Federal Reserve Bulletin, 1969-08

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

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

FEDERAL RESERVE BULLETIN NUMBER 8 □ VOLUME 55 □ AUGUST 1969 CONTENTS 633 Financial Developments in the Second Quarter of 1969 642 Revision of Weekly Series for Commercial Banks 647 Record of Policy Actions of the Federal Open Market Committee 655 Law Department 679 Announcements 681 National Summary of Business Conditions Financial and Business Statistics A 1 Contents A 3 Guide to Tabular Presentation A 4 U.S, Statistics A 72 International Statistics A 97 Board of Governors and Staff A 98 Open Market Committee and Staff; Federal Advisory Council A 99 Federal Reserve Banks and Branches A100 Federal Reserve Board Publications A104 Index to Statistical Tables Map of Federal Reserve System on Inside Back Cover EDITORIAL Charles Molony COMMITTEE J. Charles Partee Robert C. Holland Robert Solomon Kenneth B. Williams 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

Financial Developments in the Second Quarter of 1969 This report, which was sent to the Joint Economic Committee of the U.S. Congress, highlights the important developments in fi­ nancial markets during the spring and early summer. THE RESERVES of the banking system rose only slightly during the second quarter as Federal Reserve open market operations remained restrictive. Additional pressure was exerted on bank reserve positions through increases in reserve requirements and in the Federal Reserve discount rate. Total member bank depos­ its contracted, while the money stock increased at an annual rate of 4.5 per cent between March and June. Under the circumstances, banks turned increasingly to non­ deposit sources of funds. In particular, borrowing in the Euro­ dollar market rose sharply, but banks also increased their borrowing at Federal Reserve discount windows and demands for Federal funds became more intense. Moreover, a growing number of banks turned to other means of obtaining funds— such as selling loans subject to repurchase agreements to non­ bank sources and issuing commercial paper through holding companies or subsidiaries. With the supply of bank credit quite limited, banks liquidated holdings of securities and sold loans outright. Loan expansion was slightly below the sharply reduced rate of the first quarter, and loan terms and conditions were tightened further. Inflows of funds to nonbank savings institutions also were reduced during the second quarter, and new mortgage commitment activity was Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

634 FEDERAL RESERVE BULLETIN □ AUGUST 1969 curtailed as mortgage interest rates rose further. Market interest rates in general increased considerably further during the quarter. The Board of Governors of the Federal Reserve System also proposed several amendments to its regulations designed to cor­ rect situations that had arisen with respect to borrowing in the Euro-dollar and Federal funds markets. On May 29 it proposed an amendment to Regulation D (reserves of member banks) de­ signed to ensure that checks resulting from transfers involving foreign branches are not used to effect a reduction in required reserves. And on June 26 it proposed a 10 per cent reserve re­ quirement on borrowings of U.S. banks from their foreign branches—to the extent that these borrowings exceed the daily­ average amounts outstanding in the 4 weeks ending May 28, 1969—in order to moderate the flow of Euro-dollars between U.S. banks and their foreign branches, as well as between U.S. and foreign banks. The next day, the Board proposed that lia­ bilities of member banks on certain so-called “Federal funds” transactions with customers other than banks be brought within the coverage of Regulations D (reserves of member banks) and Q (payment of interest on deposits). BANK RESERVES Total reserves of member banks rose slightly, on balance, during the second quarter—at an annual rate of about 1 per cent— following a smaller increase in the first quarter. But nonborrowed reserves—those provided through Federal Reserve open market operations—showed a marked contraction, as had also been the case in the first quarter. Moreover, reserve requirements on demand deposits in excess of $5 million were increased by 16 of a percentage point in April. NET CHANGE IN RESERVES Percentage annual rates of change, seasonally adjusted 1968 1969 Item II III IV I II Total reserves.............................. 1.0 10.4 8.6 0.1 1.2 Nonborrowed reserves................. 1.7 13.9 4.3 -2.9 -4.7 As nonborrowed reserves declined, member banks relied increasingly on borrowings from Federal Reserve Banks as a supplemental source of funds, even though the discount rate was Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FINANCIAL DEVELOPMENTS, Q2 1969 635 raised from 51/2 to 6 per cent in early April. In May and June member bank borrowings at the discount window reached an average level of more than $1.3 billion, up markedly from $850 million in March and from $600 million in December of 1968. Indicative of the pressure on bank reserve positions, the Federal funds rate—the interest rate banks charge for overnight lending of reserve funds to other banks, and consequently the rate most immediately affected by reserve pressures—rose to around 9.20 per cent by early June, as compared with a high of about 6.85 per cent in March. BANK RESERVES AND BORROWINGS BILLIONS OF DOLLARS, SEASONALLY ADJUSTED Monthly averages of daily figures for member banks. Total and nonborrowed reserves are adjusted to exclude the effects of changes in reserve requirement percentages, Nonborrowed reserves are total reserves adjusted minus member bank borrowings from the Federal Re­ serve. Excess reserves are total reserves less required reserves. Latest figures, June. FLOWS OF DEPOSITS With pressure maintained on bank reserve positions, total mem­ AND MONEY ber bank deposits subject to reserve requirements—the bank credit proxy—continued to decline, falling at an annual rate of more than 2 per cent in the second quarter. In view of these losses of deposits, banks increased their utilization of other sources of funds. For example, banks with foreign branches bor­ rowed heavily in the Euro-dollar market. More banks also began to tap other nondeposit sources of funds by issuing commercial paper through holding companies or subsidiaries, by making re- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

636 FEDERAL RESERVE BULLETIN □ AUGUST 1969 purchase agreements against securities and loans, and by borrow­ ing Euro-dollars directly or through brokers. The decline in bank deposits during the second quarter re­ sulted mainly from a further reduction in time and savings deposits; a small decline in U.S. Government demand deposits was nearly offset by an increase in private demand deposits. The SELECTED DEPOSIT FLOWS Percentage annual rates of change, seasonally adjusted 1968 1969 Item II III IV I II Money stock................................ 8.7 4.5 7.6 2.7 4.5 Time and savings deposits at all commercial banks................. 3.2 17.9 15.7 -6.5 3.6 Total member bank deposits 1. . . . 1.2 13.1 12.2 -4.8 2.2 memo: Total member bank deposits plus Euro-dollar borrowings2. 3.5 14.0 11.7 -1.8 1 .8 1 Bank credit proxy. 2 Bank credit proxy adjusted to include domestic bank liabilities to foreign branches. Note.—Net demand deposit data for the first half of 1969—which are reflected in the money supply and in total member bank deposits—have been revised on the basis of newly obtained figures that help eliminate a downward bias stemming from an increasing volume of “cash items’* that were not asso­ ciated with deposit transfers. {Figures for the money stock in the table on p. A-17 do not reflect these revisions.] contraction in time and savings deposits reflected for the most part continued heavy attrition in large certificates of deposit (CD’s) as further increases in money market rates induced addi­ tional shifts from CD’s to higher-yielding short-term market in­ struments. Outstanding CD’s at large banks fell by an additional $3.5 billion during the second quarter. This brought the total decline to nearly $9 billion since early December 1968, when the current run-off began. As in the first quarter, the attrition in CD’s for the second quarter as a whole was concentrated at major money market banks, where depositors are typically more interest sensitive. Large banks in New York and Chicago—which held about 30 per cent of outstanding CD’s at the end of March—accounted for 55 per cent of the decline in CD’s during the second quarter. Toward the end of the quarter, however, banks outside New York and Chicago began to account for an increasing share of the attrition. In view of these large losses of deposits, banks with foreign branches increased their borrowing in the Euro-dollar market. By the end of June, bank liabilities to foreign branches had risen Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FINANCIAL DEVELOPMENTS, Q2 1969 637 to a level of around $13 billion, an increase of $3.3 billion over the level at the end of March. With this heavy demand, rates on Euro-dollars rose sharply further. Yields on 3-month maturities, for example, reached 12.5 per cent in mid-June as compared with a high of 8.6 per cent in March. Consumer-type time and savings deposits also were affected by the further increases in market rates of interest. At large banks these deposits declined somewhat, on balance, during the second quarter, following substantially reduced growth during the preceding quarter. This reduction represented in part out­ BANK CREDIT-components flows of regular savings deposits, most of which took place in U.S. GOVT. SECURITIES 4 early April following quarterly interest crediting. And even though large banks continued to experience inflows of consumer­ type time deposits—time certificates and open accounts—these inflows were markedly less than those in the first quarter. Coun­ try banks also sustained sizable savings deposit outflows—again mostly in April—although expansion in time deposits more than OTHER SECURITIES offset these declines; as a result there was moderate growth in total time and savings deposits at these banks over the quarter. The continued constraint on bank reserve positions and the further increase in interest rates appear to have held the rate of growth in the money stock during the second quarter below that in the latter half of 1968. The money stock—as currently meas­ ured—rose at an annual rate of 4.5 per cent, compared with about 2.7 per cent in the first quarter and more than 6 per cent during the second half of 1968. These money stock figures for the first half of 1969 have been revised on the basis of certain preliminary, newly collected data. These data have helped elimin­ ate a downward bias that had stemmed from an increasing vol­ Seasonally adjusted. ume of “cash items”—a deduction item in measuring the money stock—that was generated in part by overnight Euro-dollar transactions and to a great extent was not associated with deposit transfers. BANKS’ USE OF FUNDS With lendable funds under constraint, banks continued to make substantial adjustments in their portfolios. Acquisitions of longer-term securities were brought virtually to a standstill, loans were sold, and holdings of shorter-term liquid assets were drawn down further. Consequently, the liquidity positions of banks, particularly large banks, fell to extremely low levels by midyear. Banks reduced their holdings of U.S. Government securities by an additional $1.5 billion in the second quarter of 1969— Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

638 FEDERAL RESERVE BULLETIN □ AUGUST 1969 BANK LOANS-MAJOR COMPONENTS reflecting largely the run-off of Treasury bills and short-term CHANGE, BILLIONS OF DOLLARS notes and bonds. This reduction was only about one-third of BUSINESS LOANS that in the first quarter, which suggests that bank holdings of U.S. Government securities were approaching minimum work­ ing levels. Holdings of other securities were also reduced, fol­ lowing a sharp cutback in bank acquisitions of these securities during the first quarter. The reduction totaled about $500 million for the second quarter and represented mainly the liquidation of both short- and long-term municipal issues. The constraints on banks led them to stiffen lending terms further during the quarter, featured by a full percentage point rise in the prime rate to 81/2 per cent in early June. Bank loans expanded at a little less than the first-quarter pace, which was well below that in the second half of 1968. Banks were forced Seasonally adjusted. to sell some existing loans outright in order to accommodate new loan demands. Business loans, after having risen rapidly since the fall of 1968, grew at a somewhat reduced rate during the second quar­ ter. Growth in real estate loans slowed markedly as bank lending capacity was constrained and as housing starts declined. Con­ sumer loans continued to expand at about the reduced pace of the first quarter—reflecting the moderate growth of consumer credit generally. Outstanding loans in all other major loan cate­ gories remained relatively unchanged or increased only slightly. NONBANK Inflows of funds to nonbank intermediaries were sharply reduced INTERMEDIARIES AND in the second quarter. During the April reinvestment period MORTGAGE MARKETS savings and loan associations and mutual savings banks experi­ enced outflows of deposits in response to larger tax payments and the pull of yields on market instruments; later in the quarter sav­ ings inflows were below average. However, these institutions ac­ quired an increased volume of mortgages even though growth in savings flows slowed. In order to do this, savings and loan as­ sociations increased their borrowing from the Federal home loan banks, and mutual savings banks reduced their acquisitions of securities. Moreover, such acquisitions as they did make repre­ NONBANK SAVINGS ACCOUNTS sented mainly takedowns of mortgage commitments made earlier. New-commitment activity slowed during the quarter, and the backlog of outstanding mortgage commitments, while still rel­ atively high, began to decline. At life insurance companies, substantial increases in policy loans restrained the volume of funds available for other invest­ ments, including mortgages. When combined with the constraint Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FINANCIAL DEVELOPMENTS, Q2 1969 639 NET CHANGE IN MORTGAGE DEBT OUTSTANDING In billions of dollars, seasonally adjusted 1968 1969 Item II III IV I II' Total......................................... 6.5 6.4 7.8 7.6 6.8 Residential............................... 4.5 4.4 5.4 5.3 4.8 Other 1...................................... 2.0 2.0 2.4 2.3 2.0 e Estimated. 1 Includes farm properties. on commercial bank lending activity, and the consequent season­ ally adjusted reduction in mortgage acquisitions by banks, total net mortgage debt formation declined from the exceptionally high rate in the first quarter. But the drop in residential mortgage lending was limited by the Federal National Mortgage Associa­ tion’s continued sizable support to the federally insured sector of the market. FUNDS RAISED IN Corporate borrowing in capital markets increased further in the SECURITIES MARKETS second quarter, probably reflecting the higher cost and reduced availability of alternative sources of funds. Total offerings of corporate securities attained a new quarterly peak as bond issues rose significantly from the first-quarter pace. Common and preferred stock offerings were maintained at the relatively high level of the previous quarter and were more than double the total for the second quarter of last year. This volume of equity issues —as well as a considerable volume of equity-oriented convertible bond offerings—was floated without the inducement of an ebul­ lient stock market; average stock prices leveled off and then declined steadily after mid-May. New security offerings by State and local governmental units rose from the depressed pace in the first quarter, although they OFFERINGS OF NEW SECURITY ISSUES Monthly averages in billions of dollars, not seasonally adjusted 1968 1969 Item II III IV I II» Corporate securities—Total......... 1.9 1.7 2.0 2.1 2.4 Bonds............................................ 1.6 1.3 1.5 1.4 1.7 Stocks...................................... .3 .4 .5 .7 .7 State and local government bonds. 1.3 1.5 1.5 .9 1.2 e Estimated. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

640 FEDERAL RESERVE BULLETIN □ AUGUST 1969 remained below the rate of a year earlier. This increased volume of offerings was accounted for largely by a surge in bond issues during April when interest rates were declining. While financing of many units continued to be restricted by below-market rate ceilings, the decline in market rates early in the quarter permitted some previously deferred issues to be sold, and other borrowers were induced to take advantage of the more favorable market. Demand for credit in the short-term note market was particularly strong by borrowers who had the authority to enter this market. The Federal Government repaid debt in volume during the second quarter as the budgetary position swung to substantial surplus. This improved position stemmed principally from a year-over-year revenue gain of more than $10 billion, a gain that reflected both higher tax rates—resulting from the surcharge —and higher incomes. But in addition, outlays were below those a year earlier; in all other recent quarters expenditures had been above their counterparts of the previous year. On the other hand, Federal agency financing was quite large in the second quarter. Offerings of such issues to raise new money aggregated $3 billion, more than double the volume of a year earlier. The Federal home loan banks accounted for more than one-third of this volume as they sought funds to maintain their liquidity positions at a time of increased borrowing de­ mands by member savings and loan associations. FEDERAL GOVERNMENT BORROWING AND CASH BALANCE Quarterly totals in billions of dollars, not seasonally adjusted 1968 1969 Item II III IV I II" Budget surplus or deficit.............. 2.9 -3.2 -7.1 -2.0 15.3 Net cash borrowing, or repay­ ment ( —).................................... -2.6 17.7 13.4 .2 -12.5 Other means of financing2.......... -.4 -1.1 -.2 1.9 -1.7 Change in cash balance................ -.1 3.3 -3.9 .1 1.1 e Estimated. 1 Excludes effect on agency debt outstanding of transfers of certain agencies to private ownership. 2 Checks issued less checks paid, and other accrued items. INTEREST RATES Continued heavy demands for funds from private sectors and Federal agencies during the second quarter, in conjunction with constraint on bank reserves, was reflected in further increases in virtually all market rates of interest. Banks, for example, bid up interest rates on Euro-dollars and Federal funds, as they sought additional funds in these markets. Moreover, sales of Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FINANCIAL DEVELOPMENTS, Q2 1969 641 Treasury bills by banks contributed to the increase in yields on these instruments; during the second quarter, the yield on 3month Treasury bills rose by about 65 basis points to a high of around 6.80 per cent in June. In addition, banks raised the interest rate on loans to prime customers to 816 per cent in early June. And with the reduced availability of bank credit, corporate borrowers continued to rely heavily on the commercial paper market. As a result, rates on 4- to 6-month commercial paper rose to more than 8.50 per cent by the end of June, as compared with a high of around 6.90 per cent in March. INTEREST RATES PER CENT PER ANNUM Monthly averages except FHA (based on quotations for one day each month). Yields: U.S. Treasury bills, market yields on 3-month issues; prime commercial paper, dealer offering rates; FHA, weighted averages of private secondary market prices of new-home 30-year mortgages converted to annual yield (dashed line indicates period of adjustment to change in contractual interest rate); corporate bonds, weighted averages of new publicly offered bonds rated Aaa, Aa, and A by Moody’s Investors Service and adjusted to an Aaa basis; U.S. Govt, bonds, market yields adjusted to 20-year constant maturity by U.S. Treasury; State and local govt, bonds (20 issues, mixed quality), Bond Buyer. Upward pressures on interest rates also spilled over into capital markets, owing in part to the absence of purchases of long-term securities by banks. Most long-term rates rose further, on balance, during the second quarter, even though they had declined somewhat in April. By the end of June the yield on municipal bonds had risen 50 basis points above the March high to a level of 5.82 per cent. Rates on corporate Aaa new issues (with 5-year call protection), and on Federal Housing Adminis­ tration mortgages in the secondary market rose by about 20 basis points to levels of 7.76 and 8.40 per cent, respectively. Yields on long-term Government bonds, however, remained relatively unchanged, on balance, at about 6.25 per cent. □ Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Revision of Weekly Series for Commercial Banks Beginning July 2, 1969, two of the Board’s they were not required to provide overlap weekly statistical reports, “Weekly Condi­ data for earlier weeks. The net effect of the tion Report of Large Commercial Banks” changes was to increase total assets of banks and “Assets and Liabilities of All Commer­ in the large commercial bank series by $4.1 cial Banks in the United States,” were billion and total assets of all commercial changed to conform in content and format banks by an estimated $6.1 billion. The with recent substantive changes in the of­ overlap data for both series are shown in ficial call reports of condition of the three detail in the table on pages 644 and 645. It Federal supervisory agencies. The revised should be noted that changes in some of the call report procedures were used for the first items offset changes in others and hence had call of 1969, and data for the June 30 call no effect on the level of total assets. on the new basis will be published later this year. Inasmuch as the call report series pro­ RESERVES ON LOANS AND SECURITIES vides benchmark information on which the The effect of including valuation reserves two weekly series are based—as well as for was to raise the level of total loans and in­ current estimates of other important meas­ vestments by $3.7 billion at the large com­ ures derived from the weekly series—uni­ mercial banks and by an estimated $5.2 form reporting concepts for the three series billion at all commercial banks. In each in­ are essential. stance most of the addition reflected in­ The revision encompasses three primary creases in the loan component; total loans changes: (1) Respondent banks are now re­ were raised by $3.5 billion at large com­ quired to submit consolidated reports, in­ mercial banks and by $5.0 billion at all com­ cluding figures for all bank premises sub­ mercial banks. Inclusion of valuation re­ sidiaries and other significant majority- serves raised the total securities portfolio by owned domestic subsidiaries; (2) figures for only $125 million at large commercial banks total loans and for individual categories of and by an estimated $240 million at all securities are now reported gross—that is, commercial banks. However, these increases without deduction of valuation reserves—■ in levels were not so large as had been ex­ rather than net of such reserves, as they had pected, and it is now believed that some been previously; and (3) more detailed data banks had already been including valuation are now reported on short-term lending and reserves in reports of total loans and prob­ borrowing transactions that involve either ably of total investments. Individual loan transfers of Federal funds balances on the items had previously included such reserves books of the Reserve Banks or purchases or and were not affected by this change in re­ sales of securities under agreements to re­ porting procedures. purchase. Individual categories of securities were Respondent banks reported on both the affected by the inclusion of valuation re­ old and the new basis on June 25, 1969, but serves on securities, but there is no informa- 642 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

tion as to how such reserves had been al­ by about $412 million at large commercial located as between individual categories of banks and by an estimated $860 million at U.S. Government securities and other se­ all commercial banks. curities. It is believed, however, that the In the revised series for large commercial greater part of such valuation reserves had banks two new items appear as a result of been deducted from longer-term State and the consolidation: The one on the assets municipal securities rather than from U.S. side, “Investments in subsidiaries not con­ Government securities in previous reports. solidated,” reflects investments in domestic On the liabilities side of the balance sheet, subsidiaries that did not meet the signifi­ reserves on loans and on securities are re­ cance test, as well as investments in foreign ported separately in the large commercial subsidiaries and in subsidiaries that are bank series and are included in “Other li­ classified as banks and therefore are not con­ abilities” in the all commercial bank series. solidated. This item amounted to $432 mil­ Each of these items was raised commen­ lion on June 25, 1969. The required balanc­ surately to the increase in earning assets ing item on the liabilities side, “Minority from this source. interest in consolidated subsidiaries,” is neg­ ligible because almost all the consolidated CONSOLIDATION OF DOMESTIC subsidiaries were wholly owned; because this SUBSIDIARIES item is so small, it is not shown separately Subsidiaries consolidated are of two types: in the accompanying table or in the regular (1) majority-owned bank premises sub­ table on page A-30. In the series for all sidiaries, all of which must be consolidated, commercial banks these two items are com­ and (2) other majority-owned nonbank bined with “Other assets” and “Other lia­ subsidiaries that meet a significance test. bilities,” respectively. Accounts of sister subsidiaries or of a hold­ Within the balance sheet, one effect of ing company parent such as exist in the “one the consolidation procedure was to reduce bank” or other-holding-company type of “Other bonds, corporate stocks, and securi­ organization are not included. ties” in the large commercial bank series by Consolidation has the following effects on a net of $413 million; this reduction re­ the balance sheet of a reporting bank: Hold­ flected the shift of specific investments to ings of capital stock of certain types of ma­ the new asset item “Investments in subsidi­ jority-owned subsidiaries, previously shown aries npt consolidated” and the addition of as an investment, become part of total capi­ holdings of consolidated subsidiaries. The tal in the consolidated report. And the in­ “Other assets” category in this series was dividual asset and liability accounts of the raised by about $275 million, reflecting subsidiaries are combined and reported with principally the real estate holdings of bank the asset and liability accounts of the re­ porting parent institution. All intercorporate premises subsidiaries that were consolidated. accounts—for example, loans by the par­ In the less detailed all commercial bank ent bank to the subsidiary and deposits of series the “Other assets” item was raised by the subsidiary in the parent bank—are elim­ a net of $1,110 million, reflecting in part inated. The statistical effect of consolidating the shift of investments in subsidiaries to subsidiaries in the weekly series was to raise this account when the accounts of bank total assets and total liabilities and capital premises subsidiaries were consolidated. The 643 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

COMPARISON OF COMMERCIAL BANK SERIES ON OLD AND NEW BASES, JUNE 25, 1969 (In millions of dollars) Large commercial banks All commercial banks Reason for change Reason for change Old New Net Inclusion of Old New Net Inclusion of Asset or liability item basis basis change reserves on— basis basis change reserves on— Consoli­ Breakout Consoli­ dation of items dation Loans Securities Loans Securities Total loans and investments (gross).......................................................... 232,131 235,482 +3,351 -303 +3,529 + 125 403,220 408,140 +4,920 -280 +4,960 + 240 Federal funds sold, etc.:1 Total..................................................................................................... 5,763 +5,763 ............... +5,763 To commercial banks............................................................ 4,841 + 4,841 +4,841 To brokers and dealers, involving—•........................................... n.a. U.S. Treasury securities............................................................. 638 +638 + 638 Other securities.............................................................................. 240 + 240 + 240 To others............................................................................................. J 44 +44 +44 Other: T Co o m ta m l. e .. r . c .. i . a .. l .. . a .. n .. d ... . i .. n .. d ... u .. s .. t . r .. i . a .. l .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 7 7 8 1 , , 3 6 9 78 4 1 7 6 8 9 , , 4 5 0 0 3 3 -2,1 + 75 9 + + 5 5 9 3 +3,529 ............... -5,7 -4 63 4 Agricultural.................................................................................. 2,077 2,078 + 1 + 1 For purchasing or carrying securities: To brokers and dealers: O U t .S h . e r T s r e e c a u su ri r t y ie s s e .. c .. u ... r . i .. t . i . e .. s .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....... 3 1 , , 7 4 7 8 8 0 3,5 8 3 4 0 9 - - 6 2 3 4 1 8 + -8 7 — -6 2 3 4 8 0 277,690 282,760 +5,070 + 110 + 4,960 To others: U.S. Treasury securities........................................................... 108 107 -1 -1 ............... Other securities......................................................................... 2,759 2,737 -22 -22 To nonbank financial institutions: Personal and sales finance cos., etc........................................... 5,986 5,973 -13 -13 Other............................................................................................... 5,514 5,511 -3 -3 Real estate.......................................................................................... 33,321 33,304 -17 -17 To commercial banks: Domestic........................................................................................ 5,348 526 -4,822 + 19 -4,841 Foreign............................................................................................. 1,712 1 ,712 0 Consumer instalment........................................................................ 19,627 19,672 +45 +45 Foreign governments........................................................................ 1,010 1 ,022 + 12 + 12 All other.............................................................................................. 14,085 14,079 -6 -6 Investments: U.S. Treasury securities: Total..................................................................................................... 22,538 22,589 + 51 +51 53,800 53,850 +50 +50 Bills....................................................................................................... 1,176 1 ,184 + 8 +8 Certificates.......................................................................................... 0 0 0 Notes and bonds maturing— Within 1 year............................................................................. 4,210 4,210 0 In 1-5 years.................................................................................... 12,120 12,163 + 43 +43 After 5 years.................................................................................. 5,032 5,032 0 Other securities: Total..................................................................................................... 37,915 37,627 -288 -413 + 125 71,730 71,530 -200 -440 +240 Obligations of States, etc.: Tax warrants.............................................................................. 4,607 4,612 +5 2+5 ............... All other..................................................................................... 29,090 29,210 + 120 2+120 Other bonds, corporate stocks, and securities: Certificates of participation................................................... 1,245 1 ,245 0 All other.......................................................................................... 2,973 2,560 -413 2-413 Cash items in process of collection.......................................................... 30,638 30,638 0 33,080 33,080 0 Reserves with F.R. Banks........................................................................... 15,275 15,275 0 20,960 20,960 0 ............... Currency and coin........................................................................................ 3,094 3,097 +3 + 3 6,800 6,810 + 10 + 10 ............... Balances with domestic banks.................................................................... 4,888 4,893 + 5 +5 16,510 16,530 + 20 +20 I O n t v h e e s r t m as e s n e t t s s . i . n .. .. s . u ... b .. s .. i . d .. i . a .. r .. i . e .. s . .. n .. o ... t . . c .. o ... n .. s .. o .. l .. i . d .. a .. t .. e .. d .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,076 12,3 4 5 3 1 2 + + 4 27 3 5 2 + +4 2 3 /5 2 ............... J 1 16,930 18,040 + 1,110 +1 ,no Total assets/Total liabilities.................................................. 298,102 302,168 +4,066 +412 + 3,529 + 125 .....4..9..7..,.5...00 503,560 + 6,060 + 860 +4,960 +240 644 FEDERAL RESERVE BULLETIN □ AUGUST 1969 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Deposits: Demand: Total................................................................................................ 128,620 128,610 -10 -10 ............... 207,650 207,6401 -iO -10 ............... U.S. Government.................................................................................. 3,755 3,755 0 ............... 5,960 5,960 0 ............... Domestic commercial banks............................................................... 15,825 15,825 0 20,730 20,730 0 Other demand: IPC....................................................................................................... 90,631 90,621 -10 -10 States and political subdivisions.................................................... 6,313 6,313 0 ............... Foreign: Governments, etc...................................................................... 703 703 0 180,960 180,950 -10 -10 ............... Commercial banks................................................................... 1,942 1,942 0 Mutual savings banks...................................................................... 713 713 0 Certified and officers’ checks.......................................................... 8,738 8,738 0 Time: Total..................................................................................................... 103,968 103,959 -9 -9 ............... 199,660 199,650 -10 -10 ............... U.S. Government.................................................................................. 241 241 0 330 330 0 ............... Domestic commercial banks............................................................... 469 469 0 910 910 0 Other time: IPC: Savings............................................................................................. 47,550 47,541 -9 -9 ............... Other................................................................................................ 41,281 41,281 0 States and political subdivisions................................................... 9,771 9,771 0 >198,420 198,410 -10 -10 Foreign: Governments, etc........................................................................... 4,445 4,445 0 ............... Commercial banks........................................................................ 211 211 0 Federal funds purchased, eic.J................................................................... n.a. 12,798 ±12,798 +12,798। 18,520 Bo F rr .R ow . i B ng a s n k fr s o .. m ... — ............................................................................................. 1,049 1 ,049 0 18,760 +240 +240 Others........................................................................................................... 15,243 2,462 -12,781 + 17 -12,798 Other liabilities4............................................................................................. 26,620 27,006 + 386 + 386 j 33,650 Reserves for— 39,400 + 5,750 +550 +4,960 + 240 Loans........................................................................................................... 3,529 + 3,529 +3,529 Securities.................................................................................................... 125 + 125 + 125 Total capital accounts.................................................................................. 22,602 22,630 +28 +28 ............... 38,020 38,110 +90 + 90 ............... Memoranda: Total loans (gross), adjusted................................................................. 166,330 169,899 +3,569 +40 +3,529 Total loans and investments (gross), adjusted................................... 226,783 230,115 +3,332 -322 +3,529 + 125 ............... Demand deposits adjusted...................................................................... 78,402 78,392 -10 -10 La T rg o e t a n l e .. g .. o ... t . i . a .. b .. l .. e . .. C ... D .... ’ . s . : .............................................................................. 15,274 15,271 -3 -3 Not shown on statement To IPC’s................................................................................................. 9,216 9,215 -1 -1 To others............................................................................................ 6,058 6,056 -2 -2 Gross liabilities of banks to their foreign branches...................... 13,459 13,459 0 n.a. Not available. 3 Includes securities sold under agreements to repurchase. 1 Includes securities purchased under agreements to resell. 4 Includes minority interest in consolidated subsidiaries. 2 Includes effect of consolidation and of inclusion of reserves on securities (latter not available by type of security). REVISION FOR COMMERCIAL BANKS 645 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

“Other securities” item in this series was A new item has been added on the assets reduced by $200 million. As a result of side of the balance sheet for loans in the the changes in reporting procedures there form of “Federal funds sold and securities was a moderate increase in the reported purchased under agreement to resell.” There level of “Other securities” at smaller banks, is a breakdown of this item for transactions and that in turn offset part of the decline in with: (1) commercial banks; (2) brokers such securities at the larger banks. Some and dealers, with a further breakdown of other asset items were also affected, but to transactions between those involving U.S. a lesser degree, as the table shows. Treasury securities and those involving On the liabilities side, the item in the other securities; and (3) others. These large bank series that was most affected by transactions with the first two of these consolidation was “Other liabilities,” which groups had previously been reported in rose by $386 million. The increase stemmed loans to the corresponding groups on the from consolidation of bank premises sub­ balance sheet of large commercial banks. sidiaries and probably reflected the mort­ Transactions with “Others” had, for the most gage liabilities of these subsidiaries. The in­ part, been included in the commercial and crease in capital at these banks was $28 mil­ industrial loan category. lion. Borrowings expanded by $17 million, The corresponding liability item, “Fed­ resulting in part from the consolidation of eral funds purchased and securities sold un­ current borrowings of subsidiaries and in der agreements to repurchase,” also is now part from more accurate reporting of Fed­ reported separately by the large commercial eral funds and securities repurchase transac­ banks but without the detailed breakdown. tions. At all commercial banks consolida­ Such transactions had previously been in­ tion raised the level of “Borrowings” by cluded in “Borrowings from others” in that $240 million and “Capital” by $90 million. series. Part of the increase in “Other liabilities” MEMORANDA also arose from consolidation of accounts of subsidiaries. Items derived for special analytical purposes continue to be shown as memoranda. The NEWLY REPORTED INFORMATION two items, “Total loans (gross), adjusted” In addition to these changes, detailed data and “Total loans and investments (gross), on Federal funds and related transactions adjusted” were not affected by the new break­ are now being reported for the large com­ out of Federal funds and security repur­ mercial bank series. In general, these new chase transactions. However, the levels of data conform with those reported in the call these measures were raised by folding in report; similar breakdowns, however, are valuation reserves and by the consolidation not available in the weekly series for all of domestic subsidiaries, which were de­ commercial banks. scribed above. □ 646 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 Com­ mittee at each meeting, in the form in which they will appear in the Board’s Annual Report, are released approximately 90 days following the date of the meeting apd are subsequently published in the Federal Reserve Bulletin. The record for each meeting includes the votes on the policy deci­ sions made at the meeting as well as a resume of the basis for the decisions. The summary descriptions of economic and financial condi­ tions are based on the information that was available 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—t|ie Bank selected by the Committee to execute transactions for the System Open Market Account. Records of policy actions for the meetings hejd in 1967 were pub­ lished in the Bulletins for July 1967 through March 1968. Records for the meetings held in 1968 were published in the Bulle­ tins for April 1968 through March 1969. The records for the first four meetings held in 1969 were published in the Bulletins for April, pages 345-52; May, pages 433-39; June, pages 508-18; and July, pages 596-603. The record for the meeting held on April 29, 1969, follows: 647 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

648 FEDERAL RESERVE BULLETIN □ AUGUST 1969 MEETING HELD ON APRIL 29, 1969 Authority to effect transactions in System Account. Preliminary estimates of the Commerce Department indicated that in the first quarter real GNP expanded at an annual rate of 2.9 per cent —only slightly slower than the 3.4 per cent growth rate of the fourth quarter of 1968—and that average prices, as measured by the GNP deflator, increased a little faster than in late 1968. Staff projections suggested that real GNP would expand about as rapidly in the second quarter as in the first and that upward pressures on prices would con­ tinue strong. In March retail sales rose further, according to the advance report. Industrial production also reached a new high as output of many final products and materials increased. The labor market remained tight, although nonfarm employment expanded less rapidly than it had earlier in 1969 and the unemployment rate edged up to 3.4 per cent from the 3.3 per cent level of preceding months. Average wholesale prices of industrial commodities, which had ad­ vanced substantially in the first quarter, rose only slightly further from mid-March to mid-April. To a considerable extent the slowing of the rise reflected declines in prices of lumber and plywood following ex­ tremely large advances earlier; among other industrial commodities price increases continued widespread. The consumer price index rose more in March than in any other month since February 1951, partly because of a sharp advance in homeownership costs, including mort­ gage interest charges, property taxes, insurance, and repairs. According to the preliminary GNP figures for the first quarter, there were large increases in final sales—particularly in business outlays on plant and equipment and in consumer expenditures—and a substantial decline in the rate of business inventory accumulation. The advance in consumer spending was associated with a sizable reduction in the rate of personal saving, as growth in disposable income slowed. Residential construction outlays also expanded appreciably further, although hous­ ing starts declined substantially in February and March from the very high January rate. Federal purchases of goods and services increased only slightly in the quarter. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 649 While the staff projections for the second quarter suggested that GNP would continue to expand at about the pace of the first quarter, they contemplated a different pattern of change among the major com­ ponents. Specifically, it was expected that inventory accumulation would remain at about the first-quarter rate, instead of slowing sub­ stantially as in the first quarter, and that net exports of goods and services would rise significantly as a result of a faster recovery in ex­ ports than in imports following the end of the longshoremen’s strike. At the same time, it was anticipated that growth in business fixed in­ vestment and in consumer spending would slow, that residential con­ struction outlays would turn down, and that Federal expenditures would rise only slightly further. For the second half of 1969, staff projections suggested that expan­ sion in real GNP would slow further but that upward pressures on prices were likely to persist. Both the lagged effects of monetary re­ straint and a restrictive stance of fiscal policy were expected to con­ tribute to the slowing of expansion in real activity. The administration recently had announced that it planned to reduce Federal outlays in the fiscal year 1970 from the January budget estimates. In addition, it had proposed that the surtax on incomes be continued at 10 per cent through the end of the calendar year 1969, and then be reduced to 5 per cent; and that the 7 per cent investment tax credit be repealed effective April 21. The repeal of the investment tax credit, if enacted, was not expected to have much effect on capital spending until late in 1969, and the influence of the surtax on spending seemed likely to moderate as the end of the year approached. Nevertheless, it now ap­ peared that the Federal fiscal position would be more restrictive in the second half of the year than had been anticipated earlier. The latest data on the U.S. balance of payments in the first quarter confirmed earlier estimates of a very large deficit on the liquidity basis and a large surplus on the official settlements basis. Both imports and exports declined from the fourth quarter of 1968 as a result of the longshoremen’s strike, but exports fell more and the trade balance was in substantial deficit. In addition, there was a large outflow of cor­ porate capital funds, reversing in part the net inflow of the fourth quarter. On the other hand, foreign purchases of U.S. equity securities remained sizable in the quarter—although the rate apparently dimin- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

650 FEDERAL RESERVE BULLETIN □ AUGUST 1969 ished in March—and bank-reported claims on foreigners declined more than seasonally. The first-quarter surplus on the official settlements basis was pri­ marily the result of a huge expansion of liabilities of U.S. banks to their foreign branches. While such liabilities declined substantially in late March, they subsequently increased to a new high in April. In­ terest rates in the Euro-dollar market changed little after late March at levels close to earlier peaks. In foreign exchange markets demands for German marks increased sharply in the latter part of April as a result of revived expectations of a revaluation, and the British pound came under some brief selling pressure. The French franc was under pressure throughout April, in part because of uncertainties associated with the national referendum scheduled for April 27. However, the initial reaction in the market to the negative vote in the referendum and to the resignation of President de Gaulle was relatively mild. A number of industrial countries had taken restrictive public policy measures in recent months, for domestic or balance of payments rea­ sons. The latest of these measures included increases in central bank discount rates in Germany and the Netherlands, to help dampen re­ emerging inflationary pressures, and in Belgium and Denmark, mainly to limit capital outflows resulting from high interest rates abroad. Also, in mid-April the British Government announced a restrictive budget for the fiscal year beginning April 1, in light of the absence of sufficient improvement in the payments balance of the United Kingdom. The U.S. Treasury was expected to announce on the day after this meeting the terms on which it would refund notes maturing in mid­ May, of which about $3.8 billion were held by the public. It was generally anticipated that bonds maturing in mid-June, of which about $2.1 billion were publicly held, would be included in the refunding. The Treasury’s cash balances at both commercial banks and Federal Reserve Banks had been drawn down to very low levels prior to the mid-April tax date, and in the period April 8-16 the Treasury financed part of its cash needs temporarily through sales to the Federal Reserve Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 651 of special certificates of indebtedness.1 The Treasury redeemed all out­ standing special certificates on April 17 and subsequently rebuilt its cash balances to relatively high levels. Commercial bank credit and the money stock, both of which had changed relatively little over the first quarter, rose substantially in the first half of April. For the month as a whole the adjusted bank credit proxy—daily-average member bank deposits, adjusted to include changes in the daily average of U.S. bank liabilities to foreign branches —was tentatively estimated to have increased at an annual rate of about 7 per cent from March, following a decline of similar magnitude in the previous month. There was a sharp, although temporary, in­ crease in bank holdings of Treasury bills during the statement week ending April 2, as banks were awarded nearly all of the $1.8 billion strip of bills auctioned by the Treasury in late March. In addition, a marked upsurge in bank loans—especially to businesses, nonbank financial institutions, and securities dealers—occurred around the mid­ month tax date. The carly-April bulge in private demand deposits and the money stock apparently was associated in part with temporary technical fac­ tors relating to Euro-dollar flows and the 4-day Easter holiday in Europe. Private demand deposits subsequently declined and by late April were estimated to be close to their end-of-March level. How­ ever, the money stock was tentatively estimated to have increased at an annual rate of nearly 15 per cent from March to April, as a result of the higher average level of such deposits in recent weeks. U.S. Government deposits also were estimated to have expanded by a sizable amount on the average in April. The volume of large-denomination CD’s outstanding was reduced further in the first half of April—reflecting in part the use by corpora­ tions of proceeds of maturing CD’s to help finance large tax payments. Available data suggested that there were sizable net outflows of con­ sumer-type time and savings deposits at banks—and also at other thrift institutions—following the interest-crediting period and around the 'The volume of such certificates held by the Federal Reserve totaled $151 million on April 8, $519 million on April 9, $490 million on April 10, $976 million on April 11 through 13, $514 million on April 14, $502 million on April 15, and $627 million on April 16. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

652 FEDERAL RESERVE BULLETIN □ AUGUST 1969 midmonth tax date. In April as a whole, total time and savings de­ posits at banks were estimated to have declined slightly from their March average. On April 3 the Board of Governors announced an increase in Fed­ eral Reserve Bank discount rates from 5*/2 to 6 per cent, effective April 4, and an increase of Vi of a percentage point in member bank reserve requirements against demand deposits, effective April 17. System open market operations subsequently were directed at maintaining the firmer conditions in money and short-term credit markets that were consistent with those actions. Pressures in the money market were intensified around the middle of April by massive shifts of reserves away from money center banks—shifts that stemmed in part from the rundown in the Treasury’s cash balances. Moreover, open market operations were modified in the direction of greater firmness as the period progressed, when it became increasingly clear that bank credit was expanding at a pace significantly in excess of the range pro­ jected at the time of the previous meeting. The effective rate on Federal funds, which had fluctuated around 6% per cent in March, rose to the 7% to 7% per cent area in mid-April and again late in the month. Member bank borrowings averaged slightly more than $1 billion in the 4 weeks ending April 23, compared with an average of about $835 million in the previous 4 weeks. Net borrowed reserves increased some­ what more than borrowings, as excess reserves declined further on the average. Most short-term interest rates had risen following the announcement on April 3 of the increases in discount rates and member bank reserve requirements. Market rates on Treasury bills maturing within 6 months continued under upward pressure through the midmonth tax date— reflecting sizable sales by banks and higher dealer financing costs— but they receded from their peaks after mid-April under the influence of strong seasonal demands. The market rate on 3-month Treasury bills, for example, reached a high of 6.22 per cent on April 16, but by the day before this meeting it had declined to 6.00 per cent, about the same as 4 weeks earlier. Rates on most other short-term instru­ ments advanced during the month, in many instances to new highs. Long-term interest rates had moved down in recent weeks, as rumors of progress in the Vietnam peace negotiations and indications of in- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 653 creasingly restrictive fiscal and monetary policies fostered growing expectations that inflationary pressures would be contained. A large volume of new corporate and municipal bonds was marketed during April, including a number of issues that had been postponed earlier. Bond yields leveled out late in the month, partly as a consequence of these offerings and of expectations that a new intermediate-term issue would be included in the Treasury’s forthcoming refunding. Business loan demands at banks, which had been enlarged in April by needs to finance tax payments, were expected to moderate in May. Staff projections suggested that the adjusted bank credit proxy would decline at an annual rate of 2 to 5 per cent from April to May if prevailing conditions were maintained in money and short-term credit markets. It appeared likely that the run-off of outstanding CD’s would continue and that consumer-type time and savings deposits would ex­ pand at a low rate. Private demand deposits and the money stock were projected to decline slightly on the average from April to May, and a reduction also was anticipated in U.S. Government deposits. In the Committee’s discussion a number of members expressed the view that it would be desirable at present to maintain at least the exist­ ing degree of monetary restraint in light of the persistence of strong inflationary pressures, and some question was raised as to whether restraint was being pursued with sufficient vigor. At the same time, recognition was given to the likelihood that the combined restrictive effects of current fiscal and monetary policies would become visible in economic developments later in the year, and the view was advanced that such a prospect argued against a further intensification of monetary restraint now. The Committee agreed that in any event the forthcoming Treasury refunding militated against a change in monetary policy at this time. It decided that open market operations should be directed at maintaining the firmer conditions in money and short-term credit markets that had been achieved, with the proviso that operations should be modified, insofar as the Treasury financing permitted, if bank credit appeared to be deviating significantly from current projections. Some members sug­ gested that any doubts arising in the conduct of operations should be resolved on the side of restraint. In addition, concern was voiced about the unexpectedly large increases now estimated for April in both bank Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

credit and the money stock. While it was the consensus of the members that those increases probably reflected temporary factors to an important extent, the view was expressed that the proviso clause should be im­ plemented quite promptly if bank credit developments in May sug­ gested the contrary. The following current economic policy directive was issued to the Federal Reserve Bank of New York: The information reviewed at this meeting suggests that expansion in real economic activity has moderated only slightly since the fourth quarter of 1968. At the same time, substantial upward pressures on prices and costs are persisting. Long-term interest rates have gen­ erally declined in recent weeks, but most short-term rates have risen somewhat. In the first quarter of the year bank credit changed little on average and the money supply grew at a sharply reduced rate. In early April both measures increased substantially, influenced in part by large tax-date borrowing and deposit bulges around Easter. The outstanding volume of large-denomination CD’s has continued to de­ cline and there was a net outflow of consumer-type time and savings deposits from banks and other thrift institutions in the first half of April. A sizable deficit re-emerged in the U.S. balance of payments on the liquidity basis in the first quarter but the balance on the offi­ cial settlements basis remained in surplus as a result of large inflows of Euro-dollars. 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, while taking account of the forthcoming Treasury refunding, System open market operations until the next meeting of the Committee shall be conducted with a view to main­ taining the prevailing firm conditions in money and short-term credit markets; provided, however, that operations shall be modified, to the extent permitted by the Treasury refunding, if bank credit appears to be deviating significantly from current projections. Votes for this action: Messrs. Martin, Hayes, Bopp, Brimmer, Clay, Coldwell, Daane, Maisel, Mitchell, Robertson, and Scanlon. Votes against this action: None. Absent and not voting: Mr. Sherrill. 654 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Law Department Statutes, regulations, interpretations, and decisions LIABILITY ON REPURCHASE 2 years and states expressly that it is subordinated AGREEMENTS AS DEPOSITS to the claims of depositors. This paragraph shall not, however, affect (i) any instrument issued be­ The Board of Governors has amended its rules fore June 27, 1966, or (ii) any instrument that governing member bank reserves (Regulation D) evidences an indebtedness arising from a transfer and payment of interest on deposits (Regulation of assets under repurchase agreement issued be­ Q) to bring certain member bank liabilities on re­ fore July 25, 1969, or (iii) until August 28, 1969, purchase agreements within the coverage of such any instrument that evidences an indebtedness rules, Specifically, the amendment made the fol­ arising from a transfer of assets under repurchase lowing changes in what constitutes a deposit: agreement issued, renewed, or extended on or after (1) Beginning August 28, 1969, every bank July 25, 1969. liability on a repurchase agreement entered into on or after July 25, 1969, with a person other than OFFICERS’ CHECKS REFLECTING TRANSFERS a bank, involving any assets other than direct obli­ INVOLVING FOREIGN BRANCHES OF gations of the United States or its agencies (and MEMBER BANKS obligations fully guaranteed by them) is a deposit liability subject to Regulations D and Q; and The Board of Governors has amended its rules (2) Beginning August 28, 1969, every bank governing member bank reserves (Regulation D) liability on a repurchase agreement entered into to assure that officers’ checks issued by a member on or after July 25, 1969, with a person, other than bank or by or on behalf of a foreign branch of a a bank, with respect to a part interest in any obli­ member bank on an account maintained by such gation or obligations (including U.S. Government branch with a domestic office of the parent bank obligations) is a deposit liability subject to Regu­ are included by the member bank as deposits for lations D and Q. purposes of computing its reserve requirements. The text of the amendment is as follows: In connection with this amendment, the Board noted an early ruling (1928 Federal Reserve AMENDMENT TO REGULATIONS D AND Q Bulletin 656) to the effect that a check issued by a member bank in repayment of Federal funds Effective July 25, 1969, section 204.1(f) of borrowed may be excluded from its deposit liabili­ Regulation D and section 217.1(f) of Regulation ties. The Board pointed out that such ruling, which Q are amended to read as follows: is in effect an exemption from the requirement (f) Deposits as including certain promissory that all officers’ checks issued by a bank be in­ notes and other obligations. For the purposes of cluded in its gross demand deposits, was intended this part, the term “deposits” shall be deemed to to apply only to repayments in Federal funds include any promissory note, acknowledgement of transactions and does not apply to any other type advance, due bill, or similar instrument that is is­ of transaction. sued by a member bank principally as a means of The text of the amendment is as follows: obtaining funds to be used in its banking business, except any such instrument (1) that is issued to AMENDMENT TO REGULATION D another bank, (2) that evidences an indebtedness arising from a transfer of direct obligations of, or Effective July 31, 1969, section 204.1(g) is obligations that are fully guaranteed as to principal amended to read as follows: and interest by, the United States or any agency (g) Gross demand deposits. The term “gross de­ thereof (other than a part interest in such obliga­ mand deposits” means the sum of all demand tions) that the bank is obligated to repurchase, deposits, including demand deposits to the credit of or (3) that has an original maturity of more than other banks, the United States, States, counties, 655 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

656 FEDERAL RESERVE BULLETIN □ AUGUST 1969 school districts, and other governmental subdivisions that it is subordinated to the claims of depositors. and municipalities, and all outstanding certified and This paragraph shall not, however, affect (i) any officers’ checks (including checks issued by the bank instrument issued before June 27, 1966, or (ii) in payment of dividends and checks or drafts drawn any instrument that evidences an indebtedness by or on behalf of a foreign branch of a member arising from a transfer of assets under repurchase bank on an account maintained by such a branch agreement issued before July 25, 1969, or (iii) with a domestic office of the parent bank), and let­ until August 28, 1969, any instrument that evi­ ters of credit and travelers’ checks sold for cash. dences an indebtedness arising from a transfer of assets under repurchase agreement issued, renewed, RESERVES AGAINST CERTAIN FOREIGN DEPOSITS or extended on or after July 25, 1969, or (iv) any instrument issued to a foreign office of another The Board of Governors has amended its rules bank before June 27, 1969. governing member bank reserves (Regulation D) Section 204.5(a) is amended by changing “para­ and foreign branches of member banks (Regula­ graph (b) of this section,” to read “paragraphs tion M) to establish a 10 per cent marginal reserve (b) and (c) of this section,”. requirement on certain foreign borrowings, pri­ The following paragraph is added to § 204.5: marily Euro-dollars, by member banks and on the (c) Reserve percentages against certain deposits sale of assets by member banks to their foreign by foreign banking offices. Deposits represented branches. The new requirement must be met be­ by promissory notes, acknowledgments of advance, ginning the week of October 16, 1969, based on due bills, or similar obligations described in the initial four-week computation period beginning § 204.1(f) to foreign offices of other banks " shall September 4. not be subject to paragraph (a) of this section or Text of the amendments is as follows: to § 204.3(a)(1) and (2); but during each week AMENDMENT TO REGULATION D of the four-week period beginning October 16, 1969, and during each week of each successive Effective September 4, 1969, the following four-week (“maintenance”) period, a member amendments are hereby adopted: bank shall maintain with the Reserve Bank of its Section 204.1(b) is amended to read as follows: district a daily average balance equal to 10 per (b) Time deposits. The term “time deposits’’ cent of the daily average amount of such deposits means “time certificates of deposit,” “time deposits, during the four-week (“computation”) period open account,” and “savings deposits,” as defined ending on the Wednesday fifteen days before the below; except that for the purposes of § 204.5(c), beginning of the maintenance period; except that “time deposits” shall have the meaning set forth only 3 per cent need be so maintained against therein. such deposits which arc time deposits ” aggregating Section 204.1(f) is amended to read as follows: not more than 4 per cent of such member bank’s (f) Deposits as including certain promissory daily average deposits subject to paragraph (a) notes and other instruments. For the purposes of of this section during the computation period. An this part, the term “deposits” shall be deemed to excess or deficiency in reserves in any week of a include any promissory note, acknowledgment of maintenance period under this paragraph shall be advance, due bill, or similar instrument that is subject to § 204.3(a)(3), as if computed under issued by a member bank principally as a means of § 204.3(a)(2), and deficiencies under this para­ obtaining funds to be used in its banking business, graph shall be subject to § 204.3(b).in except any such instrument (1) that is issued to a domestic banking office of another bank," (2) AMENDMENT TO REGULATION M that evidences an indebtedness arising from a trans­ fer of direct obligations of, or obligations that are Effective September 4, 1969, the following fully guaranteed as to principal and interest by, the amendments are hereby adopted: United States or any agency thereof (other than a The following new section is added to Part 213: part interest in such obligations) that the bank is "I.e., offices of other banks not covered by § 204.1 obligated to repurchase, or (3) that has an original (f)(1). maturity of more than 2 years and states expressly 11 For the purposes of this paragraph, “time deposits” means any deposit having a maturity of one day or more. "* I.e., any banking office in any State of the United "'The term “computation period” in § 204.3(a)(3) States or the District of Columbia of a bank organized and (b) shall, for this purpose, be deemed to refer to under domestic or foreign law. each week of a maintenance period under this paragraph. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 657 SECTION 213.7—RESERVES AGAINST from its domestic offices), during the four-week FOREIGN BRANCH DEPOSITS computation period ending on the Wednesday fifteen days before the beginning of the mainte­ (a) Transactions with parent bank. During each nance period, exceeds either the corresponding week of the four-week period beginning October daily average total during the four-week period 16, 1969, and during each week of each successive ending May 28, 1969 or the total outstanding on four-week (“maintenance”) period, a member June 25 or 26, 1969: Provided, That this para­ bank having one or more foreign branches shall graph does not apply to credit extended (1) by maintain with the Reserve Bank of its district, as a a foreign branch which at no time during the com­ reserve against its foreign branch deposits, a daily putation period had credit outstanding to United average balance equal to 10 per cent of the amount States residents" exceeding $5 million, (2) to en­ by which the daily average total of able the borrower to comply with requirements of (1) net balances due from its domestic offices the Office of Foreign Direct Investments, Depart­ to such branches, and ment of Commerce,1" or (3) under binding com­ (2) assets (including participations) held by mitments entered into before June 27, 1969. such branches which were acquired from its domestic offices,’ TRUTH IN LENDING during the four-week (“computation”) period AMENDMENT TO REGULATION Z ending on the Wednesday fifteen days before the beginning of the maintenance period, exceeds the The Board of Governors has amended Regula­ greater of (i) the corresponding daily average tion Z to clarify the application of the Truth total" for either the four-week period ending May in Lending Act to those cases in which a credit 28, 1969 or (except as the Board may otherwise sale transaction is subject to a discount for prompt specify) any computation period beginning on or payment on or before a specified date or to a after September 4, 1969, whichever is least, or charge for delaying payment after a specified date. (ii) 3 per cent of the member bank’s daily average The text of the amendment is as follows: Effective August 11, 1969, § 226.8(o) is deposits subject to § 204.5(a) of this chapter amended to read as follows: (Regulation D) during the computation period: Provided, That the applicable base computed under SECTION 226.8—CREDIT OTHER THAN (i) or (ii) shall be reduced by the daily average OPEN END—SPECIFIC DISCLOSURES amount of any deposits of the member bank sub­ (o) Discount for prompt payment of sales trans­ ject to § 204.5(c) of this chapter (Regulation D) actions. (1) For the purposes of this paragraph, a during the computation period. “transaction subject to § 226.8(o)” is a credit sale (b) Credit extended to United States residents. transaction which is not exempt under § 226.3 and During each week of the four-week period begin­ which is subject to a discount for payment on or ning October 16, 1969, and during each week of before a specified date (e.g. 2% discount if paid each successive four-week maintenance period, a within 10 days) or to a charge for delaying pay­ member bank having one or more foreign branches ment after a specified date (e.g. $98 cash, $100 if shall maintain with the Reserve Bank of its district, paid in 30 days). Both such a discount and such a as a reserve against its foreign branch deposits, a charge are referred to in this paragraph as a “disdaily average balance equal to 10 per cent of the amount by which daily average credit outstand­ 01.e., (a) any individual residing (at the time the ing from such branches to United States residents" credit is extended) in any State of the United States or the District of Columbia; (b) any corporation, partner­ (other than assets acquired and net balances due ship, association or other entity organized therein (“do­ mestic corporation”); and (c) any branch or office lo­ ’Other than (1) assets so held on June 26, 1969 repre­ cated therein of any other entity wherever organized. senting credit extended to persons not residents of the Credit extended to a foreign branch, office, subsidiary, United States and (2) credit extended or renewed by a affiliate or other foreign establishment (“foreign affili­ domestic office after June 26, 1969 to persons not resi­ ate”) controlled by one or more such domestic corpora­ dents of the United States to the extent such credit was tions will not be deemed to be credit extended to a not extended in order to replace credit outstanding on United States resident if the proceeds will be used in that date which was paid prior to its original maturity its foreign business or that of other foreign affiliates of (see definition of United States resident in footnote 9). the controlling domestic corporation(s). 8 Other than assets representing credit extended to 10 The branch may in good faith rely on the borrower’s persons not residents of the United States. certification that the funds will be so used. 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658 FEDERAL RESERVE BULLETIN □ AUGUST 1969 count.” In the case of any transaction subject to the annual percentage rate under subparagraph (1) § 226.8(o), notwithstanding the provisions of the (v) of this paragraph.""’ last sentence of paragraph (a) of this section, the (4) In order to determine the applicability of creditor shall disclose on the invoice or other evi­ subparagraph (l)(v) of this paragraph and to dence of such sale, as applicable: facilitate disclosure of an annual percentage rate, (i) The date of the sale or invoice. if the amount of the discount for prompt payment (ii) The rate of discount, the date by which or is related, pursuant to usual business practice, to period within which the discount may be taken, and weight, quantity, or other physical measure (e.g. the date by which or period within which the full $1 per ton or 1^ per gallon) rather than expressed amount of the obligation is due and payable. (For as a percentage of discount, that discount may be example, “2%/10 days, net 30 days”; or “$1 per converted to an approximate discount rate and, ton/10 days, net 30 days.”) under subparagraph (2) of this paragraph, a rea­ (iii) The information required under § 226.8 sonably accurate approximation of the annual per­ (b)(4) and (5). centage rate by using approximate or projected (iv) The amount of the discount, designated as prices per physical unit determined on the basis of a “finance charge,” using that term. past experience, current information, or projected (v) If the discount shown for prompt payment analysis.""' exceeds 5% of the obligation to which the discount (5) If by its terms a transaction subject to relates, the “annual percentage rate,” using that § 226.8(o) is payable in a single payment and no term, computed in accordance with subparagraph finance charge other than a discount is or may be (2) of this paragraph, but subject to the exceptions imposed, and such discount is not utilized for the provided under § 226.8(b)(2). purpose of circumvention or evasion of disclosure (2) For the purposes of subparagraph (l)(v) of requirements, the disclosure required by subpara­ this paragraph, the annual percentage rate shall be graph (1) of this paragraph shall constitute com­ determined by dividing the amount of the finance pliance with the requirements of § 226.8 and under charge by the least amount payable in satisfaction § 226.9(a) shall constitute “all other material dis­ of the obligation and multiplying the quotient (ex­ closures required under this Part.” pressed as a percentage) by a fraction in which (6) If a transaction subject to § 226.8(o) is the numerator is 12, and the denominator is the debited to an open end credit account, disclosures number of whole months (but not less than 1) shall be made as specified in subparagraph (1) of between the first day of the monthly billing cycle this paragraph and also as specified in § 226.7. in which the transaction is consummated and the The full amount of the obligation including the first day of the monthly billing cycle in which the amount of the discount may be debited to the open obligation becomes due.""' end credit account, under § 226.7(b)(2), and the (3) In a transaction with multiple discount rates amount of any finance charge representing the dis­ (for example 6%/10 days, 4%/20 days, net 30 count need not be added to any other finance days), the largest discount shall be used for pur­ charge for the purpose of computing and disclos­ poses of disclosing the amount of the finance charge ing the total amount of finance charge and the under subparagraph (l)(iv) of this paragraph and annual percentage rate under § 226.5(a) and § 226.7."’" ~ 1’" For example, a $1,000 purchase of feed subject to terms of 6%/10 days, net 30 days (or 6%/10 days, net (7) If a transaction subject to § 226.8(o) is not E.O.M.; or 6%/10 days, net 10th of the following debited to an open end credit account, but either month; or 6%/20 days, net 30 days; or 6%/30 days, net 30 days; or 6% discount for cash, net 30 days) results is subject to an additional finance charge or is in a finance charge of $60, a least amount payable of $940, and an annual percentage rate of 76.56%, which ""’ For example, if terms of $3 discount per ton/10 may be rounded to 76.50% or 76'/2%. Terms of days, net 30 days are offered on fertilizer that is expected 6%/20 days, net September 29 applied to an April pur­ to sell in a range of about $48 to $52 per ton, the chase, assuming a calendar month billing cycle, result in annual percentage rate could be approximated for pre­ an annual percentage rate of 15.31% (i.e. %4 x >%) printing as if it were 6% (i.e. $3 on $50)/10 days, net which may be rounded to 15.25% or 1514%. In this 30 days, that is, 7614%. example the 29 days in September are ignored and the ""■For example, if a $1,000 sale on terms of 2%/10 denominator (5) is determind by the number of whole days, net 30 days, is debited to an open end account on months in the period. which 1% per month is charged, the periodic statement ""’For example, terms of 6%/10 days, 4%/20 days, under § 226.7(b) (assuming no other transactions in the net 30 days would be treated like terms of 6%/10 days, account) would show a previous balance of $1,000, a net 30 days, which would represent an annual percentage finance charge of $10, and an annual percentage rate of rate of 76>/2%. 12%. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 659 payable by its terms in more than one payment, dis­ by the creditor to be written in connection with a closures shall be made as specified in subparagraph transaction, is insurance of the type described in (1) of this paragraph and also as specified in para­ § 226.4(a)(6) or in § 226.4(a)(7). graphs (b) and (c) of this section. In such a case, V.S.I. coverage is written only in connection if the transaction is payable in more than one pay­ with a credit transaction and indemnifies the credi­ ment, the amount of the discount shall be deducted tor against, among other perils, conversion, em­ for the purpose of computing and disclosing the bezzlement, and secretion of the collateral by the cash price under paragraph (c) (1 ) of this section customer; and amounts payable on account of loss and shall be added to any other finance charge for are payable only to the creditor; and the amount of the purpose of computing and disclosing the any indemnity payable under the policy is directly amount of the finance charge under paragraph related to the amount of the credit loss, in that (c)(8)(i) of this section and the annual per­ such indemnity can never exceed the amount of centage rate under paragraph (b)(2) of this sec­ the unpaid principal balance of the debt. The in­ tion.13'' If the transaction is payable in a single surer has no liability under a V.S.I. policy unless, payment, the discount may be disregarded in com­ at the time the policy was written, no payment was puting and disclosing such cash price, finance more than a specified number of days past due, charge, and annual percentage rate.'" and a claim under the policy is not valid unless the (8) Notwithstanding the provisions of the sec­ customer has defaulted in payment. Additionally, ond sentence of paragraph (a) of this section, the many V.S.I. policies indemnify the creditor against disclosures required under subparagraph (1) of this expense incurred in transporting the collateral to paragraph made on the invoice or other evidence the creditor from the place of repossession. of sale may be delivered subsequent to consumma­ V.S.I. coverage is, therefore, insurance which tion of the transaction. protects the creditor against the customer’s default (9) Amended paragraph (o) of § 226.8 shall or other credit loss, and when required by the become effective August 11, 1969, but until March creditor to be written in connection with any I, 1970, any creditor may at his option use any transaction, the premium therefor is included in printed forms which were prepared before such the finance charge under § 226.4(a)(7). effective date in accordance with paragraph (o) of § 226.8 in effect at the time of such preparation. PROPERTY INSURANCE WRITTEN IN CONNECTION WITH A TRANSACTION- OBTAINED FROM OR THROUGH THE CREDITOR INTERPRETATIONS OF REGULATION Z PREMIUMS FOR VENDOR’S SINGLE INTEREST Footnote 4 to § 226.4(a)(6) specifies that a INSURANCE REQUIRED BY CREDITOR policy of insurance against loss or damage to Under § 226.4(a)(6), charges or premiums for property or liability arising out of its use is not insurance, written in connection with a credit trans­ considered to be “written in connection with” a action, against loss of or damage to property may transaction when it “. . . was not purchased by be excluded from the finance charge if the creditor the customer for the purpose of being used in makes the disclosures required under that subpara­ connection with that extension of credit.” There­ graph. Under § 226.4(a)(7), a premium or other fore, whenever such a policy is purchased by the charge for any other guarantee or insurance pro­ customer for the purpose of being used in con­ tecting the creditor against the customer’s default nection with a specific extension of credit, it is in­ or other credit loss is included in the finance surance “written in connection with” that trans­ charge. The question arises as to whether Vendor’s action. Single Interest (V.S.I.) coverage, when required If such property insurance which is written in ■"For example, if a $1,000 sale on terms of 2%/10 connection with a transaction is required by the days, net 30 days is subject to an add-on finance charge creditor and is obtainable from or through him, of $100 and is payable in instalments, the disclosures the cost thereof for the term of the initial policy under § 226.8(b) and (c) would include a cash price of $980 and a finance charge of $120. or policies must be disclosed to the customer, ir­ laf For example, if a $1,000 sale on August 2 not respective of whether the customer purchases or under an open end account is subject to terms of 2%/ expects to purchase such insurance from the credi­ 10 days, net 30 days, thereafter 8% per annum until December 1, the disclosures under § 226.8(b) and (c) tor, in order for the premium to be excluded from would include a cash price of $1,000, a finance charge the finance charge. of $19.95, and an annual percentage rate of 8%. 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660 FEDERAL RESERVE BULLETIN a AUGUST 1969 RENEWALS OF NOTES BY MAIL posed merger, in form approved by the Board, has been published pursuant to said Act. Under paragraph (j) of § 226.8, renewals of Upon consideration of all relevant material in the notes with new maturity dates constitute refinanc­ light of the factors set forth in said Act, including ings and are consequently new transactions. A reports furnished by the Comptroller of the Cur­ common practice is for creditors to permit renewal rency, the Federal Deposit Insurance Corporation, of such notes by mail. In many of such instances and the Attorney General on the competitive fac­ the creditor does not know whether the customer tors involved in the proposed merger, will reduce his original obligation by a payment It is hereby ordered, for the reasons set forth on principal or, if reduced, the amount of that in the Board’s Statement of this date, that said reduction. The question arises as to what dis­ application be and hereby is approved, provided closures should be made by mail to the customer that said merger shall not be consummated (a) in these circumstances. before the thirtieth calendar day following the date If the creditor knows the amount of the princi­ of this Order or (b) later than three months after pal payment, all disclosures should be made on the the date of this Order unless such period is ex­ basis of the resulting new amount financed. If, tended for good cause by the Board or by the however, the creditor does not know whether the Federal Reserve Bank of Richmond pursuant to customer will reduce his original obligation, or if delegated authority. so, by how much, he should disclose on the assump­ tion that there will be no reduction. In such cir­ Dated at Washington, D. C., this 11th day of July, 1969. " cumstances he may make one or more additional disclosures based on one or more examples of By order of the Board of Governors. graduated principal reduction. For example, if a single payment note was for $1,000 at 8% for 3 Voting for this action: Chairman Martin and Gover­ nors Robertson, Daane, Maisel, and Sherrill. Absent months, in addition to the other required dis­ and not voting: Governors Mitchell and Brimmer. closures, the creditor should disclose an amount financed of $1,000 with a finance charge of $20, (Signed) Robert P. Forrestal, and may, in addition, disclose that with a principal Assistant Secretary. payment of $300 the amount financed would be [seal] $700 with a finance charge of $14, and with a principal payment of $500 the amount financed Statement would be $500 with a finance charge of $10. First Virginia Bank of the Southwest, Christians­ burg, Virginia (“Southwest Bank”), with total de­ ORDERS UNDER BANK MERGER ACT posits of $4 million, has applied, pursuant to the Bank Merger Act (12 U.S.C. 1828(c)), for the FIRST VIRGINIA BANK OF THE SOUTH­ Board’s prior approval of the merger of that bank WEST, CHRISTIANSBURG, VIRGINIA with Bank of New River Valley, Radford, Vir­ In the matter of the application of First Virginia ginia (“Valley Bank”), which has deposits of $8 Bank of the Southwest for approval of merger with million.' The banks would merge under the charter Bank of New River Valley. and name of Southwest Bank, which is a member of the Federal Reserve System. As an incident to Order Approving Merger of Banks the merger, the four offices of Valley Bank would become branches of Southwest Bank, increasing There has come before the Board of Governors, the number of its offices to seven. pursuant to the Bank Merger Act (12 U.S.C. The two banks are subsidiaries of First Virginia 1828(c)), an application by First Virginia Bank of Bankshares Corporation, Arlington, Virginia the Southwest, Christiansburg, Virginia, a State (“First Virginia”), a registered bank holding com­ member bank of the Federal Reserve System, for pany. The Board, pursuant to section 3(a) of the the Board’s prior approval of the merger of that Bank Holding Company Act of 1956, by orders bank with Bank of New River Valley, Radford, of April 12, 1965 and May 9, 1967, approved, Virginia, under the charter and name of the for­ respectively, the acquisition by First Virginia of 80 mer. As an incident to the merger, the four offices per cent or more of the voting shares of Valley of Bank of New River Valley would become branches of the resulting bank. Notice of the pro­ 1 Figures are as of December 31, 1968. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 661 Bank (then known as Peoples Bank of Radford) plication be and hereby is approved, provided that and of 80 per cent or more of the voting shares said merger shall not be consummated (a) before of Southwest Bank (then known as Cambria Bank, the thirtieth calendar day following the date of this Incorporated). 1965 Federal Reserve Bulletin Order or (b) later than three months after the 536; 1967 Federal Reserve Bulletin 776. The date of this Order unless such period is extended purpose of the proposed merger, according to the for good cause by the Board or by the Federal application, is to achieve improvements in the Reserve Bank of Chicago pursuant to delegated economies of operation and administration. authority. Statutory considerations. The merger of South­ Dated at Washington, D.C. this I 1th day of west Bank and Valley Bank—both subsidiaries of July, 1969. a registered bank holding company acquired pur­ suant to prior Board approval—would have no ad­ By order of the Board of Governors. verse effect on banking competition. The financial Voting for this action: Vice Chairman Robertson and managerial resources and prospects of each bank and Governors Daane, Maisel, Brimmer and Sherrill. are satisfactory, as they would be with respect Absent and not voting: Chairman Martin and Gover­ nor Mitchell. to the resulting bank. The banking needs of the communities served by Southwest Bank and Valley (Signed) Robert P. Forrestal, Bank are being met satisfactorily and without un­ Assistant Secretary. due inconvenience, as they would be following the [seal] conversion of the offices .of Valley Bank into branches of Southwest Bank. Statement Accordingly, the Board concludes that the ap­ plication should be approved. Roachdale Bank and Trust Company, Roach­ dale, Indiana (“Roachdale Bank”), with total de­ ROACHDALE BANK AND TRUST posits of $7 million, has applied, pursuant to the COMPANY, ROACHDALE, INDIANA Bank Merger Act (12 U.S.C. 1828(c)), for the Board’s prior approval of the merger of that bank In the matter of the application of Roachdale with The State Bank of Russellville, Russellville, Bank and Trust Company for approval of merger Indiana (“State Bank”), which has deposits of with The State Bank of Russellville. $1.6 million.' The banks would merge under the Order Approving Merger of Banks charter of Roachdale Bank, a member of the Fed­ eral Reserve System, and under the name Tri­ There has come before the Board of Governors, County Bank & Trust Company. As an incident pursuant to the Bank Merger Act (12 U.S.C. to the merger, the office of State Bank would be­ 1828(c), an application by Roachdale Bank and come a branch of Roachdale Bank, increasing the Trust Company, Roachdale, Indiana, a State mem­ number of its offices to three. ber bank of the Federal Reserve System for the Competition. Both banks are in Putnam County Board’s prior approval of the merger of that bank in west central Indiana, a predominantly agricul­ and The State Bank of Russellville, Russellville, tural area. Roachdale Bank operates its head office Indiana, under the charter of the former, and title in Roachdale (population 1,000) and a branch at of Tri-County Bank & Trust Company. As an Bainbridge, six miles south of Roachdale. The sole incident to the merger, the office of The State office of State Bank is in Russellville (population Bank of Russellville would become a branch of 400) 10 miles west of Roachdale. There are no the resulting bank. Notice of the proposed merger, banking offices in the intervening area and each in form approved by the Board, has been pub­ bank derives a small portion of its business from lished pursuant to said Act. the area served by the other. Upon consideration of all relevant material in Roachdale Bank also has applied to the Federal the light of the factors set forth in said Act, in­ Deposit Insurance Corporation for approval to cluding reports furnished by the Comptroller of acquire the assets and assume the liabilities of the Currency, the Federal Deposit Insurance Cor­ Russellville Bank (deposits $1.7 million), a private poration, and the Attorney General on the com­ bank without deposit insurance and the only other petitive factors involved in the proposed merger, bank in Russellville. Roachdale Bank seeks to It is hereby ordered, for the reasons set forth in the Board’s Statement of this date, that said ap­ 1 Figures are as of December 31, 1968. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

662 FEDERAL RESERVE BULLETIN □ AUGUST 1969 acquire both of the Russellville banks because State MAIN STATE BANK OF CHICAGO, law prohibits the establishment of a branch in a CHICAGO, ILLINOIS community where another bank is headquartered. In the matter of the application of Main State Elston Bank & Trust Company, Crawfordsville Bank of Chicago for approval of acquisition of (deposits $29 million), operates a branch at Wave­ assets of Main State Bank land, seven miles west of Russellville, and The First National Bank and Trust Company of Crawfords­ Order Approving Acquisition of Bank’s Assets ville (deposits $20 million) has a branch in Ladoga, There has come before the Board of Governors, five miles north of Roachdale. A bank with de­ pursuant to the Bank Merger Act (12 U.S.C. posits of $2 million is located 13 miles west of 1828(c)), an application by Main State Bank of Russellville and a similar-sized bank is 10 miles Chicago, Chicago, Illinois, which is to be a State east of Roachdale; in addition, there are two banks member bank of the Federal Reserve System, for in Greencastle, 20 miles south of Roachdale, which the Board’s prior approval of its acquisition of have deposits of $15 million and $20 million, re­ assets and assumption of deposit liabilities of Main spectively. State Bank, Chicago, Illinois. Notice of the pro­ There is only a small amount of competition posed acquisition of assets and assumption of de­ between Roachdale Bank and State Bank. How­ posit liabilities, in form approved by the Board, ever, because of the provisions of State law re­ has been published pursuant to said Act. stricting branch banking, the merger of these two Upon consideration of all relevant material in banks cannot be consummated unless Roachdale the light of the factors set forth in said Act, in­ Bank obtains authority to acquire Russellville cluding reports furnished by the Comptroller of Bank, the only other bank in the community. Thus, the Currency, the Federal Deposit Insurance Cor­ the transaction would have an adverse effect on poration, and the Attorney General on the com­ competition. petitive factors involved in the proposed trans­ Financial and managerial resources and pros­ action, pects. State Bank is slightly less than adequately It is hereby ordered, for the reasons set forth capitalized and has a large volume of criticized in the Board’s Statement of this date, that said loans; in addition, the bank has had three chief application be and hereby is approved, provided that executive officers in the past eight years, and its said acquisition of assets and assumption of deposit prospects are uncertain. The banking factors with liabilities shall not be consummated (a) before the respect to Roachdale Bank are satisfactory, as they thirtieth calendar day following the date of this would be following the proposed merger. Order or (b) later than three months after the date Convenience and needs of the communities. The of this Order unless such period is extended for replacement of State Bank by an office of Roach­ good cause by the Board or by the Federal Reserve dale Bank would make a wider range of banking Bank of Chicago pursuant to delegated authority. services more conveniently available to the Russell­ Dated at Washington, D.C., this 30th day of ville community. As already indicated, the pro­ July 1969. posed merger cannot take place unless Roachdale Bank receives approval of the Federal Deposit By order of the Board of Governors. Insurance Corporation to acquire the assets and Voting for this action: Vice Chairman Robertson assume the liabilities of Russellville Bank, a private and Governors Mitchell, Maisel, Brimmer, and Sher­ bank without deposit insurance and the only other rill. Absent and not voting: Chairman Martin and Governor Daane. bank in Russellville. Summary and conclusion. In the judgment of the (Signed) Kenneth A. Kenyon, Deputy Secretary. Board the proposed transaction would have an ad­ verse effect on competition; however, that adverse [seal] effect would be outweighed by the resolution of the problems of State Bank and by the benefit to the Statement banking convenience and needs of the Russellville Main State Bank of Chicago, Chicago, Illinois community. (“Applicant”), a new bank not yet in operation, Accordingly, the Board concludes that the ap­ has applied, pursuant to the Bank Merger Act (12 plication should be approved. U.S.C. 1828(c)), for the Board’s approval of its Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 663 acquisition of assets and assumption of deposit lia­ souri, for the Board’s prior approval of action bilities of Main State Bank, Chicago, Illinois whereby Applicant would become a bank holding (“Main State”), which has total deposits of about company through the acquisition of at least 80 $55 million.1 per cent of the voting shares of The First National Upon consummation of the proposal Main Bank of Kansas City, and at least 51 per cent of State’s sole office would become the sole office of the voting shares of Leawood National Bank of Applicant, which is to be a member of the Federal Kansas City, both of Kansas City, Missouri. Reserve System and which is a newly organized As required by section 3(b) of the Act, the bank not yet in operation. Applicant is the only Board notified the Comptroller of the Currency of subsidiary of a holding company organized to fa­ the application and requested his views and recom­ cilitate the sale of Main State to persons of demon­ mendation. He recommended approval of the ap­ strated banking ability and experience familiar with plication. the operations of Main State which, following the Notice of receipt of the application was pub­ transaction, would be dissolved. lished in the Federal Register on May 20, 1969 Statutory considerations. The proposed trans­ (34 Federal Register 7935), providing an oppor­ action would have no adverse effect on banking tunity for interested persons to submit comments competition. There are about 90 other commercial and views with respect to the proposal. A copy of banks with offices in the area served by Main State, the application was forwarded to the United States and consummation of the proposal would not Department of Justice for its consideration. Time change the number of banking institutions serving for filing comments and views has expired and all the relevant area. Considerations relative to finan­ those received have been considered by the Board. cial and managerial resources and future prospects It is hereby ordered, for the reasons set forth are satisfactory. While Applicant would have a in the Board’s Statement of this date, that said lower loan limit than Main State, it is not expected application be and hereby is approved, provided that this would affect Applicant’s ability to serve that the action so approved shall not be consum­ adequately the needs and convenience of the rele­ mated (a) before the thirtieth calendar day fol­ vant community. lowing the date of this Order or (b) later than Accordingly, the Board concludes that the ap­ three months after the date of this Order, unless plication should be approved. such time shall be extended by the Board or by the Federal Reserve Bank of Kansas City pursuant to delegated authority. ORDERS UNDER SECTION 3 OF BANK HOLDING COMPANY ACT Dated at Washington, D.C., this 4th day of FIRST NATIONAL CHARTER CORPORA­ August I 969. TION, KANSAS CITY, MISSOURI By order of the Board of Governors. In the matter of the application of First National Voting for this action: Chairman Martin and Gov­ Charter Corporation, Kansas City, Missouri, for ernors Robertson, Daane, Maisel, Brimmer, and Sher­ rill. Absent and not voting: Governor Mitchell. the approval of action to become a bank holding company through the acquisition of voting shares (Signed) Elizabeth L. Carmichael, of The First National Bank of Kansas City, and Assistant Secretary. Leawood National Bank of Kansas City, both of Kansas City, Missouri. [seal] Order Approving Application To Become a Bank Holding Company Statement First National Charter Corporation, Kansas There has come before the Board of Governors, City, Missouri (“Applicant”), has filed with the pursuant to section 3(a)(1) of the Bank Holding Board, pursuant to section 3(a)(1) of the Bank Company Act of 1956 (12 U.S.C. 1842(a)(1)) Holding Company Act of 1956, an application for and section 222.3(a) of Federal Reserve Regula­ approval of action to become a bank holding com­ tion Y (12 CFR 222.3 (a)), an application by First pany through the acquisition of at least 80 per cent National Charter Corporation, Kansas City, Misof the voting shares of The First National Bank 1 Figures are as of March 31, 1969. of Kansas City (“First National”), and at least 51 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

664 FEDERAL RESERVE BULLETIN □ AUGUST 1969 per cent of the voting shares of Leawood National ly nine miles southeast of downtown Kansas City, Bank of Kansas City (“Leawood Bank”), both of and just east of the Missouri-Kansas boundary. which are located in Kansas City, Missouri. The bank was organized by principal officers and Views and recommendation of supervisory au­ directors of First National in 1959, and a majority thority. As required by section 3(b) of the Act, of the stock of both banks is owned by the same notice of receipt of the application was given to, shareholders. Leawood Bank is primarily a sub­ and views and recommendation requested of, the urban retail bank, serving the shopping center in Comptroller of the Currency. He recommended which it is located and nearby residential areas. Its approval of the application. deposits constitute only about .5 per cent of those Statutory considerations. Section 3(c) of the Act originating in metropolitan Kansas City, and less provides that the Board shall not approve an ac­ than 10 per cent of those originating in the sub­ quisition that would result in a monopoly or would urban area which it serves. It is the sixth largest be in furtherance of any combination or conspiracy of 10 banks competing within that area. to monopolize or to attempt to monopolize the busi­ Despite the fact that the area served by Lea­ ness of banking in any part of the Lfnited States. wood Bank lies wholly within the area served by Nor may the Board approve a proposed acquisi­ First National, it does not appear, in view of the tion the effect of which, in any section of the present affiliation of the two banks and the sub­ country, may be substantially to lessen competi­ urban-retail orientation of Leawood Bank’s busi­ tion, or to tend to create a monopoly, or which ness, as compared with the urban-wholesale orienta­ in any other manner would be in restraint of trade, tion of the business of First National, that any unless the Board finds that the anticompetitive ef­ significant existing competition would be eliminated fects of the proposed transaction arc clearly out­ by consummation of Applicant’s proposal. For the weighed in the public interest by the probable ef­ same reasons, and additionally because of the pro­ fect of the transaction in meeting the convenience hibition against branching under Missouri law, the and needs of the community to be served. In each potential for future competition between the two case the Board is required to take into considera­ proposed subsidiaries does not appear significant. tion the financial and managerial resources and Finally, it does not appear that consummation of future prospects of the bank holding company and the proposal would have any undue adverse ef­ the banks concerned, and the convenience and fects on competitors of cither bank. needs of the community to be served. The proposed transaction would not result in a Competitive effect of the proposed transaction. monopoly or be in furtherance of any combination, First National ($389 million deposits) 1 is the conspiracy or attempt to monopolize the business fourth largest bank in the State of Missouri. Ap­ of banking in any relevant area. Consummation of plicant would control 3.7 per cent of the deposits the proposal would not substantially lessen com­ held by all Missouri banks, and would be the petition, tend to create a monopoly, or restrain fourth largest banking organization and the second trade in any section of the country. largest of seven bank holding companies in the Financial and managerial resources and future State. prospects. Applicant, a newly formed corporation First National operates its only office, as well organized by officers and directors of First National as a limited-service facility, in downtown Kansas to engage in the business of a bank holding com­ City, the business and geographic center of a six- pany, has no financial or operating history. Its county region which includes portions of the projected financial condition is satisfactory, as is neighboring State of Kansas, and which comprises that of its proposed subsidiary banks. Management metropolitan Kansas City. It is the second largest of Applicant and both banks is experienced and bank in the city, and provides banking services to capable, and the prospects of all three are favor­ the entire metropolitan area, holding 11.8 per cent able. of the deposits held by 123 insured banks located Considerations relating to the banking factors in the area. are found to be consistent with approval of the Leawood Bank ($14.6 million deposits) has one application. office and a limited-service facility, both of which Convenience and needs of the communities in­ are located in a large shopping center approximatevolved. The banking needs of the Kansas City metropolitan area are adequately served by the 'All banking data are as of December 31, 1968, unless otherwise noted. large number of banks conveniently located Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 665 throughout the area. No change in the service of­ ance with a recommendation of the New York fering of First National would result from, or be State Superintendent of Banks, and advised this facilitated by, the proposed transaction. Board of its action. It is proposed that Leawood Bank will, with the Notice of receipt of the application was pub­ assistance of First National, initiate trust services lished in the Federal Register on May 20, 1969 in the event that Applicant’s proposal is consum­ (34 Federal Register 7935), which provided an mated. Such services are not presently available opportunity for interested persons to submit com­ from any of the banks located within the Missouri ments and views with respect to the proposed ac­ portion of the area served by Leawood Bank, and quisition. A copy of the application was forwarded the proposal would, in that respect, provide some­ to the United States Department of Justice for its what greater convenience to those area residents consideration. Time for filing comments and views who now must travel to downtown Kansas City has expired and all those received have been con­ for complete trust services. sidered by the Board. Considerations under this factor lend some It is hereby ordered, for the reasons set forth weight in favor of approval of the application. in the Board’s Statement of this date, that said ap­ Summary and conclusion. On the basis of all plication be and hereby is approved, provided that relevant facts contained in the record, and in light the acquisition so approved shall not be consum­ of the factors set forth in section 3(c) of the Act, mated (a) before the thirtieth calendar day fol­ it is the Board’s judgment that the proposed trans­ lowing the date of this Order, or (b) later than action would be in the public interest and that the three months after the date of this Order, unless application should be approved. such period is extended for good cause by the Board or by the Federal Reserve Bank of New CHARTER NEW YORK CORPORATION, York pursuant to delegated authority. NEW YORK, NEW YORK Dated at Washington, D. C., this 5th day of In the matter of the application of Charter New August 1969. York Corporation, New York, New York, for ap­ By order of the Board of Governors. proval of acquisition of voting shares of the suc­ cessor by merger to The Fulton County National Voting for this action: Chairman Martin and Gov­ Bank and Trust Company of Gloversville, Glovers- ernors Robertson, Daane, Maisel, Brimmer, and Sher­ rill. Absent and not voting: Governor Mitchell. ville, New York. (Signed) Elizabeth L. Carmichael, Order Approving Application Under Assistant Secretary. Bank Holding Company Act [seal] There has come before the Board of Governors, pursuant to section 3(a)(3) of the Bank Holding Company Act of 1956 (12 U.S.C. 1842(a)(3)), Statement and section 222.3(a) of Federal Reserve Regula­ tion Y (12 CFR 222.3(a)), an application by Charter New York Corporation, New York, Charter New York Corporation, New York, New New York (“Applicant”), a registered bank hold­ York, for the Board’s prior approval of the ac­ ing company, has applied to the Board of Gover­ quisition of all of the outstanding voting shares nors, pursuant to section 3(a)(3) of the Bank (less directors’ qualifying shares) of the successor Holding Company Act of 1956, for prior approval by merger to The Fulton County National Bank of the acquisition of all of the outstanding voting and Trust Company of Gloversville, Gloversville, shares, except for directors’ qualifying shares, of a New York. new national bank into which it proposes to merge As required by section 3(b) of the Act, the The Fulton County National Bank and Trust Com­ Board gave written notice of receipt of the applica­ pany of Gloversville, Gloversville, New York tion to the Comptroller of the Currency and re­ (“Fulton National”). The new national bank into quested his views and recommendation. The Comp­ which Fulton National is to be merged has no sig­ troller recommended approval of the application. nificance except as a vehicle for accomplishing the As discussed in the accompanying Statement, acquisition of the bank to be merged into it; the the New York State Banking Board approved an proposal is therefore treated herein as one to ac­ application involving the same proposal in accord­ quire shares of Fulton National. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

666 FEDERAL RESERVE BULLETIN a AUGUST 1969 Views and recommendation of supervisory au­ million deposits), Endicott Trust Company, thority. As required by section 3(b) of the Act, Endicott ($57 million deposits), and Dutchess the Board notified the Comptroller of the Cur­ Bank & Trust Company, Poughkeepsie ($33 mil­ rency of receipt of the application and requested lion deposits). his views and recommendation thereon. The Fulton National ($23 million deposits) is the Comptroller recommended approval of the ap­ smaller of two banks headquartered in Gloversville plication. and in Fulton County, and ranks seventeenth in Pursuant to the requirements of Article III-A of deposit size among 36 banks located in New York’s the New York Banking Law, Applicant submitted Fourth Banking District. Nearly all of the deposits an application involving the same proposal to the of Fulton National are derived from an area which New York State Banking Board. The Banking includes all of Fulton and Montgomery Counties, Board approved the application on July 2, 1969, the southern portion of Hamilton County and the in accordance with the recommendation of the westernmost portion of Saratoga County. Within New York Superintendent of Banks, a copy of this area are 20 offices of eight banks, including all which was transmitted to the Board of Governors. three offices of Fulton National. Four of the eight Statutory considerations. Section 3(c) of the banks are headquartered in the area, and four are Act provides that the Board shall not approve an headquartered in the adjoining Albany-Schenec­ acquisition that would result in a monopoly or tady-Troy metropolitan area. Fulton National is would be in furtherance of any combination or the smallest of the banks in overall deposit size, conspiracy to monopolize or to attempt to monop­ and the sixth largest of the eight in terms of local olize the business of banking in any part of the deposits. The two banks with smaller shares of United States. Nor may the Board approve any local deposits are both subsidiaries of large bank other proposed acquisition, the effect of which, in holding companies. It does not appear that the via­ any section of the country, may be substantially to bility or competitive effectiveness of any of Fulton lessen competition, or to tend to create a monopoly, National’s competitors would be adversely affected or which in any other manner would be in re­ by consummation of the proposed acquisition. straint of trade, unless the Board finds that the None of Applicant’s subsidiary banks is located anticompetitive effects of the transaction are clearly in the Fourth Banking District and no office of any outweighed in the public interest by the probable of the subsidiary banks is closer than 100 miles to effect of the transaction in meeting the conven­ any of Fulton National’s offices. The present sub­ ience and needs of the community to be served. sidiaries of Applicant derive no significant amounts In each case, the Board is required to take into of deposits or loans from within the area served by consideration the financial and managerial re­ Fulton National, and Fulton National does not sources and future prospects of the bank holding compete to any significant extent outside of that company and the banks concerned, and the con­ area. Acquisition of Fulton National by Appli­ venience and needs of the community to be served. cant, therefore, would not eliminate existing com­ Competitive effect of proposed transaction. Ap­ petition. Further, in view of the small size of Ful­ plicant controls $3.9 billion in deposits,1 and is the ton National, its location relative to present Ap­ eighth largest banking organization and the third plicant subsidiaries, and the prohibition of New largest bank holding company in the State of New York law against inter-district branching, it does not York. Its four subsidiary banks account for 4.81 appear that significant potential competition would per cent of the deposits held by all banks located be foreclosed by the proposal. in the State. Consummation of the present proposal The proposed transaction would not result in a would increase Applicant’s share of such deposits monopoly or be in furtherance of any combination, to 4.84 per cent. conspiracy or attempt to monopolize the business Applicant’s largest subsidiary bank is Irving of banking in any relevant area. Approval of the Trust Company, which has deposits of $3.7 billion, application and consummation of the proposal and is the seventh largest bank in New York City. would not substantially lessen competition, tend to Its other subsidiary banks are The Merchants Na­ create a monopoly, or restrain trade in any section tional Bank & Trust Company, Syracuse ($186 of the country. 1 Unless otherwise noted, all banking data are as of Financial and managerial resources and future December 31, 1968, refer to insured commercial banks, prospects. The financial condition of Applicant and reflect holding company acquisitions and mergers approved by supervisory authorities to date. and its subsidiary banks is satisfactory, and their Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 667 prospects appear favorable. Applicant’s manage­ described in section 4(c) (8) of the Act (12 U.S.C. ment is regarded as experienced and competent, as § 1843(c)(8)) and section 222.4(a) of Federal is that of its subsidiary banks. Reserve Regulation Y (12 CFR § 222.4(a)) so as Fulton National’s condition is also regarded as to make it unnecessary for the prohibitions of sec­ satisfactory, as is its management, and its prospects tion 4(a) of the Act, respecting ownership of are favorable; thus, considerations relating to the shares of nonbanking companies, to apply in order banking factors are consistent with approval of the to carry out the purposes of the Act. application. Pursuant to the requirements of section 4(c)(8) Convenience and needs of the communities in­ of the Act, and in accordance with the provisions volved. Consummation of the proposed transac­ of sections 222.4(a) and 222.5(a) of Regulation tion would have no effect on customers of Appli­ Y (12 CFR §§ 222.4(a) and 222.5(a)), a hearing cant’s present subsidiaries. was held on these matters on January 16, 1969. It appears that all major banking services are The hearing examiner filed his report and recom­ available in the area served by Fulton National mended decision wherein he recommended that the from banks located in and near that area. However, Board make the requested determinations. For the consummation of the proposal would enable Fulton reasons set forth in a Statement of this date, and National to offer a more complete line of banking on the basis of the entire record, services, thus constituting it a more meaningful It is hereby ordered, that the activities planned alternative source of services now provided by to be undertaken by each of the proposed subsid­ larger banks in the area. To that extent, the con­ iaries named hereinabove are determined to be so venience of the banking public in the area would closely related to the business of banking and of be served by approval of the proposal. managing or controlling banks as to be a proper Considerations under this factor lend some incident thereto and as to make it unnecessary for weight toward approval of the application. the prohibitions of section 4(a) of the Bank Hold­ Summary and conclusion. On the basis of all ing Company Act of 1956 to apply in order to relevant facts contained in the record, and in light carry out the purposes of that Act; provided, how­ of the factors set forth in section 3(c) of the Act, ever, that the determination with respect to each it is the Board’s judgment that the proposed trans­ such subsidiary is subject to revocation by the action would be in the public interest and that the Board if the facts upon which it is based change in application should be approved. any material respect. Dated at Washington, D.C., this 17th day of FIRST SECURITY CORPORATION July 1969. SALT LAKE CITY, UTAH By order of the General Counsel of the Board In the matter of the applications, pursuant to of Governors, acting on behalf of the Board pur­ section 4(c)(8) of the Bank Holding Company Act suant to delegated authority (12 CFR § 265.2(b) of 1956, by First Security Corporation, Salt Lake (2)). ' City, Utah, for determinations as to First Security Life Insurance Company (or Firsco Life Insurance (Signed) Robert P. Forrestal, Company) and First Security Agency, Inc., pro­ Assistant Secretary. posed nonbank subsidiaries. [seal] Order Making Determinations Under Bank Holding Company Act Statement First Security Corporation, Salt Lake City, Utah, First Security Corporation, Salt Lake City, Utah a bank holding company within the meaning of (sometimes hereinafter referred to as “Applicant”), section 2(a) of the Bank Holding Company Act is a bank holding company within the meaning of of 1956 (12 U.S.C. § 1841(a)), has filed requests section 2(a) of the Bank Holding Company Act of for determinations by the Board of Governors of 1956 (12 U.S.C. § 1841(a)) (the “Act”). Appli­ the Federal Reserve System that the activities cant has requested the Board to determine that the planned to be undertaken by two proposed non­ activities planned to be undertaken by two pro­ bank subsidiaries, First Security Life Insurance posed subsidiaries, either First Security Life Insur­ Company (or Firsco Life Insurance Company) ance Company (“Insurance Company”) or Firsco and First Security Agency, Inc., are of the kind Life Insurance Company (“Firsco”), and First Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

668 FEDERAL RESERVE BULLETIN □ AUGUST 1969 Security Agency, Inc. (“Agency”), are of the kind borrowers would be casualty insurance on loan described in section 4(c) (8) of the Act (12 U.S.C. collateral (e.g., fire, theft, collision) or otherwise § 1843(c)(8)) and section 222.4(a) of Federal for the purpose of assuring the ability of borrow­ Reserve Regulation Y (12 CFR S 222.4(a)), so as ers to repay the loans (e.g., liability insurance in to make it unnecessary for the prohibitions of sec­ the case of loans secured by automobiles). In no tion 4(a)(1) of the Act to apply in order to carry case would a borrower be required to purchase out the purposes of the Act. On December 16, insurance from Agency in order to obtain a loan. 1968, the Board ordered that a hearing be held on To the extent that they are not inconsistent with these requests, pursuant to section 4(c)(8) of the the foregoing, the findings of fact made by the Act and sections 222.4(a) and 222.5(a) of Regu­ hearing examiner are adopted. lation Y (12 CFR §§ 222.4(a) and 222.5(a)). Discussion. Section 4(a)(1) of the Act forbids Notice of the hearing was published in the Federal a bank holding company to “. . . acquire direct Register on December 28, 1968 (33 F.R. 19666). or indirect ownership or control of any voting The hearing was held in Salt Lake City, Utah, shares of any company which is not a bank . . . .” on January 16, 1969, before a duly selected and By virtue of section 4(c)(8) of the Act and sec­ designated hearing examiner. Applicant and the tion 222.4(a) of Regulation Y, this prohibition Board, the latter appearing in a nonadversary ca­ does not apply to shares of any company whose pacity, were represented at the hearing by counsel activities, all of which must be of a financial, fi­ and were afforded the opportunity to be heard, to duciary, or insurance nature, “. . . are so closely examine and cross-examine witnesses, and to file related to the business of banking or of managing briefs and proposed findings of fact and conclu­ or controlling banks (as conducted by such bank sions of law. holding company or its banking subsidiaries) as The examiner’s report and recommended deci­ to be a proper incident thereto and as to make it sion, a copy of which is attached, was filed with unnecessary for the prohibitions of section 4 of the the Board on April 17, 1969. The examiner recom­ Act to apply in order to carry out the purpose of mended that the requests be granted. the Act . . . .” Facts. Applicant proposes to acquire all of the The Board has on three occasions approved the stock of Insurance Company, a Texas corporation acquisition by a bank holding company of a life organized in 1954, and to operate the company ex­ insurance company where the company was to clusively for the purpose of reinsuring life insur­ engage exclusively in the business of writing or ance written in connection with loans for borrow­ reinsuring credit life and disability insurance in ers from the subsidiary banks of Applicant. Insur­ connection with loans made by the subsidiary ance Company has heretofore written, and has out­ banks in the holding company system. First Okla­ standing, some insurance for persons other than homa Bancorporation, Inc., 1965 Federal Reserve borrowers from the aforesaid banks, but such ac­ Bulletin 676; First Virginia Corporation, 1967 counts are in the process of being terminated. In­ Federal Reserve Bulletin 373; Denver U.S. surance Company may be liquidated because of a Bancorporation, Inc., 1968 Federal Reserve Bul­ pending Federal tax problem; in that case, Appli­ letin 233. As the decisions in those cases point cant proposes to acquire the stock of Firsco, a out, the legislative history of section 4(c)(8) corporation to be organized under the laws of specifically cites the operation of a credit life in­ Texas, and to operate the company exclusively for surance program in connection with bank loans the purpose of reinsuring life insurance in connec­ as an activity clearly within the exemption. S. Rep. tion with loans for borrowers from Applicant’s No. 1095, Part 1, 84th Cong., p. 13. subsidiary banks. With respect to an insurance agency company, Applicant proposes to subscribe to all the stock the Board has heretofore concluded that, to justify of Agency, a corporation to be formed under the an exemption under section 4(c)(8), it is not laws of Utah, and to operate the company exclu­ necessary that all, or even a majority, of the insur­ sively for the purpose of writing (as agent only) ance written by the company be directly connected insurance in connection with loans for borrowers with bank transactions. See Bank Shares Incor­ from the subsidiary banks of Applicant, and for porated, 1959 Federal Reserve Bulletin 954, writing insurance for Applicant and its subsidiaries 957. It is necessary for these purposes that there in connection with the management of its banking be a direct and significant connection between the business and operations. The insurance written for activities of the insurance agency company and the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 669 business of banking, or of managing and control­ section 4(a)(1), prohibits a bank holding com­ ling banks, as conducted by the applicant holding pany from acquiring any voting shares of any company or its banking subsidiaries. See First company which is not a bank, but, section 4(c) (8) Bank Stock Corporation, 1959 Federal Reserve thereof allows an exemption from said prohibition Bulletin 917, 930 (application re First Service for “shares” of any company “all the activities of Agencies, Inc.). Further, the insurance agency’s which are or are to be of a financial, fiduciary, or activities must be an adjunct to bank operations insurance nature and which (total activities) the and not an end in themselves. See Otto Bremer Board .... on the basis of the (hearing) record Co., 1969 Federal Reserve Bulletin 388, 391. . . . . has determined to be so closely related to These requirements are clearly met when, as is the business of banking or of managing or con­ true in the case of Agency, insurance will be writ­ trolling banks (as conducted by Petitioner or its ten only for Applicant and its subsidiaries in con­ banking subsidiaries; section 222.4(a) of Board nection with the management of its banking busi­ Reg. Y) as to be a proper incident thereto. . . .” ness and operations and for borrowers in con­ Petitioner requests Board determinations that all nection with their loans from the subsidiary banks the activities of First Security Life Insurance Com­ of Applicant. pany of Texas (Insurance Company), Firsco Life Conclusions. It appears that the activities of Insurance Company (Firsco) and First Security Applicant’s proposed subsidiaries would be (1) Agency, Inc., (Agency) are to be of an insurance entirely of an insurance nature and (2) so closely nature and so closely related to the business of related to the business of banking as conducted banking and managing banks conducted by bank­ by Applicant’s subsidiary banks as to be a proper ing subsidiaries of Petitioner and so closely related incident thereto and as to make it unnecessary for to the business of managing and controlling banks the prohibitions of section 4(a) to apply in order conducted by Petitioner, as to be a proper inci­ to carry out the purposes of the Bank Holding dent to the conduct of said businesses; so as to Company Act. exempt the shares of said companies from said Accordingly, it is concluded that the applica­ prohibition of section 4 of the Act and thus permit tions should be approved. As indicated in the their acquisition by Petitioner. The request of attached Order, if the facts upon which approval Petitioner, dated September 3, 1968, was amended of either of the applications is based should change November 6, 1968 and at the hearing. (H.R. 18; in any material respect, such approval may be re­ Pet. XU) The Insurance Company, Firsco and voked. the Agency will be referred to hereafter sometimes as the “Proposed Corporations”. Hearing Examiner’s Report and Recommended Decision Findings Based upon the record and representations made First Security Corporation, Salt Lake City, Utah therein, findings are hereby made herein as set (Petitioner), is a registered bank holding company. forth below under this subhead. (Hearing Record p. 24) George S. Eccles, President and General Man­ The hearing in this case was conducted at Salt ager of Petitioner, testified for Petitioner. (H.R. Lake City, Utah, on January 16, 1969, before 23) He was a completely reliable and competent this Presiding Officer, a Federal Trial Examiner on witness. detail to the Board of Governors of the Federal Petitioner owns substantially all of the shares of Reserve System (Board). First Security Bank of Utah, First Security Bank William L. Cooper, Esq., Assistant General of Idaho, First Security Bank of Rock Springs and Counsel for the Federal Reserve Bank of San First Security State Bank; which are its banking Francisco, is Board Counsel. S. Joseph Quinney, subsidiaries (H.R. 25); and which subsidiaries will Esq., and Don B. Allen, Esq., represent Petitioner. be referred to hereafter sometimes as “Subsidiary Nature of Proceedings Banks”. These proceedings are conducted pursuant to The Subsidiary Banks arrange for and obtain section 4(c)(8) of the Bank Holding Company credit life insurance in connection with their loans. Act of 1956 (70 Stat. 133) and section 222.4(a) (H.R. 34 and 35) of Board Regulation Y (12 CFR 222). The borrower is given the opportunity to pur­ The Bank Holding Company Act (Act), under chase life insurance under a group policy which Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

670 FEDERAL RESERVE BULLETIN □ AUGUST 1969 is issued for the amount of the loan and declines bank and the bank loan officer issues a form under as the loan is paid down. Should the borrower die the group insurance program, with a copy to the during the term of the loan the proceeds of the borrower, the Insurance Company and a copy to life insurance policy liquidate the loan. (H.R. 34) American Bankers. He is covered automatically. The Subsidiary Banks have employed credit life The total premium for an insurance amount which insurance for many years and continue to do so. never exceeds the amount of his loan, is added to (H.R. 36 and 37) the principal amount of the loan and is repaid in The Subsidiary Banks also employ casualty in­ monthly instalments. As the borrower repays the surance as protection in connection with certain loan he pays the premium on the insurance policy loans, such as automobile and appliance loans and the amount of the policy decreases with each where there is a pledge of personal property. payment on the principal of the loan. (H.R. 50, (H.R. 37) 51, 52) ' The Insurance Company is a reinsurance com­ The bank is the named beneficiary and the bor­ pany and reinsures the lives of borrowers from the rower is the insured. (H.R. 53) Subsidiary Banks. This is credit life and mortgage Firsco will be organized to conduct the same cancellation insurance. (H.R. 40) activities and perform the same functions as the The Insurance Company does not issue the Insurance Company, as a standby company in case policies; which are issued by two major insurance anything goes wrong with the acquisition or early companies, namely, American National Life In­ operation of the Insurance Company. (H.R. 57 surance Company of Texas (American National) to 60) and American Bankers Life Assurance Company A back-up insurance company, like Firsco, is of Florida (American Bankers). American Na­ necessary in this case because of an unresolved tional and American Bankers are the insurers and problem the Insurance Company has with the In­ the bank-borrower is the insured. (H.R. 41) ternal Revenue Service. (H.R. 63) American Bankers and American National have In settling said tax problem, Internal Revenue reinsurance treaties with the Insurance Company. may require liquidation of the Insurance Company The risk is reinsured by the Insurance Company. and hence the need for the back-up company so American Bankers and American National do the that there can be continuity in handling insurance. clerical work, the follow-up work, and, pass upon Firsco would do exactly the same type of business the risk. They reinsure with the Insurance Com­ and have the same relationship with the basic pany. (H.R. 41, 42, 47 and 48) insurance companies and the Subsidiary Banks. American Bankers handles the Timeway loans (H.R. 65) and American National handles the mortgage loans. Firsco will be needed only if the tax settlement They are basic insurance companies and retain the with Internal Revenue requires liquidation of the insurance in some situations without reinsuring the Insurance Company. (H.R. 66) same. (H.R. 46) Said tax problem is on appeal at this time. The Insurance Company does not engage in any Pending determination of the appeal the Insur­ other business other than the business described ance Company and the Subsidiary Banks and all above. The Insurance Company deals only with parties involved are attempting a settlement with insurance pertaining to the banking operations con­ Internal Revenue, which has not been successful ducted by the Subsidiary Banks. (H.R. 49) to date. (H.R. 67) The only interest of Petitioner in writing in­ The Presiding Officer cautioned and alerted surance pertains to its banking operation. (H.R. Petitioner that Exhibits admitted at the hearing 49, 50) would be deemed to provide information or notice The Insurance Company has an arrangement to the Board only with respect to (and not beyond) with American National concerning the clerical the purpose specified by Petitioner at the time the work incident to the insurance business of the In­ exhibit is offered. (H.R. 68) Exhibits were of­ surance Company. It does the clerical work. It fered and received in support and confirmation of does not manage the Insurance Company, which Mr. Eccles testimony, which testimony is the basis is managed by its own officers. (H.R. 50) for the bulk of the findings and conclusions When an insurance policy is written for a bor­ herein. rower he does not have to take a physical ex­ Petitioner’s Exhibit A (Petitioner’s annual stock­ amination; he merely signs an application at the holders report for 1967) evidences the fact it is Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 671 a bank holding company and identifies the Sub­ There is hereby included as a part of the record, sidiary Banks. This exhibit is offered and received the March 21, 1969 letter to Mr. Quinney from to show Petitioner’s business “as it controls and the Presiding Officer and Mr. Quinney’s March manages banks.” (H.R. 68, 69) 25, 1969 reply thereto, including Mr. Hawke's Petitioner’s Exhibits B, C and D are offered to March 25, 1969 letter to the Board and the Pre­ show the types of loans using the insurance as siding Officer enclosed therewith; all dealing with to which Mr. Eccles has testified. These exhibits the handling (underwriting) of that portion of also show the real property, furniture, and fixtures life insurance covering Subsidiary Bank mortgage which must be insured. (H.R. 71, 72) loans which is not reinsured directly and solely by The Subsidiary Banks have an interest in real the Insurance Company (and Firsco). In brief, estate that is covered by fire and other casualty and by hypothetical example, a mortgage borrower insurance, such as $15,000,000 in banking houses from a Subsidiary Bank is insured by American on which Petitioner carries fire insurance as well National for $20,000, the amount of the loan, in as blanket liability insurance. Insurance is also favor of the bank as beneficiary. $5,000 thereof carried on the equipment, furniture and fixtures in only is reinsured specifically and solely by the the Subsidiary Banks. Liability insurance is car­ Insurance Company (and Firsco), which so limit ried against injury to customers. Fidelity and bur­ their direct and sole insurer risk (as a reinsurer) glary insurance is carried. All this insurance is as a matter of business prudence. To provide the obtained at the present time by Petitioner and its Insurance Company (and Firsco) a reduced risk Subsidiary Banks through an insurance agent, opportunity and profit in consideration of and namely, Ed D. Smith Company. This latter com­ based upon the $15,000 Subsidiary Bank-orig­ pany places insurance with whatever insurance inated mortgage insurance not reinsured specif­ company it represents. It is the desire of Petitioner ically by the Insurance Company (and Firsco), to place all this bank controlled insurance business American National establishes a general reinsur­ which has been placed through Ed D. Smith Com­ ance pool comprising said $15,000 Subsidiary pany, with and through the Agency. The Agency Bank-originated insurance plus insurance origi­ will represent insurance companies for which it nating with borrowers from other institutions, and writes insurance. It will not be an insurer. It will sells to (underwrites with) the Insurance Com­ be an agency. (H.R. 60, 61, 73 to 77, and 98) pany (and Firsco) “and others similarly situated, The Agency will also handle insurance in con­ a participation in the pool commensurate with the nection with automobile bank loans—fire and insurance originating with their respective bor­ theft—so-called casualty insurance. (H.R. 78) rowers and which had been placed in the pool.” The Agency would take over the bank-related The participation is in direct proportion to the operation of Ed D. Smith. (H.R. 80) excess mortgage cancellation insurance taken on Mr. Eccles specifically affirmed that the activ­ the life of a Bank borrower. The apparent inten­ ities of the Insurance Company and the activities tion and consequence is that the participation ar­ of the Agency and Firsco will be no more than as rangement is part of, results from, is available found and stated above. (H.R. 81 and 82) because of, and hence, in effect, is an additional reinsurance feature of the same transaction of The Subsidiary Banks have “twin dollar savings accounts”. To induce retention of a customer’s insuring and reinsuring by American National and savings account deposit, he may obtain a group the Insurance Company (and Firsco) the total insurance policy that provides that if he dies mortgage $20,000 loan of a Subsidiary Bank— during the time his money is on deposit, his which thus, as a package, accomplishes the insur­ estate will receive an additional amount equivalent ance of such mortgage loan. It is understood that to his deposit. The insurance is offered by the the above participation arrangement in no way Subsidiary Banks under the same group type of changes the basic nature and substance of the total policy as the credit life (H.R. 84 to 86) transaction and activity from that which would The Agency will confine its business to Peti­ exist and result if the Insurance Company (and tioner and the Subsidiary Banks or that originated Firsco) reinsured directly and specifically the with their borrowers. (H.R. 88, 89) total $20,000 mortgage insurance; that is, the In­ Internal Revenue has classified the Insurance surance Company (and Firsco) provides mortgage Company as a life insurance company. (H.R. 110, insurance, as a reinsurer, to the bank on the most Hl) prudent basis. Such activity (providing $20,000 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

672 FEDERAL RESERVE BULLETIN □ AUGUST 1969 mortgage insurance to the banks in the most pru­ of banking or of managing or controlling banks dent manner) is related to the mortgage loan as conducted by Petitioner and its banking sub­ transaction of the Subsidiary Bank and is an in­ sidiaries as to be a proper incident thereto and as cident thereto. to make it unnecessary for the prohibitions of section 4 of the Act to apply in order to carry Discussion ano Conclusions out the purposes of the Act. To merit the requested exemption, the Act and For clarity, it is concluded specifically that re­ Board regulation require all the activities of the insurance by the Insurance Company or Firsco of Proposed Corporation to be of an insurance nature group life insurance made available to twin dollar and to be so closely related to the business of depositors of the Subsidiary Banks as an induce­ banking or of managing or controlling banks as ment to maintain their deposits, is so closely re­ conducted by Petitioner or its banking subsidiaries lated to such business of banking as to be a proper as to be a “proper incident” (an accompanying incident thereto. Further, it is concluded specif­ occurrence which is adapted to and fitting for the ically that the insurance pool arrangement de­ business involved) thereto. scribed in the record, including Mr. Quinney’s The function of a bank (the business of bank­ March 25, 1969 letter, is and would be an activity ing) is to mobilize money resources and put them by the Insurance Company and Firsco of an in­ to work by making credit available. Loans and surance nature and is and would be so closely deposits are banking activities, and insuring risks related to the business of banking conducted by the of the types indicated in the record are activities Subsidiary Banks as to be a proper incident in the management and control of banks. thereto. Hence, Mr. Hawkes’ March 25, 1969 In brief, the insurance activities of the Proposed letter is not required. Corporations must be accompaniments and com­ Recommendation plements to said banking business or said man­ agement or control of banks. Based on the foregoing, it is recommended that the Board adopt and make the Findings and Con­ The above Findings establish that all the activ­ ities of the Proposed Corporations are to be of clusions set forth above and issue forthwith the an insurance nature. following: The above Findings establish that all the activ­ Order ities of the Proposed Corporations are to be lim­ “This order is based on the record and rep­ ited to reinsuring and placing or writing the risk resentations therein made during and as a part for credit life, mortgage, casualty and similar types of the hearing conducted in this matter at Salt of insurance employed in connection with Subsid­ Lake City on January 16, 1969 and is issued by iary Bank loans and twin deposits, and, to placing the Board of Governors of the Federal Reserve or writing the risk for property, casualty, indem­ System (Board) under the authority granted in nity, liability, fidelity and similar types of insur­ section 4(c)(8) of the Bank Holding Company ance employed in connection with ownership, op­ Act of 1956 (Act) and in accordance with the eration and maintenance of (their) banks by provisions of section 222.4(a) of Board Regula­ Petitioner and the Subsidiary Banks. Said Findings tion Y, pursuant to the Request of First Security establish further that said activities are to be so Corporation, Salt Lake City, Utah (Petitioner), a closely related to the business of banking (deposits bank holding company, for a determination with and loans) and managing and controlling banks respect to the activities of First Security Life In­ (providing insurance for various operating and surance Company of Texas, Firsco Life Insurance proprietary risks) as conducted by Petitioner and Company and First Security Agency, Inc. (Ex­ its Subsidiary Banks, as to be in substance ac­ empt Companies). companying occurrences which are adapted to “The determinations by the Board made herein and fitting for said businesses. All said insurance are limited and confined to the responsibility and activities are to be so closely related to the said authority specified in section 4(c)(8) of the Act businesses involved as to be accompaniments and section 222.4(a) of Board Regulation Y, and complements to such businesses and hence which deal only with establishment of the nature, proper incidents thereto. Thus, all the activities of relationship and character of the activities of the the Proposed Corporations are to be of an insur­ Exempt Companies. No determination of any other ance nature and so closely related to the business nature whatsoever is made. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 673 “And now this day 1969, the Board of sections 222.4(a) and 222.5(a) of Regulation Hereby determines that, whenever and so long Y (12 CFR S§ 222.4(a) and 222.5(a)), a hear­ as all the activities of the Exempt Companies are ing was held on these matters on January 30, of a nature, relationship and character as evi­ 1969. The hearing examiner filed his report and denced and indicated hy the hearing record and recommended decision wherein he recommended as resolved in the Findings and Conclusions of the that the Board make the requested determinations; Board in this proceeding, all the activities of the Applicants nevertheless filed an exception to the Exempt Companies are of an insurance nature examiner’s recommended order. For the reasons and are so closely related to the business of bank­ set forth in a Statement of this date, and on the ing, managing or controlling banks as conducted basis of the entire record, by Petitioner and its banking subsidiaries as to be It is hereby ordered, that the activities a proper incident thereto and as to make it un­ planned to be undertaken by each of the proposed necessary for the prohibitions of Section 4 of the subsidiaries named hereinabove are determined Act to apply in order to carry out the purposes of to be so closely related to the business of banking the Act.” and of managing or controlling banks as to be a proper incident thereto and as to make it unneces­ ORDERS UNDER SECTION 4 OF BANK HOLDING sary for the prohibitions of section 4(a) of the COMPANY ACT Bank Holding Company Act of 1956 to apply in order to carry out the purposes of that Act; pro­ THE CITIZENS AND SOUTHERN HOLDING vided, however, that the determination with re­ COMPANY, and THE CITIZENS AND spect to each such subsidiary is subject to revoca­ SOUTHERN NATIONAL BANK, tion by the Board if the facts upon which it is ATLANTA, GEORGIA based change in any material respect. In the matter of the applications, pursuant to Dated at Washington, D.C., this 17th day of section 4(c)(8) of the Bank Holding Company Act July, 1969. of J956, by The Citizens and Southern Holding By order of the General Counsel of the Board Company, and The Citizens and Southern National of Governors, acting on behalf of the Board pur­ Bank, both of Atlanta, Georgia, for determination suant to delegated authority (12 CFR § 265.2(b) as to American Southern Life Insurance Company, (2)). ' ’ and The Citizens and Southern Agency, Inc., pro­ posed nonbank subsidiaries. (Signed) Robert P. Forrestal, Assistant Secretary. Order Making Determinations [seal] Under Bank Holding Company Act The Citizens and Southern Holding Company Statement and The Citizens and Southern National Bank, The Citizens and Southern Holding Company both of Atlanta, Georgia, both of which are bank and The Citizens and Southern National Bank, holding companies within the meaning of section both of Atlanta, Georgia (sometimes hereinafter 2(a) of the Bank Holding Company Act of 1956 referred to as “Applicants”), are bank holding (12 U.S.C. § 1841(a)), have filed requests for companies within the meaning of section 2(a) of determinations by the Board of Governors of the the Bank Holding Company Act of 1956 (12 Federal Reserve System that the activities planned U.S.C. § 1841(a)) (the “Act”). They have re­ to be undertaken by two proposed nonbank sub­ quested the Board to determine that the activities sidiaries (American Southern Life Insurance Com­ planned to be undertaken by two proposed sub­ pany and The Citizens and Southern Agency, Inc.) sidiaries, American Southern Life Insurance Com­ are of the kind described in section 4(c) (8) of the pany (“AMSLIC”) and The Citizens and Act (12 U.S.C. § 1843(c)(8)) and section 222.4 Southern Agency, Inc. (“Agency”), are of the (a) of Federal Reserve Regulation Y (12 CFR kind described in section 4(c)(8) of the Act (12 § 222.4(a)) so as to make it unnecessary for the U.S.C. § 1843(c)(8)) and section 222.4(a) of prohibitions of section 4(a) of the Act, respecting Federal Reserve Regulation Y (12 CFR § 222.4 ownership of shares in nonbanking companies, to (a)), so as to make it unnecessary for the pro­ apply in order to carry out the purpose of the Act. hibitions of section 4(a)(1) of the Act to apply Pursuant to the requirements of section 4(c)(8) in order to carry out the purposes of the Act. On of the Act, and in accordance with the provisions December 16, 1968, the Board ordered that a Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

674 FEDERAL RESERVE BULLETIN □ AUGUST 1969 hearing be held on these requests, pursuant to a borrower be required to purchase insurance from section 4(c)(8) of the Act and sections 222.4(a) Agency in order to obtain a loan. and 222.5(a) of Regulation Y (12 CFR §§ 222.4 To the extent that they are consistent with the (a) and 222.5(a)). Notice of the hearing was pub­ foregoing, the findings of fact made by the hear­ lished in the Federal Register on December 27, ing examiner are adopted. 1968 (33 F.R. 19874). Discussion. Section 4(a)(1) of the Act forbids The hearing was held in Atlanta, Georgia, on a bank holding company to “. . . acquire direct or January 30, 1969, before a duly selected and des­ indirect ownership or control of any voting shares ignated hearing examiner. Applicants and the of any company which is not a bank . . .” by Board, the latter appearing in a nonadversary capac­ virtue of section 4(c)(8) of the Act and section ity, were represented at the hearing by counsel 222.4(a) of Regulation Y, this prohibition does and were afforded the opportunity to be heard, to not apply to shares of any company whose activi­ examine and cross-examine witnesses, and to file ties, all of which must be of a financial, fiduciary, briefs and proposed findings of fact and conclu­ or insurance nature, “. . . are so closely related to sions of law. the business of banking or of managing or control­ The examiner’s report and recommended de­ ling banks (as conducted by such bank holding cision, a copy of which is attached, was filed company or its banking subsidiaries) as to be a with the Board on May 8, 1969. The examiner proper incident thereto and as to make it unnec­ recommended that the requests be granted. Never­ essary for the prohibitions of section 4 of the theless, as explained hereinafter, Applicants filed Act to apply in order to carry out the purpose of an exception to the examiner’s recommended order. the Act. . . .” Facts. AMSLIC, a Georgia corporation orga­ The Board has on three occasions approved the nized in 1960, is engaged in the business of writing acquisition by a bank holding company of a life (as risk taker) life insurance and accident and insurance company where, as in the case of health insurance. Applicants propose to acquire AMSLIC, the company was to engage exclusively all of the stock of AMSLIC and to operate the in the business of writing credit life and disability in­ company exclusively for the purpose of writing surance in connection with loans made by the credit life and disability insurance in connection subsidiary banks in the holding company system. with loans for borrowers 1 from The Citizens and First Oklahoma Bancorporation, Inc., 1965 Federal Southern National Bank and from the subsidiary Reserve Bulletin 676; First Virginia Corpora­ banks of The Citizens and Southern Holding tion, 1967 Federal Reserve Bulletin 373; Denver Company; AMSLIC has heretofore written, and U. S. Bancorporation, Inc., 1968 Federal Reserve has outstanding, some insurance for persons other Bulletin 233. As the decisions in those cases than borrowers from the aforesaid banks, but that point out, the legislative history of section 4(c)(8) activity is in the process of being terminated. specifically cites the operation of a credit life Applicants propose to subscribe to all the stock insurance program in connection with bank loans as of Agency, a corporation to be formed under the an activity clearly within the exemption. S. Rep. laws of Georgia. Agency would engage exclusively No. 1095, Part 1, 84th Cong., p. 13. in writing (as agent only) insurance in connection With respect to an insurance agency company with loans made by The Citizens and Southern like Agency, the Board has heretofore concluded National Bank and its subsidiary banks, and for that, to justify an exemption under section 4(c) writing insurance for Applicants and their sub­ (8), it is not necessary that all, or even a majority, sidiaries in connection with the management of of the insurance written by the company be directly their banking business and operations. The in­ connected with bank transactions. See Bank Shares surance written for borrowers would be casualty Incorporated, 1959 Federal Reserve Bulletin insurance on loan collateral (e.g., fire, theft, collision) 954, 957. It is necessary for these purposes that or otherwise for the purpose of assuring the ability there be a direct and significant connection be­ of borrowers to repay the loans (e.g., liability in­ tween the activities of the insurance agency com­ surance in the case of loans secured by automobiles, pany and the business of banking, or of managing business interruption insurance). In no case would and controlling banks, as conducted by the appli­ cant holding company or its banking subsidiaries. 1 The term borrowers includes persons who become See First Bank Stock Corporation, 1959 Federal indebted to the banks through purchases by the banks of consumer paper. Reserve Bulletin 917, 930 (application re First Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 675 Service Agencies, Inc.). Further, the insurance Nature of Proceedings agency’s activities must be an adjunct to bank op­ These proceedings arc conducted pursuant to erations and not an end in themselves. See Otto section 4(c)(8) of the Bank Holding Company Bremer Co., 1969 Federal Reserve Bulletin 388, Act of 1956 (70 Stat 133) and section 222.4(a) 391. These requirements are clearly met when, as of Board Regulation Y (12 CFR 222). is true in the case of Agency, insurance will be The Bank Holding Company Act (Act), under written only for Applicants and their subsidiaries section 4(a)(1), prohibits a bank holding com­ in connection with the management of their bank­ pany from acquiring any voting shares of any ing business and operations and for borrowers in company which is not a bank, but section 4(c)(8) connection with their loans from The Citizens and thereof allows an exemption from said prohibition Southern National Bank and its subsidiary banks. for “shares” of any company “all the activities of Applicants filed an exception to the examiner’s which are or are to be of a financial, fiduciary, or recommended order asserting in essence that it insurance nature and which (total activities) the would preclude Agency from writing insurance for Board .... on the basis of the (hearing) record customers of the holding company banks other . . . . has determined to be so closely related to than in connection with loan transactions. The the business of banking or of managing or con­ exception cannot be sustained because no evidence trolling banks (as conducted by Petitioners or was introduced respecting any proposed activity of their banking subsidiaries; section 222.4(a) of Agency other than the writing of insurance for Board Reg. Y) as to be a proper incident there­ Applicants and their subsidiaries and for borrowers to. . .” in connection with loans from the holding com­ Petitioners request Board determinations that all pany banks. the activities of American Southern Life Insurance Conclusions. It appears that the activities of Company (Insurance Company) and The Citizens Applicants’ proposed subsidiaries would be (1) en­ and Southern Agency, Inc., (Agency) are to be of tirely of an insurance nature and (2) so closely an insurance nature and so closely related to the related to the business of banking as conducted by business of banking and managing banks conducted Applicants and their subsidiary banks as to be by The Citizens and Southern National Bank and proper incident thereto and as to make it unnec­ banking subsidiaries of Petitioners and so closely essary for the prohibitions of section 4(a) to apply related to the business of managing and controlling in order to carry out the purposes of the Bank banks conducted by Petitioners, as to be a proper Holding Company Act. incident to the conduct of said businesses; so as to Accordingly, it is concluded that the applica­ exempt the shares of said companies from said tions should be approved. As indicated in the at­ prohibition of section 4 of the Act. The original tached Order, if the facts upon which approval request was amended at the hearing to join The of either of the applications is based should Citizens and Southern National Bank as a peti­ change in any material respect, such approval may tioner. (H.R. 39, 41) The Insurance Company and be revoked. the Agency will be referred to hereafter sometimes as the “Proposed Corporations”. Hearing Examiner’s Report and Recommended Findings Decision Based upon the record and representations made The Citizens and Southern Holding Company therein, findings are hereby made herein as set forth and The Citizens and Southern National Bank, below under this subhead. Atlanta, Georgia (Petitioners), are registered bank Under date of February 10, 1969, Counsel holding companies. for Petitioners filed written amendments to Docket The hearing in this case was conducted at No. BHC-90 and Docket No. BHC-91 so as to Atlanta, Georgia, on January 30, 1969, before add Citizens and Southern National Bank as a this Presiding Officer, a Federal Trial Examiner petitioner in these proceedings. on detail to the Board of Governors of the Federal Said written amendments recite that petitioner Reserve System (Board). Citizens and Southern National Bank (“Bank”) James R. Smith, Esq., George Hibbert, Esq., is a bank holding company within the meaning of and J. David Webb, Esq., are Board Counsel. the Act and owns all the stock of petitioner Citizens Richard S. Beatty, Esq., John K. Train, III, Esq., and Southern Holding Company (“Holding Com­ and Henry J. Miller, Esq., represent Petitioners. pany”). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

676 FEDERAL RESERVE BULLETIN □ AUGUST 1969 The Bank and the subsidiary banks of the ance Company. It is the intention of Petitioners to Holding Company are referred to in the testimony develop for the Insurance Company its full-time sometimes as the “System banks”. (Pet. X 12-p. 1) staff of employees. To provide the Insurance Credit life and disability insurance are made Company with continuing expert advice a con­ available by the System banks in connection with sulting agreement will be entered into between direct and indirect loans. Indirect loans identify Group and the Insurance Company whereunder consumer paper which the System banks purchase for the annual fee of $25,000.00 Group will act from dealers in goods who extend credit in the solely as a consultant for the Insurance Company first instance. (Pet. X 12-p. 4) at the request of the Insurance Company. (Pet. In the case of direct loans credit life and dis­ X 15-pp. 4 and 5) ability insurance are made available through the Mr. Joseph Albert Hall, Executive Vice Presi­ bank and the premium is included as a component dent and Comptroller of Bank and Secretary­ part of the total loan charges. The bank borrower Treasurer of the Holding Company, testified that in such case receives a certificate from the bank the Holding Company owns the majority of the evidencing such coverage. (Pet. X 12-p. 4) stock in The Citizens and Southern Bank of In the case of indirect loans, the System banks Thomaston, The Citizens and Southern Bank of purchase conditional sales contracts or other Dublin, The Citizens and Southern Bank of Al­ secured obligations to pay for consumer goods bany, The Citizens and Southern Bank of La­ (such as appliances and automobiles). The seller Grange, The Citizens and Southern Newnan Bank, extends credit in the first instance and the System The Citizens and Southern Emory Bank, The banks purchase the obligation to pay. The purchase Citizens and Southern Bank of East Point, and The of the obligation by the System banks is completed Citizens and Southern DeKalb Bank. These banks when the banks deposits funds representing the are subsidiaries of the Holding Company and are purchase amount into the seller’s account or issues located within the state of Georgia. (H.R. 33, 34) to the seller the bank’s check for the purchase The Bank is the parent and owns the stock of amount. The System banks are not obliged to the Holding Company. The Bank is also a holding purchase any such obligation. Nor is the seller company. (H.R. 34) or dealer obliged to offer the bank any of its Mr. Train stated that he proposed charter of the sales contracts or other obligations. Individuals whose Agency limits the Agency to providing insurance obligations arc purchased by the System banks are in connection with the business of the Holding not eligible for insurance until such obligations are Company, the Bank and subsdiaries. (H.R. 81) actually purchased by the banks. And, as stated, The banking subsidiaries of the Holding Com­ such purchase occurs when the bank dispenses the pany are treated like branches of the Bank and purchase amount of any particular obligation. operational decisions regarding banking operations Only at that time does the seller’s or dealer’s cus­ and activities are made by officers of the Bank— tomer become the debtor of or borrower from the policy decisions—not day-to-day decisions. (H.R. bank. (Pet. X 12-p. 5 and Pet. X 15-pp. 1, 2, & 3) 84) ' Under no circumstances will the Agency provide Mr. Welch, Senior Vice President of the Bank, insurance other than for the Holding Company, testified that if the captioned Request is granted and the System banks in connection with banking and the Insurance Company is acquired, it will transactions. (Pet. X 12-p. 13) write only for the Bank and for majority owned The Insurance Company is currently managed subsidiaries. The Insurance Company would not by American Southern Insurance Group, Inc. write for any other customers. (H.R. 126, 127) (“Group”) under an existing management contract “Customer” as used by Mr. Welch refers to a wherein Group performs all functions of manage­ borrowing customer; and that would extend to a ment in return for 2.7% of commissions earned person buying an automobile when the bank dis­ by the Insurance Company. If Petitioners Request count occurs and such person then becomes a herein is granted, Petitioners will terminate said borrowing customer at such time and payments management agreement as soon as the Insurance are made directly to the bank and such person Company is acquired by Holding Company, at would then become a borrowing customer. (H.R. which time personnel from the Bank and/or the 129) Holding Company will assume management and The Insurance Company will write insurance handling of the affairs and operations of the Insur­ only in connection with loans made directly by Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 677 the Bank or through a dealer, which is intended President of Group’s wholly owned subsidiary, to include the subsidiary banks. (H.R. 131) American Southern Insurance Company, a fire The Agency will provide insurance for System and casualty insurance company, and President of Banks, their customers and employees but only the Insurance Company, testified for Petitioners. in connection with and in relation to a bank trans­ (Pet. X 13) action—insurance will never be provided for a After February J, 1969, al) insurance cover­ customer or employee merely because he is a ages to be written by the Insurance Company will customer or employee. (H.R. 135) be for customers of the Bank or for customers of Mr. Welch will be an officer in both the Insur­ the banking subsidiaries of the Holding Company. ance Company and the Agency if the Request is (Pet. X 13-p. 2) granted. (H.R. 141) All of the activities of the Insurance Company The proposed charter of the Agency provides are of an insurance nature, to wit, the writing and that the general nature of the business to be trans­ provision of credit life, accident and disability in­ acted by the corporation shall be to conduct an surance coverages. The Insurance Company now Agency for the writing of fire, marine, casualty, engages in no activities other than the writing of surety, annuities, life and other kinds of insurance credit life, accident and health insurance in con­ to be written for, on behalf of, or otherwise in nection with the banking transactions for bor­ connection with the business of The Citizens and rowers from the Bank and the banking subsidiaries Southern Holding Company, The Citizens and of the Holding Company, and the necessary cleri­ Southern National Bank of Georgia, and subsidi­ cal, administrative, accounting and investment ac­ aries thereof only. (Sub-Exhibit 10 of Board Ex­ tivities attendant thereon. The Insurance Company hibit 1 and H.R. 141) has no subsidiaries and in no way engages in Conditional sales contracts for hard goods exe­ activities other than those of an insurance nature cuted by customers of the Bank, are identified as as just set forth. (Pet. X 13 - p. 3) indirect loans. (H.R. 143) The Insurance Company has been managed by The Insurance Company will insure directly Group under a management contract, which agree­ credit insurance in connection with any type of ment will cease if the Holding Company acquires loan relating to a lending transaction, where the the stock of the Insurance Company and in that transaction to which it is related is a lending trans­ event Group will furnish general advisory services action whereby the Bank and/or any of the sub­ and will make on behalf of the Insurance Com­ sidiary banks are the lender. This will be the total pany all necessary filings with appropriate govern­ activities of the Insurance Company (H.R. 156) mental agencies. (Pet. X 13 - pp. 3 and 4) Customers means borrowers from the System There are two of the correspondent banks whose Banks. (H.R. 158) business is still in force but will be terminated as The Agency might write insurance for the banks of the last day of January 1969. (H.R. 171) other than for lenders. This means insurance the After February 1, 1969, there will be no bor­ Bank and the subsidiaries may use themselves in rowers of the correspondent associates insured by connection with the managing and controlling of the Insurance Company. (H.R. 173) of the banks. (H.R. 159) As of February 1, 1969, it will all be Bank and The Agency would not write for employees of subsidiaries insurance related to bank lending the Bank as individuals. (H.R. 162) transactions with the exception of $4,000,000 that As to customers, the Agency would handle only is non-Bank which will be in force which is credit insurance related to loans by the banking system. life business written for other accounts and as to (H.R. 163) which notice (in anticipation of approval of the The Agency will write only in connection with captioned Request) to terminate has been served lending transactions with the System Banks and and will be terminated, but some of such for operation by the System Banks. (H.R. 164) $4,000,000 business will take awhile to run off. Writing insurance by the Agency would be (H.R. 174) limited strictly to borrowing customers. The cor­ respondent banks would not be involved. (H.R. Some of said business will have to run to ex­ 165) piration of the policy and there will be no new Roy S. Thompson, Jr., President of Group and such business. (H.R. 175) Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Discussion and Conclusions prohibitions of section 4 of the Act to apply in order to carry out the purposes of the Act. To merit the requested exemption, the Act and Board regulation require all the activities of the Recommendation Proposed Corporations to be of an insurance Based on the foregoing, it is recommended that nature and to be so closely related to the business the Board adopt and make the Findings and Con­ of banking or of managing or controlling banks clusions set forth above and issue forthwith the as conducted by Petitioners or their banking sub­ following: sidiaries as to be a “proper incident” (an accom­ panying occurrence which is adapted to and fitting Order for the business involved) thereto. “This order is based on the record and repre­ The function of a bank (the business of bank­ sentations therein made during and as a part of ing) is to mobilize money resources and put them the hearing conducted in this matter at Atlanta, to work by making credit available. Loans are Georgia, on January 30, 1969 and is issued by the banking activities. Insuring risks (in addition to Board of Governors of the Federal Reserve Sys­ loans) of the types indicated in the record are tem (Board) under the authority granted in sec­ activities related to the management and control tion 4(c)(8) of the Bank Holding Company Act of banks. of 1956 (Act) and in accordance with the provi­ In brief, the insurance activities of the Proposed sions of section 222.4(a) of Board Regulation Y, Corporations must be accompaniments and com­ pursuant to the Request of The Citizens and plements to said banking business or said manage­ Southern Holding Company and The Citizens and ment or control of banks. Southern National Bank (Petitioners), bank hold­ The above Findings establish that all the activ­ ing companies, for a determination with respect to ities of the Proposed Corporations are to be of an the activities of American Southern Life Insurance insurance nature. Company and The Citizens and Southern Agency, The above Findings establish that all the activ­ Inc., (Exempt Companies). ities of the Proposed Corporations are to be The determinations by the Board made herein limited to insuring and placing or writing the risk are limited and confined to the responsibility and for credit life, mortgage, casualty and similar types authority specified in section 4(c)(8) of the Act of insurance employed in connection with the Bank and section 222.4(a) of Board Regulation Y, and Subsidiary Bank loans, and, to placing or which deal only with establishment of the nature, writing the risk for property, casualty, indemnity, relationship and character of the activities of the liability, fidelity and similar types of insurance em­ Exempt Companies. No determination of any ployed in connection with ownership, operation and other nature whatsoever is made. maintenance of (their) banks by Petitioners and And now this day of 1969, the the Subsidiary Banks. Said Findings establish fur­ Board Hereby determines that, whenever and ther that said activities are to be so closely related so long as all the activities of the Exempt Com­ to the business of banking (loans) and managing panies are of a nature, relationship and character and controlling banks (providing insurance for as evidenced and indicated by the hearing record various operating and proprietary risks) as con­ and as resolved in the Findings and Conclusions of ducted by Petitioners and their Subsidiary Banks, the Board in this proceeding, all the activities of as to be in substance accompanying occurrences the Exempt Companies are of an insurance nature which are adapted to and fitting for said businesses. and are so closely related to the business of bank­ All said insurance activities are to be so closely ing, managing or controlling banks as conducted related to the said businesses involved as to be by Petitioners and their banking subsidiaries as to accompaniments and complements to such busi­ be a proper incident thereto and as to make it un­ nesses and hence proper incidents thereto. Thus, necessary for the prohibitions of section 4 of the all the activities of the Proposed Corporations are Act to apply in order to carry out the purposes of to be of an insurance nature and so closely related the Act.” to the business of banking or of managing or con­ (Signed) Leonard J. Ralston, trolling banks as conducted by Petitioners and Presiding Officer. their banking subsidiaries as to be a proper inci­ dent thereto and as to make it unnecessary for the May 8, 1969 678 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Announcements CHANGES IN OTC MARGIN STOCKS “One of the principal supervisory goals in the The Board of Governors of the Federal Reserve continuing program to improve bank accounting System announced on July 30, 1969, several practices has been the development of reasonably changes in its “List of OTC Margin Stocks” pub­ uniform and informative bank financial reports. lished on July 8, 1969. After extensive joint-agency staff discussions and Three stocks are added to the list and will be a series of consultations with representative com­ subject to the same 80 per cent margin require­ mittees of industry, professional accountants, and ments as other over-the-counter stocks that be­ the staff of the Securities and Exchange Commission, came subject to margin regulations on July 8. the Federal bank supervisory agencies announce the Margin requirements on the three stocks will apply following revisions to the structure of bank state­ only to loans made on and after July 31. The ments of income to be included in stockholder re­ stocks are: Bangor Hydro-Electric Co., $5.00 par ports in accordance with Part 18 of the Comptroller common; Beecham Inc., $1.00 par common; and of the Currency regulations, Regulation F of the Panoil Company, $.10 par common. Federal Reserve Board and Part 335 of the Federal One stock, Aztec Oil & Gas Company, $1.00 Deposit Insurance Corporation regulations. par common, is deleted by virtue of listing on a 1. Recognition of a loan loss factor in the op­ national securities exchange. erating expenses of banks. Any provision for loan Five other changes have been made to bring losses not allocable against current operations shall the list up to date: Bank of New York, $15.00 be charged directly to the undivided profits account. par common, has been changed to Bank of New 2. Inclusion of results of investment security York Co., $15.00 par common; First Pennsylvania transactions as realized in the report of income. Banking and Trust Company, Capital, par value 3. Designation of the last line in the statement $5.00, has been changed to First Pennsylvania of income as ‘net income.’ Corp., $5.00 par common; Girard Trust Bank, "Regulatory instruction for the allocation of loan Capital, is now Girard Company, $1.00 par com­ losses to operating expense will include: mon; Pettibone Mulliken Corporation, $ 10.Q0 par (a) Minimum charge equivalent to the five-year common, becomes Pettibone Corporation, $10.00 average ratio of losses computed on the basis of net par common; United Family Life Ins. Co. (Ga.), charge-offs to total loans. $.50 par voting, common, has been changed to (b) An added amount based on management’s Intcrfinancial Inc., $1.00 par common. judgment shall be permitted. Adequate disclosure of such discretionary action to be furnished in a referenced footnote. (c) If the bank is on a charge-off basis of recog­ LETTER ON REVISIONS IN BANK STATEMENTS nizing loan losses, the amount of actual charge-offs OF INCOME shall be reported against operating income. Under date of July 18, 1969, each Federal Reserve “Conforming to established bank accounting Bank sent a letter concerning revisions in the struc­ practice and in accordance with generally ac­ ture of bank statements of income to be included cepted accounting principles, gains and losses on in­ in stockholder reports to each State member bank vestment securities shall be reported following the in its district. The Comptroller of the Currency and computation of operating income. Net security the Federal Deposit Insurance Corporation sent gains and losses shall be reflected in income in the similar letters to national banks and insured non­ period such results are realized and recorded in the member banks, respectively. accounts. The text of the letter sent by the Reserve Bank “To visualize the effect of the revisions discussed Presidents follows: herein and to assist your staff in their study of the 679 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

matter, there is enclosed an illustrative financial Statement of Changes in Capital Accounts statement presentation. For the Year Ended December 31, 19. . “The above income report revisions shall be in­ Capital Undivided stock Surplus profits corporated in published bank reports for the year Balance, January I $1,000,000 $1,250,000 $507,000 1969. The statement of condition as revised in the Net income for the year 406,000 Cash dividends declared—• supervisory call of April 1969, has not been $2.00 per share (200,000) Provision for losses on loans, changed. Amendments to applicable regulations in­ exclusive of portion charg­ ed against income, less re­ cluding the Report of Income and Dividends, will lated income tax effect of $10,000 (10,000) be forthcoming within the next few months.” $1,000,000 $1,250,000 $703,000 Reconcilement of Reserve for Loan Losses For the Year Ended December 31, 19. . * * * Balance, January 1 $418,000 Additions: Transferred from operating earnings 29,000 Transferred from undivided profits 20,000 Recoveries of charged-off loans 2,000 $469,000 Statement of Income Deductions: For the Years Ended December 31, 19 and 19 Loan charge-offs 51,000 Balance, December 31 $418,000 Current Preceding year year Operating income: Balance Sheet Interest and fees on loans $ 980,000 $ 890,000 Income on Federal funds sold and December 31, 19 and 19 securities purchased under agreements to resell 20,000 10,000 December 31 Interest and dividends on invest- Current Preceding ments: year year U.S. Treasury securities 160,000 185,000 Assets Securities of other U.S. Govern- Cash and due from banks $ 9,000,000 $ 8,000,000 ment agencies and corporations 20,000 15,000 Investment securities: Obligations of States and political U. S. Treasury securities 3,200,000 3,500,000 subdivisions 60,000 60,000 Securities of other U.S. Government Other securities 10,000 8,000 agencies and corporations 800,000 400,000 Trust department income 100,000 90,000 Obligations of States and political Service charges on deposit accounts 50,000 45,000 subdivisions 2,000,000 2,000,000 Other service charges, collection Other securities 217,500 167,500 and exchange charges, commis- Trading account securities — sions, and fees 15,000 10,000 Federal funds sold and securities pur- Other operating income 45,000 45,000 chased under agreements to resell 200,000 Other loans 18,198,000 17,418,000 Total $ 1,460,000 $ 1 ,358,000 Bank premises and equipment 860,000 970,000 Investments in subsidiaries not con- Operating expenses: solidated Salaries $ 220,000 $ 200,000 Accrued interest receivable and other Pensions and other employee bene- assets 152,500 142,500 fits 15,000 15,000 Interest on deposits 465,000 445,000 Total $34,628,000 $32,598,000 Expense of Federal funds purchased and securities sold under Liabilities agreements to repurchase 5,000 5,000 Demand deposits $22,387,000 $21,560,000 Interest on other borrowed money 10,000 10,000 Savings deposits 4,260,000 3,500,000 Interest on capital notes and deben- Other time deposits 4,000,000 4,000,000 tures — Net occupancy of bank premises 55,000 52,000 Total deposits $30,647,000 $29,060,000 Provision for losses on loans 29,000 15,000 Other 56,000 65,000 Federal funds purchased and securities sold under agreements to repurchase — Total $ 855,000 $ 807,000 Other liabilities for borrowed money 100,000 80,000 Mortgage indebtedness — Income before income taxes and Other liabilities 510,000 283,000 securities gains (losses) $ 605,000 $ 551,000 Applicable income taxes 262,000 236,000 Total liabilities $31,257,000 $29,423,000 Income before securities gains (losses) $ 343,000 $ 315,000 Reserves on loans and securities Securities gains (losses), less related Reserve for possible loan losses $ 418,000 $ 418,000 income tax effect of $21,000 and ($20,000) 63,000 (20,000) Capital accounts Net income $ 406,000 $ 295,000 Capital notes and debentures Equity capital: Earnings per common share:* Capital stock (100,000 shares of $ 10 Income before securities gains par value) $ 1,000,000 $ 1,000,000 (losses) $ 3.43 $ 3.15 Surplus I,250,000 1,250,000 Net income 4.06 2.95 Undivided profits 703,000 507,000 $ 2,953,000 $ 2,757,000 * Comparative per share amount of securities gains Total $34,628,000 $32,598,000 (losses) may be included herein. 680 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication August 15 Industrial production and nonfarm employment in­ than in other recent months, reflecting mainly de­ creased further but the unemployment rate rose. clines in construction and in services. In most other The value of retail sales edged up. Commercial major sectors, employment continued to increase bank credit and the money supply increased, and briskly with gains in manufacturing industries wide­ time and savings deposits declined. Between mid­ spread. The average workweek of production work­ July and mid-August, yields on Government secu­ ers in manufacturing was unchanged at 40.7 hours rities showed mixed changes on balance. but was 0.2 hour shorter than a year earlier. The unemployment rate rose from 3.4 to 3.6 per cent in INDUSTRIAL PRODUCTION July as unemployment among adult males increased. Industrial production in July was 175.2 per cent of the 1957-59 average—up 0.7 per cent from June DISTRIBUTION and 5.5 per cent from a year earlier. Output of The value of retail sales in July continued to show final products and materials increased further. relatively little change, edging up by one half of 1 Auto assemblies, after allowance for the change­ per cent from the upward revised June level. How­ over period, rose 6 per cent. Production schedules ever, retail sales were little higher than in April and for August and September are currently set at the were only 3 per cent above a year earlier. Sales at July level. Production of most household goods durable goods stores continued down in July, by changed little and output of consumer staples in­ about 1 per cent, while nondurable goods stores creased. Production of business equipment expanded sales rose by about 1 per cent. Unit sales of new further but output of farm equipment remained at domestic autos dipped 9 per cent in July to an the reduced level prevailing so far this year. Pro­ annual rate of 8.2 million. duction of iron and steel and most other durable and nondurable materials increased. Output of AGRICULTURE construction materials, however, declined. Prospects for a record crop were reported on August 1. Marked increases in output were indi­ EMPLOYMENT cated for cotton and tobacco and small decreases Nonfarm payroll employment continued to ad­ were indicated for corn and soybeans. A 7 per cent vance in July but the rise (192,000) was smaller decrease in food grain output was predicted be­ cause of smaller plantings. In July, meat and poul­ try slaughter was 2 per cent larger than a year INDUSTRIAL PRODUCTION earlier and milk and egg production was 2 per cent smaller. COMMODITY PRICES Average prices of industrial commodities rose 0.2 per cent from mid-June to mid-July, reflecting largely increases for metals, machinery, tires, cotton textiles, and apparel which were partly offset by further decreases for lumber and plywood. Whole­ sale prices of farm and food products were un­ changed and the total index rose only 0.1 per cent. Since mid-July, prices have been increased for vari­ ous steel, copper, and aluminum mill products, while average prices of agricultural commodities have continued to show little change. F.R. indexes, seasonally adjusted. Latest figures: July. 681 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

BANK CREDIT, DEPOSITS, AND RESERVES consumer-type time and savings deposits were large Commercial bank credit increased $500 million in following interest crediting at mid-year. July following a $400 million decline in June. The Net borrowed reserves averaged about $1,070 July increase reflected in large part heavy bank million over the 5 weeks ending July 30, little dif­ ferent from the June average level. Both member participation in the mid-month Treasury bill financ­ bank borrowings and excess reserves declined ing and temporary increases in loans to brokers and slightly. Total and required reserves declined. dealers in connection with System matched sale­ purchase transactions near the month-end. Growth SECURITY MARKETS in other major loan categories was considerably Yields on Treasury bills and U.S. Government below the pace earlier in the year. In addition, the notes and bonds showed mixed changes on balance rate of liquidation of municipal and Federal agency between mid-July and mid-August. The 3-month securities increased. bill was bid at about 7.05 per cent in the middle The money supply rose $900 million in July of August, compared with around 6.95 per cent a after having increased $800 million in June and month earlier. Rates on most intermediate term an average $600 million over the January-June coupon-bearing issues rose over the period, while period. U.S. Government deposits dropped sub­ long-term bonds generally were down slightly in stantially further. Time and savings deposits at all yield. commercial banks declined $3.5 billion in July fol­ Yields on new and seasoned corporate bonds, lowing an average monthly reduction of $850 mil­ and municipal bonds changed little on balance. lion earlier in the year. Attrition of large negoti­ Stock prices declined sharply in July, rose slightly able CD's continued to be heavy and outflows of in the first week of August, and then eased off. Discount rate, range or level for all F.R. Banks. Weekly aver­ Bureau of Labor Statistics. “Farm products and foods” is BLS age market yields for U.S. Govt, bonds maturing in 10 years or “Farm products, and processed foods and feeds.” Latest figures: more and for 9O-day Treasury bills. Latest figures: week ending Consumer, June; Wholesale, July. Aug. 8. 682 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 31 Business loans of banks A 32 Bank rates A 33 Other interest rates A 35 Security markets A 36 Stock market credit A 37 Open market paper A 37 Savings institutions A 39 Federally sponsored credit agencies A 40 Federal finance A 42 U.S. Government securities A 45 Security issues A 48 Business finance A 50 Real estate credit A 54 Consumer credit A 58 Industrial production A 62 Business activity continued on next page A 1 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 2 FEDERAL RESERVE BULLETIN □ AUGUST 1969 U.S. STATISTICS—Continued A 62 Construction A 64 Labor force, employment, and earnings A 66 Consumer prices A 66 Wholesale prices A 68 National product and income A 70 Flow of funds INTERNATIONAL STATISTICS: A 72 U.S. balance of payments A 73 Foreign trade A 74 U.S. gold transactions A 75 U.S. gold stock; position in the IMF A 76 International capital transactions of the United States A 89 Foreign exchange rates A 90 Money rates in foreign countries A 91 Arbitrage on Treasury bills A 92 Gold reserves of central banks and governments A 93 Gold production TABLES PUBLISHED PERIODICALLY Number of banking offices: A 94 Analysis of changes A 95 On, and not on, Federal Reserve Par List A 96 Banking offices and deposits of banks in holding company groups, December 31, 1968 A 105 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, H, ' 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 A.R. Annual rate ticular unit (e.g., less than 500,000 when S.A. Monthly (or quarterly) figures adjusted for the unit is millions) seasonal variation (1) Zero, (2) no figure to be expected, or (3) figure delayed GENERAL INFORMATION Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow. A heavy vertical rule is used (1) to the right (to the left) of a total when the components shown to the right (left) of it add to that total (totals separated by ordinary rules include more components than those shown), (2) to the right (to the left) of items that are not part of a balance sheet, (3) to the left of memorandum items. “U.S. Govt, securities’’ may include guaranteed issues of U.S. Govt, agencies (the flow of funds figures also in­ clude not fully guaranteed issues) as well as direct obligations of the Treasury. “State and local govt.” also includes municipalities, special districts, and other political subdivisions. In some of the tables details do not add to totals because of rounding. The footnotes labeled Note (which always appear last) provide (1) the source or sources of data that do not originate in the System; (2) notice when figures are estimates; and (3) information on other characteristics of the data. TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY, WITH LATEST BULLETIN REFERENCE Quarterly Issue Page A nnually—Con tlnu ed Issue Page Flow of funds............................................. May 1969 A-69.1 Banks and branches, number, by class and State.................................... Apr. 1969 A-91 Flow of funds: Semiannually Assets and liabilities: 1966..................................................... Feb. 1968 A-65.10 Banking offices: 1967................................................. ,. May 1968 A-67.10 Analysis of changes in number of.. . Aug. 1969 A-94 Flows: On, and not on, Federal Reserve 1968..................................................... May 1969 A-68 Par List, number........................... Aug. 1969 A-95 Income and expenses: Federal Reserve Banks......................... Feb. 1969 A-92 Annually Member banks: Calendar year.................................... May 1969 A-95 Bank holding companies: Operating ratios................................. May 1969 A-104 List of, Dec. 31, 1968.......................... June 1969 A-91 Insured commercial banks.................. May 1969 A-107 Banking offices and deposits of group banks, Dec. 31, 1968............. Aug. 1969 A-96 Stock exchange firms, detailed debit and credit balances: Banking and monetary statistics, 1968. . Mar. 1969 A-92—A-102 Original................................................ Sept. 1968 A-92 May 1969 A-91—A-94 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 a AUGUST 1969 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS (In millions of dollars) Factors supplying reserve funds Reserve Bank credit outstanding Period or date U.S. Govt, securities 1 Treas­ ury Dis­ Gold cur­ Held counts Other stock rency under and Float 2 F.R. Total 4 out­ Bought repur­ ad­ assets 3 stand­ Total out­ chase vances ing right agree­ ment Averages of daily figures 1929—June............................ 179 179 978 61 1,317 4,024 2,018 1933—June 1,933 1,933 250 12 2,208 4,030 2,295 1939—Dec. 2,510 2,510 8 83 2,612 17,518 2,956 1941—Dec. 2,219 2,219 5 170 2,404 22,759 3,239 1945—Dec. 23,708 23,708 381 652 24,744 20,047 4,322 1950—Dec. 20,345 20,336 9 142 1,117 21,606 22,879 4,629 1960—Dec. 27.248 27,170 78 94 1,665 29,060 17,954 5,396 1965—Dec. 40,885 40,772 113 490 2,349 43,853 13,799 5,565 1966—Dec. 43,760 43,274 486 570 2,383 46,864 13,158 6,284 1967—Dec. 48,891 48,810 81 238 2,030 51,268 12,436 6,777 1968—July. 52,090 52,041 49 538 1,870 54,573 10,367 6,721 Aug. 52,646 52,463 183 568 1,760 55,048 10,367 6,733 Sept. 52,222 52,208 14 515 1,981 54,769 10,367 6,737 Oct., 53,300 53,252 48 427 1,976 55,770 10,367 6,757 Nov. 53,388 53,322 66 569 2,160 56,183 10,367 6,790 Dec. 52,529 52,454 75 765 3,251 56,610 10,367 6,810 1969—Jan.. 52,665 52,622 43 697 3,054 56,476 10,367 6,802 Feb. 52,265 52,074 191 824 2,602 55,786 10,367 6,806 Mar. 52,122 51,987 135 918 2,367 55,477 10,367 6,815 Apr. 52,463 52,257 206 996 2,429 2,837 58,821 10,367 6,750 May 53,390 52,898 492 1 ,402 2,218 2,876 59,999 10,367 6,737 June 54,028 53,926 102 1,407 2,463 2,614 60,565 10,367 6,746 July* 54,298 54,252 46 1,191 2,657 2,670 60,861 10,367 6,737 Week ending— May 7................................................ 53,172 52,590 582 1,603 2,223 2,896 60,015 10,367 6,729 14................................................ 53,308 52,656 652 1,171 2,103 3,146 59,853 10,367 6,734 21................................................ 53,278 52,873 405 1,358 2,398 2,887 60,039 10,367 6,739 28................................................ 53,606 53,212 394 1 ,303 2,048 2,729 59,788 10,367 6,740 June 4................................................ 53,864 53,636 228 1,521 2,268 2,508 60,227 10,367 6,742 11................................................ 54,100 53,920 180 1 ,260 2,388 2,560 60,364 10,367 6,744 18................................................ 54,038 54,038 1 ,315 2,511 2,617 60,526 10,367 6,745 25................................................ 53,864 53,864 ................... 1 ,323 2,682 2,675 60,587 10,367 6,751 July 2................................................ 54,214 54,044 170 1 ,634 2,419 2,672 61,001 10,367 6,745 9................................................ 54,586 54,443 143 1 ,020 2,802 2,677 61,141 10,367 6,740 16?............................................ 54,601 54,565 36 1 ,278 2,665 2,698 61,286 10,367 6,737 23?.............................................. 54,189 54,161 28 1 ,355 3,117 2,634 61,338 10,367 6,735 30?.............................................. 53,897 53,897 1 ,273 2,182 2,690 60,083 10,367 6,737 End of month 1969—May. 53,839 53,509 330 I ,831 2,540 2,516 60,802 10,367 6,725 June. 54,095 54,095 1,049 1 ,472 2,608 59,265 10,367 6,736 July’ 54,138 54,138 750 2,524 2,600 60,052 10,367 6,736 Wednesday 1969—May 7................................................ 52,782 52,616 166 939 2,041 2,840 58,698 10,367 6,732 14................................................ 51,672 651,506 166 560 1 ,984 3,573 57,883 10,367 6,737 21................................................ 53,653 53,067 586 1 ,103 2,004 2,748 59,612 10,367 6,741 28................................................ 53,509 53,328 181 1,649 1 ,652 2,530 59,437 10,367 6,743 June 4................................................ 53,833 53,833 928 2,354 2,477 59,636 10,367 6,743 11............................................... 53,798 653,798 501 2,167 2,592 59,104 10,367 6,744 18................................................ 52,963 652,963 769 2,471 2,670 58,917 10,36/ 6,747 25................................................ 53,206 653,206 ................... 1,347 2,316 2,706 59,618 10,367 6,750 July 2?............................................... 54,095 54,095 561 2,340 2,656 59,695 10,367 6,740 9?.............................................. 53,715 53,715 659 2,593 2,716 59,724 10,367 6,739 16?.............................................. 54,821 54,565 256 2,085 2,637 2,609 62,213 10,367 6,734 23?.............................................. 53,669 53,669 1,017 2,330 2,671 59,728 10,367 6,735 30’.............................................. 52,983 52,983 .............9..8..5.. 2,114 2,710 58,833 10,367 6,736 For’notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1969 □ BANK RESERVES AND RELATED ITEMS A 5 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued (In millions of dollars) factors absorbing reserve funds Deposits, other than member bank Member bank reserves, reserves r C en u c r y ­ Treas­ with F.R. Banks Other O F t . h R e . r Period or date c t c u i i i o n l r a n ­ ­ h c i u o n a r g s l y d h s ­ Tr u e r a y s­ F ei o g r n ­ Other* co F a u . c n R ­ t . s 3 c b a i a p l l n i i i t a d i t ­ e a s l 3 B W F a . n i R t k h . s c r C e a o n n u i c d n r y ­ 5 Total Averages of daily figures 4,400 210 30 30 376 2,314 2,314 ..............................1929—June 5,455 272 81 164 350 2,211 2,211 ........................ 1933—June 7,609 2,402 616 739 248 11,473 11,473 .............................. 1939—Dec. 10,985 2,189 592 1,531 292 12,812 12,812 28,452 2,269 625 1,247 493 16,027 16,027 .........................1945—Dec. 27,806 1,290 615 920 353 739 ................... 17,391 .......1..7..,..3..9..1.. ..............................1950—Dec. 33,019 408 522 250 495 1,029 16,688 2,595 19,283 ..............................1960—Dec. 42,206 808 683 154 231 389 18,747 3,972 22,719 44,579 1,191 291 164 429 83 19,568 4,262 23,830 ..............................1966—Dec. 47,000 1,428 902 150 451 -204 ................... 20,753 4,507 25,260 ..............................1967—Dec. 48,089 836 1,026 164 472 -436 21,510 4,491 26.001 ...............................1968—July 48,194 811 963 170 459 -102 21,653 4,416 26,069 ..................................... Aug. 48,474 791 611 13! 450 -151 21,567 4,510 26,077 ...........................................Sept. 48,632 781 1,054 137 461 -312 22,141 4,512 26,653 ............................................Oct. 49,398 769 798 164 439 -491 22,263 4,522 26,785 ...........................................Nov. 50,609 756 360 225 458 -1,105 ................... 22,484 4,737 27,221 ................................ Dec. 49,784 760 602 189 495 -1,174 22,988 5,075 28,063 ............................. 1969—Jan. 49,226 762 641 130 488 -932 22,644 4,647 27,291 ...........................................Feb. 49,436 728 536 152 463 -902 22,246 4,508 26,754 ...........................................Mar. 49,703 707 369 131 510 1,937 22,581 4,498 27,079 ...........................................Apr. 49,947 691 549 132 445 1 ,968 23,371 4,532 27,903 ............................................May 50,693 672 970 107 458 2,010 22,768 4,549 27,317 ...........................................June 51,256 657 1,117 142 473 2,038 22,283 4,689 26,972 ............................................July* Week ending— 49,646 709 591 159 458 2,002 23,546 4,664 28,210 .......................1969—May 7 49,959 689 658 127 451 1 ,971 23,099 4,707 27,806 ................................................14 49,968 683 528 131 433 1 ,897 23,506 4,266 27,772 ................................................21 50,033 680 404 123 442 ................... 1 ,972 23,243 4,486 27,729 ................................................28 50,441 689 500 105 447 2,052 23,102 4,541 27,643 .....................................June 4 50,666 679 734 102 448 2,123 22,724 4,720 27,444 ................................................11 50,777 671 1 ,097 102 453 1 ,914 22,624 4,412 27,036 ................................................18 50,686 664 1 ,289 109 468 1 ,958 22,530 4,436 26,966 ................................................25 50,913 655 1,068 128 491 2,022 22,837 4,663 27,500 .......................................July 2 51,383 646 1 ,052 176 495 2,112 22,384 4,792 27,176 ............................................... 9 51,462 642 1,118 128 467 2,048 22,524 4,818 27,342 ................................................16p 51,208 661 1,184 137 457 1,963 22,830 4,322 27,152 .....................................23P 51,006 676 1,177 123 453 2,019 21,732 4,833 26,565 ...............................................30p End of month 50,399 649 562 107 438 2,036 23,705 4,543 28,248 ..............................1969—May 50,936 633 1 ,258 155 549 2,029 20,808 4,662 25,470 ...........................................June 51,065 673 935 158 464 2,088 21,772 4,729 26,501 ............................................Julyp Wednesday 49,923 692 404 161 442 2,017 22,157 4,665 26,822 ........................1969—May 7 50,074 690 971 115 440 1 ,837 20,859 4,708 25,567 ................................................14 50,048 677 382 140 420 1 ,941 23,112 4,265 27,377 50,419 683 436 117 424 1,994 22,479 4,484 26,963 ...............................................28 50,607 687 297 IIO 432 2,078 22,535 4,543 27,078 .....................................June 4 50,845 678 899 91 435 2,127 21,140 4,722 25,862 ............................. .11 50,809 671 1 ,352 106 441 1 ,927 20,724 4,415 25,139 ................................................18 50,787 675 1,547 106 458 1 ,967 21,195 4,440 25,635 ...............................................25 51,294 656 995 150 517 2,046 21,144 4,657 27,801 .......................................July 2p 51,592 638 1,104 139 487 2,106 20,764 4,788 25,552 .............................................. 9p 51,444 656 I ,088 116 462 1 ,939 23,609 4,818 28,427 ................................................16* 51,199 672 1,092 138 451 I ,977 21,301 4,322 25,623 ...............................................23p 51,118 683 1 ,227 121 465 ................ • 2,028 20,294 4,833 25,127 ...............................................30p 1 U.S. Govt, securities include Federal agency obligations. ances on Wed. and end-of-month dates, see subsequent tables on F.R. 2 Beginning with 1960 reflects a minor change in concept; see Feb. Banks. See also note 2. 1961 Bulletin, p. 164. 5 Part allowed as reserves Dec. I, 1959-Nov. 23, 1960; all allowed 3 Beginning Apr. 16, 1969, “Other F.R. assets” and “Other F.R. thereafter. Beginning with Jan. 1963, figures are estimated except for liabilities and capital” are shown separately; formerly, they were weekly averages. Beginning Sept. 12, 1968, amount is based on closenetted together and reported as “Other F.R. accounts.” of-business figures for reserve period 2 weeks previous to report date. 4 Includes industrial loans and acceptances, when held (industrial 0 Reflects securities sold, and scheduled to be bought back, under loan program discontinued Aug. 21, 1959). For holdings of accept­ matched sale/purchase transactions. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 6 BANK RESERVES AND RELATED ITEMS □ AUGUST 1969 RESERVES ANO BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city banks All member banks New York City City of Chicago Period Reserves Bor­ Reserves Bor­ Reserves Bor­ T h o e t l a d l qu R ir e e ­ d 1 Excess B r F i a o n a . n R w g t k s . ­ s s F er r r v e e e e ­ s T h o e t l a d l qu R ire e d ­ 1 Excess B r F i o a n a . n w g R t k s . ­ 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 d1 Excess B r i F a o n a n . w g t R k s ­ . s s F e r r r e v e ­ e e s 1929—June............. 2,314 2,275 42 974 -932 762 755 7 174 -167 161 161 1 63 -62 1933—June............. 22,160 1,797 363 184 179 861 792 69 69 211 133 78 78 1939—Dec............... 11,473 6,462 5,011 3 5,008 5,623 3,012 2,611 2,611 1,141 601 540 540 1941—Dec............... 12,812 9,422 3,390 5 3,385 5,142 4,153 989 989 1,143 848 295 295 1945—Dec............... 16,027 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 I960—Dec............... 19,283 18,527 756 87 669 3,687 3,658 29 19 10 958 953 4 8 -4 1962—Dec............... 20,040 19,468 572 304 268 3,863 3,817 46 108 -62 1,042 1,035 7 18 -11 1963—Dec............... 20,746 20,210 536 327 209 3,951 3,895 56 37 19 1,056 1,051 5 26 -21 1964—Dec............... 21,609 21,198 411 243 168 4,083 4,062 21 35 -14 1,083 1,086 -3 28 -31 1965—Dec............... 22,719 22,267 452 454 -2 4,301 4,260 41 111 -70 1,143 1,128 15 23 -8 1966—Dec............... 23,830 23,438 392 557 -165 4,583 4,556 27 122 -95 1,119 1,115 4 54 -50 1967—Dec............... 25,260 24,915 345 238 107 5,052 5,034 18 40 -22 1,225 1,217 8 13 -5 1968—July............... 26,001 25,702 299 525 -226 5,047 5,060 -13 12 -25 1,190 1,181 9 87 -78 Aug.............. 26,069 25,694 375 565 -190 4,940 4,912 28 192 -164 1,165 1,161 4 2 2 Sept.............. 26,077 25,694 383 515 -132 4,886 4,868 18 154 -136 1,147 1,143 4 23 -19 Oct................ 26,653 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 27,221 26,766 455 c765 - «310 5,157 5,057 100 230 -130 1 ,199 1,184 15 85 -70 28,063 27,846 217 697 -480 5,397 5,392 5 65 -60 1 ,286 1 ,287 -1 48 —49 Feb............... 27,291 27,063 228 824 -596 5,190 5,194 -4 63 -67 1,259 1 ,253 6 39 -33 26,754 26,537 217 918 -701 5,040 5,019 21 65 -44 1 ,204 1 ,207 -3 98 -101 Apr............... 27,079 26,927 152 996 -844 5,039 5,045 -6 111 -117 1,202 1 ,202 116 -116 May 27,903 27,603 300 1 ,402 -1 ,102 5,174 5,134 40 129 -89 1 ,277 1 ,281 -4 144 -148 June............. 27,317 26,974 343 1 ,407 -1,064 4,962 4,894 68 96 -28 1,241 1 ,206 35 27 8 Julyp............ 26,972 26,876 96 1,191 -1,095 4,844 4,817 26 86 -60 1,196 1 ,206 -10 5 -15 Week ending-— 1968—July 3.... 25,839 25,657 182 493 -311 4,217 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 I ,208 9 126 -117 1969— 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. ... 27,591 27,228 363 1 ,044 -681 5,433 5,343 90 64 26 1 ,274 1 ,276 -2 29 -31 26.... 27,099 26,895 204 757 -553 5,191 5,144 47 21 26 1 ,229 1,228 1 33 -32 Mar. 5,. . . 26,985 26,778 207 734 -527 5 ,079 5,118 -39 111 -150 1,227 1,226 1 34 -33 12.... 26,768 26,520 248 875 -627 5,086 5,021 65 65 1 ,215 1,218 -3 118 -121 19.... 26,710 26,625 85 776 -691 4,977 5,071 -94 91 -185 1,233 1 ,227 6 37 -31 26.... 26,622 26,354 268 964 -696 4,992 4,909 83 86 -3 1,172 1,178 -6 55 -61 Apr. 2.... 26,743 26,434 309 1,195 -886 5,027 4,999 28 28 1 ,188 1,184 4 312 -308 9. . .. 26,599 26,374 225 947 -722 4,903 4,918 -15 75 -90 1,167 1,168 -I 258 -259 16.. 26,616 26,472 144 759 -615 4,969 4,999 -30 105 -135 1,237 1,221 16 37 -21 23 .... 27,580 27,408 172 1 ,135 -963 5,235 5,198 37 212 -175 1,192 1 ,206 -14 35 -49 30. .. . 27,657 27,572 85 1,118 -1 ,033 5,048 5,077 -29 84 -113 1,215 1,218 -3 53 -56 May 7. ... 28,210 27,727 483 1,603 - 1 ,120 5,212 5,105 107 171 -64 1,267 1 ,259 8 344 -336 14.... 27,806 27,545 261 1,171 -910 5,193 5,124 69 121 -52 1,289 1 ,283 6 20 -14 21 ... . 27,772 27,656 1 16 1 ,358 -1 ,242 5,189 5,240 -51 188 -239 1,293 1 ,298 -5 172 -177 28.... 27,729 27,616 113 1,303 -1 ,190 5,120 5,127 -7 61 -68 1 ,303 1 ,303 12 -12 June 4... . 27,643 27,274 369 1 ,521 -1 ,152 5,083 4,996 87 43 44 1 ,239 1 ,235 4 197 -193 Il ... . 27,444 26,996 448 1 ,260 -812 5,085 4,965 120 90 30 1,254 1 ,214 40 3 37 18.... 27,036 26,937 99 1 ,315 -1,216 4,904 4,924 -20 40 -60 1,199 1 ,216 -17 -17 25.. .. 26,966 26,775 191 1 ,323 -1 ,132 4,774 4,761 13 134 -121 1,199 1,173 26 26 July 2.... 27,500 27,004 496 1,634 -1 ,138 5,013 4,857 156 138 18 1 ,220 1,202 18 8 10 9.... 27,176 27,063 113 1,020 -907 4,816 4,870 -54 -54 1 ,209 1,222 -13 5 -18 16P... 27,342 27,149 193 1 ,278 -1 ,085 5,050 4,971 79 137 -58 1,259 1,265 -7 15 -22 23P. 27,152 26,798 354 1,355 -1,001 4,911 4,822 89 89 1,197 1,190 7 7 30p... 26,565 26,458 107 1,273 -1,166 4,628 4,593 35 154 -119 1,145 1,152 -7 4 -11 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 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 Borrow­ Reserves Borrow­ Period ings at Free ings at Free F.R. reserves F.R. reserves T h o e t l a d l Required1 Excess Banks T h o e t l a d l Required 1 Excess Banks 761 749 12 409 -397 632 610 22 327 -305 .............................1929—June 648 528 120 58 62 441 344 96 126 -30 ..............................1933—June 3 140 1 953 1 188 1,188 1 ,568 897 671 3 668 ..............................1939—Dec. 4 317 3 014 1 303 I 1,302 2,210 1 ,406 804 4 800 .............................1941—Dec. 6,394 5 976 ’418 96 322 4,576 3,566 1,011 46 965 ..............................1945—Dec. 6,689 6 458 232 50 182 4,761 4^099 *663 29 634 .............................1950—Dec. 7,950 7,851 100 20 80 6,689 6,066 623 40 583 ..............................1960—Dec. 8,178 8,100 78 130 -52 6*956 6*515 442 48 394 .............................1962—Dec. 8,393 8,325 68 190 -122 7,347 6,939 408 74 334 ..............................1963—Dec. 8,735 8,713 22 125 -103 7,707 7,337 370 55 315 ..............................1964—Dec. 9,056 8*989 67 228 -161 8,219 7,889 330 92 238 ............................ .1965—Dec. 9,509 9,449 61 220 -159 8,619 8,318 301 161 140 ..............................1966—Dec. lojosi 10,031 50 105 -55 8,901 8*634 267 80 187 ..............................1967—Dec. 10,447 10,392 55 152 -97 9,317 9,070 247 274 -27 .............................1968—July 10,568 10 501 67 161 -94 9,396 9,120 276 210 66 10 534 10 473 61 194 -133 9,510 9,210 300 144 156 10,758 16’763 -5 186 -191 9,617 9,382 235 167 68 10 863 10 847 16 274 -258 9,747 9*491 256 216 40 10 990 10 900 90 270 - 180 9,875 9,625 250 180 70 H 271 11,287 -16 321 -337 10,109 9,880 229 263 — 34 ..............................1969—Jan. 10,965 10,948 17 420 -403 9^77 9,668 209 302 -93 ...........................................Feb. 10 761 10^768 -7 449 -456 9,749 9,543 206 306 -100 10*914 10 923 -9 512 -521 9,924 9*757 167 257 -90 ...........................................Apr. 11,275 11,195 80 618 -538 10*177 9,993 184 511 -327 ...........................................May 10*986 10,*922 64 713 -649 10,128 9,952 176 571 -395 ........................................ June 10,721 10,846 -125 517 -642 10,211 10,006 205 583 -378 ............................................JulyP Week ending— 10,387 10,335 52 172 -120 9,054 9,003 51 246 -195 .........................1968—July 3 10*328 10*244 84 115 -31 9,359 9,037 322 271 51 ................................................to 10,459 10,*428 31 121 -90 9,343 9 J 30 213 282 -69 ................................................17 10*499 10.441 58 200 -142 9*442 9*094 348 257 91 ...............................................24 10,545 10*477 68 179 -111 9 248 9,047 201 282 -81 ...............................................31 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 11,038 10^984 54 619 -565 9*846 9; 625 221 332 -111 ................................................19 10*847 10^868 -21 439 -460 9^832 9*655 177 264 -87 ...............................................26 10,870 10,844 26 255 -229 9,809 9,590 219 334 -115 .......................................Mar. 5 10,762 10,763 -1 489 -490 9,705 9,518 187 268 81 ................................................12 10,824 10^824 371 -371 9*676 9*503 173 277 -104 ................................................19 10*740 10,715 25 531 -506 9*718 9,552 166 292 -126 ...............................................26 10,706 10,693 13 512 -499 9,822 9,558 264 371 -107 10*762 10,738 24 372 -348 9'767 9*550 217 242 -25 ................................................,9 10,689 10*743 -54 443 -497 9,721 9^509 212 174 38 ................................................16 11,109 11,091 18 663 -645 10,044 9^913 131 225 -94 ...............................................23 H J59 11 185 -26 617 -643 10 235 10,092 143 364 -221 ...............................................30 11,400 1 1 ,257 143 582 -439 10 331 10,106 225 506 -281 11 ’,209 11*215 -6 625 -631 10,115 9*923 192 405 -213 .......................................... .14 11 J 69 1 I*186 -17 543 -560 10 121 9,932 189 455 -266 ...............................................21 11 *166 11 *174 -8 623 -631 10 *140 10*012 128 607 -479 ...............................................28 11,157 11,080 77 644 -567 10,164 9,963 201 637 -436 11'022 10^927 75 666 -591 10,103 9*890 213 501 -288 ................................................II 10^865 10^903 -38 706 -744 10*068 9*894 174 569 -395 ................................................18 10,869 10^849 20 697 -677 10,124 9*992 132 492 -360 ..............................................,25 11,012 10,907 105 791 -686 10 255 10,038 217 697 -480 .......................................July 2 10,921 10,966 -45 494 -539 10,230 10,005 225 521 -296 ............................................\ 9 10,838 10,954 -117 629 -746 10,196 9*959 237 497 -260 ................................................16” 10^866 10,782 84 603 -519 10,178 10,004 174 663 -489 ...............................................23” 10,572 10^667 -95 449 -544 10,220 10*046 174 666 -492 ...............................................30” 1 Beginning Sept. 12, 1968, amount is based on close-of-business fig­ weeks ending on Wed. that fall within the month. Beginning with Jan. ures for reserve period 2 weeks previous to report date. 1964, reserves are estimated except for weekly averages. 2 This total excludes, and that in the preceding table includes, $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 a AUGUST 1969 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS (In millions of dollars unless otherwise noted) Basic reserve position Interbank Federal funds transactions Related transactions with U.S, Govt, securities dealers Less— Net— Gross transactions Net transactions Reporting banks week a e n n d d ing— Excess Net Per cent Total Loans r B o o w r­ ­ ser r v e e ­ s 1 r a o B t B w a F o n in . r k R ­ g s . s F f i b e n u a d n t n e e d r k r s a ­ l S d u e r o f p i r c l u it s r r e e q s a e u o v r i g f v r . e e d s 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 u P h f y a u n s i r n e e ­ g s t s o b S e a f l a l n l n i e k n e s s g t dea t l o e rs3 de f i r a n o l g e m s r s 4 lo N a e n t s trans. banks Total—46 banks 1969—June 4............. 125 595 2,887 -3,357 28.4 5,816 2,929 2,277 3,539 653 755 242 513 11............. 298 457 4,061 -4,220 36.2 6,314 2,253 1,884 4,430 370 607 288 319 18 65 465 3,703 -4,104 35.4 6,197 2,493 2,242 3,955 251 1,160 292 868 25............. 73 559 2,790 -3,275 28.9 5,646 2,856 2,409 3,237 448 1,076 332 744 July 2............. 301 541 1 ,835 -2,076 18.1 5,072 3,237 2,281 2,791 955 869 272 598 9............. 66 165 2,819 -2,919 25.3 6,030 3,210 2,480 3,549 729 856 242 613 16............. 17 390 2,787 -3,160 27.0 6,107 3,320 2,500 3,607 820 578 292 285 23............. 182 299 2,071 -2,189 19.2 5,430 3,359 2,561 2,869 799 918 295 623 30............. 79 298 1,418 -1,637 14.8 5,252 3,835 2,791 2,461 1 ,044 1,034 321 714 8 in New York City 1969—June 4............. 57 43 1 ,278 -I ,264 27.8 2,286 1 ,008 928 1 ,358 80 676 89 587 11 151 86 1 ,807 -1,741 38.6 2,425 619 619 1 ,806 504 113 391 18............. 38 I ,341 -1,303 29.2 2,187 846 846 1 ,341 905 104 802 25.............. 30 97 775 -843 19.6 1 ,997 1 ,222 1,159 839 63 877 126 750 July 2............. 176 125 207 -157 3.6 1 ,541 1 ,334 1 ,031 511 304 772 145 626 9.............. 26 678 -652 14.8 1 ,911 1,233 1 ,052 859 181 702 134 568 16............. 52 88 558 -593 13.2 1 ,838 1 ,280 1,067 770 213 498 156 341 23............. 105 86 190 -171 3.9 1,693 1 ,503 1,106 587 397 816 154 662 30............. 76 146 -33 -38 .9 1,558 1 ,591 1,139 420 453 832 150 683 38 outside New York City 1969—June 4............. 69 552 1 ,609 -2,092 28.8 3,530 1 ,921 1 ,349 2,182 573 79 154 +75 11 147 371 2,254 -2,479 34.6 3,889 1 ,635 1 ,265 2,624 370 103 174 +71 18............. 27 465 2,363 -2,801 39.3 4,010 1,647 1,396 2,614 251 254 188 67 25............. 44 461 2,014 -2,432 34.6 3,649 1,634 1 ,250 2,399 384 200 206 +6 July 2............. 125 416 1 ,628 -1,919 27.1 3,531 1,902 1 ,251 2,280 651 98 127 +29 9............. 40 165 2,142 -2,267 31.7 4,119 1 ,977 1 ,429 2,690 548 154 108 46 16............. -35 302 2,230 -2,567 35,6 4,270 2,040 1 ,433 2,837 607 80 136 +56 23............. 76 214 1,881 -2,018 28.7 3,737 1,856 1 ,455 2,282 402 102 141 + 39 30............. 3 152 1 ,451 -1,599 23,2 3,694 2,244 1 ,653 2,042 591 202 171 31 5 in City of Chicago 1969—June 4............. 6 186 889 -1 ,069 95.7 1,166 277 275 891 2 26 26 11............. 42 917 -875 79.9 1 ,243 327 327 917 41 41 18............. 1 667 -666 60.6 1,145 478 478 667 25 25 25............. 25 684 -659 62.3 1,103 419 399 703 19 34 34 July 2............. 35 4 580 -549 50.5 892 312 300 592 12 19 19 9............. 6 630 -624 56.5 1 ,033 403 402 632 2 30 30 16 -4 15 615 -634 55.0 1 ,044 429 409 635 20 21 21 23............. 9 492 -483 44.8 878 386 379 499 7 24 24 30............. -5 4 210 -220 21.1 827 617 547 280 69 21 21 33 others 1969—June 4.............. 63 366 721 -1 ,024 16.6 2,365 1,644 1,074 1 ,291 571 53 154 + 100 11 105 371 1 ,338 -1,604 26,5 2,646 1 ,308 939 1 ,707 370 62 174 + 112 18............. 26 465 1 ,696 -2,135 35.4 2,865 1 ,170 918 1 ,947 251 230 188 42 25............. 19 461 1 ,330 -1,773 29.7 2,546 1 ,216 851 1,695 365 166 206 +40 July 2............. 90 412 1 ,048 -1,370 22,9 2,638 1 ,590 951 1,688 640 79 127 +48 9............. 35 165 1,512 -1 ,642 27,2 3;086 1,574 1,027 2,058 546 124 108 16 16............. 287 1 ,615 -1,933 31.9 3,225 1 ,611 1,024 2,202 587 60 136 +77 23............. 91 214 1 ,389 -1 ,535 25.7 2,859 1,470 1,076 1 ,784 395 78 141 +63 30............. 148 1 ,241 -1,380 23.6 2,867 1,627 1,105 1,762 522 181 171 10 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

AUGUST 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 last par. Sec. 133 Advances and discounts under Advances under Federal Reserve Bank Secs. 13 and 13a 1 Sec. 10(b) 2 J R u a 1 ly 9 te 6 9 3 o 1 n , Ef d fe a c t t e ive Pre ra v t i e ous J R u a 1 ly t 9 e 6 9 3 o 1 n , Ef d fe a c t t e ive Pre ra v t i e ous J R u a 1 l t y 9 e 6 9 3 o 1 n , Ef d fe a c t t e ive Pre ra v t i e ous Boston................................................. 6 Apr. 8, 1969 5‘4 6'4 Apr. 8, 1969 6 7 Apr. 8, 1969 6'4 New York........................................... 6 Apr. 4, 1969 5’4 6'4 Apr. 4; 1969 6 7*4 Apr. 4, 1969 7 Philadelphia................................... 6 Apr. 4, 1969 514 6'4 Apr. 4, 1969 6 7 Apr. 4, 1969 6'4 Cleveland........................................... 6 Apr. 4, 1969 5’4 6'4 Apr. 4^ 1969 6 7'4 Apr. 4, 1969 7 Richmond...................... 6 Apr. 4, 1969 5’4 6*4 Apr. 4, 1969 6 7 Apr. 4, 1969 6'4 Atlanta................................................ 6 Apr. 4, 1969 5'4 6*4 Apr. 4, 1969 6 7 Apr. 4; 1969 6*4 Chicago............................................... 6 Apr. 4,' 1969 5'4 6*4 Apr. 4, 1969 6 7 Apr. 4, 1969 6*4 St. Louis.............................................. 6 Apr. 4, 1969 5'4 6'4 Apr. 4^ 1969 6 7 Apr. 4, 1969 6*4 Minneapolis........................................ 6 Apr. 4, 1969 5'4 6*4 Apr. 4, 1969 6 7'4 Apr. 4, 1969 6*4 Kansas City........................................ 6 Apr. 4, 1969 5'4 6*4 Apr. 4, 1969 6 7 Apr. 4, 1969 6*4 Dallas.................................................. 6 Apr. 4, 1969 5'4 6'4 Apr. 4 1969 6 7 Apr. 4, 1969 6'4 San Francisco.................................... 6 Apr. 4, 1969 514 6(4 Apr. 4, 1969 6 7 Apr. 4; 1969 6'4 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 All F.R. of date All F.R. of Banks N.Y. Banks N.Y. Banks N.Y. In effect Dec. 31, 1941......... 1 -114 1 1955—Cont. 1960 Sept. 9................................ 2 -2'4 2'4 ^ 4 1942 ‘ 13................................ 2'4 2'4 10............................... Apr. 11.................. 1 Nov. 18................................ 2'4-2-4 2'4 14............................... Oct. 15.................................... nr I 23................................ 2'4 2>4 3 JW 3 30.................................... t '4 3 3 1956 1946 Apr. 13.......................2...'4...-..3. 2’4 1963 w Apr. 25......................... t h-i 1 ' 20 .............................. 214-3 2’4 July 17................................ 3 -3'4 1 1 2’4-3 3 26................................ 3'4 “ 31................................ 3 3 1948 1964 Jan. 1 1 2 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 - '4 l'/4 1 1 ' ' 4 4 Au 19 g 5 . 7 9.......................3.. ....-..3.'4 3 30................................ 3'4 4 -4 4 4 23........ 1 .. 9 . 5 .. 0 .. ..................... 114 1 - '4 114 1^ N D o ec v . . 2 1 2 3 5 , . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 3 - '4 3'4 3 3 3 '4 13..... 1 . 9 .. 6 .. 5 ...................... 4 4- - 4 4'4 ^ Aug. 21..........................1...'.4..-..1..’4 1% 1958 1967 25.................................... 1’4 1% Jan. 22.......................2...’4...-..3. 3 Apr. 7,......................4.. ....-..4'4 4 24................................ 14................................ 4 4 Jan. 2 1 3 6 . . . . . . . . . . . . . . . 1 . . . 9 . . . . 5 . . . . 3 . . . . . . .. . . . . . . . . . . . . . . . . . . . .. . . . ....... 1’4 2 -2 2 2 2 1 1 3 . . . . . . . . . . . . . . . . . . . . . .. . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2'4 2 - '4 2’4 Nov. 2 2 7 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....... 4 4 - '4 4’4 4'4 Apr. 18................................ 1’4-2'4 1968 1954 May 9................................ 1’4 Mar 1 5 4'4-5 4'4 Feb. 5..........................1..’4...-..2... 1'4 Aug. 15................................ 1’4-2 22 5 h 15.................................... Sept. 12........... 1’4-2 2 5 -5'4 Apr. 14.................................... 114-1 ’4 23................................ ? 2 26 5'4 16..................................... 1’4-1’4 1 Oct. 24................................ 2 -2-4 2 5'4-5'4 5'4 May 21..................................... 1’4 1 Nov. 7................................ 2'4 2^ 30 5'4 5'4 Dec. 18............................... 5'4-5'4 5'4 1955 1959 20................................ 5'4 5'4 114-1’4 Mar, 6.......................2...'4...-..3. 3 15.................................... 1%-1’4 16............................... 3 3 1969 1’4 May 29................................ 3 -3'4 314 Apr. 4............................... 5'4-6 6 04-2’4 June 12................................ 3'4 3% ‘ 8...........6.....................6 1’4-2'4 2 Sept. 11................................ 3'4-4 4 12.................................... 2 -214 2 ' 18................................ 4 4 In effect July 31, 1969.... 6 6 t Preferential rate of 14 of 1 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 1 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, 2.75; 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. 439^2. Apr. 30, 5.75; May 1-3, 6, 9, 13-16, 5.75; June 7, 11-13, 19, 21, 24, 5.75; The rate charged by the F.R. Bank of N.Y. on repurchase contracts July 5, 16, 5.625; Aug. 16, 19, 5.25. against U.S. Govt, obligations was the same as its discount rate except Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 10 RESERVE AND MARGIN REQUIREMENTS □ AUGUST 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 Coun­ cla (a s l s l e s Effective date 1 city banks banks S in a g v s ­ time deposits ba c n i k ty s 3 b c a i n ty k s ba t n ry k s ba o nk f s) Under Over Under Over de i p ts os­ Under Over $5 mil­ $5 mil­ 55 mil­ $5 mil­ $5 mil­ $5 mil­ lion lion lion lion lion lion In effect Dec. 31,1949......... 22 18 12 5 1966—July 14,21......... 5 6W 5 12 M 54 5 Sept. 8, 15........ 6 1951—Jan. 11,16................. 23 19 13 6 Jan. 25; Feb. 1.... 24 20 14 1967—Mar. 2............... 3^ 31/4 1953—July 9,1................... 22 19 13 Mar. 16........ 3 3 1954—June 24, 16................. 21 5 July 29, Aug. 1.... 20 is 12 1968—Jan. 11,18........ 16!4 17 12 1214 1958—Feb. 27, Mar. 1.... 19»/4 17V4 HV4 Mar. 20, Apr. 1.... 19 17 11 1969—Apr. 17............... 17 17'4 12'4 13 Apr. 17....................... 181/4 Apr. 24........................ 18 1614 In effect July 31, 1969. . 17 I7h I2J4 13 3 3 6 I960—Sept 1....................... 1716 Nov. 24........................ 12 Present legal Dec. 1........................ 1614 requirement: 1962—July 28........................ (3) 10 7 3 3 3 Oct. 25, Nov. 1.... 4 22 14 10 10 10 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 stacks.................... 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 ference between the market value (100 per cent) and the maximum Securities Exchange Act of 1934, limit the amount of credit to pur­ loan value. chase and carry registered equity securities that may be extended Regulation G and special margin requirements for bonds con­ on securities as collateral by prescribing a maximum loan value, vertible into stocks were adopted by the Board of Governors effective which is a specified percentage of the market value of the collateral Mar. 11, 1968. at the time the credit is extended; margin requirements are the dif­ Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1969 □ MAXIMUM INTEREST RATES; BANK DEPOSITS A 11 MAXIMUM INTEREST RATES PAYABLE ON TIME AND SAVINGS DEPOSITS (Per cent per annum) Rates Jan. 1, 1962—July 19, 1966 Rates beginning July 20, 1966 Effective date Effective date Type of deposit Type of deposit Jan. 1, July 17, Nov. 24, Dec. 6, July 20, Sept. 26, Apr, 19, 1962 1963 1964 1965 1966 1966 1968 Savings deposits: 1 Savings deposits ................................. 4 4 4 12 months or more.......................... 4 4 } 4 4 Other time deposits: 2 Less than 12 months....................... 3% 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 I; | 514 Single-maturity: 6 months to 12 months................... 3*/z 4W Less than $100,000............... 54 5 5 90 days to 6 months....................... 214 $100,000 or more: ^ Less than 90 days............................. 1 4 30-59 days.............................. (30-89 days) 60-89 days.............................. 90-179 days............................ 54 54 6 180 days and over................. 6>/4 1 Closing date for the Postal Savings System was Mar. 28, 1966, Max­ Note.—Maximum rates that may be paid by member banks as estab­ 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 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 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 May 21, 1969 Four weeks ending June 18, 1969 Gross demand—Total.... 174,577 39,546 7,547 62,059 65,425 Gross demand—Total... 174,222 40,138 7,353 61,101 65,628 Interbank.................... 19,789 8,216 1 ,237 8,042 2,294 Interbank....................... 20,628 8,796 1,266 8,242 2,325 U.S. Govt................... 8,231 1,913 573 3,491 2,254 U.S. Govt....................... 4,902 754 226 1 ,872 2,050 Other........................... 146,557 29,417 5,737 50,525 60,878 Other............................... 148,693 30,588 5,862 50,989 61,253 Net demand 1..................... 133,045 24,255 5,797 47,721 55,272 Net demand 1................... 129,923 23,052 5,444 46,285 55,144 Time..................................... 160,248 17,380 5,457 61,338 76,074 Time................................... 159,413 16,808 5,316 60,938 76,352 Demand balances due Demand balances due from dom. banks...... 8,903 392 379 2,205 5,928 from dom. banks......... 9,477 463 481 2,402 6,132 Currency and coin............. 4,564 370 80 1 ,407 2,707 Currency and coin...... 4,540 368 82 1 ,405 2,686 Balances with F.R. Balances with F.R. Banks............................... 23,297 4,791 1 ,186 9,827 7,493 Banks.............................. 22,923 4,680 1 ,167 9,643 7,433 Total reserves held........... 27,861 5,161 1,266 1 ,234 10,200 Total reserves held.......... 27,463 5,048 1 ,249 11,048 10,119 Required..................... 27,625 5,137 1,264 11,211 10,013 Required......................... 27,206 5,003 1,242 11,021 9,940 Excess............................. 236 24 2 23 187 Excess............................. 257 45 7 27 179 1 Demand deposits subject to reserve requirements are gross demand Note.-—Averages of daily figures. Balances with F.R. Banks are as deposits minus cash items in process of collection and demand balances of close of business; all other items (excluding total reserves held and due from domestic banks. excess reserves) are as of opening of business. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 12 FEDERAL RESERVE BANKS □ AUGUST 1969 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1969 1969 1968 July 30 July 23 July 16 July 9 July 2 July 31 June 30 July 31 Assets Gold certificate account................................................. 10,027 10,027 10,027 10,027 10,027 10,027 10,027 10,025 Cash................................................................................ 156 159 167 172 179 158 188 369 Discounts and advances: Member bank borrowings....................................... 985 1 ,017 2,085 659 561 750 1 ,049 724 Other........................................................... 12 Acceptances: Bought outright............................................................. 41 41 41 41 43 40 41 56 Held under repurchase agreements 20 43 Federal agency obligations—Held under repurchase agreements........................ U.S. Govt, securities: Bought outright: Bills......................................................................... 18,287 18,973 19,869 19,019 19,466 19,442 19,466 18,310 Certificates—Special................................ Other....................................... Notes..................................................... 30,553 30,553 30,553 30,553 30,501 30,553 30,501 27,746 Bonds.............................................. . , . 4,143 4,143 4,143 4,143 4,128 4,143 4,128 6,104 Total bought outright........................................ 52,983 53,669 54,565 53,715 54,095 54,138 54,095 52,160 Held under repurchase agreements... 191 '237 Total U.S. Govt, securities........................................ 52,983 53,669 54,756 53,715 54,095 54,138 54,095 52,397 Total loans and securities................................................. 54,009 54,727 56,967 54,415 54,699 54,928 55,185 53,232 Cash items in process of collection.............................. ”8,671 ”8,503 ”10,744 ”9,811 ”10,196 ”8,344 8,744 7,685 Bank premises.............................................................. 114 114 114 114 113 114 114 113 Other assets: Denominated in foreign currencies.............................. 1 ,780 1 ,781 1,754 I ,889 1 ,878 I ,670 1 ,834 1 ,217 IMF gold deposited 1............................................. 228 228 228 228 228 228 228 230 All other................................................................ 588 548 513 485 437 588 432 584 Total assets.................. . ”75,573 ”76,087 ”80,514 ”77,141 ”77,757 ”76,057 76,752 73,455 Liabilities F.R. notes.................................................................. 44,881 44,955 45,193 45,323 45,049 44,820 44,681 42,098 Deposits: Member bank reserves............................................. ”20,294 ”21,301 ”23,609 ”20,764 ”21,144 ”21,772 20,808 21 ,702 U.S. Treasurer—General account............................. I ,227 1,092 1,088 1,104 995 935 1,258 1,113 Foreign..................................................................... 121 138 116 139 150 158 155 ’202 Other: IMF gold deposit 1.................................................... 228 228 228 228 228 228 228 230 All other........................................................................ 237 223 234 259 289 236 323 249 Total deposits..................................................................... »22,107 ”22,982 ”25,275 ”22,494 ”22,806 ”23,329 22,772 23,496 Deferred availability cash items........................................ 6,557 6,173 8,107 7,218 7,856 5,820 7,270 6,037 Other liabilities and accrued dividends........................... 452 462 481 465 464 504 465 375 Total liabilities...................................................................... ”73,997 ”74,572 ”79,056 ”75,500 ”76,175 ”74,473 75,188 72,006 Capital accounts Capital paid in.............................................................. 662 662 662 661 661 663 659 618 Surplus......................................................................... 630 630 630 630 630 630 630 598 Other capital accounts..................................................... 284 223 166 350 291 291 275 233 Total liabilities and capital accounts.............................. 75,573 76,087 80,514 77,141 77,757 ”76,057 76,752 73,455 Contingent liability on acceptances purchased for foreign correspondents................................................... 152 154 155 159 162 162 159 128 U.S. Govt, securities held in custody for foreign account............................................................................. 7,450 7,581 7,287 7,541 7 710 7,419 7,710 7,609 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank)........................ 47,748 47,868 47,921 47,792 47,407 47,712 47,283 44,848 Collateral held against notes outstanding: Gold certificate account............................................. 3,282 3,282 3,282 3,307 3,287 3,282 3,287 4,658 Eligible paper................................................................ U.S. Govt, securities....................................................... 45,981 45,981 45,981 45,691 45,361 45,981 45,361 41,791 Total collateral.................................................................... 49,263 49,263 49,263 48,998 48,648 49,263 48,648 46,449 1 See note 1(b) to table at top of page A—73. 2 No accrued dividends at end-of-December date. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1969 □ FEDERAL RESERVE BANKS A 13 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JULY 31, 1969 (In millions of dollars) Item Total Boston Y N o e r w k P p d h h e i i l l a ­ a­ C l l a e n v d e­ m R o ic n h d ­ At t l a an­ c C a h g i o ­ L S ou t. i s M ap in o n li e s ­ K C sa a it s n y ­ Dallas F c S i r s a a c n n o ­ Assets Gold certificate account............. 10,027 600 2,149 702 835 1 ,045 564 2,057 413 200 397 447 618 F R. notes of other banks................. 746 57 193 61 45 ’ 56 90 35 31 28 27 23 100 Other cash................................................ 158 8 13 6 20 12 23 13 17 3 13 10 20 Discounts and advances: Secured by U.S. Govt, securities,... 666 45 136 1 10 60 63 183 30 16 46 33 43 Other ........................................ 84 10 20 1 5 7 2 9 13 17 Acceptances: 40 40 Federal agency obligations'—Held U.S. Govt, securities: Bought outright.............................. 54,138 2,81 1 12,980 2,883 4,274 4,055 2,982 8,856 1 ,961 1,112 2,097 2,300 7,827 Held under repurchase agreements.. Total loans and securities............... 54,928 2,866 13,176 2,884 4,284 4,116 3,050 9,046 I ,991 1,130 2,152 2,346 7,887 Cash items in process of collection... 11,014 649 2,142 567 800 773 971 1 ,900 SU 377 721 639 964 Bank premises........................................ 114 2 9 2 5 11 18 17 8 5 19 9 9 Other assets: Denominated in foreign currencies.. 1 ,670 80 1425 87 149 87 107 247 58 38 72 95 225 228 228 All other . . .'........................................ 588 32 144 31 46 43 32 95 22 12 22 26 83 Total assets.................................................. 79,473 4,294 18,479 4,340 6,184 6,143 4,855 13,410 3,051 1 ,793 3,423 3,595 9,906 Liabilities 45,566 2,623 10,528 2,644 3,693 4,145 2,416 8,077 1,692 787 1 ,712 1,624 5,625 F.R, notes................................................ Deposits: Member bank reserves....................... 21 ,772 937 5,494 1 ,049 1 ,495 1 ,068 1 ,448 3,497 803 605 992 1 ,297 3,087 U.S. Treasurer-General account.. 935 54 88 71 78 101 91 99 83 38 69 55 108 Foreign................................................ 158 5 376 6 10 6 7 16 4 2 5 6 15 Other: 228 228 All other........................................... 238 2 187 1 10 1 3 1 2 3 2 26 Total deposits.......................................... 23,331 998 6,073 1 ,127 1 ,583 1 ,185 1,547 3,615 891 647 1 ,069 1 ,360 3,236 Deferred availability cash items.......... 8,488 570 1 ,338 463 731 691 766 1 ,399 396 313 558 505 758 Other liabilities and accrued dividends 504 26 '124 25 39 36 28 81 18 11 19 21 76 Total liabilities.................................. 77,889 4,217 18,063 4,259 6,046 6,057 4,757 13,172 2,997 1 ,758 3,358 3,510 9,695 Capital accounts Capital paid in. .......................... 663 32 176 34 59 33 42 98 23 15 28 37 86 Surplus..................................................... 630 31 160 33 56 33 40 93 22 14 27 36 85 Other capital accounts................. 291 14 80 14 23 20 16 47 9 6 10 12 40 Total liabilities and capital accounts.. 79,473 4,294 18,479 4,340 6,184 6,143 4,855 13,410 3,051 1 ,793 3,423 3,595 9,906 Contingent liability on acceptances purchased for foreign correspond­ ents ................................................... 162 7 449 8 14 8 10 22 5 3 6 9 21 Federal Reserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank).................................................... 47,712 2,744 11,057 2,733 3,935 4,256 2,565 8,353 1,777 822 1,793 1,756 5,921 Collateral held against notes out­ ' standing: Gold certificate account.................... 3,282 200 500 300 560 535 1 ,000 155 27 5 U.S. Govt, securities......................... 45,981 2,601 10,800 2,600 3,500 3,810 2,650 7,650 1 ,700 815 1 ,825 1 ,780 6,250 Total collateral........................................ 49,263 2,801 11,300 2,900 4,060 4,345 2,650 8,650 1 ,855 842 1,825 1 ,785 6,250 1 After deducting $1,245 million of participations of other Federal 3 After deducting $82 million of participations of other Federal Re­ Reserve Banks, serve Banks. 2 See note 1(b) to table at top of page A-73. 4 After deducting $113 million of participations of other Federal Re­ serve Banks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 14 OPEN MARKET ACCOUNT □ AUGUST 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., Gross Gross Gross maturity Gross Exch. pur­ Gross Redemp­ pur­ Gross Redemp­ pur­ Gross shifts, pur­ Gross or . chases sales tions chases sales tions chases sales or chases sales maturity redemp­ shifts tions 1968’—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 Feb.. . . 1,234 1,110 175 1,149 1 ,H0 175 23 -8,479 33 6,095 Mar.... 385 65 381 217 65 381 49 574 73 -574 Apr.... 2,121 1 ,346 206 2,121 1 ,346 206 May,.. 2,368 1 ,444 2,173 1 ,444 33 16,883 78 16,895 June... 4,586 3,993 7 4,586 3,993 7 Outright transactions in U.S, Govt, securities—Continued Repurchase Bankers’ agreements Federal acceptances (U.S. Govt. Net agency 5-10 years Over 10 years securities) change obliga­ Month in U.S. tions Under Net Govt, (net re­ repur­ changei Exch. Exch. secur­ purchase Out­ chase Gross or ma­ Gross or ma­ Gross ities agree­ right, agree­ pur­ Gross turity pur­ Gross turity pur­ Gross ments) net ments, chases sales shifts chases sales shifts chases sales net 1968—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 Nov., ,. 70R 980 980 21 2 23 Dec.. . . 1 ,369 1,369 -414 -414 1969—Jan........ 371 371 -810 -8 -818 Feb.... 24 2.384 6 2,517 2,318 148 20 I 40 209 Mar.. .. 26 20 2,044 1 854 130 5 -4 7 137 Apr.. . . 1 929 1 790 708 54 5 43 810 May. . . 60 12 24 4 192 4,470 646 1 — 5 -60 582 June.,. 1 '312 1 ;562 336 -80 -5 -30 220 1 Net change in U.S. Govt, securities. Federal agency obligations, and Note.—Sales, redemptions, and negative figures reduce System hold­ bankers’ acceptances. ings; all other figures increase such holdings. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalent) Nether­ End of period Total Pounds Belgian Canadian Danish French German Italian Japanese lands Swiss sterling francs dollars kroner francs marks lire yen guilders francs 1967—Dec................................... 1,604 1 ,140 45 3 1 413 1 1 * 2 1968—Apr................................... 1,536 1,195 50 256 I 26 2 1 2 4 M^ay................................. 1 ,’926 1 ’,544 50 256 1 67 2 1 2 4 June................................. 1,009 ’503 52 132 25 101 134 1 1 57 4 July................................. 1 ^217 851 52 8 25 151 69 i I 57 2 Aug.................................. 1 ^055 601 53 4 25 235 75 1 f 57 3 Sept.................................. 1,281 698 13 4 452 75 1 1 33 3 Oct................................... 1,273 694 124 4 378 65 t 1 4 3 Nov.................................. 2,211 1,443 111 4 571 75 i 1 4 3 Dec.................................. 2,061 1,444 8 3 433 165 1 I 4 3 1969—Jan................................... 1,883 1,443 41 2 25 294 67 I 1 4 6 Feb................................... 1,938 1,450 13 1 25 318 125 1 4 1 Mar.................................. 2.059 1,396 23 1 461 160 13 1 4 1 Apr.................................. 1,960 1 ;245 44 1 50 436 163 15 1 4 ♦ Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 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 July 30 July 23 July 1 6 July 9 July 2 July 31 June 30 July 31 Discounts and advances—Total....................................... 985 1 ,017 2,085 659 561 750 1 ,049 736 Within 15 days................................................................. 965 1 ,001 2,067 643 544 730 1 ,033 728 16 days to 90 days........................................................... 20 16 18 16 17 20 16 8 91 days to 1 year............................................................. Acceptances—Total............................................................. 41 41 61 41 43 40 41 99 Within 1 5 days................................................................ 8 10 31 9 9 7 8 59 16 days to 90 days........................................................... 33 31 30 32 34 33 33 40 91 days to 1 year........................................................... U.S. Government securities—-Total................................ 52,983 5.1,669 54,821 53,715 54,095 54,138 54,095 52,397 Within 15 days >............................................................... 1 ,719 2,380 3,087 2,227 2,215 1,659 1 ,435 7,269 16 days to 90 days........................................................... 8,859 8,907 9,246 8,986 9,298 8,815 9,675 8,210 91 days to 1 year............................................................. 20,548 20,525 20,631 20,645 20,783 21,807 21,186 23,123 Over 1 year to 5 years.................................................... 7,715 7,715 7,715 7,715 7,691 7,715 7,691 7,737 Over 5 years to 10 years................................................ 13,471 13,471 13,471 13,471 13,447 13,471 13,447 5,470 Over 10 years................................................................... 671 671 671 671 661 671 661 588 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 Leading SMSA’s Total 232 Leading SMSA’s Total 232 Total SMSA’s 226 Total SMSA’s 226 233 (excl. other 233 (excl. other SMSA's N.Y. 6 others2 N.Y.) SMSA’s SMSA’s N.Y. 6 others2 N.Y.) SMSA’s 1968—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 2617 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 I 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 2710 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 1 37.0 66.3 46.1 37.7 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 Mar................................ 8,723.3 3 882 8 1 974.3 4 840 5 2 866 2 65 8 143.1 64.5 46.1 38 9 Apr................................. 8 883.9 3 902 0 2,028.9 4.981 9 2 953 0 65 9 138 2 66.1 46 8 39 2 May............................... 9,'147. 6 4 097 6 2’083.2 5 050 0 2*966 8 68 7 146.6 67.3 48 0 39 7 June............................... 9,385.4 4J55.7 2,164.4 5,229^7 3,065.3 68 6 143.3 68.4 48 4 40 1 July................................. l Excludes interbank and U.S. Govt, demand deposit accounts. Note.—Total SMSA's includes some cities counties not designated 2 Boston, Philadelphia. Chicago, Detroit, San Francisco-Oakland, and as SMSA’s. Los Angeles-Long Beach. Fora 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 □ AUGUST 1969 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency End of period in cir­ cula­ tion 1 Total Coin $1 2 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939. 7,598 5,553 590 559 36 1 ,019 1 ,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1 ,433 261 556 24 46 1945 28,515 20,683 1 ,274 1 ,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947. 28,868 20,020 1 ,404 1 ,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950....................... 27,741 19,305 1 ,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1955. 31,158 22,021 1 ,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 2,2/6 6,672 10,476 9,326 2,803 5,913 26/ 34/ 3 5 I960. 32,869 23,521 2,427 t ,533 88 2,246 6,691 10,536 9,348 2,815 5,954 249 316 3 10 1961 . 33,918 24,388 2,582 1,588 92 2,313 6,878 10,935 9,531 2,869 6,106 242 300 3 10 1962. 35,338 25,356 2,782 1 ,636 97 2,375 7,071 II ,395 9,983 2,990 6,448 240 293 3 10 1963. 37,692 26,807 3,030 1 ,722 103 2,469 7,373 12,109 10,885 3,221 7,110 249 298 3 4 1964. 39,619 28,100 3,405 1 ,806 1 1 1 2,517 7,543 12,717 1 1 ,519 3,381 7,590 248 293 2 4 1965. 42,056 29,842 4,027 1 ,908 127 2,618 7,794 13,369 12,214 3,540 8,135 245 288 3 4 1966. 44,663 31,695 4,480 2,051 137 2,756 8,070 14,201 12,969 3,700 8,735 241 286 3 4 1967. 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--Apr............. 46,621 32,938 5,137 1 ,875 136 2,684 8,104 15.002 13,683 3,857 9,293 240 286 3 4 May........... 47,202 33,414 5,231 I ,883 136 2,727 8,230 15,207 13,787 3,894 9,360 240 286 3 4 June........... 47,640 33,745 5,309 1 ,860 136 2,728 8,287 15,424 13,895 3,932 9,430 240 286 3 4 July............. 47,979 33,963 5,385 1 ,871 136 2,720 8,261 15,590 14,015 3,971 9,511 240 286 3 4 Aug............ 48,353 34,238 5,449 1 ,863 136 2,728 8,309 15,753 14,115 3,999 9,581 240 287 3 4 Sept............ 48,340 34,161 5,498 1 ,872 136 2,732 8,269 15,654 14,179 4,002 9,641 241 288 3 4 Oct.............. 48,719 34,421 5,565 1 ,900 136 2,763 8,336 15,722 14,299 4,028 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 Feb............. 48,996 34,421 5,603 1 ,895 136 2,784 8,318 15,685 14,576 4,080 9,955 243 291 4 4 Mar............ 49,475 34,792 5,645 1 ,909 136 2,806 8,383 15,915 14,682 4,102 10,023 244 291 3 19 Apr............. 49,642 34,895 5,692 1 ,934 136 2,815 8,363 15,955 14,747 4,130 10,073 244 292 3 4 May........... 50,399 35,529 5,730 1 ,971 136 2,861 8,531 16,300 14,869 4,158 10,166 244 292 3 5 June........... 50,936 35,920 5,790 1 ,989 136 2,882 8,592 16,531 15,016 4,212 10,259 245 292 3 5 1 Outside Treasury and F.R. Banks. Before 1955 details are slightly 2 Paper currency only; $1 silver coins reported under coin. overstated because they include small amounts of paper currency held by the Treasury and the F.R. Banks for which a denominational break­ Note.—Condensed from Statement of United States Currency and down is not available. Coin, issued by the Treasury. KINDS OUTSTANDING AND IN CIRCULATION (In millions of dollars) Held in the Treasury Currency in circulation 1 Total out­ Held by standing, As security For F.R. 1969 1968 Kind of currency Ju 1 n 9 e 6 9 30, g a o s g l i d a lv in e a r s n t d Tr c e a a s s h ury B F a a n . n R d k . s A B a g a n e n d n k t s s June May June certificates Agents 30 31 30 Gold......................................................................................... 10,367 (10,027) 2340 Gold certificates.................................................................... (10,027) 310,026 i Federal Reserve notes................................................. 47,284 134 2,603 44,547 44,066 41,722 Treasury currency—Total.................................................. 6,736 159 188 6,389 6,333 5,918 Standard silver dollars.................................................... 485 ................... 3 ................... 482 482 482 Fractional coin.................................................................. 5,623 131 185 5,308 5,248 4,827 United States notes................................................... 323 25 3 294 298 299 In process of retirement 4.............................................. 305 305 305 310 Total—June 30, 1969........................................................... 564,387 (10,027) 633 10,026 2,792 50,936 May 31, 1969........................................................... 563,913 (10,022) 649 10,021 2,844 50,399 June 30, 1968........................................................... 561,506 (10,026) 838 10,024 3,003 47,640 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 $228 million gold deposited by and held for the International are shown in parentheses. Monetary Fund. 3 Consists of credits payable in gold certificates, the Gold Certificate Note.—Prepared from Statement of United States Currency and Coin Fund—Board of Governors, FRS. and other data furnished by the Treasury. For explanation of currency 4 Redeemable from the general fund of the Treasury. reserves and security features, see the Circulation Statement or the Aug. 1961 Bulletin, p. 936, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 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 it d jus a t d ed ­ 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 t d e ­ d 1 d d e e p m os a i n t d s1 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 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........................................................ 193.7 43.6 150,1 202.5 199.5 43.5 155.9 202,1 4.7 Feb........................................................ 193.8 43.9 149.9 201.0 192.4 43.4 149.0 201.6 6.6 Mar....................................................... 194.0 44.2 149.8 201.0 192.6 43.8 148.8 202.0 4. 5 Apr................................................. 195.7 44.2 151,5 200.8 196,7 43.9 152.8 201.6 5.1 May..................................................... 195.2 44.6 150.7 200,1 191.6 44.3 147.3 200.9 8.8 June.................................................... 195.2 44.9 150.3 199.2 193.3 44.8 148.5 199.6 5.7 July”.................................................... 195.8 45.1 150.6 195.7 193.7 45.3 148.4 196.1 5.3 Week ending— June 11............................................... 195.8 44.8 150,9 199.7 193.9 45.0 148.9 200.3 4.0 18................................................ 195.1 44.9 150.3 199.2 194.2 44.8 149.4 199.6 5.4 25................................................. 194.7 44,9 149.9 198.7 191.3 44.6 147.0 198,9 8.0 July 2................................................ 195.9 45.1 150.9 198.0 194.4 44.9 149.5 198.4 5.6 " 9................................................ 196.2 45.1 151 . 1 196.9 194.2 45.9 148.3 197.3 5.4 16................................................ 195.5 45.0 150,5 195.7 194.6 45.3 149.3 196. 1 3.0 23................................................ 195.4 45.2 150.2 195.3 192.4 45.2 147.2 195.7 6.7 30”.............................................. 195.3 45.2 150.1 194,7 192.9 44.9 148,0 195.1 6.1 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.—’Pending further revisions in the series, figures shown here for rency outside the Treasury, F.R. Banks, and vaults of all commercial the demand deposit component and for the total money supply (S.A. and banks. Time deposits adjusted are time deposits at all commercial N.S. A.) do not reflect the interim revision in the series as published in the banks other than those due to domestic commercial banks and the Aug, 14, 1969, release ‘‘Demand Deposits, Currency, and Related Items’* U.S, Govt. Effective June 9, 1966, balances accumulated for payment of (H.6). personal loans were reclassified for reserve purposes and are excluded from Averages of daily figures. Money supply consists of (1) demand time deposits reported by member banks. deposits at all commercial banks other than those due to domestic com­ AGGREGATE RESERVES AND MEMBER BANK DEPOSITS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Member bank reserves1 Deposits subject to Member bank reserves Deposits subject to reserve requirements2 reserve requirements2 Period Total r N o b w o o r e n ­ d ­ qu R ir e e ­ d Total s T a a v i n m in d g e s de v P m a r t a i e ­ n d d G e U m o . v a S n t . , d Total r N o b w o o r n e ­ d ­ qu R ir e e ­ d Total sa T a v i n m in d e g s de v P m a r t a i e ­ n d d G e U m o . v S an t . , d 1965—Dec........ 23.26 22.82 22.83 236.6 121.2 111.0 4.4 22.72 22.27 22.27 239.0 119.8 115.2 4,0 1966—Dec........ 23.52 22.98 23.17 244.6 129.4 111.7 3.5 23.83 23.27 23.44 247.1 127.9 116.1 3.0 1967—Dec........ 25.88 25.62 25.53 273.2 149.9 118.6 4.6 25.26 25.02 24.92 275.9 148.1 123.3 4.5 1968—July. . .. 26.57 26.05 26.26 280.9 153.8 124.3 2.7 26.00 25.48 25.70 281.7 154.1 122.6 5.0 Aug....... 27.06 26.52 26.73 285.9 156.5 124.6 4.8 26.07 25.50 25.69 283.6 157.2 121.7 4.8 Sept.. . . 27.12 26.67 26.76 287.9 158.9 123.6 5.3 26.08 25.56 25.69 286.7 158.6 123.0 5.2 Oct........ 27.29 26.86 26.97 290.9 161.5 124.5 5.0 26.65 26.23 26.39 291.2 161.0 124.8 5.4 Nov.. . . 27.45 26.86 27.14 293.6 163.5 125.4 4.7 26.79 26.22 26.46 292.4 162.3 126.4 3.6 Dec........ 27.71 26.96 27.35 296.7 165.8 126.7 4.2 27.22 26.46 26.77 299.7 163,8 131.8 4.1 1969—Jan......... 27.85 27.03 27.61 295.1 163.2 126.6 5.3 28.06 27.37 27.85 299.0 162.7 132.1 4.2 Feb........ 27.74 26.88 27.50 294.8 161 .0 127.2 6.7 27.29 26.47 27.06 293.9 161,8 126.2 5.9 Mar.. . . 27.64 26.69 27.39 292.3 160.5 126.9 4.8 26.75 25.84 26.54 291.4 161.6 125.9 3.9 Apr........ 27.49 26.46 27.32 293.6 160. 1 127.6 5.8 27.08 26.08 26.93 294.2 160.9 128.7 4.5 May.... 27.86 26.52 27.57 293.0 159.3 127.8 5.9 27.90 26.50 27.60 292.1 160.1 124.1 7.9 June.. . . 27.61 26.26 27.29 289.7 158. 1 127.5 4.0 27.28 25.87 26.98 289.1 158.6 125.5 5.0 July". .. 26.93 25.68 26.75 284.5 155.0 127.0 2.5 26.97 25.78 26.80 28.54 155.4 125.3 4.7 1 Averages of daily figures. Data reflect percentage reserve require­ inated from time deposits for reserve purposes. Jan. 1969 data are not ments made effective Apr. 23, 1969. Required reserves are based on comparable with earlier data due to the withdrawal from the system on average deposits with a 2-week lag. Jan. 2, (969, of a large member bank. 2 Averages of daily figures. Deposits subject to reserve requirements in­ clude total time and savings deposits and net demand deposits as defined Note.—Seasonally adjusted data for the period 1959 to date may be by Regulation D. Private demand deposits include all demand deposits ex­ obtained from the Banking Section, Division of Research and Statistics, cept those due to the U.S. Govt., less cash items in process of collection Board of Governors of the Federal Reserve System, Washington, D.C. and demand balances due from domestic commercial banks. Effective June 20551. 9, 1966, balances accumulated for repayment of personal loans were elim- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 18 BANKS AND THE MONETARY SYSTEMS □ AUGUST 1969 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total Bank credit assets, net— Treas­ Total Date c u u r r y - U.S. Government securities li i a ti b e i s l­ Total C a a n p d ital Gold r o en u c t­ y Total Loans, Coml. O se th cu er ­ ca a p n it d a l, de a p n o d sits ra a i c se ­ , st i a n n g d­ net *, 2 Total sa a v n in d g s R F B e e a d s n e e r k r v a s e l Other3 rities 2 net currency co n u e n t ts, banks [947—Dec. 31..................... 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30..................... 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,008 184,384 14,624 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—July 31.................... 10 400 6,700 484,600 292,300 117,900 64,700 52,400 800 74,400 501,700 451,700 50,000 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 6,700 492,500 295,700 119,100 66,700 52,400 100 77,700 509,600 458,100 51,500 Oct. 30..................... 10’400 6,800 498,100 296,800 122,400 68,800 53,600 100 78,900 515,300 464,200 51,100 Nov. 27..................... 10’400 6,800 500,100 300,400 120,000 66,700 53,200 100 79,700 517,300 466,300 50,900 Dec. 31..................... 10'367 6,795 514,427 311 ,334 121,273 68,285 52,937 51 81,820 531,589 484,212 47,379 1969—Jan. 29...................... 10,400 6,800 504,800 304,300 119,500 67,100 52,300 100 81,000 522,000 469,900 52,100 Feb. 26...................... 10’400 6,800 503,000 306,000 115,500 63,500 51,900 100 81,500 520,200 466,800 53,300 Mar. 26..................... 10’400 6,800 504,100 307,300 114,600 62,500 52,000 100 82,300 521,300 466,300 54,900 Apr. 30?................... 10'400 6,700 510,200 312,400 114,900 61 ,800 53,100 100 82,900 527,300 471,700 55,600 May 28?................... 10,'400 6,700 506,700 311,800 112,500 59,000 53,400 100 82,400 523,800 465,400 58,400 June 25 r?,............... 10,400 6,800 510,500 316,800 110,600 57,400 53,200 83,000 527,600 467,100 60,500 July 30»................... 10^400 6,700 512,300 319,300 111,100 58,100 53,000 .....8..1..,.9...0..0 529,400 462,600 66,700 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 u n s c i k r d y ­ s e d ju e m s D p a t a o d e e n s d ­ ­ d i t s 5 Total o b r u C e a t n n u s c i k r d y ­ s e d ju e m s D p a t a o e d e n d s ­ ­ d i t 3 s Total b m C a e n o r k c m s ia ­ l 1 b s M a a v n u i k t n u s g a s l 6 S P t a S e o v y m s i s t n a ­ 3 g l s e n i e g t n , 7 T h c i u r o n a e r g l s y a d h s s ­ ­ s b a c a v a o A n n i m n 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 36,314 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 J23 1968—July 31 . . . 186,800 41,300 145,500 186,600 41,400 145,200 254,800 192,100 62 700 2,200 800 6,100 1,100 Aug. 28 . . . 186’400 41,300 145,100 184,700 41,500 143,200 257'800 194,900 63,000 2’000 800 5,300 1,000 Sept. 25.... 186,600 41'400 145'200 185,400 41'500 143 J00 259,900 196,400 63,500 2 J00 800 8’900 1 'OOO Oct. 30.... 188,400 41’600 146’800 I90J00 41'800 148’300 263,700 200’000 63,700 2,100 800 6,400 1 JOO Nov. 27. . . . 190,800 42,300 148’500 193 800 43 J00 150’,300 265'400 201 J00 63 900 2,400 800 3,600 '400 Dec. 31 . . .. 199,600 42 ,'600 157^000 207 347 43 J27 163^820 267627 202 786 64,841 2 >55 695 5,385 703 1969—Jan. 29.... 190,100 42,800 147,300 192 500 42,200 150,400 266,000 201 200 64 900 2,200 800 7,900 500 Feb. 26.... 191,300 42'800 148’500 190,500 42 J00 148,100 266'700 201,600 65,200 2,100 800 6,200 600 Mar. 26.. . . 193,500 43;200 150'300 190’700 42'800 147,900 267 J00 201 800 65 900 2'100 700 4^600 500 Apr. 30?. .. 192^000 43,300 148’700 192 000 42'900 149 J 00 266,400 200 700 65,700 2,300 700 9.400 1 ,000 May 28p... 191,000 43'600 147,400 188 700 43 ’ 500 145’200 266,600 200 600 66 000 2,100 700 6 900 400 June 25 rp.. 194,200 43'700 150’500 191'600 43 J00 147,900 264,800 198 400 66 300 2 J00 700 6 JOO 1 ,500 July 30?. .. 191,600 44’000 147,600 191,400 44,100 147,300 261,100 194,600 66,500 .......2.. .J..0.0 700 5’900 1 ,200 t 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 (S1,500 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. 3 After June 30, 1967, Postal Savings System accounts were eliminated Note.—For back figures and descriptions of the consolidated condition from this Statement. statement and the seasonally adjusted series on currency outside banks * ♦ Series begin in 1946; data are available only for 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. I960. 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

AUGUST 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 l o i i n t a t d i a - e l s Total3 Interbank3 Dema O nd ther r B i o n o w g r s - ­ c c T a o a c o p u ­ t n i a t t a l s l b N a b o u n e f m k r s - G U o .S v . t. Oth 2 er c c o a a p u c i n t ­ a ts 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 8,57735,415 177,332 (65,612 14.065 (05, 935 45,6(3 227 10,542 (4.553 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 66 11,948 14,714 1967—Dec. 30............... 424,134287,543 66,75269,83978,924517,374455,501 21 ,883 1,314 5,240 184,139242,925 5,84639,371 14,223 1968—July 31............... 440,760301,620 64,74074,40070,540526,100454,140 19,170 1,310 5,800 172,690255,17010,15040,850 14,219 Aug. 28............... 443,320301,640 65,68076,00067,930525,720451,330 18,020 1,350 4,970168,800258,190 11,13041,030 14,216 Sept. 25.............. 450,040305,710 66,68077,65070,840 535,690459,990 19,250 1 ,410 8,540 170,580260,210 11,66041,280 14,209 Oct. 30.............. 455,630307,930 68,76078,94072,690543,410467,330 19,690 1 ,330 6,070 176,220264,020 Il,67041.590 14,205 Nov. 27.............. 458,600312,210 66,73079,66077,600551,410472,83020,500 I ,260 3,250 182,100265,720 13,02041,770 14,187 Dec. 31............... 470,167320,062 68,285 81,82084,748571,805498,94524,747 1 ,213 5,017 199,973 267,995 8,97242,275 14,179 1969—Jan. 29............... 464,280 316,(40 67,(1081,03072,680552,490472,730 19,350 1 ,080 7,540 178,370266,390 12,83042,160 14,172 Feb. 26............... 463,440318,480 63,46081,50072,480552,830469,810 19,550 1 ,010 5,830 176,330 267,090 13,01042,530 14,172 Mar. 26............... 465,300320,540 62,50082,26072,990555,460469,63019,910 990 4,250 176,440268,040 14,36042,720 14,176 Apr. 30”............. 470,100325,440 61,77082,89082,400570,010481,89021,230 950 9,000 183,970266,740 15,78043,170 14,168 May 28”............. 468,870 327,480 59,04082,35078,(40564,830472,94020,990 940 6,580 (77,530266,900 17,49043,320 14,167 June 25r”........... 474,350333,970 57,40082,98078,210 570,790473,72020,730 910 5,960 181,040265,080 18,52043,430 14,173 July 30”............. 477,700337,710 58,06081,93075,870572,840468,23021,060 850 5,540 179,310 261,470 19,45043,700 14,179 Commercial banks: 1941—Dec. 31...... 50,746 21,714 21,808 7,22526,551 79.104 71,283 10 982 44 349 15,952 23 7,173 14.278 1945—Dec. 31............... 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14,065 105,921 30,241 219 8,950 14,011 1947—Dec. 316............. 116,284 38,057 69,221 9,00637.502 155,377 144,103 12,792 240 1,343 94.367 35,360 65 10,059 14,181 1967—Dec. 30............... 359,903235,954 62,47361,47777,928451,012395,00821,883 1 ,314 5,234184,066 82,511 5,777 34,384 13,722 1968—July 31............... 373,480248,370 60,53064,58069,610456,670391,330 19,170 1 ,310 5,800 172,610 192,440 10,150 35,740 13,717 Aug. 28............... 375,550 248,050 61,48066,02067,020455,820388,280 18,020 1,350 4,970168,720 195,220 11,13035,850 13,714 Sept. 25............... 382,080251,920 62,54067,62069,850465,490396,410 19,250 1 ,410 8,540 170,480 196,730 11,66036,090 13,707 Oct. 30............... 387,450253,860 64,76068,83071,780473,100403,580 19,690 1 ,330 6,070 176,120 200,370 11,67036,400 13,703 Nov. 27............... 390,010257,730 62,82069,46076,690480,640408,83020,500 1 ,260 3,250 182,000 201,820 13,02036,510 13,687 Dec. 31............... 401,262 265,259 64,46671 ,537 83,752500,657434,02324,747 1 ,211 5,010 199,901 203,154 8,89937,006 13,679 1969—Jan. 29............... 394,820261,130 63,15070,54071,850480,940407,780 19,350 1 ,080 7,540 178,270201,540 12,83036,870 13,673 Feb. 26............... 393,470263,120 59,47070,88071,590480,700404,520 19,550 1 ,010 5,830 176,230201,90013,01037,180 13,673 Mar. 26............... 394,900 264,970 58,51071,42072,090482,870403,67019,910 990 4,250 176,360202,160 14,36037,360 13,677 Apr. 30”............. 399,550 269,710 57,87071,97081,610497,400416,11021,230 950 9,000 183,890201,040 15,78037,800 13,669 May 28”............. 397,900271,330 55,22071 ,35077,240491,670406,85020,990 940 6,580 177,450200,890 17,49037,890 13,668 June 25 r”.......... 403,220277,690 53,80071,73077,350497,500407,31020,730 910 5,960 180,960 198,750 18,520 38,020 13,674 July 30”............. 406,280281,290 54,46070,53075,020499,280401,62021,060 850 5,540 179,230 194,940 19,45038,300 13,682 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 46,95649,31568,946373,584326,03320,811 1,169 4,631 151 ,980 147,442 5,37028,098 6,071 1968—Julv 31............... 303,009206,378 45,05751,57461 ,854376,785 320,31018,229 1,146 4,988 141,559 154,388 9,76329,160 6,026 Aug. 28............... 304,669205,850 45,89852,921 59,497 375,766317,186 17,088 1,193 4,181 138,031 156,693 10,68429,240 6,019 Sent. 25........ 309,985 208,917 46,755 54,31361,846383,685323,730 18,275 1,246 7,468 139,166 157,575 11,19229,415 6,010 Oct. 30............... 314,164210,270 48,70455,19063,275 389,598329,287 18,673 1,169 5,226 143,684 160,535 11,153 29,687 6,002 Nov. 27........ 315,615 213,092 46,820 55,70367,675 395,535 333,142 19,462 1 ,098 2,545 148,083 161,95412,45029,739 5; 990 Dec. 31............... 325,086220,285 47,881 56,92073,756412,541 355,41423,519 1 ,061 4,309 163,920 162,605 8,458 30,060 5,978 1969—Jan. 29............... 319,249216,806 46,46455,97963,826395,585 332,284 18,402 927 6,556 145,546 160,853 12,00029,966 5,972 Feb. 26............... 317,925 218,407 43,387 56,131 63,247 394,742329,130 18,593 860 4,907 144,065 160,705 12,179 30,190 5,967 Mar, 26.............. 318,742219,595 42,70956,43863,749 396,209 327,685 18,950 842 3,374 143,989 160,530 13,63630,342 5,962 Apr. 30............... 322,920223,609 42,37256,93972,398409,340339,06220,260 796 7,981 150,7(9 159,306 (4,88830,699 5,955 May 28............... 321 ,197 224,696 40,177 56,32468,479403,971 330,433 20,054 790 5,405 145,261 158,923 16,467 30,752 5,944 June 25^............. 326,064230,266 39,17456,62468,183408,932330,191 19,776 756 4,870 147,984 156,805 17,358 30,869 5,938 July 30”............. 328,560233,196 39,96255,40266,159410,401 324,99320,079 699 4,562 146,373 153,280 18,145 31,090 5,925 Mutual savings banks: 1941—Dec. 31 ...... 10,379 4,901 3,704 1,774 793 11,804 10,533 5 10,527 1,241 548 1 1 9 9 4 4 5 7 — — D D e e c c . . 3 31 1 6 ... . . . . . . . . . . . . . . . . . . . . . . . . . 1 18 6 . . 6 2 4 0 1 8 4 4 . , 2 9 7 4 9 4 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 19 7 , , 7 0 1 2 4 0 1 17 5 , , 7 3 6 8 3 5 i 3 11 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 ........... i 7 73 60,414 69 4,987 501 1968—July 31................ 67,280 53,250 4,210 9,820 930 69,430 62,810 80 62,730 5,110 502 Aug. 28............... 67,770 53,590 4,200 9,980 910 69,900 63,050 80 62,970 5,180 502 Sept. 25. , 67,960 53,790 4,140 10,030 990 70,200 63,580 100 63,480 5,190 502 Oct. 30............... 68,180 54,070 4,000 10,110 910 70,310 63,750 100 63,650 5,190 502 Nov. 27................ 68,590 54,480 3,910 10,200 910 70,770 64,000 100 63,900 5,260 500 Dec. 31............... 68,905 54,803 3,819 10,283 996 71,148 64,922 2 7 72 64,841 73 5,269 500 1969—Jan. 29............... 69,460 55,010 3,960 10,490 830 71,550 64,950 ........... 100 64,850 ........... 5,290 499 Feb. 26............... 69,970 55,360 3,990 10,620 890 72,130 65,290 100 65,190 5,350 499 Mar. 26............... 70,400 55,570 3,990 10,840 900 72,590 65,960 80 65,880 5,360 499 Apr. 30............... 70,550 55,730 3,900 10,920 790 72,610 65,780 80 65,700 5,370 499 May 28............... 70,970 56,150 3,820 11 ,000 900 73,160 66,090 ........... 80 66,010 ........... 5,430 499 June 25’’............. 71,130 56,280 3,600 11,250 860 73,290 66,410 80 66,330 5,400 499 July 30”....... 71,420 56,420 3,600 11,400 850 73,560 66,610 80 66,530 5,400 497 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 □ AUGUST 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 Lo > a , n 2 s G U o . v S t . . Oth 2 er a C ss a e s t h s 3 c c b o a i a l a l p u i n i c a t i n d i t ­ ­ e a t s s l 4 Total3 m D a e n ­ d Time U. D S. ema O nd ther Time1 r B i o n o w g 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.....1..2...,.8..9..6 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 ,282 20,062 1,880 5,715 12 1968—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 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 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 28,207 20,159 3,438 6,180 12 Nov. 27................... 55,084 41,429 5,881 7,774 18,243 77,069 57,653 7,363 633 170 28,675 20,812 3,914 6,129 12 Dec. 31.................. 57,047 42,968 5,984 8,094 19,948 81,364 63,900 8,964 622 888 33,35) 20,076 2,733 6,137 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 Mar. 26................... 53 .942 41 ,875 4,574 7,493 18,680 76,776 55,046 7,588 442 356 28,746 17,914 4,010 6,153 12 Apr. 30................... 55,607 43,237 4,616 7,754 22,610 82,395 59,841 8,788 419 2,080 31,513 17,041 4,267 6,240 12 May 28................... 54,847 43,174 4,099 7,574 20,784 80,195 56,188 8,825 414 826 29,577 16,546 4,92! 6,217 12 57,109 45,109 4,331 7,669 20,595 82,393 55,700 8,315 404 513 30,782 15,686 4,902 6,230 12 July 30................... 57,645 45,922 4,893 6,830 19,776 82,327 54,066 8,519 369 821 29,732 14,625 5,011 6,241 12 City of Chicago:?* 8 1941—Dec. 31.......2..,.7...6..0 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 288 13 1945—Dec. 31................... 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947—Dec. 31................... 5,088 1,801 2,890 397 1,739 6,866 6,402 1,217 72 4,201 913 426 14 1967—Dec. 30................... 12,744 9,223 1 ,574 1 ,947 2,947 16,296 13,985 1 ,434 21 267 6,250 6,013 383 1,346 10 1968—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 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 13,334 9,297 2,028 2,009 3,185 17,196 12,760 1 ,223 11 181 5,326 6,019 1 ,218 1,395 9 Oct. 30................... 13,579 9,356 2,222 2,001 3,403 17,666 13,118 1,260 12 253 5,456 6,137 1,134 1,412 9 Nov. 27 13,658 9,573 1 ,990 2,095 3,218 17,571 13,311 1 ,287 10 58 5,676 6,280 953 1 ,416 9 Dec. 31................... 14,274 10,286 1 ,863 2,125 3,008 18,099 14,526 1 ,535 21 257 6,542 6,171 682 1 ,433 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 14,146 10,313 1 ,634 2,199 2,768 17,696 12,789 1 ,267 17 92 5,775 5,638 1 ,418 1,435 9 Apr. 30................... 14,004 10,218 1 ,592 2,194 2,835 17,635 13,201 1,170 17 615 5,901 5,498 1 ,319 1,460 9 May 28.................... 13,646 9,996 1 ,473 2,177 3,067 17,559 12,662 1,190 17 233 5,886 5,336 1 ,682 1,446 9 13,918 10,422 1 ,350 2,146 3,111 17,852 12,557 1 ,273 17 147 5,919 5,201 1 ,389 1,465 9 July 30................... 14,238 10,630 1 ,556 2,052 2,601 17,635 12,042 1,192 15 242 5,686 4,907 1 ,354 1,455 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 17,48726,867 136,626120,485 9,374 310 1,715 53,288 55,798 2,555 10,032 163 1968—July 31................... 109,510 77,553 13,468 18,489 23,601 137,652 118,508 8,065 437 1,881 49,185 58,940 4,267 10,407 162 Aug. 28 110,559 77,479 13,972 19,108 22,161 136,984 117,523 7,759 414 1,612 47,725 60,013 4,638 10,433 162 Sept. 25................... 112,559 78,661 14,211 19,687 23,382 140,294 119,750 8,054 448 2,798 48,126 60,324 5,437 10,445 162 Oct. 30................... 114,861 79,584 15,13520,142 23,605 142,930 122,205 8,351 395 2,128 49,85461,477 5,554 10,559 162 Nov. 27.................... 115,027 80,382 14,291 20,354 25,803 145,322 123,321 8,458 353 799 51,832 61 ,879 6,441 10,572 161 Dec. 31................... 119,006 83,634 15,03620,33728,136 151,957 132,305 10,181 307 1,884 57,44962,484 4,239 10,684 161 1969—Jan. 29................... 116,456 82,141 14,167 20,148 23,463 144,460 122,369 7,651 306 2,348 50,142 61,922 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 49,549 61,631 6,085 10,773 161 Mar. 26................... 116,128 83,534 12,738 19,856 23,094 143,928 120,639 7,885 281 1,338 49,751 61,384 6,763 10,878 16! Apr. 30. ................. 117,795 84,932 12,857 20,00625,890 148,544 124,498 8,062 249 3,457 51 ,735 60,995 7,522 10,982 161 M"ay 28................... 116,902 85,316 11 ,982 19,604 24,557 146,119 121,240 7,882 248 2,219 50,043 60,848 7,819 11,014 161 June 25r. . 118,265 87,081 11,49419,690 24,145 147,332 120,641 7,975 224 2,248 50,435 59,759 8,748 11,083 160 July 30................... 118,838 87,753 11 ,716 19,36924,037 148,510 118,489 8,108 204 1,735 50,333 58,109 9,173 11,194 159 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 24,68922,82620,334 146,052 131,156 2,166 96 1,564 61,161 65,569 552 11,005 5,886 1968—July 31................... 126,699 78,775 23,843 24,081 18,521 148,460 132,772 2,145 96 1,744 58,508 70,279 772 11,302 5,843 Aug. 28................... 127,450 79,184 24,010 24,256 17,956 148,626 132,750 2,128 96 1,700 57,685 71,141 891 11,354 5,836 129,187 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 24,750 25,260 19,292 153,472 137,139 2,305 102 1,803 60,167 72,762 1,027 11,536 5,819 Nov. 27,................. 131,846 81,708 24,658 25,480 20,411 155,573 138,857 2,354 102 1,518 61,90072,983 1,142 11,622 5,808 Dec. 31................... 134,759 83,397 24,99826,36422,664 161,122 144,682 2,839 11! 1,281 66,57873,873 804 11,807 5,796 1969—Jan. 29.................... 133,166 81,932 25,090 26,144 18,979 155,471 138,314 2,185 102 1,766 60,368 73,893 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 59,350 74,790 1,665 11,830 5,785 Mar. 26.................... 134,526 83,873 23,76326,890 19,207 157,809 139,211 2,210 102 1,588 59,71775,594 1 ,445 11 ,876 5,780 Apr. 30................... 135,514 85,222 23,307 26,985 21,063 160,766 141,522 2,240 Ill 1.829 61,570 75,772 1 ,780 12,017 5,773 May 28................... 135,802 86,210 22,623 26,969 20,071 160,098 140,343 2,157 111 2,127 59,755 76,193 2,045 12,075 5,762 June 25 r................. 136,772 87,654 21,999 27,119 20,332 161,355 141,293 2,213 111 1,962 60,84876,159 2,319 12,091 5,757 July 30..................... 137,839 88,891 21 ,79727,151 19,745 161,929 140,396 2,260 111 1,764 60,62275,639 2,607 12,200 5,745 For notes see p. A-22, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 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— Securities Total Interbank 3 Other Total Num­ b c C a a l n l a l k s d s a a o n te f d Total Loans as C se a t s s h 3 bi a l l i n i a t d i ­ e s Total3 Demand r B i o n o w g r s ­ ­ c c a o a p u c i n ­ ta ts l ba b o n e f k r s 1 , 2 G U o . v S t . . Oth 2 er c c o a u a p n c it ­ t a s l 4 m D a e n ­ d Time U.S. Other Ti 1 m .5 e Govt. Insured commercial: 1941—Dec. 31.. 49.290 21,259 21,046 6,984 25,788 76,820 69,411 10.654 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.J83 23,740 80,27629,876 215 8,671 13,297 1947—Dec. 31.. 114,274 37.583 67,941 8,750 36,926 152,733 141,851 12,615 54 1,325 92,975 34,882 61 9,734 13,398 1965—Dec. 31.. 303,593 200,109 59,12044,364 60,327 374,051 330,323 18,149 923 5,508 159,659 146.084 4,325 29,827 13,540 1967—Dec. 30.. 358,536 235,502 62,094 60,941 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 1968—Dec. 31.. 399,566 264,600 64,028 70,938 83,061 498,071 432,71924,427 1 ,155 5,000 198,535 203,602 8,675 36,530 13,481 National member: 1941—Dec. 31.. 27,571 11,725 12,039 3,806 14,977 43,433 39,458 786 1,088 23,262 8,322 4 3.640 5,117 1945—Dec. 31.. 69,312 13,925 51,250 4,137 20,114 90,220 84.939 9,229 14,013 45,473 16,224 78 4,644 5,017 1947—Dec. 31.. 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,375 35 795 53,541 19,278 45 5,409 5,005 1965—Dec. 31.. 176,605 118,537 32,347 25,720 36,880 219,744 193,860 12,064 458 3,284 92,533 85,522 2,627 17,434 4,815 1967—Dec. 30.. 208,971 139,315 34,308 35,348 46,634 263,375 231,374 13,877 652 3,142 106,019 107,684 3,478 19,730 4,758 1968—June 29.. 212,344 143,802 31,62736,915 44,788 265,497 229,028 12,383 561 2,821 102,093 111,170 5,09720,503 4,742 1968—Dec. 31.. 236,130 159,257 35,30041 ,572 50,953 296,594 257,884 15,117 657 3,090 116,422 122,597 5,923 21,524 4,716 State member: 1941—Dec. 31.. 15,950 6,295 7,500 2,155 8,145 24,688 22,259 739 621 13,874 4,025 I 2,246 1,502 1945—Dec. 31.. 37.871 8,850 27,089 1,933 9,731 48,084 44,730 4,111 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 1967—Dec. 30.. 85,125 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 11,734 14,338 22,342 112,352 94,908 7,261 373 1 ,306 44,37741,591 2,586 8,636 1,297 1968—Dec. 31.. 89,894 61,965 12,581 15,348 22,803 116,885 98,467 8,402 404 I ,219 47,498 40,945 2,535 8,536 1 ,262 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 27,528 25,882 91 4,912 7,320 1967—Dec. 30.. 64,449 37,675 15,146 11,629 8,403 74,328 67,107 786 89 588 31,00434,640 162 5,830 7,440 1968—June 29.. 67,390 40,033 14,836 12,521 7,557 76,561 68,866 693 85 824 30,09937,164 230 6,142 7,474 1968—Dec. 31.. 73,553 43,378 16,155 14,020 9,305 84,605 76,368 908 94 691 34,615 40,060 217 6,482 7,504 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 If11 1,905 365 4 279 714 1947—Dec. 31 «. 2,009 474 1,280 255 576 2,643 2,251 177 185 18 1,392 478 4 325 783 1965—Dec. 31.. 2,455 1 ,549 418 489 572 3,200 2,113 277 85 17 1,121 612 147 434 263 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 1968—Dec. 31.. 2,901 1 ,875 429 597 69! 3,789 2,519 319 56 10 1 ,366 767 224 464 197 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 1967—Dec. 30.. 67,087 39,409 15,516 12,162 8,983 77,732 69,279 1,071 147 603 32,085 35,372 408 6,286 7,651 1968—June 29.. 70,219 41,853 15,242 13,124 8,204 80,213 71,304 994 160 844 31,367 37,939 447 6,635 7,685 1968—Dec. 31.. 76,454 45,253 16,585 14,617 9,997 88,394 78,887 1 ,227 150 701 35,981 40,827 441 6,945 7,701 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 d AUGUST 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 l a l k s d s a a o n te d f Total Loans Securities as C s a e s ts h 3 c b T a i a l l p o i n i a t i t d i t ­ a e a l s l Total 3 Interbank 3 Dema O n t d her r B i o n o w g r s ­ ­ c c T a o a o p u c t i n a t ­ a t l s l N b b a o u e n f m r k s ­ G U o . v S t . . Oth 2 er cou a n c­ ts 4 m D a e n ­ d Time G U o .S vt . , Other T 1 i m ।5 e 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..,.2...52 194 1965—Dec. 31.. 48,735 39,964 3,760 5,010 904 50,500 45,887 I 7 35945,520 91 3,957 329 1967—Dec. 30.. 55,936 45,489 3,111 7,336 881 57,863 52,910 1 6 42952,474 68 4,237 331 1968—June 29.. 58,178 46,813 3,039 8,325 833 60,128 54,991 1 6 49254,491 65 4,349 331 1968—Dec. 31.. 60,088 48,286 2,855 8,948 883 62,121 56,859 ...........2 6 48456,367 71 4,481 333 Noninsured mutual savings: 1941—Dec. 31.. 8,687 4,259 3,075 1,353 642 9,846 8,744 6 8,738 1,077 496 1945—Dec. 31.. 5,361 1,198 3,522 641 180 5,596 5,022 2 5,020 6 558 350 1947—Dec. 316 5,957 1,384 3,813 760 211 6,215 5,556 1 2 5,553 637 339 1965—Dec. 31.. 7,526 5,325 1,710 491 113 7,720 6,874 1 8 6,865 1 706 177 1967—Dec. 30,. 8,295 6,100 1,169 1 ,026 115 8.499 7,584 1 20 7,563 1 749 170 1968—June 29.. 8,677 6,283 1,166 1 ,228 126 8,901 7,879 1 41 7,838 762 170 1968—Dec. 31.. 8,817 6,518 964 1 ,335 113 9,027 8,062 ........... 1 21 8,041 2 788 167 i See table ,l Deposits Accumulated at Commercial Banks for Payment 8 Beginning with May 13, 1965, Toledo, Ohio, reserve city banks with of Personal Loans'* and its notes on p. A-23. total loans and investments of $530 million and total deposits of $576 2 Beginning June 30, 1966, loans to farmers directly guaranteed by million were reclassified as country banks. Beginning Jan. 4, 1968, a CCC were reclassified as securities, and Export-Import Bank portfolio country bank with deposits of $321 million was reclassified as a reserve fund participations were reclassified from loans to securities. This reduced city bank, Beginning Feb. 29, 1968, a reserve city bank in Chicago with “Total loans” and increased “Other securities” by about $1 billion, total deposits of $190 million was reclassified as a country bank. “Total loans” include Federal funds sold, and beginning with June 1967 securities purchased under resale agreements, figures for which are included Note.—Data are for all commercial and mutual savings banks in the in “Federal funds sold, etc.,” for commercial banks on p. A-24. 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 < Includes other assets and liabilities not shown separately. banks that are included under member banks, see Note, p. 643, May 1964 5 Figures for mutual savings banks include relatively small amounts Bulletin. of demand deposits. Beginning with June 1961, they 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 1964 For revisions in series before June 30, 1947, see July 1947 Bulletin, Bulletin. pp. 870-71. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1969 □ COMMERCIAL BANKS A 23 LOANS AND INVESTMENTS AT COMMERCIAL BANKS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Securities Securities Period Total 1,2 Loans’ ,2 Total*,2 Loans1,2 G U o . v S t . . Other2 G U o . v S t . . 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—-bee 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—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..................................................................... 374.6 243.6 64.0 67.0 374.4 244.2 62.5 67.6 Oct. 30...................................................................... 379.4 246.7 64.2 68.5 379 3 245.7 64.8 68 8 Nov. 27.......................................... . 381.6 250.4 61.0 70.2 381 .1 248.8 62.8 69.5 384.6 251.6 61.5 71 .5 393.4 257.4 64.5 71.5 1969—Jan. 29...................................................................... 385.9 253.7 60.8 71 .4 385.0 251.3 63.2 70.5 Feb. 26...................................................................... 387.9 258.4 58.1 71 .5 384.1 253.7 59.5 70.9 386.8 257.5 57.4 71 .9 385.6 255.7 58.5 71.4 389.9 260.6 57.6 71 .7 390.7 260.8 57.9 72.0 May 28».................................................................... 390.8 263.3 56.0 71 .5 388.8 262.2 55.2 71.4 June 30 er (old series)...................................... 390.4 263.0 56.0 71 .4 394.3 268.5 53.8 72.0 June 30e (new series)3........................................... 395.2 268.0 56.0 71 .2 399.2 273.6 53.9 71.8 July 30*.'................................................................ 395.7 268.8 56.6 70.3 395.7 270.7 54.5 70.5 i Adjusted to exclude interbank loans. without valuation reserves deducted, rather than net of valuation reserves 2 Beginning June 9, 1966, about $1.1 billion of balances accumulated as was done previously. for payment of personal loans were deducted as a result of a change in Federal Reserve regulations. Note.—For monthly data 1948-68, see Aug. 1968 Bulletin, pp. A-94 Beginning June 30, 1966, CCC certificates of interest and Export­ —A-97. For a description of the seasonally adjusted series see the follow­ Import Bank portfolio fund participation certificates totaling an estimated ing Bulletins: July 1962, pp. 797-802; July 1966, pp. 950-55; and Sept. $1 billion are included in “Other securities” rather than “Other loans." 1967, pp. 1511-17. 3 Data revised to include all bank premises subsidiaries and other sig­ Data are for last Wed. of month except for June 30 and Dec. 31 ; data nificant majority-owned domestic subsidiaries; earlier data include com­ are partly or wholly estimated except when June 30 and Dec. 31 are call mercial banks only. Also, loans and investments are now reported gross, dates. DEPOSITS ACCUMULATED AT COMMERCIAL BANKS FOR PAYMENT OF PERSONAL LOANS (In millions of dollars) Class of Dec. 31, Dec. 30, June 29, Dec. 31, Class of Dec. 31, Dec. 30, June 29, Dec. 31, bank 1966 1967 1968 1968 bank 1966 1967 1968 1968 A1I commercial........................... 1,223 1,283 1,235 1,216 All member—Cont. Insured....................................... 1,223 1 ,283 1,235 1,216 Other reserve city................. 370 362 347 332 National member................... 729 747 744 730 Country.................................. 571 617 598 605 State member........................... 212 232 201 207 All nonmember........................ 283 304 290 278 All member.................................. 941 979 945 937 Insured................................... 282 304 290 278 New York City................ Noninsured............................ City of Chicago....................... Note.—These hypothecated deposits are excluded from “Time depos­ These deposits have not been deducted from “Loans” and “Time de­ its” and “Loans” at all commercial banks beginning with June 30, 1966. posits" in the table on pp. A-21 and A-22, or from “Loans” and “Time as follows: in the tables on pp. A-19—-A-20; 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; $94,000 on See June 1966 Bulletin, p. 808. Dec. 30, 1967; $192,000 on June 29, 1968; and $89,000 on Dec. 31 1968. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 24 COMMERCIAL BANKS □ AUGUST 1969 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Other loans i Investments For To U.S. Government b C a l n a k s s a o n f d l T o a a o n n t d a s l i f F u er e n a d d l ­ s C m o e m r­ ­ Agri- o p s r u e r c c c u a h r r a r it y s i i i e n n s g g in f s in ti a tu n t c i i o a n l s Real Ot t h o e r securities 6 S a t n a d te call date i m nv e e n s t t s ­ s e o tc ld .2 , T 3 o . t a 4 l a c i n i n a d ­ l c t a u u l r l - - 5 b T r o o ­ t e a s t ­ e v i d n id i ­ ­ - Oth 5 er Bills g s lo e o c c v a u t l , ­ O r s it e t i h c e u e s r ­ 5 d tr u ia s l ­ k a e n r d s ot T h o er s Banks Others uals3 Total ce a r n t d if i­ Notes Bonds rities deal­ cates ers Total: 2 1947—Dec. 31.. 116,284 38,057 18,167 1,660 830 1,220 115 9,393 5,723 94769,221 9,982 6,03453,205 5,2763,729 1965—Dec. 31..306,060 2,103 199,555 71,437 8,212 5,258 3,231 2, 158 13,291 49,30045,4685,21559,547 n.a. n.a. n.a. 38,655 6,201 1967—Dec. 30.. 361,186 4,057 233,18088,4439,270 6,215 3,780 1 ,902 12,535 58,525 51,5855,65962,473 n.a. n.a. n.a. 50,006 11,471 1968—June 29.. 368,795 4,813 241,001 91,4279,9794,950 3,731 1 ,944 12,19361,409 54,221 5,97658,603 n.a. n.a. n.a. 52,635 11,742 1968—Dec. 31..402,477 6,747 259,72798,3579,718 6,625 4,108 2,206 13,72965,137 58,3376,72464,466 n.a. n.a. n.a. 58,57012,967 All insured: 1941—Dec. 31.. 49,290 21,259 9,214 1,450 614 662 40 4,773 4,505 21,046 988 3,159 16,899 3,651 3,333 1945—Dec. 31.. 121,809 25,765 9,461 1,314 3,1643,606 49 4,677 2,361 1,13288,91221,526 16,045 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 5,91852,347 5,1293,621 1965—Dec. 31.. 303,593 2,064 198,045 70,8878,191 5,088 3,172 2,093 13,14849,02645,2905,15559,120 13,134 13,23333,858 38,4195,945 1967—Dec. 30.. 358,536 3,919 231 ,583 87,8709,2506,017 3,719 1 ,848 12,39458,20951,395 5,60662,094 13,134 18,62431,62349,737 11,204 1968—June 29.. 365,955 4,655 239,338 90,8739,958 4,723 3,668 1,881 12,02961,112 54,0205,89358,189 7,003 22,49929,95652,355 11,417 1968—Dec. 31,. 399,566 6,526258,07497,741 9,7006,409 4,063 2,145 13,621 64,80458,1426,65564,028 n.a. n.a. n.a. 58,288 12,650 Member, total: 1941—Dec. 31.. 43,521 18,021 8,671 972 594 598 39 3,494 3,653 19,539 971 3,007 15,561 3,0902,871 1945—Dec. 31.. 107,183 22,775 8,949 855 3,133 3,378 47 3,455 1,900 1,05778,338 19,260 14,271 44,807 3,2542,815 1947—Dec. 31.. 97,846 32,628 16,962 1,046 811 1 ,065 113 ........... 7,130 4,662 83957,914 7,803 4,81545,295 4,199 3,105 1965—Dec. 31.. 251,577 1,861 167,93963,9795,099 4,915 2,714 2,008 12,475 38,988 36,418 4,83244,992 9,441 10,10626,367 32,588 4,198 1967—Dec. 30.. 294,098 3,438 194,38979,3445,702 5,820 3,099 1 ,754 H ,58745,52840,4545,19046,956 9,633 13,657 24,61441,5207,795 1968—June 29.. 298,575 4,041 199,92081 ,9226,081 4,525 3,057 1 ,778 11,25947,69742,291 5,46443,361 4,415 16,29423,621 43,3827,871 1968—Dec. 31.. 326,023 5,551 215,671 87,8195,921 6,1743,379 2,012 12,797 50,461 45,4046,18947,881 n.a. n.a. n.a.48,423 8,498 New York City: 1941—Dec. 31.. 12,896 4,072 2,807 8 412 169 32 123 522 7,265 311 1,623 5,331 729 830 1945—Dec. 31.. 26,143 7,334 3,044 2,453 1,172 26 80 287 27217,574 3,910 3,325 10,339 606 629 1947—Dec. 31.. 20,393 7,179 5,361 545 267 93 111 564 23811,972 1,642 558 9,772 638 604 1965—Dec. 31., 44,763 412 32,713 18,075 202,866 665 1 ,010 3,471 3,139 2,928 1,340 5.203 1,538 987 2,876 5,879 556 1967—Dec. 30.. 52,141 415 38,64423,183 13 3,874 831 914 2,990 3,431 3,099 1 ,285 6,027 1,897 1,962 2,303 6,318 737 1968—June 29.. 51,361 556 38,988 24,042 19 2,976 796 1,015 3,118 3,495 3,197 1,309 5,046 847 1 ,860 2,555 6,034 736 1968—Dec. 31.. 57,047 747 42,222 25,258 17 3,803 903 1 ,099 3,426 3,619 3,485 I ,694 5,984 n.a. n.a. n.a. 7,233 861 City oj Chicago: 1941—Dec. 31.. 2,760 954 732 6 48 52 1 22 95 1,430 256 153 1,022 182 193 1945—Dec. 31.. 5,931 1,333 760 2 211 233 36 51 40 4,213 1 ,600 749 1,864 181 204 1947—Dec. 3L. 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 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 1,762 413 508 899 1,564 274 1968—Dec. 31.. 14,274 312 9,974 6,118 49 535 253 205 1 ,219 738 848 281 1 ,863 n.a. n.a. n.a. 1 ,810 315 Other reserve city: 1941—Dec. 31.. 15,347 7,105 3,456 300 114 194 4 1,527 1,508 6,467 295 751 5,421 956 820 1945—Dec. 31.. 40,108 8,514 3,661 205 427 1,503 17 1 ,459 855 38729,552 8,016 5,653 15,883 1,126 916 1947—Dec. 31.. 36,040 13,449 7,088 225 170 484 15 3,147 1,969 35120,196 2,731 1,901 15,563 1,342 1,053 1965—Dec. 31.. 91,997 471 64,64624,784 1.206 954 1,108 635 5,820 15,056 14,305 1,99914,354 2,972 3,281 8,432 11,504 1,022 1967—Dec. 30.. 106,086 1 ,219 72,713 30,609 1,311 881 1,143 578 5,446 16,969 15,047 2,14814,667 3,140 3,557 8,312 15,3762,110 1968—June 29.. 108,001 1 ,422 75,138 31,720 1 ,414 758 1 ,206 513 5,196 17,861 15,625 2,30413,083 966 4,329 8,105 16,1772,180 1968—Dec. 31.. 119,339 2,197 81,76934,632 1 ,362 1,116 1 ,254 588 6,005 18,939 16,916 2,52015,036 n.a. n.a. n.a. 18,111 2,226 Country: 1941—Dec. 31.. 12,518 5,890 1,676 659 20 183 2 1,823 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 10,199 3,096 818 23 227 5 3,827 1,979 22422,857 3,063 2,108 17,687 2,006 1,262 1965—Dec. 31.. 103,362 905 62,433 16,478 3,840 650 698 174 1,98320,217 18,423 1,17723,735 4,389 5,565 14,098 13,8052,483 1967—Dec. 30.. 123,127 1,538 74,074 19,8394,332 607 906 100 2,20024,453 21 ,554 1 ,51624,689 4,168 7,793 13,147 18,3384,488 1968—June 29.. 126,365 1 ,871 76,73820,3634,610 436 835 77 1,89925,647 22,721 1 ,61423,469 2,188 9,597 12,062 19,6074,680 1968—Dec. 31.. 135,364 2,295 81 ,70621,811 4,493 720 969 1 19 2,147 27,16424,154 1 ,69424,998 n.a. n.a. n.a.21,2695,095 Nonmember: 1947—Dec. 31.. 18,454 5,432 1,205 614 20 156 2 2,266 1,061 10911,318 2,179 1,219 7,920 1,078 625 1965—Dec. 31.. 54,483 242 31,616 7,458 3,113 343 516 151 817 10,312 9,050 38314,555 n.a. n.a. n.a. 6,067 2,003 1967—Dec. 30.. 67,087 618 38,791 9,0993,568 395 681 148 948 12,997 11,131 46915,516 n.a. n.a. n.a. 8,4863,676 1968—June 29.. 70,219 772 41,081 9,5063,898 425 674 166 935 13,712 11,929 51215,242 n.a. n.a. n.a. 9,2523,871 1968—-Dec. 31.. 76,454 1,196 44,056 10,538 3,797 451 729 194 932 14,676 12,933 53516,585 n.a. n.a. n.a. 10,1474,469 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 30, by CCC were reclassified as “Other securities,” and Export-Import Bank 1967, they were included in loans-for the most part in “Loans to banks.’’ portfolio fund participations were reclassified from loans to “Other se­ Prior to Dec. 1965, Federal funds sold were included with “Total loans” curities.” This increased “Other securities” by about $1 billion, and “Loans to banks.” 6 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

AUGUST 1969 a COMMERCIAL BANKS A 25 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits b c C a a l n l a l k s d s a a o n te f d s B w F e R a r . i v n R e th e k ­ . s s r C c a e o n n u i c d r n y ­ b m a w a B d n e n i o c a s t k e l t h ­ ­ i s s c 7 j p u m D o a d s a t d s e e n e i ­ ­ ­ t d d s 8 m D e I s n o t t ­ i e c r 7 ba e n F i k g o n r­ 9 G U o v S t . . S g l a o o t n c a v d a t t e l . c C c h o f a e e e i e f n t e r f r c c d d i t s . k ­ i ’ ­ s, IPC I b n a t n e k r­ G P S U i a n o o a n . g s v S v d t s t ­ a . , l S g l a o o t n c a v d a t t e l . IPC3 r B i o n o w g r s ­ ­ c C o a t a u a c p n l ­ i t ­ s Total: 3 1947—Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1965—Dec. 31.... 17.992 4,851 15,300140,936 16,794 1,632 5,525 14,244 5,978 140,558 1,008 263 12,186 134,2474,47230,272 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 15,892 167,6345,777 34,384 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 16,522 173,857 8,13035,774 1968—Dec. 31.... 21,230 7,195 18,910 167,145 22,501 2,245 5,010 16,876 9,684 173,341 1 ,211 368 19,110 184,8928,899 37,006 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 III 826 33,946 61 9,734 1965—Dec. 31.... 17,992 4,833 14,801 139,601 16,620 1,529 5,508 14,152 5,913 139,594 923 263 12,135 133,6864,325 29,827 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 15,836 166,9565,531 33,916 1968—June 29. . . . 20,846 5,170 14,936145,782 18,468 1 ,869 4,951 16,198 9,890 150,482 1,019 321 16,456 173,1487,91335,269 1968—Dec. 31.... 21,230 7,165 18,343165,527 22,310 2,117 5,000 16,774 9,442 172,319 1,155 368 19,057 184,1788,675 36,530 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 (1,878 4 5,886 1945—Dec. 31.... 15,811 1,438 7,117 64,184 12,333 1,243 22,179 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 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 82,856 135,329 5,37028,098 1968—June 29.... 20,846 3,999 9,218 116,269 17,809 1,834 4,127 12,503 9,251 124,716 934 286 13,373 139,1027,68429,139 1968—Dec. 31.... 21,230 5,634 11,279 131,491 21,483 2,036 4,309 12,851 8,592 142,476 1 ,061 330 15,668 147,545 8,458 30,060 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 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 1968—Dec. 31.... 4,506 443 420 20,808 7,532 1 ,433 888 1 ,068 4,827 27,455 622 73 1 ,623 18,3802,733 6,137 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 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 1968—Dec. 31.... 1,164 98 281 5,183 1 ,445 89 257 245 207 6,090 21 2 624 5,545 682 1 ,433 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 I 2,844 1963—Dec. 31.... 7,700 1,139 2,341 37,703 8,091 330 1,773 3,532 1,180 42,380 206 71 4,960 40,510 1,548 9,007 1967—Dec. 30.... 8,618 1,452 2,805 39,957 8,985 390 1 ,715 3,542 1,580 48,165 310 80 5,830 50,2502,555 10,033 1968—June 29. . . . 8,806 1,233 2,117 38,667 7,734 397 1 ,399 3,641 1 ,674 45,079 300 117 6,219 51 ,9103,720 10,351 1968—Dec. 31.... 8,847 1,800 2,986 43,674 9,725 456 1 ,884 3,835 1 ,947 51,667 307 168 7,378 55,271 4,239 10,684 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 1967—Dec. 30.... 5,767 2,704 7,117 56,812 2,709 57 1,564 7,142 1 ,395 52,624 96 83 5,272 60,830 552 11,005 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 1968—Dec. 31.... 6,714 3,293 7,592 61,827 2,781 58 1 ,281 7,703 1 ,612 57,263 111 86 6,043 68,348 804 11,807 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 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 1968—Dec. 31.... .....1. .,.5...6..0 7,631 35,654 1,018 209 701 4,025 1 ,092 30,865 150 38 3,442 37,347 441 6,945 1 Beginning with 1942, excludes reciprocal bank balances. that are included under member banks, see Note, p. 589, May 1964 8 Through 1960 demand deposits other than interbank and U.S. Bulletin.) These figures exclude data for banks in U.S. possessions Govt., less cash items in process of collection; beginning with 1961, except for member banks. Comparability of figures for classes of banks demand deposits other than domestic commercial interbank and U.S. is affected somewhat by changes in F.R. membership, deposit insurance Govt., less cash items in process of collection. status, and the reserve classifications of cities and individual banks, and ’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 arc for all commercial banks in the United States. (For For other notes see opposite page. definition of “commercial banks’’ as used in this table and for other banks Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 26 WEEKLY REPORTING BANKS □ AUGUST 1969 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS (In millions of dollars) Loans Federal funds sold, etc. i Other To brokers For purchasing Total and dealers or carrying securities loans involving— To nonbank and finan. Wednesday invest- Com- To brokers To institutions ments 10 mer- and dealers others (gross) com- To cial Agri- Total mer- U.S. others Total and culcial Trcas- Other indus- tural Pers. banks ury se- trial U.S. U.S. and se- curi- T reas- Other Treas- Other sales curi- ties ury secs. ury secs. finan. Other ties secs. secs. cos., etc. Large banks—■ Total 1968 July 3...................... 213,538 153,455 69,041 2,011 856 4,329 97 2,407 5,850 4,707 10..................... 211 ,836 151,933 69,017 2,019 782 4,210 96 2,411 5,715 4,635 17...................... 214,440 152,422 69,185 2,029 895 4,379 93 2,434 5,761 4,620 24..................... 214,250 152,475 68,935 2,029 1 ,692 4,268 93 2,424 5,466 4,631 31..................... 215,927 153,797 68,996 2,031 1 ,699 4,628 96 2,416 5,630 4,710 1969 June 4..................... 230,344 1 69,114 76,986 2,035 760 3,712 139 2,775 6,227 5,294 II..................... 229,958 168,828 77,476 2,056 1 ,012 3,752 108 2,780 6,083 5,357 I8..................... 233,280 172,097 78,426 2,061 2,170 4,002 107 2,775 6,197 5,495 25"................... 232,131 171,678 78,394 2,077 1 ,480 3,778 108 2,759 5,986 5,514 25"................... 235,482 5,763 4,841 638 240 44 169,503 78,403 2,078 849 3,530 107 2,737 5,973 5,511 July 2"................... 236,417 5,433 5,232 43 140 18 170,816 78,590 2,089 866 3,836 106 2,755 6,256 5,671 9"................... 234,395 5,494 4,829 550 76 39 169,409 78,481 2,107 676 3,429 104 2,758 6,048 5,489 16"................... 231 ,944 4,530 4,408 20 75 27 168,420 78,329 2,117 408 3,151 105 2,753 5,771 5,439 23"................... 234,026 5,282 5,086 142 38 16 168,278 77,965 2,112 1,125 3,195 105 2,727 5,638 5,459 30"................... 233,885 5,901 5,283 567 33 18 167,903 77,553 2,113 1,263 3,196 106 2,701 5,506 5,471 New York City 1968 July 3...................... 49,420 38,739 23,149 17 371 2,782 15 776 1,511 1,248 10..................... 48,425 37,767 23,190 17 491 2,707 15 783 1 ,489 1,227 17...................... 49,423 37,955 23,192 17 573 2,878 15 797 1 ,518 1,210 24..................... 49,511 38,108 23,149 16 1,113 2,782 15 794 1 ,368 1 ,201 31...................... 50,460 ............. 38,708 23,205 14 960 3,101 15 791 1 ,546 1,219 1969 June 4...................... 53,123 42,041 24,960 13 538 2,330 42 863 2,086 1,355 11...................... 52,453 41,417 25,162 13 612 2,350 13 870 1 ,928 1,374 18..................... 54,520 43,135 25,369 13 1 ,508 2,403 13 861 I ,931 1,393 25 "................... 53,761 42,786 25,406 13 704 2,184 12 860 1 ,867 1 ,394 25"................... 54,550 1 ,964 1 ,853 ............. 90 21 41,871 25,411 13 704 2,094 12 839 I ,867 1,394 July 2"................... 55,039 1 ,721 I ,709 5 7 42,653 25,602 13 673 2,412 13 867 1 ,894 1,442 9"................... 53,968 1 ,397 1 ,396 1 42,063 26,675 13 552 2,058 11 867 1 ,847 1,365 16".................... 53,470 1 ,673 1 ,663 10 41 ,580 25,626 13 341 1 ,872 11 863 1 ,719 1,352 23"................... 54,438 1 ,697 1 ,693 4 41,885 25,520 13 1 ,024 1 ,936 II 854 1 ,676 1 ,340 30"................... 54,370 1 ,626 1 ,619 7 42,036 25,474 13 1 ,189 2,022 10 842 1 ,670 1,351 Outside New York City 1968 July 3...................... 164,118 1 14,716 45,892 1 ,994 485 I ,547 82 1 ,631 4,339 3,459 10...................... 163,411 114,166 45,827 2,002 291 1 ,503 81 1 ,628 4,226 3,408 17...................... 165,017 114,467 45,993 2,012 322 1 ,501 78 1 ,637 4,243 3,410 24...................... 164,739 114,367 45,786 2,013 579 1 ,486 78 1,630 4,098 3,430 31...-............ 165,467 115,089 45,791 2,017 739 1 ,527 81 1 ,625 4,084 3,491 1969 June 4...................... 177,221 127,073 52,026 2,022 222 1 ,382 97 1 ,912 4,141 3,939 1!...................... 177,505 127,411 52,314 2,043 400 1 ,402 95 1,910 4,155 3,983 18...................... 178,760 128,962 53,057 2,048 662 1 ,599 94 I ,914 4,266 4,102 25"................... 178,370 128,892 52,988 2,064 776 1 ,594 96 1 ,899 4,119 4,120 25"................... 180,932 3,799 2,988 638 150 23 127,632 52,992 2,065 145 1 ,436 95 1 ,898 4,106 4,117 July 2"................... 181,378 3,712 3,523 38 140 11 128,163 52,988 2,076 193 1 ,424 93 1,888 4,362 4,229 9".................... 180,427 4,097 3,433 550 76 38 127,346 51 ,806 2,094 124 1 ,371 93 1 ,891 4,201 4,124 16"................... 178,474 2,857 2,745 20 75 17 126,840 52,703 2,104 67 1 ,279 94 1 ,890 4,052 4,087 23"................... 179,588 3,585 3,393 138 38 16 126,393 52,445 2,099 101 1 ,259 94 1 ,873 3,962 4,119 30"................... 179,515 4,275 3,664 567 33 1 1 125,867 52,079 2,100 74 1,174 96 1 ,859 3,836 4,120 For notes see p. A-30. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1969 □ WEEKLY REPORTING BANKS A 27 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (hi millions of dollars) Loans (cont.) Investments Other (cont.) U.S. Treasury securities To commercial Notes and bonds banks maturing— Wednesday Con­ Real sumer For­ All Certif­ estate instal­ eign other Total Bills icates Do­ For­ ment govts.2 Within 1 to After mes­ eign 1 yr. 5 yrs. 5 yrs. tic Large hanks— Total 1968 30,364 4,761 1 ,447 17,294 1 ,081 12,444 25,275 1 ,945 5,053 12,247 6,030 ..........................................July 3 30,419 3,750 1,460 17,335 1 ,068 12,251 25,157 1 ,877 5,084 12,184 6,012 ......................................................10 30,526 3,585 1 ,428 17,347 1 ,055 12,319 27,247 3,914 5,128 12,174 6,031 ......................................................17 30,575 3,555 1 ,386 17,424 1 ,075 12,155 26,877 3,666 5,048 12,145 6,018 ......................................................24 30,575 3,985 I ,374 17,554 1 ,073 12,267 27,070 3,817 5,053 12,135 6,065 ......................................................31 1969 33,039 5,381 1 .723 19,386 983 14,201 23,191 1 ,520 4,41 1 12,148 5,1 12 33,147 4,349 1 ,692 19,478 973 14,091 23,038 1 .369 ..........4....,.4....5..9 12,114 5,096 ......................................................11 33,219 4,657 1 ,733 19,574 981 14,225 23,133 1 ,806 4,143 12,124 5,060 .......................................................18 33,321 5,348 1 ,712 19,627 1 ,010 14,085 22,538 1,176 4,210 12,120 5 .032 ......................................................25" 33,304 526 1 ,712 19,672 1 ,022 14,079 22,589 1,184 4,204 12,175 5 ,026 ......................................................25/’ 33.252 549 1 ,726 19,717 1 ,023 14,380 22,820 1 ,438 4,188 12,153 5,041 ..........................................July 2/’ 33,252 401 1 ,766 19,718 1 ,017 14,166 22,501 1 ,202 4,149 12,130 5,020 ..................................................... 9/’ 33,245 374 1 ,810 19,723 1 ,020 14,201 22,164 981 4,189 12,039 4,954 ......................................................16/’ 33,267 416 1 ,721 19,758 1 ,006 13,784 23,838 2,651 4,158 12,087 4,942 ......................................................23/’ 33,303 487 1 ,674 19,834 1 ,015 13,681 23,468 2,330 4,186 12,019 4,933 ......................................................30/’ New York City 1968 3,109 1 ,691 759 1,31 1 703 2,237 4,310 540 792 1 ,518 1 ,460 ..........................................July 3 3,104 817 766 1,312 682 2,107 4,292 537 791 1 .509 1 ,455 .......................................................10 3,108 729 742 1,303 679 2,134 5,064 1 ,318 777 1 ,510 1 ,459 ......................................................17 3,123 674 728 1,315 701 2,069 4,942 1,156 832 1 ,490 1 ,464 .................................24 3,096 861 714 1,326 704 2,098 5,258 1 ,454 836 1 ,510 1 ,458 ......................................................31 1969 3,431 1 ,653 885 1,551 674 2,710 3,981 394 518 2,067 1 ,002 .........................................June 4 3,453 967 853 1 ,552 659 2,661 3,923 319 525 2,068 1 ,01 1 ......................................................11 3,471 1 ,387 899 1,559 669 2,708 4,212 671 473 2,065 1 ,003 ......................................................18 3,530 2,113 876 1 ,564 680 2,630 4,006 380 514 2,099 1 ,013 ......................................................25" 3,528 260 876 1 ,564 679 2,630 4,007 381 514 2,099 1 ,013 ......................................................25" 3,530 200 912 1 ,561 680 2,854 4,075 432 507 2,089 1 ,047 ..........................................July 2" 3,543 147 929 1 ,564 682 2,810 4,066 426 502 2,101 1 ,037 ........................................................9" 3,535 152 961 1 ,561 681 2,893 3,871 309 467 2,083 1 ,012 ......................................................16" 3,541 176 891 1 ,566 661 2,676 4,690 1 ,132 461 2,083 1 ,014 ......................................................23" 3,542 204 857 1 ,570 675 2,617 4,574 1 ,008 467 2,094 1 .005 ......................................................30" Outside New York City 1968 27,255 3,070 688 15,983 378 10,207 20,965 1 ,405 4,261 10,729 4,570 ..........................................July 3 27,315 2,933 694 16,023 386 10,144 20,865 1 ,340 4,293 10,675 4,557 ......................................................10 27,418 2,856 686 16,044 376 10,185 22,183 2,596 4,351 10,664 4,572 ......................... 17 27,452 2,881 658 16,109 374 10,086 21 ,935 2,510 4,216 10,655 4,554 ......................... 24 27,479 3,124 660 16,228 369 10,169 21,812 2,363 4,217 10,625 4,607 ......................................................31 1969 29,608 3,728 838 17,835 309 11,491 19,210 1 ,126 3,893 10,081 4,110 ..........................................June 4 29,694 3,382 839 17,926 314 11,430 19,115 1 ,050 3,934 10,046 4,085 ......................................................11 29,748 3,270 834 18,015 312 11,517 18,921 1 ,135 3,670 10,059 4,057 ......................................................18 29,791 3,235 836 18,063 330 11,455 18,532 796 3,696 10,021 4,019 ......................................................25" 29,776 266 836 18,108 343 11,449 18,582 803 3,690 10,076 4,013 ......................................................25" 29,722 349 814 18,156 343 11,526 18,745 1 ,006 3,681 10,064 3,994 ..........................................July 2" 29,709 254 837 18,154 335 11 ,356 18,435 776 3,647 10,029 3,983 ..................................................... 9" 29,710 222 849 18,162 339 11,308 18,293 672 3,722 9,956 3,942 .......................................................16" 29,726 240 830 18,192 345 11,108 19,148 1 ,519 3,697 10,004 3,928 ......................................................23" 29,761 283 817 18,264 340 11,064 18,894 1 ,322 3,719 9,925 3,928 ........................... 30" For notes see p. A-30. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 28 WEEKLY REPORTING BANKS □ AUGUST 1969 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Investments (cont.) Other securities Cash Invest­ Obligations Other bonds, items Re­ Bal­ ments Total of State corp, stock, in serves Cur­ ances in sub­ assets/ Wednesday and and process with rency with sidiar­ Other total political securities of F.R. and do­ ies not assets liabil­ Total subdivisions collec­ Banks coin mestic consol­ ities tion banks idated Tax Cert if. war­ All of All rants1 other partici­ other5 pation4 Large banks— Total 1968 July 3............................................. 34,808 3,895 26,691 1 ,383 2,839 28,636 16,115 2,479 4,486 9,883 275,137 10............................................ 34,746 3,959 26,653 1 ,377 2,757 25,503 15,984 2,871 4,074 9,795 270,063 18............................................ 34,771 3,847 26,758 1 ,380 2,786 26,817 17,473 2,843 4,286 9,635 275,494 24............................................. 34,898 3,959 26,783 1 ,383 2,773 22,794 16,718 2,874 4,041 9,716 270,393 31 ............................................. 35,060 4,093 26,831 1 ,346 2,790 25,178 16,772 2,803 4,208 10,127 275,015 1969 June 4............................................ 38,039 4,706 29,113 1 ,328 2,892 32,719 16,725 2,783 4,752 12,082 299,405 II............................................. 38,092 4,833 28,945 1 ,374 2,940 31,601 15,615 2,976 4,910 12,086 297,146 18............................................. 38,050 4,826 29,021 1 ,324 2,879 33,350 14,950 2,999 4,973 12,130 301,682 25"........................................... 37,915 4,607 29,090 1 ,245 2,973 30,638 15,275 3,094 4,888 12,076 298,102 25 *........................................... 37,627 4,612 29,210 1 ,179 2,626 30,637 15,276 3,097 4,893 432 12,351 302,168 July 2^’........................................... 37,348 4,362 29,129 1,165 2,692 34,944 15,260 2,895 5,219 442 12,581 307,758 9*........................................... 36,991 4,200 29,090 1,141 2,560 33,594 15,132 2,976 4,774 469 12,471 303,817 16^........................................... 36,833 4,154 28,963 1 ,145 2,571 35,249 17,741 3,017 4,995 452 12,398 305,841 23"........................................... 36,628 4,058 28,916 1,137 2,517 30,196 15,637 3,038 4,948 456 12,349 300,650 30/'........................................... 36,613 3,989 28,934 1,141 2,549 29,510 14,741 3,106 5,018 470 12,409 299,139 blew York City 1968 July 3............................................. 6,371 1 ,085 4,531 78 677 1 1 ,945 4,053 318 304 3,517 69,557 10.................................... 6,366 1 ,066 4,554 80 666 11,281 4,454 357 358 3,421 68,296 17............................................. 6,404 1 ,096 4,530 84 694 1 1 ,551 5,122 340 372 3,361 70,169 24............................................. 6,461 1 ,087 4,601 81 692 9,908 4,869 351 364 3,338 68,341 31............................................. 6,494 1 ,H4 4,579 79 722 11,245 4,269 340 352 3,443 70,109 1969 June 4........................................... 7,101 1 ,404 4,775 115 807 15,627 3,821 364 384 4,669 78,093 11............................................. 7,113 1 ,439 4,714 124 836 16,448 4,149 381 364 4,620 78,415 18............................................. 7,173 1 ,478 4,773 133 789 16,334 3,171 363 431 4,710 79,529 25"........................................... 6,969 1 ,329 4,740 109 791 15,715 3,542 380 455 4,647 78,500 25"........................................... 6,708 1 ,330 4,742 109 527 15,715 3,542 380 455 260 4,673 79,575 July 2"........................................... 6,590 1,150 4,739 109 592 17,107 3,769 383 397 257 4,759 81,711 9"........................................... 6,442 } ,111 4,671 109 551 16,614 3,813 385 330 257 4,685 80,053 I6»........................................... 6,346 1 ,076 4,635 109 526 17,230 4,769 362 356 257 4,526 80,970 23".................................. 6,166 956 4,606 108 496 15,138 3,839 370 284 258 4,512 78,829 30"........................................... 6,134 937 4,588 108 501 14,806 3,771 379 350 258 4,552 78,486 Outside New York City 1968 July 3............................................. 28,437 2,810 22,160 1 ,305 2,162 16,691 12,062 2,161 4,182 6,366 205,580 10............................................. 28,380 2,893 22,099 1,297 2,091 14,222 11,530 2,514 3,716 6,374 201,767 17............................................. 28,367 2,751 22,228 1 ,296 2,092 15,266 12,351 2,503 3,914 6,274 205,325 24............................................ 28,437 2,872 22,182 1 ,302 2,081 12,886 11,849 2,523 3,677 6,378 202,052 31............................................. 28,566 2,979 22,252 1 ,267 2,068 13,933 12,503 2,463 3,856 6,684 204,906 1969 June 4............................................. 30,938 3,302 24,338 1 ,213 2,085 17,092 12,904 2,419 4,369 7,413 22!,312 11 .. .................................. 30,979 3,394 24,231 1 ,250 2,104 15,153 11,466 2,595 4,546 7,466 218,731 18............................................. 30,877 3,348 24,248 1,191 2,090 17,016 11,779 2,636 4,542 7,420 222,153 25"........................................... 30,946 3,278 24,350 1,136 2,182 14,923 11,733 2,714 4,433 7,429 219,602 25"........................................... 30,919 3,282 24,468 1 ,070 2,099 14,922 11,734 2,717 4,438 172 7,678 222,593 July 2"........................................... 30,758 3,212 24,390 1 ,056 2,100 17,837 11,491 2,512 4,822 185 7,822 226,047 9"........................................... 30,549 3,089 24,419 1 ,032 2,009 16,980 11,319 2,591 4,444 212 7,786 223,764 16"........................................... 30,487 3,078 24,328 1 ,036 2,045 18,019 12,972 2,655 4,639 195 7,872 224,871 23"........................................... 30,462 3,102 24,310 1 ,029 2,021 15,058 11,798 2,668 4,664 198 7,837 221,821 30"......................................... 30,479 3,052 24,346 1 ,033 2,048 14,704 10,970 2,727 4,668 212 7,857 220,653 For notes see p. A-30. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1969 □ WEEKLY REPORTING BANKS A 29 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Deposits Demand Time and savings’ Domestic interbank Foreign IPC States States Wednesday and Certi­ and Do­ polit­ fied polit­ mes­ For­ Total IPC ical U.S. and Total ical . tic eign sub­ Govt. Com­ Mutual Com­ offi­ sub­ inter­ govts.2 divi­ mer­ sav­ Govts., mer­ cers’ Sav­ Other divi­ bank sions cial ings etc,1 cial checks ings sions banks Large banks— Total 1968 123,430 87,998 6,202 2,793 15,838 815 727 1,864 7,193 104,105 48,597 39,993 9,939 654 4,477 ......................July 3 118,902 86,339 5,907 1,150 15,004 815 724 1,758 7,205 104,551 48,465 40,481 9,957 731 4,461 .................................10 123,584 87,931 5,498 4,866 15,088 697 742 1,876 6,886 105,352 48,381 41,199 10,059 764 4,476 .................................17 118,388 85,195 5,506 4,926 13,626 636 681 1 ,810 6,008 106,228 48,315 41,843 10,279 766 4,545 .................................24 122,373 87,330 6,247 3,774 14,582 630 797 1 ,775 7,238 106,411 48,274 41 ,972 10,413 785 4,454 .................................31 1969 130,194 91,208 6,513 3,439 17,012 732 727 1 ,974 8,589 105,869 47,687 42,310 10,429 492 4,487 ......................June 4 128,958 91,909 5,861 1 ,696 16,809 726 721 1 ,925 9,311 105,394 47,594 42,150 10,234 489 4,464 .................................11 133,049 91,642 5,900 6,380 17,168 725 728 2,036 8,470 104,504 47,560 41,564 10,017 472 4,444 .................................18 128,620 90,631 6,313 3,755 15,825 713 703 1 ,942 8,738 103,968 47,550 41,281 9,771 469 4,445 ...............................?25 128,610 90,616 6,313 3,755 15,826 713 704 1 ,940 8,743 103,959 47,531 41 ,288 9,771 467 4,445 ...............................*25 135,809 93,690 6,628 3,618 18,999 843 769 2,083 9,179 103,111 47,512 40,916 9,354 468 4,401 ......................July ”2 129,818 91,284 5,926 2,547 17,351 891 726 2,179 8,914 102,388 47,404 40,548 9,206 446 4,334 .............................. *9 131,324 93,495 5,871 2,047 17,265 748 724 2,061 9,113 101,668 47,220 40,294 8,956 443 4,315 ...............................”16 129,270 90,201 5,596 5,237 16,186 674 688 1 ,988 8,700 101,068 47,107 40,052 8,785 440 4,252 ...............................*23 127,152 90,094 6,233 3,382 16,125 629 719 2,005 7,965 100,602 46,953 39,740 8,773 435 4,278 ...............................*30 New York City 1968 34,924 21,111 455 721 5,446 496 581 1 ,342 4,772 17,651 4,631 8,630 1 ,006 358 2,828 ......................July 3 33,317 20,454 504 77 5,009 476 578 1 ,236 4,983 17,826 4,614 8,764 1 ,006 426 2,818 .................................10 35,279 20,914 412 1,568 5,284 391 588 1 ,357 4,765 18,138 4,603 8,968 1 ,060 447 2,850 .................................17 33,094 20,183 478 1 ,525 4,695 357 521 1 ,300 4,035 18,341 4,598 9,123 1 ,096 443 2,868 .................................24 35,055 21,053 447 1,102 5,082 342 642 1 ,262 5,125 18,148 4,594 8,979 1,114 457 2,768 .................................31 1969 38,512 22,068 559 761 6,452 456 577 1 ,411 6,228 15,122 4,568 6,621 673 274 2,793 ......................June 4 38,721 21,936 443 139 6,755 457 572 1 ,359 7,060 14,991 4,558 6,509 667 274 2,795 .................................11 39,740 21,856 476 1,712 6,988 459 580 1 ,466 6,203 14,641 4,550 6,205 668 271 2,766 .................................18 38,353 22,138 469 496 6,396 450 551 1 ,387 6,466 14,422 4,538 6,060 612 267 2,759 ..............................*25 38,354 22,138 469 496 6,396 450 552 1 ,387 6,466 14,418 4,538 6,058 612 264 2,760 ...............................*25 41,668 23,159 608 921 7,825 531 615 1 ,516 6,493 14,090 4,537 5,862 503 265 2,737 ......................July *2 38,342 21,618 465 506 6,769 573 566 1 ,587 6,258 13,878 4,526 5,697 521 250 2,701 .............................. *9 39,246 22,239 517 483 6,906 436 567 1 ,484 6,614 13,730 4,496 5,620 510 250 2,673 ...............................*16 38,555 21,417 449 1,367 6,628 386 531 1 ,407 6,370 13,515 4,485 5,520 481 251 2,605 ...............................*23 37,858 21,808 451 795 6,670 350 611 1,418 5,755 13,458 4,465 5,471 479 251 2,623 ...............................*30 Outside New York City 1968 88,506 66,887 5,747 2,072 10,392 319 146 522 2,421 86,454 43,966 31,363 8,933 296 1,649 ......................July 3 85,585 65,885 5,403 1,073 9,995 339 146 522 2,222 86,725 43,851 31,717 8,951 305 1,643 .................................10 88,305 67,017 5,086 3,298 9,804 306 154 519 2,121 87,214 43,778 32,231 8,999 317 1 ,626 .................................17 85,294 65,012 5,028 3,401 8,931 279 160 510 1,973 87,887 43,717 32,720 9,183 323 1,677 ................................24 87,318 66,277 5,800 2,672 9,500 288 155 513 2,113 88,263 43,680 32,993 9,299 328 1 ,686 .................................31 1969 91,682 69,140 5,954 2,678 10,560 276 150 563 2,361 90,747 43,119 35,689 9,756 218 1,694 ......................June 4 90,237 69,973 5,418 1 ,557 10,054 269 149 566 2,251 90,403 43,036 35,641 9,567 215 1,669 ..............11 93,309 69,786 5,424 4,668 10,180 266 148 570 2,267 89,863 43,010 35,359 9,349 201 1,678 .................................18 90,267 68,493 5,844 3,259 9,429 263 152 555 2,272 89,546 43,012 35,221 9,159 202 1 ,686 ...............................*25 90,256 68,478 5,844 3,259 9,430 263 152 553 2,277 89,541 42,993 35,230 9,159 203 1 ,685 ...............................*25 94,141 70,531 6,020 2,697 11,174 312 154 567 2,686 89,021 42,975 35,054 8,851 203 I ,664 ......................July *>2 91,476 69,666 5,461 2,041 10,582 318 160 592 2,656 88,510 42,878 34,851 8,685 196 1,633 .............................. *9 92,078 71,256 5,354 1,564 10,359 312 157 577 2,499 87,938 42,724 34,674 8,446 193 1,642 ...............................*16 90,715 68,784 5,147 3,870 9,558 288 157 581 2,330 87,553 42,622 34,532 8,304 189 1,647 ...............................*23 89,294 68,286 5,782 2,587 9,455 279 108 587 2,210 87,144 42,488 34,269 8,294 184 1,655 ...............................*30 For notes see p. A-30. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 30 WEEKLY REPORTING BANKS □ AUGUST 1969 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Borrowings Reserves Memoranda from-—■ for— Large negotiable time CD’s Wednesday ch f F p u e a r u e n s a d r d e l ­ ­ d s , B F a . n R k . s Others l O i e t a i t t b e h c s i . e l , 7 i r ­ Loans S i e t c ie u s r­ c c T a o a p o u c i t n t ­ a a t l s l ( T l g o r o a o t n s a s s l ) i m T n lo a v o e n a e n t n d a s t s t l s ­ de m D p a o e n s ­ d it s and in s c a lu v d in e g d s i d n e t p im os e i ts10 l t G b i i a e a r t b s n o o i k s o li s s f ­ etc.6 ad­ (gross) ad­ their justed 8 ad­ justed 9 Issued Issued foreign justed 8 Total to to bran­ I PC’s others ches Large banks— Total 1968 July 3. 327 10,094 15,896 3,234 2!,285 148,694208,777 76,163 19,509 12,320 7,189 6,829 10. 251 9,205 15,867 3,235 21,287 148,183208,086 77,245 19,893 12,657 7,236 6,973 17. 800 8,972 15,550 3,234 21,236148,837210,855 76,813 20,620 13,222 7,398 6,692 24. 613 8,568 15,347 3,233 21,249 148,920210,695 77,042 21,235 13,645 7,590 6,715 31. 594 8,799 15,421 3,237 .....2..1..,..4..17149,812211,942 78,839 21,434 13,682 7,752 6,217 1969 June 4. 700 16,331 23,674 3,527 22,637163,733224,963 77,024 16,623 10,146 6,477 10,807 II . 300 15,044 24,828 3,526 22,622 164,479225,609 78,852 16,275 9,936 6,339 11,823 18. 565 14,974 26,026 3,525 22,564167,440228,623 76,151 15,633 9,420 6,213 13,114 25”.................................... 1 ,049 15,243 26,620 3,520 .....2..2..,..6..02 166,330226,783 78,402 15,274 9,216 6,058 13,239 25”.................................... 12,798 1 ,049 2,462 27,006 3,529 125 22,630 169,899230,115 78,392 15,271 9,215 6,056 13,239 July 2* 12,871 289 2,763 24,482 3,548 124 22,761 170,468230,636 78,248 14,746 8,866 5,880 12,802 9” 14,079 439 2,825 27,814 3,562 122 22,770 169,674229,166 76,326 14,371 8,608 5,763 13,762 16” 13,496 1 ,797 2,81 I 28,353 3,561 124 22,707168,178 227,175 76,763 13,903 8,270 5,633 14,226 23” 12,542 648 2,850 27,880 3,560 126 22,706168,058 228,524 77,651 13,695 8,128 5,567 14,321 30” .................................. 13,408 694 2,885 29,947 3,562 127 22,762168,034228,115 78,135 13,538 7,909 5,629 14,391 New York City 1968 July 3. 2,859 8,339 940 5,784 37,048 47,729 16,812 5,941 4,026 1 ,915 5,171 10. 15 2,915 8,444 940 5,779 36,950 47,608 16,950 6,112 4,178 1,934 5,223 1 1. 100 2,773 8,112 940 5,767 37,226 48,694 16,876 6,419 4,380 2,039 4,914 24. 87 3,076 7,978 940 5 ,765 37,434 48,837 16,966 6,570 4,501 2,069 4,872 JI. 3,261 7,817 942 5,828 37,847 49,599 17,626 6,459 4,336 2,123 4,447 1969 June 4. 5,073 13,371 I ,050 6,015 40,388 51,470 15,572 3,373 1 ,950 1 ,423 7,570 11. 4,510 14,180 1 ,050 6,013 40,450 51,486 15,379 3,248 1 ,831 1 ,417 8,345 18. 4,(28 15,039 (,049 5,981 41,748 53,133 14,706 2,956 1 ,574 1,382 9,176 25” 112 4,256 15,390 1 ,047 5,967 40,673 51 ,648 15,746 2,802 1 ,483 1 ,319 9,346 25” .................................. 3,729 112 526 15,417 1 ,048 3 5,968 41,611 52,437 15,747 2,800 1 ,481 1,319 9,346 July 2”. 3,117 659 15,100 1 ,050 3 6,024 42,453 53,130 15,815 2,610 1 ,347 1 ,263 8,910 9”. 4,060 5 702 5,999 1 ,051 3 6,013 41,917 52,425 14,453 2,511 1 ,273 1 ,238 9,583 16”. 3,822 151 748 16,215 1 ,050 3 6,005 41,438 51,655 14,627 2,453 I ,210 1 ,243 10,032 23”. 3,075 11 704 15,926 1 ,050 3 5,990 41 ,713 52,569 15,422 2,390 1,158 1 ,232 9,927 30”................................... 3,782 685 15,667 1 ,049 3 5,984 41 ,839 52,547 15,587 2,388 1 ,123 1 ,265 9,765 Outside New York City 1968 July 3.. 327 7,235 7,557 2,294 15,501 111 ,646161 ,048 59,351 13,568 8,294 5,274 1,658 10. . 236 6,290 7,423 2,295 15,508 111,233 160,478 60,295 13,781 8,479 5,302 1,750 1 . 700 6,199 7,438 2,294 15,469 111,611 162,161 59,937 14,201 8,842 5,359 1 ,778 24. . 526 5,492 7,369 2,293 15,484111,486 161 ,858 60,076 14,665 9,144 5,521 1 ,843 31. . 594 5,538 7,604 2,295 15,589 111,965 162,343 61,213 14,975 9,346 5,629 I ,770 1969 June 4. . 700 11,258 10,303 2,477 16,622123,345 173,493 61,452 13,250 8,196 5,054 3,237 11 .. 300 10,534 10,648 2,476 16,609124,029 174,123 63,473 13,027 8,105 4,922 3,478 18. . 565 10,846 10,987 2,476 16,583 125,692 175,490 61,445 12,677 7,846 4,831 3,938 25”. 937 10,987 11,230 2,473 .....1...6..,.6..35 125,657 175,135 62,656 12,472 7,733 4,739 3,893 25”................................... 9,069 937 1,936 11,589 2,481 122 16,662 128,288 177,678 62,645 12,471 7,734 4,737 3,893 July 2”. 9,754 289 2,104 9,382 2,498 121 16,737 128,015 177,506 62,433 12,136 7,519 4,617 3,892 9”. 10,019 434 2,123 21,815 2,511 119 16,757 127,757 176,741 61,873 11,860 7,335 4,525 4,179 16”. 9,674 1,646 2,063 12,138 2,511 121 16,702 26,740 175,520 62,136 11,450 7,060 4,390 4,194 23”. 9,467 637 2,146 11,954 2,510 123 16,716 26,345 175,955 62,229 11,305 6,970 4,335 4,394 30”. 9,626 694 2,200 14,280 2,513 124 16,778 126,195 175,568 62,548 11,150 6,786 4,364 4,626 1 Includes securities purchased under agreements to resell. 7 Includes minority interest in consolidated subsidiaries. 2 Includes official institutions, and so forth. 8 Exclusive of loans and Federal funds transactions with domestic com­ 3 Includes short-term notes and bills. mercial banks. , 4 Federal agencies only. 9 All demand deposits except U.S. Govt, and domestic commercial 5 Includes corporate stock. banks, less cash items in process of collection. 6 Includes securities sold under agreements to repurchase. 10 Certificates of deposit issued in denominations of $100,000 or more. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1969 □ BUSINESS LOANS OF BANKS A 31 COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during Industry 1969 1969 1969 1968 1968 July July July July July 1st 2nd 30 23 16 9 2 July June May II I IV half half Durable goods manufacturing: Primary metals.................................... 1 ,946 1 ,937 1 ,952 1 ,980 1 ,963 -10 -55 18 -36 87 -224 51 -56 Machinery............................................ 5,373 5,429 5,394 5,372 5,312 56 193 -79 221 454 11 675 33 Transportation equipment............... 2,114 2,110 2,131 2,110 2,117 21 8 -14 -50 157 109 107 64 Other fabricated metal products. . . 2,171 2,169 2,202 2,193 2,196 -6 29 7 176 142 -67 318 -56 Other durable goods......................... 2,431 2,448 2,478 2,479 2,457 -5 47 75 176 38 -67 214 -27 Nondurable goods manufacturing: Food, liquor, and tobacco............... 2,507 2,613 2,561 2,557 2,591 -37 198 22 211 -607 570 -396 740 Textiles, apparel, and leather.......... 2,743 2,744 2,754 2,745 2,748 33 78 54 253 241 -217 494 -89 Petroleum refining.............................. 1 ,909 1 ,856 I ,995 2,023 2,053 -159 42 2 142 315 32 457 117 Chemicals and rubber....................... 2,726 2,750 2,752 2,779 2,777 -16 7 153 256 -7 204 249 -29 Other nondurable goods................... 1 ,928 1,926 1,924 1 ,910 1 ,906 43 22 40 79 4 -82 83 -30 Mining, including crude petroleum and natural gas................................ 4,744 4,775 4,815 4,833 4,821 -162 -I -94 -41 236 116 195 -31 Trade: Commodity dealers................... 882 919 950 931 929 -74 -119 -97 -356 -16 302 -372 218 Other wholesale......................... 3,544 3,600 3,575 3,568 3,586 -14 29 -73 33 167 160 200 214 Retail........................................... 4,154 4,206 4,273 4,238 4,337 -152 118 -136 425 -179 566 246 306 Transportation........................................ 5,402 5,407 5,422 5,456 5,478 -77 100 68 106 144 272 250 213 Communication...................................... 1 ,239 1,247 1 ,242 1 ,255 1 ,251 41 91 -32 138 -104 191 34 78 Other public utilities.............................. 3,010 2,971 2,929 2,922 2,934 192 165 -48 78 -196 3(1 -1(8 662 Construction............................................ 3,263 3,292 3,280 3,255 3,257 -49 20 125 156 205 79 361 144 Services..................................................... 6,662 6,722 6,731 6,763 6,712 -95 -54 48 185 545 432 730 433 All other domestic loans1..................... 4,519 4,505 4,498 4,549 4,570 81 135 59 534 432 472 966 481 Bankers’ acceptances.............................. 441 443 452 494 466 -84 72 -151 -43 -155 -30 -198 -83 Foreign commercial and industrial loans.................................................. 2,394 2,379 2,358 2,366 2,397 -36 16 -37 -76 -43 58 -119 3 Total classified loans1............................ 66,102 66,448 66,668 66,778 66,858 -509 1,141 -90 2,567 1 ,860 3,198 4,427 3,305 Total commercial and industrial loans. 77,553 77,965 78,329 78,48! 78,590 -850 1,179 -23 2,768 1,922 6,608 4,690 3,793 i Reflects revision due to misclassification. See Note to table below. "TERM" COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during— 1969 1968 1969 1968 1969 Industry June May Apr. Mar. Feb. Jan. Dec. Nov. July 1st 25 28 30 26 26 29 25 27 30 II I IV III half Durable goods manufactur­ ing: Primary metals.................... I ,352 I ,390 1,358 1,388 1 ,356 1,354 1 ,338 1 ,414 1 ,363 -38 50 -128 127 14 Machinery............................ 2,474 2,432 2,488 2,429 2,238 2,323 2,261 2,245 2,555 42 168 -77 59 213 Transportation equipment. I ,097 1 ,086 1,110 1,163 1,127 1 ,095 1 ,035 969 1,130 11 128 104 23 62 Other fabricated metal products................. 798 789 776 714 709 694 738 714 799 9 -24 -63 42 60 Other durable goods...... 1 ,068 1 ,039 1,014 I ,048 1 ,051 1 ,026 1 ,032 994 1 ,052 29 16 33 -29 36 Nondurable goods manufac­ turing: Food, liquor, and tobacco. 859 813 767 708 681 703 775 779 838 46 -67 -74 28 84 Textiles, apparel, and leather........................... 646 619 618 622 633 621 629 602 651 27 -7 41 22 17 Petroleum refining............... 1 ,667 1 ,632 1,633 1,528 1 ,536 1 ,504 1 ,212 1 ,217 1 ,455 35 316 -16 2 455 Chemicals and rubber........ ! ,695 1,672 1,587 1,600 1 ,568 1 ,583 1 ,688 1 ,544 1 ,774 23 -88 150 -81 7 Other nondurable goods. . 1 ,051 1 ,036 1,012 1,025 1,025 1 ,059 1 ,061 1,072 1 ,055 15 -36 -26 36 -10 Mining, including crude pe­ troleum and natural gas. 4,203 4,230 4,302 4,270 4,355 4,442 4,033 3,828 4,089 -27 237 70 -158 170 Trade: Commodity dealers. . 114 111 112 HO 112 114 118 114 114 3 -8 6 -1 -4 Other wholesale......... 671 659 653 674 628 653 643 613 675 12 31 58 -49 28 Retail........................... 1,155 1 ,154 1,163 1,154 1,147 1,124 1 ,135 1 ,159 1,160 1 19 21 -30 20 Transportation......................... 4,081 4,014 3,988 4,032 3,972 4,025 3,906 3,744 4,042 67 126 233 -30 175 Communication....................... 440 409 440 437 429 438 441 459 436 31 -4 -31 26 -1 Other public utilities............... 1 ,149 1 ,135 1,109 1,230 1 ,228 1 ,245 1 ,224 1 ,181 1 ,216 14 6 153 256 -75 Construction............................ 891 886 847 874 875 863 808 799 875 5 66 14 25 83 Services...................................... 2,869 2,885 2,891 2,869 2,816 2,675 2,576 2,517 2,861 -16 293 215 58 293 All other domestic loans .... I ,020 1 ,023 1,025 1 ,019 1 ,885 987 959 957 1 ,050 -3 60 38 !6 61 Foreign commercial and in­ dustrial loans........... 1 ,836 1 ,869 1,853 1,824 1 ,015 1,901 1,919 1 ,914 1,791 -33 -95 38 -53 -83 Total loans................................ 31 ,136 30,883 30,746 30,718 30,386 30,429 29,531 28,835 30,981 253 I ,187 759 289 1,605 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

A 32 BANK RATES □ AUGUST 1969 PRIME RATE, 1929-69 (Per cent per annum) In effect during— Rate Effective date Rate Effective date Rate Effective date Rate 1929.................................... Sh-6 1947_Dec. ’................. 1’4 1956—Apr. 13........... 3% 1966—Mar. 10.......... 5'4 Aug. 21 ..... . 4 June 29.......... 5'4 1930.................................... 3«-6 1048 Aug 1 2 Aug. 16........... 6 1 1 9 9 3 3 1 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 ’ ' 4 4 - - 5 4 1950—Sept. 22........... 2'4 1957—Aug. 6........... 414 1967—Jan. 26-27... 5'4-5'4 1933.................................... 1'4-4 Mar. 27........... 5'4 1958—Jan 22........... 4 Nov. 20 ........ 6 193 1 4 9 — 47 (Nov.).................. 1'4 1951—J O D a c e n t c . . . 1 1 8 7 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 3 ' ’4 4 S A e p p r t . . 2 1 1 1 . . . . . . . . . . . . 3. .4 . . 1. . . . 4. . 1968—Apr. 19........... 6'4 Sept. 25........... 6 -6'4 1953—Apr. 27........... 3'4 1959—May S 1 ep 8 t .. . . ...... 1 .. ...... 4 .5. . > .. 4 N De o c v . . 1 2 3 . . . . . . . . . . . . . . . . . . . . . . 6 6 ' ' 4 4 Dec. 18.......... 6% 1954—Mar 17........... 3 I960—Aug. 23........... 414 1969—Jan. 7........... 7 3'4 Mar. 17........... 7'4 OcL 14.......... 3'4 1965—Dec. 6........... 5 J u ne 9............ 8'4 1 Date of change not available. SHORT-TERM BUSINESS LOANS Size of loan (in thousands of dollars) All sizes 1-9 10-99 100-499 500-999 1,000 and over Interest rate (per cent per annum) May Feb. May Feb. May Feb. May Feb. May Feb. May Feb. 1969 1969 1969 1969 1969 1969 1969 1969 1969 1969 1969 1969 Percentage distribution of dollar amount Less than 7.50................................ 3.3 69,7 7.0 29.9 4.7 32.0 4.4 53.2 3.6 71.3 2.6 83.8 7.50................................................... 38.4 7.6 7.9 12.1 9.8 15.3 20.3 11.5 33.0 7.7 53.4 4.5 7.51-7.99.......................................... 25.6 9.7 13.2 18.7 14.5 20.8 26.5 13.6 30.4 8.1 26.4 6.2 8.00.................................................. 8.9 5.1 15.9 14. 1 17.3 11 .1 12.6 7. 7 9.6 5.3 5.4 2.7 8.01-8.49.......................................... 8.5 3.4 16.6 1 2.7 20.4 8.5 13.9 5.9 8.4 3.5 3.8 1.2 8.50................................................... 5.2 1 .7 11.8 3.8 11.0 3.3 8.2 3.0 5.0 1.2 2.7 1 .1 8.51-8.99.......................................... 3.7 0.8 14.5 3.1 9.7 2.4 5.1 1 .5 3.9 0.6 1.6 0.2 9.00.................................................... 3.0 0.7 4.6 1.6 3.8 2.1 2.8 1 6 2.1 0.7 3.1 0.1 Over 9.00................................ 3.4 1.2 8.4 3.8 8.7 4.5 6.1 2.2 3.8 1.5 0.9 0.2 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)........................ 4,471.4 3,880.5 55.1 49.3 470.9 421.6 944. 4 793.3 638.5 498.2 2.362.5 2,118.2 Number (thousands)................. ’ 36.5 ’ 32.2 14.4 12.8 15.2 13.6 4.9 4.1 1.1 0.8 1.1 ' 0.9 Center Weighted average rates (per cent per annum) 35 centers......................................... 7.86 7.32 8.22 7.73 8.23 7.70 8.01 7.46 7.84 7.29 7.70 7.16 New York City.......................... 7.66 7.13 8.23 7.76 8.14 7.65 7.81 7,30 7.65 7.13 7.60 7.06 7 Other Northeast..................... 8.18 7.59 8.31 7.88 8.50 8.03 8.31 7,76 8.16 7.48 7.84 7.18 8 North*Central.......................... 7.89 7.41 8.09 7.79 8.20 7.81 8.07 7.60 7.95 7.49 7.76 7.26 7 Southeast................................. 7.66 7.01 7.96 7,37 7.91 7.20 7.72 7 09 7.44 6.79 7.45 6.84 8 Southwest........................ 7.87 7.25 8.27 7.56 8.09 7.42 7.89 7.21 7.80 7.23 7.76 7.18 4 West Coast...................... 7.83 7.35 8.51 8,09 8.23 7.81 7.97 7.54 7.75 7.26 7.70 7,18 Note.—Beginning Feb. 1967 the Quarterly Survey of Interest Rates on Business Loans was revised. For description of revised series see pp. 721­ 27 of the May 1967 Bulletin. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1969 □ INTEREST RATES A 33 MONEY MARKET RATES (Per cent per annum) U.S. Government securities (taxable) 4 Finance Prime co. Prime Period coml. paper bankers’ Federal 3-month bills 5 6-month bills 5 9- to 12-month issues paper, placed accept­ funds 3- to 5- 4- to 6- directly, ances, rate ■* year months 1 3- to 6- 90 days 1 Rate on Market Rate on Market Bills (mar­ Other 6 issues 7 months 2 new issue yield new issue yield ket yield) 5 1961 2.97 2.68 2.81 1.96 2.378 2.36 2.605 2.59 2.81 2.91 3,60 1962. 3.26 3.07 3.01 2.68 2.778 2.77 2.908 2.90 3.01 3.02 3.57 1963 3.55 3.40 3.36 3.18 3.157 3.16 3.253 3.25 3.30 3,28 3.72 1964. 3,97 3.83 3.77 3.50 3.549 3.54 3.686 3.68 3.74 3.76 4.06 1965 4.38 4.27 4.22 4.07 3.954 3.95 4.055 4.05 4.06 4.09 4.22 1966 5.55 5.42 5.36 5.11 4.881 4.85 5.082 5.06 5.07 5.17 5,16 1967 5.10 4.89 4.75 4.22 4.321 4.30 4.630 4.61 4.71 4,84 5,07 1968 5.90 5.69 5.75 5.66 5.339 5.33 5 470 5.48 5.45 5.62 5.59 1968--July................... 6.19 6.02 5.85 6.02 5.382 5.31 5.480 5.41 5.40 5.68 5,44 Aug................... 5,88 5.74 5.66 6.03 5.095 5.08 5.224 5.23 5.15 5.41 5.32 Sept.. . ... ■ . 5.82 5.61 5.63 5.78 5.202 5,20 5.251 5.26 5.19 5.40 5,30 Oct.................... 5.80 5.59 5.79 5.92 5.334 5.35 5.401 5.41 5.33 5.44 5,42 Nov.......... 5.92 5.75 5.97 5.81 5.492 5.45 5.618 5.59 5.51 5.56 5.47 Dec................... 6.17 5.86 6.20 6.02 5.916 5.94 6.014 6.05 5.98 6.00 5.99 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 Mar................. 6.82 6.38 6.66 6.79 6.080 6.01 6.223 6.16 6.19 6.22 6.33 Apr................... 7.04 6.38 6.86 7.41 6. 150 6. 1 1 6. 168 6.13 6.03 6.11 6.15 May.................. 7.35 6.54 7.38 8.67 6.077 6.03 6. 149 6. 15 6. 10 6.26 6.33 June. .... 8.23 7.25 7.99 8.90 6.493 6.43 6.725 6.75 6.86 7.07 6.64 July................... 8.65 7.53 8.41 8.61 7.004 6.98 7.285 7.23 7.14 7.59 7.02 Weekending— 1969-—Apr. 5. .... 6.88 6.38 6.63 6.66 6.065 6.04 6.136 6. tO 6.14 6.18 6.26 ’ 12........... 7.00 6.38 6.75 7.04 6. 167 6.15 6. 185 6. 16 6.09 6.17 6.19 19.......... 7.03 6.38 6.88 7,63 6. 195 6.19 6.189 6.20 6.03 6.11 6.10 26........... 7.13 6.38 7.00 7.48 6. 175 6.13 6.164 6.13 5.98 6.07 6.11 May 3 .... 7.18 6.43 7 05 7.78 6 053 5.93 6.043 6.03 5.96 5.99 6.17 ' id 7,25 6.50 7 18 8.23 5.978 5.97 6.063 6.07 6.05 6.06 6.21 17 .... 7.38 6.50 7 48 8.30 6 084 6.07 6. 191 6.19 6. 13 6.23 6.30 24........... 7.38 6.50 7 50 8,91 6. 148 6.05 6.231 6. 12 6.08 6.38 6.39 31 ..■• 7.47 6.69 7 50 8.92 6 124 6. 10 6 21 8 6.28 6.19 6.53 6.50 June 7........... 7.68 6.91 7 50 9.20 6 191 6. 25 6 454 6.58 6.61 6.78 6.57 14 8.20 7.08 7 90 9. 13 6 591 6. 65 6 927 6.88 6. 89 7.16 6.60 21.......... 8,40 7.3! 8 08 8.54 6 666 6.57 6 654 6.70 6 77 6.94 6.57 28........... 8.55 7.59 8 38 8.34 6 524 6. 29 6 866 6.84 7 09 7.28 6.77 July 5.......... 8.66 7.81 8 50 9.00 6 456 6. 58 6 944 6.94 7.33 7.71 7,00 ' 12........... 8,75 7.81 8 50 9.07 7 069 6 94 7 309 7.19 7 08 7.67 7.04 ip.......... 8.65 7.83 8 43 9. 23 7 105 7 00 7 400 7,34 7 08 7.52 6.95 26........... 8.63 8.00 8 44 8 50 7 220 7 10 7 459 [ 7.32 7 13 7 52 7.02 Aug. 2........... 8.50 8.00 . 8.18 8.05 7.172 7.08 7.313 | 7.19 7.16 7.53 1 7.07 i Averages of daily offering rates of dealers. 4 Except for new bill issues, yields are averages computed from daily 2 Averages of daily rates, published by finance companies, for varying closing bid prices. 5 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. i Selected note and bond issues. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 34 INTEREST RATES □ AUGUST 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 Total 1 (long­ term) Tomii Aaa Baa Aaa Baa In tr d ia u l s­ R ro a a i d l­ P ut u i b li l t i y c fe P r r r e e ­ d C m o o m n ­ C m o o m n ­ 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 6.18 6.94 6.41 6.77 6,49 5.78 3.07 5.84 1968—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 r5.7O 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 5.86 5.02 4 74 5 44 6.93 6.66 7.30 6,82 6 98 7.05 5.94 3.10 Mar...................................... 6.05 5.25 4.97 5 61 7.11 6.85 7.51 7.02 7 16 7.23 6.09 3.17 5.65 Apr................... . . 5 84 5.24 5 do 5 57 7.17 6.89 7.54 7 07 7 25 7 26 6.14 3 11 May....................................... 5.85 5.39 5.19 5 63 7.10 6.79 7.52 6 69 7 27 7 15 6.20 3.02 6.06 5.78 5 58 6 01 7.27 6.98 7 70 7 16 7 37 7 38 6.33 3 18 July........................................ 6.07 5.79 5 60 6.'07 7.39 7.08 7.84 7'29 7.50 7.49 3.34 6.42 Week ending—• 1969—Apr 5................. .. 6.01 5.27 5 00 5 61 7.23 6.99 7 60 7 13 7 25 7 37 6.08 3 12 12................................ 5.93 5.28 5 05 5 60 7.21 6 97 7.59 7 12 7.24 7 34 6.15 3.11 19............. . . 5.79 5.24 5 00 5 57 7.17 6.88 7 55 7 07 7 23 7 28 6.12 3 13 26....................... .. 5.75 5. 19 4 95 5 50 7.12 6 81 7 50 703 7 27 7 19 6.18 3 13 May 3. . 5 77 5. 19 4.95 5 50 7.11 6.80 7.50 7 03 7.29 7 14 6.16 3.05 10........... 5 70 5 19 4 95 5 50 7.10 6 79 7 49 7 00 7 27 7 13 6 13 3 03 17. 5 77 5 30 5 id 5 55 7.06 6.75 7 48 6 96 7 24 7 10 6.15 2 98 24................................ 5.92 5.47 5 30 5 67 7 09 6.78 7.55 6 98 7.26 7 16 6.23 3 02 JI............... . 6. 11 5.58 5 40 5 80 7 14 6.83 7.58 7 03 7.30 7 22 6.28 3 05 6 09 5.73 5 55 5 95 7 19 6 90 7 62 7 10 7 31 7 28 6.27 3 07 14............. , 6.05 5.82 5 60 6 05 7 24 6 96 7 66 7 16 7 31 7 33 6 29 3 17 21................................. 6.03 5.82 5 60 6 05 7 31 7 03 7 74 7 21 7 38 7 43 6.37 3 22 28................................. 6 04 5.75 5 55 6 00 7 33 7 03 7.77 7 19 7 45 7 46 6.38 3 27 July 5................. . 6.08 5.75 5 55 6 00 7.34 7 03 7.77 7 19 7.45 7 48 6.36 3 20 12................................ 6.11 5.70 5 52 5 98 7.39 7 08 7 83 7 27 7 51 7 52 6.43 3 27 19................................ 6.05 5.70 5 52 5 98 7.41 7.10 7.88 7.31 7.51 7 53 6.39 3. 33 26................................ 6.04 5.80 5.62 6 05 7.40 7 10 7 85 7 32 7.51 7 47 6.39 3 40 Aug. 2................................ 6.05 6.01 5.78 6.32 7.38 7.05 7.84 7.33 7.51 7.41 6,54 3.52 ................... Number of issues 2......................... 9 20 5 5 108 18 30 38 30 40 14 500 500 1 Includes bonds rated Aa and A, data for which are not shown sep­ Averages of daily figures for bonds maturing or callable in 10 years or arately. Because of a limited number of suitable issues, the number more. State and local govt, bonds: General obligations only, based on of corporate bonds in some groups has varied somewhat. As of Dec. Thurs. figures. Corporate bonds: Averages of daily figures. Both of these 23, 1967, Aaa-rated railroad bonds are no longer a component of the series are from Moody’s Investors Service series. railroad average or the Aaa composite series. Stocks: Standard and Poor's corporate series. Dividend/price ratios are 2 Number of issues varies over time; figures shown reflect most recent based on Wed. figures; earnings/price ratios are as of end of period. count. Preferred stock ratio is based on 8 median yields for a sample of noncallable 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

AUGUST 1969 □ SECURITY MARKETS A 35 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 ( G l U o o . n v S g t . , ­ S l a o t n c a d a te l p A C o A r o a r A t ­ e Total In tr d ia u l s­ R ro a a i d l­ P u u ti b li l t i y c Total In tr d ia u l s­ T p t r o i a o r n t n a s ­ ­ Utility na F n i c ­ e in to d t e a x l 1 NYSE AMEX term) 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 93.5 76.4 98.70 107,49 48.84 66.42 55.37 58.00 50.58 44.19 65.85 27.72 12,971 6,353 1968—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 19 69—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 Mar................ 64.90 83.7 70.6 99.30 108.20 50.46 66.07 55.69 58.30 51.52 44.06 70.60 29.92 9,960 4,401 Apr................. 67.73 84.2 69.5 101.26 110.68 49.53 65.63 56.61 59.41 50,88 44,34 72.38 30.14 11,287 5,153 May............... 66.68 82,3 70.3 104.62 114.53 49.97 66.91 58.50 61 .50 50.46 45.75 75.10 31.12 12,222 6,451 June............... 64.84 78.6 68.9 99. 14 108.59 46.43 63.29 55.20 58.07 47.70 43.39 68.62 29,14 11 ,203 5,029 July......... 64,75 78,5 68.2 94. 71 103.68 43.00 61,32 52.40 55.00 42.80 42.31 64.56 27.01 10,872 4,215 Week ending— 1969—July 5.......... 64.63 79.2 68.4 98.59 108.09 45.00 62.55 54.63 57,51 46.36 43,04 67.53 28.25 10,000 4,229 ' 12........... 64,33 79.3 67.6 96.94 106.23 44.27 61.88 53.72 56.46 45.00 42,78 66.39 27.91 10,361 4,053 19.......... 64.91 79.5 68.5 94.94 103.89 43.00 61.72 52.56 55.14 42.53 42.51 65.19 27.07 10,260 3,792 26........... 64.98 77,9 68.2 92.85 101.55 41 .99 60.88 51.36 53.81 40.86 42,07 63.29 26.49 9,785 3,371 Aug. 2........... 64.89 76.8 68.1 90.98 99.50 41.13 59.70 50.17 52.57 39.94 41 .24 60.87 25.49 14,252 5,587 i Begins June 30, 1965, at 10.90. On that day the average price of a share cent, 20-year bond. Municipal and corporate bonds, derived from average of stock listed on the American Stock Exchange was SI0.90. yields as computed by Standard and Poor’s Corp., on basis on a 4 per cent, 20-year bond; Wed. closing prices. Common stocks, derived from com­ Note.—Annual data are averages of monthly figures. Monthly and ponent common stock prices. Volume of trading, average daily trading in weekly data are averages of daily figures unless otherwise noted and are stocks on the exchanges for a 5^-hour trading day; beginning Jan. 1969 a computed as follows: U.S. Govt, bonds, derived from average market 4- hour trading day; beginning July 7, 1969, a 4^-hour trading day. yields in table at bottom of preceding page on basis of an assumed 3 per TERMS ON CONVENTIONAL FIRST MORTGAGES New homes Existing homes Period C c t ( r r e p a o a n e t n c e t r ) t ­ c F c h e ( e a p e n r e s t g r ) e & l s M (y a e tu ar r s it ) y L p r c ( a o p e r t i n a e i c n r o t e ) / (t d h c p o o P h r l u u l a i a s c s r . r e ­ e s o ) f (t a d h m L o o l o u o la a s u r n . n s o ) t f c C t ( r r e p a o a n e t c n e t r t ) ­ c F c h e e ( a p e n r s e t g ) r e * & s M (y a e t a u r r s i ) ty L c p r ( a o e p r t i n a e i c t n o r e ) / (t d h c o o p P h l r u l u a i a s c s r r . e ­ e s o ) f (t a d h L m o o l o u o la a s u . r n n s 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 19.2 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 17.4 1968......................... 6.83 .89 25.5 73.9 30.7 22.4 6.90 .83 22.7 73.0 25.6 18.5 1968—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 23.3 73.2 28.1 20.4 1969—Jan............... 7.16 .84 25,6 73.6 33.2 24.1 7.18 .86 22.8 72.6 27.9 20.0 Feb.............. 7.26 .81 25.6 73,3 32.4 23.5 7.28 .86 22.9 72.8 27.2 19.6 Mar.............. 7.32 .93 25.8 73.8 33.0 24.0 7.35 .84 23.0 72.7 28.2 20.2 Apr.............. 7.47 .96 25.4 72.6 34.4 24.8 7.46 .85 23.0 71,8 28.2 19.9 May............. 7.50 .88 25.8 73.2 34,7 25.0 7.54 .83 22,7 71.9 27.8 19.7 JuneP.......... 7.61 .85 25.5 73.0 35.0 25.0 7.63 .85 22,9 71.7 28.5 20,1 i Fees and charges—related to principal mortgage amount—include based on probability sample survey of characteristics of mortgages loan commissions, fees, discounts, and other charges, which provide originated by major institutional lender groups (including mortgage added income to the lender and are paid by the borrower. They exclude companies) for purchase of single-family homes. Data exclude loans for any closing costs related solely to transfer of property ownership. refinancing, reconditioning, or modernization; construction loans to homebuilders; and permanent loans that are coupled with construction Note.—Compiled by Federal Home Loan Bank Board in cooperation loans to owner-builders. Series beginning 1965, not strictly comparable with Federal Deposit Insurance Corporation. Data are weighted averages with earlier data. See also the table on Home-Mortgage Yields, p. A-53. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 36 STOCK MARKET CREDIT □ AUGUST 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 tomers' net credit Total End of period net free ex­ Unre­ ad­ debit credit tended strict­ Restricted justed Brokers Banks Total bal­ bal­ by End of ed debt 1 2 ances ances brokers period (mil­ lions Under 30-39 40-49 50-59 60 per of 1968—June................. 6,690 2,410 9,100 8,728 3,293 5 435 20 20-29 per per per cent dol­ July................. 61500 2,’42O 81920 81861 31269 5,592 cent cent cent or more lars) Aug.................. 6,460 21490 81950 8,489 21984 51505 Sept................. 61390 2,520 8*910 8,723 3,126 5*597 Oct................... 6,250 21560 8 810 81859 31407 5 452 1968—June. 0.8 22.1 47.3 8.5 4.0 17.3 12,590 Nov................. 61200 2,630 §1830 91029 31419 5 610 July.. 1.2 21.3 43.5 10.4 5.1 18.5 12,060 Dec.................. 6',200 21710 8 900 91790 3,717 6 073 Aug.. 2.7 25.9 37.9 10. 1 4.9 18.6 11,900 Sept.. 5.4 32.4 29.6 8.8 4.1 19.7 11,910 1969—Jan................... 5,930 2,750 8,680 9,042 3,597 5 445 Oct... 4.3 35.9 27.0 8.9 4.2 19.7 11,540 Feb.................. 51750 21810 8,560 91148 3,647 51501 Nov.. 10.6 36.4 21.4 7.6 3.6 20.4 11,460 Mar................. 51590 21780 8,370 81318 3,294 5 ’024 Dec.. 3.8 38.9 20.2 7.5 3.8 26.3 12,060 Apr.................. 51570 2,760 81330 8,044 3 ,077 4,967 May................ 51670 21770 8*440 81474 3 ’084 5 390 1969—Jan... 5.9 40,6 20.9 8.1 4.4 20.1 11,180 June”............... 51400 2,740 8J40 81211 31086 5,125 Feb... 2.7 38.8 22.9 9.4 5.1 21.1 10,840 Mar.. 5.5 37.3 21.1 9.3 4.9 21 .9 10,520 Apr., 7.4 35.1 19.6 8.8 4.6 24.5 10,720 1 End of month data. Total amount of credit extended by member firms Mayr 4.8 37,4 18.9 8.5 4.7 25.6 10,770 of the New York Stock Exchange in margin accounts, estimated from June” 1.8 33.1 19.9 10,8 6.0 28.4 10,400 reports by a sample of 38 firms. 2 Figures are for last Wed. of month for large commercial banks re­ porting weekly and represent loans made to others than brokers or dealers Note.—Adjusted debt is computed in accordance with requirements set for the purpose of purchasing or carrying securities. Excludes loans col­ forth in Regulation T and often differs from the same customer’s net debit lateralized by obligations of the U.S. Govt. balance mainly because of the inclusion of special miscellaneous accounts Note,—Customers’ net debit and free credit balances are end-of-month in adjusted debt. Collateral in the margin accounts covered by these data ledger balances as reported to the New York Stock Exchange by all now consists exclusively of stocks listed on a national securities exchange. member firms that carry margin accounts. They exclude balances carried Unrestricted accounts are those in which adjusted debt does not exceed the for other member firms of national securities exchanges as well as balances loan value of collateral; accounts in all classes with higher ratios are of the reporting firm and of its general partners. Net debit balances are restricted. total debt owed by those customers whose combined accounts net to a debit. Free credit balances are in accounts of customers with no unfulfilled commitments to the broker and are subject to withdrawal on demand. Net credit extended by brokers is the difference between customers’ net debit and free credit balances since the latter are available for the brokers' use until withdrawn. EQUITY STATUS OF MARGIN ACCOUNT DEBT AT BROKERS SPECIAL MISCELLANEOUS ACCOUNT BALANCES (Per cent of total debt, unless otherwise indicated) AT BROKERS, BY EQUITY STATUS OF ACCOUNTS (Per cent of total, unless otherwise indicated) Total Equity class (per cent) debt (mil­ Equity class of accounts End of lions Net in debit status Total period of 80 or Under End of period credit balance dol­ more 70-79 60-69 50-59 40-49 40 status 60 per cent Less than (millions lars)! or more 60 per cent of dollars) 1968—June . 6,690 14.9 33.2 28.8 8.2 4.3 10.6 1968—June....................... 50.0 45.7 4.2 6,150 July.. 6,500 15.4 28.1 30.6 9.5 4.9 11.6 July................ 51.7 44.4 3.9 6,000 Aug.. 6,460 17.3 28.8 28.2 9.1 4.8 11.8 Aug........................ 49.8 46.4 3.8 5,780 Sept.. 6,390 20.0 31.1 25.0 8.1 4.4 11.5 Sept........................ 51.0 45.3 3.6 5,840 Oct... 6,250 20.9 31.3 23.3 8.7 4.0 11.8 Oct.. ...................... 52.9 40.3 5.2 5^640 Nov.. 6,200 25.5 31.4 19.4 7.4 3.9 12.5 Nov........................ 53.2 43.3 3.5 5'550 Dec.. 6,200 24.0 30.2 19.4 8.0 4.2 14.2 Dec........................ 54.4 40.4 5.2 5,'690 1969—Jan... 5,930 24.4 29.3 20.8 7.9 4.6 13.1 1969—Jan.......................... 52.6 43.2 5.1 5,700 Feb.. 5,750 20.5 28.2 22.6 9.0 5.4 14.1 Feb............... 52.7 41.7 5.6 5’680 Mar.. 5,590 22.1 27.9 20.5 9.5 5.2 14,8 Mar....................... 52,9 40.9 6.1 5'400 Apr.. 5,570 24.0 26.2 20.0 9.5 4.9 15.4 Apr......................... 52.5 42.5 5.0 5,120 May . 5,670 23.0 26.4 19.0 9.7 5.2 16.8 May....................... 52.2 42.3 5.5 5'020 June” 5,400 17.3 25.4 18.8 11.5 7.1 19.8 June”..................... 54,7 39.7 5.7 5,090 1 See footnote 1 to table above. Note.—Special miscellaneous accounts contain credit balances that may be used by customers as the margin deposit required for additional Note,—Each customer’s equity in his collateral (market value of col­ purchases. Balances may arise as transfers based on loan values of other lateral less net debit balance) is expressed as a percentage of current col­ collateral in the customer’s margin account or deposits of cash (usually lateral value. sales proceeds) occur. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1969 □ OPEN MARKET PAPER; SAVINGS INSTITUTIONS A 37 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 Total th P r la o c u e g d h d P i l r a e c c e t d ­ Total Others p i o n r t t o s p fr o o r m ts Do e l x l ­ ar points in— dealers 1 ly 2 Total O bi w ll n s bo B u il g ls h t O ac w ct n . c e F o i o g r n r r. ­ U St n a i t t e e s d U S n ta it t e e d s change U St n a i t t e 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 >01 11 ’,634 4,317 1,906 1,447 459 164 156 2,090 1,086 989 37 162 2,042 1968—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........... 201264 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 >47 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 J ,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 ,21 1 195 50 104 2,809 1,405 906 93 111 1 ,854 Feb............. 22,865 8 >42 14^523 4,420 1,473 1 ,263 210 91 ‘ 99 2,757 1,449 859 82 120 1 ,910 Mar............ 23 >81 9,003 14'678 4,464 1,499 I ,233 266 94 122 2,749 1 ,460 872 77 1 19 1 ,937 Apr............ 24,390 10’,076 14,314 4,510 1,548 1 ,293 255 142 125 2,695 I ,523 875 58 95 1 ,958 May........... ^25,305 r9’931 15,374 4,668 1 ,468 1 ,260 208 76 183 2,940 1 ,591 910 45 M3 ’■2,078 June........... 25'964 10/159 15 >05 4,880 1,495 1 ,264 231 41 159 3,186 1 ,673 967 46 35 2,160 1 As reported by dealers; includes finance company paper as well as 2 As reported by finance companies that place their paper directly with other commercial paper sold in the open market. investors. MUTUAL SAVINGS BANKS (Amounts in millions of dollars) Loans Securities Total Mortgage loan assets— commitments3 Total General classified by maturity End of period State Corpo­ Cash O as t s h e e ts r lia ti b e i s l i­ D i e t p s o 2 s­ l O ia t b h i e li r ­ res a e c r ­ ve (in months) Mort­ Other U.S. and rate and ties counts gage Govt. local and general govt. other1 reserve accts. 3 le o ss r 3-9 Ov 9 er Total 1945..................... 4,202 62 10,650 1,257 606 185 16,962 15,332 48 1,582 n.a. n.a. n.a. n.a. 1960..................... 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 n.a. n.a. n.a. 1,200 1961..................... 28,902 475 6 J 60 677 5,040 937 640 42,829 38,277 781 3,771 n.a. n.a. n.a. 1,654 1962..................... 32,056 602 6,107 527 5,177 956 695 46,121 41 ,336 828 3,957 n.a. n.a. n.a. 2,548 1963 ..................... 36,007 607 5’863 440 5,074 912 799 49,702 44,606 943 4,153 n.a. n.a. n.a. 2,549 1964..................... 40,328 739 5'791 391 5,099 1,004 886 54,238 48,849 989 4 >00 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 >82 55,006 1,114 4,863 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 ..................... 53 >86 1 ,407 3'834 194 10,180 996 1 '256 71,152 64,507 1 ,372 5,273 811 1 ,034 1,166 3,01 1 1968—-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 69,902 62,851 1,871 5 J 80 776 1,094 1,058 2,928 Sept.......... 52,323 1 ,468 4’139 204 9,827 990 1 '253 70,203 63,381 1,628 5; 194 889 1 ,067 1,015 2,971 Oct........... 52,636 1 ,431 3,999 195 9,913 911 1,227 70,312 63,550 1 ,567 5,195 835 1,144 1 ,090 3,070 Nov......... 52’946 1 ,532 3'913 200 10,001 914 1 >67 70,773 63,800 1 ,707 5'266 945 1,132 1,125 3,202 Dec.......... 53 >86 1 ,407 3334 194 10,180 996 1 >56 71,152 64,507 1 ,372 5,273 8I1 1 ,034 1,166 3,011 1969—Jan............ 53,579 1,426 3,962 195 10,298 835 1 ,256 71,550 64,747 1,507 5,295 760 1 ,073 1,186 3,020 Feb........... 53,807 1 ,559 3,989 190 10,429 888 1 ,269 72,132 65,087 1 ,692 5,353 711 1,165 1 ,210 3,085 Mar.......... 54,005 1 ,562 3,990 194 10,649 900 1 ,293 72,593 65,759 1 >76 5,359 778 1 ,266 1,171 3,214 Apr........... 54'209 1 ,519 3’900 199 10,721 792 1 >70 72,610 65,575 1,663 5,372 796 1,270 1,241 3,308 May......... 54342 1 ,713 3’821 197 10^800 897 1 ,288 73’159 65,888 1 >43 5 >28 818 1 ,237 1,255 3,310 June*’. .. . 54,658 1 ,625 3,602 197 H ,049 860 1 ,300 73,291 66,216 1 ,667 5,408 843 1,190 1 ,216 3,249 1 Also includes securities of foreign governments and international Note.—National Assn, of Mutual Savings Banks data; figures are organizations and nonguaranteed issues of U.S. Govt, agencies. estimates for all savings banks in the United States and differ somewhat 2 See note 5, p. A-18. from those shown elsewhere in the Bulletin; the latter are for call dates 3 Commitments outstanding of banks in New York State as reported to and are based on reports filed with U.S. Govt, and State bank supervisory the Savings Banks Assn, of the State of New York. Data include building agencies. Loans are shown net of valuation reserves. Figures for Jan. and loans 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 38 SAVINGS INSTITUTIONS □ AUGUST 1969 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period Total Mort­ Real Policy Other assets Total U St n a i t t e e s d Sta lo te c a a l nd Foreign 1 Total Bonds Stocks gages estate loans assets Statement value: I960............................................ 119,576 11,679 6,427 3,588 1,664 51,857 46,876 4,981 41,771 3,765 5,231 5,273 1961............................................. 126,816 11,896 6,134 3,888 1,874 55,294 49,036 6,258 44,203 4,007 5,733 5,683 1962............................................. 133,291 12,448 6,170 4,026 2,252 57,576 51,274 6,302 46,902 4,107 6,234 6.024 1963............................................. 141,121 12,438 5,813 3,852 2,773 60,780 53,645 7,135 50,544 4,319 6,655 6,385 1964............................................. 149,470 12,322 5,594 3,774 2,954 63.579 55,641 7,938 55,152 4,528 7,140 6,749 1965............................................ 158,884 11,679 5,119 3,530 3,030 67,599 58,473 9,126 60,013 4,681 7,678 7,234 1966............................................. 167,022 10,837 4,823 3,114 2,900 69,816 61,061 8,755 64,609 4,883 9,117 7,760 1967............................................. 177,361 10,505 4,587 2,976 2,942 75,707 64,920 10,787 67,516 5,186 10,059 8,388 Book value: 1966............................................. 167,022 10,864 4,824 3,131 2,909 68,677 61,141 7,536 64,661 4,888 9,911 8,801 1967............................................ 177,361 10,530 4,587 2,993 2,950 73,997 65,015 8,982 67,575 5,188 10,060 11,011 1968............................................ 187,695 10,483 4,365 3,036 3,082 79,403 68,575 10,828 70,071 5,573 II,284 10,881 1968—May r.............................. 181,602 10,906 4,668 3,200 3,038 76,461 66,855 9,606 68,317 5,342 10,569 10,007 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 11,197 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 1969—Jan.................................. 188,972 10,602 4,400 3,048 3,154 80,418 69,350 U ,068 70,205 5,620 11,399 10,728 Feb............................. 189,924 10,821 4,448 3,210 3,163 80,968 69,691 11,277 70,355 5,640 11,525 10,615 Mar................................ 190,827 10,795 4,398 3,217 3,180 81,424 69,941 11,483 70,480 5,670 11,699 10,759 Apr................................. 191,362 10,709 4,295 3,222 3,192 81,635 70,010 11,625 70,661 5,654 11,903 10,800 May................................ 192,127 10,711 4,301 3,216 3,194 81,980 70,194 11 ,786 70,820 5,679 12,090 10,847 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) Mortgage loan Assets Liabilities commitments3 Total assets— End of period U.S. Total Reserves Outstand Mort­ Govt, liabilities Savings and un­ Bor­ Loans Made ing at gages secur­ Cash Other1 capital divided rowed in Other during end of ities profits money2 process period period 1960......................... 60,070 4,595 2,680 4,131 71,476 62,142 4,983 2,197 1,186 968 n.a. 1 ,340 1961.......................... 68^834 5,21 1 3'315 4’775 82,135 70,885 5 '708 2'856 I ,550 1,136 n.a. I ’872 1962......................... 78 ,'770 5^563 3'926 5’346 93,605 80'236 6'520 3^629 1 ’999 1 '221 n.a. 2’193 1963......................... 90'944 6’445 3'979 6; 191 101 385 101'887 7’899 5'601 2 239 1 ,729 2’572 1964......................... 101,333 6,966 4,015 7,041 119,355 101,887 7,899 5’601 2,239 1 ,'729 n.a. 2’549 1965......................... 110,306 7 414 3’900 7^960 129'580 110'385 8'704 6,444 2' 198 1 ,849 n.a. 2,707 1966'........................ 114,427 7 762 3,366 8 378 133 933 113 969 9 096 7’462 1 ’270 2 136 1 482 1967'........................ 121'805 9’180 3,442 9,107 143,534 124,531 9,546 4’738 2’257 2,462 n.a. 3 004 1968......................... 130’782 9,531 2,964 9'548 152’825 131 '620 10,311 5,672 2'444 2,778 3,584 125,900 9,822 1,006 9,583 148 311 127 917 9,849 5,194 2 592 2,759 3 708 July............. 126’618 9 700 2^449 9,513 48,280 127 J12 9,840 5'276 2,536 3'316 1 ,308 3,860 Aug............. 127'492 9,604 2'409 9'615 149’120 127'707 9,834 5’274 2’438 3'873 1 ,330 3 ,794 Sept.............. 128'302 9,533 2^528 9^608 149'971 128,834 9^834 5’324 2’422 3’557 1 '276 3,727 Oct............... 129'147 9 605 2^568 9^658 150 ,’978 129 329 9’831 5’335 2416 4'067 I '421 3 ’ 802 Nov 129,879 9,671 2,693 9,890 I52,’l33 129 ’977 9,834 5,331 2,392 4,’599 1 '317 3 ,788 Dec.............. 130,782 9,531 2,964 9,548 152'825 131,620 10'311 5'672 2,444 2'778 1 '275 3’584 1969—Jan............... 131,404 9 920 2,372 9,527 153,223 131,529 10,318 5,665 2 403 3,308 1,351 3 718 Feb.............. 132,075 10,119 2’519 9’,712 154*425 132*134 10,303 5,587 2,470 3,931 1 ’,497 4’,028 Mar.............. 132'992 10,136 2’550 10^019 55’697 133’504 10^294 5’614 2,644 3,641 1 ,688 4,373 Apr.............. 134,018 9’868 2'380 10,027 156,293 132*988 10^292 6'058 2,800 4,155 1 '787 4’601 May............. 135,006 9,868 2*423 10^464 157,761 133 482 10’281 6,246 2,911 4’841 1 ’676 4,607 June............. 136,226 9,454 2,533 10^60 158,573 134,824 10,670 6,725 3,007 3,347 1,538 4,380 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 are based on and fixtures. monthly reports of insured assns. and annual reports of noninsured assns. 2 Consists of advances from FHLB and other borrowing. Data for current and preceding year are preliminary even when revised. 3 Insured savings and loan assns. only. Data on outstanding commit­ Figures for Jan. and June 1968 reflect conversion of one savings and loan ments are comparable with those shown for mutual savings banks (on assn, to a mutual savings bank. Figures for June 1968 also reflect exclu­ preceding page) except that figures for loans in process are not included sion of two savings and loan assns. in process of liquidation. Data for above but are included in the figures for mutual savings banks. May 1969 reflect conversion of one savings and loan assn, to a commercial bank. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1969 □ FEDERALLY SPONSORED CREDIT AGENCIES A 39 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Federal home loan banks Federal National Banks Federal Federal Mortgage Assn, Assets Liabilities and capital (sec o o p n e d r a a r t y i on m s a ) rket coope fo ra r tives i c n re te d r i m t b ed an ia k te s b l a a n n k d s End of period Ad­ Deben­ Loans Loans v m a t n e o c m e ­ s I m nv e e n s ts t­ C a d a n e s d ­ h B n a o o n n t d e d s s M b d e e e m r ­ ­ C s a to p c it k al M l g o a a o g n r e t s ­ n t a u o n r t e d e s s c a o t o t iv o p e e s r ­ D tu eb re e s n­ co a d u n is n d ­ t s D tu eb re e s n­ M I g o a a o g n r e t s ­ Bonds bers posits posits (A) (L) (A) (L) (A) (L) (A) (L) 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 J26 2,752 2322 735 505 1,840 1,727 3'052 2,628 1963............... 4,784 1 ’906 159 4'363 1J51 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 J169 1965............... 5^997 I ’640 129 5^221 1 '045 1 '277 2’456 1,884 1 ,055 797 2,516 2,335 4’281 3’710 1966............... 6,935 2,523 113 6,859 1 ,’037 1 ,’369 4,266 3,800 I ,’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 l',253 3',411 3,214 5,609 4,904 1968-—-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 I ,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 I ,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 I ,322 1 ,402 6,758 6,166 1 ,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 Feb... 5,298 2,069 82 4,601 1,131 1 ,434 7,244 7,193 1 ,680 1 ,425 n.a. 3,668 6,226 5,432 Mar... 5,331 2,181 97 4,674 1 ,244 1 ,443 7,417 7,193 1 ,663 1 ,425 3,921 3,743 6,317 5,535 Apr... 5,764 2,051 99 5,021 1,179 1 ,447 7,574 7,317 1 ,648 1 ,426 n.a. 3,907 6,412 5,719 May. . 5,971 2,393 73 5,521 1 ,202 1 ,448 7,718 7,241 1 ,614 1 ,395 n.a. 4,044 6,483 5,716 June.. 6,413 1 ,964 85 5,521 1,278 1 ,451 7,891 8,077 1 ,594 1,391 4,355 4,176 6,557 5,716 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, APRIL 30, 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: July 25, 1969................... ..5.75 400 Debentures: July 15, 1969....................4% 60 Aug. 25, 1969................... ...6^ 300 Sept. 10, 1971....................44 96 July 15,1969................. ..6.70 200 Oct. 27, 1969................... ...6^ 400 Sept. 10, 1971................. ...5g 350 Sept. 22. 1969....................64 279 Jan. 26, 1970................... ..6.75 500 Nov. 10, 1971................. ..6.85 350 Oct. 20, 1969....................44 209 Feb. 10, 1972.................■ ..51/, 98 Jan. 20, 1970....................5'4 209 Bonds: Mar. 10, 1972................. ...6'4 250 Feb. 20, 1970....................54 82 ’ Sept. 25, 1969................... . ..6 400 June 12, 1972................ ...4% 100 Feb. 20, 1970.................. .6.30 344 Nov. 25, 1969................... . . .6 500 Sept. II, 1972..................7.40 200 Apr. 1, 1970....................3'4 83 Feb. 25, 1970................... . ..6 200 June 12, 1973................ ...41/4 146 Apr. 20, 1970.................. .6.20 362 Feb. 25, 1970................... . ..7 450 Oct. 1, 1973.................. .6 250 June 22, 1970................. . .6.70 174 Mar. 25, 1970................... ...6 200 Feb. 10, 1977....................4% 198 June 22, 1970....................6'4 203 Mar. 25, 1970................... ..6.85 346 July 20, 1970................ ...54 85 Apr. 27, 1970................... . . .6 225 Banks for cooperatives July 20,1970................... .6 241 May 25, 1970................... ..5.80 300 Debentures: Oct. 20, 1970...................6.30 223 June 26, 1970................... . .8 550 July 1,1969................. . .6.40 268 Feb. 23, 1971................. . .6.80 431 Aug. 25, 1970................... ..6.70 200 Aug, 4, 1969............. . .6.60 377 May 1,1971....................3'4 60 Feb. 25, 1971................... ..6.60 200 Oct. 1, 1969................. . .6.80 241 Oct. 20,1971...................6,00 447 May 25, 1971................... .. .7 350 Nov. 3, 1969................. . .6.70 217 Feb. 15, 1972................. ..5.70 230 Federal National Mortgage Associa- Dec. 1, 1969..................6.90 289 Sept. 15, 1972................ ...3’/, 109 tion—Secondary market opera- Oct. 23, 1972................. 200 tions Federal intermediate credit banks Feb. 20, 1973-78.......... •. .4'/, 148 Debentures: Feb. 20, 1974....................44 155 July 1,1969................. ..5% 326 Apr. 21, 1975....................4g 200 Discount notes..................... 2,864 Aug. 4, 1969................. .5.80 414 Feb. 24, 1976.................. ..5 123 Sept. 2,1969................. .6.05 476 July 20, 1976....................54 150 Debentures: Oct. 1,1969................. .6.35 502 Apr. 20. 1978................ ...5'4 150 July 10, 1969................... ...5'4 250 Nov. 3, 1969................. .6.60 490 Jan. 22, 1979....................5 285 Dec. 12, 1969................... ...6 550 Dec. 1,1969................. .6.70 473 Feb. 10, 1970................... ..6.60 250 Jan. 5, 1970................. .6.85 525 Tennessee Valley Authority Apr. 10, 1970......................4% 142 Feb. 2,1970................. .6.90 526 G50 June 10, 1970................... ..6.60 400 Mar. 2, 1970................ .7.10 445 Bonds: July 10, 1970.................. ..7,38 400 June I, 1974........ .8.00 100 Sept. 10, 1970................... ...4>/s 119 Federal land banks Nov. 15, 1985................ ..4.40 50 Oct. 13, 1970......................5’/, 400 Bonds: July 1, 1986................ ...4% 50 J M un a e r. 1 1 0 1 , , 1 1 9 9 7 7 1 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 6 .6 .85 3 2 5 5 0 0 O Fe c b t. . 15 1 , , 1 1 9 9 6 6 7 7- - 7 7 2 0 . . . . . . . . . . . . . . . . . . . . . .. . . . 4 4 1 % 4 7 7 2 5 F M e a b y . 15 1, . 1 1 9 9 8 9 7 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . 5 4 .7 '4 0 4 7 5 0 Aug. 10, 1971................... ...4W 64 July 15, 1969....................4'4 130 Nov. 13, t992............... ..6% 60 Note.-—These securities are not guaranteed by the U.S. Govt.; see also note to table above. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 40 FEDERAL FINANCE □ AUGUST 1969 FEDERAL FISCAL OPERATIONS: SUMMARY (In millions of dollars) U.S. budget Means of financing Receipt-expend­ Borrowings from the public 2 Less: Cash and Memo: iture account monetary assets Net Period r B e u c d ei g p e t t s p t e u N e n r x e e d ­ t s i­ l N e in n e g d t ­ B l o a u u y dg t s ­ 1 et s B d u ( e u r o " f p d i r c ) l g u i e t s t s P e d u t c i e b e u b s l r t i i c ­ A s P e t g c l i u e e u n s s r : c i ­ y S m L p e e e n a c s c t i s s a c : l o b I y u n n O v G t e s th o s v t e - r t , S n L p o e e t c s e s i s a : 3 l b E o T q i r o n u r t o g a a w l l s ­ ; b o a T p s i l u e n r a e r r g n y a a c ­ t e ­ Other f m O i n n in e o t e a h g a f n t e n , 4 c r s ­ o t p r s w r d a h i t n e v n i o b s p a e f t t 2 r e e ­ r issues Fiscal year: 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 -8,790 '6,314 5,079 5,035 4,001 -482 '2,838 -5,222 303 1 ,017 1968.......................... '153,671 '172,803 '6,030 '178,834 '-25,162 '21,357 5 ,944 3,371 1 ,949 -1 ,119 '23,100 -397 '1 ,728 '3,392 I969P........................ 187,843 183,289 1 ,480 184,769 3,074 6,142 640 7,263 2,190 -1,384 -1,288 596 1 ,154 -33 Half year: 1967— July-Dec..., 67,181 84,862 1 ,666 86,527 - 19,346 18,442 1 ,650 I ,079 577 -436 18,872 -131 32 375 1968—Jan.-June... ’’86,490 ’■87,941 '4,364 '92,307 '-5,816 '2,915 4,294 2,292 1 ,372 -683 '4,228 -266 '1 ,696 '3,017 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 1969—Jan.-June*.. 104,962 91,103 503 91,606 13,356 -4,308 -806 7,643 603 -1 ,000 - 12,364 1,194 1 ,260 1 ,461 Month: 1968—June............. '19,572 '14,419 '1 ,076 '15,496 '4,077 -4,716 904 370 -35 -405 -3,742 5 '741 '410 July............... 11,651 13,903 313 14,217 -2,566 3,500 75 -641 169 -12 4,059 714 -335 -1,114 Aug.............. 13,203 16,165 189 16,355 -3,152 3,278 1 ,369 1 ,184 639 -15 2,839 -1 ,420 329 -778 Sept.............. 18,753 16,029 207 16,235 2,518 387 28 -374 31 758 4,003 78 806 5,284 Oct................ 10,716 16,553 286 16,839 -6,122 2,451 292 -857 482 -7 3,125 -2,073 -325 599 Nov.............. 12,737 15,070 55 15,124 -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 -33 612 112 -1 ,000 1 ,626 2,504 789 1 ,583 Feb............... 14,590 14,361 373 14,734 -144 -648 195 1,159 274 -1 ,887 -2,304 -126 -399 Mar. ............ 13,727 15,637 2 15,639 -1 ,912 782 -91 150 122 418 -114 -171 1 ,208 Apr............... 23,596 15,922 50 15,972 7,625 -1 ,080 -559 1 ,266 -449 -2,456 3,380 2,119 330 May............. 13,346 15,279 485 15,764 -2,418 1 ,599 -137 2,571 375 -1 ,485 -2,458 -1 ,843 -400 June*........... 23,855 14,105 -369 13,736 10,119 -6,345 -181 1 ,885 169 -8,580 186 493 -860 Selected balances Treasury operating balance Federal securities Memo: of Less: Debt of period Tax Investments of Equals: sp G on o s v o t r .- e d B F a . n R k . s ac l c a o o n a u d n n ts ba G la o n ld c e Total se P c d u u e b r b i l t i t i c e s s A ec g u e r n it c i y es S i p s G s e u c o e i v a s l t , acco O un th ts er S n L p o e e t c s e s i s a : 3 l p T h u b o e b y l t l d a i l c c p o r N r iv p o a s w . t — e 5 ■ Fiscal year: 1965........................... 672 10,689 108 11,469 317,274 9,335 48,650 12,888 3,455 261,616 8,309 1966........................... 766 10,050 102 10,917 319,907 13,377 51,120 13,662 3,810 264,693 10.436 1967........................... 1 ,311 4,272 112 5,695 326,221 18,455 56,155 17,662 3,328 267,531 9,220 1968........................... 1,074 4,113 111 5,298 347,578 24,399 59,526 19,611 2,209 290,631 10,041 1969*........................ 1 ,258 4,525 112 5,894 353,720 14,256 66,790 20,869 825 279,492 n.a. Calendar 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 Ill 4,700 358,029 15,064 59,146 20,266 1 ,825 291,855 21,481 Month: 1968—June.............. 1,074 4,113 111 5,298 347,578 24,399 59,526 19,611 2,209 290,631 10,041 July............... 1,113 4,787 Ill 6,012 351,078 24,474 58,885 19,780 2,197 294,690 10,044 Aug............... 916 3,564 11 1 4,592 354,356 25,843 60,069 20,419 2,182 297,529 9,927 Sept............... 1,036 7,448 111 8,595 354,743 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 15,882 Nov............... 478 2,179 ill 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 21,481 1969—Jan................. 517 6,576 111 7,204 359,412 15,031 59,759 20,378 825 293,481 21,840 Feb................ 505 4,284 111 4,900 358,764 15,225 60,918 20,652 825 291,595 22,071 Mar............... 783 3,891 111 4,786 359,546 15,134 61,068 20,774 825 292,012 22,699 Apr............... 950 7,105 III 8,166 358,466 14,575 62,334 20,325 825 289,557 23,524 May.............. 621 4,976 112 5,708 360,065 14,437 64,905 20,700 825 288,072 24,098 June*........... 1 ,258 4,525 112 5,894 353,720 14,256 66,790 20,869 825 279,492 n.a. 1 Equals net expenditures plus net lending, 3 Represents non-interest-bearing public debt securities issued to the 2 The decrease in Federal securities resulting from conversion to private International Monetary Fund and international lending organizations. ownership of Govt.-sponsored corporations is shown as a memo item New obligations to these agencies are handled by letters of credit. rather than as a repayment of borrowing from the public in the top panel, 4 Includes accrued interest payable on public debt securities, deposit In the bottom panel, however, these conversions decrease the outstanding funds, miscellaneous liability and asset accounts, and seigniorage. amounts of Federal securities held by the public mainly by reductions in 5 Includes debt of Federal home loan banks, Federal land banks, D. C. agency securities. The Federal National Mortgage Association (FNMA) Stadium Fund, FNMA (beginning Sept. 1968), FICB, and Banks for was converted to private ownership in Sept, 1968 and the Federal Inter­ Cooperatives (beginning Dec. 1968). mediate Credit Banks (FICB) and Banks for Cooperatives in Dec. 1968. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1969 □ FEDERAL FINANCE A 41 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Budget receipts Corporation Social insurance taxes Individual iicome taxes income taxes and contributions Period Employment Estate Mise, taxes and Excise Cus­ and re­ Total With Non­ Re­ Net Gross Re­ contributions1 Un- O n th et e r Net taxes toms gift ceipts J held with­ funds total re­ funds empl. re­ total held ceipts Pay­ insur. ceipts2 roll Selftaxes empl. Fiscal year: 1966................... 130,863 42,811 18,486 5 ,851 55,44630,834 761 20,662 3,777 1,127 25,565 13,062 1,767 3,066 1 ,884 1967................... 149,562 50,521 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................... 453,671 57,301 20,951 9,52768,72629,897 1 ,232 27,680 1 ,544 3,346 2,051 34,620 14,079 2,038 3,051 '2,493 1969*................. 187,843 70,14427,265 10,183 87,22638,356 1 ,660 32,530 1,715 3,325 2,35039,919 15,213 2,3(9 3,478 2,991 Half year: 1967—July-Dec.. 67,181 27,21 1 4,150 556 30,805 11,345 576 12,679 105 1 ,335 964 15,082 7,076 993 1 ,332 1,125 1968—Jan.-June. '86,49030,089 16,802 8,971 37,921 18,551 655 15,001 1 ,439 2,011 1 ,087 19,538 7,003 1 ,045 1 ,718'1 ,369 July-Dec... 82,881 33,712 5,515 475 38,751 15,494 785 14,945 131 1 ,290 1,179 17,544 7,834 1 ,213 I ,417 1 ,413 1969—Jan.-Junep 104,962 36,43221,750 9,708 48,47522,862 876 17,586 1 ,583 2,036 1,17022,375 7,379 1,107 2,060 1 ,579 Month: 1968—June.......... '19,573 4,821 2,978 216 7,584 7,419 112 2,499 54 45 195 2,793 1 ,182 176 239 '292 July........... 11 651 4,560 605 1 51 5 ,013 2 259 84 2,093 114 204 2,411 1 ,448 205 232 167 Aug.......... 13 203 6’200 272 1 12 6 360 ’654 116 3 >64 618 167 4,449 1 ,175 210 229 242 Sept........... 18,753 5,565 3,682 48 9J99 5 J 33 133 2,273 HO 55 213 2,651 1 >23 205 229 247 Oct............ 10,716 4,981 378 60 5 ,299 1,496 218 1 ,939 6 108 204 2,256 1 ,222 212 242 207 Nov........... 1 2 737 6 339 202 58 6 483 679 120 3 126 346 187 3,659 I ,354 1 86 229 266 Dec....... 15*820 6,068 376 46 6,397 5,273 114 1 ,850 15 49 204 2,118 1 312 195 256 284 1969—Jan............. 15,845 5,113 5,184 75 10,222 1,665 62 1 ,688 110 159 218 2,176 1,254 1 19 277 194 Feb............ 14,590 7,254 1,202 1,169 8 ,456 784 102 3,796 128 773 183 4,880 1 ,152 144 230 217 Mar........... 13,727 6,015 843 2,858 3,999 5,(89 223 2,470 134 63 (98 2,865j 1,156 (97 308 237 Apr........... 23,596 5,164 9,540 2,598 12,106 5,554 231 2,555 958 162 206 3,881 1,160 224 631 271 May.......... 13,346 6,681 804 2,725 4,760 959 152 4,545 190 821 192 5,748 1 ,272 213 310 237 Junep........ 23,855 6,205 4,178 283 10,100 8,710 104 2,532 64 57 172 2,825 1 ,386 210 306 422 Budget outlays4 Period Total t f i e N o d n n e a s ­ a e ­ l af I f n a t i i r , s s S e p r a e a r ­ c ce h A c tu g u r r l e ­ i­ so N u u r r r e a a c ­ t l e ­ s t C m ra a o e n n r m s d c p e ­ . d h e C o m v a u o n e u s m l d n i o n . - p g , E p m t d o a i n u o w a d c n n e a ­ r ­ w H e a e l n a f d a lt r h e e V ra e n t­ s In e t s e t r­ g G e o r e v a n l t . ­ t I t g i r n o a o a t c n n v r ­ a s t s , ­ ­ 5 Fiscal year: 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 (2,588 2,584-4,009 j 968........................................ 178 834 80,516 '4,869 4,721 '5,626 '1 ,679 '7,985 '3,642 '7,595 '43,525 '6,894 13,746 '2 >05 -4,570 1969P..................................... 184,769 81,251 4,127 4,247 6,076 2,119 8,013 1,115 7,591 49,003 7,703 15,850 2,863 -5,189 1970'6................................... 192,899 Half year: 1967—July-Dec.............. 86,527 *38,739 2,292 1968—Jan.—June................. 92,335 '41,784 2,429 July-Dec................... 93,163 39,803 1,906 2,133 4,924 1 ,268 4,501 685 3,382 23,899 3,664 7,609 1 ,419 -2,033 1969—-Jan.-Junep............... 91,606 41,448 2,221 2,114 1,152 851 3,512 430 4,209 25,104 4,039 8,241 1 ,444 -3,156 Month: 1968—June....................... 15,496 7,613 489 450 63 -178 762 332 1 ,432 4,066 577 1 ,260 3H -1,683 July............................ 14,217 5,813 327 277 588 -55 731 305 474 3,854 592 1 ,270 244 -203 Aug............................ 16,355 6,736 310 434 1 JOO 341 851 113 594 4,044 602 1 ,249 263 -281 Sept............................ 16,235 6,660 244 342 1 ,447 251 770 10 591 4,008 625 1 ’292 172 -178 Oct............................. 16,839 7,068 612 393 ’893 321 929 338 553 3,930 599 IJ47 321 -265 Nov........................... 15,124 6,6Q3 319 334 576 207 619 -84 532 4J07 619 1 ,327 227 -265 Dec.................. 14,394 6,923 94 353 320 203 601 3 638 3,956 627 1 ’324 192 -841 1969—Jan............................. 15,761 6,887 271 347 626 1 44 635 234 576 4,103 1 ,280 226 -204 Feb............................. 14,734 6,416 381 335 271 •72 406 204 721 4,058 651 1 >49 173 -302 Mar........................... 15,639 6,815 286 385 327 152 583 -79 569 4,405 715 1 '411 278 -210 Apr,.......................... 15,972 6,934 377 353 448 199 537 46 632 4,373 695 1 >07 226 -255 May.............. 15,764 6,733 459 367 153 154 657 273 744 4,197 686 I >88 244 -291 Junep......................... 13,736 7,663 445 327 -672 129 696 -249 966 3,966 656 1 ,407 297 -1,896 i Old-age, disability, and hospital insurance, and Railroad Retirement ^ Outlays by functional categories are now published in the Monthly accounts. Treasury Statement (beginning April 1969). Monthly back data (beginning 2 Supplementary Medical Insurance premiums and Federal employee July 1969) are published in the Treasury Bulletin of June 1969. retirement contributions. 5 Consists of government contributions for employee retirement and •J Deposits of earnings by Federal Reserve Banks and other miscellane­ interest received by trust funds. ous receipts. 6 Estimate presented in Apr. 1969 Budget Review. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 42 U.S. GOVERNMENT SECURITIES □ AUGUST 1969 GROSS PUBLIC DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues Total Marketable Nonmarkctable End of period p g u r b o l s i s c Con­ i S s p su e e c s ia l 4 vert­ debt 1 Total ible Sav­ Total Bills Certifi­ Notes Bonds 2 bonds Total 3 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 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 .........5..9.....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 61.4 95.2 2.6 54.9 51.7 57.2 1968—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 .........7..6.....5 86,2 2.5 56.7 52.3 59.0 Dec.......................................................... 358.0 296.0 236.8 75.0 76.5 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 Mar........................................................ 359.5 296.6 237,3 77.5 78.2 81 .5 2.5 56.8 52.3 61.1 Apr.......................................................... 358.5 294.2 235.0 75.3 78.2 81.4 2.5 56.8 52.2 62.3 May........................................................ 360. 1 293.3 234. 1 75.3 78.9 79.8 2.5 56.7 52,2 64.9 June........................................................ 353.7 284.9 226.1 68.4 78.9 78.8 2.5 56.4 52.2 66.8 July......................................................... 357.0 288.4 229,6 71.9 .........7..8.....9 78.8 2.5 56.3 52.2 66.8 1 Includes non-interest-bearing debt (of which $635 million on July 31, 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 Ioan banks. 2 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 E pe n r d i o o d f p T g d u r o e b o t b s l a i t s l c ag G t U a e r o n n u .S v c d s i . t t e , s B F a . n R k . s Total m C b e a o r n c m k ia ­ s l s M b a a v u n i t n u k g a s s l p I c a n a o n n s m c u ie e r ­ s ­ c r O a o t t r i h o p e n o r s ­ g S l a o o t n c v a d a t t e s l . Savi I n n g d s i vidu O al t s her n F a i o t n a i r o n t e e n d i r g a ­ n l 1 O i m t n o t v i r h s e s c e s , r ­ 2 funds bonds securities 1939—Dec................. 41 9 6 1 2.5 33 4 12 7 7 7 5 7 2 0 4 1 9 7 5 2 3 1946—Dec................. 259 1 27 4 23 4 208 3 74 5 118 249 15 3 6 3 44 2 20 0 2 I 9 3 1962—Dec................. 303.5 53,2 30.8 219 5 67 1 6 0 11 5 18 6 20 I 47 0 19 1 15.3 14 8 1963—Dec................. 309.3 55 3 33.6 220 5 642 5 6 112 187 21 I 48 2 20 0 15 9 15 6 1964—Dec................. 317.9 58 4 37.0 227 5 63 9 5 5 11 0 18 2 21 1 49 1 20 7 16 7 16 3 1965—Dec................. 320,9 59 7 40 8 220 5 60 7 5 3 10 3 1 5 8 22, 9 49 7 22 4 16 7 16 7 1966—Dec................. 329 3 65 9 44 3 219 2 57'4 4 6 95 i 4 o ?4 9 50 3 24 4 14 5 188 1967—Dec................. 344 7 73 1 49'1 222 4 63 8 4 1 8 6 12 2 25' 1 512 229 15 8 189 1968—June............... 347.6 76 0 52.2 219 2 59 8 3 9 8 1 1 3 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 3 267 513 23 4 13 1 21 1 Aug................. 354.4 76 9 53 0 224 5 62 1 3 8 8 1 14 5 26 9 514 23 6 13 3 209 Sept................. 354 7 76.6 53.3 224 9 63 5 3 8 8 1 12 9 26 7 513 2,3'9 134 21'3 Oct.................. 357. 2 76.2 53 3 227 7 65 1 36 8 1 I4O 26 8 51 4 716 13 8 21 0 Nov................. 356 9 76.7 53.4 226 9 63 9 3 6 8 0 148 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 6 27' 1 515 237 14 3 20 1 1969—'Jan.................. 359 4 77 3 52.1 230 0 64 2 3 6 7 9 16 8 27 8 51 5 24 4 11 9 21 8 Feb.................. 358 8 78 7 52. 3 227 8 60 8 3 6 7 8 17 8 28 4 515 24 7 12 0 21 1 Mar......... 359. 5 79.0 52.4 228' I 60 6 36 7 7 17 6 28* I 514 25'0 118 22 I Apr................. 358 5 79 8 53 1 225 6 58 6 3 5 7 6 17 0 28*7 514 25 2 12 3 212 May................ 360 1 82 7 53 8 223 6 56 4 3 7 7 9 17 4 r28 1 514 25 4 rl 3 7 19 5 June............... 353.7 84.8 54 1 214^8 54*9 3.3 7.7 i<i 27.3 5l’3 25 J 11 J 19.0 1 Consists of investment of foreign and international accounts in The debt and ownership concepts were altered beginning with the the United States. Mar. 1969 Bulletin. The new concepts (1) exclude guaranteed se­ 2 Consists of savings and loan assns., nonprofit institutions, cor­ curities and (2) remove from U.S. Govt, agencies and trust funds porate pension trust funds, and dealers and brokers. Also included and add to other miscellaneous investors the holdings of certain are certain Govt, deposit accounts and Govt.-sponsored agencies. Govt.-sponsored but privately-owned agencies and certain Govt, Note—Reported data for F.R, Banks and U.S. Govt, agencies deposit accounts. and trust funds; Treasury estimates for other groups. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1969 □ U.S. GOVERNMENT SECURITIES A 43 OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY (Par value in millions of dollars) Within 1 year Type of holder and date Total 1-5 5-10 10-20 Over years years years 20 years Total Bills Other All holders: 1966—Dec. 31............................................................. 218,025 105 218 64 684 40 534 59 446 28 005 8 433 16 923 1967—bee. 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—May 31.............................................................. 234,097 111 855 75,336 36,519 62,769 34*837 8 380 16,257 226,107 103^910 68,356 35,554 62,770 34*837 8 374 16,217 U.S. Govt, agencies and trust funds: 1966—Dec. 31..................................................... 1967—Dec. 31.................................................... 1968—Dec. 31..................................................... 15,402 2 438 1 034 1 404 4 503 2 964 2 060 3 438 1969—May 31..................................................... 15,809 2 177 936 1 ^245 4 870 3*266 2 059 3 437 16,005 2304 1 013 1 ,291 4 897 3 * 308 2,058 3’437 Federal Reserve Banks: 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 16215 ’858 178 377 1968—Dec. 31.................................................... 52,937 28 503 18 756 9 747 12 880 10 943 203 408 1969—May 31 .. ................................................. 53,759 31'920 19 073 12 847 7*71 1 1 3 465 217 445 54'095 32^295 19,466 12 829 7,691 13^447 217 444 Held by private investors: 1966—Dec. 31..................................................... 1967—Dec. 31..................................................... 1968—Dec. 31..................................................... 168,473 77,670 55,222 22,448 50,877 21 223 6,133 12,569 1969—May 31..................................................... 164'529 77 758 55,327 22 427 50 188 18*106 6 104 12'375 June 30......1..5..6..’.0..0..7.............6..9..3...1..1.............47,877 21 ^434 50’182 18^082 6,099 12^336 Commercial banks: 1966—Dec. 31..................................... 47, 182 1 5 838 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—May 31............................................ 45 305 13 185 4014 9 171 22 821 8 308 557 434 June 30............................................ 44,132 12 J23 3^558 8'565 22’715 8 299 562 433 Mutual savings banks: 1966—Dec. 31............................................ 4,532 645 399 246 1 482 I 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—May 31............................................ 3'708 776 448 328 1 385 584 21 3 749 June 30............................................ 3^267 568 275 293 1 J 60 586 212 742 Insurance companies: 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—May 31............................................ 6'825 899 383 515 1 922 603 1 283 2,118 6,583 687 21 4 473 1 896 601 1 *283 2’116 Nonfinancial corporations: 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—May 31............................................ 7,189 5’l3O 3’224 1 906 1 570 467 15 8 June 30............................................ 5^377 3,450 1 619 1 831 1 *457 448 1 2 10 Savings and loan associations: 1966—Dec. 31............................................ 3,883 782 583 199 1 25 1 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—May 31............................................ 4'788 1 224 709 515 1 873 888 343 460 4,472 ’933 438 495 1 ’845 879 347 467 State and local governments: 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 I 092 2 347 805 1 404 3,546 1969—May 31............................................ 14 ’ 171 6’340 5 007 1 *333 2*503 655 1 *347 3,325 13,586 5,805 4,667 1 1 38 2,451 708 1 330 3,292 All others: 1966—Dec. 31............................ 1967—Dec. 31............................................. 1968—Dec. 31............................................ 80 853 46,524 37 591 8 933 19 526 7 316 2 411 5,075 1969—May 31............................................. 82 543 50 204 41’542 8*659 18’114 6*601 2’346 5’281 June 30............................................ 78,590 45,745 37,106 8,639 18,658 6^561 2,353 5^276 Note.—Direct public issues only. Based on Treasury Survey of ketable issues held by groups, the proportion held on latest date by those Ownership. reporting in the Survey and the number of owners surveyed were: (1) Beginning with Dec. 1968, certain Govt.-sponsored but privately-owned about 90 per cent by the 5,808 commercial banks, 499 mutual savings agencies and certain Govt, deposit accounts have been removed from U.S. banks, and 753 insurance companies combined; (2) about 50 per cent by Govt, agencies and trust funds and added to “All others.” Comparable data the 469 nonfinancial corporations and 488 savings and loan assns.; and are not available for earlier periods. (3) about 70 per cent by 503 State and local govts. Data complete for U.S. Govt, agencies and trust funds and F.R. Banks “All others,” a residual, includes holdings of all those not reporting but for other groups are based on Treasury Survey data. Of total mar­ in the Treasury Survey, including investor groups not listed separately. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 44 U.S. GOVERNMENT SECURITIES □ AUGUST 1969 DEALER TRANSACTIONS (Par value in millions of dollars) U.S. Government securities By maturity By type of customer U.S. Govt, Period agency Total Dealers and brokers securities Within 1-5 5-10 Over Com­ All 1 year years years 10 years U.S. Govt, m b e a r n c k ia s l other securities Other 1968—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 1 52 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 Feb.................................. 2,453 2,095 226 97 37 '885 86 ’916 565 278 Mar................................ 2^254 1 ,962 1 80 69 43 829 91 837 496 319 Apr.................................. 2^270 I ,998 165 69 39 803 97 840 530 387 May................................ 2^86 1 ,852 210 189 35 853 102 781 549 360 June................................ 2,491 2,171 199 86 34 1 ,039 107 849 496 395 Week ending— 1969—June 4......................... 2,292 2,047 154 55 36 870 119 789 514 454 .........2.. .’. .3..0.2 1 ^943 212 1 13 35 996 113 712 481 298 18......................... 2’177 1 ,847 218 79 34 974 94 747 363 399 25 r....................... 2 ’ 709 2’379 222 70 38 1,136 108 944 522 458 July 2......................... 3,030 2,698 194 99 41 1,167 103 1 075 685 461 ’ 9......................... 2'2(0 1 ,966 162 52 31 '831 93 '831 455 434 16.......................... 2,668 2,345 196 92 36 1 ,035 103 1 048 483 362 23.......................... 1 '650 1 '461 112 45 32 '598 61 ’593 398 266 30......................... 2,059 1 '867 122 42 28 339 Note.—The transactions data combine market purchases and sales of sales of securities under repurchase agreement, reverse repurchase (resale), U.S. Govt, securities dealers reporting to the F.R. Bank of New York. or similar contracts. Averages of daily figures based on the number of They do not include allotments of, and exchanges for, new U.S. Govt, trading days in the period. securities, redemptions of called or matured securities, or purchases or DEALER POSITIONS DEALER FINANCING (Par value, in millions of dollars) (In millions of dollars) U.S. Government securities, by maturity U.S. Commercial banks Period mat A ur l i l t ies W 1 i y t e h a in r y 1 e - a 5 r s 5 O y v e e a r r s s a e G g c e u o n r v i c t t y i . e s Period sou A r l c l es Y N o e r w k w E h ls e e r ­ e C t o io rp ns o r 1 a­ o A th l e l r City 3,308 2,826 222 261 576 July.......... 4,'420 3,972 159 288 644 1968—June........... 3,458 867 879 1 010 702 Aug., .... 5’262 4’097 283 881 732 July............. 4,341 1,193 1 ,032 1 *415 701 Sept.......... 5,098 4'043 198 857 687 Aug............. 5,465 1 ,431 1,372 1 710 952 Oct....... 4'137 3,427 130 580 751 Sept............ 5,519 1,596 1 *894 1,254 775 Nov.......... 3’,766 2',948 160 659 652 Oct.............. 4,518 1,163 1 '664 903 788 Dec........... 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 Feb........... 2,389 2’193 34 161 449 1969—Jan.............. 3,100 737 641 1 310 412 Mar.......... 2'230 2,1 19 -37 1 49 507 Feb............. 2’660 417 361 1 311 573 Apr........... 3'107 2,997 -60 170 740 Mar............ 2'322 396 370 1 031 526 May......... 2,585 1 ,964 71 550 792 Apr............. 3’392 963 497 1 ,086 847 June 2,454 1 ,975 56 424 703 May........... 3 J03 542 376 1 ,072 1,112 June........... 2.994 717 520 862 896 Week ending— Week ending— 1969—May 7. . 3,240 2,943 13 284 836 14. . 3,031 2,008 231 793 750 1 969—May 7... 3,650 847 454 1,100 1 ,250 21 . . 2,127 1 ,434 75 618 803 14. . . 3,574 642 396 I ,126 1 ,410 28. . 2,008 1 ,507 — 14 515 793 21 . . . 2,832 417 341 1,109 966 28. . . 2,554 301 316 1 ,012 925 June 4.. 2,635 2,143 7 485 695 11.. 2,474 2,028 16 430 654 June 4.. . 2,816 611 392 969 844 18. . 2,913 2,453 38 422 676 11... 2,945 462 446 1 ,097 941 25. . 1 ,978 1 ,487 90 402 789 18. . . 3,469 946 704 881 938 25. . . 2,989 890 496 71! 893 Note.—The figures include all securities sold by dealers under repur­ chase contracts regardless of the maturity date of the contract, unless the 1 All business corporations, except commercial banks and insurance contract is matched by a reverse repurchase (resale) agreement or delayed companies. delivery sale with the same maturity and involving the same amount of securities. Included in the repurchase contracts are some that more Note.—Averages of daily figures based on the number of calendar days clearly represent investments by the holders of the securities rather than in the period. Both bank and nonbank dealers are included. Sec also dealer trading positions. Note to the opposite table on this page. Average of daily figures based on number of trading days in the period. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1969 □ GOVERNMENT SECURITIES A 45 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, JULY 31, 1969 (In millions of dollars) Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Issue and coupon rate Amount Treasury bills Treasury bills—Cont. Treasury notes—Cont. Treasury bonds—Cont. Aug. 7, 1969 ................. 2,801 Jan. 2, 1969................. 1 ,100 Nov.'15, 1971......5/8 1,734 Feb. 15,1972..........4 2,344 Aug. 14, 1969 ................. 2,802 Jan. 8, 1969................ 1 ,102 Feb. 15,1972...■ ..4/4 2,006 Aug. 15, 1972..........4 2,579 Aug, 21 , 1969 ................. 2,805 Jan. 15, 1969................. I ,101 Apr. 1, 1972......1'4 34 Aug. 15, 1973..........4 3,894 Aug. 28, 1969 ................. 2,802 Jan. 22, 1969................. 1 ,101 May 15, 1972......4/4 5,310 Nov. 15, 1973...........4’/s 4,349 Aug. 31 . 1969 ................. 1,506 Jan. 29, 1969................. I , 101 Oct. 1. 1972...... i Feb. 15, 1974...........4% 3,128 Sept. 4, 1969 Jan. 31 , 1970................ 1 ,501 Apr. 1, 1973......114 May 15, 1974...........41/4 3,585 Sept. 11, 1969 2,800 Feb. 28, 1970................. I ,501 Oct. 1, 1973. . .. ..t*A Nov. 15, 1974...........3% 2,240 Sept. 18, 1969 2,701 Mar. 23, 1969f............... I ,752 Apr. 1, 1974.. ....U4 7 May 15, 1975-85.. .4% 1 ,214 Sept. 25, 1969 2,701 Mar. 31 , 1970................. 1 ,501 Aug. 15, 1974......5/8 10,284 June 15, 1978-83... 3% I ,557 Sept. 30, 1969. 1,501 Apr. 30, 1970................. 1 ,501 Nov. 15, 1974......5/4 3,981 Feb. 15, 1980..........4 2,598 Oct. 2, 1969 2,701 May 31 , 1970................. 1 ,000 Feb. 15, 1975......5/4 5,148 Nov. 15, 1980...........31/2 1,906 Oct. 9, 1969 2,701 June 30, 1970................. 1 ,201 May 15, 1975.. .. . .6 6,760 May 15, 1985...........314 I ,096 Oct. 16, 1969 2,703 July 31, 1970................. 1 ,202 Feb. 15, 1976......6>/4 3,726 Aug. 15, 1987-92... 4»/4 3,815 Oct. 23, 1969 2,703 May 15, 1976.. .■•■6‘/2 2,697 Feb. 15, 1988-93... 4 249 Oct. 30, 1969 2,701 Treasury notes May 15, 1989-94.. .4>/g 1 ,558 Oct. 31, 1969 1,502 Aug. 15, 1969.....6 3,366 Treasury bonds Feb. 15, 1990...........316 4,845 Nov. 6, 1969 1 ,300 Oct. I, 1969.........U/z 159 Dec. 15, 1964-69... 21/4 2,485 Feb. 15, 1995..........3 1 ,470 Nov. 13, 1969 1 ,300 Apr. 1, 1970.........1*4 88 Mar. 15, 1965-70.. .21/2 2,281 Nov. 15, 1998...........31/2 4,256 Nov. 20, 1969 I ,301 May 15, 1970.. . . .55/g 7,793 Mar. 15, 1966-71.. .21/4 1 ,221 Nov. 28, 1969 I ,300 May 15, 1970.........6% 8,759 June 15, 1967-72... 21/4 I ,243 Nov. 30, 1969 1 ,501 Aug. 15, 1970. ... .6% 2,329 Sept. 15, 1967-72.. .21/4 1 ,951 Dec. 4, 1969 I ,301 Oct. 1, 1970.........l>/2 113 Dec. 15, 1967-72. ..21/4 2,588 Dec. II, 1969 I ,301 Nov. 15, 1970.........5 7,675 Oct. 1, 1969..........4 6,240 Dec. 18, 1969 1,101 Feb. 15, 1971.........5% 2,509 Feb. 15, 1970..........4 4,381 Dec. 22, 1969f 1 ,76.3 Apr. I, 1971.........11,4 35 Aug. 15, 1970..........4 4,129 Convertible bonds Dec. 26, 1969 1,100 May 15, 1971.........51/4 4,265 Aug. 15, 1971..........4 2,806 Investment Series B Dec. 31, 1969. 1,500 Oct. 1, 1971..........1J/4 72 Nov. 15, 1971...........3% 2,760 Apr. 1, 1975-80... 2 3% 2,457 t Tax-anticipation series. Note.—Direct public issues only. Based on Daily Statement of U.S. Treasury. NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES (In millions of dollars) All issues (new capital and refunding) Issues for new capital Type of issue Type of issuer Total Use of proceeds amount Period Total G g o a e b t a n i l l o e i­ n r­ s R n e u v e e­ HAAi G l U o o a . v S n t . s , State S d a i p s a s u t e n t a t c r d h t i i c a . t l Other2 d e e re li d v­ 3 Total c E at d io u n ­ b R r a i o d n a g d d e s s i U ti t e i s l­ 4 H in o g u s s­ V a a e n i t d e s r ’ ­ O p p o t u s h e r e s ­ r 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 I ,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 I ,254 2,404 645 5,867 1968. 16,596 9,269 6,517 528 282 2,774 5,946 7,884 n.a. 16,489 4,820 1 ,526 2,833 787 6,523 1968—June... 1 ,395 694 669 32 87 547 764 1,395 374 185 259 8 570 July.. . 1 ,469 813 637 20 257 597 615 1,466 396 114 282 4 670 Aug... . 1 ,699 791 755 129 23 264 792 643 1,688 488 126 412 133 529 Sept.... 1 ,444 I ,003 419 22 292 353 801 n.a. 1,435 409 152 200 671 Oct.... 2,230 I ,437 773 20 617 819 791 2,227 732 374 407 28 686 Nov.... 1 ,021 585 320 6 223 324 473 n.a. 997 271 25 115 121 465 Dec.... 1,140 337 781 22 20 415 706 1,138 169 46 196 20 707 1969—Jan.'. . 1 ,263 942 310 546 286 432 n.a. I ,262 362 165 169 4 562 Feb.r.. 988 461 378 143 144 477 367 n.a. 986 246 222 171 145 202 Mar.r. 540 325 204 110 149 282 n.a. 541 260 95 71 112 Apr.r.. 1 ,800 1 ,008 783 9 539 738 522 n.a. 1 ,797 362 37 302 1 ,091 Mayr.. 1 ,113 637 275 177 23 266 342 504 1 ,099 327 109 191 355 JuneP.. 711 497 178 37 84 152 477 n.a. 703 235 44 138 285 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 46 SECURITY ISSUES a AUGUST 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 Total G U o . v S t . .2 G a U c g y o e v S n 3 t . ­ , l S o U a c t n a . a S d t l e . * Other 5 Total Total B P li o u c n l b y d ­ s v P at r e i l ­ y fe P r r r e e S ­ d toc C k m o o m n ­ Total Total m N on e e w y 7 O p p o t u h s r e e ­ s r s m ri e o t e c i f e n u s t ­ offered placed 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 5.992 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 1968..................... 65,562 18,025 7,666 16,374 1 ,531 21,966 17,383 10,732 6,651 637 3,946 n.a. n.a. n.a. n.a. n.a. 1968—May........ 7,702 3,805 744 1,134 153 1 ,866 1 ,566 1,046 521 51 249 1 ,829 1,825 1,647 177 4 June........ 4,984 383 779 1,360 52 2,411 2,025 1,340 685 24 361 2,367 2,334 1,944 389 33 July......... 4,913 417 800 1 ,422 130 2,143 1 ,771 1 ,244 528 85 286 2,097 2,091 1,985 106 6 Aug......... 9,821 5,850 580 1 ,729 230 1 ,432 1 ,037 637 400 93 303 1,397 1 ,394 1,074 320 3 Sept......... 3,819 361 250 I ,423 228 1 ,557 1,159 726 433 t 397 1 ,513 1,497 1 ,281 216 15 Oct........... 6,111 430 1 ,147 2,260 146 2,129 1 ,604 1 ,009 595 25 499 n.a. n.a. n.a. n.a. n.a. Nov......... 3,294 379 1 ,037 118 1 ,767 1,301 939 362 41 425 n.a. n.a. n.a. n.a. n.a. Dec.......... 3,812 377 223 1,138 20 2,054 1 .572 607 965 19 464 n.a. n.a. n.a. n.a. n.a. 1969—Jan.......... 4,284 427 424 1,244 113 2,075 ,616 980 636 67 393 n.a. n.a. n.a. n.a. n.a. Feb.......... 4,086 443 450 974 174 2,045 .237 842 395 72 736 n.a. n.a. n.a. n.a. n.a. Mar......... 3,514 382 453 520 61 2,098 1,344 835 509 98 657 n.a. n.a. n.a. n.a. n.a. 5,736 412 981 1 ,627 9 2,707 1 ,902 1 ,267 634 68 737 n.a. n.a. n.a. n.a. n.a. May........ 4,577 410 950 1 ,088 85 2,045 1 ,362 871 491 7 676 n.a. n.a. n.a. n.a. n.a. Proposed uses of net proceeds, major groups of corporate issuers Manufaduring C m om is m ce e ll i a c n ia e l o u an s d Transptstation Publicutility Communication a R nd e a f l i r e in s n ta c t i e al 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 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 II 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 1968 (Jan.-Sept.) 5,106 46 2,232 17 1 ,286 2 3,738 52 1 ,422 9 1 ,756 16 1Q6S—Anr. 353 11 317 203 178 189 1 146 May.................. 550 1 175 1 106 2 549 103 * 341 June...................................... 750 5 394 1 154 474 27 237 326 I July....................................... 818 5 401 2 204 236 235 195 Aug....................................... 349 212 1 no 438 92 2 193 Sept. 9.................................... 432 3 208 * 108 469 155 125 12 1 Gross proceeds are derived by multiplying principal amounts or 6 Estimated gross proceeds less cost of flotation. number of units by offering price. 7 For plant and equipment and working capital. * Includes guaranteed issues. 8 All issues other than those for retirement of securities. J Issues not guaranteed. 9 Figures not available after Sept. 1968. * See Note to table at bottom of opposite page. 5 Foreign governments, International Bank for Reconstruction and Note,—Securities and Exchange Commission estimates of new issues Development, and domestic nonprofit organizations. maturing in more than 1 year sold for cash in the United States. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1969 □ SECURITY ISSUES A 47 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 I c n o ve s s .1 t, Other I c n o v s e . s । t, Other 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......................... 21335 10,025 11 ,511 12,747 4349 8,098 5383 3,205 2,134 3; 242 3,450 -37 1966......................... 26^327 9367 1636! 15,629 4,542 11,088 6329 4,169 2,025 3,000 4,504 1,169 1967......................... 33,303 10,496 22 337 21 ’,299 5,340 15,960 6,987 4,664 2,761 2,397 4,226 2,267 1968......................... 39,271 16,234 26,078 19,381 5'418 13,962 9,945 6,057 3,857 6’959 61088 -900 1968—I '................. 8,983 3,021 5,172 3,997 1,286 2,711 2,493 1,230 823 912 1 ,670 319 IP............... 8'870 3^33 6,665 5,124 1’308 3,816 I ,873 1 ,424 1 ,053 1 372 820 -147 Ill'.............. 8,986 <112 6,324 4332 1 ’249 3,482 2,127 1,421 949 1,914 1 ,178 -493 IV r.............. 12,432 5,168 7 ,917 5,528 1 375 3,953 3,452 1 ,982 1 ,032 2,561 2,420 -579 1969—1................... 11,945 4,520 8,043 4,949 1 ,272 3,676 3,498 2,184 1 ,065 2,183 2,433 Type of issuer Manu­ Commercial Transpor­ Public Communi­ Real estate Period facturing and other 2 tation J 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 n o o nd 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 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 1968......................... 4,418 -2,214 2,242 1,080 987 -149 3,669 892 1,579 120 1,069 5,347 1968—Ir................. 991 -60 191 112 170 -26 956 309 295 31 109 1,624 IP............... 1,550 -127 375 371 260 10 818 244 524 33 288 143 nr. 1,210 -484 716 -123 300 -62 585 187 491 6 181 1,161 ivr............... '667 -1,171 960 461 257 -71 1 ,310 152 269 50 491 2,419 1969—I................... 1 ,458 -372 360 259 539 75 674 331 405 45 239 2,096 1 Open-end and closed-end companies. exclude foreign and include offerings of open-end investment cos,, sales of 2 Extractive and commercial and raise, companies. securities held by affiliated cos., special offerings to employees, and also 3 Railroad and other transportation companies. new stock issues and cash proceeds connected with conversions of bonds 4 Includes investment companies, into stocks. Retirements include the same types of issues, and also securi­ ties retired with internal funds or with proceeds of issues for that purpose Note.—Securities and Exchange Commission estimates of cash trans­ 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 si a t s io h n 3 Other Sales 1 Re t d io e n m s p­ s N al e e t s Total 2 po C si a ti s o h n 3 Other 1957............... 1,391 406 984 8,714 523 8,191 1968—June.. 535 374 I6L 48.426 3,273 45,153 1958............... 1,620 511 1,109 13’242 634 12,608 July. . 582 344 237 47,342 3,113 44,229 1959............... 2,280 786 1394 15;818 860 14,958 Aug.,. 531 309 222 48'470 3,459 451011 Sept... 494 292 202 51,030 3,747 47,283 I960............... 2,097 842 1,255 17,026 973 16,053 Oct.... 653 396 257 51,633 3,384 48,249 1961............... 2’951 1,160 1,791 22 ’789 980 21’809 Nov... 688 313 375 54,860 3,413 511447 1962............... 2,699 I J23 1 1576 21’271 1,315 19'956 Dec... 653 319 354 52,677 3'187 491490 1963............... 2,460 1,504 952 25,214 1,341 23,873 1969—Jan.... 876 397 479 53,323 3,831 49,492 1964............... 3’404 1,875 1,528 29’116 1’329 27,787 Feb... 625 379 246 50’512 3; 880 46,632 1965............... 4359 1,962 2395 35’220 11803 33 ,’417 Mar... 628 285 343 511663 4,331 47,332 Apr... 654 348 306 52,787 4,579 48,208 1966............... 4,671 2,005 2,665 34,829 2,971 31 ,858 May.. 529 364 165 52,992 4,262 48,730 1967............... 41670 2'745 1,927 44'701 2,566 42,135 June.. 474 338 136 49,401 3,937 45,464 1968............... 6,820 3,841 2'979 52’677 3J87 49’490 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 48 BUSINESS FINANCE □ AUGUST 1969 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1967 1968 19691 Industry 1964 1965 1966 1967 1968 II III IV I II III IV I Manufacturing Total (177 corps.): Sales’................................................. 158,253 177,237 177,738201,399 225,740 51,679 48,317 52,818 53,633 57,732 53,987 60,388 57,577 Profits before taxes'"....................... 18,734 22,046 23,487 20,898 25,375 5,608 4,232 5,867 5,985 6,878 5,580 6,932 6,566 Profits after taxes’".......................... 10,462 12,461 13,307 12,664 13,787 3,190 2,268 3,268 3,298 3,609 3,030 3,850 3,579 Dividends’"........................................ 5,933 6,527 6,920 6,989 7,271 1 ,701 1,721 1,897 1 ,716 1,731 1 ,746 2,078 1 ,834 Nondurable goods industries (78 corps.):2 Sales’"................................................. 59,770 64,897 73,643 77,969 84,861 19,535 19,695 19,996 20,156 21,025 21,551 22,129 21,745 Profits before taxes'"....................... 6,881 7,846 9,181 9,039 9,866 2,250 2,209 2,427 2,387 2,492 2,545 2,442 2,523 Profits after taxes'"......................... 4,121 4,786 5,473 5,379 5,799 1,323 1,313 1 ,431 1 ,428 1 ,411 1,471 1 ,489 1 ,492 Dividendsr........................................ 2,408 2,527 2,729 3,027 3,082 756 770 781 743 751 763 825 809 Durable goods industries (99 corps.):3 Sales................................................... 98,482 112,341 122,094 123,429 ’"140.879 32,144 28.622 32,821 33,477 36,707 32,435 ’38,259 35,833 Profits before taxes......................... 1 1 ,853 14,200 14,307 11,822 15,510 3,358 2,024 3,440 3,598 4,386 3,036 4,490 4,043 Profits after taxes........................... 6,341 7,675 7,834 6,352 7,989 1 .847 1 .068 1,838 1 ,871 2,198 1 ,559 2,361 2,087 Dividends.......................................... 3,525 4,000 4, 191 3,964 '4,189 945 952 1,117 ’972 ’981 ’983 ’1,253 1 ,026 Selected industries: Foods and kindred products (25 corps.): Sales................................................... 15,284 16,427 19,038 20,134 22,109 5,060 5,131 4,980 5,184 5,389 5,737 5,799 5,695 Profits before taxes......................... 1,579 1,710 1 ,916 1 ,967 2,227 482 526 512 498 563 590 576 533 Profits after taxes........................... 802 896 1 ,008 1 ,041 1 ,093 253 284 268 255 260 285 293 261 Dividends.................................. 481 509 564 583 '616 144 146 145 150 ’155 ’155 ’156 162 Chemical and allied products (20 corps.): Sales................................................... 16,469 18,158 20,007 20,561 22,808 5,163 5,117 5,284 5,436 5,697 5,782 5,893 5,845 Profits before taxes......................... 2,597 2,891 3,073 2,731 3,117 700 636 701 760 807 806 744 844 Profits after taxes......................... . 1 ,400 1 ,630 1,737 1,579 1,618 404 363 416 390 419 412 398 447 Dividends.......................................... 924 926 948 960 1 ,002 235 235 252 236 236 243 287 249 Petroleum refining (16 corps.): Salesr................................................ 16,589 17,828 20,887 23,258 24,218 5,808 5,985 6,075 5,890 6,013 6,100 6,214 6,107 Profits before taxes'"...................... 1,560 1 ,962 2,681 3,004 2,866 741 744 835 767 692 740 667 726 Profits after taxes r.......................... 1 ,309 1 ,541 1 ,898 2,038 2,206 504 504 540 592 520 561 534 562 Dividends r........................................ 672 737 817 1 ,079 1,039 280 286 281 253 255 258 273 282 Primary metals and products (34 corps.): Sales................................................... 24,195 26,548 28,558 26,532 30,171 7,040 6,525 6, 166 7,150 8,427 7,461 ’7,133 7,664 Profits before taxes......................... 2,556 2,931 3,277 2,487 2,921 670 477 647 669 915 601 735 693 Profits after taxes........................... 1 ,475 1,689 1 ,903 1,506 1 ,750 41 1 290 410 376 550 343 482 431 Dividends.......................................... 763 818 924 892 ’952 214 228 228 224 230 233 264 241 Machinery (24 corps.): Sales.................................................. 22,558 25,364 29,512 32,721 35,660 7,933 8,994 8,994 8,371 8,864 8,907 9,517 8,960 Profits before taxes......................... 2,704 3,107 3,612 3,482 4, 134 807 837 970 936 1 ,008 1,112 1 ,079 1,071 Profits after taxes........................... 1,372 1 ,626 1 ,875 1 ,789 2,014 417 438 513 448 499 537 531 527 Dividends.......................................... 673 774 912 921 ’992 233 227 229 ’247 ’248 ’248 ’249 270 Automobiles and equipment (14 corps.): Sales................................................... 35,338 42,712 43,641 42,306 50,526 11,785 8,354 11,664 12,343 13,545 9,872 14,767 13,316 Profits before taxes......................... 4,989 6,253 5,274 3,906 5.916 1,436 216 1 ,204 1,507 1 ,851 640 1 ,918 1 ,662 Profits after taxes............................ 2,626 3,294 2,877 1 ,999 2,903 782 62 572 783 847 330 943 806 Dividends.......................................... 1,629 1,890 1,775 1 ,567 1 ,642 365 362 477 364 364 364 550 365 Public utility Railroad: Operating revenue r. . .................... 9,778 10,208 10,661 10,377 10,855 2,632 2,531 2,676 2,610 2.757 2,707 2,781 2,741 Profits before taxes'"....................... 829 979 1 ,094 385 634 162 92 -13 126 206 116 186 128 Profits after taxes’".......................... 694 815 906 319 568 142 87 -31 110 175 108 174 98 Dividends’"........................................ 440 468 502 538 517 156 103 155 116 136 98 166 116 Electric power: Operating revenue.......................... ’"14,999 15,816 16,959 17,954 19,421 4,291 4,417 4,537 5,106 4,553 4,869 4,892 5,480 Profits before taxes......................... 3,926 4,213 4,414 4,547 4,789 1,026 1,155 1,088 1 ,351 1,040 1,271 1 , 125 1 ,384 Profits after taxes............................ 2,375 2,586 2,749 2,908 3,002 665 717 728 863 641 764 733 873 Dividends.......................................... 1,682 1 ,838 1 .938 2,066 2,201 508 513 529 539 555 543 565 580 Telephone: Operating revenue.......................... 10,550 11,320 12,420 13,311 14,430 3,312 3,341 3,429 3,486 3,544 3,629 3,771 3,853 Profits before taxes......................... 3,069 3,185 3,537 3,694 3,951 923 953 949 971 989 990 1 ,001 1 ,070 Profits after taxes............................ 1,590 1,718 1,903 1 ,997 1 ,961 ’497 515 513 525 441 493 502 540 Dividends.......................................... 1,065 1,153 1,248 1 ,363 1 ,428 337 341 351 351 318 396 363 368 1 Manufacturing figures reflect changes by a number of companies in profits before taxes are partly estimated by the Federal Reserve to include accounting methods and other reporting procedures. affiliated nonelectric operations. 2 Includes 17 corporations in groups not shown separately. Telephone: Data obtained from Federal Communications Commis­ 3 Includes 27 corporations in groups not shown separately. sion on revenues and profits for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and the Long Note.—Manufacturing corporations: Data are obtained primarily from Lines and General Depts, of American Telephone and Telegraph Co.) published reports of companies. and for 2 affiliated telephone companies. Dividends are for the 20 operat­ Railroads: Interstate Commerce Commission data for Class I line­ ing subsidiaries and the 2 affiliates. haul railroads. All series: Profits before taxes are income after all charges and before Electric power: Federal Power Commission data for Class A and B Federal income taxes and dividends. electric utilities, except that quarterly figures on operating revenue and Back data available from the Division of Research and Statistics. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1969 □ BUSINESS FINANCE A 49 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t e r a o f x o f e i r s t e s c ta o I x n m e ­ e s P t a r a f o x t f e e i r s t s d C d e i a n v s d i h ­ s ir U p i r b n o u d f t i i e t s s d - co c a n a l t l i p s o o u i w n t m a ­ l p ­ Quarter P b t e r a o f x o f e i r s t e s c ta o I x n m e ­ e s P t a r a f o x t f e e i r s ts d C d e i a n v s d i h ­ s tr U p i r b n o u d f t i i t e s s d ­ co c a t n a l i l s o p o u n i w t m a ­ l p ­ ances1 ances 1 1961............... 50.3 23.1 27.2 13.8 13.5 26.2 1967—III'.. 79.5 32.5 47.0 22.0 25.0 43.0 1962............... 55.4 24,2 31.2 15.2 16.0 30.1 IV'.. 84.4 34.5 49.9 21.1 28.8 43.8 1963 ............... 59.4 26.3 33.1 16.5 16.6 31.8 1964............... 66.8 28.3 38.4 17.8 20.6 33.9 1968—1'. .. 87.9 39.9 47.9 22.2 25.7 44.8 II'... 90.7 41.1 49.7 22.9 26.7 45.8 1965............... 77.8 31.3 46.5 19.8 26.7 36.4 III'.. 91.5 41.4 50.0 23.6 26.5 46.2 1966'............. 84.2 34.3 49.9 20.8 29,1 39.5 IV'.. 94.5 42.9 51.6 23.8 27.8 46.7 1967'............. 80.3 33.0 47.3 21.5 25.9 42.6 1968 '............. 91.1 41.3 49,8 23. 1 26.7 45.9 1969—1'. .. 95.5 43.9 51,7 23.8 27.9 47.7 1 Includes depreciation, capital outlays charged to current accounts, and Note.—Dept, of Commerce estimates. Quarterly data are at seasonally accidental damages. adjusted annual rates. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS (In billions of dollars) Current assets Current liabilities Net Noles and accts, Notes and accts, End of period working U.S. receivable payable Accrued capital Total Cash s G ec o u v r t i , ­ I t n o v ri e e n s ­ Other Total F in e c d o e m ra e l Other ties U.S. Other U.S. Other taxes Govt.1 Govt.1 1962................................ 155.6 326.5 43.7 19.6 3.7 144.2 100.7 14.7 170.9 2.0 119.1 15.2 34.5 1963................................ 163.5 351 .7 46.5 20.2 3.6 156.8 107.0 17.8 188.2 2.5 130.4 16 5 38.7 1964................................ 170.0 372.2 47.3 18.6 3.4 169.9 113.5 19 6 202.2 2.7 140.3 17.0 42.2 1965................................ 180.7 410.2 50.0 17,0 3,9 190.2 126.9 22.3 229 6 3.1 160.4 19.1 46,9 1966 ................................ 190,2 443.4 50. 1 15.7 4.5 205,1 144. 5 23.6 253.2 4.4 176 2 19.1 53,6 1967—III....................... 197.2 452.7 49.1 10.8 4.7 211.5 151.2 25.4 255.4 5.7 178.6 13.5 57.6 IV....................... 201.1 464.0 52.3 12.4 5.1 214.5 153.8 25.9 262.9 5.8 183.6 15.2 58.3 1968—I.......................... 206.0 471.4 50. 1 14.6 4. 8 216.6 156.6 28.7 265.4 6.1 181 9 17 3 60.2 II,....................... 209.8 481.9 51.4 13.3 4.7 223.6 159.9 29 1 272 1 6.2 188 0 15.4 62.5 Hl....................... 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 IV....................... 214.4 506.9 56. 1 13.9 5. 1 235.6 166.2 29 9 292 5 6 4 202.2 17.4 66 4 1969—I........................... 216.7 516.4 52.8 15.7 4. 8 239.8 170,9 32.3 299.7 6.9 203.0 19.9 69.8 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 l b it l i i e c s n C i o ca m ti m on u s ­ Other 1 a ( n S n . u A a . l Durable durable Railroad Other rate) 1962............................................ 37.31 7.03 7.65 1.08 .85 2.07 5.48 3.63 9.52 1963............................................ 39.22 7.85 7.84 1.04 1.10 1.92 5.65 3.79 10.03 1964............................................ 44.90 9.43 9.16 1 19 1.41 2.38 6.22 4.30 10 83 1965............................................ 51 .96 I 1.40 11.05 I 30 1.73 2 81 6.94 4.94 11 79 1966............................................ 60.63 1 3.99 13.00 1.47 1.98 3 44 8.41 5.62 12.74 1967............................................ 61.66 13.70 13.00 1.42 1.53 388 9.88 5.91 12.34 1968 .......................................... 64 08 13 51 12.93 1 .42 I .34 4 31 U 54 6.36 12.67 I9692.......................................... 72.17 15.61 14.38 1.58 1 .54 4 83 13 09 7.60 13 54 1967—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..................................... 15.86 3 22 3.28 .36 , 36 1 04 2.97 1.51 3 11 62.60 Ill.................................... 16.02 3 37 3.25 34 30 1 12 2 96 1.50 3.18 63.20 IV................................... 17.95 3 95 3.57 .35 30 118 328 1.86 3 46 65.90 1969—I....................................... 15,21 3.26 2. 95 .36 32 1 06 2 66 1.68 2,91 68.90 IP................................... 18.21 3.96 3.65 43 .38 I 24 3 40 5.17 72.00 IIP................................. 18.49 3.95 3.68 .39 .40 1.24 3.50 5.33 73.45 i Includes trade, service, finance, and construction. Note.—Dept, of Commerce and Securities and Exchange Commission 2 Anticipated by business. estimates for corporate and noncorporate business, excluding agriculture. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 50 REAL ESTATE CREDIT □ AUGUST 1969 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties Farm Nonfarm Other I- to 4-family houses4 Multifamily and Mortgage holders2 commercial properties3 type® E pe n r d i o o d f h e A o r l l s d l ­ tu F i t n i c i n i o s a a t n 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 e A o r l l s d l ­ tu F i t c n i i n i o s a a t n l i n ­ s ­ ! O h e o t r h l s d e 3 ­ r h A e o r l l s d l ­ Total tu F i t n i i n o s a t n i n ­ s , 1 O h e o t r h l s d e ­ r Total tu F i t n i i n s o a t n i n ­ s , 1 O h e o t r h l s d er ­ F w u H V n ri d A A tt 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 1964........... 300.1 241.0 H.4 47.7 18.9 7.0 11.9 281.2 197.6 170.3 27.3 83.6 63.7 19.9 77.2 204 0 1965........... 325.8 264.6 12.4 48.7 21.2 7.8 13.4 304.6 212.9 184.3 28.7 91.6 72.5 19.1 81.2 223 4 1966........... 347.4 280.8 15.8 50.9 23.3 8.4 14.9 324.1 223.6 192.1 31.5 100.5 80.2 20,3 84.1 240 0 1967»......... 370.2 298.8 18.4 53.0 25.5 9.1 16.3 344.8 236.1 201.8 34.2 108.7 87.9 20.9 88.2 c256.6 I968P......... 397.5 319.9 21.7 55.9 27.5 9.7 17.8 370.0 251,2 213.1 38.1 118.7 97.1 21.6 92.8 277.2 1967—P... 350.5 282.9 16.4 51,3 23.7 8.5 15.3 326.8 224.9 192.8 32. 1 101.9 81.6 20.3 84.4 242.4 IIP.. 356.2 287.6 16.7 51.9 24.3 8.7 15.6 331.9 227.8 195.3 32.5 104.1 83.6 20.5 85.3 246.6 HIP. 363.3 293.3 17.5 52.5 24.9 8.9 16.0 338.3 232.0 198.7 33.3 106.4 85.7 20.7 86.4 251.9 IVp. 370.2 298.8 18.4 53.0 25,5 9.1 16.3 344.8 236.1 201.8 34.2 108.7 87.9 20,9 88.2 256.6 1968—Ip. .. 375.8 302.6 19.6 53.5 26.0 9.3 16.7 349.8 239. 1 203.7 35.4 110.6 89.6 21,0 89.4 260.4 HP.. 382.9 308.1 20.6 54.2 26.7 9.6 17. 1 356. 1 243.2 206.7 36,5 112.9 91.7 21.2 90.7 265.4 HIP. 389.8 313.5 21.1 55.1 27.2 9.6 17.5 362.6 247.0 209.7 37,3 115.6 94.1 21.5 92.0 270,6 IVp. 397.5 319.9 21.7 55.9 27.5 9.7 17.8 370.0 251.2 213.1 38,1 118.7 97.1 21.6 92.8 277.2 1969—Ip. .. 403.7 324.7 22.6 56.4 28.0 9.7 18.3 375,7 254.8 215.8 39,0 120.9 99.2 21.7 94.5 281.2 i Commercial banks (including nondeposit trust companies but not 5 Derived figures; includes small amounts of farm loans held by saving 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 include former FNMA and, beginning fourth quarter are shown on second page following. 1968, new GNMA as well as FHA, VA, PHA, Farmers Home Admin., and in earlier years, RFC, HOLC, and FFMC. They also include U.S. Note.—Based on data from Federal Deposit Insurance Corp., Federal sponsored agencies—new FNMA and Federal land banks. Other agencies Home Loan Bank Board, Institute of Life Insurance, Depts, of Agricul­ (amounts small or current separate data not readily available) included ture and Commerce, Federal National Mortgage Assn,, Federal Housing with “individuals and others.” Admin,, Public Housing Admin., Veterans Admin., and Comptroller of 3 Derived figures; includes debt held by Federal land banks and farm the Currency. debt held by Farmers Home Admin. Figures for first three quarters of each year are F.R. estimates. 4 For multifamily and total residential properties, see p. A-52, 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 Tota 1 non­ Farm Total non­ Farm FHA- VA- Con­ farm FHA- VA- Con­ farm Total in­ guar­ ven­ Total in­ guar­ ven­ sured anteed tional sured anteed tional 1941.................................. 4,906 3,292 1 ,048 566 4,812 3,884 900 28 1945.................................. 4,772 3,395 856 521 4,208 3,387 797 24 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 It,408 14,897 4,469 52 1966.................................. 54,380 34,876 7,544 2,599 24,733 16,366 3,138 47,337 42,242 14,500 11,471 16,272 5,041 53 1967.................................. 59,019 37,642 7,709 2,696 27,237 17,931 3,446 50,490 44,641 15,074 11,795 17,772 5,732 117 1968.................................. 65,696 41,433 7,926 2,708 30,800 20,505 3,758 53,456 46,748 15,569 12,033 19,146 6,592 117 1966—HI........................ 53,606 34,469 7,687 2,620 24,162 16,028 3,109 46,622 41,673 14,274 11,413 15,986 4,896 53 [V......................... 54,380 34,876 7,544 2,599 24,733 16,366 3,138 47,337 42,242 14,500 11,471 16,272 5,041 53 1967—I............................ 54,531 34,890 7,444 2,547 24,899 16,468 3,173 48,107 42,879 14,723 11,619 16,537 5,176 52 II.......................... 55,731 35,487 7,396 2,495 25,596 16,970 3,274 48,893 43,526 14,947 11,768 16,811 5,316 51 HI........................ 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 2,696 27,237 17,931 3,446 50,490 44,641 15,074 11,795 17,772 5,732 117 1968—I............................ 60,119 38,157 7,694 2,674 27,789 18,396 3,566 51,218 45,171 15,179 11,872 18,120 5,931 116 H.......6..1.. .,.9..6..7.........39,113 7,678 2,648 28,787 19,098 3,756 51,793 45,570 15,246 11,918 18,406 6,108 115 iii......................... 63,779 40,251 7,768 2,657 29,826 19,771 3,757 52,496 46,051 15,367 11,945 18,739 6,329 116 IV......................... 65,696 41,433 7,926 2,708 30,800 20,505 3,758 53,456 46,748 15,569 12,033 19,146 6,592 117 1969—I........................ 67,146 54,178 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

AUGUST 1969 □ REAL ESTATE CREDIT A 51 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 u A re - d a g n V u t A e a e r - d ­ Other 1 Farm Total Total in F s H u A re - d a g n V u t A e a e r - ­ d Other Farm 1945................................................... 976 6,637 5,860 1,394 4,466 766 1961.......................................... 6,785 6,233 1,388 220 4,625 552 44,203 41,033 9,665 6,553 24,815 3,170 1962................................................... 7,478 6’859 1^355 469 5’035 619 46’902 43’502 10,176 6,395 26,931 3*400 1963................................................... 9,172 8,306 1’598 678 6^030 866 50*544 46’752 10,756 6,401 29;595 3’792 1964................................................... 10^433 9’386 1,812 674 6’900 1,047 55’152 50’848 11’484 6,403 32,961 4’304 1965.................................................. 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 1968r................................................. 7’,925 7,153 719 346 6’088 772 69,973 64,172 11’961 5^954 46,257 5’801 1968—Mayr.................................... 656 591 57 24 510 65 68 317 62,623 12,088 6,073 44,462 5,694 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 12’01 5 5^982 46,271 5'803 1969—Jan........................................ 641 589 59 28 502 52 70 205 64 437 12,003 5,974 46,460 5,768 Feb........................................ 558 497 64 29 404 61 70,355 64,584 11,983 5,973 46'628 5,771 Mar...................................... 626 541 53 21 467 85 70 480 64 694 11,947 5,943 46,804 5*786 Apr....................................... 607 549 48 24 477 58 70,661 64 855 11 '924 5^919 47^012 5,806 May...................................... 556 496 55 1-9 422 60 70,820 64,993 11;903 5,900 47;190 5’,827 1 Include mortgage loans secured by land on which oil drilling or the end-of-Dec. figures may differ from end-of-year figures because (1) extracting operations are in process. monthly figures represent book value of ledger assets, whereas year-end figures represent annua] statement asset values, and (2) data for year-end Note.—Institute of Life Insurance data. For loans acquired, the adjustments are more complete. monthly figures may not add to annual totals; and for loans outstanding MORTGAGE ACTIVITY OF SAVINGS AND FEDERAL HOME LOAN BANKS LOAN ASSOCIATIONS (In millions of dollars) (In millions of dollars) Advances outstanding Loans made Loans outstanding (end of period) (end of period) Period va A n d c ­ es R m e e p n a ts y­ M de e p m o b s e it r s s’ New Total Short­ Long­ Period home Home FHA- VA- Con­ term 1 term 2 Total > con­ pur­ Total 2 in­ guar­ ven­ struc­ chase sured anteed tional tion 1945......................... 278 213 195 176 19 46 1961......................... 2,882 2,220 2,662 1,447 1,216 1,180 1945 ......... 1,913 181 1 ,358 5,376 1962......................... 4,111 3,294 3,479 2,005 1,474 1,213 1963......................... 5,601 4,296 4,784 2,863 1,921 1,151 1961............... 17,733 5,212 7,317 68,834 4,167 7,152 57,515 1964......................... 5,565 5,025 5,325 2,846 2,479 1,199 1 1 1 9 9 9 6 6 6 2 3 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 1 5 4 1 , , 1 9 1 7 1 5 3 3 3 6 7 6 , ’ ’ 1 6 1 1 3 8 5 5 8 1 1 8 0 0 ^ , ^ 6 0 5 5 5 3 0 5 8 1 9 7 0 0 8 1 , , ’ 9 7 3 7 4 3 0 4 3 4 4 4 , ' ’ 8 4 6 9 7 9 4 6 6 7 6 6 ^ , , 9 6 0 6 8 1 3 0 0 6 7 8 7 9 9 , , ’ 2 2 7 8 8 5 8 4 6 1 1 1 9 9 9 6 6 6 5 7 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 3 1 , , , 0 8 5 0 0 2 7 7 4 4 2 4 , , , 3 8 0 3 6 7 5 6 6 5 6 4 , , , 9 9 3 9 3 8 7 5 6 3 5 3 , , , 0 0 98 7 0 5 4 6 2 1 , , 9 9 4 2 2 0 3 1 9 1 1 1 , , , 0 0 4 4 3 3 3 6 2 1965............... 24,192 6,013 10,830 110,306 5,145 6,398 98,763 1968......................... 2,734 1,861 5,259 4,867 392 1,382 1966............... 16^924 3’653 7,828 114,427 5,269 6,157 103,001 1 19 9 6 6 8 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 1 0 , , 9 1 8 2 3 2 4 4^ ,2 9 4 1 3 6 1 9 1 , ,2 6 1 0 5 4 1 1 2 3 1 0 , , 8 7 0 8 5 2 6 5 , ' ' 7 6 9 5 1 8 7 6^ ,0 3 1 51 2 1 1 0 1 9 7 , , 6 1 6 1 3 2 1968—J J u u n ly e . . . . . . . . . . . . . . . . . . . . . . . . 3 2 3 45 4 23 7 5 5 4 4, , 9 8 8 8 8 9 4 4, , 5 4 3 0 5 8 4 4 5 81 3 1 1 , , 3 1 8 8 2 4 Aug....... 198 188 4,997 4,561 437 1,174 1968—June.. 1,983 430 1 ,075 125,900 6,079 6,593 113,228 Sept............. 165 136 5,026 4,603 423 1,251 J S A u e u l p y g t . . . . . . . . . 1 1 1 , , , 8 9 8 5 9 4 9 5 0 4 4 3 0 1 9 0 4 6 1 1 , , 1 0 9 3 5 8 8 6 4 1 1 1 2 2 2 6 7 8 , , , 6 4 3 1 0 9 8 2 2 6 6 6 , , , 1 2 3 7 7 7 7 0 9 6 6 6 , , , 6 6 7 3 5 8 1 3 91 1 1 1 1 1 4 3 5 , , , 5 8 1 1 7 2 9 0 4 O N D c e o t c v . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 1 1 0 7 5 1 3 5 1 1 8 6 5 1 4 0 5 5 5 , , , 0 2 0 3 5 4 5 9 0 4 4 4 , , , 6 6 8 2 6 4 7 7 3 4 3 3 0 9 9 7 7 2 1 1 1 , , , 2 3 3 2 8 8 1 5 2 O No c v t. . . . . . . 1 1 , , 9 7 4 2 9 4 4 39 6 2 6 9 8 9 6 5 8 1 12 2 9 9 , , 8 1 7 4 9 7 6 6 , , 4 52 5 9 9 6 6 , , 8 9 4 1 5 9 1 11 1 6 5 , , 4 8 3 4 1 3 1969—Jan.............. 277 179 5,357 4,975 382 1,110 Dec... 1,886 407 869 130,782 6,658 7,012117,112 F M e a b r .. , . . .. . .. . .. . .. . .. . . 1 15 2 5 0 1 1 7 2 8 2 5 5, , 3 2 3 9 1 8 4 4, , 9 9 8 4 3 0 3 3 5 4 8 9 1 1, , 2 1 4 3 3 0 1969—Jan.... 1 ,592 348 783 131,404 6,748 7,074117,582 Apr 545 113 5,764 5,423 341 1,178 M Fe a b r . . . . . . 1 1 , , 5 8 8 7 0 0 4 3 4 6 0 4 7 8 6 9 7 6 1 1 3 3 2 2 , , 0 9 7 9 5 2 6 6 , , 8 9 5 7 7 2 7 7 , , 1 1 2 9 9 4 1 1 1 1 8 8 , , 0 8 8 2 9 6 J M un ay e . . . . . . . . . . . . . . . . . . . . . . . . 3 5 2 1 7 4 1 7 2 2 0 5 6 , , 9 4 7 1 1 3 5 6 , , 6 0 4 5 7 4 3 35 2 9 4 1 1 , , 2 2 0 7 1 6 Apr... 2,073 485 1 ,023 134,018 7,120 7,271 119,627 May.. 2,146 482 1,113 135,006 7,245 7,354120,407 JuneP. 2,413 495 1,346 136,226 7,404 7,410121 ,412 2 1 S S e e c c u u r r e e d d o lo r a u n n s, s e a c m ur o e r d t iz lo e a d n s q u m a a rt t e u r r l i y n , g h i a n v i 1 n g y e m ar a o tu r ri le ti s e s s . of more than 1 year but not more than 10 years. 1 Includes loans for repairs, additions and alterations, refinancing, etc., not shown separately. Note.—Federal Home Loan Bank Board data. 2 Beginning with 1958, includes shares pledged against mortgage loans; 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 52 REAL ESTATE CREDIT □ AUGUST 1969 MORTGAGE DEBT OUTSTANDING MORTGAGE DEBT OUTSTANDING ON ON RESIDENTIAL PROPERTIES NONFARM 1- to 4-FAMILY PROPERTIES (In billions of dollars) (In billions of dollars) All residential Multifamily i Governmentunderwritten End of Con- E pe n r d io o d f Total F in i c n i s a a t l i n ­ ­ h O ol t d h e e r r s Total F in i c n i s a a t l i n ­ ­ h O ol t d h e e r r s peroid Total Total F i H n­ A- g V u A ar - ­ ti v o e n n a - l tutions tutions sured anteed J 1941................. 24.2 14.9 9.4 5.8 3.6 2.2 1954................. 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 1963 ................. 211.2 176 7 34.5 29.0 20.7 8 3 1964................. 197.6 69.2 38.3 30 9 128 3 1964................ 231.1 195 4 35.7 33.6 25.1 85 1965................. 212.9 73.1 42 0 31 1 139 8 1965................ 250.1 213,2 36.9 37.2 29.0 8 2 1966................. 223.6 76.1 44.8 31.3 147'6 1966 .............. 264 0 223 7 40.3 40.3 31 5 8 8 1967”.............. 236,1 79 9 47 4 32 5 156 I 1967”............... 280.0 236.6 43 4 43,9 34.7 9 2 1968”............... 251 2 83.8 50 6 33'2 167 4 1968”.............. 298.6 250 8 47.8 47.3 37 7 9 6 1966—HI..... 221.9 75.4 44 4 31 0 146 5 1966—HI . . . 261 .6 222. 1 39.5 39.7 31 .0 8.7 IV......... 223.6 76.1 44 8 31 3 147 6 IV .... 264.0 223.7 40.3 40,3 31.5 8.8 1967—P......... 224.9 76.4 45 2 31 2 148 4 1967—1”......... 265.9 225.0 40.9 41 0 32.2 8 8 II”........ 227.8 77.2 45,7 3H5 150^6 II”. . . . 269,7 228.3 41.4 41 .9 32.9 8^9 IIP.... 232.0 78,3 46.6 31 .7 153.7 III”. . . 274.8 232.5 42.3 42.8 33.8 9.0 IV”. . .. 236. 1 79.9 47.4 32.5 156.1 HI”.. . 280.0 236.6 43.4 43.9 34.7 9.2 1968—P......... 239.1 81.0 48. 1 32 9 158 1 1968—P..... 283.7 239.0 44.7 44 6 35.3 9 3 IP........ 243.2 82.1 48.7 33.4 161 .1 IP.. .. 288.6 242.7 45.9 45'.3 35.9 9.4 IIP.. . . 247.0 83.2 49.6 33.6 163.8 III”. . . 293.3 246.4 46.9 46.2 36.7 9.5 IV”. . . . 251.2 83.8 50.6 33.2 167.4 IV”.. . 298.6 250.8 47.8 47.3 37.7 9.6 1969—1”.....2..5..4.8 85.3 51.4 33.9 169.5 1969-P......... 302.9 254.1 48.8 48.1 38.3 9.8 1 Includes outstanding amount of VA vendee ac­ i Structures of 5 or more units. counts held by private investors under repurchase 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 GOVERNMENT-UNDERWRITTEN RESIDENTIAL Board, Federal Housing Admin., and Veterans Admin. 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 Mortgages Mortgages but delinquent for— Loans in Period Prop­ fore­ Pro­ erty End of period closure Total h N om ew e s is E ti x n ­ g jects 1 p i r m ov ­ e­ Total’ h N om ew es is E ti x n ­ g Total 30 days 60 days o 9 r 0 m da o y r s e homes ments2 homes 1963................. 3.30 2.32 . 60 38 34 1945 ............. 665 257 217 20 171 192 1964................. 3.21 2.35 .55 31 ' 38 1963............. 7,216 1 ,664 3 905 843 804 3 045 1 ,272 1 770 1964............. 8 130 1 608 4 965 895 663 2 846 1 023 1 ’ 821 1965................. 3.29 2.40 .55 34 40 1966................. 3.40 2.54 .54 . 32 36 1965............. 8,689 1 ,705 5,760 591 634 2 652 876 1 774 1967................. 3.47 2.66 .54 27 32 1966............. 7,320 1 .'729 4’366 583 641 2 600 980 I '618 1968................. 3,17 2,43 .51 23 26 1967............. 7,150 1,369 4^516 642 623 3 405 1 143 2*259 1968 ............. 8,275 1,572 4,924 1,123 656 3*774 I 430 2*343 1965—HI. . .. 3.20 2.30 .56 .34 .38 IV. . . . 3.29 2.40 .55 .34 .40 1968—June. 674 123 371 122 58 241 98 143 July.. 712 135 438 72 66 327 120 207 1966—1........... 3.02 2.13 .55 .34 38 Aug.. 752 135 460 94 63 341 122 218 II......... 2.95 2.16 .49 .30 .38 Sept.. 727 135 453 78 61 322 Hl 211 III.. .. 3.09 2.25 ,52 .32 .36 Oct... 869 158 549 95 67 360 122 237 IV. ... 3.40 2.54 .54 .32 .36 Nov.. 749 126 473 101 49 377 138 239 Dec.. 702 117 409 118 58 365 136 229 1967—I........... 3.04 2.17 .56 .31 38 II......... 2.85 2.14 .45 .26 .34 1969—Jan... 762 134 474 105 48 369 145 225 III. ... 3.15 2.36 .52 .27 .31 Feb.. 614 106 388 80 39 296 114 182 IV .... 3.47 2.66 .54 .27 .32 Mar.. 642 1 10 381 100 50 329 122 207 Apr., 681 113 428 82 57 301 111 191 1968—1........... 2.84 2.11 .49 .24 . 32 May. 704 111 409 123 62 323 115 208 II......... 2.89 2.23 .44 .22 .28 June. 787 121 475 134 58 308 99 209 HI. . 2.93 2.23 .48 .22 .26 IV.... 3,17 2.43 .51 .23 .26 1 Monthly figures do not reflect mortgage amendments included in annual 1969—1........... 2.77 2.04 .49 .24 .26 totals. 2 Not ordinarily secured by mortgages. 3 Includes a small amount of alteration and repair loans, not shown separ­ Note.—Mortgage Bankers Association of America data from ately: only such loans in amounts of more than $1,000 need be secured. reports on 1- to 4-family FHA-insured, VA-guaranteed, and con­ ventional mortgages held by more than 400 respondents, including Note.—Federal Housing Admin, and Veterans Admin, data. FHA-insured mortgage bankers (chiefly), commercial banks, savings banks, and loans represent gross amount of insurance written; VA-guaranteed loans, savings and loan associations. 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

AUGUST 1969 □ REAL ESTATE CREDIT A 53 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 ch P a u s r e ­ s Sales bursed sured anteed c P ha u s r e ­ s Sales bursed 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 1 1 ,266 1968............................ 7,167 5,121 2,046 I ,944 1 ,287 1968-—June......... 3,880 3,235 646 95 1,158 1968—June................ 6,623 4,767 1,856 173 601 July................. 3,949 3,298 652 86 1,170 July................. 6,707 4,820 1,887 108 842 Aug.................. 4,018 3,361 656 86 1,205 Aug................ 6,780 4,867 1 ,913 99 1 ,014 Sept................. 4,063 3,406 657 66 1,215 Sept................. 6,844 4,909 1,935 89 1,085 Oct................... 4,125 3,468 657 82 1,225 Oct.. ........ 6,943 4,975 1 ,968 126 1,150 Nov................. 4,166 3,511 655 58 1 ,248 Nov................ 7,048 5,045 2,003 132 1 ,236 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 ............. 1,297 1969—Jan................... 7,334 5,227 2,107 193 1 ,283 Feb.................. 4,301 3,657 644 63 1 ,296 Feb.................. 7,510 5,345 2,165 201 1,406 Mar................. 4,328 3,687 641 44 1 ,311 Mar................ 7,689 5,467 2,222 205 1,621 Apr.................. 4,357 3,721 636 50 ............. 1 ,312 Apr.................. 7,851 5,576 2,276 192 1,887 May................. 4,395 3,764 631 61 ............. 1 ,321 May................. 7,998 5,678 2,320 176 2,237 June............................ 4,442 3,816 626 70 ............. 1 .322 June................ 8,175 5,802 2,373 209 2,578 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 Implicit yield, by market Mortgage amounts commitment period (in months) FHA series FHLBB series Yield Auction Accepted Period (effective rate) on FHA- date New insured homes new By commitment (U.S. homes Offered period (in months) 3 6 12-18 New Existing average) Total homes homes 3 6 12-18 1965......................... 5.81 5.95 5.83 5.47 1966......................... 6.25 6.41 6.40 6.38 In millions of dollars In percent 1967......................... 6.46 6.52 6.53 6.55 1968......................... 6.97 7.03 7.12 7.21 1969 1968—July............. 7.17 7.23 7.30 7.42 Aug............. 7.24 7.26 7.30 7.35 May 5........... 170.8 84.4 6.7 58.2 19.5 7.89 *■7.89 ’7.82 Sept............. 7.24 7.25 7.30 7.28 12 . 210.4 85.0 9.3 55.9 19.8 7.87 ’7.88 ’7.80 Oct.............. 7.23 7.22 7.25 7.29 19 236.2 83.3 13,8 51 .0 18.5 r7.86 r7.87 ’7.80 Nov....... 7.21 7.21 7.30 7.36 26 263.0 96.1 12.3 67.8 16.0 ’7.88 ’7.90 ’7.83 Dec.............. 7.23 7.23 7.40 7.50 304.6 103.0 15.3 65.5 22.1 r7.91 ’7.93 ’7.85 1969—Jan............... 7.30 7.32 7.55 9 291.6 100.2 21.3 57.7 21 .2 ’’7.98 ’8.00 ’7.91 Feb.............. 7.39 7.42 7,60 7.99 16 409.7 100.5 15.4 66.8 18.2 ’8.30 ’8.25 8.14 Mar............. 7.47 7.49 7.65 8.05 23........... 304.1 124.3 8.7 92.5 23.1 ’8.36 8.40 8,26 Apr.............. 7.62 7.60 7.75 8.06 30. . 245.6 121.5 22.7 84.0 14.8 ’’8.38 ’8.41 ’8.26 May............ 7.65 7.68 7.75 8.06 June............ ”7.75 *7.78 8.00 8.35 July 7 195.5 121.0 24.1 85.1 11.7 ’■8.42 8.47 ’8.31 July............. 8.10 8.36 14 177.1 129,7 17.4 100.9 11.5 8.39 8.40 8.29 __________ 22........... 250.9 130.9 19.t 93.5 18.3 8.30 8.31 8.19 298.2 129.6 15.9 92.4 21.3 8.25 8.26 8.15 Note.—Annual data are averages of monthly figures. The FHA data are based on opinion reports submitted by field offices Aug. 4 282,5 125.4 19.1 78.9 27.4 8.27 8.28 8.16 on prevailing local conditions as of the first of the succeeding (130,0) month. Yields on FHA-insured mortgages are derived from weighted averages of private secondary market prices for Sec. 203, 30-year mortgages with minimum downpayment and an Note.—Implicit secondary market yields are gross—before deduction of 50assumed prepayment at the end of 15 years. Gaps in the data basis-point fee paid for mortgage servicing. They reflect the average accepted bid are due to periods of adjustment to changes in maximum per­ price for Govt.-underwritten mortgages after adjustment by Federal Reserve missible contract interest rates. The FHA series on average to allow for FNMA commitment fees and FNMA stock purchase and holding contract interest rates on conventional first mortgages in primary requirements, assuming a prepayment period of 15 years for 30-year loans. Com­ markets are unweighted and are rounded to the nearest 5 basis mitments for 12-18 months are for new homes only. points. The FHLBB effective rate series reflects fees and charges Total accepted shown in parenthesis for most recent week indicates FNMA as well as contract rates (as shown in the table on conventional announced limit before the “auction” date. first mortgage terms, p. A-35) and an assumed prepayment at end of 10 years. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 54 CONSUMER CREDIT □ AUGUST 1969 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Total m A o u b t i o l ­ e co g O n o s t o h u d e m s r er e a r n R n d i e z p m a a t o i i o r d n ­ Pe lo rs a o n n s al Total p S a l i y o n m a g n l e e s n ­ t a C cc h o a u rg n e ts S c e r r e v d ic it e paper paper loans 1 1939............................................ 7,222 4,503 1 ,497 1,620 298 1 ,088 2,719 787 1 ,414 518 1941............................................ 9^72 6^085 2’458 1 ,929 376 1,322 3;087 845 1 ,’645 597 1Q4S.............. . 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 IQ63. 71,739 55,486 22,254 14,177 3'437 15,618 16,253 6,101 5;903 4,249 1964............................................ 80’268 62,692 24’934 16’333 3,577 17,848 17,576 6’874 6,195 4,507 1965............................................ 90 314 71 ,324 28,619 18,565 3,728 20,412 18.990 7,671 6,430 4,889 1966............................................ 97,543 77’539 30’556 20,978 3'818 22,187 20,004 7,972 6; 686 5,346 1967............................................ 102,132 80',926 30 ,’724 22,395 3,789 24,018 21,206 8,428 6,’968 5 ,’810 1968............................................ 113,191 89,890 34 J 30 24’899 3,925 26^36 23;301 9,138 7,755 6308 1968-—June................................ 104,620 83,433 32,364 22,248 3,769 25,052 21,187 8,674 6,368 6,145 July................................. 105 680 84348 32,874 22’452 3,808 25,314 21,232 8; 695 6^57 6,080 Aug........................... 107,090 85,684 33'325 22^777 3,857 25,725 2t ^406 8’,774 6’, 574 6,058 Sept.,............................. 107,636 86’184 33’336 22^988 3,881 25,979 21,452 8; 868 6,550 6,034 Oct....................... 108'643 87358 33’698 23,248 3’910 26,202 21 ;585 8; 943 6; 692 5^50 Nov................................ 110,035 87,953 33’925 23’668 3’931 26;429 22^82 9; 024 6; 964 6',094 Dec................................. 113,191 89,890 34’130 24,899 3 ,’925 26^36 23,301 9,’138 7^55 6; 408 1969--Jan................................... 112,117 89,492 34,013 24,682 3,886 26,911 22,625 9,038 7,097 6,490 Feb.................................. 111’569 89’380 34,053 24,404 3^875 27,048 22,189 9,050 6,403 6,736 Mar................. 111,950 89’672 34’262 24^306 3’874 27,230 22,278 9J39 6,340 6,799 Apr................................. 113’231 90,663 34’733 24^399 3’903 27;628 22;568 9; 216 6,557 6^795 May................................ 114’750 91 ,813 35’230 24’636 3'964 27,983 22,937 9,'21 8 6'971 6; 748 June................................ 115,995 93,087 35,804 24,956 4,022 28’,305 22,908 9',227 7; 002 6,679 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 Dec. 1968 Bulletin, pp. 983-1003. hold, family, and other persona! 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 Other 1 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 t ,605 188 1 317 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 221023 12,630 51526 51582 2 058 7 667 351 7 316 1964............................................ 62,692 53,898 25,094 13,605 61340 61492 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 81255 71663 2,790 10,815 277 10,538 1967............................................. 80,926 69,490 32,700 16,838 81972 8,103 2,877 11,436 285 11,151 1968............................................. 89;890 77,457 361952 18,219 10’, 178 8’,913 3,195 12,433 320 12 113 1968—June................................ 83,433 72,610 34,585 17,239 9,461 8,302 3,023 10,823 303 10 520 July................................. 84,448 73,573 35,103 17,'448 9,574 8,397 3,051 161875 308 10,567 Aug................................. 85,684 74;690 35,672 17 670 91739 81490 3J19 101994 313 10 681 Sept................................ 86,184 75,114 35 ,’923 17,680 9,851 8,530 3 ,’130 11 ,'070 313 10,757 Oct.................................. 87,058 75;871 36,352 17,823 9,962 8’,588 3’, 146 11,187 317 10,870 Nov................................. 87^953 76;446 361560 171960 10,049 8,685 3,192 11,507 319 11,188 Dec................................. 89;890 77,457 36,952 18,219 10,178 81913 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 Feb.................................. 89,380 77,577 37,056 18 219 10’153 81896 31253 11 803 319 11 484 Mar.............. 89,672 78,006 37,257 18,253 10,294 8,927 3,275 11,666 320 11,346 Apr................................. 90 663 79 062 37,854 18 418 10'508 91008 31274 11 601 325 11 ;276 May.. ............................ 91 ,813 80,155 381347 18,636 10,699 9,080 31393 11 658 329 11 ,329 June................................ 93,087 81;388 381916 18,961 10,939 9,146 3,426 11,699 333 11,366 1 Consumer finance companies included with “other” financial insti- 2 Automobile paper only, other instalment credit held by automobile tutions until 1950. dealers is included with “other retail outlets.” See also Note to table above. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1969 □ CONSUMER CREDIT A 55 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES (In millions of dollars) (In millions of dollars) Automobile Repair End of period Total ch P a u s r e p ­ d ape D r irect s O g p c u o a t o m o h p n d e e e ­ s r r r e m l r t a o n i n a o o i d n z n d a s ­ ­ s lo P o a e n n r a ­ s l End of period Total m A pa o u p b t e i o l r ­ e s g O p c u o a o t m o h p n d e e e ­ r s r r m R i o z l a e o a d n p a t e i d n a o r s i n n r ­ l s o P o a e n n r a s ­ l 1939........................... 1,079 237 178 166 135 363 1939.................................. 1,197 878 115 148 56 1941........................... 1,726 447 338 309 161 471 1941.................................. 1 ,797 1 ,363 167 201 66 1945........................... '745 66 143 114 HO 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 1963........................... 22,023 7,381 4,102 3,213 2,377 4,950 1963.................................. 12’630 7’922 2 699 214 1,795 1964........................... 25,094 8,691 4,734 3,670 2.457 5,542 1964.................................. 13^605 8^285 3’022 207 2,091 1965........................... 28,962 10,209 5,659 4,166 2,571 6,357 1965 .................................. 15,279 9,068 3 556 185 2,470 1 1 9 9 6 6 7 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 3 31 2 ^ J 7 1 0 9 0 1 10 1 , , 9 0 2 2 7 4 5 6 , , 9 26 5 7 6 4 5 , , 6 1 8 2 1 6 2 2 , , 6 6 4 2 7 9 7 7 , , 0 7 1 5 1 1 1 1 9 9 6 6 6 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 6 6 ^ ,8 6 3 9 8 7 9 9, ’ 2 5 5 7 2 2 4 4 ’ 2 51 5 8 6 1 15 1 1 4 2 2, ’ 7 9 1 5 8 4 1968........................... 36'952 12,213 7,105 6,060 2,719 8,855 1968.................................. 18,219 9’,986 4 849 74 3,310 1968—June.............. 34,585 11,545 6,772 5,443 2,608 8,217 1968—June...................... 17,239 9,544 4 582 84 3,029 J A u u ly g. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 35 5 , '1 6 0 7 3 2 1 1 1 1 , , 9 7 5 4 3 4 6 6 , , 8 9 6 2 3 4 5 5 , , 6 5 6 5 8 9 2 2 , , 6 6 3 7 9 5 8 8 , , 2 4 9 5 8 2 J A u u ly g .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 7 7 , 3 6 4 7 8 0 9 9 , , 7 8 0 1 9 2 4 4 5 6 9 63 6 8 73 2 3 3, , 0 1 6 2 1 2 Sept............... 35’,923 11,980 6,916 5,743 2,697 8,587 Sept............ 17 380 9’758 4,695 69 3’158 Oct......... 36,352 12,143 7,000 5,812 2,716 8,681 Oct....................... 17323 9'823 4 737 74 3,189 Nov............... 36^560 12,'190 7,063 5355 2,723 8,729 Nov,........... 17 360 9398 4,778 74 3,210 Dec................ 36,952 12,213 7,105 6,060 2,719 8,855 Dec....................... 18’219 9’986 4,849 74 J ,’3 to 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 Feb................ 37,056 12,153 7,117 6,168 2,676 8,942 Feb........................ 18,219 9',962 4 867 71 3’319 Mar.... 37'257 12,224 7,168 6,188 2,670 9,007 Mar....................... 18'253 9'988 4 868 70 3,327 Apr................ 37,854 12^388 7,273 6,299 2,690 9,204 Apr........................ 18’418 10’095 4,896 70 3’357 May.............. 38’347 12^541 7,367 6,406 2,721 9,312 May...................... 18,636 10'246 4 945 69 3'376 June.............. 38',916 12,727 7,457 6,557 2,763 9,412 June...................... 18'961 10,440 5,039 70 3,412 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 1939 789 81 24 15 669 b c a i n a k l s in ci s a t l i ­ o R u e tl ta e i t l s c C a r r e d d s i t 1 1941 957 122 36 14 785 tutions 1945 731 54 20 14 643 1962 1i,468 2,150 841 824 7,653 i939 ............... 2,719 625 162 1 ,414 518 1963 13,166 2,498 949 846 8,873 1941................. 3,087 693 152 1 .'645 597 1964 15,199 2’895 1,176 913 10,215 1945................ 3 203 674 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 1 ,020 12,458 1963.............. . 16,253 5’205 896 5,344 559 4,249 1967 19^952 3'993 1,600 1 ,046 13,313 1964................ 17’576 5’950 924 5 ’587 608 4*507 1968 22,286 4^506 1 ,877 1 ',132 14,771 1965................ 18,990 6,690 981 5,724 706 4,889 1968-—June..................... 20,786 4,200 1 ,703 1 ,077 13,806 1966................ 20,004 6,946 1,026 5'812 874 5,346 July....................... 21,022 4,250 1 ,730 1,087 13,955 1967................. 21 206 7,340 1 ;088 5,939 1 ,029 5,810 Aug................ 2!,348 4,323 1 ,765 1,109 14,151 1968................. 23 301 7’975 1 J 63 6,450 1 ,305 6’408 Sept....................... 21,511 4,369 1 ,793 1,115 14,234 Oct............ 21,696 4,415 1 ,829 1,120 14,332 1968—June... 21,187 7,546 1,128 5,278 1 ,090 6,145 Nov....................... 21^926 4,455 1 ,847 1,134 14,490 July... 21,232 7,565 1,130 5,297 1 ,160 6,080 Dec....................... 22,286 4,506 1 ,877 1,132 14,771 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 Feb....................... 22 J 302 4.502 1 ,885 1,128 14,787 Nov.... 22,082 7,857 1,167 5,670 1 ,294 6,094 Mar....................... 22^496 4,562 1 ’904 I J34 14,896 Dec.... 23,301 7,975 I ,163 6,450 1,305 6,408 Apr....................... 22^790 4,652 1 ,928 1,143 15,067 May...................... 23,172 4^747 1,956 1,174 15,295 1969—Jan... . 22,625 7,878 1,160 5,763 1 ,334 6,490 June..................... 23,511 4; 847 1 ;994 1,189 15,481 Feb.... 22,189 7,877 1 ,173 5,087 1 ,316 6,736 Mar.... 22,278 7,961 1,178 5,037 1 ,303 6,799 Apr.... 22,568 8,040 1,176 5,237 1 ,320 6,795 Note.—Institutions represented are consumer finance companies, credit May.. . 22,937 8,017 1 ,201 5,609 1 ,362 6,748 unions, industrial loan companies, mutual savings banks, savings and June... 22,908 8,031 1 ,196 5,574 1 ,428 6,679 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 homcheating-oil accounts. Bank credit card accounts outstanding are included in estimates of instalment credit outsanding. See also Note to first table on previous page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 56 CONSUMER CREDIT □ AUGUST 1969 INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT (In millions of dollars) Total Automobile paper Ot g h o e o r d c s o p n a s p u e m r er mode R r e n p iz a a i t r i o a n n d l oans Personal loans Period S.AJ | N.S.A. S.AJ N.S.A. S.A.i N.S.A. S.AJ N.S.A. S.AJ 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—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 21154 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 Feb................................. 8,414 6’971 2*716 2 ,’344 2^598 1 '985 201 149 2,899 2 493 Mar....................... 8,381 8 J 32 2,730 2^750 2^625 2; 423 198 179 2’828 2 780 Apr................................. 8*720 9,024 2’772 3,023 2,763 2,668 219 216 2 966 3 117 May................................ 8’680 8,960 2*757 2*985 2,767 2,760 209 246 2 947 2*969 June................................ 8,705 9,169 2*725 3; 045 2,869 2,832 218 245 2; 893 3^047 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—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*80! 1969—’Jan.................................. 7 730 7,955 2,467 2 486 2,442 2,666 173 176 2,648 2,627 Feb.................................. 7,616 7',083 2,468 2,304 2,352 2,263 172 160 2’624 2 356 Mar................................. 7,735 7^840 2,501 2,*541 2^461 2,521 180 1 80 2*593 2*598 Apr................................. 7^960 8,033 2’519 2,552 2,569 2,575 185 187 2’687 2*719 May................................ 7,834 7,810 2*488 2*488 2,507 2’523 183 185 2 656 2*614 June...................... 7,910 7,895 2,460 2,471 2; 602 2,*512 183 187 2*665 2^25 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 2504 1 36 2 918 1968—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 Feb.................................. 798 -112 248 40 246 -278 29 11 275 137 Mar................................ 646 292 229 209 164 -98 18 -1 235 182 Apr................................. 760 991 253 471 194 93 34 29 279 398 May.................... 846 1 150 269 497 260 237 26 61 291 355 June................................ 795 1 ,274 265 574 267 320 35 58 228 322 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, see “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 Dec. 1968. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1969 □ CONSUMER CREDIT A 57 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (In millions of dollars) Total Commercial banks S c a o le m s p f a in n a ie n s ce Ot i h n e st r i t f u in ti a o n n c s ial Retail outlets Period S.A J N.S.A. S.A.i N.S.A. S.A.i N.S.A. S.A.I N.S.A. S.A.i N.S.A. Extensions t 56,191 20,474 11,269 14,787 9,659 1963 . . . 63,591 23,344 12,152 16,768 11,327 1964 70,670 25,950 12,613 18,797 13,310 1965 78,586 29,528 13,722 20,906 14,430 1966 82,335 30,073 14,278 21,490 16,494 1 84,693 30,850 13,833 22,574 17,436 1968. 97,053 36,332 15,909 25,777 19,035 1968-—June............................... 8,003 8,115 2,938 3,030 1,302 1 ,358 2,177 2,231 1 ,586 1,496 July................................ 8,247 8,738 3,018 3,343 1 ,366 1,495 2,190 2,307 1 ,673 1 ,593 Aug................................ 8,187 8,502 3,066 3,245 1,289 1 ,329 2,248 2,344 1 ,584 I ,584 Sept................................. 8,416 7,682 3,284 2,953 1,349 1 ,217 2,236 2,043 1 ,547 1 ,469 Oct................................. 8,533 8,687 3,252 3,306 1,367 1,437 2,309 2,246 1,605 1 ,698 Nov...................... 8,288 8,166 3,111 2,877 1 ,411 1 ,368 2,139 2,139 1 ,627 1 ,782 Dec................................. 8,277 9,568 3,139 3,094 1,362 1 ,535 2,208 2,571 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 Feb................................. 8,414 6,971 3,155 2,728 1 ,419 1,192 2,315 1 ,972 1 ,525 1 ,079 Mar............................... 8,381 8,132 3,199 3,155 1,429 1,359 2,239 2,219 I ,514 1,399 Apr................................. 8,720 9,024 3,318 3,585 1 ,405 I ,463 2,378 2,447 1,619 1,529 May............................... 8 ,680 8,960 3,236 3,436 1 ,451 1 ,478 2,365 2,428 1 ,628 1 ,618 June.................... 8,705 9,169 3,272 3,540 1 ,436 1 ,566 2,323 2,479 1 ,674 1 ,584 Repayments 1962 51,360 18,468 10,200 13,455 9,237 1963 56,825 20,326 10,927 15,070 10,502 1964 63,470 22,971 11,638 16,764 12,097 1965 69,957 25,663 12,048 18,813 13,433 1966 76 J 20 27,716 12,860 20,074 15,470 »1 yO oAT/..,................... 81’306 29,469 13,692 21,330 16,815 1968 88^089 32,080 14,528 23,443 18,038 1968—-June................................ 7,287 6,994 2,666 2,524 1,164 1,129 1,957 1,916 1,500 1,425 July. ............................... 7,390 7,723 2,662 2,825 1 ,258 1,286 1 ,942 2,071 1 ,528 1 ,541 Aug............................... 7,253 7,266 2,610 2,676 1,156 1,107 2,023 2,018 1,464 1 ,465 Sept................................ 7,701 7,182 2,849 2,702 1,323 1 ,207 2,026 1 ,880 1 ,503 1 ,393 Oct........................... 7,586 7,813 2,764 2,877 1,230 I ,294 2,052 2,061 I ,540 1 ,581 Nov............................... 7,454 7,271 2,769 2,669 1,254 1 ,231 1 ,950 1 ,909 1 ,481 1 ,462 Dec................................ 7,502 7,631 2,761 2,702 1 ,215 1 ,276 2,0(9 2,211 1 ,507 1,442 1969—Jan.................................. 7,730 7,955 2,812 2,855 1 ,282 1,271 2,082 2,083 I ,554 1,746 Feb................................. 7,616 7,083 2,869 2,677 1 ,231 1,148 2,066 1 ,850 I ,450 1 ,408 Mar................................. 7,735 7,840 2,928 2,954 1,287 1,325 2,011 2,025 1,509 1,536 Apr,............................... 7,960 8,033 2,967 2,988 1 ,236 1 ,298 2,140 2,153 1 ,617 1 ,594 May.............................. 7,834 7,810 2,917 2,943 1 ,278 1 ,260 2,091 2,046 1 ,548 1,561 June................................ 7,910 7,895 2,989 2,971 1 ,223 1 ,241 2,079 2,140 1 ,619 1 ,543 Net change in credit outstanding 2 1 ........................................... 4,831 1 ,997 1,078 1,332 422 1963 6,766 3,018 1,225 1,698 825 i ............................................ 7’200 3,065 ’975 2,033 1,127 1965 8,629 3,865 1,674 2,093 997 1966 6,215 2’357 1,418 1,416 1,024 1967 3’387 1,381 141 1,244 '621 1968 8^964 4,252 1,381 2,334 997 1968—June................................ 716 1,121 272 506 138 229 220 315 86 71 July................................. 857 1 ,015 356 518 t08 209 248 236 145 52 Aug................................ 934 1,236 456 569 133 222 225 326 120 119 Sept................................. 715 500 435 251 26 10 210 163 44 76 Oct... .............. 947 874 488 429 137 143 257 185 65 117 Nov................................. 834 895 342 208 157 137 189 230 146 320 Dec................................. 775 1,937 378 392 147 259 189 360 61 926 1969—Jan.................................. 641 -398 323 53 99 -44 168 -106 51 -301 Feb................................. 798 -112 286 51 188 44 249 122 75 -329 Mar.......................... 646 292 271 201 142 34 228 194 5 -137 Apr................................. 760 991 351 597 169 165 238 294 2 -65 May................................ 846 1,150 319 493 173 218 274 382 80 57 June................................ 795 1 ,274 283 569 213 325 244 339 55 41 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 58 INDUSTRIAL PRODUCTION: S.A. □ AUGUST 1969 MARKET GROUPINGS (1957-59= 100) 1957-59 1968 1969 pro­ 1968 Grouping por­ aver­ tion age ^ June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.r Mayr Juner Total index........................................ 100.00 165.4 165.8 166.0 164.6 165.1 166,0 167.5 168 7 169 1 170.1 171 4 171,7 172.7 173,9 Final products, totals............................ 47.35 165.0 165.2 164. 7 164.8 165.7 167.0 167.9 168.1 168. 2 169.3 170.8 170.2 170.6 171.7 Consumer goods.............................. 32.31 156.8 156.8 156.4 156.8 157.3 159.6 159.2 160.1 161.0 161.7 162,8 161,8 161.5 163.1 Equipment, including defense.... 15.04 182.8 183.2 182.6 181.9 183.6 183.0 186.5 185.3 183.5 185,5 187.8 188.4 190.0 190.2 Materials............................................... 52.65 165.7 166.7 167.4 164.2 165.1 165.7 167,6 169,3 169.6 170.8 172.1 172.9 174.3 176.1 Consumer goods 3.21 174.4 180. 7 180.4 177.1 175.6 178.9 181.2 177.8 176.2 174. 7 175.4 166.1 165.8 176. 7 Autos....................................................... 1.82 174.8 183.5 183.7 182.4 177.4 180.3 180.6 174.5 170.6 (65.0 165 0 149.6 148.9 168.3 Auto parts and allied products......... 1.39 173.9 177.1 176.1 170.2 173.2 177.0 182,1 182,2 183.5 187.6 189.0 187.9 188.0 187,7 Home goods and apparel..................... 10.00 156.4 155.7 154.1 155.8 156.3 158.1 158.6 157.6 160.8 160.5 162.8 161 5 162.9 161.8 Home goods.......................................... 4.59 175.5 173.4 171.5 174.6 175.9 176.7 178.3 180.0 184.3 183.0 186.3 186,1 186,1 186.5 Appliances, TV, and radios...... 1.81 168.5 161.6 161.8 168.0 170.4 171.8 171 .9 173,2 177,7 179.1 182.9 182,0 182.0 180.2 Appliances..................................... 1.33 174.2 165.2 166.5 172.8 175.5 175.1 177,2 181,7 186.9 187.3 189.4 190 1 192,7 190.7 TV and home radios ................... .47 152.4 151.3 148.5 154.5 156.2 162.5 156.9 149.4 151,5 156,0 164.4 158,9 151.9 150.6 Furniture and rugs......................... 1.26 173.7 174.8 174.5 174.0 175.5 174.2 177.0 180.2 184.3 181,2 182,0 183,3 184,2 185.8 Miscellaneous home goods....... 1.52 185.2 186.2 180.5 182.9 182.8 184.7 187.0 187.9 192,2 189.0 193 8 193 4 192,6 194.4 Apparel, knit goods, and shoes. .... 5.41 139.5 140.8 139.4 139.8 139.6 142.3 142,0 138.7 140.8 141.4 142.9 140 6 143.3 Consumer staples.................................. 19.10 154.0 153.4 153.5 153.9 154.9 157.1 155.8 158.4 158.6 160.2 160.8 161.2 160.0 161.5 Processed foods.................................... 8.43 132.6 132.2 132.9 132.5 132.5 133.2 132.0 134,7 134.8 (36.7 136.4 137,1 136.4 135.5 Beverages and tobacco................... 2.43 141.9 142.9 139.6 144.7 145.2 145.9 142.3 145.4 144,6 147.5 150.9 143,7 137 9 Drugs, soap, and toiletries................. 2.97 193.3 192,0 192.6 190.6 193,6 199.8 200.4 201.4 203.7 203.7 205.0 209.9 208.0 207.8 Newspapers, magazines, and books. 1.47 143.3 143.6 144.2 143.6 140.7 145.8 146.0 147,1 146.3 145,7 143,3 145.9 147.3 146.4 Consumer fuel and lighting............... 3.67 182.9 180.8 180.8 182,6 186.0 188.7 186.1 190,2 190.0 192.0 193 6 194.1 194.1 Fuel oil and gasoline....................... 1.20 138.9 142.8 140.3 138.3 142.6 141.4 140.6 141.3 129,9 139.6 141.6 142.4 143.9 147.0 Residential utilities........................ 2.46 204.4 199.3 200,6 204.2 207.2 211.8 208.3 214.0 219.3 217.6 218,9 219.3 218.6 Electricity....................................... 1,72 223.3 218.0 219.0 224.0 228.0 233.6 228.0 235.7 242.8 239.9 240.6 240.6 239.3 Gas.................................. .... .74 171.4 Equipment Business equipment............................... 11.63 184.8 184.3 183.4 182.4 185.2 186.8 191.2 191.1 191.4 191.9 192.9 194.1 195.7 198.1 Industrial equipment...................... 6.85 168.1 168.0 167.5 164.7 167.8 170.2 174.0 174.9 175.9 175.7 176.7 178.6 180,9 183.3 Commercial equipment....................... 2.42 205.3 204.6 202.4 204.6 205.9 207.3 208.7 205.3 209.9 214.3 717 3 220.1 221.7 221.3 Freight and passenger equipment. .. 1.76 234.5 234.0 234.3 233.2 235.6 234.3 247.4 247,2 245.5 244.4 2423 239.7 238.4 245.3 Farm equipment............................... .61 146. 1 144.2 139.6 145.8 152.9 155.3 152.4 134.0 136.1 133.0 135.6 133.9 134.9 Defense equipment............. .... 3.41 Materials Durable goods materials....................... 26.73 158.0 160.4 159.8 153.3 153.3 155.4 157.6 159.7 161.2 162.6 164.0 165.8 165.6 167.0 Consumer durable................................ 3.43 164.5 166.2 167.7 153.5 166.1 166.5 169,6 161.0 162.2 167.7 163.2 157.9 156.6 162.4 Equipment.................................... 7.84 185.2 184.8 185.8 185.3 185.1 184,7 187.7 187.5 >87.4 189.3 190.7 190.3 191 .7 193,1 Construction.......................................... 9.17 145.9 145,6 143.7 143.3 145.5 146.3 148.3 152.2 153.5 154.2 154,5 153.2 153,0 152,5 Metal materials n.e.c............................ 6.29 137.9 143.3 146.6 127.4 122.3 126.6 131.8 140.5 144.6 150.2 153.3 151.5 148,8 152,3 Nondurable materials............................ 25.92 173.7 173.9 175.3 175.5 177.2 176.4 177.9 179.2 >78.3 179.2 180.3 180.3 183.3 185.5 Business supplies................................. 9.11 157.5 159.0 157.9 158.4 161.1 162.3 161 .7 163.2 164.2 164.4 165.3 162.3 165.4 167,6 Containers.......................................... 3.03 157.0 158.9 156.0 154.2 163.4 167.4 161 .5 164.8 >67.4 168. 1 170.4 165.0 167.9 166,9 General business supplies............... 6.07 157.8 159.0 158.8 160.5 160.0 159.8 161.8 162,4 162.6 162.5 162.7 160.9 164.1 168.0 Nondurable materials n.e.c,............... 7.40 221.8 218.5 223.8 223.6 227.3 228.2 230.3 233.6 229.3 231.6 232.7 232.3 235,8 238.7 Business fuel and power..................... 9.41 151.6 153.2 154.1 154.3 153.3 149.3 152.5 151.9 151.8 152.3 153.7 156.9 159.3 160.9 Mineral fuels..................................... 6.07 132.8 136.4 136.9 136.6 134.1 126.0 131 .4 130.0 127.8 127.7 130.2 134.2 137.4 139.3 Nonresidential utilities.................... 2.86 199.3 196.7 198.2 200,3 202.8 206.3 205.7 206.7 21 1,5 212.5 211.7 213.7 215.0 Electricity............................... 2.32 202.4 198.9 200.2 202.2 204.8 208.6 207.1 208.1 213.7 214,8 214.7 216.7 218.1 General industrial.................. 1.03 197.5 193.7 195.1 197.0 199.3 203.6 202.0 204.2 206.2 209.2 208.3 212.4 213.4 Commercial and other............ 1.21 216.7 213.0 214.8 216.9 220.0 223,6 222.0 222.2 231,2 230.7 231.2 231.7 233,4 Gas................................................... .54 171.4 Supplementary groups of consumer goods Automotive and home goods............ 7.80 175.0 176.4 175.2 175.6 175.8 177.6 179.5 179,1 181 .0 179.6 181,8 177.9 177.7 182.4 Apparel and staples.............................. 24.51 150.8 150.6 150.4 150,7 151,5 153.9 152.8 154,1 154.7 156,0 156.8 156,6 156.3 For notes see page A-61. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1969 □ INDUSTRIAL PRODUCTION: SA. A 59 INDUSTRY GROUPINGS (1957-59 = 100) 1957-59 1968 1968 1969 Grouping pro­ aver­ por­ age p tion June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.r Mayr June' Total index.............................. 100.00 165.4 165.8 166.0 164.6 165,1 166.0 167.5 168.7 169.1 170.1 171 4 171 7 172 1 173,9 Manufacturing, total,.......................... 86.45 166.8 167.3 167.4 165.7 166.3 167.8 169.1 170.2 170.2 171.8 173.1 173,0 173.9 175 0 Durable.............................................. 48.07 169.9 171.0 170 8 167.8 168,7 169.3 171 3 172 4 173 0 174.5 175 9 175,7 176,7 178^5 Nondurable........................................ 38.38 163.0 162.7 163.0 163.0 163.3 165.9 166.3 167.4 166.7 168.3 169.5 169,6 170.3 170.6 Mining................................................... 8,23 126. 4 129.2 130.0 129.4 127.0 120.7 126.4 127.4 125.8 124.8 126.7 128.8 130 5 132 4 Utilities................................................... 5.32 201.6 197.9 199.3 202.1 204.8 208.9 206.9 210.1 215,1 214.9 215.1 216.3 216J 221.0 Durable manufactures Primary and fabricated metals.. .... !2.32 150.7 156.2 154.7 141.8 141.1 144.5 148.6 152.9 155.6 158.4 160.3 161.2 162,5 164.8 Primary metals................... 6.95 137.3 148.6 145.8 122.8 120,6 123.1 129.3 135.4 139.5 143.6 146.2 147,9 149.5 152.1 Iron and steel.................................... 5.45 131.0 148.4 146,6 112.9 107.3 108.1 115.8 124.6 126.8 I 33,7 139.0 141.2 142.1 146.0 Nonferrous metals and products.. 1.50 160. 1 150.4 153.6 153.9 166.2 174.0 173.8 180.7 179.6 183.4 186.9 186.2 183.2 186.6 Fabricated metal products................ 5.37 168. 1 166. 1 166,2 166.3 167.6 172,2 173.5 175.6 176, 4 177.6 178.5 178.3 179.2 181.3 Structural metal parts..................... 2.86 162.3 161.8 159.7 159.1 161.1 165.1 168,3 170.3 170,1 174.5 175.8 174.4 173,1 175,0 Machinery and related products......... 27.9^ 183.9 183,5 134.0 184.4 185.6 185.0 186.2 185.6 185.2 186.3 187.9 187.4 188,4 190.6 Machinery.............................................. 14.8» 184.4 181.7 182,7 183.8 186.4 186.1 187.4 188.6 191 8 192.7 194.7 194.6 196,9 198.2 Nonelectrical machinery................. 8.43 181 .3 178.8 179.8 179.1 182,6 183.7 184.4 185.3 188.3 189.6 190.2 190,8 193,1 195.4 Electrical machinery........................ 6.37 188.6 185.5 186 5 190.1 191.4 189.3 191.4 193.0 196.4 196.9 200.7 199.5 201.8 201 .9 Transportation equipment................. 10.19 179.6 182.6 183.2 181.7 180.5 180.4 180.2 176.4 171.2 173.1 174.1 172.4 171.8 175.9 Motor vehicles and parts............... 4.68 171.6 174.2 174,3 175.4 173.5 177,0 177.7 172.3 167.3 167.7 167.6 160.8 156,8 168.9 Aircraft and other equipment.... 5.26 185.1 188.6 189.3 185.7 184.7 181.0 179.6 177.0 170.9 174.1 176.0 178,7 180.8 178.2 Instruments and related products. .. 1.71 184.2 181.3 179.2 182.6 184.3 185.8 188.5 189.7 191.6 190.4 192.8 195.4 195.3 195.7 Ordnance, and accessories 1.28 Clay, glass, and lumber....................... 4.72 137.2 137, 1 136,2 135.5 138.8 139.9 141.5 144.3 143.8 145.6 145.1 143.2 143.6 141.5 Clay, glass, and stone products........ 2.99 <46.2 145. I 145.2 147.5 150.0 151.8 150.4 151.2 156.2 156.5 153.4 155. 1 156.9 154.6 Lumber and products........................ 1.73 1 21 .7 123.4 120.6 114.7 119.4 119.4 126. 1 132.3 122.5 126.7 130.8 122.6 120.7 119.0 Furniture and miscellaneous....... .. 3.05 169.9 169.5 169.5 170.1 170.9 171.3 172.2 174.2 176.6 175.7 176.5 178.4 179.0 179,7 Furniture and fixtures...................... 1 .54 178.3 178.0 177 8 178.6 179.7 180.4 181.7 182.9 186.8 186.5 187.0 188.9 190.2 191.0 Miscellaneous manufactures.............. 1.51 161 .3 160.9 161,1 161.4 162.0 162.1 162.5 165.3 166.2 164.7 165.7 167.6 167.5 168.1 Nondurable manufactures Textiles, apparel, and leather............. 7.60 145.3 145.2 144.2 144,1 144.8 146.8 147.5 145,0 143.6 142.6 144.7 143.7 147.5 146.3 Textile miil products........................... 2.90 151.5 148.8 150 9 151 .4 152.0 153.3 155.1 153.5 152.9 152.0 152.9 154.2 156.4 157.6 Apparel products................................. 3.59 149.9 151.4 150.4 149.0 149.9 152.1 152.5 149.2 148.1 147.9 150,2 147.8 152.7 Leather and products.......................... 1.11 111.3 115.8 107.0 109 5 109.3 113.0 1117 109.2 105.0 101.3 105.6 103.4 107.4 Paper and printing......................... 8.17 155.6 155.2 155 6 156.5 156.8 157.7 159.8 159.7 160. 2 161.2 162.2 162.4 164.2 164.7 Paper and products............................. 3.43 163.9 162.9 164. 1 164.1 166.1 166.7 170.1 169.9 171.1 173.9 175,0 175.8 175.7 175.3 Printing and publishing....................... 4.74 149.6 149.6 149.5 151.1 150.0 151.2 152.3 152.3 152.4 152,1 153.0 152.7 155.9 157.0 Newspapers....................................... 1.53 136.1 134.7 1 34.7 137.7 140.9 138.4 140.8 139.5 141.2 141.7 141.4 137.5 142.8 141.3 Chemicals, petroleum, and rubber.... 11.54 207.1 206.6 208.2 207.6 207.9 212.8 213.6 216.8 2/4.1 2/8.0 2/9,6 221.7 221.9 223,0 Chemicals and products...................... 7.58 221 .3 219.3 222.4 221.0 222.4 227.8 228.7 231.8 231,3 234.4 235,2 239.1 238.9 239.6 Industrial chemicals......................... 3.84 261 .0 258.0 264.4 262.7 263.2 268.2 268.0 275.0 273 4 276.7 277.7 283.3 283.9 Petroleum products............................ 1.97 139.8 140.6 139.5 140.7 141.9 142.2 141.4 141.2 131 .0 140.2 142,7 142,2 143,5 145,5 Rubber and plastics products........... 1 .99 219.7 218.0 222.4 223.1 223 4 225.8 227.5 234.6 230 8 232,8 236.2 234.2 234.9 Foods, beverages, and tobacco....... 11.07 134.6 134.5 134.2 134.4 134.5 136.1 134.9 137.0 138.0 139.5 139.8 138.2 136.9 137.1 Foods and beverages........................... 10.25 135.7 135.5 135,1 135,3 135.4 137.3 136.1 138.8 139.4 140.9 141.5 140.5 138.6 138.8 Food manufactures.......................... 8.64 132.7 132.2 132.7 131.5 131.5 133.3 132.8 134.6 136.1 137,2 136,7 136.7 136.6 135.5 Beverages............................................ I .61 152.6 153.1 147.9 155.7 156.0 158.6 153.7 161.6 157.4 160.9 167.2 160.6 149.4 Tobacco products................................ .82 120.9 122.8 123.4 123.1 124.0 120.8 119.9 113.6 119.5 121.2 118.7 110.5 115.4 Mining Coal, oil, and gas.................................. 6.80 125.0 128.1 128.7 127.9 125.8 118.9 124.6 124,2 122.4 120,2 121,9 125.7 128.7 130.8 Coal......................................................... 1.16 117.8 126.7 126.6 121.3 120.8 86.6 115.9 118.3 115.3 112.4 114.3 120,2 123.9 116.0 Crude oil and natural gas................... 5.64 126.5 128.4 129.2 129.3 126.8 125,5 126,3 125.4 123.9 121.8 123.5 126.9 129.6 133.8 Oil and gas extraction..................... 4.91 136.3 138.7 139.3 140.2 137.3 135.3 135.1 132.8 130. 8 131.3 134.0 137.5 140.5 144.7 Crude oil........................................ 4.25 130.6 132.4 134.0 134.8 131.2 129. 1 128.6 126.4 124.0 124.0 127.0 130.2 133,1 137.7 Gas and gas liquids..................... .66 172.6 Oil ^nd gas drilling.. ... .73 60.0 59.1 60.7 55.9 55 8 59.5 67.3 75.4 Metal, stone, and earth minerals........ 1.43 132.9 134.3 135.8 136.2 132.8 129.2 135.3 143.0 142. 1 146.4 149.9 143.6 J 39.0 139.9 Metal mining.............................. . .61 126,4 130.8 134.1 134.5 127.7 125.1 135.1 137.6 140.2 142.7 149.1 146.6 136.1 136.3 Stone and earth minerals.................... .82 137,7 136.9 137.1 137.5 136.5 132.2 135.5 147.0 143.5 149.2 150.5 141.4 141 .2 142,6 Utilities Electric.................................................. 4.04 211.3 207.0 208.2 211.5 214.7 219.3 216.0 219.9 226. 1 225.5 225.7 226,9 227,1 Gas.......................................................... 1.28 171.4 169.2 171.3 172.6 For notes see p. A-61. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 60 INDUSTRIAL PRODUCTION: N.S.A. □ AUGUST 1969 MARKET GROUPINGS (1957-59= 100) 1957-59 1968 1968 1969 pro­ Grouping p ti o o r n ­ a a g v e e p r­ June July Aug. Sept. Oct, Nov. Dec. Jan. Feb. Mar. Apr.r Mayr Juner Total index......................................... 100.00 165.4 169.4 160.3 163.3 169.5 170.7 169.1 166.3 166.5 170.5 173,1 171.9 172.6 177.0 Final products, total......................... . . 47.35 165.0 168.8 159,1 162.0 171.9 172.6 169.2 165.6 166.6 169.3 171.9 168.6 168.9 174.6 Consumer goods, 32.31 156,8 161,2 149.6 154.2 165.9 167,5 161,7 155.8 158.9 161.8 163,9 159.0 158.9 166.5 Equipment, including defense. ... 15.04 182.8 185.1 179.6 178.6 184,6 183.6 185.4 186,6 183.1 185.4 189,0 189,1 190.4 192.2 Materials................................................. 52.65 165.7 169.9 161.3 164.5 167.5 169.0 169,5 166.9 166.4 171.5 174.3 174.8 175.9 179.1 Consumer goods Automotive products............................. 3.21 174.4 194.7 148.4 101.1 170.8 197.2 198.3 185.5 185.4 183.6 186.0 174,7 173.1 189.0 Autos,....................... 1,82 174.8 208.3 134.1 45.6 165.0 207.4 212.2 192.0 187.7 181.5 184.8 164.6 165.3 191,0 Auto parts and allied products......... 1.39 173.9 176.7 167.4 174.1 178.4 183,8 180.1 176.9 182.3 186.3 187.5 187.9 183.5 186.3 Home goods and apparel.................... 10.00 156.4 161.0 140.4 155.8 162.2 167.4 162.7 149.2 155.9 164.2 168.9 161.9 163.3 166.1 Home goods........................................... 4.59 175.5 177.4 157, 1 169.8 183,9 189.5 186,2 178.8 182.8 187 7 191.2 188.8 188.7 191.5 Appliances, TV, and radios...... I .81 168.5 171.7 139,8 151.6 180.5 187.5 180,1 161.5 183.2 195.0 198.8 194.7 194.3 194.6 Appliances..................................... 1 .33 174.2 180.4 149.5 147.8 183,5 186. 1 180,7 172.2 191 .8 206.0 211 .7 213.1 212.0 212.6 TV and home radios ,47 152.4 147.5 112.4 162.2 171.8 191.7 178,2 131 .5 158.9 164.1 162.6 143.0 144.3 143.8 Furniture and rugs.......................... 1.26 173.7 174.8 166.1 178.0 180,4 183.3 183.5 186.9 180.2 179.0 179.8 178.2 177,2 183.6 Miscellaneous home goods....... 1.52 185.2 186.2 170.2 184.7 191 .0 196.9 195.6 192.6 184.5 186.2 191.7 190.5 191 .4 194.4 Apparel, knit goods, and shoes......... 5.41 139.5 147.1 126.2 144.0 143,8 148 7 142.7 1 24.1 133.1 144.2 150.0 139.2 141 .9 Consumer staples................................. 19.10 154.0 155.8 154.6 162.3 167.0 162.6 155.0 154.3 155.9 156.8 157.6 154.9 154.2 162.8 Processed foods.. ............................... 8.43 132.6 132.2 132.2 140.2 152.6 147.9 137.0 132.4 128.1 129.2 128.6 127.0 128.2 134.1 Beverages and tobacco........................ 2.43 141.9 163.7 146.4 156.7 148.9 150.0 135.0 125.9 126.9 134.5 147.5 145.4 148.3 Drugs, soap, and toiletries......... 2.97 193.3 198.7 187.8 196.9 199.4 204.6 201 .4 196.8 199.6 203 7 205.0 207.8 203.8 213.0 Newspapers, magazines, and books. 1.47 143.3 143.0 142.8 145.3 142.0 145.7 144,1 146,8 145.0 145.1 145.4 146.5 146.9 145.8 Consumer fuel and lighting............... 3.67 182.9 174.1 188.8 195,5 195,9 176.5 175.0 191.3 206.9 200 5 196. 4 184,1 179,8 Fuel oil and gasoline....................... 1.20 1 38.9 141.3 142.8 142.5 142.7 137.7 139,7 144.6 135.3 143^0 140.0 135.1 139.3 145.3 Residential utilities.......................... 2,46 204.4 Electricity....................................... 1.72 223.3 204.9 234.3 248.6 249,1 210.2 205.0 235.7 275.1 255 7 247.8 224.5 212,0 Gas................................................. .74 171 .4 Equipment Business equipment........................ 11.63 184.8 187.4 180.2 178.6 186.6 187.0 188.3 191.3 190.2 191 8 194.6 195.5 196. 7 201.1 Industrial equipment........................... 6.85 168 I 169.7 165.8 164.2 169,3 169.2 172.4 175.8 175.5 174'8 176.9 178.6 181.1 185.1 Commercial equipment.............. 2.42 205.3 205.2 198.4 204.6 209.0 209.4 21 I .2 209.8 210.1 21 2.8 215.3 215,9 219.0 222.0 Freight and passenger equipment... 1.76 234.5 243.4 229,6 219.2 238,0 240.2 240.0 239.8 238.1 244.4 249.6 249.3 245.6 255.1 Farm equipment................................... .61 146.1 152.9 126,8 119.1 143.4 145.7 126.8 131.1 138.6 146.8 152.8 149,6 142,7 Defense equipment.............................. 3.41 Materials Durable goods materials...................... 26.73 158.0 164.8 155.1 153.1 157.4 158.9 159.6 158.2 157.0 162.8 165. 9 166.4 167.5 171.5 Consumer durable................................ 3.43 164.5 169.5 153.4 145.8 164.4 169.0 (74,7 169.0 167.9 170.2 168.1 162.6 161.3 165.6 Equipment........................................... 7.84 185.2 186.6 180.0 179.7 183,2 184 1 187.9 190.3 189.1 191.0 192 8 192.4 193.0 195.0 Construction.......................................... 9,17 145.9 155.1 149,4 153.3 154,2 153.6 148.0 143,1 136.6 143.4 148.3 151 .7 155.3 162.4 Metal materials n.e.c............................ 6.29 1 37.9 149.3 133.4 123.7 126,0 129.6 132.9 134.3 140.8 151.6 157.0 157,6 157.0 158.7 Nondurable materials............................ 25.92 173. 7 175.1 167.6 176.3 177.9 179.3 179.6 176.0 176.2 180 6 182.8 183.4 184.6 186.9 Business supplies.................................. 9.11 157.5 160,6 148.1 158.8 163,0 168.9 165,3 157 7 158.4 163.7 168 3 166 9 168 1 169. 4 Containers.......................................... 3.03 157.0 163.8 152.1 165.0 169.0 175.9 161.1 146.7 159.0 166.1 171 .3 170.9 169,6 172. 1 General business supplies........... 6 07 157.8 159 0 146.1 155.7 160,0 165.4 167.5 163.2 158.0 162.5 166.8 164,9 167,4 168.0 Nondurable materials n.e.c................. 7.40 221.8 222.9 211.0 221.4 225,0 230.5 232,6 228.9 228.2 236.2 237.4 239.3 239,3 242. 3 Business fuel and power................... 9.41 151.6 151.6 152.4 157.7 155.2 149.2 151.9 152,0 152.5 153.1 153,9 155 4 157,4 160 4 Mineral fuels..................................... 6.07 132.8 132.8 130.1 134.9 132.6 126.1 132.7 131,6 129.9 131.8 133.0 135.9 137,3 137.2 Nonresidential utilities.................... 2.86 199.3 Electricity....................................... 2.32 202.4 202.9 212.2 220.7 216.7 208.3 201 2 203.8 210.2 205.9 207.7 206.4 210 9 General industrial. .................. 1.03 197.5 197.6 198.0 202.9 202.3 204.0 202.0 202.2 205,2 202,7 207.3 209.6 214.5 Commercial and other............ 1 .21 216.7 217.3 235.2 247.3 240,2 222.7 210.9 215.5 225.4 219.2 218.7 214.3 218.7 Gas................................................... .54 171.4 Supplementary groups of consumer goods Automotive and home goods............ 7.80 175.0 184.5 153.5 141,5 178,5 192,7 191.2 181.5 183.9 186.0 189,1 183.0 182,3 190.5 Apparel and staples.............................. 24.51 150.8 153.8 148.3 158,3 161 .9 159.5 152.3 147.6 150.9 154.1 156.0 151 4 151 5 For notes see page A-61. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1969 □ INDUSTRIAL PRODUCTION: N.S.A. A 61 INDUSTRY GROUPINGS (1957-59= 100) 1957-59 1968 1968 1969 pro- Grouping por­ age'' tion June July Aug. Sept, Oct. Nov. Dec. Jan. Feb. Mar. Apr.r Mayr Juner Total index........................................ 100.00 165.4 169.4 160.3 163.3 169.5 170.7 169,1 166.3 166.5 170.5 173.1 171.9 172.6 177,0 Manufacturing, total............................ 86.45 166,8 171.6 160.4 163.0 170.5 173.4 171.4 167.5 167.0 172.1 175.1 173.7 174.4 178.6 Durable.............................................. 48.07 169.9 175.4 164.1 160.5 170.6 173.5 174.2 172.6 171.4 175.3 178,6 177.7 178.3 182.2 Nondurable........................................ 38.38 (63.0 167.0 155.7 (66.3 170.5 173.3 168.0 161.2 161.4 168.0 170.8 168,6 169.5 173.9 Mining......................................... 8.23 126.4 128.9 127,1 130.7 128.6 122.8 126.8 26.3 124.1 124.2 125.4 130.2 133.1 133.8 Utilities............................................. 5.32 201.6 Durable manufactures Primary and fabricated metals........... 12.32 150.7 159.7 146.2 140.5 143.9 147.5 149.8 150.6 153.7 160.1 164.0 164.2 164.1 167. 7 Primary metals...................................... 6.95 137.3 150.8 132,7 117.9 1(9.4 124.3 129.3 31.3 139.5 150.3 155.3 155.3 153.2 154. 4 Iron and steel.................................... 5.45 131 .0 148.4 131.2 108.4 106.2 109.7 117.0 21.5 129.3 140.4 146.0 146.8 144.9 146.0 Nonferrous metals and products.. 1.50 160.1 159,7 138.2 152.4 167.4 177.3 173.8 67.0 176.5 186.2 189.0 186,2 183.2 186.6 Fabricated metal products................. 5.37 168.1 171.1 163.7 169.6 175.6 177.4 176.3 75,6 172.2 172.8 175.3 175.6 178.3 184.9 Structural metal parts..................... 2.86 162.3 165,0 159.7 163.1 167.5 170.1 170.8 72.0 166.7 167.5 168.9 169,2 172.2 178 5 Machinery and related products........ 27.98 183.9 187.6 175.7 169.8 185.3 188.4 190.3 188.4 186.8 189.3 192.1 190.0 190.5 194.1 Machinery.............................................. 14.80 184.4 185.8 176.0 177.9 187.0 188.1 189.1 188.4 191.7 195.0 197.6 197. 4 198.5 201,7 Nonelectrical machinery................. 8.43 181.3 183.8 175.3 172.5 180,2 180,4 182,6 185.3 188.3 192.3 195.5 196.5 197.9 200.9 Electrical machinery........................ 6,37 188.6 188.5 176.9 185.0 196,1 198.3 197.6 192.4 196.1 198.6 200.5 198,6 199.3 202,7 Transportation equipment......... 10.19 179,6 188.0 170.5 150.1 178,3 186,4 188.3 83.8 176.0 178.2 181.4 176.2 175.6 180.3 Motor vehicles and parts............... 4.68 171 ,6 188.3 152,0 110.5 170.0 188.9 192,6 181.5 176.6 176.3 177.7 167.9 165.6 180.7 Aircraft and other equipment... . 5,26 185,1 186.0 184,8 182.4 184.0 181.9 182.3 183.2 172.6 176.7 181,1 179,6 180.1 175.7 Instruments and related products... 1.71 184.2 183.1 177.4 184.1 186.3 187,8 190.0 192.0 189.3 189.4 191.8 192.5 193.3 197.7 Ordnance and accessories................... 1.28 Clay, glass, and lumber....................... 4.72 137.2 146.6 142.0 147.6 148.6 148.3 139.4 133.2 127.6 134.6 140,1 142.8 145.2 151.3 Clay, glass, and stone products......... 2.99 146.2 155.1 154.4 159.3 158.6 160.1 150.4 143.2 138.4 141 .0 147.4 154.5 159.4 165.3 Lumber and products. ........................ 1.73 121.7 132.0 120.6 127.3 131.3 127.8 120.4 115.8 109.0 123.5 127 5 122.6 120.7 127 3 Furniture and miscellaneous......... 3.05 169.9 170.6 164.1 175.0 177.3 180.5 180.0 177.7 169.8 171.0 173.3 173. 7 174.8 179.8 Furniture and fixtures......................... 1.54 178.3 179.4 173.4 183.6 185. 1 187.3 186.8 189.8 183. ! 183.7 184.8 183.8 184,5 190,6 Miscellaneous manufactures.............. 1.51 161.3 161.7 154.7 166.2 169,3 173.5 173.1 65.3 156.2 158.1 161.6 163.4 165.0 168.9 Nondurable manufactures Textiles, apparel, and leather............. 7.60 145.3 151.1 129.0 146.9 147.6 151.6 148.0 133.2 140.6 148.7 154.5 145.4 148.2 149.9 Textile mill products............................ 2.90 151.5 156.2 136,6 152.2 155.0 156.4 157.4 46.6 150,6 154.3 159 8 155 7 158.8 160.8 Apparel products................................ 3.59 149,9 158.2 133.1 152.0 152.9 158.9 152.5 32.0 143.7 156.8 163.7 150,8 154.2 Leather and products.......................... 1.11 111.3 115,2 96.3 116.6 110.9 115.8 109.5 01.9 104.5 108.3 110.9 101.3 101 .0 Paper and printing................................ 8.17 155.6 156.2 146.3 155.1 158.9 165.4 163.1 55.9 157.0 162.0 165 9 165.3 165.1 165.9 Paper and products............................. 3.43 163.9 166.6 151 .0 164.1 168,6 178,4 177.0 156.3 168.5 178.2 180,3 178 4 175.7 179 3 Printing and publishing....................... 4.74 149.6 148.8 142.9 148.6 151 .9 156.1 157.4 155.6 148.7 150.3 155,6 155.7 157.4 I56J Newspapers....................................... 1.53 136. 1 135.4 H7.2 128.8 140.2 148.5 154.9 143.0 129.9 136.0 144 9 146.4 152.2 142.0 Chemicals, petroleum, and rubber.... 11.54 207.1 211.8 199.8 208.9 212.4 216.9 214.3 212.2 210.2 220. 8 221.3 222.1 221.9 227.5 Chemicals and products..................... 7.58 221.3 224.1 214.7 222.1 225.9 230.4 230.9 227.8 226.5 236.1 237,3 241 .9 239.0 244.0 Industrial chemicals......................... 3.84 261.0 259.3 253.8 261.4 265.8 270.9 274.7 275.0 269. 3 280.9 280.5 286.1 283,9 Petroleum products............................. 1.97 139.8 144.8 146.9 148,2 147.6 143.6 139.6 137.8 127.1 137.4 137 7 136,5 142,1 149.9 Rubber and plastics products............ 1.99 219.7 225.7 195.7 216.4 230.8 238.2 225.2 226,4 230.8 244.9 243.5 231.9 236.1 Foods, beverages, and tobacco....... 21.07 J 34.6 139.1 135.1 143.4 151.1 148.5 136.9 128.2 130.7 133. J J 31.3 132.8 140 6 Foods and beverages........................... 10.25 135.7 139.7 1 37.2 144.2 152.9 149.8 138.0 |34 2 129.0 131.6 134.4 133,0 133,8 i4i 9 Food manufactures......................... 8.64 >32.7 132.2 131,9 139.7 151.8 148.0 137 4 |32^6 128.6 129,7 129,0 127.4 128,4 134J Beverages............................................ 1.61 152.6 180.1 165.3 168.6 159. 1 159.4 141.4 143 0 131,3 141.6 163.0 163.2 162.8 Tobacco products.................... .82 120.9 131.4 109.2 133.2 128,8 131.6 122.3 92^5 118.2 120.6 116.9 110.3 119.6 Mining Coal, oil, and gas................. 6.80 123.0 124.8 122.7 126.9 124.8 119.1 125.7 US 6 124 4 123.9 124.1 128.3 129.6 129.5 Coal.......................................... 1.16 117.8 118.3 105.2 127.6 127.8 94.4 120,6 |16 2 113 0 113,7 115 2 121.0 125.1 116.6 Crude oil and natural gas.............. 5.64 126.5 126.1 126.3 126.7 124,2 124 2 126.7 27^5 126,8 126.0 125 9 129.8 130,5 132,2 Oil and gas extraction..................... 4.91 136.3 136.2 136.0 136.7 133,8 133 5 135.5 1IS 7 134,0 136.1 137 2 139.4 140.3 142.1 Crude oil................................... 4.25 130.6 131.1 131 .3 132.1 128.6 127.8 128.6 1777 125.9 127.7 129.5 132.3 133,8 136.3 Gas and gas liquids.................... .66 172.6 Oil and gas drilling.......................... .73 60.0 57.9 61.1 59, 4 59.2 61,0 67.0 75.2 Metal, stone, and earth minerals..... 1.43 132.9 148.4 147.7 149.1 146.9 140.2 132.1 1 29.5 122.2 125.7 131.5 139.2 149.7 154.5 Metal mining......................................... .61 126.4 147.8 143.5 145 3 144.3 133.9 125.6 |23 8 123.4 128,4 132,7 136.3 149,7 154.0 Stone and earth minerals................... .82 137.7 148.8 150.9 151.9 148.8 144.8 136,9 |33 8 121.4 123.7 130.6 141.4 149.7 155.0 Utilities Electric.......................... 4.04 211.3 203.7 221.6 232.6 230.5 209.1 202.8 717 4 237.9 227.1 224.8 214,1 211.3 Gas.......................................................... 1.28 171.4 Note.—Published groupings include some series and subtotals not Industrial Production—1957-59 Base. Figures for individual series and shown separately. A description and historical data are available in subtotals (N.S.A.) are published in the monthly Business Indexes release. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 62 BUSINESS ACTIVITY; CONSTRUCTION □ AUGUST 1969 SELECTED BUSINESS INDEXES (1957-59— 100, unless otherwise noted) Industrial production Manu­ Prices 4 facturing 2 Ca­ Nonag­ Major market groupings pacity Con­ ri cul­ Period Total Tot F al ina g l s C o u p o o m r n d o e ­ s d r u E c m t q s e u n ip t ­ M ria a l t s e­ Mfg M . a g j r o o M r i u n p i i g n n in d ­ g u s stry U it i t e il s ­ i u n ( t c t i p e i o m l e n i n r z f t g ) a . ­ s tr t c t i a r o o u c n n t c s ­ ­ T m p o t e u l e t m o a r n a y l t ­ l — ­ 1 p m E lo e m n y ­ t - P ro a l y ls ­ T s re a o t l t a e a i s l l 3 s C um on e ­ r W m c s o o a h m l d o e i l ­ t e y ­ 1951....................... 81.3 78.6 77.8 78.4 83.8 81.9 91.3 56.4 94.0 63 91.1 106.1 80.2 76 90 5 96 7 1952....................... 84.3 84.3 79.5 94.1 84.3 85.2 90.5 61.2 91.3 67 93.0 106.1 84.5 79 92.5 94^0 1953....................... 91.3 89.9 85.0 100.5 92.6 92.7 92.9 66.8 94.2 70 95.6 111.6 93.6 83 93.2 92 7 1954....................... 85.8 85.7 84.3 88.9 85.9 86.3 90.2 71.8 83.5 76 93.3 101.8 85.4 82 93 6 92 9 1955....................... 96.6 93.9 93.3 95.0 99.0 97.3 99.2 80.2 90.0 91 96.5 105.5 94 8 89 93.3 93 2 1956....................... 99.9 98.1 95.5 103.7 101.6 100.2 104.8 87.9 87.7 92 99.8 106.7 100 2 92 94.7 96 2 1957....................... 100.7 99.4 97.0 104.6 101.9 100.8 104.6 93.9 83.6 93 100.7 104.7 101.4 97 98.0 99 0 1958....................... 93.7 94.8 96.4 91.3 92.7 93.2 95.6 98. 1 74.0 102 97.8 95.2 93 5 98 100 7 100 4 1959....................... 105.6 105.7 106.6 104.1 105.4 106.0 99.7 108.0 81.5 105 101.5 100.1 105 1 105 101 5 100 6 I960....................... 108.7 109.9 111.0 107.6 107.6 108.9 101.6 115.6 80.6 105 103.3 99.9 106.7 106 103.1 100 7 1961....................... 109.7 111.2 112.6 108.3 108.4 109.6 102.6 122.3 78 5 108 102.9 95.9 105 4 107 104 2 100 3 1962....................... 118.3 119,7 119.7 119,6 117.0 118.7 105.0 131,4 82, J 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 5 145 121.8 113.5 151 7 148 113 1 1059 1967....................... 158.1 158.3 148.5 179.4 157.8 159.7 123.8 184.9 85.3 153 125.4 113.6 155.1 153 116 3 106 1 1968....................... 165.3 164.9 156.7 182.6 165.7 166.8 126.4 201.6 173 129.2 115.2 167.8 166 121 2 108 7 1968—June.......... 165.8 165,2 156,8 183.2 166.7 167.3 129,2 197.9 5*84.8 160 129. 1 115.4 167.9 167 120 9 108 7 July........... 166,0 164.7 156,4 182.6 167.4 167.4 130 0 199.3 1 87 129.4 115.4 167.3 168 121 5 109 1 164.6 164.8 156.8 181.9 164.2 165.7 129.4 202.1 *84.0 192 129.6 115.3 168.0 170 1219 108 7 Sept...... 165.1 165.7 157.3 183.6 165.1 166.3 127.0 204.8 183 129.8 115.4 171.3 169 122 2 109 1 Oct............. 166.0 167.0 159.6 183.0 165.7 167. 8 120.7 208.9 200 130. 3 115.5 172. 3 168 122 9 109 1 Nov...... 167.5 167.9 159.2 186.5 167.6 169. 1 126.4 206.9 • *84.2 183 130.7 115.9 173.9 168 (23.4 109 6 168.7 168.1 160.1 185.3 169.3 170.2 127.4 210. 1 185 131 1 116.2 175 3 166 123 7 109 8 1969-Jan............. 169.1 168.2 161.0 183,5 1 69.6 170.2 125.8 215.1 19! 131.7 116.6 175 8 170 124 1 110 7 Feb............ 170.1 169.3 161.7 185.5 170.8 171 .8 124. 8 214.9 *84 5 205 132. 3 116.9 174 3 171 124 6 1111 Mar........... 171.4 170.8 162.8 187.8 172. 1 173. 1 126.7 215.1 177 132.7 117.3 178^2 169 125^6 111’7 Apr............ 171,7 170.2 161.8 188.4 172.9 173.0 128 8 216.3 1 83 132 9 117 0 177.8 172 126 4 111 9 172.7 170.6 161.5 190 0 174.3 173.9 130 5 216 7 "84.6 210 133 3 117.0 177 7 172 126 8 112 8 173.9 171.7 163. 1 190 2 176.1 175.0 132 4 221.0 180 133 8 117.6 180 3 172 127'6 113 2 July*......... 175.2 173.3 164.0 193.3 177.3 176.3 133.3 222.5 ............. 134.2 118.4 18L2 172 113 J 1 Employees only; excludes personnel in the Armed Forces. Capacity utilization: Based on data from Federal Reserve, McGraw- 2 Production workers only. Hill Economics Department, and Department of Commerce. 3 F.R. index based on Census Bureau figures. Construction contracts: F. W. Dodge Co. monthly index of dollar 4 Prices are not seasonally adjusted. value of total construction contracts, including residential, nonresidential, 5 Figure is for second quarter 1968. and heavy engineering; does not include data for Alaska and Hawaii. Employment and payrolls: Based on Bureau of Labor Statistics data; Note.—All series: Data are seasonally adjusted unless otherwise noted. includes data for Alaska and Hawaii beginning with 1959. Prices: Bureau of Labor Statistics data. CONSTRUCTION CONTRACTS AND PRIVATE HOUSING PERMITS (In millions of dollars, except as noted) 1968 1969 Ty ty p p e e o o f f o c w on n s e t r r s u h c i t p i o a n nd 1967 1968 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Total construction 1............. . 54,514 61,732 5,589 5,956 6,318 5,170 6,171 4,863 4,543 4,766 4 802 5,003 5,895 7 081 6 255 By type of ownership: Public........................................... 19,039 19,597 1,860 2,256 1,924 1,549 1,728 1 558 1,278 1,546 1 572 I 632 1 ,791 2 536 2 241 Private 1................... . 35,475 42;135 3,730 3 J00 4,394 3,621 4,443 3 305 3,265 3,220 3,230 3’,371 4,104 4 545 4 OI4 By type of construction: Residential building 1............... 21,155 24,838 2,243 2,287 2,295 2,125 2,408 2 043 1,743 1,746 1 820 1 957 2 546 2 620 Nonresidential building............. 20'139 22,512 2^030 2'414 2’128 1 ,815 2,370 1 ’992 1,849 2,145 1 ’885 1 '772 2*136 2*680 Nonbuilding................................ 13,220 14'382 1,316 1 ,255 1,895 1 230 1'393 828 951 ’875 1 097 1 *274 1 213 1 780 Private housing units authorized. .. 1,141 1 ,330 1,281 1 ,289 1 ,290 1,393 1,378 1,425 1 ,463 1,403 1,477 1,421 1,502 4,323 1,326 (In thousands, S.A., A.R.) 1 Because of improved collection procedures, data for 1-family homes Note.—Dollar value of construction contracts as reported by the F. W. beginning Jan. 1968 are not strictly comparable with those for earlier Dodge 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. Private housing units authorized are Census Bureau series for 13,000 reporting areas with local building permit systems. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1969 □ CONSTRUCTION A 63 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Nonresidential Conser­ Period Total Total d N f e r a e n o r s t m n i i ­ a ­ l Total Buildings Other Other Total M ta i r l y i­ H w i a g y h­ d v e m a v t & e e i n l o o t n p ­ Other 2 Indus­ Com­ build­ trial mercial ings I 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 I960................................ 53^941 38^078 21 >06 16,372 2,851 4,180 3,118 6,223 15,863 1,366 5,437 1,175 7,885 1961................................ 55^447 38 >99 21,680 16,619 2,780 4,674 3,280 5,885 17,148 1,371 5,854 1,384 8 >39 1962 3.............................. 59i667 41,798 24 >92 17,506 2,842 5,144 3,631 5,889 17,869 1,266 6,365 1,524 8,714 19634.............................. 63 >23 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 >53 26 >68 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 >71 27,149 6,679 6,879 5,037 8,554 24,000 769 8,355 2,195 12,681 1967................................. 76,160 50,587 23,736 26,851 6,131 6,982 4,993 8,745 25,573 721 8,538 2,196 14,118 1968................................. 84’692 56,996 28,823 28,173 5,594 8,333 4,873 9,373 27,696 824 9,295 2.046 15,531 [968—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 4,263 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 9,396 27,054 812 9,181 1,894 15,167 Sept..................... 85^266 57,444 29 >50 28 >94 5,492 8,534 4,539 9,529 27,822 787 9,216 2,000 15,819 Oct...................... 87’757 59,259 29,823 29,436 6,096 8,939 4,680 9,721 28,498 1 ,028 9,214 2,099 16,157 Nov..................... 87,812 59,014 30,152 28,862 6,271 8,262 4,716 9,613 28,798 852 9,444 2,005 16,497 Dec..................... 88,068 58,899 30,937 27 >62 5,905 8,046 4,449 9,562 27,169 1 ,132 9 >05 2,155 14,277 1969—Jan ................... '91,135 '63,038 '31,247 31,791 6,800 9,971 5,142 9,878 29,097 1 ,044 Feb ........... '92,132 ''62’616 '31j502 31 J 14 6,318 9,941 5,198 9,657 29,516 1,024 Mar..................... '91,842 >2 >19 '32 >80 30,339 6,019 9,751 4,827 9,742 29,423 1,039 91 249 61 320 31 >88 30 >32 5,857 9 066 5,273 9,836 29,929 1 ,067 91 342 61 452 30 754 30,698 5,923 9 284 5 >28 10,063 29 >90 1 ^OOJ 92,064 61 321 30,143 31,278 6,040 9 >49 5 >69 9 >20 30 >43 * Includes religious, educational, hospital, institutional, and other build­ 4 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 scries affecting most Note.—Monthly data are at seasonally adjusted annual rates. Figures private nonresidential groups. for period shown are Census Bureau estimates. NEW HOUSING UNITS (In thousands) Units started Private (S.A., A.R.) Government Mobile Private and public underwritten home Period (N.S.A.) (N.S.A.) ship­ Region Type of structure ments (N.S.A.) Total N e o a r s t t h­ C N e o n r t t r h a l South West fam 1- i ly 2 f - a m to i l 4 y - f m 5 a - m o r o i e l r y - Total Private Public Total FHA VA 1959 1,517 268 368 512 369 1,234 283 1,554 1,517 37 458 349 109 121 1960 1 ,252 221 292 429 309 995 257 1,296 1,252 44 336 261 75 104 1961 1,313 247 277 473 316 974 339 1 ,365 1,313 52 328 244 83 90 1962 1,463 264 290 531 378 991 471 1,492 1 ,463 30 339 261 78 118 1963 1,610 261 328 591 431 1 ,021 519 1 ,642 1 ,610 32 292 221 71 151 1964 1,529 253 339 582 355 972 108 450 1,562 1,529 32 264 205 59 191 1965 1,473 270 362 575 266 964 87 422 1 ,510 1,473 37 246 197 49 216 1966 1,165 207 288 473 198 779 61 325 1,196 1,165 31 195 158 37 217 1967 1 ,292 215 337 520 220 844 72 376 1,322 1,292 30 232 180 53 240 1968 1,508 227 369 619 294 900 81 527 1 ,548 1,508 40 283 227 56 318 1968—June 1,365 204 324 547 290 790 93 482 143 138 5 25 20 5 26 July. 1,531 319 373 598 241 904 82 545 143 140 3 24 19 5 27 Aug. 1,518 254 343 627 294 867 82 569 141 137 4 26 21 5 31 Sept. 1 ,592 290 355 613 334 944 80 568 140 134 6 23 19 5 30 Oct.. 1 ,570 217 398 628 327 965 81 524 143 141 3 27 21 5 33 Nov. 1,733 193 396 810 334 905 86 742 130 127 2 22 18 4 28 Dec. 1,509 196 345 659 307 922 69 516 100 96 3 21 16 4 24 [969—Jan... 1,878 316 564 760 238 1,066 88 724 106 102 4 18 14 4 27 Feb.. 1 ,686 216 578 662 230 975 112 599 95 90 5 17 13 3 28 Mar.. 1,584 265 430 554 335 828 92 664 136 132 4 23 19 4 32 Apr.. 1,563 255 358 582 368 797 86 680 160 159 I 27 23 4 35 Mayp 1,505 241 345 587 332 880 83 542 157 155 2 25 21 4 33 June? 1 ,446 225 287 602 332 786 71 589 149 145 4 26 22 5 35 Note.—Starts are Census Bureau series (including farm starts) except office reports of first compliance inspections. Data may not always add in the case of Govt.-underwritten, which are from Federal Housing to totals because of rounding. Admin, and Veterans Admin, and represent units started, based on field Mobile home shipments are as reported by Mobile Homes Manufac­ turers Assn. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 64 EMPLOYMENT □ AUGUST 1969 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons unless otherwise indicated) Civilian labor force, S.A. Period i p T n o s o N t p t i a u t . u S l l a t . i A n t o i o . o n n n a - l l N ab N o o t . r S i n . f A o t . r h c e e T l f S a o o b . r A t c o a e . r l Total Total E In m c n u p o lt l n u o a r y a g e l r d i- 1 In U pl n o e y m ed ­ U (p n e e r m S a r m . e t A c e p n e . 2 t l n o t y ) ­ 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 >91 69*305 64.782 4,523 31786 5.2 1965............................. 129,236 52*058 77'178 74,455 71 >88 66,726 4,361 3,366 4.5 1966............................. 131,180 52,288 78,893 75’770 72,895 68*915 3,*979 2,*875 3.8 1967............................. 133*319 52*527 80*793 77*347 74 >71 70 >27 3’,844 2',975 3.8 1968............................. 135,562 53,291 82,272 78,737 75,920 72,103 3,817 2,817 3.6 1968 J-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 >73 72,222 3 ,751 2*776 3.5 Sept................. 136,036 53 >00 82J38 78,847 76 >00 72,349 3*651 2,847 3.6 Oct................. 136^221 53,744 82^03 78,800 76 >02 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 >42 2*603 3.3 1969—Jan................... 136,802 55,091 83,351 79,874 77,229 73,477 3 ,752 2,645 3.3 Feb.................. 136,940 54’361 83,831 80,356 77,729 73,848 3 >81 2,627 3.3 Mar................. 137,143 54,373 83,999 80’495 77*767 74’035 3*732 2,728 3.4 Apr.................. 137^337 54,200 83,966 80,450 77’605 73,941 3 >64 2,845 3.5 May............... 137,549 54,464 83,593 80,071 77 >65 73,460 3,805 2,806 3.5 June................ 137 J37 51 '857 83,957 80,433 77 >71 73^66 3; 705 2,762 3.4 July................ 137'935 51;6I7 84,277 80^756 77,874 74,323 3,551 2,882 3.6 1 Includes self-employed, unpaid family, and domestic service workers. Note.—Bureau of Labor Statistics. Information relating to persons 16 2 Per cent of civilian labor force. years of age and over is obtained on a sample basis. Monthly data relate 3 Beginning Jan. 1967, data not strictly comparable with previous data, to the calendar week that contains the J2th day; annual data are averages Description of changes available from Bureau of Labor Statistics. of monthly figures. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Contract Transporta­ Period Total Manufac­ Mining construc­ tion & pub­ Trade Finance Service Govern­ turing tion lic utilities ment 1963............................................................... 56,702 16,995 635 2,963 3 903 11,778 2,877 8,325 9,225 1964............................................................... '58 >31 17,274 634 3 050 3 951 12,160 2,957 8*709 9*596 1965............................................................... r60 815 18 062 632 3 186 4 036 12 JI 6 3 023 9,087 r10 074 1966............................................................. r63 955 19 214 627 3 275 4*151 13’245 3 100 9 551 rl0 792 I967r............................................................. 65*857 19*447 613 3*208 4*261 13 >06 3*225 10,099 11*398 1968 r............................................................. 67 ,*860 19*768 610 3,267 4,313 14,081 3,383 10,*592 11,846 SEASONALLY ADJUSTED 1968r—July................................................ 67,945 19 804 619 3 268 4 315 14,093 3 376 10 582 11 888 Aug................................................. 68 088 19 800 620 3 ’ 272 4 327 14 154 3 399 10*625 11 891 Sept................................................. 68 195 19,820 622 3*286 4*333 14 198 3*414 10,635 11 887 Oct.................................................. 68*427 19 840 573 3*305 4*341 14 265 3 *433 10 721 11 949 Nov................................................. 68,664 19 897 622 3*313 4*352 14 291 3*453 10 787 11 *949 Dec................................................. 68 875 19*958 623 3 330 4* 360 14 271 3 463 10*838 12*032 I969r—jan.................................................. 69 199 19 999 626 3 338 4 353 14 412 3 490 10 900 12 081 Feb.................................................. 69,487 20,061 628 3*366 4*373 14,468 3 *502 10 >67 12*122 Mar................................................ 69 710 20 122 626 3 374 4 399 14 508 3 515 11 034 12 132 Apr................................................. 69 789 20 11 1 624 3*363 4’439 14 533 3’531 11*044 12 1 44 May................................................ 70 013 20 II8 622 3 *407 4*444 14’609 3 541 11 065 12’207 June**.............................................. 70’270 20 196 622 3 459 4*456 14 * 663 3*557 11*062 12 255 JulyP............................................... 70,462 20,290 626 3’445 4 490 14,692 3,*572 11',051 12*296 NOT SEASONALLY ADJUSTED 1968 r—July............................................... 68 036 19 754 635 3 503 4 358 14 084 3 433 10 772 11,497 Aug....................................... 68 205 19 910 636 3 *557 4*375 14 114 3 *457 10'753 11*403 Sept................................................. 68 610 20 045 629 3 519 4’ 381 14*184 3 424 10 667 11 761 Oct.................................................. 68 959 20 019 574 3 *503 4 363 14’302 3 430 10*732 12 036 Nov.. ............................................ 69 247 20 036 621 3*379 4’373 14 536 3 *439 10 755 12*108 Dec................................................. 69 805 20,008 619 3*247 4’370 15 113 3 449 10 773 12 226 1969’’—Jan.................................................. 68,196 19,803 611 3,024 4 288 14,189 3,448 10,693 12 140 Feb.................................................. 68 403 19 891 610 2 999 4 303 14 097 3 467 10 792 12 244 Mar................................................ 68 894 19 978 610 3 *077 4*346 14*201 3 490 10 91 3 12*279 Apr......................................... 69,462 19 952 619 3 *255 4 403 14 398 3*517 11 044 12 274 May............................................. 69 929 19 982 624 3 * 404 4*431 14517 3’534 11131 12*306 Junep.............................................. 70 953 20 337 638 3 *594 4*501 14 715 3 585 11 239 12 344 Julyp............................................... 70,558 20,238 642 3 >93 4*535 14,682 3; 633 11 >50 11 >85 , Note.—Bureau of Labor Statistics; data include all full- and part­ Data on total and government employment have been revised back to time employees who worked during, or received pay for, the pay period 1964 due to adjustment of State and local government series to October that includes the 12th of the month, Proprietors, self-employed persons, 1967 Census of Governments. domestic servants, unpaid family workers, and members of the Armed Beginning with 1967, series has been adjusted to March 1968 benchmark. 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AUGUST 1969 □ EMPLOYMENT AND EARNINGS A 65 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted Not seasonally adjusted Industry group 1968 1969 1968 1969 July May June*’ July" July May June" July" T ntal .................................................. 14,541 14,740 14,818 14,909 14,434 14,624 14,926 14,801 DurRh|« grinds............................................................................................ 8,493 8,630 8,692 8,774 8,424 8,615 8,785 8,705 Ordnance and accessories.......................................... '196 192 189 '191 194 189 187 '189 Lumber and wood products...................................... 519 530 528 531 535 525 544 547 Furniture and fixtures................................................ 391 412 413 416 385 407 413 409 Stone clay, and glass products................................ 516 526 532 528 531 527 546 544 Primary metal industries........................................... 1 ,052 1,062 1,075 1 ,077 1,067 1 ,076 1 , 102 1 ,093 Fabricated metal products...................................... 1 ,072 1,121 1,126 1 ,131 1,055 1,114 1,138 1,113 Machinery..................................................................... 1 ’327 1,366 1,376 1,384 1 J23 1 J70 I ,388 1,380 Electrical equipment and supplies........................... 1 ’323 1 ,381 1,382 1,406 1,296 I'361 1 ,378 1,378 Transportation equipment........................................ 1,475 1,399 1,431 1,462 1,427 l'412 1 .445 1 ’415 Instruments and related products........................... '279 294 293 297 276 '291 294 294 Miscellaneous manufacturing industries................ 343 347 347 351 335 343 350 343 Nondurable goods................................................................ 6,048 6,110 6,126 6,135 6,010 6,009 6,141 6,096 Food and kindred products...................................... 1.189 1,206 1,200 1,192 1,219 1,140 1 , 188 1 '221 Tobacco manufactures........................................ 72 69 ' 69 ' 69 63 ‘ 59 ’ 59 ’ 60 Textile-mill products................................................... 881 871 874 881 872 868 884 873 Apparel and related products................................... 1 245 1,255 1,255 1,263 1,200 1 ,247 1,266 1,217 Paper and allied products....................................... 537 554 557 560 ’ 539 549 564 562 Printing, publishing, and allied industries............. 666 669 676 678 663 667 677 676 Chemicals and allied products.................................. 607 617 623 619 610 619 626 622 Petroleum refining and related industries. ............. 1 18 118 118 118 122 1 17 121 122 Rubber and misc, plastic products............................ 433 451 455 458 424 447 456 448 Leather and leather products.................................... 300 300 299 297 298 296 300 295 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 week; N.S.A.) (dollars per hour; N.S.A.) Industry group 1968 1969 1968 1969 1968 1969 July May June" July" July May June" July" July May June" July>’ Total......................................... ....................... 40.9 40.7 40.7 40.7 122.10 128.61 129.65 128.79 3. 00 3. 16 3.17 3.18 Durable goods.......................................................... 41.5 41.4 41.4 41.4 131.02 138.69 139.78 138.10 3.18 3.35 3. 36 3.36 Ordnance and accessories............................. 41.4 40.6 41.0 41.1 132.02 138.85 141.11 140.42 3.22 3.42 3 45 3 45 Lumber and wood products........................ 40.7 40. 3 40.2 40.2 105.41 109.08 110.30 108.94 2. 59 2.68 2 71 2.71 Furniture and fixtures.................................. 40.7 40 9 40.8 40.8 99. 14 125.04 106.75 105.44 2.46 2. 60 2.61 2.61 Stone, clay, and glass products............ 41.9 42. 1 41.9 41.8 126.30 134.41 134.41 133.98 3.00 3. 17 3 17 3 19 Primary metal industries............................ 41.8 41.7 41 8 41.5 148.75 157.13 158 72 156 83 3 55 3.75 3 77 1 77 Fabricated metal products.......................... 41.8 41.6 41.8 41.8 130.41 138.03 139 86 137.45 3. 15 3.31 3.33 3 32 Machinery........................................................ 42. 1 42.6 42.6 42.4 139.70 151.66 152.44 149.10 3.35 3. 56 3.57 3.55 Electrical equipment and supplies.............. 40.4 40.6 40.6 40. 8 116.11 124.34 125.36 124.53 2.91 3.07 3.08 3.09 Transportation equipment........................... 42.6 41.1 41.6 41.8 152.52 158. 18 160.58 158.24 3.64 3.83 3.86 3.85 Instruments and related products............... 40.6 40.8 40.9 41.0 119.39 127.39 128.74 127.08 2.97 3. 13 3 14 3 13 Miscellaneous manufacturing industries... 39,4 39. J 39.2 39.5 96.36 102.96 103.49 102,43 2.49 2,64 2.64 2.64 Nondurable goods. ................................................. 39.9 39.8 39.8 39.7 110.00 114.34 115.31 115.82 2.75 2.88 2.89 2.91 Food and kindred products......................... 40 8 40.8 40.6 40.7 115.51 119.77 119.95 121.42 2.79 2.95 2 94 2 94 Tobacco manufactures................................. 38. 1 38. 1 39.6 38.8 98.89 103.02 112.00 105.71 2.63 2.74 2.80 2.76 Textile-mill products..................................... 41.5 41.0 41.2 41.4 88.97 94.07 95.63 96. 52 2.17 2.30 2. 3 1 2.36 Apparel and related products..................... 36 2 36 1 36.2 35.9 79.06 82.67 83.49 82. 70 2. 19 2 29 2 30 2 31 Paper and allied products............................ 43.1 43.0 42.9 43.2 132.32 137.17 138.46 140.83 3.07 3. 19 3 22 3 26 Printing, publishing, and allied industries. 38.3 38.4 38.4 38.4 132.94 140.18 141.31 140.56 3.48 3.66 3.68 3.67 Chemicals and allied products.................... 41.8 41.8 41.9 41.7 136.45 143.72 144.97 144.84 3.28 3.43 3.46 3.49 Petroleum refining and related industries . 42.7 43.0 42.3 42.7 163.18 174.50 170.40 174.47 3.76 4.03 4.00 4.02 Rubber and misc. plastic products............. 41.7 41.4 41,5 41.0 121.42 125.25 126.58 124.64 2.94 3.04 3.05 3.07 Leather and leather products....................... 38. 1 37.6 37.3 37. 1 85.31 87.66 88.60 87.38 2.21 2.35 2.35 2.33 Note.—Bureau of Labor Statistics; data are for production and related workers only. 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A 66 PRICES □ AUGUST 1969 CONSUMER PRICES (1957-59=100) Housing Health and recreation All Fur­ Apparel Trans­ Period items Food Fuel Gas nish­ and porta­ Read­ Other Home- oil and ings upkeep tion Med­ Per­ ing goods Total Rent owner­ and elec­ and Total ical sonal and and ship coal tricity opera­ care care recrea­ serv­ tion tion ices 1929........................... 59.7 55.6 85.4 1933. 45.1 35.3 60.8 1941 51.3 44.2 61,4 64.3 ............. 45.2 88,3 .............51.2 .............50.6 47.6 57.3 58.2 1945. 62.7 58.4 67.5 66.1 53.6 86.4 55.4 57,5 63.6 75.0 67.3 1958. 100.7 101.9 100.2 100.1 100.4 99.0 100.3 99.9 99,8 99.7 100.3 100.1 100.4 100.8 99.8 1959. 101.5 100.3 101.3 101.6 101.4 100.2 102.8 100.7 100,6 103.8 102.8 104.4 102.4 102.4 101.8 I960. 103.1 101 .4 103.1 103.1 103.7 99.5 107.0 101,5 102.2 103.8 105,4 108.1 104.1 104.9 103.8 1961 . 104.2 102.6 103.9 104.4 104.4 101.6 107.9 101.4 103.0 105.0 107.3 111.3 104.6 107.2 104.6 1962. 105.4 103.6 104.8 105.7 105.6 102.1 107.9 101.5 103.6 107.2 109.4 114.2 106.5 109.6 105.3 1963. 106.7 105.1 106.0 106.8 107.0 104.0 107.8 102.4 104,8 107.8 111.4 117.0 107.9 111.5 107.1 1964. 108.1 106.4 107.2 107.8 109.1 103,5 107.9 102,8 105,7 109.3 113.6 119.4 109.2 114.1 108.8 1965........................... 109.9 108.8 108.5 108.9 111.4 105.6 107.8 103.1 106.8 111.1 115.6 122.3 109.9 115.2 111.4 1966. 113.1 114.2 111.1 110.4 115.7 108.3 108.1 105.0 109.6 112.7 119.0 127.7 112.2 117.1 114.9 1967. 116.3 115.2 114.3 112.4 120.2 111.6 108.5 108.4 114.0 115.9 123.8 136.7 115.5 120.1 118.2 1968--June............... 120.9 119.1 H8.7 114.9 126. 1 115.4 109.4 112.9 1 19,9 119.7 129.7 144.4 120.1 125.6 123,5 July................. 121.5 120.0 119.5 115.1 127.8 115.7 109.5 113.1 119.7 119.8 130.2 145.1 120.4 125.9 123.9 Aug................. 121.9 120.5 120, 1 115.4 128.8 115.7 109.7 113.3 120.3 120.0 130,5 145.5 120.9 126.3 124.2 Sept................ 122.2 120.4 120.4 115.7 129. 1 1 15.8 109.3 113.9 122.2 115.9 131 . 1 146.4 121.5 126,7 124.4 Oct.................. 122.9 120.9 120.9 116.0 130.0 115,9 109.1 114,2 123.3 120.6 131.9 147.4 122.1 127,5 125.1 Nov................. 123.4 120.5 121.7 116.3 131.1 115.9 109.9 114,8 124.0 121.2 132.4 148.2 122.8 128.0 125.4 Dec................. 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.................. 124.1 122.0 122.7 116.9 132,7 116.7 110.2 115.2 123,4 120.7 133.3 150.2 123.7 128.4 125.6 Feb................. 124.6 121,9 123.3 117.2 133.6 116,9 110.2 115,8 123.9 122.0 133.7 151.3 124.1 128.4 125,8 Mar................ 125.6 122.4 124.4 117.5 135.7 117.2 110.6 116.4 124.9 124.3 134.3 152.5 124.8 128.7 126.1 Apr................. 126.4 123.2 125.3 117.8 137.1 117,4 111.2 116.9 125,6 124.6 135.1 153.6 125.5 129.6 126,6 May............... 126.8 123.7 125.8 118.1 138.0 117,5 111.2 117.4 126.6 124.0 135.7 154.5 125.8 130.2 126,9 June............... 127.6 125,5 126.3 118.5 138,7 117,5 111.3 117.9 127.0 124.6 136.3 155.2 126.2 130.4 127,9 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 com­ prod­ foods chin­ Non- Trans­ Period modi­ ucts and Tex­ Hides, Fuel, Chem­ Rub­ Lum­ Paper, Met­ ery Furni­ me­ porta­ Mis­ ties feeds Total tiles, etc. etc. icals, ber, ber, etc, als, and ture, tallic tion cella­ etc. etc. etc. etc. etc. equip­ etc. min­ equip­neous 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 1960. 100.7 96.9 100.0 101.3 101,5 105.2 99.6 100.2 99,9 100.4 101.8 101.3 102.9 100.1 101.4 n.a. 101.7 1961 . 100.3 96.0 101.6 100.8 99.7 106.2 100,7 99.1 96. 1 95,9 98,8 100.7 102.9 99.5 101.8 n.a, 102.0 1962............................... 100.6 97.7 102.7 100.8 100.6 107.4 100.2 97.5 93.3 96.5 100,0 100.0 102.9 98.8 101.8 n.a. 102.4 1963............................... 100.3 95.7 103.3 100.7 100.5 104.2 99.8 96.3 93.8 98.6 99.2 100.1 103.1 98.1 101.3 n.a. 103.3 1964. 100.5 94.3 103, 1 101.2 101.2 104.6 97.1 96.7 92.5 100.6 99,0 102.8 103.8 98.5 101.5 n.a. 104.1 1965. 102.5 98.4 106.7 102.5 101.8 109.2 98.9 97.4 92.9 101.1 99.9 105.7 105.0 98.0 101.7 n.a. 104.8 1966. 105.9 105.6 113.0 104.7 102.1 119.7 101 .3 97.8 94.8 105.6 102.6 108.3 108.2 99.1 102.6 n.a. 106.8 1967. 106.1 99.7 111.7 106.3 102.1 115.8 103,6 98,4 97.0 105.4 104.0 109.5 111.8 101.0 104.3 n.a. 109.2 1968--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 98.2 100.7 119.2 104.9 111.4 115.2 104.1 108.4 n.a. 111,5 Aug..................... 108.7 101.4 114.9 108.9 106.0 119.5 102.6 98.1 100.6 120.5 104.9 111.3 115.4 104.2 108,7 n.a. 111.6 Sept.................... 109.1 102.8 115.3 109.2 106.5 120.7 102.5 97.9 100.7 122.6 105.1 112.2 115.8 104.4 108.7 n.a. 111.9 Oct...................... 109,1 101,2 114.4 109.7 107.0 122.3 101 .9 97.8 101.0 124.9 105.2 112.5 116.1 104.5 108,9 n.a. 112.0 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 Dec..................... 109.8 103.3 114.7 110.2 107.1 122.8 102.2 97.7 101.1 133.5 105.2 112.8 116.7 105,0 109,3 100.0 112.5 1969--Jan...................... 110.7 104.9 116.0 110,9 107.4 123.5 102.4 97.6 100.0 137.8 106.2 114.4 117.0 105.3 110.6 100.1 112.5 Feb..................... 111.1 105.0 116.3 111,4 107.2 123,4 102.7 97.8 100.5 144.5 106.8 115,2 117.3 105,4 111.2 100.1 112,5 Mar.................... 111.7 106.5 116.4 112,0 107.1 123.4 104.2 98.0 100.9 149.5 107.4 115.8 117.8 105,7 111.9 100.0 112.5 Apr............. 111.9 105.6 117.3 112.1 107.1 126,0 104.5 97.9 101.2 143.3 108.0 116.5 118.0 105.8 112.3 100.1 112.7 May................... 112.8 110,5 119.4 112.2 106.9 126.1 104.5 98.1 101.1 138.0 108.1 117.5 118.3 105.9 112.6 100.2 112.8 June................... 113.2 111.2 121.4 112.2 107.2 125,7 105.0 98.3 101.2 129.8 108,3 117.9 118.6 105.9 112.8 100.3 115.1 * For transportation equipment, Dec. 1968=100. 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AUGUST 1969 □ PRICES A 67 WHOLESALE PRICES: DETAIL (1957-59= 100) 1968 1969 1968 1969 Group Group June Apr. May June June Apr. May June Farm products: . Ptdp, paper, and allied products: Fresh and dried produce....................... 106.4 106.8 126.7 112.9 Pulp, paper and products, excluding Grains........................................................ 82.0 83.1 86.7 85.6 building paper and board,......1..0..5....2.. 108.3 108.3 108 6 I .ivestock.................................................. 106.2 113,8 123.0 130,4 Woodpulp................................................ 98.0 98.0 98 0 98 0 Live poultry............................................. 89.6 87.0 90.7 89.8 Wastepaper.............................................. 103.1 109 1 107 1 108 8 Plant and animal fibers ................. 76.0 67.3 67.7 67.7 Paper......................................................... 112 7 116 4 116 7 117 0 Fluid milk...................... ... ... 129.4 133.5 134.1 134.6 Paperboard................................ . 90 6 93 5 93 5 Eggs........................................................... 88.3 97.3 80.6 85.9 Converted paper and paperboard.. . . 105 3 108 3 108 4 108 7 Hay and seeds........................................ 112,9 113.8 115 J 110.6 Building paper and board .......... 92.3 100.4 100^7 Other farm products.............................. 101.6 106.1 105.6 106.2 Metals and metal products: Processed foods and feeds: Cereal and bakery products............. 117.0 119.3 119.4 119.7 Iron and steel. ................................ .. . 104.8 108.9 109.9 110 3 Meat poultry, and fish.......................... 109.8 114 0 121 0 126 5 Steelmill products.................................. 108 0 111,9 112 7 112 8 Dairy products........................................ 128.7 131 4 132 5 133 0 Nonferrous metals.................................. 123.6 I 32.4 134 2 135 5 Processed fruits and vegetables ........ 114 8 115 4 115 7 115 6 Metal containers. ......................... 116 9 119.7 119 7 119 7 Sugar and confectionery ..................... 1 16.0 1 20 2 122 7 123 0 Hardware................................................. 116 8 119 9 119 9 119 9 Beverages and beverage materials.... 109 4 1114 1118 112 4 Plumbing equipment............................. 114 1 116.6 117 I 117 9 Animal fats and oils.............................. 63 5 00 8 89 0 91 2 Heating equipment................................ 95 3 96 8 97 0 97 2 Crude vegetable oils.............................. 87.5 80 6 81 0 81 9 Fabricated structural metal products. 107 5 110^2 110 8 111 0 Refined vegetable oils............................ 94 4 89 4 89 4 Miscellaneous metal products............. 115.7 120.4 120.5 Vegetable oil end products.................. 166 2 103 3 103 3 1033 Miscellaneous processed foods............. 114 5 119 0 118 6 118 6 Manufactured animal feeds.......... 119.4 118.3 114.'9 116 9 Machinery and equipment: Textile products and apparel: Agricultural machinery and equip.. . . 126.5 131.8 131.9 132.0 Construction machinery and equip... 129.4 134.1 134.3 134,5 Cotton products..................................... 104.7 104.5 104.6 104 5 Metalworking machinery and equip.. 128.2 131.8 132.1 132.3 Wool products....................................... 103.8 104 3 104 3 105 0 General purpose machinery and Man-made fiber textile products......... 89.9 92 4 92 6 92 7 equipment............................................ 117.2 120,0 120.3 121 j Silk yarns.................................................. 184.0 155 4 157 9 Special industry machinery and Apparel...................................................... 110 i 113 0 112 9 113 3 equipment (Jan. 1961 = 100)............ 121 9 127.2 128 0 128 J Textile housefurnishings........................ 110.6 167.7 103 2 104 2 Electrical machinery and equip.......... 102.7 104. 3 104 5 104 7 Miscellaneous textile products............. 112.4 119 7 114.7 11^0 Miscellaneous machinery..................... 114.3 1 16.6 1 17.6 117 8 Hides, skins, leather, and products: Furniture and household durables: Hides and skins....................................... 95.1 125.8 122.6 117.4 Leather. .................................................... 112.8 122.3 121.7 121 5 Household furniture.............................. 117.0 121.5 121.9 122 3 Footwear. ..................................... 127.1 131.9 1 32. 1 132 3 Commercial furniture............................ 115.6 118.0 119.0 119 3 Other leather products........................... (12.6 116.0 117 0 117.2 Floor coverings......................... 95.0 95.0 94.6 93 8 Household appliances....................... 92.0 93.0 93.0 92-9 Fuels and related products, and power: Home electronic equipment................. 81.3 78.5 78.1 78 1 Other household durable goods.......... 124.5 130.0 130.0 130.2 Coal............................................................ 105.3 H2 8 113 5 114 2 Coke.......................................................... 1 17.0 120.3 120 3 120 3 Gas fuels (Jan. 1958= 100)................... 123.3 121 8 121 6 121 8 Nonrnetallic mineral products: Electric power (Jan. 1958= 100).......... 101.3 102 3 102 5 102 6 Crude petroleum...................................... 99 3 104 8 104 7 104*5 Flat glass.................................................. 110.5 113.4 114.6 115.2 Petroleum products, refined................. l03?1 102^5 102 4 103 3 Concrete ingredients.............................. 109.3 115.6 115.6 115 9 Concrete products,............................... 108.2 111.3 111.6 111.6 Chemicals and allied products: Structural clay products excluding refractories. ....................... 112.3 116./ 116.8 116 9 Industrial chemicals................................ 98.6 96.7 96.9 97.0 Refractories............................................. 112.5 113.6 113.6 113 6 Prepared paint........................................ 1 14.4 118,7 118.7 119 2 Asphalt roofing. .................................... 96,7 99.2 97.9 100 2 Paint materials........................................ 92.4 92.2 92.8 92 8 Gypsum products................................... 105,1 106.2 108.7 108 7 Drugs and pharmaceuticals.................. 93.5 93,7 93.8 93 8 Glass containers...................................... 109.8 116.1 116.1 116 1 Fats and oils, inedible........................... 72.8 83 7 83.3 86 8 Other nonrnetallic minerals................. 105.1 109.0 109,0 109’0 Agricultural chemicals and products.. 101.3 92.1 92.1 92.1 Plastic resins and materials................... 81 0 80 9 80 8 80 8 Other chemicals and products.............. 110 5 112.2 112.7 112'8 Transportation equipment: Rubber and products: Motor vehicles and equipment........... 104.5 106.4 106.5 106.6 Railroad equipment (Jan. 1961 = 100). 105.4 110.2 111.1 111.8 Crude rubber............................................ 85 2 90 1 89 5 89 7 Tires and tubes........................................ 98 7 96 3 96 3 96 3 Miscellaneous rubber products......... . 106.9 110J 110^2 HO.'l Miscellaneous products : Lumber and wood products: Toys, sporting goods, small arms, ammunition.....1...0..8....2........1..1...0....8........1..1..0.7 110.9 Lumber.................................................... 125,0 164.9 155.9 142.3 Tobacco products................. 114.9 116.9 117.0 123.2 Millwork........................ 118.3 132.3 134.3 136.0 Notions........................................... 108.1 100,8 102.0 102.0 Plywood................................................... 98,2 111.0 103.5 94.2 Photographic equipment and supplies 113.8 112.1 112.4 112.6 Other wood products (Dec. 1966= 100) 106.3 112.6 114.7 115.1 Other miscellaneous products....... 110.6 111.7 111.7 112.6 Note.—Bureau of Labor Statistics indexes as revised in Mar. 1967 to classification changes. Back data not yet available for some new classiincorporate (I) new weights beginning with Jan. 1967 data and (2) various fications. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 68 NATIONAL PRODUCT AND INCOME □ AUGUST 1969 GROSS NATIONAL PRODUCT (In billions of dollars) 1968 1969 Item 1929 1933 1941 1950 1964 1965 1966' 1967' 1968' ID III' IV' I' Up Gross national product........................................ 103. 1 55.6 124.5 284.8 632.4 684.9 749.9 793.5 865.7 858.7 876.4 892.5 908.7 925.1 Final purchases....................................................... 101.4 57.2 120.1 278.0 626.6 675.3 735. 1 786.2 858.4 848.8 869.2 882.0 902.1 915.6 Personal consumption expenditures................... 77.2 45.8 80.6 191.0 401.2 432.8 466.3 492.3 536.6 530.3 544.9 550.7 562.0 570.7 Durable goods................................................... 9.2 3.5 9.6 30.5 59.2 66.3 70.8 73.0 83.3 81.8 85.8 86.3 88.4 90.4 Nondurable goods............................................ 37.7 22. 3 42.9 98. 1 178.7 191.1 206.9 215. 1 230.6 228.5 233.3 234.3 238.6 240.6 Services............................................................... 30. 3 20. 1 28. 1 62.4 163.3 175.5 188.6 204.2 222.8 220.0 225.8 230.1 235.0 239.8 Gross private domestic investment..................... 16.2 1.4 17.9 54.1 94. 0 108. 1 I2I.4 116.0 126 3 126.6 125.2 133.9 135.2 139.9 Fixed investment.............................................. 14.5 3.0 13.4 47.3 88.2 98.5 106.6 108.6 H9.0 116.7 118.0 123.4 128.6 130 4 Nonresidential............................................... 10.6 2. 4 9.5 27.9 61. 1 71.3 81.6 83.7 88.8 86.4 88.1 9!.5 95.3 98.0 Structures.................................................. 5.0 .9 2.9 9.2 21.2 25.5 28.5 27.9 29.3 28.3 29.0 30. 1 32.3 31.6 Producers* durable equipment.............. 5.6 1.5 6.6 18.7 39.9 45.8 53. 1 55.7 59.5 58. 1 59. 1 61.4 63.0 66.3 Residential structures.................. ........... 4.0 . 6 3.9 19.4 27. 1 27.2 25.0 25.0 30.2 30.3 29.9 31.9 33.3 32 4 Nonfarm..................................................... 3.8 . 5 3.7 18.6 26.6 26.7 24. 5 24.4 29.6 29.7 29.4 31.4 32.8 31.9 Change in business inventories..................... 1.7 - 1.6 4.5 6.8 5.8 9.6 14.8 7.4 7.3 9.9 7.2 10. 5 9 5 Nonfarm......................................................... 1.8 -1.4 4.0 6.0 6.4 8.6 15.0 6.8 7.4 10.3 7.5 10.7 6.6 9. 3 Net exports of goods and services..................... 1. 1 . 4 1.3 1.8 8.5 6.9 5,3 5.2 2.5 3.4 3.6 1.2 1.5 2.0 Exports................................................................ 7.0 2.4 5.9 13.8 37. 1 39.2 43.4 46.2 50.6 50.7 53.4 50.6 47.6 58.6 1 m ports....................................................... 5.9 2.0 4.6 12.0 28.6 32.3 38.1 41.0 48.1 47.3 49.7 49.4 46. 1 56.6 Government purchases of goods and services. . 8.5 8.0 24.8 37.9 128.7 137.0 156.8 180. 1 200.3 198.4 202.5 206.7 210.0 212.5 Federal................................................................ 1.3 2.0 16.9 18.4 65.2 66.9 . 77,8 90. 7 99.5 99.0 100.9 101.9 101.6 100.6 National defense........................................ 13.8 14. 1 50.0 50. 1 60.7 72.4 78.0 77.9 78,8 79. 3 79.0 78.7 Other............................................................... 3.1 4. 3 15.2 16.8 17, 1 18.4 21.5 21.1 22.1 22. 5 22.6 21.9 State and local................................................... 7.2 6.0 7.9 19.5 63.5 70. 1 79.0 89.3 100.7 99.4 101.7 104.8 108.5 111.9 Gross national product in constant (1958) 718.s| dollars................................ 203.6 141.5 263.7 355.3 58b 1 617.8 658. 1 674,6 707.6 705.8 712.8 723.1 727.3 Note.—Dept, of Commerce estimates. Quarterly data are seasonally see the Survey of Current Business, July 1968, July 1969, and Supplement, adjusted totals at annual rates. For back data and explanation of series, Aug. 1966. NATIONAL INCOME (In billions of dollars) 1968 1969 1929 1933 1941 1950 1964 1965 1966' 1967' 1968' Item II' III' IV' I' Up National income 86.8 40.3 104.2 241.1 518.1 564.3 620.6 654.0 714.4 707.4 724.1 737.3 751.3 Compensation of employees 51.1 29.5 64.8 154.6 365.7 393.8 435.5 467.4 513.6 507.0 519.8 532.3 546.0 558 0 Wages and salaries. . . 50.4 29.0 62.1 146.8 333.7 358.9 394.5 423.5 465.0 459.0 470.7 482.1 493.3 504 1 Private.................... 45.5 23.9 51.9 124.4 269.4 289.6 316.8 337.3 369.0 364.5 372.7 382.8 392.5 401 8 Military................ .3 . 3 1.9 5.0 11.7 12. 1 14.6 16.2 18.0 17.6 18.7 18.3 18.2 18 4 Government civilian 4.6 4.9 8.3 17.4 52.6 57. 1 63. 1 70.0 78.0 76.8 79.3 80.9 82.5 84 0 Supplements to wages and salaries...............7 .5 2. 7 7.8 32.0 35.0 41.0 43.9 48.6 48.0 49. 1 50.2 52.7 53 8 Employer contributions for social in­ surance ............ ..1............. ..1.........2.....0..........4.0 15.4 16.2 20.3 21.8 24.4 24. 1 24.7 25.3 27.3 27 9 Other labor income.................................... .6 .4 .7 3.8 16.6 18.7 20.7 22. 1 24,2 23.9 24.5 25.0 25.5 26 0 Proprietors’ income............... 15.1 5.9 17.5 37.5 52.3 57.3 61.3 61.9 63.8 63.6 64.1 64.1 64.6 66 7 Business and professional 9.0 3.3 11.1 24.0 40.2 42.4 45.2 47.2 49.2 49.2 49.3 49.7 49.7 50 3 Farm..................................... 6.2 2.6 6.4 13.5 12.1 14.8 16. 1 14.7 14,6 14.3 14.8 14.4 14.9 16 4 Rental income of persons 5.4 2.0 3.5 9.4 18.0 19.0 20.0 20.8 21.2 21.2 21.2 21.4 21.S 21 6 Corporate profits and inventory valuation adjustment.....................................1..0.....5.......-..1...2 152 37.7 66.3 76.1 82.4 79.2 87.9 88.2 90.6 90.3 89.5 Profits before tax............. 10.0 1.0 17.7 42.6 66.8 77.8 84.2 80.3 91.1 90.7 91.5 94.5 95.5 Profits tax liability........ 1.4 .5 7.6 17.8 28.3 31.3 34.3 33.0 41.3 41.1 41.4 42.9 143.9 Profits after tax....... 8.6 .4 10.1 24.9 38.4 46.5 49.9 47.3 49.8 49. 7 50.0 51.6 51.7 Dividends................... 5.8 2.0 4.4 8.8 17.8 19.8 20.8 21.5 23. 1 22.9 23.6 23.8 23.8 24 3 Undistributed profits 2.8 -1.6 5.7 16.0 20.6 26.7 29.1 25.9 26.7 26.7 26.5 27.8 27.9 .... Inventory valuation adjustment .5 -2.1 -2.5 -5.0 -.5 -1.7 -1.8 -1.1 -3.2 -2.6 -.9 -4.2 -6.1 -6 3 Net interest, 4.7 4.1 3.2 2.0 15.8 18.2 21.4 24.7 28.0 27.5 28.4 29.3 29.8 30 3 1 The estimate of corporate income tax assumes continuance of the Note.—Dept, of Commerce estimates. Quarterly data are seasonally surcharge at 10 per cent and discontinuance of the investment tax credit, adjusted totals at annual rates. See also Note to table above. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1969 □ NATIONAL PRODUCT AND INCOME A 69 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME AND SAVING (tn billions of dollars) 1968 1969 Item 1929 1933 1941 1950 1964 1965 1966r 1967r 1968' ID nr IV' r II" Gross national product........................................ 103. 1 55.6 124.5 284. 8 632.4 684.9 749.9 793.5 865.7 858.7 876.4 892.5 908.7 925.1 Less: Capital consumption allowances...... 7.9 7.0 8.2 18.3 56. 1 59.8 63.9 68.6 73.3 73.0 73.7 74.6 75,9 77.2 Indirect business tax and nontax lia­ bility .................................................. 7.0 7. 1 11.3 23.3 58.4 62.5 65.7 70. 1 77.9 77.0 79.4 81.4 83.3 85.6 Business transfer payments................... . 6 .7 5 . 8 2. 5 2.7 3.0 3.2 3.4 3.4 3.4 3. 5 3.5 3.6 Statistical discrepancy............................. . 7 .6 .4 1.5 -1.3 -3. 1 -1.0 -1.0 -2. 5 -1.6 -3.3 -3.4 -4.2 Phis: Subsidies less current surplus of gov­ ernment enterprises............. —. | . 1 . 2 1.3 1.3 2. 3 1.4 .8 . 7 1.1 .9 1. 1 1. 1 Equals: National income................................. 86.8 40.3 104.2 241.1 518. 1 564.3 620.6 654.0 714.4 707.4 724. 1 737.3 751.3 Less: Corporate profits and inventory valu­ ation adjustment.................................. 10.5 -1.2 15.2 37.7 66. 3 76. 1 82.4 79.2 87.9 88.2 90.6 90.3 89.5 Contributions for social insurance.... .2 .3 2.8 6.9 27.9 29.6 38.0 42.4 47.0 46.5 47.6 48.6 52.7 53.7 Excess of wage accruals over disburse­ ments ............................................ Plus: Government transfer payments............ .9 1.5 2.6 14.3 34.2 37.2 41.1 48.8 55.8 55.3 56.7 58. 1 60. 1 61.3 Net interest paid by government and consumers......................................... 2. 5 1.6 2.2 7. 2 19. 1 20.5 22.2 23.6 26. 1 25.7 26.4 27.4 27,9 28.6 Dividends................................................... 5.8 2.0 4.4 8.8 17.8 19.8 20.8 21.5 23. 1 22.9 23.6 23.8 23.8 24.3 Business transfer payments..................... .6 .7 . 5 .8 2. 5 2.7 3.0 3.2 3.4 3.4 3.4 3.5 3.5 3.6 Equals: Personal income.................................... 85.9 47.0 96.0 227.6 497. 5 538.9 587.2 629.4 687.9 680. 1 696. 1 711.2 724.4 740.7 Less: Personal tax and nontax payments.... 2.6 1.5 3.3 20,7 59.4 65.7 75.4 82.9 97.9 92.7 102.6 107.0 113.7 117.7 Equals: Disposable personal income................. 83.3 45.5 92.7 206.9 438.1 473.2 511.9 546.5 590.0 587.4 593.4 604.3 610.7 623.0 Less: Personal outlays...................................... 79.1 46.5 81.7 193.9 411.9 444.8 479.3 506.2 551.6 545,1 560.2 566.2 577.7 586.6 Personal consumption expenditures. 77.2 45-8 80.6 191.0 401.2 432.8 466.3 492.3 536.6 530.3 544.9 550.7 562.0 570.7 Consumer interest payments............. 1 .5 . 5 .9 2.4 10. 1 11.3 12.4 13. 1 14.2 14.0 14.4 14.7 15.0 15.2 Personal transfer payments to for­ eigners. ..................................... . 3 .2 .2 . 5 .6 .7 .6 .8 .8 .7 .8 .7 .7 .7 Equals: Personal saving...................................... 4.2 -.9 11.0 13.1 26.2 28.4 32.5 40.4 38.4 42.3 33.2 38.0 33.0 36.4 Disposable personal income in constant (1958) dollars............................................................. 150.6 112.2 190.3 249.6 407.9 435.0 458.9 477.7 497.6 497.4 498.9 502. 1 503.0 507.0 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' June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June" Total personal income............................ 629.4 687.9 685.9 691.0 696.1 701.1 706.2 7115 716.0 718.7 723.9 730.7 735.6 740.3 746.2 Wage and salary disbursements........... 423.5 465.0 463.7 467.2 470.3 474.5 478.2 482.2 485.8 489.3 492.6 497.9 500.8 503.8 507.9 Commodity-producing industries... 166.5 181.5 180.8 181.8 182.7 184.6 186.2 187.5 189.6 190. 1 190.6 193.8 195.2 196.2 198.0 Manufacturing only........................ 134.2 145.9 J 46.0 146. 7 147. 1 148.6 149.6 J 50.5 151.8 152.4 152.5 154.9 155.8 156.3 157.4 Distributive industries....................... (00.3 109.2 109.5 109.7 110.8 111.8 112.5 113.5 113.3 114.6 115.6 116.4 1 17.2 118,3 119. 1 Service industries................................ 70.5 78.3 78.1 78.3 78.8 79.6 80.8 82.0 83.0 84.5 85.6 86.3 86.4 87.0 87.9 Government......................................... 86.2 96.0 95.3 97.3 98.0 98.4 98.7 99. 1 99.9 100. 1 100.8 101.4 101.9 102.3 102.8 Other labor income................................ 22. 1 24.2 24.0 24.2 24.5 24.7 24.8 25.0 25. 1 25.3 25.5 25.6 25.8 25.9 26. 1 Proprietors’ income................................ 61.9 63.8 63.8 63.9 64.2 64.2 64.0 64.0 64.2 64.0 64.7 65.0 65.8 66.7 67.6 Business and professional................. 47.2 49.2 49.4 49.2 49.2 49.5 49.5 49.7 49.8 49.5 49.8 49.7 50.0 50.3 50.6 Farm...................................................... 14.7 14.6 14.4 14.7 15.0 14.7 14.5 14.3 14.4 14.5 14.9 15.3 15.8 16.4 17.0 Rental income........................................ 20.8 21.2 21.2 21.2 21.3 21.3 21.3 21.4 21.4 21.4 21.5 21.5 21.5 21.6 21.6 Dividends.................................................. 21.5 23.1 22.9 23.4 23.6 23.7 23.9 24.0 23.6 23.6 23.8 24. 1 24.2 24.3 24.5 Personal interest income....................... 48.3 54. 1 53.7 54.2 54.8 55.4 56.0 56.7 57.3 57.4 57.6 57.9 58.4 58.9 59.4 Transfers payments................................ 52.0 59.2 59.0 59.7 60.4 60.3 61.2 61.5 62. 1 63.0 63.5 64.3 64.7 64.9 65.2 Less: Personal contributions for social insurance. ....................................... 20.6 22.6 22.5 22.8 22.9 23.0 23.2 23.2 23.4 25.3 25.3 25.6 25.7 25.8 26.0 Nonagricultural income.......................... 609.7 667.9 666.0 670.9 675.5 680.9 686.1 691.5 695.9 698.5 703.1 709.5 713.8 718.0 723.2 Agriculture income. ............................. 19.7 20.1 19.9 20. 1 20.6 20.2 20. 1 20.0 20.1 20.2 20.7 21.2 21.8 22.3 23.0 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 70 FLOW OF FUNDS □ AUGUST 1969 SAVING, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) Transaction cateoorv. 1964 1965 1966 1967 1968 1966 1967 1968 or sector IV I II HI IV I II III IV I. Savings and investment 1 Gross national saving...................1..6..0....3. 181.6 196.7 192.1 214.6 202.5 188.2 185.8 193.2 200.2 202.4 211.1 217.9 225.9 1 2 Households........................................ 98.3 108.9 118.6 129.6 141.6 125.3 125.: 125.< 129.6 137.1 138,0 144.6 140.6 143.4 2 3 Farm and noncorp, business......... 14.5 15.2 15,9 16.^ 18.C 17.0 17.1 17.( 17.0 16,2 17.' 17.7 17.9 18.2 3 4 Corporate nonfin. business........... 50.5 56.6 61.1 61,5 64.1 63.9 60.2 60.6 61.8 63.5 60.2 64.2 66.1 65.9 4 5 U.S. Government........................... -4.3 -.1 -.6 -14. 1 -6.5 -4.0 -12.7 -15J -14.1 -14.3 -10.0 -11.9 -3.7 -.2 5 6 State and local govt......................... -M -2.4 -2.7 -5.6 -5.2 -3.7 -5.7 -6.7 -5.3 -4.6 -5.6 -5.1 -.53 -4.9 6 7 Financial sectors.............................. 2.7 3.5 4.5 3.8 2.5 4.1 4.0 4.7 4.3 2.2 2.4 1.5 2.4 3.5 7 8 Gross national investment................... 158.0 178.2 193.1 188.1 209.0 197.8 184.4 179.4 190.7 196.8 196.0 206.7 212.9 220.7 8 9 Consumer durable goods............... 59.2 66.3 70.5 72.6 82.5 71.1 69.1 72.4 73.1 74.2 79.0 81.0 85.1 85.1 9 10 Business inventories........................ 5.8 9.6 14.7 6.1 7.7 19.8 8.4 2.3 5.3 8.3 2.1 10,8 7.5 10.6 10 11 Gross pvt. fixed investment........... 88.2 98.5 106.1 108.2 1 19.9 105.9 104.6 105.4 109.3 113.5 117.6 116.5 119.6 126.0 11 12 Households................................... 23.0 22.9 21.5 20.3 25.3 18.9 17.6 18.4 21.5 23.6 25.0 25.3 25.2 25.9 12 13 Nonfinan. business...................... 64.3 74.8 83.6 87.0 93.4 86.0 86.2 86.1 86.7 88.9 91.4 90.0 93.2 98.9 13 14 Financial sectors......................... .9 .8 1.0 .9 1.2 1.0 .8 .8 1.1 .9 1.2 1.2 1.2 1.2 14 15 Net financial investment............ 4.7 3.7 1.8 1.2 -1.1 1.0 1.6 -.6 2.9 .7 -2.8 -1.6 .8 -.9 15 16 Discrepancy (1-8)................................. 2.3 3.5 3.6 4.0 5.5 4.7 3.8 6.4 2.5 3.4 6.5 4.4 5.0 5.2 16 II. Financial flows—Summary 17 Net funds raised—Nonfinan. sectors. 670 72.3 69.9 83.1 99.2 49.9 74.3 44.3 104.6 108.9 101.2 84.8 119.2 90.1 17 18 Loans and short-term securities.... 26.4 33.1 27.4 27.2 32.6 29.8 33.8 -16.1 46.8 44.2 42.1 24.3 40.6 22.2 18 19 Long-term securities and mtgs.......... 40.6 39.2 42,5 55.9 66.6 20.0 40.6 60.4 57.8 64.7 59.1 60.5 78.6 67.9 19 By sector 20 U.S. Government.........................7.....1... 3.6 6.3 12.7 16.6 2.9 8.0 -21.3 34.7 29.2 28.2 13.8 31.9 -7.6 20 21 Short-term mkt. securities............. 4.0 3.5 2.2 6.4 .6 10.1 9.9 -35.7 30.9 20.7 18.1 -1.3 2.9 -17.4 21 22 Other securities................................ 3.0 .2 4.1 6.2 16.0 -7.2 -1.9 14.5 3.9 8.5 10.1 15,1 29.0 9.8 22 23 Foreign borrowers............................... 4.4 2.6 1.5 4.0 2.9 1.2 5.5 3.7 3.9 2.8 4.3 1.9 2.2 3.1 23 24 Loans.................................................. 3.7 1.9 1.0 2.7 1.6 1.0 4.5 2.7 2.2 1.4 2.8 1.4 1.2 1.0 24 25 Securities............................................ .7 .8 .5 1.3 1.3 .2 1 .0 1.0 1.6 1.4 1.5 .5 1.0 2.1 25 26 Pvt. domestic nonfin. sectors............ 55.5 66.0 62,0 66.4 79.7 45.7 60.8 61.9 66.0 76.9 68.6 69.1 85.2 94.6 26 27 Loans.................................................. 18.7 27.7 24.1 18.0 30.4 18.7 19.4 16.9 13.7 22.1 21.1 24.3 36.6 38.6 27 28 Consumer credit............................ 8.0 9.4 6.9 4.4 11.1 4.6 4.1 4.0 4.9 4.8 9.0 9.4 12.9 11.8 28 29 Bank loans n.e.c. ........................ 6.5 13.6 9.8 9.1 12.3 5.2 6.7 11.7 3.8 14.4 5.4 9.8 12.2 22.1 29 30 Other loans,.................................. 4.1 4.7 7.4 4.5 7.0 9.0 8.6 1.3 5.1 2.9 6.8 5.1 11.6 4.7 30 31 Securities and mortgages............... 36.9 38.3 37.9 48.4 49,2 27.0 41.4 44.9 52.3 54,8 47.5 44.9 48.6 56.0 31 3 33 2 S C t o a r t p e o a ra n t d e l s o e c c a u l r o it b ie li s g . a ... t . i . o .. n .. s .. . . . . . . . . . . . . . . . . . . . 5 5 . . 9 4 5 7 . . 4 3 1 6 1 . . 0 4 1 10 7 . . 1 4 1 1 1 2 . . 1 5 6 6 . . 1 6 1 14 0 . . 3 3 l 15 ^ .8 21 7 . . 4 5 1 1 8 1 . . 1 2 1 9 2 . . 3 8 1 6 2 . , 3 8 1 1 0 4 . . 3 3 1 14 4 . . 0 6 3 33 2 34 1- to 4-family mortgages............. 15.7 16.2 11.0 11.5 15.4 8.1 8.9 8.3 13.7 15.1 15.8 15.1 14.3 16.3 34 35 Other mortgages........................... 10.0 9.4 9.6 9.4 10.3 6.2 7.9 9.3 9.8 10.4 9.6 10.8 9.7 11.2 35 36 Net sources of credit (= line 17)......... 67.0 72.3 69.9 83.1 99.2 49.9 74.3 44.3 104.6 108.9 101.2 84.8 119.2 90.1 36 37 Chg, in U.S. Govt, cash balance.. .2 -1.0 -.4 1.2 -1.2 1.2 -.5 -14.8 13.4 6.8 -7.2 -15.0 25.6 -8.1 37 38 U.S. Govt, lending.......................... 3.8 4.7 7.9 4.5 8.1 2.8 6.1 -.8 5.0 8.0 12.2 9.0 6.2 5.1 38 39 Foreign, funds................................... 2.5 .8 -.9 5.4 2.7 -1.2 1.4 8.3 2.4 9.4 -1.3 -.7 1.8 11,2 39 40 Pvt. insur. & pension reserves.... 11.1 11.6 12,8 13.2 15.1 14.5 12.2 12.4 14.0 14.1 13.6 14.6 15.2 17.1 40 41 Sources n.e.c...................................... 5.7 7.1 7.7 5.8 12.1 -.8 1.8 6.0 11.5 3.9 17.9 23.6 15.4 -8.6 41 42 Pvt. domestic nonfin. sectors........ 43.8 49.0 42.8 53.0 62.3 33.5 53.3 33.1 58.5 66,9 66.0 53.3 55.2 73.4 42 43 Liquid assets................................ 33.0 43,4 23.9 49.1 53.2 22.1 54.4 38.4 58.7 44.8 40.7 36.5 58.9 76.5 43 44 deposits..................................... 35.3 40.4 22.7 50.9 45.3 21.2 61.5 51.7 56.2 34.1 31.9 29.9 51.6 67.6 44 45 Demand dep, and currency. 6.5 7.7 2.9 12.0 12.6 6.5 10.8 10.6 15.2 11.1 .1 13.4 8.7 28.4 45 46 Time and svgs. accounts... 28.8 32.7 19.8 39.0 32.6 14.6 50.7 41.0 41.0 23.0 31.8 16,5 42.9 39.2 46 47 At commercial banks.... 13.0 19,5 12.5 22.4 20.0 5.4 33.8 20.4 23.0 12.3 18.7 4.5 31.2 25.4 47 48 A t savings instil................ 15.8 13.2 7.3 16.6 12.7 9.3 16.9 20.6 18.0 10.7 13.1 12.0 11.8 13.8 48 49 Short-term U.S. Govt. sec.... -2.3 3.0 1.2 -1.8 7.9 .9 -7.1 -13.3 2.5 10.6 8.8 6.6 7.3 8.9 49 50 Other U.S. Govt, securities.... 3.1 .1 6.8 -1.2 .7 4.3 -11.2 -3.9 -3.3 13.7 2.6 6.9 -.8 -6.0 50 51 Pvt. credit mkt. instruments... 7.5 5.9 11.9 7.2 9.8 6.5 9.6 1.2 6.2 11.9 19.7 12,6 .1 5.8 51 52 Less security debt........................ -.2 .3 -.2 2.2 1.4 -.6 -.5 2.5 3.1 3.5 -3.0 2.7 2.9 2.8 52 III. Direct lending in credit markets 53 Total funds raised................................ 67.0 72.3 69.9 83.1 99.2 49.9 74.3 44.3 104.6 108.9 101.2 84.8 119.2 90.1 53 54 Less change in U.S. Govt, cash.... .2 -1.0 -.4 1.2 -1.3 1.2 -.6 -14.9 13.4 6.7 -7.4 -15.0 25.5 -8.1 54 55 Total net of U.S. Govt, cash............ 66.8 73.3 70.3 81.9 100.5 48.7 74.9 59.1 91.2 102.2 108.6 99.8 93.7 98.3 55 56 Funds supplied directly to cr. mkts.. 66.8 73.3 70.3 81.9 100.5 48.7 74.9 59.1 91.2 102.2 108.6 99.8 93.7 98.3 56 57 Federal Reserve System................. 3.2 3.8 3.3 3.9 4.8 4.2 2.9 -.3 7.9 4.5 7.7 7.0 7.7 -3.2 57 58 Total............................................... 3.4 3.8 3.5 4.8 3.7 4.3 5.2 2.9 3.7 6.9 4.3 6.5 .73 -3.2 58 59 Less change in U.S. Govt, cash. .2 * .2 .9 -1.1 .1 2.4 3.2 -4.2 2.4 -3.5 -.4 -.4 • 59 60 Commercial banks, net................... 21.8 29.3 17.9 35.9 38.9 6.8 41.9 40.3 37.2 24,6 23.7 34.3 45.1 52.3 60 61 Total............................................... 22.4 29.1 17.4 36.4 38.9 7.9 39.7 22.3 54.8 28.9 19.6 20.5 71.2 44.4 61 62 Less chg. in U.S. Govt. cash... -1.0 -.5 .2 -.2 1.1 -3.0 -18.1 17.6 4.4 -4.0 -14.5 25.9 -8.1 62 63 Security issues.......................... .6 .8 .1 .2 .3 « .8 .1 • ♦ .7 .2 .2 63 64 Nonbank finance, net..................... 29.1 26.9 22.5 32.4 29.6 24.2 29.0 35.0 38.1 27.4 30.6 27.8 28.6 31.3 64 65 Total............................................... 33,5 32.9 25.8 33.6 38.5 27.2 30.9 19.3 51.0 33.0 30.0 38.0 45.0 40.7 65 66 Less credit raised......................... 4.4 5.9 3.3 1.2 8.8 2.9 1.9 -15.7 12.9 5.7 -.7 10.3 16.3 9.4 66 67 U.S. Government............................ 3.8 4.7 7.9 4.5 8.1 2.8 6.1 -.8 5.0 8.0 12,2 9.0 6.2 5.1 67 68 Foreign............................................... .6 -.1 -1.4 3.2 2.1 -1.6 3.3 3.6 .9 5.1 .4 -1.5 2.6 7.0 68 69 Pvt. domestic nonfin....................... 8.5 8.6 20.1 2.0 17.0 12.3 -8.1 -18.6 2.3 32.7 34.1 23.3 3.6 5.9 69 70 Households................................... 3.2 2.2 10.5 -4.0 3.1 1.9 -13.1 -18.1 -1.3 16.7 11.1 18.0 -10.8 -6.5 70 71 Business......................................... 1.5 1 .0 3.2 .4 7.7 2.5 1.2 -5.6 .2 5.9 11.4 5.8 6.5 6.1 71 72 State and local govts................... 3.7 5.8 6.2 7.8 7.7 7.3 3.2 7.7 6.5 13.7 8.5 2.3 10.8 9.1 72 73 Less net security credit............... -.2 .3 -.2 2.2 1.4 -.6 -.5 2.5 3.1 3.5 -3.0 2.7 2.9 2.8 73 Note.—Quarterly data are seasonally adjusted totals at annual rates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1969 □ FLOW OF FUNDS A 71 PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) 1966 1967 1968 Transaction category, 1964 1965 1966 1967 1968 or sector IV I II HI IV I II nr IV I. Demand deposits and currency 1 Net incr. in banking system liability., 7.4 7.6 2.6 14.7 13.2 8.8 8.2 -.9 29.4 21.8 -8.7 1.0 34.8 25.8 I 2 U.S. Govt, deposits............................ .2 - 1.0 -.4 1.2 -1.3 1.2 -.6 - 14.9 13.4 6.7 -7.4 -15.0 25.5 -8.1 2 3 Other.................................................. 7.3 8.6 3.0 13.5 14.5 7.6 8.8 14.0 16.0 15.C -1.3 15.9 9.4 33.9 3 4 Domestic sectors......................... 6.8 8.3 3.3 12.7 13.8 8.2 12.C 11.5 15.5 11.5 -.3 14.8 11.2 29.6 4 5 Households............................... 6.4 7. 1 1.9 12.4 14.9 8. 1 13.6 14.2 7.3 14.5 1.7 12.1 27.0 18.2 5 6 Nonfinancial business............ -2. 1 -1.7 .7 -1.5 1.2 -1.3 -4. I -3.9 4.2 -2. 5 3.3 5.5 -9.2 5.5 6 7 State and local govts.............. 1.2 -.2 .8 .3 .6 1 3.3 * 1.0 -2.9 .4 .7 -.8 1.9 7 8 Financial sectors..................... .3 .7 .4 .7 12. 1.6 1.3 .9 .4 .4 -.4 1.4 2.6 1.2 8 9 Mail float.................................. .9 2.5 -.5 .8 -4. 1 -.2 -2.0 .4 2.6 2. 1 -5.3 -4.9 -8.4 2.8 9 10 Rest of the world........................ . 5 .3 -.3 .8 .7 —. 6 -3.2 2.4 .5 3.5 -1.0 1.2 -1.9 4.3 10 II. Time and savings accounts 11 Net increase—Total............................. 30.4 33.0 20.3 40.8 32.5 15.5 52.3 45.4 42.0 23.5 31.2 16.5 43.6 38.5 11 12 At commercial banks—Total. . . . 14.5 20.0 13.3 23.8 20.1 6.2 35. 1 23.7 23.7 12.7 18.3 4.3 32.3 25.4 12 13 Corporate business..................... 3.2 3.9 -.7 4. 1 2.5 -4.6 10.0 -.9 3.7 3.7 .5 -3.1 9.9 2.5 13 14 State and local govts................... 1.7 2.4 1.3 2.4 2.6 1.5 5.7 3.4 .6 .5 1.4 4.9 3.7 14 15 Foreign depositors...................... 1.4 .6 .8 1.3 1 1.0 1.2 2.3 1.1 .8 -.7 -.4 1.0 -.1 15 16 Households................................... 8.2 13.3 11.9 15.8 14.9 8.5 18.0 17.9 18.7 8.5 17.6 6.2 16.4 19.2 16 17 At savings institutions................... J5.9 13.0 7. 1 17.0 12.4 9.3 17.2 21.7 18.3 10.7 12.9 12.3 11.3 13.2 17 18 Memo: Households total................... 23.9 26.5 19.2 32.4 27.6 17.8 35.0 38.6 36.7 19.2 30.8 18.2 28.2 33.0 18 III. U.S. Govt, securities 19 Total net issues..................................... 7.1 3.6 6.3 12.7 16.6 2.9 8.0 -21.3 34.7 29.2 28.2 13.8 31.9 -7.6 19 20 Short-term marketable................... 4.0 3.5 2.2 6.4 .6 10. 1 9.9 -35.7 30.9 20.7 18.1 -1.3 2.9 -17.4 20 21 Other.................................................. 3.0 .2 4.1 6.2 16.0 -7.2 -1.9 14.5 3.9 8.5 10. 1 15. 1 29.0 9.8 21 22 Net acquisitions, by sector................. 7. 1 3.6 6.3 12.7 16.6 2.9 8.0 -21.3 34.7 29.2 28.3 13.8 31.9 -7.6 22 23 Federal Reserve System............ ■. 3.5 3.7 3.5 4.8 3.8 3.8 5.5 2.8 3.6 6.9 4.5 6.4 7.6 -3. 1 23 24 Short-term.................................... 2. 1 3.7 5.4 1.9 — 6.6 12.4 -. 1 -4.2 2.3 9.3 1.8 -5.7 -12.3 -10.4 24 25 Commercial banks.......................... .4 -2.3 -3.5 8.8 2.8 -4.8 17.9 -.3 23.6 -5.9 4.7 -4.6 13.7 -2.4 25 26 Short-term marketable............... 3.9 - 1.7 -4.5 4.6 1.4 -4.4 10.2 -7.2 18.3 -2.7 2.8 3. 1 5.3 -5.5 26 27 Other direct.............................. -4. 1 -1.4 1. 1 1.4 .2 -.3 5.5 2.4 2.8 -5.2 1.0 -6.9 5.3 1.5 27 28 Nonguaranteed............................ .6 .8 2.8 1.2 -. I 2.2 4.4 2.5 2.1 .9 -.8 3.0 1.7 28 29 Nonbank finance............................. 2.0 - .8 .9 1.8 .8 .2 -8.5 9.6 -1.4 8.3 2.3 4. 1 -7.5 29 30 Short-term marketable............... 1.2 -.4 1.5 1.0 1.7 1.4 4.6 -10.7 10.6 -.4 6.7 1.8 4.9 -6.6 30 31 Other direct.................................. . 5 -.7 -1.0 - 1.5 -.6 -.9 -5.2 .9 -.7 -1.1 -.5 -. 1 - 1.7 -. 1 31 32 Nonguaranteed............................ .3 .3 .4 .5 .7 .4 .8 1.4 -.3 . 1 2.1 .6 1.0 -.8 32 33 Foreign.............................................. . 5 -. 1 -2.6 2. 1 -.5 -2. 1 2.6 1.9 -1.4 5.2 -.7 -3.7 . 1 2.5 33 34 Short-term.................................... . 1 -.4 -.8 1.6 -2.5 .7 3. 1 .7 -2. 1 4.8 -1.8 -6.8 -1.5 .2 34 35 Pvt. domestic nonfinan. sector. . . .8 3.1 8.0 -3.0 8.6 5.2 -18.2 - 17.2 -.8 24.4 11.4 13.5 6.4 2.9 35 36 Short-term marketable............... -3.2 2.4 .7 -2.7 6.6 -7.9 -14.4 1.8 9.7 8.6 6.3 6.5 4.9 36 37 Other direct.................................. 2.8 -1.2 2.2 -1.6 -3.1 5.8 -9.6 -3.0 -1.8 8.1 . 1 - 1.8 -2.5 -8.4 37 38 Nonguaranteed............................ .4 1.3 4.6 .4 3.8 -1.4 -1.5 -.9 -1.5 5.6 2.5 8.7 1.6 2.4 38 39 Savings bonds—Households ... .9 .6 . 6 .9 (.3 .9 .8 1.1 .7 .9 .2 .3 .8 4.0 39 IV. Other securities 40 Total net issues, by sector.................. 14.6 16.2 18.7 29.6 25.9 12.5 28.1 28.1 31.4 30.8 24.5 21.1 26.4 31.5 40 41 State and local govts....................... 5.9 7.3 6.0 10. 1 11.1 6. 1 10.3 11.5 7.5 11.2 9.3 6.3 14.3 14.6 41 42 Nonfinancial corporations............. 5.4 5.4 11.4 17.4 12.5 6.6 14.3 15.8 21.4 18. 1 12.8 12.8 10.3 14.0 42 43 Commercial banks.......................... . 6 .8 . 1 .2 .3 .8 .1 .7 .2 .2 43 44 Finance companies......................... 2. 1 1.9 .8 . 6 .7 -.4 1.7 -.3 1.0 .9 .8 .6 .7 44 45 Rest of the world............................ .7 .8 .5 1.3 1.3 .2 1.0 1.0 1.6 1.4 1.5 .5 1.0 2.1 45 46 Net purchases........................................ 14.6 16.2 18.7 29.6 25.9 1.25 28.1 28.1 31.4 30.8 24.5 21.1 26.4 31.5 46 47 Households....................................... 1.5 . 1 2.9 -2.5 -1.0 -3.5 -4.0 -6.6 -.9 1.3 9.0 3.0—11.4 -4.4 47 48 Nonfinancial corporations............. .2 .7 .8 .7 . 1 .8 .7 .7 .8 .7 -.1 . 1 .2 . 1 48 49 State and local govts..................... 2.8 2.8 4. 1 6.0 4. 1 5.0 7.0 6.9 4.8 5.5 4.0 3.7 4.7 4. 1 49 50 Commercial banks.......................... 3.7 5.0 2.4 9.8 8.4 -.7 9.6 14.5 4.8 10. 3 5.0 4.0 12. 5 11.9 50 51 Insurance and pension funds........ 7.5 9.5 9.5 13.5 15.0 8.6 13.9 11.0 14.6 14.4 14.3 14.2 14.0 17.4 51 52 Finance n.e.c................................... -.8 -1.7 -2.2 -1.1 -4.3 1.5 -1.9 -2.8 2. 1 — 1.9 -10.3 -7.0 2.8 -2.7 52 53 Security brokers and dealers... -. 1 . 1 -.5 2.6 -1.9 -2.9 2.6 2.5 -1.8 -5.7 8. 1 -2.6 53 54 Investment cos., net................... -.8 -1.5 -2.4 - 1.2 -3.8 -1.2 -. 1 -.5 -4.4 -8.6 -1.3 -5.4 -.1 54 55 Portfolio purchases................. 1.1 1.6 1.3 1.6 1.9 2.5 3.0 1.3 3.1 -1.1 -1.4 3.4 1.4 4.2 55 56 Net issues of own shares .... 1.9 3.1 3.7 2.8 5.7 3.6 3.1 1.3 3.6 3.3 7. 1 4.7 6.8 4.3 56 57 Rest of the world............................ -.1 -.4 .9 1.0 2.0 .4 .5 1.3 2.2 * .7 1.9 2.1 3.2 57 V. Mortgages 58 Total net lending.................................. 25.3 25.5 19.6 21.9 25.8 13.2 17.3 19.0 24.8 26.3 25.5 25.9 24.0 28.0 58 59 1- to 4-family.................................. 15.4 16. 1 10.0 12.5 15.5 6.9 9.4 9.7 15.0 16.0 15.9 15. 1 14.2 16.8 59 60 In process..................................... -.3 -.9 1.0 .2 -1.2 .5 1.4 1.3 .9 . 1 .6 60 61 Disbursed...................................... 15.7 16.2 11.0 11.5 15.4 8.1 8.9 8.3 13.7 15. 1 15.8 15. I 14.3 16.3 61 62 Other.................................................. 10.0 9.4 9.6 9.4 10.3 6.2 7.9 9.3 9.8 10.4 9.6 10.8 9.7 11.2 62 63 Net acquisitions.................................... 25.3 25.5 19.6 21.9 25.8 13.2 17.3 19.0 24.8 26.3 25.5 25.9 24.0 28.0 63 64 Households....................................... -.2 -.9 -.4 -.6 .5 -.5 -1.7 -.4 .2 1.2 .4 -.2 -1.6 64 65 U.S. Government............................ .2 1.0 3.4 2.7 3.3 1.8 2.4 1.6 3.1 3.7 4.4 4.3 .24 2.2 65 66 Commercial banks.......................... 4.5 5.6 4.6 4.6 6.6 3.6 2.0 3.5 6.0 6.7 6.6 6.5 5.9 7.6 66 67 Savings institutions......................... 14.8 13. 1 6.6 10.8 12.2 3.7 6.8 10.3 13.1 12.9 10.6 11.7 12.0 14.4 67 68 Insurance.......................................... 5. 1 5.5 5. 1 3.1 2.5 3.6 5.2 2.9 2.0 2.3 2.3 2.0 2.7 2.9 68 69 Mortgage companies....................... .4 .5 -.6 .4 .6 -1.1 .3 1.3 -.2 . I -.3 .4 .4 1.7 69 VI. Bank loans n.e.c. 70 Total net borrowing............................. 8.7 16.4 8.2 6.5 14.1 2.0 1.7 7.7 6.7 9.8 4.0 11.1 15.0 26.3 70 71 Nonfinancial business..................... 5. 1 12.2 9.9 7.4 9. 1 4.7 5.8 11.0 2.0 10.8 4.0 7.6 6.8 18, 1 71 72 Nonbank finance............................. .5 2.4 -1.4 -2.4 2.1 -2.7 -4.3 -3.3 2. 1 -4.0 -1.0 1.4 3.2 4.7 72 73 Households........................................ 1.4 1.3 -.1 1.7 3.2 .5 .9 .7 1.7 3.5 1.4 2.2 5.3 4.0 73 74 Rest of the world........................... 1.7 .4 -.2 -.3 -.3 -.5 -.6 -.8 .8 -.5 -.4 -.1 -.3 -.5 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 72 U.S. BALANCE OF PAYMENTS □ AUGUST 1969 1. U.S. BALANCE OF PAYMENTS (In millions of dollars) 1967 1968 1969 Item 1966 1967 1968 IV I II in IV 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!........................ 43,360 46,188 50,594 11,667 11,934 12,668 13,344 12,653 11,890 Merchandise................................................................ 29,389 30,681 33,598 7,601 7,941 8,395 8,879 8,383 7,474 Military sales................................................................. 829 1,240 1 ,427 332 305 353 406 364 416 Transportation.............................................................. 2,608 2,775 2,924 682 717 731 757 720 637 Travel.............................................................................. 1,590 1,646 1,770 423 440 424 450 456 508 Investment income receipts, private......................... 5,659 6,234 6,934 1,709 1,562 1,768 1,828 1,777 1 ,841 Investment income receipts, Govt.,................ 593 638 765 170 209 205 212 140 234 Other services.............................................................. 2,693 2,973 3,177 750 760 792 812 813 780 Imports of goods and services—Total........................... -38,081 -41,011 -48,078 -10,706 -11,463 -11,827 -12,435 -12,352 -11,525 Merchandise.................................................................. -25,463 -26,821 -32,972 -7,154 -7,817 -8,131 -8,566 -8,458 -7,577 Military expenditures................................................... -3,764 -4,378 -4,530 -1,112 -1,102 -1,116 -1,143 -1,169 -1,198 Transportation.............................................................. -2,922 -2,990 -3,248 -763 -785 -786 -841 -836 -742 Travel.............................................................................. -2,657 -3,195 -3,022 -739 -763 -732 -792 -735 -791 Investment income payments.................................... -2, 142 -2,362 -2,933 -607 -671 -742 -770 -749 -894 Other services............................................................... -1,133 - 1,266 -1,374 -331 -325 -320 -323 -405 -323 Balance on goods and services 1...................................... 5,279 5,177 2,516 961 471 841 909 301 365 Remittances and pensions................................................ -923 -1,196 -1,159 -253 -276 -274 -325 -285 -283 1. Balance on goods, services, remittances and pensions...................................................................... 4,356 3,981 1,357 708 195 567 584 16 82 2. U.S. Govt, grants and capita) flow, net................... -3,444 -4,224 -3,955 -1,072 -1,097 -1,055 -968 -835 -783 Grants,2 loans, and net change in foreign currency holdings, and short-term claims............ -4,676 -5,227 -5,347 -1,360 -1,426 -1,365 -1,301 -1,254 -1,104 Scheduled repayments on U.S. Govt, loans. . . 803 997 1,123 288 287 307 278 250 277 Nonscheduled repayments and selloffs............... 429 6 269 ♦ 42 3 55 169 44 3. U.S. private capita! flow, net.................................... -4,310 -5,655 -5,157 -1,797 -806 -1,537 -1,868 -947 -1,201 Direct investments................................................... -3,639 -3,154 -3,025 -956 -472 -1,009 -1,262 -283 -776 Foreign securities. ................................................... -481 -1,266 -1,266 -301 -311 -164 -337 -455 -325 Other long-term claims: Reported by banks.............................................. 337 255 358 * 140 49 165 4 133 Reported by others. ........................................... - 112 -281 -174 -85 34 -32 -57 -119 -85 Short-term claims: Reported by banks............................................. -84 -730 -89 96 194 -255 -124 -62 Reported by others............................................. -331 -479 -960 -455 -293 -575 -122 30 -86 4. Foreign capital flow, net, excluding change in liquid assets in U.S............................................. 2,532 3,360 8,564 480 1,556 2,517 1,806 2,688 1,599 Long-term investments........................................... 2,156 2,411 5,942 355 1,300 1,461 1 ,267 1,915 1,635 Short-term claims..................................................... 296 499 750 132 43 269 236 202 -44 Nonliquid claims on U.S. Govt, associated with— Military contracts................................................ 346 64 -137 -120 -28 6 -141 27 -79 U.S. Govt, grants and capital.......................... -205 -84 2 -12 -5 15 -6 -2 * Other specific transactions................................ -12 1 -3 -10 -27 -6 41 -10 -8 Other nonconvertible, nonmarketable, medium-term U.S. Govt, securities3................... -49 469 2,010 135 273 772 409 556 95 S. Errors and unrecorded transactions.......................... -489 -1,007 -717 -6 -410 -540 286 -52 -1,398 Balances A. Balance on liquidity basis Seasonally adjusted (« 14-24-3 + 4 + 5)............. -1,357 -3,544 93 -1,688 -564 -51 -162 870 -1,704 Less: Net seasonal adjustments......................... 191 -297 -96 269 124 -388 Before seasonal adjustment.................................... -1,357 -3,544 93 -1,879 -267 45 -431 746 -1,316 B. Balance on basis of official reserve transactions Balance A, seasonally adjusted............................ -1,357 -3,544 93 -1,688 -564 -51 -162 870 -1,704 Plus: Seasonally adjusted change in liquid assets in the U.S. of— Commercial banks abroad............................... 2,697 1,272 3,450 902 457 2,358 724 -89 3,001 Other private residents of foreign countries.. 212 414 374 227 4 102 45 223 -23 International and regional organizations other than IMF............................................... -525 -214 63 -45 79 -86 19 51 -88 Less: Change in certain nonliquid liabilities to foreign central banks and govts......... 761 1,346 2,341 313 355 770 529 687 35 Balance B, seasonally adjusted............................. 266 -3,418 1,639 -917 -379 1,553 97 368 1,151 Less' Net seasonal adjustments.......................... 492 -470 3 25 442 -560 Before seasonal adjustment.................................... 266 -3,418 1,639 -1,409 91 1,550 72 -74 1,711 For notes see end of table. 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AUGUST 1969 □ U.S. BALANCE OF PAYMENTS AND FOREIGN TRADE A 73 1. U.S. BALANCE OF PAYMENTS—Continued (In millions of dollars) 1967 1968 1969 Item 1966 1967 1968 IV I n III IV O’ Transactions by which balances were settled—Not seasonally adjusted A. To settle balance on liquidity basis......................... 1,357 3,544 -93 1,879 267 -45 431 -746 1,316 Change in U.S. official reserve assets (increase, —)........................................................... 568 52 -880 -181 904 -137 -571 -1,076 -48 Gold...................................................................... 571 1,170 1 ,173 1 ,012 1,362 22 -74 -137 56 Convertible currencies...................................... -540 -1,024 -1,183 -1,145 -401 267 -474 -575 -73 IMF gold tranche position............................. 537 -94 -870 -48 -57 -426 -23 -364 -31 Change in liquid liabilities to all foreign accounts 789 3,492 787 2,060 -637 92 1,002 330 1,364 Foreign central banks and govts.: Convertible nonmarketable U.S. Govt. securities4.................................................. -945 455 -10 212 100 -49 -61 -25 Marketable U.S. Govt, bonds and notes4. -245 48 -379 -3 -359 8 -26 -2 -3 Deposits, short-term U.S. Govt, securities, etc......................................................... -582 1,495 -2.708 1,091 -1,107 -2, 187 37 549 -1,679 IMF (gold deposits).......................................... 177 22 -3 8 - 11 1 Commercial banks abroad.............................. 2,697 1,272 3,450 578 638 2,266 976 -430 3,181 Other private residents of foreign countries. 212 414 374 227 4 102 45 223 -23 International and regional organizations other than IMF.............................................. -525 -214 63 -45 79 -86 19 51 -88 B. Official reserve transactions...................................... -266 3,418 - 1,639 1,409 -91 -1,550 -72 74 -1,711 Change in U.S. official reserve assets (increase, —)........................................................ 568 52 -880 -181 904 -137 -571 -1,076 -48 Change in liquid liabilities to foreign central banks and govts, and IMF (see detail above under A.)............................................................ - 1,595 2,020 -3,100 1,300 -1,358 -2,190 -38 486 -1,706 Change in certain noniiquid liabilities to foreign central banks and govts.: Of U.S private organizations.................... 793 894 535 190 116 150 131 138 -45 Of U.S. Govt.................................................. -32 452 1,806 100 247 627 406 526 88 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. 4 With original maturities over I year. 2. MERCHANDISE EXPORTS AND IMPORTS (In millions of dollars, seasonally adjusted) Exports 1 Imports 2 Export surplus Period 1966 1967 1968 r 1969 1966 1967 1968 r 1969 1966 1967 1968 1969 Month: Jan.. ,............ 2,298 2,639 2,814 32,093 1,966 2,317 2,687 32,018 332 322 127 75 Feb...................... 2,353 2,582 2,775 32,297 2,013 2,216 2,592 32,655 339 366 184 -359 Mar...................... 2,530 2,525 32,439 33,196 2,050 2,166 32,589 32,981 480 359 -150 215 Apr...................... 2,317 2,608 32,855 33,355 2,091 2,198 32,604 33,177 226 410 251 178 May.................... 2.416 2,549 2,740 33,292 2,061 2,118 2,755 33,276 355 432 -15 16 June..................... 2,485 2,582 2,870 33,213 2,102 2,184 2,792 33,188 383 398 78 25 July........... 2,469 2,601 2,858 2,216 2,245 2,725 253 357 133 Aug...................... 2,460 2,566 32,950 2,137 2,145 2,872 324 421 78 Sept...................... 2,503 2,597 33,211 2,288 2,198 2,951 214 399 261 Oct..................... 2,616 2,415 32,631 2,303 2,254 2,736 313 161 -105 Nov.................... 2,491 2,671 2,972 2,195 2,396 2,883 296 275 89 Dec...................... 2,467 2,677 2,977 2,196 2,493 2,908 271 184 70 Quarter: I........................ 7,180 7,745 8,028 7,586 6,029 6,698 7,867 7,654 1,152 1,047 161 -68 II,........................ 7,217 7,739 8,465 9,859 6,253 6,500 8,151 9,641 964 1,240 314 218 in.................. 7,431 7,764 9,019 6,641 6,588 8,548 790 1,177 471 IV......................... 7,575 7,763 8,580 6,694 7,143 8,527 881 620 53 Year 4..................... 29,403 31,011 34,092 25,617 26,928 33,093 3,786 4,083 1,001 1 Exports of domestic and foreign merchandise; excludes Dept, of 3 Significantly affected by strikes. Defense shipments of grant-aid military equipment and supplies under 4 Sum of unadjusted figures. Mutual Security Program. 2 General imports including imports for immediate consumption plus Note.—Bureau of the Census data. Details may not add to totals be­ entries into bonded warehouses. cause of rounding. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 74 U.S. GOLD TRANSACTIONS □ AUGUST 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) 1968 1969 Area and country 1960 1961 1962 1963 1964 1965 1966 1967 1968 I II III IV I 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 50 Germany, Fed. Rep. of. . . -34 -23 -225 Ireland................................... -1 -2 -2 -2 -52 -12 -32 -11 3 Italy........................................ 100 200 -80 -60 -85 -209 -184 -25 -76 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 -25 United Kingdom................. -550 -306 -387 329 618 150 80 -879 -835 -900 50 15 Bank for Inti. Settlements. -36 -23 Other...................................... -96 -53 -12 1 -6 -35 -49 16 -47 -1 -22 -16 -8 -1 Total.............................. -1,718 -754 -1,105 -399 -88 -1,299 -659 -980 -669 -1,195 163 213 150 -52 Canada...................................... 190 200 150 50 50 Latin American republics: Argentina.............................. -50 -90 85 -30 -39 -1 -25 -5 -15 -5 Brazil...................................... -2 -2 57 72 54 25 -3 -I Colombia.............................. -6 38 10 29 7 Venezuela.............................. -25 Other...................................... -42 -17 -5 -11 -9 -13 -6 11 -40 -28 -7 -3 -3 -7 Total.............................. -100 -109 175 32 56 17 -41 9 -65 -28 -12 -18 -8 -7 Asia: Iraq......................................... -30 -10 -4 -21 -42 -14 -28 Japan...................................... —15 — 56 Lebanon................................ -2! -32 -11 -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 -15 -26 -18 -6 5 — ——_—,—. Total........................... ■ -113 -101 -93 12 3 -24 -86 -44 -366 -143 -146 -71 -6 5 All other.................................... -38 -6 -1 -36 -7 -16 -22 1-166 1-68 -1 -16 1-51 -1 -2 Total foreign countries........... -1,969 -970 -833 -392 -36 -1,322 -608 -1,031 -1,118 -1,317 -10 73 136 -57 Inti. Monetary Fund............ 2 300 150 • ........... 3-225 <177 422 4-3 48 4-11 ............. 4 1 Grand total.................. -1,669 -820 -833 -392 -36 -1,547 -431 -1,009 -1 ,121 -1,309 -22 73 136 -56 1 Includes sales to Algeria of $150 million in 1967 and $50 million in 3 Payment to the IMF of $259 million increase in U.S. gold subscription, 1968. less gold deposits by the IMF. 2 IMF sold to the United States a total of $800 million of gold ($200 4 Represents gold deposited by the IMF; see note 1(b) to Table 4. In million in 1956, and $300 million in 1959 and in 1960) with the right of June 1968 the IMF withdrew $17 million of these deposits. repurchase; proceeds from these sales invested by IMF in U.S. Govt, securities. Notes to Table 5 on opposite page: * Represents net IMF sales of gold to acquire U.S. dollars for use in cally if needed. Under appropriate conditions, the United States could IMF operations. Does not include transactions in gold relating to gold draw additional amounts equal to its quota. deposit or gold investment (see Table 6). 4 Represents a $600 million IMF gold sale to United States (1957), 2 Positive figures represent purchases from the IMF of currencies of less $6 million gold purchase by IMF from another member with U.S. other members for equivalent amounts of dollars; negative figures repre­ dollars (1948). sent repurchase of dollars, including dollars derived from charges on 5 Includes $259 million gold subscription to the IMF in June 1965 for drawings and from other net dollar income of the IMF. The United a U.S. quota increase, which became effective on Feb. 23, 1966. In figures States has a commitment to repay drawings within 3 to 5 years, but only published by the IMF from June 1965 through Jan. 1966, this gold sub­ to the extent that the holdings of dollars of the IMF exceed 75 per cent of scription was included in the U.S. gold stock and excluded from the the U.S. quota. Drawings of dollars by other countries reduce the U.S. reserve position. commitment to repay by an equivalent amount. 3 Represents the U.S. gold tranche position in the IMF (the U.S. Note.—The initial U.S. quota in the IMF was $2,750 million. The U.S. quota minus the holdings of dollars of the IMF), which is the amount quota was increased to $4,125 million in 1959 and to $5,160 million in that the United States could draw in foreign currencies virtually automati­ Feb. 1966. Under the Articles of Agreement, subscription payments equal to the quota have been made 25 per cent in gold and 75 per cent in dollars. 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AUGUST 1969 □ U.S. GOLD STOCK; POSITION IN THE IMF A 75 4. U.S. GOLD STOCK, HOLDINGS OF CONVERTIBLE FOREIGN CURRENCIES, AND RESERVE POSITION IN IMF (In millions of dollars) Gold stock 1 Con­ Reserve Gold stock 1 Con­ Reserve End of year r T es o e t r a v l e v fo e r r e ti i b g l n e pos i i n ti on End of month r T es o e t r a v l e v fo e r r e ti i b g l n e pos i i n ti on assets Total 2 Treasury currencies IMF 3 assets Total 2 Treasury c c u i r e r s e n 5 ­ IMF 3 1956.......................... 23,666 22,058 21,949 1 ,608 1968—July.......1...4..,.366 10,676 10.367 2,773 917 1957.......................... 24 832 22,857 22,781 1 ,975 Aug.,...... 14,427 10,681 10,367 2^817 929 1958.......................... 22 540 20’582 20,534 1,958 Sept.............. 14^634 10,755 10,367 2’953 926 1959.......................... 21,504 19’507 19’456 1 ^997 Oct........ 14,427 10,788 10,367 2'703 936 I960.......................... 19,359 17^04 17767 1 /555 Nov.............. 15’660 10,897 10,367 3'655 1,108 Dec............... 15^710 10’,892 10,367 3,528 1 ,290 1961.......................... 18,753 16,947 16,889 116 1,690 1962.......................... 17 220 16,057 15,978 99 1,064 1969—-Jan........1..5..,.4..54 10,828 10,367 3,338 1 ,288 1963.......................... 16'843 15,596 15,513 212 1,035 Feb........1..5..’.4..99 10,801 10,367 3,399 1 '299 1964.......................... 16 672 15,471 15 388 432 769 Mar........ 15^758 10^836 10,367 3,601 1 ,321 1965.......................... 15,450 413,806 413,733 781 4 863 Apr............... 15^948 10^36 10^367 3,624 1 '388 May............. 16’070 11 ’,153 10,367 3,474 1 ,443 1966.......................... 14,882 13,235 13,159 1,321 326 June............ 16^057 II J53 10^367 3^355 1 '549 1967.......................... 14 830 12,065 11 982 2,345 420 July............. 15 ,’936 11,144 10^367 3; 166 1 ^626 1968.......................... 15,710 10,892 10,367 3’528 1 ,290 1 Includes (a) gold sold to the United States by the International Mon­ 4 Reserve position includes, and gold stock excludes, $259 million gold etary Fund with the right of repurchase, and (b) gold deposited by the subscription to the IMF in June 1965 for a U.S. quota increase which IMF to mitigate the impact on the U.S. gold stock of foreign purchases became effective on Feb. 23, 1966. In figures published by the IMF from for the purpose of making gold subscriptions to the IMF under quota June 1965 through Jan. 1966, this gold subscription was included in the increases. For corresponding liabilities, see Table 6. U.S. gold stock and excluded from the reserve position. 2 Includes gold in Exchange Stabilization Fund. 5 For holdings of F.R. Banks only, see pp. A-12 and A-13. 3 In accordance with IMF policies the United States has the right to draw foreign currencies equivalent to its reserve position in the IMF vir­ Note.—See Table 22 for gold held under earmark at F.R. Banks for tually automatically if needed. Under appropriate conditions the United foreign and international accounts. Gold under earmark is not included States could draw additional amounts equal to the U.S, quota. See Table 5. in the gold stock of the United States. 5. U.S. POSITION IN THE INTERNATIONAL MONETARY FUND (In millions of dollars) Transactions affecting IMF holdings of dollars IMF holdings (during period) of dollars (end of period) U.S. U.S. transactions with IMF Transactions by reserve other countries position Period with IMF in IMF P s t u a d io y b o n m o s ll c s f a e r r n i . i s p n t ­ s by s g N I a o M l e l e d t s F ’ T t c f i r o c u o a i r r n e n e r s s i s e g a n 2 i n c n ­ ­ I i d M n o c F l i o n l a m n rs e e t D d ra o o w ll f a i n rs gs R m e e i p n n a t y s ­ c T h o an ta g l e Amount P q e U r u o . o c S f t e . a n t p ( e e r n io d d o ) f 3 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—1966................................ 776 1,640 45 -723 6 1 ’744 4,834 94 5326 1967............................................ 20 -114 -94 4,740 92 420 1968............................................ -84 20 -806 -870 3,870 75 1 ,290 1968—July................................ 4 -18 -14 4,243 82 917 Aug................................. -1 -Il -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.................................. 2 -13 -11 3,861 75 1,299 Mar................................. 2 -24 -22 3,839 74 1,321 Apr................................. 1 -68 -67 3,772 73 I ,'388 May................................ 1 — 56 -55 3,717 72 1 ,443 June................................ 5 1 -112 — 106 3,611 70 1 '549 July................................ 2 -79 -77 3,534 68 1,626 For notes see opposite page. 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A 76 INTL. CAPITAL TRANSACTIONS OF THE U.S. n AUGUST 1969 6. U.S. LIQUID LIABILITIES TO FOREIGNERS (In millions of dollars) Liabilities to Inti. Liabilities to foreign countries Liabilities to non­ Monetary Fund arising monetary inti, and from gold transactions regional organizations 3 Official institutions 3 Banks and other foreigners Non­ pe E o r n i f o d d Total Total G d o e l ­ d i G nv o e l s d t ­ Total i S p t l i t i o h e e a r s r o b t m e r i r l t d e ­ ­ ­ M G a U a o b r . v S l k e t . e , t ­ c m o a U a i n b b r . v l l S k e e e e . r t t ­ ­ Total i S p t l i t i o h e e a r s o r b t m e r i r l t d e ­ ­ ­ M G a U a o b r . v S l k e t . e , t ­ Total i S p t l i t i o h e e a r s o r b t m e r i r l t d e ­ ­ ­ M G U a a o b r .S v l k e t . e , t ­ posit 1 ment 2 in b a b n U y k . S s . n b o a o t n n e d d s s 4 T b a o r u n e n ry a d d s s ­ in b a b U n y k . S s . n b o a o t n n e d d s s 4 in b a U b n y . k S s . 6 n b o a o t n n e d d s s 4 notes 1957. 715,825 200 200 n.a. 7,917 n.a. n.a. 5,724 n.a. n.a. 542 n.a. 1958. 7(6,845 200 200 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 ! 2 21 0 , , 0 9 2 9 7 4 8 80 0 0 0 8 8 0 0 0 0 1 11 1 , , 0 0 8 7 8 8 1 1 0 0 , , 2 2 1 1 2 2 8 87 6 6 6 7 7 , ,5 5 9 9 1 8 7 7 , , 0 0 4 4 8 8 5 5 4 5 3 0 1 1 , ,5 5 4 2 1 5 7 75 5 0 0 7 7 9 7 1 5 12226,,835232 800 800 11 ,830 10,940 890 8,275 7,759 516 I ,948 703 1 ,245 1961« J2282,,995316 800 800 11,830 10,940 890 8,357 7,841 516 I ,949 704 1 ,245 19628 12 22 2 9 4 4 9 , , , , 1 0 0 0 1 6 6 0 5 8 8 2 8 8 0 0 0 0 8 8 0 0 0 0 1 1 2 2, , 7 7 4 1 8 4 1 11 1 , , 9 9 6 9 3 7 7 7 5 5 1 1 8 8 , , 3 3 5 5 9 9 7 7 , , 9 9 1 1 1 1 4 4 4 4 8 8 2 2 , , 1 1 6 9 1 5 1 1 , , 2 2 5 8 0 4 9 9 1 1 1 1 1963 8, 1 (22 2 69 9 ,, , 39 7 6 7 01 9 4 8 8 0 0 0 0 8 8 0 0 0 0 1 14 4 , , 3 3 5 8 3 7 1 1 2 2 , , 4 4 6 6 7 7 1 1 , ,1 2 8 1 3 7 7 7 0 03 3 9 9 , , 2 2 1 0 4 4 8 8 , , 8 8 6 6 3 3 3 3 5 41 1 1 1 , , 9 9 6 65 0 8 8 0 0 8 8 1 1 , , 1 1 5 5 7 2 19648, 1 (3 3 3 3 , , 2 1 7 1 1 9 8 80 0 0 0 8 8 0 0 0 0 1 1 5 5 , , 4 4 2 2 8 4 1 1 3 3 , , 2 2 2 2 4 0 1 1 , , 1 1 2 2 5 5 1 1 , ,0 0 7 7 9 9 1 1 1 1 , , 0 0 0 5 1 6 1 1 0 0 , , 6 6 2 8 5 0 3 3 7 7 6 6 1 1 , , 7 7 2 2 2 2 8 8 1 1 8 8 9 9 0 0 4 4 1965,. 834 34 800 15,372 13,066 1,105 1 ,201 11,478 11,006 472 I ,431 679 752 1 ,011 211 800 13,600 12,484 860 256 14,387 13,859 528 906 581 325 1966 8 1 ,011 21 1 800 13,655 12,539 860 256 14,208 13,680 528 905 580 325 19678. 1 1 , , 0 0 3 3 3 3 2 2 3 3 3 3 8 8 0 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 3 4 1 1 5 5, , 2 3 0 3 5 6 5 5 5 5 8 8 6 6 9 7 1 7 4 4 8 73 7 2 2 0 0 4 4 1968-May. 33,150 1 ,047 247 800 13,615 12,247 557 81 1 17,867 17,257 610 621 454 167 June. 32,574 1 ,030 230 800 12,101 10,733 557 81 1 18,773 1 8,160 613 670 504 166 July.. 33,152 1,030 230 800 12,608 11 ,239 557 812 18,755 18,128 627 759 599 160 Aug.. 33,603 1 ,030 230 800 12,437 11 ,155 520 762 19,381 18,745 636 755 595 160 Sept.. 33,576 1 ,030 230 800 12,063 10,770 531 762 19,794 19,168 626 689 613 76 Oct.,. 33,973 1,030 230 800 12,136 10,843 531 762 20,035 19,415 620 772 704 68 Nov.. 35,602 1 ,030 230 800 13,688 12,397 529 762 20,116 19,492 624 768 700 68 Dec. 9 1 (3 3 3 3 , , 9 6 0 9 6 2 1 1 , , 0 0 3 3 0 0 2 2 3 3 0 0 8 8 0 0 0 0 1 1 2 2 , , 4 5 8 4 2 9 1 11 1 , , 3 3 1 1 9 9 5 4 2 6 9 2 7 7 0 01 1 1 1 9 9 , , 5 4 8 4 7 3 1 1 8 8 , , 9 9 7 7 8 8 6 46 0 5 9 7 73 4 7 0 6 6 9 9 8 8 4 3 2 9 1969-Jan... 33,777 1 ,031 231 800 10,728 9,565 462 701 21,331 20,837 494 687 647 40 Feb... 34,405 ( ,031 231 800 10,779 9,644 459 676 21,941 21,439 502 654 616 38 Mar.. 35,051 1 ,031 231 800 10,775 9,640 459 676 22,617 22,122 495 628 590 38 Apr.. 36,161 1,033 233 800 10,940 9,766 459 715 23,508 23,011 497 680 641 39 May^ 37,814 1 ,033 233 800 12,430 11 ,306 459 665 23,620 23,147 473 731 683 48 1 Represents liability on gold deposited by the International Monetary securities are based on a July 31, 1963, benchmark survey of holdings and Fund to mitigate the impact on the U.S. gold stock of foreign purchases regular monthly reports of securities transactions (see Table 16). Data in­ for the purpose of making gold subscriptions to the IMF under quota in­ cluded on the second line are based on a benchmark survey as of Nov. 30, creases. 1968, and the monthly transactions reports. For statistical convenience, 2 U.S. Govt, obligations at cost value and funds awaiting investment the new series is introduced as of Dec. 31, 1968, rather than as of the obtained from proceeds of sales of gold by the IMF to the United States survey date. to acquire income-earning assets. Upon termination of investment, the The difference between the two series is believed to arise from errors in same quantity of gold can be reacquired by the IMF. reporting during the period between the two benchmark surveys, from 3 Includes Bank for International Settlements and European Fund. shifts in ownership not involving purchases or sales through U.S. banks 4 Derived by applying reported transactions to benchmark data; and brokers, and from physical transfers of securities to and from abroad, breakdown of transactions by type of holder estimated for 1960-63. It is not possible to reconcile the two series or to revise figures for earlier Includes securities issued by corporations and other agencies of the U.S. dates. Govt, that are guaranteed by the United States. 5 Principally the International Bank for Reconstruction and Develop­ Note.—Based on Treasury Dept, data and on data reported to the ment and the Inter-American Development Bank. Treasury Dept, by banks and brokers in the United States. Data correspond 6 Includes difference between cost value and face value of securities in to statistics following in this section, except for minor rounding differences. IMF gold investment account. Liabilities data reported to the Treasury Table excludes IMF “holdings of dollars,” and holdings of U.S. Treasury include the face value of these securities, but in this table the cost value of letters of credit and non-negotiable, non-interest-bearing special United the securities is included under “Gold investment.” The difference, which States notes held by other international and regional organizations. amounted to $34 million at the end of 1968, is included in this column. The liabilities figures are used by the Dept, of Commerce in the statistics 7 Includes total foreign holdings of U.S. Govt, bonds and notes, for measuring the U.S. balance of international payments on the liquidity which breakdown by type of holder is not available. basis; however, the balance of payments statistics include certain adjust­ 8 Data on the two lines shown for this date differ because of changes in ments to Treasury data prior to 1963 and some rounding differences, and reporting coverage. Figures on the first line are comparable with those they may differ because revisions of Treasury data have been incorporated shown for the preceding date; figures on the second line are comparable at varying times. The table does not include certain nonliquid liabilities with those shown for the following date. to foreign official institutions that enter into the calculation of the official 9 Data included on the first line for holdings of marketable U.S. Govt. reserve transactions balance by the Dept, of Commerce. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1969 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 77 7. U.S. LIQUID LIABILITIES TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES, BY AREA (Amounts outstanding; in millions of dollars) End of period c f o o T u r o n e t t i a r g i l n e s E W u e ro st p e e r n 1 Canada A re m p L u e a b r t i i l c 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................................................................................................ 15,646 9,872 996 1,131 3,(45 249 253 1968 May................................................................................... 13,615 7,919 1 035 1,380 2,795 251 235 June.................................................................................... UJOI 7,045 671 1,197 2; 740 259 189 July..................................................................................... 12,608 7,054 709 1,528 2,848 284 185 Aug.................................................................................... 12^437 6,849 780 1,432 2^929 242 205 Sept.................................................................................... 12^063 6,962 438 1 ,196 2^963 293 211 Oct................................................................................. I2J36 6,854 4(6 I ,262 3,120 271 213 Nov.................................................................................... 13^688 8,097 574 1 ,357 3,160 271 229 Dec. 3................................................................................ l ( 1 1 2 2 , ,5 4 4 8 9 2 7 7 , , 0 0 0 0 1 9 5 5 3 3 3 2 1 1, '3 3 5 5 4 4 3 3 , , 1 1 6 2 8 2 2 2 5 4 9 8 2 22 2 5 6 5 969—Jan...................................................................................... 10,728 5,437 564 1 350 2,930 250 197 Feb..................................................................................... 10 ,'779 5,’252 512 1 413 3,070 262 270 Mar........................................................................ 10,775 5,191 466 1 ’373 3,208 246 291 Apr.................................................................................... 10^940 5’523 446 1 345 2,954 264 308 Mayf....................................................................... 12,430 7,288 403 1 ,281 2; 907 235 316 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 nonmarketable U.S. Govt, 3 See note 9 to Table 6. securities with an original maturity of more than 1 year 8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) To nonmonetary international To all foreigners and regional organizations5 Payable in dollars Deposits IMF End of period Total 1 Total Deposits b T i c r ll U e e s r a . t S s i a f u . i n r ­ d y s O t h e t o r h m r e t r ­ P f r o e a c r n y i u e c n a i r i g b ­ e l n s e i m n g v e o e n l s d t t 4 ­ Total Demand Time2 b T i c l r c e l U e s a r a t t . i s S e f a u s . i n ­ r d y s l O t i h e a t r o h b m r e . t 3 ­ r Demand Time 2 cates iiab,3 1966............................... 27,599 27,010 9,884 5,869 7,547 3,710 589 800 580 56 139 212 173 19676 ( ( 3 3 0 0 , , 5 6 0 5 5 7 3 3 0 0 , , 4 2 2 7 8 6 1 1 1 1 , , 7 5 4 7 7 7 5 5, , 7 7 7 8 5 0 9 9 , , 1 1 7 7 3 3 3 3 , , 7 7 2 5 7 0 2 2 2 29 9 8 8 0 0 0 0 4 4 8 7 7 3 6 6 7 7 1 1 2 20 4 1 1 7 7 8 8 1 1 1 0 8 7 1968--June................... 30,197 29,874 14,005 5,368 6,(54 4,347 323 800 504 79 118 215 92 July..................... 30,766 30,254 14,091 5,466 6,110 4,587 512 800 599 75 131 254 138 Aug..................... 31,295 30,788 14,526 5,523 6,252 4,487 507 800 595 53 138 265 139 Sept..................... 31,351 30,792 14,566 5,546 6,188 4,491 559 800 613 78 131 290 114 Oct...................... 31,762 31 ,211 14,917 5,493 6,405 4,396 551 800 704 56 123 404 121 Nov..................... 33,389 32,818 15,078 5,437 7,843 4,460 571 800 700 44 1 10 428 118 Dec...................... 31,795 31 ,159 14,461 5,493 6,797 4,408 636 800 698 68 120 394 116 1969--Jan...................... 31,849 31,344 15,838 5,498 5,422 4,586 505 800 647 59 100 361 126 Feb...................... 32,499 31,942 16,164 5,576 5,486 4,716 557 800 616 62 96 307 151 Mar..................... 33,152 32,578 16,366 5,607 5,376 5,229 574 800 590 69 98 211 212 Apr...................... 34,218 33,633 16,854 5,622 5,706 5,451 585 800 641 63 85 225 268 May*.................. 35,936 35,370 16,809 5,622 7,272 5,667 566 800 683 58 82 236 307 June*................. 37,228 36,631 20,223 5,700 4,975 5,733 597 800 616 76 87 214 298 For notes see the following page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 78 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ AUGUST 1969 8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE—Continued (Amounts outstanding; in millions of dollars) To residents of foreign countries To official institutions7 Payable in dollars Payable in dollars End of period Total Dema D nd eposi T ts ime2 T b c i r c l e e U l a r a s t . t s S i e a u f . s i n r ­ y d O s l t h i e t a o h r b m r e . t r 3 ­ P f r o e a c r n y u i e c n a r i i b g ­ e l n s e Total Dema D n e d posi T ts ime2 T b c i r l c U e e l a s r a . t t S s i e a u f . s i n r ­ d y s O l t h i e a t o r h b m r e t , r ­ 3 c P u fo a rr r y i e e n a n i b g c l n i e e s 1966......................... 26,219 9,829 5,730 6,535 3,537 589 12,539 1 ,679 2,668 6,316 1 ,359 517 19676........................ f 1 2 29 9 , , 2 '3 3 7 2 0 1 11 1 , , 5 6 1 8 0 0 5 5, , 6 6 5 5 5 6 8 8 , , 1 19 9 5 5 3 3 , , 6 6 4 1 3 0 2 22 2 9 9 1 14 4 , , 0 0 2 3 7 4 2 2 , , 0 0 5 5 4 4 2 2, ’ 4 4 5 6 8 2 7 7 , , 9 9 8 8 5 5 1 1 , ; 3 3 7 8 8 i 1 15 5 2 2 1968—June............. 28,893 13,925 5,250 5,139 4,256 323 10,733 2,103 1 ,942 5,000 1 ,471 217 July............. 29,367 14,015 5,335 5^056 4,448 512 11,239 2,306 2,058 4,927 1 ,544 404 Aug.............. 29,900 14,473 5,384 5,187 4,348 507 11 ,155 2,152 2,102 5,021 1 '476 404 Sept,............. 29,938 14^88 5,415 5’099 4,377 559 10,770 1 ,997 1,966 4,965 1 ,438 404 Oct............... 30,258 14,861 5,369 5,201 4,275 551 10,843 2,001 I ,987 5,089 1 ,362 404 Nov............ 31,889 15,034 5,328 6,615 4,342 571 12,397 2,253 1 ',909 6,494 1 ,337 404 Dec.............. 30,297 14,393 5'373 5,602 4,292 636 11 ,319 2; 149 1 ,899 5,486 1 ,322 463 1969—Jan................ 30,402 15,779 5,398 4,261 4,460 505 9,565 1 ,941 1,940 4,125 1 ,221 338 Feb.............. 31,083 16,102 5,480 4,379 4,564 557 9,644 1 ,844 I '928 4,265 1 ’219 388 Mar.............. 31,762 16’297 5,509 4,364 5 ,018 574 9,640 2,012 1 '879 4,218 1 J 43 388 Apr.............. 32,777 16,791 5,536 4,681 5,184 585 9,766 1 '869 1 '898 4,531 1 ,080 388 May p........... 34,453 16,751 5,540 6,236 5,359 566 11,306 1 792 1 '988 6,092 1 ,046 388 Junep........... 35,752 20,146 5,613 3,960 5,435 597 9,097 2,038 1 ,976 3,821 874 388 To banks8 To other foreigners To banks Payable in dollars and other foreigners: End of period Total payable in Total Deposits T bi r l e U ls a . s S a u . n r d y s O t h e t o r h m r e t r ­ Total Deposits T bi r l e U l a s . s S a u . n r d y s O t h e t o r h m r e t r ­ f r o e c r n u e c r i i g - e n s Demand Time! c c e a r t t e if s i­ liab.3 Demand Time2 c c e a rt t i e f s i­ liab.3 1966.......................... 13,680 9,864 6,636 1,243 137 1,848 3,744 1 ,513 1 ,819 83 329 72 19676........................ I I 1 15 5 , , 2 3 0 3 5 6 1 11 1 , , 0 1 0 3 8 2 7 7, , 7 9 6 3 3 3 1 1, , 1 1 4 4 2 2 1 1 2 2 9 9 1 1 , ; 9 9 7 2 3 7 4 4 , , 1 1 2 2 7 0 1 1 ; ,6 6 9 9 3 3 2 2 , , 0 05 5 2 4 8 8 1 1 3 2 0 9 2 2 7 7 7 7 1968—June............. 18,160 13,883 10,128 1,261 52 2,443 4,171 1 ,694 2,048 88 342 106 July............. 18,128 13,908 10,097 1 ,210 50 2,551 4,111 1 ,613 2,067 79 352 109 Aug. 18,745 14,516 10,740 1,214 85 2,477 4,126 1 ,581 2,069 81 395 103 Sept.............. 19,168 14,810 10,849 1 *333 56 2,570 4,203 1 ,641 2,116 78 368 155 Oct............... 19,415 15,070 11;264 1 ,241 35 2,529 4,197 1 ;596 2; 141 77 383 148 Nov............. 19,492 14,981 11,106 1 ’240 38 2,597 4,344 1,674 2,179 83 408 167 Dec.............. 18,978 14,362 10,448 1,275 30 2,609 4,443 1 ,796 2,199 86 362 173 1969—Jan........... 20,837 16,250 12,094 1 ,254 29 2,873 4,420 1 ,744 2,203 107 366 167 Feb.............. 21,439 16,878 12,489 1 367 41 2,982 4,391 1 770 2,185 73 362 170 Mar. 22,122 17,545 12,534 1 ,470 42 3,499 4,390 1 ,751 2,160 104 374 187 Apr.......... 23,011 18,434 13,159 1 ,517 40 3,718 4,380 1 762 2,121 110 386 197 Mayp...... 23,147 18 654 13,256 1 ’480 35 3,884 4,314 1 ^703 2^072 110 430 179 Junep........... 26,655 22,164 16,320 1,646 35 4,163 4,282 1 ,789 1 ,991 104 398 209 1 Data exclude ‘’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 Excludes negotiable time certificates of deposit, which are included 7 Foreign central banks and foreign central govts, and their agencies, in “Other.” and Bank for International Settlements and European Fund. 3 Principally bankers' acceptances, commercial paper, and negotiable 8 Excludes central banks, which are included in “Official institutions.’’ time CD’s. 4 U.S. Treasury bills and certificates obtained from proceeds of sales of Note.—“Short-term” refers to obligations payable on demand or having gold by the IMF to the United States to acquire income-earning assets. an original maturity of 1 year or less. For data on long-term liabilities Upon termination of investment, the same quantity of gold can be re­ reported by banks, see Table 10. Data exclude the “holdings of dollars” acquired by the IMF. of the International Monetary Fund; these obligations to the IMF consti­ 5 Principally the International Bank for Reconstruction and Develop­ tute contingent liabilities, since they represent essentially the amount of ment and the Inter-American Development Bank. dollars available for drawings from the IMF by other member countries. Includes difference between cost value and face value of securities in Data exclude also U.S. Treasury letters of credit and nonnegotiable, non­ IMF gold investment account. interest-bearing special U.S. notes held by the Inter-American Develop­ 6 Data on the two lines shown for this date differ because of changes in ment Bank and the International Development Association. reporting coverage. Figures on the first Jine are comparable in coverage Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1969 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 79 9. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (End of period; in millions of dollars) 1966 19671 1968 1969 Area and country Dec. Dec. Dec. Dec. Jan. Feb. Mar. Apr. May” June” Europe: Austria........................................................................... 196 231 231 162 136 144 155 159 116 132 Belgium-Luxembourg 2............................................... 420 601 632 313 337 331 310 350 337 408 Denmark........................................■.............................. 305 243 243 146 141 101 124 159 245 148 Finland............................................................................ 58 99 99 176 164 169 151 146 116 95 France.............................................................................. 1 ,070 1,326 1 ,330 1 ,383 1 ,468 1 ,468 1 ,476 1 ,260 1,139 1 ,425 Germany.......................................................................... 2,538 2,218 2,217 2,640 1,329 1,368 1 ,064 1,597 3,653 2,116 Greece.............................................................................. 129 170 170 183 195 178 170 190 176 165 Italy.................................................................................. 1,410 1,948 1 ,948 729 629 601 633 669 628 695 Netherlands,................................................................. 364 589 589 276 217 272 268 302 360 275 Norway.......................................................................... 283 449 449 448 317 322 336 334 289 257 Portugal......................................................................... 358 437 432 345 330 319 325 318 300 316 Spain....................................................................... 162 150 150 158 136 148 146 163 146 158 Sweden............................................................................ 656 492 492 453 453 391 419 391 319 281 Switzerland..................................................................... 1 ,085 1,732 1 ,732 2,155 2,050 1 ,816 2,154 I ,960 1 ,783 1 ,847 Turkey.................................................................. 43 33 33 29 33 33 30 28 36 28 United Kingdom........................................................... 3,817 4,851 4,667 6,200 8,130 8,599 9,024 9,801 9,895 12,648 Yugoslavia...................................................................... 37 23 23 33 25 20 21 24 22 21 Other Western Europe^.............................................. 234 736 706 357 411 385 383 386 387 412 U.S.S.R............................................................................ 8 8 8 5 12 6 6 8 4 7 Other Eastern Europe.................................................. 40 44 44 48 34 35 35 41 38 39 Total. ...................................................................... 13,933 16,378 16,194 16,238 16,549 16,705 17,229 18,285 19,988 21,473 Canada................................................................................. 2,502 2,706 2,709 2,796 2,925 3,100 3,061 3,092 3,247 3,073 Latin America: Argentina........................................................................ 418 480 479 479 491 482 494 521 480 425 Brazil................................................................................ 299 237 237 257 247 256 265 291 314 292 Chile................................................................................ 261 252 252 323 30! 330 336 345 344 348 Colombia........................................................................ 178 169 166 249 222 241 229 223 229 229 Cuba................................................................................ 8 9 9 8 8 7 8 8 8 8 Mexico........................................................................... 632 723 720 974 938 938 913 884 789 797 Panama............................................................................ 150 170 173 154 156 151 149 158 152 150 Peru.................................................................................. 249 274 274 276 277 279 274 273 262 252 Uruguay.......................................................................... 161 147 147 149 149 155 150 146 145 151 Venezuela....................................................................... 707 793 793 792 799 808 750 752 707 704 Other Latin American republics................................ 522 523 523 611 582 585 602 617 589 574 Bahamas and Bermuda......................................... 177 233 233 266 299 365 434 429 452 676 Netherlands Antilles and Surinam............................ 104 Ill 109 88 105 104 95 97 99 97 Other Latin America.................................................... 17 18 18 30 31 30 34 31 32 30 Total........................................................................ 3,883 4,140 4,134 4,657 4,605 4,729 4,733 4,776 4,601 4,733 Asia: China Mainland............................................................. 36 36 36 38 37 37 38 38 38 38 Hong Kong.................................................................... 142 215 217 270 269 256 262 253 257 237 India................................................................................ 179 354 354 281 215 236 253 274 297 227 Indonesia........................................................................ 54 34 34 50 62 66 69 80 70 67 Israel................................................................................ 115 125 125 219 190 154 154 144 158 156 Japan............................................................................... 2,671 2,563 2,612 3,319 3,248 3,382 3,546 3,417 3,441 3,435 Korea............................................................................... 162 176 176 171 155 150 132 129 138 143 Philippines..................................................................... 285 289 289 271 237 217 265 243 214 212 Taiwan.................................................................... 228 226 222 155 149 154 159 160 174 189 598 616 616 556 559 577 563 554 544 535 Other.............................................................................. 779 858 859 627 575 563 557 547 509 503 Total........................................................................ 5,250 5,492 5,541 5,956 5,696 5,793 5,998 5,840 5,839 5,741 Africa: Congo (Kinshasa)......................................................... 15 33 33 12 12 13 9 19 14 12 Morocco.......................................................................... 31 18 18 13 15 14 15 17 17 18 South Africa................................................................... 71 61 61 58 50 58 53 76 61 58 U.A.R. (Egypt).............................................................. 39 16 16 18 19 18 19 19 24 25 Other................................................................................ 229 221 221 260 265 297 267 257 255 251 Total........................................................................ 385 349 349 361 360 400 364 389 371 364 Other countries: Australia.......................................................................... 243 278 278 261 238 326 343 365 380 338 All other.......................................................................... 22 27 27 28 28 29 34 30 27 30 Total........................................................................ 266 305 305 289 267 355 377 395 407 368 Total foreign countries..................................................... 26,219 29,370 29,232 30,297 30,402 31,083 31,762 32,777 34,453 35,752 International and regional: International4................................................................. 1 ,270 1,181 1,175 1 ,388 1,328 1 ,303 1,256 1,322 1 ,360 1 ,332 Latin American regional.............................................. 73 78 70 78 83 80 96 87 90 107 Other regional 5............................................................. 38 28 28 32 36 33 38 32 33 37 Total........................................................................ 1 ,380 1,287 1,273 1,498 1,447 1,416 1,390 1,441 1 ,483 1,476 Grand total........................................................ 27,599 30,657 30,505 31,795 31,849 32,499 33,152 34,218 35,936 37,228 For notes see following page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 80 INTL. CAPITAL TRANSACTIONS OF THE U.S. a AUGUST 1969 9. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) Supplementary data 6 (end of period) 1967 1968 1969 1967 1968 1969 Area or country Area or country Dec, Apr. Dec. Apr. Dec. Apr. Dec. Apr. Other Western Europe: Other Asia—Cont.: Cyprus..................................... . . 1.7 20.9 8.0 2.3 Jordan............................................. 39,8 6.6 3.0 4.0 Iceland.............................................. 4.3 3.3 5.6 4.4 Kuwait............................................. 36.6 34.0 66.7 40.5 Ireland Rep of,............................ 9 4 14.7 23.8 20.5 Loas............................................... 3.6 4.0 3.1 4.0 1 .uxemhourg.................................... 31.3 (7) (7) (’) Lebanon........................................ 113.3 97.2 78.3 81.9 Malaysia............................................. 63.9 52.1 51.8 40.9 Other I abn American republics: Pakistan........................................... 54.8 54.1 59.7 23.6 Bolivia................... 59.9 61.0 66.0 Ryukyu Islands(incl. Okinawa).. 14.5 26.4 17.0 20.0 Costa Rica........................................ 42.6 55 0 51.1 60.7 Saudi Arabia.................................. 61.2 70.3 29.0 47.9 Dominican Republic ................. 55.1 60.2 68. 9 58.9 Singapore........................... 159.5 156.9 66.6 40.1 Ecuador.......................................... 85.6 64.1 66 4 61 9 Syria............................................... 6.3 6.5 2.1 4.0 El Salvador.................................... 72 8 83 6 82.1 88 7 Vietnam.......................................... 148.2 123.0 50.5 40.4 Guatemala............................... .. ., 73.0 96.4 85.8 89.9 Haiti................................................ 15.8 17.4 16.9 18.0 Other Africa: Honduras........................................ 29,7 31.4 33,2 36 5 Algeria............................................. 6.9 7.9 8.1 6.2 Jamaica........................................... 22.4 44.4 41 .7 28.5 Ethiopia, (incl, Eritrea)................ 23.8 22.5 13.2 15.0 Nicaragua ................................... 45 6 57 9 67 0 78 5 Ghana.............................................. 4.3 13.0 3.3 7.6 Paraguay.................................... 12 7 13,6 15 7 17 7 Kenya.................................. 16.4 19.8 28.6 34.1 Trinidad & Tobago..................... 6.1 9.2 10 J 7.7 Liberia............................................. 24.9 26.4 25.2 27. 8 Libya.......................................... 17.9 45.0 68.9 Other Latin America: Nigeria.................................... 37.9 24.0 19.6 9.5 British West Indies.......... 13.8 20,6 25.2 25.3 Southern Rhodesia...................... 2.4 4.2 1.4 2.0 Sudan.............................................. 2.3 2.1 5.3 2.9 Other Asia: Tanzania......................................... 20.3 26.9 21.2 23.5 Afghanistan,.................................. 5.5 5 6 6.2 7.6 Tunisia......................................... 10.3 2.0 7.1 2.3 Burma............................................ 10,8 16^6 4.7 5.2 Uganda........................................... 1.4 10.0 5.8 Cambodia....................................... 1.9 2.7 2.4 2.0 Zambia............................................ 24.8 21.3 25.3 Ceylon..................................... 5.0 4.5 4.2 5.1 Iran................................................... 49.6 38.4 41.3 43.9 All other: Iraq.................................................. 34.6 16.0 86.1 New Zealand.................................. 17.5 15.4 16.8 19.6 1 Data in the two columns for this date differ because of changes in « Data exclude “holdings of dollars” of the International Monetary reporting coverage. Figures in the first column are comparable in coverage Fund but include IMF gold investment. with those shown for the preceding date; figures in the second column are 5 Asian, African, and European regional organizations, except BIS and comparable with those shown for the following date. European Fund, which are included in “Europe,” 2 Through the first column for Dec, 1967 Luxembourg was included in & Represent a partial breakdown of the amounts shown in the “other” “Other Western Europe”. categories (except “Other Eastern Europe"). 3 Includes Bank for International Settlements and European Fund; 7 Included with Belgium. beginning with the second column for Dec. 1967, excludes Luxembourg. 10. LONG-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES (Amounts outstanding; in millions of dollars) To foreign countries Country or area To End of period Total reg i a n i n o t d i n , al Total O in t f i s f o i t n c it i s u al ­ Banks1 fo O r e t e r h i s g e n r ­ A t r i g n e a n­ A O m La t e h t r i e i n c r a Israel Japan Thailand O A t s h i e a r co o u t A n h t l e l r i r e s 1966................................ 1,494 506 988 913 25 50 234 8 197 140 277 133 19672.............................. (2,546 689 1 ,858 1,807 15 35 251 234 126 443 218 502 84 I 2,560 698 1 ,863 1,807 15 40 251 234 126 443 218 502 89 1968-—June................... 2,791 668 2,123 2,073 12 38 288 265 166 569 198 552 84 July..................... 2,627 639 1 ,989 1 '933 18 38 88 264 190 591 202 569 85 Aug................... 2 ,'759 644 2,115 2 059 18 38 188 263 205 593 205 576 85 Sept..................... 2*910 649 2'261 2 204 15 42 247 267 244 616 197 610 80 Oct............ 2,979 680 2 J00 2,240 12 47 247 266 242 644 201 622 78 Nov.............. 3,031 741 2,290 2 240 10 40 247 248 217 656 201 624 97 Dec..................... 3,150 760 2'390 2 342 8 40 284 257 241 658 201 652 97 1969—Jan...................... 3,158 768 2,390 2 347 6 38 273 251 240 658 201 648 120 Feb..................... 3,1 30 770 2^360 2’316 8 36 284 247 228 658 200 614 129 Mar..................... 3,099 760 2’338 2 298 5 36 284 242 221 658 200 607 125 Apr..................... 3,044 769 2,276 2 233 5 37 284 205 208 658 201 593 127 May”.................. 2^960 761 2 199 2 158 5 36 284 193 189 658 201 562 112 June”................. 2,920 757 2,163 2^11 18 34 284 153 189 658 198 560 120 1 Excludes central banks, which are included with “Official institutions.” those shown for the preceding date; figures on the second line are com­ 2 Data on the two lines for this date differ because of changes in report- parable with those shown for the following date. ing coverage. Figures on the first line are comparable in coverage with Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1969 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 81 11. ESTIMATED FOREIGN HOLDINGS OF MARKETABLE U.S. GOVERNMENT BONDS AND NOTES (End of period; in millions of dollars) 1968 1969 Area and country June July Aus. Sept, Oct. Nov. Dec. Dec. Jan. Feb. Mar. Apr. Mayp June? Europe: Denmark........................... 1 1 11 11 11 11 Il 11 10 10 9 9 9 9 9 Finland.................................. 2 2 2 2 2 2 2 I 1 1 1 1 I 1 France.................................... 7 7 7 7 7 7 7 5 5 5 5 6 6 6 Netherlands......................... 4 4 4 4 4 4 4 2 2 2 2 2 2 2 Norway.................................. 57 57 38 38 38 38 38 37 37 37 37 37 37 37 Spain..................................... Sweden.................................. 26 26 6 6 6 6 6 5 5 5 5 5 5 5 Switzerland........................... 91 91 90 90 90 87 87 39 45 45 45 45 44 44 United Kingdom................. 432 445 455 449 444 446 432 350 371 377 370 371 351 334 Other Western Europe. ... 47 47 46 46 46 46 46 30 30 30 30 30 30 30 Eastern Europe................... 7 7 6 6 6 6 6 6 6 6 6 6 7 7 Total 685 697 666 660 655 654 641 488 515 520 512 514 494 477 Canada 377 376 374 371 370 375 373 384 386 387 388 388 388 387 Latin America: Latin American republics.. 5 5 5 5 5 5 5 2 2 2 2 2 2 2 Neth. Antilles & Surinam. 17 20 22 22 22 22 22 15 15 15 15 15 12 12 Other Latin America.......... 2 2 2 2 1 1 • * ♦ ♦ ♦ * * Total 25 27 29 28 28 28 28 17 17 18 17 17 14 13 Asia: Japan........ 10 10 10 10 10 10 10 9 9 9 9 10 10 10 Taiwan. . . 2 2 2 2 2 2 2 2 2 2 2 2 2 2 Other Asia 52 52 50 61 61 61 61 16 15 15 15 16 16 16 Total 63 63 62 73 73 73 73 26 27 27 27 28 28 28 Other countries 20 20 25 25 25 23 23 11 11 9 9 9 9 9 Total foreign countries, 1,170 1,184 1,156 1,157 1,151 1,153 1 ,138 927 956 961 954 956 932 915 International and regional: International................... 129 122 122 37 29 29 29 25 25 24 24 24 32 32 Latin American regional.. 37 3? 38 38 38 39 13 13 14 14 14 15 15 15 Asian regional................ 1 1 1 1 I 1 1 Total 167 160 160 76 68 68 43 39 40 38 38 39 48 48 Grand total 1,336 1 ,344 1,316 1 ,233 1 ,219 1,221 1,180 966 996 999 992 995 980 962 Note.—Data represent estimated official and private holdings of mar­ Data shown for Dec. 1968 (second column) through latest date are based ketable U.S. Govt, securities with an original maturity of more than 1 on a benchmark survey as of Nov. 30, 1968, and the monthly transactions year. Data shown through Dec. 1968 (first column) are based on a July 31, reports. For statistical convenience, the new series is introduced as of Dec. 1963, benchmark survey of holdings and regular monthly reports of se­ 31, 1968, rather than as of the survey date. See also note 9 to Table 6. curities transactions (see Table 16). 12. 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 Total g B iu e m l­ C ad an a ­ 1 m D a e r n k ­ Italy2 Korea S d w en e­ T w a a i n ­ T la h n a d i­ Total A tr u ia s­ g B iu e m l­ m G an er y ­ 3 Italy z S er w la i n t­ d B.I.S. 1966 695 353 144 184 25 342 25 30 50 125 111 1967. 1,563 516 ........... 314 ........... 177 ........... 25 I ,047 50 60 601 125 211 1968--July.................. 2,521 1,122 12 914 10 146 15 25 1,399 50 60 852 125 311 Aug.................. 2,595 1,122 12 914 10 146 15 25 1 ,473 50 60 926 125 311 Sept.................. 2,865 1,392 12 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. .,.0..5..1. 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 1,692 32 1,334 20 146 15 25 20 100 1 ,738 50 1,126 226 337 Mar.................. 3,405 1 ,667 32 1 ,334 141 15 25 20 100 1 ,738 50 1,126 226 337 Apr................... 3,568 1 ,666 32 1,334 140 15 25 20 100 1 ,902 50 1 ,250 226 376 May......... 3,518 1,666 32 1,334 140 15 25 20 100 1 ,852 50 I ,200 226 376 June................. 3,269 1 ,416 32 1,084 140 15 25 20 100 1,853 50 1 ,200 226 377 July.................. 3,352 1 ,391 32 1 ,084 ........... 140 15 20 100 I ,961 25 ...1. .,.2..0...0 226 511 ........... i Includes bonds issued in 1964 to the Government of Canada in connec­ 2 Bonds issued to the Government of Italy in connection with mili­ tion with transactions under the Columbia River treaty. Amounts out­ tary purchases in the United States. standing end of 1966, $144 million; end of 1967 through Oct. 1968, $114 3 In addition, nonmarketable U.S. Treasury notes amounting to $125 million; 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

A 82 INTL. CAPITAL TRANSACTIONS OF THE U.S. a AUGUST 1969 13. SHORTTERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (End of period; in millions of dollars) 1966 19671 1968 1969 Area and country Dec. Dec. Dec. Dec. Jan. Feb. Mar. Apr. Mayp Junep Europe: Austria............................................................................. 16 17 16 6 3 5 3 3 12 3 Belgium-Luxembourg2.............................................. 67 66 83 40 45 52 46 53 55 62 Denmark.......................................................................... 62 37 37 36 34 42 31 29 31 35 Finland............................................................................ 91 78 78 63 63 61 57 59 59 60 France.............................................................................. 74 88 88 66 59 53 58 66 89 95 Germany.......................................................................... 227 176 179 171 142 149 136 157 178 165 Greece............................................................................. 16 19 19 12 11 12 12 12 15 14 Italy.................................................................................. 110 58 58 105 75 93 98 110 109 107 Netherlands..................................................................... 40 35 35 40 37 34 41 38 38 48 Norway........................................................................... 76 61 61 43 38 35 32 39 42 46 Portugal........................................................................... 41 26 26 10 9 8 8 9 9 12 Spain................................................................................ 67 54 54 46 40 40 44 47 40 51 Sweden............................................................................ 75 75 75 58 59 54 56 53 54 77 Switzerland...................................................................... 88 98 98 93 95 124 108 124 108 93 Turkey............................................................................. 52 38 38 38 26 26 35 31 28 29 United Kingdom........................................................... 193 244 244 318 303 305 338 339 338 356 Yugoslavia...................................................................... 19 13 13 22 33 43 36 38 37 33 Other Western Europe2............................................... 40 30 13 15 n 11 11 11 12 12 U.S.S.R............................................................................. 2 3 3 3 1 1 3 2 4 4 Other Eastern Europe.................................................. 16 18 18 21 18 18 18 21 25 21 Total........................................................................ 1 ,374 1,234 1 ,238 1,205 1,102 1,157 1,170 1 ,241 1,284 1 ,321 Canada................................................................................ 611 597 597 523 503 593 663 697 741 700 Latin America: Argentina.................................................................... 187 221 221 249 245 247 254 274 266 275 Brazil................................................................................ 112 173 173 338 338 336 337 331 328 336 Chile................................................................................ 158 177 177 193 176 168 165 164 161 168 Colombia......................................................................... 305 217 217 206 190 188 197 208 197 200 Cuba................................................................................ 16 16 16 14 14 14 14 14 14 14 Mexico............................................................................. 757 960 960 943 914 931 966 948 953 927 Panama............................................................................ 85 47 47 56 52 57 58 56 55 53 Peru................................................................................... 212 249 249 207 200 179 181 191 189 182 Uruguay........................................................................... 45 42 42 44 40 43 42 41 43 44 Venezuela....................................................................... 220 226 226 232 213 204 203 211 212 226 Other Latin American republics................................ 261 289 289 280 268 270 273 263 273 283 Bahamas and Bermuda................................................ 61 63 63 80 147 88 64 68 67 64 Netherlands Antilles and Surinam............................ 18 10 10 19 21 14 16 11 14 13 Other Latin America.................................................... 16 18 18 22 17 16 17 18 31 24 Total........................................................................ 2,453 2,707 2,707 2,884 2,837 2,756 2,787 2,798 2,802 2,807 Asia: China Mainland............................................................. 1 1 1 1 1 1 1 1 1 Hong Kong.................................................................... 31 28 30 32 27 26 33 42 38 40 India................................................................................. 16 10 10 19 13 13 11 12 10 12 Indonesia......................................................................... 6 5 5 23 19 24 25 59 61 54 Israel................................................................................. 98 57 57 84 80 80 94 93 122 118 Japan................................................................................ 2,572 3,147 3,154 3,113 2,998 2,972 3,053 2,916 3,035 3,223 Korea.............................................................................. 31 59 59 77 71 78 75 102 114 120 Philippines....................................................................... 220 295 303 239 233 241 269 253 256 272 Taiwan.............................................................................. 15 37 37 38 36 39 44 47 46 44 Thailand.......................................................................... 81 100 100 99 93 87 84 84 86 88 Other................................................................................ 135 137 138 145 138 142 137 152 157 178 Total........................................................................ 3,206 3,875 3,894 3,872 3,709 3,703 3,825 3,760 3,927 4,150 Africa: Congo (Kinshasa)......................................................... 1 1 3 3 2 2 4 7 4 Morocco.......................................................................... 2 2 2 2 2 3 4 3 4 3 South Africa.................................................................... 50 37 37 46 40 38 38 42 46 47 U. A. R. (Egypt).............................................................. 25 11 11 8 10 8 8 10 11 11 Other................................................................................ 69 52 52 73 72 70 56 60 62 67 Total.................................................................. 147 102 102 133 127 120 109 119 130 132 Other countries: Australia................................................................... 52 54 54 66 59 53 56 64 66 65 AH other.......................................................................... 10 13 13 13 11 10 10 11 12 13 62 67 67 79 70 63 65 75 78 78 Total foreign countries........................................ 7,853 8,583 8,606 8,695 8,347 8,392 8,620 8,689 8,962 9,187 International and regional.............................................. 1 * ♦ ♦ I 1 2 1 1 1 Grand total........................................................ 7,853 8,583 8,606 8,695 8,348 8,393 8,622 8,690 8,963 9,188 1 Data in the two columns for this date differ because of changes in Note.-—Short-term claims are principally the following items payable reporting coverage. Figures in the first column 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 in the second column 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 column 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 5 Beginning with the second column for Dec. 1967, excludes Luxem­ their customers in the United States. Excludes foreign currencies held bourg. by U.S. monetary authorities. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1969 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 83 14. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Payable in dollars) Payable in foreign currencies End of period Total Loans to— C t o io ll n e s c ­ A a m c n c a c e d e p e s t ­ Deposits g c F o u o v r r i t e t , i i e g s s e n , ­ Total out­ Other Total with for­ coml. Other Total O in t f i s o f t i i n c t i s u a ­ l Banks1 Others st i a n n g d­ f e o o i f r g n a fo e c r c r s ­ t, eigners a n p n a a d n p c e f e r i­ 1 ................................ 7,853 7 433 3,141 256 1 739 1,145 1,288 2,540 464 420 241 70 110 1967 2 (8,583 8,158 3,137 306 1,603 1,228 1,511 3,013 498 425 287 74 63 (8,606 8,182 3,150 306 1 ,616 1 ,228 1 ,552 3,013 467 425 287 70 67 1968--June................... 8,244 7,919 3,041 288 1 ,604 1,149 1 ,615 2,796 467 325 228 38 60 July..................... 8,179 7'841 3,002 287 1 '566 1,148 1,586 2,787 467 338 230 44 65 Aug.................... 8,230 7'903 3,022 300 1 ,570 I ,' 152 1 '606 2'824 452 326 225 38 62 Sept.................... 8'323 7’977 3'197 302 1 '731 1'163 1 ,621 2,'745 415 346 250 29 67 Oct............ 8'428 8'031 3,150 267 1 ,‘705 1,178 1 ,657 2'773 451 397 306 28 63 Nov........... 8'547 8,149 3'219 220 1 ,81 1 1 ,189 1 '697 2,'747 486 398 279 52 67 Dec.................... 8,695 8,259 3,163 247 1 '697 1,219 1,733 2,854 509 436 336 29 72 1969—-Jan...................... 8,348 7,984 3,038 217 1 ,667 1,154 1,623 2,794 528 364 249 50 65 Feb...................... 8,393 8,014 3 J38 222 1 ,757 1'159 1 '567 2,746 563 379 263 40 76 Mar.................... 8,622 8 J95 3^204 275 1 '781 1’149 1 ,634 2,777 580 427 267 70 90 Apr..................... 8,690 8,'207 3,159 289 1 ,763 1,108 1,711 2,773 563 483 318 67 98 Mayp................. 8,963 8,468 3,204 295 1 '851 1 '058 1 ',733 2,899 632 495 290 100 104 JuneP.................. 9,188 8,670 3^323 291 1 ;973 1 ;O59 1,748 3^067 532 518 334 77 107 1 Excludes central banks which are included with “Official institutions.” 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 15. LONG-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES (Amounts outstanding; in millions of dollars) Type Country or area Payable in dollars End of Payable period Total Loans to— O lo t n h g e ­ r c fo u r r ’ e r ” e i g n n - U K d n i o n i m t g e ­ d E O u t r h o e p r e Canada A L m a e t r i i n c a Japan O A t s h i e a r co o u t A n h t l e r l r ie s Official Other term ctes Total institu­ Banks * foreign­ claims tions ers 1966.................. 4,180 3,915 702 512 2,702 247 18 70 1,143 326 I ,346 326 409 562 1967.................. 3'925 3^38 669 323 2^645 272 15 56 720 427 1 ,556 180 449 537 1968—June.... 3,736 3,380 568 292 2,520 345 11 65 601 417 1,435 152 559 506 July.... 3,627 3,272 541 274 2,457 343 11 65 552 414 1 ,411 145 545 495 Aug....... 3,612 3,262 526 268 2,467 339 12 70 519 414 1 ,401 138 567 502 Sept....... 3,571 3,217 516 266 2,435 342 12 71 506 418 1 ,384 136 558 498 Oct........ 3,645 3,285 582 267 2,436 346 13 71 495 416 1 ,418 132 620 492 Nov....... 3,603 3,242 577 246 2,419 347 14 69 497 420 1 ,382 128 624 484 Dec........ 3,567 3,158 528 237 2,393 394 16 68 479 428 1 ,375 122 617 479 1969—Jan........ 3,509 3,117 509 230 2,379 376 16 67 473 408 1 ,376 118 611 456 Feb........ 3,534 3,114 501 243 2,370 402 18 67 474 432 I ,382 117 610 452 Mar....... 3,434 3,017 485 211 2,321 401 16 67 473 400 1 ,336 114 571 473 Apr........ 3,435 3,020 478 230 2,312 400 15 66 480 402 1 ,331 113 577 466 Mayf... 3,453 3,061 472 239 2,350 375 17 55 487 397 1,352 112 572 477 June®... 3,406 2,981 485 220 2,276 404 22 54 484 398 1,334 101 588 447 i Excludes central banks, which are included with “Official institutions.” Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 84 INTL CAPITAL TRANSACTIONS OF THE U.S. □ AUGUST 1969 16. 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............................... -489 -161 -328 -380 51 17,558 13,329 4,229 2,306 3,673 -1,367 1,245 1 ,562 -316 1969—Jan.-June’.... -3 9 -12 -3 -9 8,202 6,729 1,474 884 1,371 -487 835 1,108 -273 1968—June................... 3 2 -I 3 1,505 1,166 340 105 237 -131 94 113 -19 July................... 8 -6 14 14 1 ,496 1,109 387 167 253 -86 81 83 -2 Aug.................... -28 -28 -36 8 1 ,340 1,049 291 141 226 -85 100 187 -87 Sept................... -83 -85 2 11 -9 1,279 960 319 116 225 -110 97 201 -104 Oct..................... -14 -8 -6 -6 1 ,856 1 ,454 402 450 692 -242 216 154 62 Nov................... 2 2 -2 3 1 ,610 1 ,270 340 172 361 -189 146 155 -9 Dec................... -41 -26 -15 ............... -15 1 ,803 I ,468 334 104 166 -62 100 174 -74 1969—Jan..................... 30 1 29 29 1 ,660 1 ,134 525 168 344 -176 130 109 21 Feb.................... 4 -1 5 -3 7 I ,416 1 ,065 351 121 227 -106 123 191 -68 Mar.................... -7 -7 -7 1 ,270 981 289 244 264 -19 126 125 1 Apr.................... 3 1 2 2 1 ,121 1 ,019 102 104 180 -76 102 137 -34 Mayp................. -15 9 -24 * -24 1 ,566 1 ,338 228 156 151 6 169 254 -85 JuneP................. -17 -17 ............... -17 1,169 1 ,192 -23 91 205 -115 185 293 -108 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 12. 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. 17. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE STOCKS, BY COUNTRY (In millions of dollars) Period Total France m G a e n r y ­ N la e n th d e s r­Sw la i n tz d er­ K U in n g i d te o d m E O u t r h o e p r e E T u o r t o a p l e Canada A L m a e t r i i n c a Asia Africa co O u t n h t e ri r e s r I e n g t i i o . n & al 1967....................... 757 68 68 22 250 -115 49 342 265 84 49 ♦ 3 14 1968....................... 2,270 201 169 298 822 -28 130 I ,592 386 151 124 2 3 12 1969—Jan.-June p 857 21 94 62 325 -150 186 537 143 108 55 -1 ♦ 15 1968—June.......... 199 13 16 7 94 -8 7 128 37 14 19 1 July........... 222 20 8 -4 120 -10 18 153 46 5 20 I -2 Aug............ 80 15 6 7 48 -9 13 80 9 -17 6 1 Sept........... 150 25 8 4 45 7 11 100 25 7 16 -I 2 Oct............ 211 9 24 7 119 -11 -4 144 21 30 15 2 Nov 284 48 17 18 92 26 6 207 40 18 18 2 Dec............ 237 20 31 8 79 -21 34 151 39 39 6 * * 2 1969—Jan............. 362 9 27 8 152 1 16 213 94 30 22 -1 4 Feb............ 270 9 21 3 113 2 43 191 36 40 5 -1 Mar........... 99 4 18 • 13 82 -39 33 111 -9 — 12 9 Apr....... 74 6 12 * 35 -21 20 51 9 10 3 ♦ 1 May?........ 156 3 5 22 63 -25 50 118 -1 30 1 ♦ 8 JuneP........ -104 -11 12 16 -120 -68 24 -148 15 10 15 ♦ -1 4 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1969 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 85 18. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE BONDS, BY COUNTRY (In millions of dollars) Period Total France m G a e n r y ­ N la e n th d e s r­Sw la i n tz d er­ K U in n g i d te o d m E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n c a Asia Africa co O u t n h t e ri r e s I r n e t g i, i o a n n a d l 1967....................... 313 114 38 9 177 -337 42 43 41 31 30 34 14 121 1968....................... 1 ,959 195 248 39 510 522 238 1,752 68 1 2 -1 * 11 117 1969—Jan-Junep. 616 46 57 3 90 196 38 430 20 16 -13 ♦ 23 141 1968—June.......... 141 4 3 32 82 -6 116 17 5 1 ♦ 2 July........... 164 18 13 4 68 21 19 143 16 4 1 2 Aug............ 212 17 56 7 28 47 35 190 -2 13 2 * 9 Sept. 170 6 51 1 43 -8 9 102 4 -3 —1 * 68 Oct............. 191 9 58 13 25 4 106 4 -II -24 * 3 113 Nov........... 56 50 -1 1 24 -2 -6 66 -5 -5 -I -3 4 Dec....... 98 9 3 * 38 34 9 93 -9 * 3 * 10 1 1969—Jan............. 163 3 3 2 38 8 34 89 4 2 * 3 66 Feb............ 81 3 7 46 -9 48 4 6 -3 • 10 16 Mar...... 190 32 43 -1 23 9 12 118 -6 -10 -H ♦ -2 102 Apr.......... 28 -2 2 34 3 37 8 8 6 -32 Mayp........ 73 9 7 4 25 44 1 88 3 9 * 7 -34 JuneP........ 82 * 2 * -5 55 -2 50 7 2 1 * -1 23 Note.—Statistics include State and local govt, securities, and securities the United States. Also includes issues of new debt securities sold abroad of U.S. Govt, agencies and corporations that are not guaranteed by by U.S. corporations organized to finance direct investments abroad. 19. NET PURCHASES OR SALES BY FOREIGNERS OF LONG­ 20. FOREIGN CREDIT AND DEBIT TERM FOREIGN SECURITIES, BY AREA BALANCES IN BROKERAGE ACCOUNTS (In millions of dollars) (Amounts outstanding; in millions of dollars) Total Credit Debit Period Total I a r n n e t d ­ i. c e o f i o u g r n n ­ ­ r E o u p ­ e C a a d n a ­ A L i a m c t a i e n r ­ Asia r A ic f a ­ O c t o r t i u h e n e s ­ r E pe n r d i o o d f fo b ( r d a e l u i a g e n n c t e o e r s s ) f ( o d b r u a e e l i a g n f n r c e o e r m s s ) gional tries 1964......................................... 116 91 1967..................... —1,320 -393 -927 3 -768 38 -152 -20 -27 1965.......................................... 158 119 1968.................... -1'684 -329 -1,354 7 -934 -300 -96 -39 6 1966................................ 175 128 1967................................ 311 298 1969-Jan.-Ju ne p -760 80 -840 -29 -580 -76 -146 -7 -2 1968—Mar.............................. 351 269 1968—June........ -150 2 -152 8 -103 -27 -20 -12 2 454 375 July......... -88 -14 -74 53 -56 -60 -7 -4 Sept................ 468 399 Aug......... -173 -13 -159 -58 -92 -2 -8 -1 2 Dec.............................. 632 506 Sept, -214 -18 -195 -69 -61 -44 -21 Oct.......... -180 -218 39 79 -55 6 -7 16 1969—Mar.’’.......................... 570 411 Nov......... -198 -58 -140 41 -101 -60 -26 3 2 Dec.......... -136 -6 -131 -68 -17 -5 -35 * -6 Note,—Data represent the money credit balances and 1969—Jan........... -155 -32 -122 13 -129 -5 -4 -1 3 money debit balances appearing on the books of reporting Feb.......... -174 -5 -170 -3 -163 4 -9 2 brokers and dealers in the United States, in accounts of Mar......... -18 102 -121 22 -20 -60 -45 -6 -11 foreigners with them, and in their accounts carried by Apr. -110 8 -118 -21 -62 -14 -21 1 foreigners. Mayp.... -79 3 -83 -16 -43 2 -26 1 Junep.... -223 4 -227 -23 -163 -I -41 ♦ I Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 86 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ AUGUST 1969 21. LIABILITIES OF U.S. BANKS TO THEIR FOREIGN BRANCHES (In millions of dollars) Wednesday Amount Wednesday Amount Wednesday Amount Wednesday Amount 1964 1966 1968r 1969r J F M a e n a b . r . 2 2 2 6 9 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 , , , 0 0 0 7 4 4 7 0 6 J M F a e n a b . r . . 2 2 3 6 3 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . J 1 I , , , 6 9 8 8 0 7 8 2 9 J M F a e n a b . r . . 2 2 3 8 1 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 4 , , , 5 9 2 3 2 5 0 0 9 Mar. 1 1 5 2 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 9 9 , , , 3 1 7 0 8 1 5 2 9 5,020 26.............................. 9,622 Apr. 29............................. 1,146 Apr. 27.............................. 1 ,909 5,872 May 27.............................. 1,132 May 25.............................. 2,003 6,202 917 June 29............................. 1 ,951 July 31. . 6,126 Apr. 2.............................. 9,206 July 29............................ 1,008 July 27 2,786 7,004 ‘ 9.........9..,.5..1..1.............. 1,166 Aug. 31 . 3,134 7,104 16.............................. 9,704 1,166 3,472 23.............................. 10,281 Oct. 30.............................. 7,041 30.............................. 9,436 O N D c o e t c v . . . 2 2 3 5 8 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 , , , 3 1 1 8 8 9 0 3 8 O N D o e c c t v . . . 2 3 2 0 8 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 4 , , , 7 6 0 7 8 3 1 6 6 Nov. 2 1 6 0 3. . , . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 6 7 , , , 9 1 3 3 4 5 1 8 7 9,982 Jan. 27.... 1 .. 9 .. 6 .. 5 ................... 1,358 Jan. 25..... 1 .. 9 .. 6 .. 7 ................... 3,653 Dec. 27 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 7 6 7 , , , 1 8 3 8 7 5 3 0 6 2 2 14 8 1 . . .. . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9 9 0 , , , 5 8 1 5 5 0 9 0 3 Feb. 24............................. 1,592 Feb. 22.............................. 3,396 18 7,232 Mar. 31.............................. 1,431 Mar. 29.............................. 3,412 25 6,948 10,807 Apr. 28............................. 1,433 Apr. 26............................. 3,047 I969r 11.............................. 11,823 1,432 May 31............................ 2,776 Jan. 1 .............................. 6,039 18.............................. 13,114 June 30............................. 1,436 June 28.............................. 3,166 8.............................. 7,485 25.............................. 13,239 15.............................. 8,083 July 28............................. 1,572 July 26............... 3,660 22.............................. 8,536 Aug. 25............................. 1,792 Aug. 30.............................. 3,976 29.............................. 8,545 Sept. 29............................. 1,611 Sept. 27 . .......................... 4,059 July 2 . 12,802 Feb. 5.............................. 8,534 9.......1..3..,..7..6..2.. ........... Oct. 27.............................. 1,719 Oct. 25.............................. 4,322 12.............................. 8,273 16.. 14,226 Nov. 24............................. 1,697 Nov. 29.............................. 4,206 19.............................. 8,532 23 . 14,321 Dec. 29............................. 1,345 Dec. 27.............................. 4,241 26.............................. 8,818 30.............................. 14,391 Note.—The data represent gross liabilities of reporting banks to their branches in foreign countries. For weekly data covering the period Jan. 1964-Mar. 1968, see May 1968 Bulletin, page A-104. 22. DEPOSITS, U.S. GOVT. SECURITIES, 23. SHORT-TERM LIQUID CLAIMS ON FOREIGNERS AND GOLD HELD AT F.R. BANKS FOR REPORTED BY NONBANKING CONCERNS FOREIGNERS (In millions of dollars) (In millions of dollars) Payable in Assets in custody Payable in dollars foreign currencies E pe n r d i o o d f Deposits U.S. Govt. Earmarked E p n er d i o o d f Total Short­ Short­ U K n i i n t g ed ­ Canada securities1 gold Deposits in te v r e m st ­ Deposits in te v r e m st ­ dom ments’ ments 1 1966............... 174 7,036 12 946 1967............... 135 9,223 13'253 1966.................... 973 757 48 109 59 441 301 1968—J A u u ly g . . . . . . 2 1 0 2 2 7 7 7 , , 6 5 0 9 9 0 1 1 3 3 , , 2 3 8 5 1 7 / 1 I 1 , , 0 1 7 6 8 3 7 8 6 5 8 2 1 1 3 3 3 3 1 1 2 2 7 8 4 4 9 9 5 62 3 1 7 3 3 0 0 9 9 O S N D e c e o p t c v . t . . . . . . . . . . , . 2 1 2 1 2 0 1 9 0 0 2 6 7 9 7 9 , , , , 6 9 7 1 7 5 7 2 3 7 6 0 1 1 1 1 3 3 3 3 , , , , 1 0 1 0 5 5 8 6 1 9 7 6 1968— J J M A u u u n l a y g e y . . . . . . . . . . . . . . . . . . . . 1 1 1 1 , , , , 9 8 7 8 3 9 2 5 7 4 6 0 1 1 1 1 , , , , 5 7 4 5 3 0 4 3 7 4 9 9 1 1 1 1 1 0 1 2 0 6 4 4 1 1 1 1 3 3 3 3 1 2 7 4 6 4 4 3 3 5 8 4 1 1 1 1 , , , , 1 2 3 2 3 2 7 3 1 2 7 6 2 2 2 3 8 9 8 2 1 7 0 6 1969—J M A F a e p n a b r r . . . . . . . . . . . . . 1 1 1 1 2 6 2 3 1 6 0 4 7 8 8 8 , , , , 8 0 5 0 9 1 2 6 3 2 6 2 1 1 1 1 3 3 3 3 , , , , 1 1 1 1 2 7 3 6 8 6 2 0 S O N D e e c o p c t v t . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 , , , , 8 6 8 7 2 3 3 6 5 9 8 8 1 1 1 1 , , , , 3 3 2 4 9 9 1 1 8 3 9 0 1 9 9 8 0 5 0 7 6 2 2 2 2 7 9 2 6 8 9 5 2 5 6 6 3 1 7 0 0 1 1 1 , , , 1 1 1 9 8 5 3 7 3 5 4 9 2 2 2 2 6 4 8 4 1 1 0 2 J J M u ul n a y y e . . . . . . . 1 1 1 5 5 0 8 5 7 1 7 7 0 , , , 7 4 0 1 3 1 5 0 9 1 1 1 3 3 3 , , , 0 0 0 5 3 3 0 7 9 1969—J M F a e n a b r . / . C C . . . . . . . . 1 1 1 , , , 8 8 77 5 3 5 6 4 1 1 1 , , , 3 3 3 8 5 4 8 0 0 1 1 1 0 0 2 1 5 2 2 2 2 4 5 3 5 8 6 1 1 7 0 3 9 7 2 1 1 1 , , , 0 0 0 9 4 7 9 6 4 4 3 4 5 3 0 3 2 0 Apr.r... 1 ,797 1 ,301 U9 258 119 1 ,010 450 1 U.S. Treasury bills, certificates of indebtedness, May.... 1,958 1 ,414 94 338 112 1,059 504 notes, and bonds; includes securities payable in foreign currencies. 1 Negotiable and other readily transferable foreign obligations payable on demand or having a contractual maturity of not more than I year from the date on which the Note.—Excludes deposits and U.S. Govt, securities obligation was incurred by the foreigner. held for international organizations. Earmarked gold 2 Data on the two lines for this date differ because of changes in reporting coverage. is gold held for foreign and international accounts and Figures on the first line are comparable in coverage with those shown for the preceding is not included in the gold stock of the United States. date; figures on the second line are comparable with those shown for the following date. Note.—Data represent the liquid assets abroad of large nonbanking concerns in the United States. They are a portion of the total claims on foreigners reported by nonbanking concerns in the United States and are included in the figures shown in Table 25. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1969 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 87 24. 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 1968 1969 1968 1969 Mar. June Sept. Dec. MarJ' Mar. June Sept. Dec. Mar.J1 Europe: Austria........................................................ 2 3 2 3 3 17 6 6 5 5 Belgium-Luxembourg.............................. 29 47 60 78 79 44 54 68 49 61 Denmark..................................................... 43 8 8 4 2 10 9 10 12 12 Finland.................................■..................... 4 4 4 4 7 9 9 9 6 France......................................................... 68 92 H4 112 112 128 136 157 145 140 Germany, Fed. Rep. of........................... 108 125 150 120 112 128 127 174 204 153 Greece......................................................... 12 15 14 1 1 5 20 24 26 27 22 Italy............................................................. 59 60 64 63 57 111 1 19 130 124 119 Netherlands...................................... 71 84 65 42 55 78 86 67 54 59 Norway,..................................................... 4 4 5 4 6 10 10 10 10 12 Portugal...................................................... 4 6 8 4 7 6 8 8 7 7 Spain........................................................... 34 50 48 37 40 88 72 76 71 85 Sweden....................................................... 17 24 26 25 20 26 26 26 26 25 Switzerland................................................ 63 70 112 116 115 31 32 71 39 49 Turkey........................................................ 3 3 3 5 5 9 9 7 6 13 United Kingdom...................................... 255 274 407 393 384 1 ,095 1,527 1 ,450 1 ,219 1 ,309 Yugoslavia................................................. 1 1 I 6 6 4 7 8 Other Western Europe............................ 4 6 5 9 13 12 13 15 16 17 Eastern Europe........................................ 1 1 1 2 2 10 10 6 8 12 Total................................................... 783 877 1,096 1 ,032 1 ,018 1 ,836 2,282 2,318 2,038 2,115 Canada........................................................... 191 199 199 194 166 501 559 501 540 704 Latin America: Argentina................................................... 5 6 7 6 8 28 31 36 46 45 Brazil........................................................... 1 3 18 19 16 17 83 87 102 91 90 Chile............................................................ 10 12 6 5 4 31 30 38 36 39 Colombia................................................... 6 9 7 7 7 25 25 25 29 26 Cuba........................................................... 2 2 2 2 2 Mexico................................................... 7 9 9 6 7 109 83 94 103 HI Panama....................................................... 5 3 5 3 4 10 12 15 15 14 Peru............................................................. 6 5 6 7 7 28 28 28 26 28 Uruguay..................................................... 2 1 1 I 1 4 5 4 6 5 Venezuela................................................... 35 35 36 33 27 62 59 57 67 60 Other L.A republics................................ 15 I 8 23 20 16 59 63 72 82 78 Bahamas and Bermuda........................... 9 12 10 18 19 35 36 46 66 66 Neth. Antilles & Surinam...................... 5 4 4 5 3 5 6 5 6 6 Other Latin America,............................. 2 2 1 2 2 9 8 8 9 11 Total................................................... 120 133 134 130 122 490 474 532 584 579 Asia: Hong Kong................................................ 4 4 4 5 4 7 10 10 8 9 India............................................................ 13 14 10 12 15 41 37 39 34 32 Indonesia...................................... 4 5 3 4 5 6 6 7 7 8 Israel........................................................... 4 17 15 17 13 7 10 9 6 11 Japan........................................................... 75 78 91 89 99 178 175 195 207 200 Korea.......................................................... I 1 1 1 2 12 14 18 21 22 Philippines................................................. 8 8 10 9 8 26 22 21 25 25 Taiwan................................................... . 6 4 3 5 5 8 12 12 19 19 Thailand..................................................... 2 2 2 2 2 13 15 15 16 13 Other Asia. ............................................... 46 45 36 31 39 86 90 97 134 120 Total................................................... 165 176 175 176 193 383 392 423 477 460 Africa: Congo (Kinshasa).................................... I 1 1 1 1 2 5 3 2 3 South Africa.............................................. 7 6 12 11 9 17 16 19 31 27 U.A.R. (Egypt)......................................... 4 6 4 5 5 5 6 6 7 7 Other Africa............................................. 16 12 8 8 14 37 37 37 37 41 Total.................................................. 29 24 25 24 29 61 64 65 76 78 Other countries: Australia............................................... 53 46 43 44 44 57 62 58 54 56 All other..................................................... 7 7 6 5 5 12 10 9 11 I! Total. . ............................................... 60 53 49 49 49 69 72 68 65 67 International and regional......................... * * * * • * I 1 1 2 Grand total....................................... 1 ,348 1 ,463 1 ,678 1,606 1,578 3,341 3,845 3,907 3,781 4,003 Note.—Reported by exporters, importers, and industrial and com- Data exclude claims held through U.S. banks, and intercompany accounts mercial concerns and other nonbanking institutions in the United States. between U.S. companies and their foreign affiliates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 88 INTL. CAPITAL TRANSACTIONS OF THE U.S. ° AUGUST 1969 25. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS, BY TYPE (In millions of dollars) Liabilities Claims Payable in foreign currencies End of period Payable Payable in Payable Total dol in la rs cu fo rr r e e n ig c n ie s Total do i l n la rs b D a e n p k o s s i a ts b r w oa it d h Other in reporter’s name 1965—Mar........................................................................................... 695 531 165 2,612 2,147 189 277 June........................................................................................... 740 568 172 2311 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. *........................................................................................ 810 600 210 2,299 1,911 166 222 1966—Mar......................................................................................... 849 614 235 2,473 2,033 211 229 June.......................................................................................... 894 657 237 2'469 2,063 191 215 Sept........................................................................................... 1 ,028 785 243 2,539 2,146 166 227 Dec............................................................................................ 1 '089 827 262 2'628 2’225 167 236 1967-—Mar......................................................................................... 1,148 864 285 2,689 2,245 192 252 June.......................................................................................... 1.203 916 287 2,585 21110 199 275 Sept........................................................................................... 1 ,353 1 ,029 324 2’555 2,116 192 246 Dec................................................................................... 1 ’371 1,027 343 2^946 2,529 201 216 Dec.1....................................................................................... 1 ,386 1 ,039 347 3,01 1 21599 203 209 1968—Mar............................................................................................ 1 ,348 981 367 3,341 2,908 211 222 June........................................................................................ 1 ,463 1 ,046 417 3’845 3 306 210 229 Sept.......................................................................................... I ,678 1 ,271 407 3,907 3 292 422 193 Dec............................................................................................ 1 ’,606 1 223 382 3,781 3,172 368 241 1969—Mar J’........................................................................................ 1 ,578 1,182 397 4,003 3,325 350 328 1 Data differ from that shown for Dec. in line above because of changes in reporting coverage. 26. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (In millions of dollars) Claims Country or area End of period Total liabilities Total K U in n g i d te o d m E O u t r h o e p r e Canada Brazil Mexico A O L m a t e h t r i e n ic r a Japan O A t s h i e a r Africa o A th l e l r 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 j235 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 1 388 27 257 303 214 88 290 110 98 85 15 Sept......................... 411 1,452 40 212 309 212 84 283 109 103 87 13 Dec........................... 414 1 337 43 257 311 212 85 278 128 117 89 16 Dec.1....................... 428 1 ,570 43 263 322 212 91 274 128 132 89 16 1968—Mar........................... 582 1,536 41 264 330 206 61 256 128 145 84 21 June. 747 1 ,568 32 288 345 205 67 251 129 134 83 33 Sept............... 757 1 ,625 43 313 376 198 62 251 126 142 82 32 Dec........................... 1 ,087 1 339 142 312 381 194 73 231 128 156 83 38 1969—Mar p....................... 1,235 1 ,805 165 348 383 194 75 224 126 176 72 43 1 Data differ from that shown for Dec. in line above because of changes in reporting coverage. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1969 □ MONEY RATES A 89 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 HII.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 13.362 23.761 1968—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 ■'1.9927 93.177 16.675 4I3.3O8 423.757 Dec........................................................ .28500 ................... 110.82 3.8681 J.9935 93.177 16.678 13.340 23.763 1969—Jan........................................................ .28512 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 Mar....................................................... .28489 111.17 3.8671 1.9883 92.863 16,678 13.321 23.785 Apr........................................................ .28490 111.24 3.8669 1,9890 92.903 16,678 13.285 23.785 May...................................................... .28490 110.93 3,8646 1.9925 92,837 16.694 13.269 23.785 June..................................................... .28490 111.07 3.8647 1.9868 92.628 16.795 13.282 23.785 July....................................................... .28490 ................... 111.11 3.8664 1.9889 92.526 16.785 13.282 23.771 Germany Neth- Period France (deutsche India Ireland Italy Japan Malaysia Mexico erlands (franc) mark) (rupee) (pound) (lira) (yen) (dollar) (peso) (guilder) 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 25.007 516.596 279.30 .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—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...................................................... 420.121 625.153 13.230 238.58 3. 16037 .27925 32.538 8.0056 427.556 Dec........................................................ 20.199 25.032 13.234 238.42 .16026 .27940 32.614 8.0056 27,710 ! 969—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 Mar....................................................... 20.167 24.879 13.244 239.17 . 1591 1 .27935 32,639 8.0056 27.565 Apr........................................................ 20.145 24.925 13.249 239,31 . 15947 .27917 32.649 8,0056 27.520 May.................................................. 20.115 25.065 13.212 238.65 .15919 .27899 32.636 8.0056 27.467 June...................................................... 20.110 24.992 13.223 238.95 .15946 .27880 32.638 8.0056 27.424 July....................................................... 20.110 25.002 13.228 239.04 .15926 .27809 32.586 8.0056 27.469 New Zealand South Switz- United Norway Portugal Africa Spain Sweden erland King- Period (krone) (escudo) (rand) (peseta) (krona) (franc) dom (pound) (dollar) (pound) (964................................................................... 276.45 13.972 3.4800 139.90 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 7131.97 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—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....................................................... 111.01 413.999 ■*3.4855 138,65 31.4281 619.323 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 Mar....................................................... 111.28 14.00! 3.5042 138.99 1.4277 19.340 23.261 239. 17 Apr........................................................ HI. 35 14.007 3.5036 139.08 1.4271 19.350 23.135 239,31 May...................................................... 111.04 13.999 3.4985 138.69 1.4262 19.337 23.117 238.65 June.......................................................... 111.18 14.014 3,4989 138.87 1.4260 19.327 23.176 238.95 July........................................................... 111.22 14.005 3.5011 138.92 1.4267 19.337 23.197 239.04 1 Effective Feb. 14, 1966, Australia adopted the decimal currency 7 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 of 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 Nov. 20, 1968, the following countries devalued their currency in relation to the U.S. 4 Quotations not available Nov. 20-22, 1968. dollar; Ceylon, Denmark, Ireland, New Zealand, and Spain. 5 Effective June 6, 1966, the Indian ruppe was devalued from 4.76 to Averages of certified noon buying rates in New York for cable transfers. 7.5. rupees per U.S. dollar. For description of rates and back data, see “International Finance,” 6 Quotations not available Nov. 20-21, 1968. Section 15 of Supplement to Banking and Monetary Statistics, 1962. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 90 MONEY RATES □ AUGUST 1969 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Rate as of Changes during the last 12 months July 31, 1968 Rate Country 1968 1969 as of July 31, Per Month 1969 cent effective Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Argentina........................ 6.0 Dec. 1957 6.0 Austria.................................... 3.75 Oct. 1967 3.75 Belgium....................... 3.75 Mar. 1968 4.5 5.0 5.5 6.0 7.0 7.0 Brazil........................................ 22.0 Jan. 1967 20.0 20.0 Burma. ..................................... 4.0 Feb. 1962 4.0 Canada 1............... 6.5 July 1968 6.0 6.5 7.0 7.5 8.0 8.0 Ceylon...................................... 5.5 May 1968 5.5 Chile 2...................................... 16.61 Jan. 1968 19.09 19.09 Colombia................................. 8.0 May 1963 8.0 Costa Rica........................... 4.0 June 1966 4.0 Denmark.................................. 6.5 June 1968 6.0 7.0 9.0 9.0 Ecuador.................................... 5.0 Nov. 1956 5.0 El Salvador.............................. 4.0 Aug. 1964 4.0 Finland. . 7.0 Apr. 1962 7.0 France...................................... 5.0 July 1968 6.0 7.0 7.0 Germany, Fed. Rep. of.. .. 3.0 May 1967 4.0 5.0 5.0 Ghana....................................... 5.5 Mar. 1968 5.5 Greece................................ 5.0 July 1968 5.5 6.0 6.0 Honduras 3..................... 3.0 Jan. 1962 3.0 Iceland...................................... 9.0 Jan. 1966 9.0 India.......................................... 5.0 Mar. 1968 5.0 Indonesia.................................. 9.0 Aug. 1963 9.0 Iran............................................ 5.0 Aug. 1966 7.6 7.0 Ireland...................................... 7.44 June 1968 7.25 6.86 6.81 7.0 7.17 7.12 8.0 8.75 8,38 8.5 8.5 Israel......................................... 6.0 Feb. 1955 6.0 Italy.................................. 3.5 June 1958 3.5 Jamaica.................................... 6.0 Nov. 1967 5.0 5.5 6.0 6.0 Japan ........................................ 6.21 Jan. 1968 5.84 5.84 Korea........................................ 28.0 Dec. 1965 26.0 26.0 Mexico...................... 4.5 June 1942 4.5 Netherlands............................. 4.5 Mar. 1967 5.0 5.5 5,5 New Zealand........................... 7.0 Mar. 1961 7,0 Nicaragua............................... 6.0 Apr. 1954 6,0 Norway.............................. 3.5 Feb. 1955 3,5 Pakistan.................................... 5.0 June 1965 5.0 Peru........................................... 9.5 Nov. 1959 9.5 Philippine Republic.............. 7.5 Feb. 1968 8.0 10,0 10.0 Portugal.................................... 2.5 Sept. 1965 2.75 2.75 South Africa............................ 6.0 July 1966 5.5 5.5 Spain......................................... 4.5 Nov. 1967 5.5 5.5 Sweden..................................... 5.5 Feb. 1968 5.0 6.0 7.0 7.0 Switzerland.............................. 3.0 July 1967 3.0 Taiwan .................................. 10.8 May 1967 1.9 10.8 10.8 Thailand................................... 5.0 Oct. 1959 5.0 Tunisia...................................... 5.0 Sept. 1966 5.0 Turkey...................................... 7.5 May 1961 7.5 United Arab Rep, (Egypt).. 5.0 May 1962 5.0 United Kingdom................... 7.5 Mar. 1968 7.0 8.0 8.0 Venezuela................................. 4.5 Dec. 1960 5.5 5.5 1 On June 24, 1962, the bank rate on advances to chartered banks Colombia—5 per cent for warehouse receipts covering approved lists of was fixed at 6 per cent. Rates on loans to money market dealers will products, 6 and 7 per cent for agricultural bonds, and 12 and 18 per cent continue to be .25 of 1 per cent above latest weekly Treasury bill tender for rediscounts in excess of an individual bank’s quota; average rate, but will not be more than the bank rate. Costa Rica—5 per cent for paper related to commercial transactions 2 Beginning with Apr. 1, 1959, new rediscounts have been granted at (rate shown is for agricultural and industrial paper); the average rate charged by banks in the previous half year. Old redis­ Ecuador—6 per cent for bank acceptances for commercial purposes; counts remain subject to old rates provided their amount is reduced by Indonesia—various rates depending on type of paper, collateral, com­ one-eighth each month beginning with May 1, 1959, but the rates are modity involved, etc.; raised by 1.5 per cent for each month in which the reduction does not Japan—penalty rates (exceeding the basic rate shown) for borrowings occur. from the central bank in excess of an individual bank’s quota; 3 Rate shown is for advances only. Peru—5 and 7 per cent for small credits to agricultural or fish production, import substitution industries and manufacture of exports; 8 per cent for . Note.—Rates shown are mainly those at which the central bank either other agricultural, industrial and mining paper; discounts or makes advances against eligible commercial paper and/or Philippines—6 per cent for financing the production, importation, and dis­ govt, securities for commercial banks or brokers. For countries with tribution of rice and corn and 7.75 per cent for credits to enterprises en­ more than one rate applicable to such discounts or advances, the rate gaged in export activities. Preferential rates are also granted on credits to shown is the one at which it is understood the central bank transacts rural banks; and the largest proportion of its credit operations. Other rates for some Venezuela—2 percent for rediscounts of certain agricultural paper (Sept. of these countries follow: 1962), and 5 per cent for advances against govt, bonds, mortgages, or gold, Argentina—3 and 5 per cent for certain rural and industrial paper, de­ and 6 per cent for rediscounts of certain industrial paper and on advances pending on type of transaction; ’ against securities of Venezuelan companies. Brazil—8 per cent for secured paper and 4 per cent for certain agricultural paper; Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1969 □ MONEY RATES; ARBITRAGE A 91 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 i n tz d er­ Month 3 T m r b e o i a l n l s s t u , h r s y > m Da o d y n a - y e t y o 2 ­ 3 B a a m a c n n c o c k e e n p e s t r t , h ­ s s ’ 3 T m r b e i a o l s l n s u t , h ry s D m a d o y a n - y e t o y ­ al B d l e o a p w n o o k n a s e n i r t c s s e ’ m Da o d y n a - y e t y o 3 ­ T 6 r d b e 0 a i a y - l s l 9 s s u 0 * , r y m Da o d y n a - e y t y o s ­ 3 T m r b e i o a l s l n s u t , h ry s D m a d o y a n - y e t o y ­ d P is r r c i a v o te a u t n e t 1966—Dec.............. 5.05 4.71 6.94 6.64 6.00 5.00 5.68 4.75 5.85 4.90 3.68 4.00 1967—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—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 8.22 2,75 1.84 4.65 4.96 3,75 1969—Jan............... 6.36 6.02 7.28 6.77 5.91 5.00 8.04 2.75 3.30 4.90 4.44 3.75 Feb.............. 6.31 5.34 7.32 6.97 6.08 5.08 7.88 2.75 3.27 5.00 5.38 3.75 Mar............. 6.62 5.89 8.35 7,78 6.90 6.00 8.18 2.75 3.63 5.00 5.38 3.81 Apr.............. 6.69 6.47 8.41 7.79 6.88 6.00 8.34 3.75 2.46 5.39 5.77 4.00 May............. 6.74 6.67 8.46 7.82 6.88 6.00 8.96 3.75 1.63 5.50 5.88 4,00 June............. 7.03 6.98 8.73 7.89 6.67 6.00 ................. 4.75 5.02 5.50 5.92 4.06 i Based on average yield of weekly tenders during month. 5 Monthly averages based on daily quotations. 2 J R Ba a s t e e d s h o o n w w n ee is k o ly n a p v r e i r v a a g t e e s s o ec f u d r a it i i l e y s . closing rates. Sec N ti o o t n e .— 15 F o o f r S d u e p s p c l r e ip m t e io n n t a to n d B a b n a k c in k g d a a n ta d , M se o e n e “ ta In ry te S rn ta a t t i i s o t n ic a s l , 1 F 9 i 6 n 2 a . nce,” 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 Date K U in n g i d te o d m Spread P d ( i r + s e c m ) o i u o u n r m t in ( c f N e a n v e t o t i v r e Canada Spread d ( ( P i — + s r c e ) ) o m o u o i n n u r t m in ( c f N e a n v e t o t i v r e q ( u a b o U d a t j s . a . S i t s i . t ) o o n U S n ta i t t e e s d L ( o f n a o v d f o o r n ) f ( o p - r o ) w u n a o r d n d Lon o d f o n) C q a u A n i o n a t s e d d a qu A b o U d a t j a . s . S t i i s . t o o n U St n a i t t e e s d C ( a f n a o v a f o d r a ) C f d o a o n rw l a l d a a r i r a s d n Can o a f d a) 1969 7.58 6.05 1 .53 -3 88 -2 35 6.65 6.45 6.05 + .40 + .43 + .83 14............... 7.64 5.99 1.65 — 3.38 -I 73 6.62 6.43 5.99 + .44 + 48 + .92 21 7.64 5.95 1.69 -2.80 - i. ii 6.63 6.43 5.95 + .48 + .61 +’l. 09 28............... 7.61 5.92 1.69 -2.81 -1.12 6.56 6.37 5.92 + .45 + 74 + 1.19 7.60 6.05 1 .55 -2.79 -1.24 6.55 6. 36 6.05 + .31 + .82 + 1.13 ' 11............... 7.63 6.12 1.51 -2.78 -1.27 6.63 6.43 6.12 + .31 + 61 ’+.92 18............... 7.63 6.17 1.46 -2. 71 -1.25 6. 69 6. 49 6.17 + .32 + .65 + .97 25.............. 7.63 6.07 1.56 -1.28 -1.72 6.58 6.39 6.07 + .32 + .74 + 1.06 7.63 5.91 I 72 — 6.02 — 4 30 6.82 6.62 5 91 + .71 + 86 + 1.57 ' 9............... 7.64 5.92 1.72 -10.72 — 9 00 6^80 6.60 5.92 + .68 + L08 + 1.76 2 1 3 6 . . .. . . . . ........... 7 7 . . 6 6 3 7 5 6 . . 9 0 8 6 1 1 . . 5 6 7 9 - -7 8 . . 2 0 5 8 - — 6 5 .5 .5 1 6 6 6 . . 7 6 1 8 6 6 . . 5 4 1 8 6 5 . . 0 9 6 8 + + . . 4 5 5 0 -+i- t1 . .1 2 2 i + + 1 1 . . 7 5 1 7 29................ 7.67 6.08 1.59 -7.09 -5,50 6.70 6.50 6.08 + .42 + 1.38 + 1.80 7.66 6.34 1.32 -4.62 -3.30 6.80 6.60 6.34 + .26 + 1.60 + 1.86 13............... 7.71 6.73 98 — 4 04 — 3 06 7.09 6.88 6 73 + . 15 + 1.30 + 1.45 20............... 7.71 6.53 1.18 -4.04 -2.86 7. 11 6.89 6.53 + .36 + 1.64 +2.00 27............... 7.58 6.08 1.50 -3.30 — 1 80 7,11 6.89 6.08 + .81 + 1.41 +2.22 July 3............... 7.58 6.80 78 3 30 -2 52 7 13 6.91 6.80 + .11 + 1.60 + 1.71 ‘ |]............... 7.78 6.93 + .85 -2.97 -2.12 7.35 7.13 6.93 + .20 + 1.64 -i-1 .84 18............... 7.68 7.00 + .68 — 2.73 -2 05 7.63 7.39 7.00 + .39 + 1.12 + 1 .51 25............... 7.64 7.07 + •57 2 51 — 1 94 7 63 7.39 7 07 + 32 + 1 12 + 1.44 Aug. 1............... 7.64 7.01 + .63 -2.60 -1.97 | 7.60 7.36 7.01 + .35 + .82 + 1.17 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 92 GOLD RESERVES a AUGUST 1969 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) Esti­ Inti. Esti­ E pe n r d i o o d f m to a t t a e l d M ta o r n y e ­ U St n a i t t e e s d r m es a t t e o d f A i f s g t h an an­ A t r i g n e a n­ t A ra u l s ia ­ A tr u ia s­ g B iu e m l­ Brazil Burma Canada Chile world 1 Fund world 1962 41,475 2,194 16,057 23,225 36 61 190 454 I ,365 225 42 708 43 1963 42'305 2,’312 15,596 24;395 36 78 208 536 1 ,371 150 42 817 43 1964 43,015 2,179 15,471 25,365 36 71 226 600 1 ,451 92 84 1,026 43 1965 243,230 31 ,869 13,806 27'285 35 66 223 700 1 ,558 63 84 1,151 44 1966. 43’185 2^52 13,235 27,300 35 84 224 701 1 '525 45 84 1 '046 45 1967. 41 600 2,682 12,'065 26’855 33 84 231 701 1 ,480 45 84 1 015 45 1968-—June............... 40,510 2,210 10,681 27,620 31 89 257 714 1 ,512 45 84 926 45 July................. 2'212 10,676 31 94 259 714 1 318 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 I '522 45 84 863 45 Nov................. 2,286 10,897 31 109 257 714 1 '522 45 84 863 45 Dec................. 40,905 2,288 10,892 27,725 31 109 257 714 1 '524 45 84 863 46 1969-—Jan.................. 2,288 10,828 31 109 258 714 1 ,524 45 84 863 47 Feb......... 2,’292 10,'801 31 109 257 714 1 ,’522 45 84 863 46 Mar................. *41,050 2,295 10,836 *27,920 31 109 256 714 1 '522 45 84 863 ^46 Apr................ 2,297 10,936 31 109 255 714 1 ,522 45 84 863 47 May*............. 2'301 11,153 31 109 256 714 1 '522 45 84 863 46 June*....... 2,257 1 1 ,153 715 1 '522 84 866 Ger­ E pe n r d i o o d f lo C m o b ­ ia m D a e r n k ­ 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 2314 329 1967 .............................. 31 107 45 5,234 4,228 130 243 144 115 25 46 2,400 338 1968-—June............... 33 113 46 4,739 4,312 142 243 166 193 71 46 2,673 355 July................. 33 I 13 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 1 1 3 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-—Jan............... 31 114 45 3,877 4,539 132 243 158 193 79 46 2,923 356 Feb................. 31 1 14 45 3,877 4,541 132 243 158 193 79 46 2,925 356 Mar................. 30 114 45 3,827 4,541 132 243 158 193 79 46 2,924 357 Apr.............. 30 114 45 3,726 4,541 131 243 158 193 79 46 2,924 359 May*............ 29 88 45 3,551 4'542 130 243 158 193 79 46 2,926 359 June®............. 29 89 45 3,552 4,'563 243 158 193 79 46 2,937 363 E pe n r d i o o d f Kuwait a L n e o b n ­ Libya M s a i l a ay­ M c e o xi­ Mo co roc­ N la e n th d e s r­ N w o ay r­ P st a a k n i­ Peru P p h in il e ip s ­ Po g r a t l u­ A S r a a u b d i i a 1962........................... 49 172 3 3 95 29 SRI 30 53 47 41 471 78 1963 ............................ 48 172 7 8 139 29 1 601 31 53 57 28 497 78 1964............................ 48 183 17 7 1 69 34 ,688 31 53 67 23 523 78 1965 ............................ 52 182 68 2 158 21 .756 31 53 67 38 576 73 1966............................ 67 193 68 1 109 21 1 ',730 18 53 65 44 643 69 1 967............................ 136 193 68 31 166 21 1 ,711 18 53 20 60 699 69 1968-—June............... 133 288 85 66 165 21 1 ,697 24 54 20 67 716 94 July................. 122 288 85 66 165 21 1 ,697 24 54 20 69 761 94 Aug................ 116 288 85 66 165 21 I 697 24 54 20 61 835 119 Sept............... 110 288 85 66 165 21 697 24 54 20 62 853 119 Oct............ 112 288 85 66 165 21 ,697 24 54 20 59 853 119 Nov ........ 122 288 85 66 165 21 697 24 54 20 65 856 119 Dec............... 122 288 85 66 165 21 ,697 24 54 20 62 856 119 1969--Jan.......... 122 288 85 66 165 21 ,697 24 54 20 58 857 119 Feb.. ....... 124 288 85 66 165 21 ,698 23 54 20 60 856 119 Mar................. 123 288 85 65 165 21 ,698 24 54 25 65 856 119 Apr................ 123 288 85 65 165 21 ,698 24 54 25 67 860 119 May*............. 120 288 85 165 21 ’698 24 54 25 56 860 119 June*............. 120 288 85 ,703 24 54 25 52 119 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1969 □ GOLD RESERVES AND PRODUCTION A 93 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued (In millions of dollars) Bank E pe n r d i o o d f A So fr u i t c h 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 i m t g e ­ d U gu r a u y ­ V zu e e n l e a ­ Y sla u v g i o a ­ S I e f n t o t t l i r . e ­ 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 1965. 425 8(0 202 3,042 55 96 116 139 2,265 155 40 J 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 1,291 140 401 22 -624 1968--June.................... 975 785 225 2,656 81 89 97 93 1,474 133 403 23 -333 July..................... 1 ,003 785 225 2,600 81 89 97 93 133 403 33 -274 Aug..................... 1,016 785 225 2,629 81 89 97 93 134 403 33 -269 Sept..................... 1 ,069 785 225 2,628 81 92 97 93 1,486 134 403 44 -265 Oct...................... 1,145 785 225 2,626 81 92 97 93 134 403 44 -274 Nov..................... 1,199 785 225 2,625 81 92 97 93 133 403 50 -260 Dec..................... I ,243 785 225 2,624 81 92 97 93 1 ,474 133 403 50 -349 1969--Jan...................... 1 ,287 785 225 2,623 81 92 97 93 133 403 50 -276 Feb...................... 1 ,321 785 225 2,646 81 92 97 93 133 403 50 -278 Mar..................... 1 ,367 785 225 2,645 81 92 97 93 1,476 136 403 50 -284 Apr..................... 1 ,409 785 225 2,644 81 92 97 93 136 403 50 -286 May”................. 1 ,282 785 225 2,643 81 92 97 93 136 403 50 -282 June”................. 1 ,264 225 2,643 ............... 92 97 ............... 403 50 -285 i Includes reported or estimated gold holdings of international and some member countries in anticipation of increase in Fund quotas, except regional organizations, central banks and govts, of countries listed in those matched by gold mitigation deposits with the United States and this table and also of a number not shown separately here, and gold to be United Kingdom; adjustment is $270 million. distributed by the Tripartite Commission for the Restitution of Monetary 3 Excludes gold subscription payments made by some member countries Gold; excludes holdings of the U.S.S.R., other Eastern European coun­ in anticipation of increase in Fund quotas: for most of these countries tries, and China Mainland. the increased quotas became effective in Feb. 1966. The figures included for the Bank for International Settlements are 4 Net gold assets of BIS, i.e., gold in bars and coins and other gold the Bank’s gold assets net of gold deposit liabilities. This procedure assets minus gold deposit liabilities. avoids the overstatement of total world gold reserves since most of the gold deposited with the BIS is included in the gold reserves of individual Note.—-For back figures and description of the data in this and the countries. following tables on gold (except production), see “Gold,” Section 14 of 2 Adjusted to include gold subscription payments to the IMF made by Supplement to Banking and Monetary Statistics, 1962. GOLD PRODUCTION (In millions of dollars at $35 per fine troy ounce) I Asia Africa North and South America Other World Period produc­ Congo tion 1 A So fr u i t c h a d R e h s o ia ­ Ghana s ( h K a i s n a ­ ) 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 i i n l e ip s ­ t A ra u li s a ­ ot A h l e l r 1961................................ 1,215.0 803.0 20.1 29.2 8.1 54.8 156.6 9.4 7.9 14.0 5.5 14.8 37.7 53.9 1962................................ 1'295.0 892.2 19.4 31.1 7.1 54.5 146.2 8 3 7.8 13 9 5.7 14 8 37.4 56 6 1963................................ 1,355.0 960.1 19.8 32.2 7.5 51.4 139.0 8.3 7.2 11.4 4.8 13.2 35.8 64^3 1964................................ 1,405.0 1,018.9 20.1 30.3 6.6 51.4 133.0 7.4 7.9 12.8 5.2 14.9 33.7 62.8 1965............................... 1,440.0 1,069.4 19.0 26.4 3.2 58.6 125.6 7.6 6.9 11.2 4.6 15. 3 30.7 61.5 1966................................ 1,445.0 1^080.8 19.3 24.0 5.6 63.1 114.6 7.5 7.0 9.8 4.2 15.8 32.1 61.2 1967................................ 1 310.0 1,068.7 18.0 26.7 5.4 53.4 103.7 6.4 6.2 9.0 3.4 17.2 28.4 63.5 1968”............................. 1,088 0 53.9 94.1 8.4 1968-—May................... 93.1 2.1 8.4 . 3 .7 .3 1.6 2.4 June................... 91.5 2.1 21.6 7.5 .2 .6 1.6 2.9 July.................... 90.5 7.4 . 3 .8 2.2 Aug................... 91.5 7.7 . 4 .6 2.3 Sept.................... 93.7 8.3 1.8 .6 24 6 2.3 Oct..................... 92,4 7.7 .7 2.6 Nov.......... 87.9 7.5 .6 1.9 Dec...,.,,.... 83,5 7.7 .7 1969—Jan...................... 83.4 7.8 .5 Feb..................... 86.7 7.1 .7 Mar.................... 89. 1 7.6 Apr..................... 89. 3 7.3 May................... 90.0 7.4 i Estimated; excludes U.S.S.R., other Eastern European countries, Note.—Estimated world production based on report of the U.S. China Mainland, and North Korea. Bureau of Mines. Country data based on reports from individual 2 Quarterly 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 y4 BANKING UFHCtS □ AUGUST 1969 NUMBER OF BANKING OFFICES IN THE UNITED STATES Commercial banks 1 Mutual savings banks AU Member Nonmember Type of office and type of change banks Total Na­ Non­ Non­ Total tional State 1 Total Insured insured Insured insured Banks (head office): Dec. 31, 1934............................................................... 16,063 15,484 6,442 5,462 980 9,042 7,699 1,343 68 511 Dec. 31, 1941........................................................... 14,826 14,278 6,619 5,117 1,502 7,662 6,810 852 52 496 Dec. 31, 1947*............................................................. 14,714 14,181 6,923 5,005 1,918 7,261 6,478 783 194 339 Dec. 31, 1951............................................................... 14,618 14,089 6,840 4,939 1 ,901 7,252 6,602 650 202 327 Dec. 31, 1958............................................................... 14,020 13,501 6,312 4,578 1 ,734 7,192 6,793 399 241 278 Dec. 31, 1959............................................................... 13,991 13,474 6,233 4,542 1 ,691 7,244 6,878 366 268 249 Dec. 31, I960............................................................... 13,986 13,472 6, 174 4,530 1,644 7,300 6,948 352 325 189 Dec. 31, 1961............................................................... 13,946 13,432 6, 1 13 4,513 1 ,600 7,320 6,997 323 330 184 Dec. 31, 1962............................................................... 13,938 13,427 6,047 4,503 1,544 7,380 7,072 308 331 180 Dec. 3J, 1963....................................................... 14,078 13,569 6, 108 4,615 1,493 7,461 7,177 284 330 179 Dec. 31, 1964............................................................... 14,266 13,761 6,225 4,773 1,452 7,536 7,262 274 327 178 Dec. 31, 1965................................................................ 14,309 13,804 6,221 4,815 1,406 7,583 7,320 263 328 177 Dec. 31, 1966............................................................... 14,274 13,770 6,150 4,799 1,351 7,620 7,385 235 330 174 Dec. 31, 1967................................................................ 14,222 13,721 6,071 4,758 1,313 7,650 7,439 211 331 170 Dec. 31 , 1968................................................................ 14,179 13,679 5,978 4,716 1,262 7,701 7,504 197 333 167 June 30, 1969................................................................ 14,173 13,674 5,938 4,701 1,237 7,736 7,528 208 332 167 Branches, additional offices, and facilities: Dec. 31 , 1934............................................................... 3,133 3,007 2,224 1,243 981 783 783 126 Dec. 31, 1941............................................................... 3,699 3,564 2,580 1,565 1,015 984 932 52 32 103 Dec. 31, 19472............................................................. 4,332 4, 161 3,051 1 ,870 1,181 1,110 1 ,043 67 124 47 Dec. 31, 1951............................................................... 5,383 5,153 3,837 2,370 1,467 1,316 1,275 41 165 65 Dec. 31, 1958............................................................. 9,286 8,861 6,924 4,534 2,390 1,937 1 ,898 39 305 120 Dec. 31, 1959............................................................. 10,099 9,652 7,492 4,973 2,519 2,160 2,118 42 318 129 Dec. 31, 1960............................................................. 10,969 10,483 8,133 5,509 2,624 2,350 2,303 47 381 105 Dec. 31, 1961......................................................... 1 1 ,896 11,353 8,899 6,044 2,855 2,454 2,410 44 427 1 16 Dec. 31. 1962................................................................ 12,932 12,345 9,649 6,640 3,009 2,696 2,646 50 466 121 Dec. 31, 1963............................................................. 14,122 13,498 10,613 7,420 3,193 2,885 2,835 50 502 122 Dec. 31 , 1964................................................................ 15,275 14,601 11,457 8,156 3,301 3,144 3,094 50 549 125 Dec. 31, 1965............................................................. . 16,471 15,756 12,298 8,964 3,334 3,458 3,404 54 583 132 Dec. 31, 1966......................................................... 17,665 16,908 13,129 9,61 1 3,518 3,779 3,717 62 614 143 Dec. 31, 1967......................... ..................... 18,757 17,928 13,856 10,183 3,673 4,072 4,026 46 669 160 Dec. 31, 1968............................................................. 19,911 19,013 14,553 10,985 3,568 4,460 4,414 46 729 169 June 30, 1969................................................................ 20,453 19,528 14,807 11,358 3,449 4,721 4,674 47 751 174 Changes Jan.-June 30, 1969 Banks: New banks3................................................................... 60 60 11 7 4 49 34 15 Suspensions..................................................................... -3 -3 -2 -1 -1 -J -1 Consolidations and absorptions: Banks converted into branches.............................. -57 -56 -22 -15 -7 -34 -34 -1 Other............................................................................ -6 -6 — 3 -3 ............-..3. -3 Interclass changes: Nonmember to national.......................................... 3 3 -3 -3 Nonmember to State member.............................. 3 3 -3 - 1 -2 State member to national........................................ 7 -7 State member to nonmember................................ -20 -20 20 19 1 ............... National to State member...................................... -3 3 National to nonmember.......................................... -10 -10 10 10 Noninsured to insured............................................. 3 -3 Net change...................................................................... -6 -5 -40 - 15 -25 35 24 11 -1 Number of banks, June 30, 1969.............................. 14,173 13,674 5,938 4,701 1 ,237 7,736 7,528 208 332 167 Branches and additional offices: De novo.......................................................................... 533 506 315 242 73 191 190 1 22 5 Banks converted............................................................. 57 56 34 30 4 22 22 1 Discontinued.................................................................. -47 -46 -38 -23 -15 -8 -8 -1 Interclass changes: Nonmember to national.......................................... 9 9 -9 -9 Nonmember to State member................................ 3 3 -3 -3 State member to national........................................ 177 -177 State member to nonmember.................................. -9 -9 9 9 National to State member...................................... -3 3 National to nonmember.......................................... -57 -57 57 57 Facilities reclassified as branches.......................... 9 9 8 8 1 1 Net change...................................................................... 552 525 265 383 -118 260 259 1 22 5 Number of branches and additional offices, June 30, 1969................................................ 20,227 19,302 14,617 11 , 180 3,437 4,685 4,638 47 751 174 Banking facilities:4 Established...................................................................... 1 1 1 1 Discontinued.................................................................. -2 -2 -2 -2 Interclass changes: National to nonmember.......................................... -2 -2 2 2 State member to national........................................ 1 -1 Facilities reclassified as branches. ............................ -9 -9 -8 -8 -1 -J Net change...................................................................... -10 -10 -11 -10 -1 1 1 Number of facilities June 30, 1969........................... 226 226 190 178 12 36 36 > State member banks and insured mutual savings banks figures both 3 Exclusive of new banks organized to succeed operating banks. include 1 to 3 member mutual savings banks, 1941 to 1962 inclusive, not 4 Provided at military and other Govt, establishments through arrange* reflected in total commercial bank figures. State member bank figures ments made by the Treasury Dept. also include I or 2 noninsured trust companies 1954 to date. 2 Series revised as of June 30, 1947. The revision resulted in an addition Note.—Beginning with 1959, figures include all banks in Alaska and of 115 banks and 9 branches. Hawaii, but nonmember banks in territories and possessions are excluded. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

AUGUST 1969 □ FEDERAL RESERVE PAR LIST A 95 NUMBER OF PAR AND NONPAR BANKING OFFICES Par Total Nonpar (nonmember) F.R. district, Total Member Nonmember State, or other area Branches Branches Branches Branches Branches Banks and offices Banks and offices Banks and offices Banks and offices Banks and offices Total, including Puerto Rico and Virgin Islands: 1 Dec. 31 , 1968..................... 13,598 19,186 12,666 18,868 5,977 14,582 6,689 4,286 932 318 June 30, 1969..................... 13,579 19,706 12,723 19,389 5,937 14,836 6,786 4,553 856 317 F.R. districts, June 30, 1969: Boston.............................. 383 1 ,428 383 I ,428 242 I ,095 141 333 New York 1.......................... 488 3,179 488 3,179 373 2,778 115 401 Philadelphia......................... 487 1 ,347 487 1 ,347 355 983 132 364 Cleveland.............................. 809 1 ,795 809 1,795 479 1 ,505 330 290 Richmond.............................. 764 2,646 709 2,584 369 1 ,633 340 951 55 62 Atlanta................................... 1,601 1 ,230 1 ,224 1,106 538 820 686 286 377 124 Chicago.................................. 2,541 2,120 2,541 2,120 964 1,405 1 ,577 715 St. Louis................................ 1,504 788 1,323 731 469 444 854 287 181 57 Minneapolis.......................... i,360 258 1,180 196 493 117 687 79 180 62 Kansas City.......................... 1 ,936 255 1 ,936 255 830 159 1,106 96 Dallas..................................... 1,299 274 1 ,237 262 648 156 589 106 62 12 San Francisco....................... 1,407 4,386 406 4,386 177 3,741 229 645 I ................... State or area, June 30, 1969: Alabama................................ 268 240 206 225 111 185 95 40 62 15 Alaska.................................... 11 56 10 56 5 49 5 7 1 Arizona.................................. 13 287 13 287 5 213 8 74 Arkansas................................ 247 145 172 129 80 96 92 33 75 16 California.............................. 149 2,833 149 2,833 78 2,552 71 28J Colorado............................... 220 10 220 10 136 6 84 4 Connecticut........................... 63 385 63 385 35 309 28 76 Delaware............................... 19 79 19 79 7 38 12 41 District of Columbia.......... 14 101 14 101 12 94 2 7 Florida................................... 461 26 461 26 213 13 248 13 Georgia.................................. 431 253 234 239 74 191 160 48 197 14 Hawaii.................................... 7 123 7 123 1 6 6 117 Idaho...................................... 26 145 26 145 16 130 10 15 Illinois.................................... 1 ,074 55 1 ,074 55 503 44 571 11 Indiana.................................. 412 587 412 587 197 381 215 206 Iowa........................................ 670 294 670 294 156 75 514 219 Kansas................................... 601 62 601 62 208 37 393 25 Kentucky............................... 345 293 345 293 94 178 251 115 Louisiana.............................. 230 342 132 283 59 196 73 87 98 59 Maine..................................... 41 202 41 202 27 148 14 54 ................... Maryland.............................. 121 476 121 476 54 295 67 181 Massachusetts....................... 159 692 159 692 102 551 57 141 Michigan............................... 330 1,125 330 1,125 206 927 124 198 Minnesota............................. 723 10 723 10 224 6 499 4 Mississippi. .......................... 183 308 86 234 45 137 41 97 97 74 Missouri................................ 664 85 644 85 173 39 471 46 20 Montana................................ 135 4 135 4 89 4 46 Nebraska............................... 437 39 437 39 138 23 299 16 Nevada.................................. 9 78 9 78 6 68 3 10 New Hampshire................... 77 44 77 44 53 38 24 6 New Jersey........................... 227 824 227 824 183 717 44 107 New Mexico......................... 64 1 18 64 118 39 70 25 48 New York............................ 312 2,255 312 2,255 254 2,137 58 2118 North Carolina.................... 113 969 81 911 26 473 55 438 32 58 North Dakota...................... 168 69 77 29 46 13 31 16 91 40 Ohio........................................ 523 1 ,170 523 1,170 341 994 182 176 ................... Oklahoma.............................. 424 57 424 57 242 45 182 12 Oregon................................... 50 313 50 313 12 254 38 59 Pennsylvania......................... 494 1 ,567 494 1,567 351 1 ,202 143 365 Rhode Island....................... 13 161 13 161 5 89 8 72 South Carolina..................... III 366 88 362 26 228 62 134 23 4 South Dakota....................... 165 92 76 70 59 57 17 13 89 22 Tennessee.............................. 304 433 254 418 88 285 166 133 50 15 Texas...................................... 1,157 63 1,136 63 593 27 543 36 21 Utah........................................ 53 118 53 118 19 87 34 31 Vermont................................ 44 74 44 74 27 43 17 31 Virginia.................................. 236 730 236 730 148 541 88 189 Washington........................... 93 502 93 502 36 435 57 67 West Virginia....................... 195 5 195 5 114 2 81 3 Wisconsin.............................. 603 241 603 241 167 70 436 171 Wyoming............................... 70 1 70 1 53 17 Puerto Rico 1....................... 13 179 13 179 17 13 162 Virgin Islands 1................... 7 20 7 20 I 20 6 J Puerto Rico and the Virgin Islands assigned to the N. Y. District for Note.—Includes all commercial banking offices in the United States, purposes of Regulation J, “Check Clearing and Collection." Member Puerto Rico, and the Virgin Islands on which checks are drawn, including branches in Puerto Rico and all except 7 in the Virgin Islands are branches 226 banking facilities. Number of banks and branches differs from that of New York City banks. Certain branches of Canadian banks (2 in Puerto in the preceding table because this table includes banks in Puerto Rico and Rico and 1 in Virgin Islands) are included above in the table as nonmember the Virgin Islands but excludes banks and trust companies on which no banks; and nonmember branches in Puerto Rico include 8 branches of checks are drawn. Canadian banks. 2 Includes 5 New York City branches of 2 insured nonmember Puerto Rican banks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

a yo banin huluhnu uuiVIHAlNItb ° AUGUSI Wby BANKING OFFICES AND DEPOSITS OF BANKS IN HOLDING COMPANY GROUPS, DECEMBER 31, 1968 A. Details for 33 States and District of Columbia Number of offices Deposits Banks and branches State Number of As a per­ companies1 As a per­ In centage of Banks Branches centage of millions all commercial Total all commercial of dollars bank banking deposits offices Totals—33 States and District of Columbia............................................. i 80 629 2,262 2,891 .......................... 57,634 • • ...................... Arizona........................................................... 2 99 101 35.3 977 34.2 California........................................................ 6 7 271 278 9.5 4,340 9.6 Colorado.......................................................... 5 19 19 7.3 1,755 45.2 District of Columbia..................................... 2 2 12 14 12.6 292 10.8 Florida.............................................................. 12 86 86 18.4 3,763 32.6 Georgia............................................................. 7 19 100 119 17.9 2,313 35.4 Idaho................................................ 2 2 69 71 42.5 488 42.6 Illinois............................................................... 2 4 4 .4 368 1.2 Indiana ......................................................... 2 3 4 7 .7 91 1.0 Iowa.................................................................. 3 20 24 44 4.6 530 9.1 Kentucky......................................................... 1 2 27 29 4.6 463 9.9 Maine............................................................... 2 6 42 48 19.9 209 19.2 Maryland......................................................... 2 4 17 21 3.6 142 3.0 Massachusetts................................................. 2 22 201 223 26.6 2,223 21.9 Michigan......................................................... 1 I 12 13 .9 217 I. 1 Minnesota....................................................... 5 117 9 126 17.2 5,119 59.9 Missouri........................................................... 4 15 6 21 2.8 1,108 10. 1 Montana........................................................... 4 34 1 35 25.4 744 53. 1 Nebraska......................................................... 1 5 3 8 1.7 310 10.0 Nevada............................................................. 2 37 39 45.9 582 60.9 New Hampshire. ........................................... 1 7 3 10 8.5 142 17.4 New Mexico.................................................... 1 5 21 26 14.9 174 14.3 New York........................................................ 14 35 509 544 21.6 16,813 20. 1 North Dakota................................................ 3 32 17 49 20.8 528 38.8 Ohio.................................................................. 4 31 136 167 10.1 2,931 14.6 Oregon............................................................. 1 1 116 117 32.9 1,667 43.0 South Dakota................................................. 2 1 1 41 52 20.3 512 38.6 Tennessee......................................................... 4 9 15 24 3.4 217 3.5 Texas................................................................. 3 13 2 15 1.3 1,163 5.0 Utah.................................................................. 2 3 62 65 39.2 835 49.2 Virginia............................................................. 6 48 284 332 35.7 2,633 38.3 Washington..................................................... 3 7 83 90 15.5 732 14.2 Wisconsin......................................................... 1 1 51 39 90 10.9 3,135 37. 1 Wyoming......................................................... 2 4 4 5.7 118 16.8 B. Summary totals and comparisons Holding company groups as a 33 States and District of Columbia percentage of all commercial banks in—• United States—■ All Item commercial 33 States and Holding All banks District company groups commercial banks of United Slates Columbia Number of banking offices, total..................... 2,891 23,624 32,449 12.2 8.9 Banks............................................................ 629 10,385 13,678 Branches..................................................... 2,262 13,239 18,771 Deposits (millions of dollars)............................ 57,634 350,616 435,178 16.4 13.2 1 Data for individual States represent bank holding companies having Note.—Holding companies referred to are as defined in the Bank Hold­ subsidiary banks in the respective States rather than bank holding compa­ ing Company Act of 1956, as amended. (A list showing the names, of­ nies whose principal offices are located in such States. Total does not equal fices, and total deposits of the banks in the holding company groups is sum of State figures because it has been corrected for duplications; that available upon request.) The data include: (1) banks of which the bank is, holding companies that have subsidiary banks in more than one State holding companies owned or controlled 25 per cent or more of the out­ are included in the total only once. Die 80 bank holding companies in­ standing stock, and (2) eight domestic commercial banks that are not cluded in the total represent only 71 separate bank groups. subsidiaries of bank holding companies but are themselves bank holding companies. 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 J. Charles Partee, 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 the Board Robert E. Nichols, Special Assistant to the Board OFFICE OF THE SECRETARY DIVISION OF FEDERAL RESERVE BANK Robert C. Holland, Secretary OPERATIONS Kenneth A. Kenyon, Deputy Secretary John R. Farrell, Director Elizabeth L. Carmichael, Assistant Secretary John N. Kiley, Jr., Associate Director Arthur L. Broida, Assistant Secretary James A. McIntosh, Assistant Director Robert P. Forrestal, Assistant Secretary P. D. Ring, Assistant Director Charles C. Walcutt, Assistant Director LEGAL DIVISION Lloyd M. Schaeffer, Chief Federal Reserve David B. Hexter, General Counsel Examiner Thomas J. O’Connell, Deputy General Counsel DIVISION OF SUPERVISION AND REGULATION Jerome W. Shay, Assistant General Counsel Frederic Solomon, Director Robert F. Sanders, Assistant General Counsel Pauline B. Heller, Adviser Brenton C. Leavitt, Deputy Director Frederick R. Dahl, Assistant Director DIVISION OF RESEARCH AND STATISTICS Jack M. Egertson, Assistant Director J. Charles Partee, Director Janet O. Hart, Assistant Director Stephen H. Axilrod, Associate Director John N. Lyon, Assistant Director Milton W. Schober, Assistant Director Lyle E. Gramley, Associate Director Thomas A. Sidman, Assistant Director Stanley J. Sigel, Adviser Tynan Smith, Adviser DIVISION OF PERSONNEL ADMINISTRATION Kenneth B. Williams, Adviser Peter M. Keir, Associate Adviser Edwin J. Johnson, Director John J. Hart, Assistant Director Murray S. Wernick, Associate Adviser James B. Eckert, Assistant Adviser DIVISION OF ADMINISTRATIVE SERVICES Bernard Shull, Assistant Adviser Louis Weiner, Assistant Adviser Joseph E. Kelleher, Director Joseph S. Zeisel, Assistant Adviser Harry E. Kern, Assistant Director John D. Smith, Assistant Director DIVISION OF INTERNATIONAL FINANCE Robert Solomon, Director OFFICE OF THE CONTROLLER ♦Robert L. Sammons, Associate Director John Kakalec, Controller John E. Reynolds, Associate Director Harry J. Halley, Assistant Controller John F. L. Ghiardi, Adviser A. B. Hersey, Adviser OFFICE OF DEFENSE PLANNING Reed J. Irvine, Adviser Innis D. Harris, Coordinator Samuel I. Katz, Adviser Bernard Norwood, Adviser DIVISION OF DATA PROCESSING Ralph C. Wood, Adviser Jerold E. Slocum, Director Robert F. Gemmill, Associate Adviser John P. Singleton, Associate Director Samuel Pizer, Associate Adviser *On leave of absence. A 97 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 98 FEDERAL RESERVE BULLETIN □ AUGUST 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 Lyle E. Gramley, Associate Economist Charles Molony, Assistant Secretary Ralph T. Green, Associate Economist Howard H. Hackley, General Counsel A. B. Hersey, Associate Economist David B. Hexter, Assistant General Counsel Robert G. Link, Associate Economist J. Charles Partee, 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 99 FEDERAL RESERVE BANKS AND BRANCHES Federal Reserve Bank Chairman President Vice President anvil Deputy Chairman First Vice President in charge of branch Zip code Boston................... ...02106 Howard W. Johnson Frank E. Morris 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 Dan L. Hendley 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. Daniel M. Doyle 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 Dalias.................. ....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 100 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 95—A 98 of the June 1969 Bulletin. (Stamps and coupons not accepted.) THE FEDERAL RESERVE SYSTEM—PURPOSES AND BANK MERGERS & THE REGULATORY AGENCIES: FUNCTIONS. 1963. 298 pp. APPLICATION OF THE BANK MERGER ACT OF 1960. 1964. 260 pp. $1.00 a copy; 10 or more ANNUAL REPORT. sent to one address, $.85 each. FEDERAL RESERVE BULLETIN. Monthly. $6.00 per BANKING MARKET STRUCTURE & PERFORMANCE IN METROPOLITAN AREAS: A STATISTICAL annum or $.60 a copy in the United States and STUDY OF FACTORS AFFECTING RATES ON its possessions, Bolivia, Canada, Chile, Colom­ bia, Costa Rica, Cuba, Dominican Republic, BANK LOANS. 1965. 73 pp. $.50 a copy; 10 or Ecuador, Guatemala, Haiti, Republic of Hon­ more sent to one address, $.40 each. duras, Mexico, Nicaragua, Panama, Paraguay, THE PERFORMANCE OF BANK HOLDING COM­ Peru, El Salvador, Uruguay, and Venezuela; 10 PANIES. 1967. 29 pp. $.25 a copy; 10 or more or more of same issue sent to one address, $5.00 sent to one address, $.20 each. per annum or $.50 each. Elsewhere, $7.00 per annum or $.70 a copy. INDUSTRIAL PRODUCTION—1957-59 BASE. 1962. 172 pp. $1.00 a copy; 10 or more sent to one FEDERAL RESERVE CHART BOOK ON FINANCIAL address, $.85 each. AND BUSINESS STATISTICS. Monthly. Annual subscription includes one issue of Historical FARM DEBT. Data from the 1960 Sample Survey Chart Book. $6.00 per annum or $.60 a copy in of Agriculture. 1964. 221 pp. $1.00 a copy; 10 the United States and the countries listed above; or more sent to one address, $.85 each. 10 or more of same issue sent to one address, $.50 each. Elsewhere, $7.00 per annum or $.70 MERCHANT AND DEALER CREDIT IN AGRICUL­ a copy. TURE. 1966. 109 pp. $1.00 a copy; 10 or more sent to one address, $.85 each. HISTORICAL CHART BOOK. Issued annually in Sept. Subscription to monthly chart book includes THE FEDERAL FUNDS MARKET. 1959. Ill pp. one issue. $.60 a copy in the United States and $1.00 a copy; 10 or more sent to one address, countries listed above; 10 or more sent to one $.85 each. address, $.50 each. Elsewhere, $.70 a copy. TRADING IN FEDERAL FUNDS. 1965. 116 pp. $1.00 FLOW OF FUNDS IN THE UNITED STATES, 1939­ a copy; 10 or more sent to one address, $.85 53. 1955. 3 90 pp. $2.75. each. U.S. TREASURY ADVANCE REFUNDING, JUNE DEBITS AND CLEARING STATISTICS AND THEIR 1960-JULY 1964. 1966. 65 pp. $.50 a copy; 10 USE. 1959. 144 pp. $1.00 a copy; 10 or more or more sent to one address, $.40 each. sent to one address, $.85 each. THE FEDERAL RESERVE ACT, as amended through SUPPLEMENT TO BANKING AND MONETARY STA­ Nov. 5, 1966, with an appendix containing pro­ TISTICS. Sec. 1. Banks and the Monetary Sys­ visions of certain other statutes affecting the tem. 1962. 35 pp. $.35. Sec. 2. Member Banks. Federal Reserve System. 353 pp. $1.25. 1967. 59 pp. $.50. Sec. 5. Bank Debits. 1966. 36 pp. $.35. Sec. 6. Bank Income 1966. 29 pp. REGULATIONS OF THE BOARD OF GOVERNORS OF $.35. Sec. 9. Federal Reserve Banks. 1965. 36 THE FEDERAL RESERVE SYSTEM. pp. $.35. Sec. 10. Member Bank Reserves and Related Items. 1962. 64 pp. $.50. Sec. 11. Cur­ RULES OF ORGANIZATION AND PROCEDURE­ rency. 1963. 11 pp. $.35. Sec. 12. Money Rates BOARD OF GOVERNORS OF THE FEDERAL RE­ and Securities Markets. 1966. 182 pp. $.65. SERVE SYSTEM. 1967. 16 pp. Sec. 14. Gold. 1963. 24 pp. $.35. Sec. 15. Inter­ national Finance. 1962. 92 pp. $.65. Sec. 16 PUBLISHED INTERPRETATIONS OF THE BOARD OF (New). Consumer Credit. 1965. 103 pp. $.65. GOVERNORS, as of Dec. 30, 1968. $2.50. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 101 BANK CREDIT-CARD AND CHECK-CREDIT PLANS. A REVIEW OF RECENT ACADEMIC LITERATURE 1968. 102 pp. $1.00 a copy; 10 or more sent to ON THE DISCOUNT MECHANISM. 1968. 40 pp. one address, $.85 each. DISCOUNT POLICY AND BANK SUPERVISION. 1968. 72 pp. INTEREST RATE EXPECTATIONS: TESTS ON YIELD SPREADS AMONG SHORT-TERM GOVERNMENT THE LEGITIMACY OF CENTRAL BANKS. 1969. 24 SECURITIES. 1968. 83 pp. $.50 a copy; 10 or PPmore sent to one address, $.40 each. SELECTIVE CREDIT CONTROL. 1969. 9 pp. SURVEY OF FINANCIAL CHARACTERISTICS OF REPORT OF THE JOINT TREASURY-FEDERAL RE­ CONSUMERS. 1966. 166 pp. $1.00 a copy; 10 or SERVE STUDY OF THE U.S. GOVERNMENT more sent to one address, $.85 each. SECURITIES MARKET. 1969. 48 pp. $.25 a copy; 10 or more sent to one address, $.20 each. SURVEY OF CHANGES IN FAMILY FINANCES. 1968. 321 pp. $1.00 a copy; 10 or more sent to one (Limited supplies of the staff studies on the address, $.85 each. Government Securities Market Study, as listed on page 48 on the main report, are REAPPRAISAL OF THE FEDERAL RESERVE DIS­ available upon request for single copies. COUNT MECHANISM: These studies are printed in mimeographed REPORT OF A SYSTEM COMMITTEE. 1968. 23 or similar form.) pp. $.25 a copy; 10 or more sent to one ad­ dress, $.20 each. STAFF ECONOMIC STUDIES Studies and papers on economic and financial sub­ REPORT ON RESEARCH UNDERTAKEN IN CON­ jects that are of general interest in the field of NECTION WITH A SYSTEM STUDY. 1968. 47 economic research. pp. $.25 a copy; 10 or more sent to one address, $.20 each. Summaries only printed in the Bulletin. (Limited supply of mimeographed copies of full text available upon request for single copies.) Limited supply of the following papers relating to the Discount Study, in mimeographed or similar MEASURES OF INDUSTRIAL PRODUCTION AND form, available upon request for single copies: FINAL DEMAND, by Clayton Gehman and Cor­ nelia Motheral. Jan. 1967. 57 pp. EVOLUTION OF THE ROLE AND FUNCTIONING OF THE DISCOUNT MECHANISM. 1968. 65 pp. THE LABOR MARKET AND POTENTIAL OUTPUT OF THE FEDERAL RESERVE-MIT ECONOMETRIC A STUDY OF THE MARKET FOR FEDERAL FUNDS. MODEL: A PRELIMINARY REPORT, by A. J. Telia 1968. 47 pp. and P. A. Tinsley. Aug. 1968. 26 pp. THE SECONDARY MARKET FOR NEGOTIABLE THE REGULATION OF SHORT-TERM CAPITAL MOVE­ MENTS: WESTERN EUROPEAN TECHNIQUES IN CERTIFICATES OF DEPOSIT. 1968. 89 pp. THE 1960's, by Rodney H. Mills, Jr. Sept. 1968. THE DISCOUNT MECHANISM IN LEADING IN­ 35 pp. DUSTRIAL COUNTRIES SINCE WORLD WAR II. A TECHNIQUE FOR FORECASTING DEFENSE EX­ 1968. 216 pp. PENDITURES, by Harvey Galper and Edward Gramlich. Oct. 1968. 13 pp. RESERVE ADJUSTMENTS OF THE EIGHT MAJOR NEW YORK CITY BANKS DURING 1966. 1968. CHANGES IN BANK OWNERSHIP: THE IMPACT ON 29 pp. OPERATING PERFORMANCE, by Paul F. Jessup, Apr. 1969. 35 pp. DISCOUNT POLICY AND OPEN MARKET OPERA­ TIONS. 1968. 23 pp. CHARACTERISTICS OF MERGING BANKS, by David L. Smith. July 1969, 30 pp. THE REDESIGNED DISCOUNT MECHANISM AND OPTIMAL FACTOR ADJUSTMENT PATHS: A GENER­ THE MONEY MARKET. 1968. 29 pp. ALIZATION OF "STOCK ADJUSTMENT” DECISION RULES, by P. A. Tinsley. July 1969. 14 pp. SUMMARY OF THE ISSUES RAISED AT THE ACA­ DEMIC SEMINAR ON DISCOUNTING. 1968. Printed in full in the Bulletin. 16 pp. (Reprints available as shown in following list.) Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 102 FEDERAL RESERVE BULLETIN □ AUGUST 1969 REPRINTS TOWARD UNDERSTANDING OF THE WHOLE DE­ VELOPING ECONOMIC SITUATION, Staff Eco­ (From Federal Reserve Bulletin unless preceded nomic Study by Frank R. Garfield. Nov. 1966. by an asterisk.) 14 pp. ADJUSTMENT FOR SEASONAL VARIATION. Descrip­ A REVISED INDEX OF MANUFACTURING CAPACITY, tion of method used by Board in adjusting eco­ Staff Economic Study by Frank de Leeuw with nomic data for seasonal variations. June 1941. Frank E. Hopkins and Michael D. Sherman. 11 PP. Nov. 1966. 11 pp. SEASONAL FACTORS AFFECTING BANK RESERVES. THE ROLE OF FINANCIAL INTERMEDIARIES IN Feb. 1958. 12 pp. U.S. CAPITAL MARKETS, Staff Economic Study LIQUIDITY AND PUBLIC POLICY, Staff Paper by by Daniel H. Brill, with Ann P. Ulrey. Jan. Stephen H. Axilrod. Oct. 1961. 17 pp. 1967. 14 pp. ” REVISED SERIES ON COMMERCIAL AND INDUS­ SEASONALLY ADJUSTED SERIES FOR BANK CREDIT. July 1962. 6 pp. TRIAL LOANS BY INDUSTRY. Feb. 1967. 2 pp. INTEREST RATES AND MONETARY POLICY, Staff AUTO LOAN CHARACTERISTICS AT MAJOR SALES Paper by Stephen H. Axilrod. Sept. 1962. 28 pp. FINANCE COMPANIES. Feb. 1967. 5 pp. SURVEY OF FINANCE COMPANIES, MID-1965. Apr. RECENT CHANGES IN LIQUIDITY, Staff Paper by 1967. 26 pp. Daniel H. Brill. June 1963. 10 pp. MONETARY POLICY AND ECONOMIC ACTIVITY: A MEASURES OF MEMBER BANK RESERVES. July POSTWAR REVIEW. May 1967. 22 pp. 1963. 14 pp. MONETARY POLICY AND THE RESIDENTIAL MORT­ MEASURING AND ANALYZING ECONOMIC GROWTH, GAGE MARKET. May 1967. 13 pp. Staff Paper by Clayton Gehman. Aug. 1963. 14 pp. BANK FINANCING OF AGRICULTURE. June 1967. 23 pp. CHANGES IN BANKING STRUCTURE, 1953-62. EVIDENCE ON CONCENTRATION IN BANKING Sept. 1963. 8 pp. MARKETS AND INTEREST RATES, Staff Eco­ ECONOMIC CHANGE AND ECONOMIC ANALYSIS, nomic Study by Almarin Phillips. June 1967. Staff Paper by Frank R. Garfield. Sept. 1963. 11 PP- 17 pp. NEW BENCHMARK PRODUCTION MEASURES, 1958 THE OPEN MARKET POLICY PROCESS. Oct. 1963. AND 1963. June 1967. 4 pp. 11 PP- REVISED INDEXES OF MANUFACTURING CAPACITY AND CAPACITY UTILIZATION. July 1967 , 3 pp. YIELD DIFFERENTIALS IN TREASURY BILLS, 1959­ 64, Staff Paper by Samuel I. Katz. Oct. 1964. THE PUBLIC INFORMATION ACT—ITS EFFECT ON 20 pp. MEMBER BANKS. July 1967. 6 pp. REVISION OF BANK DEBITS AND DEPOSIT TURN­ INTEREST COST EFFECTS OF COMMERCIAL BANK OVER SERIES. Mar. 1965. 4 pp. UNDERWRITING OF MUNICIPAL REVENUE BONDS. Aug. 1967. 16 pp. TIME DEPOSITS IN MONETARY ANALYSIS, Staff THE FEDERAL RESERVE-MIT ECONOMETRIC Economic Study by Lyle E. Gramley and Samuel B. Chase, Jr. Oct. 1965. 25 pp. MODEL, Staff Economic Study by Frank de Leeuw and Edward Gramlich. Jan. 1968. 30 pp. CYCLES AND CYCLICAL IMBALANCES IN A CHANG­ THE PRICE OF GOLD IS NOT THE PROBLEM. Feb. ING WORLD, Staff Paper by Frank R. Garfield. Nov. 1965. 15 pp. ' 1968. 7 pp. U.S. INTERNATIONAL TRANSACTIONS: TRENDS IN RESEARCH ON BANKING STRUCTURE AND PER­ 1960-67. Apr. 1968. 23 pp. FORMANCE, Staff Economic Study by Tynan Smith. Apr. 1966. 11 pp. MARGIN ACCOUNT CREDIT. June 1968. 12 pp. COMMERCIAL BANK LIQUIDITY, Staff Economic REVISION OF MONEY SUPPLY SERIES. June 1968. Study by James Pierce. Aug. 1966. 9 pp. 6 pp. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS A 103 MONETARY RESTRAINT AND BORROWING AND TREASURY AND FEDERAL RESERVE FOREIGN EX­ CAPITAL SPENDING BY LARGE STATE AND CHANGE OPERATIONS. Mar. 1969. 18 pp. LOCAL GOVERNMENTS IN 1966. July 1968. 30 pp. HOUSING PRODUCTION AND FINANCE. Mar. 1969. 7PP- RECENT CHANGES IN STRUCTURE OF TIME AND SAVINGS DEPOSITS. July 1968. 20 pp. BANKING AND MONETARY STATISTICS, 1968. Selected series of banking and monetary statis­ REVISED SERIES ON BANK CREDIT. Aug. 1968. tics for 1968 only. Feb. and Mar. 1969. 16 pp. 4 PP- BALANCE OF PAYMENTS PROGRAM: REVISED FEDERAL FISCAL POLICY IN THE 1960's. Sept. GUIDELINES FOR BANKS AND NONBANK FI­ 1968. 18 pp. NANCIAL INSTITUTIONS. Apr. 1969. 9 pp. HOW DOES MONETARY POLICY AFFECT THE ECONOMY? Staff Economic Study by Maurice RECENT TRENDS IN THE U.S. BALANCE OF PAY­ Mann. Oct. 1968. 12 pp. MENTS. Apr. 1969. 18 pp. BUSINESS FINANCING BY BUSINESS FINANCE QUARTERLY SURVEY OF CHANGES IN BANK LEND­ COMPANIES. Oct. 1968. 13 pp. ING PRACTICES. Apr. 1969. 5 pp. ECONOMIC UPSWING IN WESTERN EUROPE. Nov. CHANGES IN TIME AND SAVINGS DEPOSITS, 1968. 17 pp. OCTOBER 1968-JANUARY 1969. May 1969. MANUFACTURING CAPACITY: A COMPARISON OF 15 pp. TWO SOURCES OF INFORMATION, Staff Eco­ OUR PROBLEM OF INFLATION. June 1969. 15 pp. nomic Study by Jared J. Enzler. Nov. 1968. THE CHANNELS OF MONETARY POLICY, Staff Eco­ 5 PPnomic Study by Frank de Leeuw and Edward MONETARY RESTRAINT, BORROWING, AND CAP­ Gramlich. June 1969. 20 pp. ITAL SPENDING BY SMALL LOCAL GOVERN­ MENTS AND STATE COLLEGES IN 1966. Dec. CHANGES IN TIME AND SAVINGS DEPOSITS, 1968. 30 pp. JANUARY-APRIL 1969. July 1969. 10 pp. REVISION OF CONSUMER CREDIT STATISTICS. FINANCIAL DEVELOPMENTS IN THE SECOND Dec. 1968. 21 pp. QUARTER OF 1969. Aug. 1969. 9 pp. CHANGES IN TIME AND SAVINGS DEPOSITS, REVISION OF WEEKLY SERIES FOR COMMERCIAL APRIL-OCTOBER 1968. Mar. 1969. 21 pp. BANKS. Aug. 1969. 5 pp. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 104 FEDERAL RESERVE BULLETIN □ AUGUST 1969 INDEX TO STATISTICAL TABLES (For list of tables published periodically, but not monthly, see page A-3.) Acceptances, bankers’, 14, 31, 37 Agricultural loans of commercial banks, 24, 26 Arbitrage, 91 Assets and liabilities (See also Foreign liab. or claims): Banks, by classes, 19, 24, 26, 37 Banks and the monetary system, 18 Corporate, current, 49 Federal Reserve Banks, 12 Automobiles: Consumer instalment credit, 54, 55, 56 Production index, 58, 59 )xedni siht ni dettimo si ”A“ xiferp eht hguohtla 69-A hguorht 4-A segap ot era secnerefeR( Demand deposits: Adjusted, banks and the monetary system, 18 Adjusted, commercial banks, 15, 17, 25 Banks, by classes, 11, 19, 25, 29 Subject to reserve requirements, 17 Turnover, 15 Deposits (See also specific types of deposits): Accumulated at commercial banks for payment of personal loans, 23 Adjusted, and currency, 18 Banks, by classes, 11, 19, 25, 29, 37 Federal Reserve Banks, 12, 86 Postal savings, 18 Bank holding companies, banking offices and deposits Subject to reserve requirements, 17 of group banks, Dec. 31, 1968, 96 Discount rates, 9, 90 Bankers’ balances, 25, 28 Discounts and advances by Reserve Banks, 4, 12, 15 (See also Foreign liabilities and claims) Dividends, corporate, 48, 49 Banking offices: Dollar assets, foreign, 75, 81 Changes in number, 94 Par and nonpar offices, number, 95 Earnings and hours, manufacturing industries, 65 Banks and the monetary system, 18 Employment, 62, 64, 65 Banks for cooperatives, 39 Bonds (See also U.S. Govt, securities): Farm mortgage loans, 50, 51 New issues, 45, 46, 47 Federal finance: Yields and prices, 34, 35 Cash transactions, 40 Branch banks, liabilities of U.S. banks to their foreign Receipts and expenditures, 41 branches, 30, 86 Treasury operating balance, 40 Brokerage balances, 85 Federal funds, 8, 24, 26, 30, 33 Business expenditures on new plant and equipment, 49 Federal home loan banks, 39, 51 Business indexes, 62 Federal Housing Administration, 50, 51, 52, 53 Business loans (See Commercial and industrial loans) Federal intermediate credit banks, 39 Federal land banks, 39 Federal National Mortgage Assn., 39, 53 Capacity utilization, 62 Federal Reserve Banks: Capital accounts: Condition statement, 12 Banks, by classes, 19, 25, 30 U.S. Govt, securities held, 4, 12, 15, 42, 43 Federal Reserve Banks, 12 Federal Reserve credit, 4, 12, 15 Central banks, 90, 92 Federal Reserve notes, 12, 16 Certificates of deposit, 30 Federally sponsored credit agencies, 39 Coins, circulation, 16 Finance company paper, 33, 37 Commercial and industrial loans: Financial institutions, loans to, 24, 26 Commercial banks, 24 Float, 4 Weekly reporting banks, 26, 31 Flow of funds, 70 Commercial banks: Foreign: Assets and liabilities, 19, 24, 26 Currency operations, 12, 14, 75, 81 Banking offices, changes in number, 94 Deposits in U.S. banks, 4, 12, 18, 25, 29, 86 Consumer loans held, by type, 55 Exchange rates, 89 Deposits at, for payment of personal loans, 23 Trade, 73 Number, by classes, 19 Foreigners: Real estate mortgages held, by type, 50 Claims on, 82, 83, 86, 87, 88 Commercial paper, 33, 37 Liabilities to, 30, 76, 77, 79, 80, 81, 86, 87, 88 Condition statements (See Assets and liabilities) Construction, 62, 63 Gold: Consumer credit: Certificates, 12, 16 Instalment credit, 54, 55, 56, 57 Earmarked, 86 Noninstalment credit, by holder, 55 Net purchases by U.S., 74 Consumer price indexes, 62, 66 Production, 93 Consumption expenditures, 68, 69 Reserves of central banks and govts., 92 Corporations: Stock, 4, 18, 75 Sales, profits, taxes, and dividends, 48, 49 Government National Mortgage Association, 53 Security issues, 46, 47 Gross national product, 68, 69 Security yields and prices, 34, 35 Cost of living (See Consumer price indexes) Hours and earnings, manufacturing industries, 65 Currency and coin, 4, 10, 25 Housing permits, 62 Currency in circulation, 4, 16, 17 Housing starts, 63 Customer credit, stock market, 36 Income, national and personal, 68, 69 Industrial production index, 58, 62 Debits to deposit accounts, 15 Instalment loans, 54, 55, 56, 57 Debt (See specific types of debt or securities) Insurance companies, 38, 42, 43, 51 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDEX TO STATISTICAL TABLES A 105 Insured commercial banks, 21, 23, 24, 94 Real estate loans: Interbank deposits, 11, 19, 25 Banks, by classes, 24, 27, 37, 50 Interest rates: Delinquency rates on home mortgages, 52 Business loans by banks, 32 Mortgage yields, 53 Federal Reserve Bank discount rates, 9 Type of holder and property mortgaged, 50, 51, Foreign countries, 90, 91 52, 53 ' Money market rates, 33, 91 Reserve position, basic, member banks, 8 Mortgage yields, 53 Reserve requirements, member banks, 10 Prime rate, commercial banks, 32 Reserves: Time deposits, maximum rates, 11 Central banks and govts., 92 Yields, bond and stock, 34 Commercial banks, 25, 28, 30 International capital transactions of the U.S., 76-88 Federal Reserve Banks, 12 International institutions, 74, 75, 90, 92 Member banks, 4, 6, 11, 17, 25 Inventories, 68 Residential mortgage loans, 35, 50, 51, 52 Investment companies, issues and assets, 47 Retail credit, 54 Investments (See also specific types of investments): Retail sales, 62 Banks, by classes, 19, 24, 28, 37 Commercial banks, 23 Sales finance companies, loans, 54, 55, 57 Federal Reserve Banks, 12, 15 Saving: Life insurance companies, 38 Flow of funds series, 70 Savings and loan assns., 38 National income series, 69 Savings and loan assns., 38, 43, 51 Savings deposits (See Time deposits) Labor force, 64 Savings institutions, principal assets, 37, 38 Loans (See also specific types of loans): Securities (See also U.S. Govt, securities): Banks, by classes, 19, 24, 26, 37 Federally sponsored agencies, 39 Commercial banks, 19, 23, 24, 26, 31 International transactions, 84, 85 Federal Reserve Banks, 4, 12, 15 New issues, 45, 46, 47 Insurance companies, 38, 51 Silver coin and silver certificates, 16 Insured or guaranteed by U.S., 50, 51, 52, 53 State and local govts.: Savings and loan assns., 38, 51 Deposits, 25, 29 Holdings of U.S. Govt, securities, 42, 43 New security issues, 45, 46 Ownership of securities of, 24, 28, 37, 38 Manufacturers: Capacity utilization, 62 Yields and prices of securities, 34, 35 Production index, 59, 62 State member banks, 21, 23, 94 Margin requirements, 10 Stock market credit, 36 Member banks: Stocks; Assets and liabilities, by classes, 19, 24 New issues, 46, 47 Banking offices, changes in number, 94 Yields and prices, 34, 35 Borrowings at Reserve Banks, 6, 12 Deposits, by classes, 11 Tax receipts, Federal, 41 Number, by classes, 19 Time deposits, 11, 17, 18, 19, 25, 29 Reserve position, basic, 8 Treasury cash, Treasury currency, 4, 16, 18 Reserve requirements, 10 Treasury deposits, 5, 12, 40 Reserves and related items, 4, 17 Treasury operating balance, 40 Mining, production index, 59, 62 Mobile home shipments, 63 Money rates (See Interest rates) Unemployment, 64 Money supply and related data, 17 U.S. balance of payments, 72 Mortgages (See Real estate loans and residential mort­ U.S. Govt, balances: gage loans) Commercial bank holdings, 25, 29 Mutual funds (See Investment companies) Consolidated condition statement, 18 Mutual savings banks, 18, 19, 22, 29, 37, 42, 43, 50, 94 Member bank holdings, 17 Treasury deposits at Federal Reserve Banks, 4, 12, 40 U.S. Govt, securities: National banks, 21, 23, 94 Bank holdings, 18, 19, 24, 27, 37, 42, 43 National income, 68, 69 Dealer transactions, positions, and financing, 44 National security expenditures, 41, 68 Federal Reserve Bank holdings, 4, 12, 15, 42, 43 Nonmember banks, 21, 23, 24, 25, 94 Foreign and international holdings, 12, 81, 84, 86 International transactions, 81, 84 New issues, gross proceeds, 46 Open market transactions, 14 Open market transactions, 14 Outstanding, by type of security, 42, 43, 45 Ownership of, 42, 43 Par and nonpar banking offices, number, 95 Yields and prices, 34, 35, 91 Payrolls, manufacturing, index, 62 United States notes, 16 Personal income, 69 Utilities, production index, 59, 62 Postal Savings System, 18 Prices: Veterans Administration, 50, 51, 52, 53 Consumer and wholesale commodity, 62, 66 Security, 35 Weekly reporting banks, 26 Prime rate, commercial banks, 32 Production, 58, 62 Profits, corporate, 48, 49 Yields (See interest rates) )xedni siht ni dettimo si ”A“ xiferp eht hguohtla 69-A hguorht 4-A segap ot era secnerefeR( Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

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