Chicago State College Dr. Jean A. Crockett Chicago, Illinois Department of Finance University of Pennsylvania Mr. Miles C. Stanley, President Philadelphia, Pennsylvania West Virginia Labor Federation, AFL-CIO Mr. George H. Dixon, President Charleston, West Virginia First National Bank of Minneapolis Minneapolis, Minnesota Mr. T. G. While, Consultant The Goodyear Tire and Rubber Company Mr. John E. Eidam, President Akron, Ohio Omaha Bank for Cooperatives Omaha, Nebraska Professor William F. Willier Department of Law Professor David I. Fand, Boston College Law School Department of Economics Brighton, Massachusetts Wayne State University Miss Barbara A. Zimmelman Detroit, Michigan Executive Director Central Houston Association 1 Now on staff of Board of Governors. Houston, Texas Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Record of Policy Actions of the Federal Open Market Committee Records of policy actions taken by the Federal Open Market Committee at each meeting, in the form in which they will ap­ pear in the Board’s Annual Report, are released approximately 90 days following the date of the meeting and are subsequently published in the Federal Reserve Bulletin. The record for each meeting includes the votes on the policy decisions made at the meeting as well as a resume of the basis for the decisions. The summary descriptions of economic and financial conditions are based on the information that was avail­ able to the Committee at the time of the meeting, rather than on data as they may have been revised since then. Policy directives of the Federal Open Market Committee are issued to the Federal Reserve Bank of New York—the Bank selected by the Committee to execute transactions for the System Open Market Account. Records of policy actions for the meetings held in 1967 were published in the Bulletins for July 1967 through March 1968. Records for the meetings held in 1968 through October 29 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; December, pages 1004-11; Jan­ uary 1969, pages 3 5-44; and February, pages 119-25. The records for the meetings held on November 26, and December 17, 1968, follow: 258 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MEETING HELD ON NOVEMBER 26, 1968 1. Authority to effect transactions in System Account. The information reviewed at this meeting suggested that the ex­ pansion in over-all economic activity, while still strong, was moderating somewhat further in the fourth quarter from its very rapid pace earlier in the year. In particular, retail sales in October were no higher than they had been in August—suggesting that the surge in consumer spending was subsiding—and the rise in Federal expenditures was estimated to be slackening further. Staff projections implied that the rate of economic expansion would continue to moderate in the first half of 1969. Recent data of various kinds indicated that the expansion was still strong. Industrial production, which was now reported to have turned up in September, advanced again in October, and new orders for durable goods increased sharply. Nonfarm payroll employment rose more in October than in other recent months, and the unemployment rate continued at the September level of 3.6 per cent. According to a private survey taken in October, businesses planned to increase their outlays on new plant and equipment in 1969 by about 8 per cent, or more than the rise currently estimated for 1968. Average prices of industrial commodities increased slightly in November after advancing at a substantial rate in the two preceding months. In contrast, the consumer price index—which had increased only moderately in September—rose sharply in October. With labor markets remaining firm, sizable further advances in average hourly earnings were widespread among industries. Foreign exchange markets were in turmoil during most of November. Speculative buying of German marks revived on a large scale in early November in response to renewed rumors of an imminent revaluation. Selling pressure on the French franc 259 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

260 FEDERAL RESERVE BULLETIN □ MARCH 1969 intensified, and sterling was also subject to pressure, particularly after the publication of figures indicating that the British foreign trade deficit had increased somewhat in October. On November 19 the German Government announced that the mark would not be revalued, but that in order to reduce the German trade surplus the value-added tax rebate would be de­ creased by 4 percentage points for merchandise exports and the border tax would be reduced by 4 percentage points for most imports. The Finance Ministers and central bank Governors of the Group of Ten met at Bonn November 20 through 22. New credit facilities totaling $2 billion were made available to France, and the German authorities increased to 100 per cent the reserve requirements on additions to German commercial bank liabilities to foreigners. On November 23, contrary to the expectations of many ob­ servers, the French Government announced that the franc would not be devalued, and on the following day President de Gaulle outlined the policy measures that would be adopted. In addition to the reimposition of exchange controls, these measures included a sizable reduction in French budget expenditures, a more restric­ tive policy toward wage and price increases, and changes in the tax system to favor exports and deter imports. Earlier, on No­ vember 13, the Bank of France had increased its discount rate from 5 to 6 per cent and had announced measures to limit the expansion of bank credit. The British Government on November 22 announced new actions to restrain domestic demand and to improve the balance of payments. These included a 10 per cent surcharge on existing purchase and excise taxes; requirement of 6-month non-interest­ bearing deposits equal to 50 per cent of the value of imports of most manufactured goods; and tighter ceilings on bank loans to the private sector. Official estimates of the U.S. balance of payments indicated that there had been a small surplus in the third quarter on the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 261 liquidity basis of calculation, following a moderate deficit in the second quarter. Special official transactions operating to reduce the deficit remained large, but were not so large as in the second quarter. The trade surplus, although still quite small, was larger than in the first two quarters of the year; this resulted partly from acceleration of shipments in September in anticipation of a possible strike of longshoremen on October 1. Available data for October and the first 2 weeks of November suggested that a siz­ able deficit on the liquidity basis had again emerged. Official data confirmed the earlier expectation that a moderate payments surplus had been recorded in the third quarter on the official settlements basis, largely because of a further increase in borrowings of U.S. banks through their branches abroad. The outstanding volume of such borrowings changed little after mid­ September, however, and in October the balance on the official settlements basis probably was in deficit. In its November refunding the Treasury offered 2 notes in ex­ change for securities maturing in mid-November and mid-De­ cember. Of the $5.6 billion of these issues held by the public, $2.5 billion were exchanged for a new 18-month, 5% per cent note (priced to yield 5.73 per cent), and $1.3 billion were exchanged fora reopened 6-year, 5% per cent note (priced at par). On No­ vember 19 the Treasury announced that it would auction $2 bil­ lion of tax-anticipation bills due in June, for payment on Decem­ ber 2, mainly to raise cash to redeem the $1.8 billion of maturing securities not exchanged in the November refunding. This offer­ ing was expected to be the Treasury’s last financing in the cal­ endar year, and its size was near the lower end of the range that had been anticipated by market participants. With the Treasury refunding under way, recent System open market operations had been directed at maintaining generally steady conditions in money and short-term credit markets. Operations were complicated, however, by shifts in the distribu­ tion of reserves—first away from banks in the money centers and Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

262 FEDERAL RESERVE BULLETIN □ MARCH 1969 then back again—and by the effects on total reserves of a sharp decline in Treasury balances at the Federal Reserve Banks and of large-scale international transactions. The effective rate on Federal funds was 6 per cent or higher on most days in the first half of November, but it subsequently fluctuated around 5% per cent. Member bank borrowings averaged about $520 million in the 4 weeks ending November 20, above the average of about $450 million in the preceding 4 weeks. Excess reserves also increased on the average but less than borrowings, and net borrowed reserves were slightly larger. Yields on Treasury, corporate, and State and local govern­ ment bonds had risen further in recent weeks, partly because of continuing heavy demands on the capital markets. The volume of corporate and municipal bond offerings in November, while less than in October, was relatively large. The upward rate pressures also reflected cautious attitudes on the part of investors, against the background of indications of strength in the economy, widespread expectations of inflation, and growing anticipations of a firmer monetary policy. On the other hand, there was relatively little reaction in capital markets to either the late-October an­ nouncement of a halt in the bombing of North Vietnam or the recent turbulence in foreign exchange markets. Interest rates on various types of short-term instruments also had risen recently, in response to some of the same factors affect­ ing longer-term rates as well as to seasonal pressures. However, there was little net change in yields on shorter-term Treasury bills, the market supplies of which had become limited at a time of strong domestic and foreign demands. The market rate on 3-month Treasury bills, at 5.42 per cent on the day before this meeting, was 4 basis points below its level of 4 weeks earlier. Net inflows of deposits to nonbank financial intermediaries again increased only moderately in October. Yields on home mortgages in the secondary market, which had been declining for several months, edged up in October and apparently also in the first half of November. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 263 Rates paid by banks on large-denomination CD’s also had ad­ vanced further in recent weeks. Most banks were now paying the Regulation Q ceiling rate of 6 per cent on certificates with maturities of 90 to 179 days, and some reportedly were paying the 614 per cent ceiling rate on longer-term certificates. Accord­ ing to tentative estimates, growth from October to November in the volume of outstanding CD’s, and of other time and savings deposits as well, was slower than it had been in other recent months. On the other hand, the expansion in private demand deposits and the money supply accelerated—the latter to an esti­ mated annual rate of more than 10 per cent, the highest since July. Bank credit, as measured by the proxy series—daily-aver­ age member bank deposits—was tentatively estimated to have increased from October to November at an annual rate of 10.5 per cent, compared with 12.5 per cent from September to Octo­ ber. In mid-November prime lending rates were raised to the generally prevailing level of 614 per cent by the few large banks that had reduced such rates from 616 to 6 per cent in late Sep­ tember. Staff projections suggested that the bank credit proxy would increase from November to December at an annual rate of 5 to 8 per cent if prevailing conditions were maintained in money and short-term credit markets. The projections assumed that the volume of large-denomination CD’s outstanding would decline seasonally and that growth in other time and savings deposits would slow somewhat further. An anticipated reduction in the average level of U.S. Government deposits was expected to con­ tribute to expansion in private demand deposits and the money supply at a rapid rate, although not so rapid as in November. Committee members differed in their views on the appropriate course for monetary policy under current circumstances, with a minority favoring operations directed at attaining somewhat firmer money market conditions. The majority thought that, although it would be advisable to resist any easing of money market conditions that might be produced by market forces, a Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

264 FEDERAL RESERVE BULLETIN a MARCH 1969 shift to a firmer policy stance was not warranted at this time. Members of the majority shared the concern expressed about the persistence of inflationary pressures, and some indicated that they had found the question of appropriate policy to be close. On balance, however, they believed that domestic economic con­ siderations did not suggest a clear and unequivocal need for a firmer policy at present. In their judgment, despite the unexpected strength of the economy since enactment of fiscal restraint legis­ lation at midyear, evidences of slowing in the rate of expansion were likely to become more pronounced in coming months. Other considerations cited as militating against a policy change at present were the recent turbulence and the continuing uncertain­ ties in foreign exchange markets, and the fact that in financial markets the peak seasonal pressures of the year were to be ex­ pected in the period just ahead. Several members expressed the view that a slight firming of policy at this time would not be effectual in combatting the prevailing inflationary psychology, and that a more marked firming would be undesirable on the other grounds cited. The Committee concluded that open market operations should be directed at maintaining about the prevailing conditions in money and short-term credit markets, with the proviso that operations should be modified if bank credit expansion appeared to be exceeding current projections. The following current eco­ nomic policy directive was issued to the Federal Reserve Bank of New York: The information reviewed at this meeting suggests that the expansion in over-all economic activity, while still strong, is moderating somewhat fur­ ther from its very rapid pace earlier in the year. Upward pressures on prices and costs are persisting. Most market interest rates have risen further in recent weeks. Bank credit has continued to expand rapidly. Growth in the money supply has accelerated from the low average rate of recent months, while expansion in commercial bank time and savings deposits has slowed. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 265 Savings inflows to thrift institutions increased somewhat further in October but remained moderate. Following discussions among leading industrial countries, France, Germany, and Britain have acted to combat the recent speculation in their currencies by taking steps designed to reduce imbalances in their external payments. The U.S. foreign trade balance and over-all balance of payments improved in the third quarter but partial data for recent weeks suggest that the improvement is not being sustained, and the underlying U.S. payments position remains a serious problem. In this situa­ tion, it is the policy of the Federal Open Market Committee to foster finan­ cial conditions conducive to sustainable economic growth, continued resist­ ance 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 if bank credit expan­ sion appears to be exceeding current projections. Votes for this action: Messrs. Martin, Brimmer, Daane, Galusha, Maisel, Mitchell, Robertson, and Sherrill. Votes against this action: Messrs. Hayes, Hickman, Kimbrel, and Morris. In dissenting from this action, Messrs. Hayes, Hickman, Kim­ brel, and Morris indicated that they favored seeking somewhat firmer money market conditions in an effort to slow the rate of bank credit growth, which in their view had been excessive for several months. They thought such action was required in light of prevailing inflationary pressures and expectations. In their judgment, the latest information on the domestic economy lent support to the view that the rate of expansion, while perhaps moderating somewhat in coming months, was likely to remain excessive under the current stance of fiscal and monetary policies. The view also was expressed that a firmer monetary policy was desirable to help maintain the strength of the dollar in foreign exchange markets. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

266 FEDERAL RESERVE BULLETIN □ MARCH 1969 2. Ratification of amendment to authorization for System foreign currency operations. The Committee ratified an action taken by members on Novem­ ber 22, 1968, effective on that date, to increase the System’s swap arrangement with the Bank of France from $700 million to $1 billion, equivalent, and to make the corresponding amend­ ment to paragraph 2 of the authorization for System foreign currency operations. As a result of this action, paragraph 2 read as follows: The Federal Open Market Committee directs the Federal Reserve Bank of New York to maintain reciprocal currency arrangements (“swap” ar­ rangements) for System Open Market Account for periods up to a maxi­ mum of 12 months with the following foreign banks, which are among those designated by the Board of Governors of the Federal Reserve System under Section 214.5 of Regulation N, relations with foreign banks and bankers, and with the approval of the Committee to renew such arrange­ ments on maturity: Amount of arrangement (millions of Foreign bank dollars equivalent) Austrian National Bank 100 National Bank of Belgium 225 Bank of Canada 1,000 National Bank of Denmark 100 Bank of England 2,000 Bank of France 1,000 German Federal Bank 1,000 Bank of Italy 1,000 Bank of Japan 1,000 Bank of Mexico 130 Netherlands Bank 400 Bank of Norway 100 Bank of Sweden 250 Swiss National Bank 600 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 267 Amount of arrangement (millions of Foreign bank dollars equivalent) Bank for International Settlements: System drawings in Swiss francs 600 System drawings in authorized European currencies other than Swiss francs 1,000 Votes for ratification of this action: Messrs. Mar­ tin, Hayes, Brimmer, Daane, Galusha, Hickman, Kimbrel, Maisel, Mitchell, Morris, Robertson, and Sherrill. Votes against ratification of this action: None. This increase in the Federal Reserve swap line with the Bank of France represented part of the U.S. share of the $2 billion in new credit facilities to France that had been announced in Bonn on November 22, following the meeting of the Finance Ministers and central bank Governors. In addition, the U.S. Treasury made a $200 million credit facility available to France, so total U.S. participation in the new facilities was $500 million. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

268 FEDERAL RESERVE BULLETIN □ MARCH 1969 MEETING HELD ON DECEMBER 17, 1968 Authority to effect transactions in System Account. The current rate of expansion in over-all economic activity was significantly higher than had been projected earlier, according to a broad variety of economic information that had become avail­ able since the preceding meeting of the Committee. New staff projections suggested that GNP in current-dollar terms would increase about as rapidly in the fourth quarter as it had in the third. Average prices, as measured by the “GNP deflator,” were estimated to be rising at a faster pace again in the fourth quarter, and growth in real GNP was expected to moderate somewhat further from the very high rates recorded in the first two quarters of the year. Expectations of continued inflationary pressures appeared to be widespread. The staff projections of GNP in both the fourth and first quarters had been revised upward from those of 3 weeks earlier largely because of the indication, from the Commerce-SEC survey of business plans taken in November, that outlays on new plant and equipment were rising sharply. Other evidences of strength in the current business situation were reflected in November data on production, employment, and retail sales. A sizable further advance in industrial production in November brought the index above the previous high recorded in July, when output of steel had been substantially larger. Nonfarm payroll employment again rose sharply, and the unemployment rate declined to 3.3 per cent—its lowest level in 15 years—from 3.6 per cent in October. Average hourly earnings continued to ad­ vance at the rapid pace of recent months. Retail sales, accord­ ing to the advance estimate, rose in November after edging down in September and October. It appeared, however, that consumer expenditures would expand considerably less in the fourth quar­ ter as a whole than they had in the third quarter. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 269 The staff projections still implied that the rate of increase in real GNP would moderate considerably in the first half of 1969, partly because of a marked swing from deficit to surplus that was already under way in the Federal fiscal position. In addition, it was expected that expansion in consumer expenditures would slow further as a result of slackened growth in disposable income and that the increase in residential construction outlays would be limited by tight conditions in mortgage markets. Against the background of prospects in these sectors, the resurgence of busi­ ness capital outlays and the report that inventories had risen markedly in October suggested that imbalances could be develop­ ing in the economy as a result of inflationary expectations. In foreign exchange markets, earlier speculative movements of funds were partly reversed following the actions taken in late November by Germany, France, and Britain to reduce im­ balances in their external payments. The pound was again subject to selling pressure in early December, however, and the market for sterling remained uneasy even after publication of figures indicating that Britain’s foreign trade balance had improved sharply in November. Available information on the U.S. balance of payments in October and November suggested that sizable deficits had again emerged on both the liquidity and official settlements bases of calculation, following the surpluses—small in the case of the liquidity balance—that had been recorded in the third quarter. Since mid-September there had been relatively little net change in borrowings by U.S. banks through their foreign branches; in the spring and summer, increases in such borrowings had re­ sulted in the payments surpluses recorded then on the official settlements basis. U.S. merchandise exports declined sharply in October after rising considerably in September in anticipation of a longshoremen’s strike on October 1. Imports also declined in October, but more moderately than exports; for September and October together there was a small surplus in U.S. foreign Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

270 FEDERAL RESERVE BULLETIN □ MARCH 1969 trade. With the current Taft-Hartley Act injunction against the strike scheduled to expire on December 20, continued marked fluctuations in monthly foreign trade figures appeared likely. In late November the Treasury auctioned $2 billion of tax­ anticipation bills due in June 1969, for payment on December 2. Banks, which were allowed to pay for the bills through credits to Treasury tax and loan accounts, successfully bid for the bulk of the issue. Despite this cash financing, however, Treasury cash balances at banks were drawn down to very low levels prior to the quarterly corporate tax date in mid-December, and the Treasury temporarily replenished its balances in the period De­ cember 10-17 by selling special certificates of indebtedness to the Federal Reserve. The volume of such certificates outstanding was $92 million on December 10, none on December 11, $45 million on December 12, $430 million from December 13 through 15, $447 million on December 16, and $596 million on December 17. (Certificates outstanding on December 17 were redeemed the following day.) Interest rates on market securities of all maturities had risen sharply further in recent weeks as the steady stream of statistics reflecting strength in the economy heightened concern about in­ flationary pressures and enhanced expectations of a firmer mone­ tary policy. Increases in yields were particularly rapid in early December after commercial banks increased their prime lending rates from 614 per cent to the 614 per cent level that had pre­ vailed before the reductions of late September. Yields on most long-term securities rose to levels above the peaks that had been reached in the spring, and unsettled conditions in the capital markets led to the postponement or cancellation of a number of scheduled corporate and municipal bond offerings. Conditions in the secondary market for home mortgages continued to tighten in early December. In markets for short-term securities, yield advances were par­ ticularly pronounced for Treasury bills; on the day before this Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 271 meeting the market rate on 3-month bills was 5.94 per cent, 52 basis points above its level of 3 weeks earlier. Upward pressures on bill yields were augmented by seasonal forces, sales of bills by foreign monetary authorities, and sales by domestic commer­ cial banks of tax-anticipation bills they had acquired in the Treasury’s recent auction. Rates paid by commercial banks on large-denomination CD’s of longer maturity had increased further in recent weeks, and most large banks were now paying the Regulation Q ceiling rates for all maturities. The volume of CD’s outstanding rose substantially in November, particularly after midmonth. Largely as a consequence, the expansion in total time and savings de­ posits from October to November was more rapid than earlier tentative estimates had indicated, although somewhat less rapid than in other recent months. Estimates of November growth rates also had been revised upward somewhat for bank credit, as measured by the proxy series—daily-average member bank deposits—and for the money supply; both were now estimated to have increased from October to November at an 11.5 per cent annual rate. Since midyear, bank credit and the money supply had expanded at annual rates of about 13 and 6 per cent, respectively, compared with rates of about 4 and 6.5 per cent in the first half of the year. In No­ vember banks increased the volume of business loans outstanding considerably further and continued to acquire municipal securi­ ties at a rapid pace, while reducing their holdings of U.S. Gov­ ernment securities. To a large extent, the accelerated growth in the money supply in November reflected a rise in private de­ mand deposits in the last half of the month, when U.S. Govern­ ment deposits declined markedly. System open market operations in the first part of the period since the Committee’s preceding meeting were directed at main­ taining about the prevailing conditions in money and short-term credit markets, and reserves were supplied partly in an effort to Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

272 FEDERAL RESERVE BULLETIN □ MARCH 1969 cushion the sharp reaction of short-term market interest rates to the rise in the prime rate. Operations subsequently were shifted in the direction of reserve absorption when market factors began to supply a large volume of reserves and when estimates indi-' cated that bank credit was expanding at a rate in excess of the range projected at the time of the previous meeting. These opera­ tions were tempered, however, in view of the continuing increases in short-term rates. During the period as a whole, the effective rate on Federal funds fluctuated mostly in a range of 5% to 6 per cent. Member bank borrowings averaged $515 million in the 3 weeks ending December 11, little changed from the previous 4 weeks. With excess reserves lower on the average, net borrowed reserves rose in the period. New staff projections suggested that if prevailing conditions in money and short-term credit markets were maintained, on bal­ ance, the bank credit proxy would expand at an annual rate of 8 to 11 per cent from November to December and at a rate of 4 to 7 per cent from December to January. Given the current relationships between short-term interest rates and Regulation Q ceiling rates, it was expected that banks would experience a larger-than-seasonal run-off of CD’s in December and a contraseasonal run-off in January, and that inflows of consumer-type time and savings deposits would begin to moderate. Growth in the money supply was expected to slow considerably in Decem­ ber—and perhaps to taper off further in January, particularly if demands for business loans were reduced. An alternative projection suggested that a firming of money market conditions would have relatively little effect on bank credit growth in December but would result in a slower rate of growth in January—an annual rate of perhaps 2 to 5 per cent ■—mainly as a result of a larger run-off of CD’s. For purposes of the projections it was assumed that the Treasury would not engage in any new cash borrowing through the end of January. Prior to this meeting the boards of directors of nine Federal Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 273 Reserve Banks had acted, subject to the approval of the Board of Governors, to increase discount rates from the present level of 514 per cent. It was reported to the Committee that the Board of Governors planned shortly after this meeting to take action with respect to discount rates and also to consider the desirability of a moderate increase in member bank reserve requirements. The Committee was unanimously of the view that greater monetary restraint was required at this time in light of the un­ expected strength of current economic activity, the persistence of inflationary pressures and expectations, and the recent rapid rate of growth in bank credit. The members agreed that one element of the shift to greater monetary restraint should be a firmer open market policy. There also was general sentiment at the meeting that discount rates should be increased, although there were some differences of view with respect to the amount; and divergent opinions were expressed about the desirability of action now to raise reserve requirements. A number of members expressed the view that the combina­ tion of a firmer open market policy and an increase of onequarter of a percentage point in discount rates would be appro­ priate to the current economic situation. Some of these members added that, while additional measures could be taken later if deemed necessary, various considerations—including the con­ tinuing uncertainties with respect to foreign exchange markets, as well as the sensitive state of conditions in domestic financial markets with the attendant risks of unduly large market re­ actions—militated against also increasing reserve requirements at this time or raising discount rates by as much as one-half point. The basic argument advanced by those who favored a broader combination of policy actions now was that more limited actions were likely to be inadequate to dampen the prevailing inflationary psychology, particularly since it appeared that an increase of at least one-quarter point in the discount rate was already widely anticipated in financial markets. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

274 FEDERAL RESERVE BULLETIN □ MARCH 1969 At the conclusion of the discussion the Committee agreed that open market operations should be directed at attaining firmer conditions in money and short-term credit markets, while taking account of the effects of any other monetary policy actions that might be taken. The proviso was added that operations should be modified if bank credit expansion appeared to be deviating significantly from current projections. The following current eco­ nomic policy directive was issued to the Federal Reserve Bank of New York: The information reviewed at this meeting suggests that over-all economic activity is expanding rapidly and that upward pressures on prices and costs are persisting. Market interest rates have risen considerably further in recent weeks. Bank credit growth has been sustained by continuing strong expansion of time and savings deposits, while growth in the money supply has accelerated and U.S. Government deposits have declined. The U.S. foreign trade surplus remains very small and the over-all balance of pay­ ments apparently worsened in October and November. In this situation, it is the policy of the Federal Open Market Committee to foster financial conditions conducive to the reduction of inflationary pressures, with a view to encouraging a more sustainable rate of economic growth and attaining 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 attaining firmer conditions in money and short-term credit markets, taking account of the effects of other possible monetary policy action; provided, however, that operations shall be modified if bank credit expansion appears to be deviating significantly from current projections. Votes for this action: Messrs. Hayes, Brimmer, Daane, Galusha, Hickman, Kimbrel, Maisel, Mit­ chell, Morris, Robertson, and Sherrill. Votes against this action: None. Absent and not voting: Mr. Martin. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material ORDERS UNDER BANK MERGER ACT prior approval of the merger of that bank with FIDELITY UNION TRUST COMPANY, Montclair National Bank and Trust Company, NEWARK., NEW JERSEY Montclair, New Jersey (“Montclair National”), which has total deposits of about $127 million.’ In the matter of the application of Fidelity The banks would merge under the charter and Union Trust Company, for approval of merger with name of Fidelity, which is a member of the Federal Montclair National Bank and Trust Company. Reserve System. As an incident to the merger, the 11 offices of Montclair National would become Order Denying Application for Approval branches of Fidelity, increasing the number of of Merger of Banks offices operated by it to 28. There has come before the Board of Governors, Competition. All of the offices of Fidelity and pursuant to the Bank Merger Act (12 U.S.C. 1828 Montclair National are in Essex County in north­ (c)), an application by Fidelity Union Trust Com­ eastern New Jersey. The county is the State’s in­ pany, Newark, New Jersey, a State member bank dustrial and financial center, and has a population of the Federal Reserve System, for the Board’s of almost 1 million. Newark, with a population of prior approval of the merger into that bank of over 400,000, is the State’s largest city, the seat Montclair National Bank and Trust Company, of Essex County, and situated about 10 miles west Montclair, New Jersey, under the charter and title of New York City. Fidelity has 11 branches in of Fidelity Union Trust Company. Notice of the Newark. Its 5 other branches are in East Orange, proposed merger, in form approved by the Board, Irvington, and Belleville, communities to the north has been published pursuant to said Act. and west of Newark and contiguous to it. Upon consideration of all relevant material in Montclair, with a population of over 44,000 and the light of the factors set forth in said Act, includ­ predominantly residential, is about five miles north­ ing reports furnished by the Comptroller of the west of Newark. Montclair National has five Currency, the Federal Deposit Insurance Corpora­ branches in Montclair, three branches in Mill­ tion, and the Attorney General on the competitive burn (in the southwestern part of Essex County), factors involved in the proposed merger, and one branch each in Verona and West Cald­ It is hereby ordered, for the reasons set forth well (in the northwestern part of the county). in the Board’s Statement of this date, that said Generally, the areas in which Montclair’s offices application be and hereby is denied. are located are parts of the area known as West Dated at Washington, D.C., this 13th day of Essex, which consists of 12 communities or February, 1969. municipalities, and which is expected to be the By order of the Board of Governors. fastest growing section of the county over the next Voting for this action: Chairman Martin and Gov­ decade. ernors Robertson, Maisel, Brimmer, and Sherrill. Not The nearest offices of Fidelity and Montclair voting: Governor Mitchell. Absent and not voting: National are about four miles apart. Numerous Governor Daane. (Signed) Robert P. Forrestal, offices of other banks are located in the areas sep­ arating the offices of the two banks, but there is Assistant Secretary. direct competition between them, principally in [seal] retail banking services and trust services through­ Statement out West Essex. Consummation of the proposal Fidelity Union Trust Company, Newark, New would eliminate this existing competition. Jersey (“Fidelity”), with total deposits of about $581 million, has applied, pursuant to the Bank Merger Act (12 U.S.C. 1828(c)), for the Board’s 1 Deposit figures are as of June 29, 1968. 275 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

276 FEDERAL RESERVE BULLETIN □ MARCH 1969 The revisions of the State’s branch banking and accounts, although on a limited basis. If savings merger laws that recently became effective divide banks in the Greater Newark Market are included the State, north to south, in three banking districts. in the figures for that Market, the above per­ Essex County is in the First District. The new law centages would be about 42 and 39 per cent of the permits mergers between banks and the establish­ deposits and offices, respectively, of the banks in ment of de novo branches by banks within the same the Market. banking district. Like the old law, however, the Fidelity and Montclair National compete revision does not permit a bank to establish a throughout Essex County and particularly in West branch office in any community wherein the home Essex, as noted above. Fidelity, which is the second office of another bank is located; but the new law, largest commercial bank in New Jersey, is also for the first time, does permit a bank to establish the second largest of the 17 commercial banks a branch in communities of 7,500 or more in which headquartered in Essex County. Montclair National are located only branch offices of other banks. ranks fourth in the county and well ahead of the Under the new law, Fidelity and Montclair Na­ fifth ranking bank. Consummation of the pro­ tional are permitted to expand operations in West posal would eliminate a viable, important com­ Essex County, as well as other areas in the First petitor and increase banking concentration in the District, through the establishment of de novo county. The concentration in the county’s three branches. At the same time, other banks head­ largest commercial banks would rise from about quartered anywhere in the First District could 82 to almost 88 per cent of the deposits of all enter the same areas, either by merger with a local such banks headquartered in the county. bank or through de novo branches. The new law, Over all, the competitive effect of the proposal therefore, increases the potential for competition would be adverse. It is not inappropriate to note, between Fidelity and Montclair National. Con­ therefore, that there exist possible alternatives for summation of the proposal would have an adverse Fidelity that might enable it to gain representation effect on this increased potential. On the other outside the Newark area, and especially in West hand, some increase in competition might be ex­ Essex, through a merger that would be less anti­ pected through the entrance by other banks into competitive than the proposed transaction. areas now served by Fidelity and Montclair Na­ Financial and managerial resources and pros­ tional as a result of the new law. pects. The banking factors with respect to Fidelity The Greater Newark Market is the relevant area are satisfactory. This is true also with respect to within which the principal effects of the proposal Montclair National, which has an exceptionally on competition would be expected to occur. This good growth record. Both are well-run institutions. Market encompasses, in addition to Essex County, Consequently, the banking factors, with respect to most of Union County to the south (in the State’s the resulting bank, would also be satisfactory. The Second District), three communities in Hudson application asserts that Montclair National faces a County, and four communities in Morris County. management succession problem. However, the The latter two counties are in the First District to record fails to establish this as a matter that could the east and west of Essex County, respectively, not be solved by means other than merger, par­ and contiguous to it. The Greater Newark Market ticularly in view of the bank’s size and favorable has a population of about 1.5 million. earnings record. Fidelity ranks second, and Montclair National Convenience and needs of the community. The ranks sixth on the basis of deposit size among com­ application lists a number of banking services not mercial banks in the Greater Newark Market. now being provided by Montclair National, and it After the proposed merger, Fidelity would be the is possible that the bank has some customers who largest commercial bank in the State and the State’s would avail themselves of these and other services three largest commercial banks, each headquartered offered by Fidelity. However, there has been no in Newark, would control about 63 per cent of the substantial need demonstrated which is not present­ deposits, and operate over 45 per cent of offices of ly being met by Montclair National or by other all such banks in the Greater Newark Market. In financial institutions. There is no convincing evi­ addition to competing with commercial banks for dence in the record that the needs and convenience real estate loans and savings accounts, New Jersey of the communities served either by one or the savings banks offer regular and special checking other of the two banks would be benefited mate- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 277 rially by consummation of the proposal. Federal Reserve Bank of New York pursuant to Summary and conclusion. Consummation of the delegated authority. proposal would combine two well-run banks with Dated at Washington, D.C. this 20th day of favorable prospects that are important competitors, February, 1969. not only in Essex County in which their offices are By order of the Board of Governors. located, but also in the Greater Newark Market. Voting for this action: Chairman Martin and Gov­ Furthermore, the proposal, if carried out, would ernors Mitchell, Maisel, Brimmer, and Sherrill. Absent and not voting: Governors Robertson and Daane. increase the significant concentration in banking in (Signed) Robert P. Forrestal, both the county and the Market, and eliminate the Assistant Secretary. direct competition existing between the two banks [seal] and the potential for any increases in competition. Statement Tn the Board’s judgment, the adverse competitive effects of the proposed merger would not be offset Island State Bank, Patchogue, New York by any resulting benefits that might ensue relative (“Island State"), with total deposits of $27 mil­ to banking services or the financial and managerial lion, has applied, pursuant to the Bank Merger resources or prospects of either of the banks. Act (12 U.S.C. 1828(c)), for the Board’s prior Accordingly, the Board concludes that the appli­ approval of the merger of that bank with First cation should be denied. National Bank of Bay Shore, Bay Shore, New York (“First National”), with total deposits of $43 mil­ lion.1 The banks would merge under the charter ISLAND STATE BANK, and name of Island State, which is a member of PATCHOGUE, NEW YORK the Federal Reserve System. As an incident to the In the matter of the application of Island State merger, the resulting bank would have its main Bank for approval of merger with First National office at First National’s present main office, and Bank of Bay Shore. would operate all other offices of the two banks (including Island State’s present main office) as Order Approving Merger of Banks branches. Competition. The four offices operated by Island There has come before the Board of Governors, State and First National’s seven offices are all pursuant to the Bank Merger Act (12 U.S.C. located in the Towns of Brookhaven, Islip, and 1828(c)), an application by Island State Bank, Babylon, in Suffolk County. Their main offices are Patchogue, New York, a State member bank of 15 miles apart, and their nearest offices are 3 miles the Federal Reserve System, for the Board’s prior apart. Offices of other banks are located in the approval of the merger of that bank with First intervening areas. The service areas of the two National Bank of Bay Shore, Bay Shore, New banks overlap in the Town of Islip, and the pro­ York, the charter and title of Island State Bank. posed merger would eliminate the existing competi­ Notice of the proposed merger, in form approved tion between the two banks, and the potential for by the Board, has been published pursuant to said competition from further branching of the banks Act. within the relevant market area. Both banks, as Upon consideration of all relevant material in noted at greater length below, are in direct com­ the light of the factors set forth in said Act, in­ petition with other banks. cluding reports furnished by the Comptroller of The relevant market area may be taken as the the Currency, the Federal Deposit Insurance Cor­ Bay Shore-Patchogue area in the southwestern por­ poration, and the Attorney General on the competi­ tion of Suffolk County, Long Island, some 50 miles tive factors involved in the proposed merger, east of New York City. This area is presently It is hereby ordered, for the reasons set forth served by 69 offices of I 5 commercial banks. Upon in the Board's Statement of this date, that said consummation of the proposed merger, the result­ application be and hereby is approved, provided ing bank would rank second in deposit size in the that said merger shall not be consummated (a) area, with 12 offices 2 holding 15 per cent of area before the thirtieth calendar day following the date of this Order or (b) later than three months after 1 Figures are as of June 29, 1968. the date of this Order unless such period is ex­ ’Including a branch of Island State, which has been tended for good cause by the Board or by the approved but has not yet opened. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

278 FEDERAL RESERVE BULLETIN □ MARCH 1969 deposits. However, there are 7 other commercial Winter Haven; and Gulf-to-Bay Bank & Trust banks headquartered elsewhere, with branches in Company, Clearwater, all in Florida. the area, that would be larger than the resulting bank when deposits at all offices are considered. Order Approving Application Under Bank Among these 7 banks are two with total deposits Holding Company Act in excess of $1 billion. A substantial proportion of the area’s population There has come before the Board of Governors, commutes to New York City and Nassau County, pursuant to section 3(a)(1) of the Bank Holding and thus have additional banking alternatives in Company Act of 1956 (12 U.S.C. 1842(a)(1)), those areas. In addition, the population of Suffolk and section 222.3(a) of Federal Reserve Regula­ County is rapidly growing and the Bay Shore- tion Y (12 CFR 222.3(a)), an applicaton by Ex­ Patchogue area is attractive for new bank entry. change Bancorporation, Inc., Tampa, Florida, for The Board concludes that the slightly adverse the Board’s prior approval of action whereby Ap­ competitive effects of the proposal are outweighed plicant would become a bank holding company by the relevant market area’s highly competitive through the acquisition of voting shares of the nature (which would not be significantly altered following four banks in Florida: 80 per cent or by the proposed merger), by the fact that the re­ more of the voting shares of The Exchange Na­ sulting bank (a medium size one) would be able tional Bank of Tampa, Tampa; The Exchange to offer more effective competition to the larger Bank of Temple Terrace, Temple Terrace; and banks which presently operate in the area, and by Exchange National Bank of Winter Haven, Winter the likelihood of entry by new banks or branches. Haven; and 60 per cent or more of the voting Financial and managerial resources and pros­ shares of Gulf-to-Bay Bank & Trust Company, pects. The banking factors with respect to Island Clearwater. State and First National are reasonably satisfac­ As required by section 3(b) of the Act, the tory, and this would be true also of the resulting Board gave written notice to the Comptroller of bank. the Currency and the Florida Commissioner of Convenience and needs of the communities. The Banking of receipt of the application and requested application indicates that the resulting bank would their views and recommendations. Both recom­ offer expanded services, especially in the field of mended approval of the application. trust facilities, and would be of sufficient size to Notice of receipt of the application was pub­ make efficient use of electronic data processing lished in the Federal Register on October 4, 1968 equipment. Considerations under this factor, al­ (33 Federal Register 14910), providing an oppor­ though not of great weight in view of the many tunity for interested persons to submit comments banking alternatives already available, lend some and views with respect to the proposed transaction. support to approval of the application. A copy of the application was forwarded to the Summary and conclusion. On the basis of the United States Department of Justice for its con­ foregoing considerations, the Board concludes that sideration. Time for filing comments and views has the application should be approved. expired and all those received have been consid­ ered by the Board. ORDERS UNDER SECTION 3 OF It is hereby ordered, for the reasons set BANK HOLDING COMPANY ACT forth in the Board’s Statement of this date, that said application be and hereby is approved, pro­ EXCHANGE BANCORPORATION, INC,. vided that the action so approved shall not be con­ TAMPA, FLORIDA summated (a) before the thirtieth calendar day In the matter of the application of Exchange following the date of this Order or (b) later than Bancorporation, Inc., Tampa, Florida, for approval three months after the date of the Order, unless of action to become a bank holding company such period is extended for good cause by the through the acquisition of voting shares of The Board or by the Federal Reserve Bank of Atlanta Exchange National Bank of Tampa, Tampa; The pursuant to delegated authority. Exchange Bank of Temple Terrace, Temple Ter­ Dated at Washington, D.C., this 11th day of race; Exchange National Bank of Winter Haven, February, 1969. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 279 By order of the Board of Governors. conspiracy to monopolize or to attempt to monopo­ lize the business of banking in any part of the Voting for this action: Chairman Martin and Gov­ ernors Robertson, Mitchell, Daane, Maisel, and Sher­ United States. Nor may the Board approve a pro­ rill. Absent and not voting: Governor Brimmer. posed acquisition the effect of which, in any sec­ (Signed) Robert P. Forrestal, tion of the country, may be substantially to lessen Assistant Secretary. competition, or to tend to create a monopoly, or [seal] which in any other manner would be in restraint Statement of trade, unless the Board finds that the anticom­ petitive effects of the proposed transaction are Exchange Bancorporation, Inc., Tampa, Florida clearly outweighed in the public interest by the (“Applicant”), has filed with the Board, pursuant probable effect of the transaction in meeting the to section 3(a)(1) of the Bank Holding Company convenience and needs of the community to be Act of 1956, an application for approval of action served. In each case the Board is required to take to become a bank holding company through the into consideration the financial and managerial re­ acquisition of 80 per cent or more of the voting sources and future prospects of the bank holding shares of The Exchange National Bank of Tampa, company and the banks concerned, and the con­ Tampa (“Exchange Tampa”), The Exchange Bank venience and needs of the community to be served. of Temple Terrace, Temple Terrace (“Exchange Competitive effect of proposed transaction. Con­ Temple Terrace”), and Exchange National Bank summation of the proposed transaction would re­ of Winter Haven, Winter Haven (“Exchange sult in Applicant’s becoming the sixth largest bank­ Winter Haven”), hereinafter sometimes jointly re­ ing organization and bank holding company in the ferred to as “The Exchange Banks”; and 60 per State of Florida. The $233 million aggregate de­ cent or more of the voting shares of Gulf-to-Bay posits held by its proposed subsidiaries represent Bank & Trust Company, Clearwater (“Gulf-to- 2.3 per cent of the total deposits held by banks in Bay”), all in the State of Florida. the State. Both Exchange Tampa and Exchange Temple Of the proposed subsidiary banks, only Ex­ Terrace arc in Hillsborough County, at the north change Tampa and Exchange Temple Terrace ap­ end of Tampa Bay on the west coast of Florida. pear to be located within sufficient proximity to Exchange Tampa ($164.7 million deposits)1 is each other to be significant competitors. In fact, located in the downtown area of Tampa, and Ex­ however, competition between any of the four change Temple Terrace ($7.5 million deposits) is banks is negligible. Exchange Temple Terrace and located in the suburban city of Temple Terrace, Exchange Winter Haven both were organized by about 10 miles northwest of downtown Tampa. the management and principal stockholders of Ex­ Exchange Winter Haven ($42.7 million de­ change Tampa, and have been closely and con­ posits) is located in Winter Haven, approximately tinuously affiliated with Exchange Tampa since 45 miles east of Tampa, in Polk County. Gulf-to- their organization. Shareholders who own 61 per Bay ($17.7 million deposits) is located in Pinellas cent of the stock of Exchange Tampa also own County in the City of Clearwater, which is about about the same percentage of the stock of Ex­ 20 miles west of Tampa. Each of the proposed change Winter Haven, and a majority of the stock subsidiaries has one office. of Exchange Temple Terrace is owned by a cor­ Views and recommendation of supervisory au­ poration, all of the stock of which is held by thority. As required by section 3(b) of the Act, trustees for the benefit of Exchange Tampa’s share­ notice of receipt of the application was given to, holders. Gulf-to-Bay, the only one of the four banks and views and recommendations requested of, the which is not a party to the existing affiliation, is Comptroller of the Currency and the Florida Com­ located 20 miles from Exchange Tampa, the near­ missioner of Banking. Both recommended approval est of the Exchange Banks. It does not compete of the application. with any of the Exchange Banks and, in view of a Statutory considerations. Section 3(c) of the Act State law which prohibits branching, such compe­ provides that this Board shall not approve an tition is unlikely to develop in the future. acquisition that would result in a monopoly or It is therefore reasonably anticipated that ap­ would be in furtherance of any combination or proval of the application would have no significant present or future effect on competition between the ‘All banking data are as of June 29, 1968. proposed subsidiaries. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

280 FEDERAL RESERVE BULLETIN □ MARCH 1969 The principal area served by Exchange Tampa Convenience and needs of the communities in­ is the City of Tampa. It is the second largest bank volved. The banking needs of the three counties in Tampa and competes principally with two other in which the proposed subsidiaries are located are large downtown Tampa banks and with several being adequately served at the present time. neighborhood banks in the city. Exchange Temple No changes are proposed in the services offered Terrace primarily serves the northeastern section by the Exchange Banks. It is anticipated that ap­ of the city and competes principally with three proval of the application would result in improve­ larger banks located near that area. Exchange ment and expansion of Gulf-to-Bay’s small trust Winter Haven, the second largest bank in Polk department through the assistance of the trust staff County, serves the Winter Haven-Cypress Gardens and facilities of Exchange Tampa, and that Gulfarea of the county, and competes principally with to-Bay would be better able to serve the borrowing three other area banks, including two subsidiaries needs of customers in its area through expanded of Barnett National Securities Corporation, a regis­ lending limits and the specialized lending expertise tered bank holding company. Gulf-to-Bay ranks of Exchange Tampa’s staff. A more sophisticated twentieth in size among Pinellas County banks, and accounting system for the subsidiary banks is pro­ is the fourth largest of seven banks in Clearwater. posed and also a personnel training and recruiting It appears that, in view of the present affiliation program, both of which could indirectly result in among the Exchange Banks, the only bank whose improved service to the public. competitive ability would be significantly strength­ Considerations under this factor provide some ened as a result of consummation of the proposed additional weight in favor of approval of the ap­ transaction is Gulf-to-Bay. Competition in the plication. Clearwater area should be increased as a result, and Summary and conclusion. On the basis of all it does not appear that the viability or competitive relevant facts contained in the record, and in the effectiveness of competing banks in any area would light of the factors set forth in section 3(c) of the be adversely affected to any undue extent. Act, it is the Board’s judgment that the proposed In view of the foregoing, the Board concludes transaction would be in the public interest and that that the proposed transaction would not result in the application should be approved. a monopoly or be in furtherance of any combina­ tion, conspiracy or attempt to monopolize the busi­ FIRST FINANCIAL CORPORATION, ness of banking in any relevant area, nor would TAMPA, FLORIDA such consummation restrain trade, tend to create a monopoly, or substantially lessen competition in In the matter of the application of First Financial any section of the country. Corporation, Tampa, Florida, for approval of ac­ Financial and managerial resources and future tion to become a hank holding company through prospects. Applicant is a newly formed corporation the acquisition of voting shares of The First Na­ and has no financial or operating history. Its finan­ tional Bank of Tampa, Tampa, Florida, and Union cial condition, managerial resources, and prospects Security & Investment Company, Tampa, Florida, would be entirely dependent upon those of the sub­ both of which are registered bank holding com­ sidiary banks. panies. The four proposed subsidiaries are located in Order Approving Application Under prosperous, populous, and rapidly growing areas in Bank Holding Company Act west-central Florida. Their financial conditions, managerial resources and prospects are considered There has come before the Board of Governors, to be generally satisfactory; Gulf-to-Bay, however, pursuant to section 3(a)(1) of the Bank Holding would likely benefit from the strengthened manage­ Company Act of 1956 (12 U.S.C. 1842(a)(1)) ment which Applicant could provide and the in­ and section 222.3(a) of Federal Reserve Regula­ creased facility of the holding company for raising tion Y (12 CFR 222.3(a)), an application by First additional capital. The Board concludes, therefore, Financial Corporation. Tampa, Florida, for the that considerations relating to the banking factors Board’s prior approval of action whereby Applicant are consistent with approval of the application, and would become a bank holding company through lend some weight in support thereof as they relate the acquisition of voting shares of The First Na­ to Gulf-to-Bay. tional Bank of Tampa, Tampa, Florida, and Union Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 281 Security & Investment Company, Tampa, Florida, (“Applicant”), has filed with the Board, pursuant both of which are registered bank holding com­ to section 3(a)(1) of the Bank Holding Company panies. Union Security & Investment Company, Act of 1956, an application for approval of action 60.4 per cent of the voting shares of which arc to become a bank holding company through the held by trustees for the benefit of shareholders of acquisition of voting shares of The First National The First National Bank of Tampa, owns a major­ Bank of Tampa, Tampa, Florida (“First Na­ ity of the voting shares of four banks in Florida: tional”), and Union Security & Investment Com­ The Broadway National Bank of Tampa, Tampa; pany, Tampa, Florida (“US&I”), both of which The First National Bank of Brooksville, Brooks­ are registered bank holding companies. ville; The First National Bank of Lakeland, Lake­ The present proposal contemplates a reorganiza­ land; and The Second National Bank of Tampa, tion involving First National, US&I, and their four Tampa. Applicant proposes to acquire 85 per cent subsidiary banks: The Broadway National Bank of or more of the voting shares of First National Tampa, Tampa; The First National Bank of Bank of Tampa, and sufficient additional shares of Brooksville, Brooksville; The First National Bank Union Security & Investment Company to result of Lakeland, Lakeland; and The Second National in its direct and indirect ownership of 85 per cent Bank of Tampa, Tampa, all of which are located or more of the voting shares of that corporation. in Florida. A majority of the voting shares of each As required by section 3(b) of the Act, the of the four subsidiary banks is owned by US&I, Board notified the Comptroller of the Currency of and 60.4 per cent of the stock of US&I is held by the application and requested his views and recom­ trustees for the benefit of shareholders of First mendation. The Comptroller recommended that the National. Applicant proposes to acquire 85 per application be approved. cent or more of the voting shares of First National Notice of receipt of the application was pub­ and sufficient additional shares of US&I to result lished in the Federal Register on January 9, 1969 in its direct and indirect ownership of 85 per cent (34 Federal Register 339), providing an opportu­ or more of the voting shares of that corporation. nity for interested persons to submit comments Existing relationships among First National, US&I, and views with respect to the proposal. A copy of and the four subsidiary banks would not be altered; the application was forwarded to the United States both First National and US&I would therefore con­ Department of Justice for its consideration. Time tinue to be bank holding companies. for filing comments and views has expired and all Views and recommendation of supervisory au­ those received have been considered by the Board. thority. As required by section 3(b) of the Act, It is hereby ordered, for the reasons set forth notice of receipt of the application was given to, in the Board’s Statement of this date, that said and views and recommendation requested of the application be and hereby is approved, provided Comptroller of the Currency. The Comptroller that the action so approved shall not be consum­ recommended that the application be approved. mated (a) before the thirtieth calendar day follow­ Statutory considerations. Section 3(c) of the Act ing the date of this Order or (b) later than three provides that the Board shall not approve an acqui­ months after the date of this Order, unless such sition that would result in a monopoly or would time shall be extended by the Board or by the be in furtherance of any combination or conspiracy Federal Reserve Bank of Atlanta pursuant to dele­ to monopolize or to attempt to monopolize the gated authority. business of banking in any part of the United Dated at Washington, D.C., this 12th day of States. Nor may the Board approve a proposed February, 1969. acquisition the effect of which, in any section of By order of the Board of Governors. the country, may be substantially to lessen competi­ Voting for this action: Chairman Martin and Gov­ tion, or to tend to create a monopoly, or which in ernors Robertson, Mitchell, Daane, Maisel, Brimmer, any other manner would be in restraint of trade, un­ and Sherrill. less the Board finds that the anticompetitive effects (Signed) Robert P. Forrestal, of the proposed transaction are clearly outweighed Assistant Secretary. in the public interest by the probable effect of the [seal! transaction in meeting the convenience and needs Statement of the community to be served. First Financial Corporation, Tampa, Florida Competitive effect of proposed transaction. Con- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

282 FEDERAL RESERVE BULLETIN □ MARCH 1969 summation of Applicant’s proposal would result compared with US&I, will place it in a better bor­ in a reorganization of an existing bank holding rowing position should such action become neces­ company system. The size and extent of operations sary. of the group, consisting of First National ($182 All considerations relating to the banking fac­ million deposits)1 and its four banking subsidiaries tors are consistent with approval of the application. ($50 million aggregate deposits), would not be The increased access to capital markets which Ap­ changed; no elimination of existing or potential plicant’s proposal would provide to the First Na­ competition would result, and existing levels of tional group, as it relates to the prospects of the banking concentration would not be affected in any group, provides some weight in favor of approval. area. Neither does it appear that the competitive Convenience and needs of the communities in­ position of Applicant would be so enhanced by volved. Applicant’s proposal will have no imme­ comparison with that of First National and US&I diate effect on the convenience and needs of the as to threaten the viability or competitive effective­ communities served by the proposed subsidiary ness of any competing bank. banks. First National and its subsidiary banks will It therefore appears that the proposed transac­ continue to offer the same services that are pres­ tion would not result in a monopoly or be in fur­ ently being offered. Considering the extent to which therance of any combination, conspiracy or at­ the banks are presently serving the convenience and tempt to monopolize the business of banking in any needs of their respective communities, this factor, area, and would not substantially lessen competi­ as it relates to the present proposal, is consistent tion, tend to create a monopoly, or restrain trade in with approval of the application. any section of the country. Summary and conclusion. On the basis of all the Financial and managerial resources and future relevant facts contained in the record, and in the prospects. Applicant is a newly formed corpora­ light of the factors set forth in section 3(c) of the tion, and has no financial or operating history. Its Act, it is the Board’s judgment that the proposed financial condition, managerial resources, and pros­ transaction would be in the public interest and that pects would be entirely dependent upon those of the application should be approved. its proposed subsidiaries. The financial condition and management of First FIRST BANKSHARE ASSOCIATION, National, US&I, and their subsidiary banks are gen­ LEWISTON, MAINE erally satisfactory, and their prospects are favor­ able. The purpose of the present proposal is to In the matter of the application of First Bank­ stabilize the relationships among the components share Association, Lewiston, Maine, for approval of the present organization, and to provide greater of action to become a bank holding company flexibility with respect to possible future acquisi­ through the acquisition of not less than 80 per cent tions and increases in capital. Under the existing of the voting shares of First-Manufacturers 'Na­ arrangement, the affiliation between First National tional Bank of Lewiston and Auburn, Lewiston, and its four subsidiary banks depends upon con­ Maine, and The Peoples National Bank of Farm­ tinued beneficial ownership by First National share­ ington, Farmington, Maine. holders of a controlling interest in the stock of Order Approving Application Under Bank US&I; any broadening of the ownership of the Holding Company Act US&I stock, whether through public sale or ex­ changes made in connection with acquisitions, tends There has come before the Board of Governors, to weaken the affiliation with First National, the pursuant to section 3(a)(1) of the Bank Holding lead bank in the group. Consummation of the Company Act of 1956 (12 U.S.C. 1842(a)(1)) present proposal would result in all banks in the and section 222.3(a) of Federal Reserve Regula­ group, including First National, becoming subsidi­ tion Y (12 CFR 222.3(a)), an application by aries of Applicant, thereby allowing a broad mar­ First Bankshare Association, Lewiston, Maine, for ket to be established for Applicant’s stock without the Board’s prior approval of action whereby Ap­ affecting existing relationships among the banks. plicant would become a bank holding company In addition, the larger net worth of Applicant, as through the acquisition of not less than 80 per cent of the voting shares of First-Manufacturers Na­ 1A11 banking data are as of June 29, 1968. tional Bank of Lewiston and Auburn, Lewiston, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 283 Maine, and The Peoples National Bank of Farm­ Views and recommendation of supervisory au­ ington, Farmington, Maine. thority. As required by section 3(b) of the Act, As required by section 3(b) of the Act, the notice of receipt of the application was given to, Board notified the Comptroller of the Currency of and views and recommendation requested of, the receipt of the application and requested his views Comptroller of the Currency. The Comptroller and recommendation. The Comptroller made no made no objection to approval of the application. objection to approval of the application. Statutory considerations. Section 3(c) of the Act Notice of receipt of the application was pub­ provides that the Board shall not approve an acqui­ lished in the Federal Register on January 23, 1969 sition that would result in a monopoly or would (34 Federal Register 1089), which provided an be in furtherance of any combination or conspiracy opportunity for interested persons to submit com­ to monopolize or to attempt to monopolize the ments and views with respect to the proposed trans­ business of banking in any part of the United action. A copy of the application was forwarded to States. Nor may the Board approve a proposed the United States Department of Justice for its acquisition the effect of which, in any section of the consideration. The time for filing comments and country, may be substantially to lessen competition, views has expired and all those received have been or to tend to create a monopoly, or which in any considered by the Board. other manner would be in restraint of trade, un­ It is hereby ordered, for the reasons set forth less the Board finds that the anticompetitive effects in the Board’s Statement of this date, that said ap­ of the proposed transaction are clearly outweighed plication be and hereby is approved, provided that in the public interest by the probable effect of the the action so approved shall not be consummated transaction in meeting the convenience and needs (a) before the thirtieth calendar day following the of the community to be served. In each case the date of this Order or (b) later than three months Board is required to take into consideration the after the date of this Order, unless such period is financial and managerial resources and future pros­ extended for good cause by the Board or by the pects of the bank holding company and the banks Federal Reserve Bank of Boston pursuant to dele­ concerned, and the convenience and needs of the gated authority. community to be served. Dated at Washington, D.C., this 3rd day of Competitive effect of proposed transaction. Con­ March, 1969. summation of Applicant’s proposal would result in By order of the Board of Governors. Applicant’s becoming the sixth largest banking or­ Voting for this action: Chairman Martin and Gov­ ganization in Maine, the same position now held by ernors Robertson, Mitchell, Maisel, and Brimmer. First Bank; it would control about 6.6 per cent of Absent and not voting: Governors Daane and Sherrill. the total deposits held by banks located in the (Signed) Robert P. Forrestal, State. Assistant Secretary. Eight of First Bank’s nine offices are located in [seal] Lewiston and Auburn, two cities which form a Statement single commercial and population center in An­ First Bankshare Association, Lewiston, Maine droscoggin County, in southwestern Maine; the (“Applicant”), has filed with the Board, pursuant other is located in Lisbon, eight miles southwest to section 3(a)(1) of the Bank Holding Company of Lewiston. First Bank is the largest bank in its Act of 1956, an application for approval of action area in terms of its shares of deposits originating to become a bank holding company through the within the area, but competes with local offices of acquisition of not less than 80 per cent of the voting three of the four largest banking organizations in shares of First-Manufacturers National Bank of the State. Lewiston and Auburn, Lewiston, Maine (“First The main office of Peoples Bank is located in Bank”), and The Peoples National Bank of Farm­ Farmington, which is about 43 miles north of ington, Farmington, Maine (“Peoples Bank”). Lewiston, in Franklin County; its only branch is First Bank has nine offices and total deposits of located 48 miles north of Farmington, in Eustis. $58.9 million. Peoples Bank has two offices and It competes with one local bank of approximately total deposits of $6.1 million.1 its size in Farmington, and with an office of the largest banking organization in Maine. 1 AU banking data are as of June 29, 1968, unless other­ wise noted. Although both of the subject banks are strong Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

284 FEDERAL RESERVE BULLETIN □ MARCH 1969 competitors within their respective market areas, it whereby Peoples Bank might achieve stronger man­ does not appear, in view of the size and strength of agement, operating efficiencies and a somewhat im­ competing banking organizations, that the affilia­ proved service offering, and should thereby have a tion which would result from Applicant’s proposal favorable effect on prospects of that bank. would have undue adverse effects on competitors Considerations relating to the banking factors of either bank. are consistent with approval of Applicant’s pro­ Present competition between First Bank and posal as they relate to Applicant and First Bank, Peoples Bank is not significant. The areas served and lend some weight toward approval of the appli­ by the two banks are not overlapping or contig­ cation as they relate to Peoples Bank. uous, and neither bank derives any significant por­ Convenience and needs of the communities in­ tion of its business from the area served by the volved. The banking needs of the communities other bank or from the area intervening that area served by First Bank appear to be adequately met and the area which it serves. at present, and Applicant proposes no changes or Some potential for increased competition be­ additional services in that area. However, Appli­ tween the subject banks does exist, since State law cant’s proposal, by providing increased facility for would permit either bank to branch into the area arranging credit in excess of the capability of Peo­ served by the other or into the intervening area. ples Bank, and by providing Peoples Bank with In determining the adverse weight to be assigned specialized advice on trust matters, lending, and to that consideration, however, it is significant that daily operations, should result in some improve­ the likelihood that the two banks would branch in ments in the services offered by Peoples Bank. convergent directions, and thereby become signifi­ Considerations relating to the convenience and cant competitors, is not suggested either by the past needs of the communities involved, as they relate expansion patterns of the two banks or by the to the area served by Peoples Bank, lend some potential economic benefits of such branching, in weight in support of approval of the application. view of the population of the communities involved Summary and conclusion. On the basis of all and the number of banking offices located therein. relevant facts contained in the record, and in light The fact that several of the largest banking organi­ of the factors set forth in section 3(c) of the Act, zations in the State are located in or near the areas it is the Board’s judgment that the proposed trans­ involved provides additional support for the con­ action would be in the public interest and that the clusion that future competition would not be sub­ application should be approved. stantially lessened by consummation of Applicant’s proposal. DACOTAH BANK HOLDING CO., On the basis of the foregoing, the Board con­ ABERDEEN, SOUTH DAKOTA cludes that the proposed action will not result in a In the matter of the application of Dacotah Bank monopoly or be in furtherance of any combination, Holding Co., Aberdeen, South Dakota, for approval conspiracy, or attempt to monopolize the business of action to become a hank holding company of banking in any relevant area, and will not sub­ through the acquisition of up to 100 per cent of the stantially lessen competition, tend to create a mo­ voting shares of Farmers and Merchants Bank, nopoly, or restrain trade in any section of the Aberdeen; Citizens State Bank, Clark; and Citizens country. Bank of Mobridge, Mobridge, all in South Dakota. Financial and managerial resources and future prospects. The projected financial condition of Ap­ Order Approving Application under plicant, a recently formed corporation, is satisfac­ Bank Holding Company Act tory, as are its management and prospects, which are entirely dependent on those of the proposed There has come before the Board of Governors, subsidiary banks. The financial condition of First pursuant to section 3(a)(1) of the Bank Holding Bank is satisfactory, its management capable, and Company Act of 1956 (12 U.S.C. 1842(a)(1)), its prospects favorable. The financial condition and and section 222.3(a) of Federal Reserve Regula­ management of Peoples Bank are reasonably satis­ tion Y (12 CFR 222.3(a)), an application by factory; its prospects, however, in an area which Dacotah Bank Holding Co., Aberdeen, South Da­ has had little economic growth, are regarded as kota, for the Board’s prior approval of action only fair. Applicant’s proposal offers a means whereby Applicant, which presently owns a ma- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 285 jority of the voting shares of Security Bank, Web­ 100 per cent of the voting shares of Farmers and ster, South Dakota, would become a bank holding Merchants Bank, Aberdeen (“Aberdeen Bank”), company through the acquisition of up to 100 per Citizens State Bank, Clark (“Clark Bank”), and cent of the voting shares of the following three Citizens Bank of Mobridge, Mobridge (“Mobridge banks in South Dakota: Farmers and Merchants Bank”), all in South Dakota. Bank, Aberdeen; Citizens State Bank, Clark; and Applicant’s present subsidiary, Webster Bank, Citizens Bank of Mobridge, Mobridge. controls two banking offices and total deposits of As required by section 3(b) of the Act, the $6.1 million.1 Aberdeen Bank ($9.6 million de­ Board gave written notice of receipt of the appli­ posits) and Mobridge Bank ($5.3 million deposits) cation to the Superintendent of Banks for the have one office each and Clark Bank ($5.2 million State of South Dakota, and requested his views deposits) has four offices. and recommendation. The Superintendent recom­ The four banks which would comprise Appli­ mended that the application be approved. cant’s system are closely related. Applicant and, Notice of receipt of the application was pub­ indirectly, Webster Bank are controlled by six in­ lished in the Federal Register on October 26, dividuals, who also own substantial interests in 1968 (33 Federal Register 15892), providing an Aberdeen Bank, Mobridge Bank, and Clark Bank. opportunity for interested persons to submit com­ Views and recommendation of supervisory au­ ments and views with respect to the proposed thority. As required by section 3(b) of the Act, transaction. A copy of the application was for­ notice of receipt of the application was given to, warded to the United States Department of Jus­ and views and recommendation requested of, the tice for its consideration. Time for filing com­ Superintendent of Banks for the State of South ments and views has expired and all those received Dakota. The Superintendent recommended ap­ have been considered by the Board. proval of the application. It is hereby ordered, for the reasons set forth Statutory considerations. Section 3(c) of the in the Board’s Statement of this date, that said ap­ Act provides that the Board shall not approve an plication be and hereby is approved, provided that acquisition that would result in a monopoly or the action so approved shall not be consummated would be in furtherance of any combination or (a) before the thirtieth calendar day following the conspiracy to monopolize or to attempt to monop­ date of this Order or (b) later than three months olize the business of banking in any part of the after the date of the Order, unless such period is United States. Nor may the Board approve a pro­ extended for good cause by the Board or by the posed acquisition the effect of which, in any sec­ Federal Reserve Bank of Minneapolis pursuant to tion of the country, may be substantially to lessen delegated authority. competition, or to tend to create a monopoly, or Dated at Washington, D.C., this 10th day of which in any other manner would be in restraint March, 1969. of trade, unless the Board finds that the anticom­ By order of the Board of Governors. petitive effects of the proposed transaction are Voting for this action: Chairman Martin and Gover­ clearly outweighed in the public interest by the nors Mitchell, Maisel, Brimmer and Sherrill. Absent probable effect of the transaction in meeting the con­ and not voting: Governors Robertson and Daane. venience and needs of the community to be served. (Signed) Robert P. Forrestal, In each case, the Board is required to take into Assistant Secretary consideration the financial and managerial resources [seal] and future prospects of the bank holding company Statement and the banks concerned, and the convenience and Dacotah Bank Holding Co., Aberdeen, South needs of the community to be served. Dakota (“Applicant”), has filed with the Board, Competitive effects of proposed transaction. Con­ pursuant to section 3(a)(1) of the Bank Holding summation of Applicant’s proposal would result in Company Act of 1956, an application for approval Applicant’s becoming the only bank holding com­ of action to become a bank holding company. Ap­ pany based in South Dakota. The $26.2 million plicant, which presently owns a majority of the aggregate deposits held by its present and proposed voting shares of Security Bank, Webster, South Dakota (“Webster Bank”), would become a bank 1 All banking data are as of June 29, 1968, unless other­ holding company through the acquisition of up to wise noted. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

286 FEDERAL RESERVE BULLETIN □ MARCH 1969 subsidiaries represent 2 per cent of the total de­ in a monopoly or be in furtherance of any com­ posits held by banks in the State. Two bank holding bination, conspiracy, or attempt to monopolize the companies, the principal banking subsidiaries of business of banking in any relevant area, and will which are located in Minnesota, own 11 subsidiary not substantially lessen competition, tend to create banks (46 offices) in South Dakota and control 39 a monopoly, or restrain trade in any section of the per cent of the aggregate deposits held by banks country. located in the State. Financial and managerial resources and future Mobridge Bank and Aberdeen Bank are located prospects. Applicant’s financial condition, and that 100 miles apart, while Webster Bank and Clark of its present subsidiary, Webster Bank, are satis­ Bank are located at a distance of 55 miles and 80 factory, and both have capable management and miles, respectively, from Aberdeen Bank. The clos­ favorable prospects. Each of the proposed subsidi­ est offices of any of the banks are the main office aries, Aberdeen Bank, Clark Bank, and Mobridge of Webster Bank and a branch of Clark Bank, Bank is also in satisfactory financial condition, with which are located 23 miles apart. Although there satisfactory management and favorable prospects. is a slight overlap of the market areas served by Considerations relating to the banking factors are these two offices, competition between the two consistent with approval of the application. banks appears insignificant. There is no competition Convenience and needs of the communities in­ among other offices of the subject banks, and, in volved. The banking services offered in the commu­ view of the distances between them and the num­ nities served by the present and proposed subsidiary ber of banks located in the intervening areas, there banks appear sufficient to serve customer needs. is little probability that such competition would No new banking services or changes in present serv­ develop in the future. The only competing banks ices will be offered by the banks as a result of ap­ with offices located in the towns of Aberdeen, proval of the present application. The greatest as­ Clark, and Mobridge are subsidiaries of the afore­ serted benefits of the proposal are the increased mentioned Minnesota-based bank holding compa­ ability of the group banks, through participations nies. In addition, Aberdeen Bank, Clark Bank, and among them, to finance an expanding agriculture Mobridge Bank each competes to a lesser extent sector, and the ability of Clark, Mobridge, and with numerous rural banking institutions, the clos­ Webster banks to offer their customers access to est of which is located over 10 miles from the site agriculture credit assistance and tmst services, of its home office. It appears that the rural banks through referrals to the Aberdeen Bank, which pres­ would be little affected by consummation of the ently offers such services. proposal and that the primary competitive impact All of the foregoing benefits asserted by Appli­ would be upon the affiliates of the two out-of-state cant are available or could be provided either bank holding companies in the respective towns. through correspondent banks or through the present Applicant’s present subsidiary, Webster Bank, is the affiliation. However, Applicant’s proposal would only bank in Webster, and its competitive position provide some efficiencies in the area of portfolio would remain substantially unchanged. It does not appear that consummation of the proposed acquisi­ management and would facilitate participation of tions would impair the viability or competitive ef­ loans among the present and proposed subsidiary fectiveness of any competing bank. Rather, any banks, and these considerations lend some weight increase in the competitive ability of the group toward approval of the application. banks would enable them to compete more effec­ Summary and conclusion. On the basis of all re­ tively against the larger organizations which have levant facts contained in the record, and in the light subsidiaries located in the areas served by the of the factors set forth in section 3(c) of the Act, proposed subsidiary banks. it is the Board’s judgment that the proposed trans­ On the basis of the foregoing, the Board con­ action would be in the public interest and that the cludes that the proposed transaction will not result application should be approved. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Announcements CHANGES IN THE BOARD'S STAFF Arkansas, as a director of the Little Rock Branch of the Federal Reserve Bank of St. Louis for the Mr. Merritt Sherman, an Assistant to the Board of unexpired portion of a term ending December 31, Governors, retired on March 1, 1969. Mr. Sher­ 1970. As a director of the Little Rock Branch he man’s 42 years of service with the System began succeeds Mr. Ralph M. Sloan, Jr., who resigned with the Research Department of the Federal Re­ January 17, 1969, to accept appointment to the serve Bank of San Francisco in September 1926. Arkansas Commerce Commission. He joined the Board’s staff as an Assistant Secre­ tary of the Board in October 1946 and was subse­ ADMISSION OF STATE BANKS TO quently promoted to Secretary in October 1958. MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM Mr. Sherman had held the position from which he retired since January 1968, The following banks were admitted to membership in the Federal Reserve System during the period February 15, 1969, through March 15, 1969: APPOINTMENT OF DIRECTOR The Board of Governors of the Federal Reserve Tennessee System announced the appointment, effective Memphis.............................First American Bank March 13, 1969, of Mr. Fred I. Brown, Jr., Presi­ Georgia dent of Arkansas Foundry Company, Little Rock, Atlanta................................Mercantile City Bank 287 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication March 17 Industrial production edged up in February, further marked advances in output of industrial nonfarm employment rose further, and retail and commercial machinery. sales were unchanged from the January'high. Un­ Production of iron and steel increased again employment remained at the low rate prevailing and output of other durable goods materials rose in the preceding 2 months. Commercial bank credit slightly further. Production of some nondurable increased moderately and the money supply rose materials, however, eased off. slightly further. Time and savings deposits, how­ EMPLOYMENT ever, continued to decline. Between mid-February Nonfarm employment advanced strongly again and mid-March, yields on most U.S. Government in February. Most nonmanufacturing activities securities and on corporate and municipal bonds advanced further. participated in the rise, with the largest increase in construction employment. In manufacturing, the rise in the durable goods sector was less rapid INDUSTRIAL PRODUCTION than in recent months and employment in the Industrial production in February was 169.5 per nondurable goods sector, after allowance for the cent of the 1957-59 average, up 0.2 per cent from return to work of strikers in the petroleum indus­ the downward revised January level of 169.1 and try, remained unchanged. The average factory 4.6 per cent above a year earlier. workweek edged down further to 40.5 hours. The Among consumer products, auto assemblies de­ unemployment rate remained at 3.3 per cent, the clined further to an annual rate of 8.4 million units 15-year low first reached in December. from 8.7 million units in January. Overall output of household goods changed little in February as DISTRIBUTION increased production of some products was about The value of retail sales in February was un­ offset by decreases in others. Output of consumer changed from January and up 6 per cent from a staples, however, continued to expand. Production year earlier, according to advance estimates, A of business equipment rose to a new high with decline in sales at durable goods stores was offset by a rise at nondurable goods stores. Unit sales of new domestic autos rose and were at an annual rate of 8.7 million units. COMMODITY PRICES Average prices of industrial commodities rose an estimated 0.4 per cent from mid-January to mid­ February reflecting largely increases in lumber and metal products. Industrial prices have risen further since mid-February and have included increases for gasoline, steel sheet and strip, brass mill prod­ ucts, and paper bags. Prices of farm and food products changed little from mid-January to mid­ February but have increased somewhat since then owing mainly to higher livestock prices. BANK CREDIT, DEPOSITS, AND RESERVES Commercial bank credit rose $1.4 billion in Febru­ F.R. indexes, seasonally adjusted. Latest figures: February. ary, somewhat more than in January, but less 288 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

than one-half the average monthly increase in the million over the 4 weeks ending February 26, fourth quarter of 1968. Substantial loan expansion, compared with $490 million in January. Member reflecting continued growth in most major cate­ bank borrowings rose by $120 million to an aver­ gories, was offset in large part by accelerated age level of $835 million, while excess reserves liquidation of U.S. Government securities. Hold­ remained about unchanged. ings of municipal and Federal agency issues re­ SECURITY MARKETS mained unchanged following a sharply reduced rate of growth over the two previous months. Yields on most Government notes and bonds rose The money supply increased $200 million in considerably between mid-February and mid­ February, or slightly less than the sharply reduced March. However, rates on Treasury bills generally January expansion. U.S. Government deposits, declined over the period, influenced by continued however, rose in both months after declining strong demands for very short-term liquid invest­ steadily in the fourth quarter of 1968. Time and ments. The 3-month bill was bid at a bit over 6.00 savings deposits at commercial banks declined $1.5 per cent in the middle of March, but rose some­ billion in February following a somewhat larger what on March 17 following an increase in the decline in January. Attrition of large negotiable prime lending rate to 7'/z per cent at some large CD’s continued although at a somewhat less rapid banks. pace than in January. Inflows of consumer-type Yields on corporate and municipal bonds ad­ time and savings deposits resumed moderate vanced significantly between mid-February and growth following contraseasonal outflows in early mid-March, piercing their previous peak levels. January. Common stock prices declined on balance in light Net borrowed reserves averaged about $600 to moderate trading volume. INTEREST RATES 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, January; Wholesale, February. more and for 90-day Treasury bills. Latest figures: week ending Mar. 7. 289 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 □ MARCH 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 TABLES PUBLISHED PERIODICALLY: Banking and Monetary Statistics, 1968: A 92 Reserves and Borrowings of Member Banks A 94 Assets and Liabilities of Large Commercial Banks A 98 Commercial and Industrial Loans of Large Commercial Banks A 100 “Term” Commercial and Industrial Loans of Large Commercial Banks A 101 Money Market Rates A 102 Bond and Stock Yields A 109 INDEX TO STATISTICAL TABLES Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 3 Guide to Tabular Presentation SYMBOLS AND ABBREVIATIONS e Estimated N.S.A. Monthly (or quarterly) figures not adjusted c Corrected for seasonal variation p Preliminary IPC Individuals, partnerships, and corporations r Revised SMSA Standard metropolitan statistical area rp Revised preliminary A Assets I, L Liabilities III, IV Quarters S Sources of funds n.a. Not available U Uses of funds n.e.c. Not elsewhere classified * Amounts insignificant in terms of the par­ S.A. Monthly (or quarterly) figures adjusted for ticular unit (e.g., less than 500,000 when seasonal variation the unit is rrullions) .. (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 (lefd 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 Annually—Continued issue Page Quarterly Issue Page Banking and monetary statistics, 1968.. Mar. 1969 A-92—A-102 Flow of funds.................................... Feb. 1969 A-68 May 1968 A-89—A-93 Banks and branches, number, by class and state/........................................ Apr. 1968 A-87 Semiannually Flow of funds (assets and liabilities): Banking offices: 1966......................................................... Feb. 1968 A-65.10 Analysis of changes in number of. . , Feb. 1 969 A-94 1967............................................................... May 1968 A-67.10 On, and not on, Federal Reserve Par List, number.................................. Feb. 1969 A-95 Income and expenses: Federal Reserve Banks...................... Feb. 1969 A-92 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 □ MARCH 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 T U o .S ta . l Go B v r o o i t g , u u h g s t­ t e h c t u R r m c a it h e g i e e a p r n s e s u t e e s 1 r ­ ­ c v D a o a a n u n d i c s n d ­ e ­ t s s Float 2 t T a o l ­ 3 s G to o c ld k s r c u o e t in u a n r u y g n r c 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 i r u n o a e g r s l a y d s h s ­ ­ Tr u e r a y w s it ­ h re F e F se i o . g R r r n v ­ . e s B , O an th ks er2 c O a o c F t u ­ h . n R e t r s . B W F a . n R it k h . s re c r C s a e o e n n i u n r 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 1,933 250 12 2,208 4,030 2,295 5,455 272 81 64 350 2,211 2,211 1939—Dec........... 2,510 2,510 8 83 2,612 17,518 2,956 7,609 2,402 616 39 248 11,473 11,473 1941—Dec........... 2,219 2,219 5 170 2,404 22,759 3,239 10,985 2,189 592 1^31 292 12,812 12,812 1945—Dec........... 23.708 23,708 381 65224,744 20.047 4,322 28,452 2,269 625 1.247 493 16,027 16.027 1950—Dec........... 20,345 20,336 9 142 1,117 21,606 22,879 4,629 27,806 1,290 615 920 353 739 17,391 17,391 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 15,978 5,561 35,281 398 587 222 290 1,048 16,932 3,108 20,040 1963—Dec........... 33,729 33,626 103 360 2,434 36,610 15,562 5,583 37,603 389 879 160 206 1,215 17,303 3,443 20,746 19«4—Dec........... 37,126 36,895 231 266 2.423 39,873 15,388 5,401 39,698 595 944 181 186 1,093 17,964 3,645 21,609 1965—Dec........... 40.885 40,772 113 490 2,34943,853 13,799 5,565 42,206 808 683 154 231 389 18,747 3,972 22,719 1966—Dec........... 43,760 43,274 486 570 2,383 46,864 13,158 6,284 44,579 1,191 291 164 429 83 19,568 4,262 23,830 1967—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—Feb........... 48,930 48,734 196 361 1,515 50,873 11,900 6,791 45,851 1 ,336 1 ,021 143 457 -512 21,265 4,345 25,610 Mar........... 49,511 49,452 59 682 1,599 51,863 11,096 6,798 46,138 1,215 916 165 506 -536 21,354 4,226 25,580 Apr........... 50,090 49,943 147 698 1,641 52,509 10,484 6,797 46,642 1 ,122 738 167 538 -598 21,181 4,365 25,546 May......... 50,581 50,329 252 759 1 ,58052,998 10,452 6,794 46,873 1 ,073 1 ,059 159 483 -581 21,179 4,326 25,505 June......... 51 ,306 51,160 146 705 1 ,712 53,813 10,369 6,764 47,486 973 960 181 471 -474 21,350 4,363 25,713 July........... 52,090 52,041 49 538 1 ,87054,573 10,367 6,721 48,089 836 1,026 164 472 -436 21,510 4,491 26,001 Aug........... 52,646 52,463 183 568 1 ,76055,048 10,367 6,733 48,194 811 963 170 459 -102 21,653 4,416 26,069 Sept........... 52,222 52,208 14 515 1 ,981 54,769 10,367 6,737 48,474 791 611 131 450 -151 21 ,567 4,510 26,077 Oct............ 53,300 53,252 48 427 1 ,97655,770 10,367 6,757 48,632 781 1,054 137 461 -312 22,141 4,512 26,653 Nov.......... 53,388 53,322 66 569 2,16056,183 10,367 6,790 49,398 769 798 164 439 -491 22,263 4,522 26,785 Dec........... 52,529 52,454 75 765 3,251 56,610 10,367 6,810 50,609 756 360 225 458-1,105 22,484 4,737 27,221 1969—Jan............ 52,665 52,622 43 697 3,05456,476 10,367 6,802 49,784 760 602 189 495-1,174 22,988 5,075 28,063 Feb.». . . . 52,265 52,074 191 824 2,575 55,759 10,367 6,810 49,228 764 641 130 488 -932 22,617 4,647 27,264 Week ending—• 1968—Feb. 7.. 49,344 48,925 419 241 1,451 51,099 11,954 6,788 45,777 1 ,361 912 142 450 -554 21,752 4,169 25,921 14.. 49,210 48,815 395 384 1 ,267 50,949 11,882 6,788 45,942 1,343 1 ,071 137 462 -608 21,272 4,258 25,530 21.. 48,443 48,443 405 1,73450,643 11,882 6,792 45,881 1,333 1,051 140 455 -453 20,911 4,364 25,275 28.. 48,724 48,724 442 1 ,55650,779 11,883 6,796 45,817 1,319 1 ,022 147 461 -444 21,137 4,499 25,636 Mar. 6.. 49,077 49,019 58 501 1,72951,363 11 ,883 6,797 45,832 1,301 992 152 489 -418 21,695 4,102 25,797 13. . 49,278 49,166 112 787 1,473 51 ,595 11,609 6,795 46,205 1 ,275 1 ,008 122 478 -474 21,386 4,162 25,548 20. . 49,840 49,840 748 1 .668 52,312 10,872 6,801 46,233 1 ,224 1,059 166 505 -609 21,406 4,266 25,672 27.. 49,621 49,621 597 I ,53451 ,855 10,484 6,800 46,153. 1,129 844 205 465 -597 20,941 4,385 25,326 Apr. 3.. 49,843 49,634 209 711 1 ,449 52,103 10,484 6,798 46,358 1,126 537 182 653 -579 21,109 4,354 25,463 10. . 50,153 49,950 203 661 1 ,637 52,570 10,484 6,797 46,647 1,119 521 168 582 -555 21,369 4,065 25,434 17. . 50,219 49,952 267 778 1 ,80452,871 10,484 6,799 46,901 1,126 422 148 534 -667 21,691 4,399 26,090 24.. 49,927 49,927 666 1 ,841 52,490 10,484 6,797 46,608 1,124 1,038 160 487 -594 20,950 4,553 25,503 May 1 .. 50,238 50,103 135 689 1 ,461 52,458 10,484 6,797 46,481 1,121 1 ,073 194 490 -601 20,980 4,538 25,518 8.. 50,617 50,200 417 837 1 ,467 53,030 10,484 6,796 46,668 1,109 935 148 482 -684 21,652 4,046 25,698 15.. 50,521 50,069 452 725 1 ,493 52,819 10,484 6,794 46,920 1 ,082 1 ,080 132 499 -698 21,083 4,296 25,379 22.. 50,549 50,402 147 682 1,861 53,162 10,470 6,795 46,908 1 ,058 1 ,228 145 486 -462 21,063 4,316 25,379 29. . 50,589 50,589 ........... 777 1 ,501 52,923 10,384 6,794 46,937 1 ,053 1 ,076 165 463 -442 20,849 4,473 25,322 June 5. . 50,619 50,619 772 1 ,54052,985 10,382 6,796 47,254 1 ,042 784 309 477 -742 21,038 4,294 25,332 12. . 50,899 50,609 290 691 1 ,57653,242 10,367 6,794 47,506 I ,004 856 157 457 -779 21 ,203 4,197 25,400 19.. 50,973 50,850 123 677 1 ,81253,537 10,367 6,782 47,574 982 1,072 146 451 -715 21,176 4,421 25,597 26. . 52,009 51,797 212 820 1 ,737 54,685 10,367 6,766 47,484 947 1 ,063 161 481 13 21,669 4,548 26,217 July 3.. 52,217 52,217 506 1 ,831 54,656 10,367 6,720 47,797 880 1,115 185 522 -136 21,380 4,459 25,839 10.. 52,282 52,203 79 425 2,02654,800 10,367 6,724 48,267 837 903 181 490 -392 21,604 4,222 25,826 17.. 51 ,994 51,890 104 484 1 ,91454,467 10,367 6,727 48,257 831 1,106 155 470 -662 21,404 4,607 26,011 24.. 51,904 51,904 652 2,023 54,637 10,367 6,714 48,002 838 998 142 448 -420 21,710 4,551 26,261 31 .. 52,118 52,084 34 615 1 ,627 54,466 10,367 6,719 47,851 826 1 ,033 155 443 -318 21,562 4,624 26,186 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 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 than member bank Member bank Treas­ reserves, reserves Period Cur­ d o a r te U To .S ta . l Go B v r o o i t g u , u h t g s ­ t e h c t u R a m c r g i h e e t r i a p e n e s u s t e e s r ! ­ ­ c v D o a a a n u n d is c n d ­ ­ e t s s Float 2 t T a o l ­ 3 s G to o c ld k s r c e o u t i u a n n u r r n g y c t ­ ­ d y ­ r c e t c i u i o n i n l r c a n ­ y ­ T h c in r u o a e g r s l a y d s h s ­ ­ T u re w r a y it s h ­ F F e .R i o g . n r ­ Ba O nk th s er^ c O o F t a u h . c n R e ­ t . s r B W F a . n R it k h . s c r C o a e i n u n n d c r ­ y 4 Total Averages of daily figures Week ending— 1968—Aug. 7.. 52,483 52,160 323 748 1 ,64554,971 10,367 6,726 47,976 824 845 204 475 -274 22,014 4,213 26,227 14.. 52,518 52,212 306 580 1 ,63654,820 10,367 6,730 48,289 811 927 189 449 -313 21,565 4,325 25,890 21 52,788 52,604 184 619 1 ,98255,457 10,367 6,734 48,252 808 998 173 467 42 21,816 4,411 26,227 28.. 52,663 52,663 374 1,721 54,810 10,367 6,740 48,190 808 1 ,084 125 444 51 21,217 4,574 25,791 Sept. 4.. 52,975 52,975 454 1,70755,188 10,367 6,730 48,431 787 938 140 457 101 21,430 4,451 25,881 11.. 52,341 52,341 634 1 ,90454,930 10,367 6,733 48,685 787 147 134 446 60 21,771 4,421 26,192 18. . 51,630 51 ,630 405 2,203 54,288 10,367 6.735 48,567 790 208 128 465 -292 21,525 4,449 25,974 25.. 51,844 51,844 ............ 475 2,22354,592 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 ,96355,482 10,367 6,749 48,550 786 1 ,072 156 473 -250 21,812 4,683 26,495 16. . 53,496 53,397 99 516 2,01456,133 10,367 6,754 48,764 780 980 132 483 -248 22,366 4,609 26,975 23.. 53,289 53,232 57 337 2,183 55,868 10,367 6,759 48,702 772 1 ,043 131 450 -377 22,274 4,199 26,473 30.. 53,402 53,345 57 495 1 ,718 55,671 10,367 6,767 48,556 782 1 ,092 127 438 -382 22,192 4,528 26,720 Nov. 6. . 53,389 53,294 95 392 1,66055,498 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 1 ,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 10,367 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 11 52,468 52,468 434 2,627 55,589 10,367 6,809 50,383 755 191 233 438 -960 21,725 4,736 26,461 18. . 52,072 52,072 575 3,38456,090 10,367 6,807 50,616 749 70 234 444-1,247 22,399 4,689 27,088 25.. 52,232 52,168 64 859 3,73556,889 10,367 6,812 50,803 754 461 217 445-1,153 22,54! 4,691 27,232 1969—Jan. 1.. 52,981 52,744 237 1 ,320 3,761 58,145 10,367 6,809 50,956 740 579 215 560-1,148 23,419 4,92! 28,340 8. . 53,330 53,142 188 498 3,39257,306 10,367 6,801 50,472 763 579 217 490-1,201 23,153 4,802 27,955 15. . 52,967 52,967 687 3,068 56,777 10,367 6,800 50,023 762 563 216 487-1,156 23,050 5,517 28,567 22.. 52,487 52,487 782 3,13656,456 10,367 6,801 49,537 763 545 201 485 -1,232 23,326 5,023 28,349 29.. 51,984 51 .984 ........... 891 2,55255,476 10,367 6,803 49,153 761 715 132 477-1,129 22,537 5,035 27,572 Feb. 5 .. 52,061 52,053 8 744 2,542 55,397 10,367 6,806 49,061 766 490 129 502 -993 22,616 4,821 27,437 12.. 52,220 52,053 167 799 2,61055,707 10,367 6,807 49,307 761 831 133 477-1,009 22,382 4,878 27,260 19”. 52,541 52,108 433 1 ,043 2,61956,345 10,367 6,809 49,377 764 669 133 500-1,014 23,093 4,489 27,582 26”. 52,229 52,124 105 758 2,641 55,732 10,367 6,813 49,148 763 562 129 483 -793 22,620 4,454 27,074 End of month 1968—Dec...5..2...,.9..37 52,937 186 3,443 56,624 10,367 6,795 50,961 695 703 216 747-1 ,353 21 ,818 4,921 26,739 1969—Jan...5..2...,.1..2..7 52,127 864 2,885 55,926 10,367 6,799 48,983 754 517 126 528 -971 23,158 4,821 27,979 Feb.”.... 52,295 52,076 219 744 2,727S5,857 10,367 6,812 49,057 762 505 121 482 -691 22,801 4,626 27,427 Wednesday 1968—Dec. 4.. 52,646 552,646 121 2,571 55,398 10,367 6,809 50,294 768 649 225 446-1,016 21,207 4,628 25,835 11.. 51,413 551,413 273 2,645 54,391 10,367 6,805 50,657 749 58 212 426-1,062 20,524 4,736 25,260 18. . 51 ,000 551,000 968 3,83855,861 10,367 6,810 50,789 752 442 228 448-1,214 21,592 4,691 26,283 25.. 52,606 52,382 224 332 3,55756,576 10,367 6,814 51,023 763 168 226 490-1,141 22,228 4,921 27,149 1969—Jan. 1.. 52,937 52,937 186 3,443 56,624 10,367 6,795 50,961 695 703 216 747-1,353 21 ,818 4,921 26,739 8. . 52,722 552,722 180 2,99055,949 10,367 6,799 50,340 765 762 216 469-1,184 21,748 4,810 26,558 15. . 52,187 552,187 958 2,78255,980 10,367 6,801 49,865 767 613 230 511 -1,220 22,381 5,529 27,910 22.. 52,484 52,484 862 2,625 56,021 10,367 6,804 49,406 768 337 196 496 -1,222 23,211 5,024 28,235 29.. 52,325 52,325 ........... 928 2,34255,645 10,367 6,806 49,148 763 498 124 473-1,123 22,935 5,035 27,970 Feb. 5”. 52,062 52,001 61 1,154 2,16355,428 10,367 6,804 49,209 768 414 119 481 -1,004 22,612 4,822 27,434 12”. 52,062 51,901 161 I ,107 2,85056,105 10,367 6,807 49,480 765 1,163 133 508-1,106 22,337 4,880 27,217 19”. 52,327 52,167 160 460 2,331 55,274 10,367 6,812 49,348 763 449 119 474 -779 22,079 4,489 26,568 26”. 51,947 51,947 ........... 499 2,56755,064 10,367 6,815 49,197 767 615 HO 492 -846 2f,911 4,454 26,365 1 U.S. Govt, securities include Federal agency obligations. 4 Part allowed as reserves Dec. 1, 1959-Nov. 23, 1960; all allowed 2 Beginning with 1960 reflects a minor change tn 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. Sec also note 2. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 6 BANK RESERVES AND RELATED ITEMS a MARCH 1969 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city banks All member banks New York City City of Chicago Period Reserves Bor­ Reserves Bor­ Reserves Bor­ T h o e t l a d l qu R ir e e ­ d 1 Excess r F in o a . g w R t s ­ . s F e r r r e v e e ­ e s T h o e t l a d l qui R re e d ­ 1 Excess r F in o a . g R w t s . ­ s F e r r r e v e ­ e e s T h o e t l a d l qui R re e d ­ 1 Excess r F in o a . g R w t s . ­ s F e r r r e e v ­ e e s Banks Banks Banks 1929—June.............. 2,314 2,275 42 974 -932 762 755 7 174 -167 161 161 1 63 -62 1933—June.............. 2 2,160 1’797 363 184 179 861 792 69 69 211 133 78 78 1939—Dec......... 11,473 6,462 5,011 3 5,008 5,623 3,012 2,611 2,611 1,141 601 540 540 1941—Dec................ 12^812 9,422 3,390 5 3,385 5,142 4453 ’989 '989 1,143 848 295 295 1945—Dec................ 16,027 14,536 1,491 334 1,157 4'118 4,070 48 192 -144 '939 924 14 14 1950—Dec................ 17,391 16,364 1,027 142 '885 4,742 4,616 125 58 67 1,199 1,191 8 5 3 1960—Dec................ 19,283 18,527 756 87 669 3,687 3,658 29 19 10 958 953 4 8 — 4 1962—Dec............... 20,040 19,468 572 304 268 3,863 3,817 46 108 -62 1,042 1,035 7 18 -11 1963—Dec................ 20'746 20'210 536 327 209 3,951 3,895 56 37 19 1,056 1 ,051 5 26 -21 f 964—Dec................ 21'609 21 i198 411 243 168 4’083 4^062 21 35 -14 I ’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 J 19 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 13 -5 1968—Feb................ 25,610 25,211 399 361 38 5,060 5,011 49 106 —57 1 221 1,215 6 4 2 25^580 25^224 356 671 -315 5,149 5,063 86 99 -13 1 176 1 169 7 66 -59 25^546 25'276 270 683 -41 3 4 993 4,985 8 67 -59 1 159 1,160 -1 104 -105 May.............. 25 ,'505 25'085 420 746 -326 4,905 4,871 34 68 -34 1,163 1,151 12 76 -64 25’713 25,362 351 692 -341 5,120 5 ,'029 91 69 22 1 ’ 145 1 ’ 150 - 5 38 -43 July............... 26,001 25,702 299 525 -226 5 ,047 5,060 -13 12 -25 1 ,190 1 ’,181 9 87 -78 26’069 25’694 375 565 -190 4,940 4'912 28 192 -164 1,165 1,161 4 2 2 26,'077 25,694 383 515 -132 4,886 4,868 18 154 -136 1 147 1 ,143 4 23 -19 Oct................. 26,653 26,393 260 427 -167 5 ,096 5,071 25 65 -40 1 ,’182 1,177 5 9 -4 Nov................ 26'785 26,461 324 569 -245 5 ,’O22 4^968 54 72 -18 1 153 1 '155 -2 7 -9 Dec................ 27,22! 26^766 455 752 -297 5’157 5,057 100 230 -130 1 ’199 1,184 15 85 -70 1969—Jan................. 28,063 27,846 217 697 -480 5,397 5,392 5 65 -60 1 ,286 1 ,287 -1 48 _49 Feb, ”............ 27,264 27,067 1 97 824 -627 5; 187 5; 194 — 7 63 -70 1 ,259 1 ,253 6 39 -33 Week ending—• 1968—Feb, 7.... 25,921 25,546 375 241 134 5,218 5,189 29 6 23 1 ,252 1 ,245 7 1 6 14... . 25,530 25,042 488 384 104 5,029 4,895 134 154 -20 1,194 I ,195 -1 2 -3 21 . 25,275 24,896 379 405 -26 4,949 4,920 29 145 -116 1 ,196 1,188 8 8 28.... 25,636 25,323 313 442 -129 5,032 5; 030 2 133 -131 I ,242 1 ,231 11 6 5 Sept. 4. . . . 25,881 25,626 255 454 -199 4,818 4,839 -21 111 -132 1,186 1,175 11 11 11 . 26,192 25,636 556 634 -78 4,989 4,854 135 240 -105 1,145 1,123 22 22 18.... 25,974 25,600 374 404 -30 4,860 4,839 2! 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 J 30 1,132 -2 -2 16. . . . 26,975 26,602 373 516 -143 5,279 5,221 58 173 -115 1 ,251 1 ,246 5 14 -9 23. . . . 26,473 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 I ,191 1,173 18 18 20......... 26,960 26,731 229 513 -284 5,203 5,123 80 43 37 1 '171 1 ,157 14 14 27......... 26^94 261409 185 583 -398 4’766 4,’821 -55 57 -112 1 ,128 1 ,153 -25 10 -35 Dec. 4......... 26,859 26,380 479 531 -52 5,038 4,862 176 74 -102 1,187 1 ,155 32 13 19 11......... 26,461 26,409 52 434 -382 4,823 4,937 -1 14 86 -200 1 ,157 1 ,174 -17 - 17 18 27,’088 26,720 368 575 -207 5,223 5 J2I 102 104 -2 1,187 1,185 2 45 -43 25......... 27,232 26,812 420 859 -439 5,122 5,017 105 282 -177 1 ,175 1 ,162 13 149 -136 1969—Jan. 1......... 28,340 27,439 901 1 ,320 -419 5,571 5,298 273 517 '•-244 1 ,251 1 ,242 9 188 -179 8......... 27,955 27,753 202 498 -296 5,365 5,379 - 14 -14 1 ,277 1 ,265 12 55 -43 15......... 28^567 28,335 232 687 -455 5 ;638 5^62 -24 136 -160 1 ,335 1 '348 -13 31 -44 22......... 28,349 28,076 273 782 -509 5,541 5,492 49 86 -37 1 ,313 1 ,311 2 1 10 - 108 29........ 27,572 27,384 188 891 -703 5,144 5,126 18 57 -39 1 ,243 1 ,243 9 —9 Feb. 5.......... 27,437 27,202 235 744 -509 5,109 5,125 -16 87 -103 1,243 1 ,245 -2 4 -6 12 27,260 27,039 221 799 -578 5,130 5,166 -36 91 -127 1,281 1 ,270 11 81 -70 19*’. .. . 27,582 27,233 349 1 ,043 -694 5,427 5,343 84 64 20 1 ,274 1 ,276 -2 29 -31 26*.... 27,074 26,898 176 758 -582 5,187 5,144 43 21 22 1 ,227 1 ,228 -I 33 -34 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 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 Borrow­ Borrow­ Period ings at Free ings at Free F.R. reserves F.R. reserves Banks Banks T h o e t l a d l Required i Excess T h o e t l a d l Required1 Excess 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 4, , 3 1 1 4 7 0 3 1 ^ ,9 0 5 1 3 4 1 1 , ,3 1 0 8 3 8 i 1 1 ,1 3 8 0 8 2 2 1 , , 2 5 1 6 0 8 1,4 8 0 9 6 7 6 8 7 0 1 4 3 4 6 8 6 0 8 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1 1 9 9 3 4 9 1 — — D D e e c c . . 6,394 5’976 418 96 322 4,576 3,566 1,011 46 965 ................................1945—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. 81178 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. 10,271 10,218 53 126 -73 9,057 8,766 291 125 166 ................................1968—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 10,268 10’195 73 262 -189 9'169 8,867 302 340 -38 ..............................................May 10,275 10,241 34 258 -224 9'172 8,941 231 327 -96 10,447 10,392 55 152 — 97 9,317 9,070 247 274 -27 ..............................................July 10,568 10’501 67 161 -94 9,396 9 J 20 276 210 66 10,534 10^73 61 194 -133 9310 9^210 300 144 156 ..............................................Sept. 10,758 10'763 -5 186 -191 9'617 9,382 235 167 68 ...............................................Oct. 10,863 10^847 16 274 -258 9,747 9^491 256 216 40 10^990 10^900 90 257 -167 9'875 9’625 250 180 70 ..............................................Dec. 11,271 11,287 -16 321 -337 10,109 9,880 229 263 -34 .................................1969—Jan. 10,951 10^950 1 420 — 419 9'867 9; 670 197 302 -105 Week ending— 10,374 10,334 40 97 -57 9,078 8,780 298 137 161 .........................1968—Feb. 7 10'254 10'155 99 96 3 9,053 8^799 254 132 122 ...................................................14 10^089 10^077 12 168 -156 9'041 8,711 330 84 246 ...................................................21 10,341 10'292 49 150 -101 9,022 8,770 252 153 99 ...................................................28 10,516 10,460 56 178 -122 9,361 9,152 209 165 44 10,545 10,444 101 261 -160 9,511 9,215 296 133 163 ...................................................11 10,467 10,461 6 147 -141 9373 9,125 348 139 209 ...................................................18 10,447 10 347 191 -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 10,745 10,772 -27 199 -226 9'736 9,526 210 149 61 ...................................................11 10,878 10,846 32 230 -198 9 300 9'568 232 196 36 ...................................................18 10^73 10,942 31 260 -229 9’961 9,691 270 168 102 ..................................................25 11,405 11,138 267 418 -151 10,113 9,761 352 197 155 ...........................1969—Jan. 1 11,226 11,301 -75 220 -295 10,087 9,808 279 223 56 ................................................. 8 11,458 11^463 -5 261 -266 10,136 9,862 274 259 15 ...................................................15 11,380 11;364 16 372 -356 10,115 9,909 206 214 -8 ..................................................22 11'078 11,116 -38 457 -495 I0J07 9,899 208 368 -160 ..................................................29 11,090 11,038 52 310 -258 9,995 9,794 201 343 -142 .......................................Feb. 5 10,955 10,955 350 -350 9'894 9,648 246 277 -31 ...................................................12 11,034 10,988 45 617 -572 9,848 9'626 222 333 -111 ...............................................,19* 10,835 10,869 -34 439 -473 9^25 9,657 168 265 -97 ................................................26* 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 are averages of daily Required reserves: Based on deposits as of opening of business each day. figures within the calendar month; they are not averages of the 4 or 5 Borrowings at F.R. Banks: Based on closing figures. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 8 MAJOR RESERVE CITY BANKS □ MARCH 1969 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS (In millions of dollars unless otherwise noted) Related transactions with Basic reserve position Interbank Federal funds transactions U.S. Govt, securities dealers Less— Net— Gross transactions Net transactions Reporting banks and Total Bor­ week ending— s E e x r r v c e e e ­ s s s 1 r a o B t B w a F o n in . k r R g ­ s s . F f i b e u n N a d n te e n e d t r k r s ­ a l S d u e o r f p i r c l u it s r P r e e e q s a r e o 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 tr - t a i w o n a n s y s ­ 2 b c o b h P u a f a y u n n s i k r n e e ­ s s g t s o b S e a f a l n l l n i e n k e s s g t d L e o a t a l o e n r s s 3 de f r i r a n o o g l w e m s r ­ s 4 lo N a e n t s trans. Total—46 banks 1969—Jan. 1............... 585 916 2,608 -2,940 24.2 4,426 1 ,818 1,642 2,784 176 1 ,336 139 1,197 8.............. 114 186 3,028 -3,101 25.2 5,307 2,279 1,924 3,383 355 1 ,374 162 1,212 15.............. -4 372 3,217 -3,593 28.2 5,568 2,351 1 ,854 3,714 497 1 '038 134 '904 22.............. 53 431 2,260 -2,638 21.1 4,607 2,347 1 ;938 2,669 409 1 >92 106 986 29.............. 27 260 955 -1,188 10.0 3,907 2,952 2,006 1,901 946 1 ,356 104 1,252 50 212 1,016 -1 ,178 9.9 4,042 3,026 2,137 1,905 889 1,220 92 1,128 12.............. 13 340 2,095 -2,422 20.3 4,701 2,606 1,973 2,727 633 873 141 732 19.............. 131 482 1,515 -1,866 15.4 4,518 3,003 1 ,973 2,545 1 ,030 734 171 563 26.............. 153 234 1 ,022 -1,102 9.3 4,462 3,440 2,151 2,311 1 ,289 619 184 435 8 in New York City 1969—Jan. 1.............. 358 434 1 ,090 -1,165 24. 1 1 ,634 544 513 1,121 30 976 139 837 8.............. 65 1,403 -1 ,338 27.3 2,166 764 762 1,404 1 969 141 828 15.............. -4 136 1 310 -1 ,'550 30.0 2,333 923 819 1,514 104 847 115 732 22.. 29 86 635 -692 13.9 1,735 1,100 968 767 132 810 104 706 29.............. 46 -129 175 3.8 1 ,353 1,481 930 423 551 933 94 839 Feb. 5.............. 15 73 -309 252 5.4 1,172 1 ,482 936 236 545 963 78 885 12.............. -19 91 514 -624 3.3 1 ,633 1 ',119 890 743 229 758 129 629 19.............. 83 64 557 -538 11. 1 1 '756 1 ,199 975 781 224 651 153 498 26.............. 102 21 187 -106 2.3 1 '648 1 ,461 921 727 541 545 166 379 38 outside New York City 1969—Jan. 1............... 226 483 1,518 -1,775 24.3 2,792 1 ,274 1,129 1 ,663 145 360 360 8.............. 49 186 1 ,626 -1,762 23.8 3,141 1 ,515 1,162 1 >79 353 405 21 383 15.............. 1 237 1 ,807 -2 >43 26.9 3,235 1 ,428 1 ,035 2,200 393 191 19 172 22.............. 24 346 1 ,625 -1 ,946 25.9 2,872 1 ,247 971 1 ,902 277 282 2 280 29.............. -19 260 1 ,083 -1,363 18.7 2,554 1 '471 1 ,075 1 >79 395 423 10 414 Feb. 5 .............. 35 139 1 ,325 -I ,429 19.7 2,870 1 ,545 1 ,201 1 ,670 344 257 14 244 12.............. 32 249 1 ,580 -1 ,798 24.8 3,067 1 ,487 1 ,083 1,984 404 115 12 102 19.............. 48 418 958 -1 ,328 18.3 2,762 1,804 998 1 ,764 806 82 17 65 26.............. 51 213 835 -996 14.0 2,814 1 ,979 1 ,230 1 ,583 748 74 18 56 5 in City of Chicago 1969—Jan. 1.............. 31 188 269 -426 37.6 609 340 290 318 50 25 25 8.............. 21 55 323 -357 31.0 685 362 325 360 36 23 23 15.............. — 1 28 584 -612 49,7 811 227 227 584 10 10 22.............. 1 110 371 -480 40.0 651 280 273 377 6 15 15 29.............. -1 9 101 -111 9.8 539 439 422 117 16 31 31 Feb 5 — 2 1 229 -232 20.5 616 387 373 243 14 11 11 12 8 71 522 — 585 50,5 792 270 270 522 19 5 21 519 -535 46.0 776 257 257 519 26.............. 4 25 330 -351 31,4 687 358 350 337 8 33 others 1969—jan ] . . . 195 295 1 ,249 — 1,349 21.8 2,184 934 839 1 ,345 96 335 335 8.............. 28 131 1 ,303 — 1’406 22.4 2,457 1 ,154 837 1,619 317 382 21 361 15 209 1,223 -1,431 22.5 2,425 1 ,201 808 1 ,617 393 180 19 161 22.............. 23 236 1 ,254 -1 ,467 23.3 2,222 968 697 1 ,524 271 267 2 264 29.............. -19 251 982 -1 ,252 20.4 2,015 1 ,032 653 1 ,361 379 392 10 383 Feb. 5.............. 37 138 1 ,096 -1 ,197 19.6 2,254 1,158 828 1,426 331 247 14 233 12.............. 24 179 1 ,059 -1 ,213 19.9 2,276 1 ,217 813 1,462 404 115 12 102 19.............. 43 397 439 -793 13.0 1 ,986 1 '547 741 1 ,245 806 82 17 65 26.............. 47 188 505 -646 10.8 2; 127 1 ,621 881 1,246 741 74 18 56 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 the bank’s weekly average pur­ Note.—Weekly averages of daily figures. For description of series chases and sales are offsetting. and back data, see Aug. 1964 Bulletin, pp. 944-74. 3 Federal funds loaned, net funds supplied to each dealer by clearing banks, repurchase agreements (purchases of securities from dealers subject to resale), or other lending arrangements. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 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. 13 3 Federal Reserve Bank Secs. 13 and 13a 1 Sec. 10(b)2 Rate on Effective Previous Rate on Effective Previous Rate on Effective Previous Feb. 28 date rate Feb. 28 date rate Feb. 28 date rate Boston..................................................... 5‘A Dec. 18 1968 5*4 6 Dec. 18 1968 5*4 614 Dec 18 1968 6*4 New York................................... 5(4 Dec. 18, 1968 5'4 6 Dec 18, 1968 534 7 Dec. 18 1968 6*4 Philadelphia.......................................... 5(4 Dec. 18, 1968 5 Mi 6 Dec 18, 1968 5% 6'4 Dec. 18, 1968 6*4 Cleveland.............................................. 5*4 Dec. 18, 1968 5(4 6 Dec. 18, 1968 5% 7 Dec. 18, 1968 6J4 Richmond............................................. 5*4 Dec. 18' 1968 5*4 6 Dec. 18 1968 534 6*4 Dec. 18 1968 6*4 Atlanta................................................... 5'4 Dec. 18’ 1968 5*4 6 Dec 18 1968 5% 6(4 Dec. 18 1968 6*4 Chicago.................................................. 5(4 5*4 6 Dec. 18, 1968 5’4 6(4 Dec. 18, 1968 6*4 St. Louis................................................ 5*4 Dec. 20’ 1968 5*4 6 Dec. 20, 1968 5*4 6(4 Dec. 20 ’ 1968 6*4 Minneapolis...................................... 5(4 Dec. 18 1968 5*4 6 Dec. 18 1968 534 6*4 Dec. 18, 1968 6*4 Kansas City.......................................... 5*4 Dec. 20 1968 5 *4 6 Dec. 20 1968 534 6*/4 Dec. 20, 1968 6*4 Dallas..................................................... 5*4 Dec. 18, 1968 5*4 6 Dec. 18, 1968 5% 6*4 Dec. 18, 1968 6*4 San Francisco....................................... 514 Dec. 20' 1968 514 6 Dec. 20, 1968 5’4 6'4 Dec. 20, 1968 6% 1 Discounts of eligible paper and advances secured by such paper or by 2 Advances secured to the satisfaction of the F.R. Bank. Maximum U.S. Govt, obligations or any other obligations eligible for Federal maturity: 4 months. Reserve Bank purchase. Rates shown also apply to advances secured 3 Advances to individuals, partnerships, or corporations other than by obligations of Federal intermediate credit banks maturing within 6 member banks secured by direct obligations of, or obligations fully months. Maximum maturity: 90 days except that discounts of certain guaranteed as to principal and interest by, the U.S. Govt, or any bankers’ acceptances and of agricultural paper may have maturities not agency thereof. Maximum maturity: 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 aU F.R. of date all F.R. of Banks N.Y. Banks N.Y. Banks N.Y. In effect Dec. 31, 1941.......... l -1*4 1 1955—Cont. 1960 2 -2'4 1^ 4 1942 ‘ 13................................. 2*4 2(4 10.................................■. 8 Apr. 11................... 1 1 Nov. 18.................................. 2'4-2'4 14................................. 3 ^'4 Oct. 15...................................... ir 1 23.................................. 2'4 Aug. 12.................................. 30...................................... t 4 3 3 1956 Ap 1 r 9 . 46 2 5.........................t...^.....-..i... 1 i “ " 2 3 0 1 . . A . . . . . . . . p . . . . r . . . . . . . . . . . . . 1 . . . . . 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ......... 2 2 2 .. ’ ’ '. 4 4 4. 3 .. - - -. 3 3 3.. 3 ^ 3 July ' 2 1 6 7. . . . . . . . . . 1 . . . . 9 . . . . 6 . . . . 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 - '4 3'4 ^ 1948 Jan. 12...........................1. .......... 1(4 1957 1964 Aug. 1 1 3 9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114-Iia ~ 23................................... 3 3 - '4 3'4 3 3 *4 Nov. 2 3 4 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3'4 4 -4 4 4 23...................................... 1'4 1’4 Nov. 15.................................. 3 -3'4 3 1950 Dec. 2.......................... 3 3 1965 Aug. 21...........................1...'.4...-..1..’.4 18 1958 Dec. 6.................................. 4 -4'4 ^ 25...................................... H4 2’4-3 3 13.................................. 4'4 24.................................. 1953 Mar. 7.................................. 2(4-3 1967 Jan. 16..........................1..’.4...-.2... 2 13.................................. 2'4-2’4 4 -4'4 4 23.................................... 2 2 21.................................. 2'4 14.................................. 4 4 1’4-2'4 Nov. 20.................................. 4 -4'4 ^ F 1 e 9 b 5 . 4 5..........................1..’.4...-..2.. I May 9.................................. 1’4 1 - ’4 2 \* 27.................................. 4'4 May 2 1 1 1 6 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1’4 S O N e o c ‘ p t v . t . . 2 2 1 7 4 3 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 1 ’4 2 2 - - ' 2 4 2'4 2 2 2 *4 A M p a r r . . 2 1 1 2 5 9 . . . . . . . . . . . . 1 . . . . . . . 9 . . . . . . 6 . . . . . . . . 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 5 '4 5 - - 5 5 '4 4 5 % * 15... A .. 1 . p . 9 . r . 5 . . . 5 .. . 1 .. 4 ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .........o.......... 16..... 1 .. 9 .. 5 .. 9 ...................... 2'4 3 -3 3 3 Aug “ . 2 3 1 6 0 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51 5 5 4 ' ' - 4 4 5 '4 5% A M u a g y . 2 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1^(4 ^ June 12................................... 3 3 - '4 3'4 3 3 * (4 4 20.................................. 51 5 4 ' - 4 5'4 5.................................... Sept. 11................................... 3'4-4 44' 12.................................... 2 ' 18................................... 4 5'4 5'4 t Preferential rate of *4 of I per cent for advances secured by U.S. in the following periods (rates in percentages): 1955—May 4-6, 1.65; Govt, obligations maturing in I year or less. The rate of 1 per cent was Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; 1956—Aug. continued for discounts of eligible paper and advances secured by such 24-29, 2.7 5; 1957—Aug. 22, 3.50; 1960—Oct. 31-Nov. 17, Dec. 28-29, paper or by U.S. Govt, obligations with maturities beyond I year. 2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3-4, 2.50; June 29, 2.75; July 20, 31, Aug. 1-3, 2.50; Sept. 28-29, 2.75; Oct. 5, 2.50; Oct. 23, Nov. 3, Note.—Discount rates under Secs. 13 and 13a (as described in table 2.75; 1962—Mar. 20-21, 2.75; 1964—Dec. 10, 3.85; Dec. 15, 17, 22, 24, above). For data before 1942, see Banking and Monetary Statistics, 28, 30, 31, 3.875; 1965—Jan. 4-8, 3.875; 1968—Apr. 4, 5,11, 15,16,5.125; 1943, pp. 439-42. Apr. 30, 5.75; May 1-3, 6. 9, 13-16, 5.75; June 7, 11-13, 19, 21,24, 5.75; The rate charged by the F.R. Bank of N.Y. on repurchase contracts July 5, 16, 5.625; 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 □ MARCH 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 C re e s n e t r r v a e l s R er e v ­ e Co tr u y n ­ cla ( o s a s l f l e s Effective date 1 city banks banks d S e in p a g o v s ­ s ­ time deposits ba c n i k ty s 3 b c a i n ty k s banks banks) $ U 5 n m de il r ­ $ O 5 v m er il ­ $ U 5 n m de il r ­ $ O 5 v m er il ­ its $ U 5 n m de il r ­ $ O 5 v m e i r l ­ lion lion lion lion lion lion In effect Dec. 31, 1949......... 22 18 12 5 1966—July 14,21......... 5 1654 5 12 54 54 5 6 1951—Jan. 11,16.................. 23 19 13 6 Jan. 25, Feb. 1.... 24 20 14 1967—Mar. 2................ 314 3*4 1953—July 9,1.................... 22 19 13 Mar. 16................ 3 3 1954—June 2< 16.................. 21 5 July 29, Aug. 1.... 20 18 12 1968—Jan. 11,18......... 1654 17 12 1254 1958—Feb. 27, Mar. 1.... 19*4 1714 11^4 Mar. 20, Apr. 1.... 19 17 11 In effect Feb. 28, 1969. . 1654 17 12 1254 3 3 6 Apr 17 181,4 Apr. 24......................... 18 16>4 Present legal 1960—Sept. 1......................... 17*4 requirement: Nov. 24......................... 12 Minimum..................... 10 7 3 3 3 Dec. 1......................... 1654 Maximum.................... 22 14 10 10 10 1962—July 28......................... (3) Oct. 25, Nov. 1.... 4 1 When two dates are shown, the first applies to the change at central 4 Effective Jan. 5, 1967, time deposits such as Christmas and vacation reserve or reserve city banks and the second to the change at country club accounts became subject to same requirements as savings deposits. banks. For changes prior to 1950 see Board’s Annual Reports. 5 See preceding columns for earliest effective date of this rate. 2 Demand deposits subject to reserve requirements are gross demand deposits minus cash items in process of collection and demand balances Note.—-All required reserves were held on deposit with F.R. Banks due from domestic banks, June 21, 1917, until Dec. 1959. From Dec. 1959 to Nov. 1960, member 3 Authority of the Board of Governors to classify or reclassify cities banks were allowed to count part of their currency and coin as reserves; as central reserve cities was terminated effective July 28, 1962. effective Nov. 24, 1960, they were allowed to count all as reserves. For further details, see Board’s Annual Reports. MARGIN REQUIREMENTS (Per cent of market value) Effective date Regulation Apr. 23, Jan. 16, Aug. 5, Oct. 16, July 28, July 10, Nov. 6, Mar. 11, June 8, 1955 1958 1958 1958 1960 1962 1963 1968 1968 Regulation T: For credit extended by brokers and dealers on—• Listed stocks............................................................. 70 50 70 90 70 50 70 70 80 Listed bonds convertible into stocks..................... 50 60 For short sales................................................................... 70 50 70 90 70 50 70 70 80 Regulation U: For credit extended by banks on—■ Stocks........................................................................... 70 50 70 90 70 50 70 70 80 Bonds convertible into listed stocks..................... 50 60 Regulation G: For credit extended by others than brokers and dealers and banks on—■ Listed stocks....................... 70 80 Bonds convertible into listed stocks................. 50 60 Note.-—Regulations G, T, and U, prescribed in accordance with the ing the credit; margin requirements are the difference between the market Securities Exchange Act of 1934, limit the amount of credit to purchase and value (100 per cent) and the maximum 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 the market value at the time of extension of these securities collateraliz­ Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1969 o 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 4 Other time deposits: 2 Less than 12 months......................... 3»/z 3’4 Multiple maturity: 3 90 days or more................. 5 5 5 Other time deposits; 2 Less than 90 days........................ 4 4 4 (30-89 days) 12 months or more............................ 4 Single-maturity: 6 months to 12 months.................... 314 1 4 4*4 Less than $100,000................ 5*4 5 5 90 days to 6 months......................... 2«4 • 514 $100,000 or more: Less than 90 days............................... 1 1 4 30-59 days....................... j 51,4 5*4 (30-89 days) 60-89 days......... 9 .. 0 .. - .. 1 .. 7 ... 9 .. . days.............................. 514 5 6 ’4 180 days and over.................. 6*4 1 Closing date for the Postal Savings System was Mar. 28, 1966. Max­ Note.—Maximum rates that may be paid by member banks as estab­ 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. l67- . . . Feb. 1, 1936, maximum rates that may be paid by nonmember insured 3 Multiple-maturity time deposits include deposits that are automati­ commercial banks, as. established by the FDIC, have been the same as cally renewable at maturity without action by the depositor and deposits those in effect for member banks. 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 ll k b s er Y N o e r w k C o it f y Other C b o a u n n ks try Item m b e a A m n l k l b s er Y N o e r w k C o it f y Other C b o a u n n k t s ry City Chicago City Chicago Four weeks ending Jan. 1, 1969 Four weeks ending Jan. 29, 1969 Gross demand—Total. ., 178,740 39,435 7,477 63,961 67,867 Gross demand—Total.... 177,823 39,280 7,608 63,216 67,719 Interbank.................... 20,662 7,875 1 ,358 8,887 2,543 Interbank.......................... 20,431 7,741 1 ,410 8,737 2,543 U.S. Govt................... 4,244 654 186 1 ,695 1 ,710 U.S. Govt......................... 3,975 781 264 1 ,538 1 ,392 Other............................ 153,833 30,906 5,934 53,379 63,614 Other.................................. 153,415 30,758 5,934 52,941 63,783 Net demand 1.................... 136,710 24,894 5,563 49,043 57,210 Net demand 3...................... 136,020 24,639 5,707 48,514 57,159 Time...................................... 163,848 21 ,216 6,252 62,695 73,684 Time........................................ 162,740 20,090 6,024 62,622 74,004 Demand balances due Demand balances due from dom. banks..... 9,673 430 501 2,277 6,465 from dom. banks....... 9,507 442 479 2,209 6,377 Currency and coin............ 4,759 407 85 I ,476 2,791 Currency and coin............ 5,094 431 88 I ,752 2,823 Balances with F.R. Balances with F.R. Banks................................ 22,521 4,778 1,107 9,525 7,111 Banks................................. 23,016 4,991 1,204 9,684 7,138 Total reserves held.....2...7..,.2 80 5,185 1,193 11,000 9,902 Total reserves held........... 28,110 5,422 1 ,292 11,285 10,111 Required.....2..6...,.8..4...5...... 5,093 1,191 10,925 9,636 Required........................... 27,887 5,415 1,292 11,311 9,870 Excess.............................. 435 92 2 75 266 Excess. .............................. 223 7 ~25 241 1 Demand deposits subject to reserve requirements are gross demand Note.—Averages of daily figures. Balances with F.R. Banks are as deposits minus cash items tn 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 □ MARCH 1969 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1969 1969 ’ 1968 Feb. 26 Feb. 19 Feb. 12 Feb. 5 Jan. 29 Feb. 28 Jan. 31 Feb. 29 Assets Gold certificate account......................................................... 10,025 10.025 10,025 10,025 10,025 10,025 10,025 11 ,384 Cash.............................................................................................. 232 238 235 235 228 233 236 435 Discounts and advances: Member bank borrowings........................................... 499 460 1,107 1,154 926 744 862 166 Other.......................................................................... Acceptances: Bought outright................................................................... 51 51 48 49 50 51 50 56 Held under repurchase agreements............................... 105 38 40 Federal agency obligations-—Held under repurchase agreements......................................................................... 21 5 3 20 U.S. Govt, securities: Bought outright: Bills................................................................................. 17,685 17 ,986 17,720 17,820 18,144 17,810 17,946 15,820 Certificates—Special.................................................. Other......................................................... Notes................................................................................... 29,926 29,847 28,706 28,706 28,706 29,926 28,706 26,985 Bonds.................................................................................. 4,340 4,334 5,475 5,475 5,475 4,340 5,475 6,147 Total bought outright........................................................ 51,947 52,167 51 ,901 52,001 52,325 52,076 52,127 48,952 Held under repurchase agreements............................... 139 156 58 199 Total U.S. Govt, securities................................................... 51,947 52,306 52,057 52,059 52,325 52,275 52,127 48,952 Total loans and securities..................................................... 52,497 52,943 53,255 53,265 53,301 53,130 53,039 49,174 Cash items in process of collection.................................... "8,593 "9,309 "9,245 "8,772 8,670 "8,351 8,049 7,239 Bank premises........................................................................... 113 113 113 113 114 113 113 112 Other assets: Denominated in foreign currencies................................ 2,016 1 ,935 1 ,922 1 ,902 1 ,984 1 ,938 1 ,883 1 ,489 IMF gold deposited2........................................................ 231 231 231 231 231 231 231 233 All other................................................................................. 350 309 706 670 631 358 639 298 Total assets................................................................................. "74,057 "75,103 "75,732 "75,213 75,184 "74,379 74,215 70,364 Liabilities F.R. notes................................................................................... 43,039 43,195 43,330 43,066 42,991 42,897 42,829 40,250 Deposits: Member bank reserves...................................................... i’2l ,91 1 "22,079 "22,337 "22,612 22,935 "22,801 23,158 21,195 U.S. Treasurer—General account............................... 615 449 I ,163 414 498 505 517 1,197 Foreign.................................................................................... 110 1 19 133 1 19 124 121 126 192 Other: IMF gold deposit2.......................................................... 231 231 231 231 231 231 231 233 All other............................................................................. 261 243 563 250 242 251 297 223 Total deposits............................................................................ "23,128 "23,121 "24,427 "23,626 24,030 "23,909 24,329 23,040 Deferred availability cash items......................................... 6,026 6,978 6,109 6,609 6,326 5,624 5,162 5,357 Other liabilities and accrued dividends............................. 394 396 387 379 358 465 402 328 Total liabilities.......................................................................... "72,587 "73,690 "74,253 "73,680 73,705 "72,895 72,722 68,975 Capital accounts Capital paid in........................................................................... 638 637 635 635 633 638 635 609 Surplus......................................................................................... 630 630 630 630 630 630 630 598 Other capital accounts........................................................... 202 146 214 268 216 216 228 182 Total liabilities and capital accounts................................ "74,057 "75,103 "75,732 "75,213 75,184 "74,379 74,215 70,364 Contingent liability on acceptances purchased for foreign correspondents................................................. 100 98 99 100 105 99 104 H7 U S. Govt, securities held in custody for foreign account............................................................................... 8,426 8,360 8,207 7,945 7,954 8,062 7,893 8,922 Federal Reserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank)......................... 46,412 46,522 46,845 46,765 46,927 46,353 46,854 43,251 Collateral held against notes outstanding: Gold certificate account............................................... 3,522 3,522 3,522 3,507 3,472 3,522 3,507 6,638 U.S. Govt, securities........................................................... 45,091 45,090 45 ,090 45,090 45,171 45,090 45,116 38,521 Total collateral.......................................................................... 48,613 48,612 48,612 48,597 18,643 48,612 48,623 45,159 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

MARCH 1969 □ FEDERAL RESERVE BANKS A 13 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON FEBRUARY 28, 1969 (In millions of dollars) Phila- Kan­ San Item Total Boston New del- Cleve- Rich- At Jan- Chi- St. Minne- sas Dallas Fran- York phia land mond ta cago Louis apohs City cisco Assets Gold certificate account......................... 10,025 501 I ,924 617 813 950 589 1 ,853 533 157 419 434 1 ,235 F.R. notes of other banks..................... 1 ,095 78 248 86 107 99 139 67 31 19 26 52 143 Other cash.................................................... 233 11 23 6 29 19 30 25 24 5 17 12 32 Discounts and advances; Secured by U.S. Govt, securities.. .. 696 30 149 10 30 35 49 149 32 31 26 12 143 Other......................................................... 48 .............. .........20 5 2 19 2 Acceptances: Bought outright..................................... 51 51 Held under repurchase agreements.. 40 40 Federal agency obligations—Held under repurchase agreements........... 20 20 U.S. Govt, securities; Bought outright....................... 52,076 2,677 13,327 2,655 3,998 3,837 2,702 8,701 1,719 1 ,023 1 ,976 2,119 7,342 Held under repurchase agreements.. 199 199 Total loans and securities...................... 53,130 2,707 13,786 2,665 4,028 3,872 2,771 8,855 1,753 1,073 2,004 2,131 7,485 Cash items in process of collection... 10,726 781 2,068 522 699 754 1 ,061 1 ,734 497 361 762 601 886 Bank premises............................................ 113 3 10 2 5 10 18 17 8 3 19 9 9 Other assets: Denominated in foreign currencies.. 1 ,938 93 । 492 101 172 101 124 287 68 45 83 110 262 IMF gold deposited 2......................... 231 231 All other.................................................. 358 18 92 18 30 28 18 57 12 8 14 15 48 Total assets................................................. 77,849 4,192 18,874 4^017 5,883 5,833 4,750 12,895 2,926 1,671 3,344 3,364 10,100 Liabilities F.R. notes.................................................... 43,992 2,582 10,212 2,505 3,588 4,022 2,341 7,832 1,629 751 1,634 1 ,514 5,382 Deposits: Member bank reserves................... 22,801 918 5,913 1 ,006 1 ,539 1 ,065 1 ,410 3,488 859 589 1 ,029 1,260 3,725 U.S. Treasurer—General account.. 505 1 497 1 1 1 2 Foreign..................................................... 121 5 3 39 6 10 6 7 16 4 2 5 6 15 Other: IMF gold deposit 2............ 231 231 All other............................................. 251 212 1 11 1 2 I 3 2 1 16 Total deposits............................................. 23,909 925 6,892 1 ,014 1 ,550 1 ,082 1 ,418 3,507 864 594 1,037 1 ,268 3,758 Deferred availability cash items...... 7,999 573 1 ,260 400 580 618 877 1,262 368 284 595 484 698 Other liabilities and accrued dividends 465 39 132 21 32 30 22 7° 14 9 16 17 63 Total liabilities........................................... 76,365 4,119 18,496 3,940 5,750 5,752 4,658 12,671 2,875 1,638 3,282 3,283 9,901 Capital accounts Capital paid in.......................................... 638 31 16! 33 59 33 41 95 22 15 28 36 84 Surplus.......................................................... 630 31 160 33 56 33 40 93 22 14 27 36 85 Other capital accounts............................ 216 II 57 11 18 15 II 36 7 4 7 9 30 Total liabilities and capital accounts. . 77,849 4,192 18,874 4,017 5,883 5,833 4,750 12,895 2,926 1 ,671 3,344 3,364 10,100 Contingent liability on acceptances purchased for foreign correspondents............................................................. 99 5 4 25 5 9 5 6 15 4 2 4 6 13 Federal Reserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank)................................................ 46,353 2,675 10 786 2 590 3 850 4 190 2 517 8 169 I 695 781 1 ,695 1 ,666 5,739 Collateral held against notes out­ standing: Gold certificate account.......... 3,522 200 500 300 560 600 1 ,000 180 27 155 Eligible paper. ..................................... U.S. Govt, securities........................... 45,090 2,531 10,600 2,500 3,400 3,649 2,650 7,650 1 ,670 785 1,775 1 ,630 6,250 Total collateral........................................... 48,612 2,731 11,100 2,800 3,960 4,249 2,650 8,650 1 ,850 812 1,775 1,785 6,250 1 After deducting $1,446 million participations of other F.R. Banks. 3 After deducting $82 million participations of other F.R. Banks. 2 See note 2 to table at bottom of page A-73. 4 After deducting $74 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 □ MARCH 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 s r 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 i u c f r t h r s . i . ty tions 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 Dec............... 6,100 6,334 180 6,100 6,334 180 358 -358 1969—Jan................ 4,011 4,590 231 4,011 4,590 231 Outright transactions in U.S. Govt, securities—Continued Repurchase Bankers’ agreements Federal acceptances (U.S. Govt, Net agency 5-10 years Over 10 years securities) change obliga­ Month in U.S. tions Under Net c G h p r a u o s r s e ­ s s G sa ro le s s s o E t s u r h x r i m 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 t s u r h x r i m c f it t h s y a . ­ c G h p r a u o s r s e ­ s s G sa ro le s s s G s it o e ie v c s u t. r­ p ( m a u n g r e e c r t n e h t r e a s e ­ s ) ­ e r O i n g u e h t t t ­ , a r m c e g h n e p r a e e n u s t e t e r s ­ ­ , change1 1968'—Jan........ 21 5 1,136 1 ,031 -20 -38 -12 -69 -139 Feb.. . . 839 968 1 ,205 -140 -7 -20 -166 Mar.. . . 64 15 657 596 739 57 -1 35 830 Apr.. . . 8 3 1 ,832 1 ,627 815 -45 2 -5 766 May. . . 18 3,638 1 2,488 2,753 119 -12 -1 -30 75 June... 50 10 1,560 1.560 1,605 3 75 1 ,683 July.... 1 ,145 908 166 -2 -32 132 Aug.... 34 4,636 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 11 708 980 980 21 2 23 Dec . . 1,369 1 ,369 -414 ♦ -414 1969—Jan........ 371 371 -810 -8 -818 1 Nel 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) Nether­ End of period Total s P t o e u rl n in d g s B fr e a lg n i c a s n C d a o n l a la d r i s an D kr a o n n is e h r F fr r a e n n c c s h G m e a rm rk a s n Ita li l r i e an Jap y a e n n ese gu la i n ld d e s r s f S ra w n is c s s 1967—Nov.................................... 1 307 1 140 19 3 1 140 1 । 2 Dec................................... I ,604 1,140 45 3 1 413 1 I * 2 1968—Jan...................................... 1 ,470 1,142 45 253 1 25 1 1 3 Feb..................................... 1 ,489 1,152 50 253 1 27 1 1 4 Mar................................... 1,542 1 ’197 50 253 33 2 1 2 4 Apr..................................... 1,536 1,195 50 256 1 26 2 1 2 4 May................................. 1,926 I '544 50 256 1 67 1 2 4 June................................... 1 ,009 ’503 52 132 25 101 134 1 57 4 July.................................... 1 ,217 851 52 8 25 151 69 1 1 57 2 Aug.................................... 1 ,055 601 53 4 25 235 75 1 1 57 3 Sept.................................. 1 ,281 698 13 4 452 75 1 1 33 3 Oct..................................... 1 ,273 694 124 4 378 65 1 1 4 3 Nov................................... 271 1 I ,443 111 4 ............5..7..1.. 75 I 1 4 3 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 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 1969 1969 1968 Feb. 26 Feb. 19 Feb. 12 Feb. 5 Jan. 29 Feb. 28 Jan. 31 Feb. 29 Discounts and advances—’Total.......................................... 499 460 1 ,107 1,154 926 744 862 166 Within 15 days...................................................................... 494 456 1,103 1,149 922 730 857 165 16 days to 90 days............................................................... 5 4 4 5 4 14 5 I 91 days to 1 year............................................................... Accep tances—Total................................................................. 51 156 86 49 50 91 50 56 Within 15 days...................................................................... 17 116 46 9 9 55 8 16 16 days to 90 days............................................................... 34 40 40 40 41 36 42 40 U.S. Government securities—’Total.................................. 51,947 52,327 52,062 52,062 52,325 52,295 52,127 48,952 Within 15 days...................................................................... 2,598 2,941 li ,155 11 ,030 2,762 1 ,610 10,128 1,225 16 days to 90 days.................................................... 8,437 8,396 8,540 8,550 16,835 9,231 9,409 10,731 91 days to 1 year................................................................. 7,937 8,077 7,933 8,048 8,294 8,479 8,156 27,004 Over 1 to 5 years.................................................................. 19,008 18,975 12,880 12,880 12,880 19,008 12,880 7,740 Over 5 years to 10 years.................................................... 13,350 13,327 10,943 10,943 10,943 13,350 10,943 1 ,692 Over 10 years........................................................................ 617 611 611 611 611 617 611 560 1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. BANK DEBITS AND DEPOSIT TURNOVER (Seasonally adjusted annual rates) Debits to demand deposit accounts1 Turnover of demand deposits (billions of dollars) Period T 2 o 3 t 3 a l Leading SMSA’s T S o M ta S l A 23 ’s 2 o 2 th 2 e 6 r T 2 o 3 t 3 a l Leading SMSA’s T S o M ta S l A 23 ’s 2 o 2 th 26 e r SMSA’s N.Y. 6 others2 N (e . x Y c . l. ) SMSA’s SMSA’s N.Y. 6 others2 N (e . x Y c . l. ) SMSA’s 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 r60.l 129.2 *•56.5 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 1969—Jan.................................... 8,733.3 3,896.7 2,007.7 4,836.6 2,828.9 64.9 137.0 r66.3 r46.l G7.7 Feb.................................... 8,832.8 3,929.8 2,047.4 4,903.0 2,855.6 67.8 145.4 67.8 47.4 39. 1 1 Excludes interbank and U.S. Govt, demand deposit accounts. Note.—Total SMSA’s includes some cities and counties not designated 2 Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and as SMSA’s. Los Angeles-Long Beach. For a description of series, see Mar. 1965 Bulletin, p. 390. The data shown here differ from those shown in the Mar. 1965 Bulletin because they have been revised, as described in the Mar. 1967 Bulletin, p. 389. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 16 U.S. CURRENCY □ MARCH 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 SI 2 S2 S5 sto $20 Total $50 $too $500 $1,000 $5,000 $10,000 1939......................... 7,598 5 553 590 559 36 1 019 1,772 1 576 2 048 460 919 191 425 20 32 1941......................... 11,160 8’120 751 695 44 1 355 2 731 2,545 3* 044 724 1 433 261 556 24 46 1945......................... 28,515 20 683 1 274 1 039 73 2 313 6 782 9 201 7 834 2 327 4’220 454 801 7 24 1947......................... 28'868 20,020 1 ,404 1,048 65 2’110 6,275 9,119 8,850 2,548 5’070 428 782 5 17 1950......................... 27,741 19^305 1*554 1’113 64 2 049 5,998 8*529 8 438 2’422 5 043 368 588 4 12 1955 ......................... 31,158 22,021 1,927 1,312 75 2,151 6,617 9’940 9 136 2,736 5 641 307 438 3 12 1958......................... 32,193 22'856 2,182 1 494 83 2,186 6 624 10,288 9 337 2 792 5 886 275 373 3 9 1959......................... 32,591 23 264 2 304 1,511 85 2 216 6,672 10 476 9 326 2 803 5 913 261 341 3 5 1960......................... 32,869 23,521 2 427 I 533 88 2 246 6 691 10,536 9* 348 2 815 5*954 249 316 3 10 1961......................... 33,918 24,388 2,582 1,588 92 2,313 6 878 10,935 9 531 2 869 6106 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 (2309 10 885 3 221 7110 249 298 3 4 1964......................... 39,619 28 100 3,405 1,806 111 2 517 7 543 12,717 11,519 3 381 7 590 248 293 2 4 1965.......................... 42,056 29 842 4 027 1,908 127 2 618 7 794 13,369 12 214 3 540 8135 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.......................... 47,226 33 468 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 Mar............. 46 297 32 664 5 049 1 857 136 2 676 8 094 14 85213*632 3 840 9*261 239 285 3 4 Apr............. 46,621 32 938 5 137 1 ',875 136 2,684 8,104 15,00213*683 3,857 9*293 240 286 3 4 May........... 47 202 33 414 5 231 1 883 136 2 727 8 230 15 207 13 787 3 894 9 360 240 286 3 4 47,640 33,’745 5 309 1 860 136 2 728 8,287 15 424 13 895 3 932 9*430 240 286 3 4 July............. 47 979 33 963 5 385 1 871 136 2 720 8 261 15 590 14 015 3 971 9’511 240 286 3 4 48,353 34’238 5 449 1 *863 136 2’728 8,309 15’753 14115 3 999 9’581 240 287 3 4 Sept............. 48,340 34,161 5 ,498 1 872 136 2,732 8,269 15,65414 179 4,002 9*641 241 288 3 4 Oct.............. 48,719 34^421 5 ,565 I ,900 136 2,763 8,336 15 ’,722 14 299 4,028 9 734 241 289 3 4 Nov............. 49,989 35’489 5 ,625 1 957 136 2 862 8,627 16,282 14 500 4 092 9 869 242 290 3 4 Dec....... 50 961 36’163 5 691 2 049 136 2 993 8,786 16’508 14 798 4 186 10*068 244 292 3 4 1969—Jan............... 48,983 34,401 5,673 1 ,907 136 2,779 8,257 15,650 14,582 4,090 9,951 244 291 3 4 1 Outside Treasury and F.R. Banks. Before 1955 details are slightly 2 Paper currency only; JI 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 F.R. Kind of currency s J t a a n n . d 3 in 1 g , As a g s a e i c n u s r t i ty Treasury F F . o R r . B a a n n d k s Jan. 31, Dec. 31, Jan. 31, 1969 go s l i d lv e a r n d cash B a a n n d k s Agents 1969 1968 1968 certificates Agents Gold............................................................................................... 10,367 (10,025) 2342 Gold certificates,...................................................................... (10,025) 310,024 1 Federal Reserve notes........................................................... 46,854 131 4,023 42,700 44,653 40,143 Treasury currency-Total..................................................... 6,799 281 236 6,283 6,308 5,677 Standard silver dollars............................................................ 485 3 482 482 482 Silver certificates....................................................................... 366 Fractional coin ..................................................................... 5,684 262 231 5,191 5,209 4,445 United States notes............................................................ 323 16 4 303 310 299 In process of retirement4.................................................. 308 307 308 86 Total—Jan. 31 1969.............................................................. 564,020 (10,025) 754 10,024 4,260 48,983 Dec. 31, 1968.............................................................. 564,722 (10,026) 695 10,026 3,041 50,961 Jan. 3l’ 1968.............................................................. 562,373 (11,853) 1 ,338 11,482 3,733 45,819 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 $231 million gold deposited by and held for the International arc 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

MARCH 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 D d e e m po a s n i d t jus a te d d ­ 1 Total c C om ur p re o n n c e y n t D d e e m po a s n it d jus a te d d ­ 1 d d e e p m o a s n it d s ' component component 1965—Dec........................................................... 166.8 36.3 130.5 146.6 172.0 37.1 134.9 145,2 4.6 1966—Dec.......................................................... 170.4 38.3 132.1 158.1 175.8 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—Feb............................................................ 182.7 40.7 141.9 185.2 181.4 40.3 141.1 185,8 7.2 Mar.......................................................... 183.4 41.1 142.2 186,7 182.0 40.7 141.2 187.7 6.6 Apr........................................................... 184.3 41.4 143,0 187.1 185.6 41.1 144.5 187.9 4.2 May.......................................................... 186.1 41.6 144,5 187.6 182,5 41.3 141.1 188.4 6.4 June......................................................... 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 43.4 149.6 204.3 199.2 44.3 154.9 202,5 4.8 1969—Jan............................................................ 193.6 43.6 150,1 202.5 199,4 43.5 155.9 202.1 4.7 Feb.*...................................................... 193.8 43.9 149.9 201 .0 192,5 43.4 149.0 201.6 6.6 Week ending—- 1969—Jan 1............................................ 193.7 43.4 150.3 204.1 203.7 43.9 159.8 202.7 r5.1 8 . ................................................. 195.4 43.5 151.9 203.3 204,0 44.1 159.9 202.5 4.3 15................................................... 193.8 43.5 150.2 202.8 201.3 43.6 157.7 202.4 r2.6 22................................................... 193.6 43.6 150.0 202.1 198,3 43.4 154.9 201.9 4.4 29................................................... 191 .6 43.5 148.1 201.5 194,2 42.9 151.3 201.7 6.7 Feb 5................................................... 192.8 43.7 149.1 201.0 195.2 43.4 151.9 201.4 7.3 12................................................... 192.9 43.9 149.0 201.0 193.0 43.6 149.4 201.6 7.0 19*................................................. 194.8 44.0 150.9 201,0 192.3 43.5 148.9 201.6 6.5 26*................................................. 194.3 43.8 150.5 200.9 190.1 43.2 146.9 201.7 6.4 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 i.etin, pp. 679-89; and for data for 1959-62, see Aug. 1967 Bulletin, banks other than those due to domestic commercial banks and the pp. 1303-16. U.S. Govt. Effective June 9, 1966, balances accumulated for payment of Averages of daily figures. Money supply consists of (I) demand personal loans were reclassified for reserve purposes and are excluded from deposits at all commercial banks other than those due to domestic com­ time deposits reported by member banks. AGGREGATE RESERVES AND MEMBER BANK DEPOSITS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Member bank reserves 1 re D se e r p v o e s r it e s q s u u ir b e j m ec e t n t t o s 2 Member bank reserves1 re D se e r p v o e s r it e s q s u u ir b e je m c e t n to ts 2 Period Total r N o b w o o e r n ­ d ­ qu R ir e e ­ d Total s T a a v im n in d e g s de v P m a r t a i e ­ n d de G U m o .S a v n t . , d Total r N o b w o o e n r­ d ­ qu R i e re ­ d Total s T a a v im n in d e g s de v P m a r t a i e ­ n d d G e U m o .S a v n t . , d 1965—Dec........ 22.64 22.15 22.31 236.6 121.2 111.0 4.4 23.23 22.77 22.77 239.0 119.8 115.2 4.0 1966—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 1 968—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 I5I.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 26.69 296.7 165.8 126.7 4.2 27.17 26.40 26.77 299,7 163.8 131,8 4.1 1969—Jan......... 27.19 26.44 27.01 295.1 163.2 126.6 5.3 28.06 27.37 27,85 299.0 162.7 132,1 4.2 Feb*.. .. 27.18 26.36 27.01 294.8 161.0 127.2 6.7 27.26 26.44 27.07 293.9 161.8 126,2 5.9 i Averages of daily figures. Data reflect percentage reserve requirements cept those due to the U.S. Govt, less cash items in process of collection made effective Jan. 18, 1968. For comparability with past data, September and demand balances due from domestic commercial banks. Effective June figures reflect required reserves based on current deposits, the method of 9, 1966, balances accumulated for repayment of personal loans were elim­ calculating required reserves that was in effect prior to September 12. inated from time deposits for reserve purposes. Under the revised Regulation D, required reserves henceforth will be based on average deposits with a 2-week lag. Note.—Back data for the period 1947 to date may be obtained from 2 Averages of daily figures. Deposits subject to reserve requirements in­ the Banking Section, Division of Research and Statistics, Board of Gover­ clude total time and savings deposits and net demand deposits as defined nors of the Federal Reserve System, Washington, D. C. 20551. by Regulation D, Private demand deposits include all demand deposits ex­ Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 18 BANKS AND THE MONETARY SYSTEM □ MARCH 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 o t e i a n u n n g c t d ­ y ­ Total n L e o t a n ^ s , 2 Total s C a a v o n i m n d g l. s R F e e s d e e r r v a e l Other3 O r s it e t i h e c e u s r ­ 2 ca a n p n e i d t t a l, c d u e r a p r n e o d n s i c ts y c r o a a n u is e c n e t ­ t , s , Banks banks 1947—Dec. 31...................... 22,754 4,562 160,832 43,023 107,086 8!,199 22,559 3 328 10,723 188 148 175,348 12,800 1950—Dec. 30....................... 22’706 4336 171i 667 60,366 96 560 72 894 20,778 2 888 14,741 199*008 184,384 14,624 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—Feb. 28....................... 11,900 6,800 466,300 277,700 117,600 67,600 48 800 1,200 71,100 485 000 439,300 45,700 Mar. 27 ..................... I O', 500 6’,800 468'000 27 9 300 116’300 65 600 49 500 1 200 72 300 485*200 439,200 46,000 Apr. 24 ..................... 10 500 6,800 469 900 282,300 114’400 64 100 49*300 1 000 73 200 487*100 440,800 46,400 May 29..................... 10,400 6,800 472 400 283,100 116 300 64 700 50’500 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 July 31..................... 10,400 6300 484’600 292,300 117*900 64 700 52,400 800 74 400 501*700 451,700 50,000 Aug. 28 ...................... 10’400 6,700 485’500 291,100 118’400 65 700 52 600 100 76 000 502*600 451,700 50,900 Sept. 25?’.................... 10,400 6,700 492’200 295,400 119 100 66 700 52 400 100 77,700 509 * 300 457,600 51,700 Oct. 30p..................... 10,’400 6’800 497 ,’700 296 ,'300 122’400 68 800 53 600 100 78 900 514*800 463,300 51,500 Nov. 27?’.................... 10,400 6,800 499,000 299,400 120’000 66,700 53,200 100 79,700 516 * 200 464,700 51,500 Dec. 31 p.................... 10’400 6'800 512'900 310,500 121’500 68 500 52 900 100 80 900 530 100 482,000 48,100 1969—Jan. 29 p..................... 10 400 6,800 503 500 303,700 119 100 66 800 52 300 100 80,600 520 600 468,600 52,000 Feb. 26?’................... 10,400 6,800 501,400 305,200 115’,200 63’200 51,900 100 81 JOO 518300 465,300 53,400 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted 4 Not seasonally adjusted Time U.S. Government Date For­ Total o b r u C e a t n s u n c i k r d y ­ s e d ju e m s D p a t a e o d e n s d ­ ­ d i t s 5 Total o b r u C e a t n s u n c i k r d y ­ s e d ju e m s D p a t a o e d e n s d ­ ­ d i t s 5 Total b m C a e n o r k c m s ia ­ l 1 b s M a a u n vi k t n u s g a s $ l S P t a S e o v y s m i s n ta ­ 3 g l s e n i e g t n ? , T h c i r u n a o e r g s a l y d s h s ­ ­ s b c a a a o v A n n m in d t k g l s . s B F A a .R n t k . s 1947—Dec. 31.... 110,500 26,100 84,400 113,597 26,476 87,121 56,411 35,249 17,746 3,416 1,682 1,336 1,452 870 1950—Dec. 30.... 114,600 24,600 90,000 117,670 25,398 92,272 59,246 36J14 20,009 2,923 2,518 1,293 2,989 668 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—Feb. 28.... 179,300 39,900 139,400 178,400 39,400 139,000 247,300 186,300 61,100 2,000 1 JOO 9 400 900 Mar. 27 . .. 182’600 40'200 142,400 180,000 39'800 140,200 249 J00 187 JOO 61,700 2’000 1,100 5 700 1,000 Apr. 24 . . . 182,400 40'400 142 J00 182;400 40'000 142,400 249 J00 187,600 61,700 2,000 1 J00 4 400 1,600 May 29 . . . 183,200 40’800 142 ,'400 181 J00 41'100 140 J00 250,500 188,500 62,100 2’100 1 JOO 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 J00 145,500 186,600 41 ,400 145,200 254,800 192,100 62'700 2’200 800 6 J00 1 J00 Aug. 28 . . . 186,400 41,300 145,100 184,700 41,500 143,200 257 J00 194,900 63'000 2’000 800 5,300 1,000 Sept. 25 p .. 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. 30p. .. 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 J00 43 J00 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 J00 202,200 64', 600 2 J00 800 5,400 700 1969—Jan. 29”... 189,400 42,700 146,700 191,900 42,100 149,800 265,500 200,700 64,800 2,200 800 7,700 500 Feb. 26”... 190,700 42,800 147',900 189 J00 42,300 147,500 266,000 201,000 65',000 .......2...’..1.00 800 6,000 600 1 Beginning with data for June 30, 1966, about $1.1 billion in “Deposits June 1961, also includes certain accounts previously classified as other lia­ accumulated for payment of personal loans” were excluded from “Time bilities. deposits” and deducted from “Loans” at all commercial banks. These 7 Reclassification of deposits of foreign central banks in May 1961 re­ changes resulted from a change in Federal Reserve regulations. These hy­ duced this item by $1,900 million ($1,500 million to time deposits and $4 00 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. 5 After June 30, 1967, Postal Savings System accounts were eliminated Note.—For back figures and descriptions of the consolidated condition from this Statement. statement and the seasonally adjusted series on currency outside banks ♦ Series begin in 1946; data are available only last Wed. of month. and demand deposits adjusted, see “Banks and the Monetary System,” 5 Other than interbank and U.S. Govt,, less cash items in process of Section 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

MARCH 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— Cla a s n s d o d f a b te ank Total Loans Securities a C ss a e s t h s 3 b T i a l o l i i n t a t i d e a - s l Total3 Interbank3 Dema O nd ther r B in o o g w r s - ­ c c T o a a o u p c n t i a ­ t t a s l l b N a b u o n e m k f r s ­ G U o .S vt . . Oth 2 er c c o a a u p c n i ­ t t a s l 4 m D a e n ­ d Time U.S. Other Ti 1 m . 5 e 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 8,577 35,415 177,332 165,612 14,065 105,935 45,613 227 10,542 14,553 1947—Dec. 31 6.. 134,924 43,002 81,199 10,723 38,388 175,091 161,865 12,793 240 1,346 94,381 53,105 6611,948 14,714 1967—Dec. 30. . 424,134287,543 66,752 69,83978,924517,374455,501 21,883 1,314 5,240 184,139242,925 5,84639,371 14,223 1968—Feb. 28. . 423,280284,660 67,55071 ,07065,660502,570437,63016,920 1,370 9,060 162,640247,640 7,27039,590 14,219 Mar. 27.. 423,870285,950 65,61072,31064,860502,940436,290 16,710 1,280 5,320 163,180249,800 8,15039,670 14,218 Apr. 24.. 427,760290,460 64,14073,16064,740506,710438,830 17,340 1 ,230 4,040 166,630249,590 8,93039,870 14,215 May 29.. 429,790292,180 64,69072,92065,980509,920439,590 17,340 1,100 5,060 165,260250,830 9,70040,220 14,221 29.. 434,415 297,677 62,80973,92976,293 525,856456,87420,638 1 ,095 4,977 177,930252,234 8,19640,885 14,224 July 31 .. 440,760 301,620 64,74074,40070,540526,100454,140 19,170 1 ,310 5,800 172,690255,170 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*. 449,800 305,470 66,68077,65070,630535,240459,540 19,250 1 ,410 8,540 170,420259,920 11,66041,280 14,209 Oct. 30*. 455,130 307,430 68,76078,94072,270542,480466,410 19,690 1 ,330 6,070 175,730263,590 11,66041,590 14,205 Nov. 27*. 457,520311,120 66,74079,66077,130549,860471,290 20,500 1 ,260 3,250 180,900265,380 13,02041 ,760 14,187 Dec. 31 *. 468,550319,140 68,480 80,930 83,700568,980496,51024,530 1 ,230 5,020 198,630267,100 8,87042,020 14,179 1969—Jan. 29*. 462,930 315,530 66,76080,64072,660551,070471,510 19,370 1 ,090 7,380 177,820265,850 12,83042,080 14,172 Feb. 26*. 461 ,905 317,620 63,155 81 ,13072,365 551,120 468,380 19,570 1 ,020 5,690 175,740266,360 13,01042,435 14,172 Commercial banks: 1941—Dec. 31. . 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10,982 44,349 15,952 23 7,173 14,278 1945—Dec. 31 . . 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14,065 105,921 30,241 219 8,950 14,011 1947—Dec. 316. 116,284 38,057 69,221 9,006 37,502 155,377 144,103 12,792 240 1,343 94,367 35,360 65 10,059 14,181 1967—Dec. 30. . 359,903235,954 62,473 61,477 77,928451,012395,00821 ,883 1 ,314 5,234 184,066182,511 5,77734,384 13,722 1968—Feb. 28. . 357,750232,420 63,15062,180 64,760434,980376,490 16,920 1 ,370 9,060 162,550 186,590 7,27034,520 13,717 Mar. 27.. 357,910233,570 61,20063,14063,950434,870 374,490 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 58,60464,37675,334456,827394,00420,638 1,094 4,970 177,837 189,465 8,131 35,774 13,723 July 31.. 373,480248,370 60,53064,58069,610456,670391,330 19,170 1 ,310 5,800 172,610 192,440 10,15035,740 13,717 375,550248,050 61,48066,02067,020455,820388,280 18,020 1 ,350 4,970 168,720 195,220 11,13035,850 13,714 Sept. 25 p. 381,840251,680 62,54067,62069,640465,040395,960 19,250 1 ,410 8,540 170,320 196,440 11,66036,090 13,707 Oct. 30*. , 386,950253,360 64,76068,83071,360472,170402,660 19,690 1 ,330 6,070 175,630 199,94011,66036,400 13,703 Nov. 27*. 388,930256,640 62,83069,46076,220479,090407,29020,500 1 ,260 3,250 180,800201,480 13,02036,500 13,687 Dec. 31*. 399,700264,480 64,64070,58082,690497,850431,82024,530 1 ,230 5,020 198,530202,510 8,87036,750 13,679 1969—Jan. 29*. 393,510260,560 62,80070,150 71 ,810479,540406,580 19,370 1 ,090 7,380 177,720201,020 12,83036,790 13,673 Feb. 26*. 392,160262,550 59,13070,480 71,490479,230403,280 19,570 1 ,020 5,690175,640201,360 13,01037,100 13,673 Member banks: 1941—Dec. 31 . . 43,521 18,021 19,539 5,961 23,123 68,121 61,717 10,385 140 1,709 37,136 12,347 4 5,886 6,619 1945—Dec. 31. . 107,183 22,775 78,338 6,07029,845 138,304 129,670 13,576 6422,179 69,640 24,210 208 7,589 6,884 1947—Dec. 31 . . 97,846 32,628 57,914 7,30432,845 132,060 122,528 12,353 50 1,176 80,609 28,340 54 8,464 6,923 1967—Dec. 30. . 293,120 196,849 46,95649,315 68,946373,584326,033 20,811 1,169 4,631 151,980 147,442 5,37028,098 6,071 1968—Feb. 28. . , 290,844193,582 47,35449,908 57,129 358,945 309,012 16,112 1 ,223 8,094133,136150,447 6,82528,188 6,060 Mar. 27.. . 290,527 194,303 45,51050,71456,437 358,402 306,703 15,917 1,129 4,707 133,587 151,363 7,655 28,250 6,049 Apr. 24. . . 293,281 197,820 44,28551,17656,320361,004308,156 16,534 1 ,083 3,438 136,258 150,843 8,58428,424 6,046 May 29. . . 294,364198,874 44,73350,757 57,415 363,139 308,378 16,574 955 4,282 135,242 151,325 9,073 28,706 6,041 June 29... 297,630203,016 43,361 51,253 67,130 376,904322,990 19,644 934 4,126 146,470 151,816 7,68429,139 6,039 July 31... 303,009206,378 45,05751,57461 ,854376,785 320,310 18,229 1,146 4,988 141,559 154,388 9,763 29,160 6,026 Aug. 28. . . 304,669205,850 45,89852,921 59,497 375,766 317,186 17,088 1 ,193 4,181 138,031 156,693 10,68429,240 6,019 Sept. 25*.. 309,985208,917 46,75554,313 61,846 383,685 323,730 18,275 1 ,246 7,468 139,166 157,575 11,19229,415 6,010 Oct. 30*. . 314,164210,270 48,70455,19063,275 389,598 329,287 18,673 1,169 5,226 143,684160,535 11,15329,687 6,002 Nov. 27*.. 315,615 213,092 46,82055,703 67,675 395,535 333,142 19,462 1 ,098 2,545 148,083 161,954 12,45029,739 5,990 Dec. 31 J’ 324,964220,188 48, 18456,59273,305 411,899354,92823,320 1,069 4,416163,543 162,580 8,45429,976 5,978 1969—Jan. 29*. 319,249216,806 46,46455,979 63,826395,585 332,284 18,402 927 6,556 145,546 160,853 12,00029,966 5,972 Feb. 26*. 317,925218,407 43,38756,131 63,247 394,742329,130 18,593 860 4,907 144,065 160,705 12,179 30,190 5,972 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 1 19 9 4 4 7 5 — —D D e e c c . . 3 31 1 6 . 1 18 6 , , 6 2 4 0 1 8 4 4 ,9 2 4 7 4 9 1 1 0 1 . , 6 9 8 7 2 8 1 1, , 7 2 1 4 8 6 6 8 0 8 9 6 1 1 7 9 , , 0 7 2 1 0 4 1 1 5 7 ,7 3 6 8 3 5 i 3 14 14 1 1 5 7 , , 3 7 7 4 1 5 7 1 1^ ^ 8 5 8 9 9 2 5 53 4 3 2 1967—Dec. 30. 64,231 51,590 4,280 8,362 996 66,362 60,494 1 7 73 60,414 69 4^87 501 1968—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 1 70 910 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 1 7 93 62,769 65 5,111 501 July 31. 67,280 53;250 4*210 9,820 930 69,430 62,810 80 62,730 5,110 502 Aug. 28. 67,770 53,590 4,200 9,980 910 69,900 63 050 80 62,970 5; 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 id;200 910 70,770 64,000 100 63,900 5,260 500 Dec. 31 68 850 54,660 3,84010,350 1 ,010 71,130 64,690 100 64,590 5,270 500 1969—Jan. 29' 69,420 54,970 3 96010,490 850 71,530 64,930 100 64,830 5,290 499 Feb. 26* 69,745 55,070 4,02510,650 875 71,890 65,100 100 65,000 5,335 499 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 □ MARCH 1969 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank 3 Other Cla a s n s d o d f a b te ank Total Loans G U o .S vt . . Oth 2 er a C ss a e s t h s 3 c c b o a i A a a l u i p n t c a n i i d ­ e . t ' t a s s l 4 Total3 m D a e n ­ d Time U.S D . e ma O n t d her Time1 r B in o o g w r s ­ ­ c c T a o a o p u c t i n ­ a ta t l s l b N a b O u n e f m k r s ­ Govt. Reserve city member banks: New York City:7 1941—Dec. 31......... . 12,896 4,072 7,265 1 ,559 6,637 19,862 17,932 4,202 6 866 12,051 807 1,648 36 1945—Dec. 31......... . 26,143 7^334 17^574 1 ;235 6,439 32,887 30,121 4; 640 17 6,940 17^287 1,236 195 2; 120 37 1947—Dec. 31......... . 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1,445 30 2,259 37 1967—Dec. 30......... . 52,141 39,059 6,027 7,055 18,797 74,609 60,407 7,238 741 1 ,084 31,28220,062 1 ,880 5,715 12 1968—Feb. 28.. . 50,198 37,325 5,771 7,10214,125 67,771 53,282 5,371 712 1 ,641 25,85419,704 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 26,50618,827 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 7,774 18,243 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 1969—Jan. 29 55,692 42,544 5,560 7,588 18,452 78,065 58,225 7,401 501 1 ,873 29,314 19,136 3,278 6,119 12 Feb, 26. 54,596 42,652 4,495 7,449 17,659 76,545 56,323 7,123 469 924 29,340 18,467 3,299 6,156 12 City of Chicago:7*8 1941—Dec. 31 2,760 954 J ,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 1967—Dec. 30, 12;744 9^23 1 '574 1,947 2^47 16^296 13,985 1,434 21 267 6,250 6,013 383 1,346 10 1968—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 I ,746 1 ,873 2,815 15,974 12,450 1,128 10 164 5,311 5,837 853 1,323 9 Apr. 24. 12,729 9,041 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 I ,854 2,968 16,143 12,425 1 ,139 8 169 5,479 5,630 826 1 ,346 9 June 29 12,848 9,248 1 ,762 1 ,838 2,647 16,168 12,701 1,220 20 93 5,768 5,600 811 1,362 9 July 31 13,371 9,332 2.071 1 ,968 3,089 17,120 12,935 1 ,256 7 231 5,567 5,874 1,271 1,370 9 Aug. 28. 13,473 9,381 2,061 2,031 3,033 17,179 12,870 1 ,230 10 149 5,484 5,997 1 ,047 1 ,365 9 Sept. 25, 13,334 9,297 2,028 2,009 3,185 17,196 12,760 1 ,223 11 181 5,326 6,019 1 ,218 1,395 9 Oct. 30. 13,579 9,356 2,222 2,001 3,403 17,666 13,118 1 ,260 12 253 5,456 6,137 1,134 1 ,412 9 Nov. 27. 13,658 9,573 I ,990 2,095 3,218 17,571 13,311 l ,287 10 58 5,676 6,280 953 1,416 9 Dec. 31 , 14,280 10,292 1 ,859 2,129 3,007 18,110 14,528 1,535 13 257 6,543 6,180 682 1 ,438 9 1969—Jan. 29 13,935 10,189 1 ,647 2,099 2,932 17,589 13,376 1,165 18 569 5,722 5,902 885 1 ,424 9 Feb. 26. 13,802 10,030 1 ,558 2,214 3,128 17,685 13,144 1 ,246 17 238 5,826 5,817 1,130 1 ,431 9 Other reserve city:7*8 1941—Dec. 31.... 15,347 7,105 6,467 1 ,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1,967 351 1945—Dec. 31 ... . 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 2,566 359 1947—Dec. 31. .,. 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,627 22 405 28,990 11,423 1 2,844 353 1967—Dec. 30.. . . 105,724 73,571 14,667 17,48726,867 136,626 120,485 9,374 310 1,715 53,28855,798 2,555 10,032 163 1968—Feb. 28. 105,503 72,949 14,700 17,85422,623 132,185 114,952 7,477 395 3,461 46,25657,363 3,41610,075 164 Mar. 27. 105,064 73,232 13,790 18,04221,820 1.30,999 113,620 7,247 393 I ,679 46,68757,614 3,523 10,087 164 Apr. 24. 106,175 74,648 13,383 18,14422,147 132,442 114,208 7,577 380 1,412 47,409 57,430 4,245 10,152 163 May 29. 106,505 74,697 13,496 18,31221,950 132,720 113,758 7,311 321 1,587 46,851 57,688 4,407 10,223 163 June 29, 107,654 76,213 13,083 18,35824,528 136,603 118,123 8,131 300 1 ,400 50,39457,898 3,720 10,351 163 July 31, 109,510 77,553 13,468 18,48923,601 137,652 118,508 8,065 437 1 ,881 49,185 58,940 4,267 10,407 162 Aug. 28, 110,559 77,479 13,972 19,10822,161 136,984 117,523 7,759 414 1 ,612 47,725 60,013 4,638 10,433 162 Sept. 25. 112,559 78,661 14,211 19,68723,382 140,294 119,750 8,054 448 2,798 48,12660,324 5,437 10,445 162 Oct. 30. 114,861 79,584 15,135 20,142 23,605 142,930 122,205 8,351 395 2,128 49,85461,477 5,554 10,559 162 Nov. 27 115,027 80,382 14,291 20,35425,803 145,322 123,321 8,458 353 799 51 ,83261,879 6,441 10,572 161 Dec. 31 . 119,133 83,679 14,99420,46027,965 151,836 132,159 10,018 346 1 ,980 57,23262,583 4,210 10,701 161 1969—Jan. 29 116,456 82,141 14,167 20,14823,463 144,460 122,369 7,651 306 2,348 50,14261,922 6,179 10,743 161 Feb. 26. 116,211 83,065 13,151 19,995 23.142 143,969 121,555 8.024 272 2,079 49,54961,631 6,085 10,773 161 Country member banks:7*8 1941—Dec. 31, 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 30 225 10,109 6,258 4 1,982 6,219 1945—Dec. 31. 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1 ,207 17 5,465 24,235 12,494 11 2,525 6,476 1947—Dec. 31, 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,056 17 432 28,378 14,560 23 2,934 6,519 1967—Dec. 30, 122,511 74,995 24,689 22,82620,334 146,052 131,156 2,766 96 1,564 61,161 65,569 552 11,005 5,886 1968—Feb. 28. 122,372 74,266 25,11922,987 17.668 142.921 127,616 2,087 106 2,496 55,58767,340 889 11,045 5,874 Mar. 27. 122,968 74,834 24,823 23,311 17,527 143,526 127,958 2,058 96 t ,606 55,92268,276 996 11,100 5,864 Apr. 24. 124,227 76,289 24,289 23,649 17,606 144,949 129,505 2,076 96 1,317 57,35968,657 695 11,169 5,862 May 29. 124,525 76,490 24,338 23,697 17,924 145,493 129,448 1,989 96 1,777 56,40669,180 1,254 11,193 5,857 June 29 125,767 78,011 23,469 24,287 19,321 148,588 132,837 2,258 102 1 ,811 59,183 69,483 870 11,403 5,855 July 31. 126,699 78,775 23,843 24,081 18,521 148,460 132,772 2,145 96 1,744 58,50870,279 772 11,302 5,843 Aug, 28 127,450 79,184 24,010 24,25617,956 148,626 132,750 2,128 96 1,700 57,685 71,141 891 11,354 5,836 Sept. 25. 129,187 80,230 24,325 24,632 18,610 151,135 134,961 2,222 96 2,291 58,57871 ,774 932 11,467 5,827 Oct. 30. 130,842 80,842 24,75025,260 19,292 153,472 137,139 2,305 102 1,803 60,16772,762 1,027 11,536 5,819 Nov. 27. 131,846 81,708 24,658 25,48020,411 155,573 138,857 2,354 102 1,518 61,90072,983 1,142 11,622 5,808 Dec. 31. 134,350 83,103 25,353 25,89422,398 160,343 144,318 2,745 102 1 ,292 66,45073,729 829 11,635 5,796 1969—Jan. 29. 133,166 81,932 25,09026,14418,979 155,471 138,314 2,185 102 1 ,766 60,36873,893 1,658 11,680 '5,790 Feb. 26? 133,316 82,660 24,183 26,473 19,318 156,543 138,108 2,200 102 1 ,666 59,35074,790 1,665 11,830 5,790 For notes see p. A-22. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 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 l n a ll s k d s a a o t n e f d Total Lo 1 a . n 2 s G U o S .S v e t . c . uri O tie t s h 2 er as C s a e s ts h 3 c c b o T a i a u l a l o i p i n a t n c t i i d ­ a e t ­ t a s l s l 4 Total3 m I D n a e t n e ­ d rba T n i k m 3 e U. D S. ema O O n t t d h h e e r r Ti 1 m . 5 e r B in o o g w r s ­ ­ c c T a o a o p u c t n i a ­ ta t l s l b N a b o u n e f m k r s ­ Govt. Insured commercial: 1941—Dec. 31.. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10, 654 1,762 41,298 15,699 10 6,844 13,426 1945—Dec. 31.. 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13.883 23,740 80,27629,876 215 8,671 13,297 1947—Dec. 31.. 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,615 54 1,325 92,97534,882 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., 321,473217,379 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 36,880 219,744 193,860 12,064 458 3,284 92,53385,522 2,627 17,434 4,815 1966—Dec. 31.. 187,251 129,182 30,355 27,713 41,690 235,996 206,456 12,588 437 3,035 96,75593,642 3,120 18,459 4,799 1967—Dec. 30.. 208,971 139,315 34,30835,348 46,634 263,375 231,374 13,877 652 3,142 106,019 107,684 3,478 19,730 4,758 1968—June 29.. 212,344 143,802 31,627 36,915 44,788 265,497 229,028 12,383 561 2,821 102,093 111,170 5,09720,503 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,*11 8,166 24,168 7,986 130 2,945 1,867 1947—Dec. 31.. 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1,918 1965—Dec. 31., 74,972 51,262 12,645 11,065 15,934 93,640 81,657 5,390 382 1,606 39,598 34,680 1,607 7,492 1,406 1966—Dec. 31.. 77,377 54,560 11,56911,247 19,049 99,504 85,547 6,200 357 1,397 41,46436,129 1,498 7,819 1,351 1967—Dec. 30.. 85,128 58,513 12,649 13,966 22,312 111,188 95,637 6,934 516 1,489 45,961 40,736 1,892 8,368 1,313 1968—June 29., 86,231 60,159 11,73414,338 22,342 112,352 94,908 7,261 373 1,306 44,37741,591 2,586 8,636 1,297 Insured nonmember commercial: 1941—Dec. 31., 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 6 959 6,810 1945—Dec. 31., 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635 5,680 7 1,083 6,416 1947—Dec. 31.. 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 4 149 12,366 6,558 7 1,271 6,478 1965—Dec. 31., 52,028 30,310 14,137 7,581 7,513 60,679 54,806 695 83 618 27,52825,882 91 4,912 7,320 1966—Dec. 31.. 56,857 33,636 13,873 9,349 7,777 65,921 59,434 709 87 543 28,471 29,625 99 5,342 7,384 1967—Dec. 30.. 64,449 37,675 15,146 11,629 8,403 74,328 67,107 786 89 588 31,004 34,640 162 5,830 7,440 1968—June 29.. 67,390 40,033 14,83612,521 7,557 76,561 68,866 693 85 824 30,09937,164 230 6,142 7,474 Noninsured nonmem­ ber commercial: 1941—Dec. 31.. 1,457 455 761 241 763 2,283 1,872 329 1 291 253 13 329 852 1945—Dec. 31.. 2,211 318 1,693 200 514 2,768 2,452 181 I 905 365 4 279 714 1947—Dec. 31 6. 2,009 474 1,280 255 576 2,643 2.251 177 185 18 1,392 478 4 325 783 1965—Dec. 31.. 2,455 1,549 418 489 572 3,200 2,113 27? 85 17 1,121 612 147 434 263 1966—Dec. 31.. 2,400 1,570 367 463 604 3,171 2,073 274 86 17 1,062 633 142 434 233 1967—Dec. 30.. 2,638 1,735 370 533 579 3,404 2,172 285 58 15 1 ,081 733 246 457 211 1968—June 29.. 2,829 1,821 407 602 647 3,652 2,438 300 75 20 1 ,268 775 217 493 211 Nonmember commercial: 1941—Dec. 31.. 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5 504 3,613 18 1,288 7,662 1945—Dec. 31.. 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14 101 6,045 11 1,362 7,130 1947—Dec. 31.. 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 12 1,596 7,261 1965—Dec. 31.. 54,483 31,858 14,555 8,070 8,085 63,879 56,919 972 168 635 28,64926,495 238 5,345 7,583 1966—Dec. 31.. 59,257 35,206 14,239 9,812 8,381 69,092 61.506 983 173 560 29,53230,258 241 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 32,08535,372 408 6,286 7,651 1968—June 29.. 70,219 41,853 15,24213,124 8,204 80,213 71,304 994 160 844 31,36737,939 447 6,635 7,685 For notes see p. A-22. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 22 COMMERCIAL AND MUTUAL SAVINGS BANKS □ MARCH 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 k s d s a a o n te d f Total Loans Securities as C s a e s ts h 3 b T i a l l o i i n a t t i d e a ­ s l Total 3 Interbank 3 Dema O n t d her B r i o n o g w r s ­ ­ c T a a o p c t i ­ a ta l l N b b a o u e n f m r k s ­ 1 i2 G U o .S vt . . Oth 2 er c c o a u a p n c i t ­ t s a l 4 m D a e n ­ d Time U.S. Other T 1 i m »5 e counts 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 48^54 1 6 381 47,865 69 4,140 330 1967—Dec. 30.. 55,936 45,489 3,111 7,336 88! 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. 31 6 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 r,i69 1,026 115 8,499 7,584 1 20 7,563 1 749 170 1968—June 29.. 8,677 6,283 1,166 1,228 126 8,901 7,879 1 41 7,838 762 170 i See table ** Deposits Accumulated at Commercial Banks for Payment s 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 51 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 included Note.—Data are for all commercial and mutual savings banks in the in “Federal funds sold, etc.,” for commercial banks on pp. A-24 and A-25. United States (including Alaska and Hawaii, beginning with 1959). For 3 Reciprocal balances excluded beginning with 1942. definition of “commercial banks” as used in this table, and for other 4 Includes other assets and liabilities not shown separately. banks that are included under member banks, see Note, p. 643, May 1964 3 Figures for mutual savings banks include relatively small amounts Bulletin. of demand deposits. Beginning with June 1961, also include certain Comparability of figures for classes of banks is affected somewhat by accounts previously classified as other liabilities. changes in F.R. membership, deposit insurance status, and the reserve 6 Beginning with Dec. 31, 1947, the series was revised; for description, classifications of cities and individual banks, and by mergers, etc. see note 4, p. 587, May 1964 Bulletin. Data for national banks for Dec. 31, 1965, have been adjusted to make 7 Regarding reclassification of New York City and Chicago as reserve them comparable with State bank data. cities, see Aug. 1962 Bulletin, p. 993. For various changes between Figures are partly estimated except on call dates. reserve city and country status in 1960-63, see note 6, p. 587, May 196 4 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

MARCH 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 Loans 1,2 Total‘.a Loans1,2 G U o .S vt . . Other2 G U o .S vt . . Other2 1959—Dec. 31........................................................................... 185.9 107.8 57.7 20.5 189.5 110.0 58.9 20.5 I960—Dec. 31........................................................................... 194.5 113.8 59.8 20.8 198,5 116.7 61.0 20.9 1961—Dec. 30........................................................................... 209.6 120.4 65.3 23.9 214.4 123.9 66.6 23.9 1962—Dec. 31........................................................................... 227.9 134.0 64.6 29.2 233.6 137.9 66.4 29.3 1963—Dec. 31........................................................................... 246.2 149.6 61.7 35.0 252.4 153.9 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 63.1 355.2 231.4 60.3 63.4 354.7 231.0 59.8 63.8 May 29.................................................................. 357.3 232.6 61.0 63.6 355.4 231.6 60,3 63.5 June 29........................................................................... 357.8 233.5 60.4 63.9 361.4 238.4 58.6 64.4 July 31.......................................................................... 365.9 238.4 63.1 64.4 366.0 240.9 60.5 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 1969—Jan. 29”........................................................................ 385.3 253.8 60.4 71.0 384.4 251.5 62,8 70.2 Feb. 26”........................................................................ 386.7 257.9 57.8 71.0 382.9 253.3 59. 1 70,5 1 Adjusted to exclude interbank loans. Note.—For monthly data 1948-68, see Aug. 1968 Bulletin, pp. A-94 2 Beginning June 9, 1966, about $1.1 billion of balances accumulated —A-97. For a description of the seasonally adjusted series see the follow­ for payment of personal loans were deducted as a result of a change in ing Bulletins: July 1962, pp. 797-802; July 1966, pp. 950-55; and Sept. Federal Reserve regulations. 1967, pp. 1511-17. Beginning June 30, 1966, CCC certificates of interest and Export­ Data are for last Wed. of month except for June 30 and Dec. 31; data Import Bank portfolio fund participation certificates totaling an estimated are partly or wholly estimated except when June 30 and Dec. 31 are call $1 billion are included in “Other securities’* rather than “Other loans.” dates. DEPOSITS ACCUMULATED AT COMMERCIAL BANKS FOR PAYMENT OF PERSONAL LOANS (In millions of dollars) Class of bank Dec. 31, June 30, Dec, 30, June 29, Class of bank Dec. 31, June 30, Dec. 30, June 29, 1966 1967 1967 1968 1966 1967 1967 1968 All commercial.............................. 1,223 1,272 1.283 1,235 All member (cont.)—• Insured........................................ 1,223 1,271 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 “Timo de­ its” and “Loans” at all commercial banks beginning with June 30, 1966, posits” in the table on pp. A-21 and A-22, or from “Loans” and “Time as follows: in the tables on pp. A-19—A-22; in the table at the top of this deposits, IPC” in the tables on pp. A-24 and A-25. page; and in the tables on pp. A-26—A-29 (consumer instalment loans). Details may not add to totals because of rounding; also, mutual savings These changes resulted from a change in the Federal Reserve regulations. banks held $268,000 of these deposits on Dec. 31, 1966; $244,000 on See June 1966 Bulletin, p. 808. June 30, 1967; $94,000 on Dec. 30, 1967; and $192,000 on June 29, 1968. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 24 COMMERCIAL BANKS □ MARCH 1969 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Other loans 1 Investments For To purchasing U.S. Government Class of lo T a o n t s a l 1 F e e ra d l ­ Com­ o s r e c c a u r r r it y ie in s g in f s in ti a tu n t c io ia n l s Other, securities 6 State bank and and funds mer­ Agri- Real to and Other call date invest­ sold, Total cial cul­ es­ in­ Other local secu­ ments etc.2 3,4 and tur­ To tate di­ 5 govt, rities5 in­ al 5 bro­ vid- Bills secu­ d tr u ia s l ­ k a e n r d s ot T h o er s Banks Others uals3 Total c a e n rt d if i­ Notes Bonds rities deal­ cates ers Total:2 1947—Dec. 31.. 116,284 38,057 18,167 1,660 830 1,220 115 9,393 5,723 947 69,221 9,982 6,034 53,205 5,276 3,729 1965—Dec. 31.. 306,060 2,103199,555 71,437 8,212 5,258 3,231 2,158 13,291 49,300 45,468 5,215 59,547 n.a. n.a. n.a. 38,655 6,201 1966—Dec. 31.. 323,885 2,544216,405 80,598 8,555 5,821 3,203 2,189 13,302 53,950 47,943 5,183 56,163 n.a. n.a. n.a. 41,003 7,769 1967—Dec. 30.. 361,186 4,057233,180 88,443 9,270 6,215 3,780 1 ,902 12,535 58,525 51,585 5,659 62,473 n.a. n.a. n.a. 50,006 11,471 1968—June 29.. 368,795 4,813241,001 91,4279,9794,9503,731 1,94412,19361,40954,221 5,97658,603 n.a. n.a. n.a. 52,635 11,742 All insured: 1941—Dec. 31.. 49,290 21,259 9,214 1,450 614 662 40 4,773 4,J 05 21,046 988 3,159 16,899 3,651 3,333 1945—Dec. 31.. 121,809 25,765 9,461 1,3143,1643,606 49 4,677 2,361 1,13288,912 21,526 16,045 51,342 3,873 3,258 1947—Dec. 31.. 114,274 .....3..7..,.5..83 18,012 1,610 823 1,190 114 9,266 5,654 91467,941 9,676 5,918 52,347 5,1293,621 1965—Dec. 31.. 303,593 2,064198,045 70,887 8,191 5,088 3,172 2,093 13,148 49,026 45,290 5,155 59,120 13,134 13,233 33,858 38,419 5,945 1966—Dec. 31.. 321,473 2,461214,918 80,060 8,5365,643 3,148 2,131 13,148 53,686 47,7705,127 55,788 12,080 13,439 31,536 40,761 7,545 1967—Dec. 30.. 358,536 3,919231,583 87,870 9,250 6,017 3,719 1,848 12,394 58,209 51,395 5,606 62,094 13,134 18,624 31,623 49,737 11,204 1968—June 29.. 365,955 4,655239,338 90,873 9,9584,723 3,668 1 ,881 12,029 61,11254,0205,89358,189 n.a. n.a. n.a.52,355 11,417 Member, total: 1941—Dec. 31.. 43,521 18,021 8,671 972 594 598 39 3,494 3,6 53 19,539 971 3,007 15,561 3,090 2,871 1945—Dec. 31.. 107,183 22,775 8,949 855 3,133 3,378 47 3,455 1,900 1,05778,338 19,260 14,271 44,807 3,2542,815 1947—Dec. 31.. 97,846 ....3...2..,.6..28 16,962 1,046 811 1,065 113 7,130 4,662 83957,914 7,803 4,81545,295 4,1993,105 1965—Dec. 31.. 251,577 1,861 167,939 63,979 5,099 4,915 2,714 2,008 12,475 38,988 36,418 4,832 44,992 9,441 10,106 26,367 32,588 4,198 1966—Dec. 31.. 264,627 2,119181,624 72,553 5,318 5,389 2,660 2,047 12,349 42,384 37,9254,757 41,924 8,567 9,78924,609 33,800 5,160 1967—Dec. 30.. 294,098 3,438194,389 79,344 5,702 5,820 3,099 1,754 11,587 45,528 40,454 5,190 46,956 9,633 13,657 24,614 41,520 7,795 1968—June 29.. 298,575 4,041 199,92081,9226,081 4,525 3,057 1,778 11,25947,69742,291 5,46443,361 n.a. n.a. n.a.43,3827,871 New York City: 1941—Dec. 31.. 12,896 4,072 2,807 8 412 169 32 123 52 2 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..,.1..79 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 20 2,866 665 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 38,644 23,183 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 3,1971 ,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 ! 5 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 1,5 08 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 .....1..3..,..4.49 7,088 225 170 484 15 3,147 1,969 35120,196 2,731 1,901 15,563 1,342 1,053 1965—Dec. 31.. 91,997 471 64,646 24,784 1,206 954 1,108 635 5,820 15,056 14,305 1,999 14,354 2,972 3,281 8,432 11,504 1,022 1966—Dec. 31.. 96,201 817 69,01728,090 1,251 1,084 1,079 684 5,748 16.044 14,375 1,968 13,040 2,552 2,673 8,222 12,033 1,294 1967—Dec. 30.. 106,086 1 ,219 72,713 30,609 1,311 881 1,143 578 5,446 16,969 15,0472,148 14,667 3,140 3,557 8,312 15,376 2,110 1968—June 29.. 108,001 1,422 75,138 31,720 1,414 758 1,206 513 5,19617,861 15,6252,30413,083 n.a. n.a. n.a. 16,1772,180 Country: 1941—Dec. 31.. 12,518 5,890 1,676 659 20 183 2 1,823 1,5 28 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 .....1..0..,..1.99 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 1,177 23,735 4,389 5,565 14,098 13,805 2,483 1966—Dec. 31.. 110,089 1,161 68,051 17,938 3,986 790 761 157 2,175 22,253 20,000 1,30722,419 3,791 5,917 13,096 15,473 2,985 1967—Dec. 30.. 123,127 1 ,538 74,074 19,839 4,332 607 906 100 2,200 24,453 21,554 1,516 24,689 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 1,89925,647 22,721 1,61423,469 n.a. n.a. n.a. 19,6074,680 Nonmember: 1947—Dec. 31.. 18,454 5,432 1,205 614 20 156 2 2,266 1,061 109 11,318 2,179 1,219 7,920 1,078 625 1965—Dec. 31.. 54,483 242 31,616 7,458 3,113 343 516 151 817 10,312 9,050 38314,555 n.a. n.a, n.a. 6,067 2,003 1966—Dec. 31.. 59,257 425 34,781 8,045 3,237 431 543 142 953 11,566 10,018 42714,239 n.a. n.a. n.a. 7,203 2,609 1967—Dec. 30.. 67,087 618 38,791 9,099 3,568 395 681 148 948 12,997 11,131 46915,516 n.a. n.a. n.a. 8,486 3,676 1968—June 29.. 70,219 772 41,081 9,5063,898 425 674 166 935 13,712 11,929 51215,242 n.a. n.a. n.a. 9,2523,871 1 Beginning with June 30, 1948, figures for various loan items are 4 Breakdowns of loan, investment, and deposit classifications are not shown gross (i.e., before deduction of valuation reserves); they do not available before 1947; summary figures for earlier dates appear in the add to the total and are not entirely comparable with prior figures. Total preceding table. loans continue to be shown net. 5 Beginning with June 30, 1966, loans to farmers directly guaranteed 2 Includes securities purchased under resale agreements. Prior to June by CCC were reclassified as “Other securities,” and Export-Import Bank 30, 1967, they were in loans, for the most part in loans to banks. Prior portfolio fund participations were reclassified from loans to “Other se­ to Dec. 1965, Federal funds sold were included with total loans and loans curities.” This increased “Other securities” by about $1 billion. to banks. ■ s Beginning with Dec. 31, 1965, components shown at par rather than 3 See table (and notes) entitled Deposits Accumulated at Commercial at book value; they do not add to the total (shown at book value) and are Banks for Payment of Personal Loans, p. A-23. not entirely comparable with prior figures. For other notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1969 □ COMMERCIAL BANKS A 25 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits Bab Deb c C a a l n a ll k s d s a a o n te d f s B w F e R a r . i n v R e th e k ­ . s s r C c e a o n n u i c d n r y ­ b m a w a d n e n i o c s t k e h ­ t s i s c 7 ju p m s o d a a t s e d e n i - ­ d t d s 8 m D e In o st t - i e c r 7 ba e F n ig o k n r ­ 9 G U o .S v . t. S l g o a o t n c a v a d te t l . c C c h o a f e i e e e n f r f c r d d s i t k ­ ’ i ­ s, IPC I b n a te nk r­ G P S U a o o a n . s S v v d t ­ t a . . l S l g o a o t c n a v a d te t l . IPC 3 r B i o n o g w r s - ­ c C o a t a u a c p n l ­ i t ­ s etc. ings Total: 3 1947—Dec. 31 ... . 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 6510,059 1965—Dec. 31.... 17.992 4,851 15,300 140,936 16,794 1,632 5,525 14,244 5,978 140,558 1,008 263 12,186 134,2474,47230,272 1966—Dec. 31 . 19,069 5,450 15,870 142,104 17,867 1,904 4,992 15,047 7,051 145,653 967 238 13,462 146,3294,85932,054 1967—Dec. 30.... 20,275 5,931 17,490 153,253 19,853 2,029 5,234 15,564 8,677 159,825 1 ,316 267 15,892 167,6345,77734,384 1968—June 29. ... 20,846 5,190 15,494147,296 18,632 2,005 4,971 16,284 10,123 151,430 1 ,094 321 16,522 173,8578,13035,774 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 15,836 166,9565,53133,916 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 16,456 173,1487,91335,269 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 10,041 109,9254,23424,926 1966—Dec. 31 ... . 19,069 4,249 9,400 112,920 17,051 1,736 4,432 11,406 6,396 120,417 794 213 10,983 118,5764,61826,278 1967—Dec. 30.... 20,275 4,646 10,550 121,530 18,951 1,861 4,631 11,857 7,940 132,184 1,169 235 12,856 135,3295,37028,098 1968—June 29.... 20,846 3,999 9,218 116,269 17,809 1 ,834 4,127 12,503 9,251 124,716 934 286 13,373 139,1027,68429,139 New York City: 1941—Dec. 31.... 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31 ... . 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 1947—Dec. 31.... 4,639 151 70 16,653 3,236 1 ,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1965—Dec. 31. . . . 3,788 310 122 18,190 4,191 1,034 1,271 620 2,937 20,708 522 84 807 17,097 1,987 5,114 1966—Dec. 31.... 4,062 326 201 18,013 5,105 1,265 1,016 608 3,814 22,113 467 83 918 16,447 1,874 5,298 1967—Dec. 30.... 4,786 397 476 20,004 5,900 1 ,337 1,084 890 4,748 25,644 741 70 1,152 18,840 1,880 5,715 1968—June 29.. 5,013 305 558 18,223 6,709 1,326 824 1 ,203 6,043 23,879 513 89 1,250 17,4962,283 6,022 City of Chicago: 1941—Dec. 31 ... . 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1945—Dec, 31.... 942 36 200 3,153 1 ,292 20 1,552 237 66 3,160 719 377 1947—Dec. 31 ... . 1 ,070 30 175 3,737 1,196 21 72 285 63 3,853 2 9 902 .......... 426 1965—Dec. 31.... 1,042 73 151 4,571 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 4,9601 40,510 1,548 9,007 1966—Dec. 31 .... 8,353 1 ,326 2,517 37,572 8,249 343 1,633 3,708 1,274 44,022 233 57 5,450 44,2041,952 9,472 1967—Dec. 30.... 8,618 1 ,452 2,805 39,957 8,985 390 1 ,715 3,542 1 ,580 48,165 310 80 5,830 50,2502,55510,033 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 1,474 6,805 1,161 48,706 69 71 4,260 53,384 30810,309 1967—Dec. 30.... 5,767 2,704 7,117 56,812 2,709 57 1,564 7,142 1,395 52,624 96 83 5,272 60,830 55211,005 1968—-June 29.... 6,101 2,392 6,305 54,952 2,207 51 1 ,811 7,382 1,343 50,458 102 78 5,395 64,608 871 11,403 Nonmember: 3 1947—Dec. 31.... 544 3,947 13,595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1,596 1965—Dec. 31.... 1,093 6,343 28,367 817 155 635 3,404 592 24,653 168 27 2,145 24,322 238 5,345 1966—Dec. 31.... 1,201 6,471 29,184 815 167 560 3,641 655 25,237 173 26 2,479 27,753 241 5,776 1967—Dec. 30.... 1,285 6,939 31,723 903 169 603 3,707 737 27,641 147 32 3,035 32,305 408 6,286 1968—June 29.. . . .............. 1,191 6,275 31,027 823 170 844 3,781 872 26,715 160 35 3,149 34,755 447 6,635 7 Beginning with 1942, excludes reciprocal bank balances. that are included under member banks, see Note, p. 589, May 1964 8 Through I960 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 □ MARCH 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 Wednesday lo a a n n d s v t a io lu n a ­ C m o e m r­ ­ a T n o d b d r e o a k l e e r r s s To others Banks Nonbank Con­ Valu­ invest­ re­ cial Agri­ Real sumer For­ AU 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. Large banks— Total 1968 Feb. 7........... 205,087 143,768 64,826 1 ,890 1,461 3,748 93 2,427 1,367 3,186 5,301 4,160 29,168 16,400 1,058 1 1 ,875 3,192 14........... 204,871 143,411 64,808 1 ,888 1 ,309 3,553 92 2,439 1 ,408 3,217 5,252 4,113 29,187 16,392 1 ,069 11 ,876 3,192 21........... 206,709 143,522 64,912 1 ,892 1 ,631 3,844 89 2,437 1,375 2,748 5,119 4,176 29,192 16,370 I ,055 11,874 3,192 28............ 207,194 144,233 64,945 1 ,893 1 ,362 3,690 89 2,421 1,361 3,756 5,129 4,174 29,218 16,397 1 ,036 11,954 3,192 1969 Jan. 1........... 233,299 164,952 73,988 2,034 1 ,492 5,221 1 10 2,710 1,575 3,128 6,622 5,244 32,051 18,657 1 ,040 14,448 3,368 8........... 231,170 164,198 73,958 2,023 1 ,648 4,526 133 2,737 1 ,577 4,438 5,741 5,111 32,021 18,624 1 ,045 14,109 3,493 15........... 229,792 163,377 73,831 2,025 1 ,265 4,168 108 2,727 1,630 4,499 5,606 5,117 32,137 18,620 1,059 14,081 3,496 22........... 228,222 161,827 73,516 2,024 877 3,866 104 2,750 1 ,524 4,331 5,385 5,063 32,214 18,663 1,048 13,957 3,495 29............ 228,016 162,155 72,896 2,018 879 3,660 100 2,751 1 ,573 5,473 5,357 5,044 32,220 18,719 1 ,004 13,958 3,497 Feb. 5............ 227,827 162,370 73,111 2,005 982 3,917 98 2,753 1,458 4,891 5,669 5,009 32,245 18,709 975 14,042 3,494 12........... 228,998 163,930 73,364 2,015 778 4,128 120 2,751 1 ,590 5,581 5,859 5,063 32,296 18,728 1 ,002 14,149 3,494 19........... 225,735 162,119 73,593 1 ,959 397 3,708 101 2,787 1,587 4,892 5,558 5,019 32,420 18,705 1 ,010 13,877 3,494 26............ 226,394 163,201 73,709 1,957 584 3,752 99 2,811 1,593 5,603 5,394 5,145 32,479 18,725 1 ,004 13,840 3,494 New York City 1968 Feb. 7............ 46,377 35,073 21 ,503 19 670 2,301 18 771 648 621 1 ,501 1,031 2,972 1 ,251 743 1,962 938 14........... 46.362 34,950 21,469 18 615 2,104 18 768 686 722 1 ,532 1,019 2,966 1 ,249 750 1 ,972 938 21........... 47,091 35,225 21,522 20 904 2,362 19 761 662 583 1 ,400 1 ,048 2,944 1 ,239 742 1 ,958 939 28............ 47,188 35 ,398 21 ,532 21 575 2,215 17 758 653 1,209 1,414 1,042 2,938 1,249 717 1,997 939 1969 Jan. 1 ..... . 53,810 40,829 24,560 16 781 2,955 14 892 805 692 1 ,771 1 ,304 3,189 I ,373 672 2,757 952 8........... 52,829 40,369 24,560 15 926 2,454 37 886 815 966 1,597 1 ,274 3,192 1 ,373 668 2,651 1 ,045 15........... 52,702 40,622 24,489 15 1 ,056 2,323 13 881 849 1 ,348 1 ,516 1 ,273 3,217 1 ,375 681 2,631 1 ,045 22........... 52,045 39,800 24,262 16 651 2,115 12 874 778 1 ,509 1,447 1 ,271 3,223 1 ,454 673 2,560 1 ,045 29........... 52,506 40,395 23,997 16 572 I ,994 10 874 801 2,495 I ,503 1,271 3,214 1 ,447 637 2,609 1,045 Feb. 5........... 51,874 39,754 24,092 16 671 2,177 10 861 710 1 .351 1 ,679 1,296 3,232 1 ,449 620 2,637 1,047 12........... 52,865 40,949 24,117 16 581 2,408 32 855 827 1 ,922 1 ,848 1,305 3,224 1 ,449 646 2,766 1,047 19............ 51,139 39,961 24,124 16 282 2,055 10 864 801 I ,924 1 ,670 1 ,290 3,255 1 ,447 652 2,618 1 ,047 26............ 51,359 40,372 24,157 16 441 2,132 10 872 808 2,085 1 ,628 1,324 3,259 1,448 644 2,595 1,047 Outside New York City 1968 Feb. 7............158,710 108,695 43,323 1 ,871 791 1 ,447 75 1 ,656 719 2,565 3,800 3,129 26,196 15,149 315 9,913 2,254 14........... 158,509 108,461 43,339 1 ,870 694 1 ,449 74 1 ,671 722 2,495 3,720 3,094 26,221 15,143 319 9,904 2,254 21............ 159,618 108,297 43,390 1 ,872 727 1 ,482 70 1 ,676 713 2,165 3,719 3,128 26,248 15,131 313 9,916 2,253 28............ 160,006 108,835 43,413 1 ,872 787 1 ,475 72 1 ,663 708 2,547 3,715 3,132 26,280 15,148 319 9,957 2,253 1969 Jan. 1............ 179,489 124,123 49,428 2,018 711 2,266 96 1 ,818 770 2,436 4,851 3,940 28,862 17,284 368 11,691 2,416 8............. 178,341 123,829 49,398 2,008 722 2,072 96 1 ,851 762 3,472 4,144 3,837 28,829 17,251 377 11,458 2,448 15........... 177,090122,755 49,342 2,010 209 I ,845 95 1 ,846 781 3,151 4,090 3,844 28,920 17,245 378 11,450 2,451 22............ 176,177 122,027 49,254 2,008 226 1 ,751 92 1 ,876 746 2,822 3,938 3,792 28,991 17,209 375 11,397 2,450 29............ 175,510 121,760 48,899 2,002 307 1,666 90 1,877 772 2,978 3,854 3,773 29,006 17,272 367 11,349 2,452 Feb. 5............ 175,953 122,616 49,019 1,989 311 1,740 88 1 ,892 748 3,540 3,990 3,713 29,013 17,260 355 11,405 2,447 12............ 176,133 122,981 49,247 1,999 197 1 ,720 88 1 ,896 763 3,659 4,011 3,758 29,072 17,279 356 11,383 2,447 19............ 174,596 122,158 49,469 1,943 115 1,653 91 1 ,923 786 2,968 3,888 3,729 29,165 17,258 358 11,259 2,447 26............ 175,035 122,829 49,552 1,941 143 1 ,620 89 1 ,939 785 3,518 3,766 3,821 29,220 17,277 360 11,245 2,447 For notes see p. A-29. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 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 and in rency serves assets Cer­ subdivisions securities Total process and with Total Bills tifi­ of coin F.R. cates collec­ Do­ For­ Banks Cert if. tion mestic eign With­ 1 to After Tax AU of Other banks banks in 5 yrs. 5 yrs. war­ other partici­ secu­ 1 yr. rants 3 pation4 rities Large banks— Total 1968 27.417 5,444 4,090 13,546 4,337 4,110 25,372 1 ,457 2,963 43,770 20,718 3,934 219 2,663 16,236 9,512 .............Feb. 7 27,513 5,576 4,037 13,544 4,356 4,098 25,444 I ,440 2,965 45,915 23,025 4,439 208 2,861 15,382 9,551 ........................14 28,983 5,073 3,947 14,701 5,262 4,154 25,631 1 ,458 2,961 45,286 21,748 4,281 227 2,733 16,297 9,236 ........................21 28,738 4,868 3,990 14,580 5,300 4,187 25,642 1 ,458 2,936 45,045 21,435 4,090 199 2,883 16,438 9,232 ........................28 1969 29,354 5,314 5,186 12,219 6,635 5,034 29,466 1 ,481 3,012 58,434 32,864 5,535 245 3,352 16,438 11,332 28,101 4,196 5,280 12,074 6,551 5,041 29,397 1 ,417 3,016 53,196 28,430 4,833 244 3,155 16,373 10,934 ....................... 8 27,812 3,962 5,256 12,083 6,51 1 4,936 29,263 1 ,411 2,993 55,936 30,943 4,805 237 3,113 16,838 10,844 ........................15 28,051 4,277 5,266 12,069 6,439 4,867 29,132 1 ,415 2,930 52,704 27,346 4,514 239 3,056 17,549 10,607 ........................22 27,656 4,007 5,250 11,987 6,412 4,810 29,105 I ,429 2,861 50,971 25,852 4,394 238 3,103 17,38410,491 ........................29 27,332 3,747 5,149 12,029 6,407 4,832 28,940 1 ,421 2,932 53,150 28,276 4,675 247 2,743 17,209 10,889 .............Feb. 5 26,797 3,232 5,157 12,010 6,398 4,784 29,247 1 ,385 2,855 52,490 27,562 4,607 274 2,959 17,088 10,870 .................... .12 25,416 2,485 4,757 12,442 5,732 4,705 29,207 I ,403 2,885 53,035 28,738 4,706 254 2,933 16,565 10,773 ........................19 25,146 2,295 4,799 12,361 5,691 4,637 29,096 1 ,412 2,902 50,074 26,149 4,313 263 3,035 16,314 10,913 ........................26 blew York City 1968 4,990 1,489 879 1 ,743 879 1 ,442 4,159 84 629 13,088 8,109 221 100 377 4,281 3,497 .............Feb. 7 5,070 1,575 884 1 ,712 899 1,453 4,177 68 644 14,033 9,065 299 93 383 4,193 3,504 ..........................4 5,412 1 ,415 717 2,123 1,157 1 ,518 4,225 65 646 14,195 8,886 253 113 358 4,585 3,428 ........................21 5,299 1 ,309 679 2,140 1,171 1 ,585 4,203 65 638 13,749 8,663 282 89 374 4,341 3,330 ........................28 1969 5,466 1 ,484 686 1,871 1 ,425 1 ,757 4,885 122 751 19,463 14,219 372 120 398 4,354 4,317 5,115 1,162 704 1 ,850 1 ,399 1 ,672 4,829 114 730 17,722 12,350 355 122 418 4,477 4,209 ....................... 8 4,914 990 687 1 ,841 1,396 1 ,545 4,765 114 742 18,894 14,053 404 121 399 3,917 4,187 ........................15 5,232 1,289 694 1 ,848 1 ,401 1 ,530 4,670 113 700 18,433 12,976 294 124 396 4,643 3,983 ........................22 5,100 1 ,199 679 1 ,838 1,384 1 ,506 4,672 116 717 18,062 12,529 334 109 393 4,697 3,802 ........................29 5,139 1 ,278 651 1 ,831 1 ,379 1 ,473 4,663 121 724 18,309 12,977 398 122 377 4,435 4,051 ........... Feb. 5 4,861 1 ,000 658 1 ,818 1 .385 1 ,389 4,832 115 719 17,909 12,942 275 151 356 4,185 4,089 ........................12 4,238 517 583 1 ,961 1,177 1 ,391 4,728 114 707 18,477 13,529 455 129 375 3,989 4,114 ........................19 4,086 402 581 I ,94! 1,162 1 ,371 4,724 113 693 17,300 12,541 307 134 379 3,939 4,165 ........................26 Outside New York City 1968 22,427 3,955 3,21 1 11,803 3,458 2,668 21,213 1 ,373 2,334 30,682 12,609 3,713 119 2,286 11,955 6,015 .............Feb. 7 22,443 4,001 3,153 1 1,832 3,457 2,645 21,267 1 ,372 2,321 31,882 13,960 4,140 115 2,478 11,189 6,047 ...............14 23,571 3,658 3,230 12,578 4,105 2,636 21,406 ( ,393 2,315 31,091 12,862 4,028 114 2,375 11,712 5,808 21 23,439 3,559 3,3! I 12,440 4,129 2,602 21,439 1 ,393 2,298 31 ,296 12,772 3,808 110 2,509 12,097 5,902 .......................28 1969 23,888 3,830 4,500 10,348 5,210 3,277 24,581 1 ,359 2,261 38,971 18,645 5,163 125 2,954 12,084 7,015 22,986 3,034 4,576 10,224 5,152 3,369 24,568 1 ,303 2,286 35,313 16,080 4,478 122 2,737 11,896 6,725 ...................... 8 22,898 2,972 4,569 10,242 5,115 3,391 24,498 1 ,297 2,251 37,042 16,890 4,401 1(6 2,714 12,921 6,657 ........................(5 22,819 2,988 4,572 10,221 5,038 3,337 24,462 1 ,302 2,230 34,271 14,370 4,220 115 2,660 12,906 6,624 ......................22 22,556 2,808 4,571 10,149 5,028 3,304 24,433 1 ,313 2,144 32,909 13,323 4,060 129 2,710 12,687 6,689 .......................29 22,193 2,469 4,498 10,198 5,028 3,359 24,277 1,300 2,208 34,841 15,299 4,277 125 2,366 12,774 6,838 ............Feb. 5 21,936 2,232 4,499 10,192 5,013 3,395 24,415 1 ,270 2,136 34,581 14,620 4,332 123 2,603 12,903 6,781 ........................(2 21,178 1,968 4,174 10,481 4,555 3,314 24,479 1 ,289 2,178 34,719 15,209 4,251 125 2,558 12,576 6,659 ........................19 21.060 1 ,893 4,218 10,420 4,529 3,266 24,372 1 ,299 2,209 32,774 •13,608 4,006 129 2,656 12,375 6,748 .......................26 For notes see p, A-29. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 28 WEEKLY REPORTING BANKS a MARCH 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 Total* IPC ical Govt. com­ Com­ Total7 ical tic Com­ sub­ mer­ Govt., mer­ Sav­ Other sub­ inter­ Govt., mer­ divi­ cial etc.6 cial ings divi­ bank etc. cial sions banks banks sions banks Large banks— Total 1968 Feb. 7. .. ................. 218,609 114,432 82,053 5,980 4,610 13,450 658 1 ,566 104,177 48,518 39,517 9,692 823 5,142 292 14....................... 220,682 116,301 84,788 5,763 3,578 13,947 699 1 ,651 104,381 48,554 39,585 9,815 828 5,097 297 21....................... 221,059 116,375 81,591 5,748 7,276 13,536 692 1 ,599 104,684 48,596 39,757 9,839 846 5,127 294 28....................... 221,417 116,456 82,761 5,984 6,515 12,785 682 1,583 <04,961 48,620 39,910 9,929 845 5,121 309 1969 Jan. 1....................... 256,398 144,295 102,818 7,675 3,437 19,064 854 2,094112,103 49,161 45,013 12,047 722 4,611 280 8....................... 243,333 131,759 95,868 6,297 2,122 16,603 689 2,017 111,574 48,812 44,971 11 ,987 644 4,609 268 15....................... 243,903 133,179 97,517 6,424 1 ,499 16,124 701 2,017 110,724 48,523 44,678 11,738 633 4,603 264 22....................... 238,999 128,654 92,452 5,891 4,891 14,777 747 1,840 110,345 48,438 44,580 11,585 605 4,594 267 29,................ 237,032 127,002 90,113 6,318 5,434 14,596 671 1 ,894 110,030 48,340 44,416 11,522 593 4,620 267 Feb. 5....................... 238,794 129,101 90,077 6,708 5,410 15,900 675 1,859 109,693 48,318 44,314 11,31! 579 4,656 242 12....................... 237,959 128,447 90,897 6,441 4,426 15,847 677 1,963 109,512 48,307 44,323 11,179 571 4,622 243 19....................... 236,840 127,542 89,457 6,413 5,160 15,653 689 1,910 109,298 48,317 44,178 11,041 592 4,663 240 26................... 233,986 124,747 89,131 6,272 3,882 14,915 625 1 ,829 109,239 48,335 44,227 11,025 555 4,592 238 New York City 1968 Feb. 7....................... 48,664 30,270 19,393 320 1 ,051 3,935 514 1 ,069 18,394 4,698 8,907 769 533 3,259 148 14....................... 49,702 31,376 20,345 358 762 4,303 539 1 ,137 18,326 4,705 8,808 827 541 3,211 154 21....................... 50,074 31,667 19,563 422 1 ,729 4,288 535 1,104 18,407 4,716 8,867 822 547 3,219 152 28....................... 50,279 31,774 20,021 383 I ,584 3,910 527 1,084 18,505 4,714 8,935 847 546 3,211 166 1969 Jan. 1....................... 60,622 41,771 25,660 884 870 6,956 686 1 ,460 18,851 4,639 9,398 1 ,274 432 2,859 176 8....................... 55,527 36,993 23,507 521 425 5,421 518 1,434 18,534 4,637 9,154 1,257 381 2,866 160 15....................... 56,274 38,117 23,559 627 351 5,514 539 1 ,437 18,157 4,626 8,856 1 ,202 375 2,860 156 22....................... 54,799 36,841 22,495 431 1 ,311 5,176 595 1,282 17,958 4,615 8,765 1,141 350 2,845 162 29....................... 55,182 37,360 22,058 484 1 ,845 5,607 505 1,349 17,822 4,611 8,661 1,131 341 2,840 160 Feb. 5. .. ................. 54,868 37,345 21,725 615 1 ,640 5,639 500 1,332 17,523 4,608 8,516 990 335 2,849 145 12....................... 54,973 37,522 22,036 570 1 ,348 5,812 521 1 ,397 17,451 4,611 8,470 976 332 2,838 146 19....................... 54,339 37,146 21,570 517 I ,441 5,887 529 1 ,339 17,193 4,621 8,261 871 358 2,859 145 26 . ..................... 53,339 36,196 21,820 538 896 5,422 469 1,296 17,143 4,626 8,249 866 325 2,857 144 Outside New York City 1968 Feb. 7....................... 169,945 84,162 62,660 5,660 3,559 9,515 144 497 85,783 43,820 30,610 8,923 290 1 ,883 144 14....................... 170,980 84,925 64,443 5,405 2,816 9,644 160 514 86,055 43,849 30,777 8,988 287 I ,886 143 21....................... 170,985 84,708 62,028 5,326 5,547 9,248 157 495 86,277 43,880 30,890 9,017 299 I ,908 142 28....................... 171,138 84,682 62,740 5,601 4,931 8,875 155 499 86,456 43,906 30,975 9,082 299 1,910 143 1969 Jan. I....................... 195,776 102,524 77,158 6,791 2,567 12,108 168 634 93,252 44,522 35,615 10,773 290 1,752 104 8....................... 187,806 94,766 72,361 5,776 I ,697 11,182 171 583 93,040 44,175 35,817 10,730 263 1,743 108 15.............. 187,629 95,062 73,958 5,797 1,148 10,610 162 580 92,567 43,897 35,822 10,536 258 1,743 108 22....................... 184,200 91,813 69,957 5,460 3,580 9,601 152 558 92,387 43,823 35,815 10,444 255 t ,749 105 29....................... 181,850 89,642 68,055 5,834 3,589 8,989 166 545 92,208 43,729 35,755 10,391 252 1 ,780 107 Feb. 5........................ 183,926 91,756 68,352 6,093 3,770 10,261 175 527 92,170 43,710 35,798 10,321 244 1,807 97 12....................... 182,986 90,925 68,861 5,871 3,078 10,035 156 566 92,061 43,696 35,853 10,203 239 1,784 97 19....................... 182,501 90,396 67,887 5,896 3,719 9,766 160 57! 92,105 43,696 35,917 10,170 234 1,804 95 26....................... 180,647 88,551 67,311 5,734 2,986 9,493 156 533 92,096 43,709 35,978 10,159 230 1,735 94 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1'969 □ 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 deposit 1 0 ties of Wednesday ties counts and Total (net) Demand U.S. From From capital loans ad­ deposits banks F.R. others accounts (net) justed ad­ to Banks ad­ and in­ justed 9 Total Issued Issued their justed 8 vest­ issued to to foreign ments 8 I PC’s others branches ii Large banks—• Total 1968 162 6,071 12,845 20,682 258,369 140,582 201,901 75,654 20,692 13,379 7,313 4,352 ...................Feb. 7 33 5,899 13,092 20,631 260,337 140,194 201,654 75,751 20,782 13,373 7,409 4,474 ...............................14 752 5,489 13,340 20,591 261,231 140,774 203,961 73,815 20,905 13,426 7,479 4,739 ...............................21 153 6,334 12,942 20,625 261,471 140,477 203,438 75,721 21,080 13,444 7,636 4,530 ...............................28 1969 149 7,922 16,591 22,005 303,065 161,824 230,171 88,930 22,820 14,537 8,283 6,054 117 11 ,479 18,296 21 ,914 295,139 159,760 226,732 84,604 22,374 14,224 8,150 7,489 .............................. 8 860 10,969 18,895 21,945 296,572 158,878 225,293 84,613 21,787 13,827 7,960 8,134 ...............................15 727 10,509 19,357 21,941 291,533 157,496 223,891 81,640 21,345 13,505 7,840 8,576 ..............................22 685 10,672 19,113 21,976 289,478 156,682 222,543 81,120 21,031 13,285 7,746 8,656 ..............................29 951 10,923 19,092 22,106 291,866 157,479 222,936 79,515 20,603 13,083 7,520 8,567 885 12,110 19,303 22,101 292,358 158,349 223,417 80,612 20,484 12,975 7,509 8,332 ...............................12 281 10,952 19,586 22,045 289,704 157,227 220,843 77,991 20,126 12,659 7,467 8,543 ...............................19 260 11,200 19,864 22,071 287,381 157,598 220,791 79,801 19,968 12,592 7,376 8,869 ...............................26 New York City 1968 35 1 ,882 6,856 5,525 62,962 34,452 45,756 17,175 6,577 4,420 2,157 3,600 .................. Feb. 7 10 1 ,781 6,886 5,520 63,899 34,228 45,640 17,246 6,532 4,356 2,176 3,666 ...............................14 365 1 ,687 7,080 5,508 64,714 34,642 46,508 16,764 6,581 4,364 2,217 3,840 ...............................21 52 1 ,712 6,724 5,500 64,267 34,189 45,979 17,617 6,635 4,367 2,268 3,670 ...............................28 1969 60 2,321 8,644 5,943 77,590 40,137 53,118 19,726 6,453 4,242 2,211 4,620 3,476 9,859 5,898 74,760 39,403 51,863 18,797 6,210 4,069 2,141 5,266 .............................. 8 101 3,346 10,179 5,883 75,783 39,274 51 ,354 18,199 5,933 3,841 2,092 5,754 ...............................15 3,074 10,711 5,877 74,461 38,291 50,536 17,378 5,760 3,753 2,007 6,177 ...............................22 2,977 10,349 5,862 74,370 37,900 50,011 17,379 5,643 3,662 1 ,981 6,089 ...............................29 3(6 2,906 10,218 5,926 74,234 38,403 50,523 17,089 5,357 3,552 1 ,805 5,944 .................. Feb. 5 194 3,511 10,262 5,923 74,863 39,027 50,943 17,420 5,281 3,484 1 ,797 5,780 ...............................12 3,021 10,460 5,910 73,730 38,037 49,215 16,289 5,069 3,270 1 ,799 5,948 ...............................19 2,930 10,659 5,896 72,824 38,287 49,274 17,337 4,992 3,243 1 ,749 6,185 ...............................26 Outside New York City 1968 127 4,189 5,989 15,157 195,407 106,130 156,145 58,479 14,115 8,959 5,156 752 ....................Feb. 7 23 4,118 6,206 15,111 196,438 105,966 156,014 58,505 14,250 9,017 5,233 808 ...............................14 387 3,802 6,260 15,083 196,517 106,132 157,453 57,051 14,324 9,062 5,262 899 ..............................21 101 4,622 6,218 15,125 197,204 106,288 157,459 58,104 14,445 9,077 5,368 860 ..............................28 1969 89 5,601 7,947 16,062 225,475 121 ,687 177,053 69,204 16,367 10,295 6,072 I ,434 ...................Jan. 1 117 8,003 8,437 16,016 220,379 120,357 174,869 65,807 16,164 10,155 6,009 2,223 .................................8 759 7,623 8,716 16,062 220,789 119,604 173,939 66,414 15,854 9,986 5,868 2,380 ...............................15 727 7,435 8,646 16.064 217,072 119,205 173,355 64,262 15,585 9,752 5,833 2,399 ..............................22 685 7,695 8,764 16,114 215,108 118,782 172,532 63,741 15,388 9,623 5,765 2,567 ..............................29 635 8,017 8,874 16,180 217,632 119,076 172,413 62,426 15,246 9,531 5,715 2,623 ...................Feb. 5 691 8,599 9,041 16,178 217,495 119,322 172,474 63,192 15,203 9,491 5,712 2,552 ...............................12 281 7,931 9,126 16,135 215,974 119,190 171,628 61,702 15,057 9,389 5,668 2,595 ...............................17 260 8,270 9,205 16,175 214,557 119,311 171,517 62,464 14,976 9,349 5,627 2,684 ..............................26 1 After deduction of valuation reserves. 2 Individual items shown gross. * 1 Liabilities to branches are reported gross; because of adjustments 3 Includes short-term notes and bills (less than 1 year to maturity) and some differences in coverage, these figures are not directly compa­ issued by States and political subdivisions. 4 Federal agencies only. rable with the other data in this table. For historical data, see Table 5 Includes certified and officers’ checks, not shown separately. 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 is shown of “All other 9 AH demand deposits except U.S. Government and domestic com­ loans,” of “Other securities,” and of ownership of time certificates of mercial banks, less cash items in process of collection. deposit in denominations of $100,000 or more. For description of revisions, 10 Issues in denominations of $100,000 or more. see Aug. 1966 Bulletin, pp. 1137-40. 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A 30 BUSINESS LOANS OF BANKS □ MARCH 1969 COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during— Industry 1969 1969 1968 1968 Feb. Feb. Feb. Feb. Jan. 2nd 1st 26 19 12 4 29 Feb. Jan. Dec. IV III II half* half Durable goods manufacturing: Primary metals...................................... 1,939 1 ,937 1 ,937 1 ,941 1 ,935 4 44 -129 -224 168 309 -56 571 Machinery................................................ 4,695 4,678 4,716 4,713 4,684 11 75 190 11 22 46 33 286 Transportation equipment................. 2,079 2,060 2,042 I ,989 2,009 70 89 29 109 -45 36 64 44 Other fabricated metal products. . . 1 ,862 t ,854 1 ,842 1 ,808 1 ,802 60 -48 15 -67 11 150 -56 210 Other durable goods............................ 2,180 2,176 2,170 2,167 2,133 47 -50 19 -67 40 194 -27 214 Nondurable goods manufacturing: Food, liquor, and tobacco,.............. 2,426 2,438 2,422 2,458 2,484 -58 -493 267 570 170 -227 740 -521 Textiles, apparel, and leather........... 2,308 2,271 2,208 2,179 2,146 162 -41 -60 -217 128 202 -89 527 Petroleum refining................................ 1 ,903 1 ,927 1 ,935 1 ,933 1 ,900 3 297 48 32 85 45 117 -68 Chemicals and rubber......................... 2,344 2,349 2,328 2,313 2,334 10 -149 227 204 -233 55 -29 171 Other nondurable goods.................... 1 ,680 1 ,674 1 ,675 1 ,674 1 ,714 -34 -56 -2 -82 52 58 -30 72 Mining, including crude petroleum and natural gas.................................. 5,012 5,111 5,136 5,151 5,098 -86 387 263 116 -147 61 -31 558 Trade: Commodity dealers.................... I ,377 1 ,385 1 ,372 1 ,382 1 ,353 24 27 -12 302 -84 -222 218 -497 Other wholesale........................... 3,432 3,422 3,364 3,348 3,328 104 -43 25 160 54 91 214 100 Retail............................................... 3,822 3,801 3,815 3,651 3,589 233 -447 -24 566 -260 232 306 204 Transportation........................................... 5,242 5,233 5,230 5,260 5,295 -53 115 167 272 -59 405 213 560 Communication................................ , 1,162 1,155 1,153 1 ,164 1 ,141 21 -38 91 191 -113 174 78 102 Other public utilities................................ 2,721 2,708 2,759 2,804 2,812 -91 -59 159 311 351 212 662 -207 Construction............................................... 3,044 3,049 3,046 3,025 2,999 45 81 -26 79 65 221 144 263 Services......................................................... 6,376 6,320 6,301 6,256 6,291 85 315 90 432 374 433 547 All other domestic loans......................... 8,176 8,078 7,908 7,903 7,829 347 -80 472 472 9 459 481 559 Bankers’ acceptances................................ 580 578 619 635 634 -54 -94 -29 -30 -53 -272 -83 -392 Foreign commercial and industrial loans...................................................... 2,546 2,561 2,561 2,553 2,569 -23 -25 5 58 -55 -101 3 -149 Total classified loans................................ 66,906 66,765 66,539 66,307 66,079 827 -193 1 ,785 3,198 107 2,502 3,305 3,154 Total commercial and industrial loans. 73,727 73,590 73,364 73,111 72,896 834 -246 1 ,964 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—■ 1969 1968 1968 1968 Industry Feb. Jan. Dec. Nov. Oct. Sept. Aug. July June 2nd 26 29 25 27 30 25 28 31 26 IV HI II I half Durable goods manufactur­ ing: Primary metals...................... 1,356 1,354 1,338 1,414 1,417 1,466 1,426 1,393 1,339 -128 127 227 238 -1 Machinery.............................. 2,238 2,323 2,261 2,245 2,212 2,338 2,294 2,395 2,279 -77 59 125 153 -18 Transportation equipment. 1,127 1 ,095 1 ,035 969 909 931 910 902 908 104 23 19 1 127 Other fabricated metal products................ 709 694 738 714 748 801 798 811 759 -63 42 67 17 -21 Other durable goods........... 1 ,051 1 ,026 1 ,032 994 991 999 1,003 1,041 1,028 33 -29 34 -23 4 Nondurable goods manufac­ turing: Food, liquor, and tobacco. 681 703 775 779 755 849 823 804 821 -74 28 -55 118 -46 Textiles, apparel, and leather.................'.......... 633 621 629 602 601 588 575 556 566 41 22 11 90 63 Petroleum refining............... 1 ,536 1 ,504 1 ,212 1 ,217 1,167 1,228 1 ,235 1,270 I ,226 -16 2 62 -92 -14 Chemicals and rubber........ 1 ,568 1 ,583 1 ,688 1 ,544 1 ,544 1,538 1,462 1 ,516 1 ,619 150 -81 6 81 69 Other nondurable goods . . 1,025 1 ,059 1 ,061 1 ,072 1,083 1,087 1,074 1,073 1 ,051 -26 36 -10 -9 10 Mining, including crude pe­ troleum and natural gas. 4,355 4,442 4,033 3,828 3,829 3,963 3,984 4,042 4,121 70 -158 74 476 -88 Trade: Commodity dealers. . 112 114 118 114 114 112 114 115 113 6 -1 -2 8 5 Other wholesale.......... 628 653 643 613 616 585 603 608 634 58 -49 49 9 9 Retail............................. 1 ,147 1,124 1,135 1,159 1,144 1,114 1,106 1,152 1,144 21 -30 46 15 -9 Transportation........................... 3,972 4,025 3,906 3,744 3,680 3,673 3,688 3,688 3,703 233 -30 200 160 203 Communication......................... 429 438 441 459 449 472 452 453 446 -31 26 34 -31 -5 Other public utilities............... I ,228 1,245 1 ,224 1,181 1,077 1 ,071 1 ,001 928 815 153 256 105 -5 409 Construction.............................. 875 863 808 799 782 794 774 779 769 14 25 63 24 39 Services......................................... 2,816 2,675 2,576 2,517 2,386 2,361 2,329 2,324 2,303 215 58 74 108 273 All other domestic loans.... 1,885 987 959 957 940 921 903 942 905 38 16 26 6 54 Foreign commercial and in­ dustrial loans............ 1,015 1,901 1 ,919 1,914 1,876 1,881 1,901 1,918 1,934 38 -53 -42 -51 -15 Total loans.................................. 30,386 30,429 29,531 28,835 28,320 28,772 28,455 28,710 28,483 759 289 1,113 1,293 1 ,048 Note.—About 160 weekly reporting banks are included in this series; Commercial and industrial “term’’ loans are all outstanding loans with these banks classify, by industry, commercial and industrial loans amount­ an original maturity of more than 1 year and all outstanding loans granted ing to about 90 per cent of such loans held by all weekly reporting banks under a formal agreement—revolving credit or standby—on which the and about 70 per cent of those held by all commercial banks. original maturity of the commitment was in excess of 1 year. For description of series see article “Revised Series on Commercial and Industrial Loans by Industry,” Feb. 1967 Bulletin, p. 209. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1969 □ INTEREST RATES A 31 BANK RATES ON SHORT-TERM BUSINESS LOANS Size of loan (in thousands of dollars) AH 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 15.3 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 (4.8 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 5 >4-5 >4 1968—Apr. 19 6'4 Business Loans was revised. For description of revised series see pp. 721­ Mar. 27 5'4 Sept. 25 6-6 >/4 27 of the May 1967 Bulletin. Nov. 20 6 Nov. 13 6'4 Bank prime rate was 6 per cent during the period Jan. I, 1967-Jan. Dec. 2 6'4 25, 1967. Changes thereafter to new levels (in per cent) occurred on the Dec. 18 6'4 following dates: 1969—Jan. 7 7 MONEY MARKET RATES (Per cent per annum) U.S. Government securities (taxable) 4 Finance Prime co. Prime Period p c a o p m er l. , p p l a a p ce e d r b a a c n c k e e p r t s ­ ’ F f e u d n e d r s a l 3-month bills 5 6-month bills 5 9- to 12-month issues 3- to 5- 4- to 6- directly, ances, rate 3 year months 1 m 3 o - n to th s 6 - 2 90 days 1 n R ew at e is s o u n e M y a ie 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 ) ­ 5 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 1968—Feb..................... 5.50 5.25 5.23 4.72 4 969 4.97 5 144 5.17 5.22 5.37 5.59 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 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 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 1969—Jan...................... 6.53 6. 14 6.46 6.30 6.177 6.13 6.312 6.28 6.05 6.26 6.04 Feb..................... 6.62 6.33 6.47 6.64 6.156 6.12 6.309 6.30 6.19 6.21 6.16 Week ending— 1969—Feb. 1............ 6.50 6.25 6. 38 6.27 6.167 6.16 6.255 6.27 6.07 6.22 6,01 8..........6...50 6.25 6.38 6.32 6 251 6.19 6.359 6.34 6.19 6.19 6,08 15 6.50 6. 31 6. 38 6.75 6 199 6.09 6 349 6.28 6.14 6.16 6,07 22.........6....70 6. 38 6. 48 6.75 6 092 6.08 6 268 6.26 6.18 6,21 6,18 Mar. 1............ 6.75 6.38 6.63 6.61 6.080 6.10 6,258 6.30 6.26 6.26 6.29 1 Averages of daily offering rates of dealers. 4 Except for new bill issues, yields are averages computed from daily 2 Averages of daily rates, published by finance companies, for varying closing bid prices. 5 Bills quoted on bank discount rate basis. maturities in the 90-179 day range. 6 Certificates and selected note and bond issues. 3 Seven-day average for week ending Wednesday. 7 Selected note and bond issues. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 32 INTEREST RATES □ MARCH 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 TotaH (long­ term) Total i Aaa Baa Aaa Baa In tr d ia us l ­ R ro a a i d l­ P u u ti b lit li y c fe P r r r e e ­ d C m o o m n ­ C m o o m n ­ 1961....................................................... 3.90 3.60 3.27 4.01 4.66 4.35 5.08 4.54 4,86 4.57 4,66 2.98 4.76 1962....................................................... 3.95 3.30 3.03 3.67 4.62 4.33 5.02 4.47 4,86 4.51 4,50 3.37 6.06 1963 ....................................................... 4.00 3.28 3.06 3.58 4,50 4.26 4.86 4.42 4.65 4.41 4.30 3.17 5.68 1964....................................................... 4.15 3.28 3.09 3 54 4.57 4.40 4.83 4.52 4.67 4.53 4.32 3,01 5.54 1965....................................................... 4.21 3.34 3.16 3.57 4.64 4.49 4.87 4.61 4.72 4.60 4.33 3.00 5.87 1966....................................................... 4.66 3.90 3,67 4.21 5.34 5.13 5.67 5.30 5.37 5.36 4.97 3,40 6.72 1967....................................................... 4.85 3.99 3.74 4.30 5.82 5.51 6.23 5.74 5.89 5.81 5.34 3.20 5.71 1968 ....................................................... 5 25 4.48 4 20 4 88 6.51 6.1 8 6.94 6 41 6.77 6.49 5.78 3.07 1968—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 r6.10 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 5,80 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 5.68 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 1969—Jan...................................... . 5.74 4 89 4 58 5 34 6 89 6.59 7.32 6.78 6.98 7.02 5 93 3.06 Feb............................................ 5 86 5.02 474 5 44 6.93 6.66 7.30 6.82 6.98 7.05 5.94 3. 10 Week ending— 1968—Nov. 2................................... 5.26 4.54 4.25 4.95 6.49 6.15 6.92 6.39 6.75 6.48 5.81 2.96 9................................... 5.28 4.54 4.25 4.95 6.52 6.16 6.97 6.41 6.75 6.54 5,81 2.98 16................................... 5 33 4 61 4 35 4 97 6 54 6.15 7 00 6.43 6.77 6.57 5 81 2.92 23.............................. 5 40 4.61 4 35 4 97 6.57 6.17 7 02 6.46 6.79 6.60 5.82 2.91 30.................................. 5.44 4.63 4 35 5^03 6.63 6.28 7’07 6.59 6.82 6.64 5,83 2.88 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 1969—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 11.................................. 5 78 4.90 4 58 5 35 6,91 6.58 7.35 6.80 6.98 7.03 5.96 3.08 18.................................. 5.72 4.90 4.58 5.35 6.90 6.59 7.34 6.78 6.98 7.03 5.94 3.06 25.................................. 5.70 4.90 4. 58 5.35 6.89 6.59 7.29 6.75 6.96 7.02 5.91 3,05 Feb. 1 ................................... 5.79 4.95 4.60 5.40 6,87 6.59 7.27 6.74 6.99 6.98 5.89 3.05 8.................................. 5.88 5.03 4.72 5.45 6,90 6.63 7.29 6.78 6.98 7.02 5.88 3.04 15.................................. 5.76 5.03 4.72 5,45 6.94 6.66 7.31 6.84 6.99 7.06 5.90 3.03 22.................................. 5.86 4.97 4.70 5.38 6.93 6.66 7.28 6.83 6.99 7.05 5.93 3,12 Mar. 1.................................. 5.93 5.06 4.80 5.45 6,94 6.68 7.30 6.85 6.99 7.06 6.03 3.19 .................... Number of issues 2........................... 9-12 20 5 5 108 18 30 38 30 40 14 500 500 1 Includes bonds rated Aa and A, data for which are not shown sep­ Averages of daily figures for bonds maturing or callable in 10 years or arately. Because of a limited number of suitable issues, the number more. State and local govt, bonds: General obligations only, based on of corporate bonds in some groups has varied somewhat. As of Dec. Thurs. figures. Corporate bonds: Averages of daily figures. Both of these 23, 1967, Aaa-rated railroad bonds are no longer a component of the series are from Moody’s Investors Service series. railroad average or the Aaa composite series. Stocks: Standard and Poor’s Corporate series. Dividend/price ratios are 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

MARCH 1969 □ SECURITY MARKETS A 33 SECURITY PRICES Common stock prices Volume of Bond prices New York Stock Exchange trading in (per cent of par) stocks in Amer­ thousands of Period Standard and Poor’s index New York Stock Exchange index ican shares (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 1966.............................. 78.63 102.6 86.1 85.26 91.09 46.34 68.21 46,15 46.19 50.28 45.41 44.25 14.67 7,538 2,741 1967.............................. 76.55 100.5 81.8 91.93 99.18 46.72 68.10 50.77 51.97 53,51 45.43 49.82 19,67 10,143 4’508 1968............................. 72.33 93.4 76.4 98,70 107.49 48.84 66.42 55.37 58.00 50.58 44.19 65.85 27.72 12,971 6^53 1968—Feb.................. 73.30 94.8 77.5 90.75 98.33 42.35 65.61 50.68 52.63 45.15 43.36 53,88 22,43 9,182 4,065 Mar.................. 70.98 92.7 76.9 89.09 96.77 41.68 62.62 49.48 51.54 43.29 41.78 52.98 22,21 9,178 3’600 Apr.................. 72.06 94.7 76.2 95.67 104.42 44.79 63.66 53.23 56,03 46.85 42.46 57,56 24.39 14,779 6,536 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 1969—Jan................... 67.61 88.0 72.3 102,04 111.00 54. 11 68.65 57.82 60.32 56.35 45.64 75.58 32.15 12,122 6,781 Feb.................. 66.55 86.4 71.8 101.46 110.15 54.78 69.24 57,33 59.61 56.18 45.98 75.26 31,67 11,685 5,801 Week ending—• 1969—Feb. 1......... 67.17 87.3 72.3 102.58 111.39 55.81 69.70 58.18 60,56 57.65 46.20 76.73 32,65 1 1 ,921 7,957 8..........66.43 86,7 71.8 103.22 111.98 56.76 70.64 58.45 60.72 58.19 46.78 77.68 32.64 12,833 6.689 15 67.46 86.7 72,0 103.65 112.57 56.48 70.29 58.68 61 .02 58.06 46.77 77.98 32.60 11 ,834 5.856 22......... 66.55 86.7 72.0 101 .07 109.75 53.94 69,04 57.09 59,34 55.39 45.99 74,85 31.47 11 ,389 5,783 Mar. 1......... 65.96 85.5 71.4 98.26 106.71 52.12 67.16 55.32 57.58 53.32 44.56 70,99 30.14 10,654 4,883 1 Begins June 30, 1965, at 10.90. On that day the average price of a share yields in table at bottom of preceding page on basis of an assumed 3 per of stock listed on the American Stock Exchange was $10.90. cent, 20-year bond. Municipal and corporate bonds, derived from average yields as computed by Standard and Poor’s Corp., on basis of a 4 per cent, Note.—-Annual data are averages of monthly figures. Monthly and 20-year bond; Wed. closing prices. Common stocks, derived from com­ weekly data are averages of daily figures unless otherwise noted and are ponent common stock prices. Volume of trading, average daily trading in computed as follows: U.S. Govt, bonds, derived from average market stocks on the exchange for a S^-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 n c e t r ) ­ t c F c h e ( e a p e n r e s g t r ) e & 1 s M (y a e t a u r r s i ) ty L p c r ( o a e p ri a t n e c io n t e r ) / (th d c p o o P h r u ll a i u a c s s r r e . e ­ s o ) f (th a d m o L o u l o l o a s a u r . n s n o ) t f C c t ( r r e p a a o n e t n c e t r ) t ­ c F c h e ( e a p e n r e s g t r e ) & 1 s M (y a e t a u r r s i ) ty L c p r ( a o p e ri a t n e c io n t r e ) / (t d h c o o p P h u l r l a u i a s c s r r . e ­ e s o ) f (th a d o L o m u o ll o a s a u r . n s n o ) t f 1963........................... 5.84 .64 24.0 73.3 22.5 16.3 5.98 .60 19.2 70.8 17.8 12.6 1964........................... 5.78 .57 24.8 74.1 23.7 17.3 5.92 .55 20.0 71.3 18.9 13.4 1965........................... 5.74 .49 25.0 73.9 25.1 ’’18.3 5,87 .55 21.8 72.7 21.6 ’15.6 1966........................... 6.14 .71 24.7 73.0 26.6 r19.2 6,30 .72 21.7 72.0 22.2 ’15.9 1967........................... 6.33 .81 25.2 73.6 28.0 ’20.4 6.40 .76 22.5 72.7 24.1 r17.4 1968........................... 6.83 .89 25.5 73.9 30.7 ’22.4 6.90 .83 22.7 73.0 25.6 ’18.5 1968-—Jan................ 6.39 .86 25.4 72.9 29.7 ’21.5 6,57 .82 22.7 73.7 24.9 ’18,0 Feb............... 6.47 .94 25.5 74.5 29.8 ’•21.9 6.58 .81 22.6 73.6 24.5 ’17.9 Mar.............. 6.50 .88 25.7 74.3 30.2 ’22.2 6.59 .79 23.0 73.3 25.4 ’18.3 Apr............... 6.57 .88 25.3 73.4 30.3 ’21.9 6.64 .80 22.6 72.8 25,1 ’18.1 May.............. 6.69 .95 25.0 73.2 30.2 ’21.7 6.81 .87 22.5 73.1 25.3 ’18,3 June.............. 6.88 .95 25.4 74.4 30.4 ’22.3 6.97 .86 22.6 73.1 25.2 ’18.2 July.............. 7.04 .85 25.5 73.7 30.5 ’22.2 7.10 .83 22.5 72.6 25.7 ’18.5 Aug........ 7.10 .87 25.5 73.6 31.0 ’22.6 7.12 .85 22.7 73.0 25.6 ’18.6 Sept.............. 7.10 .87 25.5 74.2 30.3 ’22.1 7.11 .82 22.6 72.6 25.4 ’18.3 Oct............... 7.09 .88 25.6 74.5 31.0 ’22.7 7.09 .84 22.5 72.4 25.5 ’18.3 Nov.............. 7.07 .84 25.4 74.1 30.7 ’22,5 7.07 .82 22.7 72.9 26.2 ’18.9 Dec............... 7.09 .89 25.9 74.0 33.7 24.7 7.09 .85 23.0 73.2 28.1 20.4 1969--Jan.r............ 7.16 .84 25.6 73.6 33.3 24.1 7.17 .84 22.9 72.7 28.1 20.2 t 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. homebuilders; and permanent loans that are coupled with construction Joans 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 □ MARCH 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 justed debit credit tended End of Unrestricted Restricted debt Brokers Banks Total bal­ bal­ by period (mil­ i 2 ances ances brokers lions of 30-39 40-49 50-59 60 per dol­ 1968—Jan.....6...,.1..7...0......2,430 8,600 7,797 2,942 4,855 Under 30 per per per cent lars) Feb.................... 6’150 2,420 8,570 7,419 2,778 4^641 per cent cent cent cent or more Mar................... 6,190 2^370 8,560 7,248 2,692 4,556 Apr................... 6'430 2’350 8,780 7,701 2,979 4*722 May......... 6,640 2^360 9^000 8,’268 3,064 5’204 1968-Jan... . 5.3 60.3 11.7 4.6 10.2 11,940 June.................. 6,690 2,410 9,100 8,728 3,293 5,435 Feb.. . 4. 1 56.8 14,4 5.3 19.4 11,870 July................... 6,500 2,420 8,920 8,861 3,269 5,592 Mar... 5.9 53.3 15.5 6.1 19.2 11,700 Aug................... 6,460 2’490 8’950 8'489 2,984 5^505 Apr,. . 19.8 46.1 10.8 4.7 18.7 12,270 Sept......... 6'390 2^520 8,910 8,723 3’126 5’597 May.. 21.9 45.0 9.4 4.9 18.8 12,820 Oct.................... 6,250 2’560 8,810 8^859 3,407 5 352 Nov................... 6’200 2,630 8’830 9 029 3^419 5 '610 Dec.r................ 6,200 2,710 8,900 9'790 3,717 6,073 Under 60 or 20 20-29 30-39 40-49 50-59 more 1969—Jan J*................ 5,910 2,750 8,660 9,105 3,597 5,508 June.. 0.8 22,1 47.3 8.5 4.0 17.3 12,590 1 End of month data. Total amount of credit extended by member firms July.. . 1.2 21.3 43.5 10,4 5.1 18.5 12,060 of the N.Y. Stock Exchange in margin accounts, estimated from reports Aug.. . 2.7 25.9 37.9 10.1 4.9 18.6 11,900 by a sample of 38 firms. Sept... 5.4 32.4 29.6 8.8 4.1 19.7 11 ,910 2 Figures are for last Wed. of month for large commercial banks re­ Oct.... 4.3 35.9 27.0 8.9 4.2 19.7 11,540 porting weekly and represent loans made to others than brokers or dealers Nov.r. 10.6 36.4 21.4 7.6 3.6 20.4 11,460 for the purpose of purchasing or carrying securities. Excludes loans col­ Dec.r. 3.8 38.9 20.2 7.5 3.8 26.3 12,060 lateralized by obligations of the U.S. Govt. Note.—Customers’ net debit and free credit balances are end-of-month 1969-Jan.".. 5.9 40.6 20.8 8.1 4.4 20.1 11,150 ledger balances as reported to the N.Y.Stock Exchange by all member firms that carry margin accounts. They exclude balances carried for other member firms of national securities exchanges as well as balances of the Note.—Adjusted debt is computed in accordance with requirements set reporting firm and of its general partners. Net debit balances are total forth in Regulation T and often differs from the same customer’s net debit debt owed by those customers whose combined accounts net to a debit. balance mainly because of the inclusion of special miscellaneous accounts Free credit balances are in accounts of customers with no unfulfilled com­ in adjusted debt. Collateral in the margin accounts covered by these data mitments to the broker and are subject to withdrawal on demand. Net now consists exclusively of stocks listed on a national securities exchange. credit extended by brokers is the difference between customers’ net debit Unrestricted accounts are those in which adjusted debt does not exceed the and free credit balances since the latter are available for the brokers’ use loan value of collateral; accounts in all classes with higher ratios are until withdrawn. restricted. EQUITY STATUS OF MARGIN ACCOUNT DEBT AT BROKERS (Per cent of total debt, unless otherwise indicated) Total Equity class (per cent) SPECIAL MISCELLANEOUS ACCOUNT BALANCES debt (mil­ AT BROKERS, BY EQUITY STATUS OF ACCOUNTS End of lions period of 70 or Under (Per cent of total, unless otherwise indicated) dol­ more 60-69 50-59 40-49 40 lars) 1 Equity class of accounts Net in debit status Total 1968—Jan... 6,170 40.6 35.4 9.5 4.4 10.0 End of period credit balance Feb... 6,150 33,8 38.3 12.0 5.2 10.7 status 60 per cent Less than (millions Mar.. 6,190 32,1 37.6 14.1 5.3 11,0 or more 60 per cent of dollars) Apr. . 6,430 48.7 26.4 10.2 4.3 10.4 May.. 6,640 51.0 24.9 8.6 4.4 11.0 1968—Jan........................... 50.8 45.6 3.6 6,060 Feb.......................... 51.1 45.0 3.8 6,080 80 or Under Mar......................... 52.5 42.9 4.5 5,820 more 70-79 60-69 50-59 40-49 40 Apr........................ 46.3 47.9 5.8 6,030 May....................... 49.6 46.2 4.1 5,370 June........................ 50.0 45,7 4.2 6,150 June . 6,690 14.9 33.2 28.8 8.2 4.3 10.6 July......................... 51.7 44.4 3.9 6 000 July.. 6,500 15.4 28.1 30.6 9.5 4.9 11.6 Aug......................... 49.8 46.4 3.8 5,780 Aug.. 6,460 17.3 28.8 28.2 9.1 4.8 11.8 Sept......................... 51.0 45.3 3.6 5'840 Sept.. 6,390 20.0 31.1 25.0 8.1 4.4 11.5 Oct.................. 52.9 40.3 5.2 5*640 Oct... 6,250 20.9 31.3 23.3 8.7 4.0 11.8 Nov.......................... 53.2 43.3 3.5 5,550 Nov.. 6,200 25.5 31.4 19.4 7.4 3.9 12,5 Dec.r...................... 54,4 40.4 5.2 5 ’720 Dec.r ’’6,200 24.0 30.2 '19.4 8.0 4.2 14.2 1969—Jan?'....................... 52.6 42.3 5.1 5,690 1969—Jan.p. 5,910 24.4 29.3 20.8 7.9 4.6 13.1 Note.—-Special miscellaneous accounts contain credit balances that may be used by customers as the margin deposit required for additional 1 See footnote 1 to table above. purchases. Balances may arise as transfers based on loan values of other Note.—Each customer’s equity in his collateral (market value of col­ collateral in the customer’s margin account or deposits of cash (usually lateral less net debit balance) is expressed as a percentage of current col­ sales proceeds) occur. lateral value. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 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 Banks Im­ Ex­ shipped between Placed Placed Total Others ports ports Dollar points in— Total through direct­ into from ex­ dealers t ly 2 Total O bi w lls n bo B u il g ls h t O ac w c n t. c F e o i o g r n r r ­ . U S n ta i t t e e s d U S n ta it t e e d s change U S n ta it te e s d co F u o n re tr i i g e n s 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 2,022 997 829 103 80 1,595 1967.......................... 16,635 4,901 11,634 4,317 1,906 1,447 459 164 156 2,090 1,086 989 37 162 2,042 1968—Feb.............. 17,813 5,493 12,320 4,266 1 ,808 1,329 479 56 117 2,285 1,091 1,029 33 134 1,979 Mar............. 18,487 5,832 12,655 4,336 1,884 1,395 490 90 100 2,262 1,125 1,032 36 117 2,027 Apr.............. 17,509 5,930 11,579 4,430 1,778 1,409 369 87 118 2,447 1,229 1,025 18 116 2,042 May........... 18,417 5,761 12,656 4,359 1,624 1 ,282 342 56 132 2,547 1,267 1 ,007 17 77 1,992 June...... 18,798 5,822 12,976 4,286 1,677 1,366 311 134 112 2,364 1,338 944 23 55 1,925 July............. 19,746 6,270 13,476 4,330 1,751 1,410 341 99 128 2,352 1,390 917 42 54 1,927 Aug............. 20,734 7,091 13,643 4,418 1,819 1,474 344 51 149 2,399 1,435 932 100 52 1,899 Sept............. 20,264 7,737 12,527 4,327 1,714 1,393 321 86 124 2,403 1 ,420 945 78 46 1,838 Oct............... 20,839 7,592 13,247 4,420 1,551 1,280 271 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 Dec.............. 20,497 7,201 13,296 4,428 1,544 1,344 200 58 109 2,717 1 ,423 952 52 68 1,934 1969—Jan............... 21 .813 7,873 13,940 4,370 1,407 1,211 195 50 104 2,809 1,405 906 93 111 1 ,854 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 3 Total General classified by maturity Other liabili­ Depos­ Other reserve (in months) End of period State Corpo­ Cash assets ties its2 liabili­ ac­ Mort­ Other U.S. and rate and ties counts gage Govt. local and general govt. other1 reserve accts. 3 or Over less 3-9 9 Total 1941....................... 4,787 89 3,592 86 829 689 11,772 10,503 38 1,231 n.a. n.a. n.a. n.a. 1945....................... 4,202 62 10,650 57 606 185 16,962 15,332 48 1,582 n.a. n.a. n.a. n.a. 196O....................... 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 461121 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 41863 n.a. n.a. n.a. 2,010 1967.. ................... 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 11156 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 681070 611615 I 1388 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 4i374 421 9'213 877 1,215 68,768 61,926 1,732 5,110 650 1,069 949 2,669 June.......... 51,621 1,387 4,235 206 9,403 951 1,230 69,034 62,411 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 691902 62,851 1 ,871 5,180 776 1,094 1,058 2,928 Sept........... 52,323 11468 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 91913 911 1,227 70,312 631550 1,567 5,195 835 1,144 1,090 3,070 Nov........... 52,946 1,532 3,913 200 10,001 914 11267 701773 63,800 1 ,707 5,266 945 1,132 1,125 3,202 Dec........... 53'265 1,397 3; 840 198 10,156 1 ,005 1,266 71,126 64,493 1,366 5,267 811 1,034 1,166 3,011 1969—Jan............. 53,554 1,416 3,962 200 10,286 847 1,266 71,531 64,729 1,510 5,293 760 1,073 1,186 3,020 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 J Commitments outstanding of banks in N.Y. State as reported to the and are based on reports filed with U.S. Govt, and State bank supervisory Savings Banks Assn, of the State of N.Y. Data include building loans agencies. Loans are shown net of valuation reserves. Figures for Jan. and beginning with Aug. 1967. June 1968 include one savings and loan that converted to a mutual sav­ ings bank. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 36 SAVINGS INSTITUTIONS □ MARCH 1969 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period Total Mort­ Real Policy Other assets gages estate loans assets Total United State and Foreign 1 Total Bonds Stocks States local Statement value: 1941................................................ 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945................................................ 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1960................................................ 119,576 11,679 6,427 3,588 1,664 51,857 46,876 4,981 41,771 3,765 5,231 5,273 1961............................................... 126,816 11,896 6,134 3,888 1,874 55,294 49,036 6,258 44,203 4,007 5,733 5,683 1962................................................ 133,291 12,448 6,170 4,026 2,252 57,576 51,274 6,302 46,902 4,107 6,234 6,024 1963................................................ 141,121 12,438 5,813 3,852 2,773 60,780 53,645 7,135 50,544 4,319 6,655 6,385 1964................................................ 149,470 12,322 5,594 3,774 2,954 63,579 55,641 7,938 55,152 4,528 7,140 6,749 1965................................................ 158,884 11,679 5,119 3,530 3,030 67,599 58,473 9,126 60,013 4,681 7,678 7,234 1966................................................ 167,022 10,837 4,823 3,114 2,900 69,816 61,061 8,755 64,609 4,883 9,117 7,760 Book value: 1964............................................... 149,470 12,343 5,594 3,785 2,964 62,112 55,735 6,377 55,197 4,534 7,141 8,143 1965............................................... 158,884 11,703 5,119 3,546 3,038 65,801 58,532 7,269 60,057 4,686 7,679 8,958 1966................................................ 167,022 10,864 4,824 3,131 2,909 68,677 61,141 7,536 64,661 4,888 9,119 8,813 1967—Dec.''................................ 177,361 10,530 4,587 2,993 2,950 73,997 65,015 8,982 67,575 5,188 10,060 10,011 1968—Jan..................................... 178,256 10,548 4,582 2,998 2,968 74,876 65,821 9,055 67,770 5,211 10,167 9,684 Feb.................................... 178,762 10,584 4,616 2,997 2,971 75,266 66,095 9,171 67,867 5,244 10,258 9,543 Mar................................... 179,477 10,562 4,582 3,007 2,973 75,760 66,412 9,348 68,055 5,263 10,362 9,475 Apr.................................... 180,411 10,493 4,496 3,016 2,981 76,087 66,661 9,426 68,123 5,303 10,474 9,931 May.................................. 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 Nov................................... 186,892 10,531 4,415 3,037 3,079 79,304 68,793 10,511 69,407 5,535 II,197 10,918 Dec.................................... 187,695 10,483 4,365 3,036 3,082 79,403 68,575 10,828 70,071 5,573 11 ,284 10,881 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 r s t­ s G U e o c .S u v r t . , i­ Cash Other1 l a ia s T s b e o il t i t s t a i 2 e l — s S c a a v p in it g a s l u R n e d a s i n v e d i r d v e e s d B m or o r n ow ey e 3 d L p o r a o n ce 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 6:6 1945....................... 5'376 2,420 450 356 8 747 7'365 644 336 402 1960....................... 60,070 4,595 2,680 4,131 71,476 62,142 4,983 2,197 1,186 968 1,359 1961....................... 68,834 5.211 3,315 4,775 82*135 70,885 5'708 2,856 1,550 1,136 1*908 1962....................... 78*770 5*563 3*926 5*346 93,605 80,236 6 ,’520 3'629 1*999 1'221 2,230 1963....................... 90,944 6*445 3*979 6,191 107,559 91'308 7'209 5,015 2,528 1,499 2'614 1964 ....................... 101,333 6,966 4,015 7,041 119,355 101,887 7'899 5,601 2*239 1 *729 2*590 1965........................ 110*306 7,414 3,900 7,960 129,580 110,385 8*704 6,444 2'198 1*849 2*751 1966........................ 114,447 7*771 3,362 8 416 133 996 114,009 9,102 7*464 1 *272 2'149 1 *517 1967—Dec. ^ . . . 121,805 9,180 3,442 9,107 143,534 124,531 9,546 4,738 2,257 2,462 3,042 1968—Jan.1-......... 122,006 9,440 2,861 9,153 143,460 124,101 9,560 4,734 2,180 2,885 3,128 Feb.'........ 122,548 9,711 2,898 9,314 144,471 124,685 9,556 4,595 2,181 3,454 3,386 Mar. r.... 123,337 9,904 2,943 9,385 145,569 125,960 9,546 4,511 2,300 3,252 3,840 Apr.r. . . . 124,216 9,761 2,803 9,375 146,155 125,666 9,541 4,806 2,437 3,705 4,051 May r... . 125,173 10,101 2,760 9,691 147,725 126,423 9,536 4,955 2,562 4,249 3,993 June'. . . . 125,900 9,822 3,006 9,583 148,311 127,917 9,849 5,194 2,592 2,759 3,762 July"......... 126,618 9,700 2,449 9,513 148,280 127,312 9,840 5,276 2,536 3,316 3,918 Aug.'. .. . 127,492 9,604 2,409 9,615 149,120 127,701 9,834 5,274 2,438 3,873 3,849 Sept.r.... 128,302 9,533 2,528 9,608 149,971 128,834 9,834 5,324 2,422 3,557 3,782 Oct.r......... 129,147 9,605 2,568 9,658 150,978 129,329 9,831 5,335 2,416 4,067 3,856 Nov.r. . . . 129,879 9,671 2,693 9,890 152,133 129,977 9,834 5,331 2,392 4,599 3,837 Dec.r... . 130,782 9,531 2,964 9,548 152,825 131,620 10,311 5,672 2,444 2,778 3,631 1969—Jan.'-......... 131,421 9,927 2,368 9,517 153,233 131,544 10,315 5,659 2,404 3,311 3,771 1 Includes other loans, stock in the Federal home loan banks, other Note.—Federal Home Loan Bank Board data; figures are estimates for investments, real estate owned and sold on contract, and office buildings all savings and loan assns. in the United States. Data beginning with 1954 and fixtures. are based on monthly reports of insured assns. and annual reports of 2 Before 1958 mortgages arc net of mortgage-pledged shares. Asset noninsured assns. Data before 1954 are based entirely on annual reports. items will not add to total assets, which include gross mortgages with no Data for current and preceding year are preliminary even when revised. deductions for mortgage-pledged shares. Beginning with Jan. 1958, no Figures for Jan. and June 1968 reflect conversion of one savings and loan deduction is made for mortgage-pledged shares. These have declined assn, to a mutual savings bank. Figures for June 1968 also reflect exclu­ consistently in recent years from a total of $42 million at the end of 1957. sion of two savings and loan associations in process of liquidation. 3 Consists of advances from FHLB and other borrowing. 4 Commitments data comparable with those shown for mutual savings banks (on preceding page) would include loans in process. 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MARCH 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 Federal National Banks Federal Federal (s M ec o o r n tg d a a g ry e m A a s r s k n e . t coope fo ra r tives i c n r t e e d rm it e b d a i n a k te s b la an n k d s Assets Liabilities and capital operations) End of period v m a b A n t e e o d c r m s e ­ ­ s I m nv e e n s ts t­ p C a o d a n s e s d i ­ t h s B n a o o n n te d d s s p M o b d e s e e m i ­ r t s ­ C s a to p c it k al M l g o ( a A a o g n ) r e s t ­ D n t e a u ( o b n D 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 (L b re e ) s n­ c L o a o d ( 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 ­ B ( o L n ) ds 1961. 2,662 1,153 159 1 ,571 1,180 1,107 2,770 2,453 697 435 1,650 1,585 2,828 2,431 1962. 3,479 1,531 173 2,707 1 ,214 1,126 2,752 2,422 735 505 1,840 1,727 3,052 2,628 1963. 4,784 1,906 159 4,363 1,151 1,171 2,000 1,788 840 589 2,099 1,952 3,310 2,834 1964 5,325 1,523 141 4,369 1,199 1,227 1,940 1,601 958 686 2,247 2,112 3,718 3,169 1965. 5,997 1.640 129 5,221 1,045 1,277 2,456 1,884 1 ,055 797 2,516 2,335 4,281 3,710 1966. 6,935 2,523 113 6,859 1,037 1,369 4,266 3,800 1,290 1,074 2,924 2,786 4,958 4,385 1967. 4,386 2,598 127 4,060 1 ,432 1,395 5,348 4,919 1,506 1,253 3,411 3,214 5,609 4,904 1968—Jan.. 4,442 2,604 88 4,310 1,199 1,401 5,589 5,088 1,565 1,253 3,456 3,236 5,661 4,377 Feb.. 4,348 2,775 95 4,373 1,182 1,412 5,802 5,149 1 ,595 1,416 3,529 3,336 5,721 4,990 Mar. 4,269 2,720 75 4,125 1 ,302 1,417 5,659 5,481 1,598 1,316 3,615 3,420 5,793 5,120 Apr., 4,545 2,416 91 4,125 1 ,271 1 ,422 6,110 5,650 1 ,549 1 ,322 3,728 3,526 5,853 5,120 May. 4,719 2,337 97 4,151 1 ,319 1,425 6,251 5,650 1,482 1,280 3,835 3,640 5,923 5,222 June. 4,889 2,832 103 4,701 1 ,400 1 ,426 6,387 5,887 1,454 1 ,207 3,940 3,477 5,973 5,214 July. 4,988 2,463 86 4,700 1,189 1,406 6,465 5,550 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 6,166 d ,583 3,636 3,570 6,107 5,423 5,423 Dec.. 5,259 2,375 126 4,701 1 ,383 1 ,402 6,872 6,376 1 ,577 1.334 3,654 3,570 6,126 5,399 1969—Jan.. . 5,357 2,049 82 4,701 1,111 1 ,408 7,032 6,604 1 ,630 1 ,401 3,719 3,576 6,169 5,432 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, JANUARY 31, 1969 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: . Apr. 21, 1969.......................5.60 250 Feb. 25, 1969.........................5.85 400 Sept. 10, 1971........................414 96 July 15, 1969.........................4’4 130 Apr. 25, 1969...........................6'4 326 Sept. 10, 1971........................534 350 July 15, 1969.........................4% 60 May 26, 1969...........................6 300 Feb. 10, 1972........................5>4 98 July 15, 1969.......... 6.70 200 July 25, 1969.......................5.75 400 June 12, 1972........................4’4 100 Sept. 22, 1969.........................6(4 279 Aug. 25, 1969.........................6% 300 June 12, 1973........................4(4 146 Oct. 20, 1969.........................4(4 209 Oct. 1, 1973..........................6 250 Jan. 20, 1970.........................5’4 209 Bonds: Feb. 10, 1977........................414 198 Feb. 20, 1970.........................5% 82 Mar. 25, 1969.........................5% 300 Feb. 20, 1970.......................6.30 344 June 25, 1969.......................6.30 550 Apr. 1, 1970.........................3'4 83 Sept. 25, 1969.........................6 400 Banks for cooperatives Apr. 20, 1970.......................6.20 362 Nov. 25, 1969.........................6 500 Debentures: June 22, 1970............. .6.70 174 Feb. 25, 1970.........................6 200 Feb. 3,1969...................6 354 July 20, 1970.........................5’/, 85 Mar. 25, 1970.........................6 200 Apr. 1,1969.........................5.55 261 July 20, 1970.........................6 241 Apr. 27, 1970.........................6 225 May 1, 1969.........................5.80 249 Oct. 20, 1970.......................6.30 223 May 25, 1970......................5.80 300 June 2,1969........................6.05 291 May 1,1971..........................3'4 60 July 1,1969.........................6.40 246 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 Federal intermediate credit banks Oct. 23, 1972........................5^ 200 Discount notes...................................... 2,453 De F M A b e p e a b r n r . . . t ur 3 1 3 e , , s ,1 1 1 : 9 9 9 6 6 6 9 9 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 . . . . . . . . . . . 1 . 6 . 0 . . 6 4 1 5 4 4 4 4 2 0 4 8 9 5 A F F F e e e p b b b r . . . . 2 2 2 24 0 1 0 , , , , 1 1 1 1 9 9 9 9 7 7 7 7 5 6 4 3 . . . - . . . 7 . . . . . . . . . 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 4 5 V ( ( 4 4 s 2 1 1 1 0 4 5 2 8 5 0 3 De J J D A M b u u e p e n a l c y r n e y . . t u 1 1 1 1 1 r 0 e 2 2 0 0 , , , s , , 1 : 1 9 1 1 1 9 6 9 9 9 6 9 6 6 6 9 . 9 9 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 . . . . . . . . . . . . H . . . 6 . . . . . 6 $ . .. 4 . 5 0 1 % ' 0 /, 3 2 2 5 0 5 5 5 8 0 0 0 0 8 J J O M A S u u e u c a n l p y g t y e . t . . 1 1 2 1 4 2 , , , , , , 1 1 1 9 1 1 9 1 9 9 9 6 9 6 6 6 6 6 9 9 9 9 9 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 6 6 5 .5 . . . . . 3 8 0 9 6 5 5 5 0 5 5 4 r4 3 2 3 4 4 3 7 7 9 0 0 7 8 7 2 6 6 Te S nn h J J e A o a s u p r s n l t y r e - . . t e e 2 2 2 r V 0 m 2 0 a , , , ll n e 1 1 1 o y 9 9 9 t 7 7 7 e A 8 9 6 s u . . . . . . . . . t . . . . . . h . . . . . . . . . o . . . . . . . . . . . r . . . . . . i . . . . t . . . . . . y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 5 . ( ’/ 4 , 2 3 1 1 8 4 5 5 5 0 0 0 Apr. 10, 1970.........................4% 142 Bonds: June 10, 1970.......................6.60 400 Federal land banks Nov. 15, 1985.....................4.40 50 Sept. 10, 1970..........................414 119 Bonds: July 1, 1986.......................4y, 50 Oct. 13, 1970..........................5’4 400 Feb. 15,1967-72.............4’4 72 Feb. 1, 1987.......................4'4 45 Mar. 11, 1971..........................6 350 Oct. 1, 1967-70...................4(4 75 May 15, 1992......................5.70 70 Aug. 10, 1971..........................4i/g 64 Mar. 20, 1969.........................4’4 100 Nov. 13, 1992........................6ft 60 Note.—These securities are not guaranteed by the U.S. Govt.; see also n ote to table above. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 38 FEDERAL FINANCE □ MARCH 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 m Le o s n s e : t C a a ry s h a s a s n et d s M N e e m t o: Period r B e u c d e g ip e t t s p t e N u e n r x e e d ­ t s i­ le N in n e g d t ­ B l o a u y d u s g t ­ e 1 t s B d u u ( e r o d - p fi r g ) l c u e it s t s P d e t u e i c e b b u s l r t ic i­ A s P e g t l c i u e e u s n s r : c i ­ y m L e e n s a t s c s : c o b I u y n n v G t e s o s v t­ t, S n L p o e e t s e c s s ia : 2 l b E T o q i r o u n r t g a o a l w s l : ­ o T p s i r n u e e r g r a y a ­ t­ Other f m O in n i e n t o a e h a g n f t e n , 3 c s r ­ t o p r s w a d r h i t e n v n o i a b s p e t f t 4 r e e ­ r 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............................ 130,864 130,822 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 J90 6,330 5,079 5,035 4,001 -482 2,854 -5,222 303 1 ,017 1968............................ 153,676 172,806 6,057 178,862 -25,187 21,352 5,944 3,371 1,949 -1,119 23,095 -397 1,700 3,394 Half year: 1967—July-Dec.... 67,181 84,862 1 ,666 86,527 -19,346 18,442 1 ,650 1 ,079 577 -436 18,872 -131 32 375 1968—Jan.-June... 86,495 87,941 4,393 92,335 -5,841 2,910 4,294 2,292 1 ,372 -683 4,223 -266 I ,668 3,019 July-Dec.... 82,881 92,186 977 93,163 -10,282 10,450 1 ,446 -380 1,587 -384 11,076 -598 -105 -1 ;496 9,853 Month: 1968—Jan................. ’12,184 ’’14,887 ’662 ’15,550 ’-3,365 1 ,596 ’1 ,560 -1,303 ’375 -14 ’4,098 1 ,677 16 ’960 Feb................. 12 ;087 13,965 688 14,383 -2,296 5,296 100 1 ,312 ’219 -220 ’4,085 1 ,667 -442 ’-564 Mar............... 11,870 14,311 611 14,922 -3^053 -2;083 287 -530 ’104 -20 ’-1,350 -3,488 564 ’1 ,479 Apr................ 19,045 15,199 479 15,678 3; 368 -2,489 1 ,357 245 ’273 -19 ’-1,631 1 ;099 928 ’290 May.............. 11,711 15,385 856 16,241 -4'529 5,310 120 2,199 ’450 -5 ’2,786 -1 226 -925 ’-408 June.............. r19,539 14,374 313 14,687 4,852 ’-4,761 894 370 -35 -405 ’-3,797 5 1 ,769 718 July................ ’11,732 r13,986 313 ’’14,299 -2’564 ’3,545 ’75 -641 169 -12 ’4,104 714 ’-335 ’-1,154 Aug........... ’•13,129 ’’16,092 189 ’’16,281 -3'153 3,278 1 ,369 1,184 639 -15 2,839 -1,420 329 — 777 Sept............... ’18,775 ’’16,049 207 ’16,256 2’518 387 28 -374 31 758 4,003 78 806 5,284 Oct................. no,687 ’’16,524 286 ’16,810 -6,122 2,451 ’292 -857 482 -7 ’3,125 -2,073 -325 593 Nov................ ’12,738 ’’15,070 55 ’15,125 -2,387 -331 -80 209 230 -165 -686 -3,754 338 -343 Dec................ 15'820 14,465 -71 14,394 1 ’427 1,166 -238 99 35 -185 979 1 '932 -279 ’-753 4,565 1969—Jan................. 15,845 15,798 -37 15,761 84 1 ,383 -33 1,159 -435 -1,000 1,626 2,504 789 1 ,583 Selected balances Treasury operating balance Federal securities End Memo: of Less: Debt of period B F a . n R k . s ac l T c 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 t i i c e s s A ec g u e r n it c ie y s Sp G I e n o c 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 t s e c s s ia : 2 l E p T h q u o b e u b y t ld a a l i l c 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 . r . — e - e 3 d issues Fiscal year: 1964............................ 939 9,180 120 10,238 311,678 8,632 46,627 12,581 3,581 257,520 7,195 1965............................ 672 10,689 108 11,469 317,215 9,335 48,650 12,888 3,455 261,557 8,309 1966............................ 766 10,050 102 10,917 319,851 13,377 51 ,120 13,662 3,810 264,637 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 4,113 111 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 18,223 2,892 286,520 8,994 1968............................ 703 3,885 111 4,700 358,029 15,064 59,146 20,266 1 ,825 291,855 16,287 Month: 1968-—Jan................. 1,153 5,977 1 1 I 7,241 346,259 21,640 55,930 ’18,600 2,878 ’290,491 9,343 Feb................. 1,197 7,601 110 9,908 351,556 21 ,741 57,242 ’18,819 2,658 ’294,578 9,396 Mar................ 581 4,727 111 5,420 349,473 22,027 56,711 ’18,924 2,638 ’293,227 9,279 Apr................ 1 ,035 5,372 1 1 I 6,519 346,984 23,384 56,957 ’19,196 2,619 ’291,596 9,274 May.............. 956 4,225 111 5,293 352,294 23,505 59,156 ’19,646 2,614 ’294,383 9,065 June............... 1 ,074 4,113 111 5,298 ’347,533 ’24,399 59,526 19,611 2,209 290,586 10,041 July................ 1,113 4,787 111 6,012 351,078 24,474 58,885 ’19,780 2,197 ’294,690 ’10,044 Aug................ 916 3,564 1 1 1 4,592 354,356 25,843 60,096 ’20,419 2,182 ’297,529 9,927 Sept................ 1,036 7,448 111 8,595 354,745 20,055 59,695 ’19,919 2,182 ’293,001 15,948 Oct.................. 1,086 5,325 111 6,522 357,194 ’20,347 58,838 ’20,401 2,175 ’296,126 15,435 Nov................ 478 2,179 111 2,768 356,863 20,267 59,047 20,632 2,010 295,441 ’16,328 Dec................ 703 3,885 111 4,700 358,029 15,064 59,146 20,266 1 ,825 291,855 ’21,252 1969—Jan.................. 517 6,576 111 7,204 359,412 15,031 59,759 20,378 825 293,481 n.a. 1 Equals net expenditures plus net lending. 4 Shows conversion to private ownership of Federal National Mortgage 2 Represents non-interest-bearing public debt securities issued to the Assn. (FNMA), Federal Intermediate Credit Banks (FICB), and Banks for International Monetary Fund and international lending organizations. Cooperatives, which decreases Federal debt outstanding in bottom panel, New obligations to these agencies are handled by letters of credit. but is not shown as a repayment of borrowing in top panel. 3 Includes accrued interest payable on public debt securities, deposit s Includes debt of Federal home loan banks, Federal land banks, D. C. funds, miscellaneous liability and asset accounts, and seigniorage. Stadium Fund, FNMA (beginning Sept. 1968), FICB, and Banks for Cooperatives (beginning Dec. 1968). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1969 □ FEDERAL FINANCE A 39 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Budget receipts Corporation Social insurance taxes Individual income taxes income taxes and contributions Period Employment taxes and Excise Cus­ Estate Mise, Total contributions1 Other taxes toms and re­ With Non- Re- Net Gross Re- Un- net Net gift ceipts^ held with­ funds total re­ funds empl. re­ total held ceipts Pay­ insur. ceipts2 roll Self­ taxes empl. Fiscal year: 1965.................. 116,81336,840 16,820 4,869 48,79226,131 670 17,359 3,819 1 ,07922,256 14,570 1 ,442 2,7(6 1 ,576 1966................ 130,86442,811 18,486 5,851 55,44630,834 761 20,662 3,777 1 ,12725,565 13,062 1 ,767 3,066 1 ,885 1967....................... 149,56250,521 18,850 7,845 61 ,52634,918 94626,041 1 ,776 3,659 1 ,865 33,347 13,719 1 ,901 2,978 2,120 1968...................... 153,67657,301 20,951 9,527 68,72629,897 1 ,23227,679 1 ,544 3,346 2,051 34,620 14,079 2,038 3,051 2,498 Half year: 1967—-July-Dec. 67,20427,192 4,150 597 30,747 11,345 54212,678 105 I ,335 965 15,082 7,081 993 1 ,332 1,165 1968—Jan.-June 86,47230,109 (6,801 8,930 37,979 18,550 690 15,001 1 ,439 2,011 J ,086 19,536 6,998 1,044 1,718 1 ,333 July-Dec, 82,881 33,712 5,515 475 38,751 15,494 785 14,945 131 1 ,290 ( ,179 17,544 7,834 J ,213 1 ,4(7 1,413 Month: 1968—Jan........... 12,184 4,348 3,800 41 8,106 940 (77 1,144 105 119 199 1,567 1,180 176 237 153 Feb.......... 12,087 5,801 1,100 1 ,274 5,627 650 108 3,209 1 (9 807 149 4,283 1 ,068 155 199 211 Mar.......... 11,870 5,508 697 2,803 3,401 4,439 42 1 ,919 129 50 158 2,256 1,165 161 236 253 Apr.......... 19,045 4,045 7,687 2,344 9,388 4,339 97 2,251 859 148 195 3,453 1 ,101 185 447 229 May......... I 1 ,711 5 ,566 539 2,300 3,805 763 113 3,979 173 843 180 5,175 1 ,309 191 360 220 June..,.. 19,539 4,837 2,978 208 7,608 7,419 119 2,499 54 44 206 2,803 1 ,181 176 239 232 July......... I 1 732 4 560 605 151 5 013 2,259 84 2,093 1 (4 204 2,411 1 448 205 232 248 Aug.......... 1 3'129 6 200 272 112 6’360 ’654 11 6 3,664 618 1 67 4’449 1 J75 210 229 168 Sept.......... 18,*775 5^65 3,682 48 9^199 5,133 133 2,273 iio 55 213 2,651 1 ,223 205 229 268 Oct........... 10,687 4,981 378 60 5,299 1 ,496 218 1 ,939 6 (08 204 2,256 1 ,222 212 242 178 Nov......... 12 738 6 339 202 58 6 483 679 120 3,126 346 187 3,659 1 354 186 229 267 Dec.......... 15^820 6,068 376 46 6,397 5,273 114 1^850 15 49 204 2,118 1 ,412 195 256 284 1969—Jan........... 15,845 5,1 13 5,183 75 10,222 ! ,665 62 1 ,688 1 10 159 218 2,176 1 ,254 119 277 194 Budget outlays Com- Educa­ Period Na­ Nat­ Com­ mun. tion Intra­ Total tional Inti, Space Agri­ ural merce develop, and Health Vet­ Inter­ Gen­ govt, de­ affairs re­ cul­ re­ and and man­ and erans est eral trans­ fense4 search ture sources transp. housing power welfare govt. ac­ tions5 Fiscal year: 1965...................................... 1 18,431 49 ,578 4,340 5,091 4,807 2,063 7,364 288 2,509 27,209 5,722 10,357 2,276-3,174 1966........................................... 134,654 56,785 4,490 5,933 3,679 2; 035 7,135 2,644 4,496 31,320 5,920 11,285 2'360 -3,431 1967........................................... 158,352 70,081 4,547 5,423 4,376 1 ,860 7,652 2,616 6,135 37,605 6,897 12,588 2’584 -4'009 1968.......................................... 178’,862 80'516 4^619 4,721 5,944 I ,702 8,076 4,076 7,012 43,508 6,882 13,744 2,632 -4,570 1969’6...................................... 183,701 80,999 3,938 4,247 5,448 1 ,898 8,048 2,313 7,165 48.839 7,692 15,171 2,948 -5,105 1970*6...................................... 195 ,272 81 ,542 3,755 3,947 5,181 1 ’,891 8,969 2,772 7^887 54,966 7,724 15,958 3,275 -5,745 Half year: 19p7—July—Dec.............. 86,527 *38,730 2,292 1968—-Jan.—June............ 92,335 *41 ,786 2,429 July—Dec . ........... 93,163 *39'967 2,133 Month: 196ft—Jan........................... 05,550 *7,164 372 Feb............................... 14,383 *6 ,’408 395 Mar............................ 14,922 *6,363 410 Apr................................ 15,678 *7,090 377 May................... 16,241 *7 191 425 June............................. 14,687 *7^546 450 July .. . 14,299 *5 895 277 Aug............................ 16,281 434 Sept............................ 16,256 *6,685 342 Oct . 16,810 *7 053 393 Nov........................... 15,125 *6,613 334 Dec ........................ 14,394 *6,929 353 1969—Jan ........................... 15,761 *6,893 347 i Old-age, disability, and hospital insurance, and Railroad Retirement Statement data. accounts. s Consists of government contributions for employee retirement and 2 Supplementary Medical Insurance premiums and Federal employee interest received by trust funds. retirement contributions. <> Estimates presented in Jan. 1969 Budget Document. Breakdowns do 3 Deposits of earnings by Federal Reserve Banks and other miscellane­ not add to totals because special allowances for contingencies and July ous receipts. 1969 Federal pay increase, totaling $100 million for fiscal 1969 and $3,150 4 Half year and monthly figures represent Federal Reserve approxima­ million for fiscal 1970, are not included. tion of fiscal year functional classification using available Monthly Treasury Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 40 U.S. GOVERNMENT SECURITIES □ MARCH 1969 GROSS PUBLIC DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues Total End of period p d g u e ro b b s l t i s c 1 Total Marketable C v ib e o l r n e t­ ­ Non marke S ta a b v l ­ e i S ss p u e e c s ia l 4 Total Bills Certifi­ Notes Bonds 2 bonds Total J ings cates bonds & notes 1941—Dec.............................................................. 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 7.0 1946—Dec.............................................................. 259. 1 233.1 176.6 17.0 30.0 10.1 119.5 ..........5..6.....5 49,8 24.6 1960—Dec.............................................................. 290.2 242.5 189.0 39.4 18.4 51,3 79.8 5.7 47.8 47.2 44.3 1961—Dec............................................................. 296.2 249.2 196.0 43.4 5.5 71.5 75.5 4.6 48.6 47.5 43.5 1962—Dec.............................................................. 303.5 255.8 203.0 48.3 22.7 53.7 78.4 4.0 48.8 47.5 43.4 1963—Dec.............................................................. 309.3 261.6 207.6 51.5 10,9 58.7 86,4 3.2 50.7 48.8 43.7 1964—Dec............................................................. 317.9 267.5 212.5 56.5 59.0 97.0 3.0 52.0 49.7 46.1 1965—Dec.................................................... 320.9 270,3 214.6 60,2 50.2 104.2 2.8 52.9 50.3 46.3 1966—Dec.............................................................. 329.3 273.0 218.0 64.7 5.9 48.3 99.2 2.7 52.3 50.8 52.0 1967—Dec.............................................................. 344.7 284.0 226.5 69.9 ..........6..1.....4 95.2 2.6 54.9 51.7 57.2 1968—Feb.............................................................. 351.6 291.1 233.3 72.9 66.7 93.6 2.6 55.3 51.7 57.2 Mar............................................................. 349.5 289,4 231.7 71 .3 66.7 93.6 2.5 55.2 51.8 56.7 Apr............................................................. 347.0 286,7 228.7 68.6 66.5 93.6 2.5 55.4 51.8 57.0 May............................................................ 352,3 289.7 231.8 69.6 71.1 91.1 2.5 55.5 51.9 59.2 June............................................................ 347.6 284.9 226.6 64.4 71.1 91.1 2.5 55.8 51.9 59.5 July............................................................. 351 .1 289.1 231.0 68.9 71. 1 91.0 2.5 55.6 52.0 58.9 Aug............................................................. 354,4 291.1 233.2 69.4 75.4 88.4 2.5 55.5 52,0 60. 1 Sept............................................................. 354.7 291 .9 233.6 69.8 75.4 88.3 2.5 55.8 52,1 59.7 Oct............................................................... 357.2 295.2 236.7 73.0 75.3 88.3 2.5 56. 1 52.2 58.8 Nov............................................................ 356.9 294.8 235.7 73.0 76.5 86.2 2.5 56.7 52.3 59.0 Dec............................................................ 358.0 296.0 236.8 75.0 ..........7..6.....5 85.3 2.5 56.7 52,3 59.1 1969—Jan............................................................... 359.4 297,8 238.5 76.8 76.5 85.3 2.5 56.8 52.3 59.8 Feb.............................................................. 358.8 295.9 236.5 76.8 78.2 81.5 2.5 56.9 52.3 60.9 J Includes non-interest-bearing debt (of which $638 million on Feb. 28, 1956, tax and savings notes; and before Oct, 1965, Series A investment 1969, was not subject to statutory debt limitation). bonds. 2 Includes Treasury bonds and minor amounts of Panama Canal and 4 Held only by U.S. Govt, agencies and trust funds, and the Federal postal saving bonds. Home Loan Banks. 3 Includes (not shown separately): depositary bonds, retirement plan bonds, foreign currency series, foreign series, and Rural Electrification Note.— Based on Daily Statement of U.S. Treasury. See also second Administration bonds; before 1954, armed forces leave bonds; before paragraph in Note to table below. OWNERSHIP OF PUBLIC DEBT (Par value in billions of dollars) Held by— Held by private investors End of Total U.S. Individuals period p g d u r e o b b s l s i t c ag G t a e r o u n n v s c d t i t e , s B E a R nk . s Total m C b e a o r n c m k ia s ­ l s M b a a u v n i t n u k g s a 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 s r ­ g S lo a o t n c v a a d t t s e l . Savings Other n F a i o n t a i r o t n e e n d i r g a ­ n l 1 i O m n to v t i h r s e s c e s . ­ r 2 funds bonds securities 1939—Dec............. . . 33.4 12.7 2.7 5.7 2.0 .4 1 .9 7.5 .2 .3 1946—Dec................... 259 I 27 4 23.4 208.3 74.5 11 8 24.9 15.3 6 3 44,2 20.0 2.1 9.3 1960—Dec................... 290.2 52 8 27.4 210.0 62.1 6.2 11.8 18.7 18.7 45.6 20.5 13.0 13.5 1961—Dec................... 296.2 52 4 28 9 214 8 67.2 6 1 11.3 18.5 19 0 46 4 19.5 13.4 13 5 1962—Dec................... 303 5 53.2 30.8 219 5 67.1 6.0 11 5 18.6 20.1 47.0 19.1 15.3 14.8 1963—Dec.................. 309. 3 55.3 33.6 220.5 64,2 5.6 10. 8 18.7 21.1 48.2 20.0 15.9 16.0 1964—Dec.................. 317.9 58.4 37.0 222.5 63.9 5.5 10.9 18.2 21.1 49.1 20.7 16,7 16.4 1965—Dec................... 320.9 59.7 40.8 220.5 60.7 5 3 10 8 15.8 22.9 49,7 22.4 16.7 16.2 1966—Dec................... 329.3 65 9 44.3 219.2 57.4 4.6 9 5 1 4.9 24.8 50.3 24,4 14,5 18.9 1 967—Dec................... 344.7 73.1 49. 1 222.4 63 8 4 1 8.6 12,2 25.1 51.2 22.9 15,8 18 9 1968—Jan................... 346. 3 71.8 49. 1 225.3 62.8 4.0 8.5 13.4 25.6 51,1 23.4 15,4 21.1 Feb................... 351.6 73.4 49.0 229.2 63.7 4.1 8.4 14.8 26.4 51 .2 24.0 15.2 21.4 349.5 72.9 49.7 226.9 62.0 4.1 8 5 14.1 27 1 51.2 24.0 14.7 21 .2 Apr................... 347.0 73.1 50.5 223.4 59.8 4.0 8.3 13.6 26.9 51.2 24.0 14.7 20.9 May................ 352.3 75.7 50.6 226.0 60.8 4.0 8.4 15.6 26.8 51.3 24.1 14.0 20.9 June................ 347.6 76.0 52.2 219.2 59. 8 3 9 8 1 13.0 26.6 51 .3 23.0 12.9 20.8 July.................. 351. 1 75.6 52.4 223. 1 61 .2 3.9 8.1 14,3 26.7 51.3 23.4 13.1 21.1 Aug.................. 354.4 76.9 53.0 224.5 62, t 3.8 8.1 14.5 26.9 51.3 23.6 13.3 20.9 Sept.................. 354.7 76.6 53.3 224.9 63.5 3.8 8.1 12.9 26.7 51.3 23.9 13.4 21.3 Oct.................... 357.2 76.2 53.3 227.7 65.3 3.6 8.1 14 0 26 8 51.4 23.6 13.8 21.0 Nov.................. 356.9 76.7 53.4 226.9 63.9 3.6 8.0 14.8 26.7 51.5 23.3 15.0 20.2 Dec.................. 358.0 76.6 52.9 228.5 65.5 3.6 8.0 14.7 26.7 51.5 23.7 14.3 20.5 1 Consists of investments of foreign balances and international accounts The debt and ownership concepts were altered beginning with the March in the United States. 1969 Bulletin. The new concepts (1) exclude guaranteed securities and (2) 2 Consists of savings and loan assns., nonprofit institutions, corporate remove from U.S. Govt, agencies and trust funds and add to other mis­ pension trust funds, and dealers and brokers. Also included are certain cellaneous investors the holdings of certain Govt.-sponsored but privately- Govt, deposit accounts and Govt.-sponsored agencies. owned agencies and certain Govt, deposit accounts. Note.—Reported data for F.R. Banks and U.S. Govt, agencies and trust funds; Treasury estimates for other groups. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 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 ye 1 a -5 rs y 5 e - a 1 r 0 s 1 ye 0 a -2 rs 0 20 O y v e e a r rs Total Bills Other All holders: 1965—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—Dec. 31................................................................. 236,812 108,611 75,012 33,599 68,260 35,130 8,396 16,415 1969—Jan. 31...................................................... 238,543 110,377 76,779 33,598 68,260 35,129 8,394 16,382 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—Dec. 31......................................................... 18,098 4,447 2,710 1 ,737 4,978 3,010 2,124 3,538 1969—Jan. 31........................................................ 17,883 4,176 2,449 1 ,727 5,001 3,044 2,124 3,538 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—Dec. 31......................................................... 52,937 28,503 18,756 9,747 12,880 10,943 203 408 1969—Jan. 31........................................................ 52,127 27,693 17,946 9,747 12,880 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—Dec. 31......................................................... 165,777 75,661 53,546 22,115 50,402 21,177 6,069 12,469 1969—Jan. 31........................................................ 168,533 78,508 56,384 22,124 50,379 21,142 6,067 12,436 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—Dec. 31................................................ 53,174 18,894 9,040 9,854 23,157 10,035 611 477 1969—Jan. 31............................................... 51,757 17,585 8,003 9,582 23,144 9,051 603 475 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—Dec. 31............................................... 3,524 696 334 362 1,117 709 229 773 1969—Jan. 31............................................... 3,591 782 426 356 1,102 713 225 769 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—Dec. 31................................................ 6,857 903 498 405 1,892 721 1,120 2,221 1969—Jan. 31............................................... 6,851 899 504 395 1 ,868 738 1,119 2,227 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—Dec. 31................................................ 5,915 4,146 2,848 1 ,298 1,163 568 12 27 1969—Jan. 31............................................... 6,918 4,996 3,584 1 ,412 1 ,320 580 13 10 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—Dec. 31................................................ 4,724 1,184 680 504 1,675 1,069 346 450 1969—Jan. 31............................................... 4,887 1 ,316 765 551 I ,697 I ,074 346 453 State and local governments: 1965—Dec. 31............................................... 15,707 5,571 4,573 998 1,862 1,894 1,985 4,395 1966—Dec. 31............................................... 15,384 5,545 4,512 1,033 2,165 1,499 1,910 4,265 1967—Dec. 31............................................... 14,689 5,975 4,855 1,120 2,224 937 1,557 3,995 1968—Dec. 31................................................ 13,426 5,323 4,231 1 ,092 2,347 805 1,404 3,546 1969—Jan. 31................................................ 13,988 5,924 4,809 1,115 2,359 819 I ,364 3,522 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—Dec. 31................................................ 78,157 44,515 35,915 8,600 19,051 7,270 2,347 4,975 1969—Jan. 31.................................................. 80,541 47,006 38,293 8,713 18,889 7,267 2,397 4,980 Note.—Direct public issues only. Based on Treasury Survey of about 90 pei cent by the 5,822 commercial banks, 499 mutual savings Ownership. banks, and 755 insurance companies combined; (2) about 50 per cent by Data complete for U.S. Govt, agencies and trust funds and F.R.Banks the 469 nonfinancial corporations and 488 savings and loan assns.; and but for other groups are based on Treasury Survey data. Of total mar- (3) about 70 per cent by 503 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 □ MARCH 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 W 1 y it e h a in r y 1 e - a 5 rs y 5 e - a 1 r 0 s 10 O y v e e a r rs Dealers and brokers m C e o r m cia ­ l ot A h l e l r securities U.S. Govt, banks securities Other 1968—Jan..................................... 2,919 2,545 263 64 48 1,160 91 1 051 618 304 Feb................................... 2 ,'679 2^207 295 150 27 I ^019 82 969 609 223 Mar............................ 2,467 2,132 236 74 25 ’919 77 863 608 289 Apr.................................... 2^246 1 ^972 185 60 28 759 75 827 586 227 May.................................. 2*247 1,756 295 174 22 719 75 831 622 262 June..................,............. 2*400 2,006 258 103 33 912 76 847 565 311 July.................. .............. 2*448 2,087 244 75 42 949 87 908 504 280 Aug................................... 2*214 1 ',705 228 261 20 849 90 790 485 258 Sept................................. 2*133 1 ^820 180 111 22 824 63 762 484 233 Oct..................................... 2,011 1,714 165 108 22 732 72 737 470 290 Nov................................... 2*506 2^242 152 77 35 859 83 890 674 243 Dec.................................... 2*974 2^318 391 196 70 1,096 111 1 125 642 298 1969—Jan..................................... 2,781 2,423 225 92 41 1,058 116 1,022 585 337 Week ending— 1969—Jan. 1........................... 4,383 3,339 554 362 128 1 ,632 158 1,880 713 393 8............................ 3^072 2^703 219 107 43 i ;25i 115 1,115 590 263 15 r......................... 3*103 2^765 214 83 40 1’190 109 1,174 630 367 22 r......................... 2'918 2*435 331 103 49 1’134 125 1 *039 621 388 29r......................... 2,’106 I '893 121 54 38 *712 117 765 512 361 Feb. 5............................ 2,845 2,376 267 171 31 1,051 101 1,102 591 250 12............................ 2,182 1 ,897 184 76 25 '753 74 '810 545 145 19........................... 2,694 2,293 255 104 42 1 ,014 97 956 626 304 26............................ 2,170 I ,865 202 64 39 354 Note.—The transactions data combine market purchases and sales of ties under repurchase agreement, reverse repurchase (resale), or similar U.S. Govt, securities dealers reporting to the F.R. Bank of N.Y. They contracts. Averages of daily figures based on the number of trading do not include allotments of, and exchanges for, new U.S. Govt, securities, days in the period. redemptions of called or matured securities, or purchases or sales of securi­ DEALER POSITIONS DEALER FINANCING (Par value, in millions of dollars) (In millions of dollars) U.S. Government securities, by maturity U.S. Commercial banks Period All Within 1-5 Over s a e G g c e u o n r v i c t t i y . e s Period so A ur l c l e s New Else­ C t o io r n p s o r 1 a­ o A th U e r maturities 1 year years 5 years York where City 1968—Jaa............. 3,404 3,310 114 —20 393 Feb............ 3 '762 3 ,'500 108 153 369 1968—Jan............... 3,209 1,003 816 944 446 2 438 2,211 124 103 361 Feb.............. 3 '799 1 072 1 008 1 071 648 2,981 2'601 236 142 403 Mar............. 2,651 ’678 643 829 501 May..... 3,204 2,585 306 312 382 Apr.............. 3^073 794 832 937 510 June..... 3,308 2,826 222 261 576 May............ 3,162 699 923 844 696 July........... 4,420 3,972 f 59 288 644 ’458 867 879 1,010 702 5,262 4*097 283 881 732 July............. 4,341 1,193 1,032 1,415 701 5 098 4 043 198 857 687 Aug............. 5’465 1,431 1,372 1,710 952 4,137 3^427 130 580 751 5*519 1 596 1,894 1,254 775 3*766 2’948 160 659 652 Oct............... 4.518 1,163 1’664 903 788 4 093 3,606 136 352 615 Nov....... 4,191 877 1,199 1,325 791 Dec.............. 4,431 1,212 ’886 1 '461 871 1969—Jan............. 2,918 2,757 0 162 508 1969—Jan............... 3,100 737 641 1,310 412 Week ending-—• Week ending— Dec. 4.. . 4,235 3,592 106 537 666 11.. . 4,178 3,666 82 429 609 Dec. 4. . . . 4,193 849 987 1 ,487 870 18... 4,190 3,712 163 315 617 11.... 4,594 1,123 914 1,656 902 25... ’’4,203 3,740 192 274 610 18.... 4,774 1,455 927 1,479 913 25 .... 4,343 1 ,252 856 1,417 819 1969—Jan. 1.. 3,632 3,247 135 250 601 8. . 2,661 2,415 83 163 490 1969—Jan. 1 . .. 3,890 1,159 765 1,223 743 15.. 2,484 2,351 2 131 425 8. .. 3,194 735 718 1,239 502 22. . 3,046 2,889 -19 (75 479 15. 2,831 620 567 1,285 359 29. . 3,258 3,102 -29 185 619 22... 2,820 592 496 1,346 386 29... 3,346 898 708 1,332 407 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

MARCH 1969 □ GOVERNMENT SECURITIES A 43 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, FEBRUARY 28, 1969 (tn 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. Mar. 6, 1969. 2,703 July 24, 1969.................. 1 ,097 Oct. 1,1971..........l*/2 72 Feb. 15, 1972.. . . . .4 2,344 Mar. 13, 1969. 2,701 July 31, 1969.................. 2,606 Nov. 15, 1971.........5’4 1,734 Aug. 15, 1972...........4 2,579 Mar. 20, 1969. 2,701 Aug. 7, 1969.................. 1 ,100 Feb. 15, 1972.........4% 2,006 Aug. 15. 1973...........4 3,894 Mar. 24, 1969f 2,015 Aug. 14, 1969.................. 1,100 Apr. 1,1972..........1*4 34 Nov. 15, 1973............4% 4,350 Mar. 27, 1969. 2,709 Aug. 21, 1969.................. 1 ,104 May 15, 1972...........4% 5,310 Feb. 15, 1974............4% 3,129 Mar. 31 , 1969. 1,500 Aug. 28, 1969................ 1,101 Oct. 1, 1972........... 1*4 33 May 15, 1974............4*/4 3,587 Apr. 1969. 2,704 Aug. 31 , 1969......... 1 ,506 Apr. 1, 1973............Il/, 34 Nov. 15, 1974............3% 2,241 Apr. 10, 1969. 2,708 Sept. 30, 1969.................. 1 ,501 Aug. 15, 1974...........5% 10,284 May 15, 1975-85.. .4*4 1,215 Apr. 17, 1969. 2,703 Oct. 31 , 1969.................. 1 ,502 Oct. 1,1973..........1*4 24 June 15, 1978-83... 3*4 1,564 Apr. 22, 1969f 2,003 Nov. 30, 1969.................. 1 ,501 Nov. 15, 1974.........534 3,980 Feb. 15, 1980............4 2,600 Apr. 24, 1969. 2,704 Dec. 31, 1969.................. 999 Feb. 15, 1975.........5% 5,148 Nov. 15, 1980............3*4 1,907 Apr. 30, 1969. 1 ,501 Jan. 31, 1970.................. 1 ,000 May 15, 1975.........6 6,760 May 15, 1985............3% 1,108 May 1969. 2,701 Feb. 28, 1970.................. 1 ,000 Feb. 15,1976.........6*4 3,727 Aug. 15, 1987-92... 4*4 3,816 May 8, 1969. 2,702 Feb. 15, 1988-93... 4 249 May 15, 1969. 2,699 Treasury notes Treasury bonds May 15, 1989-94.. .4% I ,559 May 22, 1969. 2,705 Apr. 1, 1969..........1*4 61 June 15, 1964-69... 2 *4 2,541 Feb. 15, 1990.. .31/2 4,863 May 29, 1969. 2,702 May 15, 1969..........5% 4,277 Dec. 15, 1964-69... 2*4 2,486 Feb. 15, 1995...........3 1 ,571 May 31, 1969. 1 ,503 Aug. 15, 1969..........6 3,366 Mar. 15, 1965-70.. .2*4 2,282 Nov. 15, 1998............3>/ 4,296 June 5, 1969. 1 ,100 Oct. 1, 1969..........1*4 159 Mar. 15, 1966-71... 2*4 1,222 June 12, 1969. 1,101 Apr. 1, 1970..........U/i 88 June 15, 1967-72.. .2*4 1,246 June 19, 1969. 1,101 May 15, 1970..........5yg 7,794 Sept. 15, 1967-72... 2*4 1,952 June 23, 1969. 6,771 May 15, 1970..........6% 8,761 Dec. 15, 1967-72... 2*4 2,600 June 26, 1969, 1,105 Oct. 1, 1970..........1ft 113 Oct. 1, 1969...........4 6,243 June 30, 1969. 1,502 Nov. 15, 1970..........5 7,675 Feb. 15, 1970...........4 4,381 July 3, 1969. I ,103 Feb. 15, 1971.........5^ 2,509 Aug. 15, 1970...........4 4,129 Convertible bonds July 10, 1969. 1,102 Apr. 1, 1971..........HA 35 Aug. 15, 1971...........4 2,806 Investment Series B July 17, 1969. 1,101 May 15, 1971..........5*4 4,265 Nov. 15, 1971............3% 2,760 Apr. 1, 1975-80... 2% 2,471 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 deliv­ Total G g o a e b t a n io l l e i n ­ r s ­ R n e u v e e­ HAA1 G l U o o a .S n v s t . , State S d s i p a s t e n a tr c d t i i , c a t l Other2 ered 3 Total c E a d tio u n ­ b R r a o id n a g d d e s s i U tie ti s l­ 4 H in o g u 3 s­ V a e a n t i e d s r ’ ­ O p p o t s u h e r e s ­ r auth. 1962.................... 8,845 5,582 2,681 437 145 1,419 2,600 4,825 8,732 8,568 2,963 1,114 1,668 521 125 2,177 1963.................... 10,538 5,855 4,180 254 249 1,620 3,636 5,281 10,496 9,151 3,029 812 2,344 598 2,369 1964.................... 10,847 6,417 3,585 637 208 1,628 3,812 5,407 10,069 10,201 3,392 688 2,437 727 120 2,838 1965.................... 11,329 7,177 3,517 464 170 2,401 3,784 5,144 11,538 10,471 3,619 900 1 ,965 626 50 3,311 1966.................... 11,405 6,804 3,955 325 312 2,590 4,110 4,695 n.a.11,303 3,738 1,476 1 ,880 533 3,667 1967.................... 14,766 8,985 5,013 477 334 2,842 4,810 7,115 n.a. 14,643 4,473 1 ,254 2,404 645 5,867 1968*.................. 16,571 9,253 6,507 528 282 2,773 5,939 7,837 n.a. 16,465 4,815 1 ,525 2,828 787 .....6..,..5..0..8. 1968—-Jan......... 1 ,178 843 306 29 450 300 430 n.a. 1,138 429 206 174 * 329 Feb........ 1,155 689 452 14 152 386 618 n.a. 1 ,156 478 109 128 7 434 Mar....... 1 ,404 593 652 144 15 110 518 777 n.a. 1 ,394 373 9 132 190 690 Apr........ I ,318 798 502 18 80 581 657 n.a. I ,314 299 128 324 112 451 May.... 1,143 686 251 144 61 222 314 609 n.a. 1,140 402 52 204 161 321 June.... 1 ,395 694 669 32 87 547 764 n.a. 1 ,396 374 185 259 8 570 July.... 1 ,469 813 637 20 257 597 615 n.a. 1 ,466 396 114 282 4 670 Aug....... 1 ,699 791 755 129 23 264 792 643 n.a. 1,688 488 126 412 133 529 Sept....... 1 ,444 1 ,003 419 22 292 353 801 n.a. 1,435 409 152 200 3 671 Oct,.... 2,230 1 ,437 773 20 617 819 791 n.a. 2,227 732 374 407 28 686 Nov....... 1 ,021 585 320 111 6 223 324 473 n.a. 997 271 25 115 121 465 Dec........ 1,115 321 771 22 19 408 689 n.a. 1,112 164 45 I91 20 692 Jan......... 1 ,239 931 296 .............. 11 546 275 417 n.a. 1 ,237 354 165 153 4 .........5..6...0 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 n MARCH 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 Total G U o . v S t . .2 G a U c g o y . e S v n 3 t . ­ , lo S U a c t n . a a S d t l e . 4 Other 5 Total Total P lic u l b y ­ va P t r e i­ ly fe P r r r e e ­ d C m o o m n ­ Total Total m N o e n w ey 2 O p p o t u h se r e ­ s r m s ri e t o e i c e f n u s ­ t offered placed I960...................... 27,541 7,906 1,672 7,230 579 10,154 8,081 4,806 3,275 409 1,664 9,924 9,653 8,758 895 271 1961....................... 35,527 12,253 1,448 8,360 303 13,165 9,420 4,700 4,720 450 3,294 12,885 12,017 10,715 1,302 868 1962...................... 29,956 8,590 1,188 8,558 915 10,705 8,969 4,440 4,529 422 1,314 10,501 9,747 8,240 1,507 754 1963...................... 35,199 10,827 1,168 10,107 887 12,211 10,856 4,713 6,143 343 1,011 12,049 10,523 8,898 1,625 1,526 1964...................... 37,122 10,656 1,205 10,544 760 13,957 10,865 3,623 7,243 412 2,679 13,792 13,038 11,233 1,805 754 1965...................... 40,108 9,348 2,731 11,148 889 15,992 13,720 5,570 8,150 725 1,547 15,801 14,805 13,063 1,741 996 1966...................... 45,015 8,231 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—Dec.......... 4,483 371 612 1,093 22 2,385 2,107 1,087 1,020 42 235 2,343 2,336 2,113 223 8 1968—Jan........... 4,556 481 999 1,162 144 1,771 1 ,449 903 546 46 276 1,732 1,705 1 ,588 117 27 Feb........... 8,072 4,719 550 1,134 61 1,608 1 ,382 796 585 58 169 1 ,585 1,568 1 ,447 121 16 Mar......... 5,069 418 1,370 1,363 1 18 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 ,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 Oct.r.. .. 6,111 430 1,147 2,260 146 2,129 ,604 1 ,009 595 25 499 n.a. n.a. n.a. n.a. n.a. Nov.r. . . 3,294 379 1 ,037 118 1 ,767 ,301 939 362 41 425 n.a. n.a. n,a. n.a. n.a. Dec...... 3,812 377 223 1,138 20 2,054 .572 607 965 19 464 n.a. n.a. n,a. n.a. n.a. Proposed uses of net proceeds, major groups of corporate issuers Manufacturing C m om is m ce e ll r a c n ia e l o u a s nd Transportation Public utility Communication an R d e a fin l a es n t c a i t a e l Period Retire­ Retire­ Retire­ Retire­ Retire­ Retire­ New ment of New ment of New ment of New ment of New ment of New ment of capital8 secu­ capital8 secu­ capital8 secu­ capital8 secu­ capital8 secu­ capital8 secu­ rities rities rities rities rities rities I960...................................................... 1,997 79 794 30 672 39 2,754 51 1,036 1 2,401 71 1961...................................................... 3,691 287 1,109 36 651 35 2,883 106 1,435 382 2,248 22 1962....................................................... 2,958 228 803 32 543 16 2,341 444 1,276 11 1,825 23 1963....................................................... 3,272 199 756 53 861 87 1,939 703 733 359 2,962 125 1964....................................................... 2,772 243 1,024 82 941 32 2,445 280 2,133 36 3,723 80 1965....................................................... 5,015 338 1,302 79 967 36 2,546 357 847 92 4,128 93 1966....................................................... 6,855 125 1,356 44 1,939 9 3,570 46 1,978 4 1,902 14 1967...................................................... 10,774 111 2,211 47 2,016 22 4,741 127 1,955 1 2,399 5 1967—Dec.......................................... 1,109 6 409 1 198 278 * 68 * 273 1968—Jan.... ............. 537 15 208 11 91 417 186 267 Feb........................................... 556 5 (42 1 118 546 8 147 61 2 Mar.......................... 761 1 175 192 431 17 78 6 102 Apr.......................................... 353 11 317 233.. 178 189 1 146 May,.............. 550 1 175 1 136 2 549 103 * 341 i June ...................................... 750 5 394 1 154 474 27 237 326 i July.......................................... 818 5 401 2 204 236 235 195 349 212 1 110 438 92 2 193 432 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. Nov.......................................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Dec.......................................... 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. z Includes guaranteed issues. 8 All issues other than those for retirement of securities. 3 Issues not guaranteed. * See Note to table at bottom of opposite page. Note.—■Securities and Exchange Commission estimates of new issues J 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

MARCH 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—HI.................. 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 HIP............... 8,203 4,112 4,091 4,732 1 ,250 3,482 2,051 1 ,424 949 U ,914 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 n o o n t 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 & B o n n o d te s s Stocks & B o n n o d te s s Stocks 1963.................... 1,804 -664 339 -352 316 -19 876 245 438 447 1,806 1,696 1964........................... 1,303 -516 507 -483 317 -30 1,408 476 458 1,699 2,644 2,753 1965........................... 2,606 -570 614 -70 185 -1 1,342 96 644 518 2,707 3,440 1966........................... 4,324 32 616 -598 956 718 2,659 533 1,668 575 864 4,414 1967............................ 7,237 832 1,104 282 1,158 165 3,444 652 1 ,716 467 1 ,302 4,178 1967—111.................. 2.253 403 422 29 374 45 867 168 594 92 345 587 IV.................. 1,637 270 399 207 214 54 846 277 291 120 537 1,698 1968—1..................... 991 -60 191 112 170 -26 956 309 295 31 109 1,587 II................... 1 ,520 -556 375 371 260 10 848 214 524 33 288 543 HP’................ 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 es t Total 2 po C s a it s io h n3 Other 1956................1,347 433 914 9,046 492 8,554 1968—Jan.... 556 316 240 42,466 2,679 39,787 1957................1,391 406 984 8,714 523 8J91 Feb... 451 260 191 41,533 3,409 38,124 1958................ 1,620 511 1,109 13,242 634 12308 Mar... 557 243 314 42,412 3,919 38,493 Apr... 618 309 309 46,179 3,923 42,256 1959................ 2,280 786 1,494 15,818 860 14,958 May,. 502 366 136 48,054 3,495 44,559 1960................ 2'097 842 1,255 17,026 973 16,053 June. . 535 374 161 48,426 3,273 45,153 1961................ 2,951 1,160 1 '791 22,789 980 21'809 July. . 582 344 237 47,’342 3,113 44,229 1962................ 2; 699 1J23 1,576 21,271 1,315 19,956 Aug... 531 309 222 48,470 3,459 45,011 Sept... 494 292 202 51,030 3,747 47,283 1963............... 2,460 1,504 952 25,214 1,341 23,873 Oct.... 653 396 257 51,633 3,384 48,249 1964................ 3304 1 375 1,528 29,116 1,329 27’787 Nov... 688 313 375 54,860 3,413 51,447 1965................ 4359 1,962 2,395 35320 1,803 33,417 Dec,. . 653 319 354 52,677 3,187 49,490 1966................ 4’671 2'005 2,665 34329 2,971 31',858 1967................. 4,670 2,745 1,927 44301 2,566 42;135 1969—Jan.,.. 876 397 479 53,323 3,831 49,492 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 □ MARCH 1969 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1966 1967 19681 Industry 1963 1964 1965 1966 1967 IV 1 II nr IV I n in Manufacturing Total (177 corps.): Sales............................................. 147,380 158,253 177,237 195,738 201,399 51,991 48,585 51,679 48,317 52,818 53,546 57,780 51,493 Profits before taxes.................. 17,337 18,734 22,046 23,487 20,898 6,126 5,153 5,608 4,232 5,867 6,257 6,937 5,831 Profits after taxes..................... 9,138 10,462 12,461 13,307 12,664 3,466 2,918 3,190 2,381 3,268 3,290 3,425 2,941 Dividends.................................... 5,444 5,933 6,527 6,920 6,989 1,965 1,670 1,701 1 ,721 1,897 1,710 1,734 1,729 Nondurable goods industries (78 corps.):2 Sales...................................................... 55,372 59,770 64,897 73,643 77,969 19,129 18,743 19,535 19,695 19,996 20,225 21,619 21,243 Profits before taxes........................... 6,333 6,881 7,846 9,181 9,039 2,232 2,153 2,250 2,209 2,427 2,674 2,680 2,823 Profits after taxes............................. 3,646 4,121 4,786 5,473 5,379 1,352 1,319 1,343 1,313 1 ,431 1 .420 1,286 1,459 Dividends............................................. 2,265 2,408 2,527 2,729 3,027 723 720 756 770 781 742 741 752 Durable goods industries(99 corps.):3 Sales............................................. 92,008 98,482 112,341 122,094 123,429 32,861 29,842 32,144 28,622 32,821 33,322 36,161 30,250 Profits before taxes................. 11,004 11,853 14,200 14,307 11,822 3,895 3,000 3,358 2,024 3,440 3,583 4,256 3,009 Profits after taxes........................ 5,492 6,341 7,675 7,834 6,352 2,115 1,599 1,847 1 ,068 1,838 1,870 2,139 1,482 Dividends............................................ 3,179 3,525 4,000 4,191 3,964 1,242 950 945 952 1,117 968 973 977 Selected industries: Foods and kindred products (25 corps.): Sales......................................... 14,301 15,284 16,427 19,038 20,134 5,011 4,963 5,060 5,131 4,980 5,142 5,313 ' 5,289 Profits before taxes.......................... 1,546 1,579 1,710 1,916 1,967 485 447 482 526 512 496 562 606 Profits after taxes............................. 747 802 896 1,008 1 ,041 259 236 253 284 268 254 259 313 Dividends............................................. 448 481 509 564 583 146 148 144 146 145 150 146 146 Chemical and allied products (20 corps.): Sales.....1...4..,.6...2.3... ....1..6...,.4..6..9... ....1...8..,.1...5..8 20,007 20,561 5,072 4,998 5,163 5,116 5,284 5,436 5,702 5,777 Profits before taxes.......................... 2,286 2,597 2,891 3,073 2,731 650 694 700 636 701 761 634 708 Profits after taxes............................. 1,182 1,400 1,630 1 ,737 1,579 386 396 404 363 416 392 325 379 Dividends............................................ 904 924 926 948 960 269 238 235 235 252 236 236 243 Petroleum refining (16 corps.): Sales.................................................. 16,043 16,589 17,828 20,887 23,258 5,530 5,390 5,808 5,985 6,075 6,011 6,677 6,234 Profits before taxes..................... 1,487 1,560 1,962 2,681 3.004 726 684 741 744 835 1,071 1 ,056 1 ,085 Profits after taxes......................... 1,204 1,309 1.541 1,898 2,038 495 505 504 489 540 592 485 548 Dividends......................................... 608 672 737 817 1,079 209 232 280 286 281 253 255 257 Primary metals and products (34 corps.): Sales.................................................. 22,116 24,195 26,548 28,558 26,532 7,225 6,801 7,040 6,525 6,166 7,150 7,684 5,467 Profits before taxes...................... 2,178 2,556 2,931 3,277 2,487 810 693 670 477 647 663 846 574 Profits after taxes......................... 1,183 1 ,475 1,689 1 ,903 1,506 475 395 411 290 410 375 509 336 Dividends......................................... 734 763 818 924 892 260 222 214 228 228 224 229 231 Machinery (24 corps.): Sales................................................... 21,144 22,558 25,364 29,512 32,721 8,100 7,704 7,933 8,090 8,994 8,213 9,022 8,907 Profits before taxes....................... 2,394 2,704 3,107 3,612 3,482 952 868 807 837 970 916 982 1,103 Profits after taxes......................... 1,177 1,372 1,626 1,875 1,789 495 421 417 438 513 443 492 498 Dividends......................................... 577 673 774 912 921 244 232 233 227 229 244 244 244 Automobiles and equipment (14 corps.): Sales.................................................. 32,927 35,338 42,712 43,641 42,306 12,149 10,413 11,875 8,354 11,664 12,344 13,582 9,686 Profits before taxes....................... 5,004 4,989 6,253 5,274 3,906 1,567 1,050 1,436 216 1 ,204 1,515 1 .823 649 Profits after taxes......................... 2,387 2,626 3,294 2,877 1,999 826 583 782 62 572 785 842 321 Dividends........................................ 1,447 1,629 1,890 1,775 1,567 551 363 365 362 477 362 364 364 Public utility Railroad: Operating revenue................... 9,560 9,778 10,208 10,654 10,366 2,718 2,536 2,628 2,529 2,673 2,610 2,757 2,707 Profits before taxes.................. 816 829 980 1,088 391 268 145 163 83 1 125 205 115 Profits after taxes..................... 651 694 816 902 325 244 121 143 78 -17 110 174 108 Dividends.................................... 383 438 468 496 539 161 124 156 103 155 114 136 98 Electric power: Operating revenue................... 14,294 15,156 15,816 16,908 17,894 4,246 4,697 4,280 4,406 4,511 5,138 4,580 4,884 Profits before taxes.................. 3,735 3,926 4,213 4,395 4,564 1,041 1,279 1,026 1,161 1 .099 1 ,284 1 ,018 1,271 Profits after taxes..................... 2,187 2,375 2,586 2.764 2,911 673 799 666 717 729 863 641 764 Dividends.................................... 1,567 1,682 1,838 1,932 2,071 505 518 510 509 534 539 555 542 Telephone: Operating revenue.................. 9,796 10,550 11,320 12,420 13,311 3,202 3,229 3,312 3,341 3,429 3,486 3,544 3,629 Profits before taxes........................... 2,815 3,069 3,185 3,537 3,694 868 869 923 953 949 971 989 990 Profits after taxes............................ 1,417 1,590 1,718 1,903 1,997 468 472 497 515 513 525 441 493 Dividends............................................. 988 1,065 1,153 1,248 1,363 320 334 337 341 351 351 318 396 1 Manufacturing profits after taxes are partly estimated to reflect a 10 Telephone: Data obtained from Federal Communications Commis­ per cent surcharge each quarter, sion on revenues and profits for telephone operations of the Bell System * Includes 17 corporations in groups not shown separately. Consolidated (including the 20 operating subsidiaries and the Long 3 Includes 27 corporations in groups not shown separately. Lines and General Depts, of American Telephone and Telegraph Co.) and for 2 affiliated telephone companies. Dividends are for the 20 operat­ Note.—Manufacturing corporations: Data are obtained primarily from ing subsidiaries and the 2 affiliates. published reports of companies. All series: Profits before taxes are income after all charges and before, Railroads: Interstate Commerce Commission data for Class I line­ Federal income taxes and dividends. haul railroads. Back data available from the Division of Research and Statistics. Electric power: Federal Power Commission data for Class A and B 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

MARCH 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 s t e s c ta o I x n m e ­ s e P t a a r f x o t e e fi s t r s d C d e a i n v s d i h ­ s tr U p ib r n o u d f t i i t e s s d ­ co c a n a t ll i s p o o u i n w t m a ­ l p ­ Quarter P b ta e ro x fo e fi r s t e s c ta o I x n m e ­ e s P t a a ro f x t e f e i s t r s d C d e a i n v s d i h ­ s tr U p ib r n o u d f t i i t e s s d ­ co c a t n a i l o l s p o n u i w t m a ­ l p ­ ances1 ances 1 1961................ 50.3 23.1 27.2 13.8 13.5 26.2 1966—III... 86.7 35.0 51.6 21.9 29.7 40.1 IV... 85.0 34.4 50.7 21.6 29.1 41.0 1962................ 55.4 24.2 31.2 15.2 16.0 30.1 1963 ................ 59.4 26.3 33.1 16.5 16.6 31.8 1967—1. . .. 79.9 32.8 47.1 22.5 24.6 41.9 1964........ 66.8 28.3 38,4 17.8 20.6 33.9 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 e o cu v r t i , ­ I t n o v ri e e n s ­ Other Total F in e c d o e m ra e l Other ties G U o . v S t . .1 Other G U o . v S t . .1 Other taxes 1962................................... 155.6 326.5 43.7 19.6 3.7 144.2 100.7 14.7 170.9 2.0 119.1 15.2 34 5 1963.................................. 163.5 351.7 46.5 20.2 3.6 156.8 107.0 17.8 188.2 2.5 130.4 16 5 387 1964................................... 170.0 372.2 47.3 18.6 3.4 169.9 113.5 19.6 202.2 2.7 140.3 17 0 42^2 1965................................... 180.7 410.2 50.0 17.0 3.9 190.2 126.9 22.3 229.6 3.1 160.4 19.1 46.9 1966—111......................... 189.0 433.4 47.6 14.8 4.2 203.5 139.5 23 8 244.4 4.0 170 2 18 0 52 3 IV......................... 190.2 443.4 50.1 15.7 4.5 205.1 144.5 23.6 253.2 4.4 176.2 191 536 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 n........................... 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 lir......................... 197.2 452.7 49.1 10.8 4.7 211.5 151.2 25.4 255.4 5.7 178,6 13 5 576 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 n........................... 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 tie lic s n C ic o a m ti m on u s ­ Other I 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 iii 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 3.11 62.65 in....................................... 16.08 3.37 3.25 .34 .36 1.12 2.96 1.50 3.18 63.45 [V2..................................... 18.33 4.03 3.83 .42 .40 1,32 3.13 5.20 67.25 1969—P....................................... 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 □ MARCH 1969 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties Farm Nonfarm Other Multifamily and Mortgage End of holders2 1- to 4-family houses4 commercial properties5 type 6 period h A e o r l l s d l ­ tu F i t n c i i n o i s a a n t l i n s ­ ­ 1 a U c g i . e e S s n . ­ v o I i t a d n h n u d e d a i r ­ l s s h A e o r l s l d l ­ tu F i t n i c i n o i s a a n t l i n s ­ ­ 1 O h e o t r h s ld e 3 ­ r h A e o r l l s d l ­ Total tu F in t in io s a t n n i­ s , 1 O h e o th r l s d e ­ r Total tu F in t in i s o a t n n i­ s , 1 O h e o th r l s d e ­ r w u F V n r H i d t A t 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 > 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.....3...2..5....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*.....3...4..7..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—1.. .. 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 II*. . 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—I*. . . 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 II*.. 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 III*.. 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 are FNMA, FHA, VA, PHA, Farmers Home Admin,, are shown on second page following. and Federal land banks, and in earlier years, RFC, HOLC, and FFMC. Other U.S agencies (amounts small or current separate data not readily Note.—Based on data from Federal Deposit Insurance Corp., Federal available) included with “individuals and others.’’ Home Loan Bank Board, Institute of Life Insurance, Depts, of Agricul­ ture and Commerce, Federal National Mortgage Assn,, Federal Housing 3 Derived figures; includes debt held by Federal land banks and farm Admin., Public Housing Admin., Veterans Admin., and Comptroller debt held by Farmers Home Admin. of the Currency. 4 For multifamily and total residential properties, see p. A-50. Figures for first three 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 Other Total FHA- VA- Con­ non­ Farm Total FHA- VA- Con­ non­ Farm Total in­ guar­ ven­ farm Total in­ guar­ ven­ farm sured anteed tional sured anteed tional 1941.................................... 4,906 3,292 1,048 566 4,812 3,884 900 28 1945.................................... 4,772 3'395 856 521 4’208 3 >87 797 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 >82 6 >20 2,654 14'308 8 >72 2,022 32>20 29'181 9,238 9,787 10,156 3,088 51 1963.................................... 39,414 26,476 7'105 2'862 16>09 10,611 2'327 36,224 32,718 10,684 10,490 11>44 3>54 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 >08 14,897 4,469 52 1966.................................... 54,380 34'876 7 >44 2 >99 24>33 16'366 3'138 47'337 42,242 14,500 11 >71 16,272 5,041 53 1967................................... 59,019 37’642 7’709 2'696 27'237 17,931 3 >46 50>90 44>41 15,074 11'795 17,772 5*732 117 1966—II............................. 52,306 33,800 7,769 2,654 23,377 15,478 3,028 45,883 41,083 14,047 11,346 15,690 4,747 53 Ill.......................... 53'606 34’469 7,687 2',620 24,162 16,028 3’109 46,'622 41 >73 14'274 11,413 15,986 4,896 53 IV........................... 54.380 34’876 7 >44 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 II............................ 55,731 35,487 7 >96 2 >95 25,596 16,970 3,274 48 >93 43,526 14,947 11,768 16,811 5,316 51 IH.......................... 57,482 36,639 7,584 2,601 26,454 17,475 3,368 49,732 44,094 15,016 11,785 17,293 5,526 112 IV.......................... 59’019 37,642 7,709 2 >96 27,237 17’931 3 >46 50 >90 44 >41 15,074 11,795 17,772 5 >32 117 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 51793 45 >70 15,246 11,918 18 >06 6'108 115 III. . . .................. 63,767 52,496 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

MARCH 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 n V u t A e a e r - ­ d Other 1 Farm 1 Total Total in F s H ur A e - d a g n V u te A a e r - ­ d Other Farm 1945..................................................... 976 6,637 5,860 1,394 4,466 766 1961. 6,785 6,233 1,388 220 4,625 552 44,203 41,033 9,665 6,553 24,815 3,170 1962. 7,478 6,859 1 ,355 469 5,035 619 46,902 43,502 10,176 6,395 26,931 3,400 1963. 9,172 8,306 1 ,598 678 6,030 866 50,544 46,752 10,756 6,401 29,595 3,792 1964. 10,433 9,386 1 ,812 674 6,900 1,047 55,152 50,848 11,484 6,403 32,961 4,304 1965. 11,137 9,988 1,738 553 7,697 1,149 60,013 55,190 12,068 6,286 36,836 4,823 1966. 10,217 9,223 1 ,300 467 7,456 994 64,609 59,369 12,351 6.201 40,817 5,240 1967. 8,470 7,633 757 444 6,432 837 67,516 61,947 12,161 6,122 43,664 5,569 1968..................................................... 7,803 7,031 725 337 5,969 772 70,071 64,268 12,015 5,982 46,271 5,803 1967--Dec.r...................................... 1 ,082 956 56 34 866 126 67,575 62,006 12,193 6,137 43,676 5,569 1968--Jan........................................... 632 558 62 37 459 74 67,770 62,223 12,192 6,106 43,925 5,547 Feb.......................................... 527 431 45 25 361 96 67,867 62,292 12,164 6,097 44,031 5,575 Mar......................................... 640 531 52 28 451 109 68,055 62,421 12,137 6,086 44,198 5,634 Apr.......................................... 521 435 40 20 375 86 68,123 62,448 12,103 6,067 44,278 5,675 May......................................... 648 583 55 23 505 65 68,339 62,634 12,075 6,047 44,512 5,705 June........................................ 568 519 53 20 446 49 68,508 62,777 12,047 6,022 44,708 5,731 July......................................... 664 612 59 41 512 52 68,708 62,969 12,036 6,046 44,887 5,739 Aug.......................................... 616 575 71 30 474 41 68,909 63,154 12,029 6,034 45,091 5,755 Sept......................................... 542 497 58 25 414 45 69,024 63,248 12,003 6,012 45,233 5,776 Oct........................................... 615 578 84 30 464 37 69,212 63,434 12,003 6,002 45,429 5,778 Nov.......................................... 623 589 62 29 498 34 69,407 63,627 11,999 5,993 45,635 5,780 Dec.......................................... 1 ,207 1,123 84 29 1 ,010 84 70,071 64,268 12,015 5,982 46,271 5,803 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 (I) 1959 and with “other” nonfarm thereafter. These loans totaled $38 monthly figures represent book value of ledger assets, whereas year-end million on July 31, 1959. figures represent annual statement asset values, and (2) data for year-end adjustments are more complete. Note.—Institute of Life Insurance data. For loans acquired, the MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS FEDERAL HOME LOAN BANKS (In millions of dollars) (In millions of dollars) Loans made Loans outstanding (end of period) Advances outstanding (end of period) Ad­ Repay­ Members’ New Period vances ments deposits Period Total 1 h c o o m n e ­ H p o u m r­ e Total 2 FH in A ­ - g V u A ar - ­ C ve o n n ­ ­ Total t S er h m or t 1 te L r o m ng 2 struc­ chase sured anteed tional tion 1945.......................... 278 213 195 176 19 46 1945................ I ,913 181 1 ,358 5,376 1961.......................... 2,882 2,220 2,662 1,447 1,216 1,180 1962........................... 4'111 3'294 31479 21005 11474 1.213 1 1 9 9 6 61 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • r • 2 1 1 7 , , 1 7 5 3 3 3 * r6 •5 , ,2 ll 1 5 2 • * • 8 7 , , 6 3 5 1 0 7 6 78 8 , , 7 8 7 3 0 4 4 4 , , 1 4 6 7 7 6 7 7 , , 1 01 5 0 2 5 6 7 7 , , 5 2 1 8 5 4 1 1 9 9 6 6 3 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 51 ,6 5 0 6 1 5 4 5 1 1 2 02 9 5 6 4 5 1 13 7 2 8 5 4 2 2 1 1 8 8 6 4 3 6 2 1 14 92 7 1 9 1 11 ,1 1 5 9 1 9 1963................ r25,173 ••7,185 *•10,055 90,944 4,696 6,960 79,288 1964................ ••24,913 ^6,638 *•10,538 101,333 4,894 6,683 89,756 1 1 9 9 6 6 5 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 3 , '8 00 0 7 4 4 2^ ,3 8 3 6 5 6 5 6 , , 9 9 9 3 7 5 5 3 , ,’ 0 0 7 0 4 6 2 1 , 1 9 9 2 2 3 9 1 11 ,0 0 4 3 3 6 1 1 9 9 6 65 6 . r .. . . . . . . . . . . . . . . . . . . . . . . . . . . . •• 1 2 6 4 , , 9 1 2 9 4 2 •• 3 6 , , 6 0 5 1 3 3 *•1 7 0 , , 8 8 2 3 8 0 1 1 1 1 4 0 , , 4 3 2 0 7 6 5 5 , , 1 2 4 6 5 9 6 6 , , 3 1 9 5 8 7 1 9 0 8 3 , ,0 7 0 6 1 3 1 1 9 9 6 6 7 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 1 1 ',5 7 2 3 7 4 4 1 1 18 0 6 7 1 6 4 51 .3 2 8 5 6 9 3 4 1 1 9 8 8 6 5 7 '4 3 0 9 1 2 1 1 , , 3 4 8 3 2 2 1967^.............. 20,122 4,243 9,604 121,805 5,791 6,351 109,663 1968^.............. 21,983 4,916 11 ,215 130,782 6,658 7,012 117,112 1968-—J F a e n b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 1 0 01 8 2 1 5 9 1 5 4 4 . , 4 3 4 48 2 3 3 , , 8 96 0 3 6 4 5 7 4 9 2 1 11 ,1 1 9 8 8 2 1968r—Jan,.. I ,407 295 673 122,006 5,784 6,400 109,822 Mar............. 87 166 4,269 3,733 536 1,302 Feb.. 1 ,474 310 712 122,548 5,850 6,442 110,256 Apr............... 386 111 41545 41026 519 1,270 Mar,, I ,787 414 850 123,337 5,900 6,476110,961 May............. 282 108 41719 41197 522 1,293 A M p a r y .. . 2 1 , , 1 9 0 73 6 4 5 8 1 0 2 1 ,0 9 5 45 0 1 12 2 5 4 , , 1 2 7 1 3 6 5 6 , , 9 0 6 2 1 6 6 6, , 5 5 5 2 9 2 1 1 1 1 1 2 , , 7 5 3 8 3 8 J Ju u n ly e . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 4 3 5 4 23 7 5 5 4 4 1 ,9 8 8 8 8 9 4 41 1 5 4 3 0 5 8 4 48 5 1 3 1 1 , , 1 3 8 8 4 2 June. 1 ,983 430 1 ,075 125,900 6,079 6,593 113,228 Aug............. 198 188 4,997 4,561 437 1,174 July.. 1 ,859 400 1 ,038 126,618 6,177 6,631 113,810 Sept.............. 165 136 5,026 41603 423 1,251 O S A e c u p t g . t . . . . . . 1 1 1 , , , 9 8 9 9 4 4 5 0 9 4 3 4 1 6 9 4 6 6 1 ,1 9 9 5 9 8 5 6 4 1 1 1 2 2 2 8 9 7 , , , 1 3 4 4 9 0 7 2 2 6 6 6 , , , 2 3 4 7 7 5 9 0 9 6 6 6 , , , 7 8 6 5 4 8 3 5 9 1 1 1 1 1 1 4 5 5 , , , 8 5 1 4 2 7 3 4 9 O D N e o c c t v . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 1 1 0 7 5 1 3 5 1 1 8 6 5 1 4 0 5 5 5 1 1 1 0 2 0 3 5 4 5 9 0 4 4 4 1 , , 6 8 6 6 2 4 7 7 3 4 3 3 0 9 9 7 2 7 1 1 1 1 , , 2 '3 3 8 2 8 5 1 2 Nov.. 1 ,724 392 868 129,879 6,529 6,919 116,431 Dec.. 1 ,886 407 869 130,782 6,658 7,012 117,112 1969-—Jan................ 277 179 5,357 4,975 382 1,110 1969JI—Jan... 1 ,598 350 785 131,421 6,748 7,075 1 17,598 1 Secured or unsecured loans maturing in 1 year or less. 2 Secured loans, amortized quarterly, having maturities of more than 1 Includes loans for repairs, additions and alterations, refinancing, etc., 1 year but not more than 10 years. not shown separately. 2 Beginning with 1958, includes shares pledged against mortgage loans; Note.—Federal Home Loan Bank Board data. beginning with 1966, includes junior liens and real estate sold on contract; and beginning with 1967, includes downward structural adjustment for change in universe. Note,—Federal Home Loan Bank Board data. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 50 REAL ESTATE CREDIT □ MARCH 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 Multifamily1 Governmentunderwritten E pe n r d io o d f Finan­ Finan­ E pe n r d io o d f Total C ve o n n ­ ­ Total in ci s a t l i ­ h O ol t d h e e r r s Total in ci s a t l i ­ h O ol t d h e e r r s Total F i H n­ A- g V u A ar - ­ tional 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 1963.................. 182.2 65.9 35.0 30.9 116.3 (963................. 211.2 176.7 34.5 29.0 20.7 8.3 1964.................. 197.6 69.2 38.3 30.9 128.3 1964................. 23t.l 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 I966P............... 263.8 223.7 40.1 40.1 31.5 8.6 1967p................ 236.1 79.9 47.4 32.5 156.1 1967”.............. 279.8 236.7 43.1 43.7 34.7 9.0 1966—11........... 219.6 74.7 43.7 31.0 145.2 1966—IIP.... 258.6 220.1 38.5 39.0 30.5 8.5 Ill.....2...2.1.9 75.4 44.4 31.0 146.5 IIP... 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—Ip.......... 224.9 76.4 45.2 31.2 148.4 1967—Ip......... 265.7 225.0 40.7 40.8 32.2 8.6 IIP 227,8 77,2 45.7 31.5 150.6 IP.... 269.5 228.3 41.2 41.7 32.9 8.8 HIP.. 232.0 78.3 46.6 31,7 153.7 HIP. .. 274.6 232.5 42.1 42.6 33.8 8.8 ivp. ... 236. 1 79.9 47.4 32.5 156.1 HIP. .. 279.8 236.7 43.1 43.7 34.7 9.0 1968—I?’.......... 239.3 81.0 48.1 32.9 158.3 1968—PL . . . 283.5 239. 1 44.4 44.2 35.1 9.1 IIP.....2...4.3.3 82.1 48.7 33.4 161,2 IP . . . 288.5 242.9 45.6 45,2 36.0 9.2 HIP.... 247,3 83.2 49.6 33.6 164.1 IIP. . . 293.3 246.7 46.6 46.1 36.8 9.3 i includes outstanding amount o VA vendee 1 Structures of 5 or more units. For 1- to 4-family mortgage debt see accounts held by private investors under repurchase second preceding page. agreement. Note.—Based on data from same source as for “Mortgage Debt Out­ Note.—For total debt outstanding, figures are standing” table (second preceding page). FHLBB and F.R. estimates. For conventional, figures are derived. Based on data from Federal Home Loan Bank Board, Federal Housing Admin,, and Veterans Admin. GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE DELINQUENCY RATES ON HOME MORTGAGES (In millions of dollars) (Per 100 mortgages held or serviced) FHA-insured VA-guaranteed Loans not in foreclosure but delinquent for— Loans in Mortgages Mortgages End of period fore­ Period Prop­ closure Pro­ erty 90 days Total Ex­ jects 1 im­ Total’ Ex­ Total 30 days 60 days or more New isting prove­ New isting homes homes ments2 homes homes 1963.................. 3.30 2.32 .60 .38 .34 1964.................. 3.21 2.35 .55 .31 .38 1945.............. 665 257 217 20 171 192 1965............... 3.29 2.40 .55 .34 .40 1963 .............. 7,216 1 664 3,905 843 804 3,045 1,272 1,770 1966.................. 3.40 2.54 .54 .32 .36 1964.............. 8 J 30 1 608 4 965 895 663 2,846 1,023 1 821 1967.................. 3.47 2.66 .54 .27 .32 1965.............. 8,689 1 705 5,760 591 634 2 652 ’876 1 774 1968.................. 3.17 2.43 .51 .23 .26 1966.............. 7 320 1 729 4 366 583 641 2 600 980 1 618 1965—II......... 3,00 2.18 .52 .30 .38 1967.............. 7,150 1^369 4,516 642 623 3,405 1,143 2’259 III. . 3.20 2.30 .56 .34 .38 1968.............. 8,275 1 572 4’924 1,123 656 3’774 1 '430 2 343 IV. ... 3.29 2.40 .55 .34 .40 1968—Jan... 693 147 431 70 45 349 135 213 1966—1............ 3.02 2.13 .55 .34 .38 Feb,,. 573 124 312 100 36 280 111 169 .........2.95 2.16 .49 .30 .38 Mar.. 535 120 314 62 39 267 115 152 III. ... 3.09 2.25 .52 .32 .36 Apr.. 603 131 340 80 53 265 110 156 IV.. . . 3.40 2,54 .54 .32 .36 May. 686 121 374 131 60 280 112 168 June. 674 123 371 122 58 241 98 143 1967—1........... 3.04 2.17 .56 .31 .38 July.. 712 135 438 72 66 327 120 207 II......... 2.85 2.14 .45 .26 .34 Aug.. 752 135 460 94 63 341 122 218 III. . 3.15 2.36 .52 .27 .31 Sept.. 727 135 453 78 61 322 111 21 1 IV.... 3.47 2.66 .54 .27 .32 Oct... 869 158 549 95 67 360 122 237 Nov.. 749 126 473 101 49 377 138 239 1968—1............ 2.84 2,11 .49 .24 .32 Dec.. 702 117 409 118 58 365 136 229 II......... 2.89 2.23 .44 .22 .28 III.... 2.93 2.23 .48 .22 .26 1969—Jan... 762 134 474 105 48 369 145 225 IV... . 3.17 2.43 .51 .23 .26 1 Monthly figures do not reflect mortgage amendments included in annual Note.—-Mortgage Bankers Association of America data from totals. reports on 1- to 4-family FHA-insured, VA-guaranteed, and con­ 2 Not ordinarily secured by mortgages. ventional mortgages held by more than 400 respondents, including J Includes a small amount of alteration and repair loans, not shown separ­ mortgage bankers (chiefly), commercial banks, savings banks, and ately; only such loans in amounts of more than $1,000 need be secured. savings and loan associations. 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

MARCH 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 1965............................... 2,212 1,540 671 156 154 332 1965............................... 2,519 1 ,864 656 757 47 462 1966............................... 2'667 2,062 604 620 491 1966............................... 4,396 3,345 1,051 2,081 214 1967............................... 3’348 2’756 592 860 1,171 1967............................... 5,522 4'048 1,474 1 ,400 12 501 1968............................... 4’220 3’569 651 1 ,089 I 1 ,266 1968............................... 7'167 5 J21 2’046 1,944 1 ,287 1968—Jan.................... 3,445 2,841 604 112 1,160 1968-—Jan.................... 5,775 4,211 1,564 275 428 Feb................... 3,526 2^913 613 97 1 1 ,159 Feb................... 5^999 4^356 1,643 245 335 Mar.................. 3’635 3,010 626 127 1 118 Mar................... 6,165 4’465 1 '700 189 332 Apr................... 3'721 3 ’087 633 103 1 J26 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 L935 89 1,085 Oct.................. 4'125 3,468 657 82 1 '225 Oct.................... 6'943 4,975 1,968 126 1,150 Nov.................. 4’, 166 3 511 655 58 1 '248 Nov................... 7,048 5’045 2’003 132 1^36 Dec................... 4,220 3,569 651 73 1 '266 Dec.................. 7,167 5'121 2,046 146 1 ’287 1969—Jan.................... 4,255 3,607 648 54 .....1. ..,.9..9...7 1969-—Jan.................... 7,334 5,227 2,107 193 .....1. ..,.2..8..3. 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 FHLBB series Yield Auction Period (effective rate) on FHA- date h N om ew es ins n u e r w e d Offered By co p m er m io i d tment d 9 a 0 y s mon 6 ths m 1 o 2 n -1 th 8 s (U.S. homes Total New Existing average) 90 6 12-18 homes homes days months months 1965.......................... 5.81 5.95 5.83 5.47 1968 1966.......................... 6.25 6.41 6.40 6.38 1967........................... 6.46 6.52 6.53 6.55 Dec. 2.....1...1..9..9 57.9 17.5 25.8 14.6 7.43 7.46 7 35 1968.......................... 6,97 7.03 7.12 7.21 9.......... 105.1 56.1 18.4 23.5 14.1 7.47 7.51 7.42 16........... 93.7 56.6 15.1 32.6 8.9 7.52 7.57 7.46 1968—'Jan............... 6.52 6.70 6.75 6.81 23........... 123.3 56.3 15.3 31,6 9.4 7.55 7.60 7.48 Feb............... 6.62 6.71 6.75 6.78 30........... 104.4 62.4 20.4 32.2 9.8 7.61 7.65 7.49 Mar....... 6.64 6.72 6.80 6.83 Apr............... 6.71 6.77 6.90 6.94 1969 May.............. 6.84 6.95 7.15 June............. 7.03 7.12 7.25 7.52 82.1 59.8 16.9 28.4 14.5 7.63 7.66 7.48 July.............. 7.17 7.23 7.30 7.42 13........... 127.5 57.9 8.1 36.7 13.0 7.67 7.68 7.52 Aug.............. 7.24 7,26 7.30 7.35 21........... 124,3 61.4 9.8 39.1 12.5 7.69 7.72 7.54 Sept.............. 7.24 7.25 7.30 7.28 27........... 232.9 61.0 8.4 38.6 14.1 7,82 7.86 7.66 Oct............... 7.23 7.22 7.25 7.29 Nov....... 7.21 7.21 7,30 7.36 Feb. 3........... G20.6 80.0 5.3 36.0 38.8 7.98 7.99 7.82 Dec............... 7,23 7.23 7.40 7,50 10.......... 285.7 102.4 6.8 46.2 49.4 8.01 8.05 7.91 17........... 226.7 100,9 6.9 38.4 55.6 8.04 8.09 7.95 1969—jari.............. ^7.29 "7 31 7.55 24........... 167.2 100.1 11.2 48.7 40.1 8.09 8. 14 8.00 Feb............... 7.60 7.99 118.9 90.5 11 .5 38.1 41.0 8.13 8.17 8.02 10........... (85.0) Note.—Annual data are averages of monthly figures. The FHA data are based on opinion reports submitted by field offices on prevailing local conditions as of the first of the succeeding Note.—Implicit secondary market yields are gross—before deduction of 50month. Yields on FHA-insured mortgages are derived from basis-point fee paid for mortgage servicing. They reflect the average accepted bid weighted averages of private secondary market prices for Sec. price for Government-underwritten mortgages after adjustment by Federal Reserve 203, 30-year mortgages with minimum downpayment and an Board to allow for FNMA commitment fees and FNMA stock purchase and hold­ assumed prepayment at the end of 15 years. Gaps in the data ing requirements, assuming a prepayment period of 15 years for 30-year loans. are due to periods of adjustment to changes in maximum per­ Commitments for 12-18 months are for new homes only. missible contract interest rates. The FHA series on average Total accepted shown in parenthesis for most recent week indicates FNMA contract interest rates on conventional first mortgages in primary announced limit before the “auction” date. markets are unweighted and are rounded to the nearest 5 basis points. The FHLBB effective rate series reflects fees and charges as well as contract rates (as shown in the table on conventional first mortgage terms, p. A-33) and an assumed prepayment at end of 10 years. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 52 CONSUMER CREDIT □ MARCH 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 3387 845 t,645 597 1945................................................ 5,665 2’462 '455 816 182 1 ,009 3,203 746 1,612 845 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 61101 5 303 4,249 1964................................................ 80,268 62,692 24’934 16’333 3’577 17’848 17376 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 6386 5,346 1967................................................ 102,132 80’926 30,724 22'395 3’789 24,018 21,206 8,428 6,968 5,810 196R.................................................. 113’, 191 89'890 34,130 24,899 3,925 26,936 23,301 9’,138 7,755 6,408 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 80^33 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 3 397 24,459 20,929 8,636 6,026 6,267 May................................. 103,411 82'312 31 '818 22311 3 346 24,737 21,099 8,663 6,276 6,160 June........................... 104,620 83'433 32’364 22,248 3 369 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 33325 22,777 3,857 25,725 21,406 8,774 6,574 6,058 Sept............................ 107,636 86,184 33336 22,988 3'881 25,979 21352 8,868 6,550 6,034 Oct........................... 108’643 87,058 33 398 23,248 3310 26,202 21 ,585 8,943 6,692 5,950 Nov................................... 110^035 87'953 33325 23,668 3331 26,429 22382 9,024 6,964 6,094 Dec................................... 113,191 89,890 34,130 24,899 3,925 26,936 23'301 9,138 7,755 6,408 1969--Jan..................................... 112,117 89,492 34,013 24,682 3,886 26,911 22,625 9,038 7,097 6,490 1 Holdings of financial institutions; holdings of retail outlets are in­ loans. For back figures and description of the data, see “Consumer Credit,’ cluded 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 1,197 132 657 1,438 123 1,315 1941................................................ 6’085 4'480 1 726 1 ,797 198 759 1 '605 188 1,417 1945................................................ 2,462 1 776 745 300 102 629 686 28 '658 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 22323 12330 5 326 5,582 2,058 7,667 351 7,316 1964................................................ 62,692 53,898 25 394 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 1968................................................ 89,890 77,457 36'952 18,219 16’,178 8313 3,195 12’433 320 12,113 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 17310 9,271 8,175 3 325 10,752 298 10,454 83,433 72,610 34385 17,239 9’461 8’302 3,023 10,823 303 10.520 July................................... 84348 73,573 35,103 17’448 9’574 8,397 3,051 10,875 308 10,567 Aug................. 85 384 74390 35,672 17,670 9,739 8,490 3,119 10394 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 75 371 36'352 17,823 9*962 8,588 3,146 11’,187 317 10,870 Nov................................... 87 353 76'446 36'360 17,960 10,049 8,685 3,192 11,507 319 11,188 Dec.................................... 89’890 77,457 36,952 18,219 10,178 8,913 3,195 12,433 320 12,113 1969—Jan.................................... 89,492 77,360 37,005 18,175 10,101 8,879 3,200 12,132 319 11,813 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

MARCH 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 con­ mod­ Per­ Auto­ con­ and Per­ End of period Total sumer erniza­ sonal End of period Total mobile sumer modern­ sonal Pur­ goods tion loans paper goods ization loans chased Direct paper loans paper loans 1939............................. 1,079 237 178 166 135 363 1939 1,197 878 115 148 56 1941............................. 1,726 447 338 309 161 471 1941 1 '797 1 ,363 167 201 66 1945............................. '745 66 143 114 110 312 1945 300 164 24 58 54 1962............................. 19,005 6,184 3,451 2,824 2,261 4,285 1962 11,405 7,251 2,465 213 1,476 1 1 9 9 6 6 3 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 25 2 , ’ 0 0 2 9 3 4 7 81 ’ 6 3 9 8 1 1 4 41 ’ 7 1 3 0 4 2 3 3 , , 2 6 1 7 3 0 2 2 , 3 3 5 7 7 7 4 51 ,9 5 5 4 0 2 1 1 9 9 6 6 3 4 1 1 3 2 , ’ 6 6 0 3 5 0 7 8 , ’ 9 2 2 8 2 5 2 3 , , 6 0 9 2 9 2 2 20 1 7 4 2 1 , , 0 7 9 9 1 5 1965............................. 28,962 10,209 5,659 4,166 2,571 6,357 1965 15,279 9,068 3 556 185 2,470 1966............................. 31 1319 11,024 51956 4,681 2,647 7,011 1966 161697 9 572 4,256 151 2,718 1967............................ 32,700 10,927 6'267 5,126 2,629 7,751 1967 16,838 9,252 4,518 114 2,954 1968............................. 361952 12,213 71105 6,060 2,719 8,855 1968 18,219 9 986 4 849 74 3'310 196g—j F a e n b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 2 2 , , 7 8 1 3 0 9 1 10 0 , , 9 8 2 9 7 2 6 6 , . 2 3 9 45 5 5 5 , , 1 1 5 73 7 2 21 ,5 5 8 6 6 3 7 71 ,7 8 8 31 0 1968-—J F a e n b . . . . . . . . . . . . . . . . . . . .. . .. . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 6 6 , ’ 7 7 2 1 6 3 9 9 ,1 1 6 6 0 2 4 4, , 4 5 8 1 3 0 1 1 0 0 9 4 2 2, ’ 9 9 4 6 7 4 A M p a r r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 3 3 ’ ’0 5 8 6 2 2 1 1 1 1 ; J o 6 i 1 3 6 6 , , 4 5 3 3 7 7 5 5 , , 1 2 9 7 9 8 2 2, , 5 5 4 6 7 2 7 8 , ; 8 0 8 2 6 4 M Ap a r r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 1 1 6 6, , 8 7 6 5 8 9 9 9 2 2 0 9 8 2 4 4 ,4 4 7 9 9 2 9 9 3 9 2 2' , 9 9 9 7 1 3 J A M u u a l g y y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 3 3 4 5 4 5 1 1 , '1 0 5 6 0 7 8 7 3 9 5 2 1 1 1 1 1 1 1 1 1 1 , ' 3 7 5 9 5 4 4 5 1 4 5 3 6 6 6 6 1 , ' ' 9 7 6 8 7 2 5 6 2 3 8 4 5 5 5 5 , ' ' ’ 4 6 3 5 4 6 5 5 3 8 8 9 2 2 2 2 1 , , , 5 6 6 6 8 3 7 0 5 9 5 8 8 8 8 8 , , , , 2 1 2 4 1 2 9 5 7 7 8 2 J J M A u u u a n l g y y e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 7 7 7 7 , , 3 ' 2 0 6 4 3 1 7 8 9 0 0 9 9 9 9 , , , 3 7 8 5 8 0 1 4 8 9 2 4 4 4 4 4 , , , 5 5 6 5 2 6 9 8 8 3 6 2 8 8 7 8 3 8 4 2 3 3 3 3 , , ’ 3 0 1 0 2 6 2 0 1 9 2 6 S O N e o c p t v . t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 3 5 6 6 ' , ' 9 5 3 2 5 6 3 2 0 1 1 1 2 1 2 , , , 1 9 1 4 8 9 3 0 0 7 6 7 1 , ’ 0 0 9 0 6 1 0 3 6 5 5 5 1 1 ,8 7 8 5 4 1 5 3 2 2 2 2 1 ' , , 7 7 6 1 9 2 6 7 3 8 8 8 1 ' , , 7 5 6 2 8 8 1 9 7 S O N e c o p t v t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 7 7 7 , ’ , 6 9 8 8 6 2 0 3 0 9 9 9 , , ’ 8 7 8 2 5 9 3 8 8 4 4 4 , ’ ’ 6 7 7 9 3 7 5 7 8 6 7 7 9 4 4 3 3 3 , , , 1 1 2 5 8 1 8 9 0 Dec................. 361952 12,213 7'105 6; 060 2,719 8,855 Dec......................... 18',219 9,986 4,849 74 3,310 1969—-Jan.................. 37,005 12,160 7,108 6,135 2,692 8,910 1969-—Jan......................... 18,175 9,951 4,857 71 3,296 See Note to first table on previous page. See Note to first table on previous page. INSTALMENT CREDIT HELD BY OTHER NONINSTALMENT CREDIT FINANCIAL INSTITUTIONS (In millions of dollars) (In millions of dollars) Single­ Other Repair payment Charge accounts Auto­ con­ and Per­ loans End of period Total mobile sumer modern­ sonal paper goods ization loans Total Service paper loans End of period Com­ Other credit mer­ finan­ cial cial Retail Credit 1939 789 81 24 15 669 banks insti­ outlets cards 1 1941 957 122 36 14 785 tutions 1945 731 54 20 14 643 1962 11,468 2,150 841 824 7,653 1939.................. 2,719 625 162 1,414 518 1963 131166 21498 949 846 81873 1941.................. 31087 693 152 1 ,'645 597 1964 15,199 2,895 1,176 913 10,215 1945.................. 31203 674 72 1,612 845 1965 17,292 3,368 1 ,367 972 11 ,585 1962.................. 15,101 4,690 766 5,179 505 3,961 1966 18,708 3 ,727 1 ,503 I ,020 12,458 1963........... 16,253 5 ,205 896 51344 559 4,249 1967 19,952 3,993 1 1600 1,046 131313 1964.................. 171576 5 ,950 924 51587 608 4,507 1968 22,286 4,506 1 ',877 11132 14',771 1965.................. 18,990 6,690 981 5,724 706 4,889 1968-—'Jan.......................... 19,802 3 ,947 1,594 1,039 13,222 1966.................. 20,004 61946 1,026 51812 874 5,346 Feb......................... 19^887 3,962 11603 1,041 13,281 1967.................. 211206 71340 1 1088 51939 1 ,029 5,810 Mar....................... 191999 3,995 11621 1,042 13,341 1968.................. 23,301 71975 l’,163 61450 1 1305 6,408 Apr........................ 20,170 4,048 11636 1,042 131444 May.................. 20,471 41123 1 ,671 1 ,073 13,604 1968—Jan.. .. 20,881 7,352 1 ,097 5,377 1,047 6,008 June........... 20,786 4,200 1 1703 11077 131806 Feb.... 20,538 7,375 1,109 4,842 I ,017 6,195 July......................... 21,022 41250 1 1730 1,087 13,955 Mar.. . 20,507 7,416 1,113 4,698 1,012 6,268 Aug........................ 21,348 41323 I ,765 1J09 141151 Apr.... 20,929 7,526 1,110 5,005 1 ,021 6,267 Sept........................ 211511 4J69 1 1793 1,115 141234 May... 21,099 7,526 1,137 5,254 1 ,022 6,160 Oct........................ 21,696 41415 1 1829 1 ,120 141332 June... 21,187 7,546 1 ,128 5,278 1 ,090 6,145 Nov......................... 21 ',926 41455 1', 847 1,134 14,490 July... 21,232 7,565 1,130 5,297 1,160 6,080 Dec......................... 221286 41506 1 ,877 1,132 141771 Aug.... 21,406 7,627 1,147 5,329 1 ,245 6,058 Sept.. . 21,452 7,719 1,149 5,283 1 ,267 6,034 1969-—Jan......................... 22,180 4,475 1 ,877 1,123 14,705 Oct.. . . 21 ,585 7,794 1 ,149 5,424 1 ,268 5,950 Nov.... 22,082 7,857 1,167 5,670 1 ,294 6,094 Dec.... 23,301 7,975 1,163 6,450 1 ,305 6,408 Note.—Institutions represented are consumer finance companies, credit unions, industrial loan companies, mutual savings banks, savings and 1969—Jan.... 22,625 7,878 1,160 5,763 1,334 6,490 loan assns., and other lending institutions holding consumer instalment credit. See also Note to first table on previous page. i 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 □ MARCH 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 loans Period S.A.i N.S.A. S.A.i N.S.A. S.A.i N.S.A. S.AJ N.S.A. S.A.i N.S.A. Extensions 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 1968 97 053 31 424 30,593 2,268 32,768 1968-—Jan..................................... 7,453 6,782 2,385 2,157 2,339 2,156 169 132 2,560 2,337 Feb.................................... 7,847 6,716 2'559 2,296 2,458 1,925 184 140 2,646 2,355 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 2,535 2,520 197 236 2 711 2,768 June.................................. 8,003 8,115 2,570 2,735 2,536 2,441 179 194 2,718 2,745 July................................... 8,247 8,738 2,'673 2 974 2,’622 2,631 195 228 2 757 2,905 Aug................................... 8,187 8,502 2,684 2,774 2,483 2,531 185 225 2,835 2,972 Sept................................... 8,416 7,682 2^783 2^54 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 2 546 2 640 2,739 191 190 2,776 2,691 Dec.................................... 8^277 9,568 2,592 2,489 2,656 3,608 192 163 2 837 3,308 1969-—Jan.................... 8,371 7,557 2,661 2,369 2,654 2,449 179 137 2,877 2,602 Repayments 1962. 51,360 17,447 14,935 2,010 16,969 1963................................................ 56,825 19,254 16,369 2,046 19,156 1964................................................ 63,470 21,369 18,666 2,086 21,349 1965................................................ 69,957 23,543 20,518 2,116 23,780 1966................................................ 76,120 25 ,'404 23,178 2,110 25 428 1967................................................ 81,306 26,499 25,535 2,142 27,130 1968................................................ 88,089 28,018 28,089 2,132 29,850 1968-—Jan..................................... 7,054 7 329 2,254 2,302 2,223 2,434 182 187 2,395 2,406 Feb.................................... 7,111 6 862 2,275 2,193 2*269 2 275 173 166 2,394 2,228 Mar.................................. 7;281 7,260 2,316 2,305 2^372 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................................. 7,301 7,393 2,327 2,366 2,312 2,350 184 187 2 478 2 490 June................................. 7,287 6,994 2,289 2,189 2,324 2,204 175 171 2’499 2,430 July................................... 7,390 7 723 2,352 2,464 2,374 2,427 181 189 2,483 2,643 Aug................. 7,253 7,266 2,327 2,’323 2’209 2 206 170 176 2 547 2,561 Sept................................... 7,701 7,182 2’482 2 343 2^428 2,251 179 175 2 612 2,413 Oct................. 7,586 7,813 2,391 2 555 2^451 2,492 177 182 2,567 2,584 Nov................................... 7,454 7,271 2’, 363 2,319 2,388 2,319 175 169 2 528 2,464 Dec.................................... 7,502 7,631 2,357 2,284 2,422 2,377 175 169 2’548 2,801 1969--Jan..................................... 7,730 7,955 2,467 2,486 2,442 2,666 173 176 2,648 2,627 Net change in credit outstanding 2 1962. 4,831 2,247 766 74 1,741 1963................................................ 6,766 2,872 1,551 140 2,203 1964................................................ 7,200 2,677 2,155 139 2,229 1965................................................ 8,629 3,684 2,232 150 2,563 1966................................................ 6,215 1 937 2,413 90 1,775 1967................................................ 3 387 168 1 417 — 29 1,831 1968................................................ 8,964 3 406 2,504 136 2,918 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 11 132 211 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 Dec.................................... 775 1,937 235 205 234 1,231 17 -6 289 507 1969--Jan..................................... 641 -398 194 -117 212 —217 6 -39 229 -25 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 Monetary include financing charges. Renewals and refinancing of loans, Statistics, 1965, and pp. 983-1003 of the Bulletin for December 1968. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 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 J N.S.A. S.A.i N.S.A. S.A J N.S.A. S.AJ N.S.A. S.A.i N.S.A. Extensions 1962 ..................................... 56,191 20,474 11,269 14 787 9 659 1963 ................................ 63,591 23,344 12,152 16,768 111327 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 161494 1967................................................ 84,693 30,850 13,833 22 574 17,436 1968 .............................. 97'053 361332 15,909 25 777 19 035 1968—Jan..................................... 7,453 6,782 2,766 2,595 I ,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 11835 11562 11147 Mar................................... 7,903 7,501 2,950 2,845 1 ,337 1,251 2',025 1 1964 1 1591 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 2,980 3,233 1,332 1,369 2,157 2,24! 1 1564 1,534 8’003 8,115 21938 31030 1 ,302 1,358 2,177 21231 1 ,586 1,496 July................................... 8,247 8,738 3,018 3,343 1 '366 1 '495 2,190 2,307 11673 1,593 Aug,................................. 8,187 8,502 3,066 3,245 1,289 11329 21248 2,344 1 ,584 11584 Sept................................... 8,416 7,682 3,284 21953 1 ,349 1 ,217 2,236 21043 1 ,547 11469 Oct.................................... 8,533 8,687 3,252 3,306 1 ,367 1 1437 2,309 21246 11605 1 ,698 Nov................................... 8,288 8,166 3,111 2,877 1 311 1,368 2,139 2J39 11627 1 1782 Dec.................................. 8,277 9,568 3,139 3,094 1 ,362 1,535 21208 21571 1 ,568 2,368 1969—Jan..................................... 8,371 7,557 3,135 2,908 1 ,381 1,227 2,250 1,977 I ,605 1 ,445 Repayments 1962 ............................................. 51,360 18,468 10,200 13 455 9 237 1963 ................................ 561825 20’326 10,927 15*070 16’502 1964 ...................................... 63,470 221971 11 ',638 16 764 12 097 1965............................................... 69,957 25,663 12,048 18 813 13,433 1966............................................... 76'120 271716 12,860 20 074 15,470 1967 ......................................... 81,306 29,469 13,692 21 330 16,815 1968............................................... 881089 32,080 14,528 23 443 18,038 1968—Jan..................................... 7,054 7,329 2,512 2,585 1,184 1,190 1 ,887 1 907 1,471 1,647 Feb.................................... 7,111 6,862 2,572 2'488 1,169 1,130 1 1888 1,750 1 ,482 1 1494 Mar................................... 7,281 7,260 2,641 2'602 1'192 1,205 1 ,885 1 ’852 1 '563 1 601 Apr.................................... 7^222 7'365 2,643 2'714 I '174 1,246 1 ,887 1,928 1,518 1 ,477 May................................. 7,301 7,393 2,'653 2’716 1,222 1 ,'227 1 ,939 1 940 1 ’487 1 ’510 June.................................. 7,287 6,994 2; 666 2,524 1'164 1 J29 1,957 1,916 1 ,500 1 ,’425 July................................... 7,390 7,723 2,662 2,'825 1 ’258 1 1286 1,942 2,071 1 1528 11541 Aug................................ • 7,253 7,266 2,610 2,676 1'156 11107 21023 2,018 11464 1 '465 Sept................................... 7,701 7,182 2,849 2'702 1,323 1,207 21026 1 ,880 11503 1 393 Oct.................................... 7,586 7,813 2,764 2,877 1 '230 11294 21052 2,061 1 ,540 1 1581 Nov................................... 7,454 7,271 2,769 2,669 1 1254 1 1231 1 1950 1,909 1 ,481 1 ’,462 Dec.................................... 7,502 7,631 2,761 2; 702 1 '215 1 1276 2,019 21211 I 1507 1 ,442 1969—Jan..................................... 7,730 7,955 2,812 2,855 1,282 1,271 2,082 2,083 1,554 1,746 Net change in credit outstanding 2 1962................................................ 4,831 1,997 1 ,078 1,332 422 1963................................................ 6’766 3*018 1,225 1,698 825 1964................................................ 7'200 3,065 ’975 2*033 1,127 1965................................................ 8,629 3,865 1 ,674 2 093 997 1966................................................ 6,215 2,357 1 1418 1 416 1,024 1967................................................ 3,387 1 1381 141 1 244 621 1968............................................... 8'964 4’,252 1 ,381 2'334 997 1968—Jan..................................... 399 -547 254 10 13 -112 97 -150 35 -295 Feb.................................... 736 -146 346 129 1 13 -13 197 85 80 -347 Mar................................... 622 241 309 243 145 46 140 112 28 -160 Apr.................................... 641 854 267 480 116 109 134 171 124 94 May.................................. 732 984 327 517 110 142 218 301 77 24 June.................................. 716 1,121 272 506 138 229 220 315 86 71 July.................................. 857 1,015 356 518 108 209 248 236 145 52 Aug................................... 934 C236 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 Dec.................................... 775 1,937 378 392 147 259 189 360 61 926 1969—Jan..................................... 641 -398 323 53 99 -44 168 -106 51 -301 1 Includes adjustments for differences in trading days. tween extensions and repayments for some particular holders do 2 Net changes in credit outstanding are equal to extensions less not equal the changes in their outstanding credit. Such transfers do repayments, except in certain months when data for extensions and not affect total instalment credit extended, repaid, or outstanding. repayments have been adjusted to eliminate duplication resulting See also Note to previous table. from large transfers of paper. In those months the differences be- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 56 INDUSTRIAL PRODUCTION: S.A. □ MARCH 1969 MARKET GROUPINGS (1957-59 = 100) 1957-59 1968 1968 1969 pro- aver- Grouping por- age” tion Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.r Nov.r Dec.r Jan.r Total index........................................... 100.00 158.1 161 2 162 0 163.0 162 5 164 2 165 8 166 0 64 6 165 1 166 0 167 5 168 7 169 1 Final products, total............... 47.35 158.3 160.8 162.0 163 5 161.7 163.0 165.2 164. 7 164 8 165.7 167.0 167 9 168 3 168 I Consumer goods................................. 32 31 148.5 151 3 152.9 155 0 153 5 154 6 156 8 156 4 1568 157 3 159 6 159 2 160 I 160 6 Equipment, including defense. . . . 15.04 179.4 isi '4 181.6 181.8 179,4 181.1 183.2 182*6 I8L9 183.6 183.0 186^5 186^0 1843 Materials.................................................... 52,65 157,8 161 7 161 8 162.8 163 1 165.2 166.7 167.4 0 165.1 165.7 167.6 168.7 169.4 Consumer goods Automotive products................................ 3.21 149.1 164.2 162. 7 173.4 168,7 178.1 180, 7 180 4 177 1 175.6 178 9 181.2 177 8 177.1 Autos,......................................................... 1.82 145 7 163.2 158 0 172.7 166.8 182.3 183.5 183 7 1 177.4 180 3 180 6 174 5 170 6 Auto parts and allied products. .... 1.39 153,6 165 4 168.8 174.4 171.2 172.6 177,1 176 1 173.2 177.0 182.1 182 2 185 6 Home goods and apparel...................... 10.00 149.9 152.6 151.4 153.8 153.7 149.9 155.7 154.1 155 8 156.3 158.1 158,6 157.3 159,2 Home goods............................................. 4.59 166.0 169.1 171,5 172.9 170.1 170.4 173.4 171 5 174 6 175.9 176.7 178.3 179.6 184.0 Appliances, TV, and radios...... 1.81 159.6 159.3 162.6 164.8 156,8 156.7 161.6 161 8 168 0 170.4 171.8 171.9 172.0 175.8 Appliances........................................ 1.33 163.2 165.1 165,9 168.4 158.9 158.5 165.2 166 5 172 8 175.5 175.1 177.2 180.1 184.4 TV and home radios..................... .47 149.2 142.7 153.1 154.8 151,0 151.7 151.3 148.5 154 5 156.2 162.5 156.9 149.4 151.5 Furniture and rugs............................ 1.26 159.6 166.4 169.2 169.9 170.1 174.6 174 8 174 5 174 0 175.5 174.2 177.0 180.2 184.5 Miscellaneous home goods.............. 1.52 178,9 182.9 184.0 185.0 185.9 183.1 186.2 180.5 1R? Q 182.8 184.7 187.0 188.0 193.2 Apparel, knit goods, and shoes .... 5.41 136.2 136.5 137.3 140,3 1 39.9 139,5 140 8 139 4 39 8 139.6 142. 3 142 0 138.4 Consumer staples................. 19.10 147.6 149.0 151.2 151.7 150.7 151.2 153.4 153 5 153 9 154.9 157. 1 155.8 158.5 158 5 Processed foods....................................... 8.43 130,0 129.5 130.6 131.3 131.2 131,0 132 2 132 9 32 5 132.5 133.2 132.0 134 7 135 3 Beverages and tobacco......................... 2.43 137,4 136.8 141,8 141.7 139,4 136.6 142.9 139 6 44 7 145.2 145.9 142,3 145.4 Drugs, soap, and toiletries.................. 2,97 182,7 184.2 185.9 187.5 186,1 190.0 192.0 192.6 90.6 193.6 199.8 200.4 201.4 204.3 Newspapers, magazines, and books. 1.47 140.1 138.4 141.5 142.1 142.1 145.3 143,6 144.2 43.6 140.7 145.8 146,0 147.1 146.7 Consumer fuel and lighting............... 3,67 168.9 176.9 179.6 179.4 177.3 177.0 180.8 180 8 82 6 186.0 188 7 186,1 190 0 Fuel oil and gasoline......................... 1.20 132,4 131.8 135.4 136.2 136.3 140,2 142.8 140.3 38.3 142.6 141.4 140.6 140.7 133.7 Residential utilities............................. 2.46 186,7 198.8 201.2 200.4 197.2 194.9 199,3 200.6 >04 7 207.2 211 8 208.3 214 0 Electricity.......................................... 1.72 199.9 215.4 218.4 217.3 212.5 209.0 218 0 219.0 774 n 228.0 233.6 228 0 235 7 Gas...................................................... 74 156,2 Equipment Business equipment................................. 11.63 182.8 183,3 182.9 183.3 180.9 182.5 184.3 183.4 182.4 185.2 186.8 191.2 190.9 192.0 Industrial equipment............................. 6 85 170.2 168.0 165.8 167.0 165.9 165.8 168,0 167,5 164 7 167.8 170.2 174.0 174,9 175.5 Commercial equipment........................ 2.42 200.9 204,2 206. i 205.4 204.4 203.6 204,6 202,4 204.6 205.9 207.3 208,7 205.3 209.0 Freight and passenger equipment... 1 .76 215.4 226.4 230.1 227.8 220.8 231.5 234.0 234.3 233.2 235.6 234.3 247.4 247.2 247.0 Farm equipment...................................... .61 158.7 148,3 146.4 150.6 140.3 145.1 144.2 139,6 1 45 8 152.9 155.3 152.4 151,4 149.8 Defense equipment.................................. 3.41 Materials Durable goods materials....................... 26.73 151.9 154.9 155.4 156.7 157.1 159.4 160.4 159.8 153.3 1^1 3 155.4 157.6 159.3 160.3 Consumer durable.................................. 3.43 143.9 162.3 162.2 160.1 154.6 163.0 166.2 167.7 153 5 166* 1 166.5 169.6 161.0 160.9 Equipment................................................. 7.84 184.5 183.9 186.7 185.1 181.9 183.6 184.8 185.8 185.3 185 1 184.7 187.7 187,5 187.3 Construction............................................. 9.17 139.6 142.8 144.8 145.8 144.4 145.3 145.6 143.7 143 3 145 5 146. 3 148,3 150.6 152.5 Metal materials n.e.c.............................. 6.29 133.5 137.3 141.4 140.7 144.5 145.0 143.3 146.6 127.4 122 3 126.6 131.8 141,0 142.7 Nondurable materials. ............................ 25.92 163.9 168, 7 168.3 169.1 169.3 171.2 173.9 175.3 175.5 177 2 176.4 177.9 178.3 178.8 Business supplies..................................... 9.11 152.9 154.1 154.1 150.1 152.0 154.5 159.0 157.9 158.4 161 1 162.3 161.7 161.6 162.9 Containers............................................. 3.03 148.5 154.3 144.5 142.8 150.9 155.6 158.9 156,0 154,2 163 4 167.4 161.5 162. 1 164.3 General business supplies................ 6.07 155.1 154.5 154.4 153.8 152.6 154.0 159.0 158.8 160.5 160 0 159.8 161.8 161.4 162.2 Nondurable materials n.e.c.................. 7.40 202.2 213.5 213.9 215.7 214.9 216.4 218.5 223.8 223.6 227 3 228.2 230.3 232.0 231 .2 Business fuel and power....................... 9.41 144.3 147.2 149.1 150.8 150.2 151.7 153.2 154,1 154 3 153 3 149.3 152.5 152.3 152.8 Mineral fuels........................................ 6.07 129.2 128.9 131.4 134.3 132.6 133.7 136.4 136.9 36.6 134 1 126.0 131.4 130,6 130.3 Nonresidential utilities..................... 2 86 183.3 193.4 194.4 193.6 194.6 197.0 196.7 198,2 200.3 202 8 206 3 205.7 206.7 Electricity................................... 2.32 185.8 197.7 199.0 198,3 199,2 202.0 198.9 200 2 202,2 204 8 208.6 207.1 208.1 General industrial..................... 1.03 182.6 192.0 193.0 191.8 195.4 197.4 193.7 195,1 197 0 199 3 203.6 202.0 204.2 Commercial and other............. 1.21 197.0 212.0 213.8 213.4 212.1 215.7 213.0 214.8 216.9 2203 223.6 222.0 222.2 Gas...................................................... .54 172.4 Supplementary groups of consumer goods Automotive and home goods............. 7.80 159.0 167.0 167,9 173.1 169.5 173.6 176.4 175.2 175.6 175 8 177.6 179,5 178,8 181.1 Apparel and staples................................ 24.51 145.1 146,2 148.1 142.9 148.3 148.6 150.6 150.4 150.7 151.5 153.9 152.8 154.1 For footnotes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1969 □ INDUSTRIAL PRODUCTION: S.A. A 57 INDUSTRY GROUPINGS (1957-59 = 100) 1957-59 1968 1969 pro­ 1968 Grouping por­ aver­ tion age" Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.r Nov.r Dec,r Jan.r Total index........................................... 100.00 158.1 161,2 162.0 163.0 162.5 164,2 165.8 166.0 164 6 165,1 166.0 167.5 168. 7 169.1 Manufacturing total.............................. 86.45 159.7 162. 7 163.6 164,6 163.7 165.8 167.3 167.4 165 7 166.3 167.8 169 I 170.1 170,4 Durable.................................................. 48,07 163.7 167.2 167.6 168.2 167.2 169.8 171.0 170.8 167.8 168.7 169.3 171.3 172.4 172.7 Nondurable........................................... 38.38 154.6 157.1 158.6 160.0 159.5 160.8 162,7 163.0 163.0 163.3 165.9 166.3 167 3 167.4 Mining....................................................... 8.23 123.8 121.6 123.9 126.2 127.1 126.9 129.2 130,0 129.4 127.0 120.7 126.4 127.9 127.5 Utilities...................................................... 5.32 184.9 196.7 199.0 198.0 196.5 196.1 197.9 199,3 202,1 204.8 208.9 206.9 210.1 211.0 Durable manufactures Primary and fabricated metals............ 12.32 145.3 148.3 150 8 151.7 151.2 155.7 156.2 154.7 141 8 141.1 144.5 148.6 153.1 154.8 Primary metals........................................ 6.95 132,5 136.3 139 3 140,2 143.3 148,5 148.6 145 8 122*8 120.6 123.1 129.3 136 0 138.0 Iron and steel.................. 5.45 126.8 134.2 137,8 140,8 134 1 146.4 148.4 146.6 112'9 107.3 108.1 115.8 125.8 126.3 Nonferrous metals and products.. 1.50 153.2 145.6 154.1 151,3 145,5 150.4 150,4 153,6 153'9 166.2 174.0 173.8 178.8 174.6 Fabricated metal products................... 5.37 161.9 163.9 165.7 166,6 161,4 165,0 166.1 166,2 166 3 167.6 172.2 173.5 175.1 176.6 Structural metal parts....................... 2.86 158.1 159.4 160 9 162 7 156 9 159.8 161 8 159 7 159 I 161.1 165.1 168,3 170.3 170.7 Machinery and related products......... 27.98 177.5 181.6 181.5 182.3 179 2 181.4 183 5 184.0 184 4 185.6 185.0 186.2 185.8 185.3 Machinery................................................. 14.80 183.4 183.4 183.2 183.3 179,4 179.9 181 .7 182.7 183'8 186.4 186.1 187.4 188.5 190.5 Nonelectrical machinery................. 8.43 183,4 180.7 180.6 180,2 176 6 176.9 178 8 179 8 179 1 182.6 183.7 184.4 185.3 187,2 Electrical machinery......................... 6.37 183.3 186.9 186.6 187 3 182 8 184.2 185 5 186 5 190 1 191.4 189.3 191 4 192.7 194.8 Transportation equipment................... 10.19 165.7 175.5 175 1 177.6 175 3 180.4 182.6 183,2 181*7 180.5 180.4 180.2 177.4 173.0 Motor vehicles and parts............... 4.68 146.5 162.2 161.1 167.8 164 8 173,6 174.2 174.3 175*4 173.5 177.0 177.7 174.4 171.1 Aircraft and other equipment.... 5.26 182.1 186.8 186.5 185.4 183,5 185.4 188.6 189.3 185.7 184.7 181 .0 179.6 177.0 170.9 Instruments and related products... 1.71 184.8 186.7 184.7 183.8 181.4 181.2 181.3 179.2 182.6 184.3 185,8 188.5 189.7 191.7 Ordnance and accessories.................... 1.28 Clay, glass, and lumber................ 4.72 130.7 132.5 130.7 128.8 138 0 137.7 137.1 136.2 135 5 138 8 139. 9 141.5 142.0 142.2 Clay, glass’ and stone products......... 2.99 138.7 140.8 137.3 131.0 146,1 145.4 145.1 145.2 147*5 150.0 151 .8 150.4 151.2 152.8 Lumber and products....................... 1.73 116.9 118.1 119 3 125 0 123 9 122 7 123 4 120 6 114 7 119 4 119.4 126 I 126 I 124.0 Furniture and miscellaneous................. 3.05 162.6 165.2 166.9 166.9 166.5 169.8 169.5 169.5 170.1 170.9 171.3 172.2 174.2 176.5 Furniture and fixtures.......................... 1.54 167.7 171 3 173 0 173 7 174 1 178.9 178 0 177 8 178 6 179 7 180.4 181 7 182.9 187.0 Miscellaneous manufactures........ 1.51 157.3 158.9 160.7 159.9 158^8 160.6 160.9 161.1 1614 162.0 162.1 162 5 165.3 165.7 Nondurable manufactures Textiles, apparel, and leather.............. 7.60 139.4 141.0 141.9 143.9 142.9 144.1 145.2 144.2 144 1 144.8 146.8 147.5 145.7 144.4 Textile mill products............................. 2.90 142.0 147.6 148 8 149 9 146 3 147.2 148 8 150 9 151'4 152.0 153.3 155.1 156,0 154.6 Apparel products............................. 3.59 147.6 145 2 146 4 148 5 148 9 149 6 151 4 150 4 149 6 149.9 152 1 152.5 148.8 Leather and products........................... 1.11 106,3 110 4 109 7 113*7 114 6 118 0 115 8 107 0 109 5 109 3 113.0 111.7 109.2 Paper and printing.................................. 8.17 149.6 148.6 150.6 152.0 151 6 154.5 155.2 155.6 156 5 156.8 157.7 159.8 159.8 159.9 Paper and products............................... 3.43 153.6 155.9 157 1 159 2 159 5 161,1 162 9 164.1 164 1 166.1 166.7 170.1 170.1 170.4 Printing and publishing,...................... 4.74 146.8 143.3 145 9 146 8 145 8 149.8 149.6 149.5 151 1 150,0 151,2 152.3 152.3 152.3 Newspapers.......................................... 1.53 134.2 129.9 131 4 133 7 130 8 134.4 134.7 134.7 137 7 140.9 138.4 140.8 139.5 141 .2 Chemicals, petroleum, and rubber.... 11.54 190.0 197.7 200.2 201.6 200.9 203.1 206.6 208.2 207.6 207.9 212.8 213.6 215.9 216.0 Chemicals and products....................... 7.58 203.8 211 8 213 8 215 0 215 2 216.6 219 3 222.4 221 0 222.4 227.8 228.7 231.1 233.2 Industrial chemicals.......................... 3 84 236 0 250 9 251 8 252 7 256 2 255 5 258 0 264 4 262 7 263.2 268.2 268.0 273.6 Petroleum products............................... 1.97 133.4 134*8 135*7 136* 1 137 3 139.9 140^6 139.5 140*7 141.9 142.2 141.4 142.2 139.1 Rubber and plastics products............. 1 99 193 5 206 7 212 3 215 7 209 4 214 3 218 0 222 4 223 I 223 4 225 8 227 5 230.9 Foods, beverages, and tobacco....... 11.07 131.7 132.0 133 1 133.7 133 6 132.9 134.5 134.2 134 4 134.5 136.1 134.9 137.0 138.2 Foods and beverages............................. 10.25 132.6 133.5 133 2 134 5 135.3 134.0 135.5 135.1 135 3 135.4 137.3 136.1 138.8 140.2 Food manufactures........................... 8.64 130.1 130.7 130.7 131.4 131.9 131.9 132.2 132.7 131 5 131.5 133,3 132.8 134.6 136.6 Beverages............................................... 1.61 146.0 148.2 146 7 151 2 153 3 145 0 153.1 147.9 155 7 156.0 158 6 153.7 161.6 Tobacco products................................... 82 120.3 114.4 132J 122^9 H2J 120.0 122.8 123 4 123 1 124,0 120^8 1 19.9 113.6 Mining Coal, oil, and gas.................................... 6.80 122. 7 121.9 123.2 126.0 124.7 125.6 128.1 128.7 127 9 125 8 118.9 124.6 124.7 124.7 Coal... ’.................................................... 1.16 120.4 113 4 116 8 126.0 124 4 120.4 126.7 126.6 121 3 120*8 86.6 115.9 118.3 115.3 Crude oil and natural gas.................... 5.64 123.1 123 6 124 5 126.0 124 8 126 6 128.4 129.2 129 3 126 8 125 5 126.3 126.0 126.6 Oil and gas extraction....................... 4.91 131.3 132.5 134 8 136 2 134 5 136.8 138,7 139.3 140'2 1 37 3 135.3 135.1 133.5 133,9 Crude oil........................................... 4.25 126.3 127.4 129,7 130.9 128.7 131.2 I 32.4 134.0 134,8 131 ^2 129.1 128.6 127.3 127.5 Gas and gas liquids....................... .66 163.5 Oil and gas drilling.......................... 73 67.9 66 5 55 0 56 7 59 1 57,7 59 I 60 7 55 9 55 8 59 5 67.3 75.4 Metal, stone, and earth minerals........ 1.43 128.9 120.3 127.0 127.4 138.3 133.5 134,3 135.8 136.2 132.8 129.2 135.3 143.0 141.0 Metal mining.......................................... 61 120 3 100 0 102 8 108 7 139 9 131.4 130.8 134.1 134 5 127 7 125.1 135.1 137.6 137.7 Stone and earth minerals..................... .82 135.4 135 3 145.0 141.2 137.1 135.0 136 9 137.1 137.5 136*5 132 2 1 35.5 147.0 143.5 Utilities Electric....................................... 4 04 191 8 205.2 207.3 206.4 204 9 205.0 207 0 208.2 211 5 214.7 219.3 216.0 219.9 Gas.............................................................. 1.28 163.0 169,8 172.8 171.8 170.0 168.4 169.2 171.3 172.6 Note.—Published groupings include some series and subtotals not Industrial Production—1957-59 Base. Figures for individual series and shown separately. A description and historical data are available in subtotals (N.S.A.) are published in the monthly Business Indexes release. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 58 INDUSTRIAL PRODUCTION: N.S.A. □ MARCH 1969 MARKET GROUPINGS (1957-59 » 100) 1957-59 1968 1969 Grouping pro- 1968 por- avertion agep Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.r Nov.r Dec,’’ Jan. r Total index.................... 100 00 158.1 159.1 162.7 164.6 163.2 165.2 169.4 160.3 163.3 169.5 170.7 169.1 166.2 166.2 Pinal products, total................................ 47.35 158.3 159.1 162.4 164.8 160.8 162.6 168.8 159.1 162.0 171.9 172.6 169.2 165,6 165.8 Consumer goods......................... 32.31 148.5 148 9 153.4 156.2 151.7 153.7 161.2 149.6 154,2 165.9 167.5 161.7 155,8 157.9 Equipment, including defense. . . . 15.04 179.4 181.0 181.7 183,4 180.4 181.6 185.1 179.6 178.6 184.6 183,6 185,4 186.7 182.8 Materials.................................................... 52.65 157.8 159.1 162.8 164,5 165.4 167.6 169.9 161.3 164,5 167.5 169.0 169.5 166.8 166.6 Consumer goods Automotive products.............................. 3.21 149.1 173.0 171.2 183.7 178. 7 189.5 194. 7 148.4 101 1 170.8 197.2 198,3 185.5 186.3 Autos........................................................... 1.82 145.7 179.5 173.8 193.4 183.5 202,4 208,3 134.1 45,6 165.0 207.4 212.2 192.0 187.7 Auto parts and allied products.......... 1.39 153,6 164,5 167.9 170.8 172,3 172.7 176,7 167.4 174.1 178.4 183.8 180,1 176.9 184.3 Home goods and apparel....................... 10.00 149,9 145 5 159 0 160 6 154,9 153,1 161.0 140 4 155 8 162.2 167.4 162. 7 149.1 154.4 Home goods............................................. 4 59 166.0 164'9 177.2 177.1 172 5 170 8 177.4 157.1 169 8 183.9 189.5 186,2 178.8 182,5 Appliances, TV, and radios............ 1.81 159.6 159.1 180.9 176.9 168.7 163.3 171,7 1 39. 8 151 6 180.5 187.5 180.1 161.5 181.4 Appliances........................................ 1.33 163.2 168.7 187.9 185.3 180.3 167.4 180. 4 149.5 147 8 183.5 186.1 180.7 172.2 189.4 TV and home radios........... .47 149.2 131 9 161 1 153.1 135.9 151.7 147,5 112,4 162.2 171.8 191 .7 178.2 131,5 158.9 Furniture and rugs............................ 1.26 159.6 162.7 167.2 167 9 165.3 168 0 174.8 166.1 178 0 180.4 183,3 183.5 186.9 180,4 Miscellaneous home goods............. 1.52 178.9 173 8 181.2 184.8 183.1 182,0 186,2 170.2 184.7 191.0 196,9 195.6 192,7 185.5 Apparel, knit goods, and shoes.. .. 5 41 136 2 129 0 143 5 146 6 139 9 138 1 147 1 126 2 144 0 143.8 148.7 142.7 123.9 Consumer staples.............................. 19.10 147.6 146. 7 147.4 149.2 145.5 148,1 155,8 154.6 162.3 167.0 162,6 155.0 154.4 155.0 Processed foods....................................... 8 43 130.0 123 0 122 I 123 8 122.8 125.1 132.2 132.2 140.2 1 52 6 147,9 137.0 132.4 127.2 Beverages and tobacco......................... 2 43 137 4 120 1 129 8 138 5 141 0 146 7 163 7 146 4 156 7 1 48 9 150 0 135.0 125.9 Drugs, soap, and toiletries.................. 2 97 182.7 1829 185 9 198 4 1837 1928 198.7 1 87 8 196 9 199 4 204.6 201.4 196,8 200.2 Newspapers, magazines, and books. 1.47 140.1 137.2 140.9 144.2 142,7 144.9 143.0 142.8 145.3 142,0 145.7 144.1 146.8 145.4 Consumer fuel and lighting................ 3 67 168 9 192 2 1 R7 6 183 2 169 3 165 7 174 1 188 8 195 5 195 9 176 5 175.0 191 1 Fuel oil and gasoline......................... 1 20 132.4 137:s 139J 134.9 1293 1356 141,3 142^8 142 5 142^7 137.7 139.7 144.0 139.1 Residential utilities............................ 2.46 186.7 Electricity................... 1.72 199 9 244.1 232.8 226.4 200.4 188,1 204.9 234.3 248.6 249.1 210,2 205.0 235,7 Gas...................................................... .74 156.2 Equipment Business equipment.................................. 11.63 182.8 182.1 183,0 185.7 182.7 183.6 187.4 180,2 178.6 186.6 187.0 188.3 190.2 189.4 Industrial equipment......................... 6.85 170.2 166.7 165 0 167.2 165.9 166.0 169.7 165,8 164 2 169,3 169.2 172.4 175.8 174.1 Commercial equipment.................. 2.42 200,9 204 4 204.7 203.6 200.5 201.2 205.2 198,4 204.6 209,0 209,4 211.2 209.8 209.2 Freight and passenger equipment. .. 1.76 215.4 221.9 230.1 238.1 232.9 238.4 243.4 229.6 219.2 238,0 240.2 240.0 239.8 239,6 Farm equipment...................................... 61 158.7 151.0 162.6 170.4 156.7 153.6 152,9 126,8 119.1 143.4 145.7 126.8 131.0 Defense equipment.. .............................. 3.41 Materials Durable goods materials........................ 26. 73 151.9 151.7 156.1 157.7 158.8 162.4 164.8 155.1 153.1 157 4 158.9 159.6 158.3 156.8 Consumer durable.................................. 3.43 143.9 168 0 164.6 164 9 159.2 167.9 169.5 153.4 145.8 164 4 169,0 174.7 169,0 166,5 Equipment................................................. 7 84 184 5 185*6 188.4 187.1 183.9 184,9 186.6 180,0 179.7 1832 184,1 187.9 190.3 189,0 Construction............................................ 9.17 139.6 129 0 134.7 139.2 143.0 147.5 155.1 149,4 153.3 154 2 153,6 148.0 143,1 137,7 Metal materials n.e.c.............................. 6.29 133,5 133^7 142.7 144.1 150.3 153.0 149.3 133.4 123.7 126 0 129.6 132.9 134.8 139.0 Nondurable materials............................. 25.92 163.9 166 7 169 7 171 5 172 2 173.0 175.1 167.6 176.3 177 9 179. 3 179.6 175.5 176.7 Business supplies.................................... 9.11 152 9 149 0 1506 152 9 156.4 1571. 160.6 148.1 158.8 163 0 168.9 165.3 157.3 157.2 Containers........................................... 3 03 148 5 1 46'6 142 8 143 5 156.3 157.2 163.8 152.1 165.0 169 0 175.9 161.1 147.5 156.1 General business supplies........ 6 07 155.1 150,2 154 4 157.6 156.4 157.1 159.0 146.1 155.7 160 0 165.4 167.5 162.2 157.7 Nondurable materials n.e.c......... 7.40 202.2 212.4 218 2 220.0 221.3 221.8 222.9 211.0 221.4 225 0 230.5 232.6 227,4 230,0 Business fuel and power...................... 9.41 144.3 147.9 150.1 151.2 148.9 150.1 151.6 152.4 157.7 155,2 149.2 151 .9 152.4 153.5 Mineral fuels........................................ 6.07 129.2 130.9 135.6 137.2 134.3 133.8 132.8 130.1 134.9 132,6 126.1 132.7 132,2 132.5 Nonresidential utilities.............. 2.86 183 3 Electricity....................................... 2 32 185 8 194 4 190 8 191 8 189 8 195 3 202 9 212.2 220.7 216 7 208.3 201.2 203,8 General industrial. ......... 1 03 182 6 191 0 187 0 190 8 192 9 198 4 197 6 198 0 202 9 202 3 204.0 202.0 202,2 Commercial and other 1 21 1970 206^7 203'1 201 9 196.2 202.1 217.3 235.2 247.3 240^2 222.7 210.9 215.5 Gas.................................................. .54 172'4 Supplementary groups of consumer goods Automotive and home goods............. 7.80 159.0 168.3 174.7 179.8 175.1 178.5 184.5 153,5 141.5 178,5 192.7 191.2 181.6 184.0 Apparel and staples..................... 24.51 145.1 142.8 146.6 148.7 144.2 145.9 153.8 148.3 158.3 161.9 159.5 152.3 147.6 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1969 □ INDUSTRIAL PRODUCTION: N.S.A. A 59 INDUSTRY GROUPINGS (1957-59= 100) 1957-59 1968 1969 Grouping p p r o o r ­ ­ a 1 v 9 e 68 r­ tion age^ Jan, Feb, Mar, Apr, May June July Aug. Sept. Oct.T Nov.r Dec.r Jan. r Total index............................................ 100.00 158.1 159.1 162,7 164.6 163.2 165.2 169. 4 160.3 163.3 169.5 170.7 169.1 166.2 1 66. 2 Manufacturing, total............................... 86.45 159.7 160.1 164.2 166.4 165.1 167. 4 171.6 160.4 163.0 170.5 173.4 171.4 167.4 166.8 Durable.............................................. . 48.07 163.7 166.1 168.9 170,5 169.4 172.1 175,4 164,1 160. 5 170.6 173.5 174.2 172.6 170.8 Nondurable................................. 38.38 154.6 152.5 158.3 161.2 159.8 161.6 167.0 155.7 166. 3 170.5 173.3 168.0 160 9 161 7 Mining..................................................... ■ 8.23 123.8 120.2 123.7 125.3 127.3 128.6 128.9 127.1 130.7 128.6 122.8 126.8 126.7 125.8 Utilities...................................................... 5.32 184.9 Durable manufactures Primary and fabricated metals............ 12.32 145.3 147.8 152.9 154.9 154.8 158.3 159.7 146.2 140.5 143.9 147.5 149.8 150.8 153.0 Primary metals......................................... 6.95 132,5 138.3 147.2 148.9 151.5 153,7 150.8 132.7 117 9 119.4 124.3 129.3 131.9 (38.0 Iron and steel....................................... 5.45 126,8 136.9 144,7 147.8 148,8 149.3 148.4 131.2 108.4 106.2 109.7 117.0 122.7 128.8 Nonferrous metals and products.. 1.50 153,2 143.1 156.4 153.0 161.3 169.7 159.7 138,2 152,4 167.4 177.3 173.8 165,2 171.6 Fabricated metal products................... 5.37 161,9 160,0 160.2 162.6 159.0 164.2 171.1 163.7 169.6 175.6 177.4 176.3 175.1 172.4 Structural metal parts...................... 2.86 158.1 156.2 154,5 156.4 152.2 159.0 165.0 159.7 163.1 167.5 170.1 170.8 172 0 167 3 Machinery and related products......... 27.98 177.5 182.9 184.4 185.9 182.0 184.4 187.6 175.7 169.8 185.3 188.4 190.3 188.4 186.3 Machinery................................................. 14.80 183.4 182,7 185.6 185.8 182.4 182.4 185.8 176.0 177.9 187.0 188.1 189.1 188.4 190. 3 Nonelectrical machinery.................. 8.43 183,4 180,7 183.1 185.2 182.2 181.0 183.8 175.3 172.5 180.2 180.4 182.6 185.3 187.2 Electrical machinery......................... 6.37 183,3 185,3 188.8 186.6 182.6 184,1 188 5 176.9 185 0 196.1 198.3 197.6 192.5 194.4 Transportation equipment................... 10.19 165.7 180,4 179.8 183,9 179.0 185.3 188,0 170.5 150.1 178.3 186.4 188. 3 183.8 176.2 Motor vehicles and parts........ 4.68 146.5 117.1 168.6 178.1 171.3 184.1 188.3 152.0 110.5 170.0 188,9 192.6 181.5 177, I Aircraft and other equipment. .. . 5.26 182.1 188.7 189.3 188.2 184.4 184.7 186.0 184.8 182.4 184.0 181 .9 182.3 183.2 172.6 Instruments and related products. .. 1.71 184.8 184,5 183.8 182.9 178.7 179.4 183.1 177.4 184.1 186.3 187.8 190.0 192.0 189.4 Ordnance and accessories.................... 1.28 (Jlay glass, and lumber........................ 4.72 130. 7 119.0 122.1 124.8 137.6 139.2 146.6 142.0 147.6 148.6 148.3 139.4 133.0 126.2 Clay’ glass,' and stone products.......... 2.99 138.7 126.7 125,6 126.4 145.5 148.7 155.1 154.4 159.3 158.6 160.1 150.4 143.2 135.4 Lumber and products........................... (.73 116.9 105,7 116,3 121.9 123.9 122.7 132.0 120.6 127.3 131.3 127.8 120.4 115.3 110.4 furniture and miscellaneous......... 3.05 162.6 158.7 162.9 163.8 162.2 165.9 170.6 164.1 175.0 177.3 180.5 180.0 177. 7 169. 7 Furniture and fixtures........................... 1.54 167.7 167.9 171.3 171.6 173.5 169.4 179,4 173.4 1 83.6 185.1 187.3 186.8 189.8 183.3 Miscellaneous manufactures................1.51 157.3 149,4 154.3 155,9 154.8 158.2 161.7 154.7 166.2 169.3 173.5 173.1 165,3 155.8 Nondurable manufactures Textiles, apparel, and leather....... 7.60 139.4 137.9 149.7 152.4 145.8 144.3 151.1 129.0 146.9 147.6 151.6 148.0 133.0 140.0 Textile mill products.........................2....9..0 142,0 146.9 152.5 155,1 149.2 151.6 156.2 136.6 152.2 155.0 156.4 157.4 146,6 152.3 Apparel products,........... 3.59 147,6 139,4 157,4 160.4 153.4 148.9 158.2 133. 1 152.0 152.9 158.9 152.5 131 .7 Leather and products............................ 1.11 106.3 109.8 117,3 119,4 112.3 110,9 115.2 96.3 116,6 110.9 115.8 109.5 101 .9 Paper and printing.................................. 8.17 149.6 146.3 151.2 155.4 156,0 156.4 156.2 146.3 155.1 158.9 165.4 163.1 156.0 156. 7 Paper and products................................ 3.43 153,6 155.1 161.0 164.0 165.9 163 5 166.6 151 0 164.1 168.6 178.4 177.0 156.5 167.8 Printing and publishing.................... 4.74 146.8 1 39.9 144.2 149.2 148,8 151.2 148,8 142.9 148.6 151.9 156,1 157,4 155.6 148.6 Newspapers......................................... 1.53 134.2 119 5 126.1 137,0 139,3 143,3 135,4 117.2 128.8 140.2 148.5 154,9 143.0 129.9 Chemicals, petroleum, and rubber.... 11.54 190.0 195.1 201.9 203.7 203.5 206.8 211.8 199.8 208.9 212.4 216.9 214.3 211.3 212.4 Chemicals and products....................... 7.58 203.8 208.2 215.4 217.7 218.9 222.0 224.1 214.7 222.7 225.9 230.4 230.9 227.1 228.3 Industrial chemicals........................... 3.84 236,0 247,1 255.6 255.2 261.3 260.7 259. 3 253.8 261.4 265,8 270,9 274.7 273.6 Petroleum products................................ 1.97 133.4 130,8 133.0 131.3 131.8 139.9 144.8 146,9 148,2 147.6 143.6 139.6 138.8 134.9 Rubber and plastics products............. 1.99 193.5 208,8 218.7 222.4 215.9 215 4 225.7 195.7 216,4 230.8 238.2 225.2 222.8 Foods, beverages, and tobacco....... 11.07 131.7 122. 7 124.2 127.2 126.8 130.0 139.1 135.1 143.4 151.1 148.5 136.9 131.2 127.3 Foods and beverages........................ 10,25 132.6 123.5 123.6 127.7 128,0 130.5 139.7 137.2 144,2 152.9 149,8 138,0 134.2 128.6 Food manufactures, ......................... 8.64 130.1 123,5 122,6 124.0 122.9 125.3 132.2 131.9 139.7 151.8 148,0 137.4 132.6 127.7 Beverages.............................................. 1.61 146,0 123.6 129.1 147.4 155.8 158.1 180.1 165.3 168.6 159.1 159.4 141.4 143.0 Tobacco products................................... .82 120.3 113,1 131.4 121.1 111.9 124.3 131.4 109.2 133,2 128.8 131.6 122.3 92.5 Mining Coal, oil, and gas................. 6.80 122. 7 123,8 126.9 128.2 125.9 125.4 124.8 122.7 126.9 124.8 119.1 125.7 126.1 126.7 Coal............................................................. 1.16 120,4 111,1 118,2 127.0 125.3 121.6 118.3 105.2 127.6 127.8 94.4 120.6 116.2 113.0 Crude oil and natural gas.................... 5.64 123.1 126.4 128.7 128.5 126.0 126.2 126.1 126.3 126.7 124.2 124.2 126.7 128.2 129.5 Oil and gas extraction....................... 4.91 131.3 135,6 139.8 1 39.5 136.4 136.6 136.2 136.0 1 36.7 133.8 133.5 135,5 136.0 137.1 Crude oil................................. 4,25 126,3 129.3 133.6 133.5 130,8 131.9 131.1 131.3 132,1 128.6 127.8 128.6 128.6 129.4 Gas and gas liquids...................... .66 163.5 Oil and gas drilling.......................... .73 67.9 64.5 54.2 53.7 65,0 55.7 57.9 61.1 59.4 59.2 61,0 67.0 75.2 78.4 Metal, stone, and earth minerals......... 1.43 128.9 103,2 108.4 111.6 134.1 143.7 148.4 147.7 149.1 146.9 140.2 132.1 129.5 121.3 Metal mining........................................... .61 120.3 88.0 92.5 96.7 130.1 144,5 147.8 143.5 145,3 144.3 133.9 125.6 123.8 121.2 Stone and earth minerals.................... .82 135.4 114,5 120.2 122.6 137.1 143,1 148.8 150.9 151.9 148.8 144.8 136.9 1 33,8 121.4 Utilities Electric..................................................... . 4.04 191.8 215.6 208.7 206.6 194.3 192.3 203.7 221.6 232.6 230,5 209.1 202.8 217.4 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 □ MARCH 1969 SELECTED BUSINESS INDEXES (1957-59 = 100, unless otherwise noted) Industrial production fac M tu a r n in u g ­ 2 Prices 4 Ca­ Nonag- Major market groupings pacity Con­ rtcul- Period Total Final products Mate­ Ma g j r o o r u i p n in d g u s stry i u n ( t c t i p i o e m l e i n n z r f t a g ) ­ . s t t c t r i r o o a u n n c c ­ t ­ T m o p t e u e t l m o a r n a y l ­ t — l - i p m E lo e m n y ­ t ­ P ro a ll y s ­ T s re a o t l t e a a s i l l 3 s C um on e ­ r W m c s o o h a m l d o e l i ­ e ty ­ Total g C s o u o o m n d e s ­ r E m q e u n ip t ­ rials Mfg. M in i g n­ U itie ti s l­ 1951. 81.3 78.6 77.8 78.4 83.8 81.9 91.3 56.4 94.0 63 91.1 106.1 80.2 76 90.5 96.7 1952. 84.3 84.3 79.5 94.1 84.3 85.2 90.5 61.2 91.3 67 93.0 106.1 84.5 79 92.5 94.0 1953. 91.3 89.9 85.0 100.5 92.6 92.7 92.9 66.8 94.2 70 95.6 111.6 93.6 83 93.2 92.7 1954. 85.8 85.7 84.3 88.9 85.9 86.3 90.2 71.8 83.5 76 93.3 101.8 85.4 82 93.6 92.9 1955. 96.6 93.9 93.3 95.0 99.0 97.3 99.2 80.2 90.0 91 96.5 105.5 94.8 89 93.3 93.2 1956. 99.9 98.1 95.5 103.7 101.6 100.2 104.8 87.9 87.7 92 99.8 106.7 100.2 92 94.7 96.2 1957. 100.7 99.4 97.0 104.6 101.9 100.8 104.6 93.9 83,6 93 100.7 104.7 101.4 97 98.0 99.0 1958. 93.7 94.8 96.4 91.3 92.7 93.2 95.6 98.1 74.0 102 97.8 95.2 93.5 98 100.7 100.4 1959........................ 105.6 105.7 106.6 104.1 105.4 106.0 99.7 108.0 81.5 105 101.5 100.1 105.1 105 101.5 100.6 1960. 108.7 109.9 111.0 107.6 107.6 108.9 101.6 115.6 80.6 105 103.3 99.9 106.7 106 103.1 100.7 1961. 109.7 111.2 112.6 108.3 108.4 109.6 102.6 122.3 78.5 108 102.9 95.9 105.4 107 104.2 100.3 1962, 118.3 119.7 119.7 119.6 117.0 118.7 105.0 131.4 82,1 120 105.9 99.1 113.8 115 105.4 100.6 1963, 124.3 124.9 125.2 124.2 123.7 124.9 107.9 140.0 83.3 132 108.0 99.7 117.9 120 106.7 100.3 1964........................ 132.3 131.8 131.7 132.0 132.8 133.1 111.5 151.3 85.7 137 111.1 101.5 124.3 128 108.1 100.5 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 1968. 173 1968-—Jan............. 161.2 160.8 151.3 181.4 161.7 162.7 121.6 195.9 J- p84,9 166 127.7 114,4 161.2 158 118.6 107.2 Feb............. 162.0 162.0 152.9 181.6 161.8 163.6 123,9 197.5 152 128.7 114.3 162.8 161 119.0 108,0 Mar............ 163.0 163.5 155.0 181.8 162.8 164.6 126.2 196.8 169 128.8 114.2 163.8 165 119.5 108.2 Apr............ 162.5 161.7 153.5 179.4 163.1 163.7 127.1 195,8 164 129.0 114.6 161 .4 162 119.9 108.3 May........... 164.2 163.0 154.6 181.1 165.2 165.8 126.9 196.1 p84.8 172 129.1 114,7 166.1 165 120.3 108.5 June........... 165.8 165.2 156.8 183.2 166.7 167.3 129.2 197.9 160 129,5 115.3 167.7 167 120.9 108.7 July............ 166.0 164.7 156.4 182.6 167.4 167.4 130.0 199.3 187 129.8 115.2 167.2 168 121.5 109,1 Aug............ 164.6 164.8 156.8 181.9 164.2 165.7 129.4 202.1 584.0 192 130.1 114.9 167.8 170 121.9 108.7 Sept............ 165.1 165.7 157.3 183.6 165.1 166.3 127.0 204.8 183 130,2 114.9 171.2 169 122,2 109.1 Oct............. 166.0 167.0 159.6 183.0 165.7 167.8 120.7 208.9 200 130.8 115.3 172.2 168 122.9 109.1 Nov............ 167.5 167.9 159.2 186.5 167.6 169. 1 126.4 206.9 p84.2 183 131.3 115.7 173.8 168 123.4 109.6 Dec............ 168.7 168.3 160.1 186.0 168.7 170. 1 127.9 210. 1 179 rl32.0 116.4 ••175.3 G66 123.7 109.8 1969-—Jan............. 169.1 168. 1 160.6 184.3 169.4 170.4 127.5 211.0 191 ••132.5 ••116.5 G75.4 •■170 124. 1 110.7 Feb.p......... 169.5 169.4 161.0 187.1 169. 1 170.9 126. 1 214.5 133.3 116.9 175.4 170 .....1...1..1.....0 1 Employees only; excludes personnel in the Armed Forces. value of total construction contracts, including residential, nonresidential, 2 Production workers only. and heavy engineering; does not include data for Alaska and Hawaii. 3 F.R. index based on Census Bureau figures. Employment and payrolls: Based on Bureau of Labor Statistics data; * Prices are not seasonally adjusted. includes data for Alaska and Hawaii beginning with 1959. 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) 1968 1969 Type of ownership and 1967 1968 type of construction Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Total construction 1. ............. 54,514 61,732 3,714 3,704 5,417 4,878 6,170 5,589 5,956 6,318 5,170 6,171 4,863 4,543 4,766 By type of ownership: Public............................................... 19,039 19,597 1,300 1,041 1,698 1,554 2,036 1,860 2,256 1,924 1,549 1,728 1,558 1,278 Private h...................................... 35,475 42,135 2,414 2; 664 3,719 3'324 4,135 3^730 3 J00 4,394 3'621 4,443 3,305 3,265 By type of construction: Residential building 1..................... 21,155 24,838 1,462 1,495 2,220 2,312 2,543 2,243 2,287 2,295 2,125 2,408 2,043 1,743 1,746 Nonresidential building.................. 20'139 22^512 1,347 1,251 1'835 1,522 2^227 2,030 2,414 2,128 1 ,815 2,370 1,992 1,849 2,145 Nonbuilding...................................... 13^20 14^382 '905 958 1 J62 U044 1'400 1J16 G255 1 ;895 1,230 1,393 828 951 875 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 into 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

MARCH 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 ild er ­ Other Total M ta i r l y i­ H w ig ay h­ d C v e m o a v n e & t e i s o n l e o t n r p ­ ­ Other 2 trial mercial ings 1 1959 ................................ 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 1962 3....................... 59’667 41,798 24,292 17,506 2,842 5,144 3,631 5,889 17,869 1,266 6,365 1,524 8,714 19634................................ 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 J 60 50,587 23,736 26,851 6,131 6,982 4,993 8,745 25,573 721 8,538 2,196 14,118 1968r................................ 84'599 57^083 28,910 28,173 5,594 8,333 4,873 9,373 27,516 1968—Jan................. 82,873 55,316 26,988 28,328 6,330 7,721 5,274 9,003 27,557 862 9,346 2,117 15,232 Feb....................... 83,'884 55,380 26,754 28,626 5,740 8,328 5,417 9,141 28,504 859 9,839 2,304 15,502 83,572 56^055 27,698 28,357 5,528 8,258 5,412 9,159 27,517 734 9,151 2,197 15,435 Apr....................... 85,299 57,403 29,320 28,083 5,484 8,512 5,100 8,987 27,896 708 9,777 2,085 15,326 May...................... 85,707 57,260 29;628 27,632 5,275 8,111 5,121 9,125 28,447 767 9,895 2,054 15,731 June..................... 82,050 54,981 28,187 26,794 4,852 8,122 4,678 9,142 27,069 660 9,168 2,026 15^215 July....................... 81,658 54,988 27,770 27,218 4,752 8,272 4,623 9,571 26,670 679 9,103 1,763 15,125 Aug............... 83'736 56;682 28,325 28,357 5,575 8,641 4,772 9,369 27,054 812 9,181 1,894 15,167 Sept............... 84;706 57,444 29,350 28,094 5,492 8,534 4,539 9,529 27,262 787 Oct............ 87,151 59355 30,019 29,436 6,096 8,939 4,680 9,721 27,696 1 ,028 Nov............ 87;264 59,325 30,583 28,742 6,271 8,262 4,716 9,493 27,939 '853 Dec...................... 84,036 59J65 31,403 27,962 5,905 8,046 4,449 9,562 24,67! 1969—Jan.".................... 88,980 61,335 30,766 30,569 6,654 9,294 5,022 9,599 27,645 1 Includes religious, educational, hospital, institutional, and other build­ « Beginning 1963, reflects inclusion of new series under “Public'’ (for ings. . State and local govt, activity only). 2 Sewer and water, formerly shown separately, now included in ‘‘Other?’ 3 Beginning July 1962, reflects inclusion of new series affecting most Note.—Monthly data are at seasonally adjusted annual rates. Figures private nonresidential groups. for period shown are Census Bureau estimates. NEW HOUSING STARTS (In thousands of units) Annual rate, By area By type of ownership Government- S.A. underwritten (private only) Private Period Total Non­ 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 1313 974 44 295 52 328 244 83 1962.................................. K492 1,054 439 1,463 991 49 422 30 339 261 78 1963................................... 1,642 1,152 490 1,610 1,021 53 536 32 292 221 71 1964................................... 1,562 1,093 470 1,529 972 54 505 32 264 205 59 1965.................................. 1310 1,035 475 1,473 964 51 458 37 246 197 49 1966................................... 1,196 808 388 1,165 779 35 351 31 195 158 37 1967................................... 1 ,322 920 402 1,292 844 41 406 30 232 180 53 1968.................................. I 3^7 1,118 429 1,507 899 46 561 40 283 227 56 1968--Jan........................ 1,456 1,430 83 64 19 81 45 3 33 2 17 14 3 Feb....................... 1,537 1 399 87 62 26 85 55 3 26 3 21 17 4 Mar,.......... 1311 1,479 129 92 37 127 79 4 43 2 24 20 5 Apr.. 1,591 1,562 165 119 47 162 98 4 60 3 28 23 5 May. . . 1 364 1,345 145 101 44 141 87 4 50 4 26 20 6 June.................... 1,365 1,348 143 104 39 138 81 5 51 5 25 20 5 July...................... 1,531 1 ;5O7 143 101 42 140 86 4 50 3 24 19 5 Aug........... 1,518 1 ;496 141 101 40 137 83 4 50 4 26 21 5 Sept...................... 1,592 1 ;570 140 103 37 134 80 4 50 6 23 19 5 Oct....................... 1 ;570 1341 143 101 42 141 86 5 50 3 27 21 5 Nov.r................... 1,733 1,705 130 97 33 127 65 3 59 2 22 18 4 Dec....................... ®I392 "1,477 "99 74 25 "96 54 3 39 "3 21 16 4 1969--Jan........................ "1,816 Pl ,783 "103 78 25 "99 50 3 46 "4 18 14 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. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 62 EMPLOYMENT □ MARCH 1969 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons unless otherwise indicated) Civilian labor force, S.A. Period i T p n o s o t p t i a t u u l l t a i n o t o i n o n a n - ! la N b o o t r in f o t r h c e e T l f a o o b rc t o a e r l Employed1 Une m ra m e te n p 2 t l o y­ N.S.A. N.S.A. S.A. Total In nonagri- In U pl n o e ye m d ­ ( ' p e S r . c A e . nt) Total cultural industries agriculture 1963............................... 125,154 50,583 74,571 71,833 67,762 63,076 4,687 4,070 5.7 1964.................. 127,224 51'394 75'830 73,091 69,'305 64,782 4,523 3,786 5.2 1965............................ 129,236 52^058 77,’178 74*455 71,088 66,726 4,361 3,366 4.5 1966............................... 131,180 52,288 78’893 75/70 72’895 68,915 3,979 2,875 3.8 1967.............................. 133',319 52,527 80,793 77/47 74/71 70.527 3,844 2’,975 3.8 1968............................... 135’562 53'291 82,272 78’737 75,920 72 J 03 3,817 2’817 3.6 1968 r 3—Feb............... 134,744 53,876 82,035 78,569 75,640 71,566 4,074 2,929 3.7 Mar 134,904 53,965 82'137 78,645 75’764 71,786 3,978 2,881 3.7 Apr... 135/59 53,919 81,933 78’427 75,653 71 ,737 3,916 2'774 3.5 135'249 53,479 82,278 78,742 75'932 72,027 3 ,905 2,810 3.6 135‘440 50'986 82'486 78,9(9 76,005 72’156 3,849 2/14 3.7 July.............. 135,639 51,088 82,504 78,917 76,020 72,195 3,825 2,897 3.7 Aug............. 135,839 52’047 82’338 78,749 75,973 72,222 3’751 2,776 3.5 Sept.............. 136,036 53'900 82’438 78'847 76,000 72,349 3,651 2’847 3.6 Oct............... 136/21 53,744 82’403 78,800 76,002 72,477 3 525 2,798 3.6 Nov.............. 136'420 53,718 82,559 79 042 76,388 72,682 3 ’706 2.654 3.4 Dec.............. 136*619 54’001 82,868 79,368 76,765 72,923 3,842 2,603 3.3 1969 r—Jan............... 136,802 55,091 83,351 79,874 77,229 73,477 3,752 2,645 3.3 Feb............... 136,940 54’361 83/31 80,356 77,729 73,848 3,881 2’627 3.3 i Includes self-employed, unpaid family, and domestic service workers. Note.—'Bureau of Labor Statistics. Information relating to persons 16 2 Per cent of civilian labor force. years of age and over is obtained on a sample basis. Monthly data relate 3 Beginning Jan. 1967, data not strictly comparable with previous data. to the calendar week that contains the 12th day; annual data are averages Description of changes available from Bureau of Labor Statistics. of monthly figures. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Period Total M t a u n ri u n f g ac­ Mining c C o o n t n i s o t t n r r a u c c t ­ T ti l o i r c a n n u s & ti p l i o t p ie r u t s a b ­ ­ Trade Finance Service G m ov e e n r t n­ 1963................................................................... 56,702 16 995 635 2,963 3,903 11 ,778 2,877 8,325 9,225 1964................................................................... 58,332 17’274 634 31050 3,951 12,160 2,957 8,709 9,596 1965................................................................... 60,832 18 062 632 3 186 4 036 12 716 3’023 9'087 10,091 1966................................................................... 64,034 19,214 627 3,275 4,151 13,245 3 100 9,551 10,871 1967................................................................... 66,030 19,434 616 3,203 4,271 13’,613 31217 10/60 11,616 1968................................................................... 68,146 19,740 625 3,259 41348 141111 3,357 10,504 12,202 SEASONALLY ADJUSTED 1968—Feb..................................................... 67,600 (9,612 608 3 388 4,342 13,920 3,304 10 405 12,021 Mar....................................................... 67,656 19,607 609 3’330 41332 13,999 3’311 10*415 12/53 Apr....................................................... 67/55 19 657 632 3,313 4,331 14,009 3 ,’323 10,402 12,088 May..................................................... 67’792 19,693 631 3,245 41281 141049 3,334 10,425 12,134 June................................................... 68,039 19 777 632 3 174 41336 14’086 3’335 10,467 12,232 July...................................................... 68,170 19 776 638 3 J 89 4,346 14,117 31350 IO 1498 12/56 Aug., .......................................... 68,314 19/48 638 3,195 4,358 141181 3,376 10,548 12,270 Sept..................................................... 68,382 19’755 639 3,252 4,365 14,222 3,387 10,545 12,217 Oct............................................ 68’701 19 807 591 3 285 4,374 14 298 3’411 101610 12/25 Nov...................................................... 68’955 19*871 637 3’279 4,392 (4,326 3,426 10,702 12/22 Dec...................................................... 69,310 19/74 638 3,387 41400 (41271 31442 10,755 (2/43 1969—Jan.”.................................................... 69,618 (9 988 643 3,369 4,394 14,449 3,460 10,791 12,524 Feb.”.................................................. 69’997 20,063 642 3; 480 4>22 141489 3,475 10,846 12/80 NOT SEASONALLY ADJUSTED 1968—Feb....................................................... 66,393 19,425 591 2,893 4,264 (3,585 3,271 10,228 12,136 Mar..................................................... 66,713 19,447 594 2,967 4,276 13,658 3,288 101290 12,193 Apr....................................................... 67,422 19 507 626 3’157 4,296 131910 3,310 10,402 12,214 May.......................................... 67 .’724 19 569 631 3,255 4,268 13,959 3/27 101488 12/27 June..................................................... 68,724 19,897 647 3; 387 4,375 141139 3,365 10/34 12,280 July....................................................... 68,327 19,729 652 3,498 4,394 14,112 3,407 10,687 11/48 Aug...................................................... 68,508 19,884 653 3'553 4,410 14/41 3,430 10,675 11,762 Sept..................................................... 68,923 20’023 646 3,'515 4,417 14,208 3,397 10,587 12,130 Oct............................................. 69'292 19,999 593 3,498 4,400 141328 3,404 10,631 12,439 Nov...................................................... 69,585 20,015 639 3,374 4,414 141561 3,412 10,648 12/22 Dec............................. 70 J 23 19/90 637 3,241 4,409 15,124 31421 10/58 12,643 1969—Jan.”................................................... 68,522 19,768 628 3,005 4,328 14,223 3,418 10,575 12/77 Feb.”.................................................... 68'754 19,872 624 2/72 4,342 14,140 31440 10,662 12,702 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

MARCH 1969 □ EMPLOYMENT AND EARNINGS A 63 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted Not seasonally adjusted Industry group 1968 1969 1968 1969 Feb. Dec. JanJ’ Feb.'’ Feb. Dec. Jan." Feb." Total........................................... 14 393 14 663 14 673 14 722 14 231 14 687 14 480 14 556 Durable goods........................................................................... 8 382 8 535 8 587 8 604 8 323 8 568 8 512 8 541 Ordnance and accessories........................................... ’190 ’198 ’ 197 196 191 201 ' 199 198 Lumber and^wood products....................................... 531 533 543 540 507 522 515 515 Furniture and fixtures.................................................. 385 405 407 410 381 407 405 406 Stone, clay, and glass products.................................. 479 534 535 517 455 523 511 511 Primary metal industries............................................. 1 040 1 ,038 1 042 1 046 1 038 1 025 1 ,032 1 044 Fabricated metal products......................................... 1 ,056 1,102 1 ,111 I J 17 1 *047 1109 ( , 103 1 108 Machinery............................................................... 1 ’344 1 '341 1 360 1,367 1'351 1 342 1 360 1 374 Electrical equipment and supplies............................ 1316 1 ,322 I 332 I 339 I ’314 1 341 1 ,’338 1 337 Transportation equipment........................................... f ,’423 I ,’427 J ,’425 J ,421 1 ’439 1 366 1 ,442 1 ’436 Instruments and related products............................. ’279 282 ’283 283 278 284 282 282 Miscellaneous manufacturing industries................. 339 353 352 348 322 348 325 330 Nondurable goods.................................................................... 6,011 6,128 6,086 6,118 5,908 6,119 5,968 6,015 Food and kindred products......................................... 1 ’ 178 1 '205 1 202 1 ’207 I 095 1’ 189 1 '137 1' 123 Tobacco manufactures................................................ 74 ’ 71 ' 73 ’ 72 ’ 71 77 ’ 73 ’ 69 Textile-mill products...................................................... 870 880 879 880 863 879 867 873 Apparel and related products..................................... 1 240 1 ,255 1 ,257 1,248 1 ,248 1 ,252 1 ,237 1 ,257 Paper and allied products....................................... ’535 ’554 556 '559 ’528 ’556 550 '552 Printing, publishing, and allied industries.............. 662 671 672 671 659 676 668 668 Chemicals and allied products................................... 606 623 622 628 601 617 614 623 Petroleum refining and related industries........ 117 119 75 100 1 14 1 16 73 97 Rubber and misc. plastic products.................... 422 444 445 450 420 449 445 448 Leather and leather products...................................... 307 306 305 303 309 308 304 305 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 1968 1969 1968 1969 1968 1969 Feb. Dec. Jan." Feb." Feb. Dec, Jan." Feb." Feb. Dec. Jan." Feb." Total............................................................................... 40.8 40 7 40.6 40 5 119.36 127.82 126.05 (25.74 2.94 3.11 .7.12 3. 12 Durable goods.............................................................. 41.4 41.2 41 .2 41.3 128.54 138.03 136.04 136.04 3. 12 3.31 3.31 3.31 Ordnance and accessories.............................. 42.2 41.3 40.8 40.6 136.50 141.20 138,10 135.34 3.25 3.37 3.36 3,35 Lumber and wood products.......................... 41 .2 41 .2 40.2 41.3 99.79 107.16 103.08 105.71 2.47 2.62 2.59 2.61 Furniture and fixtures...................................... 41.0 40 4 40.8 41.2 98.01 105.32 101.45 103.38 2.42 2.55 2.53 2.54 Stone, clay, and glass products.................... 41 .9 42.0 41 .6 42,1 118.90 128.63 125.15 126.48 2.90 3.07 3.06 3.07 Primary metal industries................................ 41.8 41.5 41.7 41.8 144,70 152.67 154.24 154.29 3.47 3.67 3.69 3.70 Fabricated metal products............................. 41.4 41.6 41 .9 41.5 126.28 136.92 135.38 134.40 3.08 3.26 3.27 3.27 Machinery........................................................... 42.2 42.3 42.3 42.4 139.59 148.60 148.05 149.18 3.30 3.48 3.50 3.51 Electrical equipment and supplies.............. 40.3 40.2 40.3 40.0 116.06 124.03 122.61 122.40 2.88 3.04 3.05 3.06 Transportation equipment............................ 41 .9 41.6 41.3 41.8 148.63 164.86 159.39 158.59 3.59 3.87 3.85 3.84 Instruments and related products................ 40.8 40.6 40.6 40.5 119.54 125.97 124.43 124.74 2.93 3.08 3.08 3.08 Miscellaneous manufacturing industries... 39.7 38.8 39.2 38.4 98.85 100.88 101.27 100,61 2.49 2.58 2.61 2.62 Nondurable goods...................................................... 40 0 39.9 39.7 39.4 106.40 113.08 111.50 111,04 2.68 2.82 2.83 2.84 Food and kindred products........................ 40,8 40.9 40.7 40.7 110.28 118,37 117.27 116,80 2.75 2.88 2.91 2.92 Tobacco manufactures.................................... 40.1 363 37.1 38.2 93.61 96. 14 93.03 93.50 2.47 2.55 2.57 2.59 Textile-mill products................................... 41.6 41.4 40.8 40.3 89.64 95,08 92.34 91.66 2.16 2.28 2.28 2.28 Apparel and related products....................... 36.5 36.2 36.2 35.6 79.57 81.36 81.40 80.81 2.18 2.26 2.28 2.27 Paper and allied products. . ......................... 42.8 43.3 43.4 43.1 125.50 136.40 135,45 134.08 2.96 3.14 3.15 3.14 Printing, publishing, and allied industries. 38.2 38.4 38.2 37.9 128.82 (39.65 136.06 135.72 3.39 3.59 3.59 3.60 Chemicals and allied products..................... 41.9 42.0 42.0 41.9 133.02 141.46 140.11 140.11 3.19 3.36 3.36 3.36 Petroleum refining and related industries . 42.3 42.4 41.8 42. I 153.55 159.56 152.40 159.42 3.70 3.79 3.69 3.86 Rubber and misc. plastic products.............. 41.6 41.3 41 .5 41.1 117.42 125,82 125.03 122.91 2.85 3.01 3.02 3.02 Leather and leather products................... 38.7 37.6 37.3 36.3 85.80 88.32 86.86 84.91 2.20 2.30 2.31 2.32 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 □ MARCH 1969 CONSUMER PRICES (1957-59= 100) Housing Health and recreation Period ite A m ll s Food Total Rent o H w s o h n m i e p e r ­ ­ c F a o o u n i a d e l l l t e r G a i l c e n a i c d s t ­ y o n F p i a n i e s n u g h r d 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 c P o a e n r r e a ­ l r R e a i c e n n r a g e d d a ­ ­ g O s a o e t n o h r d v d e ­ s r tion tion ices 1929............................. 59.7 55.6 85.4 1933............................. 45.1 35.3 60.8 1941.............................. 51.3 44.2 61.4 64.3 45.2 88.3 51.2 50.6 47.6 57.3 58.2 1945.............................. 62.7 58.4 67,5 66.1 53.6 86.4 55,4 57.5 63.6 75.0 67.3 1958............................. 100.7 101.9 100.2 100.1 100,4 99.0 100,3 99.9 99.8 99.7 100.3 100,1 100.4 100.8 99.8 1959.............................. 101.5 100.3 101 .3 10! ,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 99.5 107,0 101.5 102,2 103,8 105.4 108.1 104.1 104.9 103.8 196!............................. 104.2 102.6 103.9 104.4 104.4 101.6 107.9 101.4 103,0 105,0 107.3 111.3 104.6 107.2 104.6 1962............................. 105,4 103.6 104.8 105.7 105.6 102.1 107.9 101.5 103.6 107,2 109.4 114.2 106.5 109.6 105,3 1963............................. 106.7 105.1 106,0 106.8 107.0 104.0 107.8 102.4 104.8 107.8 111.4 117.0 107.9 111.5 107.1 1964............................. 108.1 106,4 107.2 107.8 109,1 103.5 107.9 102,8 105.7 109.3 113.6 119.4 109.2 114.1 108 8 1965 ............................. 109.9 108.8 108.5 108.9 111.4 105.6 107.8 103,1 106.8 111.1 115.6 122.3 109.9 115,2 111.4 1966.............................. 113.1 114.2 111.1 110.4 115.7 108,3 108.1 105.0 109.6 112.7 119.0 127.7 112.2 117.1 114.9 1967.............................. 116.3 115.2 114.3 112.4 120.2 111.6 108.5 108,2 114.0 115.9 123.8 136.7 115.5 120,1 118.2 [968—Jan................... 118.6 117.0 116.4 113.7 122,9 113.7 108.9 110.6 115.9 H8.7 127.1 141.2 117.6 122.7 121.9 Feb.................. 119.0 117,4 116.9 113,9 123.5 113.8 109.3 111,2 116.6 118.6 127.5 141.9 117.6 123.0 122.1 119.5 117.9 117.2 114.2 123.8 113,9 109,3 111,8 117.6 119.0 128,3 142.9 118.4 124.2 122,4 Apr.................. 119.9 118.3 117.5 114.4 124.0 114.0 109.5 1 12.2 118.4 119.0 128.8 143.5 119.0 124.9 122.5 120.3 118.8 117.8 114.6 124.3 115,3 109.5 112.5 119.5 119.1 129.2 144.0 119.6 125,3 122.6 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 Aug................. 121.9 120.5 120.1 115.4 128.8 115.7 109.7 113.3 120.3 120.0 130.5 145 5 120,9 126.3 124.2 Sept................. 122.2 120.4 120.4 115.7 129,1 115.8 109.3 113.9 122.2 119.5 131.1 146,4 121.5 126.7 124.4 Oct................... 122.9 120.9 120.9 116.0 130.0 115.9 109.1 114,2 123.3 120.6 131.9 147,4 122,1 127.5 125.1 123.4 120.5 121.7 116.3 131. 1 115.9 109.9 114.8 124.0 121.2 132.4 148,2 122.8 128.0 125.4 123.7 121.2 122.3 116,7 132.0 116,2 110.0 115.1 124.3 120.2 132 8 149. 1 123,4 128,2 125.6 1969—Jan................... 124.1 122.0 122,7 1 16.9 132.7 116.7 110.2 1 15.2 123.4 120.7 133.3 150.2 123,7 128.4 125.6 Note.—Bureau of Labor Statistics index for city wage-earners and clerical workers. WHOLESALE PRICES: SUMMARY (1957-59= 100) Industrial commodities Pro­ All Farm cessed Ma­ Period com­ prod­ foods chin­ Non- Trans­ modi­ ucts and Tex­ Hides, Fuel, Chem­ Rub­ Lum­ Paper, Met­ ery Furni­ me­ porta­ Mis­ ties feeds Total t e ile tc s . , etc. etc. ic e a tc ls . , b e e tc r . , b e e tc r . , etc. e a t l c s . , e a q n u d ip ­ t e u t r c e . , t m al i l n ic ­ e t q io u n ip ­ n c e e o ll u a s ­ ment erals ment1 1958.................................. 100.4 103.6 102.5 99 5 98 9 96.0 98.7 100 4 100.1 97.4 100.1 99 1 100.0 100.2 99.9 n.a. 100.6 1959.................................. 100.6 97.2 99.9 101 3 100 4 109 1 98.7 100 0 99,7 104.1 101.0 101.2 102.1 100 4 101 2 n a. 100.8 I960.................................. 100.7 96.9 100.0 101.3 101.5 105.2 99.6 100.2 99,9 100.4 101.8 101.3 102.9 100.1 101.4 n.a. 101.7 1961.................................. 100.3 96.0 101.6 100.8 99.7 106.2 100.7 99.1 96.1 95.9 98.8 100,7 102.9 99.5 101.8 n.a. 102.0 1962................... 100.6 97.7 102.7 100.8 100.6 107.4 100.2 97.5 93.3 96.5 100.0 100 0 102.9 98.8 101.8 n.a. 102.4 1963............................... 100.3 95.7 103.3 100.7 100.5 104.2 99.8 96.3 93.8 98.6 99.2 166^ i 103.1 98.1 161.3 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 1968—Jan....................... 107.2 99.0 112.4 107.8 104.3 116.5 101.8 98.2 99 5 108,6 105.2 112 2 113 9 103 0 106 0 n.a 111.0 Feb....................... 108.0 101.3 113.3 108,3 104.6 116.7 102.5 98.1 99.5 111.6 105.7 113.3 114.1 103.3 106.9 n.a. 111.3 Mar...................... 108.2 102.1 112.9 108,6 104.6 117.9 102.0 98,6 99.7 113.9 105.2 113.8 114.3 103.6 107.3 n.a. 111.5 108.3 102.1 112.8 108.8 104.7 118.3 102.4 98.8 99.7 115.8 105.2 113.3 114.8 103.8 107 4 n a 111.8 Nfay 108.5 103.6 113.6 108.6 104.8 118.8 102.4 98.7 99.8 117 0 105.5 1117 115 0 104.0 107 8 n.a. 111.8 June..................... 108.7 102.5 114.6 108.8 105,2 118.7 103.7 98.5 99.9 117,2 104.7 111.7 115.0 103.9 108.3 n.a. 111.8 July...................... 109.1 103.9 115.9 108.8 105 8 119.5 103.3 98 2 100.7 119 2 104.9 111 4 115 2 104 I 108 4 n a 111.5 Aug............... 108.7 101.4 114,9 108.9 106.0 119.5 102.6 98.1 100.6 120.5 104.9 111.3 115.4 104.2 108,7 n.a. 111.6 Sept...................... 109.1 102.8 115.3 109.2 106.5 120.7 102.5 97,9 100.7 122.6 105.1 112.2 115 8 104.4 108.7 n a 111.9 109.1 101.2 114 4 109 7 107 0 122.3 101.9 97 8 101.0 124 9 105,2 112 5 116 1 104 5 108.9 n a 112,0 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. 112,5 109.8 103.3 114 7 rl 10 2 107 1 122.8 102.2 97.7 101 1 133 5 105,2 112.8 116.7 105 0 109.3 100.0 112,5 1969—Jan..................... 110,7 104.9 116.0 110.9 107,4 123.5 120.4 97,6 100.0 137.8 106,2 114.4 117.0 105.3 110.6 100.1 112.5 ’ For transportation equipment, Dec. 1968= 100. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1969 □ PRICES A 65 WHOLESALE PRICES: DETAIL {1957-59= 100) 1968 1969 1968 1969 Group Group Jan. Nov. Dec. Jan. Jan. Nov. Dec. Jan. Farm products: Pulp, paper, and allied products: Fresh and dried produce......................... 108,1 109.4 109.3 112.0 Pulp, paper, and products, excluding Grains.............................................. 85.0 82.0 80.4 82.5 building paper and board............. 105.8 105.7 105.6 106,6 i ivestof'k i - - ........................................... 98,7 103.9 104.2 106.1 Woodpulp................................................... 98.0 98.0 98.0 98.0 J ive poultry ■ ■ ........................................- 78.2 87.6 82.9 90.5 Wastepaper.................................................. 76.9 112.8 109.6 107.4 Plant and animal fibers . 79.4 71.2 69.0 68.8 Paper............................................................. 111.2 113.4 113.4 115.0 Fluid milt . ........................................... 124.0 132.4 132.3 131.8 Paperboard.................................................. 97.3 91.0 91.4 92.2 RpffS ..................................... 73.8 107.6 117.8 122.3 Converted paper and paperboard., .. 106.7 105.4 105,4 106.3 Hgy flnr| $eeds........................................... 112.9 107.3 108.8 111,5 Building paper and board..................... 92.1 93.8 94.8 97.3 Other farm products................................ 101 .7 106.9 107.7 105.9 Processed foods and feeds: Metals and metal products: G^rea! and hair erv nmcincfs ...... 117.1 119.3 119.3 1 (9.3 Iron and steel............................................ 105.4 106.0 106.1 107.5 \feat po<i)fry and fish. . ................ 105.5 107.7 107.3 111.1 Steelmill products...................................... 107.5 109.1 109.1 110.4 TTairvnmdiifts .. ................ 123,8 130.0 130.4 130.1 Nonferrous metals................................ 127.4 122.4 123.5 127.2 Processed fruits and vegetables............. 113,7 114. 1 113.3 113,6 Metal containers....................................... 112.9 117.3 117.0 117.0 Qutrar and nnnfbfifinnflrv............ 113.4 117.9 118,8 119.2 Hardware.................................................... 116.3 117.6 117.7 118.5 Beverages and beverage materials.... 107.9 110,6 110.6 110.8 Plumbing equipment................................ 110.7 115.0 1(5.3 115.8 Animal fats And nils . . 70.4 78.2 74.1 84.0 Heating equipment................................. 93.1 95.8 96.0 96.1 Crude vegetable oils.......................... 85.5 76.2 78.0 80.4 Fabricated’ structural metal products. 106.2 108.8 109.0 109.3 Refined vegetable oils............................... 89.4 90.0 90.0 91 .5 Miscellaneous metal products.............. 114.7 117.7 118.3 119.6 Vegetable oil end products..................... 100.2 99.9 100.5 101.1 M M i a s n ce u l f l a a c n t e u o r u e s d p a r n o i c m e a ss l e fe d e f d o s o .. d ... s ... . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 2 4 0 . , 2 1 1 1 1 17 8 . . 3 5 1 1 1 1 8 8 . . 2 2 1 1 1 1 8 8 . . 2 2 Machinery and equipment: Textile products and apparel: Agricultural machinery and equip.... 125.8 129.3 130.1 131.2 Construction machinery and equip... 127.2 132.1 132.7 133,5 Cotton products........................................ 105.2 105.4 105.1 104.8 Metalworking machinery and equip.. 126.1 130.4 130.5 131.0 Wool products............................................ 102.3 104.6 104.6 104.7 General purpose machinery and Man-made fiber textile products.......... 89.3 93.0 92.9 92.8 equipment........................................... 115.4 118.3 118,3 118.5 Silk yarns...................................................... 196.8 172.0 165.2 160.8 Special industry machinery and Apparel.......................................................... 108.3 UI.8 HI.9 112.7 equipment (Jan. 1961 = 100)....... 120.1 124.8 125.0 125.6 Textile housefiirnishings.......................... 110.6 110.1 110.2 110.2 Electrical machinery and equip............ 102.7 103,6 103,5 103.5 Miscellaneous textile products.............. 112.4 125.2 125.3 126.2 Miscellaneous machinery....................... 112.0 115.2 1 15.6 115.7 Hides, skins, leather, and products: Furniture and household durables: Hides and skins.............................. 87.3 107.0 106.8 109.2 Leather,............................................. 108.6 113.8 115.8 116.8 Household furniture................................ 115.2 118.9 119.2 120.7 Footwear....................................................... 125.6 131,7 131.7 132.1 Commercial furniture............................. 113.4 116,7 117.0 117.0 112.2 113.3 113.8 1 14.2 Floor coverings......................................... 95.3 94,8 94.8 95.5 Household appliances............................. 91.1 92,7 92.9 92.6 Fuels and related products, and power: Home electronic equipment.................. 81.7 80,2 79.8 78.7 Other household durable goods..... 123.4 125.9 127.3 128.9 Coal ............................. 105.0 111.0 1 (2.7 112.7 C G o as k e fu .. e ... l . s .. .. ( . J .. a .. n ... . . .. 1 ... 9 .. 5 .. 8 . - 100)..................... 1 13 1 0 2 . , 0 0 1 1 2 1 0 7 . . 4 0 1 1 2 2 0 0 . , 9 3 1 1 2 20 4 . . 3 4 Nonmetallic mineral products: Electric power (Jan. 1958= 100)...... 101.0 102.0 102.1 102.0 Gfude putrotMirn •,, ..................... 99.0 99.7 99.7 99.7 Flat glass..................................................... 107.0 110,0 110.0 109.9 Petroleum prod nets refined , 98,8 99.2 99.0 98.9 Concrete ingredients................................ 107.8 110.2 110.2 112.2 Concrete products................................... 106.5 109.2 109.5 110.7 Chemicals and allied products: Structural day products excluding refractories................................ 111.8 115,2 115.4 115.8 Industrial c.hftmtCAls 98.5 97.9 97.9 98.1 Refractories................................................ 106.8 112.6 112.6 112.6 Prepaid paint,........................................... 113.2 H5.9 115.9 118.2 Asphalt roofing......................................... 99.6 96,8 96.8 96.8 Paint materials. , .................................. 91.5 9! .9 91.9 92.0 Gypsum products..................................... 103.9 (06.2 106.2 106.2 Drugs and pharmaceuticals*-- 92,9 93.5 93.6 93.4 Glass containers........................................ 102.9 110.3 110.3 116.1 Fats and oils inedible.............................. 76.4 73.4 69.8 72.2 Other nonmetallic minerals.................. 103.0 106.8 106.8 107.2 Agricultural chemicals and products.. 99,5 96.7 96.4 92.9 Plastic resins and materials..................... 86.6 80.8 80.5 80.8 Other chemicals and products.............. 108.6 110.2 110.3 110.4 Transportation equipment: Rubber and products: Motor vehicles and equipment............ 104.3 106,6 106.6 106,5 Railroad equipment (Jan. 1961 = 100). 105.4 108,5 108.5 108.5 Crude rubber........................................... 83.6 86.7 86.8 86.4 Tires and tubes........................................... 98.7 99.5 99.5 96.3 Miscellaneous rubber products.............. 106.5 108.3 108.3 108.7 Miscellaneous products: Lumber and wood products: Toys, sporting goods, small arms, ammunition......................... 106.7 109,2 109.3 1 10.2 Lumber..................................................... 114.0 (36.2 142.2 (47.9 Tobacco products..................................... 114.8 116.5 116,5 116.6 Millwork............................................ 113.9 122,5 123.8 124.8 Notions........................................................ 102.2 100.7 100.7 100.7 Plywood......................................................... 89.8 121.6 128.9 135,0 Photographic equipment and supplies 113.6 113.0 113,2 112.7 Other wood products (Dec, 1966= 100) 101 .9 109.2 110,3 m .o Other miscellaneous products.............. 109.9 111.9 112.0 111,2 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 □ MARCH 1969 GROSS NATIONAL PRODUCT (In billions of dollars) 1967 1968 Item 1929 1933 1941 1950 1964 1965 1966 1967 1968* IV I II III IV" Gross national product 103.1 55.6 124.5 284.8 632.4 684.9 747.6 789.7 860.6 811.0 831.2 852.9 871.0 887.4 Final purchases............. 101.4 57.2 120.1 278.0 626.6 675.3 732.8 783.6 852. 9 802,7 829.1 842.1 863.5 876.8 Personal consumption expenditures, 77.2 45.8 80.6 191.0 401.2 432.8 465.5 492.2 533.8 502.2 519.4 527.9 541.1 546.8 Durable goods.................................. 9.2 3.5 9.6 30.5 59.2 66.3 70.5 72.6 82.5 74.2 79.0 81.0 85.1 85. 1 Nondurable goods........................... 37.7 22.3 42.9 98.1 178.7 191.1 206.7 215.8 230.3 218.4 226.5 228.2 232.7 233.7 Services............................................... 30.3 20.1 28.1 62.4 163.3 175.5 188.3 203.8 221.0 209.6 213.9 218.7 223.4 228.0 Gross private domestic investment.... 16.2 1.4 17.9 54.1 94.0 108.1 120.8 114.3 127.7 121.8 119.7 127.3 127.1 136.6 Fixed investment................................... 14.5 3.0 13.4 47.3 88.2 98.5 106.1 108.2 119.9 113.5 117.6 116.5 119.6 126.0 Nonresidential................. 10.6 2.4 9.5 27.9 61.1 71.3 81.3 83.6 90.0 85.0 88.6 87.0 90.1 94.3 Structures...................................... 5.0 .9 2.9 9.2 21.2 25.5 28.5 27.9 29.2 27.7 29.6 28.5 28.8 29.9 Producers* durable equipment 5.6 1.5 6.6 18.7 39.9 45.8 52.8 55.7 60.8 57.3 59.0 58.5 61.3 64.5 Residential structures..................... 4.0 .6 3.9 19.4 27.1 27.2 24.8 24.6 29.9 28.5 29.1 29.5 29.5 31.6 Nonfarm........................................ 3.8 .5 3.7 18.6 26.6 26.7 24.3 24.0 29.3 27.9 28.5 28.9 28.9 31.0 Change in business inventories.., . 1.7 -1.6 4.5 6.8 5.8 9.6 14.7 6. 1 7.7 8.3 2. 1 10.8 7.5 10.6 Nonfarm............................................ 1.8 -1.4 4.0 6.0 6.4 8.6 14.9 5.6 7.3 7.1 1.6 10.4 7.3 9.7 Net exports of goods and services. 1.1 .4 1.3 1.8 8.5 6.9 5.1 4.8 2.0 3.4 1.5 2.0 3.3 1.0 Exports............................................. 7.0 2.4 5.9 13.8 37.1 39.2 43.1 45.8 50.0 46.0 47.5 49.9 52.6 50. 1 Imports............................................. 5.9 2.0 4.6 12.0 28,6 32.3 38.1 41.0 48. 1 42.6 46.0 47.9 49.4 49. 1 Government purchases of goods and services.. 8.5 8.0 24.8 37.9 128.7 137.0 156.2 178.4 197.2 183.5 190,5 195.7 199.6 203.0 Federal..................................................................... 1.3 2.0 16.9 18.4 65.2 66.9 77.4 90.6 100.0 93.5 97.1 100.0 101.2 101.7 National defense............................................. 13 8 14.1 50.0 50. 1 60.6 72.4 78.9 74.6 76.8 79.0 79 6 80.0 Other........................................3..*.. .1..........4.. ...3.......15.2 16.8 16 8 18.2 21.1 19.0 20.3 21 0 21 5 21 .7 State and local................................................ 7.2 6.0 7.9 19.5 63.5 70. 1 78.8 87.8 97.2 90.0 93.4 95^6 98^4 101.2 Gross national product in constant (1958) dollars........................................................... 203.6 141.5 263.7 355.3 581.1 617.8 657.1 673.1 706.7 681.8 692.7 703.4 712.3 718.4 Note.—Dept, of Commerce estimates. Quarterly data are seasonally series, see the Survey of Current Business, July 1968, and Supplement, Aug. adjusted totals at annual rates. For back data and explanation of 1966. NATIONAL INCOME (In billions of dollars) 1967 1968 Item 1929 1933 1941 1950 1964 1965 1966 1967 1968* IV I II in IV* National income, 86.8 40.3 104.2 241.1 518.1 564.3 620.8 652.9 712.8 670.9 688.1 705.4 722.5 64.8 Compensation of employees 51.1 29.5 154.6 365.7 393.8 435.6 468.2 513.6 482.7 496.8 507.1 519.7 530.7 Usages and salaries. . . 50.4 29.0 62.1 146.8 333.7 358.9 394.6 423.4 463.5 436.4 448.3 457.6 469.0 479.0 Private........................ 45.5 23.9 51.9 124.4 269.4 289.6 316.9 337.1 367.2 346.0 355.7 362.8 370.9 379.2 Military...................... .3 .3 1.9 5.0 11.7 12.1 14.6 16.3 18.3 17.1 17.5 17.8 18.9 18.8 Government civilian 4.6 4.9 8.3 17.4 52.6 57. 1 63. 1 70.0 78. 1 73.3 75.2 77.0 79.1 81.1 Supplements to wages and salaries........ .7 .5 2.7 7.8 32.0 35.0 41.1 44.8 50.1 46.2 48.4 49.4 50.7 51.7 Employer contributions for social in­ surance ................1................ .1..........2.....0... 4.0 15.4 16.2 20.2 21.5 23.9 22. 1 23.5 23.7 24,2 24.4 Other labor income....................................... .6 .4 .7 3.8 16.6 18.7 20.8 23.3 26.1 24.2 25.0 25.7 26.5 27.3 Proprietors’ income............... 15.1 5.9 17.5 37.5 52.3 57.3 60.7 60.7 62.9 61.1 61.8 62.6 63.4 63.7 Business and professional 9.0 3.3 11.1 24.0 40.2 42.4 44.8 46.3 47.8 46.8 47.2 47.8 48.0 48.2 Farm...................................... 6.2 2.6 6.4 13.5 12.1 14.8 15.9 14.4 15.1 14.3 14.6 14.8 15.4 15.5 Rental income of persons 5.4 2.0 3.5 9.4 18.0 19.0 19.8 20.3 21.0 20.5 20.7 20.9 21.0 21.2 Corporate profits and inventory valuation adjustment.................................................... 10.5 — 1.2 15.2 37.7 66.3 76.1 83.9 80.4 89.2 82.3 83.8 89.2 91.6 Profits before tax................ 10.0 1.0 17.7 42.6 66,8 77.8 85.6 81.6 92,3 85.4 88.9 91.8 92.7 Profits tax liability......... i .4 .5 7.6 17 8 28.3 31.3 34.6 33.5 41.3 35.1 39.8 41.1 41.5 Profits after tax....... 8.6 .4 10.1 24.9 38.4 46.5 51.0 48.1 51.0 50.3 49.1 50.7 51.2 Dividends.................... 5.8 2.0 4.4 8.8 17.8 19.8 21.7 22.9 24.6 22.5 23.6 24.4 25.2 25.4 Undistributed profits 2.8 — 1.6 5 7 16 0 20.6 26.7 29.3 25.2 26.4 27,9 25. 5 26.3 26.0 Inventory valuation adjustment .5 -2.1 -2.5 -5.0 -.5 -1.7 -1.7 -1.2 -3.1 -1,1 -5.1 -2.7 -1.0 -3.8 Net interest. 4.7 4.1 3.2 2.0 15.8 18.2 20.8 23.3 26.3 24.3 25.0 25.8 26.7 27.6 Note.—Dept, of Commerce estimates. Quarterly data are seasonally adjusted totals at annua! rates. See also Note to table above. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 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 1964 1965 1966 1967 1968” IV I II III IV? Gross national product. ......................................... 103.1 55.6 124.5 284.8 632.4 684.9 747.6 789.7 860.6 811.0 831.2 852.9 871.0 887.4 Less: Capital consumption allowances........... 7.9 7.0 8.2 18.3 56.1 59.8 64.1 69.2 74.3 71.1 72.3 73.7 74.9 76.2 Indirect business tax and nontax lia­ bility. ............................... 7.0 7.1 11.3 23.3 58.4 62.5 65.3 69.6 75.8 71.2 72.8 74.8 76.7 79.0 Business transfer payments..................... .6 .7 .5 .8 2.5 2.7 3.0 3.1 3.3 3.2 3.2 3.3 3.3 3 3 Statistical discrepancy............................... .7 .6 .4 1.5 -1.3 -3.1 —3.3 — 3.5 — 4.8 -4.2 -4.7 -3.6 -5.3 Plus: Subsidies less current surplus of gov­ ernment enterprises.............. — .1 .2 1.3 1.3 2.3 1.6 0.7 1.3 .5 .7 1.0 0.6 Equals: National income........................................ 86.8 40.3 104.2 241.1 518.1 564.3 620.8 652.9 712.8 670.9 688.1 705.4 722.5 Less: Corporate profits and inventory valu­ ation adjustment................... 10.5 — 1.2 15.2 37.7 66.3 76.1 83.9 80.4 89.2 82.3 83.8 89.2 91.6 Contributions for social insurance.... .2 .3 2.8 6.9 27.9 29.6 38.0 41.9 46.9 43.0 45.8 46.5 47.4 47.8 Excess of wage accruals over disburse­ ments...................................................... Plus: Government transfer payments............. .9 1.5 2.6 14. 3 34.2 37.2 41.0 48.6 55.3 49.7 52.5 55.0 56.3 57. 5 Net interest paid by government and consumer............................................... 2.5 1.6 2.2 7.2 19.1 20.5 22.3 23.6 25.9 24.2 24.9 25.7 26.2 26.7 Dividends...................................................... 5.8 2.0 4.4 8.8 17.8 19.8 21.7 22.9 24.6 22.5 23.6 24.4 25.2 25.4 Business transfer payments..................... .6 .7 . 5 .8 2.5 2.7 3.0 3.1 3,3 3.2 3.2 3.3 3.3 3.3 Equals: Personal income....................................... 85.9 47.0 96.0 227.6 497.5 538.9 586.8 628.8 685.8 645.2 662.7 678.1 694.3 708.2 Less: Personal tax and nontax payments.... 2.6 1.5 3.3 20.7 59.4 65.7 75.3 82.5 96,9 85.6 88.3 91.9 101.6 105.8 Equals: Disposable personal income......... 83.3 45.5 92.7 206.9 438.1 473.2 511.6 546.3 589.0 559.6 574.4 586.3 592.7 602.4 Less: Personal outlays.......................................... 79.1 46.5 81.7 193.9 411.9 444.8 478.6 506.2 548.2 516.1 533.5 542.3 555.6 561.6 Personal consumption expenditures.. 77.2 45.8 80.6 191.0 401.2 432.8 465.5 492.2 533.8 502.2 519.4 527.9 541.1 546.8 Consumer interest payments.............. 1.5 .5 .9 2.4 10.1 11.3 12.5 13. I 13.7 13.3 13.4 13.6 13.8 14.0 Personal transfer payments to for­ eigners ............................................... .3 .2 .2 .5 .6 .7 .6 .8 0.7 .7 .7 .8 .7 .7 Equals: Personal saving......................................... 4.2 -.9 11.0 13.1 26.2 28.4 32.9 40.2 40.7 43.4 40.8 44.0 37.1 40.9 Disposable personal income in constant (1958) dollars................................................................. 150.6 112.2 190.3 249.6 407.9 435.0 459.2 478.0 497.5 483.7 491.8 497.1 499.2 501.7 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) 1968 1969 Item 1967 1968” Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan.” Total personal income.............................. 628.8 685.8 654.9 663.0 670.0 672.6 678.2 683.7 689.2 694.1 699.7 703.2 708.0 713.5 715.1 Wage and salary disbursements............ 423.4 463.5 443.0 449.7 452.2 453.2 457.5 462.2 465.4 468.7 472.8 474.9 478.9 483.3 485.7 Commodity-producing industries... 166.6 180.6 173.1 176.6 177.0 176.7 179.3 179.9 180.6 181.1 183.3 184.7 186. 1 188.5 188.9 Manufacturing only......................... 134.1 145.4 140.0 141.6 142.2 141.6 144.3 145.6 146.0 146.3 147.8 148.8 149.7 151.1 151.9 Distributive industries......................... 100.5 109.4 104.5 105.9 106.5 106.9 107.4 109.7 109.9 111.2 112.1 112. 1 113.3 113.2 114.3 Service industries.................................. 70.0 77.2 73.6 74.6 75.2 75.5 76.1 77.0 77.5 78.2 78.8 79.1 79.8 80.7 81.6 Government........................................... 86.3 96.3 91.9 92.6 93.4 94.2 94.7 95.5 97.4 98.2 98.6 99.0 99.6 100.9 101.0 Other labor income.................................. 23.3 26.1 24.7 25.0 25.2 25.5 25.7 26.0 26.3 26.5 26.8 27.0 27.3 27.6 27.8 Proprietors’ income.................................. 60.7 62.9 61.5 61.8 62.3 62.4 62.6 62.7 63.1 63.4 63.7 63.7 63.7 63.8 63.8 Business and professional.................. 46.3 47.8 47. 1 47.2 47.5 47.6 47.8 47.9 48.0 48.0 48.0 48.1 48.2 48.3 48.4 Farm......................................................... 14.4 15.1 14.4 14.6 14.8 14.8 14.8 14.8 15.1 15.4 15.7 15.6 15.5 15.5 15.4 Rental income............................................. 20.3 21.0 20.6 20.7 20.7 20.8 20.9 20.9 21.0 21.0 21.1 21.2 21.2 21.3 21.3 Dividends................................................ 22.9 24.6 23.2 23.6 23.9 24.3 24.7 24.3 25.0 25.2 25.3 25.3 25.4 25.5 25.3 Personal interest income............ 46.8 52.1 49.4 49.8 50.2 50.8 51.3 51.9 52.4 52.9 53.4 54,0 54.3 54,7 55.1 Transfer payments.................................... 51.7 58.6 54.5 54.9 57.8 58.1 58.2 58.5 59.1 59.6 59.9 60.4 60.8 61.0 61.5 Less: Personal contributions for social insurance.................................................. 20.4 22.9 22.1 22.4 22.4 22.6 22.8 22.9 23.1 23.2 23.3 23.4 23.5 23.5 25.3 Nonagricultural income........................... 609.3 665.4 635.1 643.1 649.9 652.5 658.1 663.4 668.7 673.3 678.6 682.2 687.0 692.5 694.1 Agriculture income.................................... 19.S 20.5 19.8 20.0 20.1 20.1 20.2 20.2 20.5 20.8 21.1 21.0 21.0 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 □ MARCH 1969 SAVING, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) 1966 1967 1968 Transaction category, or sector 1963 1964 1965 1966 1967 III IV I II in IV I n III I. Saving and investment Gross national saving...............1..4..4 . S 160.3 181.6 196.7 192.1 196.7 202.5 188.2 185.8 193.2 200.2 202.4 211.1 218.0 1 2 Households.................8..5.....8...... 98.3 108.9 118.6 129.6 118.5 125.3 125.3 125.4 129.6 137. 1 138.1 144.3 139.8 2 3 Farm and noncorp, business, 13.5 14.5 15,2 15.9 16.8 15.7 17.0 17.1 17.0 17.0 16.2 17.4 17.6 18.0 3 4 Corporate nonfin. business. . 43.9 50.5 56.6 61.1 61.5 61 .0 63.9 60,2 60.6 61.8 63.5 60.2 64.4 66.0 4 5 U.S. Government.................... -.6 -4.3 -.1 -.6 -14.1 -1.4 -4.0 -12.7 -15.3 -14.1 -14.3 -9.8 -12.2 -3.4 5 6 State and local govt................. -1.5 — 1.4 -2.4 -2.7 -5.6 -2.3 -3.7 -5.7 -6.7 -5.3 -4.6 -5.6 -5.1 -5.3 6 7 Financial sectors....................... 3.5 2.7 3.5 4.5 3.8 5.1 4.1 4.0 4.7 4.3 2.2 2.2 2.0 2.9 7 8 Gross national investment. .. 143.8 158.0 178.2 193.1 188.1 193.6 197.8 184.4 179.4 190.7 196.8 195.8 205.6 214.2 8 9 Consumer durable goods, 53.9 59.2 66.3 70.5 72.6 71.0 71.1 69.8 72.4 73.1 74.2 79.0 81 .0 85.1 9 10 Business inventories..... 5.9 5.8 9.6 14.7 6.1 12.8 19.8 8.4 2.3 5.3 8.3 2.0 10.8 7.5 10 H Gross pvt. fixed investment, 81.3 88.2 98.5 106.1 108.2 107.0 105.9 104.6 105.4 109.3 113.5 117.6 116.5 119.6 11 12 Households...................2...2 .4 23.0 22.9 21.5 20.3 21.5 18.9 17.6 18.4 21.5 23.6 25.0 25.3 25.2 12 13 Nonfinan. business...... 57.9 64.3 74.8 83.6 87.0 84.6 86.0 86.2 86.1 86.7 88.9 91.4 90.0 93.2 13 14 Financial sectors.......... 1.0 .9 .8 1.0 .9 1 .0 I .0 .8 .8 1.1 ,9 1.2 1.2 1.2 14 15 Net financial investment, 2.8 4.7 3.7 1.8 1.2 2.8 1.0 1.6 -.6 2.9 .7 -3.0 -2.7 2.1 15 16 Discrepancy (1-8)................. .6 2.3 3.5 3.6 4.0 3.0 4.7 3.8 6.4 2.5 3.4 6.7 5.5 3.8 16 II, Financial flows—Summary 17 Net funds raised—Nonfinan. sectors. 58.5 67.0 72.3 69.9 83.1 62.6 49.9 74.3 44.3 104.6 108.9 104.1 74.8 119.6 17 18 Loans and short-term securities.. .. 19.0 26.4 33.1 27.4 27.2 30.7 29.8 33.8 -16.1 46.8 44.2 51 .0 11,2 40,3 18 19 Long-term securities and mtgs........... 39.5 40.6 39,2 42.5 55.9 31.9 20,0 40.6 60.4 57.8 64.7 53.0 63.5 79,3 19 By sector 20 U.S. Government.................................. 5.0 7.1 3.6 6.3 12.7 4.9 2.9 8.0 -21.3 34.7 29.2 34.3 .6 32.4 20 21 Short-term mkt. securities.............. 1.4 4.0 3.5 2.2 6.4 7.6 10.1 9.9 -35.7 30.9 20.7 29.8 -17.3 3.8 21 22 Other securities.................................. 3.6 3.0 .2 4. 1 6.2 -2.7 -7.2 -1.9 14.5 3.9 8.5 4.5 17.9 28.6 22 23 Foreign borrowers................................. 3.3 4.4 2,6 1.5 4.0 -.4 1,2 5.5 3.7 3.9 2.8 4.5 2.2 3.2 23 24 Loans................................................ 2.2 3.7 1.9 1.0 2.7 -.4 1 .0 4.5 2.7 2.2 1.4 3.0 1 .7 2.2 24 25 Securities.......................................... 1 .1 .7 .8 .5 1.3 .2 1.0 1 .0 1.6 1.4 1.5 .5 1.0 25 26 Pvt. domestic nonfin. sectors....... 50.2 55.5 66.0 62.0 66.4 58.0 45.7 60.8 61 .9 66.0 76.9 65.2 71.9 84,0 26 27 Loans........1..5.....5.........1..8.....7........2...7.....7.... 24.1 18.0 23.4 18,7 19.4 16.9 13.7 22.1 18.3 26.8 34.3 27 28 Consumer credit....................... 7.3 8.0 9.4 6.9 4.4 6.8 4.6 4.1 4.0 4.9 4.8 9.0 9.4 12.9 28 29 Bank loans n.e.c.............. 5.4 6.5 13.6 9.8 9.1 9.0 5.2 6.7 11.7 3.8 14.4 3.6 14.4 10.3 29 30 Other loans............................... 2.7 4.1 4.7 7.4 4.5 7.7 9.0 8.6 1.3 5.1 2.9 5.7 3.0 11.1 30 31 Securities and mortgages................ 34.7 36.9 38.3 37.9 48.4 34.6 27.0 41.4 44.9 52.3 54,8 47.0 45.1 49.7 31 32 State and local obligations.......... 5.7 5.9 7.3 6.0 10.1 4.6 6.1 10.3 11.5 7.5 11.2 10.0 6.8 12.8 32 33 Corporate securities....................... 3.6 5.4 5.4 11.4 17.4 11.3 6.6 14.3 15.8 21.4 18.1 12.5 13.1 11.8 33 34 1- to 4-family mortgages........... 15.2 15.7 16.2 11.0 11.5 9. 1 8.1 8.9 8.3 13.7 15.1 15.4 14.1 15.1 34 35 Other mortgages............................. 9.3 10.0 9.4 9.6 9.4 9.6 6.2 7.9 9.3 9.8 10.4 9.1 11.1 10.0 35 36 Net sources of credit (= line 17).... 58.5 67.0 72.3 69.9 83.1 62.6 49.9 74.3 44.3 104.6 108.9 104.1 74.8 119.6 36 37 Chg. in U.S. Govt, cash balance.. -.4 .2 -1.0 -.4 1 .2 -6.2 1.2 -.5 -14.8 13.4 6.8 -5.5 -19.4 25.6 37 38 U.S. Govt, lending........................... 2.7 3.8 4.7 7.9 4.5 7.8 2.8 6.1 -.8 5.0 8.0 14,0 8.1 6.9 38 39 Foreign funds...................................... 1 .9 2.5 .8 -.9 5.4 -5.3 -1.2 1.4 8.3 2.4 9.4 -.6 -.3 .8 39 40 Pvt. insur. & pension reserves.... 10.1 11.1 11.6 12.8 13.2 13.1 14.5 12.2 12.4 14.0 14.1 13.1 14.6 16.0 40 41 Sources n.e.c....................................... 4.7 5.7 7.1 7.7 5.8 14.1 -.8 1.8 6.0 11.5 3.9 14.1 20.9 9.2 41 42 Pvt. domestic nonfin. sectors........3.9.5 43.8 49.0 42.8 53.0 39.0 33.5 53,3 33.1 58.5 66.9 69.0 50.9 61.2 42 43 Liquid assets........3..7.....4.........3..3.....0...... 43.4 23.9 49.1 18.5 22.1 54.4 38.4 58.7 44.8 50.8 32.9 56,5 43 44 Deposits........3..4.....4........3...5....3..........4.0.4 22.7 50.9 15.8 21.2 61.5 51.7 56.2 34.1 35,5 32.0 52.7 44 45 Demand dep. and currency 5.9 6.5 7.7 2.9 12.0 -.5 6.5 10,8 10.6 15.2 11.1 2.3 13,0 5.9 45 46 Time and svgs. accounts... 28,5 28.8 32.7 19.8 39.0 16.4 14,6 50.7 41.0 41.0 23.0 33.1 19.0 46,8 46 47 At commercial banks.... 13.4 13.0 19.5 12.5 22.4 11.1 5.4 33.8 20.4 23.0 12.3 20.6 5.2 33.2 47 48 At savings Inst It......... 15.1 15.8 13.2 7.3 16.6 5.3 9.3 16.9 20.6 18,0 10.7 12.6 13.8 13.6 48 49 Short-term U.S. Govt. sec... 3.0 -2.3 3.0 1.2 -1.8 2.7 .9 -7.1 -13.3 2.5 10.6 15,3 .9 3.8 49 50 Other U.S. Govt, securities. 1 .7 3.1 .1 6.8 -1.2 3.3 4.3 -11,2 -3.9 -3.3 13.7 -4.0 9.6 1,2 50 51 Pvt. credit mkt. instruments 2.3 7.5 5.9 11.9 7.2 15.4 6.5 9.6 1.2 6.2 11.9 19.7 11.3 6.3 51 52 Less security debt.................. 2.0 -.2 .3 -.2 2.2 -1.9 -.6 —. 5 2.5 3.1 3.5 -2.6 2.8 2.8 52 IIL Direct lending in credit markets 53 Total funds raised.............................. 58.5 67.0 72.3 69.9 83.1 62.6 49.9 74.3 44.3 104.6 108.9 104.1 74.8 119.6 53 54 Less change in U.S. Govt, cash.... -.3 .2 -1.0 -.4 1.2 -6.1 1.2 -.6 -14.9 13.4 6.7 -5.8 -19.4 25,5 54 55 Total net of U.S. Govt, cash.......... 58.8 66.8 73.3 70.3 81.9 68.7 48.7 74.9 59. 1 91.2 102.2 109.8 94.1 94.1 55 56 Funds supplied directly to cr. mkts.. 58.8 66.8 73.3 70.3 81.9 68.7 48.7 74.9 59.1 91.2 102.2 109.8 94.1 94,1 56 57 Federal Reserve System................. 2.6 3.2 3.8 3.3 3.9 6.6 4.2 2.9 -.3 7.9 4.5 8.3 4.0 10.1 57 58 Total.................................................. 2.9 3.4 3.8 3.5 4.8 5.0 4.3 5.2 2.9 3.7 6.9 5.3 5.7 7.3 58 59 Less change in U.S. Govt. cash. .3 .2 ♦ .2 .9 — 1.6 .1 2.4 3.2 -4.2 2.4 -3.0 1 .7 -2.8 59 60 Commercial banks, net.................... 19.7 21.8 29,3 17.9 35.9 14.1 6.8 41.9 40.3 37.2 24.6 24.5 38,0 38,1 60 61 Total.................................................. 19.4 22.4 29.1 17.4 36.4 9.6 7.9 39.7 22.3 54,8 28.9 21.7 17.6 66.5 61 62 Less chg. in U.S. Govt. cash... -.6 -1.0 -.5 .2 -4.5 1.1 -3.0 -18.1 17.6 4.4 -2.8 -21.1 28,3 62 63 Security issues...............3..............6 .8 . 1 .2 * ♦ .8 . 1 ♦ — * .7 .2 63 64 Nonbank finance, net, 28.0 29.1 26.9 22.5 32.4 21.0 24.2 29.0 35.0 38.1 27.4 28.1 27.7 29.2 64 65 Total....................... 34.4 33.5 32,9 25.8 33.6 21 .7 27.2 30.9 19.3 51.0 33.0 28.7 30.8 46,1 65 66 Less credit raised.., 6.4 4.4 5.9 3.3 1.2 .7 2.9 1.9 -15.7 12.9 5.7 .6 3.1 16.9 66 67 U.S. Government 2.7 3.8 4.7 7.9 4.5 7.8 2.8 6.1 -.8 5.0 8.0 14.0 8.1 6,9 67 68 Foreign .9 .6 -.1 -1.4 3.2 -4.1 -1.6 3.3 3.6 .9 5.1 1.5 -2.5 1,5 68 69 Pvt. domestic nonfin......... 5.1 8.5 8.6 20.1 2.0 23.2 12.3 -8.1 -18,6 2.3 32.7 33.6 19.0 8.4 69 70 Households............... .4 3.2 2.2 10.5 -4.0 11.0 1.9 -13.1 -18.1 -1.3 16.7 13.1 13.1 -6.0 70 71 Business............................ 3.1 1.5 1.0 3.2 .4 3.4 2.5 1.2 -5.6 .2 5.9 11.1 5.0 7.8 71 72 State and local govts... 3.5 3.7 5.8 6.2 7.8 7.0 7.3 3.2 7.7 6.5 13.7 6.7 3.7 9.4 72 73 Less net security credit, 2.0 -.2 .3 -.2 2.2 -1.9 -.6 -.5 2.5 3.1 3.5 -2.6 2.8 2.8 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

MARCH 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 III IV I II III IV I II III I. Demand deposits and currency 1 Net incr. in banking system liability. . 5.8 7.4 7.6 2.6 14.7 -8.0 8.8 8.2 -.9 29.4 21.8 -4.9 -1.9 31.9 1 2 U.S. Govt, deposits............................. -.3 . 2 -1.0 -.4 1.2 -6. 1 1.2 -.6 -14.9 13.4 6.7 -5.8 -19.4 25.5 2 3 Other......................................................... 6.1 7.3 8.6 3.0 13.5 -1.9 7.6 8.8 14.0 16.0 15.0 .9 17.5 6.5 3 4 Domestic sectors............................. 6.0 6.8 8.3 3.3 12.7 1 8.2 12.0 11.5 15.5 11.5 2.2 14.9 8.3 4 5 Households.................................... 4.3 6.4 7. 1 1.9 12.4 .5 8.1 13.6 14.2 7.3 14.5 -4.9 15.9 15.7 5 6 Nonfinancial business................ -.8 -2. 1 -1.7 .7 -1.5 1.5 -1.3 -4. 1 -3.9 4.2 -2.5 8.0 . 5 -6.3 6 7 State and local govts.................. 2.4 1.2 -.2 .8 .3 -.7 -. 1 3.3 * 1.0 -2.9 1.2 1.2 -2.0 7 8 Financial sectors......................... .2 .3 .7 .4 .7 .5 1.6 1.3 .9 .4 .4 -. 1 1.9 2.4 8 9 Mail float..................................... -. 1 .9 2.5 -.5 .8 -1.8 -.2 -2.0 .4 2.6 2. 1 -1.9 -4.7 -1.6 9 10 Rest of the world............................ . 1 .5 .3 - .3 .8 -1.8 -.6 -3.2 2.4 .5 3.5 -1.4 2.5 -1.8 10 II. Timo and savings accounts 11 Net increase—Total.................................. 29.5 30.4 33.0 20.3 40.8 16.7 15.5 52.3 45.4 42.0 23.5 32.5 18.9 47.6 11 12 At commercial banks—Total.......... 14.3 14.5 20.0 13.3 23.8 11.6 6.2 35. 1 23.7 23.7 12.7 20.2 4.9 34.4 12 13 Corporate business......................... 3.9 3.2 3.9 -.7 4. 1 -3.9 -4.6 10.0 -.9 3.7 3.7 .5 -3.1 9.9 13 14 State and local govts...................... 1.6 1.7 2.4 1.3 2.4 1.9 1.5 5.7 3.4 .6 . 1 1.5 1. 1 5.0 14 15 Foreign depositors......................... 1.0 1.4 .6 .8 1.3 .6 1.0 1.2 2.3 1.1 .8 -.7 -.4 1.0 15 16 Households........................................ 7.9 8.2 13.3 11.9 15.8 13.0 8.5 18.0 17.9 18.7 8.5 18.5 7.2 18.3 16 17 At savings institutions....................... 15.2 15.9 13.0 7.1 17.0 5.1 9.3 17.2 21.7 18.3 10.7 12.4 14.0 13.3 17 18 Memo: Households total...................... 23.0 23.9 26.5 19.2 32.4 18.3 17.8 35.0 38.6 36.7 19.2 31.1 21.1 31.9 18 III. U.S. Govt, securities 19 Total net issues........................................... 5.0 7.1 3.6 6.3 12.7 4.9 2.9 8.0 -21.3 34.7 29.2 34.3 .6 32.4 19 20 Short-term marketable....................... 1.4 4.0 3.5 2.2 6.4 7.6 10.1 9.9 -35.7 30.9 20.7 29.8 -17.3 3.8 20 21 Other........................................................ 3.6 3.0 .2 4. 1 6.2 -2.7 -7.2 -1.9 14.5 3.9 8.5 4.5 17.9 28.6 21 22 Net acquisitions, by sector.................... 5.9 7.1 3.6 6.3 12.7 4.9 2.9 8.0 -21.3 34.7 29.2 34.3 .7 32.5 22 23 Federal Reserve System.................... 2.8 3.5 3.7 3.5 4.8 5.7 3.8 5.5 2.8 3.6 6.9 5.5 5.5 7.5 23 24 Short-term......................................... 4.9 2. 1 3.7 5.4 1.9 6.7 12.4 -.1 -4.2 2.3 9.3 1.4 -4.9 -12.2 24 25 Commercial banks.............................. -2.6 .4 -2.3 -3.5 8.8 -5.7 -4.8 17.9 -.3 23.6 -5.9 7.9 -8.2 13.6 25 26 Short-term marketable................... -3.5 3.9 -1.7 -4.5 4.6 -2.8 -4.4 10.2 -7.2 18.3 -2.7 4.3 -2.4 8.8 26 27 Other direct....................................... .5 -4. 1 -1.4 1.1 1.4 -.3 —. 3 5.5 2.4 2.8 -5.2 2.5 -4.4 2.6 27 28 Nonguaranteed................................ .6 .8 2.8 -2.6 -.1 2.2 4.4 2.5 2. 1 1.1 -1.3 2.3 28 29 Nonbank finance.................................. -.5 2.0 -.8 .9 3.4 .8 .2 -8.5 9.6 -1.4 9.8 -2.0 6.8 29 30 Short-term marketable............. -1.3 1.2 -.4 1.5 1.0 3.8 1.4 4.6 -10.7 10.6 -.4 10.3 -3.3 6.8 30 31 Other direct....................................... .6 .5 -.7 -1.0 -1.5 -.5 -.9 -5.2 .9 -.7 -1.1 -2.6 .8 -.8 31 32 Nonguaranteed................................ .3 .3 .3 .4 .5 . 1 .4 .8 1.4 -.3 . 1 2.1 .5 .8 32 33 Foreign.................................................... . 6 .5 -2.6 2. 1 -4.4 -2.1 2.6 1.9 -1.4 5.2 -.3 -5.2 -.4 33 34 Short-term......................................... -.6 . 1 -.4 -.8 1.6 -2.4 .7 3.1 .7 -2. 1 4.8 -1.4 -7.3 -2.5 34 35 Pvt. domestic nonfinan. sector. . .. 4.7 .8 3.1 8.0 -3.0 6.0 5.2 -18.2 -17.2 -.8 24.4 11.3 10.5 4.9 35 36 Short-term marketable.................. 1.8 -3.2 2.4 .7 -2.7 2. 3 -7.9 -14.4 1.8 9.7 15.1 .6 3.0 36 37 Other direct...................................... 1.0 2.8 -1.2 2.2 -1.6 1.8 5.8 -9.6 -3.0 -1.8 8.1 -6.5 -.9 37 38 Nonguaranteed................................ .7 .4 1.3 4.6 .4 1.5 -1.4 -1.5 -.9 -1.5 5.6 2.5 9.6 2.1 38 39 Savings bonds—Households.... 1.2 .9 .6 .6 .9 .3 .9 .8 1. 1 .7 .9 .2 .3 .8 39 IV. Other securities 40 Total net issues, by sector..................... 13.1 14.6 16.2 18.7 29.6 17.2 12.5 28.1 28.1 31.4 30.8 25.5 21.2 25.8 40 41 State and local govts........................... 6.7 5.9 7.3 6.0 10.1 4.6 6.1 10.3 11.5 7.5 11.2 10.0 6.8 12.8 41 42 Nonfinancial corporations................ 3.6 5.4 5.4 11.4 17.4 11.3 6.6 14.3 15.8 21.4 18.1 12.5 13. 1 11.8 42 43 Commercial hanks.............................. .3 .6 .8 . 1 .2 .8 .1 .7 .2 43 44 Finance companies............................. 1.4 2. 1 1.9 .8 .6 1.2 -.4 1.7 -.3 i.O .1 1.5 . 1 44 45 Rest of the world................................ 1.1 .7 .8 .5 1.3 .2 1.0 1.0 1.6 1.4 1.5 . 5 1.0 45 46 Net purchases............................................. 13.1 14.6 16.2 18.7 29.6 17.2 12.5 28.1 28.1 31.4 30.8 25.5 21.2 25.8 46 47 Households............................................ -2.9 1.5 . 1 2.9 -2.5 3.4 -3.5 -4.0 — 6.6 -.9 1.3 11.1 1.4 -8.7 47 48 Nonfinancial corporations................ .9 .2 .7 .8 .7 .7 .8 .7 .7 .8 .7 -. t . 1 .2 48 49 State and local govts........................... 2.5 2.8 2.8 4.1 6.0 5.6 5.0 7.0 6.9 4.8 5.5 4.0 3.9 4.9 49 50 Commercial banks.............................. 5.2 3.7 5.0 2.4 9.8 1 -.7 9.6 14.5 4.8 10.3 4.7 6.3 9.6 50 51 Insurance and pension funds........... 7.6 7.5 9.5 9.5 13.5 9.5 8.6 13.9 11.0 14.6 14.4 15.5 12.9 13.7 51 52 Finance n.e.c................................. -.2 -.8 -1.7 -2.2 -1.1 -2.8 1.5 -1.9 -2.8 2.1 -1.9 -12.5 -6.7 2.3 52 53 Security brokers and dealers.... .2 * -. 1 .1 . 1 1.0 2.6 -1.9 -2.9 2.6 2.5 -3.9 -5.5 7.2 53 54 Investment cos., net....................... — .5 -.8 -1.5 -2.4 -1.2 -3.8 —1.2 —. 1 -.5 — 4.4 -8.6 -1.1 -4.9 54 55 Portfolio purchases.................... .8 1.1 1.6 1.3 1.6 -1.1 2.5 3.0 1.3 3.1 -1. 1 -1.4 3.8 LI 55 5 57 6 Rest N o e f t t h is e s u w es o r o ld f . o .. w ... n ... . s ... h .. a .. r .. e .. s ... . . . . . . . . . . . . . . . . . 1 . . 3 2 - 1 . . 9 1 - 3 . . 4 1 3. .9 7 2 1 . . 8 0 2. . 8 4 3. . 6 4 3. . 1 5 1 1 . . 3 3 2 3 . . 2 6 3.3 * 7. . 3 7 4 1 . . 9 9 2 6. . 1 2 5 5 7 6 V, Mortgages 58 Total net lending....................................... 25.0 25.3 25.5 19.6 21.9 17.0 13.2 17.3 19.0 24.8 26.3 24.8 25.5 24.8 58 59 1- to 4-family......................................... 15.7 15.4 16.1 10.0 12.5 7.4 6.9 9.4 9.7 15.0 16.0 15.7 14.5 14.8 59 60 In process........................................... .5 -.3 -.9 1.0 -1.7 -1.2 .5 1.4 1.3 .9 .3 .4 -.3 60 61 Disbursed........................................... 15.2 15.7 16.2 11.0 11.5 9.1 8.1 8.9 8.3 13.7 15.1 15.4 14.1 15.1 61 62 Other........................................................ 9.3 10.0 9.4 9.6 9.4 9.6 6.2 7.9 9.3 9.8 10.4 9.1 11.1 10.0 62 63 Net acquisitions......................................... 25.0 25.3 25.5 19.6 21.9 17.0 13.2 17.3 19.0 24.8 26.3 24.8 25.5 24.8 63 64 Households............................................ -.3 -.2 -.9 -.4 -.6 .6 .5 -.5 -1.7 -.4 .2 1.0 -.5 1.0 64 65 U.S. Government................................ — 1.0 .2 1.0 3.4 2.7 3.1 1.8 2.4 1.6 3.1 3.7 4.6 4.3 2.2 65 66 Commercial banks.............................. 4.9 4.5 5.6 4.6 4.6 4.3 3.6 2.0 3.5 6.0 6.7 5.8 6.2 6.2 66 67 Savings institutions............................. 16.1 14.8 13.1 6.6 10.8 3.7 3.7 6.8 10.3 13.1 12.9 10.8 11.7 12.0 67 68 Insurance................................................ 4.0 5. 1 5.5 5.1 3.1 5.3 3.6 5.2 2.9 2.0 2.3 2.1 2.2 2.7 68 69 Mortgage companies........................... .8 .4 .5 -.6 .4 -.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 5.2 2.0 1.7 7.7 6.7 9.8 2.7 13.2 15.0 70 71 Nonfinancial business......................... 5.0 5.1 12.2 9.9 7.4 9.6 4.7 5.8 11.0 2.0 10.8 1.6 12.7 5.7 71 72 Nonbank finance................................. 1.7 .5 2.4 -1.4 -2.4 -3.5 -2.7 -4.3 -3.3 2. 1 -4.0 -.8 -1.1 4.9 72 73 Households............................................ .4 1.4 1.3 1 1.7 -.7 .5 .9 .7 1.7 3.5 2.0 1.7 4.6 73 74 Rest of the world................................. .5 1.7 .4 -.2 -.3 -.3 -.5 -.6 -.8 .8 -.5 -.2 -. 1 -.1 74 Note.—Quarterly data are seasonally adjusted totals at annual rates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 70 U.S. BALANCE OF PAYMENTS □ MARCH 1969 1. U.S. BALANCE OF PAYMENTS (In millions of dollars) 1967 1968 Item 1966 1967 I II III IV I II i»p 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 1,391 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 J35 -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 1........................................ 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 currency 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 Othello ng-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 -74 114 -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, nonmarketable, medium-term U.S. Govt, securities^.................... —49 469 * * 335 135 273 772 409 5. Errors and unrecorded transactions........................... -210 -532 -250 -458 207 -34 -243 -42» 444 Balances A. Balance on liquidity basis Seasonally adjusted (*= 14-2-f'3+4+5) ....... -1,357 -3,571 -505 -522 -802 -1,742 -687 -164 41 Lew 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..,.6...9..7..............1..,262 -979 355 l,H9 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 -64960 -35 353 Before seasonal adjustment..................................... 266 -3,405 -1,279 -705 -25 -1,396 1,563 91 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 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 ... | .V I II I II [IIP 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 (increase, —)..................................................... 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 tn 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...................................................... -945 455 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, securities, etc............................................. -582 1,537 -174 441 162 1,108 — 1 112 -2,184 31 JMF (gold deposits)............. .......... 177 22 17 5 ♦ ' 8 -11 Commercial banks abroad................................ 2,697 1,262 -753 161 I ,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 70S 25 1,396 -90 -1,563 -91 Change in U.S. official reserve assets (increase, ~)................. 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 3 Includes certificates sold abroad by Export-Import Bank. add to totals because of rounding. * With original maturities over 1 year. 2. MERCHANDISE EXPORTS AND IMPORTS (In millions of dollars, seasonally adjusted) Exports 1 Imports 2 Export surplus Period 1966 1967 1968 1969 1966 1967 1968 1969 1966 1967 1968 1969 Month: Jan........... 2,268 2,631 2,797 2,082 I ,924 2,262 2,619 I ,967 344 369 178 116 Feb......................... 2,384 2,612 2,797 2,029 2,235 2,610 355 377 187 Mar........................ 2,561 2,558 2,462 2,086 2,205 2,624 475 353 -162 Apr........................ 2,361 2,654 2,905 2,120 2,234 2,640 241 420 266 May....................... 2,430 2,562 2,736 2,088 2,145 2,777 342 417 -41 June...................... 2,505 2,597 2,865 2,147 2,237 2,853 358 360 12 July....................... 2,461 2,588 2,841 2,187 2,212 2,679 274 376 162 Aug........................ 2,458 2,550 2,933 2,127 2,133 2,838 331 417 95 Sept........................ 2,556 2,641 J 3,267 2,30( 2,214 J 2,977 255 427 288 Oct........ — . 2,590 2,396 J 2,614 2,256 2,20! 32,670 334 195 —57 Nov...................... 2,510 2,693 3,000 2,192 2,388 2,830 318 305 171 Dec........................ 2,414 2,609 2,886 2,230 2,530 2,957 .................- • 184 79 -70 Quarter: I 7,214 7,810 8,055 6,040 6,702 7,854 1,174 1 ,108 201 11............................ 7,296 7,822 8,506 6,355 6,616 8,268 941 1 ,206 238 in........................ 7,476 7,832 9,041 6,613 6,558 8,494 863 1,274 547 IV.......................... 7,514 7,698 8,500 6,678 7,119 8,458 836 579 42 Year4........................ 29,489 31,148 34,090 ..............2...5.,686 26,996 33,075 ........3...,.8...0..3... 4,(52 1 ,015 .................. 1 Exports of domestic and foreign merchandise; excludes Dept, of 5 Significantly affected by strikes. Defense shipments of grant-aid military equipment and supplies under 4 Sum of unadjusted figures. Mutual Security Program. 2 General imports including imports for immediate consumption plus Note.—Bureau of the Census data; includes figures for shipments of entries into bonded warehouses. silver, not previously reported in the published data. Details may not add to totals because of rounding. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 72 U.S. GOLD TRANSACTIONS □ MARCH 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 1960 1961 1962 1963 1964 1965 1966 1967 1968 IV I II III IV Western Europe: Austria................................ -1 -143 -82 -55 -100 -25 Belgium............................... -141 -144 -63 -40 -83 -58 -25 -33 France................................ -173 -456 -518 -405 -884 -601 600 220 240 140 Germany, Fed. Rep. of... -34 -23 -225 Ireland.................................. -1 -2 -2 -2 -52 -1 -12 -32 -11 3 Italy........................................... 100 200 -80 -60 -85 -209 -85 -184 -25 Netherlands.................... -249 -25 -60 -35 -19 -49 30 Spain........................................ -114 -156 -146 -130 -32 -180 Switzerland............................ -324 -125 102 -81 -50 -2 -30 -50 -25 -25 United Kingdom.................. -550 -306 -387 329 618 150 80 -879 -835 -771 -900 50 15 Bank for Inti. Settlements. -36 -23 Other......................................... -96 -53 -12 1 -6 -35 -49 16 -47 -6 -1 -22 -16 -8 Total................................ -1,718 -754 -1,105 -399 -88 -1,299 -659 -980 -669 -863 -1,195 163 213 150 Canada........................................ 190 .............. 200 150 50 100 50 .............. Latin American republics: A Br rg az e i n l. t .. i . n .. a ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -5 -2 0 -9 -2 0 5 8 7 5 -3 7 0 2 54 25 -3 -3 9 - - 1 1 -25 * ♦ • ............-..5 ♦ -15 -5 Colombia................................ -6 .............. 38 ....... 10 29 7 Venezuela................................ -25 Other........................................ -42 -17 -5 -H -9 -13 -6 H -40 -7 -28 -7 -3 -3 Total................................ -100 -109 175 32 56 17 -41 9 -65 -7 -28 -12 -18 -8 Asia: Iraq........................................... -30 -10 -4 -21 -42 -21 -14 -28 .............. Japan........................................ -15 .............. -56 Lebanon.................................. -21 -32 -Il -11 -1 -95 -74 -21 Malaysia.................................. -1 -34 -10 -24 Saudi Arabia..................... -11 -48 -13 -50 -25 -25 Singapore................................ -81 -30 -23 -28 Other......................................... -57 -32 -47 12 14 -14 -15 -22 -65 -I -15 -26 -18 -6 Total................................ -113 -101 -93 12 3 -24 -86 -44 -366 -22 -143 -146 -71 -6 All other...................................... -38 -6 -I -36 -7 -16 -22 1-166 1-68 1-162 -1 '-16 1-51 -1 Total foreign countries...... -1,969 -970 -833 -392 -36 -1,322 -608 -1,031 — 1,118 -953 -1,317 -10 73 136 Inti. Monetary Fund.........■. 2 300 150 .............. 3-225 4177 422 4-3 ..............48 4-11 Grand total.................. -1,669 -820 -833 -392 -36 -1,547 -431 -1,009 — 1,121 -953 -1 ,309 -22 73 136 1 Includes sales to Algeria of $150 million in 1967 and $50 million in securities. 1968. a Payment to the IMF of $259 million increase in U.S. gold subscription, 2 IMF sold to the United States a total of $800 million of gold ($200 less gold deposits by the IMF. million in 1956, and $300 million in 1959 and in 1960) with the right of 4 Represents gold deposited by the IMF; see note 1(b) to Table 4. In repurchase; proceeds from these sales invested by IMF in U.S. Govt, 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

MARCH 1969 o U.S. GOLD STOCK; POSITION IN THE IMF A 73 4. U.S. GOLD STOCK, HOLDINGS OF CONVERTIBLE FOREIGN CURRENCIES, AND RESERVE POSITION IN IMF (In millions of dollars) End of year r T e a s s o s e t e r a v ts l e Tot G a o l l 2 d st T oc re k a s 1 ury cu v fo e r C r r r e e o t n i i n b g c ­ l n i e e s p R I o M e s s in i e F ti r o v 3 n e End of month r a e T s s o s e t e r a v ts l e To G ta o l l 2 d st T o r c e k a s 1 ury v c fo c e C u i r r e r e o t r s i e i n b g n ­ 5 l n e * p R I o M e s s in i F e t i r o v 3 n e 1956............................ 23,666 22,058 21,949 1 ,608 1968—Feb........1..4...,.7.90 11,900 11,882 2,235 655 1957 ... . 24’832 22 357 22,781 1 ,'975 Mar............... 13,926 10,703 10,484 2,746 477 1958............................ 22 540 20’582 20’534 1'958 Apr............... 13'840 10'547 10,484 2,804 489 1959 ........................... 21^504 19,507 19356 1'997 May............. 14*348 10,468 10,384 3,386 494 I960............................ 19359 17*804 17367 1,555 June............. 14,063 10,681 10,367 2,479 903 July.............. 14,366 10,676 10,367 2,773 917 1961............................ 18,753 16,947 16,889 116 1,690 Aug........ 14,427 10,681 10.367 2,817 929 1962............................ 17,220 16*057 15,978 99 1,064 Sept.............. 14,634 10,755 10,367 2*953 926 1963............................ 16,843 15396 15,513 212 1,035 Oct................ 14,427 10,788 10,367 2,703 936 1964........................... 16 672 15,471 15 388 432 '769 Nov.. 15,660 10,897 10,367 3’655 1,108 1965 ......................... 15350 413,806 *13’733 781 *863 Dec............... 15*710 10'892 10,367 3,528 1,290 1966 ................ 14,882 13,235 13,159 1,321 326 1969—Jan................ 15,454 10,828 10,367 3,338 1 ,288 1967............................ 14,830 12,065 11,982 2,345 420 Feb.............. 15,499 10,801 10,367 3^399 1,299 1968. ......................... 15,710 10,892 10,367 3328 1 ,290 i Includes (a) gold sold to the United States by the International Mon­ 4 Reserve position includes, and gold stock excludes, $259 million gold etary Fund with the right of repurchase, and (b) gold deposited by the subscription to the IMF in June 1965 for a U.S. quota increase which IMF to mitigate the impact on the U.S. gold stock of foreign purchases became effective on Feb. 23, 1966. In figures published by the IMF from for the purpose of making gold subscriptions to the IMF under quota June 1965 through Jan. 1966, this gold subscription was included in the increases. For corresponding liabilities, see Table 6. U.S. gold stock and excluded from the reserve position. 2 Includes gold in Exchange Stabilization Fund. 5 For holdings of F.R. Banks only, see pp. A-12 and A-13. 3 In accordance with IMF policies the United States has the right to draw foreign currencies equivalent to its reserve position in the IMF vir­ Note.—See Table 18 for gold held under earmark at F.R. Banks for tually automatically if needed. Under appropriate conditions the United foreign and international accounts. Gold under earmark is not included 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 T o r t a h n e s r a c c o ti u o n n t s ri e b s y reserve Period with IMF p in o s IM itio F n P s t u a d io b y o n m o s ll s a c f e r r i n i s n p t s ­ by s g N I a M o l e e ld s t F 1 T t c f r i o c o u a i r n e r n e r s s s e i g a n 2 i n n c ­ ­ I i M d n o c F i l o n la m n rs e e t D d ra o w o lla f in rs gs R m e e i p n n a t y s ­ c T ha o n ta g l e Amount P q e U u r o . o c S f t e . a nt p ( e e r n io d d o ) f * dollars 1946—1957.................................. 2,063 4 594 -45 — 2,664 827 775 775 28 1,975 1958—1963.................................. 1 ^031 150 60 -1,666 2,740 2,315 3,090 75 1 ,035 1964............................................. 525 18 —282 5 266 3,356 81 769 1965............................................... 435 12 -282 165 3,521 85 5 863 1966................................................ 776 680 15 -159 1 1,313 4,834 94 326 1967............................................... 20 -114 -94 4,740 92 420 1968............................................... -84 20 -806 -870 3,870 75 1 ,290 1968—Feb.................................... 2 -216 -214 4,505 87 655 Mar.............. 200 1 —23 178 4,683 91 477 Apr.............................. . 2 -14 -12 4,671 91 489 May....................... 2 -7 -5 4^666 90 494 J unc.................................. -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 1'290 1969—Jan..................................... 2 2 3,872 75 1 ,288 Feb.................................. -13 -H 3,861 75 1 ,299 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 Jess $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. a MARCH 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 organizations Non­ pe E o r n i f o d d Total Total p G d o o e s l ­ i d t1 i m n G v e o e n l s d t t 2 ­ Total i i p t S n l b i i t e o a a e h b s U r n b r o t y m e k . r i r S l s t e d ­ ­ . ­ M n b G a o a U a o o b r t n n . e k S v l d d e s e t . s , 4 t ­ c m T o b a U a r a o n i u b e b n n r v . r l S a k l y d e d e e s e . s r ­ t t ­ ­ Total i i p t S n b l i i t e o a a h e b s U r n o r b t y m e k . r r i S l s t e d ­ ­ . ­ M n b G a a o U a o o b r n t n . e k S v l d d e e s t . s , 4 t ­ Total i i n p t S b l i i t e o a a U e h b s r n b r o t y . m k e S i r r l s e t d ­ . ­ ­ 6 M n b G a a U o a o o b r n t n . e k S l v d d e s e t . s , 4 t ­ notes 1957................ 715,825 200 200 n.a. 7,917 n.a. n.a. 5,724 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 19608............. 1 (2 2 0 1 , ,0 9 2 9 7 4 8 8 0 0 0 0 8 80 0 0 0 1 1 1 1, , 0 0 8 7 8 8 1 1 0 0 , , 2 2 1 1 2 2 8 8 6 7 6 6 7 7 , , 5 5 9 9 1 8 7 7 , , 0 0 4 48 8 5 5 5 4 0 3 1 1 , , 5 5 4 2 1 5 7 7 5 5 0 0 7 7 9 7 1 5 19618............. 1 (2 2 2 2 , , 8 9 5 3 3 6 8 8 0 0 0 0 8 80 0 0 0 1 11 1 , , 8 8 3 3 0 0 1 10 0 , , 9 9 4 4 0 0 8 8 9 9 0 0 8 8 , , 2 3 7 5 5 7 7 7, , 8 7 4 5 1 9 5 5 1 1 6 6 1 1 , , 9 9 4 4 8 9 7 7 0 03 4 1 1 , , 2 2 4 4 5 5 1962 8............. (24,068 800 ................ 800 12,748 11,997 751 8,359 7,911 448 2,161 1,250 911 124,068 800 800 12,714 11,963 751 8,359 7,911 448 2,195 1,284 911 1963s.............. / 1 2 2 6 6 , , 3 3 6 2 1 2 8 8 0 0 0 0 8 8 0 0 0 0 1 14 4 , , 3 3 5 8 3 7 1 12 2 , , 4 4 6 6 7 7 1 1 , , 1 2 8 1 3 7 7 7 0 0 3 3 9 9 , , 2 2 0 1 4 4 8 8 , , 8 8 6 6 3 3 3 3 5 4 1 1 1 1 , , 9 9 6 6 5 0 8 80 0 8 8 1 1, , 1 1 5 5 7 2 19648............. 1 (2 2 8 9 , , 9 0 5 0 1 2 8 8 0 0 0 0 8 80 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 62 8 5 0 3 3 7 7 6 6 1 1 , , 7 7 2 2 2 2 8 8 1 1 8 8 9 9 0 0 4 4 1965................ 29,115 834 34 800 15,372 13,066 1,105 1,201 11,478 11,006 472 1,431 679 752 19668............. (29.904 1,011 211 800 13,600 12,484 860 256 14,387 13,859 528 906 581 325 129,779 1,011 211 800 13.655 12.539 860 256 14,208 13,680 528 905 580 325 1967- Dec. 8 L ( ( 3 3 3 3 ,1 2 3 7 3 1 1 1 , , 0 0 3 3 3 3 2 23 3 3 3 8 80 0 0 0 1 1 5 5 , , 6 6 5 4 3 6 1 14 4 , , 0 0 2 3 7 4 9 9 0 0 8 8 7 7 1 1 1 1 1 15 5 , , 7 8 6 9 8 4 1 1 5 5 , , 3 2 3 1 6 0 5 55 5 8 8 6 6 9 8 1 6 4 4 8 87 2 2 2 0 0 4 4 1968-JanU. , 33,113 1 ,033 233 800 15,206 13,778 717 711 16,182 15,612 570 692 488 204 Feb.L. 33,316 1 ,033 233 800 15,326 13,963 652 71 1 16,321 15,728 593 636 431 205 Mar.f.. 32,491 1 ,041 241 800 14,275 12,915 549 8H 16,410 15,806 604 765 560 205 Apr.r.. 32,992 1 ,045 245 800 14,368 13,008 549 811 16,746 16,134 612 833 628 205 Mayr.. 33,144 1 ,047 247 800 13,599 12,242 546 811 17,866 17,256 610 632 465 167 Juner.. 32,555 1 ,030 230 800 12,085 10,728 546 811 18,755 18,142 613 685 519 166 July' . . 33,123 1 ,030 230 800 12,592 11 ,234 546 812 18,726 18,099 627 775 615 160 Aug. r.. 33,583 1 ,030 230 800 12,422 11,151 509 762 19,359 18,723 636 772 612 160 Sept.r.. 33,559 1 ,030 230 800 12,048 10,766 520 762 19,775 19,149 626 706 630 76 Oct... . 33,974 1 ,030 230 800 12,122 10,840 520 762 20,029 19,409 620 793 725 68 Nov.... 35,623 I ,030 230 800 13,676 12,396 518 762 20,111 19,487 624 806 738 68 Dec. ’,.. 33,855 1 ,030 230 800 12,539 I I,320 518 701 19,518 (8,909 609 768 726 42 1 Represents liability on gold deposited by the International Monetary 8 Data on the two lines shown for this date differ because of changes in Fund to mitigate the impact on the U.S. gold stock of foreign purchases reporting coverage. Figures on the first line are comparable with those for the purpose of making gold subscriptions to the IMF under quota in­ shown for the preceding date; figures on the second line are comparable creases. with those shown for the following date. 2 U.S. Govt, obligations at cost value and funds awaiting investment obtained from proceeds of sales of gold by the IMF to the United States Note.—Based on Treasury Dept, data and on data reported to the to acquire income-earning assets. Upon termination of investment, the Treasury Dept, by banks and brokers in the United States. Data correspond same quantity of gold can be reacquired by the IMF. to statistics following in this section, except for minor rounding differences. 3 Includes Bank for International Settlements and European Fund. Table excludes IMF “holdings of dollars,” and holdings of U.S. Treasury 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 $34 million at the end of 1968, 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

MARCH 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 c f o o T u r o n e t t i a g ri l e n s E W u e ro s p te e r n 1 Canada A re m L p e u a r b t i i c l n ic a s n Asia Africa cou O n t t h ri e e r s 2 1966...................................................................................................... 13,655 7,488 1,189 1,134 3,339 277 228 1967—Dec '....................................................................................... 15,646 9,872 996 1,131 3,145 249 253 1968 Jan r........................................................................................ 15,206 9,373 1 ,091 1 .210 3 ,056 229 247 Feb. ....................... .......................................... 15’326 9,179 1 303 1,170 3,086 272 216 Mar.r...................................................................................... 14,275 8,881 851 1,174 2,927 230 212 Apr.r...................................................................................... 14’368 8,624 1,040 ! ,371 2,857 247 229 Mayr...................................................................................... 13 ’ 599 7,908 1 ,035 1 380 2,790 251 235 J uner................. - 12,085 7,034 67 i 1 ’197 2,734 259 190 Julyr....................................................................................... 12,592 7,043 709 1 328 2,843 284 185 Aug.r. . ................................................................................. 12,422 6,838 780 1 ,432 2,926 242 204 Sept.r. . ............................................................................... 12 048 6,951 438 1 ,196 2,959 293 211 Oct............................................................................ 12,122 6,843 416 1 ,262 3,116 271 214 Nov................................................... 13’676 8,086 574 1 ,357 3 J 60 271 228 Dec?*....................................................................................... 12339 6,998 533 1,354 3 3 68 259 227 1 Includes Bank for International Settlements and European Fund. Note.—Data represent short-term liabilities to the official institutions 2 Includes countries in Oceania and Eastern Europe, and Western Euro­ of foreign countries, as reported by banks in the United States, and foreign pean dependencies in Latin America. official holdings of marketable and convertible non marketable U.S. Govt, securities with an original maturity of more than I 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 p n e d ri o o d f G to ra ta n l d ’ Total ‘ Intl.> gio R n e a ­ l2 Total c O ia ff l i­ 1 Other Europe Canada Am La e t r i i n ca Asia Africa c O t o r t i u h e n e s ­ r 1966.............................. 27,599 1 380 1 ,270 1 10 26,219 12,539 13,680 13,933 2,502 3,883 5,250 385 266 19674'......................... (30,657 1 ,287 1,181 106 29J70 14,034 15336 16,378 2,706 4,140 5,492 349 305 ( 30,519 I ,282 1,181 101 29,237 14,027 15,210 16,199 2,709 4,1 34 5,541 349 305 1968— Jan.r................ 30,678 1 ,288 1,190 98 29,390 13,778 15,612 16,033 3,101 4,191 5,432 326 307 Feb,r, ............ 30’922 1 ,'231 1,117 114 29,691 13,963 15,728 16,129 3,201 4,123 5,522 434 281 Mar.r.............. 30081 1 360 I ’268 92 28,721 12,915 15’806 15 861 2,791 4,072 5,375 339 282 Apr. r................ 3O37O 1 *428 1 ’335 93 29’142 13 008 16,134 15'846 2,943 4’297 5’,400 366 290 May'. 30 763 1,265 1,176 89 29'498 12,242 17 256 16'149 3 055 4’287 5'332 371 304 June'................ 30,189 1 ,319 1,221 98 28 370 10,728 18142 15'357 2’842 4,172 5,367 370 262 July',.............. 30 748 1 ,415 1 ,304 11 i 29,333 11,234 18,099 15,802 2,894 4 484 5 510 397 247 Aug. r.............. 31’286 1 312 1 ,’298 114 29,874 11,151 18,723 16375 3,140 4,401 5^638 356 264 Sept.r. 31’345 1 430 1 '318 112 29,915 10 766 19,149 16,554 2,747 4,263 5,665 405 280 Oct................... 31 ’,774 I ,525 1 '404 121 30,249 10,840 19,409 16,375 3,015 4,405 5,801 369 283 Nov......... 33,421 1 338 1 ’403 135 31,883 12,396 19,487 17,693 3,081 4,525 5,894 400 291 Dec.51. 31 ’755 1 326 1 ,406 120 30,229 11,320 18,909 16,224 2,796 4,602 5,956 361 290 1969—Jan?'................ 31,738 1 ,453 1 ,336 117 30,285 9,568 20,717 16,481 2,917 4,543 5,716 360 269 8a. Europe E p n e d ri o o d f Total Austria B L b e o u l u x g r e iu g m m s ­ - m De a n rk ­ l F a i n n d ­ France m G F a e e n d r y . ­ , Greece Italy N la e n th d e s r­ Norway Po ga rt l u­ Spain Sweden Rep. of 1966.............. 13,933 196 420 305 58 1,070 2,538 129 1,410 364 283 358 162 656 / 16,378 231 601 243 99 1,326 2,218 170 1,948 589 449 437 150 492 1967*............... t 16,199 231 632 243 99 1,3 JO 2,217 170 1,948 589 449 437 150 492 1968—Jan.... 16,033 165 582 213 116 1,350 1,924 165 1,896 530 367 437 137 516 Feb.... 16,129 177 580 220 126 1,245 2,143 159 1,786 488 390 426 121 541 Mar.... 15,861 154 539 199 139 1.162 2,351 154 1,573 361 385 388 129 529 Apr.... 15,846 181 513 177 141 1,202 2,134 156 1,534 330 399 394 134 565 May .. 16,149 165 530 178 140 959 2,009 154 1,364 272 404 381 153 582 June... 15,857 164 420 185 150 1,262 1.705 152 988 245 411 338 144 510 July'. . 15,802 174 373 144 161 881 1,834 173 998 251 427 325 151 514 Augr... 16,075 150 382 149 156 977 1,779 184 1,109 315 485 323 187 543 Sept.... 16,554 131 360 152 155 1,144 1,931 197 1,051 273 438 321 183 536 Oct.... 16,375 153 424 130 158 1 ,170 1,865 183 1,077 277 395 319 165 534 Nov..., 17,693 134 326 123 166 1 ,229 3,564 187 840 261 381 342 167 499 Dec,*.. 16,224 162 307 146 176 1,383 2,640 183 729 278 448 345 158 453 1969—Jan?’. . 16,481 136 320 141 164 1,468 ! ,329 195 629 218 317 330 136 453 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. a MARCH 1969 8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in minions 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 40 418 299 261 178 8 632 1967-»r............... /I,732 33 4,851 23 736 8 44 4,140 480 237 252 169 9 723 It,732 33 4,667 23 706 8 44 4,U4 479 237 252 166 9 720 1968—Jan.r... 1,539 39 5,142 42 834 7 31 4,191 427 277 251 156 9 722 Feb.'.,. 1,511 39 5,431 56 653 6 29 4.123 414 291 239 162 8 747 Mar. r. . 1,657 29 5,583 52 439 4 35 4,072 430 301 263 154 8 721 Aprr. .. 1,544 28 5,881 60 438 4 31 4,297 444 351 260 160 8 745 May r... 1,553 25 6,841 59 350 4 26 4,287 473 310 241 187 8 813 JuneL., 1,741 25 7,027 51 297 5 40 4,172 429 258 245 198 8 789 July... 1,863 22 7,053 20 401 6 32 4,484 642 248 254 179 8 817 Aug.T . . 1,754 18 7,092 29 405 6 34 4,401 502 301 304 186 8 776 Sept..... 1,964 30 7,104 >6 511 7 4t 4,263 445 250 302 210 8 769 Oct......... 1 ,741 31 7,244 >8 439 4 38 4,405 463 285 287 219 8 849 Nov....... 2,008 34 6,994 40 358 6 34 4,525 502 312 289 224 8 892 Dec.*... 2,155 29 6,184 14 362 5 48 4,602 477 258 323 249 9 970 1969—Jan.*. .. 2,039 33 8,094 25 406 12 34 4,543 495 247 302 222 8 941 8b. Latin America—Continued 8c. Asia E pe n r d i o o d f Panama Peru U gu r a u y - V zu e e n l e a ­ O L re t , h A p e . . r B B e a r h m 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 m La t e h t r i e n ic r a Total C M la h a n i i n d n a - H Ko o n ng g India n d I e n o s ­ i - a Israel 1966..................... 150 249 16 707 522 17' 104 17 5,250 36 142 179 54 115 1967^........ /170 274 147 793 523 233 111 18 5,492 36 215 354 34 125 )173 274 14/ 793 523 233 109 18 5,541 36 217 354 34 125 1968—Jan.r... 163 281 14 851 512 276 106 18 5,432 37 228 329 40 113 Feb. '. .. 156 267 152 770 559 252 86 17 5,522 36 226 351 42 134 Mar. r. . 140 259 143 730 579 242 84 19 5,375 37 228 319 39 110 Apr.r . . 139 276 140 814 603 242 88 25 5,400 36 221 342 46 H9 Mayr... 145 272 141 780 579 226 3 25 5.332 36 238 368 41 128 Juner... 153 278 138 742 592 22C 917 25 5,367 36 243 384 74 127 July'. .. 154 268 13 797 623 245 88 27 5,510 36 260 376 51 134 Aug.r,.. 147 278 140 792 621 234 f3 28 5,638 36 255 394 51 136 Sept.r... 156 275 142 723 608 254 S2 29 5,665 36 261 393 55 144 Oct......... 165 265 145 777 565 258 88 30 5,801 37 255 370 52 143 Nov. ... 163 272 153 775 574 235 93 31 5,894 36 260 379 49 163 Dec.*... 154 276 149 792 610 215 88 32 5,956 37 270 281 50 219 1969—Jan.*. .. 156 277 149 799 582 230 105 31 5,716 38 270 215 62 191 8c. Asia—-Continued 8d. Africa 8e. Other countries E pe nd ri o o d f Japan Korea P p h in il e ip s ­ T w a an i­ T la h n a d i­ O A t s h i e a r Total C s ( h K o a n i s n g a ­ o ) ro M c o co ­ A S f o r u ic 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 U e r 1966....................... 2,671 162 285 228 598 779 385 If 31 71 39 229 266 243 22 1967 4 ^................... J2.563 176 289 226 616 858 349 33 18 61 16 221 305 278 27 12,612 176 289 222 616 859 349 33 IB 61 16 221 305 278 27 1968—Jan.’’......... 2,508 195 296 216 641 830 326 30 17 61 18 201 307 280 27 Feb.”.... 2,559 181 291 211 647 843 434 30 22 53 15 315 281 249 33 Mar.r,. . . 2,551 174 289 209 655 764 339 28 22 57 17 215 282 253 29 Apr.'.... 2,555 182 285 196 678 740 366 27 14 54 19 252 290 265 25 Mayr.... 2,482 174 265 197 676 729 371 25 10 60 20 257 304 279 25 June'.... 2,537 168 269 196 678 655 370 21 21 47 19 261 262 233 29 July......... 2,661 173 269 206 673 671 397 22 20 51 19 284 247 221 25 Aug.r.... 2,827 174 263 201 673 627 356 18 19 52 21 246 264 240 24 Sept.'.... 2,858 162 258 188 672 637 405 16 18 51 20 300 280 255 25 3,094 166 261 180 648 594 369 13 14 49 20 274 283 256 27 Nov 3,207 167 247 165 648 571 400 13 14 60 20 292 291 264 27 Dec.*.. .. 3,319 172 275 155 551 627 361 12 13 58 18 260 290 262 28 1969—'Jan.*..... 3,267 155 239 150 553 577 360 12 15 50 19 265 269 238 30 1 Data exclude the “holdings of dollars'* of the international Monetary with those shown for the preceding date; figures on the second line are Fund. comparable with those shown for the following date. 2 Latin American, Asian, African, and European regional organiza­ 5 Through the first line for Dec. 1967 Luxembourg was included in tions, except Bank for International Settlements and European Fund Other Western Europe. which are included in “Europe.” 6 Includes Bank for International Settlements and European Fund; 3 Foreign central banka and foreign central govts, and their agencies, beginning with the second line for Dec. 1967 excludes Luxembourg. and Bank for International Settlements and European Fund, < Data on the two lines shown for this date differ because of changes in For Note see end of Table 8. reporting coverage. Figures on the first line are comparable in coverage Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1969 n 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) 1967 1968 1967 1968 Area or country Area or country Apr, Dec. Apr. Dec. Apr. Dec. Apr. Dec, Other Western Europe: Other Asia—Cont.: Cyprus................................................. 1.5 1,7 20.9 n.a. Jordan........................................... 45.2 39.8 6.6 3.0 Iceland.................................... 5,7 4.3 3.3 5,6 Kuwait................................................ 28.6 36,6 34.0 66.7 Ireland. Rep. of.............................. 7.4 9.4 14.7 23.8 Laos,.................................................. 6.5 3.6 4.0 3.1 Luxembourg.................. 21,7 31.3 (B) («) Lebanon............................................. 112.2 113,3 97.2 78.3 Malaysia............................................ 34.9 63.9 52.1 51.8 Other Latin American republics: Pakistan............................................. 45.3 54.8 54.1 59.7 Bolivia.............. 57.9 59.9 61.0 66.0 Ryukyu Islands (inch Okinawa). 31.2 14.5 26.4 17,0 Costa Rica........................................ 41.9 42.6 55.0 51. 1 Saudi Arabia................................... 96.4 61.2 70.3 29.0 Dominican Republic....................... 53.9 55.1 60.2 68.9 Singapore.......................................... 60,3 159.5 156.9 n.a. Ecuador,......................... 92.4 85.6 64.1 66.4 Syria.................................................... 4.7 6.3 6.5 2.1 El Salvador................................... 96'4 72.8 83.6 82.1 Vietnam............................................. 146.3 148.2 123.0 50.5 Guatemala...................... 83.9 73.0 96.4 85.8 Haiti.................................................... 16.8 15.8 17.4 16.9 Other Africa: Honduras................................ 28,6 29.7 31.4 33.2 Algeria............................................... 13.4 6.9 7.9 8.1 Jamaica................................................ 19.3 22.4 44.4 41 .7 Ethiopia, (inch Eritrea)............... 40.2 23.8 22.5 13.2 Nicaragua........................................... 62.7 45.6 57.9 67.0 Ghana................................................ 5.3 4.3 13.0 3,3 Paraguay............................................. 16,6 12.7 13.6 15.7 Kenya................................................. 2,1 16,4 19.8 28,6 Trinidad & Tobago......................... 5.4 6,1 9.2 10.4 Liberia................................................ 21,6 24.9 26.4 25.2 Libya.................................................. 76.0 17.9 45.0 n.a. Other Latin America: Nigeria............................................... 36.5 37.9 24,0 n.a. British West Indies,......................... 14.2 13.8 20.6 25.2 Southern Rhodesia........................ 3.3 2.4 4.2 1.4 Sudan................................................. 6.7 2.3 2.1 5.3 Other Asia; Tanzania........................................... 9.1 20.3 26.9 n.a. Afghanistan................... 7.8 5.5 5.6 6.2 Tunisia.............................................. 1.0 10.3 2.0 7.1 Burma.................................................. 20.3 10.8 16.6 4.7 Uganda............................................ .7 1.4 10.0 n.a. Cambodia........................................... 1.3 1,9 2.7 n.a. Zambia............................................... 25.9 24.8 21.3 n.a. Ceylon......................................... 2.7 5,0 4.5 4.2 Tran...................... 44,0 49.6 38.4 41.3 All other: Iraq........................................................ 28.0 34.6 10.0 n.a. New Zealand................................... 16.7 17.5 15,4 16,8 7 Represent a partial breakdown of the amounts shown in the “other” their date of issue. Data exclude the “holdings of dollars” of the Interna­ categories (except “Other Eastern Europe”) in Tables 8a-8e. tional Monetary Fund; for explanation see note following Table 3. Data 8 Included with Belgium. exclude also U.S. Treasury letters of credit and non-negotiable, non­ interest-bearing special U.S. notes held by the Inter-American Develop­ Note,—Short-term liabilities 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 institutions 1 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 * certificates 1966.................................... 27,599 23,266 8,371 4,050 7,464 3,381 3,744 I ,513 1 ,819 83 329 589 1967 4r................................ / 30’657 26'300 10,054 3^28 9,093 3,425 4,128 1 ,693 2'052 81 302 229 ( 30,519 26,165 9,884 3,721 9,093 3,467 4,125 t ,693 2,054 81 297 229 1968—Jan.'.................... 30,678 26,343 10,148 3,646 8,867 3,681 4,043 1,576 2,081 103 283 291 Feb.r......... . 30,922 26,525 10,203 3,568 8'943 3,812 4,089 1,581 2'088 104 315 308 Mar.r................. 30,081 25,675 10,487 3,429 8,098 3,661 4,083 1,585 2,053 101 344 323 Apr.r,. 30’570 26,194 10,750 3,488 8,047 3,909 4,077 1,607 2,057 86 327 300 May ''..... 30,'763 26,391 11,963 3; 379 7,082 3',967 4’052 1 382 2,045 88 337 320 J uner................ 30,189 25,693 12,313 3,315 6,067 3,999 4,17! 1,694 2,048 88 342 323 Julyr. ................... 30'748 26,124 12'466 3,398 6’031 4,230 4,111 1 ,613 2,067 79 352 512 Aug,r............ 31'286 26,651 12'941 3,455 6,171 4,084 4,126 1,581 2,069 81 395 509 Sept.r.................... 31'345 26,581 12'924 3'432 6,111 4,114 4'203 1,641 2J16 78 368 561 Oct............ 31 '774 27,025 13’328 3'357 6,328 4,012 4' 196 1,596 140 77 383 553 Nov...................... 33’421 28,505 13,410 3'281 7,761 4,054 4,342 I 374 2,178 83 408 573 Dec.”.......... 31’755 26’674 12,611 3’326 6,710 4^027 4,442 1,796 2,199 86 362 638 1969—Jan.”.............. 31,738 26,814 14,031 3,317 5,307 4,158 4,421 1 ,743 2,205 106 366 504 i Data exclude “holdings of dollars” of the International Monetary 4 Data on the two lines shown for this date differ because of changes in Fund. reporting coverage. Figures on the first line are comparable in coverage 2 Excludes negotiable time certificates of deposit, which are included with those shown for the preceding date; figures on th© second line are tn “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. □ MARCH 1969 10. ESTIMATED FOREIGN HOLDINGS OF MARKETABLE U.S. GOVERNMENT BONDS AND NOTES (End of period; in millions of dollars) I 1967 1968 1969 Area and country 1 June Dec. Jan. Feb. Mar. Apr. May July Aug. Sept. Oct. Nov. Deed' Jan.” Europe: Austria................................ 3 3 3 3 3 3 3 3 3 3 3 3 3 3 Denmark............................. 12 12 12 12 12 11 11 II 11 11 11 II 11 11 France.«........................... 7 7 7 7 7 7 7 7 7 7 7 7 7 7 Germany.............................. 2 2 2 2 2 2 2 2 I I I 1 Italy.................................... 9 9 6 6 6 6 6 6 6 6 6 6 6 6 Netherlands............................ 5 4 4 4 4 4 4 4 4 4 4 4 4 4 Norway................................... 51 51 49 49 49 46 46 46 27 27 27 27 27 27 Spain......................................... 2 2 2 2 1 I 1 1 1 1 I 1 Sweden................................... 24 24 24 24 26 26 26 26 6 6 6 6 6 6 Switzerland............................ 91 91 92 91 91 92 91 91 90 90 90 87 87 93 United Kingdom.................. 380 390 415 423 431 427 432 445 455 449 444 446 432 453 Other Western Europe.... 51 51 51 38 38 39 38 38 38 38 38 38 38 38 Eastern Europe..................... 7 7 7 7 7 7 7 7 6 6 6 6 6 6 Total 643 652 674 669 677 671 674 686 655 649 644 643 630 657 Canada 716 527 463 378 377 377 377 376 374 371 370 375 373 375 Latin America: Latin American republics,. 6 6 6 5 5 5 5 5 5 5 5 5 5 5 Other Latin America.......... 18 20 20 20 19 19 19 22 24 24 24 23 23 23 Total.. 24 25 26 25 24 25 25 27 29 28 28 28 28 28 Asia: Japan..... 9 9 9 9 9 10 10 10 10 10 10 10 10 10 Other Asia 54 54 54 54 54 54 54 54 52 63 63 63 63 64 Total 63 63 62 63 63 63 63 63 62 73 73 73 73 73 Africa 19 19 19 19 19 19 19 19 24 24 24 22 22 22 Other countries Total foreign countries. 1,466 1,287 1,245 1,153 1,161 1,156 1,159 1,173 1,145 1,146 1,140 1,142 1,127 1,156 International and regional: International..................... 168 168 168 168 168 129 129 122 122 37 29 29 29 29 Latin American regional,.. 35 36 36 36 36 37 37 38 38 38 38 39 13 14 Other regional.................. 1 1 1 1 1 1 I 1 1 Total 204 204 205 205 205 166 167 160 160 76 68 68 43 43 Grand total 1,670 1,491 1,450 1,358 1,366 1,323 ! ,325 1,333 1,305 1,222 1,208 1,210 1,169 1,199 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 Swit­ Total gium ada 1 mark Italy 2 Korea den wan land Total tria gium many 3 Italy zerland B.I.S. 1966 695 353 144 184 25 342 25 30 50 125 1967 1,563 516 314 177 25 1,047 50 60 601 125 211 1968—Feb. 1,479 307 H4 168 25 1,172 50 60 726 125 211 Mar, 1 ,879 606 • 414 167 25 1 ,272 50 60 726 125 311 Apr. 2,002 604 414 165 25 I ,398 50 60 852 125 311 May 2,302 904 714 165 25 1,398 50 60 852 125 311 June 2,506 1,108 12 914 10 147 25 1,398 50 60 852 125 311 July. 2,521 1,122 12 914 10 146 15 25 1,399 50 60 852 125 Aug. 2,595 I ,122 12 914 10 146 15 25 1 ,473 50 60 926 125 311 Sept. 2,865 1,392 12 1,164 20 146 15 25 10 1,473 50 60 926 125 311 Oct.. 2,996 1 ,397 12 1,164 20 146 15 25 15 1,598 50 60 1,051 125 311 Nov, 2,969 1,370 12 1,134 20 146 15 25 18 I ,598 50 60 1 ,051 125 311 Dec, 3,330 1,692 32 1,334 20 146 15 25 20 100 1,638 50 1,051 226 311 1969—Jan. 3,455 1 ,692 32 1,334 20 146 15 25 20 100 1 .763 50 1,176 226 311 Feb. 3,431 I ,692 32 1,334 20 146 15 25 20 100 1 ,738 50 1.126 226 337 1 Includes bonds issued to the Government of Canada in connection 1 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. end of 1966, $144 million; end of 1967 through Oct. 1968, $U4 million; 3 In addition, nonmarketable U.S. Treasury notes amounting to $125 and Nov. 1968 through latest date, $84 million. million equivalent were issued to a group of German commercial banks in June 1968. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 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 A L m a e t r in ic a Asia Africa co O un th tr e ie r s 1966 1............................................................................................ 7,853 1 1,374 611 2,453 3,206 147 62 I VO / 1 . . . ........................................................................... { / 8 8, , 5 6 8 0 3 6 * J 1 , , 2 23 3 8 4 5 5 9 9 7 7 2 2, , ’ 7 7 0 0 7 7 3 3 , , 8 8 9 7 4 5 1 1 0 0 2 2 6 67 7 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................................................................................ 8387 1,060 513 2,696 3,944 106 68 Apr.................................................................................. 8,395 1,101 496 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 Julyr........................................................... 8 J 79 1 1 ,019 501 2,735 3’735 124 64 Aug. r.............................................................................. 8 ,'230 1 1 ,’007 490 2'811 3^31 120 70 Sept..................... . ....................... 8’323 1,108 480 2,836 3,708 119 72 Oct................................................................................... 8,428 ♦ 1,163 513 2,868 3^687 129 69 Nov............................... 8,547 1 ’202 503 2'888 3^759 122 73 Dec.3’....................................................................... 8,706 * I ’210 523 2,890 3'872 132 79 1969—Jan *................................................................................. 8,357 1 1,106 503 2,842 3,709 127 70 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 an ep y . , Greece Italy N la e e n r t d ­ h s ­ N w o ay r­ t P ug o a r­ l Spain S d w en e­ 1966 1................................ 1,374 16 67 62 91 74 227 16 no 40 76 41 67 75 1967 1................................ { J 1 I , , 2 2 3 3 8 4 1 1 7 6 6 83 6 3 37 7 7 7 8 8 8 8 8 8 1 t7 7 9 6 1 1 9 9 5 5 8 8 3 35 5 6 6 1 1 2 26 6 5 54 4 7 75 5 1968—Jan......................... 1,138 9 57 34 78 60 151 19 51 38 61 22 54 65 Feb........................ 1 133 9 64 32 77 74 140 19 55 37 55 19 53 58 Mar. 1,060 7 58 39 77 59 116 14 58 31 55 16 76 59 Apr.. 1,101 7 57 30 77 66 113 17 65 38 59 16 73 61 May........... 1,156 6 62 38 71 83 100 17 72 42 55 17 50 62 June.. 1,101 7 61 30 70 58 126 17 87 37 44 15 52 56 July....................... 1 ,019 6 54 31 68 50 108 15 77 35 45 16 50 57 Aug.,........... 1,007 13 49 32 66 51 114 15 71 33 47 16 46 54 Sept.. 1’108 4 54 29 61 70 128 13 89 42 46 16 49 65 Oct........................ 1 ,163 5 42 33 64 90 145 12 96 42 44 14 41 67 Nov............. 1'202 6 48 36 62 84 177 12 98 34 45 15 49 62 Dec.*.................... 1 '210 6 41 36 63 66 176 12 105 39 43 10 46 58 1969—Jan.*.................. 1,106 3 41 37 63 59 146 H 75 37 38 9 40 59 12a. Europe—Continued 12 b. Latin America End of period S la w e n r it ­ d z­ T k u ey r­ U K d n i o n it m e g d ­ Y sl u a g vi o a ­ E W O u e r t s o h t p e e e r r n 3 U.S.S.R. E E O u a r s t o h te p e r e r n Total A t r i g n e a n­ Brazil Chile l C o bi m o a ­ ­ Cuba M ic e o x­ 1966 1................................. 88 52 193 19 40 2 16 2,453 187 112 158 305 16 757 1967 1................ / { 9 98 8 3 3 8 8 2 2 4 44 4 1 13 3 3 1 0 3 3 3 1 18 8 2 2 , , 7 7 0 0 7 7 2 2 2 21 1 1 1 7 7 3 3 1 1 7 7 7 7 2 2 1 17 7 1 1 6 6 9 96 6 0 0 1968—Jan........................... 106 37 232 15 24 3 21 2,687 218 197 193 201 15 950 Feb.......................... 106 37 249 15 11 20 2,716 227 221 182 193 15 991 Mar............... 76 28 241 15 11 I 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 T...................... 78 23 249 17 ft 29 2,735 203 283 169 202 14 988 Aug.r........... 78 28 241 15 12 1 23 2,811 206 347 174 195 14 971 Sept....................... 93 30 269 17 11 1 20 2,836 211 342 177 195 14 957 Oct........................... 87 27 300 17 17 2 19 2,868 228 348 181 201 14 938 Nov......................... 109 27 285 17 14 21 2,888 233 333 181 202 14 937 Dec.p..................... 93 38 318 22 15 3 21 2,890 249 338 193 206 14 943 1969—Jan.p...................... 94 26 302 34 11 I 18 2,842 245 338 176 190 14 914 For notes see the folio wing page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 80 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ MARCH 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 pe n r d io o d f Panama Peru U gu r a u y ­ V zu e e n l e a ­ r l e L ic p . s A ub . ­ m B m u & e a d r s a ­ A S n n a u t & i m l r l i e ­ s A L m a ic t a e in r­ Total C M la h a n in i d n a ­ H Ko o n n g g India I n n e d s o ia ­ Israel 1966 J........... 85 212 45 220 261 61 18 16 3,206 1 31 16 6 98 I47 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 I 27 15 10 51 May.... 50 229 30 211 265 77 11 19 3,813 30 12 10 54 June.... 52 220 31 212 263 109 13 17 3,776 1 33 14 24 56 July’’... 50 205 33 212 276 73 13 15 3,735 1 29 20 20 54 Aug.'... 50 199 43 211 278 93 14 16 3,731 1 27 13 22 56 Sept.... 50 198 56 220 277 108 14 16 3,708 I 29 19 26 56 Oct......... 57 195 61 211 269 130 19 15 3,687 28 17 20 55 Nov....... 52 204 57 215 281 142 18 17 3,759 1 29 15 19 56 Dec.”.., 56 207 44 232 282 82 19 25 3,872 1 32 19 23 84 1969—Jan.”... 52 200 47 213 268 147 21 17 3,709 1 27 U 19 80 12c. Asia—Continued 12d. Africa 12e. Other countries End of period Japan Korea P p h in il e ip s ­ T w a an i­ T la h n a d i­ O A t s h i e a r Total C s ( h K o a n i s n g a ­ o ) Mo co roc­ 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 l e l r 10 1966’......................... 2,572 31 220 15 81 135 147 1 2 50 25 69 62 52 /3,147 59 295 37 100 137 102 1 2 37 11 52 67 54 13 1967’......................... \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 H7 1 3 39 11 64 71 59 12 Mar............... 3,213 54 313 44 92 130 106 1 2 37 U 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 68 249 38 95 142 129 5 3 45 9 67 69 56 13 Nov,. 3^057 67 241 39 93 142 122 2 3 40 8 68 73 58 14 Dec.”.......... 3,113 77 239 38 99 145 132 3 2 45 8 73 79 66 13 1969—Jan.”............. 2,999 71 233 36 93 138 127 3 2 40 10 72 70 58 11 i Data on tha 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

MARCH 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 End of period Total Total Total O in tio f L s fi n o t c i s a t i u a n 1 ­ l s to B — anks Others C s ti t o o i o a n u l n n l g e t s d ­ c ­ ­ f A o o e m a c i r f g a n c n c d a f e e o e e c p s r c r t s t ­ ­ , Other Total D w e e it ig p h n o f e s o r i s t r s ­ g c F a c u n o p o n o a r v a r i d m n e t t p , i c e i e l g f s . e i s r e ­ n , ­ Other 1966 2 7,853 7,433 3,141 256 1,739 1,145 1,288 2,540 464 420 241 70 HO 1967 2 ( ( 8 8 , , 5 6 8 0 3 6 8 8 , , 1 1 8 5 2 8 3 3 , , 1 1 3 5 7 0 3 3 0 0 6 6 1 1 , , 6 6 0 1 3 6 1 t , , 2 2 2 2 8 8 1 1 , , 5 5 1 5 1 2 3 3 , , 0 0 1 1 3 3 4 4 9 6 8 7 4 4 2 2 5 5 2 2 8 8 7 7 7 74 4 6 6 3 3 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 3,041 288 1 ,604 1,149 1 ,615 2,796 467 325 228 43 55 July L , . .............. 8,179 7'841 3,002 287 I ,566 1.148 1,586 2,787 467 338 230 51 57 Aug.r......... 8,230 7 .'903 3,022 300 1 ,570 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............ 8,428 8,031 3,150 267 1,705 1,178 1,657 2,773 45! 397 306 38 53 Nov........... 8,547 8,149 3,219 220 1,811 1,189 1 '697 2,747 486 398 279 63 55 Dec.^................... 8,706 8,267 3,182 250 1,698 1,234 1 ,732 2'854 498 439 343 37 59 1969-—Jan.”.................... 8,357 7,987 3,054 214 1,673 1,167 1,623 2,794 517 369 254 50 65 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 ANO CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES (Amounts outstanding; in millions of dollars) Liabilities Claims Type Country or area End of period Foreign n I a n t t io e n r­ al Total c t o ri u e n s ­ reg a i n o d n al Total P L a o y a a n b s le in d o o A th ll l e a l r rs P f r o e a c r n y i u e n c a i r i g b e ­ n l s 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 ca Japan O A t s h i e a r t O c r o ie t u h s n e ­ r 1 1966.................. 1,494 988 506 4,180 3,915 247 18 70 1,143 326 1,346 326 409 562 1967 r................ 2,546 1,858 689 3,925 3,635 274 15 56 720 427 1,556 180 449 537 1968—Jan.r, . 2,547 1,864 683 3,914 3,593 308 12 57 708 430 1,519 176 491 533 Feb. L. 2,566 1,892 674 3,859 3,535 314 10 55 684 414 1,477 176 515 539 Mar.r.. 2,607 1,978 629 3,785 3,462 312 tt 54 671 415 1,441 172 522 509 Apr.r.. 2,655 2,035 620 3,849 3,509 330 11 65 661 435 1 ,450 162 553 523 May r.. 2,754 2,079 675 3,791 3,432 348 11 65 632 429 1,442 151 553 518 Juner.. 2,779 2,127 651 3,736 3,377 348 11 65 601 417 1 ,435 152 559 506 July’’. . 2,615 1 ,995 620 3,627 3,269 346 11 65 552 414 1,411 145 545 495 Aug. r., 2,744 2,H9 625 3,612 3,259 342 12 70 519 414 1,401 138 567 502 Sept.r.. 2,895 2,265 630 3,571 3,215 345 12 71 506 418 1,384 136 558 498 Oct.r.. 2,963 2,309 655 3,645 3,282 349 13 71 495 416 1,418 132 621 492 Nov.... 3,009 2,300 709 3,611 3,248 350 14 69 497 420 1,382 128 624 492 Dec.P.. 3,117 2,386 731 3,571 3,203 352 16 68 479 428 1,370 122 616 487 1969—Jan.*.. 3,151 2,392 759 3,536 3,176 344 16 67 476 430 1,373 118 607 465 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. □ MARCH 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 purchases or sales Period Pur­ Net pur­ Pur­ Net pur­ Pur­ Net pur­ Inti, Foreign chases Sales chases or chases Sales chases or chases Sales chases or Total and sales sales sales regional Total Official Other 1967.................................. -43 -121 78 45 33 10,275 9,205 1,070 2,024 3,187 — 1,163 880 1,037 -157 1968?............................... -500 -161 -339 -391 51 17,493 13,324 4J 69 2,281 3,666 -1 384 1,245 1 ,562 -316 1968—jan ..................... — 178 ( -179 -191 1 3 1,198 877 322 81 276 -196 68 79 -11 Feb................... . -42 -42 -65 23 I 076 715 362 160 266 -105 70 80 10 Mar.. ........ -92 * -92 -103 11 1 163 848 315 323 415 —92 114 148 34 Apr...................... 8 * 8 8 1 379 1 ,038 340 161 370 -209 73 79 -6 May................... -44 -39 — 5 -3 — 2 I 852 1 375 477 305 185 120 87 no 22 June.................... 3 2 -1 3 1 505 1366 340 105 237 -131 94 113 19 July.................... 8 -6 14 14 1 496 1 309 387 167 253 -86 81 83 — 2 Aug..................... -28 -28 -36 8 1 340 1 ,050 290 141 225 -84 100 187 -87 Sept..................... —83 -85 2 11 -9 1 ,279 960 319 116 225 -110 97 201 —104 Oct...................... -14 -8 -6 — 6 1 ,'853 1,454 399 446 687 -241 216 154 62 Nov............. 2 2 -2 3 1 570 < 270 300 172 361 -189 146 155 9 Dec.?,........ -41 -26 — 15 -15 1 381 1 ,462 319 104 165 — 61 100 174 -74 j 969—-Jan.?................. 29 1 29 * 29 1 ,654 1,126 528 169 342 -172 130 109 21 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 ll. 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 1967................ 1,070 757 313 182 427 -452 229 385 305 115 79 34 17 136 1968?....... 4,169 2,266 I 903 355 1 316 493 1 ,121 3,284 ' 454 163 123 2 13 130 1968—Jan.... 322 178 144 19 113 It 75 219 61 19 5 3 1 14 Feb... 362 76 286 32 88 118 91 329 22 -3 5 8 Mar... 315 262 53 16 51 9 277 353 28 r—13 5 I -59 Apr... 340 280 60 23 137 18 22 200 80 36 16 7 May.. 477 92 385 42 101 165 157 465 21 25 12 ♦ 1 -46 June.. 340 199 141 18 126 74 27 244 54 19 19 3 July.. 387 222 164 38 188 12 58 295 62 9 20 1 -1 Aug.., 290 79 212 32 76 39 122 269 8 -4 8 -1 10 Sept... 319 150 170 31 88 -1 84 202 29 4 16 -I 69 Oct.. . 399 211 188 18 129 14 86 246 25 19 -9 3 115 Nov... 300 284 16 57 116 24 36 233 34 13 17 * -3 6 Dec.?. 319 234 85 28 104 11 86 228 29 39 8 * 10 3 1969—Jan.?. 528 365 163 12 190 1 1 90 304 98 33 21 -1 3 70 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

MARCH 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) Total Period Total g I a i r n o n e t n d ­ i, a l c e t f o r o i i u g e r n n s ­ ­ r E op u e ­ C a a d n a ­ A L i a m c t a e in r ­ Asia r A ic f a ­ c O t o r t i u h e n e s ­ r E pe n r d i o o d f Deposits U.S. A G ss o e v ts t , i n c E us a t r o m d a y rked securities1 gold 1967...................... -1,320 -393 -927 3 -768 38 -152 -20 -27 1968P.................... -1’701 -329 -1,371 4 -933 -301 -109 -39 6 1966................ 174 7,036 12,946 1968—Jan........... -206 -64 -142 3 -132 -i -12 -1 1 1967................ 135 9 223 13 253 F M e a b r . . .. . . .. . .. . . . . - - 1 1 1 2 5 6 -3 1 3 0 -1 -9 2 2 5 -2 4 8 9 -1 - 1 9 2 - - 4 5 0 4 ' - 1 3 4 -3 -5 1 2 1968—F M e a b r . . . . . . 1 19 9 7 2 8 8 , , 4 9 1 2 8 2 1 1 3 3, , 2 4 3 6 2 6 M Ap a r y .. . . . . . . . . . . . . . . . . . -21 9 5 7 -5 13 4 7 -1 -4 61 0 -13 6 -1 -3 5 7 9 - - 8 6 - 1 2 8 -4 2 1 A M p a r y .. . . . 4 1 2 4 2 0 8 8 , , 7 3 6 28 3 1 13 3 , , 6 6 4 1 5 4 June......... -150 2 -152 8 -103 -27 -20 -12 2 June.. 153 7,676 13,232 July.......... -88 -14 -74 53 -56 -60 -7 -4 July... 202 7,609 13,281 O S A e c u p t g . t . . . . . . . . . . . . . . . . . . . . . . . . . - - - 1 2 1 7 1 7 9 4 2 -2 - - 1 1 1 3 8 8 - - 1 1 9 5 3 5 9 9 - - 6 5 7 9 8 9 - - - 6 5 9 1 5 2 -4 -2 4 6 -2 - - 1 8 7 - 1 1 6 2 ♦ S O A e u c p g t t . . . , . . . . . . 1 1 1 9 0 2 2 0 7 7 7 7 , , , 5 7 9 7 9 5 7 0 6 1 1 1 3 3 3 , , , 1 1 3 5 8 5 1 7 7 D N e o c v . . . . . ” .. . .. . .. . . - - 1 1 9 3 8 5 -5 -6 8 - -1 1 3 4 0 0 -6 4 8 1 -1 -1 01 5 -6 -5 0 - - 2 35 6 3 * -6 2 N De o c v . . . . . . 2 2 2 1 0 6 9 9 , , 6 1 7 2 3 0 1 1 3 3 , , 0 05 6 9 6 1969—Jan.”. .. . -151 -30 -121 13 -127 -5 -4 -1 3 1969—Jan.... 126 7,893 13,132 Feb... 121 8,062 13,160 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 1968 1968 Jan. 29............................... 1,040 Apr. 27.............................. 1 ,909 Jan. 3...................... 4,157 6,688 Feb 26............................... 1,077 2,003 31..........4..,.0...9..2........... “ 14................................ 6,836 Mar 25. 1,046 1,951 10................................ 4,289 21............................. 6,967 17................................ 4,367 28 7,025 Apr 29 . ... 1,146 July 27. .............................. 2,786 24................................ 4,516 77 1,132 3,134 31................................ 4,259 Sept. 4................................ 6,984 917 Sept 28 3,472 11................................ 7,373 Feb 7.. . 4,352 18................................ 7,599 1,008 Oct 26 3,671 14................................ 4,474 18'............................. 7,610 1,166 3,786 21................................ 4,739 25................................ 7,131 Sept. 30............................. 1,166 Dec. 28................................ 4,036 28................................ 4,530 UCL x.............................. 6,914 9..........6..,.8...8..7.. ............ Oct. 28............................... 1,198 1967 4,513 16................................ 7,240 Nov. 25............................... 1,380 13................................ 4,805 Z J .............., 7,504 Dec. 30...................... 1,183 Jan. 25................................ 3,653 20................................ 4,430 30 7,080 Feb 22 . 3,396 27............................... 4,920 Jan. 27..... 1 .. 9 .. 6 .. 5 .................... 1,358 M Ap a r r . . 2 2 6 9 .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 , , 0 4 4 1 7 2 Ap * r. 1 3 0. . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 , , 7 6 6 0 8 6 Nov. o 1 n 6 3. . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 6 7 , , , 3 9 1 6 8 8 1 8 0 Feb. 24............................... 1,592 May 31................................ 2,776 17................................ 4,845 97 7,273 Mar 31 ... 1,431 3,166 24... ......................... 5,020 Dec. 4............................... 6,960 May 26 .............................. 1 1 , , 4 4 3 3 3 2 J A u u l g y . 2 30 6 .. . .. . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 , , 6 9 6 7 0 6 May ’ 8 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 5, , 2 7 3 8 5 4 I 18 l. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 7 , , 4 2 3 9 9 0 June 30.............................. 1,436 Sept. 27..................... 4,059 15................................ 5,426 6,976 22........................ 5,968 July 28............................. 1,572 Oct. 25................................ 4,322 29................................ 5,888 Aug. 25............................... 1,792 1969 Sept. 29............................... 1,611 Nov. 1................................ 4,320 June 5................................ 6,053 6,054 O D N e c o c t v . , . 2 2 2 7 4 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1, , , 3 7 6 4 1 9 5 9 7 2 1 8 2 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 4 , , , 8 6 5 6 2 6 3 4 0 2 1 1 6 9 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 6 6 , , , 2 2 2 4 0 8 1 3 5 2 (5 2 8 7 8 8 , , , 4 1 5 8 3 7 9 6 4 29................................ 4,206 29................................ 8,656 1966 July 3................................ 6,816 Dec. 6............................... 4,480 ' 10................................ 6,959 Feb 5............................... 8,567 Jan. 26,.............................. 1,688 13................................ 4,634 17................................ 6,678 12............................... 8,332 Feb. 23................................ 1,902 20................................ 4,365 24................................ 6,681 1 19 ......................... 8,543 Mar. 30................................ 1 ,879 27................................ 4,241 31................................ 6,183 26 . ...... 8,869 1 Break in series; see Note. have occurred that affect the comparability of the data. Where such changes are known to have been significant, two figures for the same date Note.—The data represent gross liabilities of reporting banks to their are given; the first is comparable with the data that precede it, and the branches in foreign countries. Certain changes in coverage and definitions second with the data that follow. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 84 INTL. CAPITAL TRANSACTIONS OF THE U.S. a MARCH 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 Dec,r Mar.r June Sept.’1 Dec.r Mar.f June Sept.11 Europe: Austria.................................................................. 2 2 3 2 5 17 6 5 Belgium-Luxembourg1.................................... 27 29 47 60 42 44 54 68 Denmark............................................................... 7 43 8 8 11 10 9 10 Finland......................................................... 3 4 4 4 6 7 9 9 France................................................................... 64 68 92 1 14 Ill 128 136 157 Germany, Fed. Rep. of................................... 92 108 126 150 134 128 127 174 Greece................................................................... H 12 15 14 20 20 24 26 Italy ........................................................................ 61 59 60 64 103 111 119 130 Netherlands.......................................................... 79 71 84 65 51 78 86 67 Norway................................................................. 4 4 4 5 8 10 10 10 Portugal................................................................ 6 4 6 8 7 6 8 8 Spain...................................................................... 31 34 50 48 90 88 72 76 Sweden................................................................... 24 17 24 26 24 26 26 26 Switzerland......................................................... 86 63 70 112 29 31 32 71 Turkey.................................................................... 3 3 3 3 9 9 9 7 United Kingdom................................................ 310 255 274 407 774 1 ,095 1,514 I ,438 Yugoslavia.......................................................... I 1 4 6 6 4 Other Western Europe1................................... 4 4 6 5 14 12 13 15 Eastern Europe................................................... 1 1 I I 8 10 10 6 Total.............................................................. 814 783 878 1,096 1 ,449 1,836 2,269 2,306 Canada..................................................................... 205 191 199 199 547 501 559 501 Latin America: Argentina.............................................................. 4 5 6 7 28 28 31 36 Brazil...................................................................... 9 13 18 19 84 83 87 102 Chile....................................................................... 8 10 12 6 34 31 30 38 Colombia.............................................................. 9 6 9 7 22 25 25 25 Cuba...................................................................... * 2 2 2 2 Mexico................................................................... 10 7 9 9 112 109 83 94 Panama................................................................. 4 5 3 5 13 10 12 15 Peru......................................................................... 6 6 5 6 29 28 28 28 Uruguay................................................................ 1 2 I 1 5 4 5 4 Venezuela.............................................................. 33 35 35 36 57 62 59 57 Other L.A republics.......................................... 24 15 18 23 64 59 63 72 Bahamas and Bermuda.................................... 11 9 12 10 23 35 36 46 Neth. Antilles & Surinam............................... 5 5 4 4 7 5 6 5 Other Latin America........................................ 1 2 2 1 10 9 8 8 Total............................................................ 124 120 133 134 490 490 474 532 Asia: Hong Kong.......................................................... 5 4 4 4 9 7 10 10 India....................................................................... 12 13 14 10 42 41 37 43 Indonesia............................................................... 4 4 5 3 4 6 6 7 Israel...................................................................... 3 4 17 15 6 7 10 9 Japan...................................................................... 63 75 78 91 185 178 174 194 Korea..................................................................... 1 1 1 1 9 12 14 18 Philippines............................................................ 8 8 8 10 33 26 22 21 Taiwan................................................................... 5 6 4 3 9 8 12 12 Thailand................................................................ 5 2 2 2 13 13 15 15 Other Asia............................................................ 46 46 45 36 87 86 90 94 Total............................................................. 151 165 176 175 397 383 391 422 Africa: Congo (Kinshasa).............................................. 1 1 1 3 2 5 3 South Africa.................................................... 8 7 6 12 14 17 16 19 U.A.R. (Egypt)................................................... 3 4 6 4 7 5 6 6 Other Africa......................................................... 12 16 12 8 33 37 37 37 Total....................................................... 23 29 24 25 56 61 64 65 Other countries: Australia............................................................... 61 53 46 43 62 57 62 58 All other............................................................... 8 7 7 6 10 12 10 9 Total.............................................................. 69 60 53 49 72 69 72 68 International and regional.................................. * * * * * * 1 1 Grand total.................................................. 1 ,386 J ,348 1,464 1,678 3,011 3,341 3,830 3,894 1 Beginning Dec. 1967 includes Luxembourg; prior to that time Lux­ Note.—Reported by exporters, importers, and industrial and com­ embourg was included in Other Western Europe. mercial concerns and other nonbanking institutions in the United States. Data exclude claims held through U.S. banks, and intercompany accounts between U.S. companies and their foreign affiliates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 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 Total P d a o y i l n l a a b rs le P fo a r y i e n a i g bl n e Total P d a o y i l n l a a b rs le Deposits with currencies banks abroad Other in reporter’s name 1964—Dec.................................................................................................. 700 556 144 2,853 2,338 205 310 1965—Mar................................................................................................ 695 531 165 2,612 2,147 189 277 June...................................................................................... 740 568 172 2,411 1,966 198 248 Sept................................................................................................. 779 585 195 2,406 1,949 190 267 Dec,............................................................................................. 807 600 207 2,397 2,000 167 229 Dec.1........................................................................................... 810 600 210 2,299 1,911 166 222 1966—Mar................................................................................................. 849 614 235 2,473 2,033 211 229 June.............................................................................................. 894 657 237 2,469 2,063 191 215 Sept................................................................................................ 1,028 785 243 2^539 2,146 166 227 Dec.................................................................................................. 1,089 827 262 2^28 2,225 167 236 1967—Mar......................................................................................... 1,148 864 285 2,689 2,245 192 252 June ............................................................................................... L203 916 287 2,585 2,110 199 275 Sept.r......................................................................................... 1,353 1,029 324 2,555 2,116 192 246 Dec,r.. .................................................-...................................... 1,371 1,027 343 2,946 2,529 201 216 Dec 1r........................................................................................... 1 ,386 I ,039 347 3,011 2,599 203 209 1968—Mar. r........................................ • ................................................ I ,348 981 367 3,341 2,908 211 222 J une............................................................................................... 1 ,464 1 ,046 418 3,830 3,378 211 241 SeptT............................................................................................. 1,678 1,271 407 3,894 3,266 422 205 t Data differ from that shown for Dec. in line above because of changes in reporting coverage. 22. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (In millions of dollars) Claims End of period lia T b o il t i a tie l s Country or area Total K U in n g i d te o d m E O u t r h o e p r e Canada Brazil Mexico A O m La t e h t r i e i n c r a Japan O A t s h i e a r Africa o A th H e r 1964—Dec............................. 107 1,081 56 116 190 215 73 137 89 98 91 15 1965—Mar............................ 115 1,075 35 121 203 220 74 137 81 96 91 18 June.......................... 110 1,081 31 118 208 221 70 144 85 96 91 17 Sept............................ 120 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.r................... • 411 1,452 40 212 309 212 84 283 109 103 87 13 Dec.r......................... 414 1 ,537 43 257 311 212 85 278 128 117 89 16 Dec, 1r....................... 428 1,570 43 263 322 212 91 274 128 132 89 16 1968—Mar.r........................ 582 1 ,536 41 264 330 206 61 256 128 145 84 21 759 1,567 32 288 345 205 67 249 131 134 83 33 Sept.”........................ 785 1,582 43 313 334 198 62 249 128 142 82 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 □ MARCH 1969 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) Esti­ Inti. Esti­ End of mated Mone­ United mated Afghan­ Argen­ Aus­ Aus­ Bel­ period total tary States rest of istan tina tralia tria gium Brazil Burma Canada Chile world 1 Fund world 1962 41,475 2,194 16,057 23,225 36 61 190 454 1,365 225 42 708 43 1963 42;305 2,312 15,596 24^95 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 J 85 2,652 13 ,'235 27,300 35 84 224 701 1,525 45 84 I ,*046 45 1967. 41^00 2,682 12,065 26,855 33 84 231 701 1,480 45 84 1,015 45 45 1968- Jan................... 2,684 12,003 33 84 233 701 1,460 45 84 1,025 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 31 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 I0;676 31 94 259 714 1^18 45 84 926 45 Aug.................. 2,230 10,681 31 99 260 714 1,518 45 84 926 45 Sept.................. 40,725 2,296 10,755 27,675 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 31 109 257 714 1 522 45 84 863 45 Dec.................. *40,880 2,288 10,892 *27,700 31 109 257 714 1,524 45 84 863 46 1969--Jan.1'............... 2,288 10,828 31 258 714 1,524 84 863 47 Ger­ E pe nd ri o o d f lo C m o b ­ ia m De a n rk ­ l F a i n n d ­ France m F a e n d y . , Greece India Iran Iraq l I a r n e d ­ Israel Italy Japan Rep. of 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.............................. 31 107 45 5',234 4,228 130 243 144 115 25 46 2,400 338 1968-—Jan.................... 32 107 45 5,234 4,140 131 243 144 151 25 46 2,364 Feb................... 32 107 45 5,234 4,125 130 243 143 151 25 46 2^68 Mar......... 32 107 45 5,235 3’972 134 243 166 165 37 46 2,376 341 Apr.................. 33 107 46 5;235 3 ;972 138 243 166 193 52 46 2,401 341 May. .............. 33 107 46 5,235 973 141 243 166 193 62 46 2,452 341 June................ 33 113 46 4^39 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,............... 31 113 45 3,876 4,538 145 243 158 193 79 46 2,846 356 Dec.................. 31 114 45 3,877 4,539 140 243 158 193 79 46 2,923 356 1969- 31 U4 45 3,877 4,539 132 243 158 193 79 46 2,923 356 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 ga rt l u­ A S r a a u b d ia i 1962.............................. 49 172 3 3 95 29 1,581 30 53 47 41 471 78 1963.............................. 48 172 7 8 139 29 i;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 L730 18 53 65 44 643 69 1967.............................. 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 11697 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 66 165 21 1,697 24 54 20 59 853 119 Nov... ........... 122 288 85 66 165 21 L697 24 54 20 65 856 119 Dec.............. 122 288 85 *165 21 1,697 24 54 *20 62 856 119 1969--Jan *.............. 122 288 85 21 1,697 24 54 58 119 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1969 □ GOLD RESERVES AND PRODUCTION A 87 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued (In millions of dollars) Bank E pe nd ri o o d f S A o fr u ic th a Spain Sweden Sw la i n tz d er­ Taiwan T la h n a d i­ Turkey ( U E . g A y . p R t . ) U K d n i o n it m e g d ­ U gu r a u y ­ V z e ue n l e a ­ Y sl u a g vi o a ­ S I e f n o t t t r i le . ­ ments 4 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 (965................................... 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................................... 583 785 203 3’,089 81 92 97 93 L291 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 J 069 785 225 2 J 628 81 92 97 93 1,486 134 403 44 -265 Oct . ......... 1’145 785 225 2 626 81 92 97 93 403 44 -274 Nov...................... 1 199 785 225 2,625 81 92 97 93 403 >■50 -260 Dec , ........... 1 243 785 225 2,624 81 92 97 93 1 ,474 403 p50 -349 1 ,287 225 2 623 92 97 93 403 50 -273 1 Includes reported or estimated gold holdings of international and some member countries in anticipation of increase in Fund quotas, except regional organizations, central banks and govts, of countries listed in those matched by gold mitigation deposits with the United States and this table and also of a number not shown separately here, and gold to be United Kingdom; adjustment is $270 million. distributed by the Tripartite Commission for the Restitution of Monetary 3 Excludes gold subscription payments made by some member countries Gold; excludes holdings of the U.S.S.R,, other Eastern European coun­ in anticipation of increase in Fund quotas: for most of these countries tries, and China Mainland. the increased quotas became effective in Feb. 1966. The figures included for the Bank for International Settlements are 4 Net gold assets of BIS, i.e., gold in bars and coins and other gold the Bank’s gold assets net of gold deposit liabilities. This procedure assets minus gold deposit liabilities. avoids the overstatement of total world gold reserves since most of the gold deposited with the BIS is included in. the gold reserves of individual Note.—For back figures and description of the data in this and the countries. following tables on gold (except production), see “Gold,” Section 14 of 2 Adjusted to include gold subscription payments to the IMF made by Supplement to Banking and Monetary Statistics, 1962. GOLD PRODUCTION (In millions of dollars at $35 per fine troy ounce) Africa North and South America Asia Other World Period p t r i o o d n u c 1 ­ A S f o r u ic th a R de h s o ia ­ Ghana C s ( h K o a n i s n g a o ­ ) U S n ta i t t e e s d C a a d n a ­ M ic e o x­ 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 ­ o A th l e l r 1960. 1,175.0 748.4 19.6 30.8 58.8 162.0 10 5 7.0 15.2 5.6 14.4 38 0 53.6 1961. 1,215.0 803.0 20.1 29.2 8.1 54.8 156.6 9 4 7.9 14.0 5.5 14.8 37 7 53.9 1962. 1,295.0 892.2 19.4 31.1 7.1 54.5 146.2 8 3 7.8 13.9 5.7 14.8 37 4 56.6 1963. 1,355.0 960.1 19.8 32.2 7.5 51.4 139.0 8 3 7.2 4.8 13.2 35 8 64.3 1964. 1,405.0 i ,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 I,080.8 19.3 24.0 5.6 63.1 114.6 7 5 7.0 9.8 4.2 15.8 32 61.2 1967. 1,410.0 I ,068.7 18.0 26.7 5.4 53.4 103.7 6 4 6.2 9.0 3.4 17.2 28 4 63.5 1967—Dec. 88.5 2,2 8.7 4 .6 .3 1.5 2 2 1968—Jan.. 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 24.1 2 8 Apr. 91.8 8.2 .7 2 5 May. 93.1 8.4 .7 2 3 June, 91.5 7.5 .6 July. 90.5 7.4 .8 Aug. 91.5 7.7 .6 Sept. 93.7 8.3 .6 Oct.. 92.4 7.7 .7 Nov. 87.9 7.5 Dec.. 83.5 7.7 l 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 Q uarterly data. countries and Bureau of Mines. Data for the United States are from the Bureau of the Mint. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 88 MONEY RATES □ MARCH 1969 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Rate as of — Changes during the last 12 months Feb. 28, 1968 Rate Country 1968 1969 as of Feb. 28, Per Month 1969 cent effective Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. 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.................. . 7.0 Jan. 1968 7.5 26.5 6.0 6.5 6 5 Ceylon......................................... 5.0 May 1965 5.5 5 5 Chile 3......................................... 16.61 Jan.' 1968 19.09 19.09 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 El Salvador................................ 4.0 Aug. 1964 4.0 Finland...................................... 7.0 Apr. 1962 7.0 France......................................... 3.5 Apr. 1965 5.6 6.0 6 0 Germany, Fed. Rep. of..... 3.0 May 1967 3.0 Ghana................................. 6.0 May 1967 5.5 5.5 Greece......................................... 4.5 July 1967 5.0 5 0 Honduras 4................................ 3.0 Jan. 1962 3.0 Iceland......................................... 9.0 Jan. 1966 9.0 India............................................ 6.0 Feb. 1965 5.0 5.0 Indonesia.................................... 9.0 Aug. 1963 9.0 Iran............................................ 5.0 7.0 7.0 Ireland.................................. 7.62 Feb. 1968 7.39 7.38 7.31 7.44 7.25 6.86 6.81 7.0 7. n 7.12 7.12 Israel............................................ 6.0 Feb. 1955 6.0 Italy............................................. 3.5 June 1958 3.5 Jamaica............................ 6.0 Nov. 1967 5.0 5 0 Japan........................................... 6.21 Jan. 1968 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 Zealand............................. 7.0 7.0 Nicaragua.................................. 6.0 Apr. 1954 6.0 Norway....................................... 3.5 Feb. 1955 3.5 Pakistan...................................... 5.0 5.0 Peru.............................................. 9.5 Nov. 1959 9.5 Philippine Republic............... 7.5 Feb. 1968 7.5 Portugal...................................... 2.5 Sept. 1965 2.5 South Africa.............................. 6.0 July 1966 5.5 5.5 Spain ... . .. 4.0 4.0 Sweden........................................ 5.5 Feb. 1968 5.0 6.0 6.0 Switzerland..................... 3.0 July 1967 3.0 Taiwan ..................................... 10.8 11.9 11.9 Thailand..................................... 5.0 Oct. 1959 5.0 Tunisia........................................ 5.0 Sept. 1966 5.0 Turkey............... 7.5 7.5 United Arab Rep, (Egypt).. 5.0 May 1962 5.0 United Kingdom. ................. 8.0 Nov. 1967 7.5 7.0 8.0 8.0 Venezuela.......................... 4.5 Dec. I960 4.5 i On June 24, 1962, the bank rate on advances to chartered banks BrazilS 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 I, 1959, but the rates are Indonesia—various rates depending on type of paper, collateral, com­ raised by 1.5 per cent for each month in which the reduction does not modity involved, etc.; occur. Japan—-penalty rates (exceeding the basic rate shown) for borrowings 4 Rate shown is for advances only. from the central bank in excess of an individual bank’s quota; Peru—8 per cent for agricultural, industrial, and mining paper; Note.—Rates shown are mainly those at which the central bank either Philippines—4 per cent for financing the production, importation, and dis­ discounts or makes advances against eligible commercial paper and/or tribution of rice and corn and 5.75 per cent for credits to enterprises en­ govt, securities for commercial banks or brokers. For countries with gaged in export activities. Preferential rates are also granted on credits to more than one rate applicable to such discounts or advances, the rate rural banks; shown is the one at which it is understood the central bank transacts Spain—4.6 per cent for financial paper rediscounted for banks (rate shown the largest proportion of its credit operations. Other rates for some is for commercial bills); and of these countries follow: Venezuela—2 per cent for rediscounts of certain agricultural paper (Sept. Argentina—3 and 5 per cent for certain rural and industrial paper, de­ 1962), and 4 per cent for advances against govt, bonds, mortgages, or gold, pending on type of transaction; and for rediscounts of certain industrial paper, and 5 per cent on advances against securities of Venezuelan companies. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1969 □ MONEY RATES; ARBITRAGE A 89 OPEN MARKET RATES (Per cent per annum) Canada United Kingdom France Fe G d e . r R m e a p n . y o , f Netherlands Sw la it n z d er­ Month 3 T m r b e o i a f n f s s t u h , r s y 1 m Da o d n y a - e y t y o 2 ­ 3 B a a m a c n n c o c k e e n e p s th r t , ­ s s ’ 3 T r m e b o a ill n s s u t , h r s y D m a d o y a n - y e t o y ­ a B d llo e a w p n o o k a n s e n i r t c s s e ’ D m a o d n y a e - y t y o 3 ­ Tr 6 d e b 0 a a i - l y l s 9 s s u 0 , * r y m Da o d y n a - e y t o y3 ­ 3 T r m b e o a ill n s s u t , h r s y D m a d o y a n - y e t o y ­ d P is r r c i a v o t a e u te n t (966—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—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 9.16 2.75 1,55 4.50 4.86 3.75 Dec............... 5.96 5.31 7.26 6.80 5.99 5.00 2.75 1.84 4.65 4.96 3.75 1969—Jan................ 6,36 6.02 7.28 6.77 5.91 5.00 ................... 2.75 3.30 4.90 4.44 3.75 i Based on average yield of weekly tenders during month. 5 Monthly averages based on daily quotations. 2 Based on weekly averages of daily closing rates. Note.—For description and back data, see “International Finance,” 3 Rate shown is on private securities. Section 15 of Supplement to Banking and Monetary Statistics, 1962. 4 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 Premium Date q K ( u U i a b n o U a n d g t . s j i a . S d t i e s t o . i t ) d o o m n U S n ta i t t e e s d L S o (f p n a o r d v e f o o a d r n ) P d f ( ( p o r is + - e o r c w ) m u ) o a n i u o o u r d n n d r m t . i L n ( o c f N a n e o v d n e f o t o t i v r n e ) qu A i o n s t e d C ana q d u a A o U d t j . a . S t . i t o o n U S n ta it te e s d C S ( a f p a n o re v a f a o d d r a ) C ( d f ( + d o a is - o r n ) c w ) l o a l o a a d u r o r r i s a n n d t n i C n ( c a f N e a n o n v a e f t o d t i v a r e ) Canada basis 1968 Oct. 4................ 6.36 5.19 1.17 -1.38 -.21 5.64 5.49 5.19 + .30 -.65 -.35 11................ 6.35 5.25 1.10 -1.39 -.29 5.61 5.46 5.25 + .21 -.41 -.20 18................ 6.35 5.30 1.05 -1.43 -.38 5.62 5.47 5.30 + .17 -.45 -.28 25................ 6.38 5.37 1.01 -1.12 -.11 5.66 5.50 5.37 + .13 -.63 -.50 Nov. 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 10................ 6.63 6.08 .55 -3.20 -2.65 6.46 6.27 6.08 + .19 -.02 + .17 17................ 6.66 6.01 .65 -2.99 -2.34 6.37 6.18 6.01 + .17 -.13 + .04 24................ 6.60 6.12 .48 -2.70 -2.22 6.34 6.16 6.12 + .04 -.13 -.09 31................ 6.58 6.15 .43 -2,55 -2.12 6.37 6.18 6.15 + .03 -.09 -.06 Feb. 7................ 6.60 6.15 .45 -2.61 -2.61 6.26 6.08 6.15 -.07 -.04 -.11 14................ 6.53 6.06 .47 -2.28 -1,81 6.19 6.01 6.06 -.05 + .15 + .10 20................ 6.53 6.08 .45 -2.14 -1.69 6.21 6.03 6.08 -.05 + .28 + .23 28................ 7.55 6.17 1.38 -2.63 -1.25 6.43 6.24 6.17 + .07 + .50 + .57 Mar. 7................ 7.58 6.05 1.53 -3.88 -2.35 6.65 6.45 6.05 + .40 + .43 + .83 Note.— Treasury bills: All rates are on the latest issue of 91-day bills. All series: Based on quotations reported to F.R. Bank of New York U.S. and Canadian rates are market offer rates 11 a.m, Friday; U.K. by market sources. rates are Friday opening market offer rates in London. For description of series and for back figures, see Oct. 1964 Bulletin, Premium or discount on forward pound and on forward Canadian dollar: pp. 1241-60. For description of adjustments to U.K. and Canadian Rates per annum computed on basis of midpoint quotations (between Treasury bill rates, see notes to Table 1, p. 1257, and to Table 2, p. 1260, 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 □ MARCH 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 Hll.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 ..................... 111.25 3.8675 2.0026 92.801 16.678 J3.362 23.761 1968--Feb............................................................ .28469 111.98 3.8645 2.0142 91.962 16.688 13,412 23.763 Mar........................................................... .28468 3111.54 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 41.9927 93.177 16.675 M3.308 523.757 Dec........................................................... .28500 ..................... 110,82 3.8661 1.9935 93.177 16.678 13.340 23.763 1969-—Jan............................................................ .28513 110.95 3.8670 1.9921 93.206 16.678 13.317 23.763 Feb............................................................ .28490 111.15 3.8650 1.9928 93.060 16.678 13.288 23.772 Period F (f r r a a n n c c e ) G (d m e e r u a m ts r a k c ) n he y (r In up d e ia e ) ( I p re o l u a n n d d ) ( I U ta r l a y ) J ( a ye p n a ) n ( M do a si l l a l a a y r ­ ) M (p e e x s i o c ) o ( e g N r u la e il n d th d e ­ s r) 1964. 20.404 25.157 20.923 279.21 .16014 .27625 32.566 8.0056 27.724 1965. 20.401 25.036 20.938 279.59 .16004 .27662 32.609 8.0056 27.774 1966. 20.352 25.007 «16.596 279.30 .16014 .27598 32.538 8.0056 27.630 1967. 20.323 25.084 13.255 275.04 .16022 .27613 32.519 8.0056 27.759 1968...................................................................... 20.191 25.048 13.269 239.35 .16042 .27735 32.591 8.0056 27.626 1968--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 13,230 238.58 4.16037 .27925 32.538 8.0056 527.556 Dec........................................................... 20.199 25.032 13,234 238.42 .16026 .27940 32.614 8.0056 27.710 1969--Jan............................................................ 20.199 24,978 13.244 238.70 .16022 .27934 32.640 8.0056 27.636 Feb............................................................ 20.188 24.881 13.244 239.14 .15978 .27945 32.675 8.0056 27.581 Wx Period New Zealand N (k o ro rw n a e y ) (e P s o g c a r u t l d u o - ) ( S A ra o fr n u ic t d h a ) (p S e p s a e i t n a) S (k w ro ed n e a n ) ( S e fr r w a la n i n t c z d ) ­ U K d n i o n it m g e - d (pound) (dollar) (pound) 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 8131.97 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 23.169 239.35 1968--Feb............................................................ 112.10 14.001 3.4866 140.01 1.4231 19.361 22.994 240.92 Mar........................................................... 3111.66 14.005 3.4854 3139.46 1.4264 19.345 23,085 5239.97 Apr.......................................................... 111,75 14.000 3.4891 139.58 1.4283 19.338 23.049 240.18 May......................................................... 111.17 14.000 3.4874 138.85 1.4283 19.354 23.118 238.92 June.......................................................... 110.95 14.000 3.4867 138.58 1.4279 19.352 23.233 238,46 July........................................................... 111.20 14.000 3.4863 138.89 1,4282 19.351 23.265 239.00 Aug........................................................... 111.26 13.999 3.4863 138.96 1.4284 19.369 23.223 239.11 Sept.......................................................... 111.08 13.997 3.4846 138.74 1.4282 19.371 23.251 238.74 Oct............................................................ 111.19 13.998 3.4844 138.88 1.4282 19.335 23.270 238,97 Nov........................................................... 111.01 =13.999 53.4855 138.65 41.4281 719.323 23.256 238,58 Dec............................................................ 110.93 14.000 3.4886 138.56 1.4279 19.323 23,259 238,42 1969--Jan............................................................. 111.06 13.988 3.4925 138.72 1.4278 19.340 23.146 238.70 Feb............................................................ 111.27 13.988 3,4975 138.98 1.4279 19.326 23.145 239.14 1 Effective Feb. 14, 1966, Australia adopted the decimal currency 8 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. Note.—After the devaluation of the pound sterling on Nov. 18, 1967, 3 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 of 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

A 91 FOR SPECIAL TABLES SEE FOLLOWING PAGES Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 92 BANK RESERVES AND RELATED ITEMS, 1968 □ MARCH 1969 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city banks All member banks New York City City of Chicago Period Reserves Bor­ Reserves Bor­ Reserves Bor­ row­ Free row­ Free row­ Free ings re­ ings re­ ings re­ Total Re­ at serves Total Re­ at serves Total Re­ at serves held quired Excess F.R. held quired Excess F.R. held quired Excess F.R. Banks Banks Banks Jan.. 25,834 25,453 381 237 144 5,170 5,131 39 48 -9 1 ,231 1,230 1 3 -2 Feb.. 25,610 25,211 399 361 38 5,060 5,011 49 106 -57 1 ,221 1,215 6 4 2 Mar. 25,580 25,224 356 671 -315 5,149 5,063 86 99 -13 1,176 1,169 7 66 -59 Apr. 25,546 25,276 270 683 -413 4,993 4,985 8 67 -59 1,159 1,160 -1 104 -105 May. 25,505 25,085 420 746 -326 4,905 4,871 34 68 -34 1,163 1,151 12 76 -64 June 25,713 25,362 351 692 -341 5,120 5,029 91 69 22 1,145 1,150 -5 38 -43 July. 26,001 25,702 299 5'25 -226 5,047 5,060 -13 12 -25 1,190 1,181 9 87 -78 Aug. 26,069 25,694 375 565 -190 4,940 4,912 28 192 -164 1,165 1,161 4 2 2 Sept. 26,077 25,694 383 515 -132 4,886 4,868 18 154 -136 1,147 1,143 4 23 -19 Oct.. 26,653 26,393 260 427 -167 5,096 5,071 25 65 -40 1 ,182 1,177 5 9 -4 Nov. 26,785 26,461 324 569 -245 5,022 4,968 54 72 -18 1,153 1,155 -2 7 -9 Dec. 27,221 26,766 455 752 -297 5,157 5,057 100 230 -130 1,199 1,184 15 85 -70 Week ending—' 1967-—Dec. 27.... 25,687 25,245 442 345 97 5,236 5,179 57 27 30 1,264 1,249 15 2 13 1968--Jan. 3. .. . 26,448 25,795 653 495 158 5,460 5,362 98 166 -68 1,313 1,299 14 54 -40 10.... 25,911 25,347 564 180 384 5,110 5,097 13 69 -56 1,221 1 ,226 -5 -5 17.. 25,571 25,414 157 224 -67 5,099 5,079 20 53 -33 1,220 1,214 6 8 -2 24.... 25,922 25,546 376 233 143 5,149 5,130 19 19 1,231 1,226 5 2 3 31.... 25,672 25,336 336 241 95 5,130 5,108 22 32 -10 1,226 1,223 3 1 2 Feb. 7.... 25,921 25,546 375 241 134 5,218 5,189 29 6 23 1,252 1,245 7 1 6 14.... 25,530 25,042 488 384 104 5,029 4,895 134 154 -20 1 ,194 1,195 -1 2 -3 21 .... 25,275 24,896 379 405 -26 4,949 4,920 29 145 -116 1 ,196 1,188 8 8 28.,,. 25,636 25,323 313 442 -129 5,032 5,030 2 133 -131 1,242 1,231 11 6 5 Mar. 6... . 25,797 25,481 316 500 -184 5,204 5,167 37 1 36 1 ,237 1,238 -1 96 -97 13. . .. 25,548 25,090 458 779 -321 5,094 4,963 131 250 -119 1,149 1,137 12 14 -2 20.... 25,672 25,258 414 733 -319 5,146 5,108 38 159 -121 1,166 1,170 -4 32 -36 27. ... 25,326 25,165 161 582 -421 5,034 5,044 -10 29 -39 1,165 1,153 12 50 -38 Apr. 3.... 25,463 25,132 331 696 -365 5,082 5,044 38 38 1,142 1,140 2 123 -121 10.... 25,434 25,028 406 646 -240 4,992 4,858 134 127 7 1,138 1,126 12 26 -14 17.... 26,090 25,563 527 763 -236 5,085 5,068 17 47 -30 1,188 1,183 5 255 -250 24.... 25,503 25,377 126 651 -525 5,020 5,023 -3 49 -52 1,165 1,154 11 109 -98 May 1.... 25,518 25,242 276 674 -398 5,014 4,975 39 63 -24 1 ,200 I ,197 3 52 -49 8. . . . 25,698 25,317 381 823 -442 5,023 4,958 65 64 1 1,198 1,194 4 220 -216 15. ... 25,379 24,979 400 712 -312 4,786 4,774 12 124 -112 1,139 1,139 49 -49 22,... 25,379 25,057 322 669 -347 4,900 4,848 52 52 1,150 1,142 8 23 -15 29.... 25,322 24,931 391 764 -373 4,866 4,846 20 79 -59 1,134 1,130 4 19 -15 June 5.... 25,332 25,124 208 759 -551 5,024 5,001 23 79 -56 1,154 1 ,147 7 18 -Il 12.... 25,400 25,090 310 678 -368 4,932 4,909 23 36 -13 1,123 1,125 -2 20 -22 19.... 25,597 25,331 266 664 -398 5,067 5,023 44 99 -55 1,138 1,130 8 61 -53 26.... 26,217 25,639 578 807 -229 5,146 5,107 39 92 -53 1,175 1,175 42 -42 July 3... . 25,839 25,657 182 493 -311 5,217 5,143 74 26 48 1,180 1,175 5 49 -44 10.... 25,826 25,393 433 412 21 4,999 4,975 24 2 22 1,140 1,138 2 24 -22 17.... 26,011 25,737 274 470 -196 5,036 5,008 28 25 3 1,173 1,171 2 42 -40 24.... 26,261 25,851 410 639 -229 5,108 5,108 11 -11 1,212 1,209 3 171 -168 31.... 26,186 25,828 358 602 -244 5,176 5,097 79 15 64 1,217 1,208 9 126 -117 Aug. 7.... 26,227 25,885 342 737 -395 5,113 5,093 20 337 -317 1,187 1,182 5 5 14.... 25,890 25,576 314 576 -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 id -11 Sept. 4. . . . 25,881 25,626 255 454 -199 4,818 4,839 -21 Ill -132 1,186 1,175 11 11 11 . . .. 26,192 25,636 556 634 -78 4,989 4,854 135 240 -105 1,145 1,123 22 22 18. . .. 25,974 25,600 374 404 -30 4,860 4,839 21 107 -86 1,174 1,175 -1 n -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 -I 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 18 20.... 26,960 26,731 229 513 -284 5,203 5,123 80 43 37 1,171 1,157 14 14 27.... 26,594 26,409 185 583 -398 4,766 4,821 -55 57 -112 1,128 1,153 -25 io -35 Dec. 4. . 26,859 26,380 479 531 -52 5,038 4,862 176 74 '102 1,187 1,155 32 13 19 11 . ... 26,461 26,409 52 434 -382 4,823 4,937 -114 86 -200 1,157 1,174 -17 -17 18. ... 27,088 26,720 368 575 -207 5,223 5,121 102 104 -2 1,187 1 ,185 2 45 -43 25.... 27,232 26,812 420 859 -439 5,122 5,017 105 282 -177 1,175 1,162 13 149 -136 For Note see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1969 □ BANK RESERVES AND RELATED ITEMS, 1968 A 93 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (In millions of dollars) Other reserve city banks Country banks Period Reserves Borrow- Reserves Borrowings at Free ings at Free F.R. reserves F.R. reserves Total Required Excess Banks Total Required Excess Banks held held 10,314 10,283 31 111 -80 9,120 8,809 311 75 236 Feb................................................. 10'271 10’218 53 126 -73 9,057 8^766 291 125 166 10^247 10'212 35 288 -253 9,009 8,780 229 218 11 Apr................................................. 10’,298 10372 26 283 -257 9,097 8^859 238 229 9 10'268 10’195 73 262 -189 9,169 8,867 302 340 -38 10,275 10,241 34 258 -224 9,172 8,941 231 327 — 96 July................................ 10,447 10'392 55 152 -97 9,317 9,070 247 274 -27 10,568 10'501 67 161 -94 9'396 9,120 276 210 66 Sept....................................... 10’534 10373 61 194 -133 9,510 9,210 300 144 156 Oct................................................ 10^758 10363 -5 186 -191 9,617 9,382 235 167 68 10,863 10’847 16 274 -258 9,747 9,491 256 216 40 Dec................................................. 10,990 10300 90 257 -167 9,875 9,625 250 180 70 Week ending— 1967—Dec. 27.......................... 10,177 10,130 47 199 -152 9,010 8,687 323 117 206 10,491 10,331 160 216 -56 9,185 8,803 382 59 323 10........................... 10,243 10307 36 59 -23 9'338 8,817 521 52 469 17........................... 10357 10’340 17 97 -80 8,895 8,781 114 65 49 24........................... 10,352 10,318 34 157 -123 9,189 8,871 318 74 244 31........................... 10’276 10,235 41 90 -49 9,040 8,770 270 118 152 Feb, 7........................... 10,374 10,334 40 97 -57 9,078 8,780 298 137 161 14........................... 10354 10 J55 99 96 3 9,053 8,799 254 132 122 21........................... 10’,089 10 377 12 168 -156 9,041 8,711 330 84 246 28........................... 10 341 10392 49 150 -101 9,022 8,770 252 153 99 10,346 10,308 38 234 -196 9,011 8,768 243 169 74 13........................... 10338 10,172 66 328 -262 9,066 8,818 248 187 61 20........................... 10'202 10 J81 21 312 -291 9,158 8,799 359 230 129 27........................... 10’239 10,201 38 237 -199 8,888 8,767 121 266 -145 10,261 10,222 39 321 -282 8,978 8,726 252 252 ‘ 10........................... 10,293 i0335 58 184 -126 9,011 8,808 203 309 -106 17........................... 10’405 10 367 38 307 -269 9,412 8,944 468 154 314 24........................... 10,300 10367 33 316 -283 9,018 8,933 85 177 -92 10,290 10,263 27 302 -275 9,014 8,808 206 257 -51 8........................... 10,348 (0398 50 253 -203 9,130 8,867 263 286 -23 15........................... 1O’23O 10 169 61 248 -187 9,225 8,898 327 291 36 22........................... 10 243 10 188 55 259 -204 9,086 8,878 208 387 -179 29........................... 10,152 10’118 34 278 -244 9,171 8,836 335 388 -53 10 180 10 138 42 294 -252 8,974 8,837 137 368 -231 12........................... 10’182 10 151 31 278 -247 9,163 8,906 257 344 -87 19........................... 10337 10’212 25 164 -139 9,155 8,965 190 340 -150 26........................... 10,414 1O,’37O 44 340 -296 9,482 8,988 494 333 161 10,387 10 335 52 172 -120 9,054 9,003 51 246 -195 ' 10........................... 10,328 10 244 84 115 -31 9,359 9,037 322 271 51 17........................... 10,459 10 428 31 121 -90 9,343 9,130 213 282 -69 24........................... 10399 10,441 58 200 -142 9,442 9,094 348 257 91 31........................... 10,545 10 477 68 179 -HI 9,248 9,047 201 282 -81 10 538 10 515 23 170 -147 9,390 9,095 295 230 65 14........................... 10 534 10 457 77 149 -72 9,336 9,139 197 236 -39 21........................... 10 578 10 536 42 152 -110 9,576 9,117 459 189 270 28........................... 10,530 10,489 41 158 -117 9,221 9,121 • 100 206 -106 Sept 4........................... 10,516 10,460 56 178 -122 9,361 9,152 209 165 44 ' ll........................... 10’545 10 444 101 261 -160 9,511 9,215 296 133 163 18........................... 10,467 10,461 6 147 -141 9,473 9,125 348 139 209 25........................... 10'447 10 447 191 -191 9,445 9,234 211 107 104 Oct. 2........................... 10,620 10 572 48 182 -134 9,587 9,332 255 205 50 9 ........................ 10,647 10 648 -1 232 -233 9,616 9,341 275 106 169 16 ........................ 10384 10 821 63 205 -142 9,561 9,314 247 124 123 23 ......................... 10'742 10 832 -90 107 -197 9,579 9,427 152 169 -17 30........................... 10304 10,810 94 228 -134 9,682 9,456 226 255 -29 10,645 10,721 -76 150 -226 9,658 9,404 254 185 69 13........................... 11,054 i0,’893 161 334 -173 9,685 9,406 279 212 67 20........................... 10338 10’934 -96 251 -347 9,748 9,517 231 219 12 27........................... 10300 10 346 54 282 -228 9,800 9,589 211 234 -23 Dec. 4........................... 10,824 10,788 36 247 -2H 9,810 9,575 235 197 38 11........................... 10,745 10,772 -27 199 -226 9,736 9,526 210 149 61 18........................... 10,878 10’846 32 230 -198 9,800 9,568 232 196 36 25......................... 10373 10,942 31 260 -229 9,961 9,691 270 168 102 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 94 ALL WEEKLY REPORTING BANKS □ MARCH 1969 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS, 1968 (In millions of* dollars) Loans 2 For purchasing or carrying securities To financial institutions Total Loans 1 loans net of Com­ To brokers Wednesday and valua­ mer­ Agri­ and dealers To others Banks Nonbank Con­ Valua­ invest­ tion cial cul­ Real sumer For­ AH tion ments * re­ and tural estate instal­ eign other re­ serves indus­ Do­ Pers, ment govts. serves trial U.S. Other U.S. Other mes­ and Govt, se­ Govt, se­ For­ tic sales se­ curi­ se­ curi­ eign com­ finan. Other curi­ ties curi­ ties mer­ cos., ties ties cial etc. Jan. 3 ........... 210,415 148,597 66,201 1 ,906 1 ,254 4,519 113 2,454 1 ,431 4,646 5,877 4,538 29,126 16,387 1 ,063 12,269 3,187 10........... 208,077 146,690 65,909 1 ,898 1 ,814 4,061 96 2,438 1 ,394 3,719 5,542 4,429 29,112 16,342 1 ,070 12,055 3,189 17........... 207,161 145,014 65,661 1 ,903 1 ,373 3,850 97 2,421 1 ,360 3,159 5,450 4,416 29,139 16,358 1 ,029 11 ,986 3,188 24........... 205,291 143,879 64,969 1 ,891 1 ,197 3,758 95 2,419 1 ,399 3,294 5,313 4,286 29,171 16,333 1 ,048 11,894 3,188 31........... 207,221 145,142 64,905 1 ,882 1 ,971 3,855 103 2,421 1 ,362 3,403 5,371 4,251 29,171 16,418 1 ,066 12,156 3,193 Feb. 7........... 205,087 143,768 64,826 1 ,890 1 ,461 3,748 93 2,427 1 ,367 3,186 5,301 4,160 29,168 16,400 1 ,058 11 ,875 3,192 14........... 204,871 143,41! 64,808 1 ,888 1 ,309 3,553 92 2,439 1 ,408 3,217 5,252 4,113 29,187 16,392 1 ,069 11,876 3,192 21........... 206,709 143,522 64,912 1 ,892 1 ,631 3,844 89 2,437 1 ,375 2,748 5,119 4,176 29,192 16,370 1 ,055 11,874 3,192 28........... 207,194 144,233 64,945 1 ,893 1 ,362 3,690 89 2,421 1 ,361 3,756 5,129 4,174 29,218 16,397 1 ,036 11,954 3,192 Mar. 6..... . 206,224 143,541 65,154 1 ,893 1 ,298 3,776 87 2,444 1 ,357 2,840 5,104 4,162 29,230 16,376 1 ,051 11,975 3,206 13........... 206,279 143,539 65,271 1 ,899 1 ,237 3,590 83 2,408 1 ,348 2,845 5,260 4,176 29,288 16,408 I ,068 11,863 3,205 20........... 207,989 145,504 66,289 1 ,910 901 3,549 96 2,391 1 ,368 3,799 5,368 4,219 29,338 16,430 1,113 11,937 3,204 27 ..... . 206,513 144,609 66,393 1,920 840 3,465 97 2,374 1 ,386 3,064 5,136 4,263 29,384 16,471 1 ,059 11 ,962 3,205 Apr. 3........... 206,810 145,294 66,886 1 ,917 684 3,446 98 2,350 1 ,334 3,260 5,291 4,306 29,394 16,518 1 ,059 11,971 3,220 10........... 209,203 147,466 67,049 1 ,925 1 ,371 3,412 101 2,349 1 ,359 4,309 5,364 4,308 29,455 16,569 1 ,078 12,030 3,213 17........... 209,804148,114 67,732 1 ,935 809 3,416 97 2,356 1 ,343 3,924 5,878 4,352 29,581 16,616 1,114 12,173 3,212 24........... 208,402 147,151 67,446 1 ,939 901 3,475 93 2,346 1 ,339 3,623 5,302 4,392 29,634 16,680 1 ,071 12,123 3,213 May 1........... 209,465 148,546 67,625 ! ,951 801 3,694 116 2,327 1 ,360 3,708 6,082 4,458 29,675 16,733 1,050 12,180 3,214 8........... 208,802 147,705 67,299 1 ,956 849 3,563 96 2,347 1 ,390 3,949 5,377 4,375 29,718 16,776 1 ,063 12,161 3,214 15........... 210,179 148,427 67,478 1 ,952 702 3,641 96 2,345 1 ,362 4,191 5,646 4,360 29,853 16,838 1 ,060 12,116 3,213 22........... 209,293 148,102 67,285 1 ,952 563 3,702 99 2,346 1 ,374 4,408 5,189 4,434 29,906 16,878 1 ,069 12,107 3,210 29........... 208,973 147,803 66,902 1 ,956 645 3,637 97 2,357 1 ,463 4,170 5,158 4,458 29,982 16,970 1,089 12,129 3,210 June 5........... 210,443 149,259 67,261 1 ,967 1 ,035 3,666 96 2,374 1 ,391 4,271 5,624 4,414 30,009 17,022 1 ,087 12,252 3,210 12........... 210,214 149,189 67,494 1 ,980 496 3,816 95 2,383 1 ,416 3,917 5,792 4,415 30,126 17,081 1,109 12,280 3,211 19........... 212,599 151,577 68,807 2,006 746 4,123 94 2,417 1 ,386 3,731 6,087 4,550 30,235 17,137 1,104 12,367 3,213 26........... 213,285 153,106 68,988 2,025 662 3,922 95 2,410 1 ,408 5,375 5,758 4,677 30,354 17,240 1 ,097 12,310 3,215 July 3........... 213,538 153,455 69,041 2,011 856 4,329 97 2,407 1 ,447 4,761 5,850 4,707 30,364 17,294 1,08! 12,444 3,234 10........... 211,836 151,933 69,017 2,019 782 4,210 96 2,411 1 ,460 3,750 5,715 4,635 30,419 17,335 1 ,068 12,251 3,235 17........... 214,440 152,422 69,185 2,029 895 4,379 93 2,434 1 ,428 3,585 5,761 4,620 30,526 17,347 1,055 12,319 3,234 24........... 214,250 152,475 68,935 2,029 1 ,692 4,268 93 2,424 1 ,386 3,555 5,466 4,631 30,575 17,424 1 ,075 12,155 3,233 31........... 215,927 153,797 68,996 2,031 1 ,699 4,628 96 2,416 1 ,374 3,985 5,630 4,710 30,575 17,554 1 ,073 12,267 3,237 Aug. 7........... 215,833 153,416 68,814 2,048 1 ,363 4,550 98 2,442 1,389 4,005 5,724 4,697 39,609 17,590 1 ,079 12,243 3,235 14........... 216,481 153,642 68,610 2,047 1,619 4,387 101 2,474 1 ,397 4,198 5,639 4,696 30,732 17,619 1,076 12,282 3,235 21........... 217,191 153,369 68,469 2,038 1 ,635 4,440 107 2,473 1 ,399 4,064 5,441 4,685 30,811 17,665 1 ,064 12,316 3,238 28........... 216,975 152,846 68,008 2,023 1 ,764 4,392 108 2,487 1 ,404 4,231 5,107 4,682 30,866 17,741 1 ,082 12,189 3,238 Sept. 4........... 218,461 153,997 68,051 2,025 1,985 4,677 100 2,494 1,434 4,359 5,272 4,662 30,891 17,766 1,105 12,414 3,238 11........... 220,530 154,351 68,354 2,028 2,785 4,451 112 2,497 1 ,440 3,696 5,228 4,728 30,975 17,778 1,107 12,415 3,243 18 224,114 157,046 69,438 2,026 3,032 4,664 154 2,518 1 ,358 4,450 5,480 4,728 31,066 17,815 1,094 12,465 3,242 25........... 22!,098 155,024 69,294 2,019 1 ,714 4,738 105 2,515 1,378 3,706 5,467 4,706 31,149 17,879 1 ,096 12,499 3,241 Oct. 2........... 224,697 158,458 69,553 2,009 2,545 5,043 99 2,558 1,414 5,047 5,769 4,818 31,197 17,932 1,099 12,636 3,261 9........... 222,909 156,716 69,763 2,010 2,027 4,677 97 2,550 1 ,415 4,087 5,503 4,843 31,265 17,983 1,106 12,645 3,255 16........... 223,593 157,385 70,213 2,013 1,525 4,540 98 2,556 1 ,388 4,709 5,483 4,849 31,385 18,007 1,102 12,774 3,257 23 . 220,956154,924 69,830 2,009 828 4,208 95 2,561 1 ,437 3,693 5,332 4,861 31,455 18,062 1,103 12,705 3,255 30........... 223,987 155,936 69,702 2,008 1,197 4,445 97 2,557 1 ,407 4,010 5,342 4,898 31,469 18,141 1,146 12,770 3,253 Nov. 6........... 226,239 158,362 70,149 2,010 1 ,418 4,664 101 2,569 1 ,437 4,801 5,795 4,974 31,507 18,169 1,129 12,888 3,249 13........... 225,547 158,298 70,477 2,013 1,068 4,580 97 2,610 1 ,462 4,732 5,448 5,040 31,632 18,205 1,134 13,052 3,252 20........... 225,156 158,675 70,908 2,010 1,994 4,297 94 2,618 1 ,505 3,972 5,281 5,139 31,712 18,230 1,112 13,050 3,247 27........... 224,663 158,138 71,178 2,003 789 4,171 100 2,637 1 ,616 4,115 5,259 5,028 31,773 18,307 1,124 13,288 3,250 Dec. 4........... 228,412160,490 71,272 2,010 1 ,948 4,606 101 2,648 1 ,537 4,802 5,327 5,053 31,726 18,310 1,088 13,310 3,248 11........... 229,355 160,852 71,691 2,007 2,132 4,495 95 2,692 1 ,577 4,233 5,456 5,060 31,838 18,385 1 ,088 13,348 3,245 18........... 233,432164,645 73,025 1 ,990 2,245 4,746 103 2,709 1 ,580 4,721 6,307 5,113 31,949 18,453 1,088 13,868 3,252 25........... 231,856163,735 73 142 1,983 895 4,901 105 2,698 1 ,635 4,470 6,458 5,100 32,001 18,530 1,125 13,929 3,237 ► Dec. 25.. . 400 253 60 10 1 1 8 2 1 97 64 11 2 For notes see p. A-97. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1969 □ ALL WEEKLY REPORTING BANKS A 95 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS, 1968—Continued (In millions of dollars) Investments Cash assets U.S, Government securities Other securities Obligations Cash of States Other bonds, items Bal­ Bal­ AU Notes and bonds and corp, stocks in ances ances Cur­ Re­ other Wednesday maturing — political and process with with rency serves assets Cer- subdiv. securities Total of do­ for­ and with Total Bills tifi- col­ mestic eign coin F.R. cates lec­ banks banks Banks Cert if. tion With­ Tax of Other in I to After war­ All partici­ Secu­ 1 yr. 5 yrs. 5 yrs. rants 5 other pation4 rites 28,371 6,049 4,142 13,878 4,302 3,953 25,285 1 ,333 2,876 51,111 25,859 4,738 254 3,074 17,186 9,284 27,824 5,576 4,018 13,834 4,396 3,990 25,374 1 ,340 2,859 44,729 22,442 4,165 230 2,990 14,902 9,107 . . 10 28,652 6,555 4,015 13,727 4,355 3,937 25,339 1 ,359 2,860 48,574 23,867 4,206 237 2,888 17,376 8,920 ........................17 27,928 5,841 4,064 13,686 4,337 3,901 25,326 1 ,372 2,885 44,075 20,676 3,981 233 2,913 16,272 8,955 ........................24 28,080 6,023 4,076 13,636 4,345 3,956 25,490 1 ,499 3,054 47,067 22,765 4,168 236 2,787 17,111 9,567 .......................31 27,417 5,444 4,090 13,546 4,337 4,110 25,372 1 ,457 2,963 43,770 20,718 3,934 219 2,663 16,236 9,512 ... Feb 7 27,513 5,576 4,037 13,544 4,356 4,098 25,444 1 ,440 2,965 45,915 23,025 4,439 208 2,861 15,382 9,551 ........................14 28,983 5,073 3,947 14,701 5 ,262 4,154 25,631 1 ,458 2,961 45,286 21,748 4,281 227 2,733 16,297 9,236 . ...2! 28,738 4,868 3,990 14,580 5,300 4,187 25,642 1 ,458 2,936 45,045 21,435 4,090 199 2,883 16,438 9,232 ........................28 28,169 4,357 4,006 14,467 5,339 4,436 25,761 1 .412 2,905 46,340 22,575 4,296 220 2,568 16,681 9,263 ............Mar. 6 28,155 4,368 4,012 14,366 5,409 4,382 25,832 1 ,425 2,946 45,503 22,248 4,319 199 2,811 15,926 9,236 ........................13 27,596 3,909 4,076 14,216 5,395 4,515 26,050 1 .420 2,904 44,430 21,448 4,223 213 2,756 15,790 9,234 ........................20 27,065 3,437 4,071 14,143 5,414 4,609 26,014 1 ,342 2,874 44,525 20,975 3,981 204 2,885 16,480 9,599 ........................27 27,208 3,785 4,019 14,056 5,348 4,203 25,985 1 ,303 2,817 46,955 23,275 4,259 203 2,667 16,551 9,357 27,089 3,718 3,963 14,060 5 ,348 4,295 26,324 ’ 1,329 2,700 49,372 26,738 4,242 206 2,761 15,425 9,279 ........................10 26,606 3,376 3,896 13,962 5 ,372 4,640 26,390 1 ,344 2,710 47,770 23,821 4,404 221 2,882 16,442 9,405 ........................(7 26,120 2,908 3,913 13,985 5,314 4,597 26,462 1 ,363 2,709 44,131 21 ,999 4,200 209 2,902 14,821 9,487 ........................24 26,005 2,795 3,935 13,984 5,291 4,411 26,334 1 ,342 2,827 48,772 24,331 4,364 212 2,682 17,(83 9,799 ......... May 1 26,293 2,878 4,195 13,773 5,447 4,178 26,528 1 ,312 2,786 43,942 22,057 3,936 219 2,667 15,063 9,712 ....................... 8 27,294 2,980 4,034 14,257 6,023 3,925 26,473 1 ,320 2,740 49,109 25,775 4,360 215 2,722 16,037 9,574 ........................15 26,746 2,687 4,301 13,693 6,065 3,953 26,493 1 ,312 2,687 44,893 22,588 3,963 214 2,792 15,336 9,500 ........................22 26,476 2,552 4,406 13,493 6,025 4,067 26,612 1 ,311 2,704 45,278 22,733 4,068 208 2,705 15,564 9,526 ........................29 26,510 2,872 4,293 13,312 6,033 4,170 26,590 1 ,316 2,598 46,411 23,112 4,215 193 2,633 16,258 9,757 26,416 2,762 4,395 13,210 6,049 4,141 26,558 1,319 2,591 49,171 24,929 4,293 192 2,821 16,936 9,637 ........................12 26,462 2,870 5,013 12,523 6,056 3,917 26,635 1 ,372 2,636 49,286 24,725 4,169 204 2,866 17,322 9,443 . . .19 25,480 2,080 4,965 12,422 6,013 3,957 26,600 1 ,402 2,740 46,817 23,632 4,201 223 2,940 15,821 9 563 ........................26 25,275 1,945 5,053 12,247 6,030 3,895 26,691 1,383 2,839 51,940 28,636 4,486 224 2,479 16,115 9,659 ............July 3 25,157 1 ,877 5,084 12,184 6,012 3,959 26,653 1 ,377 2,757 48,633 25,503 4,074 201 2,87! 15,984 9,594 ....................... 10 27,247 3,914 5,128 12,174 6,031 3,847 26,758 1 ,380 2,786 51,646 26,817 4,286 227 2,843 17,473 9,408 ........................17 26,877 3,666 5,048 12,145 6,018 3,959 26,783 1 ,383 2,773 46,663 22,794 4,041 236 2,874 16,718 9,480 ........................24 27,070 3,817 5,053 12,135 6,065 4,093 26,831 1 ,346 2,790 49,160 25,178 4,208 199 2,803 16,772 9,928 .................... .31 26,845 3,528 5,103 12,110 6,104 4,376 26,997 1 ,342 2,857 47,740 23,500 4,362 201 2,628 17,049 9,707 26,985 3,536 5,206 12,080 6,163 4,452 27,058 1 ,420 2,924 48,962 25,243 4,319 204 2,844 16,352 9,686 ......................14 27,694 3,326 4,844 12,252 7,272 4,592 27,227 1 ,410 2,899 46,907 23,070 4,325 205 2,824 16,483 9,427 ........................21 27,781 3,380 4,851 12,234 7,316 4,664 27,436 1,395 2,853 46,958 23,521 4,110 201 2.973 16,153 9,598 ........................28 28,029 3,712 4,859 12,215 7,243 4,781 27,369 1 ,415 2,870 50,644 27,433 4,467 203 2,720 15,821 9,900 28,908 4,387 4,984 12,237 7,300 5,252 27,719 1 ,416 2,884 49,839 27,262 4,648 241 2,989 14,699 9,690 ........................|| 29,800 5,195 5,059 12,286 7,260 5,178 27,875 I ,334 2,881 50,538 27,662 4,817 193 2,900 14,966 9,660 ............. ..18 28,615 3,954 5,179 12,230 7,252 5,172 28,050 1 ,339 2,898 49,109 24,454 4,205 208 2,983 17,259 9,753 ........................25 28,602 3,901 5,496 11,866 7,339 5,156 28,154 1 ,371 2,956 51,317 27,634 4,246 212 2,782 16,443 10,115 ............Oct. 2 28,599 3,910 5,576 11,815 7,298 5,217 28,088 1 ,347 2,942 48,824 25,835 4,259 232 2,832 15,666 9,841 ...................9 28,516 3,807 5,644 11,784 7,281 5,179 28,238 1 ,338 2,937 53,572 28,877 4,791 217 2,837 16,850 9,901 ........................16 28,262 3,599 5,643 11,741 7,279 5,155 28,288 1 ,347 2,980 52,036 26,766 4,416 212 2,965 17,677 9,885 ........................23 30,099 5,329 5,752 11,762 7,256 5,294 28,240 1 ,370 3,048 50,120 25,554 4,471 209 3,019 16,867 10,103 ........................30 29,874 5,088 5,790 11,743 7,253 5,019 28,579 1 ,367 3,038 55,721 31,318 4,796 220 2,775 16,612 10,359 29,272 4,548 5,758 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 53,818 29,019 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 29,182 1 ,350 3,077 51,747 28,437 4,584 239 3,192 15,295 10,387 ........................11 29,825 5,551 5,198 12,253 6,823 5,318 29,193 1 ,414 3,037 53,383 28,925 4,846 227 3,184 16,201 10,469 ......................18 29,160 4,907 5,216 12,257 6,780 5,109 29,410 1 ,424 3,018 52,345 27,818 4,669 228 3,033 16,597 10,795 ........................25 73 1 7 56 9 3 54 12 5 69 7 39 1 8 14 12 ...Dec. 25 < For notes see p. A-97 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 96 ALL WEEKLY REPORTING BANKS □ MARCH 1969 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS, 1968—Continued (In millions of dollars) Deposits Demand Time Total Wednesday unad­ States Do­ Foreign IPC States Foreign justed and mes­ and Do­ polit­ tic polit­ mes­ Total 5 IPC ical U.S. com­ Com­ Total 7 ical tic Com­ sub­ Govt. mer­ Govt, mer­ Sav­ Other sub­ inter­ Govt, mer­ divi­ cial etc. 6 cial ings divi­ bank etc, cial sions banks banks sions banks Jan. 3.................. 230,198 127,277 92,380 6,231 3,818 15,752 764 I ,816 102,921 48,864 38,273 9,509 769 5,037 290 10................... 221,975 118,564 87,821 6,086 1,639 14,137 724 1 ,653 103,411 48,711 38,906 9,545 773 5,012 288 17................... 224,395 120,711 87,888 5,787 3,675 14,260 822 1,617 103,684 48,591 39,321 9,528 821 4,952 278 24................... 219,012 114,974 84,074 5,335 4,261 12,883 702 I ,657 104,038 48,531 39,577 9,619 826 5,026 266 31................... 224,306 120,128 86,053 6,301 5,467 13,298 695 1 ,605 104,178 48,516 39,639 9,635 832 5,066 299 Feb, 7................... 218,709 114,432 82,053 5,980 4,610 13,450 658 1,566 104,177 48,518 39,517 9,692 823 5,142 292 14................... 220,682 116,301 84,788 5,763 3,578 13,947 699 1 ,651 104,381 48,554 39,585 9,815 828 5,097 297 21................... 221 ,059 116,375 81,591 5,748 7,276 13,536 692 1,599 104,684 48,596 39,757 9,839 846 5,127 294 28................... 221,417 116,456 82,761 5,984 6,515 12,785 682 1,583 104,961 48,620 39,910 9,929 845 5,121 309 Mar. 6................... 221 ,336 116,275 82,289 5,779 4,372 14,304 693 1 ,649 105,061 48,741 39,862 10,016 841 5,074 301 13................... 220,986 115,634 84,832 5,362 3,339 13,745 736 1 ,598 105,352 48,822 39,908 10,186 834 5,069 305 20.................. 221,267 116,379 83,860 5,503 5,504 13,380 795 1 ,653 104,888 48,912 39,600 10,091 805 4,973 282 27................... 218,995 113,862 83,176 6,074 3,700 12,530 739 1 ,628 105,133 49,104 39,693 10.111 780 4,935 288 Apr. 3................... 221,740 117,044 84,721 5,620 3,323 14,202 753 I ,649 104,696 48,990 39,632 9,912 773 4,880 289 10................... 225,521 121,024 87,431 5,477 1,146 15,354 730 1 ,711 104,497 48,763 39,558 9,976 780 4,914 285 17.................. 223,607 119,826 88,527 5,660 2,973 14,229 849 I ,640 103,781 48,485 38,830 10,358 742 4,885 263 24................... 219,183 114,952 84,502 5,656 2,685 13,155 786 1 ,595 104,231 48,420 39,145 10,454 758 4,965 264 May 1.................. 225,397 121,317 86,147 7,121 5,208 13,394 755 1,731 104,080 48,386 39,113 10,402 735 4,952 264 8................... 218,660 114,332 81,574 5,996 4,060 13,788 719 1 ,674 104,328 48,424 39,246 10,555 736 4,880 257 15.. ............... 223,759 119,663 85,750 6,280 4,184 14,088 794 1 ,641 104,096 48,421 39,148 10,437 725 4,881 255 22................... 219,029 114,881 82,487 5,844 4,209 13,340 759 1 ,692 104,148 48,466 39,277 10,416 713 4,794 253 29................ . 219,278 115,107 83,859 5,946 3,107 13,135 771 1 ,732 104,171 48,470 39,295 10,471 695 4,777 238 June 5................... 221,079 117,057 84,516 6,095 3,119 14,636 696 1,764 104,022 48,492 39,337 10,331 691 4,718 236 12.................. 223,100 119,187 87,586 5,368 2,466 14,318 692 1,702 103,913 48,465 39,445 10,183 691 4,664 239 19................... 224,842 121,406 86,426 5,587 6,389 13,990 688 1 ,745 103,436 48,463 39,181 10,048 683 4,599 231 26................... 223,069 119,218 85,653 6,363 3,669 13,990 706 1 ,720 103,851 48,657 39,416 10,079 682 4,557 225 July 3,................ 227,535 123,430 87,998 6,202 2,793 15,838 727 1 ,864 104,105 48,597 39,993 9,939 654 4,477 216 10.................. 223,453 118,902 86,339 5,907 I ,150 15,004 724 1,758 104,551 48,465 40,481 9,957 731 4,461 226 17................... 228,936 123,584 87,931 5,498 4,866 15,088 742 1 ,876105,352 48,381 41,199 10,059 764 4,476 246 24................... 224,616 118,388 85,195 5,506 4,926 13,626 681 1 ,810 106,228 48,315 41,843 10,279 766 4,545 246 31................... 228,784 122,373 87,330 6,247 3,774 14,582 797 1,775 106,411 48,274 41,972 10,413 785 4,454 271 Aug. 7................... 225,626 118,470 84,019 5,775 4,205 14,867 702 1 ,718 107,156 48,288 42,457 10,547 817 4,547 255 14.................. 226,486 118,877 86,384 5,671 2,885 14,831 639 1,710 107,609 48,283 42,643 10,737 852 4,586 262 21................... 225,520 117,473 84,544 5,345 4,342 14,402 658 1 ,638 108,047 48,296 42,897 10,874 871 4,576 260 28................... 225,263 117,004 84,929 5,516 3,055 13,635 725 1 ,638 108,259 48,269 43,042 10,969 880 4,567 268 Sept. 4.................. 229,695 121,425 88,698 5,843 1,197 15,477 794 1 ,759 108,270 48,283 43,126 10,925 863 4,537 274 11................... 230,394 122,049 89,384 5,528 1 ,438 15,973 768 1 ,716 108,345 48,298 43,254 10,894 876 4,492 273 18................... 233,155 125,111 88,515 5,460 5,917 15,971 741 1 ,645 108,044 48,315 43,137 10,682 887 4,474 291 25................... 230,486 121,834 85,873 5,645 6,207 14,669 711 1 ,715 108,652 48,354 43,439 10,761 885 4,649 300 Oct. 2................... 236,723 127,364 88,412 6,366 5,485 16,216 684 1,944109,359 48,512 44,023 10,708 877 4,665 311 9................... 231,829 122,150 86,313 5,939 3,729 15,702 684 1 ,836 109,679 48,506 44,330 10,738 874 4,666 299 16................... 235,920 125,729 90,445 5,673 3,232 16,505 744 1,771 110,191 48,512 44,791 10,763 856 4,694 310 23................... 232,295 121,799 87,460 5,499 3,317 15,326 682 1,721 110,496 48,527 44,966 10,944 857 4,659 283 30................... 234,345 123,574 88,655 6,175 3,990 14,896 723 1,722 110,771 48,522 45,106 11,099 817 4,680 285 Nov. 6.................. 240,282 129,409 89,328 6,638 3,915 17,716 672 1 ,761 110,873 48,593 45,041 11,264 779 4,645 288 13.................. 237,855 127,071 91 ,333 6,008 2,793 16,527 637 1 ,753 110,784 48,589 44,965 11,284 766 4,630 292 20.................. 235,972 124,913 90,293 6,094 2,579 16,128 683 1 ,929 111,059 48,627 45,228 11,270 758 4,638 282 27................... 236,944 125,007 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................... 239,652 127,193 93,184 6,213 955 15,930 756 1 ,899 112,459 48,627 46,083 11,765 766 4,680 286 18................... 244,563 132,551 94,554 5,978 5,049 16,575 730 1,991 112,012 48,645 45,461 11,932 755 4,660 285 25................... 244,061 131,841 95,733 6,097 4,538 16,180 826 2,108 112,220 48,676 45,623 12,075 741 4,556 283 ► Dec. 25.............. 400 197 179 11 3 .............. 203 145 48 10 .............. For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1969 □ ALL WEEKLY REPORTING BANKS A 97 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS, 1968—Continued (In millions of dollars) Borrowings Memoranda Total Other Capital assets—■ Total Large certificates Liabili­ liabili­ ac­ total loans of deposits10 ties of Wednesday ties counts liabilities Total (net) Demand U.S. From From and loans ad­ deposits banks F.R. others capita! (net) justed ad­ to Banks accounts ad­ and in­ justed 9 Total Issued Issued their justed 8 vest­ issued to to foreign ments8 I PC’s others branches11 151 7,631 12,371 20,459 270,810 143,951 205,769 81,848 20,08! 13,102 6,979 4,092 30 6,986 12,400 20,522 261,913 142,97! 204,358 80,346 20,479 13,475 7,004 4,289 .................................10 993 6,412 12,347 20,508 264,655 141,855 204,002 78,909 20,670 13,608 7,062 4,367 .....................................17 256 6,000 12,525 20,528 258,321 140,585 201,997 77,154 20,927 13,782 7,145 4,516 .................................24 733 5,357 12,780 20,679 263,855' 141 ,739 203,818 78,598 20,907 13,681 7,226 4,259 .....................................31 162 6,071 12,845 20,682 258,369 140,582 201,901 75,654 20,692 13,379 7,313 4,352 .....................Feb. 7 33 5,899 13,092 20,631 260,337 140,194 201,654 75,751 20,782 13,373 7,409 4,474 ............................. 14 752 5,489 13,340 20,591 261,231 140,774 203,961 73,815 20,905 (3,426 7,479 4,739 ................................21 153 6,334 12,942 20,625 261,471 140,477 203,438 75,721 21,080 13,444 7,636 4,530 ...............................,28 730 5,986 13,055 20,720 261,827 140,701 203,384 75,024 20,984 13,302 7,682 4,513 93 5,669 13,584 20,686 261 ,018 140,694 203,434 76,302 21,020 (3,2(6 7,804 4,805 ............................. 13 219 6,565 12,949 20,653 261,653 141,705 204,190 76,047 20,529 13,059 7,470 4,430 .................................20 1,206 6,024 13,764 20,648 260,637 141,545 203,449 76,657 20,538 (3,097 7,441 4,920 .................................27 514 6,762 13,312 20,794 263,122 142,034 203,550 76,244 20,292 12,895 7,397 4,768 219 8,193 13,(14 20,807 267,854 143,157 204,894 77,786 20,182 12,763 7,419 4,606 .................................io 538 8,575 13,495 20,764 266,979 144,190 205,880 78,803 19,485 12,091 7,394 4,845 ...............................,17 620 7,711 13,738 20,768 262,020 143,528 204,779 77,113 19,775 12,365 7,410 5,020 .................................24 539 7,655 13,507 20,938 268,036 144,838 205,757 78,384 19,694 12,303 7,391 4,784 .....................May 1 143 8,547 14,162 20,944 262,456 143,756 204,853 74,427 19,734 12,321 7,413 5,235 ...........................'. 8 724 8,873 14,477 21,029 268,862 144,236 205,988 75,616 19,513 12,158 7,355 5,426 .................................15 206 8,577 14,857 21,017 263,686 143,694 204,885 74,744 19,526 12,155 7,371 5,968 ................................22 335 8,270 14,839 2!,055 263,777 143,633 204,803 76,132 19,528 12,113 7,415 5,888 ............... 29 247 9,027 15,084 21,174 266,6!I 144,988 206,172 76,190 19,453 12,155 7,298 6,053 354 9,006 15,376 21,186 269,022 145,272 206,297 77,474 19,437 12,197 7,240 6,285 .................................12 1,751 8,546 15,051 21 ,138 271.328 (47,846 208,868 76,302 19,014 11,822 7,192 6,203 .................................19 221 10,038 15,176 21,161 269,665 147,731 207,910 77,927 (9,256 12,019 7,237 6,241 .................................26 327 10,094 15,896 21,285 275,137 148,694 208,777 76,163 (9,509 12,320 7,189 6,816 .....................July 3 251 9,205 15,867 2! ,287 270,063 (48,183 208,086 77,245 19,893 12,657 7,236 6,959 ...........................\. 10 800 8,972 15,550 21,236 275,494 148,837 210,855 76,813 20,620 13,222 7,398 6,678 .................................17 613 8,568 15,347 21,249 270,393 148,920 210,695 77,042 21,235 13,645 7,590 6,686 .............. , 24 594 8,799 15,421 21,417 275,015 149,812 211,942 78,839 2!,434 13,682 7,752 6,188 .................................31 397 9,760 16.027 21,470 273,280 149,411 211,828 75,898 21,915 14,068 7,847 6,693 .....................Aug. 7 186 10,777 16,244 21,436 275,129 149,444 212,283 75,9!8 22,161 14,190 7,971 6,849 ...........................~ . 14 334 9,978 16,270 21,423 273,525 (49,305 213,127 75,659 22,231 14,263 7,968 6,978 ................................21 428 9,867 16,523 21,450 273,531 148,615 212,744 76,793 22,288 14,259 8,029 7,036 .................................28 356 10,727 16,686 21,541 279,005 149,638 214,102 77,318 22,196 14,222 7,974 6,995 64 10,491 17,583 21 ,527 280,059 (50,655 216,834 77,376 22,154 14,208 7,946 7,384 ..........................'. . 11 292 11,855 17,511 21,499 284,312 152,596 2(9,664 75,561 21 ,834 13,966 7,868 7,610 .....................................18 1 ,453 9,354 17,142 21 ,525 279,960 (51,318 217,392 76,504 22,261 14,199 8,062 7,(31 .................................25 187 H ,066 16,511 21,642 286,129 153,411 219,650 78,029 22,590 14,519 8,071 6,914 .....................Oct. 2 222 11,134 16,721 21,668 28!,574 152,629 2(8,822 76,884 22,699 14,620 8,079 6,887 .............................. 9 145 12,096 17,245 21,660 287,066 152,676 218,884 77,115 23,108 14,988 8,120 7,240 ........... 16 1 ,015 10,295 17,602 21,670 282,877 151,231 2(7,263 76,390 23,155 15,101 8,054 7,504 ................ .23 416 10,393 17,305 21,751 284,210 151,926 219,977 79,134 23,303 15,172 8,131 7,080 ...............................30 450 12,473 17,309 21,805 292,319 153,561 221,438 76,460 23,407 15,198 8,209 6,961 73 12,304 17,568 21,786 289,586 153,566 220,815 78,583 23,385 15,131 8,254 7,180 13 82 10,672 18,301 21,751 286,778 154,703 221,184 78,381 23,640 15,401 8,239 7,388 .................................20 I ,077 10,985 17,948 21,730 288,684 154,023 220,548 78,963 24,307 15,925 8,382 7,248 ............. 27 58 11,203 17,912 21,872 292,041 (55,688 223,610 80,31! 24,326 (5,836 8,490 6,938 .....................Dec 4 214 11,355 18,409 21,859 29!,489 156,619 225,122 81 ,871 24,260 15,765 8,495 7,439 .................................Ji 888 11,504 18,53! 21 ,798 297,284 159,924 228,711 82,002 23,513 15,074 8,439 7,290 .................................18 244 17,669 21,838 294,996 159,265 227,386 83,305 23,468 15,111 8,357 6,976 ............... 25 43 38 481 253 400 187 -1 -1 ................Dec. 25 ^ ► These amounts represent accumulated adjustments originally made banks, and international institutions. to offset the cumulative effect of mergers. 7 Includes U.S. Government and postal savings, not shown separately. 8 Exclusive of loans to domestic commercial banks. 1 After deduction of valuation reserves. 9 All demand deposits except U.S. Government and domestic com­ 2 Individual items shown gross, mercial banks, less cash items in process of collection. J Includes short-term notes and bills (less than 1 year to maturity) 10 Certificates of deposit issued in denominations of $100,000 or more. issued by States and political subdivisions. 11 Liabilities to branches are reported gross; for this reason, as well as 4 Federal agencies only. because of adjustments and some differences in coverage, these figures 5 Includes certified and officers’ checks, not shown separately. are not directly comparable with the other data in this table. 6 Deposits of foreign governments and official institutions, central Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 98 BUSINESS LOANS OF BANKS, 1968 □ MARCH 1969 COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Wednesday Industry Jan. Jan. Jan. Jan. Jan. Feb. Feb. Feb. Feb. Mar. Mar. Mar. Mar. 3 10 17 24 31 7 14 21 28 6 13 20 27 Durable goods manufacturing: Primary metals,.............................. 1,387 1 ,393 1 ,395 1 ,381 1 ,395 1,491 I ,511 1 ,534 1 ,515 1,561 1 ,576 1,594 1,638 Machinery........................................... 4,365 4,314 4,345 4,278 4,311 4,305 4,365 4,375 4,386 4,372 4,408 4,491 4,530 Transportation equipment............. 1,826 I ,826 1 ,801 1,754 1 ,753 1,752 1,759 1 ,770 1,775 I ,846 1 ,827 1 ,852 1 ,820 Other fabricated metal products. .. 1 ,706 1 ,698 1,688 1 ,668 1 ,627 1,650 1 ,674 1,671 1 ,680 1,678 1 ,710 1 ,741 1 ,756 Other durable goods...................... 1 ,997 1,982 1 ,946 1 ,913 1 ,913 1,921 1 ,932 1 ,926 1 ,920 1,945 1,968 2,002 2,016 Nondurable goods manufacturing: Food, liquor, and tobacco................. 2,713 2,637 2,621 2,511 2,453 2,438 2,384 2,453 2,378 2,412 2,412 2,501 2,464 Textiles, apparel, and leather........... 1,717 1 ,707 1,712 I ,691 1 ,690 1 ,740 1 ,800 1 ,862 1 ,906 1 ,952 1,990 2,055 2,074 Petroleum refiningr.............................. 1 ,492 1,484 I ,490 1 ,477 1 ,472 1 ,460 I ,465 1 ,456 1 ,451 1,438 1,464 1,467 I ,441 Chemicals and rubber.................. ... 2,356 2,339 2,348 2,342 2,323 2,300 2,335 2,354 2,361 2,366 2,389 2,445 2,457 Other nondurable goods..................... 1 ,729 1,738 1 ,723 1,724 1 ,682 1 ,683 1 ,673 1 ,673 1 ,687 1,648 1,666 1 ,737 1 ,742 Mining, including crude petroleum and natural gas’1.., ................ 4,572 4,596 4,636 4,619 4,617 4,632 4,641 4,619 4,590 4,59! 4,623 4,663 4,681 Trade: Commodity dealers.......................... 1 ,619 1,626 1,619 I ,588 I ,542 1 ,495 1 ,465 1 ,476 1 ,439 1,422 1,375 1,345 1,330 Other wholesale.. ......................... 3,066 3,056 3,057 3,039 3,015 2,996 2,974 2,999 3,028 3,015 3,016 3,056 3,066 Retail........................................................ 3,355 3,259 3,351 3,284 3,378 3,376 3,314 3,321 3,346 3,432 3,401 3,488 3,498 Transportation, communication, and other public utilities: Transportation r..................................... 4,439 4,436 4,418 4,430 4,450 4,452 4,460 4,454 4,476 4,539 4,546 4,568 4,562 Communication...................................... 931 921 9t 1 896 885 850 835 837 847 853 856 933 927 Other public utilities............................ 2,517 2,505 2,476 2,352 2,298 2,270 2,237 2,183 2,119 2,075 1,960 2,003 1,997 Construction................................................ 2,526 2,535 2,527 2,507 2,500 2,504 2,513 2,521 2,501 2,505 2,523 2,538 2,553 Servicesr....................................................... 5,013 5,026 5,016 5,018 5,048 5,038 5,051 5,063 5,070 5,048 5,071 5,125 5,169 All other loans r................................ 6,735 6,659 6,495 6,494 6,587 6,622 6,571 6,522 6,613 6,588 6,604 6,695 6,663 Bankers’ acceptances....................... 1,125 1,185 1 ,161 1,072 1,071 943 909 921 977 1 ,012 985 1,045 1 ,083 Foreign commercial and industrial , loans.................................................... 2,728 2,716 2,702 2,717 2,710 2,732 2,733 2,701 2,710 2,690 2,687 2,691 2,692 Total classified loans'............................. 59,914 59,638 59,438 58,755 58,720 58,650 58,601 58,691 58,775 58,988 59,057 60,035 60,159 Total commercial and industrial loans of large commercial banks'..... 66,201 65,909 65,661 64,969 64,905 64,826 64,808 64,912 64,945 65,154 65,271 66,289 66,393 Wednesday Industry Apr. Apr. Apr. Apr. May May May May May June June June June 3 10 17 24 1 8 15 22 29 5 12 19 26 Durable goods manufacturing: Primary metals................................. 1 ,696 J ,701 1 ,721 1 ,728 1,732 1,726 1 ,737 I ,745 1 ,757 1,852 1,868 1,920 I ,947 Machinery........................................... 4,510 4,531 4,623 4,610 4,610 4,588 4,566 4,513 4,338 4,410 4,391 4,556 4,576 Transportation equipment, .............. 1 ,817 1 ,784 1 ,798 1 ,767 I ,757 1 ,759 J ,793 1 ,783 1 ,754 1 ,801 1,794 1 ,890 1 .856 Other fabricated metal products. .. 1 ,774 1,788 1,807 1 ,800 1 ,833 1,841 1 ,856 1 ,831 1 ,832 1 ,840 1 ,850 1,883 1 ,906 Other durable goods............................ 2,046 2,060 2,076 2,064 2,077 2,086 2,085 2,081 2,093 2,144 2,155 2,192 2,210 Nondurable goods manufacturing: Food, liquor, and tobacco............ 2,403 2,363 2,377 2,338 2,303 2,257 2,221 2,254 2,186 2,236 2,196 2,272 2,237 Textiles, apparel, and leather....... 2,097 2,150 2,170 2,(44 2,146 2,154 2,181 2,162 2,157 2,170 2,196 2,258 2,276 Petroleum refining'................ 1 ,426 1,432 1,440 1 ,438 1,421 I ,440 1 ,431 1 ,433 1 ,423 1,422 1 ,433 1 ,481 1,486 Chemicals and rubber......................... 2,432 2,479 2,548 2,548 2,443 2,441 2,460 2,445 2,473 2,446 2,474 2,487 2,512 Other nondurable goods.................... 1 ,743 1,767 1,776 1 ,765 1,772 I ,751 1,760 I ,752 1 ,745 1,744 1 ,763 1 ,805 1 ,800 Mining, including crude petroleum and natural gas'.............. 4,859 4,887 4,867 4,860 4,806 4,798 4,801 4,818 4,727 4,712 4,721 4,750 4,742 Trade: Commodity dealers......................... 1 ,311 1 ,259 1,250 1 ,222 1,186 1,149 1,142 1,153 1,157 1,118 1 ,094 1,098 1,108 Other wholesale. .................................. 3,143 3,155 3,192 3,185 3,222 3,217 3,213 3,180 3,134 3,139 3,147 3,145 3,157 Retail................................................. 3,533 3,589 3,737 3,652 3,765 3,641 3,722 3,725 3,660 3,678 3,684 3,736 3,730 Transportation, communication, and other public utilities: Transportation'..................................... 4,604 4,628 4,660 4,649 4,725 4,730 4,733 4,765 4,800 4,853 4,905 4,950 4,967 Communication..................................... 980 917 950 963 986 964 961 948 976 992 994 1 ,080 1 ,101 Other public utilities............................ I ,985 1 ,965 2,011 1,999 2,041 2,033 2,048 2,033 1 ,950 1 ,991 2,011 2,190 2,209 Construction............................................... 2,547 2,578 2,599 2,597 2,616 2,628 2,665 2,694 2,696 2,704 2,715 2,771 2,774 Services r...................................................... 5,209 5,207 5,252 5,270 5,312 5,297 5,306 5,348 5,381 5,428 5,450 5,524 5,543 All other loans'......................................... 6,730 6,764 6,886 6,893 6,978 6,975 6,939 6,883 6,947 6,891 6,969 7,081 7,173 Bankers’ acceptances............................... 1 ,097 1,015 989 933 873 803 815 743 818 797 772 777 811 Foreign commercial and industrial loans.............................................. 2,697 2,711 2,682 2,678 2,688 2,678 2,681 2,649 2,588 2,579 2,588 2,598 2,591 Total classified loans'.................... 60,639 60,730 61,411 61,103 61,292 60,956 61,116 60,938 60,592 60,947 61,170 62,444 62,712 Total commercial and industrial loans of large commercial banks'..... 66,886 67,049 67,732 67,446 67,625 67,299 67,478 67,285 66,902 67,261 67,494 68,807 68,988 For Note see facing page" Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1969 □ BUSINESS LOANS OF BANKS, 1968 A 99 COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Wednesday Industry July July July July July Aug. Aug. Aug. Aug. Sept. Sept. Sept. Sept. 3 10 17 24 31 7 14 21 28 7 11 18 25 Durable goods manufacturing: Primary metals.................................. 1,907 1,928 1,923 2,001 2,009 2,028 2,044 2,049 2,046 2,068 2,091 2,116 2,115 Machinery.............................................. 4,734 4,735 4,717 4,765 4,735 4,590 4,544 4,528 4,473 4,452 4,510 4,674 4,598 Transportation equipment, .............. 1 ,893 1,892 1 ,874 1 ,815 1,823 1 ,816 1 ,789 1,714 1,711 1 ,732 1,717 1 ,812 1 ,811 Other fabricated metal products. . . 1 ,936 1 ,936 i ,950 1 ,940 1 ,943 1 ,913 1,911 1,893 1 ,885 1,870 1,894 1 ,936 1 ,917 Other durable goods.................. 2,236 2,247 2,256 2,264 2,250 2,237 2,245 2,233 2,236 2,240 2,260 2,274 2,250 Nondurable goods manufacturing: Food, liquor, and tobacco........... 2,234 2,177 2,193 2,133 2,079 2,096 2,061 2,174 2,133 2,106 2,194 2,346 2,407 Textiles, apparel, and leather........... 2,297 2,312 2,350 2,343 2,318 2,354 2,404 2,399 2,407 2,430 2,435 2,443 2,404 Petroleum refining................................ I ,566 1 ,561 1 ,537 I ,531 1 ,539 1,537 1 ,531 I ,530 1 ,537 1,533 1,534 1 ,544 1,571 2,451 2,359 2,297 2,288 2,271 2,261 2,240 2,217 2,165 2,224 2,253 2,296 2,279 Other nondurable goods.................... 1 ,802 1 ,801 1 ,808 1 ,810 1 ,813 1 ,803 1 ,812 1,813 1 ,807 1 ,816 1,821 1 ,867 1,852 Mining, including crude petroleum and natural gas....................... 4,703 4,706 4,726 4,723 4,688 4,678 4,679 4,665 4,619 4,612 4,621 4,604 4,595 Trade; Commodity dealers. ................ 1 ,087 1,099 1 ,077 1 ,076 1 ,073 1,118 1,103 1 ,071 1,055 1 ,054 1 ,047 1,048 1,024 Other wholesale.................... 3,152 3,162 3,160 3,146 3,166 3,119 3,140 3,122 3,138 3,143 3,158 3,203 3,211 Retail............................................. 3,686 3,668 3,735 3,737 3,776 3,780 3,706 3,659 3,559 3,492 3,495 3,577 3,470 Transportation, communication and ocher public utilities: Transportation.................................... ■ 4,931 4,920 4,933 4,929 4,972 4,919 4,918 4,938 4,923 4,888 4,877 4,905 4,908 Communication.................................... 1,024 1 ,006 1 ,031 1 ,019 1 ,012 1,004 970 966 937 938 939 983 988 Other public utilities............................ 2,272 2,280 2,308 2,320 2,370 2,386 2,437 2,484 2,423 2,430 2,417 2,468 2,560 Construction............................................... 2,741 2,753 2,771 2,765 2,775 2,777 2,802 2,815 2,818 2,801 2,832 2,859 2,839 Services......................................................... 5,548 5,563 5,580 5,533 5,507 5,531 5,523 5,499 5,490 5,505 5,487 5,552 5,544 AH other loans r......................................... 7,131 7,179 7,140 7,061 7,169 7,122 7,071 7,050 6,964 7,004 7,068 7,142 7,180 Bankers' acceptances................................ 822 859 880 802 845 911 826 797 805 840 784 790 758 Foreign commercial and industrial loans............................................ 2,560 2,537 2,550 2,555 2,557 2,528 2,541 2,564 2,557 2,549 2,541 2,526 2,536 Total classified loans r............. 62,713 62,680 62,796 62,556 62,690 62,508 62,297 62,180 61,688 61,727 61,975 62,965 62,817 Total commercial and industrial loans of large commercial banksr, ,, ., 69,041 69,0(7 69,185 68,935 68,996 68,814 68,610 68,469 68,008 68,051 68,354 69,438 69,294 Wednesday Industry Oct. Oct. Oct. Oct. Oct. Nov. Nov. Nov. Nov. Dec. Dec. Dec. Dec. 2 9 16 23 30 6 13 20 27 4 11 18 25 Durable goods manufacturing: Primary metals................................. 2,099 2,091 2,084 2,065 2,048 2,028 2,024 2,026 2,020 1 ,900 I ,900 1 ,884 1,891 Machinery............................................... 4,433 4,434 4,505 4,401 4,347 4,330 4,363 4,404 4,419 4,446 4,486 4,651 4,609 Transportation equipment................ 1,851 1 ,842 1 ,957 1 ,889 1,897 1,897 1,942 I ,932 1 ,891 1 ,909 1 ,926 1 ,937 1 ,920 Other fabricated metal products. . . 1,915 1,901 1 ,907 1 ,876 1,852 1 ,834 1 ,843 1,834 I ,835 1 ,830 1 ,845 1,879 1 ,850 Other durable goods........................... 2,264 2,257 2,246 2,225 2,194 2,178 2,183 2,186 2,164 2,175 2,176 2,195 2,183 Nondurable goods manufacturing: Food, liquor, and tobacco........... 2,455 2,455 2,540 2,564 2,488 2,585 2,590 2,708 2,710 2,772 2,824 2,951 2,977 Textiles, apparel, and leather........... 2,365 2,369 2,365 2,301 2,285 2,309 2,333 2,281 2,247 2.230 2,228 2,214 2,187 Petroleum refining........................... I ,612 1 ,605 1 ,603 1 ,581 1 ,476 1 ,472 I ,474 1 ,497 1 ,555 1 ,555 1,571 1 ,584 I ,603 Chemicals and rubber........................ 2,303 2,299 2,290 2,294 2,309 2,275 2,274 2,255 2,256 2,238 2,264 2,418 2,483 Other nondurable goods.................... 1 ,827 1 .823 1 ,784 1 ,770 1 ,766 1 ,795 I ,784 1,783 1 ,772 1,783 1 ,783 1 ,782 I ,770 Mining, including crude petroleum and natural gas......................... 4,554 4,545 4,537 4,527 4,473 4,432 4,441 4,457 4,448 4,418 4,457 4,514 4,71 1 Trade: Commodity dealers.. 1 ,042 1 ,039 1 ,095 1,122 1 ,164 1 ,208 1 ,278 1 ,286 1 ,338 1 ,351 1 ,384 I ,362 1 ,326 Other wholesale......................... 3,232 3,267 3,307 3,338 3,328 3,355 3,390 3,374 3,346 3,341 3,351 3,389 3,371 Retail............................................ 3,544 3,735 3,862 3,884 3,835 4,039 3,977 4,050 4,060 4,019 4,030 4,183 4,036 Transportation, communication and, other public utilities: Transportation...................................... 4,899 4,914 4,928 4,912 4,937 4,878 4,901 4,955 5,013 5,077 5,104 5,152 5,180 Communication..................................... 1 ,055 1 ,029 1 ,021 I ,013 1 ,013 1 ,068 1,072 1 ,083 I ,088 1,093 I ,073 1,140 1,179 Other public utilities........................... 2,605 2,612 2,588 2,494 2,548 2,617 2,635 2,698 2,712 2,749 2,722 2,866 2,871 Construction............................................... 2,857 2,875 2,895 2,870 2,893 2,913 2,945 2,961 2,944 2,926 2,930 2,934 2,918 Services........................................................ 5,630 5,634 5,670 5,693 5,702 5,776 5,821 5,840 5,886 5,900 5,917 5,987 5,976 All other loans'-......................................... 7,164 7,242 7,236 7,189 7,312 7,316 7,329 7,375 7,437 7,537 7,635 7,812 7,909 Bankers’ acceptances. .............................. 813 772 731 726 749 723 699 686 757 742 720 721 728 Foreign commercial and industrial loans...................................................... 2,528 2,531 2,531 2,544 2,545 2,544 2,537 2,547 2,589 2,563 2,568 2,597 2,594 Total classified loans’"............................. 63,047 63,271 63,682 63,278 63,161 63,572 63,835 64,218 64,487 64,554 64,894 66,152 66,272 Total commercial and industrial loans of large commercial banks’". 69,553 69,763 70,213 69,830 69,702 70,149 70,477 70,908 71,178 71,272 71,691 73,025 73,142 Note.—'Data for sample of about 200 banks reporting changes in their cent of those of all commercial banks. larger loans; these banks hold about 80 per cent of total commercial and Monthly figures are averages of figures for Wednesday dates, industrial loans of all weekly reporting member banks and about 60 per Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 100 BUSINESS LOANS OF BANKS, 1968 □ MARCH 1969 COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Industry Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Durable goods manufacturing: Primary metals.................................................... 1,390 1 ,513 1,592 1,712 1,739 1,897 1 ,934 2,040 2,097 2,078 2,025 1,894 Machinery................................................................ 4,323 4,357 4,450 4,569 4,523 4,483 4,737 4,534 4,559 4,424 4,379 4,548 Transportation equipment.................................. 1 ,792 I ,764 1 ,836 1 ,792 1 ,769 I ,835 1 ,859 1 ,758 1 ,768 I ,887 I ,915 1,923 Other fabricated metal products.................... . I ,677 1 ,669 1,721 1 ,791 1 ,839 1 ,870 1 ,941 1 ,901 1 ,904 1 ,890 1,836 1 ,851 Other durable goods............................................ 1 ,950 1,925 1 ,983 2,061 2,084 2,175 2,251 2,238 2,256 2,237 2,178 2,182 Nondurable goods manufacturing: Food, liquor, and tobacco................... 2,587 2,413 2,447 2,370 2,244 2,235 2,163 2,116 2,263 2,500 2,648 2,881 Textiles, apparel, and leather............................. 1 ,703 1 ,827 2,018 2,140 2,160 2,225 2,324 2,391 2,428 2,337 2,293 2,214 Petroleum refining................................................. 1 483 1 458 1 ,453 I ,434 1 ,430 1 ,456 1 ,547 1 534 1 ,546 I 576 1 500 1 ,578 Chemicals and rubber........................................... 2,342 2^338 2,414 2,502 2,452 2,480 2,333 2^221 2,263 2’299 2^265 2,351 Other nondurable goods...................................... 1 ,719 I ,679 1 ,698 1 ,763 1 ,756 1 ,778 1 ,807 1 ,809 1 ,839 1 ,794 1 ,783 t ,780 Mining, including crude petroleum and natural gas........................................................................... 4,608 4,621 4,640 4,868 4,790 4,731 4,709 4,660 4,608 4,527 4,445 4,525 Trade.- Commodity dealers.................................... 1 ,599 I ,469 1,368 I ,261 1 ,157 1,105 I ,083 1 ,087 1,043 1 ,093 1,278 I ,356 Other wholesale...................................................... 3,047 2,999 3,038 3,169 3,193 3,147 3,157 3,130 3,179 3,295 3,366 3,363 Retail................................................................... 3,325 3,339 3,455 3,628 3,703 3,707 3,720 3,676 3,509 3,772 4,031 4,067 Transportation, communication, and other public utilities: Transportation....................................................... 4,434 4,461 4,554 4,635 4,751 4,919 4,937 4,925 4,895 4,918 4,937 5,128 Communication..................................................... 909 842 892 953 967 1,042 1 ,018 969 962 I ,026 1,078 1,121 Other public utilities............................................. 2,430 2,202 2,009 1 ,990 2,021 2,100 2,310 2,432 2,468 2,570 2,665 2,802 Construction................................................................ 2,519 2,510 2,530 2,580 2,660 2,741 2,761 2,803 2,832 2,875 2,941 2,927 Services.......................................................................... 5,024 5,055 5,103 5,234 5,329 5,485 5,546 5,511 5,522 5,667 5,831 5,945 AU other loans............................................................ 6,594 6,581 6,638 6,818 6,945 7,029 7,136 7,052 7,099 7,229 7,364 7,723 Bankers’ acceptances................................................ 1,123 938 1 ,031 1 ,009 810 789 842 834 793 758 716 728 Foreign commercial and industrial loans. .... 2,715 2,719 2,690 2,692 2,657 2,589 2,552 2,547 2,538 2,536 2,554 2,581 Total classified loans................................................. 59,293 58,679 59,560 60,971 60,979 61,818 62,687 62,168 62,371 63,288 64,028 65,468 Total commercial and industrial loans of large commercial banks............................................. 65,529 64,873 65,777 67,278 67,318 68,138 69,035 68,475 68,784 69,812 70,678 72,283 For Wednesday figures and Note, see preceding two pages. “TERM” COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS 1968 Industry Jan. Feb. Mar, Apr. May June July Aug, Sept. Oct. Nov. Dec. Durable goods manufacturing: Primary metals.................................................. 908 1 ,027 I ,112 1,185 1,199 l ,339 1 ,393 I ,426 1,466 1 ,417 1,414 1 ,338 Machinery................................................................. 2,067 2,064 2,154 2,231 2,188 2,279 2,395 2,294 2,338 2,212 2,245 2,261 Transportation equipment................................. 859 849 889 953 944 908 902 910 931 909 969 1 ,035 Other fabricated metal products........... 667 670 692 696 733 759 811 798 801 748 714 738 Other durable goods............................................. 1 ,006 984 994 991 1 ,003 1 ,028 1 ,041 1 ,003 999 991 994 1 ,032 Nondurable goods manufacturing: Food, liquor, and tobacco............................. 818 865 876 813 817 821 804 823 849 755 779 775 Textiles, apparel, and leather............................. 485 524 555 562 556 566 556 575 588 601 602 629 Petroleum refining.................................................. 1,200 I ,195 1,164 J ,152 1,176 1 ,226 1 ,270 1 ,235 1 ,228 I ,167 1 ,217 1 ,212 Chemicals and rubber........................................... 1,538 1,544 1,613 1 ,647 1 ,583 I ,619 1 ,516 1,462 t ,538 1 ,544 1 ,544 I ,688 Other nondurable goods..................................... 1 ,048 t ,049 1 ,061 1,072 1 ,062 1 ,051 1,073 1 ,074 1 ,087 1 ,083 1 ,072 1 ,061 Mining, including crude petroleum and natural gas......................................................................... 3,996 4,014 4,047 4,233 4,152 4,121 4,042 3,984 3,963 3,829 3,828 4,033 Trade: Commodity dealers........................................... Hl 103 115 HO 111 113 H5 114 112 114 114 118 Other wholesale...................................................... 575 588 585 624 637 634 608 603 585 616 613 643 Retail.......................................................................... I ,IH 1 ,093 1 ,098 1 ,H9 1,105 1,144 1,152 1,106 1,114 1,144 1,159 1,135 Transportation, communication, and other public utilities: Transportation....................................................... 3,426 3,432 3,503 3,503 3,610 3,703 3,688 3,688 3,673 3,680 3,744 3,906 Communication...................................................... 419 409 412 404 432 446 453 452 472 449 459 441 Other public utilities............................................ 717 741 710 731 749 815 928 1,001 1 ,071 1,077 1,181 1 ,224 Construction................................................................. 686 680 706 737 737 769 779 774 794 782 799 808 Services......................................................................... 2,163 2,187 2,229 2,243 2,268 2,303 2,324 2,329 2,361 2,386 2,517 2,576 AH other loans...................................................... 871 844 879 877 864 905 942 903 921 940 957 959 Foreign commercial and industrial loans......... 2,009 1,981 1,976 1 ,971 1,953 1 ,934 1,918 I ,901 1 ,881 1,876 I ,914 1 ,919 Total loans,................................................................ 26,680 26,843 27,370 27,854 27,879 28,483 28,710 28,455 28,772 28,320 28,835 29,531 Note.—The above table covering “term” commercial and industrial loans held on the last Wednesday of each month is published for the first time. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MARCH 1969 □ INTEREST RATES, 1968 A 101 MONEY MARKET RATES (Per cent per annum) Finance U.S. Government securities (taxable)4 Prime co. Prime coml. paper bankers’ Period paper, placed accept­ Federal 3-month bills5 6-month bills5 9- to 12-month issues 4- to 6- directly, ances, funds 3- to 5months ( 3- to 6- 90 days! rate 3 year months2 Rate on Market Rate on Market Bills (mar­ issues6 new issue yield new issue yield ket yield)5 Other6 1968—Jan.................... 5.60 5.46 5.40 4.60 5 081 4 99 5 386 5.23 5 79 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 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 6.18 5.99 6.04 6.12 5.621 5 65 5 785 5 83 5 81 6 06 5 95 6.25 6.04 5.96 6.07 5.544 5 52 5.562 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 23 515 5*41 5 32 5.82 5.6! 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 6.17 5.86 6.20 6.02 5.916 5.94 6.014 6,05 5 98 6.00 5 09 Week ending— 1967—Dec 30 ..... . 5.63 5.50 5.56 4.63 4.989 4.99 5.515 5.49 5 56 5 73 5 75 1968—Jan. 6............ 5.63 5.50 5.63 4.54 5.103 4.99 5.593 5.39 5 50 5.62 5.61 13............ 5.63 5.50 5.43 4.63 5.080 5.06 5,376 5,30 5.28 5 44 5 48 20 5.63 5.50 5.38 4.61 5.072 5.02 5,238 5,25 5.22 5 32 5.52 27............ 5.60 5.48 5.35 4.70 5.068 4.97 5 335 5 16 5 26 5 33 5 55 Feb. 3............ 5,50 5.25 5.15 4.55 4 846 4.85 4 957 5 00 5 20 5 24 5 54 10............ 5.50 5,25 5.23 4. 69 4.957 5,00 5 119 5.22 5 28 5 36 561 17 5.50 5.25 5.25 4.73 5,040 4,97 5.275 5. 14 5 17 5 35 5 56 24............ 5.50 5.25 5.25 4.70 4.940 4.96 5.1 33 5. 16 5.17 5 40 5'57 5.50 5.25 5.25 4.75 5 063 5 03 5.236 5.21 5.28 5 43 5 60 9 5.50 5.25 5.28 4.82 5 00O 5 04 5 173 5.23 5 36 5 45 5 68 16............. 5 58 5.40 5.48 4.64 5 107 s 25 5 321 5 43 5 46 5 60 5 89 23............ 5.75 5.50 5.63 5.13 5 285 5 25 5 378 5 36 539 5 62 5 77 30............ 5.75 5.50 5.68 5.40 5 186 5 14 5 301 5 12 5 41 5 55 5 77 Apr. 6. 5.75 5.50 5.63 5.52 5.146 5.20 5.265 5.29 5.34 5.46 5 53 ’ 13............ 5.75 5.50 5,75 5.66 5.309 5.35 5.400 5.44 5.38 5 51 5 48 20............ 5.78 5.53 5.70 5.71 5 463 5 39 5.568 5 51 5 42 5 64 5'70 27............ 5.88 5.75 5.88 5.62 5.542 5.50 5.689 5.63 5 57 5 79 5 88 May 4. .... . 6.05 5.88 5.93 6.14 5.499 5 50 5.612 5,66 5.63 5,85 5.88 ' 11 6.13 6,00 6.08 6.04 5.507 5.52 5,697 5.72 5.73 5.85 5.88 6.13 6.00 6.00 6.34 5.558 5.67 5 750 5.86 5.82 6.02 5.95 25............ 6.25 6.00 6.13 6.11 5.847 5.82 5 995 5.99 5.98 6.33 6.09 6.25 6.00 6.00 6.02 5.696 5,70 5 869 5.86 5.90 6.20 5 91 8............ 6.25 6.00 5,90 5.93 5,649 5,66 5 699 5.72 5.72 6.08 5 80 15............ 6.25 6.03 5.95 6.18 5.713 5.68 5.790 5,75 5.75 6 07 5 75 22............ 6.25 6.06 6.00 6.18 5.578 5.45 5.633 5.58 5,59 5.95 5.61 29............ 6,25 6.06 6.00 6.14 5.238 5.30 5.485 5.51 5.62 5.93 5.67 July 6..... . 6.25 6.06 6.00 5,73 5.400 5.35 5.589 5.43 5.56 5.86 5 58 13 6.25 6.06 5.93 5.94 5.368 5.37 5.410 5.43 5.44 5.71 5 51 20............ 6.25 6.06 5.83 6.13 5.467 5.38 5.554 5,46 5 47 5 70 5 51 27............ 6.15 5.98 5.75 6.11 5.293 5.24 5.366 5.36 5.27 5 57 5 27 Aug. 3............. 5.95 5.83 5.70 6.05 5.190 5.08 5.287 5.25 5.14 5,46 5.28 10............ 5.88 5.77 5.68 6.11 4.905 4.96 5.099 5.16 5.10 5.42 5.29 17 5.88 5.75 5.75 6.13 5.084 5.1 1 5.273 5.29 5.21 5 47 5.35 24 5.88 5.75 5.63 6.05 5 123 5 15 5.220 5,24 5.15 5 39 5 36 31............ 5.88 5,70 5.63 5.93 5 173 5 18 5,242 5.26 5.17 5 39 5 33 Sept. 7...... 5.88 5.63 5.63 5.80 5.194 5.21 5 250 5.22 5.16 5 39 5.30 14 5.88 5.63 5.63 5.84 5.246 5.28 5.277 5.31 5.24 5.46 5.36 21 5.80 5.63 5.63 5.68 5.218 5.18 5.248 5.25 5.17 5.39 5,27 28............ 5.75 5.58 5.63 5.70 5.151 5 13 5 230 5.24 5.19 5 36 5 28 Oct. 5............ 5.75 5.50 5.63 5.93 5.182 5.21 5.283 5.31 5.21 5.34 5 34 12. ..... 5.75 5.50 5.73 5.93 5.277 5 31 5 362 5.38 5.28 5.41 5 43 19 5.78 5.60 5.85 5.96 5.345 5.34 5.428 5.43 5.34 5.45 5 43 26............ 5.88 5.63 5.88 5.84 5.396 5.40 5.457 5.43 5.37 5.47 5.43 5.88 5.73 5.88 5.91 5.471 5.48 5.473 5,50 5.45 5.52 5.42 9 5.88 5.75 5.91 6.05 5.554 5 48 5.616 5.59 5.46 5.59 5.44 16............ 5.88 5.75 6.00 6.00 5.483 5.42 5.602 5.61 5.49 5.62 5.47 23............ 5.93 5.75 6.00 5.45 5.483 5.43 5.679 5.61 5.54 5.53 5.48 30............ 6.00 5.75 6,00 5.73 5.448 5.47 5.573 5,58 5.56 5.52 5.51 Dec. 7............ 6.00 5.75 6.00 5.72 5.633 5.66 5,730 5.77 5.69 5,73 5,79 14 6.03 5.78 6.10 5.83 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 Selected note and bond issues. 3 Seven-day average for week ending Wednesday. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 102 INTEREST RATES, 1968 □ MARCH 1969 BOND AND STOCK YIELDS (Pe r cent per annum) Government bonds Corporate bonds Stocks State By selected By Dividend/ Earnings/ Period United and local rating group price ratio price ratio States Total 1 (long­ j Aaa I Com­ term) Total1 Baa Aaa Baa Indus­ Rail­ Public Pre­ Com­ trial road utility ferred mon mon 1968—Jan........................................... 5.18 4.31 4.06 4,66 6.45 6.17 6.84 6.34 6.65 6.47 5.70 3.13 Feb........................................... 5.16 4.28 4.01 4,69 6.40 6.10 6.80 6.31 6.65 6.36 5.65 3.28 5.39 4.54 4.28 4,89 6.42 6.11 6,85 6.33 6.67 6.39 5.80 3.34 6.10 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 5.23 4.59 4,21 5.06 6.63 6.28 7,07 6.54 6.88 6.60 5,90 3,00 5.80 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 5.09 4.45 4,23 4.78 6.35 5.97 6.79 6.24 6.70 6.27 5.63 3.01 5.68 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— 1967—DeCi 30.................................. 5.35 4.42 4.15 4.73 6.53 6.24 6.97 6.42 6.76 6.57 5.94 3.08 1968—Jan. 6................................... 5.23 4.42 4.15 4.73 6.54 6.24 6.96 6.43 6.74 6.57 5.76 3.09 13.................................. 5.12 4.31 4.08 4.65 6.48 6.20 6.86 6.35 6.66 6.54 5.63 3.06 20................................... 5.18 4,27 4.03 4.65 6,41 6.14 6.79 6.30 6.61 6.43 5,71 3.09 27.................................. 5.20 4.23 3.98 4,62 6.40 6,12 6,80 6.30 6.63 6.39 5.69 3.19 Feb. 3.................................. 5.15 4.18 3.90 4.60 6.40 6.12 6.80 6.31 6.66 6.38 5.69 3.22 10.................................. 5.17 4.22 3.95 4.64 6.40 6.11 6,80 6.30 6.65 6.37 5.64 3.23 17.................................. 5.13 4.27 4.00 4.69 6.39 6.10 6.79 6.31 6,65 6.36 5.64 3.30 24. ................................ 5,14 4.32 4.06 4.73 6.39 6.09 6.79 6.30 6.66 6.35 5.67 3.27 5.19 4.39 4.16 4.78 6.38 6.09 6.80 6.30 6,64 6.34 5.66 3.31 9 5.28 4.49 4.27 4,86 6.38 6.07 6,81 6.30 6.64 6.34 5.74 3,35 16................................... 5.49 4.55 4.28 4.90 6.38 6.08 6.81 6.30 6.64 6.35 5.71 3.32 23.................................. 5.41 4.54 4.28 4.89 6.43 6.14 6.87 6.35 6.69 6.39 5.88 3.36 30.................................. 5.42 4.56 4.28 4.91 6.49 6.17 6.93 6.40 6.71 6.48 5.86 3.33 5.25 4.47 4.18 4.84 6.54 6.20 6.98 6.43 6.77 6.54 5.84 3.19 ' 13..................... 5.21 4.40 4.08 4.83 6.52 6.19 6.98 6.39 6.77 6.55 5.81 3,12 20.............................. 5.28 4.40 4.08 4.83 6.52 6.20 6.95 6.38 6.78 6.54 5.86 3.08 27................................... 5.33 4.48 4.18 4.84 6.54 6.22 6.96 6.42 6.81 6.54 5.91 3,09 May 4................................. 5.32 4.49 4.20 4.84 6.58 6.25 7.00 6.47 6.85 6,57 5.93 3.06 5.32 4.44 4.16 4.83 6.59 6.25 7.01 6.47 6.86 6.58 5.89 3.05 18.................................. 5.38 4,53 4,25 4.85 6.59 6.27 6.99 6.48 6.86 6.57 5.86 3.08 25.................................. 5,52 4,70 4.35 5.10 6.61 6.28 7.05 6.50 6.89 6.60 5.97 3.10 5.43 4.78 4,42 5,18 6.64 6,29 7.10 6.52 6.90 6.64 5.96 3.07 8.................................. 5.30 4.65 4.25 5.16 6.64 6.29 7.09 6.52 6.89 6.64 5.89 3.02 15.................................. 5.27 4.65 4.25 5.16 6.63 6.28 7.08 6,53 6.89 6.61 5.93 2.96 22................................. 5,18 4.53 4.15 4.96 6,63 6.29 7.07 6.56 6.90 6.59 5.90 3,01 29.............................. 5.15 4.54 4.18 4.96 6.61 6.27 7.04 6.55 6.86 6.57 5.87 3.01 July 6. . .............................. 5.12 4.54 4.18 4.96 6.61 6.27 7,04 6.55 6.85 6,58 5.83 2,98 ' 13.................................. 5. 10 4.54 4.18 4.96 6,61 6.27 7.03 6.54 6.85 6.57 5.81 2.94 20 5. 14 4.41 4.10 4.90 6.58 6.26 6.99 6.53 6.83 6.54 5.79 2.96 27. ................................ 5.03 4.31 4.00 4.80 6.54 6.22 6.95 6.45 6.81 6.50 5.65 3,03 4.99 4.22 3.90 4.73 6.46 6.14 6.88 6.37 6.75 6.41 5.64 3.10 10.................................. 4.99 4.17 3.80 4.68 6.40 6.07 6.83 6.30 6.73 6.33 5.60 3.12 17.................................. 5.06 4.29 4.00 4.70 6.36 6.00 6.82 6.24 6.73 6.29 5,57 3,08 24.................................. 5.09 4.32 4.05 4.70 6.34 5.98 6.80 6.23 6.70 6.27 5.58 3.08 31.................................. 5.06 4.46 4.25 4.80 6.33 5.97 6.79 6.23 6.70 6.25 5.62 3.08 Sept. 7.................................. 5.07 4.47 4.25 4.80 6.33 5.95 6.79 6.23 6.72 6.24 5.59 3.04 ' 14................................... 5.12 4.47 4.25 4.80 6.34 5.95 6.80 6.23 6.70 6.26 5.63 3.02 21.................................. 5.08 4.44 4.21 4.78 6.35 5.98 6.79 6.25 6.68 6,29 5.64 3.00 28 . . ....................... 5.09 4,41 4,20 4.75 6.37 6.00 6.79 6.26 6.69 6.30 5.65 2.97 Oct. 5.................................. 5.15 4.43 4. 14 4.80 6.37 6.02 6.78 6,29 6.70 6,30 5.70 2.96 12 5.25 4.49 4.22 4.90 6.40 6,06 6.79 6.31 6.70 6.33 5,77 2.94 19.................................. 5.28 4.49 4,22 4.90 6.43 6.10 6.84 6.36 6,73 6.39 5.75 2.94 26................................... 5.24 4.48 4.21 4.90 6.47 6.13 6.88 6.38 6.74 6.44 5,75 2.92 5.26 4.54 4.25 4,95 6.49 6.15 6,92 6.39 6.75 6.48 5.81 2.96 9.................................. 5.28 4.54 4.25 4.95 6.52 6.16 6.97 6.41 6.75 6.54 5,81 2.98 16................................... 5.33 4.61 4.35 4.97 6.54 6.15 7.00 6.43 6.77 6.57 5.81 2.92 23................................... 5.40 4.61 4.35 4.97 6,57 6.17 7.02 6.46 6.79 6.60 5.82 2.91 30.................................. 5.44 4.63 4.35 5.03 6.63 6.28 7,07 6.59 6.82 6,64 5.83 2.88 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 1 Includes bonds rated Aa and A, data for which are not shown sep­ Corporate bonds: Average of daily figures. Both of these series are from arately. Because of a limited number of suitable issues, the number of Moody’s Investors Service series. Stocks: Standard and Poor’s Corporate corporate bonds in some groups has varied somewhat. series, Dividend/price ratios are based on Wed. figures; earnings/price. ratios are as of end of period. Preferred stock ratio is based on 8 median Note.—Computed as follows: U.S. Govt, bonds: Averages of daily yields for a sample of noncallable issues—12 industrial and 2 public figures for bonds maturing or callable in 10 years or more. State and utility; common stock ratios on the 500 stocks in the price index. Quar­ local govt, bonds: General obligations only, based on Thurs. figures. terly earnings are seasonally adjusted at annual rates. 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 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 Board Robert E. Nichols, Special Assistant to Board OFFICE OF THE SECRETARY DIVISION OF FEDERAL RESERVE BANK OPERATIONS Robert C. Holland, Secretary Kenneth A. Kenyon, Deputy Secretary John R. Farrell, Director Elizabeth L. Carmichael, Assistant Secretary John N. Kiley, Jr., Associate Director Arthur L. Broida, Assistant Secretary James A. McIntosh, Assistant Director Robert P. Forrestal, Assistant Secretary P. D. Ring, Assistant Director Charles C. Walcutt, Assistant Director LEGAL DIVISION Lloyd M. Schaeffer, Chief Federal Reserve 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 Brenton C. Leavitt, Deputy Director Pauline B. Heller, Adviser 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 DIVISION OF PERSONNEL ADMINISTRATION Tynan Smith, Adviser 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 ♦On leave of absence. A 103 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 104 FEDERAL RESERVE BULLETIN □ MARCH 1969 FEDERAL OPEN MARKET COMMITTEE Wm. McC. Martin, Jr., Chairman Alfred Hayes, Vice Chairman Karl R. Bopp Philip E. Coldwell J. L. Robertson Andrew F. Brimmer J. Dewey Daane Charles J. Scanlon George H. Clay Sherman J. Maisel William W. Sherrill George W. Mitchell Robert C. Holland, Secretary Arthur L. Broida, Deputy Secretary David P. Eastburn, Associate Economist Kenneth A. Kenyon, Assistant Secretary Ralph T. Green, Associate Economist Charles Molony, Assistant Secretary A. B. Hersey, Associate Economist Howard H. Hackley, General Counsel Robert G. Link, Associate Economist David B. Hexter, Assistant General Counsel J. Charles Partee, Associate Economist Daniel H. Brill, Economist John E. Reynolds, Associate Economist Stephen H. Axilrod, Associate Economist Robert Solomon, Associate Economist Ernest T. Baughman, Associate Economist Clarence W. Tow, Associate Economist Alan R. Holmes, Manager, System Open Market Account Charles A. Coombs, Special Manager, System Open Market Account FEDERAL ADVISORY COUNCIL John A. Mayer, fourth federal reserve district, President J. Harvie Wilkinson, Jr., fifth federal reserve district, Vice President Mark C. Wheeler, first federal John Fox, eighth federal reserve RESERVE DISTRICT DISTRICT George S. Moore, second federal Philip H. Nason, ninth federal RESERVE DISTRICT reserve district George H. Brown, Jr., third federal Jack T. Conn, tenth federal RESERVE DISTRICT reserve district George S. Craft, sixth federal John E. Gray, eleventh federal RESERVE DISTRICT reserve district Donald M. Graham, seventh 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 105 FEDERAL RESERVE BANKS AND BRANCHES Federal Reserve Bank Chairman President Vice President ui anvil 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 Arnold J. Kleff, Jr. Donald F. Hagner Charlotte......... ,...28201 James A. Morris Edmund F. MacDonald Atlanta................... ....30303 Edwin I. Hatch Monroe Kimbrel John C. Wilson Kyle K. Fossum Birmingham... ....35202 Mays E. Montgomery Jacksonville,.......32201 Henry K. Stanford Edward C. Rainey Nashville......... ....37203 James E. Ward Jeffrey J. Wells New Orleans,.. ....70160 Robert H. Radcliff, Jr. 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 Harry M. Young, Jr. Donald L. Henry Memphis......... ...38101 William L. Giles Eugene A. Leonard Minneapolis.......... ...55440 Robert F. Leach Hugh D. Galusha, Jr. David M. Lilly M. H. Strothman, Jr. Helena............. ...59601 Edwin G. Koch Howard L. Knous 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 C. Robert McNally, Jr. Fredric W. Reed Houston........... ...77001 Geo. T. Morse, Jr. J. Lee Cook San Antonio... ...78206 W.A. Belcher 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 106 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. Sec. 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 107 SECURITIES. 1968. 83 pp. $.50 a copy; 10 or INTEREST RATES AND THE DEMAND FOR CON­ more sent to one address, $.40 each. SUMER DURABLE GOODS, by Michael J. Ham­ SURVEY OF CHANGES IN FAMILY FINANCES. 1968. burger. Dec. 1967. 321 pp. $1.00 a copy; 10 or more sent to one THE LAGS BETWEEN INVESTMENT DECISIONS AND address, $.85 each. THEIR CAUSES, by Shirley Almon. Feb. 1968. REAPPRAISAL OF THE FEDERAL RESERVE DIS­ A DISAGGREGATED MODEL OF THE U.S. BALANCE COUNT MECHANISM: OF TRADE, by William H. Branson. May 1968. REPORT OF A SYSTEM COMMITTEE, 1968, 23 pp. THE LABOR MARKET AND POTENTIAL OUTPUT OF $.25 a copy; 10 or more sent to one address, THE FEDERAL RESERVE-MIT ECONOMETRIC $.20 each. MODEL: A PRELIMINARY REPORT, by A. J. Telia REPORT ON RESEARCH UNDERTAKEN IN CON­ and P. A. Tinsley. Aug. 1968. NECTION WITH A SYSTEM STUDY. 1968. 47 THE REGULATION OF SHORT-TERM CAPITAL MOVE­ pp. $.25 a copy; 10 or more sent to one MENTS: WESTERN EUROPEAN TECHNIQUES IN address, $.20 each. THE 1960's, by Rodney H. Mills, Jr. Sept. 1968. Limited supply of the following papers relating to A TECHNIQUE FOR FORECASTING DEFENSE EX­ the Discount Study, in mimeographed or similar PENDITURES, by Harvey Galper and Edward form, available upon request for single copies: Gramlich, Oct. 1968. 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. REPRINTS THE SECONDARY MARKET FOR NEGOTIABLE (From Federal Reserve Bulletin unless preceded CERTIFICATES OF DEPOSIT. 1968. 89 pp. by an asterisk.) THE DISCOUNT MECHANISM IN LEADING IN­ ADJUSTMENT FOR SEASONAL VARIATION. Descrip­ DUSTRIAL COUNTRIES SINCE WORLD WAR tion of method used by Board in adjusting eco­ II. 1968. 216 pp. nomic data for seasonal variations. June 1941. RESERVE ADJUSTMENTS OF THE EIGHT MAJOR 11 PP- NEW YORK CITY BANKS DURING 1966. 1968. SEASONAL FACTORS AFFECTING BANK RESERVES. 29 pp. Feb. 1958. 12 pp. DISCOUNT POLICY AND OPEN MARKET OPERA­ TIONS. 1968. 23 pp. LIQUIDITY AND PUBLIC POLICY, Staff Paper by Stephen H. Axilrod. Oct. 1961. 17 pp. THE REDESIGNED DISCOUNT MECHANISM AND THE MONEY MARKET. 1968. 29 pp. SEASONALLY ADJUSTED SERIES FOR BANK CREDIT. July 1962. 6 pp. SUMMARY OF THE ISSUES RAISED AT THE ACA­ DEMIC SEMINAR ON DISCOUNTING. 1968. INTEREST RATES AND MONETARY POLICY, Staff 16 PP- Paper by Stephen H. Axilrod. Sept. 1962. 28 pp. A REVIEW OF RECENT ACADEMIC LITERATURE RECENT CHANGES IN LIQUIDITY, Staff Paper by ON THE DISCOUNT MECHANISM. 1968. Daniel H. Brill. June 1963. 10 pp. 40 pp. MEASURES OF MEMBER BANK RESERVES. July DISCOUNT POLICY AND BANK SUPERVISION. 1963. 14 pp. 1968. 72 pp. MEASURING AND ANALYZING ECONOMIC GROWTH, Staff Paper by Clayton Gehman. Aug. 1963. 14 pp. STAFF ECONOMIC STUDIES CHANGES IN BANKING STRUCTURE, 1953-62. Sept. Studies and papers on economic and financial sub­ 1963. 8 pp. jects that are of general interest in the field of ECONOMIC CHANGE AND ECONOMIC ANALYSIS, economic research. Staff Paper by Frank R. Garfield. Sept. 1963. Summaries only printed in the Bulletin. 17 pp- (Limited supply of mimeographed copies of full THE OPEN MARKET POLICY PROCESS. Oct. 1963. text available upon request for single copies.) 11 PP- MEASURES OF INDUSTRIAL PRODUCTION AND YIELD DIFFERENTIALS IN TREASURY BILLS, 1959­ FINAL DEMAND, by Clayton Gehman and Cor­ 64, Staff Paper by Samuel I. Katz. Oct. 1964. nelia Motheral. Jan. 1967. 20 pp. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 108 FEDERAL RESERVE BULLETIN □ MARCH 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 U.S. INTERNATIONAL TRANSACTIONS: TRENDS IN Economic Study by Lyle E. Gramley and Sam­ 1960-67. Apr. 1968. 23 pp. uel B. Chase, Jr. Oct. 1965. 25 pp. QUARTERLY SURVEY OF CHANGES IN BANK LEND­ CYCLES AND CYCLICAL IMBALANCES IN A CHANG­ ING PRACTICES. Apr. 1968. 6 pp. ING WORLD, Staff Paper by Frank R. Garfield. RECENT CAPITAL MARKET DEVELOPMENTS. May Nov. 1965. 15 pp. 1968. 11 pp. RESEARCH ON BANKING STRUCTURE AND PER­ BANKING AND MONETARY STATISTICS, 1967. FORMANCE, Staff Economic Study by Tynan Selected series of banking and monetary statis­ Smith. Apr. 1966. 11 pp. tics for 1967 only. Mar. and May 1968. 20 pp. COMMERCIAL BANK LIQUIDITY, Staff Economic CONSUMER INSTALMENT CREDIT. June 1968. Study by James Pierce. Aug. 1966. 9 pp. 13 pp. TOWARD UNDERSTANDING OF THE WHOLE DE­ MARGIN ACCOUNT CREDIT. June 1968. 12 pp. VELOPING ECONOMIC SITUATION, Staff Eco­ nomic Study by Frank R. Garfield. Nov. 1966. REVISION OF MONEY SUPPLY SERIES. June 1968. 14 pp. 6 pp. A REVISED INDEX OF MANUFACTURING CAPACITY, RECENT MONETARY AND CREDIT DEVELOP­ Staff Economic Study by Frank de Leeuw with MENTS. July 1968. 11 pp. Frank E. Hopkins and Michael D. Sherman. MONETARY RESTRAINT AND BORROWING AND Nov. 1966. 11 pp. CAPITAL SPENDING BY LARGE STATE AND THE ROLE OF FINANCIAL INTERMEDIARIES IN LOCAL GOVERNMENTS IN 1966. July 1968. U.S. CAPITAL MARKETS, Staff Economic Study 30 pp. by Daniel H. Brill, with Ann P. Ulrey. Jan. REVISED SERIES ON BANK CREDIT. Aug. 1968. 1967. 14 pp. ' 4 PP- REVISED SERIES ON COMMERCIAL AND INDUS­ FEDERAL FISCAL POLICY IN THE 1960's. Sept. TRIAL LOANS BY INDUSTRY. Feb. 1967. 2 pp. 1968. 18 pp. AUTO LOAN CHARACTERISTICS AT MAJOR SALES HOW DOES MONETARY POLICY AFFECT THE FINANCE COMPANIES. Feb. 1967. 5 pp. ECONOMY? Staff Economic Study by Maurice Mann. Oct. 1968. 12 pp. CONSUMER INSTALMENT CREDIT. Mar. 1967. 12 BUSINESS FINANCING BY BUSINESS FINANCE PP- COMPANIES. Oct. 1968. 13 pp. SURVEY OF FINANCE COMPANIES, MID-1965. Apr. ECONOMIC UPSWING IN WESTERN EUROPE. Nov. 1967. 26 pp. 1968. 17 pp. MONETARY POLICY AND ECONOMIC ACTIVITY: A MANUFACTURING CAPACITY: A COMPARISON OF POSTWAR REVIEW. May 1967. 22 pp. TWO SOURCES OF INFORMATION, Staff Eco­ MONETARY POLICY AND THE RESIDENTIAL MORT­ nomic Study by Jared J. Enzler. Nov. 1968. GAGE MARKET. May 1967. 13 pp. 5 PP- BANK FINANCING OF AGRICULTURE. June 1967. FINANCIAL DEVELOPMENTS IN THE THIRD QUAR­ 23 pp. TER OF 1968. Nov. 1968. 5 pp. EVIDENCE ON CONCENTRATION IN BANKING MONETARY RESTRAINT, BORROWING, AND CAP­ MARKETS AND INTEREST RATES, Staff Eco­ ITAL SPENDING BY SMALL LOCAL GOVERN­ nomic Study by Almarin Phillips. June 1967. MENTS AND STATE COLLEGES IN 1966. Dec. 11 PP- 1968. 30 pp. NEW BENCHMARK PRODUCTION MEASURES, 1958 REVISION OF CONSUMER CREDIT STATISTICS. AND 1963. June 1967. 4 pp. Dec. 1968. 21 pp. REVISED INDEXES OF MANUFACTURING CAPACITY BALANCE OF PAYMENTS PROGRAM: REVISED AND CAPACITY UTILIZATION. July 1967. 3 pp. GUIDELINES FOR BANKS AND NONBANK FI­ THE PUBLIC INFORMATION ACT—ITS EFFECT ON NANCIAL INSTITUTIONS. Jan. 1969. 10 pp. MEMBER BANKS. July 1967. 6 pp. FINANCIAL DEVELOPMENTS IN THE FOURTH INTEREST COST EFFECTS OF COMMERCIAL BANK QUARTER OF 1968. Feb. 1969. 9 pp. UNDERWRITING OF MUNICIPAL REVENUE CHANGES IN TIME AND SAVINGS DEPOSITS, BONDS. Aug. 1967. 16 pp. APRIL-OCTOBER 1968. Mar. 1969. 21 pp. THE ECONOMIC PAUSE IN WESTERN EUROPE. Oct. 1967. 17 pp. TREASURY AND FEDERAL RESERVE FOREIGN EX­ CHANGE OPERATIONS. Mar. 1969. 18 pp. THE FEDERAL RESERVE-MIT ECONOMETRIC MODEL, Staff Economic Study by Frank de HOUSING PRODUCTION AND FINANCE. Mar. 1969. Leeuw and Edward Gramlich. Jan. 1968. 30 pp. 7 PP- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 109 INDEX TO STATISTICAL TABLES (For list of tables published periodically, but not monthly, see page A-3.) Acceptances, bankers’, 14, 31, 35, 101 Deposits (See also specific types of deposits): Agricultural loans of commercial banks, 24, 26, 94 Accumulated at commercial banks for payment Arbitrage, 89 of personal Ioans, 23 Assets and liabilities (See also Foreign liab. & claims); Adjusted, and currency, 18 Banks, by classes, 19, 24, 26, 35, 94 Banks, by classes, 11, 19, 25, 28, 35, 96 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, 95 (See also Foreign liabilities and claims) Earnings and hours, manufacturing industries, 63 Employment, 60, 62, 63 Banking and monetary statistics for 1968, 92-102 Banks and the monetary system, 18 Banks for cooperatives, 37 Farm mortgage loans, 48, 49 Bonds (See also U.S. Govt, securities): Federal finance: New issues, 43, 44, 45 Cash transactions, 38 Yields and prices, 32, 33, 102 Receipts and expenditures, 39 Branch banks, liabilities of U.S. banks to their for­ Treasurer’s balance, 38 eign branches, 29, 83 Federal funds, 8, 24 Business expenditures on new plant and equipment, 47 Federal home loan banks, 37, 49 Business indexes, 60 Federal Housing Administration, 48, 49, 50, 51 Business loans (See Commercial and industrial loans) Federal intermediate credit banks, 37 Federal land banks, 37 Federal National Mortgage Assn., 37, 51 Capacity utilization, 60 Federal Reserve Banks: Capital accounts: Condition statement, 12 Banks, by classes, 19, 25, 29, 97 U.S. Govt, securities held, 4, 12, 15, 40, 41 Federal Reserve Banks, 12 Federal Reserve credit, 4, 12, 15, 92 Central banks, foreign, 86, 88 Federal Reserve notes, 12, 16 Certificates of deposit, 29, 97 Federally sponsored credit agencies, 37 Coins, circulation, 16 Finance company paper, 31, 35, 101 Commercial and industrial loans: Financial institutions, loans to, 24, 26, 94 Commercial banks, 24 Float, 4 Weekly reporting banks, 26, 30, 94, 98, 100 Flow of funds, 68 Commercial banks: Foreign currency operations, 12, 14, 73, 78 Assets and liabilities, 19, 24, 26, 94 Foreign deposits in U.S. banks, 4, 12, 18, 25, 28, 83, Consumer loans held, by type, 53 96 Deposits at, for payment of personal loans, 23 Foreign exchange rates, 90 Number, by classes, 19 Foreign liabilities and claims: Real estate mortgages held, by type, 48 Banks, 29, 74, 75, 77, 79, 81, 83 Commercial paper, 31, 35, 101 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, 102 Gross national product, 66, 67 Cost of living (See Consumer price indexes) Currency and coin, 4, 10, 25 Currency in circulation, 4, 16, 17 Hours and earnings, manufacturing industries, 63 Housing starts, 61 Customer credit, stock market, 34 Income, national and personal, 66, 67 Debits to deposit accounts, 15 Industrial production index, 56, 60 Debt (See specific types of debt or securities) Instalment loans, 52, 53, 54, 55 Demand deposits: Insurance companies, 36, 40, 41, 49 Adjusted, banks and the monetary system, 18 Insured commercial banks, 21, 23, 24 Adjusted, commercial banks, 15, 17, 25 Interbank deposits, 11, 19, 25 Banks, by classes, 11, 19, 25, 28, 96 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 201-A hguorht 4-A segap ot era secnerefeR( Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 110 FEDERAL RESERVE BULLETIN o MARCH 1969 )xedni siht ni dettimo si ”A“ xiferp eht hguohtla 201-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, 101 Central banks and govts., 86 Mortgage yields, 51 Commercial banks, 25, 27, 95 Time deposits, maximum rates, 11 Federal Reserve Banks, 12 Yields, bond and stock, 32, 102 Member banks, 4, 6, 11, 17, 25, 92 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, 95 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 Ioan 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, 19, 23, 24, 26, 30, 94, New issues, 43, 44, 45 98, 100 Silver coin and silver certificates, 16 Federal Reserve Banks, 4, 12, 15, 92 State and local govts.: Insurance companies, 36, 49 Deposits, 25, 28, 96 Insured or guaranteed by U.S., 48, 49, 50, 51 Holdings of U.S. Govt, securities, 40, 41 Savings and loan assns., 36, 49 New security issues, 43, 44 Ownership of securities of, 24, 27, 35, 36, 95 Yields and prices of securities, 32, 33, 102 Manufacturers: Capacity utilization, 60 State member banks, 21, 23 Production index, 57, 60 Stock market credit, 34 Slocks: Margin requirements, 10 Member banks: New issues, 44, 45 Assets and liabilities, by classes, 19, 24 Yields and prices, 32, 33, 102 Borrowings at Reserve Banks, 6, 12, 92 Deposits, by classes, 11 Tax receipts, Federal, 39 Number, by classes, 19 Time deposits, 11, 17, 18, 19, 25, 28, 96 Reserve position, basic, 8 Treasurer’s account balance, 38 Reserve requirements, 10 Treasury cash, Treasury currency, 4, 16, 18 Reserves and related items, 4, 17, 92 Treasury deposits, 4, 12, 38 Mining, production index, 57, 60 Money rates (See Interest rates) Money supply and related data, 17 Unemployment, 62 Mutual funds (See Investment companies) U.S. balance of payments, 70 Mutual savings banks, 18, 19, 22, 35, 40, 41, 48 U.S. Govt, balances: Commercial bank holdings, 25, 28, 96 Consolidated condition statement, 18 National banks, 21, 23 Member bank holdings, 17 National income, 66, 67 Treasury deposits at Federal Reserve Banks, 4, National security expenditures, 39, 66 12, 38 Nonmember banks, 21, 23, 24, 25 U.S. Govt, securities: Bank holdings, 18, 19, 24, 27, 35, 40, 41, 95 Open market transactions, 14 Dealer transactions, positions, and financing, 42 Federal Reserve Bank holdings, 4, 12, 15, 40, 41 Foreign and international holdings, 12, 78, 82, 83 Payrolls, manufacturing, index, 60 International transactions, 78, 82 Personal income, 67 New issues, gross proceeds, 44 Postal Savings System, 18 Prices: Open market transactions, 14 Outstanding, by type of security, 40, 41, 43 Consumer and wholesale commodity, 60, 64 Ownership of, 40, 41 Security, 33 Yields and prices, 32, 33, 89, 102 Production, 56, 60 United States notes, 16 Profits, corporate, 46, 47 Utilities, production index, 57, 60 Real estate loans: Banks, by classes, 24, 26, 35, 48, 94 Veterans Administration, 48, 49, 50, 51 Delinquency rates on home mortgages, 50 Mortgage yields, 51 Weekly reporting banks, 26, 94 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 ☆ (o THE FEDERAL RESERVE SYSTEM q) * Legend —• Boundaries of Federal Reserve Districts -----Boundaries of Federal Reserve Branch Territories 0 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