Federal Reserve Bulletin, 1969-10

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

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

FEDERAL RESERVE BULLETIN NUMBER 10 □ VOLUME 55 □ OCTOBER 1969 CONTENTS ‘ 765 Euro-dollars: A Changing Market 785 Staff Economic Studies: Summaries * 787 Revision of Money Stock Series \ 804 Changes in Time and Savings Deposits, April-July 1969 815 Statements to Congress 823 Record of Policy Actions of the Federal Open Market Committee 839 Law Department 863 Announcements 864 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 94 Board of Governors and Staff A 95 Open Market Committee and Staff; Federal Advisory Council A 96 Federal Reserve Banks and Branches A 97 Federal Reserve Board Publications A 101 Index to Statistical Tables Map of Federal Reserve System on Inside Back Cover EDITORIAL Charles Molony J. Charles Partee COMMITTEE 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

Euro-dollars: A Changing Market THE LARGE INCREASE in borrowing of Euro-dollars by banks in the United States in the past 2 years has been of major impor­ tance for borrowers and lenders in the Euro-dollar market, and has had an impact both on financial markets and on the balance of payments positions of a number of countries. The rise in outstanding Euro-dollar liabilities of U.S. banks may be measured approximately by the rise in banks’ total liabili­ ties to their foreign branches. Such liabilities rose from $4.2 bil­ lion on December 27, 1967, to $6.9 billion on December 25, 1968. During the first 7 months of this year the increase was much more rapid, with liabilities to branches reaching $14.4 bil­ lion on July 30; in the next 2 months, however, there was only a little further net increase. The growth in use of Euro-dollars reflected the interaction of rising demand for bank credit in the United States, reduced availability of bank reserves after late 1968, and the maintenance of ceilings on time deposit interest rates under the Board’s Regula­ tion Q. Interest rates on newly issued negotiable certificates of deposit reached the permissible ceilings under Regulation Q dur­ ing the final weeks of 1968. From then until about the end of July of this year, banks increased their borrowings of Euro­ dollars with particular rapidity in an effort to meet both rising credit demands from customers and a run-off of maturing CD’s. At times in 1968-69, U.S. banks’ borrowings of Euro-dollars were also increased by speculative flows of funds out of some European currencies. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

766 FEDERAL RESERVE BULLETIN □ OCTOBER 1969 Large takings of Euro-dollars by banks in the United States through their branches occurred at a time when demands for Euro-dollars by borrowers in the rest of the world were also increasing strongly. For these reasons, interest rates on Euro-dol­ lar deposits rose by mid-1969 to levels which would have been considered highly improbable until this year. Intense demand pressures in the Euro-dollar market helped to accelerate sharply the rapid rate of expansion already experienced by that market in previous years, a development which signaled a growing inter­ dependence among national financial systems. Flows of funds into the Euro-dollar market from countries other than the United States generally involve a purchase of dollars by a foreign commercial bank or nonbank investor from the central bank of the country whose currency is sold. This year, monetary authorities in some European countries have felt compelled not only to limit further placements of funds in Euro-dollars by their commercial banks, but even to reverse shifts that had already occurred, in order to bolster official reserves. In some countries, such actions were motivated by balance of payments deficits wholly or largely unrelated to Euro­ dollar market developments, but even in these cases the strong pull of high Euro-dollar rates was an added consideration in the decisions to impose restrictions on banks’ Euro-dollar market activities. Whatever their cause, however, all of the actions taken to force banks to reduce their net lending in the Euro-dollar market were an important additional factor contributing to the steep rise in Euro-dollar rates. In the United States the Federal Reserve System has sought to moderate borrowings of Euro-dollars by removing a special advantage to member banks that were using Euro-dollars to ad­ just to domestic credit restraint. Effective September 4 a 10 per cent reserve requirement was imposed on net liabilities to foreign branches exceeding the daily-average outstanding amounts in the 4 weeks ending May 28, subject to certain qualifications. The texts of the amendments to Regulations D and M appeared in the Bulletin for August 1969, pp. 656-57. MECHANISMS OF “Euro-dollars” are interest-earning dollar deposits in banks out­ EURO DOLLAR MARKET side the United States; they include deposits in foreign branches of U.S. banks. A bank accepting a Euro-dollar deposit receives, in settlement of the transaction, a dollar balance with a bank in the United States. A bank making a Euro-dollar deposit or loan Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

EURO DOLLARS: A CHANGING MARKET 767 —other than an advance by a U.S. bank branch to its own head office—completes the transaction with a transfer from its U.S. bank balance. A bank abroad may take Euro-dollar deposits from nonbanks (that is, from individuals, corporations, or other nonbanking in­ stitutions) in its own country or elsewhere. The depositor may have obtained dollars through a current or capital transaction settled in dollars, or through purchase on the exchange market. In either case, the depositor has chosen to acquire a Euro-dollar de­ posit in preference to alternative forms of short-term investment available to him. A bank may take Euro-dollars also by deposit or by loan from other commercial banks. The lending bank may be redepositing funds which it has itself obtained through Euro­ dollar transactions; or it may be using dollars purchased on the exchange market—or through special arrangement directly with its central bank—because it wished to switch out of assets in its domestic currency or some third currency. A bank may some­ times take Euro-dollar deposits directly from some central banks or from the Bank for International Settlements (BIS). A bank that acquires Euro-dollar deposits may lend dollars to business enterprises in its own country or another country, either to finance dollar payments or for conversion into another currency. A bank itself may switch out of dollars into another currency via exchange market transactions generally covered by forward purchases of dollars. Or it may lend dollars to other banks, including foreign branches of U.S. banks, which in turn may lend either outside the United States or to head offices in this country. In considering the net effects of Euro-dollar operations on various classes of foreign holdings of dollar balances in the United States, we may disregard redeposits made by banks re­ ceiving Euro-dollar deposits since, in the settlement of redeposits, balances pass only from one commercial bank to another. All other Euro-dollar deposit and loan transactions by residents of foreign countries are necessarily associated either with an ex­ change market transaction (whereby a depositor buys dollars or a borrower of dollars sells them) or with some dollar receipt or payment—for example, for exports or imports—or with with­ drawal of dollar balances that had been held in the United States. Since central banks are the residual suppliers or buyers in for­ eign exchange markets, it is evident that net market purchases of dollars in connection with the Euro-dollar deposits and borrow- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

768 FEDERAL RESERVE BULLETIN □ OCTOBER 1969 ings of nonbanks and banks in foreign countries involve a net transfer of balances in the United States from ownership of foreign central banks to ownership of banks operating in the Euro-dollar market. Moreover, the diversion of dollar receipts—such as by foreign exporters—into Euro-dollar deposits makes the reserve gains of foreign central banks smaller than they would other­ wise be, whereas the use of Euro-dollar loans to finance dollar payments—for example, for imports—makes those reserve gains larger than if the needed dollars had been bought in the exchange market. TABLE 1 U.S. BALANCE OF PAYMENTS ON THE OFFICIAL RESERVE TRANSACTIONS BASIS In billions of dollars 19691 18-month Item 1968 total year Jan.-Mar. Apr.-June Selected private capital transactions: Increase in U.S. liquid liabilities to foreign (private) nonbanks............................................................. .4 -.0 -J .2 Net foreign purchases of U.S. stocks........................ 2.1 .8 J 3.0 Net issues of U.S, securities sold abroad by U.S. corporations................................................. 2.1 .4 .1 2.7 Increase (—) in short-term foreign claims of U.S. nonbanks................................................................ -1.0 -.1 .« -io Balance on goods and services.. ................................... 2.5 .7 .5 3.7 Other transactions, not listed below2........................... -7.8 -3.2 -4.0 -15.1 Balance on above transactions.. ................................... -1.7 -1.4 -3.4 -6.5 Increase in short-term U.S. liabilities to; 3 U.S. bank branches abroad.............................. _II JI J1P 12 Other commercial banks............................................. Balance on official reserve transactions basts.............. 1.6 1.7 1.2 4.6 Decrease in U.S. liabilities to foreign monetary authorities.......................................................... .7 1.7 .9 3.3 Increase in U.S. official reserve assets.......................... .9 .0 .3 1.2 1 Not seasonally adjusted. 2 Includes U.S. private long-term capital outflow, bank credit outflow, U.S. Government grants and credits, remittances and pensions, changes in U.S. liabilities not covered elsewhere, and errors and omissions. 3 These short-term liabilities are those reported by banks in the United States. Besides demand bal. ances, they include time deposits, other liabilities, and loans and money market paper held in custody. Source.—Survey of Current Business, Sept. 1969, pp. 34-48, and partly estimated Federal Reserve data for breakdown of liabilities to commercial banks between U.S. bank branches and other. Note.—Figures may not add to totals due to rounding. For these reasons, the heavy borrowing of Euro-dollars by U.S. banks through their foreign branches during 1968 and the first half of 1969 served to generate a surplus in the U.S. bal­ ance of payments as measured on the official reserve transactions basis. During this period, U.S. liabilities to commercial banks abroad increased, as shown in Table 1, by $11.1 billion, mainly as the result of Euro-dollar transactions. Some minor part of this borrowing recaptured funds that had flowed to the Euro- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

EURO-DOLLARS: A CHANGING MARKET 769 dollar market out of the dollar holdings in the United States of U.S. residents or foreign nonbanks, but most of the $11.1 billion had its counterpart in net shifts by foreign nonbanks and banks out of foreign currencies into Euro-dollars. Without those shifts foreign central banks would have improved their gold and net dollar asset position vis-a-vis the United States con­ siderably, as the result of other international transactions; in­ stead, the United States had a surplus of $4.6 billion. As Table 1 shows, this provided a decrease in U.S. liabilities to foreign cen­ tral banks and an increase in U.S. official reserve assets. STRUCTURE OF The Euro-dollar deposit market is almost entirely a market for EURO DOLLAR MARKET short-term funds. The most common initial maturities of de­ posits, other than call deposits, are for overnight and for 7, 30, 90, and 180 days; very few are for longer periods. A survey of maturities of dollar deposits at foreign branches of U.S. banks has shown that, at the end of July 1969, one-fourth were call and overnight deposits and that the average maturity of other deposits outstanding was 2.7 months. Euro-dollar loans to non­ banks are believed to be of somewhat longer average maturity. Owners of Euro-dollar deposits and recipients of Euro-dollar loans are spread throughout the world, but most Euro-dollar deposits are in banks in Western Europe. Table 2 shows figures for short-term assets and liabilities, in dollars and certain other currencies, of banks in eight West European countries. It lists banks’ assets and liabilities vis-a-vis residents of countries other than their own and includes interbank deposits involving banks in two different countries. (Interbank deposits within the same country are omitted.) At the end of 1968 banks in these eight countries had short-term dollar liabilities, to residents of coun­ tries other than their own, amounting to $26.9 billion, and their short-term dollar claims on such foreign residents were $30.4 billion. The importance of London as a Euro-dollar center is apparent from the fact that at the end of 1968 banks in the United King­ dom accounted for 57 per cent of the total dollar liabilities and 49 per cent of the dollar assets shown in Table 2. About 80 per cent of the dollar deposits in foreign branches of U.S. banks are in London. The omission from Table 2 of assets and liabilities vis-a-vis residents of the individual country, because data for some coun­ tries are unavailable, means that important sources and uses Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

770 FEDERAL RESERVE BULLETIN o OCTOBER 1969 TABLE 2 COMMERCIAL BANKS IN 8 WEST EUROPEAN COUNTRIES: SHORT-TERM ASSETS AND LIABILITIES IN CERTAIN CURRENCIES VIS-A-VIS NONRESIDENTS End of year; in billions of dollars Other foreign U.S. dollars Own currency currencies1 Country, and item 1967 j 1968 1967 1968 1967 1968 Belgium-Luxembourg Assets................................... .97 1.46 . 19 .33 .47 .81 Liabilities............................. .89 I .31 .49 .60 1.05 1.33 Net position.................... .08 .15 -.30 -.27 -.58 -.52 France2 Assets................................... 1.89 3.43 .29 .39 .97 1.23 Liabilities............................. 1 .70 3.04 1.07 .70 .89 1.60 Net position................... .19 .39 -.78 -.31 .08 -.37 Germany Assets.................................. 1.03 1.49 1 .23 1.50 .12 .12 Liabilities............................. .28 .51 1.83 3.03 .06 .06 Net position.................... .75 .98 - .60 -1.53 .06 .06 Italy Assets................................... 2.26 3.20 .20 .30 .68 1.25 Liabilities............................. 2.14 2.63 .55 .60 .78 1.09 Net position.................... .12 .57 -.35 -.30 -.10 .16 Netherlands Assets................................... .65 .99 .29 .43 .48 .56 Liabilities............................. .81 .97 .52 .62 .30 .50 Net position.................... — .16 .02 -.23 — .19 .18 .06 Sweden Assets................................... .35 .49 .10 .09 .26 .19 Liabilities. ........................... .17 .2! . 19 .23 .09 .09 Net position.................... .18 .28 -.09 -.14 .17 .10 Switzerland5 Assets.................................. 3.52 4.39 1.80 2.58 .61 1 .02 Liabilities............................. 2.43 2.82 2.45 3.18 .31 .41 Net position............. 1.09 1.57 -.65 -.60 .30 .61 United Kingdom Assets.............................. 9.21 14.98 3.30 4.05 .99 1.80 Liabilities.................... 9.69 15.38 4,81 4.84 .67 1 .59 Net position.................... -.48 -.40 -1.51 -.79 .32 .21 Total, 8 countries Assets............................... 19.88 30.43 7.40 9,67 4.58 6.98 Liabilities............................ 18,11 26.87 1 1 .91 13.80 4.15 6,67 Net position.................... 1.77 3.56 -4.51 -4. 13 .43 .31 ’Sterling, Swiss francs, German marks, Dutch guilders, French francs, and Italian lire. 2 Figures for 1967 refer to positions vis-a-vis foreign banks only. :t Including Euro-currency assets and liabilities of the BIS. Source.— BIS, 39th Annual Report, June 1969. of Euro-dollars are not shown for some of the national banking systems. For example, at the end of 1968, Italian banks had $550 million of deposit liabilities to residents denominated in dollars and other foreign currencies, and on the asset side their outstanding loans of dollars and other foreign currencies to resi­ dents amounted to $1.7 billion. The BIS has estimated the geographic pattern of sources and uses of Euro-dollars for the same eight countries as in Table 2. But unlike that table these estimates, which are shown in Table 3, do include banks’ dollar claims on, and liabilities to, local residents. Moreover, the data have been adjusted to eliminate interbank deposits within the eight countries. The term “net size Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

EURO-DOLLARS: A CHANGING MARKET 771 of the Euro-dollar market” has been applied to the totals in Table 3; but the application of any particular geographic bound­ ary to the Euro-dollar market is, of course, arbitrary. Table 3 shows that in recent years banks in the eight-country area have obtained somewhat more than half of their Euro­ dollar resources from within the area. Some of these funds have been acquired through dollar deposits made by nonbanks in the area, but a larger part has come from banks through conversions of other currencies into dollars, whether by exchange market transactions or under special swap arrangements with the Bank of Italy or the German Federal Bank. Among the sources outside the eight countries at the end of 1968 were sharply increased deposits by U.S. and Canadian residents. Of the estimated $1.9 billion increase in 1968 in Euro-dollars provided by sources in the United States and Canada, about $1 billion consisted of the temporary placement in the Euro-dollar market of funds raised by U.S. corporations through bond issues outside the United States, a development that will be discussed later. From Table 3 it may also be seen that since 1965 banks and nonbanks outside the area of the eight countries have been absorbing a rapidly rising share of the Euro-dollars loaned by banks within the area, with a particularly sharp increase in 1968 in borrowings of Euro-dollars by the United States and Canada. In addition to an increase of over $2 billion in U.S. banks’ borrow­ ings through branches and an increase of about $300 million in Euro-dollar liabilities of Canadian banks to banks outside the United States, there were increased borrowings by U.S. and Ca­ nadian business firms, partly for use abroad. Table 3 also shows Japan to be an important user of Euro-dollars. Japanese bor­ rowings of Euro-dollars increased in every one of the years 1965­ 68; this year, there has been some decline since March in the Euro-dollar liabilities of Japanese banks. EXPANSION OF Rapid growth has been a feature of the Euro-dollar market EURO DOLLAR MARKET since its inception more than a decade ago, but the rate of expansion has been much faster since 1967. Dollar liabilities of the banks covered in Table 2 to banks and nonbanks in coun­ tries other than their own rose at an average rate of 23 per cent a year in the 3 years 1965-67, but the increase was 48 per cent in 1968. The totals in Table 3 show a similar acceleration. In the first 6 months of 1969 the Euro-dollar market ex­ panded even faster than in the same period of last year, accord- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

772 FEDERAL RESERVE BULLETIN □ OCTOBER 1969 ing to data (Table 4) for dollar assets and liabilities of banks in the United Kingdom vis-a-vis nonresidents. As was pointed out, the United Kingdom accountg for about one-half of all such assets and liabilities of banks in the eight-country area. There was an increase in assets of 50 per cent in the first 6 months of 1969, compared with the 41 per cent rise (on a much lower base) in the same period of last year. On the liabilities side the increase was 47 per cent compared with 39 per cent. TABLE 3 NET SIZE OF EURO-DOLLAR MARKET Estimated outstanding amounts, end of year; in billions of dollars Cumulative sources and uses of Euro­ dollars by area 1964 1965 1966 1967 1968 Sources Outside area1 U.S. and Canada................................. 1.5 1.3 1.7 2.6 4.5 Japan.................................................... . 1 Eastern Europe.................................... .3 .3 .4 .5 .6 Other..................................................... 2.8 3.3 4.0 4.8 6.6 Total.................................................. 4.6 4.9 6. 1 7.9 11.8 Inside area Nonbanks............................................. 1.8 2.2 2.8 3.9 5.2 Banks2................................................. 2.6 4.4 5.6 5.7 8.0 Total.................................................. 4.4 6.6 8.4 9.6 13.2 Total.............................................. 9.0 11.5 14.5 17.5 25.0 Uses Outside area1 U.S. and Canada................................. 2.2 2.7 5.0 5.8 10.2 Japan..................................................... .4 .5 .6 1.0 1.7 Eastern Europe.................................... .5 .5 .7 .8 .9 Other..................................................... .9 1.5 1.9 3.0 4.2 Total.................................................. 4.0 5.2 8.2 10.6 17.0 Inside area Nonbanks............................................ 2.3 3.3 3.7 4. 1 4.7 Banks3................................................... 2.7 3.0 2.6 2.8 3.3 Total.................................................. 5.0 6.3 6.3 6.9 8.0 Total............................................... 9.0 11.5 14.5 17.5 25.0 ‘Banks and nonbanks in all countries except Belgium-Luxembourg, France, West Germany, Italy, the Netherlands, Sweden, Switzerland, and the United Kingdom. 2 Amounts converted from other currencies and used for Euro-dollar-type lending, as estimated by BIS; also includes liabilities to central banks and BIS. 3 Amounts converted to other currencies, as estimated by BIS, excluding Italian banks’ conversions to third currencies for relending to nonbank residents (included in nonbank uses). Source.—BIS, 39th Annual Report. The much more rapid expansion of the Euro-dollar market in 1968 and 1969 has stemmed largely from the effect on the supply of Euro-dollars which the intensified demand has exerted through the pull of higher interest rates. Euro-dollar deposits are a substitute for other financial assets and particularly for time deposits in domestic currency and short-term money mar­ ket instruments such as Treasury bills. Since 1967 the steep rise in Euro-dollar rates has outdistanced the increases in rates on Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

EURO-DOLLARS: A CHANGING MARKET 773 alternative investments in many countries, thereby enhancing the attractiveness of Euro-dollar deposits. Because so much of the big increase in the demand for Euro-dollars came from U.S. banks, the increased demand was felt initially in London where activity of U.S. banks’ foreign branches is concentrated. However, the impact immediately spread throughout the well-organized and highly competitive Euro-dollar market. There has been a sharp increase in the move­ ment of nonbank funds to banks in the United Kingdom, but much of the funds moving to London have come from other banks, located in continental Europe or elsewhere. U.S. banks have not been the only source of rising demand in the Euro-dollar market. Among the special factors affecting TABLE 4 BANKS IN THE UNITED KINGDOM: , DOLLAR ASSETS AND LIABILITIES VIS-A-VIS NONRESIDENTS End of period; in billions of dollars 1968 1967 1969 Assets and liabilities Dec. June June Dec. Assets (claims against): United States............................................................. 4.07 7. 13 7.24 13.78 ------- Western Europe........................................................... 2.54 2.61 3.70 4.33 ------- Belgium..................................................................... .23 .25 .34 .46 France...................................................................... - .26 .22 .52 .71 Germany.................................... ............................... . 18 . 18 .34 .49 Italy............................................................................. .42 .32 .61 .63 Netherlands............................................................... .26 . 18 .26 .24 Switzerland................................................................. .30 .46 .50 .78 Other.......................................................................... .89 1.00 1.13 1.02 Rest of world................................................................. 2.60 3.22 4.04 4.29 ....... — Japan........................................................................... .99 1.32 1.59 1.33 Canada....................................................................... .28 .30 .42 .46 Latin America.......................................................... .39 .53 .66 .76 Overseas sterling area............................................. .23 .27 .41 .70 Middle East............................................................... .20 .20 .27 .24 Other.................................................................... .52 .60 .69 .80 Total assets............................................................ 9.21 12.96 14.98 22.40 Liabilities (to): United States................................................................. —1.3—8— 2 — .49 2 -- . - 5 -- 7 - .3 — .—3 _5— Western Europe............................................................. 5.19 7. 10 8.19 11.76 —i—— .—.—- Belgium....................................................................... .32 .63 .61 1.09 France......................................................................... .63 1.03 .93 1.31 Germany.................................................................... .45 .40 .53 .85 Italy............................................................................. .74 .98 1.46 1.72 Netherlands.............................................................. .25 .33 .40 .87 Switzerland................................................................ 1.81 2.53 2.82 4.33 Other........................................................................... .99 1.20 1.44 1.59 Rest of world...........................................-.................... 2.62 3.83 4.60 7.55 — -----— Japan........................................................................... .04 .07 .06 .14 Canada....................................................................... .77 .92 1.17 2.15 Latin America........................................................... .43 .49 .57 .91 Overseas sterling area............................................... .67 1.07 1.21 1.90 Middle East.............................................................. .54 .53 .54 .77 Other........................................................................... .68 .75 1.06 1.67 Total liabilities....................................................... 9.19 13.42 15.36 22.66 Source.—Bank of England, Quarterly Review. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

774 FEDERAL RESERVE BULLETIN □ OCTOBER 1969 demand in recent years have been the voluntary foreign credit restraint program, which has caused foreign borrowers (includ­ ing U.S. foreign subsidiaries) to look more to U.S. bank branches abroad for credit, and the direct investment control programs, which have encouraged U.S. corporations to borrow abroad. Increases in 1968 in uses of Euro-dollars by nonbanks in the eight countries and also by Japan are shown in Table 3 to have been much greater than earlier, even though Euro-dollar interest rates were moving up; nor did higher rates produce a slowing of the rise in the use of Euro-dollars by the other countries as a group. This year, despite absorption by U.S. banks of a very large part of the addition to Euro-dollar market resources, asset data for banks in the United Kingdom (Table 4) still show a rise in claims on borrowers in countries other than the United States of 11 per cent in the first 6 months of 1969. While this was smaller than the 13 per cent increase a year earlier, it occurred in the face of much higher lending rates. Dollar claims of U.K. banks on West European borrowers rose faster than a year earlier. Important forces—some structural and some in response to current developments—-have been at work on the supply side of the Euro-dollar market. Structural features which have fostered rapid growth in the past have presumably continued to be oper­ ative. Over the past decade the volume of Euro-dollar deposits in major financial centers has increased several times faster than the amount of domestic-currency bank deposits in those centers, probably because of the relatively high degree of competition for Euro-dollar deposits. The monetary authorities of the major industrial countries have never regulated the interest rates that banks might pay for Euro-dollar deposits, and cartel arrange­ ments on interest rates seem to be absent or less restrictive on Euro-dollar deposits than on domestic-currency deposits. Interest rates have typically been higher on Euro-dollar deposits than on domestic-currency deposits of comparable maturity. And as cor­ porations and other large depositors have become more aware of the interest-rate advantages of Euro-dollar deposits, they have become more willing to hold balances in that form. In 1968 the intensified U.S. controls on the financing of direct investment abroad led to an increase in new issues of securities in foreign markets by U.S. corporations, from about $450 mil­ lion in 1967 to $2.1 billion in 1968 (Table 1). Outstanding temporary placements of those funds in liquid assets, of which Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

EURO-DOLLARS: A CHANGING MARKET 775 Euro-dollars were a large part, rose from about $400 million to $1.4 billion, that is, by $1.0 billion (Table 1). This year this source of funds has become unimportant, but flows from two other sources seem to have provided fresh supplies to the Euro­ dollar market. First, when foreign net purchases of U.S. securities slowed sharply after the early months of the year—both in new issues abroad and on the U.S. stock market (Table 1)—substantial flows of European and other foreign investment money were undoubtedly diverted to the Euro-dollar market. Secondly, it is clear that unusually large movements of U.S. residents’ funds have been generated this year by the attraction of high Euro­ dollar interest rates: British and Canadian statistics show in­ creases in U.S. dollar liabilities of banks in those countries to U.S. residents that together amount to about $1 billion for the first half of 1969. The circular flow from U.S. investors through the Euro-dollar market to U.S. banks, brought into motion in this manner, has no net effect on the official settlements meas­ ure of the U.S. balance of payments; but it accentuates the deficit as calculated on the “liquidity” basis. (This flow has un­ doubtedly been an element in this year’s unusually large “errors and omissions” item in the U.S. balance of payments accounts.) Among the forces that contributed to expansion of the Euro­ dollar market in 1967 and 1968 were movements out of other currencies motivated by uncertainties about par values. This year, up to September, flows related to currency uncertainties went predominantly into German marks; to some extent, such flows withdrew funds from the Euro-dollar market. On balance, however, there has been a net flow into Euro-dollars in 1968-69 in reflection of such uncertainties—particularly those associated with the French franc and with sterling—in addition to flows in response to high Euro-dollar interest rates. One result of the large flows to the Euro-dollar market has been to contribute to the decisions taken by monetary authorities in a number of European countries to impose restrictions. These restrictions, which are discussed later, have held back the expan­ sion of Euro-dollar availabilities and thus accentuated the up­ ward push of Euro-dollar interest rates. INTEREST Interest rates on Euro-dollar deposits (and on Euro-dollar loans) DIFFERENTIALS WIDEN rose during 1968 and continued to rise—but far more steeply— in the first half of this year, especially in May and June. Move- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

776 FEDERAL RESERVE BULLETIN □ OCTOBER 1969 merits of the brokers’ bid rate on 3-month Euro-dollar deposits in London may be taken as typical of both the movements in rates for other maturities and the changes in rates paid on dol­ lar deposits in centers other than London. The London 3-month rate rose from 6.25 per cent at the end of 1967 to nearly 7.5 per cent a year later. (Levels are seasonally high in December.) This year the rate climbed to about 11 per cent by late June and after some fluctuation was 10.25 per cent in mid-October. The primary force pushing rates up this year has been the demand for funds by U.S. banks during a time when the 4- to 6-month commercial paper rate and the day-to-day Federal funds rate have both moved up from around 6 per cent in late 1968 to a range of 8 to 9 per cent, or even higher, in recent months. After 1967 the upward movement of Euro-dollar rates out­ paced by a wide margin the increases in interest rates in national money markets abroad as well as here, despite sharp increases in 1969 in interest rates in most industrial countries. Because of concern over actual or potential inflationary pressures, the mon­ etary authorities in Germany, the Netherlands, Switzerland, and Canada have allowed market forces to push interest rates higher and have assisted this process by raising central bank discount rates; in Belgium, France, and the United Kingdom the discount rate has been raised and other restrictive monetary measures have been instituted because of both internal demand conditions and balance of payments considerations. Even so, widening gaps between national money market rates and Euro-dollar rates created strong incentives for shifting funds out of domestic-cur­ rency assets into Euro-dollars. For nonbank investors, domestic-currency time deposits are a principal alternative to Euro-dollar deposits. Table 5 compares the rate for 3-month Euro-dollar deposits in London with rates on large-size 3-month time deposits in domestic currency at banks in 10 countries. Except in the United Kingdom and Can­ ada, the rate on domestic-currency deposits was below the Euro­ dollar rate at the beginning of 1968. The differentials widened during 1968 and have widened further this year in spite of in­ creases in most rates on domestic-currency deposits. At the end of August the interest advantage of the Euro-dollar deposit ranged from 1.5 per cent in the United Kingdom to 8.5 per cent in Italy. These calculations are relevant to movements of funds into Euro-dollars on an uncovered basis. But even for movements Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

EURO-DOLLARS: A CHANGING MARKET 777 on a covered basis, 3-month forward discounts on the dollar with respect to other currencies this year have generally not been large enough to offset the interest-rate advantage of the Euro­ dollar deposit; the main exception was with respect to covered movements from German marks to Euro-dollars from about the end of April through September. It should be pointed out that in the United Kingdom, Italy, Sweden, and France (since June 1968) shifts of funds of the type considered here have been TABLE 5 RATES OF INTEREST ON 3-MONTH FUNDS At or near end of period; in per cent per annum 1968 1969 1967 Type of instrument Dec. June Dec. Mar. June Aug. Euro-dollar deposit........................................ 6.25 6.75 7.44 8.50 10.50 11.25 Large-size time deposit in domestic cur­ rency : Belgium....................................................... 4.75 4.25 7.25 7.25 7.38 7.38 France.......................................................... 2.75 2.75 3,00 3.00 3,00 3.00 Germany..................................................... 4.00 3.25 4.38 4.25 5.50 6.63 Italy.............................................................. 2.75 2.75 2.75 2,75 2,75 2.75 Netherlands. ............................................... 5.75 5.63 6.25 7.13 7.81 9.00 Sweden......................................................... 5.25 4.75 4.25 5.25 5.25 6.25 Switzerland................................................. 4.00 3.75 4.25 4.75 4.00 5.00 United Kingdom.,.................................... 7.88 8.00 7.63 8.75 9,25 9,75 Canada......................................................... 6.25 7,00 6.50 6,75 7.00 7.50 Japan........................................................... 4.00 4.00 4.00 4.00 4.00 4.00 Money market instruments: Belgium: Treasury bill.......................... 4.40 3.75 5.00 6.00 6.55 7,75 Germany: Interbank Ioan........................ 3.96 3.75 4.46 4.50 6.00 6,50 Netherlands: Treasury bill...................... 4.60 4.87 5.00 5.19 5.72 6.30 Switzerland: Interbank deposit............... 4.00 3.75 4.25 4.75 5.00 5.00 United Kingdom; Treasury bill...................................... 7.26 7.03 6.63 7.61 7,58 7.64 Local authority deposit......................... 7.81 8.19 7.81 8.94 9.38 9.69 Canada: Treasury bill....................................... 5.82 6.35 6.06 b.37 6.89 7.42 Finance company paper....................... 6.38 7.13 6.50 6.88 7.75 8.38 Premium or discount ( —) of 3-month for­ ward dollar against: Belgian franc............................................... -2.00 2.00 .20 -.72 t.H 10.58 German mark: Market rate............................................. -3.00 -3.46 -4.47 -4.16 -5.63 -5.49 Special rate1.......................................... 2 -4.00 -3.25 -4.50 2 -5.00 Netherlands guilder.................................. -1.33 -1.05 -.83 -1.39 -2,32 -.40 Swiss franc................................................... -2.13 -.65 -1.89 -.91 -1.67 -.24 Pound sterling............................................. 2.83 5.23 3.79 2.78 3.06 8.13 Canadian dollar. ............................... .49 .95 .45 -.74 -1.70 -.57 Covered interest advantage of Euro-dollar deposit with respect to money market instruments in: Belgium: Treasury bill.............................. -.15 5.00 2.64 1.78 5.06 14.08 Germany: Interbank loan3....................... -.71 —. 46 -.27 -.16 -1.13 -.25 Netherlands: Treasury bill....................... .32 .83 1.61 I .92 2,46 4.55 Switzerland; Interbank deposit................ .12 2.35 1.30 2.84 3.83 6.01 United Kingdom: Treasury bill........................................ 1.82 4.45 4.60 3.67 5.98 11.74 Local authority deposit......................... 1 .27 3.79 3.42 2.34 4.18 9.69 Canada: Treasury bill....................................... .92 1.45 1 .83 1.39 1.91 3.26 Finance company paper........................ .36 .57 1.39 .88 1 .05 2.30 • Special rate offered to German commercial banks by the German Federal Bank on swaps of 3 months or 90 days. 2 A special rate is not shown for those dates when swaps were not on offer by the German Federal Bank. J The calculation is based on the special forward rate offered by the German Federal Bank for those dates when swaps were on offer and the rate was more favorable to the banks than the forward rate in the exchange market. Otherwise, the market rate is used. Source.—Domestic-currency time deposit rates: Morgan Guaranty Trust Co., World Financial Markets; other data: Federal Reserve Bank of New York and national publications. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

778 FEDERAL RESERVE BULLETIN □ OCTOBER 1969 subject to controls administered with varying degrees of flexibil­ ity and effectiveness. For banks, the standard practice is to keep a balanced position in every currency; that is, in the case of their dollar position, the sum of spot dollar assets and any dollars bought forward would equal the sum of their spot dollar liabilities and any dol­ lars sold forward. The larger part of the spot dollar assets of banks in Europe do not have to be covered forward because a spot liability was already incurred when dollar deposits were accepted from nonbank depositors or other banks. But at times, as Table 2 suggests, the spot dollar assets of banks in a particular country may exceed their spot liabilities. In such cases, banks have acquired dollars by switching out of assets in their domestic currency or some third currency. Such switching may be done by buying spot dollars in the exchange market and then selling dollars forward—for the ap­ propriate delivery date—in two separate transactions. Or the bank may make a swap with another bank, buying spot dollars from it and selling forward dollars to it in a single transaction. In Italy and Germany swap arrangements of the central banks with commercial banks have been of major importance. Any premium or discount on the forward dollar under the terms of a swap affects the arbitrage calculation just as when a forward sale is made separately. Covered-interest arbitrage calculations involving the interest rates on 3-month Euro-dollar deposits and 3-month money mar­ ket instruments, as well as the premium or discount on the 3month forward dollar, are also given in Table 5. In 1969 the 3-month Euro-dollar deposit] has had a covered-interest advan­ tage—usually increasing—relative to money market instruments in Belgium, the Netherlands, Switzerland, the United Kingdom, and Canada. In the United Kingdom, nonresident banks and nonbanks hold large amounts of short-term investments in sterling instruments and are free to shift between these and Euro-dollars. Exchange controls seriously limit the ability of domestic residents to shift funds out of sterling into Euro-dollars. Banks in the United Kingdom may switch between dollars and sterling subject to the restriction of not being allowed to hold spot assets in foreign currencies in excess of spot liabilities. The swap arrangements between Italian commercial banks and the Bank of Italy carried no premium or discount on the forward dollar until December 1968; from then until February Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

EURO-DOLLARS: A CHANGING MARKET 779 1969 a 1 per cent premium on the forward lira (discount on the forward dollar) was charged the banks. The Bank of Italy has made swaps available to Italian banks since 1959. The avail­ ability of swaps was severely restricted from late 1965 until the closing weeks of 1968, but a liberalization of the swap policy in December 1968 and the low level of the premium on the for­ ward lira induced banks to resume making extensive use of swaps. Subsequently, the raising of the swap rate to 5 per cent in February 1969 ushered in a new set of policies, to be dis­ cussed later. At various times since 1959 the German Federal Bank has made swaps available to German commercial banks with pre­ miums on the forward mark lower at most times than those in the German foreign exchange market. A comparison of the Fed­ eral Bank swap rate or the market forward rate, whichever was relevant, with the uncovered advantage of the rate on 3-month Euro-dollars over the rate on 3-month interbank loans in Frank­ furt shows that only infrequently was there a covered advantage favoring Euro-dollars in 1968 and 1969. However, at times when there were large speculative inflows to Germany or shortly there­ after—especially around the end of 1968 and again last June— the German Federal Bank was able to stimulate large placements of Euro-dollars by German commercial banks. EURO-CURRENCY Increased borrowing of Euro-dollars by banks in the United RESTRICTIONS States does not appear to have created serious problems of do­ mestic monetary management for most other countries. In 1968, monetary authorities were able to offset any undesired deflation­ ary effects that outflows of funds into the Euro-dollar market might otherwise have had on domestic monetary conditions. Nor were the impacts of these flows on national reserve positions a primary cause of concern. This year, when borrowing of Euro­ dollars by U.S. banks has increased much faster, there has been a general tightening of monetary conditions in Western Europe, Canada, and Japan—which, in most cases, has proved to be consistent with the policies desirable from the standpoint of in­ ternal economic conditions. However, impacts on reserve posi­ tions have caused some concern this year. Because of reserve losses regarded as unacceptable, banks in France, Italy, Belgium, the Netherlands, and Canada—as well as those in the United Kingdom, long subject to the restrictions mentioned earlier—are now operating under diverse types of reg- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

780 FEDERAL RESERVE BULLETIN □ OCTOBER 1969 ulations designed to limit their lending in the Euro-currency mar­ kets. But the actual reserve losses or the prospect of future re­ serve losses which led to these regulations was by no means the result solely of Euro-dollar market conditions. Domestic eco­ nomic developments were the main reason in France, while in Italy internal economic and political factors were an important ancillary cause. The civil disorders and strikes in France in May and June 1968, and the extraordinarily large wage increases that followed, had grave consequences for the French balance of payments. Through most of the year, in fact, official reserve losses exceeded the deficit on current and nonbank capital account, partly be­ cause nonresidents were withdrawing funds from franc balances in French banks and partly because French banks were increas­ ing their net spot foreign currency holdings as cover for muchenlarged net forward sales of foreign currency to domestic cus­ tomers. The rise in banks’ net spot foreign currency holdings increased the supply of Euro-dollars. In the fourth quarter, to halt or reverse the drain on official reserves, the French authorities took steps to effect a transfer of foreign currency assets from commercial banks to the Bank of France. One such measure was the cancellation of most of the banks’ outstanding forward sales of foreign currencies, which reduced the banks’ need to hold spot exchange as cover. In part as a result of these measures, in the fourth quarter there was a decline of $780 million in banks’ net assets vis-a-vis nonresidents denominated in dollars and other foreign currencies, as shown in Table 6. In January of this year, banks in France were instructed to eliminate net foreign currency asset positions vis-a-vis nonresi­ dents by the month-end or, failing this, to deposit the dollar equivalent in a special dollar account with the Bank of France during the next 3 months; banks with net foreign currency lia­ bilities to nonresidents at the end of January were forbidden to reduce them. These instructions explain much of the further reduction of almost $750 million in the French banks’ over-all net position with nonresidents during the first quarter of this year. (This figure includes the change in the net position with nonresidents in French francs; for France, as for some other countries, information is not available for 1969 concerning the breakdown of the foreign position as between foreign currencies and domestic currency.) Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

EURO-DOLLARS: A CHANGING MARKET 781 Thus, between the end of September 1968 and the end of March 1969, banks in France withdrew from the Euro-currency markets roughly $1.5 billion. In terms of pressures on the Euro­ dollar market, this was a substantial supplement to the $2 billion of borrowing of Euro-dollars by U.S. banks that occurred in this interval. In the second quarter of this year there was little change in the net foreign position of banks in France. The Italian monetary authorities took action to restrain Euro­ dollar placements by Italian commercial banks in the early months of 1969. The basic balance of payments—on current and nonbank capital account—seemed at that time to be shifting from surplus to deficit, and this soon proved to be the case. Dur­ ing 1968 Italian banks had increased their swaps with the Bank TABLE 6 COMMERCIAL BANKS' SHORTTERM NET ASSETS OR NET LIABILITIES (—) VIS-A-VIS NONRESIDENTS End of period; in millions of dollars 1968 1969 1967 Country, and currency Dec. Sept. Dec. Dec.i Mar. June Belgium2 Foreign currencies......... -470 -440 -350 n.a. n.a. n.a. Domestic currency............ -300 -300 -270 n.a. n.a, n.a. All currencies..................... -770 -740 -620 -736 -680 -662 France Foreign currencies........ 260 , 800 20 n.a, n.a. n.a. Domestic currency,.......... -780 -260 -310 n.a, n.a. n.a. All currencies..................... -520 540 -290 -61 -805 n.a. Germany Foreign currencies........ 820 790 1 ,060 1,347 1 ,582 1,684 Domestic currency............ -600 -710 -1,530 -1,112 -167 -300 All currencies..................... 220 80 -470 236 1 ,415 1 ,384 Italy Foreign currencies........ 20 460 740 I ,055 I ,097 n.a. Domestic currency............ -350 -270 -300 -333 -348 n.a. All currencies..................... -330 190 440 723 749 189 Netherlands Foreign currencies........ 80 90 100 n.a. n.a. n.a. Domestic currency........... -230 -180 -190 n.a. n.a. n.a. All currencies................. - 150 -90 -90 185 334 378 United Kingdom................... Foreign currencies............ -20 -160 -70 -53 -19 72 Domestic currency............ -1,510 -930 -790 n.a. n.a. n.a. All currencies..................... -1,530 -1 ,090 -860 n.a. n.a. n.a. Canada Foreign currencies........ 1,130 1 ,390 1,490 1,482 1,546 1 ,836 Domestic currency............ -480 -470 -530 n.a. n.a. n.a. All currencies..................... 650 920 960 n.a. n.a. n.a. Japan Foreign currencies............ -650 -486 -413 -413 -497 246 Domestic currency............ -378 -371 -376 -376 -333 -345 All currencies..................... -1,028 -857 -789 -789 -830 -99 n,a. Not available. 1 Figures in this column are comparable with those for subsequent dates, while figures for December 1968 shown tn the adjacent column are comparable with those for earlier dates. Where not caused by revisions, differences between series frequently reflect the exclusion of certain foreign currency assets from the figures for the earlier dates. 2 Includes Luxembourg through 1968. Source.—-BIS, 39th Annual Report, for 1967-68 except Japan; national publications and O.E.C.D. Main Economic Indicators for all others. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

782 FEDERAL RESERVE BULLETIN □ OCTOBER 1969 of Italy and had placed funds abroad in large volume, and they continued to do so in January. Moreover, the net outflow of private nonbank capital from Italy, already very large in 1968, began to rise sharply in the early months of 1969, under the influence of uncertainties in the labor and political spheres in Italy as well as the high yields available on investments in the Euro-bond market and in some national capital markets. In addition, Italian business enterprises and other nonbanks have undoubtedly put funds directly into the Euro-dollar market this year in response to high rates of interest. However, for Italy, as for other countries discussed in this article, no accurate measure exists of the amounts of nonbank funds that have gone into Euro­ dollar deposits in London or elsewhere. In February the Italian Exchange Office discouraged further dollar/lira swaps by raising the forward dollar discount to 5 per cent. Late in March, banks were instructed by the Bank of Italy that by June 30 they should achieve a zero balance in their over-all net foreign position which, for all the banks together, showed net foreign assets of $750 million at the end of March. This directive was later modified to allow $190 million of net foreign assets to remain outstanding after June. But the reduction of $560 million which did occur meant a considerable net with­ drawal of funds from the Euro-dollar and other Euro-currency markets. This was achieved by a rise in the foreign liabilities of the Italian banks rather than by a running down of their assets. Through the first half of this year Italy had a balance of pay­ ments deficit of approximately $900 million, but the forced re­ duction in the net foreign position of banks held the decline in official net foreign assets to about $360 million. In the first quarter of this year Belgian banks placed a con­ siderable amount of funds in the Euro-dollar market and so added to the drain on official reserves stemming from a deficit on current and nonbank capital account. Belgium, too, seems to have experienced significant outflows of nonbank funds into the Euro-dollar market. Net foreign assets of the Belgian mone­ tary authorities declined about $330 million in the 9 months from July 1968 through March 1969, of which $110 million was the result of a reduction in the net foreign liabilities of Bel­ gian banks. To prevent further reserve drains, the National Bank instructed Belgian banks to reduce certain assets vis-a-vis non­ residents in the second quarter. Despite this, the banks’ over-all net foreign position increased somewhat in that quarter. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

EURO-DOLLARS: A CHANGING MARKET 783 Banks in Belgium were instructed to reduce to a ceiling level the sum of: (1) their gross claims on nonresidents in Belgian francs; and (2) the part of their net assets vis-a-vis nonresidents in foreign currencies that had been acquired through the official exchange market. This reduction, equivalent to about $180 mil­ lion, was achieved largely in the second of these components. However, in the second quarter banks apparently increased their net assets vis-a-vis nonresidents in foreign currencies acquired through the free exchange market. (Under Belgium’s dual ex­ change market system the authorities do not maintain the ex­ change rate on the free market within the same limits as the official rate.) Countries in which banks were major suppliers of funds to the Euro-dollar market in the first half of this year included two with very strong balances of payments—Germany and Japan—and also the Netherlands and Canada (Table 6). In three of these four countries, banks increased their gross liabilities to the Euro­ currency markets but increased their assets still more. In Japan, part of the increase in the banks’ net foreign position came about because banks reduced their gross liabilities in addition to in­ creasing their assets. The Japanese authorities permitted banks to begin financing a portion of Japanese importers’ credit needs with loans in yen instead of foreign currency, in view of the high cost of Euro-dollars and Japan’s balance of payments surplus. The circumstances in which the Dutch and Canadian authori­ ties acted to restrict flows of bank funds to foreign markets dif­ fered fundamentally from those surrounding the measures adopt­ ed in France, Italy, and Belgium, in that the basic payments positions of these two were reasonably good. The Netherlands had a very small deficit on current and nonbank capital account in the first 6 months of this year, while the Canadian balance of payments was in surplus. In the Netherlands, the decline of $185 million in official net foreign assets in the period January- June was almost entirely the result of a rise in net foreign as­ sets of Dutch banks. Nevertheless, to protect official reserves the Netherlands Bank acted in early July to force some repatri­ ation of bank funds. Banks were instructed to reduce their net foreign position in foreign currencies so that the average month­ end level in July-December would be 10 per cent below the level on May 31 or—at bank option—below the average of the March 31 and April 30 levels. This directive, which required very little reduction of net assets, was followed by another in Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

September that will force substantial repatriation of bank funds by the end of February 1970. In Canada, official reserves fell nearly $80 million in the first 6 months of 1969 because a rise in banks’ net foreign assets— of about $360 million as regards the foreign currency compo­ nent—exceeded the surplus on current and nonbank capital account. To limit outflows of funds through Canadian banks, in mid-July the chartered banks were requested not to increase further the level of their “swapped deposits,” an instrument the use of which has enabled Canadian banks to acquire a large volume of U.S. dollar funds for placement abroad. “Swapped deposits” are U.S. dollar deposits with Canadian banks which Canadian residents place with a bank by selling Canadian dollars spot to the bank and purchasing them forward. This year, because of very high interest rates in the Euro­ dollar market, Canadian banks have been able to attract a rapidly increasing volume of “swapped deposits” by offering high rates of interest on them. Such deposits increased from $650 million in mid-April to more than $1.5 billion in early July, when they equaled more than one-half of total U.S. dollar liabilities of Ca­ nadian banks to Canadian residents. □ 784 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Staff Economic Studies The research staffs of the Board of Gover­ In all cases the analyses and conclusions nors of the Federal Reserve System and of set forth are those of the authors and do not the Federal Reserve Banks undertake studies necessarily indicate concurrence by the that cover a wide range of economic and Board of Governors, by the Federal Reserve financial subfects, and other staff members Banks, or by the members of their staffs. prepare papers related to such subjects. In Single copies of the full text of each of some instances the Federal Reserve System the studies or papers summarized in the finances similar studies by members of the Bulletin are available in mimeographed academic profession. form. The list of Federal Reserve Board From time to time the results of studies publications at the back of each Bulletin that are of general interest to the economics includes a separate section entitled “Staff profession and to others are summarized—or Economic Studies" that enumerates the stud­ they may be printed in full—in this section ies for which copies are currently available of the Bulletin. in that form. Study Summaries ECONOMIC FORECASTS: EVALUATION PROCEDURES AND RESULTS H. O. Stekler—Formerly on the staff of the Board of Governors; presently Professor of Economics, the State University of New York, Stony Brook, New York. Prepared as a research paper in the summer of 1969. During the past 15 years, the quality of sidered procedures for evaluating forecasts. forecasting procedures has been steadily im­ These techniques are illustrated by evalua­ proved. One factor which has assisted in tions drawn from predictions which were improving the quality of the forecasts is the generated by both judgmental and econo­ emphasis which has been placed on evaluat­ metric approaches—the forecasts of the Fed­ ing their accuracy. Such evaluations provide eral Reserve-MIT model are frequently used a basis for comparing specific techniques and as examples of the latter technique. Since enable an observer to determine the source economic data are frequently revised, it was of forecasting errors. Previous discussions of important to determine whether an econo­ evaluation procedures have focused on (1) metric model more accurately predicted the the difference between ex ante and ex post early or the “final” figures. Procedures were forecasts, (2) the necessity of devising quan­ derived for comparing ex ante econometric titative measures of forecast errors, (3) the with ex ante judgmental forecasts and quar­ difference between forecasts of changes and terly forecasts with dynamic simulations. levels, (4) techniques for eliminating data In this paper, the lead error relationship of revision problems, and (5) the use of naive dynamic predictions was examined, and a standards. method of measuring offsetting errors was This paper analyzes previously uncon­ developed. 785 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

The results show that the consumption vantage disappeared when the offsetting inventory sector of the Federal Reserve- errors were specifically taken into account. MIT model did at least as well in forecasting The paper also indicates that different pro­ the early data as in forecasting the final cedures might be used to compare dynamic figures. The ex ante forecasts of this sector simulations with one quarter forecasts and of the model were compared with judgmental that the results would differ. Finally, the predictions. Both sets of forecasts made off­ data suggest that there is no universal rela­ setting errors, but the errors of the model tionship between the length of the forecast­ were slightly superior. However, this ad­ ing lead and the size of the observed errors. □ SOME PROBLEMS IN FORECASTING INVENTORY INVESTMENT H. O. Stekler—Formerly on the staff of the Board of Governors; presently Professor of Economics, the State University of New York, Stony Brook, New York. Prepared as a research paper in the slimmer of 1969. A number of problems are encountered in impact of “expected” and “unexpected” developing an equation to explain inventory sales and defense spending. Both the impact investment. An adequately specified equa­ of these variables upon inventory investment tion with low ex post forecast errors is neces­ and the timing involved in this relationship sary to obtain accurate ex ante predictions, are considered. The different equations were but that is not the only requirement. The ranked according to the size of the ex post misestimates of the independent variables forecast errors. must also be held to a minimum. If the inde­ The results showed that on the basis of the pendent variables were difficult to estimate, ex post errors there was little to choose be­ even the best specified equation could gen­ tween equations in which a current con­ erate large ex ante errors. For forecasting sumption variable was included and those purposes it may therefore be preferable to from which it was excluded. However, ex select an equation with a lower R- and prede­ ante errors may be lower for the equations termined variables, whose values are known, which do not contain this variable. The re­ rather than a regression which has a higher sults also indicated that the timing between R~ but requires that the independent vari­ government purchases and inventory ac­ ables be estimated. cumulation was best captured by a variable To illustrate these problems, the paper which must be estimated in making ex ante examines the forecasts which are obtained forecasts. A preferred equation is presented, from the inventory equation of the Federal and the problems involved in comparing the Reserve-MIT econometric model or from forecasts of this equation with earlier regres­ variants of this equation. The specification sions and the need to integrate judgmental of alternative equations are examined with and econometric techniques are also dis­ an emphasis on variables which measure the cussed. □ 786 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Revision of Money Supply Series Recent revisions in the Board’s daily-average scribes the effects of both the August and series for the money supply reflect the effects September revisions, and the data in the of a change in certain accounting procedures tables on pages 790-803 reflect the net as well as some routine adjustments. The first effects of both of those revisions. Data for revision was made in August to correct for years prior to 1959, although not affected the downward bias resulting from the statisti­ by the revisions, are included for the con­ cal effects of Euro-dollar transactions of venience of users. large banks on the deposit component. This revision was published in the Board’s weekly EFFECTS OF REVISIONS H.6 release for August 18, 1969, the first re­ The principal changes in the money supply lease reflecting a change in a Board regula­ series were concentrated in data for the most tion requiring that certain items generated recent years, with levels of the series in 1969 in the course of Euro-dollar transactions be being raised substantially, as the chart shows. included in demand deposits subject to re­ Revisions published in August—to compen­ serve requirements. The second revision—to sate for the bias caused by Euro-dollar adjust the series to recent benchmarks and float—accounted for most of the change. In to review seasonal factors—was undertaken in September when new benchmark figures became available. This annual revision was published in the H.6 release for September 25, 1969. The revisions for benchmarks and sea­ sonal factors also affected data for time de­ posits of commercial banks for recent years; benchmark adjustments were insignificant for the U.S. Government demand deposit series that is published regularly with the money supply and time deposit data. The H.6 releases mentioned above pro­ vided revised data beginning with 1967 on both a monthly and a weekly basis. In addi­ tion, some minor changes were made in seasonal factors for earlier years—-back to 1964 for the monthly series and back to 1959 for the weekly series. This article de- Note.—These revised series were prepared by Edward R. Fry, Darwin L. Beck, and Mary F. Weaver of the Banking Section of the Board’s Division of Re­ search and Statistics. Seasonally adjusted weekly averages oi daily figures. 787 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

788 FEDERAL RESERVE BULLETIN □ OCTOBER 1969 fact, this change raised demand deposits by includes demand deposits net of total cash increasing amounts over the period mid- items in process of collection,1 the expansion 1967 to July 1969. The September adjust­ in cash items associated with Euro-dollar ments for benchmarks also increased demand float resulted in unwarranted deductions deposit levels in 1968 and 1969, and the re­ from reported demand deposits in the money visions in seasonal factors smoothed fluctua­ supply estimates. tions in the series over a somewhat longer Deduction of Euro-dollar float from de­ time span. mand deposits also had the effect of reducing As a result of the various revisions, rates required reserves of banks. To prevent such of expansion in the money supply were also reductions in required reserves, the Board raised. For example, it is now estimated that changed Regulation D, effective July 31, to the growth rate was 7.2 per cent for the year require that member banks include checks 1968 and that it was at a seasonally adjusted originating from transactions with foreign annual rate of 4.3 per cent in the first half of branches as deposits subject to reserve re­ 1969. These figures compare with growth quirements. In order to avoid a large break rates of 7.0 and 3.8 per cent after the August in the money supply series following this revision and 6.5 and 2.2 per cent, respective­ change in Regulation D, back data were re­ ly, before that. (See Table 1.) vised upward in August. The revisions to correct for Euro-dollar TABLE 1 float were carried back to May 1967. Revi­ CHANGES IN MONEY SUPPLY AND TIME DEPOSITS sions for the first 7 months of 1969 were Seasonally adjusted annual rates of change, tn per cent based on weekly data obtained from large banks covering so-called “bills payable Money supply Tim a e d ju d s e t p e o d sits, checks” and “London checks” originating from transactions with foreign branches. Ac­ Period Old Cor­ (b s 1 A c e 9 r u f 6 i o e g 9 r s . ) e fo r d r e f o l c E o l t l a e u a t d r r o ­ R se e r v i i e s s e 1 d s O er l i d es R s e e v r i i s e e s d 1 s c u o c r h d in c g h e t c o k t s h e in se c r r e e a p s o e r d t s f , r t o h m e t $ o 1 ta .8 l a b m il o li u o n n t o in f January 1969 to $3.3 billion in July, with a 1967................ 6 4 6.6 6.6 16 1 15.9 1st H.......... 6.6 6.6 6.6 18.3 18.0 large part of the increase occurring in the 2ndH.......... 6.0 6. 5 6. 5 12.6 12.6 May-July period when Euro-dollar borrow­ 1968................ 6.5 7.0 7.2 11.3 11.5 1st H.......... 6.7 7.0 7. 2 5. 1 5. 3 ings increased sharply. Revisions prior to 2ndH.......... 6.1 6.8 7.0 17. 1 17.3 1969 were interpolated on the basis of the 1969................ 1st H.......... 2.2 3.8 4. 3 — 5.0 -4.0 Q3.............. -.6 .4 -12.2 -13.1 reported growth rate of cash items in proc­ ess of collection relative to gross demand 1 Revised series reflects changes for benchmarks and new seasonal factors (September revision), as well as corrections for Euro-dollar deposits. These data indicated that growth float (August revision) in the case of the money supply series. in cash items relative to demand deposits CORRECTION FOR EURO DOLLAR FLOAT began to be significantly faster about mid- In recent years, an increasing volume of 1967 and that there was a further accelera­ Euro-dollar transactions of large banks with tion about mid-1968. their foreign branches has sharply expanded As a result of the revision in Euro-dollar the dollar amount of checks in the process float published in August, annual growth of collection. While such checks increased bank float, they were not classified as depos­ 1 For a discussion of the rationale for netting cash its in many cases, as is normal for domestic items in process of collection from deposits in the check clearings. Since the money supply money supply, see October 1960 Bulletin, p. 1108. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

REVISION OF MONEY SUPPLY SERIES 789 rates for the money supply series were in­ TABLE 2 creased by 0.2 percentage point for the year BENCHMARK ADJUSTMENTS Change from published levels, in billions of dollars 1967, by 0.5 percentage point for 1968, and by 1.6 percentage points for the first 1968 1969 half of 1969. Component June 30 Dec. 31 June 30 BENCHMARK ADJUSTMENTS Total money supply.................................. + ■2 + .4 + ■8 Benchmark adjustments are incorporated in Demand deposit component.............. + .3 + .4 + ■9 Currency component.......................... -.1 0) -. 1 the money supply and related data once each Time deposits, adjusted (Nonmember year, primarily to correct the estimates for time and savings deposits).............. + .3 + ■« + 1.4 vault cash and deposits at nonmember banks. l Less than $50 million. Nonmember banks report such figures only rates of growth for the money supply by 0.2 in their midyear and year-end reports of percentage point for the year 1968 and by condition. Data for these banks between call 0.5 percentage point in the first half of 1969. reports are estimated on the basis of cur­ For commercial bank time deposits, annual rently reported data for country member rates were increased by 0.2 percentage point banks, and these preliminary estimates are for 1968 and by 1 percentage point in the revised as more recent benchmarks become first half of 1969. available. The current revision includes benchmarks for June 30 and December 31, SEASONAL FACTORS 1968, as well as for June 30, 1969.2 Revisions in seasonal factors affected the Deposit estimates were increased for all money supply series mainly for the period three benchmark dates, whereas estimates of from 1967 to date; the principal changes currency outside banks were reduced slightly were in the demand deposit component. De­ as a result of increases in nonmember vault mand deposit factors have been raised for cash. (See Table 2.) The upward revisions July, August, and November and lowered for deposits indicate that deposit growth at for the February-May period as well as for country member banks has been unusually September and October. As a result of these slow relative to that at nonmember banks, changes, the monthly and quarterly fluctua­ especially in 1969. In the country member tions in the money supply have been smoothed group there is a greater concentration of somewhat—reducing the tendency for the fairly large urban banks, and the depositors seasonally adjusted figures to show large in­ at these banks are apparently more interest­ creases in July and August and declines in sensitive than depositors at nonmember March and September. banks. This explanation is consistent with Seasonal factors for time deposits have the relative size of the benchmark correc­ been lowered slightly for the period Febru­ tions for time and demand deposits, as well ary through July—raising the level of the as with the unusually fast growth of total series in these months; and factors for the deposits at nonmember banks relative to August-November period have been raised, country member banks. with opposite effects on seasonally adjusted Benchmark adjustments raised annual levels. Revisions in seasonal factors had little effect on the growth of time deposits in the 2 Data from nonmember bank condition reports are tabulated and published semiannually by the Federal first half of 1969. Nevertheless, the effect Deposit Insurance Corporation. The benchmarks for since June has been to make the decline June 30, 1969, used here are based on an advance tab­ ulation from that agency. somewhat greater. □ Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

790 FEDERAL RESERVE BULLETIN □ OCTOBER 1969 MONEY SUPPLY AND RELATED DATA, 1947-69 In billions of dollars Seasonally adjusted Not seasonally adjusted Money supply Money supply Month Time Time U.S. deposits deposits Govt, Demand ad­ Demand ad­ demand Total Currency deposit justed 1 Total Currency deposit justed 1 deposits1 component component component component 1947—Jan............................................ 109.5 26.7 82.8 33.3 111.9 26.7 85.2 33.2 2.6 Feb........................................... 109.7 26.7 83.0 33.5 109.8 26.5 83.3 33.4 3.3 Mar.......................................... 110,3 26.7 83.7 33.6 109.4 26.5 82.9 33,7 3.6 Apr........................................... 111.1 26.6 84.5 33.7 109.1 26.4 82.7 33.8 2.9 May......................................... 111.7 26.6 85.1 33.8 109.8 26.4 83.4 33.9 2.3 June......................................... 112.1 26.6 85.5 33.9 110.9 26.4 84.5 34.0 1.0 July........................................... 112.2 26.5 85.7 34.0 111.4 26.4 84.9 34.2 1.0 Aug.......................................... 112.6 26.5 86.1 34.4 111,9 26,4 85.5 ■ 34,4 1.4 Sept.......................................... 113,0 26.7 86,3 34.7 113,3 26.8 86.5 34.7 1 .6 Oct........................................... 112.9 26.5 86.4 35.0 113.6 26.7 86.9 35.0 2.2 Nov.......................................... 113.3 26.5 86.8 35.2 114.5 26.7 87.8 35.1 1.6 Dec........................................... 113.1 26.4 86.7 35.4 115.9 26,8 89.1 35.1 1 .0 1948—Jan............................................ 113.4 26.4 87.0 35,5 1 15.9 26.4 89.5 35.5 .9 Feb........................................... 113.2 26.3 86.8 35.7 113.4 26.2 87.2 35,6 1.7 Mar.......................................... 112.6 26.2 86.4 35.7 111,8 26.1 85.7 35.8 2.1 Apr........................................... 1 12.3 26.1 86.3 35.7 110.4 25.9 84.5 35.8 2.3 May......................................... 112. 1 26.0 86.0 35.7 110.2 25.8 84.4 35,8 2.7 June......................................... 112.0 26.0 86.0 35.8 110.8 25.9 85.0 35.9 2.2 July........................................... 112.2 26.0 86.2 35.8 111.3 26.0 85.3 36.0 2.0 Aug........................................... 112.3 26.0 86.2 35.9 111.6 26.0 85.6 35.9 2.5 Sept.......................................... 112.2 26.0 86.2 35.9 112.4 26.1 86.2 35.9 2.4 Oct........................................... 112.1 26.0 86.1 35.9 112.8 26.2 86.6 36.0 2.3 Nov.......................................... 111.8 26.0 85.9 36.0 112.9 26.2 86.8 35,9 2.4 Dec........................................... 111.5 25.8 85.8 36.0 114.3 26.2 88.1 35.7 1.8 1949—Jan..........................'............... 111,2 25.7 85.5 36.1 113.7 25,7 88.0 36.0 1.6 Feb........................................... 111.2 25.7 85.5 36.1 111.5 25.5 85.9 36.1 2.7 Mar.......................................... 111,2 25.7 85,6 36.1 110,5 25.5 84.9 36,2 3.0 Apr........................................... 111.3 25.7 85.6 36,2 109.5 25.5 84.0 36.3 2.6 May......................................... 111.5 25.7 85.8 36,3 109.7 25.5 84.2 36.4 1.9 June......................................... 111.3 25.6 85.7 36,4 110.2 25.4 84.8 36,5 1.5 July........................................... 111,2 25.5 85.7 36,4 110.2 25.5 84.7 36.5 1.4 Aug........................................... 111,0 25.5 85.6 36.4 110.3 25.4 84.9 36.5 2.8 Sept.......................................... 110,9 25.3 85.6 36,4 110.9 25.4 85.5 36,4 3.2 Oct............................................ 110,9 25,3 85.6 36.4 111.5 25.5 86.0 36.4 3.4 Nov.......................................... 111,0 25,2 85,8 36.4 112.0 25.4 86.6 36.3 3.5 Dec........................................... 111,2 25.1 86.0 36.4 113.9 25.5 88.4 36.1 2.8 1950—Jan............................................ 111,5 25.1 86.4 36.4 114.0 25.1 88.9 36.4 2.8 Feb........................................... 112.1 25.1 86.9 36,6 112.4 25.0 87.4 36.5 3.7 Mar.......................................... 112.5 25,2 87.3 36.6 111.8 25,1 86.8 36.7 3.5 Apr........................................... 113.2 25,3 88.0 36.7 111.5 25,1 86.4 36.8 3.3 May......................................... 113,7 25.2 88.5 36.9 111,9 25,0 86.9 36.9 3.0 June......................................... 114.1 25,1 89.0 36.9 112,9 24.9 88.0 37.0 3.0 July........................................... 114.6 25.0 89.6 36.8 113.5 25.0 88.5 36.9 3.4 Aug.......................................... 115.0 24.9 90.1 36.7 114.2 24.9 89.3 36.7 3.4 Sept.......................................... 115.2 24.9 90.3 36,6 115.1 25.0 90.1 36.6 3.4 Oct............................................ 115.7 24.9 90.8 36.5 116.3 25,1 91.2 36.6 2.8 Nov......................................... 115.9 24.9 90.9 36.6 117.0 25.2 91 .8 36,5 3.0 Dec........................................... 116.2 25.0 91.2 36.7 119.2 25.4 93.8 36.4 2.4 1951—Jan............................................ 116,7 25,0 91.7 36.7 119.5 25.0 94.5 36.7 2.1 Feb........................................... 117.1 25.1 92.0 36.6 117.5 25,0 92.5 36.6 3.3 Mar.......................................... 117.6 25.2 92.4 36.6 117.4 25.0 92.3 36.7 4.5 Apr........................................... 117.8 25.2 92.6 36,7 116.0 25.0 91.0 36.7 6.1 May......................................... 118.2 25.3 92,8 36.8 116.4 25.1 91.2 36.7 5.1 June......................................... 118.6 25.4 93.2 36.9 117.6 25,3 92.4 36.9 4.6 July.......................................... 1 19.1 25.6 93.4 37,2 117.5 25.6 91.9 37.3 4.8 Aug........................................... 119.6 25.7 93.8 37,4 118.4 25,7 92.7 37.5 4.2 Sept.......................................... 120.4 25,8 94.5 37,7 120.0 25.9 94.1 37.7 3.6 Oct............................................ 121 .0 26.0 95.1 37.8 121.4 26.1 95.2 37.9 3.9 Nov.......................................... 122.0 26.0 96.0 38,0 123.2 26.3 97.0 38.0 3.1 Dec........................................... 122.7 26.1 96.5 38,2 125.8 26,6 99.2 38.0 2.7 1952—Jan............................................ 123.1 26.2 96.9 38.4 126.2 26,2 100.0 38.4 2.2 Feb........................................... 123.6 26.3 97.3 38.7 124.2 26.1 98.0 38.6 3.3 Mar.......................................... 123.8 26.4 97.5 38.9 123.6 26.2 97.4 38.9 3.9 Apr........................................... 124.1 26.4 97.6 39.1 122.3 26.2 96.1 39.1 4.5 May......................................... 124.5 26.5 98.0 39.3 122.7 26.3 96.4 39.3 4.3 June......................................... 125.0 26.7 98.4 39.5 124.2 26,5 97.7 39.6 4.3 July........................................... 125.3 26,7 98.6 39,7 123.6 26,7 96.9 39.9 7.6 Aug........................................... 125.7 26.8 98.9 40.0 124.2 26.8 97.4 40.1 6.3 Sept.......................................... 126,4 26.9 99.4 40.3 125.8 27,0 98.9 40.3 5.2 Oct............................................ 126.7 27.0 99.7 40.5 126.9 27,2 99.7 40.6 5.4 Nov.......................................... 127.1 27.2 99.9 40.9 128.3 27,5 100.9 40.8 5.2 Dec........................................... 127.4 27.3 100. 1 41 .1 130.8 27,8 103.0 40.9 4.9 For notes see page 803. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

REVISION OF MONEY SUPPLY SERIES 791 MONEY SUPPLY AND RELATED DATA, 1947-69—Continued In billions of dollars Seasonally adjusted Not seasonally adjusted Money supply Money supply Month Time Time U.S. deposits deposits Govt, Demand ad­ Demand ad­ demand Total Currency deposit justed 1 Total Currency deposit justed J deposits1 component component component component 1953—Jan........................................... 127 3 27 4 99 9 41 4 130 5 97 4 103 1 41 .4 3 7 Feb.......................................... 127.4 27 5 99.9 41 6 128 1 27 3 100 8 41.6 4 6 Mar.......................................... 128.0 27.6 100.4 41 .9 127.7 27 4 100.3 41 .9 4 4 Apr,.................................. 128.3 27.7 100,7 42.1 126.7 27.4 99.3 42. 1 3.7 May......................................... 128.5 27 7 100 7 42 4 126 7 27 5 99 2 42.3 2.8 June............................ 128.5 27.7 100.7 42.6 127.6 27^6 100 1 42.7 2.6 July...................................... 128.6 27 8 100 8 42.9 127.0 27 8 99.2 43,0 5.2 Aug., ................................ 128,7 27.8 100.9 43.2 127.0 27 8 99.2 43.2 6.8 Sept,....................................... 128.6 27 8 100 8 43 5 127.9 27.9 100 0 43.5 5 6 Oct.......................................... 128.7 27 8 100 9 43 9 128 8 27 9 100 9 44 0 4 2 Nov........................................ 128.7 27 8 100 9 44.2 129.9 28 0 101 ?8 44,1 4 9 Dec.......................................... 128.8 27.7 1011 44.5 132.1 28 2 103 9 44.2 3.8 1954—Jan.......................................... 129.0 27.7 101.3 44.8 132.3 27.7 104,6 44.8 3.0 Feb.......................................... 129.1 27.7 101.5 45.2 129.8 27.5 102.3 45.2 3.7 Mar....................................... 129.2 27.6 101.6 45.6 128.9 27.4 101.4 45.6 4.0 Apr................................ 128.6 27.6 101 .0 46.1 127.2 27,4 99 8 46.0 4.0 May........................................ 129.7 27.6 102.1 46,5 128.1 27 4 100 7 46.4 3.9 June............................... 129.9 27.5 102. 3 46.8 129,0 27.4 101.6 46.9 3.9 July..................................... 130,3 27.5 102.8 47.3 128,8 27.5 101.3 47.5 4.2 Aug.................................. 130.7 27.5 103,2 47.8 129.0 27.4 101 .5 47.9 4.9 Sept......................................... 130.9 27.4 103 5 47.9 130.1 27.5 102.6 48.0 4.0 Oct........................................... 131.5 27.4 104 1 48.1 131,5 27.6 103.9 48.2 6.1 Nov........................................ 132.1 27,4 104 7 48.2 133.1 27.7 105.4 48.1 6.2 Dec.......................................... 132.3 27 4 104 9 48.3 135.6 27.9 107.7 48.0 5.0 1955—Jan........................................... 133.0 27.4 105.6 48.5 136.4 27.4 109.0 48.5 3.0 Feb.......................................... 133,9 27.5 106.4 48.7 134.5 27.2 107.3 48.6 3.7 Mar............................... 133,6 27.5 106.0 48.8 133. 1 27.3 105.8 48.8 3.8 Apr........................................ 133.9 27,5 106.3 49.0 132.8 27.3 105.5 48.9 4.9 May........................... 134.6 27.6 107.0 49.0 132.7 27.4 105.4 49.0 4.9 June........................................ 134.4 27.6 106.8 49.2 133,5 27.5 106.1 49.2 4.0 July........................................ 134.8 27.7 107.2 49.3 133.4 27.7 105.7 49.4 4.6 Aug.. .......................... 134.8 27.7 107 0 49.3 133 0 27.7 105 3 49.5 4.9 Sept....................................... 135,0 27.7 107.3 49.6 134.2 27.8 106 4 49.7 3.9 Oct......................................... 135.2 27.8 107.4 49.7 135.1 27.9 107.2 49,9 4.5 Nov................................... 134.9 27.8 107.1 49.9 135.9 28.1 107.7 49,8 4.3 Dec......................................... 135.2 27,8 107.4 50,0 138.6 28.4 110.2 49.6 3.4 1956—Jan.......................................... 135.5 27.9 107 7 49.9 139,1 27,9 1112 49 8 2.2 Feb........................................ 135.5 27.9 107.7 49.9 136.0 27.6 108 4 49 8 2.7 Mar........................................ 135 7 27.9 107 8 50.1 135.2 27.7 107*5 50.1 4. 1 Apr.......................................... 136.0 27.9 108.1 50. 3 135.1 27,7 107 5 50.3 4. 1 May.................................. 135.8 27.9 107.9 50.4 134.0 27.7 106.3 50,4 5.1 June......................................... 136.0 27.9 108.1 50.7 135. 1 27.8 107.3 50.8 4.2 July......................................... 136.0 28.0 108.0 50.9 (34.5 28.1 106.5 51.2 3.9 Aug,....................................... 135.7 28.0 107.8 51 .2 134.0 28.0 106.0 51,4 4.4 Sept........................................ 136.2 28.0 108,2 51.5 135.4 28. 1 107.3 51.6 4.4 Oct.......................... • 136.3 28.0 108.2 51.6 136.2 28.2 108,0 51.8 3.9 Nov,................................... 136.6 28.1 108 4 51 .8 137.5 28.4 109.1 51.5 4.2 Dec.......................................... 136,9 28.2 108^7 51 .9 140.3 28.8 1J J. 5 51.4 3.4 1957—jan........................................... 136,9 28,2 108.6 52.6 140.3 28.2 112.1 52.3 2.0 Feb.......................................... 136.8 28.2 108.6 53,1 137.3 27.9 109.3 52.9 1.9 Mar,........................................ 136,9 28.2 108.7 53.7 136. 1 27.9 108.2 53.7 3.0 Apr.......................................... 136.9 28.2 108.7 54,0 136,1 28,0 108.1 54.2 4.4 May............................ 137.0 28.2 108.8 54.5 135.2 28.0 107.2 54.6 4.1 June............................... 136.9 28.3 108 6 54.8 135.9 28.2 107.7 55.2 4.0 July.......................................... 137.0 28.3 108.7 55,3 135.6 28.4 107.2 55.6 4.9 Aug.................................. 137.1 28.3 108.8 55,7 135.6 28.3 107.2 55.9 3.1 Sept.......................................... 136,8 28.3 108.4 56. 1 136.1 28.4 107.7 56,3 3.5 Oct........................................ 136.5 28,3 108.2 56.6 136.4 28.4 107.9 56,7 4.2 Nov......................................... 136.3 28.3 108.0 57.0 137.2 28.6 108.6 56,5 3.0 Dec.................................... 135.9 28.3 107.6 57.4 139.3 28.9 110.4 56.7 3.5 1958—Jan........................................... 135.5 28.3 107.2 57.6 138,8 28.2 110,6 57.2 2,3 Feb.......................................... 136,2 28.2 107.9 59.2 136.4 27.9 108.5 59.1 2.5 Mar................................. 136.5 28.2 108.3 60.5 135.4 27.9 107.4 60.5 4.3 Apr............ 137.0 28.2 108.7 61.5 136.4 28,0 108.4 61 .7 4.2 May........................................ 137,5 28.3 109.2 62.3 135,7 28.1 107.6 62.6 5.5 June........................................ 138,4 28.3 110.1 63,2 137,4 28,3 109.1 63.5 6.0 July.......................................... 138.4 28,4 110.0 64.0 137.0 28.5 108.5 64.4 6.0 Aug.,....................................... 139. 1 28.4 110.7 64.6 137.8 28.5 109.2 64.8 5.3 Sept.......................................... 139.5 28.5 111.1 64,8 138,9 28.5 110.4 65.0 4.0 Oct......................................... 140.1 28.5 111.6 64.9 140.0 28.6 111.5 65.0 4.2 Nov........................................ 140.9 28.5 112.4 65.2 142.0 28,8 113,2 64.6 3.9 Dec......................................... 141.1 28,6 112,6 65.4 144.7 29,2 115.5 64.6 3.9 For notes see page 803, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

792 FEDERAL RESERVE BULLETIN □ OCTOBER 1969 MONEY SUPPLY AND RELATED DATA, 1947-69—Continued In billions of dollars Seasonally adjusted Not seasonally adjusted Money supply Money supply Month Time Time U.S. deposits deposits Govt, Demand ad­ Demand ad­ demand Total Currency deposit justed J Total Currency deposit justed 1 deposits1 component component component component 1959—Jan............................................ 141.6 28.6 112.9 66.0 144.9 28.6 116.3 65.6 3.2 Feb........................................... 142.0 28.7 113,2 66.0 142.0 28.4 113.6 65.8 4.3 Mar......................................... 142.5 28.8 113,7 66.2 141.3 28,5 112.8 66.2 3.7 Apr........................................... 142.7 28.8 113,9 66.5 142.3 28,5 113.8 66.7 4.6 May......................................... 143,2 29.0 114.2 66.6 141.2 28.7 112.5 67.0 5.2 June......................................... 143.4 29.0 114.3 67.0 141.9 28.9 113.0 67.4 4.0 July.......................................... 144.1 29.0 115.1 67.1 142.7 29. 1 113.5 67.5 4.9 Aug.......................................... 143.6 29.1 114.5 67.2 142.2 29. 1 113,0 67.4 5.1 Sept.......................................... 143,3 29.0 114.3 67.3 142.7 29.1 113.6 67.5 5.2 Oct........................................... 142.9 29.0 113.9 67.3 143.0 29.0 113,9 67.4 4.9 Nov.......................................... 142.7 28.9 113.8 67.3 144.0 29.2 114.8 66.8 4.7 Dec........................................... 141.9 28.9 113.1 67.4 145.6 29.5 116.1 66.6 4.9 1960—Jan..................................... . . . 141.7 29.0 112.7 67.2 145.0 28.9 116.1 66.8 4.1 Feb.................................... 141.3 29.0 112.4 66.9 141.2 28.6 112.6 66.6 4.1 Mar.................................... 140.9 29.0 111.9 67,0 139.7 28.7 111.0 67.0 4.3 Apr........................................... 140.8 29.0 111.8 67.3 140.7 28.8 111.9 67.5 3.6 May......................................... 140.3 29.0 111 .3 67.4 138.4 28.8 109.6 67.8 6.4 June......................................... 140.1 29,0 Hl. 1 67.9 138.6 28.9 109.7 68,3 6.3 July........................................... 140.4 29.0 HI .5 68.7 139.1 29,1 109.9 69.1 6,7 Aug........................................... 140.9 29.0 112,0 69.7 139.6 29, 1 110.5 70.0 6.1 Sept......................................... 141.1 29.0 H2. 1 70.5 140.5 29.1 111.4 70.7 5.4 Oct........................................... 141.1 29.0 H2.1 71.3 141.3 29.1 112,2 71.4 5,6 Nov.......................... 140.8 29.0 111.8 72.1 142.1 29.3 112.8 71.5 5.8 Dec.......................................... 141.1 28.9 112.1 72.9 144.7 29.6 115.2 72.1 4.7 1961—Jan............................................ 141.2 29.0 112.3 73.6 144.5 28.8 115.6 73.2 4.1 Feb........................................... 141.7 28.9 112.8 74.9 141.6 28.6 113.□ 74.6 4.8 Mar.......................................... 142.0 28.9 113.1 75.5 140.8 28.6 112.2 75.5 4.7 Apr........................................... 142.3 29.0 113.4 76.2 142.5 28,7 1(3.8 76.5 2.8 May......................................... 142,7 28.9 113,8 77.2 140.8 28,7 112.1 77.7 4.7 June......................................... 143.0 28.9 1 14.0 78,1 141.3 28.9 112.4 78.6 4.5 July........................................... 143.0 29.0 114.0 79,1 141.6 29.2 112,4 79.5 4.3 Aug........................................... 143.3 29.1 114.3 79,9 141.6 29,2 112.4 80.2 5.5 Sept........................................... 143.9 29.2 114.7 80.7 143.1 29.3 113.8 80.9 5.2 Oct............................................ 144.3 29.3 115.0 81.5 144.5 29.4 115 J 81.5 6.4 Noy......................................... 145.0 29.4 115.5 82.2 146.3 29.7 116,6 81,5 5.8 Dec........................................... 145.4 29.6 115.9 82.7 149.4 30.2 119.2 81,8 4.9 1962—Jan............................................ 145.5 29,6 115.8 84.1 149,0 29.5 119,4 83.6 3.8 Feb........................................... 145.8 29.7 116.1 86.0 145,6 29.3 116,3 85.6 4.7 Mar.......................................... 146.0 29.8 116.2 87.6 144.8 29.5 115.3 87.7 5.0 Apr........................................... 146.3 30,0 116.4 88.8 146.8 29.7 117,1 89,2 3.8 May......................................... 146.1 30.0 116.1 89.5 144.1 29.7 H4.4 90.0 7.0 June......................................... 146.2 30,1 116.1 90.6 144.4 30.0 114,4 91.1 7.2 July.......................................... 146.1 30.1 H5.9 91 .7 144.6 30.3 114.3 92.2 7.0 Aug........................................... 146.0 30.2 115.8 92.6 144.0 30.3 113.7 92.9 6.8 Sept.......................................... 145.8 30.3 115.6 93.7 145.0 30.3 (14.6 93,8 7.2 Oct............................................ 146.4 30.3 116.0 95.0 146.5 30.4 116.2 95.0 7.3 Nov.......................................... 146.9 30,4 116.4 96.2 148.2 30.8 117.5 95.5 6.0 Dec........................................... 147.4 30.6 116.8 97.8 151.6 31 .2 120.3 96.7 5.6 1963—Jan............................................ 148.0 30.7 117.4 99.0 (51.8 30.5 121.2 98.6 4.8 Feb........................................... 148.6 30.9 117,7 100.3 148.4 30.5 117.9 100.1 5.7 Mar.......................................... 148.8 31.0 117,8 101.4 147,6 30.7 116.9 101,9 6.0 Apr.......................................... 149.3 31.1 118.2 102.7 149.8 30.9 118.9 103,1 4.2 May......................................... 149.8 31.3 118.5 103.6 147.5 31.0 116.5 104.3 7.1 June......................................... 150.4 31.5 1 18.9 104.7 148.3 31.4 116.9 105.2 7.5 July.......................................... 151.0 31.6 119.4 105.9 149.5 31.8 117.7 106,2 7.8 Aug........................................... 151.2 31.8 119.5 107.2 149.2 31.9 117.3 107.5 6.3 Sept.. ....................................... 151.5 31.9 119.6 108.4 |50.6 32.0 118.6 108.3 6.6 Oct............................................ 152,3 32.0 120.3 109.6 152,5 32.1 120.4 109.5 5.3 Nov......... 153.3 32.3 121.0 111.1 154.8 32.6 122.1 110.2 4.4 Dec.......................................... 153.0 32.5 120.5 112.2 157.3 33.1 124,1 111.0 5.1 1964—Jan............................................ 153.5 32.6 120.9 113.4 157.7 32.4 125.2 113,0 4.1 Feb........................................... 153.8 32.8 121.1 114.5 153.7 32.3 121.3 114,5 4.8 Mar.......................................... 154. 1 32.9 121.2 115.3 152,9 32.6 120.2 115,7 6.0 Apr........................................ . 154.5 33. 1 121.4 116.2 154.9 32.8 122.2 116.7 4.2 May. ....................................... 155.1 33.3 121.8 117.4 152.2 33.1 119.2 118.0 6.8 June......................................... 155.6 33.5 122. 1 118.7 153.4 33.4 120.0 119,1 7.6 July.......................................... 156.6 33,6 123.0 119.7 155,0 33.7 121.3 120,0 6.9 Aug.................................... 157.3 33,8 123.6 120.8 155.0 33.9 121.1 121.1 6.3 Sept.................................. 158.0 33.9 124.2 122.0 157.1 33.9 123.2 122.0 6.5 Oct............................................ 158.5 34.0 124.6 123.5 159,0 34.1 124.9 123.4 5,5 Nov.......................................... 159.1 34.2 125.0 125.0 160.6 34.6 126.1 124.1 5,8 Dec........................................... 159.3 34.2 125.1 126.6 164,0 35.0 129.1 125.2 5.5 For notes see page 803. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

REVISION OF MONEY SUPPLY SERIES 793 MONEY SUPPLY AND RELATED DATA, 1947-69—Continued In billions of dollars 1 Seasonally adjusted Not seasonally adjusted Money supply Money supply Month Time Time U.S. deposits deposits Govt, Total c C om ur p re o n n c e y n t co D d m e e m p p o o a n s n i e t d n t jus a t d e ­ d 1 Total c C o u m r p re o n n c e y n t co D d m e e m p p o o a n s n i e d t n t jus a t d e ­ d 1 d d e e p m os a i n ts d 1 1965—Jan... 159.6 34.4 125.2 128.7 164.4 34.4 130.0 128,3 4.2 Feb.. 160.0 34,6 (25 4 1 30.8 159.5 34.2 125.2 130.8 5 7 Mar.. 160.4 34.7 125.7 132.1 158.9 34.4 124.6 132 7 6.6 Apr.. (60. 8 34.7 126. 1 133.6 161.5 34.5 127.1 134.0 5.5 May. 160.9 34.9 126.0 134.9 157,5 34.6 122.9 135.4 9 5 June. 161.7 35,0 126.7 136,4 159.5 34.9 124.5 136.6 9.1 July.. 162. 4 35.2 127.2 138,0 160.8 35,4 125.4 138.3 9.0 Aug.. 163. t 35.5 127.6 139.7 160,3 35.5 124.8 140.2 7,3 Sept.. 164.0 35.7 128,4 J 41.4 163.1 35.7 127.5 141.4 5 5 Oct... 165.2 36.0 129.3 143.5 165.7 36.0 129.7 143.5 5,0 Nov.. 165.8 36.1 129.6 145.2 167.3 36.5 130. 8 144.3 4 1 Dec,. 166.7 36 3 130.4 146,7 172.0 37.1 134.9 145 .2 4.6 1966—Jan... 167.9 36.6 131.4 147.7 173.0 36.5 136.5 147.4 3.8 Feb.. 168.6 36.7 131.9 148.7 167.7 36.4 131.3 148.7 5. 1 Mar,. 1 69.3 36.9 1 32.4 149.9 167.8 36.5 131 .2 150.4 4.5 Apr.. 170.6 37.1 133.5 152.1 (71,5 36.8 134.7 152.4 3.0 May. 170.3 37.3 133.0 (53.7 166.7 37,0 129.7 154.2 7.1 June. 170.5 37.4 133. 1 154.3 168.6 37.3 131.4 154.4 6. ( July.. 169.6 37.6 132.0 156.1 168.0 37.8 130.1 156.2 8.0 Aug.. 169.9 37.8 132.1 156.6 167.0 37.8 129.2 157.4 5.1 Sept . 170,6 37,9 132,7 157.3 169.7 37.9 131.8 157.4 4.3 Oct... 170.2 38.0 132.1 157,0 170.5 38.1 132,4 157.1 4.8 Nov., 170,1 38.2 131 9 156.9 171 .5 38,5 133.0 156,1 3.7 Dec., 170.4 38.3 1 32.1 158,5 175.8 39.1 136.7 156.9 3.4 1967-—-Jan.,. 170.2 38.5 131 .7 161 .0 175.3 38 5 136.8 160.6 4.2 Feb.. J7E8 38.7 133.0 164.0 170.6 38.3 132.2 164.0 5.1 Mar . 173,2 38,9 134.3 166.2 171.9 38.5 133,4 166.7 4.9 Apr.. 172,7 39.0 (33.7 168.4 173.6 38.6 134.9 168.8 4.8 May. 174.4 39. 1 135.3 170.5 171.0 38.8 132,2 170.8 6.6 June. 176.0 39.3 136.7 172.8 174.3 39.2 135.1 173.0 4.0 July.. 177.5 39.4 138.1 175.2 175.8 39.6 136.3 175.2 5.7 Aug.. 178.8 39.5 139.3 176.9 175.9 39.6 136.3 177,8 4.3 Sept.. 179.6 39.7 1 39.9 (78.8 178.5 39.7 138.7 179.0 5.0 Oct... 180.4 39.9 140.5 180.3 180.8 40.0 140.8 180.4 6.3 Nov.. (81.2 40.0 141.1 182.0 182.7 40.4 142,2 181.3 5,3 Dec.. 181.7 40. 4 141.3 183.7 187.5 41.2 146.2 182.0 5.0 1968—Jan... 182.6 40 6 142.0 184.1 188.1 40.5 147.5 183.8 5.0 Feb.. 183.3 40.7 (42.6 185.8 181.9 40.3 141 .6 185.8 7.2 Mar.. (84.2 41.1 143.2 187.2 182,6 40.7 141.9 187.8 6.7 Apr.. 185. 1 41.3 143.8 187.7 186.1 41 .0 145.1 188.0 4.3 May. 186.8 41 .6 145,3 188.2 183.2 41.3 141.9 188.6 6.5 June. 188.2 41.9 146.3 (88.6 186.4 41,8 144.6 188.8 5.6 July.. 189.6 42.1 147.5 191.1 188.1 42.3 145,9 191 .1 5.8 Aug,, 191.0 42.4 148.6 193.8 188.0 42.5 145.5 194.7 5.6 Sept.. 191.4 42,7 148,8 196.4 190.1 42.7 147.4 196.6 6.1 Oct... 191.8 42.8 149.1 199,4 192.0 42.8 149.2 199.6 6.3 Nov.. 193.6 43.2 150,5 202.1 195.3 43.6 151.7 201,3 4.5 Dec.. 194. 8 43.4 151,4 204.9 201.0 44.3 156.7 203.1 5.0 1969-—Jan,.. (95.8 43.5 152.3 203.2 201.7 43.5 158.2 202.8 4.9 Feb.. . 196. 3 43.8 152.5 202.4 194.8 43.4 151,4 202.4 6.9 Mar, 196.8 44.1 152.7 202.3 195.0 43.7 151.3 202.9 4.8 Apr.. . 198.1 44.2 154.0 202.3 199.2 43.8 155,3 202.7 5.4 May. . 198.3 44,5 153.8 201.7 194,4 44.2 150.3 202.2 9.2 June. (99.0 44.8 154. 2 200.8 197,0 44.7 152.3 201 .0 6.0 July.,. 199.3 45.0 154.4 197.7 197,8 45,2 152.7 197.7 5.6 Aug........................................ 199.1 45.3 153.8 194.5 196.0 45.4 150.6 195.5 4.3 Sept,. . 198.3 45.2 153.1 194.3 197.5 44.9 152.5 194.3 6.8 For notes see page 803. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

794 FEDERAL RESERVE BULLETIN □ OCTOBER 1969 MONEY SUPPLY AND RELATED DATA, 1947-^9—Continued In billions of dollars Seasonally adjusted Not seasonally adjusted Money supply Money supply Week ending— Time Time U.S. deposits deposits Govt, Currency Demand ad­ Currency Demand ad­ demand Total component deposit justed 1 Total component deposit justed1 deposits1 component component 1959—jan. 7................................... 141.5 28.7 112.8 65.9 145,4 29.0 116.4 65.5 3 9 14................................... 141.5 28.6 112.8 66.0 145 5 28.7 116.8 65.6 2^3 21................................... 141.6 28.7 112.9 66 1 145 3 28.5 116 8 65 6 1 7 28................................... 141.7 28.7 113.0 66.0 144 0 28.3 115.7 65^7 4 3 Feb. 4................................... 141.6 28.7 112.9 66.0 143 3 28.3 115.0 65.7 4 7 11................................... 141.8 28.7 113,1 66 0 142 7 28.5 114,2 65 7 4 0 18................................... 142.1 28.7 113.3 66.0 142 2 28.4 113 8 65 7 43 25................................... 142.2 28.8 113.5 66.0 140 7 28.3 112.4 65.8 4 3 Mar. 4................................... 142.2 28,7 113.5 66,0 141,1 28.4 112.7 65.9 4 I 11................................... 142,3 28 8 113 6 66 1 141 3 28.6 112 7 66 1 3 0 18................................... 142.4 28.8 113.7 66, 2 142 6 28.6 114 1 66.2 3 0 25................................... 142.5 28 8 113 7 66 2 140 5 28.4 112 0 66 2 5 1 Apr. 1................................... 142.6 28 8 113.8 66.3 140 6 28.4 112.2 66 4 3.6 8................................... 142,6 28 8 113.8 66 4 141 1 28.7 112 4 66 5 6.2 15................................... 142.6 28 8 113 9 66 5 142 7 28.6 114 1 66 7 4 6 22 ............................... 142.8 28 9 114 0 66 5 143 2 28.5 114 7 66 7 4 0 29................................... 142.9 28 9 114 0 66 5 142 5 28. 4 114 1 66 8 3 9 May 6................................... 142.9 28 9 114 0 66 6 141 9 28,7 113 2 66 9 4 9 13. ............................... 142.9 78 9 114 0 66 6 141 6 28 8 112 8 67 0 4 9 20................................... 143 2 28 9 114 2 66 6 141 0 28 7 112.3 67 0 5^9 27................................... 143 3 29 0 114 3 66 7 140 5 28 6 111 9 67 1 5 4 3................................... 143.3 29.0 114.3 66.8 141,1 28.8 112.3 67.2 4.7 10................................... 143 3 29 0 114 3 66 9 141 5 29 1 112 4 67 3 3 5 17................................... 143 4 29 0 114 4 67.0 143 3 28,9 114 3 67.4 3.3 24................................... 143 4 29 0 114 4 67 0 141 8 28 9 112 9 67 4 4 7 July 1................................... 143.6 29 0 114.6 67.1 141 4 28 9 112.6 67.6 4.5 8................................... 143 8 29 0 114 7 67.1 142.1 29 4 112 6 67.5 3.8 J5................................... 143.9 29 0 114.9 67,0 142 9 29 2 113 6 67 5 4.9 22................................... 144.1 29 0 115 1 67.1 142.7 29.2 113,6 67.5 6.0 29................................... 144.3 29.0 115.2 67.1 143 0 28.9 114.0 67.4 5.0 Aug. 5................................... 143.8 29 0 114.8 67.0 143.1 29.1 114.0 67.4 5.0 12................................... 143.9 29 1 114.8 67.1 143 2 29 3 113 9 67.4 3.8 19................................... 143.7 29.0 114.7 67.1 142 0 29 2 112.8 67.4 4.8 26................................... 143.6 29 0 114 5 67.2 141.0 29 0 112.0 67.5 6.1 Sept. 2.................................. 143,2 29 0 114.3 67.3 141 9 29.0 113.0 67.5 5.9 9................................... 143 0 29 0 114 1 67.3 142 2 29 4 112.8 67.5 5.0 16................................... 143.2 29 0 114.2 67.3 144,1 29.2 114.9 67,5 4.0 23................................... 143.3 29.0 114,3 67.3 142,8 29.0 113.8 67.5 5.5 30................................... 143.5 29 0 114 5 67,3 141 8 28,8 113.0 67.5 6.0 Oct. 7................................... 143.3 29 0 114 3 67.3 142.3 29,2 113,2 67.5 5.5 14................................... 143,2 29^0 114.3 67.3 143 5 29.2 114.3 67.4 3.7 2!................................... 142.9 29 0 114 0 67.2 143.2 29.1 114.1 67.4 4.4 28............................ 142.4 29 0 113 4 67.3 142 8 28.9 113.9 67,3 5.6 Nov. 4................................... 142.2 28.9 113 3 67.4 143.6 29.0 114.6 67.3 5.6 It................................... 142.5 28.9 113 7 67.4 144,1 29,3 114.8 67.2 4.6 18................................... 142.8 28.9 113.9 67.3 144,4 29.2 115,2 66.7 4.7 25................................... 143.0 28 9 114 1 67 3 143,6 29.2 114.5 66.5 4.6 Dec. 2................................. 142.6 28 9 113 7 67 3 144 2 29. 3 114.9 66.4 4.3 9................................... 142.3 28.9 113 4 67.3 144,6 29,6 115,0 66,5 5.2 16................................... 142.2 28.9 113 3 67.3 146.6 29.4 117,2 66.5 4.2 23................................... 141.6 28.9 112 7 67.4 145 8 29,5 116.2 66.7 5.4 30................................... 141 .7 28.9 112 8 67.5 146.0 29,6 116,4 66.8 5.0 1960—Jan. 6................................... 141.3 28 9 112 4 67 5 145,8 29, 3 116.5 67.1 4.8 13................................... 141.7 28 9 112 8 67 4 145 7 29 0 116.7 66.9 4.4 20.......................... 141.8 28.9 112^8 67.1 145,4 28.8 116.6 66.7 3.8 27.................................. 141.7 29.0 112.7 66.9 143.9 28.5 115,4 66,6 3.4 Feb. 3................................... 141.7 29.0 112,6 66 9 143.2 28.5 114,7 66.7 4.1 to................................... 141.4 28.9 112 4 66 9 142 3 28.7 113.6 66,6 3.7 17................................... 141.4 28.9 112 5 67.0 141.8 28.6 113.2 66.6 3.8 24................................... 141.2 28.9 112.3 66.9 139.7 28,6 lll.l 66.7 4.6 For notes see page 803, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

REVISION OF MONEY SUPPLY SERIES 795 MONEY SUPPLY AND RELATED DATA, 1947-69—Continued In billions of dollars Seasonally adjusted Not seasonally adjusted Money supply Money supply Week ending— Time Time U.S. deposits deposits Govt, Currency Demand ad­ Currency Demand ad­ demand Total component deposit justed 1 Total component deposit justed1 deposits1 component component 1960—Mar 2................................... 141.3 29.0 112.3 66.8 140.0 28.5 111.5 66.6 4.5 9................................... 141.1 29.0 112.1 66.9 140.1 28,8 111.2 66.8 4.0 16................................... 141.0 29.0 111.9 67.0 140.9 28,8 112.2 67.0 3.3 23................................... 140.8 29.0 111.8 67. 1 139.3 28,7 110.6 67.1 5.2 30................................... 140.7 29.0 111.7 67. 1 138.5 28,5 110,0 67.2 4.7 Apr. 6................................... 140.8 29.0 111.8 67. 1 138.6 28.9 109,7 67.3 4.1 13...................... 140.8 29.0 111.8 67.3 140.2 29.0 111.3 67.5 2.3 20................................... 140.7 29.0 111.7 67.3 142.3 28.8 113.4 67.4 3.6 27................................. 140.7 29.0 111.7 67.3 141.3 28.5 112.8 67.5 4.1 May 4................................... 140.6 29.0 111.6 67.4 140.2 28.6 1(1.6 67,6 5.4 II.................................. 140.5 29,0 111.5 67.4 139.4 28.9 110.5 67.7 5.8 18................................... 140.3 29.0 111.3 67.4 138,5 28.8 109.7 67.8 6.4 25.................................. 140.1 29.0 II 1 J 67.4 137.1 28,7 108,4 67.9 6.9 June 1.................................. 140.0 29.0 II 1 .1 67.5 137.5 28.8 108.7 67.9 6.9 8................................... 139.9 28.9 111.0 67.6 137.9 29.0 108.9 68.1 6.4 15................................... 140.0 29.0 111.0 67.8 139.6 28,9 110,6 68.2 5.1 22................................ . 140. 1 29.0 111.0 68.0 138.9 28.9 110,0 68,3 7.0 29................................... 140.3 29.0 111.3 68.2 138.1 28,7 109.4 68.6 6.6 July 6................................... 140.0 29.0 110.9 68.4 137.9 29.3 108.6 68.9 7.2 13................................... 140.4 29.0 111.4 68.6 138.9 29.3 109.6 69.0 5.6 20................................... 140.8 28.9 111,8 68.7 139.6 29.1 110.6 69.1 7.6 27................................... 141.0 28,9 112.1 68.8 139.7 28.9 110.8 69.2 6.6 Aug. 3............................. 140.9 28.9 112.0 69.1 140.3 29.0 111.3 69.4 6.5 10................................... 141.0 28.9 112.0 69.3 140.4 29.3 111.2 69.6 6.0 17................................ 141.0 29.0 112.0 69.6 139,8 29.1 110.7 69,9 6.1 24................................... 140.8 29.0 111.9 69.9 138.6 29.0 109.5 70,2 6.5 31................................... 140.8 29.0 111.8 70.1 139.1 28.8 110.3 70,4 5.5 Sept. 7................................... 140.9 29.0 111.9 70.3 139.8 29.3 110.5 70,4 5.1 14................................... 140.8 29.0 111.9 70.4 141.4 29.2 112.2 70.7 3.6 21................................... 141.4 29,0 112.4 70.5 141.8 29.1 112,8 70,8 4.9 28................................... 141.2 29.0 112,1 70.6 139.2 28.8 110.4 70,9 7.3 Oct. 5................................... 141.2 29.0 112.2 70.9 139.8 29.0 110.7 71.1 7.5 12................................... 141.1 29.0 112.1 71.1 140.6 29.3 111.3 71,3 5.5 19................................... 141.1 29.0 112.1 71.3 141.6 29.2 112.5 71.4 4.3 26................................... 141.2 29.0 112,2 71.5 141.8 29,0 112.8 -71 .6 5.4 Nov. 2................................... 140.9 29.0 111.9 71.7 142.4 28,9 1(3,5 71.7 6.2 9................................... 140.5 29.0 111,6 71.9 142.0 29.3 112.7 71.7 6.0 16................................... 140.8 29.0 111,8 72.1 142.8 29.3 1(3,5 71.6 5.4 23................................... 140.8 29.0 111,8 72. 1 141 .5 29,3 112.1 71 .4 6.0 30................................... 141.0 29.0 112,0 72.2 142.0 29.3 112,8 71.4 5.6 Dec. 7.................................. 141 .0 29.0 112.0 72.4 143.0 29.5 113,5 71,6 4.9 14................................... 141.2 29.0 112.2 72.6 145.1 29.5 115.5 71.8 3.2 21................................... 141.2 29.0 112,3 72.9 146. 1 29.6 116.5 72.1 4.2 28................................... 141.1 28.9 112,1 73.3 144.6 29.7 114.9 72,4 5.9 1961—Jan. 4................................... 140.8 28.9 111.8 73.4 145.1 29.3 115.9 72.9 5.9 11................................... 140.8 28.9 111,8 73.6 144.6 29.2 115.5 72,9 4.7 18................................... 141.0 28.9 112.1 73.5 144.8 28.8 116,0 73.1 3.5 25................................... 141.8 28.9 112,9 73.6 144.3 28.6 115.7 73.3 3.3 Feb. I................................... 141.8 28.9 112.9 73.9 143.7 28.4 115,3 73.6 3.8 8................................... 141.7 28.9 112.7 74.7 143.0 28.7 114,3 74,4 4.3 15................................... 141.7 28.9 112.7 74.8 142.4 28,7 113.7 74.6 3.7 22................................... 141.8 28.9 112,8 75.1 140,5 28.6 Hl.9 74.8 5.8 Mar. 1................................... 141.8 28.9 112.9 75. 1 140.3 28,4 111.9 74.9 5.7 8................................... 141.8 28.9 112,8 75.3 140.5 28.8 111.7 75.2 5.3 15................................... 141.8 28.9 112.9 . 75.5 141.5 28.7 112.8 75.5 3.6 22................................... 142.2 28.9 113.2 75.6 141.4 28,7 112,7 75,5 5.3 29................................... 142.3 29.0 113.3 75.5 140.2 28.5 111,7 75.7 4.6 Apr. 5................................... 142.2 29.0 113,3 75.7 140,6 28.8 111.8 76,0 4.5 12................................... 142.2 28.9 113,2 76.0 142.1 28.8 113,3 76.3 3.2 19................................... 142.0 28.9 113,1 76.3 143,4 28.7 114,7 76.5 2.1 26................................... 142.2 28.9 113.3 76.5 143.1 28.5 114.6 76.6 1.9 For notes see page 803. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

796 FEDERAL RESERVE BULLETIN □ OCTOBER 1969 MONEY SUPPLY AND RELATED DATA, 1947-69—Continued In billions of dollars Seasonally adjusted Not seasonally adjusted Money supply Money supply Week ending— Time Time U.S. deposits deposits Govt, Currency Demand ad­ Currency Demand ad­ demand Total component deposit justed * Total component deposit justed 1 deposits 1 component component 1961—May 3................................... 142.5 29.0 113.6 76,7 142.5 28.6 113.9 77.0 3.2 10................................... 142.6 28,9 113.7 77.1 141.8 28,9 112.9 77.4 3.9 17................................... 142.7 28.9 113.8 77. 1 141.1 28.8 112.4 77.6 4.5 24................................... 142.8 28.9 113.9 77.2 139.7 28. 7 111.0 77.9 5.8 31........................ 142.9 28.9 1 14.0 77,5 140.0 28.6 111.4 78. 1 5.0 June 7................................... 143.0 28.9 1 14.0 77.7 140.9 29.0 111,9 78.3 4.0 14................................... 143.0 29.0 1 14.1 78.0 142.6 29.0 113.6 78.4 2.2 21................................... 143.0 29.0 1 14,0 78,3 141.9 28.9 113.0 78.6 5.7 28................................... 142.9 29.0 1 13.9 78.5 140. 1 28.7 111,4 78.8 5.7 July 5................................... 142.9 29.0 113.9 78.7 140.5 29.2 1 11.3 79.3 6.1 12................................... 143.0 29.0 1 14.0 78.9 141.3 29.4 111.9 79.3 4.5 19................................... 143.0 29.0 1 14.0 79,0 141 .9 29.2 112.7 79.5 3.1 26................................... 143.1 29.0 1 14. I 79.2 141.8 29.0 1 12.8 79,7 2.8 Aug. 2................................... 143.1 29.0 1 14. 1 79.5 142,4 29.0 1 13.5 79.9 6,0 9 ................................. 143.0 29.0 1 14.0 79.6 142,4 29.4 1 13.0 80.0 5.1 16................................... 143.6 29. 1 114.5 79.8 142.4 29.3 113.1 80.2 4.8 23. ............................... 143,6 29,2 1 14.4 80.1 140.5 29,2 111.3 80.3 6.1 30................................... 143.5 29.2 1 14.4 80.2 140.9 29.0 112.0 80.4 5.6 Sept, 6................................... 143.6 29.2 114.4 80.3 142.0 29.4 112,6 80.6 5.4 13................................... 143.7 29.2 1 14.5 80.5 143.7 29.4 114.2 80.8 3.6 20................................. 144.0 29.2 114.7 80.7 144.6 29.3 115.3 80.9 4.4 27................................... 144.0 29.2 1 14.8 80,9 142.4 29.1 113.3 81 .0 5.9 Oct. 4................................... 144. 1 29.2 114.8 81.1 142.6 29.2 113.4 81 .3 8.1 11 ............................... (44.3 29.3 115.0 81,3 143.6 29.6 114.0 81.5 6.2 18................................... 144.4 29.3 1 15.1 81 .5 145.0 29.5 115.5 81 .5 6.9 25................................... 144.4 29.3 115. 1 81,6 145.1 29,3 115.7 81.6 6.2 Nov. 1 . ................................. 144.5 29.4 115,2 81.8 145,8 29,2 116.6 81.7 5.6 8................................... 144.6 29.4 115.2 82.0 146.1 29,7 116.3 81.7 5.8 15................................... 145,2 29.4 115.8 82.2 147.2 29.7 117.5 81.7 4.8 22................................... 145.1 29.5 115.5 82,3 145.9 29.8 116.1 81.3 6.5 29................................... 145.1 29,5 1 15.6 82.4 146.0 29.8 J 16.2 81.4 6.1 Dec. 6................................... 145.2 29.5 1 15.7 82.5 147.3 30.0 117.3 81.6 5.4 13................................... 145,2 29.5 115.7 82.6 148.9 30,2 118.7 81.7 3.5 20. ................................. 145.5 29.5 116.0 82.8 150.7 30,2 120.6 81.7 4.1 27. ................................. 145.6 29.6 116.0 82,9 149.6 30.4 119. 1 81.9 6.1 1962—Jan. 3................................... 145.8 29,7 116.1 83.0 150.7 30.0 120.8 82.3 6.0 10................................... 145,6 29.7 116.0 83.4 149.8 29.9 119.8 82.8 4.6 17.................................. 145.5 29.6 115.8 84.0 149.7 29.6 120.1 83.6 3.1 24................................... 145.4 29.7 115,7 84.4 148.3 29.3 119.0 84.0 2.9 31................................... 145.3 29.6 115.7 84.9 147.2 29.0 118.2 84.4 3.8 Feb. 7.................................. 145,7 29.7 116.0 85.3 147.3 29.4 117.9 84.9 4.7 14................................... 145.8 29.7 116,1 85.7 146.7 29.4 117,2 85.5 3.7 21................................... 145.9 29.8 116.1 86.3 144.5 29.4 115,2 85.8 5.1 28................................... 145.9 29.8 1 16.1 86.5 144. 1 29.2 114.9 86.2 5.1 Mar. 7.................................. 146.0 29.8 116,1 86.9 144.9 29,6 115,3 86.9 5.0 14 ............................... 146.0 29.8 116,2 87,2 145.6 29.6 115,9 87.5 3.2 21 ................................. 146.1 29.8 116,3 87.8 145.6 29.6 116.0 87.8 4.8 28................................... 146,2 29.9 1 16.3 88.0 143,5 29.4 114.0 88.3 6.7 Apr. 4................................... 146.2 29.9 1 16.3 88.2 144.3 29.6 114.7 88,7 6.1 11................................... 146.3 29.9 1 16.4 88.6 146.2 30.0 116,2 89.2 3.7 18................................... 146.3 29,9 116.3 89.0 148.0 29.8 118,2 89.2 2.5 25................................... 146,3 30.0 1 16.3 89. 1 147.8 29,6 118,2 89.3 3.4 May 2................................... 146.3 30.0 116.3 89.0 146.4 29.5 117.0 89.4 4.8 9................................... 146.1 30.0 116.2 89.2 145.7 30.0 115,7 89.6 6.2 16................................... 146.2 30.0 116.2 89.4 145.1 29.8 115.3 89.9 6.4 23.................................. 146.1 30.0 116.1 89.6 142.5 29.8 112.7 90.2 8.0 30................................... 146.2 30.0 116.1 89.8 142.6 29.6 113,0 90.5 7.5 June 6................................... 146.1 30.0 116.1 90.0 144.0 30 0 114,0 90.7 7.1 13................................... 146.1 30.1 1 16.1 90.4 145.2 30.1 115.1 91.0 5.3 20................................... 146,1 30.1 116.0 90.7 145.4 30.0 115.4 91.1 6.7 27................................... 146.2 30.1 116.1 90.8 143.2 29.8 113,3 91.4 8.6 For notes see page 803, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

REVISION OF MONEY SUPPLY SERIES 797 MONEY SUPPLY AND RELATED DATA, 1947-69—Continued In billions of dollars Seasonally adjusted Not seasonally adjusted Money supply Money supply Week ending— Time Time U.S. deposits deposits Govt, Total c C om ur p re o n n c e y n t co D d m e e m p po o a s n n i e t d n t jus a t d e ­ d 1 Total co C m ur p re o n n c e y n t co D d m e e m p p o o a s n n i e d t n t jus a t d e ­ d i d d e e p m o a s n it d s ’ 1962—July 4.................................. 146.2 30. 1 116.1 91 1 143 6 30 2 113 4 91 9 9 4 ' ! 1................ . 146.2 30.0 116.1 91.6 1 44 3 30.6 113 7 92 0 8 I 18.................................. 146.1 30. 1 116.0 91 7 145 0 30.4 114 7 92 2 6 6 25.................................. 145.9 30. 1 115,8 91 8 144 6 30.2 114 5 92 3 60 1 46. 1 30.2 115.9 92.1 145 2 30.0 115.2 92.4 5.8 ~ 8.................................. 146.0 30.2 1 15.8 92.2 145 5 30.5 115.0 92.6 5.6 15.................................. 146.2 30.2 116,0 92.5 145 1 30,4 114.7 92.8 5 0 22................................... 146.0 30.2 115 8 92.8 142,7 30.4 112.3 93.0 8.4 29................................... 145.9 30.2 1 15.6 92.9 142.7 30.1 112.7 93,2 7.9 145.7 30.2 115 5 93 2 143 9 30.4 113 5 93 5 7.8 ' 12................................... 145.8 30.3 115.6 93.4 145,5 30.5 115.0 93.6 6.1 19.................................. 145.6 30.2 115 3 93.7 146.0 30. 3 115.8 93 8 6.3 26................................... 145.8 30.3 115 5 94.0 144. 1 30.1 114,0 94.0 8.1 Oct. 3................................... 146.1 30.3 115 9 94.2 144,8 30.2 1 14.7 94,3 8 2 id................................... 1 46.1 30.3 115 8 94.6 145 5 30.6 114,8 94.7 8 9 17................................... 146.2 30.3 115.9 94.9 146,9 30.5 116,3 94,9 7 4 24................................... 146. 3 30.3 116.0 95.2 146.8 30.4 116,4 95.2 6.9 31.................................. 146.6 30.4 1 16.2 95 4 147 7 30,2 1 17.6 95.4 5 9 Nov. 7................................... 146.7 30.4 116.3 95.8 148.2 30.7 1 17.5 95,5 6.1 14.................................. 146. 8 30.4 1 16.3 96. 1 148,7 30,8 117.9 95.6 4. 8 21................................... 146.9 30.5 116 4 96 3 148,0 30.9 117.1 95.2 6.7 28.................................. 146.9 30.5 116 5 96 5 147 8 30.7 117.1 95 4 6.6 146.9 30.5 116 5 96 7 1 49.0 31.0 118.1 95 8 6.3 12................................. 147.1 30.5 116 7 97.3 150.6 31.3 119,4 96.3 4.5 19.................................. 147.2 30.5 1 16 7 97.9 152.5 31.2 121 3 96 7 4.6 26................................... 147.6 30.5 117.0 98 3 152 1 31.4 120.7 97 1 6 5 147.9 30.6 117.3 98.5 153.3 30.9 122.4 97.6 6.9 9.......1..4..8.....0................3..0..7 117 3 98 7 152.4 31 .0 121 4 98 1 6,1 16................................... 148.0 30.7 117 4 98.9 152.7 30.6 122 1 98.5 4.3 23.................................. 148.1 30.7 117 4 99.2 151 .5 30.4 12! 1 98 9 4.2 30................................... 148. 1 30.7 117 4 99,4 150.2 30.2 120 0 99 2 4.1 Feb 6.................................. 148.4 30.8 117.6 99.6 150.4 30,5 119,9 99 5 4.9 13.................................. 148.5 30.9 117.6 100.1 149.7 30.6 119 1 99 9 4.9 20.................................. 148. 6 30.9 117.7 100.4 147.7 30.5 117.2 100.2 6.2 27................................... 148. 8 31 .0 117 8 100.8 146.4 30.4 116.0 100.5 6.7 Mar. 6................................... 148.8 31.0 117.8 100 9 147.5 30.7 116.8 101 0 6.5 13.................................. 148.9 31 .0 117.9 101.2 148,2 30. 8 117 4 101,6 4.6 20................................... 148.9 31.0 117.9 101 .4 148.7 30.8 117.9 102.0 5.0 27.................................. 148.9 31 .0 117.9 101 .7 146.4 30.6 115.7 102. 3 7.3 Apr. 3.................................. 149. 1 31 .1 118.0 102.1 147.1 30.8 116.3 102.7 7.0 " 10................................... 149.2 31 ,1 118 1 102.2 148.6 3L.2 117 4 103 0 4.6 17................................... 149.3 31 1 118.2 102.6 151.3 31 .0 120.3 103 0 3.2 24.................................. 149.4 31. 1 118.3 102.9 150.5 30.8 119.8 103.1 3.6 May 1 .... .................... 149.6 31.2 118.4 103.1 149.8 30.6 119.2 103,4 4.7 8.......1..4...9....7................3.1.. .3 118 4 103.3 149.0 31.2 117 8 103.7 6.7 15.................................. 149.7 31 .3 118.4 103.6 148.5 31.1 117.4 104.1 6.3 22................................... 149.9 31.4 118 5 103.8 146.1 31.1 115 0 104 5 8 2 29.................................. 150. 1 31 .4 118.7 103.9 146.4 30,9 115 5 104.7 7.6 June 5................................. 150.0 31 .4 118,7 104.2 147,5 31.3 116.2 104.9 6.8 12.................................. 150.2 31 .4 118.8 104,6 148.9 31 .5 117.3 105.1 4.7 19.................................. 150.2 31 .5 118.8 104.8 149.4 31.4 118.0 105.2 5.9 26................................... 150.3 31 .5 118.8 104.9 147.1 31.2 115.9 105.3 10 5 July 3.................................. 150.7 31 .5 119.2 105.1 148 I 31.6 116 6 105 8 10 9 ' 10.................................. 150.6 31 .5 119.1 105.4 148.6 32.1 116 5 105 9 9 5 17........................... 151.1 31 .5 119.6 105,8 150.0 31.8 118.2 106 1 7 7 24.................................. 151.1 31 .5 119.5 106.1 149.7 3i .7 118.1 106 4 6.7 31.................................. 151.0 31 .6 119.5 106.4 150.0 31 .5 118,5 106.7 6.0 Aug. 7............................ 151.1 31 .6 119.5 106.7 150.7 31 .9 118 8 107 0 6 4 ~ 14.................................. 151.3 31 .7 119.5 107.0 150.3 32,0 118 3 107 3 5 4 2!................................. 151.2 31 .8 119.4 107.3 148.0 31.9 116.1 107.6 6 9 28.................................. 151.3 31.9 119.4 107,5 147.8 31.7 116.1 107.8 6.6 For notes see page 803. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

798 FEDERAL RESERVE BULLETIN □ OCTOBER 1969 MONEY SUPPLY AND RELATED DATA, 1947-69—Continued In billions of dollars Seasonally adjusted Not seasonally adjusted Money supply Money supply Week ending— Time Time U.S. deposits deposits Govt, Total c C om ur p re o n n c e y n t co D d m e e m p p o o a n s n i e d t n t jus a t d e ­ d 1 Total c C om ur p re o n n c e y n t co D d m e e m p p o o a s n n i e t d n t jus a t d e ­ d 1 d d e e p m o a s n it d s 1 1963—Sept. 4................................... 151,3 31.9 119 4 107.8 149.4 31.9 117.5 108.1 6.1 11................................... 151,5 31.9 119.6 108.2 150,8 32.2 118.6 108.2 5.1 18................................... 151.6 31,9 119 7 108.5 152.1 32.0 120.2 108.4 5.1 25................................... 151 .7 31,9 119 8 108,6 149.9 31 .8 118.1 108,3 8.1 Oct. 2.................................. 152.0 31,9 120 0 108.8 150. 1 31.7 118.4 108.7 8.8 9.......1..5..2..,.1.................3..2...0 120.2 109.1 151.3 32.3 119.0 109.1 7.7 16................................... 152,1 32.0 120.2 109.3 152.8 32.2 120.6 109,3 5.4 23...................... 152.2 32.1 120 1 109.7 152.6 32.2 120.5 109,6 4.1 30................................... 152.5 32.2 120 3 110,3 153.3 31.9 121.4 110,1 3.1 Nov. 6................................... 153.1 32.1 121.0 110.5 155.0 32.3 122.7 110.2 4.2 13................................... 153.1 32.2 120.9 110.7 155.2 32.7 122.5 110.2 3.6 20................................... 153.2 32.2 120,9 111.2 154.4 32.6 121.8 110.1 4.7 27................................... 153.3 32.4 120.9 111.5 153.8 32.6 121.2 110.4 4.9 Dec. 4................................... 153.3 32.5 120.8 111.8 155.5 33,0 122.5 110.5 4.5 Il................................... 153.2 32.4 120.7 112,1 156.4 33.3 123.1 110,8 3.8 18................................... 153. 1 32. 5 120.6 112,2 158.2 33. 1 125,1 111,0 4.2 25................................... 153.1 32,4 120.7 112.3 157.5 33,3 124,3 111.0 6.6 1964—Jan. 1................................... 153.2 32.4 120.7 112.4 158.8 32.8 126.0 111.5 6.5 8................................... 153.3 32.5 120.8 112.9 158.7 32.9 125.8 112.3 6.4 15................................... 153.5 32.6 120 8 113.3 158.4 32.6 125.8 112.9 4.2 22................................... 153 5 32.6 120 9 113.6 158.0 32.5 125.5 113.2 3.1 29................................... 153.7 32.7 120,9 113.8 156.0 32.1 124.0 113.6 2.8 Feb. 5................................... 153.7 32.7 121 0 114.1 156.0 32,2 123.8 113.9 3.5 12................................... 153.7 32.7 121 .0 114.4 155.4 32.5 122.9 114.4 3.6 19................................... 153.8 32 8 121.0 114.6 153.1 32.3 120.8 114.6 5.2 26.................................. 153.9 32 8 121.1 114.7 151.4 32.2 119.2 114.8 5.9 Mar. 4................................... 154.0 32.8 121.2 1 14.8 152.3 32.3 120.0 115.2 5.6 11................................... 154 0 32.8 121.2 115.1 153.0 32.8 120.3 115,5 4.5 18................................... 154.0 32 9 121.2 115.3 154.3 32.7 121.6 115.8 4.6 25................................... 154 1 33 0 121 1 115.4 151 .8 32.6 119.2 115,9 7.7 Apr, 1................................... 154.4 33.0 121.4 115,5 152.5 32.5 120.0 116.2 7.8 8................................... 154. 3 33 0 121.4 115.8 153,6 33.0 120.7 116.4 5.9 15................................... 154.5 33.1 121.4 116.1 155.4 32.9 122.5 116.6 5.0 22................................... 154.7 33.2 121.5 116,3 156.5 32,8 123.7 116.6 2.3 29................................... 154 7 33.2 121 5 116,7 154.6 32.5 122.1 117,1 2.9 May 6................................... 154 9 33.2 121.7 116,8 154.3 33.0 121.3 117.3 5,5 13................................... 155.0 33.3 121.8 117.1 153.3 33.1 120,2 117,8 6.0 20................................... 155. 1 33 3 121.8 117,5 151.3 33.0 118,3 118,1 7.4 27................................... 155.2 33 3 121 .9 117,7 150.4 32.9 117.5 118.4 7.5 June 3................................... 155.3 33 4 121.9 1 18.2 152.2 33.2 119.0 118,8 7.1 10................................... 155.4 33 4 122.0 118.6 153.0 33.6 119.4 119.1 6.1 17................................... 155.4 33 4 122.0 118.8 155.1 33.4 121.7 119,2 6.2 24................................... 155.5 33 5 122.1 118.8 153.2 33.3 119.9 119,1 8.8 July 1................................... 155 9 33 5 122.4 118.8 152.7 33.3 119 5 119.3 10 0 8.......1..5..6....1.................3..3..5 122.6 119.2 154.3 34.0 120.2 119.6 9.5 15................................... 156 5 33 6 122.9 119.5 155.3 33,9 121 5 119.9 8 1 22................................... 156.7 33^6 123,1 119.8 155.4 33.8 121.6 120.2 5 4 29................................... 156.9 33.6 123.2 120.1 155.1 33.5 1 21.6 120.4 4 6 Aug. 5................................... 157.0 33 7 123,4 120.2 156.3 33.7 122.5 120,6 5 8 12................................... 157.3 33.7 123.6 120.5 156.0 34.0 122.0 120.9 5 4 19................................... 157.4 33 7 123.7 120.8 154.4 33.9 120.6 121.1 6 8 26................................... 157.5 33 7 123.8 121.0 153.6 33.7 119.9 121.4 7.2 Sept. 2................................... 157.7 33.8 123.9 121.4 155.2 33.6 121,6 121.7 5.9 9................................... 157.6 33.7 123.9 121.6 156.4 34.3 122,1 121.9 5.6 16................................... 157.9 33.8 124.0 121.8 158.8 34.0 124.8 122,1 4.0 23................................... 158.1 33 9 124.1 122.2 157,3 33,8 123,5 121.8 7 5 30................................... 158. 3 34 0 124.3 122.5 155.9 33.6 122.3 122.2 9 1 Oct. 7................................... 158.4 33.9 124.5 122.9 157,8 34.1 123.7 122.8 8 2 14................................... 158.5 34 0 124.5 123.4 159.1 34.2 124.9 123.3 5 5 21................................... 158,6 34 0 124.5 123.6 159.1 34.1 125.0 123.4 4 5 28................................... 158.7 34.1 124.7 123.8 159.3 33.9 125,4 123.8 4.1 For notes see page 803, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

REVISION OF MONEY SUPPLY SERIES 799 MONEY SUPPLY AND RELATED DATA, 1947-69—Continued In billions of dollars Seasonally adjusted Not seasonally adjusted Money supply Money supply Week ending— Time Time U.S. deposits deposits Govt, Total c C om ur p re o n n c e y n t D d e e m po a s n i d t jus a t d e ­ d 1 Total c C om ur p re o n n c e y n t D d e e m po a s n i d t jus a t d e ­ d 1 d d e e p m o a s n it d s 1 component component 1964—Nov. 4.................................. 1 58.9 34.1 124.8 124,2 160,8 34.1 1 26.7 124.0 5 1 1(......................... 159.1 34.1 125.0 124.6 161.1 34.6 126.5 124.1 4' 5 18................................... 159. I 34.1 125.0 125,0 161.1 34.6 126 5 124.1 5 ' 3 25.................................. 159. 2 34.1 125.1 125.4 159.6 34.6 1 25,0 124.2 6 9 Dec, 2.................................. 1 59.3 34.2 125.1 125.7 161.1 34.7 126 4 1 24,4 7 I 9.................................. 159.3 34.2 125 1 126.0 162,1 35.0 127.1 124.7 5*5 16................................... 159.0 34,3 124.8 1 26.5 165.0 34.9 130 1 125 1 3 6 23.................................. 159 2 34.3 125 0 126.8 165.0 35.0 130 0 125.3 5'7 30.................................. 159 2 34.3 125 0 127,0 164.2 35.1 129 1 125 7 6 6 1965—Jan. 6................................... 159 5 34.3 125.2 127.5 166.9 34.8 132.1 1 26.7 6 4 13.................................. 159 5 34.4 125 1 128.4 165.1 34.6 130 6 127.7 4 0 20................................... 159 5 34.4 125 1 128.8 164.5 34.2 130 3 128 5 2 9 27................................... 159.5 34.5 125 1 129.4 162.4 34.0 1 28 4 129.3 3 8 Feb. 3.................................. 159.8 34.5 125.3 129.9 162,5 34,0 128 4 129.7 4 6 10................................... 159.9 34,6 125 3 129.9 161.4 34.4 127.0 130.4 4 7 17................................... 160.0 34.6 125 4 131 0 159.6 34.2 125 4 t 30 9 5'2 24................................... 160,0 34.6 125 4 131,2 156.6 34 1 122 4 131 3 7 1 Mar. 3.................................. 160.2 34.6 125 6 131 .3 158.9 34 1 124 8 131.6 6 6 10.................................. 160.2 34.6 125 6 131 8 159 1 34.6 124,6 1 32 3 5'2 17.................................. 160.4 34.6 125 8 132.3 160 9 34 4 126 4 132 7 4 6 24.................................. 160.2 34.7 125 5 132,4 157 8 34 4 123,4 132 8 8'2 31.................................. 160.4 34.8 125.7 132.5 157.7 34.1 123,5 133.3 8 4 Apr. 7.................................. 160.6 34.8 125.8 133.0 160.0 34.7 125.3 1 33,6 7 1 14.................................. 160.8 34.8 126.0 133 4 161.8 34.7 127 1 133 9 4 6 21................................... 161.0 34.8 126.1 1 33.6 164,0 34.6 129.4 133.9 4 4 28................................... 160.8 34.8 126.0 133.9 160,8 34,1 126 7 134.3 5 7 May 5.................................. 160.7 34.8 126,0 134.5 160.2 34.4 125 8 134 7 8 4 12 160.9 34.8 126,0 134.5 158,8 34.8 124 0 135.1 8 3 19.................................. 160.9 34.9 126.0 134,9 156.5 34.6 121 9 1 35.4 10 1 26.................................. 161.0 34.9 126.2 135.1 155,6 34.5 121.1 135.7 10 6 June 2................................... 161.2 35.0 126.2 135.5 157.4 34.8 122.7 1 36.1 9 5 9.................................. 162,4 35.0 126.4 135.8 158.7 35.1 123,6 136.4 7,9 16................................. 161.8 35,0 126, 8 136 3 161.1 35.0 126,1 136.7 7 0 23.................................. 161.9 35. 1 126.8 136.5 160.1 34.9 125 2 136.6 100 30................................... 161.9 35.1 126,8 136.8 158.3 34.7 123 6 137.0 11 3 July 7................................... 162,1 35.1 127,0 137.2 160,3 35.6 124.6 1 37.5 11 8 14.................................. 162.5 35.3 127.2 1 37.7 161.2 35.5 125 7 1 37.9 9 1 2!................................... 162.4 35.3 127.2 138.1 160.9 35.4 125.5 1 38.4 8 2 28.................................. 162.6 35.3 127,3 138.6 160. 4 35.2 125 2 1 38.9 7.5 Aug. 4.................................. 162.8 35.3 127,5 138.9 (62,0 35.3 126.7 139.3 7 3 11................................... 163.0 35.4 127.6 139.2 161.3 35.7 125.5 139.8 6.6 18.................................. 163.1 35.4 127,7 139. 6 160.2 35.6 124 6 140.2 7 5 25.................................. 163,2 35,4 127.7 140.0 158.7 35.4 123 2 140.5 8 0 Sept. 1.................................. 163.3 35,5 127.8 140.5 160.3 35.2 125 1 141.0 6.9 8.................................. 163.5 35.5 127.9 140.9 161.5 36.0 125.6 141.4 5 5 15.................................. 163,9 35.6 128,3 141.4 164.2 35.7 128.5 141.5 2 9 22................................... 164.2 35.7 128,5 141.4 164.7 35.6 129 1 141.0 5.7 29.................. 164.5 35.8 128.7 142.0 162.2 35.5 126.7 141.7 7.6 Oct. 6................................... 165.0 35,9 129. 1 142.7 164.3 35.9 128.4 142,5 6 2 13.................................. 165,1 35,9 129,2 143,3 165.3 36.2 129.1 143,3 4.1 20........... 165.2 35,9 129,3 143.5 165.9 36.1 129.9 143.6 5.7 27................................... 165.4 36,0 129.4 143.8 166.0 35.9 130.1 144,0 4.8 Nov. 3.................................. 165.6 36.0 129,6 144.2 167.6 36.0 131.7 144.2 4.3 to................................. 165.6 36.0 129.6 144.7 167.6 36.5 131.0 144.3 3.1 17................................... 165.7 36.1 129,7 145. 1 167.8 36.5 131 3 144,2 3.3 24.................................. 165.8 36.1 129,6 145.7 166.5 36.6 129.9 144,4 4.2 Dec. 1.................................. 166,0 36.2 129,8 145.9 167.3 36.6 130.7 144.6 5.7 8................................... 166.2 36.2 130,0 146. 3 169,4 37.1 132.3 145.0 4.8 15.................................. 166.5 36,3 130.2 146.7 171 .9 37.0 134 8 145.2 2.6 22......................... 166.9 36.4 130.5 146.7 173.7 37.2 136.5 145.1 4.5 29................................... 167.1 36.4 130.7 147,0 172.7 37.2 135.5 145.6 6.0 For notes see page 803. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

800 FEDERAL RESERVE BULLETIN □ OCTOBER 1969 MONEY SUPPLY AND RELATED DATA, 1947-69—Continued In billions of dollars Seasonally adjusted Not seasonally adjusted Money supply Money supply Week ending— 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 e ­ d * Total c C om ur p re o n n c e y n t D d e e m po a s n i d t jus a t d e ­ d > d d e e p m o a s n it d s 1 component component 1966—Jan< 5.......1..6..7....6.................3..6...5 131.1 147, 4 175.6 36.9 1 38.7 146 5 5 3 12................................... 167.8 36.5 131.3 147.2 174.3 36.9 137.4 146.8 3 8 19................................... 167.8 36.5 131.3 147.7 173,3 36.5 1 36.8 1 47.4 2.5 26................................... 167.9 36.6 131.3 148.1 171 0 36.2 134.8 147.9 3 8 Feb. 2................................... 168. 1 36.7 131.4 148.3 171.0 36.1 134 9 148.2 4 3 9.......1..6..8....2.................3..6...7 131.5 148.3 170 0 36.6 133 4 148.3 4 3 16................................... 168.3 36.7 131.6 148.7 168.4 36.4 132.0 148.7 4 5 23................................... 168 4 36.7 131.6 149.0 164 8 36.3 128 5 149 0 6 3 168 8 36.8 132.0 149 0 166 3 36.2 130 2 149 3 5 6 9.......1...6..9....0................3..6...9 132.1 149 4 167.3 36.8 130 5 149.9 4 1 16................................... 169.1 36.9 132.2 149.8 169.4 36.6 132,7 150.2 2.6 23................................... 169.3 37.0 132.4 150 1 167.8 36.6 131 2 150.4 5 5 30................................... 169.6 37.0 1 32.7 150 5 166 5 36.4 130 1 151.1 5 7 170.0 37.0 133.0 151.2 168.9 36.8 132 0 151.7 4.7 ' 13.......1..7..0....5.................3..7...1 133.4 151 7 171.8 37.2 134 7 152.2 2 7 20................................... 170.6 37.1 133.5 152.0 173.8 36.7 137 0 152.3 1 .4 27................................... 170.7 37. 1 133.6 152,8 171.7 36.5 135 1 152.9 2 8 May 4................................... 170.8 37.2 133.6 152,9 170.1 36,7 133 4 153 3 5 9 ' 1 .7..0.... .6................3..7....2....... 133.4 153.3 168.7 37,2 131 5 153.7 18................................... 170. 5 37.2 133.3 153.7 166.7 37.0 129 6 154.1 7.7 25................................... 170. 3 37.3 133.0 154.0 164.5 36.9 127.6 154 5 7.7 June I ................................... 170.2 37.3 132.8 154.4 165.4 37.0 128 4 154.9 7.2 8.......1..7..0.....3................3..7...4 132.9 154.6 167.7 37.5 130.3 155.1 5.7 15................................... 170.3 37.4 132.9 153 8 169.7 37.4 132 3 154 1 3 1 22................................... 171.0 37.5 1 33.5 153.9 170.9 37.4 133 5 153.9 5.2 29................................... 170.0 37.5 132.6 154 5 166.6 37.1 129 5 154 5 9 8 July 6. ................................. 169.9 37.5 132.4 155 0 168.6 37.9 130.7 155 3 10.7 ' 13................................... 169.6 37.6 132.0 155.7 167.9 38.0 129 9 155 9 8.9 20................................... 169.5 37.6 131.9 156 1 168,4 37.8 130 6 156 4 6.7 27................................... 169.4 37.6 131.8 156.3 166.7 37.6 129.2 156 7 7.0 169.5 37.7 131.8 156 1 168.7 37.6 131 0 156 8 5.8 ~ 10................................... 169 5 37.7 131 8 156 2 167. 3 38 1 129 2 157 O 5 9 17................................... 169 7 37.8 132.0 156 7 167, 4 38 0 129 4 157 5 4 7 24................................... 170 0 37.8 132.2 156 9 165 7 37.8 127 9 157'7 4 3 31................................... 170. 3 37. 8 132.4 157.0 166 8 37 5 129 3 157 8 5 1 170.6 37.9 132.7 157.1 168.6 38.2 130 4 157.6 4.6 ' 14................................... 170. 7 37.9 132.8 157 8 170.1 38 1 132 1 157 6 3 1 21................................... 170. 8 37.9 132.9 157.0 172.3 37.9 134 4 157 1 3 0 28................................... 170.6 37.9 132.7 157 0 167 9 37 6 130 4 157 3 6.2 Oct. 5................................... 170.6 37.9 132.6 157 1 170 1 37.9 132 2 157 4 6.6 12................................... 170. 3 38 0 132.4 157 1 170 4 38 3 132 1 157 4 4 4 19................................... 170.2 38.0 132.2 157 0 170 7 38.1 132 6 157 3 3 1 26.................... 170, 1 38.0 132.1 156 8 169.9 37.9 132 1 156 8 5 5 Nov. 2................................... 169.9 38.0 131.9 156.9 171 5 37.8 133 7 156 7 4 6 9.......1..6..9....9.................3.8.. .1 131 8 156 8 171 5 38.5 132 9 156 5 4 5 16................................... 169.9 38.2 131.8 156.8 171 9 38.6 1 33 3 156 2 3 1 23................................... 170.0 38,2 131 8 157 0 170 9 38.6 132 3 155 9 32 30................................... 170 1 38.2 131 9 157.2 171.2 38 6 132 6 155 9 3 5 170.2 38.2 132.0 157.6 173 3 39.0 134 3 156.2 3 4 14................................... 170.4 38.3 132 1 158 1 174.6 39.1 135 5 156.5 22 2!................................... 170. 5 38.3 132.3 158.5 178.8 39.1 139 7 156.6 2 3 28. ............................. 170.5 38.4 132.1 159.2 175 8 39.4 136 4 157 6 5 2 1967—Jan. 4.......1..7..0....5.................3..8...5 132.0 159.6 178.7 38.9 139 8 158 7 5 0 .......1..7..0.....4...............3...8...5 131.9 159 9 177 1 38.9 138 2 159 4 4 4 18................................... 170.2 38.5 131.7 160.7 176.4 38.5 137 9 160 4 2 7 25................................... 170.1 38,5 131.6 161 7 173.2 38.1 135 0 161 6 4 5 Feb. 1 ................................... 170.3 38.6 131.7 162.5 172 5 37.9 134 6 162 5 4 6 8.......1..7.1.. ...0.................3..8...6 132.4 163.1 172 3 38 5 133 8 163 1 5 3 15................................... 171.4 38.7 132.7 ! 163.9 171.0 38.5 132 5 163 9 4 7 22................................... 172.4 38,8 133.7 164.4 169.4 38.3 131.1 164.4 5,'O For notes see page 803. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

REVISION OF MONEY SUPPLY SERIES 801 MONEY SUPPLY AND RELATED DATA, 1947-69—Continued In billions of dollars Seasonally adjusted Not seasonally adjusted Money supply Money supply Week ending— Time Time U.S. deposits deposits Govt, Total c C om ur p re o n n c e y n t D d e e m po a s n i d t jus a t d e ­ d 1 Total c C om ur p re o n n c e y n t D d e e m po a s n it d jus a t d e ­ d 1 d d e e p m o a s n it d s 1 component component 1967—Mar. 1................................... 1 72.7 38.7 134.0 164.6 169.2 38.1 131.2 164.8 5 3 8.......1..7..3....1.................3..8...8 134.3 165.2 170.6 38.7 131.9 1 65.7 4.2 15................................... 173.5 38.9 134.6 166.1 172.2 38.6 133,6 3.0 22................................... 173.6 38.9 134.6 166.7 173.5 38,6 134.9 1 67.0 5 3 29................................... 173.5 39.0 134 5 166.9 171,2 38 4 132.8 167.6 6 8 173. 3 39.0 134.3 167.5 172.9 38 5 1 34.4 168 2 4 9 ' 12................................... 172.9 39.0 133 9 168 0 173.9 38.9 135.0 168,7 3 9 19.................................. 172. 3 39.0 133 3 168 4 175.2 38.7 1 36.6 168 7 3 6 26................................... 172.0 39.0 1 33.0 168 8 172,6 38,4 134.2 169 0 6 0 172.8 39.0 133.7 169.1 172,6 38 5 134 1 169 5 6 7 " 10................................... 173.3 39.1 134.2 169.7 171.3 39 1 132 2 170.1 7 9 17................................... 174.5 39.1 135,5 170.3 171.7 38,9 132 8 170 7 6*7 24................................... 174.7 39.1 135.6 170.7 169,2 38.8 130.5 171,2 6.6 31................................... 175.4 39.2 136.2 171 4 170,8 38.7 132 1 171,9 5.0 175.8 39.3 136 5 171.8 173.2 39.2 133.9 172,3 3.4 14................................... 175.9 39.3 136.6 172.6 1 74,9 39.4 135 5 173,0 2.3 21................................... 176.0 39.3 136.7 172,9 176.3 39.3 1 37. 1 172.9 4.8 28................................... 176. 3 39.4 137.0 173.1 172.8 39.0 133.8 173.3 5 2 177. 2 39.4 137.8 174.0 175.7 39,5 136.2 1 74,2 5.1 ' 12................................... 177.4 39.4 138 0 174. 6 175,9 39.8 136 1 174 4 4 7 19 .............................. 177.4 39.4 138.0 175.2 176.2 39.5 136.7 175 2 6 1 26................................... 177. 6 39.4 138.2 175 5 1 74.7 39.3 135 4 175 7 6 6 Aug. 2................................... 178.0 39.4 138.6 176.0 176,8 39,2 137,6 176.4 5.4 ~ 9................................... 178.3 39.5 138.8 176.3 176.2 39.9 136.4 177 2 5 5 16................................... 178. 6 39.5 139,1 176. 8 176.7 39.7 136 9 177 7 3 8 23................................... 178.9 39.6 139,3 177 1 174.7 39.6 135 0 178 0 4 5 30................................... 179.2 39.6 139,6 177.6 175.3 39.3 136.0 178.5 3.2 179.5 39.7 139.8 178,3 177,5 39.9 137.6 178,9 4 3 ' 13..................... 179.6 39.7 139,9 178.5 179.1 39.9 139.2 179.1 3.3 20................................... 179.6 39.8 139.8 178.9 179,6 39.7 139,9 178.8 4.7 27................................... 179.8 39.8 140.0 179.3 177.3 39.5 137.9 179.1 6.9 180.0 39.8 140 2 179.6 179.7 39.6 140.1 179.6 6.1 11................................... 180.3 39.9 I4O 4 179.9 180.7 40.2 140. 5 180 1 5 3 18................................... 180. 4 39.9 140 5 180 3 181.3 40.1 141.1 180 5 6.7 25................................... 180.5 40.0 140 5 180.4 179.9 39.9 140.0 180,6 7.0 180.7 40.0 140.8 181.1 181.7 39.7 142.1 181.1 6.3 8.......1..8..1....0................4...0...0 141 .0 181.1 182.9 40 4 142. 5 181 . 1 5,7 15................................... 181.1 40.0 141 1 181 .8 183.2 40.4 142,7 181.3 4.2 22................................... 181.3 40. 1 141 .1 182.2 182.2 40.6 141.6 181 . 1 5.9 29................................... <81.3 40.2 141 1 182.9 182.2 40.6 141.6 181 .6 5.2 181.4 40. 2 141 .2 183.3 185,2 40.9 144.3 181.8 4.8 tj................................... 181.4 40.3 141 ,2 183.6 185.7 41.2 144.5 182.1 3.2 20................................... 181.6 40.3 141 .2 183.7 188,1 41.2 146.9 181,9 4.7 27................................... 181.8 40.5 141 .3 183.7 188.0 41.7 146.3 1 82,0 7.1 1968—Jan. 3.............................. 182.3 40. 5 141 .9 183.9 192.0 40. 9 151.1 182.6 5.5 10................................... 182.5 40.5 142.0 183.8 190. 1 41 .0 149. 1 183.0 4.7 17................................... 182.6 40. 6 142.0 184 1 1 89.9 40. 6 149. 3 183,7 3 1 24................................... 182.6 40. 6 142.0 184,2 186.0 40.3 145.6 184.0 6.0 31................................... 182.6 40.6 1 42.0 184.7 184,4 39.9 144.4 184.7 5.9 Feb. 7................................ . 183.0 40.7 142,4 185.0 184,9 40.4 144.5 185.0 7.2 14................................... 183.3 40.7 142,5 185.6 182,5 40.5 142.0 185.6 6.2 2!........................ 183.5 40. 7 142.8 186.0 181.1 40.3 140.8 186.0 5.5 28................................... 183.7 40. 8 142.9 186,6 179.2 40.1 139. 1 186.6 9. 8 183.9 40.9 143.0 186.8 182.2 40.5 141.6 187.0 8.5 13. ................................. 184.2 41,0 143.2 187.2 182.7 40.8 141.9 187,8 6.0 20................................... 184.2 41.1 143,2 187. 4 183, 1 40.7 142.3 187.8 6.4 27................................... 184. 4 41.1 143.3 187 5 181 8 40 5 141.3 188 1 7 0 184. 6 41.2 143.5 187,4 183.6 40.7 142.9 188,3 5.2 ' 10................................... 184.7 41.2 143.5 187.5 185.1 41.4 143.8 188.3 3.7 17................................... 186. 1 41.3 144.8 187.8 189.8 41.2 148.5 188,0 2.8 24................................... 184.8 41.3 143.5 187.4 186.1 40.8 145.3 187.6 5.0 For notes see page 803. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

802 FEDERAL RESERVE BULLETIN □ OCTOBER 1969 MONEY SUPPLY AND RELATED DATA, 1947-69—Continued In billions of dollars Seasonally adjusted Not seasonally adjusted Money supply Money supply V/eek ending— Time Time U.S. deposits deposits Govt, Total c C om ur p re o n n c e y n t D d e e m po a s n i d t jus a t d e ­ d 1 Total c C om ur p re o n n c e y n t D d e e m po a s n i d t jus a t d e ­ d 1 d d e e p m os a i n ts d i component component 1968—May 1................................... 184.9 41.4 143.5 187.8 184.3 40.6 143.7 188.2 5,6 8................................... 185.7 41 .5 144 2 187.9 184.2 41.4 142.7 188.3 7.4 15................................... 186. 1 41 .5 144 5 188.3 183.5 41.4 142.1 188.7 5.8 22................................... 187.3 41.6 145 7 188.3 182.1 41.3 140.7 188.7 6.9 29................................... 188. 1 41 .7 146 4 188 3 182.3 41.1 141.2 188.7 6.3 June 5................................... 188.4 41.8 146.6 188 5 185,7 41.7 144 0 188.8 4.9 12 .............................. 187,4 41.9 145 4 1 88.6 186.0 42.0 143 9 189.0 4,2 19................................... 187.6 41.9 145 7 188 5 187.1 41.8 145.2 188.7 4.9 26................................... 188.6 41.9 146 7 188 3 185.2 41.6 143.6 188.5 8.5 July 3................................... 189.6 42.0 147.6 188 9 188.9 41.9 147.0 189.5 4.8 10................................... 189.3 42.1 147 2 189 9 187.9 42.8 145.1 189.9 4.4 17 ............................... 189.5 42.1 147 4 190 9 189.5 42,3 147.2 190.9 5 5 24................................... 189.4 42,1 147 3 191 8 186.6 42,1 144.5 191.8 7.7 31 ............................... 190.0 42.1 147 8 192 8 1 88.0 41.9 146 1 192.8 6.4 Aug. 7. ............................... 190.9 42,2 148.6 192 9 189.4 42.5 146.9 193.5 5.9 14................................... 190.7 42.4 148 4 193 5 188.4 42.7 145.7 194.4 4.9 21................................... 191.1 42.4 148 7 194 0 187.2 42.6 144 6 195.0 6.1 28................................... 191,3 42.5 148 8 194 4 1 86.8 42.3 144.5 195,6 6.1 Sept. 4................................... 191.3 42.6 148 7 195 2 1 89.0 42.6 146.4 196.0 4.4 11 ........................... 191.4 42,6 148 8 195 6 190.7 43.0 147.8 196.2 3.5 18 .............................. 191 .0 42.6 148.3 196 3 190.6 42.7 147.9 196. 3 5.2 25 .............................. 191.1 42.5 148 5 196 9 188.0 42.3 145.7 196.9 8.8 Oct. 2, ............................... 191.1 42,7 148 4 197.7 191.2 42. 4 148.9 197.7 8.4 9 ............................... 191,6 42.7 148 9 198 6 191.9 43.1 148.7 198.8 7.4 16................................... 191,6 42.8 148 9 199 1 193.3 42.9 150.4 199,3 5.1 23 .............................. 191.8 42.8 149 0 199 9 190.8 42.8 148.0 200,1 5.5 30 .............................. 192,2 42.9 149 3 200 5 191,9 42.5 149.4 200.5 7.0 Nov. ..................................... 193.5 43,0 150 5 200 8 195.6 43.3 152.4 200,8 6.0 13 ............................... 192.5 43,1 149.4 201.3 194.0 43.6 150.4 200.9 5.1 20 .............................. 193.6 43.2 150 4 202.2 194.9 43.5 151.4 201 .0 3.5 27 ............................... 194.4 43.3 151.2 203 I 195,3 43.6 151.8 201.8 4.2 Dec 4 ............................... 194,7 43.4 151 3 204.1 197. 8 44.1 153.7 202.4 3.5 11 ............................... 194.8 43.4 151.4 204.7 198.9 44.4 154,5 203.0 3.4 18 ............................... 194.8 43.4 1513 205 1 201.1 44.3 156.8 203,2 4. 8 25 .............................. 194,8 43.4 151 3 205.2 201.2 44.7 156.6 203.2 7.1 1969—Jan. 1................................... 195,3 43.4 151.9 205.2 205.6 43.9 161.7 203.3 5.4 8 ............................... 196.8 43.5 153.3 203. 9 206.2 44. 1 162.1 203,1 4,5 15................................... 196.1 43.6 152.5 203.5 203.5 43.6 160,0 203,1 2.8 22................................... 196.0 43.6 152.4 202.9 200. 6 43.4 157.2 202.5 4.6 29 .............................. 194.2 43.6 150 6 202.9 196.5 42.9 153.6 202.4 7.0 Feb. 5 ............................... 195.3 43 7 151 6 202.2 197.4 43.3 154.1 202,2 7.6 12................................... 195.6 43.8 151.8 202.2 195.4 43.6 151,8 202.4 7.3 19 ............................... 197. 1 43 8 153.2 202.6 194.9 43.4 151 .4 202,4 6.8 26................................... 196,8 43.8 153 0 202.6 192.4 43.1 149,3 202,6 6.7 Mar. 5................................... 196.4 43.9 152 5 202.4 194.8 43.5 151,2 202,6 5.3 12................................... 196.4 44 0 152 5 202 3 195.1 43.8 151.2 202.9 4.2 19................................... 196.8 44.1 152,8 202,3 195.8 43.8 152.0 202.9 4. 6 26................................... 196.9 44 2 152.7 202 3 193.6 43.5 150,1 202,9 5.9 Apr. 2................................... 197.6 44.2 153.4 202.6 196.3 43.7 152 7 203.4 3.7 9................................... 199.0 44.2 154 7 202.6 199.9 44 4 155.5 203.3 3.8 16................................... 198.7 44.2 154 5 202.4 202.0 43 9 158.0 202,8 3.4 23................................... 197.4 44.2 153 2 202. 3 198.8 43.7 155.1 202,3 6.7 30................................... 196.9 44.2 152.7 202.0 196.0 43.4 152.5 202.2 8.0 May 7................................... 197.2 44 3 152.9 202.0 195,1 44.1 150.9 202,2 10.2 14................................... 197 8 44 4 153 4 201 8 194.6 44.2 150.5 202,3 10 2 21................................... 199,5 44.4 155.1 201.7 194.1 44.1 150.0 202.1 9. 3 28................................... 199, 1 44.6 154.6 201.7 193.7 43.9 149.8 202,1 8.3 June 4................................... 198,8 44 7 154 0 201 6 196.2 44.7 151.5 202 0 5 7 II................................... 198.8 44.7 154 0 201 .5 197.4 44.9 152.5 201.7 4.3 18................................... 198.2 44.8 153 5 200 9 198 0 44 7 153,3 200 9 5.7 25................................... 199. 1 44.8 154.2 200.1 195.4 4-L5 150,9 200,3 8.4 For notes see page 803. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

REVISION OF MONEY SUPPLY SERIES 803 MONEY SUPPLY AND RELATED DATA, 1947-69—Continued In billions of dollars Seasonally adjusted Not seasonally adjusted Money supply Money supply Week ending— Time Time U.S. deposits deposits Govt, Total c C om ur p re o n n c e y n t co D d m e e m p p o o a n s n i e t d n t jus a t d e ­ d i Total c C om ur p re o n n c e y n t co D d m e e m p p o o a n s n i e t d n t jus a t d e ­ d i d d e e p m os a i n ts d 1 1969—July 2.................................. 199.2 44.9 154.3 199.3 198.4 44.8 153.7 199.9 5.8 ' 9.................................. 199.4 44.9 154.5 198.8 198.6 45,8 152.8 198.8 5.7 16.................................. 199.3 45.0 154.3 197.9 198.9 45.2 153.7 197.9 3.2 23................................... 199.1 45.0 154.2 197.2 196.5 45. 1 151.4 197.2 7.0 30.................................. 199.1 45.0 154. 1 196.7 196.5 44.7 151.8 196.7 6,4 199.1 45.1 153.9 195.6 197.6 45,4 152.2 196.2 5.3 ~ 13.................................. 199.1 45,2 154.0 194.9 196.5 45,5 151.1 195.8 4.0 20.................................. 199.5 45,2 154.3 194.4 195.5 45.3 150. 1 195.4 3.4 27.................................. 198.9 45.3 153.6 193.9 194. 1 45.1 149.0 195.1 4.8 199.5 45.5 154.0 194.0 197.1 45.4 151.7 194.8 3.5 ' 10.................................. 199.3 45.1 154.2 193.9 198.1 45.6 152.6 194.5 3,4 17.................................. 199.6 45.3 154,3 194.2 199.6 45.3 154.3 194.2 4.5 24?................................ 198.4 45.3 153.1 194,3 195.5 45.0 150.5 194.3 7.4 fl Preliminary. vaults of all commercial banks. Time deposits adjusted are time 1 At all commercial banks. deposits at all commercial banks other than those due to domestic Note.—Averages of daily figures. Money supply consists of (I) commercial banks and the U.S. Govt. Effective June 9, 1966, balances demand deposits at all commercial banks other than those due to accumulated for payment of personal loans were reclassified for re­ domestic commercial banks and the U.S. Govt., less cash items in serve purposes and are excluded from time deposits reported by mem­ process of collection and F.R. float; (2) foreign demand balances at ber banks. F.R. Banks; and (3) currency outside the Treasury, F.R. Hanks, and Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Changes in Time and Savings Deposits, April-July 1969 At the end of July 1969, interest rates paid by a reduction in regular savings deposits, on major types of time and savings deposits on which the interest rate ceiling is 1 per­ held by individuals, partnerships, and cor­ centage point below that on other small­ porations (IPC) were at or close to ceiling denomination time deposits. levels at most commercial banks. Virtually all of the large banks and most of the smaller ones had been paying ceiling rates NET CHANGES IN DEPOSITS for some time. An appreciable number of Total time and savings deposits, IPC, at the remaining smaller banks moved to the insured commercial banks declined by $2.5 ceiling rate during the quarter—continuing billion, or nearly 1.4 per cent, to $178.3 the trend found in other recent surveys.1 The billion in the 3 months ending July 31, present rate structure reflects the continued 1969. (See Table 1.) This compares with pressure from high yields on competing mar­ relatively small increases in the preceding ket instruments, which rose to historic highs two quarters and with substantial growth in during this period. 1967 and 1968. Much of the decline reflects During the 3 months covered by the sur­ reductions in types of deposits issued mainly vey, commercial banks experienced the first to businesses, but to some extent to other quarterly net outflow of time and savings large investors as well. Negotiable CD’s in deposits since the end of 1965 when the denominations of $100,000 and over de­ rate surveys were started. The decline in clined by $3.3 billion, or 26 per cent, be­ deposits, IPC, reflected for the most part tween April and July of this year, follow­ a drop in business types of deposits—mainly ing a decrease of $2.4 billionj or 16 per large-denomination negotiable certificates cent, in the preceding quarter. Other largeof deposit. On the other hand, consumer denomination deposits declined by $1.1 bil­ CD’s and open account deposits in pass­ lion, and small-denomination deposits issued book or statement form continued to grow, mainly to businesses dropped by $700 although this growth was offset somewhat million. The decline reflected the inability of Note.—Caroline H. Cagle of the Board’s Division banks to attract deposits of highly rate­ of Research and Statistics prepared this article. sensitive depositors at the present rate ceil­ 1 Previous surveys of time and savings deposits at ings. With yields on other money market in­ all member banks were conducted by the Board of Governors in late 1965, in early 1966, and quarterly struments advancing sharply, holders of in 1967. Beginning in 1968 the quarterly surveys were CD’s switched to higher yielding instru­ expanded to provide figures for all insured commercial banks and were conducted jointly by the Board of ments. During the April-July quarter, yields Governors and the Federal Deposit Insurance Cor­ on many money market instruments reached poration. The results of earlier surveys have appeared in Bulletins in 1966, 1967, 1968, and 1969, the new highs—some in excess of 2 percent­ most recent being July 1969, p. 581. age points above the maximum rate on Appendix tables for this article appear on pp. 810-14 large-denomination CD’s. of this Bulletin. 804 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

TABLE 1 TYPES OF TIME AND SAVINGS DEPOSITS, IPC, HELD BY INSURED COMMERCIAL BANKS ON SELECTED SURVEY DATES IN 1968 AND 1969 Number of issuing banks Amount (in millions of dollars) Percentage change in deposits 1968 1969 1968 1969 (quarterly rate) Type of deposit Oct. 31, 1968- Jan.31- Apr. 30- Oct. 31 Jan. 31 Apr. 30 July 31 Oct. 31 Jan. 31 Apr. 30 July 31 Jan. 31, Apr. 30, July 31, 1969 1969 1969 Total time and savings deposits........ n.a. 13,259 13,268 13,290 178,613 180,226 180,801 178,318 .9 .3 -1.4 Savings.............................................. 12,629 12,714 12,791 12,819 93,756 93,593 93,215 92,075 -.2 -.4 -1.2 Time deposits in denominations of less than $100,000—total....... n.a. n.a. n.a. n.a. 54,830 58,333 60,978 63,934 6.4 4.5 4.8 Issued mainly to consumers— total.................................. 12,264 11,851 12,065 12,413 49,786 52,993 55,243 58,927 6.4 4.2 6.7 CD’s i................................ 12,183 I 1,684 11,937 12,254 44,183 45,355 45,610 46,611 2.7 .6 2.2 Open account (passbook or statement form)2. 966 1,209 1,658 2,064 5,603 7,638 9,633 12,317 36.3 26. 1 27.9 Issued mainly (or in large part) to businesses'—-total........ 7,798 7,236 7,508 7,372 5,043 5,340 5,735 5,007 5.9 7.4 -12.7 CD’s3................................ 7,160 6,610 6,755 6,685 3,690 4,033 4,058 3,464 9.3 .6 -14.6 Open account4................ 1,617 1,600 1 ,710 I ,677 1 ,354 1,307 1,677 1,543 3.5 28.3 -8.0 Time deposits in denominations of $100,000 or more (issued mainly to businesses)—total. . 3,732 4,031 4,030 4,258 24,445 23,388 21,185 16,735 -4.3 -9.4 -21.0 Negotiable CD’s.............. 1,582 1 ,897 1 ,946 1,906 16,899 15,285 12,853 9,525 -9.6 -15.9 -25.9 Nonnegotiable CD’s.. .. 2,261 2,244 2,263 2,486 5,568 6,042 6,048 5,411 8.5 . 1 -10.5 Open account.................. 571 580 552 534 1 ,979 2,061 2,284 1 ,799 4.1 10.8 -21.2 Christmas savings and other special funds............................ 7,619 7,683 7,984 7,982 5,582 4,912 5,423 5,573 -12.0 10.4 2.8 n.a. Not available. 4 Includes time deposits, open account, in denominations of less 1 Includes all time CD’s in denominations of less than $100,000 for than $100,000, other than those described in footnote 2. These inwhich, in the judgment of the reporting bank, 50 per cent or more of struments are issued both to consumers and to businesses. the outstanding volume of deposits was issued to consumers (nonbusi- Note.—Data were compiled jointly by the Board of Governors of ness holders). the Federal Reserve System and the FDIC. For Jan. 31, April 30, and 2 Includes time deposits, open account, issued in passbook, state- July 31, 1969, the information was reported by a probability sample ment, or other forms that are direct alternatives for regular savings of all insured commercial banks; for Oct. 31, 1968, the data were re­ accounts. Most of these are believed to be in accounts totaling less ported by virtually all insured commercial banks. than $100,000. Some deposit categories include a small amount of deposits out­ 3 Includes all time CD’s in denominations of less than $100,000 for standing in a relatively few banks that no longer issue these types of which, in the judgment of the reporting bank, 50 per cent or more of deposits and are not included in the number of issuing banks. Dollar the outstanding volume of deposits was issued to businesses. amounts may not add to totals because of rounding. Consumers and nonprofit organizations by earlier inflows. The reduced growth rate generally are less rate-sensitive than busi­ this year reflects—as did the decline in busnesses, and this is reflected in the behavior ness-held deposits—the attraction of highof nonbusiness deposits in the most recent yielding market instruments. But in addition survey. During the survey period consumer­ the rate of personal saving was at a low type deposits—regular passbook savings level during this period. plus small-denomination consumer CD’s All of the growth in consumer deposits and open account deposits in passbook or in the April-July period was in small CD’s statement form—rose by $2.5 billion, or and open account deposits, on which the nearly 2 per cent, including interest credited. offering rate at nearly all issuing banks was This rate was slightly faster than in the 5 per cent. Regular savings deposits, which preceding quarter, but slower than in earlier have a ceiling rate of 4 per cent, declined periods. Although there are indications that by $1.1 billion, or 1 per cent. To some ex­ some outflow of consumer-type deposits oc­ tent this decline reflected shifts into other curred in July, following quarterly interest forms of time deposits that paid higher in­ crediting, this outflow was more than offset terest rates. 805 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

806 FEDERAL RESERVE BULLETIN □ OCTOBER 1969 The relatively new open account deposits between April and July, of $1.1 billion in in passbook or statement form were the only other large-denomination instruments, and type of time deposits to show a continued of nearly $100 million in small-denomina­ rapid rate of expansion. These deposits in­ tion time deposits issued mainly to busi­ creased by nearly $2.7 billion, or 28 per nesses. For consumer deposits, a drop of cent in the April-July period, and since last $900 million in holdings of regular passbook October they have more than doubled in savings and of $400 million in small con­ volume. The number of issuers has in­ sumer CD’s was about offset by the increase creased rapidly in recent months and now in open account deposits in passbook or includes about 2,000 banks. Various new statement form. features have been introduced in the instru­ By contrast, at smaller banks, where largements at some banks, thus adding to their denomination instruments and business-held attractiveness. The bulk of these deposits deposits are relatively less important, total are held in big city banks, which were the time and savings deposits expanded by $1.9 principal early issuers. Nevertheless, about billion from April through July. The rela­ half of the total growth in the most recent tively small decline in large-denomination quarter was at small banks (total deposits instruments, which at these banks are owned of less than $100 million). to a considerable extent by individuals, as Reflecting in part the greater rate-sensi­ well as the reduction in small instruments tivity of their depositors—both business and consumer—large banks accounted for near­ issued mainly to businesses, was much more ly all of the decline in time and savings than offset by continued growth in con­ deposits in the most recent quarter. (See sumer CD’s and open account deposits. The Table 2.) For banks with total deposits of net reduction in regular passbook savings at $100 million and over there were net out­ these smaller banks was much less severe flows of $3.2 billion in large negotiable CD’s than at big city banks. TABLE 2 CHANGES IN TIME AND SAVINGS DEPOSITS, IPC, AT INSURED COMMERCIAL BANKS, APRIL 30-JULY 31, 1969 Size of bank (total deposits Size of bank (total deposits All in millions of dollars) All in millions of dollars) Type of deposit size size groups groups Less than 100 and Less than 100 and 100 over 100 over Amount (in millions of dollars) Percentage change Total time and savings deposits............................................... “2,483 1,915 -4,398 -1.4 2.5 -4.2 Savings......................................................................................... -1,140 -232 -906 -1.2 - .6 -1.6 Time deposits in denominations of less than $100,000........ 2,956 2,143 815 4.8 6.3 3.0 Issued mainly to consumers—total............................... 3,684 2,777 907 6.7 9.0 3.7 CD’s*.......................................................................... 1 ,000 1,415 -415 2.2 5.0 -2.4 Open account (passbook or statement form)2. . . 2,684 1,361 1,323 27.9 48.2 19.4 Issued mainly (or in large part) to businesses—total. . -728 -634 -92 -12.7 -19.4 -3.7 CD’s’.......................................................................... -594 -511 -83 -14.6 -20.9 -5.1 Open account*...................................................... -134 -125 -9 -8.0 -15.0 -1.1 Time deposits in denominations of $100,000 or more (issued mainly to businesses)—total....................... -4,450 -115 -4,334 -21.0 -3.4 -24.3 Negotiable CD’s....................................... -3,328 -147 -3,181 -25.9 -10.8 -27.7 Nonnegotiable CD’s................................................. -637 3 -639 -10.5 .2 -15.1 Open account............................................................. -485 31 -515 -21.2 16.8 -24.5 Christmas savings and other special funds...................... 150 120 29 2.8 10.8 .7 For footnotes, see Table 1, p. 805. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

TIME AND SAVINGS DEPOSITS 807 TABLE 3 TIME AND SAVINGS DEPOSITS, IPC, HELD BY INSURED COMMERCIAL BANKS ON APRIL 30 AND JULY 31, 1969, BY TYPE OF DEPOSIT, BY MOST COMMON RATE PAID ON NEW DEPOSITS IN EACH CATEGORY, AND BY SIZE OF BANK Size of bank (total deposits in Size of bank (total deposits in millions of dollars) millions of dollars) All banks All banks Group Less than 100 100 and over Less than 100 100 and over July April July April July April July April July April July April 31 30 31 30 31 30 31 30 31 30 31 30 Amount of deposits (in millions of dollars) Number of banks, or percentage distribution or percentage distribution Savings deposits: Issuing banks.......................................... 12,819 12,791 12,333 12,303 486 488 92,075 93,215 37,920 38,154 54,155 55,061 Percentage distribution by most com­ mon rate paid on new deposits: 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 3.50 or less...................................... 20.8 22.8 21.4 23,4 6.4 6.6 7.0 7.9 12.3 14.5 3.2 3.3 3.51-4.00......................................... 79.2 77.2 78.6 76.6 93.6 93.4 93.0 92.1 87.7 85.5 96.8 96.7 Time deposits in denominations of less than $100,000: Issued mainly to consumers: Issuing banks...................................... 12,413 12,065 11,943 11,598 470 467 58,927 55,243 33,665 30,888 25,263 24,355 Percentage distribution by most common rate paid on new de­ posits: Total................................................. 100.0 100.0 100.0 100.0 100,0 100,0 100.0 100,0 100,0 100.0 100,0 100,0 4.50 or less...................................... 3.3 6.5 3.3 6.5 1.5 3.2 .8 1.1 1.3 1.8 .2 .2 451-475 (i) . 2 (') 3 (0 . 1 (9 . 1 4.76-5.00......................................... 96.7 93.3 96.7 93.2 98.5 96,8 99.2 98,8 98,7 98.1 99.8 99.8 Issued mainly to businesses: Issuing banks..................................... 7,372 7,508 6,955 7,089 417 419 4,970 5,706 2,635 3,276 2,337 2,430 Percentagedistribution by mostcommon rate paid on new deposits: Total................................................. 100.0 100.0 100,0 100.0 100.0 100.0 100,0 100.0 100.0 100.0 100.0 100,0 4,50 or less 9.2 14.3 9.2 14.5 9.1 11.2 3.8 3.7 4.7 4.2 2.7 3.3 4 51-4 75 , I , 1 .7 (1) .4 (l) (9 .8 4.76-5.00......................................... 90.7 85.6 90.7 85.4 90.9 88,1 96,2 95.9 95.3 95,8 97.3 95.9 Time deposits in denominations of $100,000 or more: Issuing banks...................................... 4.258 4,030 3,784 3,552 474 478 16,732 21,183 3,250 3,363 13,482 17,820 Percentage distribution by most common rate paid on new de­ posits: Total................................................. 100,0 100.0 100.0 100.0 100.0 100.0 100,0 100.0 100.0 100,0 100,0 100.0 4.50 or less...................................... 3,2 5.7 3.6 6.3 l.t 1.9 .5 .8 2.3 3.1 .1 .3 4 51-4.75......................................... .3 .4 .3 4 .4 . 1 .4 .4 .1 4.76-5.00......................................... 33.1 34.2 35.7 36.8 11.8 14.9 7.1 7.2 28.3 32.7 2.0 2.4 5.01-5.25......................................... .5 .7 .5 .7 .6 .4 .1 . 1 .4 .3 .1 0) 5.26-5.50......................................... 8.6 12.3 8.6 12,2 8.0 12.6 7.7 II.0 3.8 6.6 8.6 11.9 5.51-5.75......................................... 1.3 2.5 1 .0 2. 1 3.4 5.4 1.5 2.6 1.1 1 .7 1.5 2.7 5.76-6,00......................................... 17.6 19.1 16.9 18. 1 23.6 27.2 17,3 21.6 21.9 25.9 16.2 20.8 6.01-6.25......................................... 35.4 25.1 33.4 23.4 51,5 37.2 65.7 56.6 41.8 29.3 71.5 61.8 1 Less than 0,05 per cent. While rate ranges of *4 of a percentage point are shown in this and other tables, the most common rate reported by most banks was the Note.-—The most common interest rate for each instrument or top rate in the range; for example, 4.00, 4.50, etc. On business-type group of instruments refers to the basic stated rate per annum (before time deposits in denominations of $100,000 and over, however, some compounding) in effect on the survey date that was generating the large banks have had on past surveys rates at intervals of % of a largest dollar volume of deposit inflows. If the posted rates were percentage point, such as 5.625 and 5.875. unchanged during the 30-day period just preceding the survey date, For a description of time deposits in denominations of less than the rate reported as the most common rate was the rate in effect on $100,000 issued mainly to consumers and those issued mainly to the largest dollar volume of deposit inflows during that 30-day period. businesses, see notes to Table I. Time deposits in denominations of If the rate changed during that period, the rate reported was the rate $100,000 and over (issued mainly to businesses) include negotiable prevailing on the largest dollar volume of inflows from the time of and nonnegotiable CD’s and open accounts. Figures may not add to the last rate change to the survey date. totals because of rounding. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

808 FEDERAL RESERVE BULLETIN □ OCTOBER 1969 RATE STRUCTURE AND RATE CHANGES ble number moved to ceiling levels during At most commercial banks, offering rates the recent survey period. (See Appendix on major types of time and savings deposits Table 9.) On small-denomination time de­ on July 31, 1969, were at the maximum posits—whether issued mainly to consumers permitted by regulation. Of the relatively or to businesses—more than nine-tenths of few banks, mostly small institutions, that the issuing banks, which hold virtually all of had been offering lower rates, an apprecia- such deposits, were paying the 5 per cent TAPLE 4 AVERAGE OF MOST COMMON INTEREST RATES PAID ON VARIOUS CATEGORIES OF TIME AND SAVINGS DEPOSITS, IPC, AT INSURED COMMERCIAL BANKS ON JULY 31, 1969 Per cent per annum Business-type time deposits Consumer-type time deposits in denominations of—■ All Savings Bank location and size of bank time and and Time, $100,000or more (total deposits in millions of dollars) savings consumer­ Savings open deposits type time account Less than deposits Total CD’s (passbook $100,0001 Nego­ or state­ tiable Other ment form) CD’s All banks: All size groups............................... 4. 53 4.35 3.94 4.99 4.99 5.00 4,96 6.09 5.90 Less than 10............................... 4. 54 4.50 3.85 4.98 4.98 4,99 4.94 5.70 5.49 10-50.'......................................... 4.45 4.38 3.88 4.99 4.99 4.98 4.94 5.94 5.49 50-100......................................... 4.49 4.36 3,95 5.00 4.99 5.00 4.97 6.06 5.86 100-^00....................................... 4.48 4,27 3.94 5.00 5.00 5.00 4.97 6.12 5.89 500 and over.............................. 4.62 4.32 4.00 5.00 5.00 5.00 4.98 6.10 6.07 Banks in-—■ Selected large SMSA’s2: All size groups...................... 4.55 4.31 3.97 5.00 5,00 4.99 4.96 6.10 6.01 Less than 10......................... 4.42 4.36 3.94 4.99 4.99 4.99 4.94 5.91 5.63 10-50....................................... 4.39 4.29 3.92 4.98 4,99 4.92 4.90 5.94 5.87 50-100..................................... 4.49 4 34 3.96 5.00 5,00 5.00 4.99 6.05 5.88 f00-500................................... 4.51 4.26 3.95 5.00 5.00 5.00 4.98 6. (4 5.90 500 and over........................... 4.62 4.32 4.00 5.00 5.00 5.00 4.98 6. 10 6.06 All other SMSA’s: All size groups....................... 4.47 4.33 3.91 4.99 4.99 5,00 4.97 6.08 5.93 Less than 10....................... 4.40 4.34 3.77 4.98 4.98 5.00 4.98 5.94 5,56 10-50..................................... 4 43 4 35 3. 89 4.99 4.99 5.00 4.98 5.91 5.75 50-100..................................... 4.52 4.38 3.94 4.99 4.99 5.00 4.96 6.10 5.87 100-500................................... 4.46 4.29 3.92 5.00 5.00 5.00 4.95 6.09 5.89 500 and over........................... 4.58 4.34 3.96 5.00 5.00 5.00 5.00 6.22 6.25 Banks outside SMSA’s: AH size groups........................... 4.51 4.47 3.86 4.99 4.99 5.00 4.95 5.88 5.35 Less than 10............................... 4.58 4.54 3.84 4.98 4.98 4.99 4.94 5.52 5.46 10-50........................................... 4 50 4.45 3.85 4.99 4.99 5 00 4.95 5.94 5.22 50-100......................................... 4.44 4.36 3.94 5.00 5.00 5.00 4.94 5.85 5.74 100-500....................................... 4.37 4.27 3.95 5.00 5.00 5.00 4.98 6.00 5.53 500 and over......................... . 4.57 4.40 4 00 5.00 5.00 5.00 6.25 1 Includes CD’s and small-denomination time deposits, open account, other than those in passbook or statement form. 2 The selected large Standard Metropolitan Statistical Areas, as defined by the Bureau of the Budget and arranged by size of population in the 1960 census, are as follows: New York City Buffalo San Bernardino-Riverside Norfolk-Portsmouth Nashville Los Angeles Houston Tampa—St. Petersburg Gary-Hammond-E. Chicago Salt Lake City Chicago Milwaukee Louisville Ft. Worth Flint Philadelphia Paterson-Clifton-Passaic Indianapolis Syracuse Wichita Detroit Seattle Dayton Hartford Ft. Lauderdale-Hollywood San Francisco-Oakland Dallas San Antonio Akron Orlando Boston Cincinnati Columbus Oklahoma City Charlotte Pittsburgh Kansas City Phoenix Youngstown-Warren Des Moines St, Louis San Diego Albany-Schenectady-Troy Sacramento Ft. Wayne Washington, D.C. Atlanta San Jose Honolulu Baton Rouge Cleveland Miami Birmingham Omaha West Palm Beach Baltimore Denver Memphis Jacksonville Rockford Newark New Orleans Jersey City Tulsa Jackson, Miss. Minneapolis-St. Paul Portland, Ore. Rochester Richmond Note.—The average rates were calculated by weighting the most common rate reported on each type of deposit at each bank by the amount of that type of deposit outstanding. Christmas savings and other special funds, for which no rate information was collected, were excluded. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

TIME AND SAVINGS DEPOSITS 809 ceiling on July 31. (See Table 3.) On reg­ the average for each of the major types of ular savings accounts, these percentages deposits on July 31, 1969, are shown in were somewhat lower: about four-fifths of Table 4. Between April and July the aver­ the banks holding nine-tenths of the deposits age rate on all time and savings deposits were paying the 4 per cent ceiling. declined slightly—from 4.55 to 4.53 per On time deposits in denominations of cent—reflecting a decline in this percentage $100,000 and over, most of which are is­ at banks in the $500 million-and-over size sued by large money market banks, nearly group which, as already indicated, lost a all offering rates at these banks were at the sizable volume of large-denomination time ceiling levels, ranging from 514 per cent for deposits on which the highest rates had maturities of less than 60 days to 614 per been paid. In the smaller banks the com­ cent for maturities of 180 days and over. parable average interest rate paid showed a Each bank reporting in the survey quoted small further increase over the preceding the rate for the maturity that brought in the quarter. largest dollar volume of deposits in the 30 On consumer- and business-type small­ days immediately preceding the survey. As denomination time deposits, average rates, of July 31 more than four-fifths of all large- as in other recent quarters, were at or near denomination time deposits were in banks the regulatory ceiling regardless of bank that reported offering rates of 6 or 6!4 size or of whether the bank was located in per cent. or outside a Standard Metropolitan Statis­ tical Area. However, on regular savings and AVERAGE INTEREST RATES on large-denomination time deposits, small­ The weighted average interest rate paid on er banks continued to offer somewhat lower all forms of time and savings deposits and rates than the larger banks. □ NOTES TO APPENDIX TABLES 1-8: 1 Less than $500,000. 2 Omitted to avoid individual bank disclosure. 3 Includes all CD’s in denominations of less than $100,000 of which, in the judgment of the issuing bank, 50 per cent or more of the total amount outstanding on the survey date was issued to nonbusiness (consumer) holders, * Includes all CD’s in denominations of less than $100,000 of which, in the judgment of the reporting bank, 50 per cent or more of the total amount outstanding on the survey date was issued to businesses. 5 Includes all time deposits, open account, in denominations of less than $100,000 except those in passbook or statement form used as direct alternatives for savings deposits, shown separately in Appendix Table 3. Note.—Data were compiled from information reported by a probability sample of all insured commercial banks expanded to provide universe estimates. Figures exclude banks that reported no interest rate paid and that held no deposits on the survey dates, and they also exclude a few banks that had discontinued issuing these instruments but still had some deposits outstanding on the survey date. Time deposits, open account, exclude Christmas savings and other special ac­ counts. Dollar amounts may not add to totals because of rounding. In the headings of these tables under “Most common rate paid (per cent)” the rates shown are those being paid by nearly all reporting banks. However, for the relatively few banks that re­ ported a rate in between those shown, the bank was included in the next higher rate. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

810 FEDERAL RESERVE BULLETIN □ OCTOBER 1969 APPENDIX TABLE 1—SAVINGS DEPOSITS Most common interest rates paid by insured commercial banks on new deposits on July 31, 1969 Most common rate paid (per cent) Most common rate paid (per cent) Group Total Total 3.00 3.00 or less 3.50 4.00 or less 3.50 4.00 NUMBER OF BANKS MILLIONS OF DOLLARS All banks.............................................................................. 12,819 1,966 701 10,152 92,075 3,546 2,876 85,652 Size of bank (total deposits in millions of dollars): Less than 10.................................................................. 7,668 1,513 400 5,755 7,708 759 356 6,593 10-50............................................................................... 4,186 419 271 3,496 21,311 1,714 1,300 18,298 50-100............................................................................. 479 16 17 '446 8'901 221 334 8,347 100-500........................................................................... 382 17 12 353 20,277 812 782 18,682 500 and over................................................................. 104 1 I 102 331878 (2) (2) 33,733 Federal Reserve district: Boston. ........................................................................... 370 12 358 4,077 58 4,019 New York...................................................................... 459 9 7 443 14,939 517 228 14,193 Philadelphia....................................................... 523 127 72 324 6,031 690 1,117 4; 224 Cleveland................................................................... 828 116 50 662 9,277 369 369 8,539 Richmond....................................................................... 751 32 31 688 6'465 36 141 6^288 Atlanta............................................................................ 1,562 95 54 1,413 6,563 116 224 6,222 Chicago........................................................................... 2,444 494 136 1 ,814 16,250 816 461 14,973 St. Louis........................................................................ 1 '287 324 30 933 2^655 348 77 2,229 Minneapolis.................................................................. 1,336 492 296 548 1,866 489 254 1,123 Kansas City.................................................................... I 644 262 2 1 380 3,177 95 (2) 3,082 Dallas................................................................... 1,217 3 23 1 191 3,186 12 3 3'171 San Francisco................................................................ ' 398 398 17,590 17,590 APPENDIX TABLE 2—CERTIFICATES OF DEPOSIT, IPC, IN DENOMINATIONS OF LESS THAN $100,000— ISSUED MAINLY TO CONSUMERS3 Most common interest rates paid by insured commercial banks on new deposits on July 31, 1969 Most common rate paid (per cent) Most common rate paid (per cent) Group Total Total 3.50 3.50 or 4.00 4.50 4.75 5.00 or 4.00 4.50 4.75 5.00 less less NUMBER OF BANKS MILLIONS OF DOLLARS All banks......................................... 12,254 50 138 222 5 11,839 46,611 45 146 252 2 46,166 Size of bank (total deposits in millions of dollars): Less than 10.......................... 7,453 46 96 178 4 7,129 10,068 12 33 174 2 9,848 10-50....................................... 3,905 3 34 40 3,828 15,163 2 85 46 15,030 50-100..................................... 446 1 2 443 4,248 (2) (2) 4,210 100-500................................... 355 1 7 1 346 6,738 (2) 19 (2) 6,684 500 and over.......................... 95 1 1 93 10,394 (2) (2) 10,393 Federal Reserve district: B N o e s w t o Y n o ... r . k ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 2 2 2 9 9 2 5 6 5 1 2 31 2 7 2 2,0 2 4 6 3 6 (2) i 6 1 (2) 2,0 2 3 6 4 5 Philadelphia.......................... 500 .............. 9 49 ...........4..4.2 3,708 1 81 .......3..,.6..2..6 Cleveland............................... 818 62 36 I 719 3,354 37 29 (2) 3,288 Richmond.............................. 640 1 23 616 2,463 (2) 1 i 2,460 Atlanta.................................... 1,479 24 4 13 3 1,435 4,110 41 8 1 4,059 Chicago................................... 2,383 24 2 30 .......2..,.3..2..7 10,165 3 (3 115 .....1..0..,.0...4.5 St. Louis................................. 1,332 6 2 1,324 4,511 (2) 4,495 Minneapolis........................... 1,256 23 ............... 1,233 4,109 78 4,032 Kansas City.......................... 1,735 ............... 25 49 .......1..,.6..6..1 3,457 ..............4 15 .......3..,.4..3..8 Dallas..................................... 1,190 9 1,181 2,778 (*) 2,778 San Francisco........................ 363 1 362 5,647 (2) 5,645 For notes to Appendix Tables 1-8, see p. 809. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

TIME AND SAVINGS DEPOSITS 811 APPENDIX TABLE 3—TIME DEPOSITS, OPEN ACCOUNT, IPC—CONSUMER TYPE IN PASSBOOK OR STATEMENT FORM Most common interest rates paid by insured commercial banks on new deposits on July 31, 1969 Most common rate paid (per cent) Most common rate paid (per cent) Group Total Total 3.50 3.50 or 4.00 4.50 4.75 5.00 or 4.00 4.50 4.75 5.00 less less NUMBER OF BANKS MILLIONS OF DOLLARS All banks......................................... 2,064 53 48 13 ...1..,.9..5..0.... 12,317 1 59 s 12,252 Size of hank (total deposits in millions of dollars): Less than 10.......................... 51 1 47 29 435 257 (1) 1 256 10-50....................................... 1 ,052 6 12 12 1,022 2,459 (1) 55 ! 2,403 50-100..................................... 251 4 ’247 I 469 1 ,468 100-500................................... 178 3 1 174 2 506 2 (2) 2,500 500 and over.......................... 72 72 5,625 5’625 Federal Reserve district: Boston.. ■ • ............................. 214 3 210 1 298 (2) 1 1 ,296 New York............................... 169 6 163 1 719 5 1 '714 Philadelphia........................... 64 3 9 52 220 ( '218 Cleveland......................... 136 1 I 134 951 (2) (2) 951 Richmond........................ 286 28 258 1 026 1 1 ,025 Atlanta.................................... 294 3 1 290 1 064 U) (2) 1 ,015 Chicago.................................. 48 I 2 1 478 3,834 (2) (2) 3,829 St. Louis................................. 113 49 64 127 C) 127 Minneapolis.. ....................... 39 39 81 81 Kansas City........................... 61 2 59 205 (2) 205 Dallas..................................... 108 108 302 302 San Francisco........................ 99 4 95 1 .488 1 1,487 APPENDIX TABLE 4—CERTIFICATES OF DEPOSIT, IPC, IN DENOMINATIONS OF LESS THAN $100,000— ISSUED MAINLY TO BUSINESSES' Most common interest rates paid by insured commercial banks on new deposits on July 31, 1969 Most common rate paid (per cent) Most common rate paid (per cent) Group Total Total 3.50 3.50 or 4.00 4.50 4.75 5.00 or 4.00 4.50 4.75 5.00 less less NUMBER OF BANKS MILLIONS OF DOLLARS All banks......................................... 6,684 27 92 136 6 6,423 3,464 1 6 14 2 3,441 Size of bank (total deposits in millions of dollars): Less than 10.......................... 3,504 23 77 80 1 3,323 601 (') 2 6 (2) 594 10-50....................................... 2,499 2 8 50 4 2,435 976 (2) I 4 968 50-100..................................... 322 1 2 2 317 357 (2) (2) (2) 354 100-500................................... 280 1 5 3 271 758 (2) 2 2 755 500 and over .......................... 79 1 1 77 772 (2) (2) 771 Federal Reserve district: Boston..................................... 216 I 1 214 92 (2) (2) 91 New York............................. 279 3 27 3 1 245 324 1 2 (’) (2) 321 Philadelphia.......................... 244 33 211 114 2 111 Cleveland............................... 397 3 23 1 370 129 1 (‘) (2) 129 Richmond.............................. 439 2 1 436 383 (2) (2) 381 Atlanta................................... 814 24 12 3 775 345 (') (') 343 Chicago................................... 1,287 1 5 7 1,274 417 (2) 1 3 414 St. Louis. ............................... 612 23 2 28 559 209 (') (2) 1 208 Minneapolis......................... 588 588 350 350 Kansas City........................... 802 2 25 775 350 (2) 4 346 Dallas...................................... 733 25 2 706 291 1 (2) 290 San Francisco........................ 273 2 1 270 458 (2) (2) 456 For notes to Appendix Tables 1—8, see p. 809. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

812 FEDERAL RESERVE BULLETIN □ OCTOBER 1969 APPENDIX TABLE 5—TIME DEPOSITS, OPEN ACCOUNT, IPC, IN DENOMINATIONS OF LESS THAN $100,000— BUSINESS-TYPE'1 Most common interest rates paid by insured commercial banks on new deposits on July 31, 1969 Most common rate paid (per cent) Most common rate paid (per cent) Group Total Total 3.50 3.50 or 4.00 4.50 4.75 5.00 or 4.00 4.50 4.75 5.00 less less NUMBER OF BANKS MILLIONS OF DOLLARS All banks. 1,677 127 SOS 118 10 917 1,512 18 101 54 O) 1,338 Size of bank (total deposits in millions of dollars): Less than 10.......................... 620 55 180 58 327 175 5 18 3 148 10-50....................................... 695 43 244 34 9 365 364 8 45 5 (’) 307 50-100..................................... 128 7 33 74 162 (0 12 2 (2) 148 100-500................................... 167 18 34 12 103 531 3 9 43 476 500 and over.......................... 67 4 48 280 2 17 (2) 260 Federal Reserve district: Boston...................... 98 2 31 10 55 29 (2) 5 2 22 New York................ 273 8 86 32 146 435 8 18 17 (2) 392 Philadelphia........... 158 47 49 51 129 3 12 30 84 Cleveland. 147 26 10 49 2 20 27 Richmond 167 6 85 4 72 220 31 187 Atlanta,., 302 31 62 23 186 103 4 9 2 88 Chicago.... 101 33 4 63 195 (2) 4 2 189 St. Louis. .. 64 7 23 33 14 (2) 13 Minneapolis 29 2 27 31 (2) 31 Kansas City. . 113 3 27 82 17 (2) 15 Dallas............ 128 8 4 116 132 132 San Francisco 97 6 6 9 76 157 156 APPENDIX TABLE 6—NEGOTIABLE CERTIFICATES OF DEPOSIT, IPC, IN DENOMINATIONS OF $100,000 OR MORE Most common interest rates paid by insured commercial banks on new deposits on July 31, 1969 Most common rate paid (per cent) Most common rate paid (per cent) Group Total 4.50 Total 4.50 or 4.75 5.00 5.25 5.50 5.75 6.00 6.25 or 4.75 5.00 5.25 5.50 5.75 6.00 6.25 less less NUMBER OF BANKS MILLIONS OF DOLLARS All banks.......................................... 1,906 12 2 506 18 178 34 390 766 9,524 8 (2> 21t 17 844 1671,9956,277 Size of bank (total deposits in millions of dollars): Less than 10............................ 416 5 184 3 26 5 57 136 90 1 32 I 2 (') 19 35 10-50........................................ 944 3 2 274 12 118 13 193 329 570 (') (2) 64 9 32 10 204 245 50-100...................................... 207 ■ . ■ • • 24 12 6 59 106 557 41 ........18 9 141 348 100-500.................................... 242 4 ........ 22 2 13 8 48 145 2,337 7 • . . • ■ 66 (2) 47 91 432 1,688 500 and over........................... 97 ........ 2 1 9 2 33 50 5,970 ........ (2) (2) 745 (2)1,1983,962 Federal Reserve district: Boston..................................... 127 9 7 5 68 38 549 4 > > * < . 47 36 153 309 New York............................... 150 4 17 14 5 58 52 1,813 1 ........ 6 .......1.06 52 549 1,100 Philadelphia............................ 41 ........ 17 ......... 11 ........ 3 10 248 11 ........67 ........ 81 88 Cleveland................................. 110 75 ........ 2 1 12 20 524 ........ 17 (2) (2) 66 264 Richmond............................... 86 ........ 16 5 4 I 13 47 313 ..... 15 2 7 (2) 112 175 Atlanta..................................... 256 3 ........ 63 3 28 3 45 111 471 2 ........29 1 9 6 148 276 Chicago.................................... 276 1 98 49 ........28 100 1,062 (2) 39 ........ 18 ........ 152 851 St, Louis.................................. 78 9 3 4 62 241 25 ........ 3 13 200 Minneapolis............................ 113 54 24 3 10 22 177 ........ 13 ........ 35 10 53 65 Kansas City............................. 115 3 3! 1 3 2 26 49 412 (') 20 (2) (') (2) 87 297 Dallas....................................... 393 1 86 9 30 6 71 190 1,418 (2) 22 8 12 1 336 1,037 San Francisco......................... 161 ........ 2 31 ........ 6 5 52 65 2,296 (2) 11 .......3.67 54 244 1,614 For notes to Appendix Tables 1-8, see p. 809. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

TIME AND SAVINGS DEPOSITS 813 APPENDIX TABLE 7—NONNEGOTIABLE CERTIFICATES OF DEPOSITS, IPC, IN DENOMINATIONS OF $100,000 OR MORE Most common interest rates paid by insured commercial banks on new deposits on July 31, 1969 Group NUMBER OF BANKS MILLIONS OF DOLLARS All banks 2,486 36 969 4 195 23 370 889 5,403 5 1,013 4 405 60 8633,054 Size of bank (total deposits in mil­ lions of dollars): Less than 10.......................... 685 23 310 71 2 67 212 278 125 13 (2) 29 110 10-50...................................... 1,211 7 448 2 88 8 198 460 1,026 525 (2) 25 6 164 304 50-100.................................... 296 3 117 17 5 46 107 514 93 (2) 30 6 102 280 100-500.................................... 225 76 16 8 43 78 I ,056 2 176 (2) 72 47 186 572 500 and over.......................... 69 18 3 16 32 2,529 94 265 382 1,788 Federal Reserve district: Boston..................... 73 16 3 43 89 14 4 60 New York............... 128 5 44 13 7 37 21 997 70 (2) 276 29 299 322 Philadelphia............ 122 62 2 4 8 45 159 38 (2) (2) 3 28 87 Cleveland. 135 3 93 6 13 20 175 69 6 88 Richmond 260 26 100 47 30 56 438 2 154 (2) 28 41 213 Atlanta. .. 414 196 7 3 49 159 587 121 21 19 44 381 Chicago. .. . 417 151 72 3 72 117 677 (2) 164 (2) 37 3 142 331 St. Louis.... 155 18 8 127 166 32 (2) (2) 31 99 Minneapolis. 145 77 25 25 18 264 248 4 10 2 Kansas City.. 212 93 6 2 28 83 156 26 (2) 32 97 Dallas............ 285 103 40 140 432 (2) 66 (2) 93 272 San Francisco 140 16 12 3 49 60 1,262 25 3 121 1,102 APPENDIX TABLE 8—TIME DEPOSITS, OPEN ACCOUNT, IPC, IN DENOMINATIONS OF $100,000 OR MORE Most common interest rates paid by insured commercial banks on new deposits on July 31, 1969 Most common rate paid (per cent) Most common rate paid (per cent) Group Total 4.50 Total 4.50 or 4.75 5.00 5.25 5.50 5.75 6.00 6.25 or 4.75 5.00 5.25 5.50 5.75 6.00 6.25 less less NUMBER OF BANKS MILLIONS OF DOLLARS All banks......................................... 534 174 10 207 1 19 3 54 66 1,784 98 7 177 (2) 222 3 1951,082 Size of bank (total deposits in mil­ lions of dollars): Less than 10............................ 133 51 10 48 23 1 99 28 7 21 42 (2) 10-50....................................... 175 66 80 1 1 5 22 66 29 30 (2) <2) 1 6 50-100...................................... 69 24 23 6 1 7 8 50 12 13 3 (2) 8 12 100-500.................................... 101 27 36 1 8 1 10 18 150 17 28 (2) 14 <2) 22 66 500 and over........................... 56 6 20 4 9 17 1,419 12 85 204 122 996 Federal Reserve district: Boston..................................... 20 4 ........ 14 1 1 20 2 ........ 5 (2) (2) New York............................... 88 13 44 ........ 5 11 14 1,117 2 63 ........ 170 (2) 103 778 Philadelphia............................ 54 32 4 2 1 8 7 142 21 11 (2) (2) 22 46 Cleveland................................. 25 10 14 1 23 10 12 (2) Richmond............................... 43 30 8 1 4 30 14 8 (2) 6 Atlanta.................................... 104 7 8 77 1 1 ........ 5 5 81 4 7 30 (2) (2) ........ 13 25 Chicago................................... 36 4 ........ 11 ........ 1 1 2 17 17 1 ........ 4........ (2) (2) (2) 9 St. Louis.................................. 85 60 23 2 79 35 42 (2) Minneapolis............................ Kansas City............................. 12 8 2 1 1 6 5 (2) (2) (2) Dallas...................................... 28 5 20 3 28 1 22 4 San Francisco......................... 39 1 ........ 14 ........ 8 ........ 4 12 243 (2) ........22 ........ 9 ........ 1 210 For notes to Appendix Tables 1-8, see p. 809. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

APPENDIX TABLE 9—INSURED COMMERCIAL BANKS CHANGING THE MOST COMMON RATE PAID ON NEW TIME AND SAVINGS DEPOSITS, IPC, BETWEEN APRIL 30 AND JULY 31, 1969 Business-type time Savings Consumer-type time Instruments of less than Instruments of $100,000 $100,000 or more Group Size of bank (total Size of bank (total Size of bank (total Size of bank (total deposits in millions deposits in millions deposits in millions deposits in millions of dollars) of dollars) of dollars) of dollars) All All All All bank bank bank bank sizes Less 10- 100 sizes Less 100 sizes Less sizes Less 10- 100 than 100 and than and than than 100 and 10 over 10 over 10 10 over Number of issuing banks July 31, 1969 .............12,777 7,657 4,638 12,373 7,504 4,404 7,332 3,839 3,080 4,219 1,173 2,576 470 PERCENTAGE DISTRIBUTION OF NUMBER OF BANKS IN GROUP * Total No change in rate, Apr. 30-July 31, 1969.... Banks raising rate...... New most common rate' (per cent) 3.50 or less. 3.51-4.00.... 4.01-4.50.... 4.51-4.75.... 4.76-5.00.... 5.01-5.25.... 5.26-5.50.... 5.51-5.75.... 5.76-6.00.... 6.01-6.25.... Banks reducing rate. , New most common rate1 (per cent) 3.50 or less.. . 3.51-4.00........ 4.01-4.50........ 4.51-4.75........ 4.76-5.00........ 5.01-5.25........ 5.26-5.50........ 5.51-5.75........ 5.76-6.00........ Banks introducing new instrument................. Most common rate • (per cent) 4.00 or less....... 4.01-4.50.......... 4.51-4.75.......... 4.76-5.00.......... 5.01-5.25.......... 5.26-5.50.......... 5.51-5.75.......... 5.76-6.00.......... 6.01-6.25.............. •Shaded areas indicate that rates shown in the stub are higher than the maximum permissible rate on the various instruments. 1 For description of most common rate, see Note to Table 3, p. 807. 1969, with the rates reported by the same banks on July 31, 1969. The table excludes banks that issued these types of deposits on April 30, but ^■Less than 0.05 per cent. no longer issued them on July 31. Percentages may not add to totals because of rounding. Note.—This table was compiled by comparing rates as reported by the For a description of consumer-type time deposits and business-type time sample banks that had these types of deposits outstanding on April 30, deposits, see Table 1, p. 805. 814 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Statements to Congress Statement by William McChesney Martin, interest costs that are high relative to other Jr., Chairman, Board of Governors of the and more variable costs over the life of the Federal Reserve System, before the Com­ structure. mittee on Banking and Currency, U.S. Apart from this general consideration— Senate, concerning the Report of the Com­ which applies in some degree to all types of mission on Mortgage Interest Rates, Septem­ capital outlays—housing has also been ad­ ber 26, 1969. versely affected in periods of tight money by well-known structural problems in the mort­ I welcome your invitation to comment on gage market itself, reflecting characteristics the Report of the Commission on Mortgage of the principal financing institutions, of the Interest Rates, published in August of this financing instrument, and of the real estate year. The report of the Commission—estab­ collateral. These structural problems in lished by statute “to study mortgage interest housing, in turn, have complicated the task rates and to make recommendations to as­ of framing and carrying out a timely and sure the availability of an adequate supply effective monetary policy. For this reason, of mortgage credit at a reasonable cost to we have been closely following the progress the consumer”—serves as another reminder of structural change in the housing area and of the problem areas in this important sector have been interested in supporting measures of our economy. for change. Included among the Commission’s pro­ During recent years, progress has been posals were several recommendations in the made in lessening some of the mortgage financial area which the Board of Governors market difficulties. Among the improve­ itself previously advanced for consideration. ments are more flexible Federal National Expressed broadly, these proposals include Mortgage Association and Federal home a strong contribution from fiscal policy to­ loan bank operations; raising, and in some ward over-all economic stabilization; closer cases eliminating, State usury ceilings; bet­ integration of the mortgage market with the ter management of liquidity positions and rest of the capital market; and recognition commitment policies of financial institu­ that special public measures may at times be tions; and temporary removal of the statu­ required to aid housing, without sacrificing tory ceilings on Federal Housing Adminis­ the over-all objectives of public economic tration and Veterans Administration mort­ policy. gage interest rates. But certainly more can At the outset, it should be recognized that and should be done to improve the methods monetary and credit restraints inevitably of financing, producing, and distributing the have their largest effects on sectors of the housing required to fulfill our shelter re­ economy most dependent on credit financ­ quirements. ing. Housing is particularly susceptible. Not While further progress needs to be made only are a large proportion of housing out­ in enhancing the flexibility of institutional lays heavily dependent on credit financing, arrangements in the mortgage market, the but new housing expenditures involve fixed single most important factor that would con- 815 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

816 FEDERAL RESERVE BULLETIN □ OCTOBER 1969 tribute to greater viability in the housing been softened so far this year by the variety area would be to bring current inflationary of reform measures adopted during the last trends and expectations under control. And few years to shift more of the burden of over the longer run, housing will be best monetary restraint to other parts of the served by a mix of fiscal and monetary economy. Imperfections in the mortgage policies which, as the Commission states, market have been reduced, with the result, makes “greater use of fiscal policy as a sta­ among other things, that mortgage bor­ bilizing force, so that monetary policy is rowers have had greater access to the re­ freer to maintain an even flow of credit at stricted supply of over-all credit. In conse­ reasonable rates of interest that American quence, interest rates in securities markets families can afford.” To permit changes in generally have risen more than might other­ the fiscal-monetary policy mix when needed, wise have been the case, given the credit there is much to be said for procedures that restraints in force. would lead to greater flexibility in setting Interest rates in all markets, in fact, have Federal tax rates as is recommended by the risen to the highest levels in decades. The Commission. competitive attractiveness of direct security For the mortgage market at the present investment relative to savings account de­ time, the overriding importance of contain­ positary intermediaries has thereby been en­ ing inflation is also well recognized in the hanced. This, in turn, has tended to divert Commission’s report. As recent develop­ some savings flows away from institutions ments have emphasized, an inflationary en­ that normally supply funds to the mortgage vironment inhibits flows of savings to pri­ market. As a result, the cushioning effect of vate depositary institutions that invest in the reform measures on housing has been mortgages. It stifles private investor interest partially offset. in long-term, fixed-rate mortgages that typi­ If the fortunes of the housing market cally finance home purchases. Hence it bears remain heavily dependent on flows of sav­ particularly heavily on residential construc­ ings placed at short term in depositary inter­ tion, and especially on housing for lower- mediaries, residential construction is likely income groups that are less able to afford to continue to exhibit larger variations be­ the rising cost of shelter. Inflation thus tends tween periods of ease and restraint than to foster a shift in the distribution of private most other types of spending, as long as resources away from housing, and a return monetary actions are a major tool of eco­ to noninflationary growth would lay the nomic stabilization. But even as efforts are basis for shifting these resources back to made to rechannel credit flows to housing as housing. a result of measures involving Federal credit Since late 1968, new commitments for or guarantees, the funds so obtained may in residential mortgages have been curtailed in part substitute for money that would have a period in which monetary policy has been found its way into the housing market bearing a major share of the anti-inflation­ through other means. While additional ary effort. Reflecting the change in mortgage changes in institutional arrangements in the market conditions with some lag, housing mortgage area are clearly necessary, they starts have dropped sharply through August should be expected, in and of themselves, to of this year from their rapid pace of the first cushion, but not fully eliminate, the inherent quarter. sensitivity of housing to variations in over­ Nevertheless, the impact of restrictive all credit conditions. monetary policy on housing activity has Among the many recommendations made Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENTS TO CONGRESS 817 by the Commission on Mortgage Interest capacity of credit markets to innovate and Rates, I would like to comment first on adapt suggest that regulatory rate ceilings several proposals for which the Board of themselves can only be of relatively limited Governors would have a special responsi­ value in channeling credit flows and affect­ bility. A major general recommendation of ing over-all market interest rate levels. the Commission is that in formulating the With respect to Federal Reserve transac­ annual budget and in implementing over­ tions in Federal agency securities, the Com­ all fiscal and monetary policy, the Adminis­ mission has recommended that the Federal tration, the Congress, and the Federal Re­ Reserve should make a meaningful effort to serve should incorporate as many of the improve the market by buying and selling proposals contained in each year’s report on such issues with some regularity in the open national housing policy as possible. market on an outright basis. More or less Federal Reserve policy, of course, must continually since late 1966, the System has always take into account the impact of its undertaken repurchase agreements on Fed­ actions on various sectors of the economy, eral agency securities. These agreements, to the extent that this is consistent with the made as part of our regular reserve-supply­ over-all requirements of stabilization policy. ing operations, have provided additional And in recent years, the regulatory and financing to the agency market. monetary policy instruments have been ad­ Whether System outright operations in justed to take account of, and in a degree agency issues would contribute meaningfully cushion, the reaction of housing to over-all to the further improvement of the market is, credit restraints. But whenever total de­ of course, a matter of judgment. Among the mands for goods and services press against factors that one has to consider, for ex­ our physical resources, restraint in public ample, are the difficulties of outright trans­ economic policy will be necessary. Such re­ actions in a market characterized by rela­ straints will inevitably affect the housing tively small and frequent issues offered by a market in some degree, and particularly to large number of different agencies. In such the extent that monetary policy bears most a market, the System would inevitably be of the burden. faced with problems of avoiding dominance Another set of recommendations of the of any one issue or of a series of issues of Commission concerns Federal authority to any particular agency. Thus, in view of the regulate interest rates on time and savings limited scope for System operations, the deposits. The Board of Governors has al­ basic question is whether they would con­ ready gone on record as favoring permanent tribute more to market improvement than regulatory authority in this area, as en­ they would to market uncertainties about dorsed by the Commission on Mortgage the nature, timing, and objectives of possible Interest Rates. In the short run, such au­ System transactions. As a technical matter, thority may be useful in preserving balanced some consolidation of the multiplicity of competition among depositary institutions. different agency issues would be helpful in Over the longer run, however, we should improving their marketability and the func­ move in the direction of freer competition tioning of the market. for the public’s saving, with market forces Turning to the subject of paper eligible rather than administrative regulation play­ for discount, the Board has recommended ing the predominant role in determining the legislation in this area several times, as the rate of return paid to savers. Indeed, the Commission report indicates. The Board’s cumulative power of market forces and the proposal—which the Senate passed in both Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

818 FEDERAL RESERVE BULLETIN □ OCTOBER 1969 1965 and 1967—would permit member trial period during which a dual market banks of the Federal Reserve to borrow system would be in effect—-one part free and from the Federal Reserve Banks on the the other operating under administratively security of any sound asset, including mort­ determined ceilings. This will provide a basis gages, without paying the “penalty” rate of for evaluating how far it is feasible to go in interest required whenever paper technically moving toward greater flexibility in the ineligible under present legislative authority FHA-VA market. In the case of conven­ is presented. The Board continues to favor tional home mortgages that already com­ this approach as a means of encouraging pete on a rate basis in primary markets sub­ banks to respond to the changing needs of ject only to State usury ceilings, interest the public for mortgage and other types of rate flexibility has typically minimized the credit. amount of any discounts that may be The Board agrees with the Commission’s charged. view that Section 24 of the Federal Reserve More flexible FHA and VA interest rates Act should be amended so that both the would represent further progress toward primary and the secondary mortgage mar­ closer integration of the mortgage market kets can benefit from more active participa­ with other sectors of the capital market. tion by the national banks. The amend­ Many other recommendations of the Com­ ments involved would allow national banks mission—such as review of State usury laws, to make and hold fully amortized conven­ greater flexibility in asset and liability man­ tional mortgage loans in amounts of up to agement of the thrift institutions, and the 90 per cent of appraised value and with development of mortgage-backed bonds— maturities of up to 30 years. Federal savings would also work toward this end. And as a and loan associations are already authorized general point, abolition of the 414 per cent to originate and retain such loans to a interest rate ceiling on Treasury bonds, as limited extent. A further extension in the suggested by the Commission—and also, of maximum maturity of construction loans course, over the years by many others—is beyond the present 36-month limit, as the most desirable. Apart from its general value Commission observes, may also be appropri­ in Treasury debt management, it could help ate for national banks. at times to ease upward interest rate pres­ Turning to items that do not involve sures in the short end of the market, thereby direct Federal Reserve responsibilities, the making it easier for thrift institutions to Board has for many years favored greater compete for funds that they put into flexibility in contract interest rates on Gov­ mortgages. ernment-underwritten mortgages as a means Some of the Commission recommenda­ of assuring maximum private participation tions are designed to make use of Federal in this market by home lenders, borrowers, Government funds to supplement the over­ and sellers alike. The Commission’s recom­ all pool of private capital. The recom­ mendation that the Congress should perma­ mended increase in the capacity of the Fed­ nently abolish the present statutory ceiling eral home loan banks to borrow directly of 6 per cent on FHA and VA loans would from the Treasury and the proposal to en­ represent a useful step in this direction. It is able the Government National Mortgage a step that would eliminate market uncer­ Association to sell special housing bonds to tainty about the timing or extent of possible Federal trust funds are examples. While statutory changes. special programs to attain housing objec­ The Commission has proposed a 3-year tives or to cushion the disproportionate im- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENTS TO CONGRESS 819 pact of monetary policy on housing may be Permanent extension of the present au­ necessary, the extent of subsidy elements in thority—under which ceiling rates on time such programs should be revealed as clearly and savings accounts may be suspended, as possible. whenever economic and financial conditions In moving toward the Nation’s housing warrant—would permit the Federal regula­ goals, we must take care to enhance the tory agencies to formulate and implement functioning of our private markets as well plans for moving toward the long-range ob­ as to implement balanced fiscal and mone­ jective of freer competition among deposi­ tary policies. That seems to be the philoso­ tary institutions for the savings of the public. phy behind the Report of the Commission Over the long run, the prospects for using on Mortgage Interest Rates. That is the way our financial resources more efficiently, and to strengthen the quality of the economy for rewarding both small and large savers that affects all our lives. more fully for their contribution to financing investment, would be enhanced by a market- Statement by William McChesney Martin, determined allocation of the flows of savings Jr., Chairman, Board of Governors of the among financial institutions and between Federal Reserve System, before the Com­ such institutions and the securities market. mittee on Banking and Currency, House of The second section of the bill would Representatives, concerning H. R. 13939, broaden the authority of the Federal Reserve October 6, 1969. to acquire securities that are direct obliga­ tions of Federal agencies, or are fully guar­ I appreciate the opportunity to present to anteed as to principal and interest by any this committee the views of the Board of agency of the United States, so as to permit Governors of the Federal Reserve System on direct purchases from these agencies as well H.R. 13939, a bill to extend for 1 year the as purchases in the open market. The bill authority to limit rates of interests or divi­ would also express the sense of Congress that dends payable on time and savings accounts, this authority be utilized to further the objec­ and for other purposes. tives of the Housing and Urban Development The first section of the bill would extend Act of 1968. through September 22, 1970, the discre­ General authority for Federal Reserve tionary authority to regulate rates of interest purchases of Federal agency securities in the on time and savings deposits initially granted open market was initially granted by the to the Federal agencies in 1966. In the estab­ Congress in 1966. Very shortly thereafter, lishment of ceiling rates, that authority per­ the Federal Open Market Committee mitted a distinction between time certificates amended its continuing authority directives of deposit sold in large denominations and to the Manager of the Open Market Account other types of time and savings accounts; it so as to permit transactions in such securities also extended to insured nonbank savings in­ under repurchase agreements. This authority stitutions the type of rate regulations appli­ has been utilized regularly since then. When cable to insured commercial banks. The the Open Market Account has made repur­ flexible authority provided by the present chase agreements with dealers, the practice law has proved to be useful during the past has been to use either direct Treasury obliga­ several years. However, it would be desirable tions or Federal agency issues, at the option to grant this authority to the Federal agencies of the dealer. The Federal Open Market permanently, rather than merely extending it Committee has kept under review and study for a year. the question of outright transactions in such Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

820 FEDERAL RESERVE BULLETIN □ OCTOBER 1969 securities, but as yet no outright purchases It is appropriate, therefore, that special have been made. Federal programs should be available to Whether outright operations in agency moderate these swings in the supply of mort­ issues by the System would contribute mean­ gage money, and thereby to avoid undue ingfully to improvement in the functioning strains in the housing market during periods of the market for these issues is, of course, a when monetary restraint must be used to matter of judgment. Among the factors that combat inflationary pressures. The Federal one has to consider are the difficulties of out­ National Mortgage Association and the Fed­ right transactions in a market characterized eral Home Loan Bank System have made a by relatively small and frequent issues of­ significant contribution to this objective. fered by a large number of different agencies. This year, for example, increased commit­ In such a market the System would inevitably ments by FNMA have been an important be faced with problems of avoiding domi­ factor in preventing the flow of private funds nance of any one issue or of a series of issues into new home mortgages from declining of any particular agency. Thus, in view of the further. Also, increases in loans by the Fed­ limited scope for System operations, the eral home loan banks to member savings and basic question is whether they would con­ loan associations over the first 8 months of tribute more to market improvement than 1969 were about twice as large as in 1966. they would to market uncertainties about the This source of funds has enabled the savings nature, timing, and objectives of possible and loan associations to continue committing System transactions. funds to the mortgage market in amounts As I interpret Section 2 of this bill, how­ exceeding those that would have been per­ ever, it is designed to achieve objectives con­ mitted by new inflows of savings, repayments siderably more fundamental than improve­ on existing mortgages, and reductions in ments in the functioning of markets for liquidity. Funds put into the mortgage mar­ agency issues. It would provide direct access ket by these agencies have, of course, re­ to Federal Reserve credit to these agencies duced the supply of credit available to other without limitations as to amount—an un­ classes of borrowers in other markets. limited line of credit at the central bank that However, an attempt to ensure that the our laws have denied even the U.S. Treasury, housing market would be sheltered from the and I think wisely so. Furthermore, it would effects of monetary restraint during periods require that Federal Reserve authority to of inflation by providing the Federal housing acquire these securities be utilized to support agencies with direct access to Federal Re­ a specific industry, rather than for the serve credit would, in the Board’s view, general purposes of monetary policy. have potentially serious consequences. The In assessing the merits of such a proposal, amounts of funds that would have to be pro­ we all recognize that the housing market vided to offset the effects of monetary re­ should not be made to shoulder an undue straint on the housing industry could be share of the burden of restraint during pe­ extremely large. An impression of the poten­ riods of inflationary pressures, as it often has tial scale of such operations is conveyed by in the past. Housing is especially susceptible the pace of FNMA commitments to the to policies of monetary and credit restraint, mortgage market this year. Recently, these both because home buyers depend heavily on commitments have been at an annual rate of credit as a source of financing, and because $9 billion to $10 billion. unusually large swings occur in mortgage It would be clearly inappropriate to add credit availability. large amounts to bank reserves in an effort Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENTS TO CONGRESS 821 to solve the problems of housing at a time little real gain in the over-all flow of funds when inflation is so serious a threat to eco­ to housing. nomic stability. Consequently, the Federal For these reasons, the provisions of Sec­ Reserve could not acquire Federal agency tion 2 of this bill do not seem to the Board issues in volume without, at the same time, a practical or appropriate solution to achiev­ engaging in simultaneous sales of direct ing our national housing goals. A more con­ Treasury obligations, or raising reserve re­ structive approach would be to move as quirements. Unless such compensatory ac­ quickly as we can towards additional struc­ tions were taken, the resulting expansion of tural reforms that would break down further bank credit and the money supply would be the institutional barriers that interrupt the extremely inflationary. Indeed, it would be flow of credit to the housing market during tantamount to abandoning the use of mone­ periods of credit restraint. We have already tary instruments as tools of economic stabili­ made progress in this area during the past zation. And once the principle was estab­ few years, but there is clearly more to be lished that the credit-creating powers of the done. Greater flexibility in the asset and lia­ bility management of the nonbank thrift in­ central bank could be utilized to subsidize stitutions seems especially important, if these programs benefitting the housing industry, it institutions are to have more freedom to com­ would not be long before others would pre­ pete with banks, and with market securities, sent their claims for similar support. Surely, for consumer savings. The Board believes a practical solution to the problems of the that a number of the suggestions contained housing market—problems that have typi­ in the recent report of the Commission on cally emerged in periods of inflation—lies in Mortgage Interest Rates would also be help­ other measures than those that would make ful. These include the need for a review of inflationary pressures vastly worse. State usury laws, which may impede the flow If, on the other hand, we were to offset the of funds to housing; the permanent abolition effects on commercial bank reserves of pur­ of statutory ceilings on Federal Housing chasing agency issues by selling Treasury Administration and Veterans Administra­ securities or by raising reserve requirements, tion mortgage loans; amendments of the the most immediate result would be to exert Federal Reserve Act to permit loans to mem­ general upward pressure on market rates of ber banks on the security of any sound asset interest. This would, of course, increase the —including mortgages—and to enable na­ cost of borrowing to the Treasury and to tional banks to participate more actively in other borrowers. More importantly, how­ the mortgage market. In the Board’s view, ever, it would worsen considerably the kinds these are the kinds of measures that would of difficulties that nonbank thrift institutions be of substantial long-run value to the that specialize in mortgage lending are al­ housing market. ready facing. More of their depositors would In conclusion, we must recognize that be induced to transfer funds out of savings home buying and therefore home construc­ accounts and into market securities, as they tion will probably always be quite sensitive have been doing this year, and the institu­ to over-all changes in credit market condi­ tions would then have still fewer private tions, irrespective of all our efforts to provide financial resources to commit to housing. buffers for the housing market. The postpon­ The result of this process would thus be to able nature of housing outlays, the large substitute Federal sources of funds for pri­ percentage of total cost that consists of inter­ vate sources in the mortgage market, with est payments, and the dependence of the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

home buyer on borrowed funds, all tend to fiscal and monetary tools to keep inflationary make investments in housing vary markedly pressures under control than we have been in response to inflationary pressures and in recent years, the housing market wilt be monetary policy. These are inherent charac­ able to look forward to considerably fewer, teristics of housing that we must live with. and less pronounced, interruptions in its But if we are more successful in using our long-run expansion. □ 822 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 and 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—the Bank selected by the Committee to execute transactions for the System Open Market Account. Records of policy actions for the meetings held in 1967 were 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. Records for the meetings held in 1969 through May 27 were pub­ lished in the Bulletins for April, pages 345-52; May, pages 433-39; June, pages 508-18; July, pages 596-603; August, pages 647-54; and September, pages 727-35. The records for the meetings held on June 24, and July 15, 1969, follow: 823 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

824 FEDERAL RESERVE BULLETIN □ OCTOBER 1969 MEETING HELD ON JUNE 24, 1969 Authority to effect transactions in System Account. The information reviewed at this meeting suggested that expansion in real economic activity was continuing to moderate slightly in the second quarter but that prices and costs were remaining under substantial up­ ward pressure. Staff projections for the second half of the year implied further slowing of the rise in real GNP but only a moderate diminution of the rate of price advance. Data for May offered a rather mixed picture of economic develop­ ments. Retail sales, according to the advance report, were virtually the same as in April; after allowing for price increases, reported sales were no higher in May than a year earlier. Housing starts declined for the fourth consecutive month to a level about one-fifth below the very high January rate. New orders for durable goods, which had surged in April prior to the administration’s recommendation for repeal of the 7 per cent investment tax credit, declined in May to nearly the level in March. Nonfarm employment again expanded at a slower pace than in late 1968 and early 1969. Nevertheless, the labor market continued tight and unemployment remained at the April rate of 3.5 per cent. In addition, industrial production rose considerably from an April level that had been revised upward. In both April and May the advance was concen­ trated in industries producing business equipment and industrial materials. Average wholesale prices increased sharply from mid-April to mid­ May—mainly because of an exceptionally large rise in prices of farm products and foods, particularly livestock. Average prices of industrial commodities advanced only slightly; as in April, marked declines for lumber and plywood nearly offset increases for other commodities. Staff estimates of GNP in the second quarter continued to suggest a slowing of growth in consumer expenditures, little change in defense outlays, and a decline in residential construction. However, on the basis of the latest Commerce-SEC survey of capital investment plans of busi­ nesses, the estimate of growth in outlays on new plant and equipment in the quarter had been revised upward. The survey results suggested that such outlays had expanded rather steadily in the first half of the year, contrary to earlier indications of a sharp increase in the first quarter and Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 825 a slight decline in the second. The survey also implied that growth in capital outlays would decelerate markedly after midyear, and that for the year as a whole the rise from 1968 would be less than previously indicated—about 12.5 per cent rather than nearly 14 per cent. Growth in GNP was expected to slow further in the second half of 1969 in part because of expectations of a downdrift in residential con­ struction outlays and slackened expansion in business capital spending. In the latter connection, the staff projections assumed that the invest­ ment tax credit would be repealed. They also assumed that Federal expenditures would remain under substantial restraint and that the in­ come tax surcharge would be continued at 10 per cent through the end of the year. Except for the third quarter, when the flow of disposable income was expected to be augmented temporarily by the Federal pay raise and the termination of payments on 1968 income tax liabilities, it appeared likely that growth in consumer spending would be held down by smaller employment and income gains. While the rate of price ad­ vance was expected to slow somewhat because of reduced demand pres­ sures, it was anticipated that continuing substantial increases in costs would keep prices under considerable upward pressure throughout the year. Developments in international financial markets had been dominated in recent weeks by extremely large borrowings of Euro-dollars by U.S. banks through their foreign branches. In the 3 weeks ending June 18 such borrowings rose by more than $3 billion. Together with seasonal pressures in foreign financial markets, the strong bidding for funds by U.S. banks led to sharp further increases in Euro-dollar interest rates until June 10, when the 3-month rate briefly reached 13 per cent. Al­ though Euro-dollar rates subsequently declined, they remained above their levels in late May. The pull of high Euro-dollar rates apparently added to the outflow of funds from Germany that had begun after the German Government announced on May 9 that the existing parity of the mark would be main­ tained. It also led to some selling pressure on a number of Western European currencies, although the market for sterling remained rela­ tively firm and the Swiss franc was strong. Central bank discount rates were increased in a number of countries, including Belgium in late May and Canada, France, and Germany in June. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

826 FEDERAL RESERVE BULLETIN □ OCTOBER 1969 As a result of the Euro-dollar inflows, the U.S. balance of payments on the official settlements basis reverted to substantial surplus after mid­ May. Heavy deficits had been recorded in late April and early May when expectations of a revaluation of the German mark had led to a massive flow of capital to Germany, but the subsequent inflows of funds bor­ rowed by U.S. banks appeared large enough to produce a small official settlements surplus for the second quarter as a whole. On the liquidity basis, however, the U.S. balance of payments was in heavy deficit in the first half of June and a substantial deficit seemed to be in prospect for the second quarter. Outflows of private nonbank funds from the United States to the Euro-dollar market apparently had contributed to the large liquidity deficit of recent weeks. System open market operations since the May 27 meeting of the Committee had been directed at maintaining the prevailing pressure on money and short-term credit markets. Money market conditions were particularly taut in the first half of June as banks aggressively sought funds to meet substantial loan demands, including expected heavy de­ mands from businesses to finance tax payments due at midmonth. Also contributing to the pressures were large shifts of deposits away from money center banks as the Treasury drew down its tax-and-loan account balances. During the period as a whole the effective rate on Federal funds fluctuated mostly in a range of 8'A to 9'A per cent, compared with a range of about 8 to 9 per cent in the previous interval. In the 4 weeks ending June 18 member bank borrowings averaged about $1,350 mil­ lion, little changed from the preceding 4 weeks, and the average for net borrowed reserves also was close to its earlier level. With credit demands remaining strong and the banking system con­ tinuing under considerable restraint, most market interest rates had risen appreciably further on balance in recent weeks. Particularly sharp rate advances occurred after major banks increased their prime lending rate by 1 percentage point—to a record high of 8'A per cent—on June 9. Upward pressures on Treasury bill rates were augmented by sales from foreign official accounts—most of which were associated with move­ ments of funds from Germany into the Euro-dollar market—and the 3-month bill rate rose from around 6.10 per cent in late May to a new high of 6.81 per cent on June 12. Subsequently, when foreign official sales diminished and demands developed from investors who were re- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 827 deeming maturing Treasury securities for cash, the 3-month rate declined to a range around 6.50 per cent. Yields on new corporate and municipal bonds advanced for most of the period since the preceding meeting, but yields on Treasury bonds turned down shortly after the increase in the prime rate and at the time of this meeting were slightly below their levels in late May. The volume of corporate bonds coming to market in June—and in prospect for July —was large, but most of the recent issues had been well received by investors at the higher yields offered. In contrast, the volume of municipal issues had declined substantially—in part because of cancellations and postponements of previously scheduled issues—but distribution of re­ cent issues was proceeding slowly as a result of limited bank demand. Prices of common stocks turned down after mid-May and fell steadily in subsequent weeks. Average yields on new-home mortgages were unchanged from April to May, but secondary-market yields on federally underwritten mort­ gages rose sharply to a new high in June, following the increase in the prime rate. Savings inflows at nonbank thrift institutions increased in May from the low April pace but for the 2 months together inflows were at a rate well below that for the first quarter. In May mortgage commit­ ments outstanding at such institutions declined for the first time in 1969. Thrift institutions reportedly were continuing to follow cautious commit­ ment policies in June, in anticipation of possibly heavy savings outflows following midyear interest and dividend crediting. In May, according to revised estimates, declines at a 2 per cent annual rate were recorded for both the money stock and 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. Large-denomination CD’s continued to run off at a rapid pace, and net inflows of consumer-type time and savings deposits were unusually small. In the face of strong business loan demands and net deposit out­ flows, banks substantially reduced their holdings of securities, particu­ larly U.S. Government securities. In addition to enlarging their Euro­ dollar liabilities to foreign branches, banks apparently made increased use of funds from other nondeposit sources, including sales of loan par­ ticipations to nonbank customers under repurchase agreements and sales of commercial paper by bank holding companies. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

828 FEDERAL RESERVE BULLETIN □ OCTOBER 1969 In the first 5 months of 1969 as a whole, growth in the money stock slowed to an annual rate of less than 3 per cent from about 6 per cent in the second half of 1968. The adjusted bank credit proxy declined at about a 1 per cent annual rate after increasing at a 13 per cent pace in the preceding half year. Since the beginning of 1969 business loans of banks had expanded at a 17 per cent annual rate, holdings of U.S. Gov­ ernment securities had declined at a rate of more than 21 per cent, and holdings of other securities had changed little on balance. Business loan demands remained strong in early June, although bor­ rowings around the midmonth tax date were smaller than many observers had expected. Start projections suggested that the adjusted bank credit proxy would decline in both June and July—at annual rates in the ranges of 2 to 4 and 3 to 5 per cent, respectively—if prevailing condi­ tions were maintained in money and short-term credit markets. The pro­ jections allowed for the large rise in Euro-dollar borrowings through foreign branches that had already occurred in June and for some antici­ pated further increases in coming weeks. While the projections did not incorporate allowances for funds raised by banks from other nondeposit sources, it was observed at the meeting that the use of such funds might increase on the average in June by an amount about equivalent to the projected decline in the adjusted proxy series. With respect to various categories of deposits, the staff projections suggested that in both June and July large-denomination CD’s would continue to run off at a substantial rate and that there would be net out­ flows of other time and savings deposits, particularly around the midyear interest-crediting period. On the other hand, expansion in private de­ mand deposits and the money stock was projected to resume in June and to accelerate in July. In the 2 months together, U.S. Government deposits were expected to decline on the average by an amount roughly twice the projected increase in private demand deposits. In the Committee’s discussion it was noted that, while there had been some moderation in the rate of growth of real economic activity, infla­ tionary pressures and expectations remained strong. A few members commented that the continuing inflationary environment might offer grounds for a slight further firming of money market conditions, or at least the resolution of any doubts arising in the conduct of open market operations in that direction. But the consensus of the Committee was Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 829 that open market policy should remain unchanged at present. In this connection, some members noted the extent to which growth of money and bank credit had already been curtailed, the strains evident in finan­ cial markets, and the possibility of unusual liquidity pressures in the weeks ahead. Comments also were made in the discussion about the desirability of System policy actions in areas other than open market operations— including increases in discount rates, increases in Regulation Q ceiling rates on large-denomination CD’s, and actions to limit bank access to various nondeposit sources of funds. While there were some differences of view on these matters, the majority of those commenting thought that increases in discount rates or Regulation Q ceiling rates would not be appropriate at this time but that it would be desirable for the Board to consider some actions with respect to nondeposit sources of funds. With respect to open market policy, the Committee agreed that opera­ tions should be directed at maintaining the firm conditions currently prevailing in the money and short-term credit markets. The proviso was added that operations should be modified if bank credit appeared to be deviating significantly from current projections or if unusual liquidity pressures should develop. The following current economic policy direc­ tive was issued to the Federal Reserve Bank of New York: The information reviewed at this meeting suggests that expansion in real economic activity is continuing to moderate slightly, but that substantial upward pressures on prices and costs are persisting. Most market interest rates have risen considerably on balance in recent weeks, as credit demands continued strong against the background of considerable restraint on the banking system. Growth in bank credit and the money supply thus far in 1969 has been limited, and both declined somewhat on average in May. Large-denomination CD’s have continued to run off at a rapid pace recently, and net inflows of consumer-type time and savings deposits have remained small. At nonbank thrift institutions, savings inflows slowed somewhat on aver­ age in April and May. Very heavy Euro-dollar borrowing by U.S. banks through their foreign branches produced a large surplus in the balance of payments on the official settlements basis after mid-May. On the other hand, high Euro-dollar interest rates apparently also stimulated outflows of funds from the United States that contributed to a large deficit on the liquidity basis thus far in June. In light of the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

830 FEDERAL RESERVE BULLETIN □ OCTOBER 1969 foregoing developments, it is the policy of the Federal Open Market Committee to foster financial conditions conducive to the reduction of inflationary pressures, with a view to encouraging a more sustainable rate of economic growth and attaining reasonable equilibrium in the country’s balance of payments. To implement this policy, System open market operations until the next meeting of the Committee shall be conducted with a view to maintaining the firm conditions currently prevailing in money and short-term credit markets; provided, however, that operations shall be modified if bank credit appears to be deviating significantly from current projections or if unusual liquidity pressures should develop. Votes for this action: Messrs. Martin, Bopp, Brimmer, Clay, Coldwell, Daane, Mitchell, Robert­ son, Scanlon, Sherrill, and Treiber. Vote against this action: Mr. Maisel. Absent and not voting: Mr. Hayes. (Mr. Treiber voted as his alternate.) In dissenting from this action, Mr. Maisel observed that on balance conditions in money and short-term credit markets were now consider­ ably firmer than at the end of April while the monetary aggregates had been declining. He was concerned that further tightening to an unde­ sirable degree might occur under the directive favored by the majority today, since the language of the second paragraph was similar to that of the directives the Committee had issued on April 29 and May 27. In addition, he noted that the staff projections suggested that the bank credit proxy, before adjustment for Euro-dollar borrowings, and total reserves of member banks might fall at an annual rate of 10 to 12 per cent in June and July together even if conditions in money and short-term credit markets were unchanged. In his judgment, moderate positive rates of growth in bank credit were appropriate under current circumstances, and he thought it would be desirable for the Committee to act now to bring about a transition to maintainable financial conditions. Accord­ ingly, he preferred a directive calling for maintenance of the money and short-term credit market conditions that had prevailed on the average in the second quarter rather than the tighter conditions currently prevailing. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 831 MEETING HELD ON JULY 15, 1969 Authority to effect transactions in System Account. According to information reviewed at this meeting, real GNP ap­ parently had continued to rise in the second quarter at an annual rate close to that of the first quarter and slightly below the rate of the final quarter of 1968. Average prices, as measured by the GNP deflator, were estimated to have continued upward at the rapid first-quarter pace. There were indications—including further large declines in prices of common stocks—that some attitudes regarding the outlook were beginning to change, but it appeared that inflationary expectations on the whole were still strong. Thq latest economic information continued to exhibit the cross­ currents that had been evident in preceding months. Retail sales, ac­ cording to the advance report, declined in June, and revised estimates for May indicated that they had declined in that month also. On the other hand, industrial production was estimated to have risen con­ siderably further in June, and nonfarm employment expanded more rapidly than in the two preceding months. The labor market remained tight, and the unemployment rate edged down to 3.4 per cent from 3.5 per cent in May. Average wholesale prices rose sharply further from mid-May to mid-June as prices of farm and food products again advanced sub­ stantially. However, average prices of industrial commodities were un­ changed for the first time since mid-1968, as further increases for a variety of commodities, particularly metals and products, were offset by continued marked declines in prices of lumber and plywood. The consumer price index rose much less in May than in March and April —partly because of a smaller advance in service costs, including mort­ gage interest charges and property taxes—but it appeared likely that the index for June would show a substantial increase. Average hourly earnings continued to advance rapidly in the first half of 1969, al­ though not so rapidly as in late 1968. In the limited number of wage contracts on which negotiations had recently been completed, there had been provision for large increases in wage rates. Staff projections for the second half of 1969 suggested that expan­ sion of real GNP would slow further—reaching a relatively low rate Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

832 FEDERAL RESERVE BULLETIN □ OCTOBER 1969 in the fourth quarter—but that the advance in prices would diminish only moderately from the rapid pace of the first half. Although pros­ pects for congressional action on the administration’s tax recommenda­ tions were uncertain, the projections assumed that the income tax sur­ charge would be continued at 10 per cent through the end of 1969 and at 5 per cent in the first half of 1970, and that the investment tax credit would be repealed. One of the major forces expected to retard economic growth in the second half was a sharp deceleration in the expansion of fixed capital outlays by businesses, as had been suggested by the recent Commerce-SEC survey. In addition, it appeared likely that outlays on residential construction would decline as a result of limited availability of mortgage funds. Growth in consumer spending was expected to be stimulated temporarily in the third quarter by the Federal pay raise and the ending of retroactive payments on 1968 income tax liabilities, but to slow later on in line with smaller increases in employment and income. Apart from the pay raise, Federal expenditures were expected to remain under substantial restraint. With respect to the U.S. balance of payments, tentative estimates for the second quarter indicated that the deficit on the liquidity basis had increased substantially further from the high first-quarter rate and that there had been another sizable surplus on the official settlements basis. The liquidity deficit was swollen by very large capital outflows. These included movements of funds into Germany during the period of intense speculation on a revaluation of the German mark in late April and early May and flows of funds to the Euro-dollar market— especially in June—in response to record high interest rates there. There was a sharp decline in foreign purchases of U.S. corporate secu­ rities, a shift from inflow to outflow in bank-reported claims on for­ eigners, and apparently some increase in the outflow of direct invest­ ment capital. Merchandise exports and imports both increased follow­ ing the termination of the longshoremen’s strike, and in April and May combined there was a very small trade surplus, in contrast to the small deficit of the first quarter. The second-quarter surplus in the payments balance on the official settlements basis reflected the movements of foreign funds out of other currencies into Euro-dollars that accompanied a huge increase in bor- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 833 rowings by U.S. banks from their foreign branches. These develop­ ments were concentrated mainly in June; in the 4 weeks ending June 25, Euro-dollar borrowings of U.S. banks rose by $3.6 billion to a new high of $13.6 billion. Some further net increase occurred in early July. In recent weeks interest rates in the Euro-dollar market had fluc­ tuated below the peaks reached on June 10 but had remained high. On June 26 the Board of Governors announced certain proposals de­ signed to moderate the flow of Euro-dollars between U.S. banks and their foreign branches, including a proposal for a 10 per cent reserve requirement on borrowings by U.S. banks from their branches—to the extent that these borrowings exceeded the daily-average amounts outstanding in the 4 weeks ending May 28, 1969. On July 9 and 11 the Treasury auctioned tax-anticipation bills due in December 1969 and March 1970, respectively. Each issue amounted to $1.75 billion, and payment on each was scheduled for July 18. Commercial banks, which were permitted to pay for the bills in full through credits to Treasury tax and loan accounts, successfully bid for the bulk of the issues. The Treasury was expected to announce at the end of July the terms on which it would refund $3.4 billion of notes maturing in mid-August, of which $3.2 billion were held by the public. Current estimates suggested that the Treasury also would need to raise some additional new cash during August. With the banking system remaining under considerable restraint, short-term interest rates recently had risen further on balance. Treasury bill rates fluctuated over an unusually wide range as shifting demand and supply pressures impinged on a market in which dealers were at­ tempting to hold inventories to minimal levels. The market rate on 3-month bills, for example, declined from around 6.50 per cent at the time of the previous meeting of the Committee to about 6.10 per cent in late June in response to strong seasonal demands; the rate then advanced to a range around 7 per cent in reaction to the Treasury’s offering of tax-anticipation bills and a large prospective volume of Federal agency financing. In capital markets, yields on municipal bonds had declined in re­ cent weeks as a result of a sharply reduced volume of current and prospective offerings and light dealer inventories. Yields on long-term Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

834 FEDERAL RESERVE BULLETIN □ OCTOBER 1969 Treasury and corporate bonds—particularly the latter—also declined for a time in the latter part of June but they turned up near the end of the month, partly because of sizable additions to an already large calendar of corporate offerings. Also contributing to the weakening in the market atmosphere were the delays in congressional action on extension of the income tax surcharge and the announcement by the Federal Reserve of two proposed regulatory actions. These were the proposal on June 26 regarding reserve requirements on Euro-dollar borrowings by U.S. banks and a proposal on June 27 to bring certain Federal funds transactions within the coverage of Regulations D and Q. However, the Government bond market rallied sharply on the Fri­ day before this meeting, following the announcement by a major auto­ mobile manufacturer that it had cut back on its capital investment pro­ gram. On balance, Treasury and corporate bond yields at the time of this meeting were little changed from their levels of 3 weeks earlier. Secondary market yields on federally underwritten new-home mort­ gages reached a new high in early July, and the available evidence suggested that mortgage lenders were following highly selective lending policies. Net savings inflows to nonbank thrift institutions slackened considerably in June and for the second quarter as a whole were well below earlier quarters. According to preliminary indications, thrift institutions experienced substantial net outflows of savings in early July, following quarterly interest and dividend crediting. System open market operations since the previous meeting of the Committee had been directed at maintaining the firm conditions pre­ vailing in the money and short-term credit markets. Day-to-day varia­ tions in the Federal funds rate were more pronounced than earlier, but the average effective rate—approximately 9 per cent—was about the same as in the preceding interval. Member bank borrowings aver­ aged $1,325 million in the 3 weeks ending July 9, little changed from the previous 4 weeks, and average net borrowed reserves also re­ mained close to their earlier level. Commercial bank holdings of securities .declined slightly in June. Business loans outstanding were unchanged over the month after ris­ ing rapidly earlier in the year, and total loans declined slightly. The volume of loans reported as outstanding at the end of June was re­ duced significantly by sizable sales of loans during the month to bank Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 835 affiliates, but there apparently had also been some diversion of bor­ rowers’ demands to the commercial paper market following the increase in the prime lending rate of banks on June 9. Total bank credit, as measured by the adjusted proxy series—daily­ average member bank deposits, adjusted to include changes in the daily average of U.S. bank liabilities to foreign branches—was esti­ mated to have declined at an annual rate of about 3 per cent from May to June. The decline in the adjusted proxy series reflected a large reduction in member bank deposits and a partly compensating expan­ sion in the Euro-dollar liabilities of domestic banks to their foreign branches. Rough estimates suggested that, if a further adjustment were made for assets sold to affiliates and to customers with bank guar­ antees, the proxy series would be about unchanged in June. The money stock was estimated to have increased at an annual rate of about 1 per cent from May to June after declining at a 3 per cent rate in the previous month. The resumption of growth in money re­ flected an expansion in currency; private demand deposits1 declined slightly. U.S. Government deposits were reduced considerably on the average in June. The run-off of large-denomination CD’s continued without abatement; since mid-December the outstanding volume of such CD’s at weekly reporting banks had contracted by about $9 bil­ lion, or nearly 40 per cent. Other time and savings deposits of banks changed little on the average in June and—as at nonbank thrift in­ stitutions—there apparently were substantial net outflows from con­ sumer-type accounts in early July. Revised staff projections suggested that the adjusted bank credit proxy would decline at an annual rate of 5 to 8 per cent from June to July if prevailing conditions were maintained in money and short­ term credit markets. The projections allowed for some further growth in Euro-dollar borrowings of U.S. banks from the high level of early 1 It was reported at the meeting that, under present accounting procedures for cash items generated by Euro-dollar transactions of U.S. banks, the recent growth in such cash items appeared to be producing some downward bias in measures of private demand deposits—and hence in measures of the money stock and, to a relatively smaller extent, the bank credit proxy. The staff was studying methods for correcting the bias in question. The information on recent and projected changes in these variables presented at the meeting and included in this policy record does not include such corrections. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

836 FEDERAL RESERVE BULLETIN □ OCTOBER 1969 July, but they did not include any allowance for possible changes in the extent to which banks were utilizing funds from other nondeposit sources. It was noted, however, that banks were likely to continue to increase their reliance on funds from such sources. With respect to the various categories of deposits, it was expected that private demand deposits—and the money stock—would expand moderately from June to July and that U.S. Government deposits would decline sharply. Also anticipated were a continuing rapid run­ off in large-denomination CD’s and a reduction in the average level of consumer-type time and savings deposits. Projections for August suggested only a slight further decline in the average level of member bank deposits. Credit demands in that month were expected to be influenced by dealer and bank support of Treasury financing operations. In addition, with maturities of CD’s in August less than in earlier months, it appeared likely that the run­ off would moderate; and prospects seemed to favor some net inflow of consumer-type time and savings deposits. In the Committee’s discussion a number of members commented that the response of the economy to existing monetary and fiscal re­ straints was as yet inadequate. Considerable concern was expressed about the persistence of inflationary pressures and expectations and about the uncertain prospects for congressional action on extension of the income tax surcharge. The members agreed that the forthcoming Treasury refunding mili­ tated against any appreciable change in open market policy at this time. Some, however, expressed the opinion that a slight shift toward greater restraint might be warranted. A contrary view was also ad­ vanced, favoring a shading toward slightly less restraint in light of the projections for slackened growth in real GNP, recent and prospective changes in bank credit, and the risk that maintenance of current tight money market conditions for an extended period might lead to de­ velopments that would necessitate an undesirably large adjustment to­ ward ease later on. Other members took the intermediate position that further firming would not be appropriate in view of the high degree of restraint al­ ready in effect but that, at the same time, the inflationary environment and the uncertain status of tax legislation militated against even a Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 837 slight move toward easing. In the latter connection, it was noted that any indications that monetary restraint was being relaxed might rein­ force inflationary expectations just at a time when signs were begin­ ning to appear that some attitudes about the outlook were changing. At the conclusion of the discussion the Committee agreed that open market operations should be directed at maintaining the currently prevailing firm conditions in money and short-term credit markets, with the proviso that operations should be modified, to the extent per­ mitted by the Treasury refunding, if bank credit appeared to be deviat­ ing significantly from current projections. The following current eco­ nomic policy directive was issued to the Federal Reserve Bank of New York: ' The information reviewed at this meeting suggests that expansion in real economic activity, after moderating slightly in the first quar­ ter, has continued at about the same pace since then. Substantial upward pressures on prices and costs are persisting. Market interest rates have fluctuated widely recently, partly because of varying ex­ pectations, although credit demands remain relatively strong. Short­ term rates on balance have continued under upward pressure, against the background of considerable restraint on the banking sys­ tem. In June bank credit showed little change, after allowance for assets sold to affiliates and to customers with bank guarantees. Growth in the money supply resumed at a slow pace, and the run­ off of large-denomination CD’s which began in mid-December con­ tinued without abatement. There apparently were substantial net outflows from consumer-type time and savings accounts at banks and nonbank thrift institutions around midyear, following a period of slackened growth. The over-all balance of payments deficit on the liquidity basis rose sharply in the second quarter; there were large outflows into German marks and into Euro-dollar deposits, and there was no significant improvement in net exports. In con­ trast, there was another large surplus on the official settlements basis as U.S. banks borrowed heavily in the Euro-dollar market. In light of the foregoing developments, 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. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

To implement this policy, while taking account of the forthcom­ ing Treasury refunding, System open market operations until the next meeting of the Committee shall be conducted with a view to maintaining the currently 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 pro­ jections. Votes for this action: Messrs. Martin, Bopp, Brimmer, Clay, Coldwell, Daane, Maisel, Robert­ son, Scanlon, Sherrill, and Treiber. Votes against this action: None. Absent and not voting: Messrs. Hayes and Mitchell. (Mr. Treiber voted as Mr. Hayes’ alter­ nate.) 838 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Law Department Statutes, regulations, interpretations, and decisions INTEREST ON DEPOSITS tended for good cause by the Board or by the Fed­ eral Reserve Bank of Atlanta pursuant to dele­ By Joint Resolution approved September 22, 1969 (Public Law 91-71), Congress extended gated authority. until December 22, 1969, the flexible authority Dated at Washington, D.C., this 18th day of of the Board, the Federal Deposit Insurance Cor­ September, 1969. poration, and the Federal Home Loan Bank Board By order of the Board of Governors. in regulating the maximum rates of interest or dividends payable by insured banks and savings Voting for this action: Chairman Martin and Gov­ and loan associations on deposit or share accounts. ernors Mitchell, Maisel, Brimmer and Sherrill. Voting against this action: Governor Robertson. Absent and ORDER UNDER BANK MERGER ACT not voting: Governor Daane. TRUST COMPANY OF GEORGIA, (Signed) Robert P. Forrestal, ATLANTA, GEORGIA Assistant Secretary. [seal] In the matter of the application of Trust Com­ pany of Georgia for approval of merger with At­ Statement lanta Bank & Trust Company. Trust Company of Georgia, Atlanta, Georgia (“TCG”), with total deposits of $500 million, has Order Approving Merger of Banks applied, pursuant to the Bank Merger Act (12 There has come before the Board of Governors, U.S.C. 1828(c)), for the Board’s prior approval pursuant to the Bank Merger Act (12 U.S.C. of the merger of that bank with Atlanta Bank & 1828(c)), an application by Trust Company of Trust Company, Atlanta, Georgia (“ABTC”), Georgia, Atlanta, Georgia, a State member bank which has total deposits of $17 million.1 The banks of the Federal Reserve System for the Board’s would merge under the charter and name of TCG, prior approval of the merger of that bank and which is a member of the Federal Reserve System. Atlanta Bank & Trust Company, Atlanta, Georgia, As an incident to the merger, the three offices of under the charter and title of the former. As an ABTC would become branches of TCG, increas­ incident to the merger, the three offices of Atlanta ing the number of its offices to fourteen. Bank & Trust Company would become branches Competition. TCG operates its head office and of the resulting bank. Notice of the proposed 10 branches in Atlanta; Trust Company of Geor­ merger, in form approved by the Board, has been gia Bank of DeKalb (deposits of $19 million), published pursuant to said Act. an affiliate of TCG, operates two offices in the At­ Upon consideration of all relevant material in lanta metropolitan area? The main office of ABTC the light of the factors set forth in said Act, is about four miles south of the main office of including reports furnished by the Comptroller of TCG; ABTC operates a branch at Ben Hill and the Currency, the Federal Deposit Insurance Cor­ poration, and the Attorney General on the com­ a branch at Roswell Road, about 7.5 miles west petitive factors involved in the proposed merger, and 11.5 miles north, respectively, of its head office. It is hereby ordered, for the reasons set forth The nearest office of TCG to ABTC’s main office in the Board’s Statement of this date, that said application be and hereby is approved, provided 1 As of December 31, 1968. “TCG is a registered bank holding company. Its whollythat said merger shall not be consummated (a) owned subsidiary, Trust Company of Georgia Associates, before the thirtieth calendar day following the date also a registered bank holding company, has six subsidiary of this Order or (b) later than three months after banks (aggregate deposits of $276 million), but only Trust Company of Georgia Bank of DeKalb has offices in the the date of this Order unless such period is ex­ Atlanta Standard Metropolitan Statistical Area. 839 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

840 FEDERAL RESERVE BULLETIN □ OCTOBER 1969 is its West End branch, three and one-fourth miles About 85 per cent of ABTC’s deposits are in the to the northwest. TCG operates an office six miles main office and virtually none of its construction north of ABTC’s Ben Hill branch and an office loan business, which is substantial, originates in this 1.5 miles south of ABTC’s Roswell Road branch. area. TCG would more adequately serve the bank­ The two offices of TCG’s affiliate are within four ing needs of the community; the bank’s depart­ miles of ABTC’s Roswell branch. There are 27 ment which makes high risk loans to businesses offices of nine banks, other than TCG, in the areas controlled by minority groups could be of particu­ served by ABTC. lar benefit to the area. TCG, with 16 per cent of the deposits and 7 per Summary and conclusion. While the case is cent of the offices, is the third largest bank in the viewed as a difficult one, it is the judgment of the Atlanta Standard Metropolitan Statistical Area. Board that the probable adverse effect of the mer­ Together with its affiliate, TCG holds about 17 ger on competition would be outweighed by the per cent of area deposits and operates 8 per cent benefits for the banking convenience and needs of of the banking offices; following the proposed the Lakewood Heights community. merger with ABTC, these figures would be in­ Accordingly, the Board concludes that the ap­ creased to 17.2 per cent and 10 per cent, respec­ plication should be approved. tively. The two largest banks operating in the Atlanta SMSA together hold about 51 per cent of Dissenting Statement of Governor area deposits and operate 32 per cent of the area’s Robertson banking offices. ABTC derives the bulk of its deposits from in­ In my judgment, the merger of TCG and ABTC dividuals and small businesses in the neighborhoods is plainly unwarranted. in which its offices are situated; the bank engages The majority acknowledges that the transaction in a construction lending specialty throughout the will have an adverse effect on competition. In point Atlanta metropolitan area, but virtually none of of fact, the merger will eliminate significant direct the loans originate in these neighborhoods. The competition between the two banks. ABTC’s near­ merger of TCG and ABTC would eliminate some est branch is only 1.5 miles from an office of TCG. competition, as well as increase slightly the con­ Further, there are presently only 10 banks oper­ centration of banking resources in the Atlanta ating in the city of Atlanta. Under Georgia law, SMSA. it is impossible for outside banks to enter the city The effect of the merger on competition would and thereby effect a reduction in the high concen­ be adverse. tration of banking resources. In this context, the Financial and managerial resources and pros­ elimination of a viable bank such as ABTC pects. The banking factors with respect to TCG through merger with the third largest bank in At­ are satisfactory, as they would be with respect lanta is particularly inimical to the purposes of the to the the resulting bank. The banking factors as Bank Merger Act. they relate to ABTC are satisfactory at the pres­ ABTC is said to have a management succession ent time, but the bank has a management succes­ problem, as is alleged all too frequently in merger sion problem. The president of ABTC has a health cases presented to this Board. Here there is no problem and must limit his activities; no one else evidence that the bank has exhausted all reason­ on the staff is familiar with the bank’s construction able possibilities for resolving the problem. In this lending program, which is the bank’s specialty. The connection, it should be noted that ABTC is a prof­ efforts of ABTC to employ a successor have thus itable and growing institution. Its deposits have far proved futile. The merger would immediately grown during the past five years at an average an­ and conclusively resolve this problem. nual rate of 12 per cent, and its earnings have Convenience and needs of the community. The generally been in line with banks of similar size effect of the merger on banking convenience and in Georgia. Finally, if ABTC should fail to provide needs would be limited to the area served by the services needed in the immediate neighborhood ABTC, and its main impact would be in the Lake­ of its offices, de novo branches could be estab­ wood Heights section. lished there by TCG or by any other Atlanta bank. The Lakewood Heights section, site of ABTC’s In short, there simply is nothing in the record to main office, has a population of 57,000; the in­ justify approval of this anticompetitive merger. come of the residents ranges from medium to low. I would deny the application. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 841 ORDERS UNDER SECTION 3 or by the Federal Reserve Bank of Chicago pur­ OF BANK HOLDING COMPANY ACT suant to delegated authority. SECURITY FINANCIAL SERVICES, INC., Dated at Washington, D.C., this 29th day of SHEBOYGAN, WISCONSIN September, 1969, By order of the Board of Governors. In the matter of the application of Security Fi­ nancial Services, Inc., Sheboygan, Wisconsin, for approval of action to become a bank holding com­ Voting for this action: Chairman Martin and Gov­ pany through the acquisition of 80 per cent or more ernors Mitchell, Daane, and Sherrill. Voting against this action: Governors Robertson, Maisel, and Brim­ of the voting shares of Security First National mer. Bank of Sheboygan and South-West State Bank, (Signed) Elizabeth L. Carmichael, both of Sheboygan, Wisconsin. Asisstant Secretary. [seal] Order Approving Action to Become a Bank Holding Company Statement Security Financial Services, Inc., Sheboygan, There has come before the Board of Governors, pursuant to section 3(a)(1) of the Bank Holding Wisconsin (“Applicant”), has filed with the Company Act of 1956 (12 U.S.C. 1842(a)(1)) Board, pursuant to section 3(a)(1) of the Bank and section 222.3(a) of Federal Reserve Regu­ Holding Company Act of 1956, an application lation Y (12 CFR 222.3(a)), an application by for approval of action to become a bank holding Security Financial Services, Inc., Sheboygan, Wis­ company through the acquisition of 80 per cent consin, for the Board’s prior approval of action or more of the voting shares of Security First whereby Applicant would become a bank holding National Bank of Sheboygan (“Security Bank”) company through the acquisition of 80 per cent and South-West State Bank (“South-West Bank”), or more of the voting shares of Security First both of Sheboygan, Wisconsin. National Bank of Sheboygan and South-West State Views and recommendation of supervisory au­ Bank, both of Sheboygan, Wisconsin. thorities. As required by section 3(b) of the Act, As required by section 3(b) of the Act, the the Board gave written notice to the Comptroller Board gave written notice to the Comptroller of of the Currency of receipt of the application and the Currency of receipt of the application and re­ requested his views and recommendation. The quested his views and recommendations. The Comptroller submitted views favorable to approval Comptroller submitted views which are favorable of the application. to approval of the application. Statutory considerations. Section 3(c) of the Notice of receipt of the application, under the Act provides that the Board shall not approve an name of First Security Corporation, which name acquisition that would result in a monopoly or was subsequently changed to Security Financial would be in furtherance of any combination or Services, Inc., was published in the Federal Reg­ conspiracy to monopolize or to attempt to monop­ ister on January 14, 1969 (34 Federal Register olize the business of banking in any part of the 532), which provided an opportunity for inter­ United States. Nor may the Board approve a pro­ ested persons to submit comments and views with posed acquisition, the effect of which, in any sec­ respect to the proposed transaction. A copy of the tion of the country, may be substantially to lessen application was forwarded to the United States competition, or to tend to create a monopoly, Department of Justice for its consideration. The or which in any other manner would be in re­ time for filing comments and views has expired straint of trade, unless the Board finds that the and all those received have been considered by anticompetitive effects of the proposed transac­ the Board. tion are clearly outweighed in the public interest It is hereby ordered, for the reasons set forth by the probable effect of the transaction in meet­ in the Board’s Statement of this date, that said ap­ ing the convenience and needs of the community plication be and hereby is approved, provided that to be served. In each case, the Board is required the action so approved shall not be consummated to take into consideration the financial and man­ (a) before the thirtieth calendar day following agerial resources and future prospects of the bank the date of this Order or (b) later than three holding company and the banks concerned, and months after the date of this Order, unless such the convenience and needs of the community to period is extended for good cause by the Board be served. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

842 FEDERAL RESERVE BULLETIN □ OCTOBER 1969 Competitive effect of the proposed transaction. and the former president of Security Bank is the The 10 largest banking organizations in the State chairman of the boards of both banks. Further, of Wisconsin which include eight of the 11 Wis­ there appears to be no indication that a change consin-based bank holding companies,1 control to­ in this relationship is likely to occur in the foresee­ tal deposits of $3.3 billion,2 representing 39.5 per able future, regardless of the Board’s action with cent of the deposits held by all banks in the State. respect to the present application. Common owner­ The consummation of Applicant’s proposal to be­ ship of stock in the two banks has, in fact, in­ come a bank holding company through the ac­ creased slightly over the last 10 years. On Decem­ quisition of Security Bank ($63 million deposits) ber 31, 1958, stockholders holding 51.45 per cent and South-West Bank ($13 million deposits) would of Security Bank’s stock owned 69.7 per cent of result in Applicant’s becoming Wisconsin’s thir­ the shares of South-West Bank; on August 1, teenth largest banking organization and eleventh 1969, stockholders who own 58.54 per cent of largest bank holding company. Applicant would Security Bank’s stock owned 70 per cent of the control less than 1 per cent of the State’s total shares of South-West Bank. deposits. In view of the origin of this relationship be­ Both of the proposed subsidiary banks are lo­ tween the subject banks, its closeness, the length of cated in the City of Sheboygan, which has a pop­ time for which it has endured, and the absence ulation of 49,000. The Sheboygan River divides of any indication in the record of its likely dissipa­ the northern three-fifths of Sheboygan from the tion in the future, it appears that the proposal southern section. Security Bank and South-West would simply substitute common corporate owner­ Bank are located one and one-half miles apart, ship for the present common individual owner­ on opposite sides of the river, which is traversed ship. Present and potential competition would by two bridges which connect the two sections of neither be foreclosed by approval of the applica­ the city. However, the area served by South-West tion, nor encouraged by its denial. Neither does it Bank, which includes that area lying south of the appear that competition with and between other river and extending slightly beyond the city limits, banks in the area would be affected in any sig­ lies almost wholly within the area served by Se­ nificant way. curity Bank, which includes the entire city. Se­ On the basis of the foregoing, the Board con­ curity Bank and South-West Bank are the second cludes that consummation of this proposal would and third largest, respectively, of five banks in the not result in a monopoly or be in furtherance of city and of 14 banks in Sheboygan County. any combination, conspiracy or attempt to monop­ Each of the five banks in the city is a member olize the business of banking in any part of the of one of two banking groups, with the banks with­ United States, and would not restrain trade, sub­ in each group so closely related as to constitute a stantially lessen competition, or tend to create a single competitive force. The group composed of monopoly in any part of the country. Applicant’s two proposed subsidiary banks holds Financial and managerial resources and future 43 per cent of the total deposits of the banks lo­ prospects. Applicant was recently organized and cated in the city and 36 per cent of deposits held has not engaged in any business activities. Its fi­ by banks in Sheboygan County. The other group nancial condition is satisfactory, its management includes the city’s largest bank, Citizens Bank of competent, and its prospects, which would be de­ Sheboygan, and two smaller banks, and controls pendent upon those of its proposed subsidiaries, 57 per cent of deposits held by the five banks in appear satisfactory. the city and 48 per cent of deposits in the county. The financial condition and management of The two subject banks have been closely af­ Security Bank are also satisfactory. The bank has filiated for 46 years. South-West Bank was orga­ an excellent location in the City of Sheboygan, its nized by the directors of Security Bank in 1923, earnings have been satisfactory, and prospects of and 65 per cent of its stock was owned by Security the bank appear favorable. Bank until its sale in 1954 to Security Bank stock­ South-West Bank is located in the rapidly grow­ holders. A majority of the stock of both banks ing southern section of Sheboygan. The bank is in continues to be owned by common shareholders, generally sound financial condition, and Applicant has indicated its intention to strengthen the bank’s 1 In addition, three holding companies headquartered in capital position; that proposal would, to some ex­ Minnesota have subsidiary banks in Wisconsin. 2 All banking data are as of December 31, 1968. tent, be facilitated by consummation of the pres- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 843 ent transaction. The bank’s management is ca­ ing “organizations” control 100 per cent of the pable, and its prospects are considered favorable. banking offices and of all bank deposits. In the Considerations regarding the banking factors larger Sheboygan County area, the two organiza­ lend slight weight toward approval of the appli­ tions combined control nearly 85 per cent of total cation. bank deposits. Clearly, Board approval of the Convenience and needs of the communities in­ subject proposal will contribute directly to per­ volved. The major banking needs of the area are petuation of an already highly oligopolistic market being adequately served by present banking fa­ —a market which presently has the highest degree cilities, and would be little affected by consumma­ of concentration of banking resources of any city tion of the present proposal. However, the in Wisconsin of similar population density. proposed action would serve the convenience of The record discloses the geographical proximity customers of South-West Bank by facilitating the of each of the proposed subsidiaries to the other, provision at that bank’s location of services not and the fact that their respective service areas over­ presently offered, including limited fiduciary serv­ lap. Absent other considerations, it is reasonably ices, travel service, a check credit service, and concluded from the foregoing circumstances that increased consumer loan service. present and potential competition exist between Considerations relating to the convenience and and among these banks. Applicant, however, needs of the areas involved lend some weight in minimizes the extent of existing competition, and favor of approval of the application. argues against the probability of future competi­ Summary and conclusion. On the basis of all tion, pointing, with respect to both conclusions, to the relevant facts contained in the record and in the afore-described close relationship between and the light of the factors set forth in section 3(c) among the banks. Applicant argues, and the of the Act, it is the Board’s judgment that the pro­ Board’s majority statement adopts the position, posed transaction would be in the public interest that little likelihood exists that meaningful disaffili­ and that the application should be approved. ation of Security Bank and South-West Bank will occur in the foreseeable future. From this it is Dissenting Statement of Governors concluded that no change in the bank’s competi­ Robertson, Maisel, and Brimmer tive situation would occur by changing a familyoriented affiliation to a corporate affiliation. The record before the Board relating to First We are unable to accept the premise upon which Security Corporation’s proposed acquisitions of the majority position rests. While there can be no the two banks in the City of Sheboygan, even certainty that the identified common ownership will when viewed most favorably to Applicant, does be dissolved in the future, it can be reasonably not, in our judgment, support approval of the pro­ concluded that the likelihood of disaffiliation posal. The reasonably predictable consequences of through stock sale is greater under the present consummation of the acquisitions arc sufficiently form of ownership than would be the case were anticompetitive as to outweigh substantially the common ownership consolidated in the corporate benefits asserted by Applicant as likely or fore­ form proposed. seeable. Although the majority is correct in its recita­ The City of Sheboygan and immediate environs tion of the extent of common ownership of the are now served by the five banks located in She­ two subject banks, it should also be pointed out boygan. Two of the banks are the subject of Ap­ that such common ownership involves over 100 plicant’s proposal; and, combined, they control 43 shareholders, with the largest of such shareholders per cent of the total deposits of the five Sheboygan owning less than 6 per cent of the shares of South­ banks. The three remaining banks are in reality West Bank. Control, therefore, is not nearly as a single competitive force. One of them, the largest centralized as it would be under Applicant’s pro­ bank in Sheboygan (deposits of $89 million) is posal, and the absence of such centralized control affiliated with the City’s fourth largest bank (de­ is conductive to eventual dissipation of the exist­ posits of $10 million), and is closely related ing relationship. through stock ownership of its directors to the There is presently before the Board an applica­ fifth bank in Sheboygan (deposits of $1.5 million). tion pursuant to which the three banks in Sheboy­ Together these banks hold 57 per cent of the de­ gan not involved in Applicant’s proposal would posits of all Sheboygan banks. Thus, in the rel­ participate in the formation of a bank holding evant market—the City of Sheboygan—two bank­ company. A discussion here of the merits of that Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

844 FEDERAL RESERVE BULLETIN □ OCTOBER 1969 proposal would be inappropriate. However, it is As required by section 3(b) of the Act, the both appropriate and pertinent to observe that the Board gave written notice of receipt of the appli­ mere prospect of a second holding company forma­ cation to the Comptroller of the Currency and tion in the City of Sheboygan, considered in the requested his views and recommendation. The light of the Board’s approval of First Security’s Comptroller’s views are consistent with approval formation, constitutes a significant deterrent to of the application. deconcentration of the Sheboygan market. The As discussed in the accompanying Statement, possibility that the only method of entry into this the New York State Banking Board approved an market will be by de novo establishment poses a application involving the same proposal in accord­ potential entry barrier of significant proportion ance with a recommendation of the New York even to the much larger Wisconsin banking or­ State Superintendent of Banks, and advised this ganizations. Board of its action. Section 3(c) of the Bank Holding Company Notice of receipt of the application was pub­ Act permits Board approval of a bank acquisition, lished in the Federal Register on June 17, 1969 the effect of which may be substantially to lessen (34 Federal Register 9472), which provided an competition only where such anticompetitive effects opportunity for interested persons to submit com­ are found clearly to be outweighed by the probable ments and views with respect to the proposed ac­ effects of the transaction in meeting the con­ quisition. A copy of the application was forwarded venience and needs of the community to be served. to the United States Department of Justice for its No aspect of Applicant’s proposal suggests that consideration. Time for filing comments and views any existing need will be served by the Board’s ap­ has expired and all those received have been proval action. On the contrary, the only cognizable considered by the Board. benefit will be a somewhat more convenient source It is hereby ordered, for the reasons set forth of a limited number of services to the residents in the Board’s Statement of this date, that said within the South-West Bank’s service area. Such application be and hereby is approved, provided minimal contribution to the public interest fails that the acquisition so approved shall not be con­ to satisfy the statutory burden of outweighing the summated (a) before the thirtieth calendar day established anticompetitive effects of the proposal. following the date of this Order, or (b) later than The application should be denied. three months after the date of this Order, unless such period is extended for good cause by the CHARTER NEW YORK CORPORATION, Board or by the Federal Reserve Bank of New NEW YORK, NEW YORK York pursuant to delegated authority. Dated at Washington, D.C., this 15th day of In the matter of the application of Charter New September 1969, York Corporation, New York, New York, for By order of the Board of Governors. approval of acquisition of voting shares of the successor by merger to Scarsdale National Bank Voting for this action: Chairman Martin and Gov­ and Trust Company, Scarsdale, New York. ernors Robertson, Mitchell, Maisel, Brimmer, and Sherrill. Absent and not voting: Governor Daane. Order Approving Acquisition of Bank Stock (Signed) Robert P. Forrestal, by Bank Holding Company Assistant Secretary. There has come before the Board of Gov­ [seal] ernors, pursuant to section 3(a)(3) of the Bank Statement Holding Company Act of 1956 (12 U.S.C. 1842(a)(3)), and section 222.3(a) of Federal Charter New York Corporation, New York, Reserve Regulation Y (12 CFR 222.3(a)), an ap­ New York (“Applicant”), a registered bank hold­ plication by Charter New York Corporation, New ing company, has applied to the Board of Gover­ York, New York, a registered bank holding com­ nors, pursuant to section 3(a)(3) of the Bank pany, for the Board’s prior approval of the ac­ Holding Company Act of 1956, for prior ap­ quisition of all (less directors’ qualifying shares) proval of the acquisition of all (less directors’ of the outstanding voting shares of a new national qualifying shares) of the outstanding voting shares bank into which it is proposed that Scarsdale Na­ of a new national bank into which it proposes to tional Bank and Trust Company, Scarsdale, New merge Scarsdale National Bank and Trust Com­ York, will be merged. pany, Scarsdale, New York (“Scarsdale Na- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 845 tional”). The new national bank has no signifi­ National, which has $69 million in deposits, would cance except as a vehicle for accomplishing the increase Applicant’s share of State deposits to 4.9 acquisition of the bank to be merged into it; the per cent. proposal is therefore treated herein as one to ac­ Scarsdale National is headquartered in the Village quire shares of Scarsdale National. of Scarsdale (population 20,000), in Westchester Views and recommendation of supervisory au­ County. It also has one branch in Scarsdale, and thority. As required by section 3(b) of the Act, three branches in adjacent towns; its service area, the Board notified the Comptroller of the Cur­ from which it derives about 80 per cent of its rency of receipt of the application and requested deposits and loans, consists of Scarsdale and por­ his views and recommendations thereon. The tions of surrounding towns. Scarsdale is also the Comptroller’s views are consistent with approval site of one office of County Trust Company ($861 of the application. million deposits), which is the largest bank in Pursuant to the requirements of Article III-A Westchester County and is a subsidiary of a bank of the New York Banking Law, Applicant sub­ holding company. Under the “home office protec­ mitted an application involving the same proposal tion” feature of the New York branching law, to the New York State Banking Board. The Bank­ however, Scarsdale National is the only bank pres­ ing Board approved the application on August 6, ently able to establish new branches in Scarsdale. 1969, in accordance with the recommendation of Scarsdale National ranks fifth in size among six the New York Superintendent of Banks, a copy banks headquartered in Westchester County, and of which was transmitted to the Board of Gov­ is the eleventh largest of 12 banks with offices in ernors. the county. Westchester County is located in New Statutory considerations. Section 3(c) of the York’s Third Banking District. It is also part of Act provides that the Board shall not approve an the New York metropolitan area, and, as such, is acquisition that would result in a monopoly or part of the legal branching area of New York City would be in furtherance of any combination or banks, as well as banks headquartered in the Third conspiracy to monopolize or to attempt to monop­ District. olize the business of banking in any part of the Of Applicant’s present subsidiaries, one (Dutch­ United States. Nor may the Board approve any ess Bank and Trust Company, with $33 million in other proposed acquisition, the effect of which, in deposits) is located in the Third Banking District any section of the country, may be substantially in Poughkeepsie, Dutchess County. Its closest of­ to lessen competition, or to tend to create a fice, however, is about 60 miles north of Scars­ monopoly, or which in any other manner would dale, and it does not compete with Scarsdale Na­ be in restraint of trade, unless the Board finds tional. Applicant’s largest subsidiary is Irving that the anticompetitive effects of the transaction Trust Company ($3.7 billion deposits), which is are clearly outweighed in the public interest by a primarily wholesale bank, all 12 offices of which the probable effect of the transaction in meeting are located in New York City. The nearest offices the convenience and needs of the community to be of Irving Trust Company and Scarsdale National served. In each case, the Board is required to take are 22 miles apart. Irving Trust Company derives into consideration the financial and managerial re­ only about $3 million of deposits and about the sources and future prospects of the bank holding same amount of loans from Scarsdale National’s company and the banks concerned, and the con­ service area, which amounts are not regarded as venience and needs of the community to be served. competitively significant. With regard to potential competition, Westches­ Competitive effect of proposed transaction. Ap­ ter County is within the legal branching area of plicant is the eighth largest banking organization both Dutchess Bank and Trust Company and and the third largest bank holding company in Irving Trust Company. Neither bank appears to be the State of New York? It has five subsidiary a likely entrant into that area, however, based, in banks, which hold about $4 billion in deposits, or the case of Dutchess Bank and Trust Company, 4.8 per cent of the total amount of deposits held on its size and geographical location, and, in the by all banks in the State. Acquisition of Scarsdale case of Irving Trust Company, on the historical patterns of its operations. Moreover, in view of 1 Unless otherwise noted, all banking data are as of De­ the fact that Scarsdale National serves only a cember 31, 1968, refer to insured commercial banks, and reflect holding company acquisitions and mergers approved limited portion of the county, and is protected by supervisory authorities to date. against branching by other banks in much of that Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

846 FEDERAL RESERVE BULLETIN □ OCTOBER 1969 area, it is unlikely that branching by either of the Summary and conclusion. On the basis of all present subsidiaries would result in significant relevant facts contained in the record, and in the competition with Scarsdale National. light of the factors set forth in section 3(c) of the Consummation of the proposal, on the other Act, it is the Board’s judgment that the proposed hand, would eliminate home office protection from acquisition would be in the public interest, and the Village of Scarsdale, a wealthy residential that the application should be approved. community to which other banks would likely be attracted. By facilitating a strengthening and VALLEY BANCORPORATION, broadening of the services offered by Scarsdale APPLETON, WISCONSIN National, and by making feasible more extensive In the matter of the application of Valley Bancor­ branching by the bank, it would also increase that poration, Appleton, Wisconsin, for approval of bank’s capability as a competitor to larger banks acquisition of 80 per cent or more of the voting in Westchester County. shares of The New American Bank of Oshkosh, Based upon the foregoing, the Board concludes Oshkosh, Wisconsin. that consummation of the proposed acquisition would not result in a monopoly or be in further­ Order Approving Acquisition of Bank Stock ance of any combination, conspiracy, or attempt by Bank Holding Company to monopolize the business of banking in any area, and would not substantially lessen competition, There has come before the Board of Governors, tend to create a monopoly, or restrain trade in pursuant to section 3(a)(3) of the Bank Holding any section of the country. Company Act of 1956 (12 U.S.C. 1842(a)(3)), Financial and managerial resources and future and section 222.3(a) of Federal Reserve Regu­ prospects. The financial condition, management, lation Y (12 CFR 222.3(a)), an application by and prospects of Applicant and its subsidiary banks Valley Bancorporation, Appleton, Wisconsin, for are regarded as satisfactory. The financial condi­ the Board’s prior approval of the acquisition of tion of Scarsdale National is reasonably satisfac­ 80 per cent or more of the voting shares of The tory, and its management is competent. Prospects New American Bank of Oshkosh, Oshkosh, Wis­ of the bank, which appear favorable in any event, consin. would be improved further in the event of con­ As required by section 3(b) of the Act, the summation of the present proposal. Board gave written notice of receipt of the appli­ These considerations are consistent with ap­ cation to the Commissioner of Banking of the proval of the application. State of Wisconsin and requested his views and Convenience and needs of the communities in­ recommendation thereon. In response, the Com­ volved. Consummation of the proposal would have missioner interposed no objection to approval of no effect on customers served by Applicant’s pres­ the application. ent subsidiary banks. Notice of receipt of the application was pub­ The Village of Scarsdale is a high income resi­ lished in the Federal Register on August 7, 1969 dential community, the majority of the residents (34 Federal Register 12850), providing an oppor­ of which commute daily to employment in New tunity for interested persons to submit comments York City. Major banking needs of the Scarsdale and views with respect to the proposal. A copy of area are adequately met by the numerous banks in the application was forwarded to the United States the New York metropolitan area. Scarsdale Na­ Department of justice for its consideration. The tional, however, does not have as broad a service time for filing comments and views has expired offering as other banks serving its area, which are and all those received have been considered by precluded from establishing branches in Scarsdale the Board. because of restrictions of State law. Those restric­ It is hereby ordered, for the reasons set forth tions would no longer be applicable if Scarsdale in the Board’s Statement of this date, that said National becomes a subsidiary of Applicant. The application be and hereby is approved, provided convenience of residents of the Scarsdale area that the acquisition so approved shall not be con­ would be increased by the likely establishment of summated (a) before the thirtieth calendar day more accessible offices of other banks, as well as following the date of this Order, or (b) later than by improvements which Applicant proposes to three months after the date of this Order, unless make in the services offered by Scarsdale National. such time shall be extended for good cause by the These considerations provide some support for Board or by the Federal Reserve Bank of Chicago approval of the application. pursuant to delegated authority. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 847 Dated at Washington, D.C., this 15th day of iary banks which have total deposits 1 of $77 mil­ September 1969. lion, representing .9 per cent of the total deposits By order of the Board of Governors. held by all Wisconsin banking organizations. Ap­ plicant’s largest subsidiary bank, Appleton State Voting for this action: Chairman Martin and Gov­ Bank, with deposits of $51 million, is located in ernors Robertson, Mitchell, Maisel, Brimmer, and Sher­ Appleton, Outagamie County, Wisconsin. Four rill. Absent and not voting: Governor Daane. other of Applicant’s banks are also located in Outa­ (Signed) Robert P. Forrestal, gamie County, the largest of them holding total Assistant Secretary. deposits of $8 million. Applicant also maintains [seal! one banking subsidiary in Manitowoc County, with Statement total deposits of $3 million and one banking sub­ sidiary in Calumet County, with total deposits Valley Bancorporation (“Applicant"), a regis­ of $4 million. tered bank holding company located in Appleton, Bank’s sole office, located in Oshkosh, Winne­ Wisconsin, has applied to the Board of Gover­ bago County, Wisconsin, has total deposits of $20 nors, pursuant to section 3(a)(3) of the Bank million, representing 8.5 per cent of the deposits Holding Company Act of 1956 (12 U.S.C. 1842 held by all Winnebago County commercial banks. (a)(3)), for prior approval of the acquisition of There are three other banks located in Oshkosh. 80 per cent or more of the voting shares of The The largest, with deposits of $60 million, repre­ New American Bank of Oshkosh, Oshkosh, Wis­ senting 26 per cent of Winnebago County deposits, consin (“Bank”). is a subsidiary of First Wisconsin Bankshares Cor­ Views and recommendation of supervisory au­ poration, the largest bank holding company located thority. As required by section 3(b) of the Act, in Wisconsin. The two remaining Oshkosh banks, the Board notified the Commissioner of Banking with total deposits of $26 million and $10 million, of the State of Wisconsin of the receipt of the ap­ respectively, are affiliated by reason of common plication and requested his views and recommen­ ownership, and together hold 16 per cent of Win­ dation thereon. In response, the Commissioner nebago County deposits. Consummation of Appli­ interposed no objection to approval of the ap­ cant’s proposal would mark Applicant’s initial plication. entry into Winnebago County, which is located Statutory considerations. Section 3(c) of the Act immediately to the south of Outagamie County. provides that the Board shall not approve an ac­ Bank derives no business from areas served by quisition that would result in a monopoly or would Applicant’s subsidiary banks, nor do the latter be in furtherance of any combination or conspira­ banks derive any business from the area served cy to monopolize or to attempt to monopolize the by Bank. The closest of Applicant’s banking of­ business of banking in any part of the United fices to Bank is approximately 20 miles to the States. Nor may the Board approve a proposed north of Oshkosh in Outagamie County, and there acquisition the effect of which, in any section of are several banks located in this intervening area. the country, may be substantially to lessen com­ There is, therefore, no existing competition be­ petition, or to tend to create a monopoly, or which tween Applicant and Bank which would be elimi­ in any other manner would be in restraint of trade, nated by consummation of the proposed trans­ unless the Board finds that the anticompetitive action. effects of the proposed transaction are clearly out­ Under existing Wisconsin banking law, none weighed in the public interest by the probable of Applicant’s subsidiary banks could establish effect of the transaction in meeting the conven­ a de novo branch office in Oshkosh, nor could ience and needs of the community to be served. Bank establish a de novo branch in any area served In each case the Board is required to take into by a subsidiary bank of Applicant. It therefore consideration the financial and managerial re­ does not appear that consummation of the pro­ sources and future prospects of the bank holding posal would foreclose significant potential compe­ company and the banks concerned, and the con­ tition between Bank and present subsidiaries of venience and needs of the community to be served. Applicant. Competitive effect of proposed transaction. Ap­ plicant is the tenth largest bank holding company 1 All banking data are as of December 31, 1968, refer to and the eleventh largest banking organization in insured commercial banks, and include all bank holding the State of Wisconsin. It operates seven subsid­ company applications approved by the Board. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

848 FEDERAL RESERVE BULLETIN □ OCTOBER 1969 Bank possesses the third largest share of de­ However, certain services such as trust facilities, posits held by the four banks located in Oshkosh; are available only to a limited extent. In addition, and because two such banks are affiliated by rea­ Bank’s deposit and loan growth has not kept pace son of common ownership, Bank’s share of such with that of other banks located in its area. If the deposits is the smallest held by Oshkosh banks. proposed acquisition is consummated, Applicant The other Winnebago County banks, all of which would make available to Bank’s customers trust are located more than 10 miles from Bank’s of­ and estate services, and would provide Bank with fice, derive only nominal business from the area the assistance of Applicant’s experienced loan offi­ served by Bank. However, competition between cers and other specialized personnel. Improvement the other Oshkosh banks and Bank, the latter pres­ in and a broadening of Bank’s service rendition ently a conservatively operated institution, is likely in these respects, resulting in a convenient alter­ to become more aggressive if Bank is operated as native source of full banking services for Bank’s a subsidiary of Applicant. No adverse effect upon present and potential customers, are considera­ the competitive position of other Winnebago Coun­ tions supporting approval of the application. ty banks is reasonably foreseen in Applicant’s Summary and conclusion. On the basis of all proposal. relevant facts contained in the record and in the Consummation of the proposed transaction light of the factors set forth in section 3(c) of the would neither result in an increase in the concen­ Act, it is the Board’s judgment that the proposed tration of banking resources in any area presently acquisition would be in the public interest, and served by either Applicant or Bank, nor in a sig­ that the application should be approved. nificant increase in the concentration of banking resources in the State of Wisconsin. Applicant’s CHARTER NEW YORK CORPORATION, control of total deposits of all commercial banks NEW YORK, NEW YORK in the State would increase from .9 per cent to In the matter of the application of Charter New 1.1 per cent. York Corporation, New York, for approval of Based upon the foregoing, the Board concludes acquisition of voting shares of The Citizens Cen­ that consummation of the proposed acquisition tral Bank, Arcade, New York. would not result in a monopoly or be in further­ ance of any combination, conspiracy, or attempt Order Approving Acquisition of Bank Stock to monopolize the business of banking in any area, by Bank Holding Company and would not substantially lessen competition, tend to create a monopoly, or restrain trade in There has come before the Board of Governers, any section of the country. pursuant to section 3(a)(3) of the Bank Holding Financial and managerial resources and future Company Act of 1956 (12 U.S.C. 1842(a)(3)) prospects. The financial conditions, managements, and section 222.3(a) of Federal Reserve Regu­ and prospects of Applicant and its subsidiary banks lation Y (12 CFR 222.3(a)), an application by are regarded as reasonably satisfactory. Charter New York Corporation, New York, New Bank’s financial condition is also considered to York, for the Board’s prior approval of the acqui­ be reasonably satisfactory. As earlier noted, how­ sition of 100 per cent of the voting shares of The ever, Bank is operated somewhat conservatively Citizens Central Bank, Arcade, New York. and consummation of the proposed transaction As required by section 3(b) of the Act, the should result in its being operated more aggres­ Board gave written notice of receipt of the appli­ sively, thereby enhancing its prospects. Senior man­ cation to the Superintendent of Banks for the State agement of Bank is nearing retirement age, and of New York and requested his views and recom­ Bank is lacking in experienced successor manage­ mendation. The New York State Banking Board ment. Applicant’s stated intention and ability to advised this Board of its action, consistent with provide a qualified executive officer for Bank if a recommendation made to it by the Superintend­ the application is approved is a consideration which, ent, approving an application, filed pursuant to together with the foregoing considerations relating the New York Banking Law, with respect to the to the banking factors, lends weight toward ap­ same transaction. proval of Applicant’s proposal. Notice of receipt of the application was pub­ Convenience and needs of the communities in­ lished in the Federal Register on August 16, 1969 volved. There is no evidence that major banking (34 Federal Register 13342), which provided an needs in the Oshkosh area are going unserved. opportunity for interested persons to submit com- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 849 merits and views with respect to the proposed ac­ olize the business of banking in any part of the quisition. A copy of the application was forwarded United States. Nor may the Board approve any to the United States Department of Justice for its other proposed acquisition, the effect of which, consideration. Time for filing comments and views in any section of the country, may be substan­ has expired and all those received have been con­ tially to lessen competition, or to tend to create sidered by the Board. a monopoly, or which in any other manner would It is hereby ordered, for the reasons set forth be in restraint of trade, unless the Board finds in the Board’s Statement of this date, that said that the anticompetitive effects of the transaction application be and hereby is approved, provided are clearly outweighed in the public interest by the that the acquisition so approved shall not be probable effect of the transaction in meeting the consummated (a) before the thirtieth calendar convenience and needs of the community to be day following the date of this Order, or (b) later served. In each case, the Board is required to take than three months after the date of this Order, into consideration the financial and managerial unless such period is extended for good cause by resources and future prospects of the bank hold­ the Board or by the Federal Reserve Bank of New ing company and the banks concerned, and the York pursuant to delegated authority. convenience and needs of the community to be Dated at Washington, D.C., this 18th day of served. September 1969. Competitive effect of proposed transaction. By order of the Board of Governors. Applicant controls $4 billion 1 in deposits and is the eighth largest banking organization and the Voting for this action: Chairman Martin and Gov­ third largest bank holding company in the State ernors Mitchell, Daane, Maisel, Brimmer, and Sherrill. Absent and not voting: Governor Robertson. of New York. Its five subsidiary banks account for 4.84 per cent of the deposits held by all banks (Signed) Robert P. Forrestal, located in the State. Consummation of another Assistant Secretary. acquisition recently approved by the Board will [seal] increase that share to 4.92 per cent, and consum­ Statement mation of both that acquisition and the present Charter New York Corporation, New York, proposal would increase Applicant’s share of such New York (“Applicant”) a registered bank hold­ deposits to 4.96 per cent. ing company, has applied to the Board of Gover­ Applicant’s largest subsidiary bank is Irving nors, pursuant to section 3(a)(3) of the Bank Trust Company, which has deposits of $3.7 billion Holding Company Act of 1956, for prior approval and is the seventh largest bank in New York City. of the acquisition of 100 per cent of the voting Its other present subsidiary banks are The Mer­ shares of The Citizens Central Bank, Arcade, New chants National Bank and Trust Company, Syra­ York (“Bank”). cuse ($186 million deposits); Endicott Trust Com­ Views and recommendation of supervisory pany, Endicott ($57 million deposits); Dutchess authority. As required by section 3(b) of the Act, Bank and Trust Company, Poughkeepsie ($33 the Board notified the Superintendent of Banks for million deposits); and Fulton County National the State of New York of receipt of the applica­ Bank and Trust Company of Gloversville, Gloverstion and requested his views and recommendation ville ($23 million deposits). In addition, it re­ thereon. In view of his coordinate responsibilities cently received Board approval to acquire shares under the New York law, the Superintendent did of Scarsdale National Bank and Trust Company, not comment directly to the Board. The New York Scarsdale ($69 million deposits). State Banking Board, however, advised the Board Bank ($32 million deposits), is headquartered of its action, consistent with a recommendation in Arcade, New York, 35 miles southeast of Buf­ of the Superintendent (a copy of which was also falo, and has three out-of-town branches within provided to the Board), approving an application a 22 mile radius of Arcade. It is the eleventh with respect to the same transaction pursuant to largest of the 33 commercial banks in the Ninth provisions of the New York Banking Law. Banking District of the State of New York, and Statutory considerations. Section 3(c) of the serves an area which includes most of Wyoming Act provides that the Board shall not approve an acquisition that would result in a monopoly or 1 Unless otherwise noted, all banking data are as of De­ would be in furtherance of any combination or cember 31, 1968, refer to insured commercial banks, and reflect holding company acquisitions and mergers approved conspiracy to monopolize or to attempt to monop­ by supervisory authorities to date. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

850 FEDERAL RESERVE BULLETIN □ OCTOBER 1969 County and portions of neighboring Cattaraugus Convenience and needs of the communities. County, Allegany County, and Erie County. Bank Bank’s service area is largely rural, but it is be­ is the largest of five banks headquartered in the coming increasingly industrialized. The urbaniza­ area, but ranks fourth in size among nine banks tion of the area will necessitate an increase in with offices therein. Two of the banks operating in banking resources and services, and Applicant’s the area are much larger banks headquartered in proposal should assist Bank in meeting these Buffalo. changing needs of the area, and make it a more None of Applicant’s subsidiary banks is located meaningful competitor to larger banks in the in the Ninth Banking District, and no subsidiary Ninth District. While no new banking services of Applicant has an office located within 100 will be introduced within the area, the acquisition miles of any of Bank’s offices. Deposit and loan would likely result in increased competition by overlap between Bank and Applicant’s subsidiaries providing an alternative source for certain services is minimal. Acquisition of Bank by Applicant, which have heretofore been offered only by the therefore, would not eliminate existing competi­ large Buffalo banks operating in the area. Among tion. Neither does it appear that significant poten­ the services which Applicant proposes to institute tial competition would be foreclosed by the pro­ or expand at Bank are municipal financing, real posal, bearing in mind the size of the Bank and estate construction lending, and personal trust the fact that New York law prohibits any of Ap­ services. plicant’s subsidiaries from establishing a branch Considerations relating to the convenience and within Bank’s service area or elsewhere in the needs of the area are consistent with, and provide Ninth Banking District. some support for, approval of the application. A likely effect of the proposed acquisition would Summary and conclusion. On the basis of all be to increase competition within the area imme­ relevant facts contained in the record, and in light diately served by Bank. Presently, Bank is the only of the factors set forth in section 3(c) of the Act, banking institution in Arcade, the hub of a farm­ it is the Board’s judgment that the application ing and slowly evolving industrial area. Approval should be approved. of this proposal would remove “home office pro­ tection” from Arcade, thereby opening the area to COLORADO CNB BANKSHARES, INC. possible branching by other commercial banks. In DENVER, COLORADO addition, by facilitating improvements in the serv­ ices offered by Bank, as well as a broadening of In the matter of the application of Colorado the services offered, and by making its geographic CNB Bankshares, Inc., Denver, Colorado, for expansion more feasible, consummation of the approval of acquisition of 80 per cent or more proposal should result in Bank’s becoming a more of the voting shares of Lakewood Colorado Na­ capable competitor to larger Ninth District Banks. tional Bank, Lakewood, Colorado. The data presented reflect that Applicant’s acquisition of Bank would not eliminate existing Order Approving Acquisition of Bank Stock competition or foreclose potential competition and by Bank Holding Company would have no significant impact upon the degree of concentration of banking resources in any rele­ There has come before the Board of Governors, vant market. On the record before the Board, it pursuant to section 3(a)(3) of the Bank Holding is concluded that the proposed acquisition would Company Act of 1956 (12 U.S.C. 1842(a)(3)) not result in a monopoly nor be in furtherance and section 222.3(a) of Federal Reserve Regula­ of any combination or conspiracy to monopolize tion Y (12 CFR 222.3(a)), an application by the business of banking in any relevant area. Ap­ Colorado CNB Bankshares, Inc., Denver, Colo­ proval of the application would not substantially rado, a registered bank holding company, for the lessen competition, tend to create a monopoly, or Board’s prior approval of the acquisition of 80 per restrain trade in any section of the country. cent or more of the voting shares of Lakewood Financial and managerial resources and future Colorado National Bank, Lakewood, Colorado. prospects. The financial condition of Applicant, As required by section 3(b) of the Act, the its subsidiary banks, and Bank is considered satis­ Board gave written notice of receipt of the applica­ factory. All have competent management, and tion to the Comptroller of the Currency and re­ their prospects appear favorable. quested his views and recommendation. The These considerations are consistent with ap­ Comptroller recommended approval of the appli­ proval of the present application. cation. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 851 Notice of receipt of the application was pub­ conspiracy to monopolize or to attempt to monop­ lished in the Federal Register on June 7, 1969 olize the business of banking in any part of the (34 Federal Register 9105), providing an oppor­ United States. Nor may the Board approve a pro­ tunity for interested persons to submit comments posed acquisition, the effect of which, in any sec­ and views with respect to the proposal. A copy tion of the country, may be substantially to lessen of the application was forwarded to the United competition, or to tend to create a monopoly, or States Department of Justice for its consideration. which in any other manner would be in restraint Time for filing comments and views has expired of trade, unless the Board finds that the anticom­ and all those received have been considered by petitive effects of the proposed transaction are the Board. clearly outweighed in the public interest by the It is hereby ordered for the reasons set forth probable effect of the transaction in meeting the in the Board’s Statement of this date, that said convenience and needs of the community to be application be and hereby is approved, provided served. In each case, the Board is required to take that the acquisition so approved shall not be con­ into consideration the financial and managerial summated (a) before the thirtieth calendar day resources and future prospects of the bank hold­ following the date of this Order or (b) later than ing company and the banks concerned, and the three months after the date of this Order, unless convenience and needs of the community to be such period is extended for good cause by the served. Board or by the Federal Reserve Bank of Kansas Competitive effect of proposed transaction. City pursuant to delegated authority. Applicant is the third largest of four Denver-based Dated at Washington, D.C., this 24th day of bank holding companies, and is also the third September 1969. largest banking organization in the State of Colo­ By order of the Board of Governors. rado.1 Acquisition of Bank, which holds .2 per cent of deposits in the State and .3 per cent of Voting for this action: Vice Chairman Robertson the deposits held by banks in the Denver metro­ and Governors Mitchell, Maisel, Brimmer, and Sherrill. Absent and not voting: Chairman Martin and Governor politan area, would increase Applicant’s shares of Daane. deposits in such areas to 7.8 per cent and 11.7 per (Signed) Robert P. Forrestal, cent, respectively. Assistant Secretary. Bank, which has deposits of $6.3 million,2 is [seal] located in Lakewood, an unincorporated suburb Statement directly west of Denver, and serves Lakewood and adjacent suburban areas. Bank was organized in Colorado CNB Bankshares, Inc., Denver, Colo­ February 1969 by directors of Applicant under rado (“Applicant”), a registered bank holding emergency circumstances, as a successor to Rocky company, has applied to the Board of Governors, Mountain Bank, Lakewood. Bank is presently con­ pursuant to section 3(a)(3) of the Bank Holding trolled by, and operates under close supervision Company Act of 1956 (12 U.S.C. 1842(a)(3)), of, Applicant’s officers, and the present proposal for prior approval of the acquisition of 80 per cent was contemplated at the time of its organization. or more of the voting shares of Lakewood Colorado Two other banks, with deposits of $44 million National Bank, Lakewood, Colorado (“Bank”). and $16 million, respectively, are located in Lake­ Views and recommendations of supervisory wood. In addition, 13 other banks located in the authorities. As required by section 3(b) of the Denver metropolitan area, including Applicant’s Act, notice of receipt of the application was given three subsidiaries, compete to some extent for busi­ to the Comptroller of the Currency, and his views ness originating in the area. These 13 banks range and recommendation were requested. The Comp­ in deposit size from $6 million to $550 million; troller concluded that the proposed acquisition only three of them are smaller than Bank, and two would be in the public interest. of these are subsidiaries of Applicant. Consum­ The Commissioner of Banking of the State of mation of the proposal would not have undue ad­ Colorado also submitted his views to the Board, verse effects on any competing bank. and urged that the application be approved. All of Applicant’s three banking subsidiaries Statutory considerations. Section 3(c) of the Act provides that the Board shall not approve an 1 Unless otherwise noted, all banking data are as of De­ cember 31, 1968. acquisition that would result in a monopoly or 2 As of April 8, 1969. It is estimated that Bank will have would be in furtherance'of any combination or about $9 million in deposits after one year of operations. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

852 FEDERAL RESERVE BULLETIN □ OCTOBER 1969 are located in Denver. Its largest subsidiary, Colo­ area appear to be well-served, and several alterna­ rado National Bank, has deposits of $281 million; tive sources of banking services are conveniently the two other subsidiaries have aggregate deposits available. The association with Applicant has been of about $12 million. The amount of deposits de­ beneficial to Bank, and its affiliation with Appli­ rived by the three banks from the Lakewood area cant is considered desirable in the interest of as­ is minimal, but all three derive a significant suring continued quality banking service at its amount of loans from the area. Nevertheless, in location. Such affiliation would provide Bank with view of the present relationship between Bank and a more ready source of capital funds which may Applicant, no real competition exists between be needed in the future, and would provide it Bank and Applicant’s subsidiaries, and it therefore with a stability which, in view of the financial does not appear that consummation of the pro­ difficulties of its predecessor, is important to the posal would result in the elimination of a competi­ maintenance of public confidence. tive alternative source of banking services. In ad­ Considerations bearing upon the convenience dition, the emergency conditions leading to Bank’s and needs of the area served by Bank support ap­ formation strongly support the necessity for con­ proval of the application. tinuation of Bank’s association with an established Summary and conclusion. On the basis of all banking organization, in order to restore and main­ relevant facts contained in the record, and in the tain public confidence; considerations bearing upon light of the factors set forth in section 3(c) of the the issue of potential competition, therefore, do Act, it is the Board’s judgment that the proposed not weigh against approval of the acquisition. acquisition would be in the public interest, and Based upon the foregoing, the Board concludes that the application should be approved. that consummation of the proposed acquisition would not result in a monopoly or be in further­ FIRST AT ORLANDO CORPORATION, ance of any combination, conspiracy, or attempt ORLANDO, FLORIDA to monopolize the business of banking in any In the matter of the application of First at Or­ area, and would not substantially lessen competi­ lando Corporation, Orlando, Florida, for approval tion, tend to create a monopoly, or restrain trade of acquisition of 80 per cent or more of the voting in any section of the country. shares of The Citizens State Bank, St. Cloud, Financial and managerial resources and future Florida. prospects. The financial conditions of Applicant and its subsidiary banks are generally satisfactory, Order Approving Acquisition of Bank Stock as are their managements, and their prospects ap­ by Bank Holding Company pear favorable. Bank opened on February 6, 1969, replacing a There has come before the Board of Governors, bank located on the same premises which had been pursuant to section 3(a)(3) of the Bank Holding closed the previous week, by action of the State Company Act of 1956 (12 U.S.C. 1842(a)(3)) supervisory authorities, because of financial diffi­ and section 222.3(a) of Federal Reserve Regula­ culties. Its financial condition is satisfactory, and tion Y (12 CFR 222.3(a)), an application by its management, under the direction of officers of First at Orlando Corporation, Orlando, Florida, Applicant’s largest subsidiary, is competent. Its for the Board’s prior approval of the acquisition association with Applicant has given it stability of 80 per cent or more of the voting shares of The and minimized deposit withdrawals; its prospects Citizens State Bank, St. Cloud, Florida. are greatly dependent upon association with an As required by section 3(b) of the Act, the established organization such as Applicant. Board gave written notice of receipt of the appli­ These considerations support approval of the cation to the Florida Commissioner of Banking application. and requested his views and recommendations. The Convenience and needs of the communities in­ Commissioner recommended approval of the ap­ volved. Consummation of Applicant’s proposal plication. would not affect the convenience or needs of cus­ Notice of receipt of the application was pub­ tomers served by its present subsidiaries. lished in the Federal Register on July 3, 1969 (34 Lakewood, which has an estimated population Federal Register 11236) providing an opportunity of 100,000, is a suburban residential community, for interested persons to submit comments and the business activity of which is largely limited views with respect to the proposal. A copy of the to service establishments. Banking needs of the application was forwarded to the United States Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 853 Department of Justice for its consideration. Time convenience and needs of the community to be for filing comments and views has expired and all served. In each case the Board is required to take those received have been considered by the Board. into consideration the financial and managerial It is hereby ordered, for the reasons set forth resources and future prospects of the bank hold­ in the Board’s Statement of this date, that said ing company and the banks concerned, and the application be and hereby is approved, provided convenience and needs of the community to be that the action so approved shall not be consum­ served. mated (a) before the thirtieth calendar day fol­ Competitive effect of the proposed transaction. lowing the date of this Order or (b) later than Applicant controls eight banks in the State of three months after the date of this Order, unless Florida, with aggregate deposits of $344 million.1 such time shall be extended by the Board or by the It controls 3 per cent of the deposits held by all Federal Reserve Bank of Atlanta pursuant to dele­ banks in the State, and is the fifth largest banking gated authority. organization and the fifth largest of 13 bank hold­ Dated at Washington, D.C., this 29th day of ing companies. Acquisition of Bank, which has $7 September 1969. million in deposits, would have only a negligible By order of the Board of Governors. effect on State-wide concentration. Applicant would control just over 3 per cent of the deposits Voting for this action: Chairman Martin and Gov­ in the State, and would retain its relative position ernors Robertson, Mitchell, Maisel, Brimmer, and Sher­ among the State’s largest banking organizations rill. Absent and not voting: Governor Daane. and bank holding companies. (Signed) Elizabeth L. Carmichael, Bank is the only bank located in St. Cloud, and Assistant Secretary. is the second largest of three banks in Osceola [seal] County, Florida. The other banks in the county Statement have deposits of $9 million and $4 million, re­ First at Orlando Corporation, Orlando, Florida spectively, and both are located in Kissimmee, the (“Applicant”), a registered bank holding com­ County seat, approximately 10 miles northwest of pany, has applied to the Board of Governors, pur­ St. Cloud. Bank serves an area which encompasses suant to section 3(a)(3) of the Bank Holding most of Osceola County (population 21,500), al­ Company Act of 1956 (12 U.S.C. 1842(a)(3)), though a large portion of its business is derived for prior approval of the acquisition of 80 per from the environs of the City of St. Cloud. Lim­ cent or more of the voting shares of The Citizens ited competition exists between Bank and the two State Bank, St. Cloud, Florida (“Bank”). banks in Kissimmee, but it does not appear that Views and recommendation of supervisory consummation of the present proposal would have authority. As required by section 3(b) of the any undue effect on either of such banks. Act, notice of receipt of the application was given The closest of Applicant’s subsidiaries is located to the Florida Commissioner of Banking, and his 24 miles north of Bank. A large portion of the views and recommendation were requested. The intervening area is rural, and neither Bank nor any Commissioner recommended approval of the ap­ of the present subsidiaries derive significant busi­ plication. ness from the area served by the other; therefore, Statutory considerations. Section 3(c) of the no existing competition would be eliminated by Act provides that the Board shall not approve an the proposal. Further, in view of the size of Bank, acquisition that would result in a monopoly or the distance between it and Applicant’s subsidiary would be in furtherance of any combination or banks, and the fact that branch banking is not conspiracy to monopolize or to attempt to mo­ permitted by Florida law, it does not appear that nopolize the business of banking in any part of significant potential competition would be fore­ the United States. Nor may the Board approve a closed. proposed acquisition, the effect of which, in any The Board concludes that consummation of the section of the country, may be substantially to proposed transaction would not result in a monop­ lessen competition, or to tend to create a monop­ oly or be in furtherance of any combination or oly, or which in any other manner would be in conspiracy to monopolize the business of banking restraint of trade, unless the Board finds that the anticompetitive effects of the proposed transaction 1 Unless otherwise noted, banking data are as of Decem­ ber 31, 1968, refer to insured commercial banks, and have are clearly outweighed in the public interest by the been adjusted to reflect holding company formations and probable effect of the transaction in meeting the acquisitions approved by the Board to date. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

854 FEDERAL RESERVE BULLETIN □ OCTOBER 1969 in any relevant area, and would not substantially of the factors set forth in section 3(c) of the Act, lessen competition, tend to create a monopoly, or it is the Board’s judgment that the proposed acqui­ restrain trade in any section of the country. sition would be in the public interest and that the Financial and managerial resources and future application should be approved. prospects. The financial condition of Applicant and its present subsidiaries is generally satisfactory BARNETT NATIONAL SECURITIES and its management is considered competent. Fu­ CORPORATION, ture prospects of the group appear favorable. JACKSONVILLE, FLORIDA Bank’s prospects are also considered favorable, In the matter of the application of Barnett and its management and financial condition are National Securities Corporation, Jacksonville, judged to be satisfactory. Its principal executive Florida, for approval of acquisition of 80 per cent officer, however, has reached the usual retirement or more of the voting shares of Anastasia Bank, age, and Bank’s affiliation with Applicant would St. Augustine, Florida, a proposed new bank. provide it with an assured source of future man­ agement strength. The Board concludes that considerations under Order Approving Acquisition of Bank Stock the banking factors lend some weight toward ap­ by Bank Holding Company proval of the affiliation. There has come before the Board of Governors, Convenience and needs of the community in­ pursuant to section 3(a)(3) of the Bank Holding volved. Consummation of the proposal would have Company Act of 1956 (12 U.S.C. 1842(a)(3)) no effect on customers served by Applicant’s and section 222.3(a) of Federal Reserve Regula­ present subsidiaries. tion Y (12 CFR 222.3(a)), an application by Population growth of the area served by Bank Barnett National Securities Corporation, Jackson­ has been less rapid than that of the State as a ville, Florida, for the Board’s prior approval of the whole, and the economy of the area has not been acquisition of 80 per cent or more of the voting dynamic. However, substantial economic growth shares of Anastasia Bank, St. Augustine, Florida, for the area is predicted beginning with the open­ a proposed new bank. ing in 1971 of Walt Disney World, which is to be Inasmuch as the proposed new bank is to be a located about 20 miles northwest of St. Cloud. State bank, the Board, pursuant to section 3(b) Applicant’s ownership will enable Bank to offer of the Act, gave written notice of receipt of the financial counseling and other services to develop­ application to the Commission of Banking of the ing businesses, and to better meet the anticipated State of Florida, and requested his views and rec­ greater loan demand through participations with ommendation with respect thereto. In response, the Applicant’s subsidiaries. Commissioner recommended approval of the Applicant proposes immediately to make time application. deposit services, which Bank does not presently Notice of receipt of the application was pub­ offer, available to its customers. Bank does not lished in the Federal Register on July 25, 1969 have a trust department, and will be able to offer (34 Federal Register 12303), providing an oppor­ its customers such services through referral to tunity for interested persons to submit comments Applicant’s lead bank in Orlando, which has the and views with respect to the proposal. A copy largest trust department in central Florida. In ad­ of the application was forwarded to the United dition, Applicant proposes to improve Bank’s in­ States Department of Justice for its consideration. ternal procedures and to assist Bank in attaining Time for filing comments and views has expired a more efficient and economical operation. This and all those received have been considered by local availability of improved and expanded serv­ the Board. ices would be beneficial to residents of the area, It is hereby ordered, for the reasons set forth as well as to Bank. in the Board’s Statement of this date, that said Considerations relating to the convenience and application be and hereby is approved, provided needs of the community served by Bank provide that the action so approved shall not be consum­ some weight in favor of approval of the applica­ mated (a) before the thirtieth calendar day fol­ tion. lowing the date of this Order or (b) later than Summary and conclusion. On the basis of all three months after the date of this Order, unless relevant facts contained in the record, and in light such time shall be extended for good cause by the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 855 Board or by the Federal Reserve Bank of Atlanta Applicant has 16 subsidiary banks and controls pursuant to delegated authority, and that Anastasia $559 million in deposits, or 4.8 per cent of the Bank be open for business not later than six total deposits in the State.' It is the fourth largest months after the date of this Order. of 13 bank holding companies, and the fourth Dated at Washington, D.C., this 2nd day of largest banking organization in the State. Bank is October 1969. a proposed new bank, which, it is estimated, will By order of the Board of Governors. have about $4 million in deposits after three years of operation. Voting for this action: Chairman Martin and Gover­ nors Robertson, Mitchell, Maisel, Brimmer, and Sher­ Bank would be located on, and is expected to rill. Absent and not voting: Governor Daane. serve, Anastasia Island, a residential beach com­ (Signed) Robert P. Forrestal, munity with a population of approximately 6,300, Assistant Secretary. situated Iki miles east of downtown St. Augus­ [seal] tine. It would be the fourth bank, and the second Statement of Applicant’s subsidiaries, in St. John’s County, Florida. Applicant's other county subsidiary, which Barnett National Securities Corporation (“Ap­ has $21 million in deposits, is located in St. Au­ plicant”), a registered bank holding company lo­ gustine, and is the smaller of the two banks in cated in Jacksonville, Florida, has applied to the that city. The larger St. Augustine bank has de­ Board of Governors, pursuant to section 3(a)(3) posits of $23 million, and is affiliated by common of the Bank Holding Company Act of 1956 (12 ownership with the only other bank presently U.S.C. 1842(a)(3)), for prior approval of the located in St. John’s County, a $4.4 million de­ acquisition of 80 per cent or more of the voting posits bank located in Hastings, about 19 miles shares of Anastasia Bank, St. Augustine, Florida southwest of Anastasia Island. (“Bank”), a proposed new bank. The area which Bank would serve is within the Views and recommendation of supervisory area presently served by Applicant’s St. Augus­ authority. Since the proposed new bank is to be a tine subsidiary and the other bank in St. Augus­ State bank, the Board notified the Commissioner tine. However, in view of the fact that Bank is a of Banking of the State of Florida of the receipt new bank which will not be established unless the of the application, as required by section 3(b) of subject application is approved, no existing com­ the Act, and requested his views and recommen­ petition would be eliminated or potential competi­ dation thereon. The Commissioner recommended tion foreclosed by consummation of the proposal. approval of the application. Concentration would not be immediately affected Statutory considerations. Section 3(c) of the in any relevant area, and the projected deposits of Act provides that the Board shall not approve an Bank do not suggest a significant future effect on acquisition that would result in a monopoly or concentration. Finally, it does not appear that the would be in furtherance of any combination or market position which Applicant would attain as a conspiracy to monopolize or to attempt to monop­ result of the proposal would have any undue ad­ olize the business of banking in any part of the verse effect on competing banks. United States. Nor may the Board approve a pro­ posed acquisition the effect of which, in any sec­ Based upon the foregoing, the Board concludes that consummation of the proposed transaction tion of the country, may be substantially to lessen would not result in a monopoly or be in further­ competition, or to tend to create a monopoly, or ance of any combination, conspiracy or attempt to which in any other manner would be in restraint of trade, unless the Board finds that the anticom­ monopolize the business of banking in any area, petitive effects of the proposed transaction are and would not substantially lessen competition, clearly outweighed in the public interest by the tend to create a monopoly, or in any other manner probable effect of the transaction in meeting the restrain trade in any section of the country. convenience and needs of the community to be Financial and managerial resources and future served. In each case the Board is required to take prospects. Applicant’s financial condition, manage­ into consideration the financial and managerial ment, and prospects are regarded as generally resources and future prospects of the bank holding company and the banks concerned, and the con­ 1 Unless otherwise indicated, all banking data are as of December 31, 1968, refer to insured commercial banks, and venience and needs of the community to be served. have been adjusted to reflect holding company formations Competitive effect of the proposed transaction. and acquisitions approved by the Board to date. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

856 FEDERAL RESERVE BULLETIN □ OCTOBER 1969 satisfactory. These conclusions also apply to Ap­ per cent of the voting shares of Mills County State plicant’s subsidiary banks. Bank, Glenwood, Iowa. Bank’s organization has received the preliminary As required by section 3(b) of the Act, the approval of the Commissioner of Banking of the Board gave written notice of receipt of the appli­ State of Florida. Its proposed capital appears ade­ cation to the Superintendent of Banking for the quate, its proposed management competent, and State of Iowa and requested his views and recom­ its prospects appear favorable. mendation. The Superintendent recommended ap­ Considerations relating to the banking factors proval of the application. are regarded as consistent with approval of the ap­ Notice of receipt of the application was pub­ plication. lished in the Federal Register on August 5, 1969 Convenience and needs of the communities in­ (34 Federal Register 12729), which provided an volved. Banking needs of the area which Bank will opportunity for interested persons to submit com­ serve are presently being met by the two banks ments and views with respect to the proposed in downtown St. Augustine. This area has grown acquisition. A copy of the application was for­ faster in recent years than any other area of St. warded to the United States Department of Justice John’s County, and is expected to continue to do for its consideration. Time for filing comments so in the future. Except for trust services, Bank and views has expired and all those received have will offer the same services as are presently avail­ been considered by the Board. able from the downtown banks. While no new It is hereby ordered, for the reasons set forth services will be introduced into the area as a in the Board’s Statement of this date, that said result of the proposal, the convenience of area application be and hereby is approved, provided residents would be served by Bank’s location, and that the acquisition so approved shall not be con­ by the longer hours which it is proposed that summated (a) before the thirtieth calendar day Bank will adopt in order to more conveniently following the date of this Order, or (b) later than serve the island’s suburban population. three months after the date of this Order, unless Considerations relating to the convenience and such period is extended for good cause by the needs of the community which Bank would serve Board or by the Federal Reserve Bank of Chicago provide some weight in favor of approval of the pursuant to delegated authority. application. Dated at Washington, D.C., this 2nd day of Summary and conclusion. On the basis of all October 1969. relevant facts contained in the record, and in the By order of the Board of Governors. light of the factors set forth in section 3(c) of the Act, it is the Board’s judgment that the proposed Voting for this action: Chairman Martin and Gov­ acquisition would be in the public interest, and ernors Mitchell, Daane, Maisel, Brimmer, and Sherrill. that the application should be approved. Absent and not voting: Governor Robertson. (Signed) Robert P. Forrestal, HAWKEYE BANCORPORATION Assistant Secretary. RED OAK, IOWA [seal] In the matter of the application of Hawkeye Bancorporation, Red Oak, fowa, for approval of Statement acquisition of voting shares of Mills County State Hawkeye Bancorporation, Red Oak, Iowa Bank, Glenwood, Iowa. (“Applicant”), a registered bank holding com­ pany, has applied to the Board of Governors, pur­ Order Approving Acquisition of Bank Stock suant to section 3(a)(3) of the Bank Holding by Bank Holding Company Company Act of 1956, for prior approval of the There has come before the Board of Governors, acquisition of 87.6 per cent of the voting shares pursuant to section 3(a)(3) of the Bank Holding of Mills County State Bank, Glenwood, Iowa Company Act of 1956 (12 U.S.C. 1842(a)(3)) (“Bank”). Acquisition of Bank would be effected and section 222.3(a) of Federal Reserve Regula­ through the acquisition by Applicant of all of the tion Y (12 CFR 222.3(a)), an application by outstanding shares of Glenwood Bancorporation, Hawkeye Bancorporation, Red Oak, Iowa, for the Red Oak, Iowa, which presently owns the afore­ Board’s prior approval of the acquisition of 87.6 mentioned shares of Bank. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 857 Views and recommendation of supervisory impact upon the degree of concentration of bank­ authority. As required by section 3(b) of the Act, ing resources in the State, or in any other relevant the Board notified the Superintendent of Banking area. On the record before the Board, it is con­ for the State of Iowa of receipt of the application, cluded that the proposed affiliation would not re­ and requested his views and recommendation sult in a monopoly or be in furtherance of any thereon. The Superintendent recommended ap­ combination or conspiracy to monopolize or to proval of the application. attempt to monopolize the business of banking in Statutory considerations. Section 3(c) of the any relevant area. Act provides that the Board shall not approve an Considering next the probable effect of consum­ acquisition that would result in a monopoly or mation of Applicant’s proposal on existing or po­ would be in furtherance of any combination or tential competition, the Board finds that these con­ conspiracy to monopolize or to attempt to monop­ siderations present no bar to approval of the olize the business of banking in any part of the application. Applicant has five subsidiary banks, United States. Nor may the Board approve any ranging in deposit size from $5.5 million to $25.8 other proposed acquisition, the effect of which, in million, and controls total deposits of about $87 any section of the country, may be substantially million. The closest subsidiary of Applicant to to lessen competition, or to tend to create a mo­ Bank is over 24 miles away, no service area of any nopoly, or which in any other manner would be of such subsidiaries overlaps Bank’s service area, in restraint of trade, unless the Board finds that and several banks are located in the intervening the anticompetitive effects of the transaction are areas. It therefore appears that no existing com­ clearly outweighed in the public interest by the petition would be eliminated by the proposed probable effect of the transaction in meeting the transaction, and these same considerations, as well convenience and needs of the community to be as restrictive provisions of Iowa branching law, served. In each case, the Board is required to take would likely preclude the development of signifi­ into consideration the financial and managerial cant competition between Bank and Applicant’s resources and future prospects of the bank holding subsidiaries in the future. Consummation of the company and the banks concerned, and the con­ proposal would have no undue adverse effects on venience and needs of the community to be served. competitors of Bank or of Applicant’s present Competitive effect of proposed transaction. The subsidiaries. 10 largest banking organizations in Iowa, which The Board concludes that consummation of the include three bank holding companies, control proposed transaction would not substantially lessen approximately 24.4 per cent of the total bank de­ competition, tend to create a monopoly, or in any posits in the State.1 Applicant, the seventh largest other manner restrain trade in any relevant section of such organizations, controls 1.5 per cent of of the country. State deposits. After acquisition of Bank ($1.2 Financial and managerial resources and future million deposits), Applicant would retain its rela­ prospects. The financial conditions of Applicant tive standing among the State’s largest organiza­ and its present subsidiaries are reasonably satis­ tions and would control only an additional .02 factory, as are their managements, and their pros­ per cent of the bank deposits in the State. pects appear favorable. The primary service area of Bank’s main office A controlling interest in Bank was acquired in in Glenwood is estimated to encompass an area late 1967 by Glenwood Bancorporation, a cor­ within a 10 mile radius, except to the west where poration organized and controlled by Applicant’s the Missouri River is a natural boundary. The President and his associates. Since that time, primary service area of Bank’s sole branch office, Bank’s capital has been increased and its head­ in Silver City, is estimated to encompass an area quarters have been moved from Silver City to Glen­ within an eight mile radius of its site. The com­ wood. Management has been recently strength­ bined areas contain an estimated 11,000 persons. ened, and both the management and the financial Bank is the smallest of six banks in Mills County, condition of Bank are regarded as satisfactory. and of four banks in the combined service areas. Although it has had little growth since its organi­ The data presented reflect that Applicant’s zation in 1933, in the light of these changes Bank’s acquisition of Bank would not have an adverse prospects appear reasonably favorable. The Board finds these factors to be consistent 1 Unless otherwise noted, all banking data are as of De­ cember 31, 1968. with approval of the application. 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858 FEDERAL RESERVE BULLETIN a OCTOBER 1969 Convenience and needs of the communities in­ the State of Virginia of receipt of the application volved. Consummation of the proposal would not and requested his views and recommendation. The significantly affect the convenience or needs of cus­ Commissioner recommended approval of the tomers served by Applicant’s present subsidiaries. application. Since Bank’s acquisition by interests closely asso­ Notice of receipt of the application was pub­ ciated with Applicant, its services have been im­ lished in the Federal Register on August 5, 1969 proved and expanded, and Applicant asserts that (34 Federal Register 12729), providing an oppor­ continued improvements would be facilitated by tunity for interested persons to submit comments the proposed acquisition. Trust and computer and views with respect to the proposed transac­ services, which are not now conveniently available tion. A copy of the application was forwarded to in the area, would be made available to Bank’s the United States Department of Justice for its customers, and loan participations between Bank consideration. Time for filing comments and views and Applicant’s present subsidiary banks could has expired and all those received have been con­ be arranged somewhat more readily. sidered by the Board. Most of the asserted benefits to the community It is hereby ordered, for the reasons set forth can be, and to some extent have been, made avail­ in the Board’s Statement of this date, that said able under the present relationship between Bank application be and hereby is approved, provided and Applicant. However, to the extent that cooper­ that the action so approved shall not be consum­ ation between Bank and Applicant’s subsidiaries mated (a) before the thirtieth calendar day follow­ would be facilitated by the proposal and would ing the date of this Order or (b) later than three result in somewhat greater service to the commu­ months after the date of this Order unless such nities which Bank serves, these considerations sup­ period is extended for good cause by the Board port approval of the application. or by the Federal Reserve Bank of Richmond Summary and conclusion. On the basis of all the pursuant to delegated authority. relevant facts contained in the record, and in the Dated at Washington, D.C., this 8th day of light of the factors set forth in section 3(c) of the October 1969. Act, it is the Board’s judgment that the proposed By Order of the Board of Governors. transaction would be in the public interest and that the application should be approved. Voting for this action: Chairman Martin and Gov­ ernors Mitchell, Daane, Maisel, Brimmer, and Sherrill. Absent and not voting: Governor Robertson. DOMINION BANKSHARES CORPORATION, ROANOKE, VIRGINIA (Signed) Elizabeth L. Carmichael, Assistant Secretary. In the matter of the application of Dominion Bankshares Corporation, Roanoke, Virginia, for [seal] approval of acquisition of more than 80 per cent of the voting shares of Southampton County Bank, Statement Courtland, Virginia. Dominion Bankshares Corporation, Roanoke, Virginia (“Applicant”), a registered bank holding Order Approving Acquisition of Bank Stock company, has applied to the Board of Governors, by Bank Holding Company pursuant to section 3(a)(3) of the Bank Holding There has come before the Board of Governors, Company Act of 1956 (12 U.S.C. 1842(a)(3)), pursuant to section 3(a)(3) of the Bank Holding for prior approval of the acquisition of more than Company Act of 1956 (12 U.S.C. 1842(a)(3)), 80 per cent of the voting shares of Southampton and section 222.3(a) of Federal Reserve Regula­ County Bank, Courtland, Virginia (“Bank”). tion Y (12 CFR 222.3(a)), an application by Views and recommendation of supervisory Dominion Bankshares Corporation, Roanoke, Vir­ authority. As required by section 3(b) of the Act, ginia, a registered bank holding company, for the the Board notified the Commissioner of Banking Board’s prior approval of the acquisition of more of the State of Virginia of receipt of the applica­ than 80 per cent of the voting shares of South­ tion and requested his views and recommendation ampton County Bank, Courtland, Virginia. thereon. The Commissioner recommended ap­ As required by section 3(b) of the Act, the proval of the application. Board notified the Commissioner of Banking of Statutory considerations. Section 3(c) of the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 859 Act provides that the Board shall not approve an which distance encompasses several counties and acquisition that would result in a monopoly or cities that are served by a number of intervening would be in furtherance of any combination or banks. There is no indication of any existing com­ conspiracy to monopolize or to attempt to monop­ petition between Bank and any of Applicant’s sub­ olize the businsss of banking in any part of the sidiaries. State law does not permit the present United States. Nor may the Board approve a pro­ subsidiaries to branch de novo in Bank’s service posed acquisition, the effect of which, in any sec­ area, and it therefore does not appear that signifi­ tion of the country, may be substantially to lessen cant potential competition would be foreclosed by competition, or to tend to create a monopoly, or the proposed acquisition. Finally, in view of the which in any other manner would be in restraint relative size of Bank’s competitors, it does not ap­ of trade, unless the Board finds that the anticom­ pear that consummation of the proposal would petitive effects of the proposed transaction are have any undue adverse effect on such competing clearly outweighed in the public interest by the banks. probable effect of the transaction in meeting the On the basis of the foregoing, the Board con­ convenience and needs of the community to be cludes that consummation of Applicant’s proposal served. In each case, the Board is required to take would not result in a monopoly, nor be in further­ into consideration the financial and managerial re­ ance of any combination, conspiracy or attempt sources and future prospects of the bank holding to monopolize the business of banking in any rele­ company and the banks concerned, and the con­ vant area. It does not appear that the acquisition venience and needs of the community to be would substantially lessen competition, tend to served. create a monopoly, or restrain trade in any section Competitive effect of the proposed transaction. of the country. The nine largest banking organizations in Virginia, Financial and managerial resources and future which include six bank holding companies, control prospects. The financial condition and manage­ 65.6 per cent1 of the State’s total banking de­ ment of Applicant and its subsidiary banks are posits of $6.9 billion. Applicant, which has five generally satisfactory, and their prospects appear subsidiary banks with $454 million in deposits, is favorable. the third largest of the holding companies and the Bank is in satisfactory financial condition. Its fifth largest banking organization in the State. The management is presently adequate, but its chief consummation of this proposal would result in no executive officer is nearing the usual retirement change in Applicant’s relative position among age, and, although it is not established that satisfac­ holding companies and banking organizations in tory successor management could not be obtained Virginia, and would increase its holdings of the without Applicant’s assistance, consummation of deposits in the State by only .1 per cent. the present proposal would provide a ready solu­ The only office of Bank, which has $4.6 million tion to any management succession problems deposits, is located in the small town of Courtland, which might develop. Prospects of the Bank, which the county seat of Southampton County (popula­ appear favorable in any event, would likely be tion 20,000). Bank is the only bank in Courtland, improved as a subsidiary of Applicant. and the only bank headquartered in Southampton Considerations relating to the banking factors County. The county is also served by three offices lend some support in favor of the approval of this of the largest bank in the State, one office of a application. subsidiary of the largest bank holding company in Convenience and needs of the communities in­ the State, and one office of an $8 million deposit volved. Consummation of the proposed transac­ bank headquartered in Sussex County. In terms of tion would have no effect on the convenience and total deposits, Bank is the smallest of the four needs of the customers served by Applicant’s banks with offices in the county; it is the third present subsidiary banks. largest in terms of deposits held in offices located Bank serves a large portion of Southampton in the county. County and the independent city of Franklin. The The closest office to Bank of any of Applicant’s banking needs of the area are being adequately subsidiaries is located 40 miles east in Norfolk, served by the full-service banking offices of the large banking organizations in operation in the 'All banking data are as of December 31, 1968, unless county. However, Bank’s affiliation with Appli­ otherwise noted, but reflect holding company acquisitions approved by the Board to date. cant would likely cause it to become a more effec- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

860 FEDERAL RESERVE BULLETIN □ OCTOBER 1969 tive competitor of the first and second largest bank­ portunity for interested persons to submit com­ ing organizations in the State, which operate offices ments and views with respect to the proposal. A in the area, and would provide the area with an ad­ copy of the application was forwarded to the ditional full-service hanking alternative. The im­ United States Department of Justice for its con­ provements which Applicant proposes to initiate in­ sideration. Time for filing comments and views clude increased real estate and commercial lend­ has expired and all those received have been ing capabilities, and availability of fiduciary serv­ considered by the Board. ices. In addition, the greater resources of Appli­ It is hereby ordered, for the reasons set cant would increase the branching capability of forth in the Board’s Statement of this date, that Bank, which, under State law, is the only bank said application be and hereby is denied. permitted to establish new offices in the county. Dated at Washington, D.C., this 8th day of Considerations under this factor support ap­ October 1969. proval of the application. By order of the Board of Governors. Summary and conclusion. On the basis of all relevant facts contained in the record, and in the Voting for this action: Chairman Martin and Gov­ light of the factors set forth in section 3(c) of ernors Mitchell, Daane, Maisel, Brimmer, and Sherrill. the Act, it is the Board’s judgment that the pro­ Absent and not voting: Governor Robertson. posed transactions would be in the public interest (Signed) Elizabeth L. Carmichael, and that the application should be approved. Assistant Secretary. [seal] HAMILTON NATIONAL ASSOCIATES, INCORPORATED, Statement CHATTANOOGA, TENNESSEE Hamilton National Associates, Incorporated, In the matter of the application of Hamilton Chattanooga, Tennessee (“Applicant”), a regis­ National Associates, Incorporated, Chattanooga, tered bank holding company, has applied to the Tennessee, for approval of acquisition of 50.9 Board of Governors, pursuant to section 3(a)(3) per cent or more of the voting shares of Marion of the Bank Holding Company Act of 1956 (12 Trust and Banking Company, Jasper, Tennessee. U.S.C. 1842(a)(3)), for prior approval of the acquisition of 50.9 per cent or more of the voting Order Disapproving Acquisition of Bank shares of Marion Trust and Banking Company, Stock by Bank Holding Company Jasper, Tennessee (“Bank”). There has come before the Board of Governors, Views and recommendation of supervisory au­ pursuant to section 3(a)(3) of the Bank Holding thority. As required by section 3(b) of the Act, Company Act of 1956 (12 U.S.C. 1842(a)(3)) notice of receipt of the application was given to and section 222.3(a) of Federal Reserve Regula­ the Superintendent of Banks of the State of Ten­ tion Y (12 CFR 222.3(a)), and application by nessee, and his views and recommendation were Hamilton National Associates, Incorporated, requested. The Superintendent replied that his of­ Chattanooga, Tennessee, a registered bank hold­ fice would not object to the proposed transaction. ing company, for the Board’s prior approval of Statutory considerations. Section 3(c) of the Act the acquisition of 50.9 per cent or more of the provides that the Board shall not approve an ac­ voting shares of Marion Trust and Banking Com­ quisition that would result in a monopoly or would pany, Jasper, Tennessee. be in furtherance of any combination or con­ As required by section 3(b) of the Act, the spiracy to monopolize or to attempt to monopolize Board gave written notice of receipt of the appli­ the business of banking in any part of the United cation to the Superintendent of Banks of the States. Nor may the Board approve a proposed State of Tennessee and requested his views and acquisition, the effect of which, in any section of recommendation. The Superintendent responded the country, may be substantially to lessen com­ that no objection to the proposed transaction petition, or to tend to create a monopoly, or which would be made by his office. in any other manner would be in restraint of Notice of receipt of the application was pub­ trade, unless the Board finds that the anticom­ lished in the Federal Register on July 23, 1969 petitive effects of the proposed transaction are (34 Federal Register 12196), providing an op­ clearly outweighed in the public interest by the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 861 probable effect of the transaction in meeting the achieve as a result of the present proposal, there­ convenience and needs of the community to be fore, could be alleviated only through the estab­ served. In each case, the Board is required to lishment of new banks in the county. The dif­ take into consideration the financial and man­ ficulty and uncertainty of that path toward deagerial resources and future prospects of the bank conccntration, which relies upon the success of a holding company and the banks concerned, and new bank faced with competition from an en­ the convenience and needs of the community to trenched and relatively powerful organization, be served. lead to the conclusion that the concentration Competitive effect of proposed transaction. Ap­ which would immediately result from Applicant’s plicant is the larger of two Tennessee-based bank proposal would continue substantially undimin­ holding companies,' and is the fifth largest banking ished for the foreseeable future. State authorities organization in the State.2 It has eight subsidiary recently approved the establishment of a new banks in Tennessee, which have 30 banking of­ bank in South Pittsburg. While the opening of that fices and hold about $366 million of deposits. Ac­ bank would make Applicant’s control of county quisition of Bank, which has deposits of $5.1 banking less than complete, the likelihood of its million, would increase Applicant’s share of de­ opening does not alter the Board’s judgment re­ posits held by all banks in the State from 5.9 per garding the undesirability of the competitive situa­ cent to 6.0 per cent, an increase which, of itself, tion which the present proposal would create. is not considered competitively significant. Based on the deposit projections of the new bank, Of much greater significance and concern is the it appears that, even in the unlikely event that effect which the instant proposal would have in the deposits of Applicant’s South Pittsburg sub­ the local area served by Bank. The only office of sidiary and of Bank were to remain static while Bank is located in Jasper, Marion County, Tennes­ the new bank achieves its full anticipated deposit see, and Bank is one of only two banks presently growth, Applicant would continue to control over located in the county, which has a population of 80 per cent of county deposits after the new bank 21,600. The other bank in Marion County is First has been in operation for three years. National Bank of South Pittsburg ($8.6 million For the foregoing reasons, the Board concludes deposits) a subsidiary of Applicant, which is lo­ that Applicant’s proposal would not only elim­ cated only seven miles southwest of Bank on a inate significant existing competition between Bank good connecting highway. Both of the banks serve and Applicant’s South Pittsburg subsidiary, but a large portion of Marion County, and each de­ would tend to create a banking monopoly in rives a significant portion of its business from the Marion County, if, indeed, it would not immedi­ area served by the other. ately achieve that result. The closest large city to Jasper is Chattanooga, Financial and managerial resources and future which is located 25 miles to the southeast. There prospects. Applicant and its present subsidiaries is little commuting between Jasper and Chatta­ are in satisfactory financial condition, with com­ nooga, and it apears that, for a large portion of petent management, and their prospects appear the residents of Marion County, Bank and Appli­ favorable. cant’s South Pittsburg subsidiary are the only Bank’s financial condition is also satisfactory. convenient banking alternatives. Consummation of Its management is capable, and, although its Pres­ Applicant’s proposal would leave such residents ident plans to retire in a short time, it does not without a competitive alternative to Applicant, and appear that Applicant’s assistance is essential in would increase Applicant’s share of county de­ filling the vacancy which his retirement will create. posits from 62.5 per cent to 100 per cent. Prospects of Bank are regarded as favorable. Under Tennessee law, a bank may establish Considerations relating to the banking factors branches only within the county in which its prin­ are consistent with, but provide no significant cipal office is located. The domination of county weight in favor of, approval of the application. banking which Applicant would immediately Convenience and needs of the communities in­ volved. Jasper, with a population of 1,450, is the 1 Two bank holding companies with principal banking operations outside the State also have subsidiary banks in third largest of six small cities in Marion County Tennessee. which range in population from 170 to 4,130 2 All banking data are as of December 31, 1968, adjusted (South Pittsburg). Marion County is located in to reflect holding company acquisitions approved by the Board to date. southeastern Tennessee and borders on the Ala- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

bama and Georgia State lines. The economy of significant weight toward approval of the appli­ the area is based primarily on coal mining and cation. small manufacturing, and growth of the area has Summary and conclusion. Consummation of been slow. Applicant’s proposal would create a near-monop- Bank currently offers a full range of banking oly in banking in Marion County, Tennessee. No services, with the exception of trust services. Al­ other considerations presented by the record off­ though Applicant states that its proposal would set, to any measurable extent, the adverse effects make trust services more conveniently available on the public interest which would result from the to Bank’s customers, there appears to be no sub­ proposal’s anticompetitive consequences. stantial demand for such services in the area. On the basis of all relevant facts contained in It appears that banking needs in Marion County the record, and in the light of the factors set forth are being adequately met by Bank and Applicant’s in section 3(c) of the Act, it is the Board’s judg­ South Pittsburg subsidiary, and that no significant ment that the proposed acquisition would not be in improvements would result from Applicant’s pro­ the public interest, and that the application should posal. These considerations therefore provide no be denied. □ 862 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Announcements RECIPROCAL CURRENCY ARRANGEMENTS TRUST ASSETS OF BANKS The Federal Reserve System announced on Insured commercial banks had trust assets of October 9, 1969, that its reciprocal currency ar­ approximately $282.7 billion in December 1968. rangements with the central banks of Austria, Of this total, $182.7 billion, or almost 65 per cent, Denmark, and Norway have each been increased was invested in common stock. These are among by $100 million to $200 million. the figures recently made available in the report These increases with the Austrian National “Trust Assets of Insured Commercial Banks— Bank, the National Bank of Denmark, and the 1968.” Data on trust assets in various types of Bank of Norway bring the total of the System’s trust accounts were collected on a uniform basis swap network with 14 central banks and the Bank by the Federal Reserve System, the Office of the for International Settlements to a total of $10,980 Comptroller of the Currency, and the Federal De­ million. posit Insurance Corporation from the banks under The Federal Reserve’s reciprocal currency ar­ their respective supervision. The data were tabu­ rangements are now as follows (in millions of lated and published by the FDIC. dollars): The report also provides detailed data on the number of trust accounts and the amount of trust investments in banks by State and by size of the Austrian National Bank 200 trust department. Of total trust assets of $282.7 National Bank of Belgium 500 Bank of Canada 1,000 billion reported by approximately 3,300 insured National Bank of Denmark 200 commercial banks, approximately $138.4 billion Bank of England 2,000 was in personal trusts and estates; $92.8 billion Bank of France 1,000 in employee benefit trusts and agencies; and $51.5 German Federal Bank 1,000 billion in personal agencies. Bank of Italy 1,000 A limited number of copies of the report are Bank of Japan 1,000 available. Requests for single copies from the Bank of Mexico 130 Netherlands Bank 300 Board may be addressed to Publications Services, Bank of Norway 200 Division of Administrative Services, Board of Bank of Sweden 250 Governors of the Federal Reserve System, Wash­ Swiss National Bank 600 ington, D.C. 20551. Bank for International Settlements Swiss francs/dollars 600 Other European currencies/dollars 1,000 TRUST ASSETS OF INSURED COMMERCIAL BANKS—DECEMBER 1968 Total 10,980 Tn billions of dollars unless otherwise indicated Type of account TRANSFER OF FEDERAL RESERVE BRANCH Total Item trusts TERRITORY and Personal Employee benefit agencies trusts & Personal Effective October 16, 1969, the territory of the estates agencies Memphis Branch of the Federal Reserve Bank Trusts Agencies of St. Louis was extended to include the counties Common stock.... 182.7 93.2 52.1 3.8 33.6 of Greene, Randolph, and Clay in northeastern Other investments.. 100.0 45.2 32.2 4.7 17.9 Arkansas. These counties had previously been in Total investments. 282.7 138.4 84.3 8.5 51.5 the territory served by the head office at St. Louis. Number of accounts (in thousands).. . 962.9 750.7 88.1 5.6 118.5 The Memphis Branch now serves 73 counties. 863 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication October 16 Industrial production eased further in September largest increase occurred among young workers. and the unemployment rate rose. Nonfarm em­ Nonfarm employment was little changed in Sep­ ployment was unchanged and retail sales increased. tember as gains in some sectors were offset by Commercial bank credit and time and savings de­ declines in others. The average factory workweek posits declined. The money supply increased slight­ increased slightly to 40.7 hours in September but ly. Between mid-September and mid-October, yields was 0.3 hour below a year earlier. on most Treasury bills declined and yields on sea­ DISTRIBUTION sonal corporate bonds increased. The value of retail sales in September, according INDUSTRIAL PRODUCTION to the advance report, rose 1 per cent from August Industrial production in September was 173.8 per and was 3 per cent above a year earlier. Sales at cent of the 1957-59 average, down 0.3 per cent durable goods stores, excluding the automotive from August and 5.3 per cent above a year earlier. group, and at nondurable goods stores were little Output of some consumer goods declined in Sep­ changed from the previous month. Unit sales of new domestic autos, which rose sharply in the last tember but production of business equipment and selling period in September, declined in early Oc­ materials was about unchanged. tober. Auto assemblies in September, after allowance for the model changeover period, declined 5 per COMMODITY PRICES cent because of work stoppages. Production of tele­ Wholesale prices rose 0.2 per cent and the indus­ vision sets and some other household goods was off trial commodity average 0.4 per cent from mid­ slightly, but output of consumer staples changed August to mid-September. Increases in the latter little. Production of business equipment continued were widespread, including metals, machinery, and at about the record level reached in June. apparel. Declines in livestock prices accounted for EMPLOYMENT most of a 0.3 per cent drop in prices of farm and food products. More recently, increases have been The unemployment rate moved up sharply to 4 announced for aluminum ingots and some chem­ per cent in September from 3.5 per cent in Au­ ical and steel products. gust. Although some increases in unemployment were reported in all major age-sex groups, the AGRICULTURE INDUSTRIAL PRODUCTION The annual index of crop output for 1969 was forecast as of October 1 at 120 (1957-59=100), 1 per cent above the record output of 1968. In September, improvement in feed grain and soy­ bean prospects largely offset a 5 per cent decline in cotton. Red meat production in September was a little less than a year earlier, according to preliminary estimates, but production of poultry, meat, eggs, and milk exceeded that of a year earlier. BANK CREDIT, DEPOSITS, AND RESERVES Commercial bank credit declined $700 million in September following a $200 million net reduction over the 3 previous months. Bank holdings of U.S. Treasury securities dropped sharply, associated in F.R, indexes, seasonally adjusted, Latest figures: September. 864 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

part with bank, sales of the Treasury strip bills October I compared with $1 billion in August. acquired in the late August financing. Holdings of Member bank borrowings declined and excess re­ other securities increased slightly following substan­ serves increased somewhat. tial liquidation over the spring and summer months. Growth in major loan categories continued close SECURITY MARKETS to the moderate pace prevailing since early summer. Most Treasury bill rates declined somewhat on bal­ The money supply increased $100 million in ance between mid-September and mid-October. September following a $200 million decline in The 3-month issue was bid at around 7.05 per cent August and a $650 million monthly average expan­ in the middle of October, compared with about sion earlier in the year. U.S. Government deposits 7.10 per cent a month earlier. Yields on Treasury increased substantially. Time and savings deposits notes and bonds continued to rise sharply during at all commercial banks declined $300 million in the latter half of September, but declined con­ September compared with reductions of over $3 siderably during the first two weeks of October. billion in each of the two previous months. Attri­ tion of large-denomination negotiable CD’s con­ New issue corporate bond yields continued to tinued heavy—especially over the mid-September climb through the first week of October, after tax and dividend period—but the outflow of con­ which they began to ease off; seasoned corporate sumer-type time and savings deposits slackened at yields persisted in the steady climb initiated in large banks, and total time and savings deposits at mid-August. The recent moderation of municipal country banks increased following reductions in the bond volume was an important influence on the two previous months. net decline of yields in that market. Stock prices Net borrowed reserves of member banks aver­ rose slightly on balance with volume of shares aged about $830 million over the 5 weeks ending traded rising sharply in mid-October. Bureau of Labor Statistics. “Farm products and foods” is Discount rate, range or level for all F,R. Banks. Weekly BLS “Farm products, and processed foods and feeds.” Latest average market yields for U.S. Govt, bonds maturing in 10 figures: Consumer, August; Wholesale, September. years or more and for 90-day Treasury bills. Latest figures: week ending Oct. 3. 865 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 □ OCTOBER 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 A 101 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 HI, 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 Annually—Continued Issue Page Flow of funds........................................... May 1969 A-69.1 Banks and branches, number, by class and State............................................ Apr. 1969 A-91 Semiannually Flow of funds: Banking offices: Assets and liabilities: Analysis of changes in number of. . . A AU uc L . 1969 A A - 94 | 1 9 9 6 6 7 6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M Fe a b y - 1 1 9 9 6 6 8 8 A A - - 6 6 7 5 . . 1 1 0 0 On, and not on, Federal Reserve Par List, number.............................. Aug. 1969 A-95 FI?E 1968................................................... May 1969 A-68 Annually Income and expenses: Federal Reserve Banks........................ Feb. 1969 A-92 Bank holding companies: Member banks: List of, Dec. 31, 1968..................... June 1969 A-91 Calendar year.................................... May 1969 A-95 Banking offices and deposits of Operating ratios................................ May 1969 A-104 group banks, Dec. 31, 1968.... Aug. 1969 A-96 Insured commercial banks.................. May 1969 A-107 Banking and monetary statistics, 1968.. Mar. 1969 A-92—A-102 Stock exchange firms, detailed debit May 1969 A-91—A-94 and credit balances........................... Sept, 1969 A-94 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 4 BANK RESERVES AND RELATED ITEMS □ OCTOBER 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 * 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 I960—Dec................................................. 27,248 27,170 78 94 1,665 29,060 17,954 5,396 1965—Dec............................ ... 40 885 40 772 113 490 2J49 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—Sept........................................... 52,222 52,208 14 515 1,981 54,769 10,367 6,737 Oct............................................ 53*300 53,252 48 427 1376 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 52,122 51,987 135 918 2,367 55,477 10^67 6,815 Apr...................................................... 52*463 52,257 206 996 2,429 2,837 58,821 10,367 6,750 May................................................ 53J90 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 ,190 2,684 2,670 60,887 10,367 6’737 Aug..................................................... 54,599 54,334 265 1 ,249 2,302 2,672 60,876 10,367 6,739 Sept.p................................................. 53,840 53,722 118 1 ,067 2,463 3,032 60,445 10,367 6,761 Week ending— 1969—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 1,279 2,680 2,698 61,302 10,367 6'737 23............................................... 54,189 54,161 28 1 ,354 3,145 2,634 61,365 10,367 6,735 30..................................... 53,897 53,897 1,269 2,224 2,690 60,121 10,367 6,737 54,617 54,138 479 1,090 2,228 2,605 60,602 10,367 6,739 ~ 13............................................... 54,531 54,067 464 1,329 2,'247 2,640 60,809 10,367 6,738 20..................................... 54,459 54,422 37 1,221 2,641 2,682 60,148 10,367 6,'734 27............................................... 54,559 54383 76 1 ,204 2,182 2,715 60,707 10,367 6,738 Sept. 3.............................................. 54,791 54,638 153 1 ,240 2,073 2,770 60,927 10,367 6,754 10p........................................ 53’869 53,869 740 2,442 2,930 60,022 10,367 6,757 17p............................................ 53,187 53J33 54 1,017 2,617 2,954 59,820 10,367 6,758 24p............................................ 53^28 53',726 102 1,106 2,812 3,067 60,857 10,367 6,761 End of month 1969—July........................................... . 54,138 54,138 750 2,561 2,600 60,089 10,367 6,748 Aug,. ........................... 54,950 54,681 269 1,514 2,096 2,735 61,357 10,367 6,765 Sept.p................................................. 54'134 53,845 289 928 1 ,849 3,288 60,236 10,367 6,779 Wednesday 1969—July 2............................................... 54,095 54,095 561 2,408 2,656 59,763 10,367 6,740 ' 9............................................... 53,715 «53,7I5 659 2,636 2,716 59,767 10,367 6,739 16............................................... 54,821 54*565 256 2,087 2,674 2,609 62,252 10,367 6,734 23............................................... 53 ,*669 653,669 1,016 2*348 2,671 59;745 10,367 6,735 30............................................... 52,983 652,983 '985 2,186 2,710 58'905 10,367 6,736 54,881 54,138 743 1,152 2,328 2,616 61,064 10,367 6,738 13............................................... 53,947 «53 ,834 113 370 2301 2,674 59,233 10,367 6,737 20............................................... 54*397 654*397 1,125 2,308 2,831 60,702 10,367 6,734 27............................................... 54,927 54,681 246 1 ,465 2,075 2,716 61,243 10,367 6,755 Sept. 3p............................................ 54,459 54,459 698 2,299 2,911 60,407 10,367 6,755 IOp............................................ 52*756 652'756 340 2,309 2,971 58,413 10,367 6,758 !7p............................................ 52,804 65 2 304 656 2*986 2,969 59,452 10,367 6,760 24P............................................ 53,968 53’622 346 1,526 2,280 3,285 61,119 10,367 6,761 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 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 e i n u n c r y ­ T c r u a e r s a y h s ­ with F.R, Banks O F t . h R e . r O F l t i . h a R e ­ . r Period or date c t c i u o i l r a n ­ ­ h in o g ld s ­ Treas­ For­ Other 2 cou ac n ­ ts3 c b a i a p li n t i i d t e a s l3 W F. i R th . r C en u c r y ­ ury eign Banks and Total coin5 Averages of daily figures 4,400 210 30 0 376 2,314 2,314 5,455 272 81 1€4 350 2,211 2,211 7,609 2,402 616 729 248 11,473 11,473 ............................. 1939—Dec. 10,985 2,189 592 1,521 292 12,812 12,812 ........................ 1941—Dec. 28,452 2,269 625 1,247 493 16,027 16,027 ............................ 1945—Dec. 27,806 1,290 615 920 353 739 .................. 17,391 .............. • • 17,391 .............................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 .............................1965—Dec. 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. 48,474 791 611 131 450 -151 21,567 4,510 26,077 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 50,609 756 360 225 458 -1,105 .................. 22,484 4,737 27,221 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 4 4 9 9 , , 7 9 0 4 3 7 7 69 0 1 7 5 3 4 69 9 1 13 3 1 2 4 5 4 1 5 0 1 1 , , 9 9 3 6 7 8 2 23 2 , , 3 5 7 8 1 1 4 4 , , 4 5 9 3 8 2 2 27 7 , , 9 0 0 7 3 9 ..........................................iZay 50,693 672 970 107 458 2,010 22,768 4,549 27,317 51 ,256 657 1,117 142 473 2,038 22,309 4,671 26,980 ...........................................July 51,328 67! 881 141 469 2,062 22,430 4,649 27,079 ..........................................Aug. 51 ,438 678 5Q7 128 454 .................. 2,055 22,224 4,729 26,953 .........................................Sept." Week ending— 50,913 655 1 ,068 128 49! 2,022 22,837 4,663 27,500 ........................ 1969—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 22,540 4,735 27,275 ..............................................16 51,208 661 1,184 137 457 1 ,963 22,857 4,307 27,164 ..............................................23 51,006 676 1,177 123 453 .................. 2,019 21,770 4.824 26,594 ..............................................30 51,120 663 867 153 476 2,118 22,313 4,729 27,042 ......................................Aug. 6 51,433 659 1 ,024 143 464 2,102 22,090 4,870 26,960 ..............................................13 51 ,375 674 746 135 483 1 ,972 22,764 4,395 27,159 ..............................................20 51,294 682 895 139 464 .................. 2,033 22,306 4,603 26,909 ..............................................27 51,499 678 868 148 462 2,121 22,273 4,655 26,928 51,618 682 15 121 460 2,177 22,074 4,817 26,891 ..............................................10" 51,545 683 33 123 445 1 ,970 22,146 4,672 26,818 .........................................17" 51 ,315 676 1,168 134 435 1 ,989 22,266 4,660 26,926 . ............................................24" End of month 51,120 631 935 158 464 2,088 21,809 4,729 26,538 ..............................1969—July 51,461 643 894 143 443 2,117 22,787 4,655 27,442 ...................................... Aug. 51 ,313 662 1,003 143 515 .................. 2,090 21,656 4,812 26,468 .........................................Sept." Wednesday 51,294 656 995 150 517 2,046 21 ,212 4,662 25,874 .........................1969—July 2 51,592 638 1,104 139 487 2,106 20,807 4,801 25,608 ............................................. 9 51,444 656 1,088 116 462 1 ,939 23,648 4,748 28,396 ..............................................16 51,199 672 1,092 138 451 1 ,977 21 ,318 4,310 25,628 ..............................................23 51 ,118 683 1 ,227 121 465 .................. 2,028 20,366 4,824 25,190 ..............................................30 51,403 654 585 153 468 2,148 22,758 4,729 27,487 .....................................Aug. 6 51,510 672 1,100 141 486 1 ,922 20,506 4,872 25,378 ..............................................13 51,436 684 956 1 16 484 1 ,988 22,139 4,393 26,532 ..............................................20 51,449 693 953 138 482 .................. 2,059 22,591 4,608 27,199 ..............................................27 51,753 679 748 178 513 2,145 21 ,512 4,652 26,164 .....................................Sept. 3" 51 ,731 687 8 96 439 2,199 20,378 4,817 25,195 ..............................................10" 5t,521 685 185 143 431 1 ,942 21,672 4,672 26,344 ..............................................17" 51,292 682 1 ,203 149 439 .................. 2,005 22,476 4,660 27,136 ..............................................24" 1 U.S. Govt, securities include Federal agency obligations. ances on Wed. and end-of-month dates, see subsequent tables on F.R. a Beginning with 1960 reflects a minor change in concept; see Feb. Banks. See also note 2. 1961 Bulletin, p. 164. n Part allowed as reserves Dec. 1, 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 sa1e/purchase transactions. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 6 BANK RESERVES AND RELATED ITEMS □ OCTOBER 1969 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city banks All member banks New York City City of Chicago Period Reserves Bor­ Reserves Bor­ Reserves Bor­ T h o e t l a d l qu R ir e e ­ d i Excess B F r i a n o . a n g R w t k s . ­ s se F r 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 a o n a . n g R w t s k . ­ s s F e r r r e v e ­ e e s T h o e t l a d l qu R ir e e - d 1 Excess B r i F a n o a n . g w R t k s ­ s . s F e r r r e v e ­ e e s 1929—June............. 2,314 2,275 42 974 -932 762 755 7 174 -167 161 161 1 63 -62 1933—June............. 2 2'160 1 ,797 363 184 179 861 792 69 69 211 133 78 78 1939—Dec.............. 11;473 6,462 5,0! 1 3 5,008 5,623 3,012 2,6! 1 2,611 1,141 601 540 540 1941—Dec.............. 12,812 9,422 3.390 5 3,385 5'142 4,153 989 989 1,143 848 295 295 1945—Dec.............. 16;O27 14,536 1,491 334 1,157 4,118 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 I8 -11 1963—Dec.............. 20746 20,210 536 327 209 3,951 3,895 56 37 19 1 ,056 1 ,051 5 26 -21 1964—Dec............... 21,609 21 J98 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 4! 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—Sept.............. 26,077 25,694 383 515 -132 4,886 4,868 18 154 -136 1 ,t47 1,143 4 23 -19 Oct. 26,653 26,393 260 427 -167 5,096 5,071 25 65 -40 1 ,182 1 ,177 5 9 -4 Nov........ 26,785 26^461 324 569 -245 5,022 4,968 54 72 -18 1 ,153 1 ,155 -2 7 -9 Dec.............. 27,221 26 ,'766 455 765 -310 5,157 5,057 100 230 -130 1,199 1,184 15 85 -70 1969—Jan............... 28,063 27,846 217 697 -480 5,397 5,392 5 65 -60 1 ,286 1 ,287 -I 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 HI -117 1 ,202 1 ,202 116 -116 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 July.............. 26,980 26,864 116 1,190 -1 ,074 4,837 4,817 20 86 -66 1,197 1 ,207 -10 5 -15 Aug.............. 27^079 26,776 303 1 ,249 -946 4,963 4,922 41 93 -52 1 ,188 1 ,196 -8 39 -47 Sept?*.......... 26^51 26,735 216 1 ,067 -851 4,989 4,967 22 87 -65 1,199 I ,186 14 51 -37 Week ending—■ 1968—Sept. 4.... 25,881 25,626 255 454 - 199 4,818 4,839 -21 HI -132 1,186 1,175 11 11 11.... 25,192 26,536 556 634 -78 4,989 4,854 135 240 -105 1 ,145 1 ,123 22 22 18. ... 25,974 25,600 374 404 -30 4,860 4,839 21 107 -86 1 ,174 1 ,175 -1 I! -12 25 ... . 25,855 25,658 197 474 -277 4,836 4,854 -18 90 -108 1,127 1 ,123 4 86 -82 1969—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 -1 258 -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 27,656 116 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 11.... 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 16.... 27,275 27,099 176 1 ,279 -1,103 5,027 4'971 56 137 -81 1 ,261 1 ,265 -4 15 -19 23 ... . 27,164 26,782 382 1 ,354 -972 4,909 4,822 87 89 -2 1 ,200 1,190 10 10 30. . . . 26,594 26,448 146 I ,269 -1,123 4,630 4,593 37 154 -117 1 ,143 1 ,152 -9 4 -13 Aug. 6. . . . 27,042 26,791 251 1 ,090 -839 4,844 4,829 15 18 -3 1 ,214 1,199 15 15 13.... 26,960 26,627 333 1 ,329 -996 4,843 4,784 59 135 -76 1 ,211 1 ,210 1 139 -138 20.... 27,159 27,100 59 1 ,221 -1,162 5,101 5,164 -63 136 -199 1,224 1 ,216 8 8 27... . 26,909 26,697 212 1 ,204 -992 4,941 4,896 45 64 -19 1,145 1,164 -19 6 -25 Sept. 3 . . . . 26,928 26,548 380 1 ,240 -860 4,945 4,922 23 84 -61 1 ,215 1 ,186 29 29 IOp... 26,891 26,556 335 740 -405 5,081 4,941 140 64 76 1,182 1,179 3 5 -2 I7p. 26,818 26,698 120 1 ,017 -897 4,949 4,984 -35 129 -164 1,180 1,190 -10 9 -19 24”. .. 26,926 26,723 203 1,106 -903 4,927 4,915 13 111 -98 1,168 1,165 3 39 -36 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 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 Required 1 Excess Banks T h o e t l a d l Required1 Excess Banks 761 749 12 409 -397 632 610 22 327 -305 .............................1929—June 648 528 120 58 62 441 344 96 126 -30 .............................1933-—June 3,140 1 ,953 1,188 1,188 1 ,568 897 671 3 668 .............................1939—Dec. 4,317 3.014 1,303 1 1 ,302 2,210 1 ,406 804 4 800 .............................1941—Dec. 6,394 5,976 418 96 322 4,576 3,566 1,011 46 965 .............................1945—Dec. 6,689 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 .............................I960—Dec. 8,178 8,100 78 130 -52 6,956 6.515 442 48 394 .............................1962—Dec. 8,393 8,325 68 190 -122 7,347 6,939 408 74 334 .............................1963—Dec. 8,735 8,713 22 125 -103 7,707 7,337 370 55 315 .............................1964—Dec. 9,056 8,989 67 228 -161 8,219 7,889 330 92 238 .............................1965—Dec. 9,509 9,449 61 220 -159 8,619 8,318 301 161 140 .................... . ...1966—Dec. 10,081 10,031 50 105 -55 8,901 8,634 267 80 187 ............................. 1967—Dec. 10,534 10,473 61 194 -133 9,510 9,210 300 144 156 .............................1968—Sept. 10,758 10,763 -5 186 -191 9,617 9,382 235 167 68 ...........................................Oct. 10,863 10,847 16 274 -258 9,747 9,491 256 216 40 .........................................Nov. 10,990 10,900 90 270 -180 9,875 9,625 250 180 70 ..........................................Dec. 1 I,271 11 ,287 -16 321 -337 10,109 9,880 229 263 -34 ..............................1969—Jan. 10,965 10,948 17 420 -403 9,877 9,668 209 302 -93 ..........................................Feb. 10,761 10,768 -7 449 -456 9,749 9,543 206 306 -100 ..........................................Mar. 10,914 10,923 -9 512 -521 9,924 9,757 167 257 -90 ..........................................Apr. 11,275 1 1 ,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 10,752 10,846 -94 517 -611 10,194 9,994 200 582 -382 .............. July 10,814 10,730 84 480 -396 10,114 9,928 186 637 -451 ..........................................Aug. 10,657 10,652 5 462 - 457 10,106 9,930 176 467 -291 .............. Sept.” Week ending— 10,516 10,460 56 178 -122 9,361 9,152 209 165 44 .........................1968—Sept. 4 10,545 10,444 101 261 -160 9,511 9,215 296 133 163 ...............................................11 10,467 10,461 6 147 -141 9,473 9,125 348 139 209 ..............................................18 10,447 10,447 191 -191 9,445 9,234 211 107 104 ..............................................25 10,706 10,693 13 512 -499 9,822 9,558 264 371 -107 ......................................Apr. 2 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 11,159 (1,185 -26 617 -643 10,235 10,092 143 364 -221 ............................ 30 11,400 11,257 143 582 -439 10,331 10,106 225 506 -281 ....................................May 7 11,209 11 ,215 -6 625 -631 10,115 9,923 192 405 -213 ..............................................14 11,169 11,186 -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 ....................................June 4 11,002 10,927 75 666 -591 10,103 9,890 213 501 -288 ..............................................11 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 10,877 10,946 -69 628 -697 10,110 9,917 193 499 - 306 ..............................................16 10,913 10,786 127 604 -477 10,142 9,984 158 661 -503 . ............................................23 10,600 10,674 -74 448 -522 10,221 10,029 192 663 -471 ..............................................30 10,834 10,788 46 434 -388 10,150 9,975 175 638 -463 ....................................Aug. 6 10,747 10,703 44 466 -422 10,159 9,930 229 589 — 360 ..............................................13 10,774 10,811 -37 453 -490 10,060 9,909 151 624 -473 ..............................................20 10,710 10,690 20 501 -481 10,113 9,947 166 633 -467 ..............................................27 10,687 10,587 100 463 -363 10,081 9,853 228 664 -436 ......................................Sept. 3 10,608 10,604 5 205 -200 10,019 9,832 187 466 -279 ..............................................10" 10,650 10,668 -18 456 -474 10,039 9,856 183 423 -240 ..............................................17" 10,679 10,644 34 569 -535 10,154 9,999 154 387 -233 ..............................................24" 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 tn balances of unlicensed banks. 1959; thereafter on closing figures for balances with F.R. Banksand open­ ing figures for allowable cash; see also note 3 to preceding table. Note.-—Averages of daily figures. Monthly data are averages of daily Requ'red 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 □ OCTOBER 1969 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS (In millions of dollars, unless otherwise noted) Basic reserve position Interbank Federal funds transactions Related transactions with U.S. Govt, securities dealers Less— Net— Gross transactions Net transactions Reporting banks week a e n n d d ing— s E e x r r c v e e e ­ s s s 1 r a o B t B w a F o n in . r k R g ­ s s . F t f i b e r u n N a a d n t n e e n e d s t k r r s . a ­ l S d u e r o f p i r c l u . it s r P r e e e q s a r e u o v c r g i f v r e . e e n d s t ch P a u s r e ­ s Sales a tw c t T r o t a o io - n t w a n s a l s ­ y 2 b c o b h u P a f a y u n n s i r k n e e ­ s g s t s o b S e a f a l n l l n i e n k e s s g t d L e o a t a l o e n r s s 3 de f r B i r a n o o l o g w e m s r r ­ ­ s 4 lo N a e n t s Total~46 banks 1969—Aug. 6............. 71 201 I ,902 -2,031 17.8 5,621 3,719 2,865 2,756 854 808 313 495 13 150 483 2,636 -2,969 26.1 5,678 3,042 2,426 3,252 616 689 353 337 20............. 23 403 2,078 -2,457 20.8 5,592 3,514 2,604 2,988 910 653 343 309 27............. 23 249 1 ,553 -1,779 15.6 5,147 3,594 2,389 2,758 1 ,205 606 351 255 Sept. 3. ...... 177 346 1 ,959 -2,128 18.7 5,803 3,848 2,843 2,963 1 ,005 647 382 265 10............ 241 104 3,770 -3,632 31.8 6,820 3,050 2,356 4,464 694 1 ,447 332 1,115 17............. 21 458 4,151 -4,588 39.7 6,574 2,424 2,352 4,222 71 1 ,839 295 1 ,544 24............. 62 390 3,715 -4,043 35.4 6,452 2,737 2,272 4,180 465 671 231 440 5 in New York City 1969—Aug. 6............. 50 18 -II 44 1 .0 1,766 1 ,777 1 ,458 308 319 745 127 617 13............. 94 118 446 -470 10.8 1 ,750 1 ,304 1,182 568 122 558 172 386 20............. -11 136 -152 5 . 1 1 ,571 1 ,723 1 ,277 294 446 505 170 335 27............. 27 53 -292 266 6.0 1 ,397 1 ,688 1 ,073 324 615 522 164 358 Sept. 3............. 47 57 95 -105 2.4 1 ,803 1 ,708 1 ,450 353 258 582 139 443 10........... 158 64 1 ,305 -1 ,21 1 26.9 2,203 898 897 1 ,306 1,161 107 1 ,054 17............. 2 129 1,198 -1 ,324 29.1 2,089 891 877 1 ,212 14 1 ,213 130 1 ,083 24............. 24 84 1 ,252 -1,311 29.3 2,124 872 846 1 ,278 26 583 117 466 38 outside New York City 1969—Aug. 6........... 20 183 1,913 -2,075 29,5 3,854 ! ,942 I ,406 2,448 535 63 186 4-123 13............. 56 365 2,190 -2,499 35.6 3,928 1 ,738 I ,243 2,685 495 131 180 4-49 20............. 35 267 2,230 -2,462 34.6 4,021 1 ,791 1 ,327 2,694 464 147 173 +26 27............. -5 196 1 ,845 -2,045 . 29.4 3,750 1 ,906 1 ,316 2,434 589 83 187 104 Sept. 3............. 131 289 1,864 -2,022 29.2 4,004 2,140 1 ,394 2,610 747 65 243 4-178 10............. 83 39 2,465 -2,421 34.9 4,617 2,152 1 ,458 3,158 694 286 225 61 17............. 19 329 2,953 -3,263 46.7 4,485 1 ,533 1 ,476 3,010 57 626 165 461 24............ 38 307 2,463 -2,731 39.4 4,328 1 ,865 1 ,425 2,903 440 88 114 +26 5 in City of Chicago 1969—Aug. 6............. 9 657 -648 59.5 967 310 310 657 22 22 13........... 9 134 775 -900 81.8 1 ,022 247 247 775 21 21 20............. 15 608 -593 53,5 967 359 353 614 7 39 39 27............. — 6 .............. 604 -610 57.7 928 324 324 604 .............3.1 + 31 Sept. 3............. 21 16 787 -781 72.4 1,136 349 338 798 11 30 30 10............. 21 991 -970 90.4 1 ,310 319 319 991 38 38 17....... -3 9 895 -907 83.7 1 ,278 383 369 909 14 39 39 24............. 4 39 1 ,004 -1 ,039 98.0 1 ,298 294 294 1 ,004 .............4.1 i 40 33 others 1969—Aug. 6............. 1 1 183 1 ,256 - 1,427 24.0 2,888 1 ,632 1 ,096 1 ,791 535 41 186 4-145 13............. 47 231 1 ,415 -1 ,599 27.0 2,906 1 ,491 996 1 ,910 495 110 180 + 70 20............ 20 267 1 ,622 -1,869 31.2 3,054 1 ,432 975 2,079 457 109 173 + 64 27............. 2 196 1 ,240 -1 ,435 24.3 2,822 1 ,582 992 1 ,830 589 52 187 135 Sept. 3............. 109 273 1 ,077 -1 ,241 21.2 2,868 1 ,791 1 ,056 1 ,812 736 35 243 +208 10............ 62 39 1,474 -1,452 24.7 3,307 1,833 1,139 2,168 694 248 225 23 17............ 22 321 2,058 -2,357 39.9 3,208 1,150 1 ,107 2,101 43 587 165 422 24............ 34 268 1 ,459 -1,693 28,8 3,030 1 ,571 1 ,131 1 ,898 440 471 112 +65 1 Based upon reserve balances, including all adjustments applicable to banks, repurchase agreements (purchases of securities from dealer the reporting period. Prior to Sept. 25,1968, carryover reserve deficiencies, subject to resale), or other lending arrangements. if any, were deducted. Excess reserves for later periods are net of all carry­ 4 Federal funds borrowed, net funds acquired from each dealer by over reserves. clearing banks, reverse repurchase agreements (sales of securities to 2 Derived from averages for individual banks for entire week. Figure dealers subject to repurchase), resale agreements, and borrowings secured for each bank indicates extent to which the bank’s weekly average pur­ by Govt, or other issues. chases and sales are offsetting. Note.—Weekly averages of daily figures. For description of series 3 Federal funds loaned, net funds supplied to each dealer by clearing and back data, see Aug. 1964 Bulletin, pp. 944-74. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 1969 □ DISCOUNT RATES A 9 FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Discounts for and advances to member banks Advances to ail others under Advances and discounts under Advances under last par. Sec. 133 Federal Reserve Bank Secs. 13 and 13a 1 Sec. 10(b)2 S R e a 1 p t 9 t e . 6 9 3 o 0 n , Eff d e a c te tive Pre ra v t i e ous S R e a 1 p t 9 t e . 6 9 o 30 n , Ef d fe a c t t e ive Pre ra v t i e ous S R e a 1 p t 9 t e . 6 9 3 o 0 n , Ef d fe a c t t e ive Pre ra v t i e ous Boston . ........................................... • 6 Apr. 8, 1969 5*6 6’6 Apr. 8, 1969 6 7 Apr. 8, 1969 6’6 New York........................... 6 Apr. 4, 1969 5’6 6*6 Apr. 4, 1969 6 7’6 Apr. 4, 1969 7' Philadelphia...................................... 6 Apr. 4, 1969 5’6 6'6 Apr. 4, 1969 6 7 Apr. 4, 1969 6*6 Cleveland.......................................... 6 Apr. 4, 1969 5*6 6*6 Apr. 4, 1969 6 7*6 Apr. 4. 1969 7 Richmond................................... 6 Apr. 4, 1969 5*6 6’6 Apr. 4, 1969 6 7 Apr. 4, 1969 6’6 Atlanta ......................... 6 Apr. 4. 1969 5*6 6’6 Apr. 4, (969 6 7 Apr. 4, 1969 6’6 Chicago.............................................. 6 Apr. 4, 1969 5’6 6*6 Apr. 4. 1969 6 7 Apr. 4, 1969 6*6 St. Louis........................ 6 Apr. 4, 1969 5*6 6*6 Apr. 4, 1969 6 7 Apr. 4, 1969 6*6 Minneapolis.. .............................. • • 6 Apr. 4, 1969 5’6 6*6 Apr. 4, 1969 6 7’6 Apr. 4, 1969 6*6 Kansas City.................. 6 Apr. 4, 1969 5*6 6*6 Apr. 4, 1969 6 7 Apr. 4, 1969 6’6 Dallas............................................... ■ 6 Apr. 4, 1969 5*6 6*6 Apr. 4, 1969 6 7 Apr. 4, 1969 6*6 San Francisco................................... 6 Apr. 4, 1969 516 6'4 Apr. 4, 1969 6 7 Apr. 4, 1969 614 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 1 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......... I -114 1 1955—Cont. I960 2 -2M 2*6 June 3.............................. 3’6-4 4 1942 ' 13.............................. 2*6 ‘ ' 2M 10............................... 3 6-4 3*6 1 1 Nov. 18.......................... 21/4-2'4 2'4 14.............................. 3'4 3'4 Oct. 15.................................. t *6-1 1 23.............................. 2'4 2'4 Aug. 12............................... 3 -3'4 3 “ 30.................................. t (4 t'4 3 3 1956 1946 2'4-3 2*6 1963 t^-. 1 ' 20.............................. 2'4-3 2M July 17.............................. 3 -3'4 36 ! 2M 3 3 26............................... 3'4 3M 31.............................. 3 1948 1964 Jan 12 1 -IM ^ 1957 Nov. 24............................... 3'4-4 4 19 .. IM 3 -3’6 3 30............................... 4 4 23................................... IM 1 - '4 1'4 1 1 ' ' 4 4 Nov. 2 1 3 5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . 3 3 3 * - 6 3*6 3 3 3 *6 Dec. 6..... 1 .. 9 . 6 .. 5 .. ................... 4 -4'4 4'4 1950 13............................... 4'4 4'4 U4-1M :^ 1958 1967 “ 25.................................. 1M Jan. 2 2 2 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 M M - - 3 3 2 3 M Anr 1 7 4 4 4 -4'4 4 4 23 J .. a .. n .. . . 1 .. 9 .. 1 5 .. 3 6 .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ......>.. v 2 2 Mar. 2 1 7 1 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2* M 6 2 - * - 6 3 2 M 2 2M M Nov. 20............................... 4 4 - '4 4M 4^ Apr, 18.............................. i5nr 1968 1954 May 9.............................. 1M Mar 15 4'4-5 S* Feb. 1 5 5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . '^ * 1 ’ % 4 Aug 15............................... I I M M- - 2 2 2 lJ6 22 5 5 -5'4 Apr. 14................................... 1'4-1 M 1M 23............................... 2 26 5'4 5(4 ' 16................................... 1'4-IM 1'4 Oct. 24.............................. 2 2 5M-5M May 21................................... U4 1'4 Nov. 7............................... 2*6 2'4 30 5M Dec. 18............................... 5M-5'4 5*6 1955 1959 20............................... 5'4 5*6 M 1*6 2*6-3 3 ‘ 15.................................. i M 16...................... 3 3 1 969 IM 3 -3’6 3'4 5*6-6 6 1M June 12............................... 3*6 3'4 ' 8 ............................. 6 6 2 ' 3*6^4 4 12.................................. 2 -2M 2 ' 18.............................. 4 4 In effect Sept. 30, 1969... 6 6 t Preferential rate of ’6 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 I 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 1 year. 2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3-4, 2.50; June 29, 2.75; July 20, 31, Aug. 1-3, 2.50; Sept. 28-29, 2.75; Oct. 5, 2.50; Oct. 23, Nov. 3, Note.—Discount rates under Secs. 13 and 13a (as described in table 2.75; 1962—Mar. 20-21, 2.75; 1964—Dec. 10, 3.85; Dec. 15, 17, 22, 24, above). For data before 1942, see Banking and Monetary Statistics, 28, 30, 31, 3.875; 1965—Jan. 4-8, 3.875; 1968—Apr. 4, 5,11, 15,16,5.125; 1943, pp. 439-42. Apr. 30, 5.75; May 1-3, 6, 9, 13-16, 5.75; June 7, 11-13, 19, 21, 24. 5.75; The rate charged by the F.R. Bank of N.Y. on repurchase contracts July 5, 16, 5.625; Aug. 16, 19, 5.25. against U.S. Govt, obligations was the same as its discount rate except Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 10 RESERVE AND MARGIN REQUIREMENTS □ OCTOBER 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 4,5 deposits 2 deposits 2-4 (all classes of banks) Time depos­ its Reserve Country Other Effective date 1 C re e s n e t r r v a e l s R er e v ­ e Co tr u y n ­ cla ( o a ss f ll e s Effective date 1 city banks banks de S in p a g o v s ­ s ­ time deposits ba c n i k ty s 1 b c a i n ty k s banks banks) Under Over Under Over its Under Over $5 mil­ $5 mil­ $5 mil­ $5 mil­ $5 mil­ $5 mil­ lion lion lion lion lion lion I n effect Dec. 31, 1949..... 22 18 12 5 1966—July 14,21........ 6 6W 6 12 64 M 5 Sept. 8, 15........ 6 1951—Jan. 11, 16................ 23 19 13 6 Jan. 25, Feb. 1.... 24 20 14 1967—Mar. 2............... 34 3*4 1953—July 9,1.................. 22 19 13 Mar. 16.............. 3 3 1954—June 24, 16................ 21 5 July 29, Aug. 1.... 20 18 12 1968—Jan. 11,18........ 16'4 17 12 124 1958—Feb. 27, Mar. 1.... 19*4 174 H4 Mar. 20, Apr. 1.... 19 17 II 1969—Apr. 17.............. 17 17'4 !2'/i 13 Apr. 17...................... 184 Apr. 24...................... 18 1694 In effect Sept. 30, 1969.. 17 171/2 12 i/z 13 3 3 6 I960—Sept 1 174 Nov. 24...................... 12 .........P...r.esent legal Dec. 1....................... 16^ requirement: 1962—Julv 28....................... (3) 10 7 3 3 3 Oct. 25, Nov. 1 4 Maximum................... 22 14 10 10 10 1 When two dates are shown, the first applies to the change at central requirement on borrowings by domestic offices of a member bank from reserve or reserve city banks and the second to the change at country foreign banks, except that only a 3 per cent reserve is required against banks. For changes prior to 1950 see Board’s Annual Reports. such borrowings that do not exceed a specified base amount. For details 2 Demand deposits subject to reserve requirements are gross demand concerning these requirements, see the amendments to Regulations D deposits minus cash items in process of collection and demand balances and M on pp. 656 and 657 of the Aug, 1969 Bulletin. due from domestic banks. 5 Effective Jan. 5, 1967, time deposits such as Christmas and vacation 3 Authority of the Board of Governors to classify or reclassify cities club accounts became subject to same requirements as savings deposits. as central reserve cities was terminated effective July 28, 1962. 6 See preceding columns for earliest effective date of this rate. 4 Beginning Oct, 16, 1969, a member bank is required under Regula­ tion M to maintain, against its foreign branch deposits, a reserve equal Note.—AH required reserves were held on deposit with F.R. Banks to 10 per cent of the amount by which (I) net balances due to, and certain June 21, 1917, until Dec. 1959. From Dec. 1959 to Nov. 1960, member assets purchased by, such branches from the bank’s domestic offices and banks were allowed to count part of their currency and coin as reserves: (2) credit extended by such branches to U.S. residents exceed certain effective Nov. 24, I960, they were allowed to count all as reserves. For specified base amounts. Regulation D imposes a similar 10 per cent reserve further details, see Board’s Annual Reports. MARGIN REQUIREMENTS (Per cent of market value) Effective date Regulation Apr. 23, Jan. 16, Aug. 5, Oct. 16, July 28, July 10, Nov. 6, Mar. 11, June 8, 1955 1958 1958 1958 1960 1962 1963 1968 1968 Regulation T: For credit extended by brokers and dealers on— Listed stocks.......................................................... 70 50 70 90 70 50 70 70 80 Listed bonds convertible into stocks................... 50 60 For short sales........................................................... 70 50 70 90 70 50 70 70 80 Regulation U: For credit extended by banks on— Stocks................................................................... 70 50 70 90 70 50 70 70 80 Bonds convertible into listed stocks.................... 50 60 Regulation G: For credit extended by others than brokers and dealers and banks on- Listed stocks......................................................... 70 80 Bonds convertible into listed stocks.......... 50 60 Note.—Regulations G, T, and U, prescribed in accordance with ference between the market value (100 per cent) and the maximum Securities Exchange Act of 1934, limit the amount of credit to pur­ Ioan 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 Ioan 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

OCTOBER 1969 □ MAXIMUM INTEREST RATES; BANK DEPOSITS A 11 MAXIMUM INTEREST RATES PAYABLE ON TIME AND SAVINGS DEPOSITS (Per cent per annum) Rates Jan. I, 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..................... 3ft 3ft Multiple maturity: 3 90 days or more......................... 5 5 5 Other time deposits: 2 Less than 90 days..................... 4 4 4 (30-89 days) 1 2 months or more.................. 4 } 4 Single-maturity: 9 6 0 m d o a n y t s h s to t o 6 m 12 o m nt o h n s t . h .. s .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 f f t t 414 5ft $ L 1 es 0 s 0 , t 0 h 0 a 0 n o $ r 1 m 00 o , r 0 e 0 : 0................... 5ft 5 5 Less than 90 days............................ 1 1 4 30-59 days.......................... 5ft | 5ft (30-89 days) 9 6 0 0 - - 1 8 7 9 9 d d a a ys y . s .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5ft 5 6 ft 180 days and over............ 6ft 1 Closing date for the Postal Savings System was Mar. 28. 1966. Max­ Note.—Maximum rates that may be paid by member banks as estab­ imum rates on postal savings accounts coincided with those on savings lished by the Board of Governors under provisions of Regulation Q; deposits. however, a member bank may not pay a rate in excess of the maximum 2 For exceptions with respect to certain foreign time deposits, see rate payable by State banks or trust companies on like deposits under Bulletins for Oct. 1962, p. 1279; Aug. 1965, p. 1084; and Feb. 1968, the laws of the State in which the member bank is located. Beginning p. 167. Feb. 1, 1936, 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 All All Item m b e a m nk b s er Y N o e r w k C o it f y Other C b o a u n n ks try Item m b e a m nk b s er Y N o e r w k C o it f y Other C b o a u n n ks try City Chicago City Chicago Four weeks ending Aug. 13, 1969 Four weeks ending Sept. 10, 1969 Gross demand—Total.... 174,249 40,378 7,195 61,254 65,421 Gross demand—Total. .. 173,161 39,949 6,957 60,938 65,318 Interbank.................... 21,081 9,048 1 ,230 8,457 2,347 Interbank.................. 21,639 9,250 1 ,278 8,741 2,370 U.S. Govt................... 4,782 912 274 1,929 1 ,667 U.S. Govt.................. 3,049 388 98 1 ,210 1 ,353 Other.......................... 148,385 30,418 5,691 50,869 61,407 Other......................... 148,324 30,312 5,431 51 ,012 61 ,569 Net demand 1.................... 130,915 23,888 5,492 46,304 55,231 Net demand 1.................. 130,312 24,169 5,428 45,908 54,808 Time.................................... 154,171 15,013 4,923 58,431 75,804 Time................................... 152,540 14,542 4,814 57,433 75,751 Demand balances due Demand balances due from dom. banks...... 9,361 396 303 2,666 5,997 from dom. banks..... 9,310 386 112 2,597 6,214 Currency and coin............ 4,683 374 81 1 ,448 2,780 Currency and coin.......... 4,622 370 81 1 ,430 2,742 Balances with F.R. Balances with F.R. Banks.............................. 22,257 4,433 1,111 9,326 7,388 Banks............................. 22,362 4,649 1,111 9,271 7,331 Total reserves held.....2..6..,.9 40 4,807 1,192 10,774 10,168 Total reserves held.......... 26,984 5,019 1,192 10,701 10,073 Required.....2..6.,.6..6...2...... 4,757 2,188 10,738 9,979 Required.................... 26,724 4,981 1,186 10,675 9,882 Excess............... 278 50 4 36 189 Excess........................ 260 38 6 26 191 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 □ OCTOBER 1969 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (tn millions of dollars) Wednesday End of month Item 1969 1969 1968 Sept. 24 Sept. 17 Sept. 10 Sept. 3 Aug. 27 Sept. 30 Aug. 31 Sept. 30 Assets Gold certificate account................................................... 10,027 10,027 10,027 10,027 10,027 10,036 10,027 10,026 Cash ................................................................................. 153 147 145 144 149 149 151 316 Discounts and advances: Member bank borrowings....................................... 1 ,526 656 340 698 1,465 928 1 ,514 390 Acceptances: Bought outright............................. ............................... 37 37 37 40 40 37 40 47 23 20 22 39 Federal agency obligations—-Held under repurchase 36 27 39 9 U.S. Govt, securities: Bought outright: Bills.............................................................................. 18,926 18,108 16,958 19,763 19,985 19,149 19,985 18,794 1,102 Other . . . . Notes.................................................................. 30,553 30,553 30,553 30,553 30,553 30,553 30,553 28,312 Bonds...................................................................... 4,143 4,143 4,143 4,143 4,143 4,143 4,143 5,733 Total bought outright................................................ 53,622 52,804 52,756 54,459 54,681 53,845 54,681 52,839 310 219 289 230 440 Total U.S. Govt, securities............................................ 53,932 52,804 52,756 54,459 54,900 54,134 54,911 53,279 Total loans and securities.............................................. 55,554 53,497 53,133 55,197 56,452 55,099 56,526 53,764 Cash items in process of collection ................................ ”9,437 ”11 ,063 ”9,185 ”9,130 8,510 ”8,447 7,693 7,609 Bank premises...................................... .................. 114 114 113 113 114 113 114 115 Other assets: t Denominated in foreign currencies........................ 2,356 2,080 2,080 2,076 1,929 2,330 1 ,929 1 ,281 IMF gold deposited 1................................................... 228 228 228 228 228 219 228 230 All other.................................................................... 587 547 550 494 445 626 464 480 Total assets........................................................................ .”78,456 ”77,703 ”75,461 ”77,409 77,854 ”77,019 77,132 73,821 Liabilities F.R.. notes........................................................................... 45,027 45,253 45,465 45,482 45,196 45,014 45,151 42,346 Deposits: Member bank reserves........................ . ”22,476 ”21,672 ”20,378 ”21,512 22,591 ”21,656 22,787 21,297 U.S. Treasurer—General account................... 1,203 185 8 '748 953 1 ,003 894 1 ,036 Foreign........................................................................... '149 143 96 178 138 143 143 192 Other: IMF gold deposit 1.............................................. 228 228 228 228 228 219 228 230 All other................................................................. 211 203 211 285 254 296 215 255 Total deposits.................................................................... ”24,267 "22,431 ”20,921 ”22,951 24,164 ”23,317 24,267 23,010 Deferred availability cash items.................................... 7,157 8,077 6,876 6 831 6,435 6,598 5 597 6,605 Other liabilities and accrued dividends.......................... 476 475 509 532 503 507 525 411 Total liabilities.................................................................. ”76,927 ”76,236 ”73,771 ”75,796 76,298 ”75,436 75,540 72,372 Capital accounts Capital paid in................................ . 666 663 679 663 664 666 665 619 Surplus................................................................ 630 630 630 630 630 630 630 598 Other capital accounts................................................... 233 174 381 320 262 287 297 232 Total liabilities and capital accounts............................. ”78,456 ”77,703 ”75,461 ”77,409 77,854 ”77,019 77,132 73,821 Contingent liability on acceptances purchased for foreign correspondents............................................. 160 161 162 158 159 159 159 124 U.S. Govt, securities held in custody for foreign account.................................................................. 8,791 8,819 8,321 8,267 8,072 9,252 8,058 7,777 Federal Reserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank)...................... 48,059 48,188 48,120 48,014 47,938 48,016 48,001 45,470 Collateral held againsf notes outstanding: Gold certificate account............................................... 3,357 3,357 3,357 3,282 3,282 3,357 3,282 4,118 Eligible paper.................................................................. U.S. Govt, securities..................................................... 45,956 45,956 46,035 46,031 46,031 45,956 46,031 42,651 Total collateral.................................................................. 49,313 49,313 49,392 49,313 49,313 49,313 49,313 46,769 1 See note 1 (b) to table at top of page A-75. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 1969 □ FEDERAL RESERVE BANKS A 13 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON SEPTEMBER 30, 1969 (In millions of dollars) Item Total Boston Y N o e r w k P d h e il l a ­ ­ C la le n v d e­ m R o ic n h d ­ At t l a an­ c C a h g i o ­ Lo S u t. is M ap in o n li e s ­ K s a as n ­ Dallas F S r a a n n ­ phia City cisco Assets Gold certificate account....................... 10,036 548 2,386 659 753 951 477 1,656 348 172 382 390 1 ,314 F.R. notes of other banks........... 804 94 185 68 49 57 78 40 28 29 39 29 108 Other cash.............................................. 149 6 10 7 14 12 23 14 15 4 11 10 23 Discounts and advances: Secured by U.S. Govt, securities,... 623 83 137 36 7 38 56 149 23 21 40 24 9 Other......'...................................... 305 75 42 21 10 60 23 15 26 8 25 Acceptances: Bought outright................. 37 37 HeIcTunder repurchase agreements.. Federal agency obligations—Held Under repurchase agreements . . . U.S. Govt.*securities: Bought outright, .......................... 53,845 2,760 12,912 2,732 4,310 4,049 2,953 8,897 1 ,930 1 ,060 2,169 2,391 7,682 Held under repurchase agreements.. 289 289 Total loans and securities..................... 55,099 2,918 13,417 2,768 4,317 4,108 3,019 9,106 1 ,976 1 ,096 2,235 2,423 7,716 Cash items in process of collection... 10,909 638 1,977 603 792 870 974 1 ,865 520 409 717 608 936 Bank premises........................................ 113 2 9 2 5 II 18 17 9 5 18 8 9 Other assets: Denominated In foreign currencies.. 2,330 112 1592 121 207 121 149 345 82 54 100 133 314 IMF gold deposited 2....................... 219 219 All other............................................. 626 34 148 31 52 46 34 97 21 12 37 89 Total assets............ . 80,285 4,352 18,943 4,259 6,189 6,176 4,772 13,140 2,999 1 ,781 3,527 3,638 10,509 Liabilities F.R. notes.............................................. 45,818 2,638 10,614 2,618 3,733 4,147 2,413 8,135 I ,695 788 1,716 1,662 5,659 Deposits: Member bank reserves..................... 21,656 871 5,598 952 1,470 1 ,079 1,300 3,104 748 583 948 1 ,312 3,691 U.S. Treasurer—General account.. 1 ,003 40 125 56 77 67 84 80 61 29 210 77 97 Foreign..................................... 143 6 353 6 11 6 8 18 4 3 5 7 16 Other IMF gold deposit 2............ 219 219 All other............................... 296 * 249 1 2 11 I 4 1 2 3 2 20 Total deposits......................................... 23,317 917 6,244 1,015 1 ,560 1,163 1 ,393 3,206 814 617 1 ,166 1 ,398 3,824 Deferred availability cash items.......... 9,060 696 1,545 521 718 743 840 1,480 418 331 559 471 738 Other liabilities and accrued dividends 507 25 122 24 39 37 28 81 18 11 21 22 79 Total liabilities....................................... 78,702 4,276 18,525 4,178 6,050 6,090 4,674 12,902 2,945 1 ,747 3,462 3,553 10,300 Capital accounts Capital paid in. ..................................... 666 32 176 34 60 34 43 98 23 15 28 37 86 Surplus.............................. ..................... 630 31 160 33 56 33 40 93 22 14 27 36 85 Other capital accounts................. 287 13 82 14 23 19 15 47 9 5 10 12 38 Total liabilities and capital accounts.. 80,285 4,352 18,943 4,259 6,189 6,176 4,772 13,140 2,999 1,781 3,527 3,638 10,509 Contingent liability on acceptances purchased for foreign correspond­ ents. ............................................... 159 8 4 40 8 14 8 10 24 6 4 7 9 21 Federal Reserve Notes—Federal Reserve Agents* Accounts F.R. notes outstanding (issued to Bank)................................................... 48,016 2,760 11,053 2,701 3,985 4,291 2,575 8,426 1,790 827 1,808 1 ,812 5,988 Collateral held against notes out­ standing: Gold certificate account.......... 3,357 200 500 300 560 610 .......1. ..,.0.00 155 27 ............ 5 • ........... Eligible paper..................................... U.S. Govt, securities........................ 45,956 2,597 10,800 2,520 3,500 3,769 2,650 7,650 1 ,700 815 1,875 1 ,830 6,250 Total collateral...................................... 49,313 2,797 11,300 2,820 4,060 4,379 2,650 8,650 1 ,855 842 1,875 1,835 6,250 1 After deducting $1,738 million of participations of other Federal 3 After deducting $90 million of participations of other Federal Re­ Reserve Banks. serve Banks. 2 See note 1(b) to table at top of page A-75, 4 After deducting $119 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 □ OCTOBER 1969 TRANSACTIONS OF THE SYSTEM OPEN MARKET ACCOUNT (Fn 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—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,OH 4,590 231 4,011 4,590 231 Feb.. . . 1,234 1 ,110 175 1,149 1,110 175 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 I ,444 33 10,883 78 10,895 June... 4,586 3,993 7 4,586 3,993 7 July... 3,495 3,251 200 3,428 3,251 200 10 24 Aug.... 2,201 I ,658 2,201 1 ,658 407 4,512 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 change1 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 1969—Aug... . 34 4.636 12 2,497 2,734 647 -43 599 Sept.... 45 5 440 235 9 -4 39 280 Oct....... 50 7 790 1,230 50 — 9 9 -39 11 Nov.... 708 980 980 21 2 23 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 1 40 209 Mar., .. 26 20 2,044 1 ,854 1 30 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 July.... 23 10 560 560 44 -1 43 -4.921 2,721 2,491 773 39 22 834 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 Total Pounds Austrian Belgian Canadian Danish French German Italian Japanese lands Swiss period sterling schillings francs dollars kroner francs marks lire yen guilders francs 1967—Dec I ,604 1,140 45 3 I 413 1 1 ♦ 2 1968—June 1 ,009 503 52 132 25 101 134 1 1 57 4 July 1 ,217 851 52 8 25 151 69 1 1 57 2 Aug 1 ,055 601 53 4 25 235 75 1 1 57 3 Sept 1 ,281 698 13 4 452 75 1 33 3 Oct. 1,273 694 124 4 378 65 1 1 4 3 Nov 2,211 1 ,443 111 4 571 75 1 I 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 1 1 4 6 Feb, I ,938 1 ,450 13 1 25 318 125 1 4 1 Mar 2,059 1 ,396 23 1 461 160 13 4 1 Apr. 1,960 1 ,245 44 1 50 436 163 15 I 4 May 1 ,889 1 ,542 50 176 100 15 1 4 1 June 1,834 1 ,564 50 115 * ♦ * 15 1 86 2 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 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 Sept. 24 Sept. 17 Sept. 10 Sept. 3 Aug. 27 Sept, 30 Aug. 3t Sept. 30 Discounts and advances—Total..................................... 1 ,526 656 340 698 1 ,463 928 1 ,514 390 Within 15 days............................................................... 1 ,525 654 334 691 1 ,454 925 1 ,506 387 16 days to 90 days......................................................... 2 6 7 9 3 8 3 91 days to 1 year........................................................... Acceptances—Total........................................................... 60 37 37 40 60 37 62 86 Within 15 days............................................................... 30 6 10 12 36 8 37 53 1 6 days to 90 days......................................................... 30 31 27 28 24 29 25 33 91 days to 1 year.......................................................... U.S. Government securities—Total............................... 53,968 52,804 52,756 54,459 54,927 54,134 54,950 53,288 Within 15 days 1............................................................. 3,266 3,068 2,695 2,244 3,064 2,068 1 ,746 1 ,840 16 days to 90 days......................................................... 9,165 8,084 7,902 9,810 9,313 9,945 10,199 15,574 91 days to I year.................................................... 20,088 20,203 20,710 20,956 21,101 20,672 21 ,556 17,150 Over 1 year to 5 years.................................................. 12,229 12,229 12,229 12,229 12,229 12,229 12,229 7,934 Over 5 years to 10 years............................................... 8,549 8,549 8,549 8,549 8,549 8,549 8,549 10,186 Over 10 years................................................................. 671 671 671 671 671 671 671 604 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~Aug................................ 8,521.8 4 079.6 1 825.2 4 442.2 2,617.0 65.2 147.7 60 8 43 7 36 5 Sept................................ 8,368,4 3 857.8 1 840,2 4’510.6 2’670.4 64.7 144,7 61.3 43 8 36 7 Oct................................. 8’599.8 3,953.7 1 904 9 4 646.1 2’741.2 66.3 143.1 64 4 45 6 37 7 Nov........................ 8,540.1 3,925.9 l’904 1 4*614.2 2,710.1 66.5 144.6 63.0 44 9 37 4 Dec................................ 8'752,9 4’,076.8 1 902.4 4 676.1 2’773.7 65.9 147.7 61 I 44.5 37 5 1969—Jan................................. 8,733.3 3 896.7 2 007 7 4 836.6 2,828.9 64 9 137,0 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 4981.9 2 953.0 65 9 138,2 66.1 46 8 39 2 May.............................. 9,147.6 4097.6 2’083 2 5 050.0 2^966.8 68,7 146.6 67.3 48.0 39 7 June............................... 9’385.4 4 155 7 2 164 4 5 229.7 3*065.3 68,6 143.3 68 4 48 4 40 1 July................................ 9,242.7 3’908.6 2 244.4 5’334.1 3,089.7 68.3 138.6 70 9 49.1 40 3 Aug................................ 9^430.3 4,148.4 2'242.8 5’281.9 3,039.1 69.1 140,1 73 1 49.9 40 5 Sept................................ 1 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. For a description of series, see Mar. 1965 Bulletin, p. 390. The data shown here differ from those shown tn 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 □ OCTOBER 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 S3 $10 $20 Total $50 $100 $500 $1 ,000 $5,000 $10,000 1939....................... 7,598 5,553 590 559 36 1 319 1 ,772 1 ,576 2,048 460 919 191 425 20 32 1941....................... 11 160 8’120 751 695 44 1 355 2,731 2345 3,044 724 1 ,433 261 556 24 46 1945 ....................... 28 515 20,683 1 ,274 1 ,039 73 2313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947....................... 28,868 20’020 1 304 1 ,048 65 2,1 10 6,275 91119 8 350 2348 5,070 428 782 5 17 1950....................... 27’741 19’305 1 354 1 J 13 64 2 349 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 6317 9,940 9,136 2,736 5341 307 438 3 12 1958 ....................... 32,193 22’856 2; 182 1 394 83 2J86 6,624 10,288 9337 2,'792 5386 275 373 3 9 1959....................... 32 591 23,264 2 304 1511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 3 5 1960....................... 32’869 23^21 2327 1 333 88 2,’246 6,691 10,536 9,348 2315 5354 249 316 3 10 1961....................... 33,918 24^88 2'582 1 388 92 2313 6,878 10335 9,531 2,869 6,106 242 300 3 10 1962...................... 35'338 25^56 2’782 1 336 97 2375 7371 11 ,'395 9,983 2390 6,448 240 293 3 10 1963 ....................... 37,692 26,807 3,030 1 322 103 2369 7,373 12;109 10,885 3,221 7,110 249 298 3 4 1964....................... 39^19 28;100 3,’4O5 1,806 1 11 2317 7,543 12317 11 319 3 381 7,590 248 293 2 4 1965....................... 42'056 29,842 4 027 1 ; 908 127 2318 7; 794 13,369 12,214 3340 8,135 245 288 3 4 1966....................... 44^63 31,695 4 ,’480 2,051 137 2,756 8,070 14,201 12 369 3,700 8335 241 286 3 4 1967....................... 47’226 33;468 4’918 2335 136 2350 8,366 15,162 13,758 3,915 9,311 240 285 3 4 1968—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 5 398 1 372 136 2,732 8,269 15354 14,179 4,002 9,641 241 288 3 4 Oct........ 48'719 34,421 5 365 1 300 136 2,763 8,336 15,722 14,299 4,028 9334 241 289 3 4 Nov............ 49’989 35389 5 325 1 ,957 136 2,862 8,627 16382 14,500 4392 9369 242 290 3 4 Dec............ 50,961 36,163 5391 2349 136 2,993 8,786 16308 14,798 4J86 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 34321 5 303 1 395 136 2,784 8318 15385 14,576 4,080 9,955 243 291 4 4 Mar............ 49’475 34392 5 345 1 ,909 136 2306 8383 15315 14382 4J02 10,023 244 291 3 19 Apr............ 49’642 34395 5 392 1 ,934 136 2315 8,363 15 355 14,747 4,130 10,073 244 292 3 4 May........... 50^399 35329 5'730 1 ,’971 1 36 2 361 8,531 16;300 14369 4; 158 10^166 244 292 3 5 June........... 50,936 35 320 5’790 1 ‘989 136 2382 8,592 16331 15,016 4312 10,259 245 292 3 5 July............ 51,120 35381 5 327 1 ,992 136 2352 8 346 16329 15J39 4351 10345 243 291 3 5 Aug............ 51,461 36;232 5,’849 2301 136 2; 868 8386 16,791 15,229 4376 10318 241 286 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 Au 1 g 9 . 6 9 31, g a o g ld a in a s n t d Tre ca a s s h ury B F a . n R k . s B a a n n d k s silver and Agents Aug. July Aug. certificates Agents 31 31 31 Gold..................................................................................... 10,367 (10,027) 2340 Gold certificates................................................................. (10,027) 310,026 I Federal Reserve notes....................................................... 48,003 137 2,852 45,013 44,695 42,291 Treasury currency—Total................................................. 6,765 ................... 166 .............1..5..2. 6,447 6,424 6,061 Standard silver dollars...................................................... 485 3 482 482 482 Fractional coin............................................................... 5,653 135 149 5,368 5,345 4,967 United States notes....................................................... 323 27 2 293 293 303 In process of retirement4............................................. 305 304 305 309 Total—Aug. 31, 1969...................................................... 565,134 (10,027) 643 10,026 3,005 51,461 July 31, 1969...................................................... 564,828 (10,027) 631 10,026 3,052 51,120 Aug. 31 , 1968..................................................... 562,288 (10,026) 776 10,024 3,135 ................... 48,353 1 Outside Treasury and F.R. Banks. Includes any paper currency held 3 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

OCTOBER 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, Currency Demand ad­ Currency Demand ad­ demand Total component deposit justed । Total component deposit justed 1 deposits • component component (965—Dec..................................................... 166.7 36.3 130.4 146.7 172.0 37.1 1 34.9 1 45.2 4.6 1966—Dec...................................................... 170.4 38.3 132. 1 158.5 175.8 39.1 136.7 1 56.9 3.4 1967—Dec..................................................... 181.7 40.4 141 .3 183.7 187.5 41 .2 146.2 1 82.0 5.0 1968—Sept..................................................... 191.4 42.7 148.8 196.4 190.1 42.7 147.4 196.6 6.1 Oct....................................................... 191.8 42.8 149.1 199.4 192.0 42.8 149.2 199.6 6.3 Nov..................................................... 193.6 43.2 150,5 202. 1 195.3 43.6 151.7 201.3 4.5 Dec..................................................... 194.8 43.4 151.4 204.9 201.0 44.3 156.7 203.1 5.0 1969—Jan....................................................... 195.8 43.5 152.3 203.2 201.7 43.5 158.2 202.8 4.9 Feb...................................................... 196.3 43.8 152.5 202.4 194.8 43.4 151.4 202,4 6.9 Mar.................................................... 196.8 44. 1 152.7 202,3 195.0 43.7 151.3 202.9 4.8 Apr..................................................... 198.1 44.2 154.0 202.3 199.2 43.8 155.3 202.7 5.4 May..................................................... 198.3 44.5 153.8 201.7 194.4 44.2 150.3 202.2 9.2 June..................................................... 199.0 44.8 154.2 200.8 197.0 44.7 152.3 201.0 6.0 July....................................... 199.3 45.0 154,4 197.7 197.8 45.2 152.7 197.7 5.6 Aug...................................................... 199.1 45.3 153.8 194.5 196.0 45.4 150.6 195.5 4.3 Sept.”.................................................. 199.2 45.3 153.9 194.2 197.8 45.3 152,6 194.4 5.2 Week ending— 1969—Aug. 6............................................ 199. 1 45. 1 153.9 195.6 197.6 45.4 152.2 196.2 5.3 “ 13............................................. 199.1 45.2 154,0 194.9 196.5 45.5 151.1 195.8 4 0 20............................................. 199.5 45.2 154,3 194.4 195.5 45.3 150. 1 195.4 3.4 27............................................. 198.9 45.3 153.6 193.9 194.1 45.1 149.0 195.1 4.8 Sept. 3. ................ • • • • 199.5 45.5 154.0 194.0 197.1 45.4 151.7 194.8 3.5 ' id............................................. 199.3 45. 1 154.2 193.9 198.1 45.6 152.6 194.5 3.4 17/’........................................... 199.6 45.3 154.3 194.2 199.6 45.3 154.3 194.2 4 5 24/’........................................... 198.4 45.3 153.1 194.3 195.5 45.0 150.5 194.3 7.4 1 At all commercial banks. and F.R. float; (2) foreign demand balances at F.R. Banks; and (3) cur­ da N ta o , t se e e .— O S c e t. r ie 1 s 9 6 r 9 e v B is u e l d le . t i F n^ o r p d p e . s 7 c 8 r 7 ip -8 ti 0 o 3 n . of revision of scries and for back b re a n n c k y s . ou T t i s m id e e d th e e p o T s r it e s a s a u d ry ju , st F e . d R . ar B e a n t k im s, e a n d d e p v o a s u its lt s a o t f a a l l l l c c o o m m m m e e r r c c i i a a l l banks other than those due to domestic commercial banks and the Averages of daily figures. Money supply consists of (I) demand U.S. Govt. Effective June 9, 1966, balances accumulated for payment of deposits at all commercial banks other than those due to domestic com­ personal loans were reclassified for reserve purposes and are excluded from mercial banks and the U.S. Govt., less cash items in process of collection time deposits reported by member banks. AGGREGATE RESERVES AND MEMBER BANK DEPOSITS (In billions of dollars) Member bank reserves, S.A.* Deposits subject to reserve requirements2 S.A. N.S.A. Period Total Non­ Required borrowed Time Private U.S. Time Private U.S. Total and demand Govt, Total and demand Govt, savings demand savings demand 1 965—Dec................................. 23.26 22.82 22.83 236.6 121.2 1110 4.4 239 0 119 8 115 2 4 0 I 966—Dec................................. 23.52 22.98 23.17 244.6 129 4 1 1 1.7 3 5 247 1 127 9 116 1 3 0 1967—Dec................................. 25,94 25.68 25.60 273.5 149 9 118.9 4.6 276 2 148 I 1 23 6 4 5 1968—Sept................................ 27. 31 26.86 26.95 289.0 158.9 1 24 8 5.3 287 8 158 6 124 1 5 2 Oct.................................. 27.50 27.07 27.19 292.2 161.5 125.7 5.0 292 4 1610 126 0 5 4 Nov................................ 27.69 27.10 27.38 295.0 163 5 126 8 4 7 293 8 162 3 1 27 9 3 6 Dec........................... 27.96 27.22 27.61 298.2 165.8 1 28 2 4 2 3012 163 8 133 3 4 1 1969—Jan.................................. 28. 1 4 27.32 27.90 297 0 163.2 128 4 5 4 300 8 162 7 134 0 4 2 Feb................................. 28.06 27.21 27.83 296 7 161 0 1 29 1 6 7 795 R 1618 128 1 5 9 Mar................................ 27.97 27.02 27.73 294.2 160.5 1 28 9 48 293'3 161 6 127 8 3'9 Apr................................ 27.78 26 75 27 61 295 4 1 60 1 129 4 5 0 296 0 1 60 0 1 30 5 4 5 May............................... 28.24 26 89 27 94 295 1 1 59 3 1 30 0 5 9 294 2 160 1 126 3 7 9 June............................... 28,06 26.71 27.74 292 6 158 1 130 5 4 0 292 0 158 6 1 28 4 50 July................................ 27.53 26.28 27 33 288 0 155 1 130 5 2 4 288 8 1 55 4 1 28 7 4 7 Aug./’............................. 27.40 26.21 27.16 285 3 152 5 129 9 2 9 283 6 153 1 1 27 0 35 Sept.’’............................ 27.39 26.37 27.14 285.8 152.2 129.4 I 4.3 284.7 151 ’.9 128.4 4.4 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, 1969, 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 SYSTEM □ OCTOBER 1969 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total Bank credit assets, net— Treas­ Total Date c u u ry r­ U.S. Government securities li i a tie b s il ­ Total Ca a p n i d ta ! Gold s r o t e i a n n u n g c t d ­ y ­ Total n L e o t a n 1. s , 2 Total s C a a v o n i m n d g l. s R F B e e a s d n e e k r r v s a e l Other3 r O s it e t i h e cu e s ­ r 2 ca a n p n e i d t t a l, c d u e r a p r n e o d n s i c ts y co m n a u i e s c n ­ c t ts . , banks 1947—Dec. 31.................... 22,754 4,562 160 832 43,023 107,086 81 199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30.................... 22’706 4 J36 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 J09 444,043 43,670 1968—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 JOO 100 78’900 515 J00 464 J00 51 J00 Nov. 27.................... 10'400 6 800 500 100 300’400 120’000 66 700 53 J00 100 79,700 517 J00 466,300 50,900 Dec. 31.................... 10 J67 6’795 514,427 311 ,334 121,273 68,285 52'937 51 81,820 531 ,589 484,212 47,379 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 51J00 100 81’500 520 J00 466 JOO 53 J00 10 J00 6 J00 504,100 307,300 114 600 62’500 52 J00 100 82,300 521 J00 466,300 54,900 Apr. 30*.................. 10’400 6,700 510,200 312’400 114 900 61 J00 53;100 100 82,900 527,300 471,700 55,600 May 28 p.................. 10’400 6 700 506’700 311’800 112 500 59 000 53 J00 100 82,400 523,800 465,400 58,400 June 25*................... 10,400 6,800 510,500 316,900 110,700 57,400 53 J00 83*000 527'600 467,100 60,500 July 30p................... 10 400 6 700 512 100 319 300 111 100 58 100 53,000 81,700 529,200 462,300 66,900 Aug. 27 r*................ 10,400 6,800 509,700 315,800 112’600 57,700 54 J00 81 J00 526’900 459,600 67 J00 Sept. 24p.................. 10,400 6,800 511’400 319’300 110,500 56’600 53,900 .....8.1.. ..;.6..0.0 528,600 462 J00 65,700 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted 4 Not seasonally adjusted Time U.S. Government Date Total o b r u C e a t n s n u c i k r d y ­ s e d ju e m s D p a a t o d e e n s ­ d ­ d i t 5 s 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 a t o d e e n s ­ d ­ d i t 5 s Total b m C a e n o r k m c s ia ­ l 1 b s M a a u v n i t k n u s g a s l 6 S P t S a e o v y m s i s n ta ­ 3 g l s e n F i e g o t n r ­ , 7 T h c i r u n o a e r g s l a y d s h s ­ ­ s c b a a o a A v n n m i t n d k l g s . s B F a A . n R 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 J23 2,518 1 ,293 2,989 668 1967—Dec. 30.... 181 500 39,600 141,900 191,232 41 071 150 161 242 657 182 243 60,414 2 179 1 ,344 5,508 1,123 1968—Sent. 25.... 186 600 41,400 145,200 185 ,400 41 500 143 900 259 900 196 400 63,500 2,100 800 8 JOO 1,000 Oct. 30.... 188,400 41 J00 146 J00 190 J 00 41 800 148’300 263 700 200’000 63’700 2,100 800 6,400 1 ,200 Nov. 27.. .. 190 800 42’300 148’500 193 800 43 500 150 300 265 400 201 500 63’900 2’400 800 3 ,600 '400 Dec. 31.... 199 600 42,600 157,000 207’347 43’527 163’820 267’627 202,786 64’841 2,455 695 5 J85 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 JOO 500 Feb. . 191 300 42’800 148 500 190’500 42’300 148 100 266 700 201’600 65 200 2,100 800 6,200 600 Mar. 26 ... . 193 500 43’200 150 300 190 700 42 800 147 900 267’700 201 800 65 900 2’100 700 4 J00 500 Apr. 30P... 192 000 43 300 148 700 192*000 42 900 149’100 266’400 200’700 65*700 2 J00 700 9 J00 1 ,000 May 28*... 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*... 194 J00 43,700 150 J00 191,600 43 J00 147^900 264,800 198,400 66,400 .......2. .J..0.0 700 6 JOO 1 JOO Julv 30*... 191,600 44,000 147,600 191 400 44 100 147 300 260,800 194 600 66 200 2,300 700 5,900 1 JOO Aug. 27p... 192 J00 44’000 148 J00 191 JOO 44 300 147’000 259,400 193 100 66 J00 2,100 700 5,200 1 ,000 Sept. 24»... 193,200 44 JOO 149J00 192,000 44 JOO 147,800 258 J00 192 J00 66 JOO .......2. .J...00 700 8,000 1 JOO 1 Beginning with data for June 30, 1966, about $1.1 billion in “Deposits 7 Reclassification of deposits of foreign central banks in May 1961 re­ accumulated for payment of personal loans’’ were excluded from “Time duced this item by $1,900 million ($1,500 million to time deposits and $4 00 deposits” and deducted from “Loans" at all commercial banks. These million to demand deposits). changes resulted from a change in Federal Reserve regulations. These hypothecated deposits are shown in a table on p. A-23. Note.—Series revised beginning with data for July 1969 to conform 2 See note 2 at bottom of p. A-22. with recent substantive changes in official call reports of condition. See 3 After June 30, 1967, Postal Savings System accounts were eliminated Bulletin for August 1969, pp. 642-46. from this Statement. 4 Series began in 1946; data are available only for last Wed. of month. For back figures and descriptions of the consolidated condition state­ 5 Other than interbank and U.S. Govt., less cash items in process of ment and the seasonally adjusted series on currency outside banks and collection. demand deposits adjusted, see “Banks and the Monetary System,” Section 6 Includes relatively small amounts of demand deposits. Beginning with 1 of Supplement to hanking and Monetary Statistics, 1962, and Bulletins June 1961, also includes certain accounts previously classified as other lia­ for Jan. 1948 and Feb. 1960. Except on call dates, figures are partly esti­ bilities. mated and are rounded to the nearest $100 million. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 1969 □ COMMERCIAL AND MUTUAL SAVINGS BANKS A 19 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank3 Other Total Num- Cash lia­ Bor- capital her Class of' bank assets J bilities row- ac- of and date Total Loans and Total 3 Demand ings counts banks t. 2 U.S. Other capital De­ Time Govt. 2 ac­ mand Time 1. 5 counts 4 U.S. Govt. Other Ail banks: 1945—Dec. 31...... 140,227 30,361101,288 8,577 35,415 177,332 165,612 14,065 105,935 45,613 227 10,542 14,553 1947—Dec. 31 &............ 134,924 43,002 81,199 10,723 38.388 175,091 161,865 12,793 240 1,346 94,381 53,105 6611,948 14,714 1967—Dec. 30.............. 424,134 287,543 66,752 69,839 78,924 517,374 455,501 21,883 1,314 5.240 184,139 242,925 5,846 39,371 14,223 1968—Sept. 25.............. 450,040 305,710 66,680 77.650 70,840 53 5,690 459,990 19,250 1,410 8,540 170,580 260,210 11,660 41,280 14,209 Oct. 30.............. 455,630 307,930 68,760 78.940 72,690 543,4(0 467,330 19,690 1,330 6.070 176,220 264,020 11,670 41 ,590 14,205 Nov. 27.............. 458,600 312,210 66,730 79,660 77,600 551,410 472,830 20,500 1,260 3,250 182,100 265,720 13,020 41,770 14,187 Dec. 31.............. 470,167 320,062 68,28 5 81,820 84.748 571,805 498,945 24,747 1,213 5,017 199,973 267,995 8,972 42,275 14,179 1969—Jan. 29........... 464,280 316,140 67.110 81,030 72,680 552,490 472,730 19,350 1,080 7,540 178,370 266,390 12,830 42,160 14,172 Feb. 26 463,440 318,480 63,460 81.500 72,480 552,830 469,810 19,550 1,010 5,830 176.330 267,090 13.010 42,530 14,172 Mar. 26.............. 465,300 320,540 62.500 82,260 72,990 555,460 469,630 19,910 990 4,250 176,440 268,040 14,360 42,720 14,176 Apr. 30"............ 470,100 325,440 61,770 82,890 82.400 570.010 481,890 21,230 950 9.000 183,970 266,740 15,780 43,170 14,168 May 28"............ 468.870 327,480 59,040 82,350 78. 140 564,830 472,940 20,990 940 6,580 177,530 266,900 17,490 43,320 14,167 June 25"............ 474.370 334,000 57,420 82,950 78.210 570,820 473,750 20,730 910 5,960 181,040 265,110 18,520 43.430 14,173 July 30"............ 477,520 337,720 58,090 81,710 75,870 572,670 467.910 21,060 850 5,540179,310 261,15019,450 43,740 14,179 Aug. 27r".......... 474,520 335,510 57.710 81.300 77,680 571,100 465,730 21,410 860 4,900 178,890 259.670 21,270 43,970 14,180 Sept. 24". .......... 477,470 339,290 56.570 81,610 77,470 575.140 468,320 21 ,260 830 7,670 179,590 258,970 21,610 44.170 14,180 Commercial banks: 1945—Dec. 31...1..2.4,019 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. 31 6............. 1(6,284 38,057 69,221 9,006 37,502 155,377 144.103 12,792 240 1,343 94,367 35,360 6510,059 14,181 1967—Dec. 30.............. 359,903 235,954 62,473 61,477 77,928 451,012 395,008 21 ,883 1,314 5,234 184,066 182,511 5,777 34,384 (3,722 1968—Sept. 25.............. 382.080 251 ,920 62.540 67,620 69,850 465.490 396,410 19,250 1,410 8,540 170,480 196,730 11.660 36,090 13,707 Oct. 30.............. 387,450 253.860 64,760 68.830 71 ,780 473,100 403,580 19,690 1,330 6,070 176,120 200,370 11,670 36,400 13,703 Nov. 27.............. 390,010 257,730 62,820 69,460 76,690 480.640 408.830 20,500 1,260 3,250 182,000 201,820 13,020 36,510 13,687 Dec. 31.............. 401,262 265,259 64,466 71,537 83,752 500,657 434,023 24,747 1,211 5,010 199,901203,154 8,899 37,006 13,679 1969—Jan. 29. 394,820 261,130 63,150 70,540 71,850 480,940 407,780 19,350 1,080 7,540 178,270 201,540 12,830 36,870 13,673 Feb. 26. 393.470 263,120 59,470 70,880 71,590 480,700 404,520 19,550 1,010 5,830 176,230 201,900 13,010 37,180 13,673 Mar. 26. 394,900 264,970 58,510 71,420 72,090 482,870 403,670 19,910 990 4.250 176,360 202,160 14,360 37,360 13,677 Apr. 30" 399,550 269,710 57.870 71 ,970 81 ,610 497,400 416,1 10 21 ,230 950 9,000 18 3,890 201,040 15,780 37,800 13,669 May 28". 397,900 271,330 55,220 71,350 77,240 491,670 406,850 20,990 940 6.580 177,450 200,890 17,490 37,890 13,668 June 25", 403,220 277,690 53,800 71 ,730 77,350 497,500 407,310 20,730 910 5,960 180,960 198,750 18,520 38,020 13,674 July 30", 406,280 281,290 54,460 70,530 7 5,020 499,280 401 ,620 21,060 850 5,540 179,230 194,940 19,450 38,300 13,682 Aug. 27" 402,950 278,730 54,100 70,120 76,830 497,380 399,340 21 ,410 860 4,900 178,810 193,360 21,270 38,480 13,683 Sept. 24". 405,720 282,330 52,960 70,430 76,620 501,240 401,740 21,260 830 7,670 179,510 192,470 21 .610 38,670 13,683 Member banks: 1945—Dec. 31. 107,183 22,775 78,338 6,070 29,845 138,304 (29,670 (3,576 64 22,179 69.640 24,210 208 7,589 6,884 1947—Dec. 31. 97,846 32,628 57,914 7,304 32,845 132,060 122,528 12,353 50 1.176 80,609 28,340 54 8,464 6,923 1967—Dec. 30. 293,120 196.849 46,9 56 49,315 68,946 373,584 326,03 3 20,811 I , (69 4,631 151 ,980 147.442 5,370 28,098 6,071 1968—Sept. 25 309,985 208,917 46,755 54,313 61,846 383,685 323,730 18,275 1,246 7,468 139.166 157,575 11,192 29,415 6,010 Oct. 30. 314,164 210.270 48,704 55,190 63,275 389,598 329,287 18,673 1,169 5,226 143,684 160,535 11,153 29,687 6,002 Nov. 27, 315,615 213,092 46,820 55.703 67,675 395,535 333,142 19,462 (,098 2,545 148,083 161 .954 12,450 29,739 5,990 Dec. 31. 325,086 220,285 47,881 56,920 73,756 412,541 355,414 23,519 1 .061 4.309 163,920 162.605 8,458 30,060 5,978 (969—Jan. 29. 319,249 216,806 46,464 55,979 63,826 395,585 332,284 18,402 927 6,556 145,546 160,853 12,000 29,966 5,972 Feb. 26. 317,925 218.407 43,387 56,131 63,247 394,742 329,130 18,593 860 4.907 144,065 160,705 12,179 30, 190 5,967 Mar. 26. 318,742 219,595 42,709 56,438 63.749 396,209 327,685 18,950 842 3,374 143,989 160,530 13,636 30,342 5,962 Apr. 30. 322,920 223,609 42,372 56,939 72,398 409,340 339,062 20,260 796 7,981 150,7(9 159,306 (4,888 30,699 5,955 May 28. 321.197 224,696 40,177 56,324 68,479 403,971 330,433 20,054 790 5,405 145,261 158,923 16,467 30,752 5,944 June 25. 326,064 230,266 39,174 56,624 68,18 3 408,9 3 2 3 30,191 19,776 756 4.870 147,984 156,805 17,358 30,869 5,938 July 30.............. 328,560233,196 39,96255,40266,159410,401 324,993 20,079 699 4,562 146,373 153,280 18,(4531,090 5,925 Aug. 27.............. 325,4(3230.654 39,754 55,00567.843408,644323,063 20,433 707 4.046 146,139 151,738 19,92531,234 5,919 Sept. 24"............ 327,611 233,744 38,643 55,22467.504411,501 324,78020,234 683 6,576 146,468 150,81920,32231,374 5,919 Mutual savings banks: 1945—Dec. 31.............. 16,208 4,279 (0,682 ( ,246 609 17,020 15,385 4 15,371 7 1 ,592 542 1947—Dec. 31*............ 18,641 4.944 11.978 1 ,718 886 19,714 17,763 I 3 14 17,745 1 ,889 533 1967—Dec. 30.............. 64.231 51,590 4,280 8,362 996 66,362 60,494 ...... 1 7 73 60,414 69 4,987 501 1968—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 9(0 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 72,6(0 65,780 80 65,700 5,370 499 May 28.............. 70,970 56,150 3,82011,000 900 73,160 66,090 80 66,010 5,430 499 June 25.............. 71,150 56,310 3,620 11,220 860 73,320 66,440 .......... 80 66,360 .....5..,.4..10 499 July 30.............. 71,240 56,430 3,63011,180 850 73,390 66,290 80 66,210 5,440 499 Aug. 27 r............. 71,570 56,780 3,610 11,180 850 73,720 66,390 80 66,310 5,490 497 Sept. 24"............. 71,750 56,960 3,610 11,180 850 73,900 66,580 80 66,500 5,500 497 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 □ OCTOBER 1969 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Lo 1 a .2 ns G U S o .S v e . t c . urit O ie t s h 2 er a C ss a e s t h s J c c b o T a i a u l l a o i p i n n a t c t i i d a e t t ­ ­ s a l s * l ’ Total3 m D I a n e n te ­ d rba T n im k3 e U.S D . ema O n t d her Time 1 r B i o n o g w r s ­ ­ c c T a o a o p u c t i n a ­ ta t l s l b N a b o u n e m f k r s ­ Govt. Other Reserve city member banks: New York City:’ 1945—Dec. 31.................. 26.143 7,334 17,574 1 ,235 6,439 32,887 30,121 4.640 17 6,940 17,287 1,236 195 2,120 37 1947—Dec. 31.................. 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1 ,445 30 2,259 37 1967—Dec. 30.................. 52,141 39,059 6,027 7,055 18,797 74.609 60,407 7,238 741 1,084 31,28220,062 1 ,880 5,715 12 1968—Sept. 25.................. 54,905 40,729 6,191 7,985 16,669 75,060 56,259 6,776 691 2,198 27,136 19,458 3,605 6,108 12 Oct. 30.................. 54,882 40,488 6,607 7,787 16,975 75,530 56,825 6,757 660 1 ,042 28,20720,159 3.438 6,180 12 Nov. 27.................. 55,084 41,429 5,881 7,774 18,243 77,069 57,653 7,363 633 170 28,67520,812 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 33,351 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 7,75422,610 82,395 59,841 8,788 419 2,080 31,513 17,04! 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 4,921 6,217 12 June 25................... 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 6,24! 12 Aug. 27.................. 56,571 44,914 4.904 6,753 20,574 81,955 54,538 8,783 373 722 30,490 14,170 5,459 6,275 12 Sept. 24.................. 57,278 45,807 4,534 6,937 19,(65 81,486 54,273 8,346 331 1 ,298 30,286 14,012 5,422 6,256 12 City of Chicago: 7 8 1945—Dec. 31.................. 5,931 1,333 4,213 385 1 ,489 7.459 7,046 1,312 .....1..,.5..52 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—Sept. 25.................. 13,334 9,297 2,028 2,009 3,185 17,196 (2,760 1 ,223 11 181 5,326 6,019 1,218 1,395 9 Oct. 30.................. 13,579 9,356 2,222 2,001 3.403 17,666 13,118 1 ,260 12 253 5,456 6,137 1,134 1 ,412 9 Nov. 27.................. 13,658 9,573 i ,990 2,095 3,218 17,571 13,311 1 .287 10 58 5,676 6,280 953 1,416 9 Dec. 3!.................. 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 Mar. 26.................. 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 June 25.................. 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 Aug. 27.................. 13,832 10,373 1 .473 1 .986 2,698 17,344 11,779 1,170 19 149 5,630 4,81 1 1,717 1.483 9 Sept. 24.................. 14,006 10,564 1.471 1 ,971 2,925 17.784 11.806 1.189 24 349 5,555 4,689 2,092 1,493 9 Other reserve city: ’■8 1945—Dec. 31.................. 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 2,566 359 1947—Dec. 31.................. 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,627 22 405 28,990 11,423 1 2,844 353 1967—Dec. 30.................. 105,724 73.571 14,667 17,48726,867 136,626 120,485 9,374 310 1 .715 53,288 55,798 2,555 10,032 163 1968—Sept. 25.................. 112,559 78,661 14,211 19,68723,382 140,294 1 19,750 8,054 448 2,798 48,12660,324 5,437 (0,445 162 Oct. 30.................. 114,861 79,584 15,13520,142 23,605 142,930 122,205 8,351 395 2, 128 49,85461.477 5,554 10,559 162 Nov. 27.................. 115,027 80,382 14,291 20,35425,803 145,322 123,321 8,458 353 799 51 ,83261,879 6,441 10,572 161 Dec. 31.................. 119,006 83.634 15,03620,33728,(36 151 .957 132,305 10,181 307 1 ,884 57,449 62,484 4,239 10,684 161 1969—Jan. 29.................. 116,456 82,141 14,167 20,14823,463 144,460 122,369 7,651 306 2,348 50,14261,922 6,179 10,743 161 Feb. 26.................. 116,211 83,065 13,151 19,99523,142 143,969 121,555 8,024 272 2,079 49,54961,631 6,085 10,773 161 Mar. 26.................. 116,128 83,534 12,738 19,85623,094 143,928 120,639 7,885 281 1 ,338 49,751 61,384 6,763 (0,878 161 Apr. 30.................. 117,795 84,932 12,857 20,00625,890 148,544 124,498 8,062 249 3,457 51,73560,995 7,522 10,982 161 May 28.................. 116,902 85,316 1 1,982 19,60424,557 146,119 121,240 7,882 248 2,219 50,043 60,848 7,819 11,014 161 June 25.................. 118,265 87.081 1 1,494 19,69024,145 147,332 120,641 7,975 224 2,248 50,435 59,759 8,748 11,083 160 July 30.................. 1 18,838 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 Aug. 27.................. 117,449 86,509 11 ,810 19,13024,644 147,-680 116,983 8,224 204 1 ,633 49,74057,182 10,069 11,219 159 Sept. 24.................. 117,698 87,577 11,110 19,011 25,301 148,736 117,685 8,329 217 2,963 49,663 56,513 10,236 11,271 159 Country member banks:7 8 1945—Dec. 31.................. 35,002 5,596 26.999 2,408 10,632 46,059 43,418 1,207 17 5,465 24,235 12,494 11 2,525 6,476 1947—Dec. 31................... 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1.056 17 432 28,378 14,560 23 2,934 6,519 1967—Dec. 30.................. 122,511 74,995 24,689 22,82620,334 146,052 131,156 2,766 96 I ,564 61,161 65,569 552 11,005 5,886 1968—Sept. 25.................. 129,187 80,230 24,32524,632 18,610 151,135 134,961 2,222 96 2,291 58,57871,774 932 11,467 5,827 Oct. 30................. 130,842 80,842 24,75025,260 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 25,48020,411 155,573 138,857 2,354 102 1,518 61,90072,983 1,142 11,622 5,808 Dec. 31................... 134,759 83,397 24,998 26,36422,664 161,122144,682 2.839 111 1,281 66,57873,873 80411,807 5,796 1969—Jan. 29................... 133,166 81,932 25,09026,144 18,979 155,471 138,314 2,185 102 1,766 60,36873,893 1,658 (1,680 5,790 Feb. 26................... 133,316 82,660 24,18326,473 19,318 156,543 138,108 2,200 102 1 ,666 59.35074,790 1,665 11,830 5,785 Mar. 26.................. 134,526 83.873 23,763 26,890 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 26,98521,063 160,766141,522 2,240 111 1,829 61,57075,772 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 59,75576,193 2,045 12,075 5,762 June 25................... 136,772 87,654 21,99927,119 20,332 161,355 (41,293 2,213 Hl 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 Aug. 27.................. (37,561 88.858 21,56727,136 19,927 161,665 139,763 2,256 111 1,542 60,279 75,575 2,680 12,257 5,739 Sept. 24"................. 138,629 89,796 21,528 27,305 20,113 163,495 141,016 2,370 111 1,966 60,96475,605 2,572 12,354 5,739 For notes sec p. A-22, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 1969 □ COMMERCIAL AND MUTUAL SAVINGS BANKS A 21 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— b c C a a l n a ll s k d s a a o t n e f d Total Lo 1 a . n 2 s G U o S .S v e . t c . urit O ie t s h 2 er as C s a e s ts h 3 c c b o T a i a u l a l o p i i n a n t c t i i d ­ e t t ­ a a s s l 4 l Total3 m I D n a e t n e ­ d rba T n i k m 3 e G U o .S D v . t e . ma O O n t t d h h e e r r Ti 1 m .5 e r B in o o g w r s ­ ­ c c T a o a o p u c t n i a ­ ta t l s l b N a b o u n e f m k r s ­ Insured commercial: 1945—Dec. 31.. 121,809 25,765 88.912 7, 131 34,292 157,544 147,775 13.883 23,740 80,27629,876 215 8,671 13,297 1947—Dec. 31.. 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,615 54 1,325 92,975 34,882 61 9,734 13,398 1965—Dec. 31.. 303,593 200,109 59,12044,364 60,327 374,051 330,323 18,149 923 5,508 159,659 146,084 4,325 29,827 13,540 1967—Dec. 30.. 358,536235,502 62,09460,941 77,348 448,878 394,118 21 ,598 1,258 5,219 182,984 183,060 5,531 33,916 13,510 1968—June 29.. 365,955 243,993 58,189 63,772 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 83,061 498,071 432,719 24,427 1,155 5,000 198,535203,602 8,675 36,530 13,481 National member: 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 31,627 36,915 44,788 265,497 229,028 12,383 561 2,821 102,093 111,170 5,097 20,503 4,742 1968—Dec. 31.. 236,130159,257 35,30041 ,572 50,953 296,594 257,884 15,117 657 3,090 116,422122,597 5,923 21,524 4,716 State member: 1945—Dec. 31.. 37,871 8,850 27,089 1 ,933 9,731 48,084 44,730 4,41 1 8,166 24,168 7,986 130 2,945 1,867 1947—Dec. 31.. 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1,918 1965—Dec. 31.. 74,972 51,262 12,645 1 1,065 15,934 93,640 81 ,657 5,390 382 1,606 39,59834,680 1,607 7,492 1,406 1967—Dec. 30., 85.128 58,513 12,649 13,966 22,312 111,188 95,637 6,934 516 1 ,489 45,961 40,736 1 ,892 8,368 1 ,313 1968—June 29.. 86,231 60,159 11,73414,338 22,342 112,352 94,908 7,261 373 1 ,306 44,37741,591 2,586 8,636 1 ,297 1968—Dec. 31.. 89,894 61 ,965 12,581 15,348 22,803 116,885 98,467 8,402 404 1 ,219 47,49840,945 2,535 8,536 1 ,262 Insured nonmember commercial: 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 (965—Dec. 31.. 52,028 30,310 14,137 7.581 7,513 60,679 54,806 695 83 618 27,52825,882 91 4,912 7,320 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 nonmcmber commercial: 1945—Dec. 31.. 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 4 279 714 1947—Dec. 31 6. 2,009 474 1,280 255 576 2,643 2,251 177 185 18 1,392 478 4 325 783 1965—Dec. 31.. 2,455 1,549 418 489 572 3,200 2,113 27? 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 1,875 429 597 691 3,789 2,519 319 56 10 1 ,366 767 224 464 197 Nonmember commercial: (945—Dec. 31.. 16,849 3,310 12,277 1 ,262 4,962 22,024 20,571 425 14,101 6,045 II 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 □ OCTOBER 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 b c C a a l n a ll k s d s a a o n te d f Total Lo l an 2 s G U o .S vt . . Oth 2 er as C s a e s ts h J c c b o a i a u l a l i p i n n a t c i i d t ­ ­ e t s a s l 4 Total 3 m D a e n ­ d Time U. D S. e ma O n t d her T l im .5 e r B i o n o g w r s ­ ­ c c T a o a o p u c t i n ­ a ta t l s l N b b a o u e n f m r k s ­ Govt, Insured mutual savings: 1945—Dec. 31.. 10.846 3,081 7,160 606 429 11,424 10,363 12 10,351 1 1,034 192 1947—Dec 31.. 12,683 3,560 8,165 958 675 13,499 12,207 1 2 12 12,192 1,252 194 1965—Dec. 31,. 48,735 39,964 3,760 5,010 904 50,500 45,887 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 33! 1968—june 29.. 58,178 46,813 3^039 8,325 833 60,128 54,991 I 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: 1945—Dec. 31.. 5,361 1,198 3,522 641 180 5,596 5,022 2 5,020 6 558 350 1 947—Dec. 31 6 5,957 1,384 3,813 760 211 6,215 5,556 1 2 5,553 637 339 1965—Dec. 31., 7,526 5,325 1,710 491 113 7,720 6,874 I 8 6,865 | 706 177 (967—Dec. 30.. 8,295 6J00 1 J 69 1 ,026 115 8,499 7*584 I 20 7,563 t 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 21 8,041 2 788 167 1 See table Ki Deposits Accumulated at Commercial Banks for Payment million were reclassified as country banks. Beginning Jan. 4, 1968, a of Personal Loans” and its notes on p. A-23, country bank with deposits of $321 million was reclassified as a reserve 2 Beginning June 30, 1966, loans to farmers directly guaranteed by city bank. Beginning Feb. 29, 1968, a reserve city bank in Chicago with CCC were reclassified as securities, and Export-Import Bank portfolio total deposits of $190 million was reclassified as a country bank. fund participations were reclassified from loans to securities. This reduced ‘’Total loans” and increased “Other securities” by about $1 billion. Note.—Series revised beginning with data for July 1969 to conform in “Total loans” include Federal funds sold, and beginning with June 1967 content and format with recent substantive changes in official call reports securities purchased under resale agreements, figures for which are included of condition as described in the Bulletin for Aug. 1969, pp. 642-46. tn “Federal funds sold, etc.,” for commercial banks on p. A-24. Data are for all commercial and mutual savings banks in the United 3 Reciprocal balances excluded beginning with 1942. States (including Alaska and Hawaii, beginning with 1959). For definition 4 Includes other assets and liabilities not shown separately. of “commercial banks” as used in this table, and for other banks that are s Figures for mutual savings banks include relatively small amounts included under member banks, see Note, p. 643, May 1964 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. citiei, 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, 8 Beginning with May 13, 1965, Toledo, Ohio, reserve city banks with total loans and investments of $530 million and total deposits of $576 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 1969 □ COMMERCIAL BANKS A 23 LOANS AND INVESTMENTS AT COMMERCIAL BANKS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Securities Securities Period Total’,2 Loans1,2 Total 1,2 Loans1,2 U.S. Other2 U.S. Other2 Govt. Govt. 1959—Dec. 31................................................................... 185.9 107.8 57.7 20.5 189.5 110.0 58.9 20.5 1960—Dec. 31................................................................... 194.5 113.8 59.8 20.8 198.5 116.7 61.0 20.9 1961 —Dec. 30................................................................... 209.6 120.4 65.3 23.9 214.4 123.9 66.6 23.9 1962—Dec. 31................................................................... 227.9 134.0 64.6 29.2 233.6 137.9 66.4 29.3 1963—Dec. 31................................................................... 246.2 149.6 61.7 35.0 252.4 153.9 63.4 35.1 1964—Dec. 31................................................................... 267.2 167.7 60.7 38.7 273.9 172.1 63.0 38.8 1965—Dec. 31................................................................... 294.4 192.6 57.1 44.8 301.8 197.4 59.5 44.9 1966—Dec. 31................................................................... 310.5 208.2 53.6 48.7 317.9 213.0 56.2 48.8 1967—Dec. 30................................................................... 346.5 225.4 59.7 61.4 354.5 230.5 62.5 61.5 1968—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 Dec. 31................................................................... 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 Mar. 26................................................................... 386,8 257.5 57.4 71.9 385.6 255.7 58.5 71.4 Apr, 30*................................................................. 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 30e (old series)............................................. 390.4 263.0 56.0 71.4 394.3 268.5 53.8 72.0 June 30® (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 Aug. 27*................................................................. 395,4 269.2 56.6 69,6 392.6 268.3 54. 1 70. 1 Sept. 24*................................................................ 394.7 270.4 54,5 69.8 394.6 271,2 53.0 70.4 1 Adjusted to exclude interbank loans. vithout 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 a description of the revision, see Aug. 1 969 for payment of personal loans were deducted as a result of a change in Bulletin, pp. 642-46. Federal Reserve regulations. Beginning June 30, 1966, CCC certificates of interest and Export- Note.—For monthly data 1948 68, see Aug. 1968 Bulletin, pp. A-94 Import Bank portfolio fund participation certificates totaling an estimated —A-97, Fora description of the seasonally adjusted series see the follow- $1 billion are included in “Other securities” rather than “Other loans.” ng Bulletins: July 1962, pp. 797-802; July 1966, pp. 950-55; and Sept. 3 Data revised to include al) bank premises subsidiaries and other sig- 967, pp. 1511-17. nificant majority-owned domestic subsidiaries; earlier data include com- Data are for last Wed. of month except for June 30 and!Dec. 31; data mercial banks only. Also, loans and investments are now reported gross, are partly or wholly estimated except when June 30 and Dec. 31 are call 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 All 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 20! 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 deposits’’ These deposits have not been deducted from “Time deposits” and and “Loans” at all commercial banks beginning with June 30, 1966, as “Loans” for commercial banks as shown on p. A-21 and on p. A-24 and shown in the tables on the following pages: A-19, A-20, and A-26-A-3O, p. A-25 (IPC only for time deposits) or for mutual savings banks on (consumer instalment loans), and in the table at the top of this page. p. A-22. Mutual savings banks held 5 268,000 of these deposits on Dec. 31, These changes resulted from a change in the Federal Reserve regulations. 1966; $94,000 on Dec. 30, 1967; $192,000 on June 29, 1968; and $89,000 See June 1966 Bulletin, p. 808. on Dec. 31, 1968. Details may not add to totals because of rounding. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 24 COMMERCIAL BANKS o OCTOBER 1969 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Other loans 1 Investments For To U.S. Government b C a l n a k ss a o nd f lo T a a o n n t d s a l 1 fu F e n e ra d d l ­ s C m o e m r­ ­ Agri- o p s r u e r c c c a u h r r a r it y s ie i in n s g g in f s in ti a tu n t c io ia n l s Real Ot t h o e r, securities 6 S a t n a d te Other cal! date i m nv e e n s ts t­ e so tc ld .2 , T 3 o , t a 4 l a c in n ia d ­ l c a tu 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 s g lo e o c c v a u t l ­ , r s it e ie c s u­ 5 d tr u ia s l ­ k a e n r d s ot T h o er s BanksOthers uals3 Total c a e n rt d if i­ Notes Bonds rities deal­ cates ers Total:2 1947—Dec. 31.. 116,284 38,057 18,167 1.660 830 1,220 115 9,393 5,723 94769,221 9,982 6,03453,205 5,2763,729 1965—Dec. 31..306,060 2 103 199,555 71,4378,2125,258 3,231 2, 158 13,291 49,30045,468 5,21559,547 n.a. n.a. n.a.38,6556,201 1967—Dec. 30..361,186 4 057 233,18088,443 9,2706,215 3,780 1,902 12,535 58,525 51 ,585 5,65962,473 n.a. n.a. n.a. 50,006 11,471 1968—June 29.. 368,795 4 813 241,001 91,4279,9794,9503,731 1 ,94412,193 61,40954,221 5,9765E,603 n.a. n.a. n.a. 52,635 11,742 1968—Dec. 31..402,477 6 747 259,72798,3579,7186,6254,108 2,20613,72965,137 58,3376,72464,466 n.a. n.a. n.a. 58,570 12,907 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 1,3143,1643,606 49 4,677 2,361 1,13288,91221,526 16,045 51,342 3,873 3,258 1947—Dec. 3L. (14,274 37,583 18,012 1,610 823 1,190 114 9,266 5,654 91467,941 9,676 5,918 52,347 5,129 3,621 1965—Dec. 31..303,593 2 064 198,04570,887 8,191 5,088 3,172 2,093 13,14849,02645,2905,15559,120 13,13413,233 33,85838,4195,945 1967—Dec. 30.. 358,536 3 919 231,583 87,8709,2506,017 3,719 1 ,848 12,39458,20951,395 5,60662,09413,134 18,62431,62349,737 11,204 1968—June 29.. 365,955 4 655 239,33890,8739,9584,723 3,668 1,881 12,02961,11254,0205,89358,189 7,00322,49929,95652,355 11,417 1968—Dec. 31..399,566 6 526258,07497,741 9,7006,4094,063 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 1,0577E,338 19,260 14,271 44,807 3,2542,815 1947—Dec. 31.. 97,846 32,628 16,962 1,046 811 1,065 113 7,130 4,662 83957,914 7,803 4,81545,295 4,1993,105 1965—Dec. 31..251,577 1 861 167,93963,979 5,0994,915 2,714 2,008 12,475 38,988 36,418 4,83244,992 9,441 10,10626,367 32,588 4,198 1967—Dec. 30.,294,098 3 438 194,38979,3445,7025,820 3,099 1 ,754 11,58745,52840,4545,19046,956 9,633 13,657 24,61441,5207,795 1968—June 29.. 298,575 4 041 199,92081,9226,081 4,525 3,057 1 ,778 11,25947,69742,291 5,46443,361 4,415 16,29423,621 43,3827,871 1968—Dec. 31.. 326,023 5 551 215,671 87,819 5,921 6,1743,379 2,012 12,797 50,461 45,4046,18947,881 n.a. n.a. n.a.48,4238,498 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 24,042 192,976 796 1 ,015 3,118 3,495 3,197 1,309 ,046 847 1,860 2,555 6,034 736 1968—Dec. 31.. 57,047 747 42,22225,258 173,803 903 1 ,099 3,426 3,619 3,485 1 ,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 S5 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 ,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 ,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 ,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 ,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. 3t.. 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 1,999b1,354 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 5,44616,969 15,047 2,14814,667 3,140 3,557 8,312 15,3762.110 1968—June 29.. 108,001 I,422 75,13831 ,720 1,414 7581 ,206 513 5,196(7,861 15,625 2,30413,083 966 4,329 8,105 16,1772,180 1968—Dec. 31.. 119,339 2,197 81,769 34,632 1,362 1,116 1 ,254 588 6,005 18,939 16,9162,52015,036 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 1,1128 4,377 110 481 3,787 1,222 1,028 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 4 1,881 707 35926,999 5,732 4,544 16,722 1,342 1,067 1947—Dec. 31.. 36,324 10,199 3,096 818 23 227 5 ......... 3,827 1,979 22422,857 3,063 2,108 17,687 2,006 1,262 1965—Dec. 31.. 103,362 905 62,433 16,4783,840 650 698 174 1,98320,217 18,423 1,17721.735 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 76,73820,363 4,610 436 835 77 1,89925,64722,721 1,61421,469 2,188 9,597 12,06219,6074,680 1968—Dec. 31.. 135,364 2,295 81,70621,81 1 4,493 720 969 119 2,14727,16424,154 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 7,4583,113 343 516 151 817 10,312 9,050 38314,555 n.a. n.a, n.a. 6,0672,003 1967—Dec. 30.. 67,087 618 38,791 9,099 3,568 395 681 148 948 12,997 11,131 469115,516 n.a. n.a. n.a. 8,4863,676 1968—June 29.. 70,219 772 41,081 9,5063,898 425 674 166 935 13,71211,929 51215,242 n.a. n.a. n.a. 9,2523,871 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 $ I billion. and “Loans to banks.’’ a 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

OCTOBER 1969 □ COMMERCIAL BANKS A 25 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits Bal­ De­ b c C a a l n a ll k s d s a a o n te d f s B F w e R a r . i v n R e t e h k ­ . s s r C c a e o n n u i c d n r­ y b m a a w d n e n c i o s t k e h ­ t s i s c 7 ju p m s a o d a t s d e e n i ­ ­ d t d s 8 m D e In s o t t ­ i e c r 7 ba e F n ig k o n r­ 9 G U o .S v . t . S g lo a o t c n a v a d t t e l . c C c h o f a e i e e e f n r f r c d d s i t k ­ i ’ ­ s, IPC I b n a t n e k r­ G P U S a o o a n . s S v v d t ­ . t a , l S l g o a o t c n a v a d t t e l . IPd B r i o n o g w r s ­ ­ c C o a t a u a c p n l ­ i t ­ s etc. ings Total: 3 1947—Dec. 31 ... . 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1965—Dec. 3!.... 17.992 4,851 15,300 140,936 16,794 1,632 5,525 14,244 5,978 140,558 1,008 263 12,186 134,2474,47230,272 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 15,494 147,296 18,632 2,005 4,971 16,284 10,123 151,430 1,094 321 16,522 173,857 8,13035,774 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 19,110 184,892 8,89937,006 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 54 111 826 33,946 61 9,734 1965—Dec. 31.... 17,992 4,833 14,801 139,601 16,620 1,529 5,508 14,152 5,913 139,594 923 263 12,135 133,6864,325 29,827 1967—Dec. 30.... 20,275 5,916 16,997 151,948 19,688i I ,909 5,219 15,471 8,608 158,905 1,258 26715,836 166,9565,531 33,916 1968—June 29, . .. 20,846 5,170 14,936 145,782 18,468 1 ,869 4,951 16,198 9,890 150,482 1 ,019 321 16,456 173,1487,913 35,269 1968—Dec. 31.... 21,230 7,165 18,343 165,527 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 11,878 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 8,957 112,569 15,977 1,477 4,890 10,840 5,386 115,905 840 23610,041 109,925 4,23424,926 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 12,856 135,329 5,37028,098 1968—June 29.... 20,846 3,999 9,218 116,269 17,809 1 ,834 4,127 12,503 9,251 124,716 934 28613,373 139,1027,68429,139 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 8,45830,060 Hew 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 >92 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 H ,H7 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31.... 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31.. .. 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1965—Dec. 31. . .. 7,700 1,139 2,3411 37,703 8,091 330 1,773 3,532 1,180 42,380 206 71 4,960 40,5101,548 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 52,62^ 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 ,560 7,631 35,654 1 ,018 209 701 4,025 1 ,092 30,865 150 38 3,442 37,347 441 6,945 7 Beginning with 1942, excludes reciprocal bank balances. that are included under member banks, see Note, p. 589, May 1964 8 Through 1960 demand deposits other than interbank and U.S. Bulletin.) These figures exclude data for banks in U.S. possessions Govt., less cash items in process of collection; beginning with 1961, except for member banks. Comparability of figures for classes of banks demand deposits other than domestic commercial interbank and U.S. is affected somewhat by changes in F.R.. membership, deposit insurance Govt., less cash items tn process of collection. status, and the reserve classifications of cities and individual banks, and 9 For reclassification of certain deposits in 1961, see note 6, p. 589, by mergers, etc. May 1964 Bulletin. Data for national banks for Dec. 31, 1965, have been adjusted to make them comparable with State bank data. Note.—Data are for all commercial banks tn 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 □ OCTOBER 1969 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS (In millions of dollars) Loans Federal funds sold, etc.1 Other To brokers For purchasing and dealers or carrying securities T Io o a t n a s l involving'— To nonbank and finan. Wednesday i m nv e e n s ts t­ co T m o ­ To C m c o i e a m r l ­ ­ Agri­ a T n o d b d r e o a k l e e r r s s ot T he o r s institutions Total mer­ U.S. others Total and cul­ cial Treas­ Other indus­ tural Pers, banks ury se­ trial U.S. U.S. and se­ curi­ Treas­ Other Treas­ Other sales curi­ ties ury secs. ury secs. finan. Other ties secs. secs. cos., etc. Larae banks— Total 196811 Sept. 4................. 218,461 153,997 68,051 2,025 1 ,985 4,677 100 2,494 5,272 4,662 11............. 220'530 154'351 68'354 2'028 2’785 4’451 112 2’497 5 ’228 4 728 18................. 224’I 14 157’,046 69 438 2’026 3 032 4,664 154 2’518 5’480 4 728 25................ 221 ,'098 155’024 69,294 2^19 1 ’714 4,738 105 2'515 5*467 4^706 1969 Aug. 6................. 232,412 5,380 5,194 107 49 30 167,394 77,581 2,095 462 3,296 103 2 693 5,780 5 472 13................. 231'413 5,502 51 16 315 50 21 166,605 7 7,'276 2^099 538 3 '064 102 2’683 5 49! 5’469 20................. 229'682 5,441 5; 189 156 61 35 165,967 77'057 2,083 465 3,016 103 2,681 5,400 5,489 27................. 230'722 5'659 5'544 69 43 3 165’465 76,631 2’077 397 2’992 107 2 665 5 368 5 457 Sept. 3................ 23!,912 5,791 5,540 157 76 18 166,695 76,669 2,104 715 3,242 107 2 663 5 672 5 466 10................. 232,911 6'216 4^451 1 ,674 57 34 166,922 77,010 2 084 995 3'109 106 2'645 5 ’552 5 386 17................. 233'506 5'598 4^746 ’731 92 29 168,320 77 917 2 083 720 3,323 103 2,628 5 899 5 413 24/’............... 232 J06 5 ,'780 5,’576 56 90 58 167,903 78,068 2,094 49! 3,084 103 2,616 5,787 5,474 New York City 1968*1 Sept. 4................ 50,661 38,100 22,824 15 920 2,847 16 824 1 516 1 205 II................. 50'949 37,587 22'929 15 819 2’,650 16 824 1 '488 1 205 18................. 53’064 38,907 23,336 15 1 056 2,771 17 840 1 ,673 1 205 25................ 51 JI5 38,549 23,279 14 895 2'857 17 827 1 ,642 1 ,198 1969 Aug. 6................. 53,602 1 ,658 1 ,641 10 7 41,455 25,493 10 376 2,074 10 842 1 817 1 ,352 13................ 53'287 1 ,951 1 ,939 12 41'023 25’354 11 434 1 '862 10 836 1 ,738 1 ,338 20................. 52'728 2'081 2 004 63 14 40^592 25'250 11 378 1 '793 10 836 1 ’655 1 341 27................. 53,293 2,088 2 088 40 463 25 105 11 319 1 ,81 1 15 825 1 *673 1 359 Sept. 3................ 53,933 2 001 1 ,984 10 7 41,488 25,197 12 628 2,035 15 820 1 ,867 1 353 10................. 53^824 I '429 810 595 24 41 ,767 25 538 11 878 1 ’905 13 816 1 782 1 322 17................. 54’522 1 '367 1,144 209 14 42 245 25 872 11 630 2’071 10 811 1 975 1 341 24^.............. 54’012 1 ,786 1,727 10 49 41 ’,641 25,847 12 408 1 ,852 10 809 1 ’878 1^356 Outside New York City 196811 Sept. 4................. 167,800 115,897 45,227 2,010 1 ,065 1 ,830 84 1 ,670 3 756 3 457 11................. 169,581 116,764 45 '425 2,013 I ,’966 1 ’801 96 1 ’673 3 740 3 523 18................. 171'050 118,139 46,102 2,01 I 1 ’976 1 ,893 1 37 1 ,678 3’807 3 ’523 25................ 169'383 116,475 46,015 2’005 819 1 ,881 88 1 ,688 3,825 3,508 1969 Aug. 6................. 178,810 3,722 3 553 97 49 23 125 939 52 088 2,085 86 1,222 93 1 ,851 3,963 4 120 13................. 178 J 26 3 551 3,’ l 77 315 50 9 125’582 51 922 2 088 104 1 202 92 1 ’847 3 ’753 4 131 20................. 176,954 3,'360 3 185 93 61 21 125’375 51 ’ 807 2,’072 87 1 ,’223 93 1 ,’845 3*745 4’148 27................. 177'429 3,571 3 456 69 43 3 125'002 51 526 2 066 78 1 181 92 1 840 3 695 4 098 Sept. 3................. 177,979 3,790 3 556 147 76 11 125 207 51 472 2 092 87 1 207 92 1 843 3 805 4 113 10................. 179,087 4,787 3,641 1 079 57 10 125’155 51 472 2’073 117 l ’204 93 I *829 3’770 4’064 17................. 178,984 4,231 3 602 522 92 15 126 075 52 045 2 072 90 1 252 93 1 817 3 924 4’072 24».............. 178,094 3,’994 3,849 46 90 9 126*262 52,221 2,082 83 1 *232 93 1 ^807 3^909 4^118 For notes see p. A-30. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 1969 □ WEEKLY REPORTING BANKS A 27 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In 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 banks— Total 1968H 30,891 4,359 1 ,434 17,766 1,105 12,414 28,029 3,712 4,859 12,215 7,243 38,975 3,696 1,440 17,778 1,107 12,415 28,908 4,387 4,984 12,237 7,300 ................................................r 11 31,066 4,450 1,358 17,815 1 ,094 12,465 29,800 5,195 5,059 12,286 7,260 ............................................. 18 31,149 3,706 1,378 17,879 1,096 12,499 28,615 3,954 5,179 12,230 7,252 ....................................... 25 1969 33,279 468 1,597 19,856 1,033 13,679 23,146 2,067 4,175 12,024 4,880 33,398 404 1 ,604 19,919 1,028 13,530 22,916 1 ,908 4,114 12,004 4,890 ........................................... “ 13 33,440 388 1 ,566 19,924 1,028 13,327 22,253 1,359 4,139 12,783 3,972 ....................................................20 33,491 433 1,550 19,905 1,102 13,290 23,420 2,362 4,337 12,785 3,936 ....................................................27 33,534 465 1 ,537 19,924 1,088 13,509 23,336 2,218 4,457 12,832 3,829 33,594 408 1,639 19,917 1,095 13,382 23,289 2,195 4,496 12,779 3,819 ........................................... " .16 33,696 440 1,503 19,958 1,065 13,572 23,116 2,068 4,472 12,760 3,816 ....................................................17 33,770 410 1 ,501 20,001 1,042 13,462 22,224 1,597 4,341 12,735 3,551 .................... 24p New York City 1968 3,101 776 762 1 ,321 734 2,183 5,459 1 ,338 802 1 ,586 i ,733 ..........................................Sept 4 3,104 506 782 1,325 737 2,131 5,879 1,699 834 1,568 1,778 ................ ' H 3,116 963 702 1 ,324 723 2,110 6,617 2,396 809 1,618 1 ,794 ................................................. 18 3,142 702 724 1,328 725 2,143 5,685 1 ,437 797 1,643 1 ,808 ....................................................25 1969 3,566 186 795 1,573 667 2,694 4,327 811 449 2,084 983 3,591 156 817 1,576 672 2,628 4,200 677 466 2,079 978 ................................................. 13 3,604 156 791 1,586 660 2,521 4,007 510 442 2,345 710 ............................................... 20 3,593 178 777 1 ,595 709 2,493 4,633 1,130 463 2,337 703 ....................................................27 3,590 236 771 1,594 694 2,676 4,361 865 465 2,340 691 3,610 172 811 1 ,599 711 2,599 4,335 868 463 2,326 678 ......................................... ‘ 10 3,634 167 775 I ,601 691 2,656 4,330 881 445 2,322 682 ....................................................17 3,653 192 757 1 ,610 674 2,583 4,271 790 475 2,415 591 ....................................................24^ Outside New York City 1968H 27,790 3,583 672 16,445 371 10,231 22,570 2,374 4,057 10,629 5,510 27,871 3,190 658 16,453 370 10,284 23,029 2,688 4,150 10,669 5,522 ......................................... ’ li 27,950 3,487 656 16,491 371 10,355 23,183 2,799 4,250 10,668 5,466 ....................................................18 28,007 3,004 654 16,551 371 10,356 22,930 2,517 4,382 10,587 5,444 .............................. 25 1969 29,713 282 802 18,283 366 10,985 18,819 1,256 3,726 9,940 3,897 ..........................................Aug. 6 29,807 248 787 18,343 356 10,902 18,716 1,231 3,648 9,925 3,912 ...............................................~ . 13 29,836 232 775 18,338 368 10,806 18,246 849 3,697 10,438 3,262 .................... 20 29,898 255 773 18,310 393 10,797 18,787 1,232 3,874 10,448 3,233 ....................................................27 29,944 229 766 18,330 394 10,833 18,975 1,353 3,992 10,492 3,138 ................................ Sept 3 29,984 236 828 18,318 384 10,783 18,954 1 ,327 4,033 10,453 3,141 ........................................... ’, . 10 30,062 273 728 18,357 374 10,916 18,786 1,187 4,027 10,438 3,134 ....................................... 17 30,117 218 744 18,391 368 10,879 17,953 807 3,866 10,320 2,960 ....................................................24/» For notes see p. A-30. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 28 WEEKLY REPORTING BANKS □ OCTOBER 1969 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (tn 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 Certif. war­ All of All rants 3 Other partici­ other5 pation4 Large banks— Total 1968H Sept. 4........................................... 36,435 4,781 27,369 1,415 2,870 27,433 15,821 2,720 4,467 .......1..0..,.1..03 279,005 11........................................... 37,271 5,252 27,719 1 ,416 2,884 27,262 14,699 2,989 4,648 9,931 280,059 18........................................... 37,268 5,178 27,875 I ,334 2,881 27,662 14,966 2,900 4,817 9,853 284,312 25........................................... 37,459 5,172 28,050 1,339 2,898 24,454 (7,259 2,983 4,205 9,961 279,960 1969 Aug. 6........................................... 36,492 4,013 28,811 1,142 2,526 30,596 16,944 2,795 4,603 472 12,700 300,522 13........................................... 36,390 3,851 28,835 1,172 2,532 29,157 15,084 3,046 4,851 473 12,501 296,525 20..................................... .. . 36,021 3,728 28,717 1,135 2,441 29,900 16,429 3,003 4,437 494 12,305 296,250 27........................................... 36,178 3,712 28,828 1,146 2,492 29,519 16,775 3,156 4,248 497 12,430 297,347 Sept, 3........................................... 36,090 3,690 28,752 1,140 2,508 30,713 15,934 2,989 4,726 508 12,835 299,617 10........................................... 36,484 3,874 28,891 1,139 2,580 31,889 14,873 3,100 5,078 509 12,851 301,211 17........................................... 36,472 3,904 28,917 1,126 2,525 32,699 15,936 3,033 4,807 518 12,713 303,212 24»......................................... 36,199 3,745 28,824 1,123 2,507 29,283 16,523 3,131 4,342 519 12,855 298,759 New York City 196811 Sept. 4........................................... 7,102 1,396 4,794 158 754 11,946 4,089 351 31 1 3,581 70,939 11........................................... 7,483 1,693 4,906 113 771 12,082 3,631 362 250 3,491 70,765 18........................................... 7,540 1 ,642 5,047 98 753 12,401 3,525 356 324 3,424 73,094 25........................................... 7,481 1 ,657 4,973 100 751 11,236 4,283 361 285 3,464 71,344 1969 Aug. 6........................................... 6,162 985 4,541 106 530 14,978 4,504 368 405 258 4,624 78,739 13........................................... 6,113 931 4,544 108 530 13,413 3,806 381 345 258 4,496 75,986 20........................................... 6,048 900 4,534 107 507 14,500 4,234 365 308 258 4,408 76,801 27........................................... 6,109 909 4,561 105 534 14,908 4,526 367 280 258 4,470 78,102 Sept. 3........................................... 6,083 879 4,584 106 514 13,548 3,963 372 321 270 4,597 77,004 10........................................... 6,293 972 4,653 105 563 16,007 4,018 372 341 270 4,687 79,519 17........................................... 6,580 1,171 4,766 105 538 15,389 4,064 370 378 270 4,565 79,558 24?......................................... 6,314 1,012 4,674 99 529 14,344 3,700 372 319 270 4,674 77,691 Outside New York City 1968H Sept. 4........................................... 29,333 3,385 22,575 1,257 2,116 15,487 11,732 2,369 4,156 6,522 208,066 11........................................... 29,788 3,559 22,813 1,303 2,113 15,180 11,068 2,627 4,398 6,440 209,294 18........................................... 29,728 3,536 22,828 1,236 2,128 15,261 11,441 2,544 4,493 6,429 211,218 25........................................... 29,978 3,515 23,077 1,239 2,147 13,218 12,976 2,622 3,920 6,497 208,616 1969 Aug. 6........................................... 30,330 3,028 24,270 1,036 1,996 15,618 12,440 2,427 4,198 214 8,076 221,783 13........................................... 30,277 2,920 24,291 1,064 2,002 15,744 11,278 2,665 4,506 215 8,005 220,539 20........................................... 29,973 2,828 24,183 1 ,028 1 ,934 15,400 12,195 2,638 4,129 236 7,897 219,449 27........................................... 30,069 2,803 24,267 1 ,041 1 ,958 14,611 12,249 2,789 3,968 239 7,960 219,245 Sept. 3........................................... 30,007 2,811 24,168 1,034 1 ,994 17,165 11,971 2,617 4,405 238 8,238 222,613 10........................................... 30,191 2,902 24,238 1,034 2,017 15,882 10,855 2,728 4,737 239 8,164 221,692 17........................................... 29,892 2,733 24,151 1,021 1 ,987 17,310 11,872 2,663 4,429 248 8,148 223,654 24’......................................... 29,885 2,733 24,150 1,024 1 ,978 14,939 12,823 2,759 4,023 249 8,181 221,068 For notes see p. A-30, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 1969 □ WEEKLY REPORTING BANKS A 29 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Deposits Demand Time and savings1 Domestic interbank Foreign IPC States States Wednesday and Certi­ and Do­ polit­ fied polit­ mes­ For­ Total IPC ical U.S. and Total ical . f*c 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 1968H 121,425 88,698 5,843 1,197 15,477 624 794 1,759 7,033 108,270 48,283 43,126 10,925 863 4,537 .................Sept. 4 122,049 89,384 5,528 1 ,438 15,973 652 768 1,716 6,590 108,345 48,298 43,254 10,894 876 4,492 it 125,111 88,515 5,460 5,917 15,971 597 741 1 ,645 6,265 108,044 48,315 43,137 10,682 887 4,474 18 121,834 85,873 5,645 6,207 14,669 582 711 1,715 6,432 108,652 48,354 43,439 10,761 885 4,649 25 1969 128,942 88,783 6,121 3,381 17,600 729 670 1,980 9,678 100,194 46,915 39,373 8.717 433 4,345 ..................Aug. 6 127,200 9O,3b2 5,832 2,042 16,952 649 760 2,056 8,547 99,681 46,820 39,134 8,528 427 4,371 13 126,265 88,819 5,441 2,728 17,394 637 738 2,001 8,507 99,264 46,780 38,914 8,365 433 4,372 20 126,887 88,576 5,894 3,112 16,589 642 755 1,846 9,473 98,998 46,688 38,693 8,298 434 4,490 27 129,567 91,903 6,363 1 ,228 18,182 671 716 2,063 8,441 98,581 46,653 38,590 8,146 429 4,367 ..................Sept. 3 131,509 91,610 6,211 1,291 18,763 695 685 2,147 10,107 98,275 46,598 38,457 8,086 424 4,346 10 133,401 92,410 5,755 4.634 17,781 707 721 1 ,998 9,395 97,992 46,558 38,311 7,93b 416 4,417 17 128,844 88,742 5,980 5,475 16,155 644 727 2,048 9,073 97,899 46,533 38,179 7,887 416 4,529 ......................... 24^ New York City I968U 34,085 21,606 386 158 4,867 340 643 1,238 4,847 18,389 4,572 9,095 1,186 506 2,796 .................Sept. 4 33,982 21,410 433 102 5,331 372 599 1,168 4,567 18,317 4,570 9,086 1,157 50b 2,766 11 36,077 21,438 438 2,300 5,541 328 573 1,137 4,322 18,062 4,569 8,924 1,054 508 2,759 18 34,981 20,490 508 2,153 5,170 327 549 1,194 4,590 18,337 4,568 9,064 1,104 500 2,834 ...........................25 1969 38,844 21,090 500 718 6,886 434 518 1,394 7,304 13,337 4,457 5,344 450 254 2,666 ..................Aug. 6 37,325 21,130 477 289 6,629 371 591 1 ,469 6,369 13,217 4,451 5,225 435 253 2,682 13 37,895 21,037 426 559 7,275 374 572 1 ,408 6,244 13,088 4,447 5,116 424 252 2,680 20 38,756 2t ,012 534 662 7,027 393 592 1,250 7,286 13,056 4,431 5,027 415 253 2,762 ...........................27 37,893 21,752 689 175 6,790 395 542 1,455 6,095 12,947 4,426 4,991 392 249 2,719 .........Sept. 3 40,246 21,756 552 70 7,564 433 536 1 ,530 7,805 12,905 4,418 4,970 389 244 2,741 10 40,042 21,837 520 1,170 6,850 452 571 1,409 7,233 12,896 4,407 4,958 383 246 2,767 17 38,735 21,016 553 1,264 6,393 415 571 1 ,453 7,070 12,861 4,408 4,865 380 246 2,828 ...........................24” Outside New York City 1968*1 87,340 67,092 5,457 1,039 10,610 284 151 521 2,186 89,881 43,711 34,031 9,739 357 1,741 .................Sept. 3 88,067 67,974 5,095 1,336 10,642 280 169 548 2,023 90,028 43,728 34,168 9,737 370 1 ,726 11 89,034 67,077 5,022 3,617 10,430 269 168 508 1 ,943 89,982 43,746 34,213 9,628 379 1,715 18 86,853 65,383 5,137 4,054 9,499 255 162 521 1 ,842 90,315 43,786 34,375 9,657 385 1 ,815 25 1969 90,098 67,693 5,621 2,663 10,714 295 152 586 2,374 86,857 42,458 34,029 8,267 179 1,679 ..................Aug. 6 89,875 69,232 5,355 1,753 10,323 278 169 587 2,178 86,464 42,369 33,909 8,093 174 1 ,689 13 88,370 67,782 5,015 2,169 10,119 263 166 593 2,263 86,176 42,333 33,798 7,941 181 1,692 20 88,131 67,564 5,360 2,450 9,562 249 163 596 2,187 85,942 42,257 33,666 7,883 181 1 ,728 27 91,674 70,151 5,674 1,053 11,392 276 174 608 2,346 85,634 42,227 33,599 7,754 180 1 ,648 .................Sept. 3 91,263 69,854 5,659 1 ,221 11,199 262 149 617 2,302 85,370 42,180 33,487 7,697 180 1,605 10 93,359 70,573 5,235 3,464 10,931 255 150 589 2,162 85,096 42,151 33,353 7,553 170 1,650 17 90,109 67,726 5,427 4,2H 9,762 229 156 595 2,003 85,038 42,125 33,314 7,507 170 1,701 ...........................24» For notes see p, A-30. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 30 WEEKLY REPORTING BANKS □ OCTOBER 1969 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Born swings Reserves Mamoranda from— Idr— Large negotiable Fed­ Total time CD’s Gross eral Other Total loans included in time liabili­ Wednesday funds liabili­ capital Total and De­ and savings deposits^ ties of pur­ F.R. ties, Secur­ ac­ loans invest­ mand banks chased, Banks Others etc.7 Loans ities counts (gross) ments deposits to etc.6 ad­ (gross) ad­ Issued Issued their justed 8 ad­ justed 8 Total to to foreign justed 8 I PC’s others bran­ ches Large banks— Total I968H Sept. 4................................ 356 10,727 16,686 3,238 21,541 149,638 214,102 77,318 22,196 14,222 7,974 6,954 11................................. 64 10,491 17,583 3,243 21,527 150,655 216,834 77,376 22,154 14,208 7,946 7,351 18................................ 292 11,855 17,511 3,242 21,499 152,596 219,664 75,561 21,834 13,966 7,868 7,578 25................................ 1 ,453 9,354 17,142 3,241 21,525 151,318 217,392 76,504 22,261 14,199 8,062 7,104 1969 15,350 814 2,746 25,872 3,569 127 22,908 167,112 226,750 77,363 13,279 7,675 5,604 14,077 “ 13................................ 14,176 150 2,937 25,775 3,562 119 22,925 166,587 225,893 77,049 13,149 7,562 5,587 14,209 20............................... 14,039 855 2,962 26,324 3,5bO 124 22,857 165,931 224,105 76,243 12,846 7,328 5,518 14,672 27................................ 15,010 1,099 2,611 26,186 3,572 113 22,871 165,147 224,745 ll,6bl 12,610 7,186 5,424 14,658 15,632 425 2,577 26,113 3,576 112 23,034 166,481 225,907 79,444 12,268 7,020 5,248 14,571 10................................ 15,293 218 2,598 26,621 3,575 114 23,008 168,279 228,052 79,566 12,073 6,912 5,161 14,917 17................................. 15,673 538 2,569 26,446 3,577 114 22,902 168,732 228,320 78,287 11,815 6,682 5,133 14,589 24^.............................. 15,466 1 ,248 2,403 26,283 3,581 H3 22,922 167,697 226,120 77,931 11,744 6,575 5,169 14,349 New York City I968H 180 3,777 8,635 944 5,873 37,324 49,885 17,114 6,509 4,409 2,100 5,346 ‘ 11................................. 4 3,289 9,274 944 5,899 37,081 50,443 16,467 6,418 4,353 2,065 5,621 18................................ 3,954 9,143 944 5,858 37,944 52,101 15,835 6,214 4,183 2,031 5,757 25................................ 390 2,799 8,982 944 5,855 37,847 51,013 16,422 6,449 4,297 2,152 5,400 1969 Aug. 6....... ................... 4,840 12 663 13,938 1 ,049 3 6,053 41,286 51 ,775 16,262 2,343 1 ,072 1 ,271 9,828 “ 13................................ 3,803 644 13,901 1 ,049 3 6,044 40,879 51,192 16,994 2,345 1,045 1 ,300 9,876 20................................ 3,786 150 628 14,165 1 ,049 3 6,037 40,513 50,568 15,561 2,259 974 1,285 10,148 27................................ 4,065 291 536 14,324 1 ,049 3 6,022 40,285 51,027 16,159 2,188 915 1,273 10,292 Sept. 3............................... 4,260 15 518 14,237 1,050 3 6,081 41,269 51,713 17,380 2,Oo8 866 i ,202 10,161 10................................ 4,334 15 508 14,372 I ,050 3 6,086 42,214 52,842 16,605 2,014 855 1,159 10,325 17................................ 4,577 115 432 14,419 1 ,050 3 6,024 42,301 53,211 16,633 1 ,977 793 1,184 10,296 24 p.............................. 4,191 297 422 14,128 1,049 3 6,005 41,508 52,093 16,734 1,996 769 1 ,227 9,886 Outside New York City I968M 176 6,950 8,051 2,294 15,668 112,314 164,217 60,204 15,687 9,813 5,874 1 ,608 11................................. 60 7,202 8,309 2,299 15,628 113,574 166,391 60,909 15,736 9,855 5,881 1,730 18................................ 292 7,901 8,368 2,298 15,641 114,652 167,563 59,726 15,620 9,783 5,837 1 ,821 25................................ 1,063 6,555 8,160 2,297 15,670 113,471 166,379 60,082 15,812 9,902 5,910 1 ,704 1969 Aug. 6................................ 10,510 802 2,083 11,934 2,520 124 16,855 125,826 174,975 61,101 10,936 6,603 4,333 4,249 13................................ 10,373 150 2,293 11,874 2,513 116 16,881 125,708 174,701 60,055 10,804 6,517 4,287 4,333 20................................ 10,253 705 2,334 12,159 2,511 121 16,820 125,418 173,537 60,682 10,587 6,354 4,233 4,524 27................................. 10,945 808 2,075 11,862 2,523 110 16,849 124,862 173,718 61,508 10,422 6,271 4,151 4,366 Sept. 3.................. . 11,372 410 2,059 11,876 2,526 109 16,953 125,212 174,194 62,064 10,200 6,154 4,046 4,410 10................................ 10,959 203 2,090 12,249 2,525 111 16,922 126,065 175,210 62,961 10,059 6,057 4,002 4,592 17................................ 11,096 423 2,137 12,027 2,527 111 16,878 126,431 175,109 61,654 9,838 5,889 3,949 4,293 24*.............................. 11,275 951 1,981 12,155 2,532 110 16,917 126,189 174,027 61,197 9,748 5,806 3,942 4,463 1 Includes securities purchased under agreements to resell. ’ All demand deposits except U.S. Govt, and domestic commercial 2 includes official institutions and so forth. banks, less cash items in process of collection. 3 Includes short-term notes and bills. 10 Certificates of deposit issued in denominations of $100,000 or more. * Federal agencies only. i> Figures not comparable with 1969 data. For description of revision 5 Includes corporate stock. in series beginning July 2 (with overlap for June 25), see Bulletin for Aug. 6 Includes securities sold under agreements to repurchase. 1969, pp. 642-46. 7 Includes minority interest in consolidated subsidiaries. 8 Exclusive of Joans and Federal funds transactions with domestic com­ Note.—Figures for July and Aug. 1969 are preliminary and may be mercial banks. revised in a forthcoming Bulletin. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 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 Sept. Sept. Sept. Sept. Aug. 1st 2nd 24 17 10 3 27 Sept. Aug. July III II I half half Durable goods manufacturing: Primary metals............................... 2,009 2,011 1 ,974 1,955 1 ,947 62 1 -10 53 -36 87 51 -56 Machinery.......................................... 5,597 5,654 5,275 5,179 5,224 373 -176 83 280 221 454 675 33 Transportation equipment............... 2,232 2,220 2,098 2,119 2,085 147 -29 21 139 -50 157 107 64 Other fabricated metal products. .. 2,118 2,130 2,080 2,116 2,102 16 -69 -6 -59 176 142 318 -56 Other durable goods......................... 2,505 2,490 2,467 2,415 2,434 71 3 -5 69 176 38 214 -27 Nondurable goods manufacturing: Food, liquor, and tobacco.......... 2,584 2,622 2,561 2,481 2,415 169 -92 -37 40 211 -607 -396 740 Textiles, apparel, and leather.......... 2,808 2,840 2,828 2,803 2,787 21 44 33 98 253 241 494 -89 Petroleum refining............................. 1 ,825 1 ,745 1 ,740 1 ,831 1 ,829 -4 -53 -186 -243 142 315 457 117 Chemicals and rubber...................... 2,645 2,692 2,615 2,614 2,637 8 -89 -16 -97 256 -7 249 -29 Other nondurable goods.................. 2,048 2,028 1 ,953 1 ,964 1 ,953 95 25 43 163 79 4 83 -30 Mining, including crude petroleum and natural gas.................... 4,852 4,801 4,910 4,702 4,679 173 -65 -162 -54 -41 236 195 -31 Trade: Commodity dealers.................. 824 800 814 822 815 9 -67 -74 -132 -356 -16 -372 218 Other wholesale........................ 3,521 3,490 3,458 3,451 3,442 79 -102 -14 -37 33 167 200 214 Retail.......................................... 4,051 3,991 3,967 4,015 4,021 30 -133 -152 -255 425 -179 246 306 Transportation....................................... 5,490 5,495 5,469 5,416 5,415 75 13 -77 11 106 144 250 213 Communication..................................... 1 ,292 1 ,254 1 ,206 1 ,200 1 ,183 109 -56 41 94 138 -104 34 78 Other public utilities............................. 3,113 3,091 3,067 3,069 3,030 83 20 192 295 78 -196 -118 662 Construction.......................................... 3,286 3,294 3,255 3,255 3,275 11 12 -49 -26 156 205 361 144 Services..................................... 6,612 6,638 6,615 6,659 6,696 -84 34 -95 -145 185 545 730 433 All other domestic loans’.................... 4,580 4,544 4,522 4,534 4,569 11 50 81 142 534 432 966 481 Bankers’ acceptances............................ 414 463 466 418 404 10 -37 -84 -111 -43 -155 -198 -83 Foreign commercial and industrial loans......................................... 2,262 2,258 2,317 2,296 2,336 -74 -58 -36 -168 -76 -43 -119 3 Total classified loans............................ 66,668 66,551 65,657 65,314 65,278 1 ,390 -824 -509 57 2,567 1 ,860 4,427 3,305 Total commercial and industrial loans. 78,068 77,917 77,010 76,669 76,631 1 ,441 -976 -739 -274 2,768 1,922 4,690 3,793 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 Sept. Aug. July June May Apr. Mar. Feb. Jan. 1st 24 27 30 25 28 30 26 26 29 III II I IV half Durable goods manufactur­ ing: Primary metals.................... 1 ,419 1 ,375 1 ,363 1 ,352 1 ,390 1,358 1,388 1,356 1,354 67 -36 50 -128 14 Machinery........................... 2,556 2,509 2,555 2,474 2,432 2,488 2,429 2,238 2,323 82 45 168 -77 213 Transportation equipment. 1 ,245 1,195 1,130 1 ,097 I ,086 1,110 1,163 1,127 1 ,095 148 -66 128 104 62 Other fabricated metal products....................... 769 780 799 798 789 776 714 709 694 -29 84 -24 -63 60 Other durable goods.......... 1,110 1,062 1 ,052 1 ,068 1 ,039 1,014 1,048 1,051 1,026 42 20 16 33 36 Nondurable goods manufac­ turing: Food, liquor, and tobacco. 880 853 838 859 813 767 708 681 703 21 151 -67 -74 84 Textiles, apparel, and leather.......................... 689 664 651 646 619 618 622 633 621 43 24 -7 41 17 Petroleum refining.............. 1 ,477 1 ,465 1 ,455 1 ,667 1 ,632 1,633 1,528 1 ,536 1 ,504 - 190 139 316 -16 455 Chemicals and rubber....... 1,717 1,741 1,774 1,695 1,672 1,587 1,600 1,568 1,583 22 95 -88 150 7 Other nondurable goods. . I ,066 1 ,058 1 ,055 1 ,051 1 ,036 1,012 1 ,025 1 ,025 1 ,059 15 26 -36 -26 -10 Mining, including crude pe­ troleum and natural gas. 4,119 4,030 4,089 4,203 4,230 4,302 4,270 4,355 4,442 -84 -67 237 70 170 Trade: Commodity dealers. . 80 111 114 114 111 112 110 112 114 -34 4 -8 6 -4 Other wholesale........ 666 659 675 671 659 653 674 628 653 -5 -3 31 58 28 Retail.......................... 1,158 1 ,144 1 ,160 1 ,155 1 ,154 1,163 1,154 1 ,147 1 ,124 3 19 21 20 Transportation........................ 4,107 4,061 4,042 4,081 4,014 3,988 4,032 3,972 4,025 26 49 126 233 175 Communication...................... 446 446 436 440 409 440 437 429 438 6 3 -4 -31 -1 Other public utilities.............. 1 ,295 1 ,241 1 ,216 1,149 1,135 1,109 1,230 1,228 1,245 146 -81 6 153 -75 Construction................. 891 890 875 891 886 847 874 875 863 17 66 14 83 Services..................................... 2,860 2,861 2,861 2,869 2,885 2,891 2,869 2,816 2,675 -9 293 215 293 All other domestic loans,... 1,131 1,053 1 ,050 1 ,020 1 ,023 1 ,025 1,019 1,885 987 Hl 1 60 38 61 Foreign commercial and in­ dustrial loans.......... 1 ,717 1,739 1 ,791 1,836 1,869 1,853 1,824 1,015 1,901 -119 12 -95 38 -83 Total loans.............................. 31,398 30,937 30,981 31,136 30,883 30,746 30,718 30,386 30,429 262 418 1,187 759 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 □ OCTOBER 1969 PRIME RATE, 1929-69 (Per cent per annum) In effect during— Rate Effective date Rate Effective date Rate Effective date Rate 1929.................................. 516-6 1947—Dec. 1................ 1’4 1956—Apr. 13.......... 3’4 1966—Mar. 10.......... Aug. 21 ....., 4 June 29.......... 1930................................... 314-6 2 Aug. 16.......... 6 1931................................... 2’4-5 1932.................................... 3’4-4 1950—Sept. 22.......... 2’4 1957—Aug. 6........... 4’4 1967—Jan. 26-27... 514-5’4 1933.................................. 1’^-4 Mar. 27.......... 514 193 19 4 4 — 7 (Nov.)................. 114 1951— O Ja c n t . . 1 8 7 .. . . . . . . . . . . . . . . . .. . 2 2 3 1 ’4 4 1958—J A a p n r . . S 2 2 e 1 2 p t . . . . . . . . .. . . 1 . . . 1 . . ...... 4 4 3 .. 1 .. 4 1968— N Ap o r v . . 2 1 0 9 . . . . . . . . . . . . . . . . . . . . 6 6!4 Sept. 25 6 -6’4 1953—Apr. 27.......... 3’4 1959—M Se a p y t 1 1 8. . . . . . . . . . . . . . . .. . . 4 5 ’4 D N e o c v . . 1 2 3 . . . . . . . . . . . . . . . . . . . . 6 6V ’4 4 Dec. 18.......... 6’4 1954—Mar. 17.......... 3 1960—Aug. 23.......... 414 1969—Jan. 7........... 7 1955—Aug. 4.......... 3’4 7’4 Oct 14.......... 314 1965—Dec, 6.. .. .. 5 8’/4 1 Date of change not available. SHORTTERM BUSINESS LOANS Size of loan (in thousands of dollars) All sizes 1-9 10-99 100-499 500-999 1,000 and over Interest rate (per cent per annum) Aug. May Aug. May Aug. May Aug. May Aug. May Aug. May 1969 1969 1969 1969 1969 1969 1969 1969 1969 1969 1969 1969 Percentage distribution of dollar amount Less than 8.50............................... 5.7 84.7 24.5 60.6 11.6 66.7 7.6 77.7 4.6 85.0 3.3 91.6 8.50.................................................. 38.5 5.2 5.0 11.8 8.3 11.0 18,3 8.2 34.1 5.0 55,4 2.7 8.51-8.99......................................... 23.7 3.7 8.7 14.5 13.0 9.7 25.9 5.1 28.2 3.9 24.2 1.6 9.00.................................................. 9.2 3.0 10,4 4.6 14.1 3.8 12.5 2.8 8.9 2.1 6.7 3.1 9.01-9.49......................................... 8.5 1.1 12.9 4.1 18.7 2.4 13.7 1 .5 9.3 0.9 3.7 0.6 9.50.................................................. 5.3 0.8 12.1 1.4 11.1 2.2 7.2 1.4 5.1 0.7 3.2 0.2 9.51-9.99......................................... 3.8 0.4 14,3 0.9 10.3 11 5.9 0.9 3.2 0.3 1.5 Over 10.00...................................... 5.4 1.1 12.2 2.0 12.7 3.0 8.7 2.3 6.4 1.9 2.0 0,1 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)....................... 4,155.0 4,471.4 48.9 55, 1 450.4 470.9 926.4 944,4 579.7 638.5 2,149.5 2,362.5 Number (thousands)................ ' 33.8 ' 36.5 12.7 14.4 14.4 15,2 4.7 4.9 0.9 1.1 1.0 1.1 Center Weighted average rates (per cent per annum) 35 centers....................................... 8.82 7.86 8.99 8.22 9.14 8.23 8.96 8.01 8.84 7.84 8.67 7.70 New York City..................... 8.65 7.66 9.12 8.23 9.12 8.14 8.83 7.81 8.65 7.65 8.59 7.60 7 Other Northeast.................... 9.14 8.18 9.09 8 31 9.49 8.50 9.32 8.31 9 15 8,16 8.77 7.84 8 North Central........................ 8. 85 7.89 8.80 8.09 9.14 8.20 9.06 8.07 8.93 7.95 8.72 7.76 7 Southeast........................ 8. 46 7.66 8.59 7.96 8.57 7 9! 8.39 7.72 8.48 7.44 8.45 7,45 8 Southwest............................... 8.85 7.87 9.09 8,27 8.96 8 09 8.83 7.89 8 75 7.80 8.84 7.76 4 West Coast............................. 8.75 7,83 9.47 8.51 9.23 8.23 8.94 7.97 8.82 7.75 8,56 7.70 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

OCTOBER 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 3 9- to 12-month issues paper, placed accept­ funds 3- to 5- 4- to 6- directly, ances, rate 3 year months 1 3- to 6- 90 days } Rate on Market Rate on Market Bills (mar­ Other 6 issues 7 months 1 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-—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.(50 6.11 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 Aug.................. 8.33 7.71 8.04 9,19 7.007 6.97 7. 194 7.19 7.27 7.51 7.08 Sent. 8.48 7.61 8.14 9.15 7.129 7.08 7.321 7.31 7.35 7.76 7.58 Week ending— 1969- 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 7.31 8.08 8 54 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 19.......... 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 8.50 8.00 8.18 8.05 7.172 7,08 7.313 7.19 7.16 7.53 7.07 ~ 9.......... 8.38 7.83 8.03 9,57 6.994 6.98 7.085 7.11 7.29 7.42 7.01 16.......... 8.38 7.75 8. 10 9. 18 7.081 6.99 7.277 7.25 7.32 7.56 7.14 23.......... 8.30 7.64 8.00 8. 79 6.856 6.86 7,121 7.15 7.17 7.45 7,03 30.......... 8.25 7.56 8.00 8.82 7.098 7.06 7,293 7.27 7.30 7.59 7.14 8.25 7.56 8.09 9.57 7.014 7.02 7.166 7.24 7.34 7.67 7,30 ' 13........... 8. 40 7.60 8.13 8.57 7.184 7. 10 7,408 7.30 7.34 7.74 7.44 20........... 8,50 7.63 8.13 9.07 7. 156 7.12 7.329 7.34 7.33 7.76 7.63 27........... 8.60 7.63 8.15 9.61 7.161 7.10 7.362 7.31 7.37 7.80 7.74 1 Averages of daily offering rates of dealers. 4 Except for new bill issues, yields are averages computed from daily 2 Averages of daily rates, published by finance companies, for varying closing bid prices. 3 Bills quoted on bank discount rate basis. maturities in the 90-179 day range. 6 Certificates and selected note and bond issues. 3 Seven-day average for week ending Wednesday. 7 Selected note and bond issues. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 34 INTEREST RATES □ OCTOBER 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 i (long­ term) Total 1 Aaa Baa Aaa Baa Indus­ Rail­ Public Pre­ Com­ Com­ trial road utility ferred mon mon 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—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 5.70 1969—Jan........................................ 5.74 4.89 4.58 5.34 6.89 6.59 7.32 6.78 6.98 7.02 5.93 3.06 Feb........................................ 5.86 5.02 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 5.84 5.24 5.00 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 6.03 July................ 6.07 5.80 5.61 6.08 7.39 7.08 7.84 7.29 7.50 7.49 3,34 6.42 Aug...................................... 6.02 5.98 5.74 6.28 7.37 6.97 7.86 7.29 7.57 7.40 6.44 3,37 Sept....................................... 6.32 6.21 5.83 6.58 7.53 7.14 8.05 7.42 7,68 7.62 6.61 3.33 Week ending—■ 1969—June 7.............................. 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 ‘ 9............................... 5.98 5.91 5.70 6.20 7.38 7.00 7.88 7.32 7.55 7.41 6.42 3.37 16............................ 6.01 5.95 5.73 6.23 7.35 6.96 7.82 7.27 7.55 7.38 6.46 3.41 23 6.00 5.95 5.73 6,23 7,36 6.95 7.84 7.26 7.58 7.38 6.43 3.33 30............................. 6.07 6.09 5.80 6.47 7.39 6.98 7.90 7.28 7,59 7.44 6.48 3.35 6.18 6,09 5.80 6.47 7.43 7.05 7.95 7.34 7.60 7.49 6.46 3.33 ' 13............................... 6.23 6.27 5.85 6.65 7.50 7.12 8.03 7.39 7.68 7.56 6.58 3.33 20 6.31 6.27 5.85 6.65 7.55 7.16 8.07 7.43 7.68 7.67 6.64 3.35 27............................... 6.41 6.19 5.82 6.55 7,58 7.19 8.08 7,45 7.70 7.69 6.74 3.31 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. □n 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

OCTOBER 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 t l e U o o r . n m S v g . t ) , ­ S lo a t n c a a d te l p A C o A r o a r A t ­ e Total In tr d i u a s l ­ R ro a a i d l­ P ut u i b lit li y c Total In tr d ia us l ­ T p t r o i a o r n t n a s ­ ­ Ulility na F n i c ­ e in to d t e al x 1 NYSE AMEX 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—Sept............... 73.95 93.7 78.4 101.34 110.53 51.11 66,77 56.80 59.57 51.94 44.53 71.77 29.75 13,435 6,542 Oct.......... 72.44 92.7 77.0 103.76 113.29 54,26 66,93 58.32 61.07 55.24 45.22 77.50 30.76 15,112 6,376 Nov................ 71.27 91.2 75.7 105.40 114.77 53.74 70.59 59.44 61.97 55.96 47.18 79.55 31.24 14,821 6,789 Dec................ 68.47 89.2 73.0 106,48 116.01 55.19 70.54 60.32 63.21 57,30 46.73 79.00 32.96 14,865 8,075 1969—Jan................. 67.61 88 0 72.3 102.04 111.00 54.11 68.65 57.82 60.32 56,35 45.64 75.58 32.15 12,122 6,781 Feb................. 66,55 86.4 71.8 101.46 110. 15 54.78 69.24 57.33 59.61 56.18 45,98 75,26 31.67 11,685 5,801 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 UO.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 25.78 10,872 4,215 Aug............... 65 J 8 76.1 68.4 94. 18 103.39 42.04 59.20 52.09 54.85 41.45 41 .34 65.29 26.44 9,608 3,531 Sept............... 62,64 73.6 67.2 94.51 103.97 42.03 57.84 52.37 55.29 42.72 40.20 68.16 26.57 10.439 3,718 Week ending— Aug. 30.... . 64.68 74.2 67.6 94.82 104.22 42.16 58.78 52.54 55.39 42.34 41.07 67.16 26.72 8,605 3,330 1969—Sept. 6........ 63.76 73.2 67.4 94.59 103.95 41.96 58.72 52.34 55. 17 42.05 40.85 67.35 26.56 8.904 3. 103 13........ 63.34 72.8 67.8 93.92 103,26 41.50 58.07 51 .95 54.78 42.04 40.46 66.69 26,33 10,794 3,923 20 62.68 73.6 67.2 94.91 104.43 42.24 57.97 52.61 55.59 43.37 40.08 68.82 26.64 11,257 4,054 27........ 61.88 74.9 66.4 95. 14 104.79 42.40 57,30 52.79 55.84 43.37 39.87 69.61 26.76 10,800 3,849 1 Begins June 30, 1965, at 10.90. On that day the average price of a share cent, 20-year bond. Municipal and corporate bonds, derived from average of stock listed on the American Stock Exchange was $10.90. yields as computed by Standard and Poor’s Corp., on basis of a 4 per cent, 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 stocksonthe exchanges for a SVi-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 4X-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 s e g t ) r e & l s M (y a e t a u r r s i ) ty L c p r ( o a p e r a i t e n c io n r t e ) / (th d c o o p P h u l r l a u i a s c s r r . e e ­ s o ) f (t a h d L m o o o u ll o a a s u r n . s n o ) t f C c t ( r r e p a a o n e t c n e t r t ) ­ c F c h e ( e a p e n r e s g t ) r e & 1 s M (y a e t a u r r s i ) ty L c p r ( o a p e ri a t e n c io n r t e ) / (th d c o o p P h u l r l a u i a s c s r r . e ­ e s o ) f (th d a L o o m o u ll o a a s u r n . s n o ) t f 1963................... 5.84 .64 24.0 73.3 22.5 16.3 5.98 .60 19.2 70.8 17.8 12.6 1964........................ 5,78 .57 24.8 74 J 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 I 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—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 1 8.9 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 June............ 7.62 .84 25.6 73.0 34.8 24.9 7.64 .86 22.8 71.4 28.5 20. 1 July. ...... 7.76 .92 25.5 72.0 34,6 24.5 7.79 .91 22.8 71.7 28.5 20. t Aug.”......... 7.85 .85 25.2 72.4 34.1 24.4 7.89 .93 22.7 71.2 28.4 19.9 J 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 □ OCTOBER 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 i 2 ances ances brokers period (mil­ lions Under 30-39 40-49 50-59 60 per of 1968—Aug.. ....... 6.460 2.490 8.950 8 489 2 984 5 505 20 20-29 per per per cent dol­ Sept................. 6^390 2^520 8’916 8 723 3 126 5 597 cent cent cent or more lars) Oct.................. 6,250 2,560 Mio 8 ,’859 3,'407 5,452 Nov................. 6,200 2 630 8 830 9 029 3 419 5,610 Dec................. 6,200 2’716 8 900 9’790 3*717 6 073 1968—Aug.. 2.7 25.9 37.9 10.1 4.9 18.6 I I,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.................. 5,750 2’810 8 560 9'148 3,647 5^501 Nov.. 10.6 36.4 21.4 7.6 3.6 20.4 11,460 Mar............... 5 '590 2’780 8 370 8 318 3 294 5 024 Dec.. 3.8 38.9 20.2 7.5 3.8 26.3 12,060 Apr................. 5,570 2'760 8 ,330 8^044 3*077 4,967 May................ 5^670 2,770 8 440 8 474 3 084 5 390 1969—Jan... 5.9 40.6 20.9 8.1 4.4 20,1 11,180 June................ 5 ,340 2’740 8,080 8,214 3 *084 5,125 Feb... 2.7 38.8 22.9 9.4 5.1 21.1 10,840 July'............... 5,170 2’700 7,870 7'515 2 783 4’,732 Mar.. 5.5 37,3 21.1 9.3 4.9 21.9 10,520 Aug.''.............. 5^030 2; 670 7’700 7,029 2,577 4,452 Apr.. 7.4 35,1 19.6 8.8 4.6 24.5 10,720 May. 4.8 37.4 18.9 8.5 4.7 25.6 10,770 June. 1 .8 33.1 19.9 10,8 6.0 28.4 10,440 1 End of month data. Total amount of credit extended by member firms July.’’ 1.0 29.4 19.0 13.8 6.6 30.1 10,100 of the New York Stock Exchange in margin accounts, estimated from Aug.* 4.6 29.2 18.5 11.2 6.5 30.0 10,350 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 SPECIAL MISCELLANEOUS ACCOUNT BALANCES AT BROKERS AT BROKERS, BY EQUITY STATUS OF ACCOUNTS (Per cent of total debt, unless otherwise indicated) (Per cent of total, unless otherwise indicated) Equity class of accounts Total Equity class (per cent) in debit status debt Net Total (mil­ End of period credit balance End of lions status 60 per cent Less than (millions period of 80 or Under or more 60 per cent of dollars) dol­ more 70-79 60-69 50-59 40-49 40 lars)! 1968—Aug,..................... 49.8 46.4 3,8 5,780 Sept....................... 51,0 45.3 3.6 5 840 1968—Aug.. 6,460 17.3 28.8 28.2 9.1 4.8 11.8 Oct.,..................... 52.9 40.3 5.2 5 640 Sept.. 6,390 20.0 31.1 25.0 8.1 4.4 11.5 Nov....................... 53.2 43.3 3.5 5,550 Oct... 6,250 20.9 31.3 23.3 8.7 4.0 11.8 Dec................. 54.4 40. 4 5.2 5 690 Nov.. 6,200 25,5 31.4 19.4 7.4 3.9 12.5 Dec.. 6,200 24.0 30.2 19.4 8.0 4.2 14.2 1969—-Jan............. 52.6 43 2 5 1 5 700 Feb........................ 52.7 41.7 5'6 5,680 1969—Jan... 5,930 24,4 29.3 20.8 7.9 4.6 13. 1 Mar.. . ............. 52.9 40,9 6.1 5 400 Feb. . 5,750 20.5 28.2 22.6 9.0 5.4 14. 1 Apr....................... 52.5 42.5 5.0 5,120 Mar.. 5,590 22.1 27.9 20.5 9.5 5.2 14.8 May..................... 52.2 42.3 5.5 5’020 Apr., 5,570 24.0 26.2 20.0 9.5 4.9 15.4 June.............. 54 7 39.7 5.7 5,110 May . 5,670 23.0 26.4 19.0 9.7 5.2 16.8 July'. .......... 51.4 42.0 6.6 4’950 June. 5,340 17.5 25.7 19.0 U.7 7.2 18.7 Aug.*................... 53.0 40.0 6.9 4,920 July.' 5,170 14.4 24.3 18.3 13.3 8.4 21.1 Aug.” 5,030 17.8 24.3 18.3 12.6 7.8 19.1 Note.—Special miscellaneous accounts contain credit balances that may be used by customers as the margin deposit required for additional 1 See footnote 1 to table above. purchases. Balances may arise as transfers based on Ioan values of other collateral in the customer’s margin account or deposits of cash (usually Note.—Each customer’s equity in his collateral (market value of col­ sales proceeds) occur. lateral less net debit balance) is expressed as a percentage of current col­ lateral value. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 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 la ­ r points in— dealers 1 ly 2 Total O bi w lls n bo B u il g ls h t O ac w c n t. c F e o i o g r r n r ­ . U S n ta it te e s d U S n ta it t e e d s change U S n ta it te e s d co F u o n re tr i i g e n s 1963 ....................... 6,747 1,928 4,819 2,890 1,291 1,031 260 162 92 1345 567 908 56 41 1317 1964....................... 8,361 2’223 6'138 3,385 1'671 1 301 370 94 122 1,498 667 999 111 43 1 365 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 3303 1J98 '983 215 193 191 2,022 997 829 103 80 1 395 1967...................... 16'635 4,901 11,634 4317 1,906 I ,447 459 164 156 2,090 1,086 989 37 162 2'042 1968—Aug....... 20,734 7,091 13,643 4,418 1,819 1,474 344 51 149 2399 1,435 932 100 52 1,899 Sept....... 20,264 7 737 12'527 4 327 1,714 1 393 321 86 124 2,403 1,420 945 78 46 1 '.838 Oct. ............ 20,839 7,592 13,247 4,420 1,551 1 380 271 56 119 2,695 1 379 921 80 53 I 387 Nov........... 22320 7 358 14362 4389 1'605 1352 253 58 114 2312 1 ',476 922 68 55 i ’869 Dec............ 20^497 7'201 13,296 4,428 1 ,544 1,344 200 58 109 2,717 1 ,423 952 52 68 1 '934 1969—Jan........ 21,813 7,873 13,940 4,370 1 ,407 1 ,211 195 50 104 2,809 1 ,405 906 93 63 1,903 Feb............. 22*865 8,342 14,523 4,'420 1 '473 I 363 210 91 99 2,757 1 349 859 82 70 1 ,960 Mar........... 23'681 9,003 54,678 4,464 1 ,'452 1,185 266 94 122 3,787 I ,460 872 77 69 1 ,987 Apr....... 24'390 10,076 14'314 4,510 1 ’478 1,223 255 142 125 2,765 1 ,523 875 58 50 2,003 May...... 25'305 9'931 15,374 4,668 1 ,387 1'179 208 76 183 3,022 1 ,591 910 45 43 2'078 June. 26304 f 10,159 15’845r 4,880 1 313 I J 83 231 41 159 3.186 1 ,673 967 46 35 2,160 July....... 28'346r 10’352 17,994’’ 4,991 1 ,388 1 '123 264 40 162 3,401 1 ,779 1 ,006 28 38 2,140 Aug............ 29,476 11 350 18’126 5 J45 1 ,390 1J08 282 62 159 3335 1 ,791 1 384 41 54 2,(86 i As reported by dealers; includes finance company paper as well as 2 as reported by finance companies that place their paper directly with other commercial paper sold in the open market. investors. MUTUAL SAVINGS BANKS (Amounts in millions of dollars) Loans Securities Total Mortgage loan assets— commitments * Total General classified by maturity Other liabili­ Depos­ Other reserve (in months End of period State Corpo­ Cash assets ties its2 liabili­ ac­ Mort­ Other U.S. and rate and ties counts gage Govt. local and general govt. other1 reserve accts. 3 le s o s 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. I960.................... 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 n.a. n.a. n.a. 1300 1961 ..................... 28,902 475 6,160 677 5,040 937 640 42329 38 377 781 3,771 n.a. n.a. n.a. 1 ,654 1962..................... 32356 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 49302 44,606 943 4,153 2,549 1964.................... 40328 739 5,791 391 5,099 1,004 886 54338 48 349 989 4’400 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. 2,697 1966.................... 47.193 1,078 4’764 251 5’719 ’953 1,024 60'982 55,006 1,114 4’,863 n.a. n.a. 2,010 1967.................... 50311 1,203 4319 219 8,183 993 1'138 66’365 60,121 1 360 4,984 742 982 799 2 323 1968.................... 53,286 1 307 3 334 194 10’180 996 I '256 71’152 64,507 1,372 5373 811 1,034 IJ66 3,011 1968—Aug.......... 52,102 1 .489 4,203 201 9,778 912 1,217 69,902 62,851 1,871 5,180 776 1,094 1 ,058 2,928 Sept.......... 52323 1,468 4'139 204 9 327 990 1,253 70 303 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 1 390 3,070 Nov,..... 52,946 1,532 3,913 200 10,001 914 1,267 70,773 63,800 1,707 5,266 945 1,132 1,125 3 302 Dec.......... 53,286 1 307 3334 194 10,180 996 1,256 71,152 64'507 1,372 5 373 811 1 ,034 1J66 3,01 1 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........... 53307 1 359 3,989 190 10,429 888 1 ,269 72,132 65'087 I ,692 5,353 711 1,165 1 310 3’085 Mar.......... 54'005 1,562 3,990 194 10’649 900 I 393 72 393 65,759 1,476 5359 778 1 366 1 '171 3’214 Apr.......... 54,209 1 ,519 3 ’ 900 199 10'721 792 1,270 72,610 65 ,575 1 '663 5’372 796 1 '270 1 241 3 308 May......... 54'442 1 ,713 3,821 197 10300 897 1 388 73'159 65,888 1 ,843 5'428 818 1 ,237 1 355 3310 June 54,672 1,633 3,618 192 11,029 865 1,306 73,316 66,243 1 ,664 5,409 843 1 ,190 1,216 3,249 July.......... 54,887 1 ,539 3,634 201 10,982 845 1 ,303 73,392 66,091 1,863 5,438 787 1 ,202 1,170 3,158 Aug.......... 55,068 Un? 3,613 201 10,983 846 1 397 73 3 24 66393 2,038 5>92 728 1 J57 IJ53 3339 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 □ OCTOBER 1969 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period Total Mort­ Real Policy Other assets Total U S n ta it te e s d Sta lo te c a a l nd Foreign 1 Total Bonds Stocks gages estate loans assets Statement value: 1960...................................... 119,576 11,679 6,427 3,588 1,664 51,857 46,876 4,981 41,771 3,765 5,231 5,273 1961........................................... 126,816 11,896 6,134 3,888 1,874 55,294 49,036 6,258 44,203 4,007 5,733 5,683 1962........................................... 133,291 12,448 6,170 4,026 2,252 57,576 51,274 6,302 46,902 4.107 6,234 6,024 1963........................................... 141,121 12,438 5,813 3,852 2,773 60,780 53,645 7,135 50,544 4,319 6,655 6,385 1964........................................... 149,470 12,322 5,594 3,774 2,954 63,579 55,641 7,938 55,152 4,528 7,140 6,749 1965........................................... 158,884 11,679 5,119 3,530 3,030 67,599 58,473 9,126 60,013 4,681 7,678 7,234 1966.......................................... 167,022 IO,837 4,823 3,114 2,900 69,816 61,061 8,755 64,609 4,883 9,117 7,760 1967.......................................... 177,36! 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 61,14! 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 70,07! 5,573 11,284 10,881 1968—July'............................. 183,492 10,722 4,480 3,206 3,036 77,616 67,672 9,944 68,683 5,429 10,824 10,218 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 10,53! 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 70,07! 5,573 11,284 10,881 1969—Jan.................... 188,972 10,602 4,400 3,048 3,154 80,418 69,350 11,068 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 8!,980 70,194 11,786 70,820 5,679 12,090 10,847 June.............................. 192,311 10,551 4,145 3,212 3,194 82,227 70,298 11,929 70,964 5,710 12,323 10,536 July. ............................. 193,041 10,561 4,148 3,237 3,176 82,528 70,676 11 ,852 71,079 5,789 12,652 10,432 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 al! 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 4,13! 71,476 62,142 4,983 2,197 1,186 968 n.a. 1.340 1961. 68,834 5,211 3,315 4,775 82,135 70,885 5,708 2,856 1 ,550 1,136 n.a. 1 ,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 n.a. 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 n.a. 1 ,482 196/. 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 n.a. 3,584 1968--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 2,416 4,067 1 ,421 3,802 Nov............. 129,879 9,671 2,693 9,890 152,133 129,977 9,834 5,33! 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 10,28! 6,246 2,911 4,841 1,676 4,607 June............ 136,222 9,443 2,534 10.363 158,562 134,841 10,679 6,731 3,002 3,309 1 ,532 4,373 July'........... 137,087 9,175 1 ,962 10,345 158,569 133,731 10,667 7,355 2,973 3,843 1 .346 4,145 Aug............. 137,952 9,123 1 ,909 10,588 159,572 133,734 10,665 7,854 2,870 4,449 1,148 3,771 1 Includes other loans, stock in the Federal home loan banks, other Note.—Federal Home Loan Bank Board data; figures are estimates for investments, real estate owned and sold on contract, and office buildings all savings and loan assns. in the United States. Data 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 sayings banks (on assn, to a mutual savings bank. Figures for June 1968 also reflect exclu­ preceding page) except Jhat 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

OCTOBER 1969 □ FEDERALLY SPONSORED CREDIT AGENCIES A 39 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Federal ho ine loan banks Federal National Mortgage Assn, Banks Federal Federal (secondary market for intermediate land Assets Liabilities and capital operations) cooperatives credit banks banks End of period v m a b A n t e e o d c r m s e ­ ­ s I m nv e e n s ts t­ p C a o d a n s e s d i ­ t h s B n a o o n n te d d s s p M o d b e s e e m i ­ r t s ­ C s a to p c it k al M l g o ( a a A o g n r ) e s t­ D n t e a u ( o b n L r t e e e d ) s s n ­ c L a o o t ( o i t A v a o p e n ) e s s r ­ D t e u (L b re e ) s n­ c L o a d o ( u A n a is n d n ) ­ t s s D t e u ( b L re e ) s n­ M l g o ( a a A o g n r ) e s t ­ B ( o L n ) ds 1961.............. 2,662 1 ,153 159 1,571 1 180 1 ,107 2,770 2,453 697 435 1 ,650 1 ,585 2,828 2,431 1962.............. 3,479 1 ,531 173 2,707 I 214 1 126 2,752 2A22 735 505 1 340 1 '727 3,052 2,628 1963.............. 4,784 1 ,906 159 4,363 1 ’151 1 ’ 171 2,000 1,788 840 598 2,099 1 '952 3’,310 2,834 1964.............. 5,325 1 ,523 141 4’369 l’ 199 1 ’227 1 ,940 1 ’601 958 686 2,247 2'112 3,718 3,169 1965............... 5,997 1 ,640 129 5,221 J 045 1 .’277 2356 1 '884 1 ,055 797 2’516 2’335 4,281 3,710 (966.............. 6,935 2,523 113 6’859 1 037 1 ’369 4,266 3,800 1 '290 1 ,074 2,'924 2 ,’786 4,958 4'385 1967.............. 4,386 2,598 127 4 060 1 *432 1 395 5'348 4919 1 ',506 1 ’253 3'411 3 214 5,609 4'904 1968—Aug... 4,997 2,264 68 4,501 1,177 1 ,401 6,502 5,822 1 ,450 1 ,280 3,998 3,871 6,033 5,384 Sept... 5,026 2,283 93 4,501 1,253 1 ,401 6,562 6,032 1 ,479 1,280 3,841 3,814 6,064 5,384 Oct... 5,034 2,300 97 4,501 1 ,287 1 ,401 6,657 5,923 1 ,551 1 ,290 3,753 3,669 6,094 5,423 Nov... 5,040 2,581 81 4,701 J ,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 I ,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 1 301 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 ,964 141 5 ,521 1 ,278 1 ,451 7,891 <■8,327 ( ,594 1 ,391 4,355 4,176 6,557 5,716 July. . 7,053 t ,496 88 6,021 928 1 ,435 8,125 8,093 1 ,594 1 ,387 n.a. 4,310 6,605 5,867 Aug... 7,543 1 ,543 56 6,572 848 1 ,438 8,577 8,093 1 ,572 1,422 n.a. 4,397 6,644 5,867 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, AUGUST 29, 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: Oct. 27, 1969.............. ....6% 400 Debentures: Sept. 22, 1969............ ...6W 279 Jan. 26, 1970.................. . . .6.75 500 Aug. 10, 1971............ ...4‘/# 64 Oct. 20, 1969............ ...41/4 209 Feb. 25, 1970.................. . . ..7 450 Sept. 10, 1971............. 96 Jan. 20, 1970................ • ••51/4 209 May 25, 1970.................. . . ..6 500 Sept. 10, 1971............. ...5»/4 350 Feb. 20, 1970................ ...5% 82 Nov. 10, 1971........ ..6.85 350 Feb. 20, 1970................ ..6.30 344 Bonds: Feb. 10, 1972................ ...5% 98 Apr. 1,1970................ 83 Sept. 25, 1969............... .... 6 400 Mar. 10, 1972................ ...6y4 250 Apr. 20, 1970................ 362 Nov. 25, 1969.................. . . .. 6 500 June 12, 1972................ ...4% 100 June 22, 1970................ ..6.70 174 Feb. 25, 1970.................. .... 6 200 Sept. H, 1972................ ..7.40 200 June 22, 1970................ . ..6% 203 Mar. 25, 1970.................. . . .. 6 200 June 12, 1973................ ...41/4 146 July 20, 1970................ 85 Mar. 25, 1970.................. ...6.85 346 Oct. 1, 1973................ . . .6 250 July 20, 1970................ . . .6 241 Apr. 27, 1970.................. , ... 6 225 Feb. 10, 1977................ ■ .4'/, 198 Aug. 20, 1970................ ..8. 15 270 May 25, 1970.................. ,..5.80 300 Oct. 20, 1970................ ..6.30 223 June 26, 1970................... . ..8 550 Banks for cooperatives Feb. 23, 1971................ ..6.80 431 Aug. 25, 1970.................. ...6.70 200 Debentures: May I, 1971................ ...334 60 Aug. 25, 1970.................. . . .8.20 650 Oct. 1, 1969.........6....8...0 260 July 20,1971................ . .8.15 270 Feb. 25, 1971.................. ..6.60 200 Nov. 3, 1969................ . .6.70 224 Oct. 20,1971................ ..6.00 447 Feb. 25, 1971 ................. ...8.00 400 Dec. 1, 1969................ ..6.90 256 Feb. 15, 1972................ . .5.70 230 May 25, 1971.................. 350 Jan. 5, 1970................ . .7.85 289 Sept. 15, 1972................ . ..3’/, 109 Aug. 25, 1974.................. . ..7.65 201 Feb. 2, 1970................ ..8.05 393 Oct. 23, 1972................ 200 Feb. 20, 1973-78.......... ■■■41/8 148 Federal National Mortgage Associa­ Federal intermediate credit banks Feb. 20, 1974................ ...414 155 tion—Secondary market opera­ Debentures: Apr. 21, 1975................ ...4i/8 200 tions Sept. 2, 1969......................6.05 486 Feb. 24, 1976................ . ..5 123 Discount notes. . ............................... 2,880 Oct. 1,1969......................6.35 517 July 20, 1976................ 150 Nov. 3, 1969................ .,6.60 507 Apr. 20, 1978.......... 150 Debentures: Dec. 1, 1969................ ..6.70 485 Jan. 22, 1979................ . ..5 285 Dec. 12, 1969.............. ... .6 550 Jan. 5, 1970................ . .6.85 525 Feb. 10, 1970.............. ...6.60 250 Feb. 2, 1970.................. ..6.90 526 Tennessee Valley Authority Apr. 10, 1970.............. •■■•4% 142 Mar. 2, 1970................ ..7.10 445 Short-term notes.......... 365 June 10, 1970.................. . . .6.60 400 Apr. i, 1970................ .,7.90 433 Bonds: July 10, 1970.................. ...7.38 400 May 4, 1970................ ...8% 473 June 1, 1974...... ....8....0.0 100 Sept. 10, 1970.................. •■•♦W 119 Nov. 15, 1985................ ..4.40 50 Oct. 13, 1970.................. ■ •sy. 400 Federal land banks July 1,1986................ ...454 50 Dec. 10, 1970................. ...8. 10 250 Bonds: Feb. 1,1987................ . .414 45 Mar. 11, 1971.................. 350 Feb. 15, 1967-72.........4'4 72 May 15, 1992................ ..5.70 70 June 10, 1971.................. .. .6.85 250 Oct. 1,1967-70.......... ...414 75 Nov. 13, 1992................ ...6ft 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 □ OCTOBER 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 e g ip e ts t pe N e n x e ­ d t i­ le N in n e g d t ­ B l o a u y u d s g t­ e 1 t s B d u ( u e r o d - p fi r g ) l c u e i s t t s P e d u e c b u b l r t ic i­ A P g lu e s n : cy m L e e n s a t s c s : c b o I y u n n v G t e s o s v t­ t, S n L p o e e te s c s s ia : 4 l b E T o q r o u r t o a a w l l s ­ : o T p s i r e n u e r g r a a y ­ t­ Other f m O i n n in e o e a th g a t n f e n . ■ c ' s r ­ t o p r s w a r d h i n v t e n o i a p s b e f t t - e r e ­ r tures ties ties3 S is p s e u c e ia s l Other ing3 balance Fiscal year: 1966........................ 130.856 130,821 3,832 134,653 -3,797 2,633 4,042 2,470 773 354 3,077 -609 160 271 1967 ........................ 149,552 153,201 5,053 158,254 -8,702 6,314 5,079 5,035 4,001 -482 2,838 -5,124 303 1 ,043 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 1969”....................... 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—J an.-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.... 82,88! 92,186 977 93,163 -10,282 10,450 1 ,446 -380 1 ,587 -384 11,076 -598 -105 - 1,496 9,853 1 969—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—Aug........ ri 3,228 H6.570 188 ri6,758 r-3,53O 3,278 I ,370 1,184 639 -15 2,840 -I ,420 055 r-376 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 July.............. 12,542 15,542 152 15,695 -3,153 3,292 1 ,316 -21 191 4,438 -217 -484 -402 Aug........ 14,999 16,790 316 17,106 -2,107 3,175 -829 1 ,623 44 679 -1,651 -62 -285 Selected balances Treasury operating balance Federal securities End Memo: of Less: Debt of period B F a . n R k . s ac l c T a o o n a a u d x 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 t i i c e s s A ec g u e r n it c ie y s S is p G s I e n u c o v e i v e s a t s l , t m ac e c n o t O u s n t o h ts f e r S n L p o e e t s e c s s ia : 4 l E p T h q u o b e u b y t ld a a l i c l l s : s c p p o G r o N r i n o v p o s a s v w o . t t — . e r - e 6 d 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 24,071 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 3,885 111 4,700 358,029 15,064 59,146 20,266 1 ,825 291,855 21,481 Month: 1968—Aug.............. 916 3,564 III 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 2,179 111 2,768 356,863 20,267 59,047 20,632 2,010 295,441 16:328 Dec.............. 703 3,885 111 4,700 358,029 15,064 59,146 20,266 1 .825 291,855 21,481 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 '22,068 Mar.............. 783 3,891 111 4,786 359,546 15,134 61,068 20,774 825 292,012 '22,696 Apr........ 950 7,105 111 8,166 358,466 14,575 62,334 20,325 825 289,557 ’'23,520 May............. 621 4,976 112 5,708 360,065 14,437 64,905 20,700 825 288,072 ’’24,043 June”........... 1 ,258 4,525 112 5,894 353,720 14,256 66,790 20,869 825 279,492 '24,101 July.............. 935 4,630 112 5,677 357,012 15,572 66,768 21,062 825 283.930 26,287 Aug.............. 894 3,020 112 4,026 360,187 14,743 68,391 21 ,106 825 284,608 n.a. 1 Equals net expenditures plus net lending. penditure account to public debt account, increasing recorded borrowing 2 The decrease in Federal securities resulting from conversion to private from the public during July 1969 by $1,583 million. ownership of Govt.-sponsored corporations is shown as a memo item 4 Represents non-interest-bearing public debt securities issued to the rather than as a repayment of borrowing from the public in the top panel. International Monetary Fund and international lending organizations. In the bottom panel, however, these conversions decrease the outstanding New obligations to these agencies are handled by letters of credit. amounts of Federal securities held by the public mainly by reductions in 5 Includes accrued interest payable on public debt securities, deposit agency securities. The Federal National Mortgage Association (FNMA) funds, miscellaneous liability and asset accounts, and seigniorage, was converted to private ownership in Sept. 1968 and the Federal Inter­ 6 Includes debt of Federal home loan banks. Federal land banks, D.C. mediate Credit Banks (FICB) and Banks for Cooperatives in Dec. 1968. Stadium Fund, FNMA (beginning Sept. 1968), FICB, and Banks for J Reflects transfer of publicly-held CCC certificates of interest from ex­ Cooperatives (beginning Dec. 1968). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 1969 d FEDERAL FINANCE A 41 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Budget receipts Individual income taxes i C nc o o rp m o e r a ta ti x o e n s So a c n ia d l c in o s n u t r r a ib n u c t e io t n a s xes Period Total W he it ld h­ w N he o it l h n d ­ ­ fu R n e d ­ s t N ot e a t l c G e r r i e o p ­ s ts s fu R n e d ­ s c E o P m t n a a y t x p r ­ e i l b o s u y a m t S i n o e e d n l n f- s t 1 e in U m s n u p - r l . . c O e n r t i e p h e ­ t t e s r 2 t N ot e a t l E ta x x c e is s e t C o u m s s ­ E a g s n i t f d a t te c M e r i i e s p ­ e ts , 3 ta ro xe ll s empl. Fiscal year: 1966..................................... 130,85642,811 18,486 5,851 55,446 30,834 761 20.662 3,777 1 ,12925,567 13,062 1 ,767 3,066 1,875 1967...................................... 149'55250,521 18,850 7,’845 61 ,'52634,918 94626,047 1,776 3,659 1 ,867 33,349 13319 1 ,901 2,978 2,108 1968 .................................... 153’671 57 301 20 951 9>2768’726 29,897 1 ,23227,680 1 '544 3,346 2,05234,622 14,079 2'038 3,051 2,491 (969?.................................... 187,843 70,14427,265 10 J 83 87'22638,356 1 36032'530 1 ,'715 3,325 2,3503931915313 2319 3 >78 2,991 Half year: 1967—July-Dec.................. 67,181 27 111 4 150 55630,805 11 345 57612,679 105 1 ,335 964 15,082 7,076 993 1,332 1,125 1 968—Jan.-June................. 86,490 30’089 16,802 8,971 37,921 18,551 655 15,001 1 ,439 2,011 I ,087 19,538 7,003 1 ,045 1,718 1,369 July-Dec.......... 82,881 33’712 5,515 475 38,751 15 394 785 14,945 131 1 390 1 ,179 17,544 7,834 1,213 1 ,417 1 ,413 1969—-Jan.—June’1.............. 104,96236,43221,750 9,70848,475 22,862 876 17,586 1 ,583 2,036 1,17022,375 7,379 1,107 2,060 1 ,579 Month: 1968—Aug........................... rl 3,228 6 200 272 d 11 r6 361 654 116 3,664 618 088 r4,469 1 175 210 229 r247 Sept.......................... 18,753 5'565 3,682 48 9,199 5 133 133 2,273 110 55 213 2,651 1 223 205 229 247 Oct................... 10,716 4 981 378 60 5'299 1 396 218 1 339 6 108 204 2356 1 ,222 212 242 207 Nov........................... 12’737 6 339 202 58 6'483 '679 120 3,126 346 187 3359 1 ’354 186 229 266 Dec........................... 15 >20 6*068 376 46 6,397 5 ,273 114 1,850 15 49 204 2 J18 I ,412 195 256 284 1969—Jan........................... 15,845 5 113 5,184 75 10,222 1 ,665 62 1,688 110 159 218 2,176 I ,254 119 277 194 Feb........................... J 4’590 7 254 1 ,202 1 ,169 8'456 ’784 102 3 J96 128 773 183 4,880 1 J52 144 230 217 Mar.......................... 13,727 6,015 843 2,858 3^999 5,189 223 2370 134 63 198 2^65 I '156 197 308 237 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 June1’........................ 23,855 6 205 4,178 283 10 J00 8,710 104 2,532 64 57 172 2,825 1 ,386 210 306 422 July.......................... 12 542 6 005 '548 150 6,404 1 196 126 2,510 124 244 c2,879 1,419 222 221 328 Aug........................... 14^999 7,014 319 103 7,230 716 145 4 392 .........6.01 217 5 ,’209 1 ,263 213 257 256 Budget outlays4 Period Total t f i e N o d n e n a s ­ a ­ e l a I f n fa t i i r , s s S e p r a e a r c ­ c e h A t c u g u r l e r ­ i­ so N u u r r e r a a c ­ t e l ­ s t m C ra a e o n n r m s d c p e ­ . d h e C o m a v u o e u n s m l d n o in , p - g , E p m t d a o io u n a w c d n n e a ­ r ­ w H e a e l n a fa d 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 t l ­ . t I t g i r n o a a o t n c n v r ­ a s s t, ­ 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...................................... 158J52 70 >81 4,547 5,423 4,376 1 ,860 7,652 2,616 6,135 37,605 j6,897 12,588 2,584 -4,009 1968...................................... 178,834 80 516 4,869 4,721 5,626 1,679 7,985 3,642 7,595 43,525 6,894 13,746 2,605 -4,570 J969p. ................................... 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^................................. 192,860 Half year: 1967—July-Dec.................. 86,527 *38,739 2,292 1 968—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,-June7’............ . 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—Aug................. r16 758 r7,146 310 434 1,104 341 848 403 602 4,041 606 1,249 260 -284 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 1,147 321 -265 Nov........................... 15 124 6 603 319 334 576 207 619 -84 532 4,107 619 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 6 887 271 347 626 144 635 234 576 4,103 636 1 ,280 226 -204 Feb.......................... 14,734 6 >16 381 335 271 72 406 204 721 4,058 651 1 .349 173 -302 Mar.......................... 15,639 6 815 286 385 327 152 583 -79 569 4,405 715 I ,411 278 -210 Apr.......................... 15 972 6,934 377 353 448 199 537 46 632 4,373 695 1 ,407 226 -255 May.................... B>64 6,733 459 367 153 154 657 273 744 4,197 686 1 ,388 244 -291 June*7........................ 13>36 7,663 445 327 -672 129 696 -249 966 3.966 656 1,407 297 -1 ,896 July.......................... 15,695 6,560 324 319 659 223 613 249 411 4,299 660 1,364 272 -258 Aug........................... 17 J06 6,868 299 337 1,130 368 858 311 524 4,336 669 1,440 279 -314 J Old-age, disability, and hospital insurance, and Railroad Retirement 4 Outlays by functional categories arc 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 3 Deposits of earnings by Federal Reserve Banks and other miscellane­ interest received by trust funds. ous receipts. 6 Estimate presented in the Sept. 1969 Summer Budget Review. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 42 U.S. GOVERNMENT SECURITIES □ OCTOBER 1969 GROSS PUBLIC DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues Total Marketable Nonmarkctable End of period p d g u e ro b b s t l i s c 1 Total C v ib e o l r n e t­ ­ Sav­ i S ss p u e e c s ia 4 l Total Bills C c e a r te ti s fi­ Notes Bonds 2 bonds Total J b i o n n g d s s & 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 56.5 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 .........6.1.. ...4 95.2 2.6 54.9 51.7 57.2 1968—Sept...................................................... 354.7 291 .9 233,6 69.8 75.4 88.3 2.5 55.8 52. 1 59.7 Oct......................................................... 357.2 295.2 236,7 73.0 75.3 88.3 2.5 56.1 52.2 58.8 Nov...................................................... 356.9 294.8 235.7 73.0 76.5 86.2 2.5 56.7 52.3 59.0 Dec............................................... 358.0 296.0 236,8 75.0 76.5 85,3 2.5 56.7 52.3 59. 1 1969—J an........................................................ 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 78.9 78.8 2,5 56.3 52.2 66.8 Aug....................................................... 360.2 289.9 231 .2 74.0 .............. 78.5 78.7 2.5 56.3 52,1 68.4 Sept...................................................... 360.7 289.9 231.2 74.0 78.5 78.7 2.5 56.3 52.1 68.9 1 Includes non-interest-bearing debt (of which $635 million on Sept. 30, 1956, tax and savings notes; and before Oct. 1965, Series A investment 1969, was not subject to statutory debt limitation). bonds. 2 Includes Treasury bonds and minor amounts of Panama Canal and 4 Held only by U.S. Govt, agencies and trust funds, and the Federal postal saving bonds. home loan banks. 3 Includes (not shown separately): depositary bonds, retirement plan bonds, foreign currency series, foreign series, and Rural Electrification Note.—Based on Daily Statement of U.S. Treasury. Sec 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 io o d f p T g d u r o e o b t b s a li t s c l ag G t U a e r o u n n .S v s c d i t t . e , s B F a . n R k . s Total m C b e a o r n c m k ia ­ s l s M b a a v u n i t n u k g s a s l p I c n a a o n s n m c u ie e r ­ s ­ r c O a o t t r i h o p e n o r s ­ g S lo a o t c n a v a d t t s e l , Savi I n n g d s i vidu O al t s her n F a i o n t a i r o t n e e n d i r g a ­ n l 1 i O m n to v t i h s r e s c e s . ­ r 2 funds bonds securities 1939—Dec................ 41,9 6.1 2 5 33 4 12 7 2 7 5 7 2 0 4 1 9 7 5 2 ? .3 1946—Dec................ 259.1 27 4 23 4 208.3 74 5 H 8 24 9 15 3 6 3 44 2 20 0 <3 1962—Dec................. 303 5 53.2 30.8 219,5 67 1 6 0 1 1 5 18.6 20 1 47.0 19 1 15.3 14.8 1963—Dec................ 309.3 55 3 33 6 220 5 64 2 5 6 112 18.7 21.1 48.2 20.0 15.9 15.6 1964—Dec................ 317.9 58.4 37,0 222,5 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 15 8 22 9 49 7 72 4 16 7 16 7 1966—Dec................ 329.3 65 9 44 3 219 2 57 4 4 6 9 5 14 9 24 9 503 24 4 14 5 18 8 1967—Dec................ 344 7 73 1 49 1 222 4 63 8 4 1 8 6 12.2 25 1 51 2 22 9 15 8 18 9 1968—Aug................ 354 4 76 9 53 0 224 5 62 I 3 8 8 1 14 5 76 9 51 4 73 6 1 3 3 20 9 Sept......... 354.7 76 6 53 3 224 9 63 5 3 8 8 1 12 9 26 7 51 3 23 9 13 4 21.3 Oct................. 357.2 76 2 533 227.7 65 3 3 6 8 1 14 0 26 8 51 4 23.6 13 8 21.0 Nov................ 356.9 76 7 53 4 226 9 63,9 3 6 8 0 14.8 26 7 51 5 23 3 15 0 20.2 Dec................ 358 0 76 6 52 9 228 5 65 5 3 6 8 0 14.6 27.1 515 23.7 14 3 20. 1 1969—-Jan................. 359 4 77 3 52 I 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 51 5 24 7 12 0 21.1 Mar................ 359.5 79.0 52. 4 228. 1 60 6 3.6 77 17.6 28.1 51.4 25.0 11.8 22.1 Apr......... 358.5 79 8 53 1 225.6 58 6 3 5 7 6 17 0 28 7 51 4 25 2 12 3 21,2 May............... 360,1 82. 7 53 8 223.6 56 4 3 7 7 9 174 28.1 51 4 25 4 13.7 19.5 June............... 353.7 84.8 54 1 214.8 54 9 3.3 7 7 15 1 27. 3 51.3 25.1 It J 19.1 July................ 357.0 r85 0 54 1 217 9 56 0 3 2 7 4 15.8 27.5 51.2 25.7 11.1 19.9 Aug................ 360.2 86.6 54.9 218.6 54’7 3,2 7.2 16.8 27.3 51.2 26.0 11.9 20.4 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 - 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

OCTOBER 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 ye 1 a -5 r s y 5 e - a 1 r 0 s 1 ye 0 a -2 rs 0 20 O y v e e a r r s Total Dills Other AU holders: 1966—Dec. 31.......................................................... 218,025 105,218 64,684 40,534 59,446 28,005 8,433 16,923 1967—Dec. 31.............................. . 226,476 104'363 69 >70 34’493 78’159 18'859 8 417 16>79 1968—Dec. 31.......................................................... 236^812 108,611 75,012 33,599 68,260 35,130 8 >96 16,415 (969—July 31........................................... 229 >81 107’416 71’863 35'553 62’763 34,837 8 372 16>94 231>30 112,618 73,974 38,644 69,519 24'553 8,370 16370 U.S. Govt, agencies and trust funds: 1966—Dec. 3).............................................. 1967—Dec. 31................................................ 1968—Dec. 31. . . ......................................... 15,402 2,438 1,034 1,404 4,503 2,964 2,060 3,438 1969—July 31.................................................. 16 >06 2,423 1,095 1 >28 4>34 3,354 2,059 3,437 Aug. 3!................................................ 16,314 2'728 1 >35 I >93 5,072 3'019 2’059 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 J12 31,484 16,041 15,443 16,215 >58 178 377 1968—Dec, 31............................. 52 937 28 503 18 756 9 747 12,880 10,943 203 408 1969—July 31.................................... 54,138 32*282 19*443 12,839 7.715 13,471 219 451 Aug. 31................................................... 54^911 33,381 20J12 13,269 12,282 8,563 225 460 Held by private investors: j966—Dec. 31........................................ 3 967—Dec. 31................................................ 1968—Dec. Jt................................................ 168,473 77,670 55,222 22,448 50,877 21,223 6,133 12,569 1969—July 31.................................................. 159,237 72 71 1 51 ,325 21'386 50’114 18,012 6 094 12 >06 Aug. 31.................................................. 160 >05 76^509 52J27 23,782 52> 65 12,971 6,086 (2>73 Commercial banks: 1966—Dec. 31.......................................... 47,182 15,838 8,771 7,067 21,112 9,343 435 454 1967—Dec, 31.......................................... 52'194 18,451 10^415 8 >36 26,370 6,386 485 502 1968—Dec. 31.......................................... 53,174 18,894 9,040 9'854 23,157 10,035 611 477 1969—July 31.......................................... 45,225 13,239 4,800 8,439 22 >32 8,261 567 427 Aug. 31.......................................... 43;980 13 >09 3 >98 9,51 1 23,683 5,746 589 452 Mutual savings banks: 1966—Dec- 31.......................................... 4,532 645 399 246 1,482 1,139 276 990 1967—Dec. 31.................................. 4,033 716 440 276 1 ’,476 '707 267 867 1968—Dec. 31.......................................... 3,524 696 334 362 1,117 709 229 773 1969—July 31.......................................... 6,191 645 149 496 I ,740 500 1 ,200 2,107 Aug. 31......................................... 3,159 560 242 318 1,298 358 '210 >33 Insurance companies: 1966—Dec. 31.......................................... 8,158 847 508 339 1,978 1,581 1,074 2,678 1967—Dec. 31.......................................... 7 >60 815 440 375 2,056 914 1’175 2 >00 1968—Dec. 31.......................................... 6’857 903 498 405 t ,892 721 1,120 2 >21 (969—July 31.......................................... 3,222 557 269 288 1 ,129 578 '210 ’748 6'221 781 269 512 1 >84 358 1,197 2,102 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 >98 1,163 568 12 27 1969—July 31.......................................... 5 JOI 3'723 1,864 1 >59 1 '492 460 17 10 6'154 4’203 2>73 2'030 1 >69 257 15 10 Savings and loan associations: 1966—Dec. 31.......................................... 3,883 782 583 199 1,251 1,104 271 475 1967—Dec. 31.......................................... 4,575 1,255 718 537 1,767 811 281 461 1968—Dec 31.......................................... 4,724 1 J 84 680 504 1 >75 1,069 346 450 1969—July 31.......................................... 4,302 '804 334 470 1 >01 885 349 464 Aug. 31.......................................... 4,238 897 356 541 1 ,986 548 346 461 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 4,23! 1 '092 2 >47 805 1,404 3,546 1969—July 31.......................................... 13'592 5,976 4'799 I > 77 2,420 714 1 >96 3,185 Aug. 31........................ 13 J41 6 >92 5 >75 1,317 2'400 548 1,199 3 >01 Al) 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—July 31.......................... 81 '004 47,767 39,110 8'657 18,800 6,614 2.455 5,365 Aug. 31.......................................... 82'712 50J67 40 >14 9>53 19>45 5>56 2,530 5,514 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 tn 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 5,797 commercial banks, 497 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‘'AD others.” Comparable data the 469 nonHnancial 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 □ OCTOBER 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 I year years years 10 years U s . e S c u G rit o ie v s t, Other m b e a r n c k i s al other 1968—Aug............................... 2,214 1 ,705 228 261 20 849 90 790 485 258 Sept............................... 2,133 1 ,820 180 111 22 824 63 762 484 233 Oct................................. 2,011 1 ,714 165 108 22 732 72 737 470 290 Nov............................... 2,506 2,242 152 77 35 859 83 890 674 243 Dec................................ 2,974 2,318 391 196 70 I ,096 Hl 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 ,962 180 69 43 829 91 837 496 319 Apr.. ............................ 2,270 1,998 165 69 39 803 97 840 530 387 May.............................. 2,286 1,852 210 189 35 853 102 781 549 360 June............................... 2,491 2,171 199 86 34 1 ,039 107 849 496 395 July............................... 2,233 1 ,966 172 62 34 839 91 822 480 351 Aug............................... 2,286 1,965 234 51 36 948 104 776 459 311 Week ending—■ 1969—Aug. 6........................ 2,622 2,152 371 61 38 1,111 129 892 490 338 13........................ 1 ,840 i ,583 187 42 29 705 89 626 421 193 20r...................... 2,449 2,085 249 62 52 1 ,091 115 764 479 380 27 r...................... 2,091 1,813 197 50 33 738 83 802 470 300 Sept. 3........................ 2,570 2,335 170 39 24 1 ,092 103 855 519 334 10........................ 2,064 1,803 193 42 24 824 74 732 430 294 17........................ 2,173 1,958 142 34 38 990 65 704 414 394 24........................ 3,096 2,227 567 264 38 1 ,314 90 1,107 584 424 Oct. P*...................... 2,608 2,095 362 106 45 .................. 283 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 Commercial banks U.S. Period mat A ur l! it ies W 1 y it e h a in r ye 1 a -5 rs 5 O y v e e a r r s s a e G g c e u o n r v i c t t i y , e s Period sou A r l c l e s Y N o e r w k w E h ls e e r ­ e C t o io r n p s o r 1 a­ o A th l e l r City 5,262 4,097 283 881 732 Sept......... 51098 4,043 198 857 687 1968—Aug............ 5,465 1,431 1,372 1,710 952 4,137 3,’427 130 580 751 Sept........... 5,519 1,596 11894 1 ,'254 775 3’,766 21948 160 659 652 41518 1,163 1,664 903 788 - 4,093 3,606 136 352 615 Nov........... 4,191 877 1,199 1 ,325 791 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 3,100 737 641 1,310 412 Mar.......... 2,230 2,119 -37 149 507 Feb............ 2,660 417 361 11311 573 Apr.......... 3’107 21997 -60 170 740 2.322 396 370 1 ,031 526 May........ 2,585 1 ,964 71 550 792 Apr............ 31392 963 497 1 1086 847 June........ 2,454 1 ,975 56 424 703 May.......... 31103 542 376 I ,'072 1,112 July.......... 2,250 1 ,901 40 309 626 June. 21994 717 520 '862 896 Aug.......... 2',299 1 ,853 170 277 492 July............ 2,372 810 363 690 509 Aug........... 2,539 563 405 733 838 Week ending'—■ Week ending— 1969—July 2.. 2,155 1 ,649 132 374 681 9. . 1,608 1 ,207 93 308 540 1969—July 2... 2,450 610 500 610 731 16. . 2,182 1 ,857 1 1 314 504 9. .. 2,131 618 322 626 566 23. . 2,263 1,966 -2 299 694 16. .. 1 ,918 560 251 665 442 30. . 2,803 2,458 43 302 747 23. 2,581 1 ,000 374 765 443 30. .. 2,718 977 453 718 570 Aug. 6. . 2,714 2,362 42 310 533 13. . 2,418 1,768 342 308 442 Aug. 6 , ,. 3,053 853 400 716 1 ,085 20, . 1,775 1,297 184 293 523 13. .. 2,922 643 429 740 1,110 27. . 2,342 2,006 109 227 483 20. 2,067 408 322 770 568 27. .. 2,205 481 385 716 624 Note.—The figures include all securities sold by dealers under repur­ chase contracts regardless of the maturity date of the contract, unless the 1 All business corporations, except commercial banks and insurance contract is matched by a reverse repurchase (resale) agreement or delayed companies. delivery sale with the same maturity and involving the same amount of securities. Included in the repurchase contracts are some that more Note.—Averages of daily figures based on the number of calendar days clearly represent investments by the holders of the securities rather than in the period. Both bank and nonbank dealers are included. See also dealer trading positions. Note to the opposite table on this page. Average of daily figures based on number of trading days in the period Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 1969 □ GOVERNMENT SECURITIES A 45 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, SEPTEMBER 30, 1969 (In millions of dollars) Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills Treasury bills—Cont. Treasury notes—Cont. Treasury bonds—Cont. Oct. 2, 1969............ 2,701 Feb. 28, 1970. . ............. 1,501 Nov. 15, 1971.....5’/, I ,734 Feb. 15, 1972.......4 2,344 Oct. 9, 1969................. 2,701 Mar. 5, 1970................. 1,201 Feb. 15, 1972..,...4y4 2,006 Aug. 15, 1972.......4 2,579 Oct. 16, 1969. . ............. 2,703 Mar. 12, 1970................ 1,201 Apr. 1 , 1972... 34 Aug. 15, 1973.......4 3,894 Oct. 23, 1969................. 2,703 Mar. 19, 1970................. 1,201 May 15, 1972..,..4y4 5,310 Nov, 15, 1973.......4«/8 4,348 Oct. 30, 1969................. 2,701 Mar. 23, 1970................ 1,752 Oct. 1 , 1972...• • 1 '4 33 Feb. 15, 1974.......4/8 3,128 Oct. 31. 1969. ........ 1,502 Mar, 26, 1970............... 1,201 Apr. I , 1973.. ...UA 34 May 15, 1974.......4% 3,585 Nov. 6, 1969................. 2,902 Mar. 31 , 1970................ 1,501 Oct. 1 , 1973.. .. 1 ft 30 Nov. 15, 1974.......3 7/8 2,240 Nov. 13, 1969................. 2,890 Apr. 30, 1970................ 1,501 Apr. 1 , 1974.. ,.■iv. 13 May 15, 1975-85 . .4/4 1 ,214 Nov. 20, 1969................. 2,902 May 31, 1970................. 1.501 Aug. 15, 1974..,■ ■5% 10,284 June 15, 1978-83.. 31/4 1,556 Nov. 28, 1969................. 2,900 June 30, 1970................. 1,702 Nov. 15, 1974..,..55/4 3,981 Feb. 15, 1980.......4 2,598 Nov. 30, 1969................. 1,501 July 31 , 1970................. 1,202 Feb. 15, 1975... .■5*/4 5,148 Nov. 15, 1980........3Vi 1,906 Dec. 4, 1969................ 2.904 Aug. 31 , 1970................ 1,201 May 15, 1975.... .6 6,760 May 15, 1985.........3»% 1 ,093 Dec. 11, 1969................ 2,901 Sept, 30, 1970................. 1,005 Feb. 15, 1976,... .61/4 3,726 Aug. 15, 1987-92.. 41% 3,814 Dec. 18, 1969................. 2,902 May 15, 1976..,• •61/2 2,697 Feb. 15, 1988-93..4 249 Dec. 22, 1969+.............. I ,763 Treasury notes May 15, 1989-94. .4% 1,558 Dec. 26, 1969................ 2,901 Oct. I, 1969.........1>4 159 Treasury bonds Feb. 15, 1990.........31% 4,838 Dec. 31, 1969................. 1,500 Apr. 1, 1970.........Lft 88 Dec. 15, 1964-69. .21/2 2,484 Feb. 15, 1995........3 1 ,447 Jan. 2, 1970................ 1,100 May 15, 1970.........5 54 7,793 Mar. 15, 1965-70. .2% 2,281 Nov. 15, 1998.........31% 4,240 Jan. 8, 1970................. 1,102 May 15, 1970. .. . .6% 8,759 Mar. 15, 1966-71.. 294 1 ,221 Jan. 15, 1970................. 1,101 Aug. 15, 1970.........6% 2,329 June 15, 1967-72. .21/2 1 ,242 Jan. 22, 1970................ 1,101 Oct. 1 , 1970, . .PA 113 Sept. 15, 1967-72.. 21/2 1 ,951 Jan. 29, 1970................. 1,101 Nov. 15, 1970.........5 7,675 Dec. 15, 1967-72. .21/2 2,586 Jan. 31, 1970................. 1,501 Feb. 15, 1971.........5% 2,509 Oct. 1, 1969........4 6,240 Feb. 5, 1970.............. 1,203 Feb. 15, 197!.........7% 2,931 Feb. 15, 1970... . .4 4,381 Feb. 13, 1970.............. 1,199 Apr. 1, 1971.........1»4 35 Aug. 15, 1970........4 4,129 Convertible bonds Feb. 19, 1970................. 1,202 May 15, 1971.........51% 4,265 Aug. 15, 1971........4 2,806 Investment Series B Feb. 26, 1970................ 1,201 Oct. 1, 1971.........1% 72 Nov. 15, 1971........3% 2,760 Apr. 1, 1975-80.. 2 y4 2,452 t Tax-anticipation series, Note.—Direct public issues only. Based on Daily Statement of U.S. Treasury. NEW ISSUES OF STATE ANO LOCAL GOVERNMENT SECURITIES (In millions of dollars) All issues (new capital and refunding) Issues for new capital Type of issue Type of issuer Total Use of proceeds Period amount deliv­ Special ered3 Total Gener­ U.S. district Total Roads Veter­ Other al Reve­ HAA' Govt, State and Other2 Edu­ and Util­ Hous­ ans’ pur­ obli­ nue loans stat, cation bridges ities 4 ing5 aid poses gations auth. 1962...............8.,845 5,582 2,681 437 145 1,419 2,600 4,825 8,732 8,568 2,963 1,114 1 ,668 521 125 2,177 1963.............1..0.,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 3^85 637 208 1 %28 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 1 70 2,401 3,784 5,144 1 1 ,538 10,471 3,619 900 1 ,'965 626 50 3,311 1966................ 11,405 6; 804 3,955 325 312 2,590 4,110 4,695 n.a. 11,303 3,738 1 ,476 1 '880 533 3,667 1967................ 14,766 8,985 5,013 477 334 2,842 4,810 7,115 n.a. 14,643 4,473 1 ,254 2*404 645 5,867 196« ........... 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--Aug.... 1,699 791 755 129 23 264 792 643 n.a. 1 ,688 488 126 412 133 529 Sept.... 1 ,444 1 ,003 419 22 292 353 801 n.a. 1 ,435 409 152 200 3 671 Oct.. ,. 2,230 1 ,’437 773 20 617 819 791 n.a. 2,227 732 374 407 28 686 Nov.. . 1,021 585 320 111 6 223 324 473 n.a 997 271 25 115 121 465 Dec ... 1,140 337 781 22 20 415 706 n a 1,138 169 46 196 20 707 1969--Jan.... I ,263 942 310 11 546 286 432 n a 1,262 362 165 169 4 562 Feb.,.. 988 461 378 143 7 144 477 367 n.a. ’986 246 222 171 145 202 Mar . 540 325 204 11 110 149 282 n.a 541 260 95 7! 3 112 Apr.... 1,800 1 ,008 783 9 539 738 522 n.a. 1,797 362 37 302 5 1,091 M’ay... 1,113 637 275 177 23 266 342 504 n a I 099 327 109 117 191 355 June... 711 497 178 37 84 152 477 n.a. 703 235 44 138 1 285 July.. . 1 ,063 818 235 10 405 234 423 n.a. 1 ,062 278 168 102 6 508 Aug.... 790 574 204 12 228 247 313 n.a. 784 204 154 78 2 346 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 ■* 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 □ OCTOBER 1969 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues* Noncorporate Corporate Period Bonds Stock Total U.S. U.S. U.S. Govt, State Others Total Govt.2 agency 3 and local4 Total P o u ff b e l r i e c d ly P p ri l v a a ce te d ly Preferred Common 1961..................... 35,527 12,253 1 ,448 8,360 303 13,165 9,420 4,700 4,720 450 3,294 1962................. 29,956 8,590 1 ,188 8,558 915 10,705 8,969 4,440 4,529 422 1,314 1963 ..................... 35,199 10,827 1,168 10,107 887 12,211 10,856 4,713 6,143 343 1 ,011 1964..................... 37,122 10^656 1 .205 10,544 760 13’957 10,865 3,623 7.243 412 2,679 1965 ..................... 40,108 9,348 2,73 1 11,148 889 15,992 13,720 5,570 8,150 725 1,547 1966..................... 45^015 8,231 6,806 11,089 815 18,074 15,561 8,018 7,542 574 1 .939 1967 ..................... 68,514 19,431 8,180 14,288 1 .817 24,798 21,954 14,990 6,964 885 1 ,959 1968 ..................... 65,562 18.025 7,666 16,374 1.531 21,966 17.383 10,732 6,651 637 3.946 1968—June......... 4,984 383 779 1 ,360 52 2,411 2,025 1,340 685 24 361 July...... 4,913 417 800 1 ,422 130 2,143 1,771 1 ,244 528 85 286 Aug...... 9,821 5,850 580 1 ,729 230 1'432 1,037 637 400 93 303 Sept.......... 3,819 361 250 1 ,423 228 1,557 1,159 726 433 1 397 Oct....... 6,111 430 1.147 2,260 146 2'129 1,604 1 ,099 595 25 499 Nov...... 3,294 379 I ,037 118 1,767 1,301 939 362 41 425 Dec...... 3'812 377 223 1,138 20 2,054 1,572 607 965 19 464 1969—Jan............ 4,284 427 424 1 ,244 113 2,075 1,616 980 636 67 393 Feb........... 4'086 443 450 '974 174 2,045 1,237 842 395 72 736 Mar.......... 3,514 382 453 520 61 2,098 1 ,344 835 509 98 657 Apr.......... 5'780 412 981 1 ,627 12 2,748 1 ,917 1 ,268 649 68 762 May 4,608 410 950 1 ,088 85 2,076 1,382 871 510 10 684 June......... 4,007 420 351 '710 45 2380 1,736 1,272 464 50 694 Gross proceeds, major groups of corporate issuers Period Manufacturing C m om is m ce e ll r a c n ia e l o u a s nd Transportation Public utility Communication a R nd e a f l i n e a s n ta c t i e a l Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks 1961................................................. 3,371 741 800 389 692 20 2,347 692 692 1,128 1,522 753 1962................................................. 2,880 404 622 274 573 14 2^279 562 1 ,264 ’ 43 I ,397 457 1963................................................. 3^202 313 676 150 948 9 2,259 418 953 152 2,818 313 1964. 2,819 228 902 220 944 38 2,139 620 669 1 ,520 3,391 466 1965. 4,712 704 1,153 251 953 60 2,332 604 808 139 3,762 514 1966................................................ 5,861 1,208 1’166 257 1,856 116 3,117 549 1,814 189 1 ,747 193 1967................................................. 9,894 1,164 1,950 117 1 ,859 466 4,217 718 1,786 193 2,247 186 1968................................................. 5,668 1^311 1 ’759 116 1'665 1 ,579 4,407 873 1’724 43 2,159 662 1969-—Jan...................................... 299 104 169 200 257 2 509 1 (8 181 4 201 31 Feb................................... 344 169 197 346 329 18 136 179 56 176 96 Mar..................................... 297 194 192 305 139 63 352 52 198 34 166 107 Apr...................................... 327 186 330 276 151 101 627 157 43 t 438 110 May..................................... 434 134 101 397 141 4 371 20 129 68 203 70 June.................................... 454 186 119 314 201 13 606 96 187 4 167 131 1 Gross proceeds are derived by multiplying principal amounts or 5 Foreign governments, International Bank for Reconstruction and number of units by offering price. Development, and domestic nonprofit organizations. 2 Includes guaranteed issues. 3 Issues not guaranteed. Note.—Securities and Exchange Commission estimates of new issues 4 See Note to table at bottom of opposite page. 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

OCTOBER 1969 a 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 In c v o e s s .1 t. Other In c v o e s s .1 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, 21,535 10,025 11,511 12,747 4,649 8,098 5,583 3,205 2,134 3,242 3,450 -37 1966. 26,327 9,567 16,761 15,629 4,542 11,088 6,529 4,169 2,025 3,000 4,504 1,169 1967. 33,303 10,496 22,537 21,299 5,340 15,960 6,987 4,664 2,761 2,397 4,226 2,267 1968........................ 35,384 16,234 19,150 19,381 5,418 13,962 9,945 6,057 3,857 6,959 6,088 -900 1968--1.................. 7,720 3,021 4,700 3,997 1,286 2,711 2,493 1,230 823 912 1 ,670 319 II................. 8,421 3,933 4,489 5,124 1 ,308 3,816 1 ,873 1 ,424 1 ,053 1 ,572 820 -147 HI........... 8,280 4,112 4,167 4,732 1 ,249 3,482 2,127 1 ,421 949 1 ,914 1,178 -493 IV................ 10,962 5,168 5,794 5,528 1 ,575 3,953 3,452 1 ,982 1 ,032 2,561 2,420 -579 1969--1.................. 10,631 4,521 6,1 10 4,949 1 ,272 3,676 3,498 2,184 1 ,065 2,183 2,433 II................. 9,688 4,323 5,365 5,365 1 ,504 3,861 1 ,960 2,363 1 ,055 1,764 905 599 Type of issuer Manu­ Commercial Transpor­ Public Communi­ Real estate Period facturing and other 2 tation 3 utility cation and financial 4 & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n ot d e s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks 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 1,842 2,242 821 987 -149 3,669 892 1 ,579 120 1 ,069 5,347 1968--r................ 991 -60 191 112 170 -26 956 309 295 31 109 1,624 iu.............. 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 ii.............. 936 -386 433 445 175 49 1 ,445 235 312 78 560 1,083 1 Open-end and closed-end companies. exclude foreign and include offerings of open-end investment companies, 2 Extractive and commercial and misc. companies. sales of securities held by affiliated companies, special offerings to em­ 3 Railroad and other transportation companies. ployees, and also new stock issues and cash proceeds connected with 4 Includes investment companies. conversions of bonds into stocks. Retirements include the same types of issues, and also securities retired with internal funds or with proceeds of Note.—Securities and Exchange Commission estimates of cash trans­ issues for that purpose shown on opposite page. actions only. As contrasted with data shown on opposite page, new issues OPEN-END INVESTMENT COMPANIES (In millions of dollars) Sales and redemption Assets (market value Sales and redemption Assets (market value of own shares at end of period) of own shares at end of period) Year Month Sales 1 Re ti d o e n m s p­ s N al e es t Total 2 po C s a it s io h n 3 Other Sales 1 Re ti d o e n m s p­ s N al e e t s Total 2 po C s a it s io h n3 Other 1957.............. 1,391 406 984 8,714 523 8,191 1968—Aug... 531 309 222 48,470 3,459 45,011 1958.............. 1,620 511 1,109 13'242 634 12'608 Sept... 494 292 202 51 030 3,747 47^283 1959.............. 2; 280 786 1,494 15^818 860 14^958 Oct.... 653 396 257 51,633 3,384 48,249 Nov... 688 313 375 54’860 3,413 51 347 1960.............. 2,097 842 1,255 17,026 973 16,053 Dec... 653 319 354 52,677 3,187 49,490 1961.............. 2,951 1,160 1 ,791 22,789 980 21,809 1962.............. 2^99 1,123 1,576 2^271 1,315 19^56 1969—Jan.... 876 397 479 53,323 3,831 49,492 Feb... 625 379 246 50,512 3; 880 46,632 1963.............. 2,460 1,504 952 25,214 1,341 23,873 Mar... 628 285 343 51 663 4,331 47.332 1964.............. 3’404 1,875 1,528 29,116 1'329 27^787 Apr... 654 348 306 52,787 4,579 48;208 1965 .............. 4’359 1^62 2^395 35;220 1.803 33317 May.. 529 364 165 52 992 4^262 48’730 June.. 474 338 136 49,401 3^37 45,464 1966.............. 4,671 2,005 2,665 34,829 2,971 31 ,858 July.. . 503 260 243 46 408 4 167 42 241 1967.............. 4,670 2', 745 1 '927 44'701 2'566 42,135 Aug... 483 208 275 49,072 4,642 44;430 1968.............. 6,820 3,841 2^79 52^77 3,187 49 390 1 Includes contractual and regular single purchase sales, voluntary 3 Cash and deposits, receivables, all U.S. Oovt. 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 □ OCTOBER 1969 SALES, PROFITS, ANO DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1967 1968 19691 Industry 1964 1965 1966 1967 1968 III IV I II III IV 1 II Manufacturing Total (177 corps.): Sales........................................ 158.253 177,237 177,738 201,399 225,740 48,317 52,818 53,633 57,73; 53,981 60,388 57,61. 61,392 Profits before taxes............... 18,734 22,046 23,487 20,898 25,375 4,232 5,867 5,985 6,87? 5.58C 6,932 6,56! 6,887 Profits after taxes........................... 10,462 12,461 13,307 12,664 13,787 2,268 3,268 3,298 3,60S 3,O3C 3,850 3,575 3,750 Dividends ........................................ 5.933 6,527 6.920 6,989 7,271 1,721 1,897 1 .716 1,731 1 .746 2,078 1 ,83? 1 ,916 Nondurable goods industries (78 corps.):2 Sales.....5..9..,.7..7..0.. ....6..4..,..8..9..7......7.3..,.6.43 77,969 84,861 19,695 19,996 20,156 21,025 21 ,551 22,129 21 ,764 23,198 Profits before taxes........................ 6,881 7,846 9,181 9,039 9,866 2,209 2,427 2,387 2,492 2,545 2,442 2,524 2,664 Profits after taxes.................. . . . . 4,121 4,786 5,473 5,379 5,799 1,313 1 .431 1,428 1,41 1 .471 1 .489 1 ,492 1 ,559 Dividends........................................ 2.408 2,527 2,729 3.027 3,082 770 781 743 751 763 825 812 808 Durable goods industries (99 corps.): •' Sales.....9..8..,.4..8..2.....1..1..2..,.3..4..1....1..2..2..,.094 123,429 140,879 28,622 32,821 33,477 36,707 32,435 38,259 35,849 38,195 Profits before taxes........................ 1 1 ,853 14,200 14,307 11,822 15,510 2,024 3,440 3,598 4,386 3,036 4,490 4,041 4,224 Profits after taxes......................... 6,341 7,675 7,834 6,352 7,989 1,068 1,838 1,871 2,198 1.559 2,361 2,087 2,190 Dividends........................................ 3,525 4,000 4.191 3.964 4.189 952 1,117 972 981 983 1,253 1 ,026 1 ,108 Selected industries: Foods and kindred products (25 corps.): Sales............................................. 15,284 16,427 19,038 20,134 22,109 5,131 4,980 5,184 5,389 5,737 5,799 5,714 5,923 Profits before taxes.................... 1,579 1,710 1,916 1 ,967 2,227 526 512 498 563 590 576 534 581 Profits after taxes....................... 802 896 1 ,008 1 ,041 1,093 284 268 255 260 285 293 261 275 Dividends.................................... 481 509 564 583 616 146 145 150 155 155 156 162 165 Chemical and allied products (20 corps.): Sales.....1..6..,.4..6.9.......1..8..,.1..5..8......2..0..,.0..0..7 20,561 22,808 5,117 5,284 5,436 5,697 5,782 5,893 5,845 6,230 Profits before taxes........................ 2,597 2,891 3,073 2,731 3,117 636 701 760 807 806 744 844 875 Profits after taxes.......................... 1 ,400 1,630 1 ,737 1,579 1,618 363 416 390 419 412 398 448 473 Dividends........................................ 924 926 948 960 1,002 235 252 236 236 243 287 252 251 Petroleum refining (16 corps.): Sales............................................. 16,589 17,828 20,887 23,258 24,218 5,985 6,075 5,890 6,013 6,100 6,214 6,107 6,610 Profits before taxes........................ 1 ,560 1,962 2,681 3,004 2,866 744 835 767 692 740 667 726 728 Profits after taxes......................... 1,309 1,54 J 1.898 2,038 2,206 504 540 592 520 561 534 562 558 Dividends........................................ 672 737 817 1,079 1,039 286 28! 253 255 258 273 282 273 Primary metals and products (34 corps.): Sales............................................. 24,195 26,548 28,558 26,532 30,171 6,525 6,166 7,150 8,427 7,461 7,133 7,671 8,612 Profits before taxes.................... 2,556 2,931 3,277 2,487 2,921 477 647 669 915 601 735 691 828 Profits after taxes....................... 1 ,475 1,689 1 ,903 1,506 1,750 290 410 376 550 343 482 431 504 Dividends..................................... 763 818 924 892 952 228 228 224 230 233 264 242 245 Machinery (24 corps.): Sales............................................. 22,558 25,364 29,512 32,721 35,660 8,994 8,994 8,371 8,864 8,907 9,517 8,957 9,757 Profits before taxes........................ 2,704 3,107 3,612 3,482 4,134 837 970 936 1 ,008 1,112 1 ,079 1 ,071 1,167 Profits after taxes........................... 1,372 1 ,626 1 .875 1.789 2,014 438 513 448 499 537 531 526 576 Dividends......................................... 673 774 912 921 992 227 229 247 248 248 249 270 271 Automobiles and equipment (14 corps.): Sales............................................. 35,338 42,712 43,641 42,306 50,526 8,354 11,664 12,343 13,545 9,872 14,767 13,328 13,638 Profits before taxes.................... 4,989 6,253 5,274 3,906 5,916 216 1,204 1,507 1,851 640 1,918 1,663 1,542 Profits after taxes...................... 2,626 3,294 2,877 1,999 2,903 62 572 783 847 330 943 806 __ 750 Dividends................................... 1 .629 1 .890 1 .775 1.567 1 .642 362 477 364 364 364 550 365 436 Public utility Railroad: Operating revenue................. 9,778 10,208 10,661 10,377 10,855 2,531 2,676 2,610 2.757 2,707 2,781 2,741 Profits before taxes........................ 829 979 1 ,094 385 634 92 ~13 126 206 116 186 128 Profits after taxes........................... 694 815 906 319 568 87 -31 110 175 108 174 98 Dividends......................................... 440 468 502 538 517 103 155 116 136 98 166 116 Electric power: Operating revenue......................... 14,999 15,816 16,959 17,954 19,421 4,417 4,537 5,106 4,553 4,869 4,892 5,480 4,913 Profits before taxes........................ 3,926 4,213 4,414 4,547 4,789 1,155 1,088 1,351 1 ,040 1 ,271 1,125 1 ,384 1 ,065 Profits after taxes.......................... 2,375 2,586 2,749 2,908 3,002 717 728 863 641 764 733 873 707 Dividends............................ 1,682 1 .838 1 ,938 2,066 2,201 513 529 539 555 543 565 580 577 Telephone: Operating revenue................ 10,550 11,320 12,420 13,311 14.430 3,341 3,429 3,486 3,544 3,629 3,771 3,853 3,975 Profits before taxes........................ 3,069 3,185 3,537 3,694 3,951 953 949 971 989 990 1,001 1 ,070 1 ,043 Profits after taxes.......................... 1 ,590 1,718 1,903 1 ,997 1,961 515 513 525 441 493 502 540 523 Dividends........................................ 1 ,065 1,153 1 ,248 1 ,363 1 ,428 341 351 351 318 396 363 368 371 t 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 two affiliated telephone companies. Dividends are for the 20 Railroads: Interstate Commerce Commission data for Class I line­ operating subsidiaries and the two 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

OCTOBER 1969 □ BUSINESS FINANCE A 49 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t e a ro f x o e fi r s t e s c ta o I x n m e ­ e s P t a a r f o x te e fi s r ts d C d e a i n v s d i h ­ s tr U p ib r n o u d f t i i e t s s d ­ co c a n a t l i s l p o o u i n w t m a ­ l p ­ Quarter P b t e a ro x fo f e i r t s e s c ta o I x n m e ­ e s P a ta r f o x te e fi s r ts d C d e a i n v s d i h ­ s tr U p ib r n o u d f t i i e t s s d ­ co c a n t a i l o s l p o u n i w t m a ­ l p ­ ances 1 ances 1 1961............... 50,3 23,1 27.2 13.8 13.5 26.2 1967—IV... 84.4 34.5 49.9 21.1 28.8 43.8 1962............... 55.4 24.2 31.2 15.2 16.0 30.1 1963 ............... 59,4 26,3 33.1 16.5 16.6 31.8 1968—1. . . . 87.9 39.9 47.9 22.2 25.7 44.8 1964............... 66.8 28.3 38.4 17.8 20.6 33.9 II... . 90.7 41.1 49.7 22.9 26.7 45.8 HI... 91.5 41.4 50.0 23.6 26.5 46.2 1965 ............... 77.8 31.3 46.5 19.8 26.7 36.4 IV... 94.5 42.9 51.6 23.8 27.8 46.7 1966.............. 84.2 34.3 49.9 20.8 29.1 39.5 1967.............. 80.3 33.0 47.3 21.5 25.9 42.6 1969—1. . . . 95.5 43.4 52.2 23.8 28.4 47.7 1968.............. 91.1 41.3 49.8 23. 1 26.7 45.9 IL. . . 95.4 43.6 51.8 24.3 27.5 48.6 ' Includes depreciation, capital outlays charged to current accounts, and Note.—Dept, of Commerce estimates. Quarterly data are at seasonally accidental damages. adjusted annual rates. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS (In billions of dollars) Current assets Current liabilities Net Notes and accts, Notes and accts, End of period working U.S. receivable payable Accrued capital Total Cash s G ec o u v r t, i­ I t n o v ri e e n s ­ Other Total F in e c d o e m ra e l Other ties 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—IV..................... 201.1 464.0 52,3 12 4 5.1 214,5 153 8 25 9 262.9 5 8 183.6 15 2 58.3 1968—1......................... 206.0 471.4 50.1 14 6 4.8 216.6 156.6 28.7 265,4 6 1 181 9 17.3 60.2 II........................ 209. 8 481.9 51.4 13.3 4.7 223.6 159.9 29.1 272.1 6.2 188.0 15.4 62.5 HI...................... 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 4 202.2 174 66 4 1969—1.......................... 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 II........................ 218,3 527.4 53.6 13.3 4.8 247.2 175 J 32.9 309.0 7.2 212.2 16^0 73.6 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 Durable d N ur o a n b ­ le Mining Railroad Other u P ti u li b ti l e ic s n C ic o a m ti m on u s ­ Other 1 a ( r n S a n t . u e A a ) . l 1962.......................................... 37.31 7.03 7.65 1.08 .85 2.07 5.48 3,63 9,52 1963.......................................... 39.22 7.85 7.84 1.04 1 10 1.92 5,65 3.79 10 03 1964.......................................... 44.90 9.43 9 16 1 19 1 41 2 38 6^22 4.30 10 83 1965.......................................... 51.96 11.40 11.05 1.30 t ,73 2 81 6.94 4.94 it '79 1966.......................................... 60.63 13.99 13.00 1.47 1.98 3 44 8 41 5.62 12 74 1967.......................................... 61.66 13.70 13.00 1.42 1.53 3*88 9.88 5.91 12*34 1968.......................................... 64.08 13.51 12 93 1.42 1 34 4 31 11.54 6.36 12 67 19692......................................... 70.85 15.43 14 25 1.56 1 47 452 12.74 7.55 13*33 1967—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 ................................... 15. 86 3.22 3 28 36 36 1 04 2 97 1 51 3 11 61160 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 3* 28 1 86 3*46 65'90 1969—I..................................... 15.21 3.26 2 95 .36 32 1 06 2 66 I 68 2 91 68 90 II................................... 17.73 3,83 3 52 41 ' 35 114 3*38 1 70 20 IIP............................... 18. 16 3 91 3 64 41 40 112 3 35 5 31 72 25 IV2................................ 19.76 4.43 4.14 .38 .40 1'20 3^34 5.88 72 JO 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 □ OCTOBER 1969 MORTGAGE DEBT OUTSTANDING (hi billions of dollars) All properties Farm Nonfarm Other 1- to 4-family houses4 Multifamily and Mortgage holders2 commercial properties5 type6 E p n e d rio o d f h e A o r l s l d l ­ tu F i t n i c i n o s ia a n t l i n s ­ ­ 1 a U c g i . e e S s n . ­ v o I i a d t n h n u d e d a r i l s ­ s h e A o r l l s ) d ­ tu F i t n c i i n o i s a a n t l i n s ­ ­ 1 O h e o t r h s ld e 3 ­ r h e A o r l s l d l ­ Total tu F i t n i i n o s a n t n i s ­ . 1 O h e o th r l s d e ­ r Total tu F i t n i i n o s a t n n i­ s , 1 O h e o th rs ld er ­ F w u V n H ri d t A A t 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 11.4 47.7 18.9 7.0 11 .9 281.2 197,6 170.3 27.3 83.6 63.7 19.9 77.2 204.0 1965 .......... 325.8 264.6 12.4 48.7 21.2 7.8 13.4 304.6 212.9 184.3 28.7 91.6 72.5 19.1 81 .2 223.4 1966.......... 347.4 280,8 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 I967»L. . . , 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*’........ 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 IP'.. 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 IIP’. 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 I V>’. 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—P’... 375.8 302.6 19.6 53.5 26.0 9.3 16.7 349.8 239. 1 203.7 35.4 1 10.6 89.6 2! .0 89.4 260.4 IP.. 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 HP’. 389.8 313.5 21 . I 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 IV,’. 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—P'... 403.7 324.7 22.6 56.4 28.1 9.8 18.3 375.7 254.8 215.8 39.0 120.9 99.1 21.8 94.5 281.2 H". 411.7 331 .0 23.5 57.2 28.8 10. 1 18.7 382.9 259.5 219.6 39.8 123.4 101.3 22.1 96.6 286.3 1 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 arc F.R. estimates. 4 For multifamily and totaj 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 3^87 797 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;?9i 11,408 14,897 4,469 52 1966................................ 54,380 34,876 7^44 2,599 24,733 16366 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 3 346 50'490 44;641 15;074 11 795 17772 5,732 117 1968................................ 65 696 4!J 433 7 926 2,708 30’800 20’505 3 758 53356 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 ll,413 15,986 4,896 53 IV........................ 54 380 34 876 7,544 2,599 24'733 1 6 366 3,138 47'337 42;242 14^00 11 *471 16,272 5 741 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 35 387 7 396 2,495 25’596 16,970 3’274 48;893 43^26 14^47 11 768 16,811 5,316 51 HI....................... 57,482 36’639 7 584 2,601 26’454 17,475 3’368 49 732 44^94 15 ;oi6 11,785 17 293 5 ,’526 112 IV........................ 59719 37,642 7'709 2 696 27’237 17’931 3 446 50,490 44;641 15,074 11 795 17,772 5 732 117 1968—1.......................... 60,119 38 157 7 694 2 674 27 789 18 396 3 566 51 ,218 45,171 15 179 11 872 18 120 5 931 116 II......................... 61,967 39,113 7,’678 2,648 28’787 19,098 3 756 51 ;793 45 ;57O 15,246 i i 718 18,406 6,108 115 HI....................... 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—1........................... 67,146 42,302 7,953 2,711 31,638 20,950 3,894 54,178 47,305 15,678 12,097 19,530 6,756 117 II......................... 69'079 43,532 8; 060 2,743 32,729 21359 4 ,'088 54^44 47,818 15 769 12J5I 19798 6708 117 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

OCTOBER 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 ur A e - d a g V n u t A e a e - r­ d Other 1 Farm Total Total in F s H ur A e - d a g n V u te A a e r - d ­ Other Farm 1945.• • • ......................................... 976 6,637 5,860 1,394 ............... 4,466 766 1961 . 6,785 6,233 1,388 220 4,625 552 44,203 41,033 9,665 6,553 24,815 3,170 1962. 7,478 6,859 1,355 469 5,035 619 46,902 43,502 10,176 6,395 26,931 3,400 1963. 9,172 8,306 1,598 678 6,030 866 50,544 46,752 10,756 6,401 29,595 3,792 1964................................................ 10,433 9,386 1,812 674 6,900 1,047 55,152 50,848 11,484 6,403 32,961 4,304 (965. 11,137 9,988 1,738 553 7,697 1,149 60,013 55,190 12,068 6,286 36,836 4,823 1966. 10,217 9,223 1,300 467 7,456 994 64,609 59,369 12,351 6,201 40,817 5,240 1967. 8,470 7,633 757 444 6,432 837 67,516 61,947 12,161 6,122 43,664 5,569 1968............................................... 7,925 7,153 719 346 6,088 772 69,973 64,172 11,961 5,954 46,257 5,801 1968--July'................................... 650 597 57 26 514 53 68,683 62,945 12,032 6,035 44,878 5,738 Aug..................................... 616 575 71 30 474 41 68,909 63,154 12,029 6,034 45,091 5,755 Sept..................................... 542 497 58 25 414 45 69,024 63,248 12,003 6,012 45,233 5,776 Oct...................................... 615 578 84 30 464 37 69,212 63,434 12,003 6,002 45,429 5,778 Nov..................................... 623 589 62 29 498 34 69,407 63,627 11,999 5,993 45,635 5,780 Dec...................................... 1 ,207 1 ,123 84 29 1 ,010 84 70,071 64,268 12,015 5,982 46,271 5,803 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 19 422 60 70,820 64,993 11,903 5,900 47,190 5,827 June.................................... 556 498 55 20 423 58 70,964 65,114 11 ,882 5,879 47,353 5,850 July..................................... 593 557 49 6 502 36 71 ,079 65,226 11,845 5,819 47,562 5,853 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 annual 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) Ad­ Repay­ Members’ Period vances ments deposits Period h N o e m w e Home FHA- VA- Con­ Total t S e h rm or t > ­ t L e o rm ng ­ 2 Total 1 con­ pur­ Total2 in­ guar­ ven­ struc­ chase sured anteed tional tion 1945........................ 278 213 195 1?6 19 46 1961....................... 2,882 2,220 2,662 1,447 1,216 1,180 1945. . . 1 ,913 181 1 358 5,376 1 1 9 9 6 62 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 5 , > 1 0 1 1 1 4 3 , > 2 9 9 4 6 4 3 , , 7 47 8 9 4 2 2 , , 0 8 0 6 5 3 1 I > >2 7 1 4 1 1 > ’ 1 1 5 3 1 1961.............. 17,733 5,212 7,317 68.834 4,167 7,152 57,515 1964....................... 5 >65 5,025 5’325 2'846 2,479 1,199 1962.............. 21 153 6'115 8,650 78 ,770 4,476 7 ,0(0 67,284 1 1 9 9 6 6 3 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 5 4 J ’9 1 7 3 3 7 6, ’ 6 1 3 8 8 5 1 1 0 0 , , 5 05 3 5 8 10 9 1 0 , , 9 33 4 3 4 4 4; '6 8 9 9 6 4 6 6' ' 6 9 8 6 3 0 7 8 9 9 , , 2 7 8 5 8 6 1 1 1 9 9 9 6 6 6 6 7 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 3 1 , ' ' 8 , 0 5 0 0 2 7 4 7 4 2 4 , , > 3 8 7 3 6 6 5 6 5 6 4 , , '9 9 3 3 9 8 5 7 6 3 5 3, , , 9 0 0 8 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 1 10,306 5,145 6,398 98,763 196R........................ 2’734 1 >61 5'259 4,867 392 1 '382 1966.............. 16^924 3^653 7 >28 114,427 5',269 6'157 103,001 1 1 9 9 6 6 7 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 1 0 , '1 98 2 3 2 4 4 ’ ’ 9 2 1 43 6 1 9 1 ' , 6 2 0 15 4 1 1 2 3 1 0 , ’ 8 7 0 8 5 2 5 6' ’ 6 7 5 91 8 6 7 ' ' 3 0 5 1 1 2 1 1 0 1 9 7 ’ ,1 6 1 6 2 3 1968-— O S A e c u p t g . t . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 1 1 1 9 6 7 8 5 3 1 1 1 8 3 6 8 6 4 4 5 5 , ' > 0 9 3 2 9 5 7 6 4 4 4 , ' ’ 6 5 6 6 2 0 1 7 3 4 4 4 2 3 0 3 7 7 1 1 1 , , > 2 1 8 5 7 1 5 4 1968—Aug... 1 ,995 414 1,156 127,492 6,279 6,689 114,524 Nov....... 155 150 5’040 4'643 397 1'321 Sept... 1 ,840 396 984 128,302 6,370 6,753 115,179 Dec............. 301 81 5,259 4,867 392 1 '382 Oct.... 1 ,949 466 995 129,147 6,459 6,845 115,843 D N e o c v . . . . . . 1 1 , , 8 7 8 2 6 4 4 3 0 9 7 2 8 8 6 6 8 9 1 13 29 0 , , 8 7 7 8 9 2 6 6 , , 6 5 5 2 8 9 6 7 , , 9 0 1 1 9 2 1 1 1 1 6 7 , , 4 1 3 1 1 2 1969-—J F M a e a n b . r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 1 1 7 5 2 5 7 0 1 1 1 7 7 2 9 8 2 5 5 5 ' , > , 3 3 9 5 3 8 1 7 4 4 4 , , > 9 9 4 7 8 0 5 3 3 3 3 5 8 4 8 2 9 1 1 1 > , ’ 1 1 4 1 3 3 0 0 1969—J F a eb n . . . . . . . 1 1 , , 5 5 9 80 2 3 3 4 6 8 4 7 7 6 8 7 3 1 1 3 3 2 1 , , 0 4 7 0 5 4 6 6 , , 7 8 4 5 8 7 7 7, , 1 0 2 7 9 41 11 17 8 , , 5 0 8 8 2 9 A M p a r y .. . . . . . . . . . . . . . . . . . . . . . . . 5 3 4 2 5 7 1 1 1 2 3 0 5 5 ’ '9 7 7 6 1 4 5 5 l ’ 4 64 2 7 3 3 34 2 1 4 L 1 > I 0 7 1 8 M Ap a r r . . . . . . 2 1 , , 0 8 7 7 3 0 4 4 8 4 5 0 1,0 8 2 9 3 6 1 1 3 3 4 2 , , 0 9 1 92 8 7 6 , , 1 9 2 7 0 2 7 7, , 2 1 7 9 1 41 11 1 9 8 , , 6 8 2 2 7 6 J J u u n ly e . . . . . . . . . . . . . . . . . . . . . . . . 5 7 1 5 4 9 (1 7 8 2 7 6 , , 0 4 5 13 3 6 6 , ’ 0 5 5 6 4 4 4 3 8 5 9 9 1,2 9 7 27 6 May.. 2,146 482 1,113 135,006 7,245 7,354120,407 Aug............. 630 139 7,544 6 >72 672 827 June.. 2,415 495 1 ,345 136,222 7,402 7,408 121 ,412 July,. . 1 ,974 421 1,091 137,087 7,522 7,468 122,097 Aug.?. 1 ,918 394 1,089 137,952 7,609 7,542 122,801 1 Secured or unsecured loans maturing in 1 year or less. 2 Secured loans, amortized quarterly, having maturities of more than 1 year but not more than 10 years. l 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 □ OCTOBER 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) Government- All residential Multifamily t underwritten 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 n i ­ ­ h O ol t d h e e r r s End of period Total Total F su H in re A ­ d - an g V t u e A a e - r d ­ 1 ti v o e n n a ­ l tutions tutions 1954................................. 18.6 4.3 4.1 .2 14.3 1941................ 24.2 14.9 9.4 5.8 3.6 2.2 1963................................. 182.2 65.9 35.0 30.9 116.3 1945................ 24.3 15.7 8.6 5.7 3.5 2.2 1964................................. 197.6 69.2 38.3 30.9 128.3 1963 ............... 211.2 176.7 34.5 29.0 20.7 8.3 1964............... 231.1 195.4 35.7 33.6 25.1 8.5 1965 ................................. 212.9 73,1 42.0 31.1 139,8 1 1 19 9 9 6 6 6 7 6 5 ? . ’ .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 5 6 8 0 4 0 . . . 1 0 0 2 2 2 1 2 3 3 3 6 . . . 7 2 6 3 4 4 6 0 3 . . . 3 9 4 3 4 4 0 3 7 , . . 3 9 2 2 3 3 9 1 4 . . . 5 0 7 9 8 8 . . . 2 2 8 1 1 1 9 9 9 6 6 6 6 8 7 . " " .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 3 2 5 6 3 1 . . . 6 2 1 7 7 8 6 9 3 . . . 1 9 8 4 4 5 4 7 0 . , . 8 4 6 3 3 3 1 2 3 , . . 3 5 2 1 1 1 5 4 6 6 7 7 . . . 1 4 6 1968 J’.............. 298.6 250.8 47.8 47.3 37.7 9.6 1966—111........................ 221.9 75.4 44.4 31 .0 146,5 1967—P’........ 265.9 225.0 40.9 41.0 32.2 8.8 IV........................ 223.6 76.1 44.8 31.3 147.6 H H IP P P ’ ’ . . . . . . . . . . 2 2 2 6 7 8 9 4 0 . . . 7 8 0 2 2 2 3 2 3 2 8 6 . . . 5 3 6 4 4 4 2 3 1 . . . 3 4 4 4 4 4 2 1 3 . . . 8 9 9 3 3 3 4 3 2 . . . 8 7 9 9 8 9 . . . 0 2 9 I 967—P J II I ’ P " . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 2 2 3 7 4 2 . . . 8 9 0 7 7 78 6 7 . . , 3 2 4 4 4 4 6 5 5 . . . 7 6 2 3 3 3 1 1 1 . . . 5 2 7 1 1 15 5 4 3 0 8 . . . 7 4 6 1968—P’........ 283.7 239.0 44.7 44.6 35.3 9.3 IV"...................... 236.1 79 9 47 4 32. 5 156.1 I H IV P P " . . . . . . . . . . 2 2 2 9 9 8 3 8 8 . . . 3 6 6 2 2 2 4 5 4 2 0 6 , . , 7 8 4 4 4 4 5 7 6 . . . 8 9 9 4 4 4 7 5 6 , . . 3 3 2 3 3 3 6 5 7. . . 7 7 9 9 9 9 . . . 5 4 6 1968— I I II P " [p . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 3 4 4 9 7 3 . , . 1 0 2 8 8 8 2 1 3 , . . 1 0 2 4 4 4 8 8 9 . , , 1 7 6 3 3 3 3 2 3 . . . 9 6 4 1 1 1 5 6 6 8 1 3 . . . 1 8 1 1969—P>........ 303,0 254.2 48.8 48.2 38.4 9.8 iv"...................... 251.2 83.8 50,6 33.2 167.4 HF . . . 308.8 258.9 49.8 49.3 39.3 10,0 j 969—ip......................... 254.8 85.3 51.4 33.9 169.5 IIP........................ 259.5 87.1 52.2 34.9 172.3 1 Structures of 5 or more units. sta N n o d t in e g ,— " t B a a b s le ed ( s o e n c o d n a d t a p r f e ro c m ed i s n a g m p e a g s e o ) u . rce as for ‘"Mortgage Debt Out­ inv 1 e s In to c r lu s d u e n s d o e u r t r s e t p a u n r d c i h n a g s e a m ag o r u e n e t m o en f t V . A vendee accounts held by private Note.—For total debt outstanding, figures are FHLBB and F.R. estimates. For conventional, figures are derived. Based on data from Federal Home Loan Bank Board, Federal Housing Admin., and Veterans Admin. GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE (In millions of dollars) DELINQUENCY RATES ON HOME MORTGAGES FHA-insured VA-guaranteed (Per 100 mortgages held or serviced) Mortgages Mortgages Period Prop­ Pro­ erty Loans not in foreclosure Total h N om ew es h is o E t m i x n ­ e g s jects 1 m p i r e m o n v ­ t e s ­ 2 Total3 h N om ew es h is o E t m i x n e ­ g s End of period but delinquent for— L c o l f o a o s n r u e s r ­ e in 90 days Total 30 days 60 days or more 1945 665 257 217 20 171 192 1 19 9 6 6 3 4 . . . . . . . . . . . . . . . . . . . . . . . . 7 8 , , 2 1 1 3 6 0 1 1 , '6 6 0 6 8 4 4 3 , ,’ 9 9 0 6 5 5 8 8 9 4 5 3 6 8 6 0 3 4 2 3 , , 8 04 4 5 6 1 1 , , 0 2 2 7 3 2 1 1, , 8 7 2 7 1 0 1 1 9 9 6 6 3 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3, . 2 3 1 0 2 2 . . 3 3 5 2 . . 5 6 5 0 . . 3 3 1 8 . . 3 3 8 4 1 1 1 1 9 9 9 9 6 6 6 6 5 6 7 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 8 7 8 , , , , 2 1 6 3 7 8 5 2 5 9 0 0 1 1 1 1 , ’ , , 7 3 5 7 0 6 7 2 5 9 2 9 5 4 4 4 , , , , 7 3 5 9 6 6 1 2 0 6 6 4 1,1 5 5 6 2 9 8 4 1 3 3 2 6 6 6 6 4 2 3 5 1 3 4 6 2 2 3 3 , , , , 6 4 6 7 0 0 5 7 5 0 2 4 1 1 , , 1 4 9 8 4 3 8 7 3 0 0 6 2 2 1 1 , , , , 3 2 7 6 4 5 1 7 3 9 8 4 1 1 1 9 9 9 6 6 6 6 7 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 3 . . . 2 4 4 9 0 7 2 2 2 . . . 6 5 4 6 4 0 . . . 5 5 5 5 4 4 . . .2 3 3 7 2 4 . . . 3 4 3 2 0 6 1968................ 3.17 2.43 .51 .23 .26 1968—Aug.. 752 135 460 94 63 341 122 218 O S D N e c o e p t v c .. t . . . . . . . 7 7 8 7 2 0 6 4 7 2 9 9 1 1 1 1 5 3 2 1 8 5 6 7 4 5 4 4 5 4 0 7 3 3 9 9 1 1 9 7 1 01 5 8 8 6 6 4 5 1 7 9 8 3 3 3 3 7 2 6 6 7 2 5 0 1 1 1 1 1 3 2 3 1 8 2 6 2 2 2 2 1 3 2 3 1 9 9 7 1966— n I I I V . I . . . i . . . . . . . . . . . . . . . . . . . . 2 3 3 3 . . . . 9 0 0 4 9 5 2 0 2 2 2 2 . . . . 2 1 5 1 5 3 4 6 . . . . 5 5 4 5 5 9 2 4 . . . . 3 3 3 3 0 2 2 4 . . . . 3 3 3 3 8 8 6 6 1969—J A F M a e p a n b r r . . . . . . . , . 7 6 6 68 6 4 1 1 2 2 4 1 1 1 1 1 0 1 3 3 0 6 4 4 3 4 3 8 2 7 8 1 8 8 4 1 1 8 8 0 0 0 5 0 2 5 4 5 3 0 8 7 9 3 3 2 3 0 2 6 9 1 9 9 6 1 1 1 1 1 4 2 1 1 5 2 4 2 2 1 1 0 9 2 8 1 7 5 2 1967— I [ I I I I V .. I . . . . . . . . . . . . . . . . . . . . . . . . 2 3 3 3 . . . . 8 1 0 4 5 5 4 7 2 2 2 2 . . . . 1 6 3 1 7 6 6 4 . . . . 4 5 5 5 5 2 6 4 . . . . 3 2 2 2 1 7 6 7 . . . . 3 3 3 3 1 2 8 4 May. 704 111 409 123 62 323 115 208 J J u u n ly e .. . 7 8 8 6 7 9 1 1 2 4 1 0 4 5 7 1 5 8 1 12 3 7 4 5 85 8 3 3 0 5 8 6 1 9 2 9 2 2 2 0 3 9 4 1968—1 I . I .. . . . . . . . . . . . . . . . 2 2 . . 8 89 4 2 2 . . 1 2 1 3 . . 4 4 9 4 . .2 2 2 4 . .2 3 8 2 Aug.. 791 130 501 92 68 385 126 259 I I I V I. .. . . . 2 3 . . 9 1 3 7 2 2 . . 2 4 3 3 . . 4 51 8 . .2 2 3 2 . . 2 2 6 6 1 Monthly figures do not reflect mortgage amendments included in annual 1969—j.......... 2.77 2.04 .49 .24 .26 totals. II........ 2.68 2.06 .41 .21 .25 2 Not ordinarily secured by mortgages. J Includes a small amount of alteration and repair loans, not shown separ­ ately; only such loans in amounts of more than $1,000 need be secured. Note.—Mortgage Bankers Association of America data from reports on I- to 4-family FHA-insured, VA-guaranteed, and con­ loa N ns o te re .— pre F s e e d n e t ra g l ro H ss o u a si m ng o u A n d t m o i f n , i n a s n u d r a V n e ce te ra w n r s it t A en d ; m V in A , - d g a u t a a r . a F n H te A ed -in s lo u a r n e s d , v m e o n r t t i g o a n g a e l m ba o n rt k g e a r g s es (c h h i e e l f d ly ) b , y co m m o m re e r t c h i a a n l b 4 a 0 n 0 k s re , s s p a o v n i d ng e s n ts b , a i n n k c s lu , d a in nd g gross amounts of loans closed. Figures do not take into account principal savings and loan associations. 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

OCTOBER 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 ch P a 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 ,17! 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 1,944 1 ,287 1968—-Aug................. 4,018 3,361 656 86 1 ,205 1968—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 I ,287 1969—Jan.................. 4,255 3,607 648 54 1 ,297 1 969—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 July................ 4’493 3,871 622 68 1 '304 July................ 8,417 5,975 2,442 269 3,088 Aug................. 4^552 3,935 617 77 1 ,266 Aug................. 8,887 6,304 2,583 497 3,181 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 7.1 2 7.2! 1969 1968—Sept............ 7.24 7.25 7.30 7.28 Oct.............. 7.23 7.22 7.25 7,29 July 7...... 195.5 121.0 24.1 85.1 11.7 8.42 8.47 8.31 Nov....... 7.21 7.21 7.30 7.36 14.......... 177.1 129.7 17.4 100.9 11.5 8.39 8.40 8.29 Dec............. 7.23 7.23 7.40 7.50 22.......... 250,9 130.9 19.1 93.5 18.3 8.30 8,31 8.19 28.......... 298.2 129.6 15.9 92.4 21.3 8.25 8.26 8.15 I969_jan.............. 7.30 7.32 7,55 Feb............. 7. 39 7.42 7.60 7.99 Aug. 4.......... 282.5 125,4 19.1 78.9 27.4 8.27 8.28 8.16 Mar., ..... 7.47 7.49 7.65 8.05 ~ 11...... 275.2 129,3 16.7 82.7 29.9 8.28 8.29 8.16 Apr............. 7.62 7.60 7.75 8.06 18......... 269.7 129.2 14.7 88.3 26.3 8.31 8.31 8,18 May........... 7,65 7.68 7.75 8.06 25.......... 250.6 150.8 13.5 112. 1 25.1 8.32 8,32 8.19 June............ 7,76 7.79 8.00 8.35 July............ 7.91 7,94 8.10 8.36 Sept. 2,.... . 252,5 150.5 22,9 94.8 32.9 8,33 8.34 8.21 Aug........ ”7.99 ”8.04 8.20 8.36 8 242.7 152.4 29.0 98.7 24.6 8,34 8.36 8.22 Sept............. 8.25 8.40 15.......... 241.8 144.8 33.4 81.7 29.7 8,36 8.40 8.24 22.......... 247.5 145.1 38.1 72.6 34.3 8,40 8.44 8.27 29.......... 257,7 144.2 45.5 69.5 29.2 8.45 8.48 8.30 Note.—Annual data are averages of monthly figures. The FHA data are based on opinion reports submitted by field offices Oct. 6..... . 251.0 147,4 41.1 66.0 40.3 8.50 8.52 8.34 on prevailing local conditions as of the first of the succeeding 13......... (145.0) 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 CRED’T □ OCTOBER 1969 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Other Repair Single­ Total m A o u b to ile ­ co g n o s o u d m s e r e a r n n d i z m at o io d n ­ Pe lo r a s n o s nal Total pa lo y a m n e s nt 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........................................... 9,172 6,085 2,458 1 ^929 376 1 ,322 3,087 845 1 ,645 597 1945........................................... 5’665 2,462 '455 816 182 1 ,009 3,203 746 1 ,612 845 1962........................................... 63,821 48,720 19,381 12,627 3,298 13,414 15,101 5,456 5,684 3,961 1963........................................... 71,739 55'486 22,254 14'177 3,437 15,618 16,253 6,101 5,903 4,249 1964........................................... 80’268 62,692 24^934 16,333 3,577 17,848 17,576 6,874 6,195 4,507 1965.......................................... 90,314 71 ,324 28,619 18,565 3,728 20,412 18,990 7,671 6,430 4,889 1966........................................... 97,'543 77^539 30,556 20’978 3,818 22,187 20,004 7,972 6; 686 5,346 1967........................................... 102,132 80,926 30,724 22’395 3,789 24,018 21,206 8,428 6,968 5,810 1968........................................... 113,191 89^890 34 J 30 24,899 3,925 26,936 23,301 9,138 7,755 6,408 1968—Aug................................ 107,090 85,684 33,325 22,777 3,857 25,725 21,406 8,774 6,574 6,058 Sept............................... 107^636 86'184 33^336 22^88 3,881 25,979 21,452 8,868 6,550 6,034 Oct............................... 108 ’ 643 87^058 33,698 23,248 3,910 26,202 21 ,585 8,943 6,692 5,950 Nov................................ 1101035 87'953 33*925 23'668 3,931 26,429 22,082 9,024 6', 964 6,094 Dec................................ 113,191 89'890 34,130 24,'899 3,'925 26,936 23,301 9,138 7,755 6,408 1969—Jan................................. 112,117 89,492 34,013 24,682 3,886 26,911 22,625 9,038 7,097 6,490 Feb................................ 111'569 89,380 34’053 24,404 3^75 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 9,218 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 July............................... 116'597 93,833 36’081 25,172 4,039 28,541 22,764 9,120 7,039 6,605 Aug................................ 117;380 94,732 36,245 25^467 4,063 28,957 22,648 9,073 6,988 6,587 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 Ranking 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 personal expenditures, except real estate mortgage INSTALMENT CREDIT (In millions ot dollars) Financial institutions Retail outlets End of period Total Com­ Sales Con­ Auto­ Other Total mercial finance Credit sumer Other1 Total mobile retail banks cos. unions finance1 dealers2 outlets 1939. 4,503 3,065 1 ,079 1,197 132 657 1 ,438 123 1,315 1941. 6,085 4,480 1 ,726 1 ,797 198 759 1,605 188 1 ,417 1945.......................................... 2,462 1,776 745 300 102 .............6..2.9.. 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 22,023 12.630 5,526 5,582 2,058 7,667 351 7,316 1964. 62,692 53,898 25,094 13,605 6,340 6,492 2,367 8,794 329 8,465 1965. 71,324 61,533 28,962 15,279 7,324 7,329 2,639 9,791 315 9,476 1966. 77,539 66,724 31 ,319 16,697 8,255 7,663 2,790 10,815 277 10,538 1967. 80,926 69,490 32,700 16,838 8,972 8,103 2,877 11,436 285 11,151 1968. 89,890 77,457 36,952 18,219 10,178 8,913 3,195 12,433 320 12,113 1968--Aug................................ 85,684 74,690 35,672 17,670 9,739 8,490 3,119 10,994 313 10,681 Sept................................ 86,184 75,114 35,923 17,680 9,851 8,530 3,130 11,070 313 10,757 Oct........................... 87,058 75,871 36,352 17,823 9,962 8,588 3,146 11 ,187 317 10,870 Nov................................ 87,953 76,446 36,560 17,960 10,049 8,685 3,192 11,507 319 11,188 Dec................................ 89,890 77,457 36,952 18,219 10,178 8,913 3,195 12,433 320 12,113 1969--Jan................................. 89,492 77,360 37,005 18,175 10,101 8,879 3,200 12,132 319 11,813 Feb................................ 89,380 77,577 37,056 18,219 10,153 8,896 3,253 11,803 319 11,484 Mar............................... 89,672 78,006 37,257 18,253 )0,294 8,927 3,275 11,666 320 11,346 Apr................................ 90,663 79,062 37,854 18,418 10,508 9,008 3,274 11,601 325 11,276 May............................... 91,813 80,155 38,347 18,636 10,699 9,080 3,393 11,658 329 11,329 June............................... 93,087 81,388 38,916 18,961 10,939 9,146 3,426 11,699 333 11,366 July................................ 93,833 82,130 39,248 19,127 11 ,054 9,293 3,408 11,703 335 11,368 Aug................................ 94,732 82,910 39,532 19,265 11,220 9,436 3,457 11,822 336 11,486 i 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

OCTOBER 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 paper Other and Per­ Other Repair con­ mod­ sonal Auto­ con­ and Per­ End of period Total sumer erniza­ loans End of period Total mobile sumer modern­ sonal ch P a u s r e ­ d Direct g p o a o p d e s r lo ti a o n n s paper g p o a o p d e s r iz lo a a ti n o s n loans 1939.......................... 1 ,079 237 178 166 135 363 1939 I ,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 1 14 110 312 1945 300 164 24 58 54 1962 ........................ 19,005 6,184 3,451 2,824 2,261 4,285 1962 11,405 7,251 2,465 213 I ,476 1 1 9 9 6 63 4 .... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 5 2 , 3 0 9 2 4 3 8 7' ’ 3 6 8 9 1 1 4 4, , ’ 1 7 0 34 2 3 3 , ’ 2 6 1 7 3 0 2 2 , , 4 3 5 7 7 7 4 5, , ' 9 5 5 42 0 1 1 9 9 6 63 4 1 1 3 2 ’ '6 6 3 05 0 7 8, , 2 9 8 2 5 2 2 3 , , 6 0 9 2 9 2 2 2 0 1 7 4 2 1 , , 0 7 9 9 1 5 1965.......................... 28,962 10,209 5,659 4,166 2,571 6,357 1965 15,279 9,068 3,556 185 2,470 1966.......................... 31 ,319 11,024 5,956 4,681 2,647 7,011 1966 16’697 9372 4,256 151 2,718 1 967.......................... 32,700 10,927 6,267 5,126 2,629 7,751 1967 16,838 9'252 4,518 114 2,954 1968.......................... 36,952 12,213 7,105 6,060 2,719 8,855 1968 18,219 9986 4,849 74 3,310 1968—Aug............... 35,672 11,953 6,924 5,668 2,675 8,452 1968-—Aug...................... 17,670 9,812 4,663 73 3,122 Sept............... 35,923 11,980 6,916 5^743 2,697 8’,587 Sept.................... 17'680 9’758 4,695 69 3,158 Oct................ 36’352 12,143 7,000 5’812 2,716 8,681 Oct....................... 17,823 9,823 4,737 74 3’189 Nov............... 36360 12J90 7,063 5’855 2323 8,729 Nov...................... 17360 9’,898 4,778 74 3'210 Dec................ 36’952 12313 7,105 6360 2,719 8,855 Dec...................... 18,219 9,986 4,849 74 3,310 1969—Jan................ 37,005 12,160 7,108 6,135 2,692 8,910 1969-— Jan..................... 18,175 9,951 4,857 71 3,296 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 4396 70 3'357 May.............. 38,347 12^41 7,367 6'406 2321 9312 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 10440 5,039 70 3,412 July............... 39,248 12’814 7,501 6,709 2’780 9,444 July...................... 19,127 10,538 5 ’,088 70 3,431 Aug............... 39^532 12’,859 7,513 6,818 2387 9'555 Aug...................... 19’265 10370 5,139 69 3 387 Sec 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 1939 789 81 24 15 669 b m c a i n e a k r l s ­ f i i n c n i s a a t n l i ­ ­ o R u e tl t e a t i s l c C a r r e d d s i 1 t 1941 957 122 36 14 785 tutions 1945 731 54 20 14 643 1962 11,468 2,150 841 824 7,653 1939................ 2,719 625 162 1,414 518 1963 13’166 2’498 949 846 8373 1941................ 3387 693 152 1 ,645 597 1964 15’199 2’895 1 ,176 91 3 10315 1945................ 3,203 674 72 1 '612 845 1965 17,292 3,368 1 ,367 972 1 1 ,585 1962................ 15,101 4,690 766 5,179 505 3,961 1966 18,708 3327 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 5 350 924 5'587 608 4'507 1968 22 386 4’506 1 ,877 1,132 J 4,771 1965................ 18,990 6,690 981 5,724 706 4,889 1968- Aug...................... 21,348 4,323 1 ,765 1,109 14,151 1966................ 20304 6'946 1,026 5'812 874 5,346 Sept.............. 21 '511 4’369 1 ,793 1 115 14’234 1967................ 21,206 7,340 1 388 5’939 1 ,029 5,810 Oct....................... 21'696 4’415 1 ,829 1 120 14,’332 1968................ 23'301 7'975 1'163 6'450 1 305 6'408 Nov.................... 21 326 4’455 1 '847 1 ' 1 34 14'490 Dec...................... 22386 4’506 1 377 1,132 14,771 1968—Aug... . 21,406 7,627 1,147 5,329 1 345 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 1 368 5,950 Feb....................... 22 302 4,502 1 385 1 J 28 14'787 Nov.... 22 382 7,857 1,167 5,670 1 394 6,094 Mar............. 22,496 4,562 1 304 1 134 14'896 Dec.... 23,301 7,975 1,163 6,450 1 ,305 6,408 Apr....................... 22 390 4,652 1 328 1,143 15,067 May..................... 23 J 72 4 347 1 ,956 1 J 74 15'295 1969—Jan.. . . 22,625 7,878 1,160 5,763 1,334 6,490 June..................... 23,511 4,847 1 394 1 '189 15,481 Feb.... 22,189 7,877 1,173 5,087 1 ,316 6,736 July...................... 23 355 4'893 2,007 1,189 15'666 Mar... . 22 378 7,961 1,178 5,037 1 303 6,799 Aug...................... 24’113 4>67 2324 1 307 15,915 A M p a r y . . . . .. . 2 2 2 2 , , 9 5 3 6 7 8 8 8, , 0 0 1 4 7 0 1 1 , ,2 1 0 7 1 6 5 5 , , 2 6 3 0 7 9 1 1 , , 3 3 2 6 0 2 6 6 , , 7 7 9 4 5 8 June... 22,908 8,031 1,196 5,574 1 ,428 6,679 un N io o n t s e , .— ind In u s s t t it r u ia ti l o l n o s a n re p c r o e m se p n a t n e i d e s a , r e m c u o t n u s a u l m s e a r v f i i n n g a s n c b e a c n o k m s, pa sa n v ie in s g , s c re a d nd it J A u u ly g . . . . . . . 2 2 2 2 , , 7 6 6 4 4 8 7 7 , , 9 8 4 7 6 9 1 1 , , 1 1 7 9 4 4 5 5 , , 5 4 4 3 1 8 1 1 , , 4 5 9 5 8 0 6 6 , , 6 5 0 8 5 7 loan assns., and other lending institutions holding consumer instalment credit. See also Note to first table on previous page. 1 Service station and miscellaneous credit-card accounts and home­ heating-oil accounts. Bank credit card accounts outstanding are included in estimates of instalment credit 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 □ OCTOBER 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 ir t io a n n d l oans Personal loans Period | N.S.A. S.A.i N.S.A. S.AJ N.S.A. S.A.i N.S.A. S.A.i N.S.A. S.A.i 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..,.2..2..5.. .................. 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-—Aug............................... 8,187 8,502 2,684 2,774 2,483 2,531 185 225 2,835 2,972 Sept............................... 8,416 7,682 2,783 2,354 2,560 2,462 196 199 2,877 2,667 Oct................................. 8,533 8,687 2,782 2,917 2,645 2,752 202 211 2,904 2,807 Nov................................ 8,288 8,166 2,681 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 8,132 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 July............................... 8,521 8,920 2,582 2,828 2,777 2,778 185 214 2,977 3,100 Aug................................ 8,680 8,604 2,634 2,593 2,819 2,764 177 206 3,050 3,041 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 .......2..1..,.3..6..9.. ................... 18,666 .........2..,.0..8...6. 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--Aug................................ 7,253 7,266 2,327 2,323 2,209 2,206 170 176 2,547 2,561 Sept................................ 7,701 7,182 2,482 2,343 2,428 2,251 179 175 2,612 2,413 Oct................................. 7,586 7,813 2,391 2,555 2,451 2,492 177 182 2,567 2,584 Nov................................ 7,454 7,271 2,363 2,319 2.388 2,319 175 169 2,528 2,464 Dec................................ 7,502 7,631 2,357 2,284 2,422 2,377 175 169 2,548 2,801 1969--Jan................................. 7,730 7,955 2,467 2,486 2,442 2,666 173 176 2,648 2,627 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 2,521 180 180 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 2,725 July................................ 7,899 8,174 2,471 2,551 2,511 2,562 191 197 2,726 2,864 Aug................................ 8,080 7,705 2,562 2,429 2,574 2,469 185 182 2,759 2,625 Net change in credit outstanding 2 1962. 4,831 2,247 766 74 1,741 1963. 6,766 2,872 1,551 140 2,203 1964. 7,200 2,677 2,155 139 2,229 1965.................................. 8,629 3,684 2,232 150 2,563 1966. 6,215 1,937 2,413 90 1,775 1967. 3,387 168 1,417 -29 1,831 1968. 8,964 3,406 2,504 136 2,918 1968--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 July............................... 622 746 111 277 266 216 -6 17 251 236 Aug................................ 600 899 72 164 245 295 -8 24 291 416 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

OCTOBER 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 i n es ce Ot i h n e s r ti t f u in ti a o n n c s ial Retail outlets Period S.A.l N.S.A. S.A.> N.S.A. S.A.l N.S.A. S.A.l N.S.A. S.A.l N.S.A. Extensions 1962. 56,191 20,474 11,269 14,787 9,659 1963. 63,591 23,344 12,152 16,768 11,327 1964. 70,670 25,950 12,613 18,797 13,310 1965. 78,586 29,528 13,722 20,906 14,430 1966. 82,335 30,073 14,278 21,490 16,494 1967. 84,693 30,850 13,833 22,574 17,436 1968. 97,053 36,332 15,909 25,777 19,035 1968--Aug................................. 8,187 8,502 3,066 3,245 1,289 1,329 2,248 2,344 1,584 1,584 Sept................................. 8,416 7,682 3,284 2,953 1,349 1,217 2,236 2,043 1,547 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 I ,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 1,605 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 1,514 1,399 Apr................................. 8,720 9,024 3,318 3,585 1,405 1,463 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 July................................ 8,521 8,920 3,041 3,323 1,400 1,507 2,439 2,539 1,641 1 ,551 Aug................................. 8,680 8,604 3,148 3,162 1,431 1,401 2,470 2,463 1,631 1,578 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 .......1..1..,..6..3..8.. 16,764 12,097 1965. 69,957 25,663 12,048 18,813 13,433 1966. 76,120 27,716 12,860 20,074 15,470 1967. 81,306 29,469 13,692 21,330 16,815 1968. 88,089 32,080 14,528 23,443 18,038 1968--Aug................................ 7,253 7,266 2,610 2,676 1,156 1,107 2,023 2,018 1,464 1,465 Sept................................ 7,701 7,182 2,849 2,702 1,323 1,207 2,026 1,880 1,503 1,393 Oct.................................. 7,586 7,813 2,764 2,877 1,230 1,294 2,052 2,061 1,540 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 2,019 2,211 1,507 1,442 1969--Jan.................................. 7,730 7,955 2,812 2,855 1,282 1,271 2,082 2,083 1,554 1,746 Feb.................................. 7,616 7,083 2,869 2,677 1,231 1,148 2,066 1,850 1,450 1,408 Mar................................. 7,735 7,840 2,928 2,954 1,287 1,325 2,011 2,025 1,509 1,536 X................................ 7,960 8,033 2,967 2,988 1,236 1,298 2,140 2,153 1,617 1,594 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 July................................. 7,899 8,174 2,859 2,991 1,330 1,341 2,181 2,295 1,529 1,547 Aug................................. 8,080 7,705 2,958 2,878 1,386 1,263 2,228 2,105 1,508 1,459 Net change in credit outstanding 2 1962. 4,831 1,997 1,078 1,332 422 1963. 6,766 3,018 1,225 1,698 825 1964. 7,200 3,065 975 2,033 1,127 1965. 8,629 3,865 1,674 2,093 997 1966. 6,215 2.357 1,418 1,416 1,024 1967. 3,387 1,381 141 1,244 621 1968. 8,964 4,252 1,381 2,334 997 1968--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 5! 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 July................................. 622 746 182 332 70 166 258 244 112 4 Aug................................. 600 899 190 284 45 138 242 358 123 119 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. □ OCTOBER 1969 MARKET GROUPINGS (1957-59= 100) 19 p 5 r 7 o - - 59 1968 1968 1969 Grouping por­ uvertion agep Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar, Apr, May Juner July Aug.r Total index....................................... 100.00 165.4 164.6 165.1 166.0 167.5 168.7 169.1 170.1 171.4 171.7 172.5 173,* 174.<5 174.3 Final products, total. ................... 47.35 164.8 165.7 167.0 167.9 168.1 168.2 169.j 170.8 170.2 170. C 170.; 172.7 172.3 Consumer goods.............................. 32.31 156. 8 156.8 157.3 159.6 159.2 160.1 161.0 161.7 162.8 161.8 160,7 161.5 164, 163.7 Equipment7including defense.. .. 15.04 182.8 181.9 183.6 183.0 186,5 185.3 183.5 185.5 187.8 188.4 190.G 190.4 191.( 190.8 Materials.............................................. 52.65 16S 7 164.2 165.1 165.7 167.6 169.3 169.6 170.8 172.1 172.9 174,5 176.3 176. 176.0 Consumer goods Automotive products........................ 3.2i 174.4 177.1 175.6 178.9 181.2 177.8 176.2 174.7 175.4 166.1 165.8 178.7 184.C 184.5 Autos..................................................... 1.82 174.8 182.4 177.4 180.3 180.6 174.5 170.6 165.0 165.0 149.6 148.9 168.3 178.7 178.4 Auto parts and allied products........ 1.39 173.9 170.2 173.2 177.0 182.1 182.2 183.5 187.6 189.0 187.9 188.0 192.3 192.4 192.4 Home goods and apparel. ................... 10.00 156.4 155.8 156.3 158.1 158.6 157.6 160,8 160.5 162.8 161.5 161.9 159.7 160 S 159.9 Home goods......................................... 4.59 75.5 174.6 175.9 176.7 178.3 180.0 184.3 183.0 186.3 186.1 185.9 186.1 184.4 184,7 Appliances, TV, and radios......... 1.81 68.5 168.0 170.4 171.8 171,9 173.2 177.7 179.1 182.9 182.0 182.0 180.2 181.8 180.5 Appliances................................... 1.33 74,2 172.8 175.5 175.1 177.2 181.7 186.9 187.3 189.4 190.1 192.7 190.7 195.6 193.1 TV and home radios.................. .47 52.4 154.5 156.2 162.5 156.9 149.4 151.5 156.0 164,4 158.9 151.9 150.6 143.0 144.9 Furniture and rugs.......................... 1.26 73.7 174.0 175.5 174.2 177.0 180.2 184.3 181.2 182.0 183,3 183.4 184.0 180.0 180,5 Miscellaneous home goods............ 1.52 85.2 182.9 182.8 184.7 187.0 187.9 192,2 189.0 193.8 193.4 192.6 194.8 191.2 193,2 Apparel, knit goods, and shoes........ 5.41 39.5 139.8 139.6 142.3 142.0 138.7 140.8 141.4 142.9 140.6 141.5 137.4 140,9 Consumer staples................................. 19.10 154.0 153.9 154.9 157.1 155.8 158.4 158.6 160.2 160.8 161.2 159.2 159.6 162.4 162.2 Processed foods................................... 8.43 132.6 132.5 132.5 133.2 132.0 134.7 134,8 136.7 136.4 137,1 136.4 136.1 135.1 135.5 Beverages and tobacco....................... 2.43 141.9 144.7 145.2 145.9 142.3 145.4 144.6 147.5 150.9 143.7 137.9 140.4 146.0 Drugs, soap, and toiletries................ 2.97 193.3 190.6 193.6 199.8 200.4 201.4 203.7 203.7 205.0 209.9 208,0 206.1 209.7 206.0 Newspapers’ magazines, and books. 1.47 143.3 143.6 140.7 145.8 146.0 147.1 146.3 145.7 143.3 145.9 147.3 146.3 149.0 147.5 Consumer fuel and lighting............... 3.67 182.9 182.6 186.0 188,7 186.1 190.2 190.0 192.0 193 6 194.1 189.8 192.7 201.6 Fuel oil and gasoline...................... 1.20 138.9 138.3 142.6 141.4 140.6 141.3 129.9 139.6 141.6 142.4 143.9 146, J« 146.1 145,9 Residential utilities......................... 2.46 204.4 204.2 207,2 211.8 208.3 214.0 219.3 217.6 218.9 219.3 212.2 215.1 228.7 Electricity.................... 1,72 223.3 224.0 228.0 233.6 228.0 235.7 242.8 239.9 240.6 240.6 230.0 233.7 252.6 Gas................................................ .74 71.4 Equipment Business equipment.............................. 11.63 184.S 182.4 1S5.2 186.8 191.2 191.1 191.4 191.9 192.9 194.1 195.7 197.0 197.2 197.4 Industrial equipment.................. 6.35 168.1 164.7 167.8 J 70.2 174.0 174.9 175,9 175.7 176.7 178.6 180.9 182.7 181 2 180.3 Commercial equipment...................... 2.42 205.3 204.6 205.9 207.3 208.7 205.3 209.9 214.3 217.3 220.1 221.7 221.0 220.5 221.4 Freight and passenger equipment. .. 1.76 234.5 233.2 235.6 234.3 247.4 247,2 245.5 244.4 242.3 239.7 238.4 240.8 252.6 252.6 Farm equipment.................................. .61 146.1 145.8 152.9 155.3 152.4 134,0 136,1 133.0 135.6 133.9 134.9 135.2 124.4 Defense equipment • - , - 3.41 Materials Durable goods materials............. 26.73 158.0 153.3 153.3 155.4 157.6 159.7 161.2 162.6 164.0 165.8 165.5 167.0 166.6 166.8 Consumer durable.............................. 3.43 164.5 153.5 166.1 166.5 169.6 161.0 162.2 167.7 163,2 157.9 156,6 162.7 163.0 168.4 Equipment............................................ 7.84 185.2 185.3 185.1 184.7 187.7 187.5 187.4 199.3 190.7 190.3 191.7 193.2 193.2 194.6 Construction......................................... 9.17 145.9 143.3 145.5 146,3 148.3 152.2 153.5 154.2 154.5 153.2 153,0 151.7 148.8 149.7 Metal materials n.e.c,........... 6.29 137.9 127.4 122,3 126,6 131.8 140,5 144.6 150.2 153.3 151.5 148.4 153.6 156.3 153,2 Nondurable materials.......................... 25.92 173.7 175.5 177.2 176.4 177.9 179.2 178.3 179.2 180.3 180.3 183.7 185.9 185.9 185.5 Business supplies................................. 9.11 157.5 158.4 161.1 162.3 161.7 163.2 164.2 164.4 165.3 162.3 165.9 166.3 167.3 167.5 Containers...................................... 3.03 157.0 154.2 163.4 167.4 161.5 164,8 167.4 168.1 170.4 165,0 168,2 167.5 165.5 165.4 General business supplies.............. 6.07 157,8 160.5 160.0 159.8 161.8 162.4 162.6 162.5 162.7 160.9 164.7 165.7 168.2 168.6 Nondurable materials n.e.c................ 7.40 221.8 223.6 227.3 228.2 230,3 233.6 229.3 231.6 232.7 232.3 236,6 239.4 240.8 239.2 Business fuel and power.................... 9.41 151 .6 154.3 153,3 149.3 152.5 I5I.9 151.8 152.3 153.7 156.9 159.3 162.8 160.8 160.7 Mineral fuels.................................... 6.07 132.8 136.6 134.1 126.0 131.4 130,0 127.8 127.7 130,2 134.2 137.4 141,8 138.5 137 8 Nonresident lai utilities.................. 2.86 199.3 200.3 202.8 206.3 205.7 206.7 211.5 212,5 211.7 213.7 214.9 216.1 216,7 Electricity..................................... 2.32 202,4 202.2 204.8 208.6 207.1 208.1 213.7 214.8 214.7 216.7 218.1 220.0 220.5 General industrial................... 1.03 197.5 197.0 199.3 203,6 202.0 204,2 206.2 209.2 208,3 212.4 213.4 216.4 216.7 Commercial and other............ 1.21 216.7 216.9 220.0 223,6 222.0 222.2 231.2 230.7 231.2 231.7 233.4 234.7 235,6 Gas................................................ .54 171.4 Supplementary groups of consumer goods Automotive and home goods............ 7.80 175.0 175.6 175.8 177.6 179.5 179.1 181.0 179.6 181.8 177.9 177,6 183.0 184.5 184.6 Apparel and staples.,. 7.................... 24.51 150.8 150.7 151.5 153.9 152.8 154.1 154,7 156.0 156.8 156.6 155.3 154.7 157 6 For notes see page A-61, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 1969 □ INDUSTRIAL PRODUCTION: S.A. A 59 INDUSTRY GROUPINGS (1957-59 = 100) 19 p 5 r 7 o - ­ 59 1968 1968 1969 Grouping p tio o n r­ a a v g e e r ” ­ Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. I Apr. May June r July Aug,r Total index..................... 100.00 165.4 164.6 165,1 166.0 167.5 168.7 169.1 170.1 171.4 171,7 172.5 173.7 174.6 74.3 Manufacturing, lota!...................... 86.45 166,8 165,7 166.3 167.8 169,1 170,2 170.2 171.8 173 1 173.0 173.8 174.8 175.7 Durable............................................ 48.07 169.9 167,8 168.7 169.3 171.3 172.4 173,0 174 5 175.9 175,7 176.7 178.3 178.8 79.3 Nondurable...................................... 38,38 163.0 163.0 163.3 165.9 166,3 1 67.4 166.7 168 3 169.5 169,6 170.3 170.5 171.8 TA A Mining................................................... 8.23 126.4 129.4 127.0 120.7 126.4 127,4 125.8 124.8 126.7 128.8 130. 3 134.4 132.4 131 9 Utilities................................................. 5.32 201.6 202.1 204.8 208.9 206.9 210,1 215.1 214.9 215.1 216,3 213.6 215.6 222.2 221.5 Durable manufactures Primary and fabricated metals...... 12.32 150.7 141,8 141.1 144.5 148.6 152,9 155.6 158.4 160.3 161.2 162.3 165.1 164.1 164.3 Primary metals.................................... 6.95 137,3 122.8 120.6 123.1 129.3 135.4 139.5 143.6 146.2 147,9 149.3 153,1 152 6 51.5 Iron and steel.................................. 5.45 131 .0 112.9 107.3 108. 1 115.8 124.6 126.8 133.7 139.0 141.2 141.6 145.6 145,3 41.0 Nonferrous metals and products.. 1.50 160.1 153,9 166.2 174.0 173.8 180.7 179.6 183.4 186.9 186.2 184.3 190.8 182.0 79.0 Fabricated metal products.......... 5.37 168.1 166,3 167.6 172.2 173.5 175.6 176.4 177.6 178.5 178,3 179.2 180.6 179.0 80,8 Structural metal parts.................... 2.86 162.3 159.1 161.1 165.1 168.3 1 70.3 170. 1 174.5 175.8 174.4 173.1 173.8 170.8 72.9 Machinery and related products........ 27.93 183.9 184.4 185.6 185.0 186.2 185.6 185. 2 186.3 187.9 187.4 188.4 190.3 192.4 92.8 Machinery............................................. 14.80 184.4 183,8 186.4 186.1 187.4 188.6 191.8 192,7 194.7 194.6 196.9 197.2 198.1 199.1 Nonelectrical machinery............... 8.43 181.3 179.1 182.6 183.7 184.4 185.3 188.3 189.6 190.2 190.8 193.1 195.3 196.0 95.3 Electrical machinery....................... 6.37 188.6 190.1 191.4 189.3 191 .4 193.0 196. 4 196.9 200.7 199.5 201.8 199.6 200.8 204.1 Transportation equipment................ 10.19 179.6 181.7 180.5 180.4 180.2 176.4 171.2 173.1 174.1 172.4 171.8 176.6 181.5 181.2 Motor vehicles and parts............... 4.68 171.6 175.4 173.5 177.0 177.7 172.3 167.3 167.7 167,6 160.8 156,8 169.1 175,1 178. Aircraft and other equipment.... 5.26 185.1 185.7 184.7 181 .0 179.6 177.0 170.9 174,1 176.0 178.7 180.8 179.5 183.4 180.8 Instruments and related products. .. 1.71 184.2 182.6 184.3 185.8 188.5 189,7 191 .6 190.4 192.8 195.4 195,3 195,7 194.7 195.8 Ordnance and accessories .. . 1.28 Clay, glass, and lumber.................. 4.72 137.2 135.5 138.8 139.9 141.5 144.3 143,8 145.6 145,1 143.2 143.6 140.6 138,3 139.9 Clay, glass, and stone products........ 2.99 146.2 147.5 150.0 151.8 150.4 151.2 156.2 156.5 153.4 155.1 156.9 155.2 152.7 156.0 Lumber and products......................... 1.73 121.7 114.7 119.4 119.4 126,1 132.3 122. 5 126.7 130.8 122,6 120.7 115.5 113.4 112,2 Furniture and miscellaneous................ 3.05 169.9 170.1 170.9 171.3 172.2 174,2 176.6 175.7 176.5 178.4 179.0 179.1 176.3 176.8 Furniture and fixtures........................ 1.54 178.3 178.6 179.7 180.4 181 .7 182.9 186. 8 186.5 187.0 188.9 190,2 189,9 185.0 86.9 Miscellaneous manufactures............. 1.51 161.3 161.4 162.0 162.1 162.5 165.3 166.2 164.7 165.7 167.6 167,5 168.1 167,4 166.6 Nondurable manufactures Textiles, apparel, and leather............. 7.60 145.3 144.1 144.8 146.8 147.5 145.0 143.6 142.6 144.7 143.7 146.3 146.0 147.1 43.5 Textile mill products.......................... 2.90 151.5 151.4 152.0 153.3 155,1 153.5 152.9 152,0 152.9 154,2 156,5 157.8 157.0 52.0 Apparel products................................ 3.59 149.9 149.0 149.9 152.1 152.5 149.2 148.1 147.9 150.2 147,8 150,0 149.2 153.2 Leather and products....................... 1.11 111.3 109.5 109,3 113.0 111.7 109.2 105.0 101.3 105.6 103.4 107.6 104.7 101.8 Paper and printing............................... 8.17 155.6 156.5 156.8 157.7 159.8 159.7 160.2 161.2 162.2 J62.4 163.8 164.4 165.9 65.9 Paper and products............................ 3.43 163.9 164.1 166.1 166.7 170.1 169.9 171.1 173.9 175.0 175.8 174.9 175.3 176.4 76.0 Printing and publishing..................... 4.74 149.6 151,1 150,0 151 .2 152,3 152.3 152.4 152.1 153.0 152.7 155.9 156.5 158.3 158.6 Newspapers...................................... 1.53 136.1 137,7 140.9 138.4 140,8 139.5 141.2 141.7 141,4 137.5 142.8 141.3 145.6 145.5 Chemicals, petroleum, and rubber.... 11.54 207.1 207.6 207.9 212.8 213.6 216.8 214. 1 218.0 219,6 221.7 222.7 223.2 225.0 224.1 Chemicals and products.................... 7.58 221.3 221 ,0 222.4 227.8 228.7 231.8 231.3 234.4 235.2 239.1 239.5 239.7 242.6 238.1 Industrial chemicals .......... 3.84 261.0 262.7 263.2 268.2 268.0 275.0 273.4 216.7 211.1 283.3 285.2 286, 1 287.2 Petroleum products............................ 1.97 139.8 140.7 141.9 142.2 141.4 141 .2 131.0 140.2 142.7 142.2 143.5 145.4 143,5 146,8 Rubber and plastics products... 1.99 219.7 223.1 223.4 225.8 227.5 234.6 230.8 232 8 236.2 234.2 237.0 237.3 239.0 Foods, beverages, and tobacco............ 11.07 134.6 134.4 134.5 136.1 134.9 137.0 138.0 139.5 139.8 138.2 136.9 137.0 137.5 138.0 Foods and beverages.............. 10,25 135.7 135.3 135.4 137.3 136.1 138.8 139.4 140.9 141,5 140,5 138.6 138.3 138.9 39,4 Food manufactures. ....................... 8,64 132.7 131.5 131.5 133.3 132,8 134.6 136.1 137.2 136.7 136,7 136.6 136.1 135.1 35.6 Beverages................ .......... 1,61 152.6 155.7 156,0 158.6 153.7 161 .6 157.4 160.9 167,2 160.6 149.4 149.8 159.1 Tobacco products........... . .82 120.9 123,1 124,0 120.8 119.9 113.6 119.5 121.2 118.7 110,5 115,4 121 .9 120.3 Mining Coal, oil, and gas................................. 6.80 125.0 127.9 125.8 118.9 124.6 124.2 122.4 120.2 121.9 125.7 128.7 133.1 130.6 130.0 Coal..................................................... 1.16 117.8 121.3 120.8 86.6 115.9 118.3 115.3 112,4 114,3 120.2 123.9 124.8 123.7 17.0 Crude oil and natural gas............ 5,64 126.5 129.3 126,8 125.5 126.3 125.4 123.9 121.8 123,5 126.9 129.6 134.8 132,1 132.'7 Oil and gas extraction........... 4.91 136.3 140.2 137.3 135.3 135.1 132.8 130.8 131.3 134.0 137,5 140.5 145.8 142.0 142,7 Crude oil..................................... 4.25 130.6 134,8 131,2 129.1 128.6 126.4 124.0 124,0 127,0 130.2 133.1 139.2 135.5 135.8 Gas and gas liquids............ .66 172.6 Oil and gas drilling......................... .73 60.0 55.9 55,8 59.5 67.3 75,4 Metal, stone, and earth minerals....... 1.43 132.9 136.2 132.8 129.2 135.3 143.0 142.1 146.4 149.9 143.6 138.3 140.4 140.5 141.0 Metal mining....................................... .61 126.4 134,5 127.7 125,1 135.1 137.6 140.2 142.7 149 1 146.6 134.5 137.4 138.1 139.1 Stone and earth minerals.................. .82 137.7 137,5 136,5 132.2 135.5 147.0 143.5 149.2 150,5 141.4 141.2 142.6 142.2 142.4 Utilities Electric............................ 4,04 211.3 211.5 214.7 219.3 216.0 219.9 226. 1 225.5 225.7 226.9 223.1 225.9 234.2 Gas........................................................ 1.28 171.4 172.6 For notes see p. A-6L Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 60 INDUSTRIAL PRODUCTION: N.S.A. □ OCTOBER 1969 MARKET GROUPINGS (1957-59= 100) 19 p 5 r 7 o -5 ­ * 1968 1968 1969 Grouping por­ avertion age’1 Aug. Sept. Oct, Nov, Dec. Jan. Feb. Mar, Apr. May Juner July Aug.r Total index....................................... 100,0€ 165 ^ 163.' 169.5 170.7 169. 166.3 166.5 170. 173.1 171.5 172.4 176.- 167,€ 174.6 Final products, total-,...................... 47.33 165 ( 162.C 171.5 172 6 169.< 165.6 166.6 169.. 171.$ 168,6 168.4 174.C 166.4 173.1 Consumer goods.............................. 32.31 156,8 154.2 165.9 167.5 161.7 155.8 158.9 161 A 163.5 159.C 158.2 165.5 156,' 165.7 Equipment, including defense. . . . 15.04 182.f 178.€ I84.t 183.6 185.4 186.6 183.1 185.'• 189.C 189,1 190.' 192.' 187.9 188.9 Materials.............................................. 52.65 165.7 164.5 167.5 169.0 169.5 166.9 166. < 171J 174,3 174.8 176.1 179.2 168.6 175.9 Consumer goods A utowoti re p rodu cts............................ 3.21 174.4 101.1 170.8 197.2 198.3 185.5 185.4 183.6 186.C 174.7 173,1 191.1 132.5 139.2 Autos. ,............................................ 1.82 174.8 45.6 165.0 207 4 2(2.2 192.€ 187.7 181.5 184.1 164.6 165,3 191.0 94.7 91 .9 Auto parts and allied products..... 1.39 173.9 174.1 178.4 183.8 180,1 176.9 182.3 186.3 187.5 187,9 183.5 19! .1 182.1 201 .4 Home goods and apparel.................... iO.OO 156.4 155.8 162.2 167.4 162.7 149.2 155.9 164.2 168.9 161,9 162.3 165.4 147.9 159.8 Home goods......................................... 4.59 175.5 169.8 183.9 189.5 186.2 178.8 182.8 187.7 191.2 188.E 188.4 191.2 172.1 179.6 Appliances, TV, and radios.......... 1.81 168.5 151.6 180.5 187.5 180.1 161.5 183.2 195.( 198.8 194,7 194.3 194.6 166.1 163. 1 Appliances............................... 1.33 174.2 147.8 183.5 186 1 180.7 172.2 191.8 206.0 211.7 213.1 212.0 212,7 185.5 167.0 TV and home radios.................. .47 152.4 162.2 171.8 191.7 178.2 131.5 158.9 164. 1 162.6 143,0 144.3 143.8 111,1 152.1 Furniture and rugs.......................... 1.26 173.7 178.0 180.4 183.3 183.5 186.9 180.2 179.0 179.8 178.2 176.4 181.8 171 .4 184.7 Miscellaneous home goods............ 1.52 185.2 184.7 191.0 196.9 195.6 192,6 184.5 186,2 191.7 190,5 191.4 194.8 179.7 195.1 Apparel, knit goods, and shoes........ 5.41 139.5 144.0 143.8 148.7 142.7 124.1 133.1 144.2 150.0 139.2 140.1 143.6 127.5 ...... Consumer staples................................. 19.10 154.0 162,3 167.0 162.6 155.0 154.3 155.9 156.8 157.6 154.9 153,5 161.2 164.8 173.2 Processed foods................................... 8.43 132.6 140.2 152.6 147.9 137,0 132,4 128.1 129,2 128.6 127.0 128.2 134.7 134.4 150.4 Beverages and tobacco...................... 2.43 141 .9 156.7 148.9 150.0 135.0 125.9 126.9 134,5 147.5 145,4 148.3 160.8 153.9 Drugs, soap, and toiletries................ 2.97 193.3 196.9 199.4 204.6 201.4 196.8 199.6 203.7 205.0 207.8 203.8 213.3 206.6 211.8 Newspapers’ magazines, and books. 1.47 143.3 145.3 1.42.0 145.7 144.1 146.8 145.0 145.1 145,4 146.5 146.9 145.7 147.5 149.3 Consumer fuel and lighting.............. 3.67 182.9 195.5 195.9 176.5 175.0 191.3 206.9 200.5 196,4 184.1 176.0 185,6 214.3 Fuel oil and gasoline.......... 1.20 138.9 142.5 142.7 137.7 139.7 144.6 135.3 143,0 140.0 135,1 139.3 145.1 148.7 150,3 Residential utilities.......................... 2.46 204.4 Electricity..................................... 1.72 223.3 248.6 249.1 210.2 205.0 235.7 275.1 255.7 247.8 224.5 203.8 219,7 277.9 .......... Gas................................................ .74 171.4 Equipment Business equipment.............................. 11.63 184 8 178.6 186.6 187.0 188.3 191.3 190.2 191.8 194,6 195.5 196.7 200.0 193.9 195,5 Industrial equipment........................... 6.85 168 1 164.2 169.3 169.2 172.4 175.8 175.5 174.8 176.9 178.6 181.1 184.5 179.4 179.8 Commercial equipment...................... 2.42 205 3 204.6 209.0 209.4 211.2 209.8 210.1 212.8 215.3 215.9 219.0 221.7 216.1 221.4 Freight and passenger equipment. ., 1.76 234.5 219.2 238.0 240.2 240.0 239.8 238.1 244.4 249.6 249.3 245,6 250.4 247.5 247,9 Farm equipment.................................. .61 146.1 119.1 143,4 145.7 126.8 131.1 138.6 146.8 152.8 149.6 142.7 143.2 113.7 Defense equipment.............................. 3.41 Materials Durable goods materials..................... 26.73 153 0 153 1 IS7 4 158 9 159.6 158.2 157.0 162,8 165.9 166.4 167.4 171.6 160.5 165,9 Consumer durable.............................. 3.43 164 5 145 8 169 O 174.7 169.0 167.9 170.2 168.1 162.6 161.3 166.0 149. 1 160,0 Equipment............................................ 7.84 185.2 179 7 183 2 184 1 187.9 190.3 189.1 191.0 192.8 192.4 193.0 195. 1 187.2 188.8 Construction......................................... 9.17 145.9 153.3 154 7 153.6 148,0 143.1 136.6 143.4 148,3 151.7 155,3 161.6 154.7 160.2 Metal materials n.e.c..................... 6.29 137 9 123 7 126*0 129 6 132,9 134,3 140.8 151.6 157,0 157.6 156.6 160, 1 142.2 148.8 Nondurable materials........................... 25.92 173.7 176.3 177 9 179 3 179.6 176.0 176.2 ISO.6 182.8 183,4 185.0 187.0 177,0 186.3 Business supplies............... . 9.11 157 5 158 8 163 0 168 9 165,3 157,7 158.4 163.7 168.3 166.9 168,6 168.0 156.9 168.0 Containers......................................... 3.03 157.0 165^0 169 0 175 9 161,1 146.7 159.0 166.1 171,3 170.9 169,9 172,7 161.4 177.0 General business supplies........ 6.07 157.8 155.7 160 0 165 4 167.5 163,2 158,0 162.5 166.8 164.9 168,0 165.7 154.7 163.5 Nondurable materials n.e.c................ 7.40 221.8 221.4 225 0 230.5 232.6 228.9 228.2 236.2 237.4 239.3 240,1 243.0 227.1 236,8 Business fuel and power.................... 9.41 151.6 157.7 155 2 149 2 151.9 152.0 152.5 153.1 153.9 155.4 157.4 161.2 156.9”164.2 Mineral fuels.................................... 6.07 132.8 134.9 132.6 126.1 132.7 131.6 129.9 131.8 133,0 135.9 137,3 138. 1 128.7 136. 1 Nonresidential utilities. ................. 2.86 199.3 Electricity..................................... 2.32 202.4 220 7 216 7 208 3 201.2 203.8 210.2 205.9 207.7 206,4 210,9 224,4 231.7 General industrial................... 1.03 197.5 202 9 202 3 204 0 202.0 202.2 205.2 202.7 207,3 209.6 214.5 220,7 215.6 Commercial and other....... 1.21 216.7 247.3 240.2 222.7 210.9 215.5 225.4 219.2 218,7 214.3 218,7 239.4 258.0 .......... Gas................................................ .54 171.4 Supplementary groups of consumer goods Automotive and home goods............ 7.80 175.0 141.5 178.5 192.7 191.2 181.5 183.9 186.0 189,1 183.0 182.1 191.1 155.7 163.0 Apparel and staples..............................1 24.51 150.8 158.3 161.9 159.5 152.3 147.6 150.9 154.1 156.0 151,4 150,5 157.3 156.6 For notes see page A-61. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 1969 □ INDUSTRIAL PRODUCTION: N.S.A. A 61 INDUSTRY GROUPINGS (1957-59= 100) 1957-59 1968 1968 1969 Grouping pro­ aver­ p ti o o r n ­ age?* Aug. Sept. Oct. Nov, Dec, Jan. Feb. Mar. Apr. May June' July" Aug.' Total index................................ 100.00 165.4 163,3 169.5 170.7 169.1 166.3 166.5 170,5 173.1 171.9 172.4 176.7 167.6 174.6 Manufacturing, total............................ 86.45 166.8 163.0 170.5 173.4 171.4 167,5 167.0 172.1 175.1 173.7 174.4 178.5 167.2 174.8 Durable............................................. 48.07 169 9 160.5 170.6 173.5 174.2 172.6 171.4 175.3 178.6 177,7 178.3 182,2 169.8 173.8 Nondurable...................................... 38,38 163.0 166.3 170,5 173,3 168.0 161.2 161.4 168.0 170.8 168,6 169.5 173,9 164.0 176.0 Mining................................ 8.23 126.4 130.7 128.6 122.8 126,8 126.3 124.1 124.2 125.4 130,2 132.9 134.6 127.2 133.0 Utilities................................... 5.32 201.6 Durable manufactures Primary and fabricated metals.......... 12.32 150. 7 140.5 143.9 147.5 149.8 150.6 153.7 160.1 164.0 164.2 164.1 167.9 154.3 161.9 Primary metals.................................... 6.95 137,3 117.9 119.4 124.3 129. 3 131.3 139.5 150.3 155.3 155,3 153.0 155.4 137.3 144.4 Iron and steel.................................. 5.45 131.0 108.4 106.2 109.7 1 17.0 121.5 129,3 140.4 146.0 146.8 144.4 145,6 130,0 135.4 Nonferrous metals and products.. 1 .50 160.1 152.4 167.4 177.3 173.8 167.0 176.5 186.2 189.0 186.2 184.3 190.8 163.8 177,2 Fabricated metal products................. 5.37 168.1 169.6 175.6 177.4 176.3 175.6 172.2 172.8 175.3 175.6 178.3 184,2 176.3 184,4 Structural metal parts,................... 2,86 162.3 163.1 167.5 170.1 170.8 172,0 166.7 167.5 168,9 169.2 172.2 177.3 170,8 177.2 Machinery and related products........ 27.98 183.9 169.8 185.3 188.4 190.3 188.4 186,8 189.3 192.1 190.0 190.5 194.2 180.9 182.2 Machinery............................................. 14,80 184.4 177.9 187.0 188.1 189,1 188.4 191.7 195.0 197.6 197.4 198.5 201 .3 190.6 192.9 Nonelectrical machinerv................ 8.43 181 .3 172.5 180,2 180.4 182.6 185,3 188.3 192.3 195.5 196.5 197,9 200.8 191.1 188,1 Electrical machinery...................... 6.37 188.6 185.0 196.1 198.3 197.6 192.4 196.1 198,6 200.5 198,6 199.3 201.9 189,9 199,2 Transportation equipment................. 10.19 179.6 150,1 178.3 186.4 188.3 183.8 176.0 178.2 181.4 176.2 175.6 181.1 161.8 161.1 Motor vehicles and parts............... 4.68 171.6 110.5 170,0 188.9 192.6 181.5 176.6 176.3 177.7 167.9 165.6 180,9 137.3 138.6 Aircraft and other equipment.. . . 5,26 185. 1 182.4 184.0 181.9 182.3 183.2 172.6 176.7 181.1 179.6 180.1 177.0 179.0 177.5 instruments and related products. .. 1.71 184.2 184,1 186.3 187,8 190.0 192,0 189.3 189.4 191.8 192.5 193.3 197.7 192.8 197,4 1.28 Clay, glass, and lumber................ 4.72 137.2 147.6 148.6 148,3 139.4 133.2 127.6 134.6 140.1 142.8 145.2 150.4 143,6 150.1 Clay, glass and stone products........ 2.99 146.2 159,3 158.6 160.1 150.4 143,2 138.4 141 ,0 147,4 154.5 159.4 165.9 161.1 168.2 Lumber and products........................ 1.73 121.7 127,3 131.3 127.8 120.4 115,8 109.0 123.5 127 5 122.6 120.7 123.6 113.4 118,9 Furniture and miscellaneous.............. 3.05 169.9 175.0 177.3 180.5 180.0 177.7 169.8 171.0 173.3 173. 7 174. 8 179.3 170.6 181.9 Furniture and fixtures........................ 1.54 178.3 183.6 185.1 187,3 186.8 189,8 183.1 183.7 184 8 183.8 1 84 5 189.5 180.4 192.1 Miscellaneous manufactures........ 1.51 161,3 166.2 169,3 173.5 173.1 165,3 156.2 158.1 161.6 163.4 165.0 168.9 160.7 171.6 Nondurable manufactures Textiles, apparel, and leather. ........... 7.60 145.3 146,9 147.6 151.6 148.0 133.2 140.6 148.7 154 5 145.4 146.9 149.2 131.2 147.0 Textile mill products.......................... 2.90 151.5 152,2 155,0 156.4 157.4 146.6 150.6 154.3 159.8 155.7 158,8 161.0 142.1 155,0 Apparel products................................ 3.59 149.9 152.0 152.9 158.9 152.5 132.0 143.7 156.8 163.7 150,8 151.5 153.7 135,6 Leather and products......................... 1.11 111 3 116,6 110,9 115.8 109.5 101.9 104.5 108,3 110.9 101,3 101,1 104.2 88.6 'Paper and printing............................... 8.17 155.6 155.1 158.9 165,4 163.1 155.9 157,0 162.0 165.9 165.3 165.1 165,6 155.8 164.4 Paper and products............................ 3,43 163.9 164.1 168.6 178.4 177.0 156.3 168.5 178.2 180.3 178,4 175,8 179.3 162.3 176.0 Printing and publishing..................... 4.74 149.6 148.6 151.9 156,1 157.4 155.6 148.7 150.3 155.6 155.7 157.4 155.7 151.2 156.0 Newspapers...................................... 1.53 136.1 128.8 140.2 148.5 154.9 143 0 129.9 136,0 144.9 146.4 152.2 142.0 126.7 136.0 Chemicals, petroleum, and rubber.... 11.54 207.1 208,9 212.4 216.9 214.3 212.2 210.2 220.8 221.3 222,1 222.8 228.2 215.9 225.2 Chemicals and products.................... 7.58 221.3 222.7 225.9 230.4 230.9 227.8 226.5 236.1 237.3 241,9 239 7 244.9 234.2 239.6 Industrial chemicals....................... 3.84 261.0 261,4 265.8 270.9 274.7 275.0 269.3 280,9 280,5 286,1 285.2 287.5 275.7 Petroleum products............................ 1.97 139.8 148.2 147.6 143.6 139.6 137.8 127.1 137.4 137.7 136,5 142.1 149.8 151 .1 154,6 Rubber and plastics products.......... 1.99 219.7 216.4 230.8 238.2 225.2 226.4 230.8 244.9 243.5 231 9 238.2 242.0 210,3 Foods, beverages, and tobacco,...... 11.07 <34.6 143.4 151.1 148.5 136.9 131.2 128.2 130.7 133.1 131.3 132.8 140.5 138.6 153.2 Foods and beverages.............. 10.25 135.7 144,2 152.9 149.8 138,0 134.2 129.0 131.6 134.4 133.0 133.8 141.3 141.1 155,0 Food manufactures........................ 8.64 132 7 1 39.7 151.8 148.0 137.4 132.6 128.6 129.7 129 0 127.4 128,4 134.7 134.3 149.8 Beverages................................ 1,61 152.6 168.6 159.1 159,4 141 .4 143.0 131 3 141.6 163^0 163.2 162.8 176.2 177.9 Tobacco products................................ .82 120.9 133,2 128.8 131.6 122,3 92,5 1 18.2 120.6 116.9 110,3 119.6 130.4 106.5 Mining Coal, oil, and gas................................ 6.80 125.0 126.9 124.8 119.1 125.7 125.6 124.4 123.9 124.1 128.3 129.6 130.3 121.9 128.5 Coal...................................................... 1.16 117.8 127.6 127.8 94.4 120 6 116.2 113 0 113.7 115.2 121.0 125.1 116.6 86.6 123.1 Crude oil and natural gas.................. 5.64 126.5 126.7 124.2 124.2 126.7 127.5 126.8 126,0 125.9 129.8 130 5 133.1 129.1 129.6 Oil and gas extraction................... 4.91 136.3 136.7 133,8 133.5 135 5 135.2 134.0 136.1 137.2 139.4 140.2 143.2 138.6 139,1 Crude oil..................................... 4.25 130.6 132.1 128.6 127.8 128.6 127.7 125.9 127.7 129.5 132,3 133.8 137.8 132.8 133.1 Gas and gas liquids.................... .66 172.6 Oil and gas drilling........................ .73 60.0 59.4 59.2 61.0 67.0 75,2 Metal stone, and earth minerals....... 1.43 132.9 149.1 146.9 140.2 132.1 129,5 122.2 125.7 131.5 139.2 148.9 155.1 152.8 154.3 Metal mining....................................... .61 126.4 145.3 144.3 133.9 125 6 123 8 123.4 128,4 132,7 136.3 147.9 155.3 147.8 150.2 Stone and earth minerals................... .82 137.7 151.9 148,8 144.8 136.9 133,8 121.4 123.7 130.6 141,4 149.7 155.0 156.6 157.4 Utilities Electric.................................................. 4.04 211.3 232.6 230.5 209.1 202.8 217.4 237,9 227.1 224,8 214,1 207.9 222.4 251.4 Gas........................................................ 1,28 171.4 Note.—Published groupings include some series and subtotals not Industrial Production—1937-59 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 a OCTOBER 1969 SELECTED BUSINESS INDEXES (1957-59— 100, unless otherwise noted) Industrial production fac M tu a r n in u g ­ 2 Prices 4 Ca­ Period Total M F a in jo a r l m pr a o r d k u e c t ts groupin M g a s te­ Ma g j r o o r u p in in d g u s stry i u p n ( t c t a p i i e o m l e c i n n z r i f t t a g ) y . ­ t s r C t c t a i r o o o c u n n t n c s ­ ­ ­ T N m r o p t o i e u e t c l n m a o r n u a y a l t ­ l l - — ­ g 1 ­ p m E lo e m n y ­ t ­ r P o a ll y s ­ s T 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 h a m l d o e i l ­ t e y ­ Total g s C o u o o m n d e s ­ r E m q e u n ip t ­ rials Mfg. M in i g n­ U itie ti s l­ 1951...................... 81.3 78.6 77.8 78.4 83.8 81.9 91.3 56.4 94.0 63 91.1 106. 1 80.2 76 90.5 96.7 1952...................... 84.3 84.3 79.5 94.1 84.3 85.2 90.5 61.2 91.3 67 93.0 106.1 84.5 79 92.5 94.0 1953...................... 91.3 89.9 85.0 100.5 92.6 92.7 92.9 66.8 94.2 70 95.6 111.6 93.6 83 93.2 92.7 1954...................... 85.8 85.7 84.3 88.9 85.9 86.3 90.2 71.8 83.5 76 93.3 101.8 85.4 82 93.6 92.9 1955...................... 96.6 93.9 93.3 95.0 99.0 97.3 99.2 80.2 90.0 91 96.5 105.5 94.8 89 93.3 93.2 1956...................... 99.9 98.1 95.5 103.7 101.6 100.2 104.8 87.9 87.7 92 99.8 106.7 100,2 92 94.7 96.2 1957...................... 100.7 99.4 97.0 104.6 101.9 100.8 104.6 93.9 83.6 93 100.7 104.7 101.4 97 98.0 99.0 1958...................... 93.7 94.8 96.4 91.3 92.7 93.2 95.6 98.1 74.0 102 97.8 95.2 93.5 98 100.7 100.4 1959...................... 105.6 105.7 106.6 104.1 105.4 106.0 99.7 108.0 81.5 105 101.5 100.1 105.1 105 101.5 100.6 I960...................... 108.7 109.9 111.0 107.6 107.6 108.9 101.6 115.6 80.6 105 103.3 99.9 106.7 106 103.1 100.7 1961...................... 109.7 111.2 112.6 108.3 108.4 109.6 102.6 122.3 78.5 108 102.9 95.9 105.4 107 104.2 100.3 1962...................... 118.3 119.7 119.7 119.6 117.0 118.7 105.0 131.4 82.1 120 105.9 99.1 113.8 115 105.4 100.6 1963...................... 124.3 124.9 125.2 124.2 123.7 124.9 107.9 140.0 83.3 132 108.0 99.7 117.9 120 106.7 100.3 1964...................... 132.3 131.8 131.7 132.0 132.8 133.1 111.5 151.3 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. 5 151.7 148 113.1 105.9 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 84.5 173 129.2 115.2 167.8 166 121.2 108.7 1968—Aug........... 164.6 164.8 156.8 181.9 164.2 165.7 129.4 202.1 b*84.0 192 129.6 115.3 168.0 170 121,9 108.7 Sept........... 165.1 165.7 157.3 183.6 165.1 166.3 127.0 204.8 183 129.8 115.4 171.3 169 122.2 109.1 166.0 167.0 159.6 183.0 165.7 167.8 120.7 208.9 200 130.3 115.5 172.3 168 122.9 109.1 Nov...... 167.5 167.9 159.2 186.5 167.6 169.1 126.4 206.9 '•84.2 183 130.7 115.9 173.9 168 123.4 109.6 Dec........... 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............ 169.1 168.2 161.0 183.5 169. 6 170.2 125.8 215.1 191 131.7 116.6 175.8 170 124.1 110,7 Feb............ 170.1 169,3 161.7 185.5 170.8 171.8 124.8 214.9 '’84.5 205 132.3 116.9 174.3 171 124.6 111.1 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........... 171.7 170.2 161.8 188.4 172.9 173.0 128.8 216.3 183 132.9 117.0 177.8 172 126.4 111.9 May...... 172.5 170,0 160.7 190.0 1 74.5 173.8 130.3 213.6 "84.5 210 133.3 117.0 177.7 172 126.8 112.8 June.......... 173.7 170.7 161.5 190.4 176.3 174. 8 134.4 215.6 180 133.8 117.0 180.3 172 127.6 113.2 July.......... 174.6 172.7 164.1 191.0 176. 1 175.7 132.4 222.2 176 133.7 117.3 179.8 170 128.2 113.3 Aug....... 174.3 172.3 163.7 190 8 176.0 175.6 131.9 221.5 ?84.1 216 134.0 118.6 184.2 172 128.7 113.4 Sept.'’.... 173.8 171.6 163.0 190.2 175.9 175,0 130.8 218.0 134.0 117.9 184.3 174 113.5 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 •♦ Prices are not seasonally adjusted. value of total construction contracts, including residential, nonresidential, 5 Figure is for 3rd 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 Type of ownership and type of construction 1967 1968 Aug. Sept. Oct. Nov, Dec. Jan. Feb. Mar. Apr. May June July Aug. Total construction 1.......................... 54,514 61,732 6,318 5,170 6,171 4,863 4,543 4,766 4,802 5,003 5,895 7,081 6,255 6,168 6,523 By type of ownership: Public....................................... 19,039 19,597 1,924 1,549 1,728 1,558 1,278 1,546 1,572 1,632 1,791 2,536 2,241 2,314 2,605 Private ’................................. 35,475 42,135 4,394 3,621 4,443 3,305 3,265 3,220 3,230 3,371 4,104 4,545 4,014 3,855 3,918 By type of construction: Residential building 3........... 21,155 24,838 2,295 2,125 2,408 2,043 1,743 1,746 1,820 1,957 2,546 2,620 2,462 2,225 Nonresidential building............ 20,139 22,512 2,128 1,815 2,370 1 ,992 1 ,849 2,145 1,885 1 ,772 2,136 2,680 2,322 2,370 Nonbuilding............................... 13,220 14,382 1,895 1,230 1,393 828 951 875 1,097 1 ,274 1 ,213 1 ,780 1,471 1,574 Private housing units authorized. .. 1,141 1 ,330 1,290 1 ,393 1 ,378 1,425 1 ,463 1 ,403 1,477 1,421 1 ,502 1 ,323 1 ,340 ’■1,228 p1,193 (In thousands, S.A., A.R.) i 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

OCTOBER 1969 □ CONSTRUCTION A 63 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Nonresidential Period Total N fa o rm n­ Buildings Mill- High­ C v o a n ti s o e n r­ Total resi­ Total tary way & Other 2 dential Total Indus­ Com­ b O u th il e d r ­ Other de m v e e n lo t p­ trial mercial ings 1 1959 ............................. 55,305 39,235 24,251 14,984 2,106 3,930 2,823 6,125 16,070 1,465 5,761 1,121 7,723 1960............................... 53'941 38’078 21’706 16'372 2,851 4,180 3,118 6,223 15'863 11366 5,437 1,175 7’885 1961............................... 55’447 38’299 21,680 16’619 21780 4,674 3'280 5,885 17,148 1,371 5,854 1’384 8*539 1962 3............................ 59,667 41’798 241292 17,506 2’842 5; 144 3'631 5,889 17'869 1,266 6,365 1324 8’714 1963 4............................. 63^423 44^057 26’187 171870 2; 906 4,995 31745 6,224 19,366 1,189 71084 1’690 91403 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.............................. 721319 50’253 26'268 23,985 5’118 6,739 4^735 393 221066 852 7,550 2',019 Ik 645 1966............................... 75 J 20 51 J 20 231971 27^149 6’679 6’879 5,037 8,554 241000 769 8,355 2,195 12,681 1967................................ 76,160 50^587 23;736 26,851 6J31 6'982 4'993 8,745 251573 721 8,538 21196 14’118 1968............................... 84^692 56’996 28,823.’ 28J73 51594 81333 41873 9,373 27,696 824 9,295 2,046 15*531 1968—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 291350 28,094 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 81939 41680 9,721 28,498 1 ,028 91214 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 271962 5,905 8,046 4,449 9,562 27’169 1,132 9'605 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 31,502 31,114 6'318 9,941 5,198 9,657 29,516 1,024 Mar.................... 91,075 62,419 32,080 30,339 6,019 9,751 4,827 9,742 28,656 1,039 Apr,................... 91^739 61'320 31,288 30,032 51857 91066 5,273 9'836 29,419 r 1,196 May................... 90'698 61’462 30,764 30,698 5’923 9,284 5,428 10^063 29'236 1 ,003 June................... ^90,905 r6l '578 GO, 223 31 ,355 6,050 10,020 5,140 10,145 ’•29,327 949 July.................... 91,406 62^287 29,613 321674 6'404 10’405 5'566 10,299 29,119 792 Aug. p................. 90,908 61 1295 281913 32,382 6,437 9'834 5,821 10,290 29’613 1 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 series affecting most Note.—Monthly data are at seasonally adjusted annual rates. Figures private nonresidential groups. for period shown are Census Bureau estimates. NEW HOUSING 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 ! South West fam l- ily 2 fa - m to i l 4 y - f m 5 a - o m r o e il r y - Total Private Public Total FHA VA 1959.......................... 1,517 268 368 512 369 1,234 2 1,554 1,517 37 458 349 109 121 I960.......................... 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........................... t '463 264 290 531 378 991 471 1 492 1 '463 30 339 261 78 118 1963 .......................... 1,610 261 328 591 431 1 ,021 580 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 l,’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—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 1969—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 1 27 23 4 35 May............... 1 '509 243 345 587 334 883 84 542 158 156 2 25 21 4 33 June.............. 1 '469 236 288 604 341 808 76 585 151 147 4 26 22 5 35 JulyP.............. 1 '358 184 283 549 342 756 65 537 125 124 26 21 5 33 Aug.P............. 11336 189 354 518 275 732 65 539 124 121 3 27 22 4 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 □ OCTOBER 1969 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons, unless otherwise indicated) Civilian labor force, S.A. Period i T ns o t t i a tu l t n io o n n a - l l N ab o o t r in f o t r h c e e T la o b t o a r l Employed 1 Un m r e a m e te n p 2 t l oy­ po N p . u S la .A ti . on N.S.A. f S o . r A ce . Total In nonagri- U pl n o e ye m d ­ (pe S r . c A e . nt) Total cultural agric I u n l ture industries 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 73'09! 69^05 64,782 4,523 31786 5.2 1965............................ 129’,236 52,058 77',178 74,455 71,088 66', 726 4'361 3,366 4.5 1966............................ 131,180 52’288 78393 75'770 72395 68,915 3379 2375 3.8 1967............................ 133^319 52',527 80,793 77,347 74,371 70,527 3,844 2,975 3.8 1968............................ 135,562 53,291 82,272 78,737 75,920 72,103 3,817 2,817 3.6 19683-Sept................ 136,036 53,900 82,438 78,847 76,000 72,349 3,651 2347 3.6 Oct., . ............. 136,221 53’744 82,403 78; 800 76;002 72377 3325 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 76J65 72,923 3 342 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 54361 83,831 80^356 77,729 73,848 31881 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 3,664 2,845 3.5 May................ 137,549 54,464 83'593 80^71 77'265 73 360 3 305 2,806 3.5 June............. . 137,737 51’857 83'957 80333 77371 73 366 3’705 2^62 3.4 July................ 137^935 51’, 617 84^277 80^56 77,874 74,323 3351 2,882 3.6 Aug................. 138,127 52,081 84,584 81;054 78,187 74353 3,634 2,867 3.5 Sept................ 138,317 53 J90 84'902 81 ;359 78J27 74,669 3>58 3332 4.0 * Includes self-employed, unpaid family, and domestic service workers. Note.—Bureau of Labor Statistics. Information relating to persons 16 2 Per cent of civilian labor force. years of age and over is obtained on a sample basis. Monthly data relate 3 Beginning Jan. 1967, data not strictly comparable with previous data. to the calendar week that contains the 12th day; annual data are averages Description of changes available from Bureau of Labor Statistics. of monthly figures. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Period Total M t a u n ri u n f g ac­ Mining c C o o n n s t t r r a u c c t ­ T tio ra n n s & p o p r u t b a­ ­ Trade Finance Service G m ov e e n r t n­ tion lic utilities 1963............................................................ 56 702 16,995 635 2 963 3,903 11,778 2,877 8,325 9,225 1964............................................................ 58,331 17,274 634 3 050 3,951 12; 160 2^57 8,709 9396 1965............................................................ 60'815 18,062 632 3 186 4 036 12'716 3,023 9 ;O87 10;074 1966............................................................ 63 955 19,214 627 3*275 4*151 13 245 3,100 9351 10,792 1967............................................................. 65 857 19’447 613 3’208 4'261 13’606 3,225 10,099 11 398 1968............................................................ 67,860 19,768 610 3*267 4313 14,081 3; 383 10,592 11,846 SEASONALLY ADJUSTED 1968 —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 10387 11.949 Dec................................................ 68,875 19,958 623 3’330 4,360 14’271 3', 463 10,838 12,032 1969 —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 10^967 12,122 Mar............................................... 69 710 20 122 626 3,374 4*399 14 508 3^15 11,034 12J32 Apr.................................. 69 789 20’111 624 3 363 4 439 14 533 3 531 11 044 12’144 May.............................................. 70’013 20’118 622 3 ’407 4’444 14’609 3,541 11 365 12307 June.............................................. 70 300 20 198 622 3,466 4 467 14,665 3,557 11,066 12,259 July............................................... 70 247 20,164 629 3 434 4 483 14 671 3368 li;067 12331 Aug.p........................................... 70’405 20 345 630 3 401 4*482 14 693 3,582 11,106 12 166 Sept.p........................................... 70,398 20 290 626 3 390 4 478 14,686 3 595 11,167 12’166 NOT SEASONALLY ADJUSTED 1968 —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 14184 3 324 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 3 339 10,755 12 108 Dec................................................ 69,805 20,008 619 3 247 4*370 15,113 §349 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 10,913 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 14 517 3,534 11,131 12’306 June.............................................. 70,980 20 336 638 3 601 4 512 14 717 3 585 11 343 12,348 July............................................... 70 347 20 114 645 3 681 4 528 14 662 3 629 11 266 11 822 Aug.p........................................... 70,516 20 446 646 3 697 4'531 14’651 3*643 11 239 11 663 Sept.*........................................... 70,826 20,518 634 3,631 4^527 14^672 3*606 11,201 ii;637 Note,—Bureau of Labor Statistics; data include all full- and part­ Data on total and government employment have been revised back time employees who worked during, or received pay for, the pay pe­ to 1964 due to adjustment of State and local government series to riod that includes the 12th of the month. Proprietors, self-employed October 1967 Census of Governments. persons, domestic servants, unpaid family workers, and members of Beginning with 1967, series has been adjusted to Mar. 1968 bench­ the Armed Forces are included. mark. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 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 Sept. July Aug." Sept." Sept. July Aug." Sept." Total................................................................................... 14,533 14,772 14,943 14,849 14,758 14,665 14,994 15,080 Durable goods. ................................................................... 8,465 8,668 8,834 8,742 8,518 8,600 8,703 8,797 Ordnance and accessories........................................ 195 187 183 180 ' 196 185 ' 181 181 Lumber and wood products.................................... 519 520 519 519 530 536 539 529 Furniture and fixtures.............................................. 395 408 410 413 398 402 414 417 Stone, clay, and glass products............................. 519 526 526 530 532 542 545 543 Primary metal industries......................................... 1 ,034 1 ,077 1,087 1 ,097 1,022 1,092 1 ,090 1 ,084 Fabricated metal products...................................... 1 ,079 1,122 1,132 1,134 1,085 1,104 1,127 1,141 Machinery.................................................................. 1 ,336 1 J69 1 369 1 381 1,328 1,365 1 '358 1 372 Electrical equipment and supplies.......................... 1,323 1 ,388 1,386 1,384 1,334 1,360 1^381 I 395 Transportation equipment...................................... 1,439 1 ',430 1,583 1,465 1'449 1,384 1,416 1 376 Instruments and related products.......................... 285 291 292 292 ’285 289 '293 293 Miscellaneous manufacturing industries............... 341 350 347 347 359 341 359 366 Nondurable goods.................................................... 6,068 6,104 6,109 6,107 6,240 6,065 6,291 6,283 Food and kindred products..................................... 1,193 1,197 1,209 1 ,'228 1,318 1 ,227 1,335 I 356 Tobacco manufactures............................................. 72 68 72 69 86 ' 59 ' 78 83 Textile-mill products............................................... 881 873 864 861 887 864 872 867 Apparel and related products................................. 1,247 1 ,248 1,244 1,242 1,262 1,203 1,262 1 ,257 Paper and allied products........................ 540 555 ’ 557 '556 '544 '557 565 '560 Printing, publishing, and allied industries............ 664 675 676 678 665 672 676 680 Chemicals and allied products........................... 611 620 620 613 611 623 627 613 Petroleum refining and related industries................... 117 119 118 117 121 123 122 120 Rubber and misc, plastic products.......................... 437 455 454 450 440 445 454 454 Leather and leather products................................ 306 294 295 293 306 292 300 293 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 1699 Sept. July Aug." Sept." Sept. July Aug." -Sept.!1 Sept. July Aug." Sept." Total....................................................................... 41.0 40.7 40.6 40.7 125 25 129 20 129 92 132 11 3 04 3 19 3 20 3 23 Durable goods....................................................... 41.6 41.2 41.3 41.4 135.01 137.83 139 - 33 142.27 3 23 3 37 3 39 3 42 Ordnance and accessories........................... 41.7 40.2 40. 5 40.7 137.85 136.91 141 45 144.38 3.29 3 44 3 51 3,53 Lumber and wood products....................... 41.0 39.7 40. 0 40.2 109.03 108 78 112 jl 113 40 2 64 2 74 2 78 2 80 Furniture and fixtures.................................. 40.8 40. 1 40.4 40.0 104.33 104 01 107 98 108.00 2 52 2 62 2.64 2- 66 Stone, clay, and glass products.................. 42.1 41.7 42.0 42.2 129 93 133 24 136 43 138 35 .3 OS 3 18 T a; 3 24 Primary metal industries............................. 41.4 41.5 42.1 42.1 148.68 157.66 160 90 161 70 3 60 3-79 3 84 3 85 Fabricated metal products. ................ 41.9 41.6 41.4 41.3 136.43 136.78 138.20 141.20 3.21 3.32 3.33 3.37 Machinery...................................................... 42. 3 42.2 42.5 42.3 143.40 148.39 149.58 152.28 3.39 3. 55 3.57 3.60 Electrical equipment and supplies.............. 40.7 40.3 40.4 40.4 120.66 122.98 124.93 126.67 2.95 3.09 3. 10 3. 12 Transportation equipment.......................... 42. 3 42.3 41.2 41.5 160.07 162.66 159.17 165.90 3.74 3.91 3 93 3.95 Instruments and related products........ 40.6 40.9 41.0 41.0 123.22 127.17 129.34 131.43 3.02 3.14 3.17 3. 19 Miscellaneous manufacturing industries... 39.6 39. 1 38.9 39.0 99.90 101.38 102.57 103.88 2.51 2.64 2.63 2.65 Nondurable goods................................................. 40.0 39.7 39.6 39.7 112.03 116.22 116.51 117.60 2.78 2.92 2.92 2.94 Food and kindred products.................. 40.8 40.6 40.9 41.3 116.48 122.36 121.01 124.20 2.80 2.97 2.93 2.95 Tobacco manufactures................................ 38.2 38.2 37.2 37.0 94.49 104.43 94.13 96.00 2.38 2.77 2.51 2. 50 Textile-mill products.................................... 41.4 41.2 40.8 40.7 94.02 95.65 97. 34 98. 16 2.26 2. 35 2.38 2.40 Apparel and related products..................... 36.4 36.0 36.0 35.9 82.26 82.21 84.08 84.01 2,26 2.29 2. 31 2. 34 Paper and allied products. . ....................... 43.2 43.0 42.8 42.7 135.60 140.18 141.04 142.23 3.11 3.26 3.28 3.30 Printing, publishing, and allied industries. 38.5 38.5 38.4 38.3 137.35 141.31 142.82 144.75 3.54 3.68 3.70 3.75 Chemicals and allied products.................... 41.9 41.9 41.8 41.5 138.60 145.53 145.18 146.02 3.30 3.49 3.49 3.51 Petroleum refining and related industries . 42.5 42.9 42.7 42.7 162.49 176.14 171.63 177.10 3.77 4.04 4.01 4.09 Rubber and misc. plastic products....... 41.6 41.2 40.9 40.9 125.46 126.07 126.69 130.00 2.98 3.09 3.09 3. 14 Leather and leather products..................... 38.1 37.0 36.8 37.2 85.43 87.52 87.19 87.82 2.26 2.34 2.35 2.38 Note.—Bureau of Labor Statistics; data are for production and related workers only. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 66 PRICES □ OCTOBER 1969 CONSUMER PRICES (1957-59= 100) Housing Health and recreation — — ——---------— — — ------------—— Period ite A m l! s Food Total Ren! o H w s o h m n ip e e r - ­ c F a o o u n i a e d l l l t e r G a i l c e n a i c d s t ­ y o n p F i a n i e n s u g r d h r s a ­ ­ ­ A u p p a p k n e a d e r e p T p t r o i a o r n t n a s ­ ­ Total M c ic a e a r d e l ­ s c P o a e n re r a ­ l r R e t a i i c e n o n r a g n e d d a ­ ­ g O s i a o c e t n o e h r d v s d e ­ s r tion -----_--------------------——.------ —--------_------------ ———— — ——-----------. 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 JOO. j 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. J 101.4 103, J 103. 1 J03.7 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. t 103.5 107.9 102.8 105.7 109.3 113.6 119.4 109.2 114. J 108.8 1965 . ......................... 109.9 108.8 108.5 108.9 111.4 105.6 107.8 103. 1 106.8 lll.l 115.6 122.3 109.9 115.2 111.4 1966........................... 113.1 114.2 lll.l 110.4 115.7 108.3 108. J 105.0 109.6 112.7 119,0 127.7 112,2 117.1 114.9 1967...................... 116. 3 115.2 1 14.3 112.4 120.2 111.6 108.5 108.4 114,0 115.9 (23.8 136.7 1 15.5 120.1 118.2 1968—-Aug................ 121.9 120.5 120.1 115.4 128.8 115.7 109.7 113.3 120.3 120.0 130.5 145,5 120.9 126.3 124.2 Sept................ 122.2 120.4 120.4 115.7 129.1 115.8 109.3 113.9 122,2 115.9 131.1 146,4 121,5 126.7 124,4 Oct............ 122.9 120.9 (20.9 116.0 130.0 115.9 109.1 114,2 123.3 120,6 131.9 147.4 122.1 127.5 125.1 Nov................ 123.4 120.5 121.7 1 16.3 131.1 115.9 109.9 114.8 124.0 121.2 132.4 148.2 122.8 128.0 125,4 Dec................ 123.7 121.2 122.3 116.7 132.0 1(6.2 110.0 115. 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 J 10.2 115.8 123.9 122.0 133.7 151.3 124.1 128.4 125,8 Mar................ 125.6 122.4 124.4 117.5 135.7 117.2 110.6 1 16.4 124.9 124.3 134.3 152.5 124.8 128.7 126.1 Apr................ 126.4 123.2 125.3 117.8 137.1 117.4 111.2 1 16,9 125.6 124.6 135.1 153,6 125,5 129.6 126,6 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 July................ 128.2 126.7 127.0 118.8 140.0 117.4 1 10.9 118.2 126.8 124.3 137.0 155.9 126,6 130,7 129.1 Aug................. 128.7 127.4 127.8 119.3 14! .3 117.7 111.5 118.5 126.6 124.2 137.7 156.8 126.8 131,2 130. 1 Note.—Bureau of Labor Statistics index for city wage-earners and clerical workers. WHOLESALE PRICES: SUMMARY (1957-59=100) Industrial commodities Pro­ Period m c t A o i o e m l d s l i ­ ­ p F u r a c o r t d m s ­ c f f e o e a s o e n s d d d e s s d Total T t e il e e tc x s . ­ , H e id tc e . s, F e u tc e . l, C ic e h a t e c ls m . , ­ R b e u e tc r b . , ­ L b e u e tc m r . , ­ P e a t p c e . r, M e a t l e c s . , t ­ e c M a e q h n r u i a y d n i ­ p ­ ­ F t e u u t r c r e n . , i­ N t e m m a r o a l i e l n n i l c s ­ - ­ T e p m t r q o i a o e u r n n n t i a p s t ­ ­ ­ 1 n c M e e o l i l s u a ­ s ­ ment 1958 ............................... 100. 4 103.6 102.5 99.5 98,9 96 0 98,7 100,4 100,1 97.4 100.1 99 1 100.0 100.2 99.9 n a. 100,6 1959............................... 100.6 97.2 99.9 101.3 100.4 109.1 98.7 100.0 99.7 104.1 101.0 101.2 102,1 100. 4 101.2 n.a. 100,8 I960............................... 100.7 96.9 100,0 101.3 101.5 105.2 99,6 100.2 99.9 100.4 101.8 101.3 102.9 100.1 101.4 n.a. 101.7 1961............................... 100.3 96.0 101.6 100.8 99.7 106.2 100,7 99.1 96.1 95.9 98.8 100,7 102.9 99.5 101.8 n.a. 102.0 1962 ............................... 100,6 97.7 102,7 100.8 100.6 107.4 100.2 97.5 93.3 96.5 100.0 100 0 102.9 98.8 101.8 n.a. 102. 4 1963 ............................... 100.3 95.7 103,3 100.7 100.5 104.2 99.8 96.3 93.8 98.6 99.2 100,1 103.1 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 I 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 1 102.6 106,8 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 3 109.2 1968—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 i 112 2 115 8 104 4 108.7 111.9 Oct........ . . 109 1 10! 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 2 112 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..................... lll.l 105 0 116.3 1114 107 2 123 4 102 7 97 8 100 5 144 5 106 8 115 2 117 3 105 4 1112 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 1119 100 0 112.5 Apr.................... 111.9 105.6 117.3 112 1 107 I 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 i 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.................. 1 13.2 111.2 121.4 112 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 July.................... 113 3 110 5 122.0 112 4 107 7 126 4 105 0 98 2 102 5 125 3 108 4 118 7 119 0 106 1 113 0 100 4 115 5 Aug.................... 113.4 108.9 121.5 112.8 108.7 126*4 104^7 98'7 103^0 124.0 108.7 120'4 119.1 106'2 113.0 99^9 115.9 1 For transportation equipment, Dec. 1968 — 100. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 1969 □ PRICES A 67 WHOLESALE PRICES: DETAIL (1957-59= 100) 1968 1969 1968 1969 Group Group Aug. June July Aug. Aug. June July Aug. Farm products: Pulp, paper, and allied products: Fresh and dried produce..................... 97 4 112.9 103.1 106.7 Pulp, paper and products, excluding Grains...................................................... 75 1 85.6 83 7 81 .9 building paper and board.....1..0..5....3.. 108.6 108,9 109.2 Livestock................................................. 106 2 130. 4 126.8 123.6 Woodpulp............................................ 98.0 98 0 98.0 98.0 Live poultry............................................ 87 8 89 8 90.2 92.3 Wastepaper.......................................... 112.8 108 8 111.2 110.3 Plant and animal fibers........................ 76 8 67.7 67.7 66.9 Paper. ................................................... 1 13.0 117 0 117.1 117.2 Fluid milk............................................... 130.7 I 34. 6 134 9 135.1 Paperboard.......................................... 90.6 93,5 93 7 95.8 Eggs......................................................... 98. 4 85.9 1 17.0 100,5 Converted paper and paperboard. .. 105.0 108.7 109.0 109.2 Hay and seeds........................................ 1 13.0 106.2 111.3 107.3 Building paper and board . ............... 92.9 99.4 95 9 95.2 Other farm products.............................. 103 1 106.2 106.9 109.5 processed foods and feeds: Metals and metal products: Cereal and bakery products................ 119 3 119.7 119.9 120.1 Iron and steel.................................. 104 8 110.3 111.1 112.7 Meat, poultry, and fish......................... 109 7 126.5 127 5 124.5 Steelmill products............................... 108.0 112.8 113,6 115 4 Dairy products....................................... 128 8 133.0 1 33,0 133.0 Nonferrous metals........................... 121.7 135 5 136.1 139.5 Processed fruits and vegetables....... 113.6 1 15.6 116,6 116.8 Metal containers................................. 116. 8 119.7 119.7 119.7 Sugar and confectionery...................... 116.2 123.0 122.3 127.2 Hardware............................................. 116.9 119.9 120 5 120.6 Beverages and beverage materials.... 109 8 112.4 112.6 112.6 Plumbing equipment.................. 114.2 117 9 119 4 119.4 Animal fats and oils............................. 64.2 91.2 96.4 105.0 Heating equipment. ........................... 95.4 97.2 97.7 97,7 Crude vegetable oils.............................. 87.0 81 .9 80.0 80.0 Fabricated structural metal products 107.9 111.0 112,0 112.6 Refined vegetable oils........................... 102.1 89.4 89.4 84.7 Miscellaneous metal products.......... 115.8 120.7 121,3 123,2 Vegetable oil end products.................. 100.6 103.3 102.1 102.1 Miscellaneous processed foods............ 114 8 1 18.6 119 5 119 8 Manufactured animal feeds................. 118.6 116.9 118.7 118.2 Machinery and equipment: Textile products and apparel: Agricultural machinery and equip... 127.0 132.0 132.3 132.3 Construction machinery and equip.. 129.0 134.5 134.8 134,9 Cotton products..................................... 105 3 104.5 105 3 105.7 Metalworking machinery and equip 129.3 132.3 133 3 133,5 Wool products........................................ 104 1 105.0 105.0 104. 8 General purpose machinery and Man-made fiber textile products......... 90'7 92.7 92.6 92.7 equipment............................... 117,6 121.2 121.5 121.8 Silk yarns................................................ 175 1 164.6 168.2 177.1 Special industry machinery and Apparel................................................... 110 9 113.3 113 9 115.8 equipment (Jan. 1961 = 100).......... 122.5 128.1 129.2 129.2 Textile housefurnishings....................... 110.6 104.2 104.2 104.7 Electrical machinery and equip........ 102.9 104.7 104.8 104,7 Miscellaneous textile products............ 1 17.0 118.0 120 3 119.6 Miscellaneous machinery.................. 114.6 117.8 118.1 118.5 Hides, skins, leather, and products: Furniture and household durables: Hides and skins...................................... 102 8 1 17.4 123.0 123.1 Leather.. .............................................. 113.6 121.5 121.2 121,0 Household furniture........................... 117,5 122.3 122. 8 123.0 Footwear............................................... 127.2 132.3 132,7 1 32.7 Commercial furniture........................ 116,0 119.3 119.5 119.5 Other leather products.......................... 1 12.6 117.2 117 5 117.6 Floor coverings................................... 95.3 93.8 93.2 93.2 Household appliances........................ 92.5 92.9 93.0 93.0 fuels and related products, and power: Home electronic equipment.............. 80.7 78,1 77.9 77.9 Other household durable goods. . . . 125.0 130.2 131.2 131,4 Coal. ....................................................... 105.5 114.2 115.4 115.5 Coke. .. ............................................ 117.0 120.3 120.3 120.3 Gas fuels (Jan. 1958— i00).................. 120.6 12! .8 121.6 121.8 NonmetaUic mineral products: Electric power (Jan. 1958 = 100).......... 101.8 102.6 102.5 102.4 Crude petroleum.................................... 99.7 104.5 104.5 104, 5 Flat glass.............................................. 110.5 115.2 116.2 116.2 Petroleum products, refined................ 101 .0 103.3 103.2 102.5 Concrete ingredients........................... 109,6 115.9 116.1 116.1 Concrete products.. ....................... 108,5 111.6 112.3 112,4 Chemicals and allied products: Structural clay products excluding refractories....................................... 113.7 116.9 116.9 117.0 Industrial chemicals.............................. 98.4 97.0 97.7 98.2 Refractories.......................................... 112.6 113.6 113,6 117.0 Prepared paint........................................ 114.4 119.2 119.2 119.2 Asphalt roofing................................... 97.6 100.2 100.9 96.7 Paint materials.......................... 92.1 92.8 93.2 93.3 Gypsum products............................... 106,6 108.7 104.9 103.2 Drugs and pharmaceuticals.................. 93.2 93.8 93.8 93.8 Glass containers.................................. 109.8 116.1 116. 1 116.1 Fats and oils, inedible.......................... 71.2 86.8 90.5 99.3 Other nonmetallic minerals............... 105.8 109.0 109.0 109.2 Agricultural chemicals and products., 99.4 92.1 88.6 88.4 Plastic resins and materials.................. 80.9 80.8 80.2 80,7 Other chemicals and products....... 1 10.5 112.8 1 12.8 112.9 Transportation equipment: Rubber and products: Motor vehicles and equipment........ 104.4 106.6 106,6 106.0 Railroad equipment (Jan. 1961= 100) 107.1 111.8 114.3 114.3 Crude rubber.......................................... 85.3 89.7 90.7 92.5 Tires and tubes...................................... 99.5 96.3 98.4 99.2 Miscellaneous rubber products............ 107,8 110,2 111.0 110.8 Miscellaneous products: Lumber and wood products: Toys, sporting goods, small arms, ammunition..................................... 108.9 110.9 111.2 111.8 Lumber............................................. 129.8 142.3 (33.4 131.1 Tobacco products.............................. 114.9 123.2 123.4 123.5 Millwork................................................. 118.8 136.0 135.6 135.1 Notions................................................ 101.2 102,0 102,0 106.7 Plywood................................................. 102.3 94.2 93.9 93.6 Photographic equipment and supplies 112.8 112.6 111.4 111.4 Other wood products (Dec. 1966= 100) 106.7 1 15 J 115.6 116.8 Other miscellaneous products. ..... 110.9 112,6 114.1 114.2 Note.—Bureau of Labor Statistics indexes as revised in Mar. 1967 to classification changes. Back data not yet available for some new classiincorporate (1) new weights beginning with Jan. 1967 data and (2) various fications. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 68 NATIONAL PRODUCT AND INCOME □ OCTOBER 1969 GROSS NATIONAL PRODUCT (In billions of dollars) 1968 1969 Item 1929 1933 1941 1950 1964 1965 1966 1967 1968 11 111 IV I II Gross national product....................................... 103.1 55.6 124.5 284.8 632.4 684.9 749.9 793.5 865.7 858.7 876.4 892.5 908.7 924.8 final purchases,................................................... 101,4 57.2 120. 1 278.0 626.6 675.3 735,1 786.2 858.4 848.8 869.2 882.0 902.1 917.9 Personal consumption expenditures.................. 77. 2 45.8 80.6 191.0 401.2 432.8 466.3 492.3 536.6 530.3 544.9 550.7 562.0 572.8 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 90.6 Nondurable goods.......................................... 37.7 22. 3 42.9 98. 1 178.7 191.1 206.9 215. 1 230.6 228.5 233.3 234.3 238.6 242. 1 Services............................................................. 30.3 20. 1 28. 1 62.4 163.3 175.5 188.6 204.2 222.8 220.0 225.8 230.1 235.0 240. 1 Gross private domestic investment.................... 16.2 1.4 17.9 54.1 94.0 108. 1 121.4 116.0 126.3 126.6 125.2 133.9 135.2 137.4 Fixed investment............................................ ■ 14.5 3.0 13.4 47.3 88.2 98.5 106.6 108.6 119.0 116.7 118.0 123.4 128.6 130.5 Nonresidential.............................................. 10.6 2.4 9.5 27.9 61.1 71.3 81.6 83.7 88.8 86.4 88.1 91.5 95.3 97.8 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 32. 1 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 65.7 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 32.7 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 32.2 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 6.6 6.9 Non farm.......................................... 1.8 -1.4 4.0 6.0 6.4 8.6 15.0 6.8 7.4 10.3 7. 5 10.7 6.7 Net exports nf 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 1.6 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 57. 1 Imports........................................................... 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 55.5 Government purchases of goods and services.. 8.5 8. 0 24.8 37.9 128.7 137.0 156.8 180.1 200.3 198.4 202.5 206.7 210.0 212.9 Federal.............................................................. 1.5 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 78.5 Other..................................................... 3.1 4.3 15.2 16.8 17. 1 18.4 21.5 21.1 22. 1 22. 5 22.6 22. 1 State and local,................................................ 7.2 6.0 7.9 19. 5 63.5 70.1 79.0 89.3 100.7 99.4 101.7 104.8 108.5 112.3 Gross national product in constant (1958) dollars................................ • ....................... 203.6 141.5 263.7 355.3 581.1 617.8 658.1 674.6 707.6 705.8 712.8 718.5 723.1 726.7 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 II National income................................................... 86.8 40.3 104.2 241.1 518. 1 564.3 620.6 654.0 714.4 707.4 724.1 737.3 751.3 765.7 Compensation of employees............................... 51.1 29.5 64.8 154.6 365.7 393.8 435.5 467.4 513.6 507.0 519.8 532.3 546.0 558.2 Wages and salaries.......................................... 50.4 29.0 62,1 146.8 333.7 358.9 394.5 423.5 465.0 459.0 470.7 482.1 493.3 504.3 Private................................................... 45.5 23.9 51.9 124.4 269.4 289.6 316.8 337.3 369.0 364.5 372.7 382.8 392.5 402.0 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. I 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 insurance...................................................... . 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 66.5 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. 1 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 21.5 21.6 Corporate profits and inventory valuation adjustment......................................................... 18.S -1.2 15.2 37.7 66.3 76.1 82.4 79.2 87.9 88.2 90.6 90.3 89.5 89.2 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 95.4 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 43.4 43.6 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 52.2 51.8 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 28.4 27.5 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 -6.2 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 Note.—Dept, of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. See also Note to table above. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 1969 □ NATIONAL PRODUCT AND INCOME A 69 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME AND SAVING (In billions of dollars) 1968 1969 Item 1929 1933 1941 1950 1964 1965 1966 1967 1968 (I III IV I II Gross national product...................................... 103.1 55.6 124.5 284. 8 632.4 684.9 749.9 793.5 865.7 858.7 876.4 892.5 908.7 924.8 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 85.7 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 -6.5 Plus: Subsidies less current surplus of gov­ ernment enterprises............. . 2 1.3 1 - 3 2.3 1.4 . 8 . 7 1.1 .9 I 1 .9 Equals: National income................................... 86.8 40,3 104.2 241.1 518.1 564.3 620.6 654. 0 714.4 707.4 724. 1 737.3 751.3 765.7 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 89.2 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 53.8 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 28.5 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. 1 696.1 711.2 724.4 740.5 Less: Personal tax and nontax payments.... 2.6 1 .5 3.3 20.7 59.4 65.7 75.4 82.9 97.9 92.7 102.6 107.0 114.2 118.5 Equals: Disposable personal income................ 83.3 45.5 92.7 206. 9 438.1 473.2 511.9 546.5 590.0 587.4 593.4 604.3 610.2 622.0 Less: Personal outlays..................................... 79.1 46.5 81 7 193.9 411.9 444.8 479 3 506.2 551 .6 545,1 560.2 566.2 577.7 588.8 Personal consumption expenditures. 77.2 45.8 80.6 191.0 401.2 432.8 466.3 492.3 536.6 530.3 544.9 550.7 562.0 572.8 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 32.5 33. 3 Disposable personal income in constant (1958) dollars........................................................... 150.6 112.2 190.3 249.6 407.9 435.0 458.9 477.7 497.6 497.4 498.9 502.1 502.6 506.2 Note.—Dept, of Commerce estimates. Quarterly data are seasonally adjusted quarterly totals at annual rates. See also Note to table opposite. PERSONAL INCOME (In billions of dollars) 1968 1969 Item 1967 1968 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.3’ Total personal income.......................... 629.4 687.9 696.1 701.1 706.2 711.5 716.0 718.7 723.9 730.7 735.6 740.0 746.1 751.4 756.6 Wage and salary disbursements.......... 423.5 465.0 470.3 474.5 478.2 482.2 485.8 489.3 492.6 497.9 500.8 503.8 508.5 512.8 517.0 Commodity-producing industries... 166. 5 181.5 182.7 184.6 186.2 187.5 189.6 190. 1 190.6 193.8 195.2 196.2 198.3 198.9 200.3 Manufacturing only....................... 134.2 145.9 147.1 148.6 149.6 150.5 151.8 152.4 152.5 154.9 155.8 156.3 157.8 158.5 160.2 Distributive industries...................... 100.3 109.2 1 10.8 111.8 112.5 113.5 I 13.3 1 14.6 115.6 116.4 1 17.2 118.3 119.5 120.1 121.2 Service industries.............................. 70.5 78.3 78.8 79.6 80.8 82.0 83.0 84.5 85.6 86.3 86.4 87.0 87.8 88.0 88.7 Government...................................... 86.2 96.0 98.0 98.4 98.7 99. 1 99.9 100. 1 100.8 101.4 101.9 102.3 102.9 105.9 106.9 Other labor income.............................. 22.1 24.2 24.5 24.7 24.8 25.0 25. 1 25.3 25.5 25.6 25.8 25.9 26.1 26.3 26.4 Proprietors’ income.............................. 61.9 63.8 64.2 64.2 64.0 64.0 64.2 64.0 64.7 65.0 65.8 66.5 67.3 67.3 67.3 Business and professional................ 47.2 49.2 49.2 49.5 49. 5 49.7 49.8 49.5 49.8 49.7 50.0 50. 1 50.4 50.5 50.5 Farm................................................... 14.7 14.6 15.0 14.7 14.5 14.3 14.4 14.5 14.9 15.3 15.8 16.4 16.9 16.8 16.8 Rental income........................................ 20.8 21.2 21.3 21.3 21.3 21.4 21.4 21.4 21.5 21.5 21.5 21.6 21.6 21.7 21.7 Dividends............................................... 21.5 23.1 23.6 23.7 23.9 24.0 23.6 23.6 23.8 24.1 24.2 24.3 24.5 24.6 24.8 Personal interest income................ .. 48.3 54.1 54.8 55.4 56.0 56.7 57.3 57.4 57.6 57.9 58.4 58.8 59.2 59.5 59.8 Transfer payments................................. 52.0 59.2 60.4 60.3 61.2 61.5 62. 1 63.0 63.5 64.3 64.7 64.9 65.2 65.7 66. I Less: Personal contributions for social insurance......................................... 20.6 22.6 22.9 23.0 23.2 23.2 23.4 25.3 25.3 25.6 25.7 25.8 26.1 26.4 26.6 Nonagricultural income......................... 609.7 667.9 675.5 680.9 686.1 691.5 695.9 698.5 703.1 709.5 713.8 717.7 723.4 728.8 733.8 Agriculture income................................ 19.7 20.1 20.6 20.2 20.1 20.0 20.1 20.2 20.7 21.2 21.8 22.3 22.7 22.6 22.7 Note.—Dept, of Commerce estimates. Monthly 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 □ OCTOBER 1969 SAVING, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) Year totals 1967 1968 1969 Transaction category, or sector 1 lv 1964 1965 1966 1967 1968 11 111 IV 1 II III I II — ---------------------— —------- ——--------— — —— —— — ------------— 1. Savings and investment 1 Gross national saving.......................... 160.2 181.t 195.: 192.f 211.2 187.8 194.4 200.' 199.1 209 < 214.( 220." 226. < 235.0 1 2 Households...................................... 98.: 108. S 1 18.- 130.; 139.2 127.7 130.5 138.; 137.6 141 .( 136.( 142.^ 140.1 144.9 2 3 Farm and noncorp, business........ 14.. is.: 15.( 17.4 17.3 17.5 18.3 17.: 16.7 17.t 17.‘ 17.C is.: 18.7 3 4 Corporate nonfin. business........... 50.. 56.(>. 6i.: 61.2 63. 1 60. 61.4 62 J 59.1 63. £ 65.: 64. 63. C 63.3 4 5 U.S. Government........................... -4.3 -Ji -1.! - 14./ -6.4 -15.3 - (4.6 -14.1 -9.8 - 11.2 -3.7 -.8 7.3 9.6 5 6 State and local govt........................ -1.4 -2.4: -2.J -5.9 -5.5 -7.3 -6.0 -5.’ -7. 1 -5.: -4." -5. -5.7 -5.7 6 7 Financial sectors............................. 2." 3.:; 4( 4.2 3.5 5. 1 4.9 2.f 2.6 4.: 3T 3.C 3.C 4.1 7 8 Gross national investment.................. 158. C 178.2 194.£ 190.2 208.5 182.3 194.0 199.; 196.0 206." 211.i 219.4 216.€ 224.3 8 9 Consumer durable goods.............. 59.2 66.3 70.8 73. C 83.3 73.5 73.3 75.; 79.5 81.8 85.8 86.3 88./ 90.4 9 10 Business inventories....................... 5. 8 9.6 14.8 7.4 7.3 3.4 7.8 9.: 1.6 9.9 7.2 10. 5 6.C 6.9 10 11 Gross pvt. fixed investment.......... 88.2 98.5 106. f 108.6 119.0 106.1 109.9 113.8 1 17.7 1 16.7 118.f 123.4 128.6 130.4 11 12 Households......................... . ... 23.0 22.9 21.7 20. 7 25.4 18.8 21.9 24. ( 24. 6 25.7 25.7 26. f 27.3 28.5 12 13 Nonfinan. business.................... 64.3 74.8 83.9 87.0 92.2 86.4 86.8 88. C 91.8 89,6 91.3 96. 1 100.0 100.6 13 14 Financial sectors........................ .9 .8 1.0 1.0 1.4 .9 1.2 1.2 1.3 1.4 1.4 1.3 1.3 1.3 14 15 Net financial investment........... 4.7 3.7 1.8 1.2 -1.1 -.6 2.9 .7 -2.8 -1.6 .8 -.9 -7. 1 -3.4 15 16 Discrepancy (1-8)............................... 2.3 3.5 1.3 2. 5 2.7 5. 5 .4 1.6 3. 1 3.0 2.8 1. 1 10.3 10.8 16 II. Financial flows—Summary 17 Net funds raised—Nonfinan. sectors. 67.0 72.3 69.9 83.1 97.8 44.3 104.6 108.9 101.2 84.8 119.2 84.7 103.5 74.7 17 18 Loans and short-term securities. .. . 26.4 33. 1 27.4 27.2 33.6 - 16. 1 46.8 44.2 42. 1 24.3 40.6 26.2 47.C 34.7 18 19 Long-term securities and mtgs.......... 40.6 39.2 42.5 55.9 64.2 60.4 57.8 64.7 59. 1 60.5 78.6 58.5 56.4 40.0 19 By sector 20 U.S, Government............................... 7. 1 3.6 6.3 12.7 15.7 -2J.3 34.7 29.2 28.2 13.8 31.9 -11.4 10. 1 -13.0 20 21 Short-term mkt. securities............ 4.0 3. 5 2.2 6.4 1.6 -35.7 30.9 20.7 18.1 -1.3 2.9 -13.4 7.0 -1.7 21 22 Other securities............................... 3.0 .2 4. 1 6.2 14.1 14.5 3.9 8.5 10. 1 15. 1 29.0 2.0 3. 1 -11.3 22 23 Foreign borrowers............................. 4.4 2.6 1.5 4.0 2.9 3.7 3.9 2.8 4.3 1.9 2.2 3.1 5.7 3.8 23 24 Loans................................................ 3.7 1.9 1.0 2.7 1.6 2.7 2.2 M 2.8 1.4 1.2 1.0 4.2 2.6 24 25 Securities.......................................... .7 .8 . 5 1.3 1.3 1.0 1.6 1.4 1.5 . 5 1.0 2. J 1.5 1.2 25 26 Pvt. domestic nonfin. sectors............ 55.5 66.0 62.0 66.4 79.3 61.9 66.0 76.9 68.6 69.1 85.2 93.0 87.7 83.9 26 27 Loans................................................ 18.7 27.7 24. 1 18.0 30.4 16.9 13.7 22. 1 21.1 24.3 36.6 38.6 35.7 33.8 27 28 Consumer credit.......................... 8.0 9.4 6.9 4.4 11.1 4.0 4.9 4.8 9.0 9.4 12.9 11.8 9.9 10.3 28 29 Sank loans n.e.c........................... 6.5 13.6 9.8 9.1 12.3 11.7 3.8 14.4 5.4 9.8 12.2 22.1 14.5 8.8 29 30 Other loans.................................. 4.1 4.7 7.4 4.5 7.0 1.3 5.1 2.9 6.8 5. / 11.6 4.7 11.3 14.7 30 31 Securities and mortgages.............. 36.9 38.3 37.9 48.4 48.8 44.9 52.3 54.8 47.5 44.9 48.6 54.4 51.9 50.1 31 32 State and local obligations......... 5.9 7,3 6.0 10.1 11.1 11.5 7.5 11.2 9.3 6.3 14.3 14.6 9.9 8.8 32 33 Corporate securities.................... 5.4 5.4 11.4 17.4 12.1 15.8 21.4 18.1 12.8 12.8 10.3 12.4 14.8 14.8 33 34 1- to 4-family mortgages............ 15.7 16.2 11.0 11.5 15.4 8.3 13.7 15.1 15.8 15.1 14.3 16.3 16.3 16.6 34 35 Other mortgages.......................... 10.0 9.4 9.6 9.4 10.3 9.3 9.8 10.4 9.6 10.8 9.7 11.2 10.9 9.9 35 36 Net sources of credit ( = line 17)... . 67.0 72.3 69.9 83. 1 97-8 44.3 104.6 108.9 101.2 84.8 119.2 84.7 103.5 74.7 36 37 Chg. in U.S. Govt, cash balance. . .2 -1.0 -.4 t.2 -1.2 -14.8 13.4 6.8 7.2 15.0 25.6 -8. 1 -2.6 -8,4 37 38 U.S. Govt, lending......................... 3.8 4.7 7.9 4.5 8. 1 -.8 5.0 8.0 12.2 9.0 6.2 5. 1 12.2 9.6 38 39 Foreign funds.................................. 2.5 .8 -.9 5.4 J.7 8.3 2.4 9.4 -1.3 -.7 1.8 7.2 -2.0 -3.3 39 40 Pvt. insur. & pension reserves.,. . It. 1 11.6 12.8 13.2 15.1 12.4 14.0 14.1 13.6 14.6 15.2 17.1 12.4 13.6 40 41 Sources n.e.c.................................... 5.7 7. 1 7.6 6.0 13.2 6.2 11.8 4.2 18.2 26.5 16.9 -9.0 23.5 36.8 41 42 Pvt. domestic nonfin. sectors........ 43.8 49.0 42.8 52.7 60.9 32.9 58.2 66.6 65.7 50.4 53.6 72.4 60.0 26.4 42 43 Liquid assets............................... 33.0 43.4 23.9 49. 1 54.3 38.4 58.7 44.8 40.7 36.5 58.9 80.6 24.9 -9.4 43 44 Deposits................................... 35.3 40.4 22.7 50.9 46.3 51.7 56.2 34. 1 31.9 29.9 51.6 71.6 5.0 -2.1 44 45 Demand dep. and currency. 6.5 7.7 2.9 12.0 13.6 10.6 15.2 11.1 . 1 13.4 8.7 32.4 2.5 6.7 45 46 Time and svgs. accounts.. 28.8 32.7 19.8 39.0 32.6 41.0 41.0 23.0 31.8 16.5 42.9 39.2 2.5 -8.8 46 47 At commercial banks.... 13.0 19.5 12.5 22.4 20.0 20.4 23.0 12,3 18.7 4.5 31.2 25.4 -12.0 -16.3 47 48 At savings instil............... 15.8 13.2 7.3 16.6 12.7 20.6 18.0 10.7 13.1 12.0 11.8 13.8 14.5 7.5 48 49 Short-term U.S. Govt. sec... -2.3 3.0 1.2 -1.8 8.0 -13.3 2.5 10.6 8.8 6.6 7.3 9.1 19.9 — 7.2 49 50 Other U.S. Govt, securities. . . . 3.1 . 1 6.8 -1.2 -.3 -3.9 -3.3 13.7 2.6 6.9 -.8 -10.0 2,0 2.2 50 51 Pvt. credit mkt. instruments. .. 7.5 5.9 12.0 7.0 8.3 1.0 5.9 11.6 19.4 9.7 -1.5 4.5 30.0 26.1 51 52 Less security debt....................... -.2 .3 -.2 2.2 1.4 2.5 3.1 3.5 -3.0 2.7 2.9 2.8 -3.1 -7.5 52 III. Direct lending in credit markets 53 Total funds raised............................... 67.0 72.3 69.9 83. 1 97.8 44.3 104.6 108.9 101.2 84.8 119.2 84.7 103.5 74.7 53 54 Less change iri U.S. Govt, cash.... .2 -1.0 -.4 1.2 -1.3 -14.9 13.4 6.7 -7.4 -15.0 25.5 -8.1 -2.7 -8.5 54 55 Total net of U.S. Govt. cash........... 66.8 73.3 70.3 81.9 99.1 59.1 91.2 102.2 108.6 99.8 93.7 92.9 106.1 83.2 55 56 Funds supplied directly to cr. mkts.. . 66.8 73.3 70.3 81.9 99.1 59.1 91.2 102.2 108.6 99.8 93.7 92.9 106.1 83.2 56 57 Federal Reserve System................ 3.2 3.8 3.3 3.9 4.8 -.3 7.9 4.5 7.7 7.0 7.7 -3.2 2.7 57 58 Total............................................. 3.4 3.8 3.5 4.8 3.7 2.9 3.7 6.9 4.3 6.5 7.3 -3.2 . 1 2.7 58 59 Less change in U.S. Govt. cash. .2 * .2 .9 -1.1 3.2 — 4.2 2.4 -3.5 - .4 -.4 * .2 -.1 59 60 Commercial banks, net.................. 21.8 29.3 17.9 35.9 38.9 40.3 37.2 24.6 23.7 34.3 45. 1 52.3 10.5 18.3 60 61 Total.....'................................... 22.4 29.1 17.4 36.4 38.9 22.3 54.8 28.9 19.6 20.5 71.2 44.4 8.1 10.3 61 62 Less chg. in U.S. Govt. cash... -1.0 -.5 .2 -.2 -18.1 17.6 4.4 -4.0 -14.5 25.9 -8. 1 -2.8 -8.5 62 63 Security issues........................ . 6 .8 . 1 .2 .3 . 1 ♦ ♦ .7 .2 .2 . 5 .4 63 64 Nonbank finance, net.................... 29. 1 26.9 22.5 32.6 30.7 3S.2 38.4 27.7 30.9 30.6 30.2 31.0 28.4 26.1 64 65 Total............................................. 33.5 32.9 25.8 33.8 39.5 19.5 51.3 33.3 30.3 40.9 46.5 40.4 22.3 46.5 65 65 Less credit raised........................ 4.4 5.9 3.3 1.2 8.8 -15.7 12.9 5.7 -.7 10.3 16.3 9.4 -6. 1 20.4 66 67 U.S. Government........................... 3.8 4.7 7.9 4.5 8. 1 -.8 5.0 8.0 12.2 9.0 6.2 5.1 12.2 9.6 67 68 Foreign. .......................................... .6 -. 1 -1.4 3.2 2.1 3.6 .9 5. 1 .4 -1.5 2.6 7.0 .2 -2.0 68 69 Pvt. domestic nonfin...................... 8.5 8.6 20.2 1.8 14.6 -18.8 2.0 32.4 33.8 20. 5 2.0 .8 55.0 28.6 69 70 Households............................ 3.2 2.2 10.6 -4.2 .6 -18.3 -1.6 16.4 10.8 15.1 -12.3 -11.5 19.2 8.0 70 71 Business....................................... 1.5 1.0 3.2 .4 7.7 -5.6 .2 5.9 11.4 5.8 6.5 6. 1 18.3 6.3 71 72 State and local govts.. ............... 3.7 5.8 6.2 7.8 7.7 7.7 6.5 13.7 8.5 2.3 10.8 9. 1 14.4 6.8 72 73 Less net security credit.............. -.2 .3 — .2 2.2 2.5 3.1 3.5 -3.0 2.7 2.9 2.8 -3.1 -7.5 73 Note.—Quarterly data are seasonally adjusted totals at annual rates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 1969 n FLOW OF FUNDS A 71 PRINCIPAL FINANCIAL TRANSACTIONS (Tn billions of dollars) Year totals 1967 1968 1969 Transaction category, or sector 1964 1965 1966 1967 1968 II III IV I II III IV I II 1. Demand deposits and currency I Net incr. in banking system liability. 7.4 7. 2.6 14.' 13.2 -.9 29.4 21.8 -8.7 l.C 34.8 25.8 -3.0 -.6 1 2 U.S. Govt, deposits......................... -1 d) -.4 1 J -1.3 -14.5 13.4 6.’ -7.' -15.C 25.5 -8. ’ -2/ -8.5 2 3 Other.............................................. 7.3 8. 3.0 13. i 14 14.C 16 C 15.( -1.3 15.S 9.4 33.9 - .3 8.0 3 4 Domestic sectors...................... 6.8 8. 3.3 12 ' 14 8 11.* 15.* 11. ‘ -. 3 14.8 11.2 33.( 1.7 8.0 4 5 Households............................ 6.4 7. 1.9 12 15.9 14 2 ■ 7 3 14. ‘ 1.7 12. 27.C 22.2 -l.C 2.2 5 6 Nonfinancial business.......... -2.1 -1, .7 -1.5 1 2 -3 9 4.2 -2. 3.3 5. -9.2 5.5 1.7 6.4 6 7 State and local govts............ 1.2 .8 .3 6 ♦ 1.0 -2.9 ,4 .7 - . 8 1.9 1.7 1.3 7 8 Financial sectors.. ............... .3 .4 , 7 1 2 ,9 ,4 .4 - .4 1.4 2.6 1.2 - .8 1.3 8 9 Mail float................................. .9 2. — .5 . 8 4 1 2.6 2. -5.3 -4.9 -8.4 2.8 -3.2 9 10 Rest of the world . ..................... .5 -.3 .8 -'a 2.4 .5 3.5 -1.0 1.2 -1.9 .3 -2.1 * 10 IL Time and savings accounts 1 I Net increase—Total............................ 30.4 33. ( 20.3 40.8 32.5 45.4 42.0 23.5 31.2 16.5 43.6 38.5 2.1 -9.6 11 12 At commercial banks—Total. . . 14.5 20.( 13.3 23.8 20. I 23.7 23.7 12.7 18.3 4.3 32.3 25.4 -12.0 -17.4 12 13 Corporate business.................... 3.2 3. — .7 4.1 2. 5 - .9 3.7 3.7 . 5 -3. 1 9.9 2.5 -12.0 -11.0 13 14 State and local govts.................. 1.7 2.4 1.3 2.4 2.6 3.4 .6 . 1 . 5 1.4 4.9 3.7 -7.6 -5.2 14 15 Foreign depositors..................... 1.4 . .8 1.3 — . 1 2.3 I. I . 8 - .7 -.4 1.0 -. 1 -. 1 -1.3 15 16 Households.................................. 8.2 13.3 11.9 15.8 14.9 17.9 18.7 8.5 17.6 6.2 16.4 19.2 7.6 —. 1 16 17 At savings instutittons................... 15.9 13.C 7.1 17.0 12.4 21.7 18.3 10.7 12.9 12.3 11.3 13.2 14.2 7.9 17 18 Memo: Households total.................. 23.9 26.5 19.2 32.4 27.6 38.6 36.7 19.2 30.8 18.2 28.2 33.0 22.1 7.4 18 III. U.S. Govt, securities 19 Total net issues.................................... 7.1 3.6 6.3 12.7 15.7 -21.3 34.7 29.2 28.2 13.8 31.9 -11.4 10.1 -13.0 19 20 Short-term marketable................... 4.0 3.5 2.2 6.4 1 6 — 35.7 30.9 20.7 18.1 -1.3 2.9 -13.4 7.0 -1.7 20 21 Other................................................. 3,0 . 2 4.1 6.2 14. 1 14.5 3.9 8.5 10. 1 15.1 29.0 2.0 3. 1 — 11.3 21 22 Net acquisitions, by sector................ 7,1 3.6 6.3 12.7 15.7 -21.3 34.7 29.2 28.3 13.8 31.9 -11.4 10.2 — 13.0 22 23 Federal Reserve System................ 3.5 3.7 3.5 4.8 3 8 2.8 3.6 6.9 4.5 6.4 7.6 -3.1 .2 2.7 23 24 Short-term............................ .. , 2.1 3.7 5.4 1.9 -6.6 -4.2 2.3 9/3 1.8 -5.7 -12.3 -10.4 -9.6 11.4 24 25 Commercial banks......................... ,4 — 2.3 - 3.5 8.8 2.8 - . 3 23.6 -5.9 4.7 -4.6 13.7 — 2.4 -8.4 -13.1 25 26 Short-term marketable.............. 3.9 — 1.7 -4.5 4.6 1 4 -7.2 18.3 — 2.7 2.8 3.1 5.3 -5.5 — 2.0 -7.5 26 27 Other direct................................. -4J — 1.4 1. 1 1.4 2.4 2.8 -5,2 1.0 -6.9 5.3 1.5 -6.1 -8,0 27 28 Nonguaranteed..................... .6 .8 2.8 1.2 4.4 2.5 2.1 .9 - .8 3.0 1.7 - .4 2.3 28 29 Nonbank finance............................ 2.0 - .8 ,9 1 8 -8.5 9.6 -1.4 8.3 2.3 4.1 -7. 5 4.2 29 30 Short-term marketable.............. 1.2 - .4 1.5 1 .0 17 10.7 10.6 — 4 6.7 1.8 4.9 — 6.6 1.8 1.6 30 31 Other direct................................. .5 - .7 - 1.0 -1.5 — .6 .9 - .7 -1. 1 -. 5 - . I - 1.7 i -3.7 2.0 31 32 Nonguaranteed........................... .3 . 3 .4 .7 1.4 - .3 2.1 .6 1.0 — .8 1.9 .7 32 33 Foreign............................................. .5 - . | -2.6 2.1 5 1.9 -1.4 5.2 - .7 -3.7 . 1 2.5 -3.5 -1.7 33 34 Short-term.................................... .1 - .4 — .8 I .6 — 2 5 .7 -2.1 4.8 -1.8 -6.8 -1.5 .2 -3.6 -.3 34 35 Pvt. domestic nonfinan. sector.. . .8 3. 1 8.0 -3.0 7.7 -17.2 -.8 24,4 11.4 13.5 6.4 -.9 21.9 -5.1 35 36 Short-term marketable.............. -3.2 2.4 ,7 -2.7 7.6 —14.4 1.8 9,7 8.6 6.3 6.5 8.9 20.4 -6.8 36 37 Other direct................................ 2.8 — 1.2 2.2 -1 .6 -4. 1 -3.0 -1.8 8. i . | -1.8 -2.5 - 12.4 -2.7 -4.5 37 38 Nonguaranteed........................... ,4 1.3 4.6 .4 3.8 -.9 -1.5 5.6 2.5 8.7 1.6 2.4 4.7 6.6 38 39 Savings bonds—Households. . . .9 .6 .6 .9 .4 t.l .7 .9 .2 .3 .8 .2 -.5 -.4 39 IV. Other securities 40 Total net issues, by sector................... 14.6 16.2 18.7 29.6 25.5 28.1 31.4 30.8 24.5 21.1 26.4 29.9 27.6 27.6 40 41 State and local govts...................... 5.9 7.3 6.0 10.1 11 1 11.5 7.5 11.2 9.3 6.3 14.3 14.6 9.9 8.8 41 42 Nonfinancial corporations............. 5.4 5.4 1 1 4 17 4 12. 1 15.8 21 4 18.1 12.8 12.8 10.3 12.4 14.8 14.8 42 43 Commercial banks......................... .6 . 8 . 1 .2 .3 , ( .7 .2 . 2 . 5 .4 43 44 Finance companies......................... 2.1 1 .9 .8 .6 7 - 3 1.0 . 1 .9 .8 .6 7 1.0 2.3 44 45 Rest of the world........................... .7 .8 5 1 .3 1'3 I .0 1.6 1.4 1. 5 . 5 1.0 2 1 1. 5 1.2 45 46 Net purchases....................................... 14.6 16 2 18.7 29.6 25.5 28.1 31.4 30.8 24.5 21.1 26.4 29 9 27.6 27.6 46 47 Households......................... 1.5 . 1 3.0 -2.8 -2 4 -6.8 - 1.2 1,0 8.7 . 1 -12.9 — 5.7 13.5 5.9 47 48 Nonfinancial corporations............. .2 .7 .8 .7 . 1 .7 .8 .7 1 . 1 .2 . 1 .3 .2 48 49 State and local govts... ................. 2.8 2.8 4 1 6.0 4 1 6 9 4.8 5.5 4.0 3.7 4.7 4 1 7.3 8.0 49 50 Commercial banks......................... 3.7 5.0 2.4 9.8 8.4 14 5 4.8 10.3 5.0 4.0 12. 5 11.9 - .9 -2.4 50 51 Insurance and pension funds........ 7.5 9.5 9.5 13.5 15.0 II.0 14.6 14.4 14.3 14.2 14.0 17.4 13.4 12.9 51 52 Finance n.e.c.................................... — .8 — 1.7 -2.2 - .9 — 3.2 -2.6 2.4 -1.6 -10. 1 -4.2 4.3 — 3.0 -10.9 2.7 52 53 Security brokers and dealers.. . -.1 . i .1 -.4 -2.8 2.7 2.6 -1.7 -5.6 8.2 -2.5 -3.3 5.2 53 54 Investment cos., net................... - .8 — 1.5 -2.4 -1.1 — 2 8 - .3 -4.2 -8.4 1.5 -3.9 — . 5 -7.6 -2.5 54 55 Portfolio purchases................ 1.1 1.6 1.3 1.6 1.9 1.3 3. I — 1.1 — 1.4 3.4 1.4 4.2 - .6 . 1 55 56 Net issues of own shares.... 1.9 3.1 3.7 2.6 4.7 1.2 3.4 3.1 6.9 2.0 5.3 4.8 7.0 2.7 56 57 Rest of the world........................... -.1 - .4 .9 1.0 2.0 1.3 2.2 * .7 1.9 2.1 3.2 3.9 .......... 57 V. Mortgages 58 Total net lending................................. 25.3 25-5 19.6 21.9 25.8 19.0 24.8 26.3 25.5 259 24.0 28.0 28.0 26.8 58 59 I- to 4-family......................... 15.4 16 1 10.0 12.5 15.5 9.7 15.0 16 0 15 9 15 1 14.2 16 8 17.1 16.9 59 60 In process.................................... — .3 — .9 1.0 .2 1.4 1.3 .9 . 1 .6 .8 .3 60 61 Disbursed.................................... 15.7 16.2 1 1.0 115 1 5 4 8 3 13.7 15.1 15.8 15.1 14. 3 16 3 16.3 16.6 61 52 Other.......................................... 10.0 9.4 9.6 9.4 10.3 9.3 9.8 10.4 9.6 10.8 9.7 11.2 10.9 9.9 62 63 Net acquisitions................................... 25.3 25.5 19.6 21.9 25.8 19 0 24.8 26.3 25.5 25.9 24.0 28.0 28.0 26.8 63 64 Households..................................... — .2 - .9 -.4 - .6 -1.7 — .4 .2 1.2 .4 - .2 — 1.6 -. I ,8 64 65 U.S. Government..................... .2 1 .0 3.4 2.7 3.3 1.6 3.1 3.7 4.4 4.3 2.4 2.2 2.9 3.6 65 66 Commercial banks......................... 4.5 5.6 4.6 4.6 6 6 3.5 6.0 6.7 6.6 6.5 5.9 7.6 8.1 6.2 66 57 Savings institutions........................ 14.8 13.1 6.6 10 8 12 2 10 3 13.1 12.9 10.6 11.7 12.0 14.4 13.2 13.8 67 58 Insurance......................................... 5.1 5.5 5. 1 3.1 2.5 2.9 2.0 2.3 2. 3 2.0 2.7 2.9 2.2 2.0 68 59 Mortgage companies...................... .4 .5 -.6 .4 .6 1.3 -.2 . 1 -.3 .4 .4 1.7 1.0 -.4 69 VI. Bank loans n.e.c. 70 Total net borrowing............................ 8.7 16 4 8.2 6.5 14.1 7.7 6.7 9.8 4.0 11.1 15.0 26.3 15.7 11.2 70 71 Nonfinancial business................. . 5.1 12.2 9.9 7.4 9. 1 11 0 2 0 10.8 4.0 7.6 6.8 18.1 13.1 7,8 71 72 Nonbank finance............................ .5 2.4 -1.4 -2 4 2.1 — 3 3 2.1 — 4.0 — 1.0 1.4 3.2 4.7 1.4 1.8 72 73 Households...................................... 1.4 1.3 —. i 1 7 3.2 .7 1.7 3.5 1.4 2.2 5.3 4.0 1.4 1.1 73 74 Rest of the world........................... .4 -.2 - .3 -.8 .8 -.5 -.4 -.1 -.3 -.5 - .2 .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 □ OCTOBER 1969 1. U.S. BALANCE OF PAYMENTS (In millions of dollars) 1968 1969 Item 1966 1967 1968 ' r ip in* IV' I IP' Transactions other than changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets—Seasonally adjusted Exports of goods and services—Total1....................... 43,360 46,188 50,594 11,934 12,668 13,344 12,653 11,913 14,184 Merchandise............................................................... 29,389 30,681 33,598 7,941 8,395 8,879 8,383 7,469 9,588 Military sales.............................................................. 829 1,240 1 ,427 305 353 406 364 418 331 Transportation.......................................................... 2,608 2,775 2,924 717 731 757 720 618 801 Travel........................................................................ 1,590 1 ,646 1,770 440 424 450 456 503 515 Investment income receipts, private........................ 5,659 6,234 6,934 1,562 1,768 1,828 1,777 1 ,886 1,899 Investment income receipts, Govt........................... 593 638 765 209 205 212 140 234 236 Other services............................................................ 2,693 2,973 3,177 760 792 812 813 785 814 Imports of goods and services—Total......................... -38,081 -41,011 -48,078 -11,463 -11,827 -12,435 -12,352 -11,550 -13,901 Merchandise............................................................... -25,463 -26,821 -32,972 -7,817 -8,131 -8,566 -8,458 -7,572 -9,595 Military expenditures................................................ -3,764 -4,378 -4,530 -1,102 -1,116 -1,143 -1,169 -1,204 -1,217 Transportation............................................................ -2,922 -2,990 -3,248 -785 -786 -841 -836 -742 -848 Travel........................................................................... -2,657 -3,195 -3,022 -763 -732 -792 -735 -810 -830 Investment income payments................................... -2, 142 -2,362 -2,933 -671 -742 -770 -749 -892 -1,078 Other services............................................................. -1,133 -1,266 -1 ,374 -325 -320 -323 -405 -330 -333 Balance on goods and services1.................................... 5,279 5,177 2,516 471 841 909 301 363 283 Remittances and pensions.............................................. -923 -1,196 -1,159 -276 -274 -325 -285 -271 -286 1. Balance on goods, services, remittances and pensions................................................................... 4,356 3,981 1,357 195 567 584 16 92 -3 2. U.S. Govt, grants and capital flow, net................... -3,444 -4,224 -3,955 -1,097 -1,055 -968 -835 -793 -1,103 Grants, 2 loans, and net change in foreign currency holdings, and short-term claims........... -4,676 -5,227 -5,347 -1,426 -1,365 -1,301 -1,254 -1,118 -1,449 Scheduled repayments on U.S. Govt, loans. . . 803 997 1,123 287 307 278 250 281 312 Nonscheduled repayments and selloffs.............. 429 6 269 42 3 55 169 44 34 3. U.S. private capital flow, net.................................. -4,310 -5,65? -5,157 -806 -1,537 -1,868 -947 -1,345 -1,971 Direct investments................................................. -3,639 -3,154 -3,025 -472 -1,009 -1,262 -283 -928 -1,101 Foreign securities................................................... -481 -1,266 -1,266 -311 -164 -337 -455 -323 -426 Other long-term claims: Reported by banks........................................... 337 255 358 140 49 165 4 133 28 Reported by others........................................... - 112 -281 -174 34 -32 -57 -119 -66 -27 Short-term claims: Reported by banks............................................ -84 -730 -89 96 194 -255 -124 -55 -510 Reported by others........................................... -331 -479 -960 -293 -575 -122 30 -106 65 4. Foreign capital flow, net, excluding change in liquid assets in U.S............................................ 2,532 3,360 8,565 1,555 2,517 1,805 2,688 1,633 203 Long-term investments......................................... 2,156 2,411 5,942 1,300 1 ,461 1,267 1 ,915 1 ,708 256 Short-term claims.................................................. 296 499 750 43 269 236 202 -76 32 Nonliquid claims on U.S. Govt, associated with— Military contracts.............................................. 346 64 -137 -28 6 -141 27 -80 58 U.S. Govt, grants and capital......................... -205 -84 2 -5 15 -6 -2 -4 Other specific transactions............................... -12 1 -3 -27 -6 41 -10 -10 28 Other nonconvertible, nonmarketable, medium-term U.S. Govt, securities 3.................. -49 469 2,010 273 772 409 556 95 -171 5. Errors and unrecorded transactions......................... -489 -1,007 -642 -410 -480 309 -60 -1,239 -838 Balances A. Balance on liquidity basis Seasonally adjusted (— 1 + 2+3 + 44-5)............ -1,357 -3,544 168 -564 9 ‘ -139 862 -1,653 -3,711 Less: Net seasonal adjustments........................ -297 -96 269 124 395 -64 Before seasonal adjustment.................................. -1,357 -3,544 168 -267 105 -408 738 -1,258 -3,647 B. Balance on basis of official reserve transactions Balance A, seasonally adjusted........................... -1,357 -3,544 168 -564 9 -139 862 -1,653 -3,711 Plus: Seasonally adjusted change in liquid assets in the U.S. of— Commercial banks abroad............................. 2,697 1 ,272 3,382 457 2,297 702 -74 2,944 4,653 Other-private residents of foreign countries.. 212 414 374 4 103 44 223 -23 -147 International and regional organizations other than IMF............................................. -525 -214 55 79 -86 19 43 -88 82 Less: Change in certain nonliquid liabilities to foreign central banks and govts................ 76! 1 ,346 2,34! 35S 770 529 687 37 -366 Balance B, seasonally adjusted............................ 266 -3,418 1,638 -379 1,553 97 367 1,143 1,243 Less: Net seasonal adjustments......................... -470 3 25 442 -567 29 Before seasonal adjustment.................................. 266 -3,418 1,638 91 1,550 72 -75 1,710 1,214 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 1969 □ U.S. BALANCE OF PAYMENTS AND FOREIGN TRADE A 73 1. U.S. BALANCE OF PAYMENTS—Continued (In millions of dollars) 1968 1969 Item 1966 1967 1968’’ Ir IIr „r ,v. I IP Transactions by which balances were settled—Not seasonally adjusted A. To settle balance on liquidity basis......................... 1,357 3,544 -168 267 -105 408 -738 1,258 3,647 Change in U.S. official reserve assets (in­ crease, —)...................................................... 568 52 -880 904 -137 -571 -1,076 -48 -299 Gold................................................................... 57! 1,170 1 ,173 1 ,362 22 -74 -137 56 -317 Convertible currencies.................................... -540 - 1,024 -1,183 -401 267 -474 -575 -73 246 IMF gold tranche position............................. 537 -94 -870 -57 -426 -23 -364 -31 -228 Change in liquid liabilities to all foreign accounts 789 3,492 7/2 -637 32 979 338 1,306 3,946 Foreign central banks and govts.: Convertible nonmarketable U.S. Govt. securities4.........-..9...4..5................4..5..5..............-10 100 -49 -61 -25 -10 Marketable U.S. Govt, bonds and notes4. -245 48 -379 -359 8 -26 -2 -3 * Deposits, short-term U.S. Govt, securi­ ties, etc.........-.5..8...2............1. .,.4..9...5........-..2..,.7..07 -1,107 -2,187 37 550 - 1,680 -543 IMF (gold deposits)......................................... 177 22 -3 8 -11 1 — 3 Commercial banks abroad............................. 2,697 1,272 3,382 638 2,205 954 — 415 3,124 4,567 Other private residents of foreign countries. 212 414 374 4 103 44 223 -23 -147 International and regional organizations other than IMF......................................... -525 -214 55 79 -86 19 43 -88 82 B. Official reserve transactions.................................... -266 3,418 -1,638 -91 -1,550 -72 75 -1,710 -1,214 Change in U.S. official reserve assets (in­ crease, —)...................................................... 568 52 -880 904 -137 -571 -1,076 -48 -299 Change in liquid liabilities to foreign central banks and govts, and IMF (see detail above under A.)....................................................... -1,595 2,020 -3,099 -1,358 -2,190 -38 487 -1,707 -556 Change in certain nonliquid liabilities to foreign central banks and govts.: Of U.S private organizations.................... 793 894 535 116 150 131 138 -43 -187 Of U.S. Govt................................................ -32 452 1 ,806 247 627 406 526 88 -172 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 } Includes certificates sold abroad by Export-Import Bank. add to totals because of rounding. 4 With original maturities over 1 year. 2. MERCHANDISE EXPORTS AND IMPORTS (In millions of dollars seasonally adjusted) Exports 1 Imports 2 Export surplus Period 1966 1967 1968 1969 1966 1967 1968 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 32^55 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 3172 2.216 2; 245 2,725 3 066 253 357 133 106 Aug..................... 2,460 2,566 32,950 3,385 2,137 2,145 2,872 3 180 324 421 78 205 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: r 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 J 77 471 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 i 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 □ OCTOBER 1969 3. U.S. NET MONETARY GOLD TRANSACTIONS WITH FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (Net sales (—) or net acquisitions; in millions of dollars at $33 per fine troy ounce) 1968 1969 Area and country 1960 1961 1962 1963 1964 1965 1966 1967 1968 II III IV 1 II Western Europe: Austria............................ -1 -143 -82 -55 -100 -25 Belgium................................ -141 -144 -63 -40 -83 -58 -33 France................................... -173 -456 -518 -405 -884 -601 600 220 240 140 50 275 Germany, Fed. Rep. of... -34 -23 -225 Ireland.................................. -1 -2 -2 -2 -52 -32 -11 3 Italy........................ 100 200 -80 -60 -85 -209 -25 -76 Netherlands........................ -249 -25 -60 -35 -19 30 Spain..................................... -114 -156 -146 -130 -32 -180 Switzerland.......................... -324 -125 102 -81 -50 -2 -30 -50 -25 -25 United Kingdom................ -550 -306 -387 329 618 150 80 -879 -835 50 15 Bank for Inti Settlements. -36 -23 Other.............................. -96 -53 -12 1 -6 -35 -49 16 -47 -22 -16 -8 -1 U7 Total............................. -1,718 -754 -1,105 -399 -88 -1,299 -659 -980 -669 163 213 150 -52 292 Canada..................................... 190 200 150 50 Latin American republics: Argentina............................. -50 -90 85 -30 -39 -I -25 -5 -15 -5 Brazil.................................... -2 -2 57 72 54 25 -3 -1 * * Colombia............................. -6 38 10 29 7 Venezuela............................ -25 Other.................................... -42 -17 -5 -11 -9 -13 -6 11 -40 -7 -3 -3 -7 -5 Total................... -100 -109 175 32 56 17 -41 9 -65 -12 -18 -8 -7 -7 Asia: Iraq.................... -30 -10 -4 -21 -42 -28 Japan.................................... -15 -56 Lebanon............................... -21 -32 -11 -11 -1 -95 -21 Malaysia................ -1 -34 -24 Saudi Arabia...................... -11 -48 -13 -50 -25 -25 Singapore............................. -81 -23 -28 11 Other............................ -57 -32 -47 12 14 -14 -15 -22 -65 -26 -18 -6 5 16 Total....................... . -113 -101 -93 12 3 -24 -86 — 44 -366 -146 -7! -6 5 28 A11 other................................... -38 -6 -1 -36 -7 -16 -22 2-166 2-68 -16 2-51 -1 -2 1 Total foreign countries...... -1,969 -970 -833 -392 -36 -1,322 -608 -1,031 -1,118 -10 73 136 -57 316 Inti. Monetary Fund 3...... 4 300 150 5-225 177 22 -3 -11 1 Grand total................. -1,669 -820 -833 -392 -36 -1,547 -431 -I ,009 -1,121 -22 73 136 -56 317 1 Includes purchase from Denmark of $25 million. 4 IMF sold to the United States a total of $800 million of gold ($200 2 Includes sales to Algeria of $150 million in 1967 and $50 million in million in 1956, and $300 million in 1959 and in 1960) with the right of 1968 repurchase; proceeds from these sales invested by IMF in U.S. Govt. 3 Includes IMF gold sales to the United States, gold deposits by the securities. IMF (see note 1 (b) to Table 4), and withdrawal of deposits. The first s Payment to the IMF of $259 million increase in U.S. gold subscription, withdrawal, amounting to $17 million, was made in June 1968. less gold deposits by the IMF. Notes to Table 5 on opposite page: 1 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 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 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) End of year r T a e s s o s e t e r a v ts l e To G ta o l ld 2 sto T c re k a s 1 ury cu v fo C r e r r r e o e ti n i n b g c ­ l n e ie s p R I o M e s s in i e F t r io v 3 e n End of month r a T e s s o s e t e r a t v s l e To G ta o l l 2 d sto T c re k a 1 sury v c fo c C e u i r e r r e o t r s i e i n b g n ­ 5 l n e ­ p R I o M e s s in i F e t i r o v 3 n e 1956......................... 23,666 22,058 21 ,949 1 ,608 1968—Sept.......1..4..,.6..34 10,755 10,367 2,953 926 1957 ......................... 24,832 22,857 22,781 1 ,975 Oct............... 14,427 10,788 10,367 2,703 936 1958......................... 22,540 20,582 20,534 1,958 Nov............. 15,660 10,89.7 10,367 3,655 1,108 1959 ......................... 21,504 19,507 19,456 1,997 Dec.......1..5..,.7.10 10,892 10,367 3,528 1 ,290 1960......................... 19,359 17,804 17,767 1,555 1969—Jan.......1..5..,.4..5.4 10,828 10,367 3,338 1,288 1961......................... 18,753 16,947 16,889 116 1,690 Feb.............. 15,499 10,801 10,367 3,399 1,299 1962......................... 17,220 16,057 15,978 99 1,064 Mar............. 15,758 10,836 10,367 3,601 1 ,321 1963 ......................... 16,843 15,596 15,513 212 1,035 Apr.............. 15,948 10,936 10,367 3,624 I ,388 1964......................... 16,672 15,471 15,388 432 769 May............ 16,070 11,153 10,367 3,474 1 ,443 1965......................... 15,450 4 13,806 413,733 781 4 863 June............ 16,057 11,153 10,367 3,355 1 ,549 July............. 15,936 11,144 10,367 3,166 1 ,626 1966......................... 14,882 13,235 13,159 1,321 326 Aug............. 16,195 11,154 10,367 3,399 1 ,642 1967......................... 14,830 12,065 11,982 2,345 420 Sept.......1..6..,.7.43 11,164 10,367 3,797 I ,782 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 T o r t a h n e s r a c c o ti u o n n t s ri e b s y reserve position Period with IMF P s t u d a io b y o n o m s ll s c a f e r r i n i s n p t s ­ by s g N I a o M l e e ld t s F i T t c f i r o c o u a i r n r e n e r s s s e ig a n i 2 n n c ­ ­ I i M d n o c F i o l n la m n rs e e t D d ra o w o lla f in rs gs R d m o e e l i p n l n a a t r y s s ­ c T ha o n ta g l e Amount P q e U u r o . o S c f t e . a nt p i ( e n e r n i I d o M d o F ) f 3 [946—1957.............................. 2,063 4 594 -45 -2,664 827 775 775 28 1,975 1958—1963.............................. 1 ,031 150 60 -11666 2 740 2,315 3 090 75 1 '035 1964—1966.............................. '776 1,640 45 -723 ’ $ 1 744 4 834 94 3326 1967........................................... 20 -114 — 94 4,740 92 420 1968.......................................... -84 20 -806 — 870 3'870 75 1,290 1968—Sept............................... 3 3 4 234 82 926 Oct............................... 2 -12 -10 4,224 82 936 Nov........................ -125 -I -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 ’32I Apr................................ 1 -68 -67 3'772 73 1 ’.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 Aug,............................ -36 20 -16 3*518 68 1,642 Sept............................... 17 .................. 3 -282 122 -140 3,378 65 1 ,782 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 76 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ OCTOBER 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 5 Official institutions 3 Banks and other foreigners Non­ pe E o r n i f o d d Total Total p G o d s o e i l ­ t d 1 m in G v e o e n l s t d t ­ 2 Total i i p n t S b l i t i e o a e a h b s r U n r b o y t m e k . r i r S l s t d e ­ ­ . ­ M n b G o U a a o a t o b n n e . r S v l k d d s e t . e s , 4 t ­ c m T o b a U r i a o n u a b e b n . n v r r l a S l y e k d e d e s . e s r ­ t t ­ ­ Total i i p n t S b l i i t o e a a e h b s r U n b r o t y m e k . r i r S l s d t e ­ ­ . ­ M n b G o a U a a o t o b n n e r .S k v l d d s e t e . s , 4 t ­ Total i i n p t S b l i i e t o a a e h U b s r n b r o y t m . e k r i r S l s d e t ­ ­ ­ / M n b G o U a a o a t o b n n e . r S v l k d d s e t . e s , 4 t­ notes (957.......... 7I5,825 200 200 n.a. 7,917 n.a. n.a. 5,724 n.a. n.a. 542 1 958............ 716^845 200 200 n.a. 8,665 n.a, n.a. 5,950 n.a. n.a. 552 1959 . 19,428 500 500 10,120 9'154 966 7,618 7’,077 541 1,190 530 660 1960 8.......... 1 (2 2 1 0 , 0 9 2 9 7 4 8 8 0 0 0 0 .............. 8 8 0 0 0 0 1 1 1 1 , 3 0 7 8 8 8 1 1 0 0 , , 2 2 1 1 2 2 8 8 6 7 6 6 7 7 , 3 5 9 9 1 8 7 7 , 3 0 4 4 8 8 5 5 4 5 3 0 1 I , , 5 54 2 1 5 7 7 5 5 0 0 7 79 7 1 5 19618.......... (22,853 800 .............. 800 11,830 10340 8 8 9 9 0 0 8 R ,2 3 7 5 5 7 7 7 ,7 8 5 41 9 5 5 1 1 6 6 1 1 3 9 4 4 8 0 703 1,245 1962 8.......... 124^068 800 .............. 800 12^748 11,997 751 8 8 3 7 5 5 9 9 7311 448 2J6I 1,250 911 19638.......... /26.361 800 .............. 800 1 14 4 3 3 8 5 7 3 12,467 1 1 ,2 1 1 8 7 3 ’ '7 7 0 0 3 3 9 9 3 2 1 0 4 4 8 8 ,8 8 6 6 3 3 3 14 5 1 r 1 1 3 ^ 6 6 0 5 8 8 0 0 8 8 1 1 ,1 1 5 S 2 T 19648.......... /28 351 800 .............. 800 1 1 5 5 ,4 4 2 2 8 4 13,224 1 1 J 1 2 2 5 5 I 1 ,0 0 7 7 9 9 I 1 I 1 3 6 05 1 6 1 10 0 ,6 6 2 R 5 0 3 1 7 7 6 6 1 1 ,7 7 2 2 2 2 8 8 1 1 8 8 904 1965............ 29,115 834 34 800 15 372 13,066 1,105 1 301 11 378 1 1 ,006 472 1,431 679 752 (29 304 1,011 211 800 13 300 12,484 860 ’256 14,387 13,859 528 ’906 581 325 129,779 1 ,011 21 1 800 13,655 12,539 860 256 14,208 13,680 528 905 580 325 (33,271 1,033 233 800 15,653 14,034 908 711 15,894 15,336 558 691 487 204 (33,119 1 ,033 233 800 15,646 14.027 908 711 15,763 15,205 558 677 473 204 1968-Julyr.. 33,064 1 ,030 230 800 12,608 11,239 557 812 18,667 18,040 627 759 599 160 Aug.r. 33,525 1 ,030 230 800 12,437 11,155 520 762 19,302 18,666 636 756 596 160 Sept.r. 33,507 1,030 230 800 12,063 10,770 531 762 19,725 19,099 626 689 613 76 Oct.r.. 33,949 1 ,030 230 800 12,137 10,844 531 762 20,018 19398 620 764 696 68 Nov,'. 35,510 1,030 230 800 13,689 12398 529 762 20,030 19,406 624 761 693 68 (33,831 1 ,030 230 800 12,550 11 ,320 529 701 19,519 18,910 609 732 690 42 Dec. 9 133,617 1,030 230 800 12,483 (1,320 462 701 19,375 18,910 465 729 690 39 1969-Jan.. . 33,605 1 ,031 231 800 10,729 9,566 462 701 21 ,167 20,673 494 678 638 40 Feb.. . 34,273 1,031 231 800 10,780 9,645 459 676 21 ,817 21 ,315 502 645 607 38 Mar.r 34,938 1.031 231 800 10,775 9,640 459 676 22,491 21,996 495 641 603 38 Apr.r. 36,053 1,033 233 800 10,940 9,766 459 715 23,400 22,903 497 680 641 39 May r. 37,627 1,033 233 800 12,430 11,306 459 665 23,432 22,959 473 732 684 48 June.. 39,023 1,028 228 800 10,233 9,108 459 666 27,046 26,590 456 716 668 48 JulyP. 40,123 1,028 228 800 9,956 8,756 450 750 28,406 27,925 481 733 684 49 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 s 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

OCTOBER 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 e n t t i a g ri l n e s E W u e ro st p e e rn 1 Canada A re m L p e u a r b t i i c n lic 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 3,145 249 253 1968—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 J 96 2,963 293 211 Oct....................................................................... 12'137 6,854 416 1 ,262 3,121 271 213 Nov.................................................................................. 13^689 8,097 574 l'357 3,161 271 229 Dec. J............................................................................... ( r 1 1 2 2 , , 4 5 8 5 3 0 7 7 , , 0 0 0 0 1 9 5 5 3 3 3 2 1 1 , , 3 35 5 4 4 3 3 , , 1 1 6 23 9 2 24 5 8 9 2 22 2 5 6 1969—Jan................................................................................... 10,729 5,437 564 1 350 2,931 250 197 Feb................................................................................... 10*780 5 ,252 512 1 ,413 3,071 262 270 Mar................................................................................. 10,775 5,(91 466 i ’373 3,208 246 291 Apr.................................................................................. 10^940 5,523 446 1,445 2,954 264 308 May............................................................................... 12 430 7,288 403 1'281 2,907 235 316 June.................................................................. 10 233 5’298 461 1 '243 2'727 232 272 July*............................................................................... 9,956 5,112 426 I ;291 2,611 238 278 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. J 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 Dem D an e d pos T it i s me 2 b T c i r l c l e U e s a a r . t t S s e i a f u s . i n ­ r d y O s h t h e a th o r b m e r . t r 3 ­ P f r o e a c n r y i u e n c a r i i g b e ­ n l s e i m n g v e o e n l s d t t ­ 4 Total Demand Time2 b T c i r l c l e e U s a a r . t t S s e i a f s u . i n ­ r d y s l O t i e h a t r o b h m r e . t 3 r ­ 1966......................................... 27,599 27,010 9,884 5 ,869 7,547 3,710 589 800 580 56 139 212 173 1967 <s ( ( 3 3 0 0 , , 5 6 0 5 5 7 3 3 0 0 , , 4 2 2 7 8 6 1 1 1 1 , , 5 7 7 4 7 7 5 5 , , 7 7 7 8 5 0 9 9 , 3 1 7 73 3 3 3 , , 7 72 5 7 0 2 2 2 29 9 8 8 0 0 0 0 4 4 7 8 3 7 6 6 7 7 1 12 2 0 4 1 17 7 8 8 1 10 1 7 8 1968--Aug.r................ 31,217 30,710 14,441 5 ,523 6,252 4,494 507 800 596 53 138 265 139 Sept.r................ 31.282 30,723 14^483 5 ^546 6,188 4'506 559 800 613 78 131 290 114 Oct.r.......... 31,738 31,187 14,887 5 ’ 494 6,405 4301 551 800 696 56 123 404 113 Nov.r, ........... 33,297 32,726 14,979 5 338 7,843 4366 571 800 693 44 110 428 110 Dec.................... 31,720 31 ,084 14,381 5 394 6'797 4312 636 800 690 68 120 394 108 1969—-Jan..................... 31,677 31 ,172 15,658 5,499 5,422 4,593 505 800 638 59 100 361 118 Feb.................... 32,367 31 ,810 16’020 5 '577 5 386 4,727 557 800 607 62 96 307 143 Mar. .............. 039 32,465 16'225 5 307 5^376 5,257 574 800 603 69 98 211 225 Apr,r................. 34,110 33 ,525 16'719 5'622 5,706 5,478 585 800 641 63 85 225 267 Mayr. ............ . 35'749 35,183 16’601 5'623 7 372 5,687 566 800 684 58 82 236 308 June.................. 37,166 36565 20,143 5^684 4,974 5364 601 800 668 75 74 214 304 July’’.................. 38,165 37,720 21 ’095 5,614 5'070 5.941 445 800 684 59 78 227 319 Aug.”................ 39,590 39^35 21 J65 5361 5359 6,350 455 800 681 54 77 230 319 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. □ OCTOBER 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 Payable End of period Total Dema D nd eposi T ts ime2 T b c r il e U e ls a r . S s t a i u f . n i­ r d y s O l t i h e a t o h r b m r e . t 3 r ­ f r o e c r n i e u n c i r i g e ­ n s Total Dema D nd eposi T ts ime2 T b r i c l e U l e s a . r S s t a i u , f n i r ­ d y s O l t i h e a t o h r b m e r . t r 3 ­ cu P f r o a re r y i e a n n i b c g i l n e e s cates cates 1966......................... 26,219 9,829 5,730 6,535 3,537 589 12,539 1,679 2,668 6,316 1 ,359 517 1967'*.................... . I | 2 29 9 , , 2 3 3 7 2 0 1 1 1 I , , 5 6 1 8 0 0 5 5 , , 6 6 5 5 5 6 8 8 , , 1 1 9 9 5 5 3 3, , 6 6 4 1 3 0 2 2 2 29 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 I , , 3 3 8 7 1 8 1 1 5 5 2 2 1968—Aug.r.......... 29,821 14,388 5,384 5,187 4,355 507 11,155 2,152 2,102 5,021 I ,476 404 Sept,r,. .. . . 29,869 14,405 5,415 5,099 4,391 559 10,770 1 ,997 1 ,966 4,965 1 ,438 404 Oct.r........... 30,242 14,831 5,370 5,201 4,288 551 10,844 2,001 1 ,988 5,089 1 ,362 404 Nov. r.......... 31,804 14,935 5,329 6,615 4,355 571 12,398 2,253 1 ,910 6,494 1 ,337 404 Dec.............. 30,230 14,313 5,374 5,602 4,304 636 11,320 2,149 1 ,900 5,486 1,322 463 1969—Jan.............. 30,239 15,599 5,399 4,261 4,475 505 9,566 I .941 1 ,941 4,125 1 ,221 338 Feb.............. 30,960 15,958 5,481 4,379 4,584 557 9,645 1,844 1 ,929 4,265 1,219 388 Mar.r.......... 31,636 16,156 5,509 4,364 5,033 574 9,640 2,012 1 ,879 4,218 1 J43 388 Apr.r........... 32,669 16,656 5,536 4,681 5,212 585 9,766 1 ,869 1 ,898 4,531 1,080 388 Mayr 34,265 16,543 5,541 6,236 5,379 566 11,306 1 ,792 I ,988 6,092 1 ,046 388 June........... 35,698 20,068 5,610 3,960 5,460 601 9,108 2,037 1 ,982 3,819 882 388 July»’........... 36,681 21,036 5,536 4,043 5,622 445 8,756 1 ,892 1 ,868 3,872 892 232 Aug.P.......... 38,109 21,110 5,684 4,828 6,031 455 9,843 2,066 1 ,984 4,673 888 232 To banks8 To other foreigners To banks Payable in dollars and other foreigners: End of period Total payable in Total Dema D n e d posi T ts ime2 T b c r i c l e U e l a s a r . t s S t e a i u s f . n i­ r d y s O l t i h e a t o h r b m e r . t 3 r ­ Total Dema D n e d posi T ts ime2 T b c r il e c U e ls a a r . t S t s e a if u s . n i­ r d y s O l t i h e a t o h r b m r e . t 3 r ­ f r o e c r n e u c i r i g e ­ n s 1966............. 13,680 9,864 6,636 1 ,243 137 1,848 3,744 1,513 1 ,819 83 329 72 19676...................... j I 1 1 5 5 , , 2 3 0 3 5 6 1 1 1 1 , , 0 13 08 2 7 7 , , 9 7 3 6 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 12 2 7 0 1 1 , , 6 6 9 9 3 3 2 2 , , 0 0 5 5 2 4 8 8 1 1 3 2 0 9 2 2 7 7 7 7 1968—Aug.r.......... 18,666 14,437 10,654 1 ,214 85 2,484 4,126 1 ,581 2,069 81 395 103 Sept.r.......... 19,099 14,741 10,767 1 ,333 56 2,584 4,203 1 ,641 2,116 78 368 155 Oct.r........... 19,398 15,053 11,234 1 ,241 35 2,542 4,197 1,596 2,141 77 383 148 Nov.r...... 19,406 14,896 11,008 1 ,240 38 2,610 4,343 1 ,674 2,179 83 408 167 Dec 18,910 14,294 10,368 I ,275 30 2,621 4,443 1,796 2,199 86 362 173 1969—Jan............... 20,673 16,086 11,914 1 ,254 29 2,889 4,420 1 ,743 2,203 107 366 167 Feb.............. 21,315 16,754 12,345 1,367 41 3,001 4,391 1 ,770 2,185 73 362 170 Mar.r...... 21,996 17,419 12,393 1 ,470 42 3,514 4,390 1 ,751 2,160 104 374 187 Apr.r. 22,903 18,327 13,024 1 ,517 40 3,746 4,379 1 ,762 2,121 110 386 197 Mayr.......... 22,959 18,467 13,047 1 ,481 35 3,904 4,313 1 ,703 2,072 110 430 179 June............ 26,590 22,094 16,243 1 ,637 35 4,180 4,283 1 ,789 1 ,991 106 398 213 JulyP........... 27,925 23,576 17,464 1 ,739 54 4,319 4,136 t ,680 I ,928 116 412 213 Aug. p.......... 28,266 23,985 17,390 1 ,865 35 4,695 4,058 1,654 1 ,834 121 449 223 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 i 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 non-negotiable, 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 line are comparable in coverage Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 1969 o INTL. CAPITAL TRANSACTIONS OF THE U.S. A 79 9. SHORTTERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (End of period; in millions of dollars) 1967 1968 1969 Area and country Dec. Dec. Jan. Feb. Mar.r Apr.r Mayr June July” Aug.” Europe: Austria........................................................................... 231 162 136 144 155 159 116 132 192 178 Belgium-Luxembourg................................................ 632 313 337 331 310 350 337 490 485 438 Denmark....................................................................... 243 146 141 101 124 159 245 148 136 106 Finland......................................................................... 99 176 164 169 151 146 116 95 90 99 France........................................................................... 1 ,330 1 ,383 1 ,468 1 ,468 1 ,476 1 ,260 1,139 1 ,425 1,330 1 ,525 Germany....................................................................... 2,217 2,640 1 ,333 1,368 1 ,064 1 ,597 3,653 2,116 2,057 2; 677 Greece........................................................................... 170 183 195 178 170 190 176 165 199 201 Italy............................................................................... 1 ,948 729 629 601 633 669 628 697 754 782 Netherlands................................................................. 589 276 217 272 268 302 360 275 329 342 Norway.......................................................................... 449 448 317 322 336 334 289 257 235 264 Portugal......................................................................... 432 345 330 319 325 318 300 316 320 326 Spain.............................................................................. 150 158 136 148 146 163 146 158 167 155 Sweden.......................................................................... 492 453 453 391 419 391 319 276 210 261 Switzerland,................................................................ 1 ,732 2,155 2,050 1 ,816 2,154 1 ,960 1 ,783 1 ,852 1 ,543 1,605 Turkey.......................................................................... 33 29 33 33 30 28 36 28 23 20 United Kingdom......................................................... 4,667 6,133 7,961 8,455 8,868 9,657 9,682 12,378 13,373 13,301 Yugoslavia................................................................... 23 33 25 20 21 24 22 21 27 27 Other Western Europe 1............................................. 706 357 411 385 383 386 387 412 376 472 U.S.S.R......................................................................... 8 5 12 6 6 8 4 7 8 7 Other Eastern Europe............................................... 44 48 34 35 35 41 38 39 33 41 Total..................................................................... 16,194 16,170 16,385 16,561 17,074 18,140 19,775 21,287 21,887 22,826 Canada.............................................................................. 2,709 2,796 2,925 3,105 3,061 3,092 3,247 3,077 3,443 3,556 Latin America: Argentina..................................................................... 479 479 491 482 494 521 480 425 498 445 Brazil............................................................................. 237 257 247 256 265 291 314 292 304 293 Chile.............................................................................. 252 323 301 330 336 345 344 348 352 365 Colombia...................................................................... 166 249 222 241 229 223 229 229 223 252 Cuba.............................................................................. 9 8 8 7 8 8 8 8 8 11 Mexico........................................................................... 720 974 938 938 913 884 789 797 758 763 Panama......................................................................... 173 154 156 151 149 158 152 150 139 131 Peru................................................................................ 274 276 277 279 274 273 262 252 248 231 Uruguay........................................................................ 147 149 149 155 150 146 145 151 144 133 Venezuela..................................................................... 793 792 799 808 750 752 707 704 658 725 Other Latin American republics.............................. 523 611 582 585 602 617 588 574 549 543 Bahamas and Bermuda.............................................. 233 266 299 380 464 466 478 809 939 1 ,098 Netherlands Antilles and Surinam........................... 109 88 105 104 95 97 99 97 93 76 Other Latin America.................................................. 18 30 31 30 34 31 32 30 32 34 Total...................................................................... 4,134 4,657 4,605 4,745 4,763 4,813 4,627 4,866 4,945 5,100 Asia: China Mainland.......................................................... 36 38 37 37 38 38 38‘J 38 37 38 Hong Kong.................................................................. 217 270 269 256 262 253 257 237 220 220 India.............................................................................. 354 281 215 236 253 274 297 227 239 252 Indonesia.................................................................... 34 50 62 66 69 80 70 67 66 69 Israel.............................................................................. 125 219 190 154 154 144 158 152 146 134 Japan............................................................................. 2,612 3,319 3,248 3,382 3,546 3,417 3,441 3,435 3,373 3,490 Korea............................................................................. 176 171 155 150 132 129 138 143 151 157 Philippines.................................................................... 289 271 237 217 265 243 214 211 222 233 Taiwan........................................................................... 222 155 149 154 159 160 174 189 185 189 Thailand........................................................................ 616 556 559 577 563 554 544 535 526 566 Other.............................................................................. 859 628 576 564 557 547 509 503 492 529 Total...................................................................... 5,541 5,957 5,697 5,794 5,998 5,840 5,839 5,736 5,658 5,877 Africa: Congo (Kinshasa)....................................................... 33 12 12 13 9 19 14 12 16 50 Morocco....................................................................... 18 13 15 14 15 17 17 18 17 16 South Africa................................................................. 61 58 50 58 53 76 61 58 56 59 U. A. R. (Egypt)........................................................ 16 18 19 18 19 19 24 25 22 19 Other.............................................................................. 221 260 265 297 267 257 255 251 261 254 Total...................................................................... 349 361 360 400 364 389 371 364 372 398 Other countries: Australia........................................................................ 278 261 238 326 343 365 380 338 340 320 All other....................................................................... 27 28 28 29 34 30 27 30 35 30 Total...................................................................... 305 289 267 355 377 395 407 368 375 350 Total foreign countries................................................. 29,232 30,230 30,239 30,960 31,636 32,669 34,265 35,698 36,681 38,109 International and regional: International2.............................................................. 1 ,175 1,380 1 .320 1 ,295 I ,269 1 ,322 1 ,361 I ,318 I ,328 1,321 Latin American regional............................................ 70 78 83 80 96 87 90 113 118 116 Other regional3........................................................... 28 32 35 32 38 32 33 37 38 44 Total...................................................................... 1 ,273 1 ,490 1,438 1 ,407 1 ,403 1,441 1,484 I ,468 1 ,484 1,481 Grand total....................................................... 30,505 31,720 31,677 32,367 33,039 34,110 35,749 37,166 38,165 39,590 For notes see the following page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 80 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ OCTOBER 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 4 (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 Laos............................................... 3.6 4.0 3.1 4.0 I ux^mb^urg............. - - - - ■ 31.3 (5) (5) (5) Lebanon......................................... 113.3 97.2 78.3 81.9 Malaysia....................................... 63.9 52.1 51.8 40.9 Other Latin American republics: Pakistan...................................... 54.8 54.1 59.7 23.6 Bolivia......................................... 59.9 61 .0 66.0 Ryukyu Islands (inch'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 Oominjcan 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 Fl 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 1 3.6 15.7 17.7 Kenya............................................ 16.4 19.8 28.6 34.1 Trinidad & Tobago....................... 6.1 9.2 10.4 7.7 Liberia........................................... 24.9 26.4 25.2 27.8 Libya.............................................. 17.9 45.0 68.9 n.a. 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 n.a. Cambodia..................................... • 1 .9 2.7 2.4 2.0 Zambia........................................... 24.8 21.3 25,3 n.a. Ceylon............................................. 5.0 4.5 4.2 5.1 Iran ................................................. 49.6 38.4 41.3 43.9 All other: Iraq . ....................................... 34.6 10.0 86.1 n.a. New Zealand................................ 17.5 15.4 16.8 19.6 1 Includes Bank for International Settlements and European Fund. 4 Represent a partial breakdown of the amounts shown in the “other” 2 Data exclude “holdings of dollars” of the International Monetary categories (except “Other Eastern Europe”), Fund but include IMF gold investment. 5 Included with Belgium. 3 Asian, African, and European regional organizations, except BIS and European Fund, which are included in “Europe.” 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 inti, End of period Total reg a i n o d n al Total O in ti f s o fi t n c it i s u a ­ l Banks1 fo O r e e th r i s g e n r ­ Ar ti 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 A t n h t l e r l i r e s 1966............................... 1 494 506 988 913 25 50 234 8 197 140 277 133 19672............................. ( ( 2 2 , , 5 5 4 6 6 0 6 6 9 8 8 9 1 1 , ,8 8 6 5 3 8 1 1 , , 8 8 0 0 7 7 1 1 5 5 3 4 5 0 2 2 5 5 1 1 2 2 3 34 4 1 1 2 2 6 6 4 4 4 4 3 3 2 2 1 1 8 8 5 50 0 2 2 8 8 9 4 1968—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........... 2,986 688 2^299 2’239 12 47 247 266 242 644 201 620 78 Nov.................... 3,038 749 2,289 2'239 10 40 247 248 217 656 201 623 97 Dec.................... 3^157 768 2,389 2,341 8 40 284 257 241 658 201 651 97 1969—Jan...................... 3,165 776 2,389 2,346 6 38 273 251 240 658 201 647 120 Feb..................... 3,137 778 2,359 2,315 8 36 284 247 228 658 200 613 129 Mar.................... 3'107 768 2'338 2^298 5 36 284 242 221 658 200 607 126 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 36 284 193 189 658 201 563 111 June................... 2,934 774 2 J61 2,109 18 34 284 153 189 658 198 558 120 July*.................. 2,832 795 2'037 1 ,'975 29 34 207 133 181 658 203 529 126 Aug.f................ 2,773 807 1 ,966 1 ;899 30 37 207 152 154 658 157 516 122 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 Jine are comparable in coverage with Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

SEPTEMBER 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 Aug. Sept. Oct. Nov. Dec. Dec. Jan. Feb. Mar. Apr. May June July» Aug.’’ Europe; Denmark.......................... I I 11 11 Il 1 ( 10 10 9 9 9 9 9 9 9 Finland............................ 2 2 2 1 1 I 1 I 1 1 1 France.................................. 7 7 7 7 7 5 5 5 5 6 6 6 6 6 Netherlands........................ 4 4 4 4 4 2 2 2 2 2 2 2 2 2 Norway................................ 38 38 38 38 38 37 37 37 37 37 37 37 37 37 Spain..................................... 1 1 1 1 I 1 1 1 1 1 Sweden................................. 6 6 6 6 6 5 5 5 5 5 5 5 5 5 Switzerland.......................... 90 90 90 87 87 39 45 45 45 45 44 44 44 44 United Kingdom................ 455 449 444 446 432 350 371 377 370 371 351 334 357 368 Other Western Europe... , 46 46 46 46 46 30 30 . 30 30 30 30 30 21 21 Eastern Europe................. 6 6 6 6 6 6 6 6 6 6 7 7 7 7 Total................................. 666 660 655 654 641 488 515 520 512 514 494 477 491 502 Canada.................................... 374 371 370 375 373 384 386 387 388 388 388 387 389 389 Latin America: Latin American republics.. 5 5 5 5 5 2 2 2 2 2 2 2 2 2 Neth. Antilles & Surinam. 22 22 22 22 22 15 15 15 15 15 12 12 12 12 Other Latin America......... 2 2 ! 1 I ♦ * ♦ * ♦ * * * * Total............................. 29 28 28 28 28 17 17 18 17 17 14 14 14 14 Asia: Japan............................... 10 10 10 10 10 9 9 9 9 10 10 10 10 to Taiwan................................. 2 2 2 2 2 2 2 2 2 2 2 2 2 2 Other Asia.......................... 50 61 61 61 61 16 15 15 15 16 16 16 16 16 Total............................. 62 73 73 73 73 26 27 27 27 28 28 28 28 28 Other countries....................... 25 25 25 23 23 11 ft 9 9 9 9 9 9 9 Total foreign countries.......... 1,156 1,157 1,151 1,153 1,138 927 956 961 954 956 932 915 931 942 International and regional: International....................... 122 37 29 29 29 25 25 24 24 24 32 32 32 32 Latin American regional.. 38 38 38 39 13 13 14 14 14 15 15 15 17 17 Asian regional.................... 1 1 1 1 1 Total...................... 160 76 68 68 43 39 40 38 38 39 48 48 49 49 Grand total................ J ,316 1,233 I ,219 1,221 1 ,180 966 996 999 992 995 980 963 980 991 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 I 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 a a n 1 ­ m De a n rk ­ Italy2 Korea S d w e e n ­ T w a an i­ T la h n a d i­ Total A tr u ia s­ g B iu e m l­ m G a e n r y ­ 1 Italy z S er w la i n t­ d B.I.S. 1966.........6..9..5.........3..5..3.. 144 184 25 342 25 30 50 125 111 1967................... 1,563 516 314 ...... 177 25 1,047 50 60 601 125 211 1968-—Sept.......... 2,865 t ,392 12 1 164 20 146 15 25 10 1,473 50 60 926 125 311 Oct................... 2,996 1 397 (2 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 J 3 25 18 1,598 50 60 1,051 125 311 Dec.................. 3^330 1 ^692 32 1 ^334 20 146 15 25 20 100 1,638 50 1 ,051 226 311 1969—Jan................... 3,455 I 692 32 1 ,334 20 146 15 25 20 100 1,763 50 1,176 226 311 Feb.................. 3,431 I 692 32 1 ’.334 20 146 15 25 20 100 1,738 50 1 ,126 226 337 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 I ,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 I 084 140 15 20 100 1,961 25 1,200 226 5H Aug.. ............... 3,251 1 ,390 32 I ,084 140 15 20 100 1,861 25 1,200 125 511 Sept................. 3^251 1 ,390 32 1 ;O84 139 15 20 100 t ,861 25 1,200 125 511 1 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. n OCTOBER 1969 13. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (End of period; in millions of dollars) 1967 1968 1969 Area and country Dec. Dec. Jan. Feb. Mar. Apr. May June JulyP Aug.p Europe: Austria........................................................................... 16 6 3 5 3 3 12 3 4 4 Belgium-Luxembourg................................................. 83 40 45 52 46 53 55 62 49 49 Denmark. ...................................................................... 37 36 34 42 31 29 31 35 34 31 Finland......................................................................... 78 63 63 61 57 59 59 60 61 65 France............................................................................ 88 66 59 53 58 66 89 95 87 80 Germany....................................................................... 179 171 142 149 136 157 178 165 158 160 Greece........................................................................... 19 12 ll 12 12 12 15 14 15 18 Italy................................................................................ 58 105 75 93 98 110 109 107 94 89 Netherlands.................................................................. 35 40 37 34 41 38 38 48 39 41 Norway....................................................................... 61 43 38 35 32 39 42 46 49 40 Portugal......................................................................... 26 10 9 8 8 9 9 12 9 9 Spain.............................................................................. 54 46 40 40 44 47 40 51 56 49 Sweden......................................................................... 75 58 59 54 56 53 54 77 70 54 Switzerland.................................................................. 98 93 95 124 108 124 107 93 101 110 Turkey........................................................................... 38 38 26 26 35 31 28 29 34 30 United Kingdom........................................................ 244 318 306 305 338 339 338 345 355 326 Yugoslavia.................................................................. 13 22 33 34 36 38 37 33 26 26 Other Western Europe................................................ 13 15 11 11 H 11 12 12 12 12 U.S.S.R................................................................. 3 3 1 I 3 2 4 4 2 Other Eastern Europe................................................. 18 21 18 18 18 21 25 21 27 28 Total...................................................................... 1 ,238 I ,205 1,105 1,157 1,170 1,241 1 ,283 1,311 1 ,282 1,224 Canada.......................................................................... 597 523 503 588 663 697 741 707 688 701 Latin America: Argentina..................................................................... 221 249 245 247 254 274 266 275 284 276 Brazil........................................................................... 173 338 338 336 337 331 328 336 292 309 Chile.............................................................................. 177 193 176 168 165 164 161 168 179 170 Colombia.................................................................... 217 206 190 188 197 208 197 200 218 210 Cuba.............................................................................. 16 14 14 14 14 14 14 14 14 13 Mexico..................... , 960 943 914 931 966 948 953 927 936 912 Panama.......................................................................... 47 56 52 57 58 56 55 53 58 58 Peru.............................................................................. 249 207 200 179 181 191 188 182 177 170 Uruguay........................................................................ 42 44 40 43 42 41 43 44 42 43 Venezuela...................................................................... 226 232 213 204 203 211 212 226 238 239 Other Latin American republics............................... 289 280 268 270 273 274 285 283 271 275 Bahamas and Bermuda.............................................. 63 80 147 88 64 68 67 61 60 76 Netherlands Antilles and Surinam.......................... 10 19 21 14 16 11 14 13 12 12 Other Latin America................................................... 18 22 17 16 17 18 19 24 20 21 Total...................................................................... 2,707 2,884 2,837 2,756 2,787 2,810 2,801 2,804 2,800 2,783 Asia: China Mainland........................................................... i 1 1 1 1 I 1 1 1 Hong Kong................................................................... 30 32 27 26 33 42 38 40 36 39 India.............................................................................. 10 19 13 13 11 12 10 12 9 9 Indonesia....................................................................... 5 23 19 24 25 59 61 54 38 32 Israel.............................................................................. 57 84 80 80 94 83 122 118 101 99 Japan............................................................................. 3,154 3,113 2,998 2,972 3,053 2,916 3,035 3,222 3,145 3,155 Korea............................................................................. 59 77 71 78 75 102 114 121 136 138 Philippines..................................................................... 303 239 233 241 269 253 256 272 272 253 Taiwan........................................................................... 37 38 36 39 44 47 46 44 37 38 Thailand........................................................................ 100 99 93 87 84 84 86 88 87 89 Other.............................................................................. 138 145 138 142 137 152 158 179 166 165 Total...................................................................... 3,894 3,872 3,709 3,703 3,825 3,760 3,928 4,150 4,028 4.017 Africa: Congo (Kinshasa)....................................................... I 3 3 2 2 4 7 4 3 3 Morocco............................................................... 2 2 2 3 4 3 4 3 3 3 South Africa................................................................. 37 46 40 38 38 42 46 47 47 44 U.A.R. (Egypt)........................................................... 11 8 10 8 8 10 11 11 13 13 Other.............................................................................. 52 73 72 70 56 60 62 67 65 62 Total..................................................................... 102 133 127 120 109 119 130 132 131 125 Other countries: Australia....................................................................... 54 66 59 53 56 64 66 65 58 57 All other........................................................................ 13 13 11 10 10 11 11 12 13 14 Total...................................................................... 67 79 70 63 65 75 77 77 71 71 Total foreign countries................................................... 8,606 8,695 8,350 8,387 8,620 8,701 8,961 9,181 9,000 8,921 International and regional............................................. * * 1 1 2 1 1 1 1 1 Grand total........................................................... 8,606 8,695 8,351 8,387 8,622 8,701 8,961 9,182 9,001 8,922 Note.—Short-term claims are principally the following items payable their own account or for account of their customers in the United States; on demand or with a contractual maturity of not more than 1 year: Ioans and foreign currency balances held abroad by banks and bankers and made to, and acceptances made for, foreigners; drafts drawn against their customers in the United States. Excludes foreign currencies held foreigners, where collection is being made by banks and bankers for by U.S. monetary authorities, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 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 e ig s s e n , ­ Total Total O in t f i s o fi t n c it s i u a ­ l Banks5 Others s o t i a n u n g t d ­ ­ f e o o ig r f n a fo e c r r c s ­ t, Other Total w e i i t g h n e f r o s r­ a c n n a o d n m c f l e i . ­ Other paper 1966............................... 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—Aug.................... 8,230 7,903 3,022 300 1,570 1,152 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 8,03! 3>5O 267 1,705 1 >78 1 ,657 2,773 451 397 306 28 63 Nov.................... 8'547 8,149 3,219 220 1 >11 1 ,189 1 ,697 2,747 486 398 279 52 67 Dec.................... 8 >95 8,259 3,163 247 1,697 1 ,219 1 ,733 2,854 509 436 336 29 72 1969—Jan..................... 8,351 7,984 3,038 217 1,667 1 ,154 1,623 2,794 528 367 252 42 73 Feb..................... 8,387 8,014 31138 222 1 ,757 1,159 1 ,567 2.746 563 373 257 40 76 Mar.................... 8,622 8,195 3,204 275 1 ,781 1,149 1 ,634 2,777 580 427 267 70 90 Apr..................... 8,701 8,218 3; 159 289 1 >63 1 ,108 1 ,723 2,773 563 483 318 67 98 May................... 8,961 8,466 3,206 295 1 >55 1 ,056 1 ,733 2 >99 628 495 290 100 104 June................... 9,182 8,663 3,323 293 1'971 1 >59 1 ,748 3,067 526 519 334 77 108 July*.................. 9'001 8,506 3,115 258 1 >29 1 ,028 1 ,763 3,059 571 494 309 72 113 Aug.*......... 8,922 8 >65 3>76 235 1 >15 1 ,027 1 ,836 3'013 539 457 271 78 107 i 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. LONGTERM 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 i r n e i g n n ­ U K d n i o n it m e g d ­ E O u t r h o e p r e Canada Am La e t r i i n c a Japan O A t s h i e a r co o u A t n h l t e l r i r e s Official Other term cies Total institu­ Banks5 foreign­ claims tions ers 1966.................. 4,180 3,915 702 1 2,702 247 18 70 1 ,143 326 1 ,346 326 409 562 1967.......... 3,925 3,638 669 323 2,645 272 15 56 720 427 1 ,556 180 449 537 1968—Aug....... 3,612 3,262 526 268 2,467 339 70 519 414 1 ,401 138 567 502 Sept....... 3,571 3,217 516 266 2,435 342 71 506 418 1,384 136 558 498 Oct........ 3,645 3,285 582 267 2,436 346 71 495 416 1,418 132 620 492 Nov....... 3,603 3,242 577 246 2,419 347 69 497 420 1 ,382 128 624 484 Dec....... 3,567 3,158 528 237 2,393 394 68 479 428 1,375 122 617 479 1969—Jan.....3..,.509 3,120 230 2,382 374 16 67 473 408 1,376 18 611 456 Feb.....3..,.534 3,114 243 2,370 402 18 67 474 432 1,382 17 610 452 Mar.....3..,434 3,017 485 2,321 401 16 67 473 400 1,336 14 571 473 Apr.....3..,435 3,020 478 230 2,312 400 15 66 480 402 1,331 13 466 May.... 3,454 3,056 477 236 2,343 381 17 55 487 397 1,353 12 478 June.... 3,403 2,980 478 220 2,282 401 22 54 484 398 1,331 101 587 449 July*. .. 3,254 2,826 445 208 2,173 408 21 54 447 390 1 ,294 97 569 404 Aug.*.. . 3,283 2,853 501 210 2,142 409 20 56 436 405 1,345 95 548 397 5 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. □ OCTOBER 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 i 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 1968L. ........................ -489 -161 -328 -380 51 17,563 13,329 4,234 2,306 3,673 -I ,367 1,252 1 ,566 -314 1969—Jan.-Aug.»\ ... 25 10 15 -12 27 10,288 8,677 1,611 1,076 1 ,886 -810 1,057 1 ,317 -259 1968—Aug................... -28 -28 -36 8 1,340 1 ,049 291 141 226 -85 100 187 -87 Sept.r............... -83 -85 2 11 -9 1 ,279 960 319 116 225 -110 103 201 -98 Oct.................... -14 -8 -6 -6 1 ,856 I ,454 402 450 692 -242 216 154 62 Nov.r............ . 2 2 -2 3 1 ,615 1 ,270 345 172 361 -189 146 155 -9 Dec................... -41 -26 -15 .............. -15 1 ,803 1 ,468 334 104 166 -62 100 179 -79 1969—Jan.................... 30 1 29 29 1 ,660 1,134 525 168 344 -176 130 109 21 Feb.................... 4 -1 5 -3 7 1 ,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 I 2 ♦ 2 1 ,121 1,019 102 104 180 — 76 102 137 -34 May.................. -15 9 -24 ♦ -24 1,566 1 ,338 228 156 151 6 169 254 -85 June.................. -17 -17 -17 1,172 1,192 -20 89 205 -116 185 293 -108 JulyP................. 17 1 16 -9 25 1,022 1 ,007 15 118 347 -229 117 106 12 Aug.P................ 11 ♦ 1 1 ............... 11 1 ,061 941 120 75 168 -92 105 103 2 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 organised 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 ro ta p l e Canada A L m a e ti r n ica Asia Africa co O u t n h t e ri r e s r I e n g t i i o . n & a l 1967...................... 757 68 68 22 250 -115 49 342 265 84 49 3 14 1968...................... 2 270 201 169 298 822 -28 130 1 ,592 386 151 124 2 3 12 1969—Jan.-Aug.P 894 102 117 70 290 -202 200 577 123 90 81 * 1 24 1968—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 -1 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 June.......... -104 -11 12 16 -120 -68 24 -148 15 10 15 -1 4 Juiyp........ -52 5 4 24 -63 -31 -26 -87 7 3 19 * 6 Aug.”........ 89 76 19 -15 29 -21 40 127 -27 -21 7 * ♦ 3 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 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 Am La e t r i i n c a Asia Africa co O u t n h tr e ie r 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 r.................... 1 964 195 253 39 510 522 238 1 ,757 68 12 -1 * 11 H7 1969—Jan.-Aug.'’ 717 52 85 2 117 229 46 531 14 9 -12 * 8 167 212 17 56 7 28 47 35 190 -2 13 •> * * 9 Sept.r. . .. 170 6 51 I 43 -8 8 102 4 -3 —1 • 68 Oct.r......... (91 9 58 13 25 2 106 4 -11 -24 * 3 1 13 Nov.r . . .. 60 50 4 1 24 -2 -4 71 -5 -5 -1 * -3 4 Dec.r..... 98 9 3 * 38 34 10 93 -9 ♦ 3 ♦ 10 1 1969—Jan.'......... 163 3 3 2 38 8 33 89 4 2 * 3 66 Feb. r........ 81 1 3 7 46 -8 48 4 6 -3 • 10 16 Mar.r. . .. 190 32 43 -1 23 9 10 118 -6 -10 - 11 -2 102 Apr.......... 28 -2 2 34 3 37 8 8 * ♦ 6 -32 May.......... 73 9 7 4 25 44 88 3 9 7 -34 June.......... 84 I 2 -5 56 -1 53 7 1 1 -1 23 Jujyp......... 67 5 3 1 22 8 5 44 -11 -5 1 * 38 Aug.p........ 31 * 24 -I 5 23 2 54 5 -1 * ♦ -15 -13 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 20. FOREIGN CREDIT AND DEBIT LONG-TERM FOREIGN SECURITIES, BY AREA BALANCES IN BROKERAGE ACCOUNTS (Amounts outstanding; in millions of dollars) (In millions of dollars) Credit Debit Period Total g I i a o n r n e n t d ­ i a , l c T t e o f r o o i i u g e t r a n n s ­ l ­ r E op u e ­ C a a d n a ­ A L i a m c t a i e n r ­ Asia r A ic f a ­ O c t o r t i h u e e s n r ­ E p n e d rio o d f fo b ( r d a e l u i a g e n n c e t e o r s s ) f ( o d b r u a e l e a ig n f n r c e o e r m s s ) 1964........................................ 116 91 1965....................................... 158 119 1967.................... -1 .320 -393 -927 3 -768 38 -152 -20 -27 1966........................................ 175 128 I968r.................. -1 682 -329 -1,352 7 -932 -300 -96 -39 6 1967 .............................. 311 298 1969-Jan.-Aug.p-1,069 63 -1,133 -7 -854 -101 -165 -8 2 1968—Mar............................ 351 269 June............................ 453 372 1968—Aug. ^ . . -173 -13 -160 -59 -92 -2 -8 -1 2 Sept............................ 468 398 Sept. r. . . -207 -18 -189 -69 -55 -44 -21 Dec........................... 632 506 Oct.r.. .. -180 -218 38 82 -55 2 -7 16 Nov......... -198 -58 -140 41 -101 -60 -26 3 2 1969—Mar............................. 552 392 Dec.r.... -141 -6 -135 -68 -21 -5 -35 * -6 June?.............. 547 387 1969—Jan...... -155 -32 -122 13 -129 -5 -4 -1 3 Feb......... -174 -5 -170 -3 -163 4 -9 2 Note.—Data represent the money credit balances and Mar...... -18 102 -121 22 -20 -60 -45 -6 -11 money debit balances appearing on the books of reporting A M p a r y . . . . . .. . .. . . . . - - 7 11 9 0 8 3 -1 -8 1 3 8 - -2 1 1 6 - - 4 6 3 2 -14 2 - - 2 2 1 6 • 1 b fo r r o e k ig e n rs e r a s n d w i d th e a t le h r e s m i , n a th n e d U in n i t t h e e d ir S t a a c te co s, u n in ts a c c a co rr u ie n d ts b o y f June....... -224 4 -228 -23 -164 -1 -41 1 foreigners. July!1.. .. -217 -11 -207 35 -223 -6 -15 * 3 Aug.p. . . -90 -6 -85 -13 -49 -19 -3 -1 2 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 86 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ OCTOBER 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 1968 1969r—Cont. Jan. 29............................ 1 ,040 Jan. 26............................. 1 ,688 Feb. 28............................. 4 4 , , 5 2 3 5 0 9 F M e a b r . . 2 2 6 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 , , 0 0 7 4 7 6 F M e a b r . . 2 3 3 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ........ 1 1 , ,8 9 7 0 9 2 Mar. 27............................. 4,920 9,977 5,020 14........................... 9,545 1,146 I ,909 May 29............................ 5,872 21............................ 10,095 May 27 1,132 2,003 June 26....................... 6,202 28............................ 9,868 June 24............................ 917 June 29............................. 1,951 July 31.......................... 6,126 7,004 July 29............................ 1,008 July 27............................. 2,786 7,104 S O e c p t. t . 2 3 8 0 . . . . . . . . . . . . . . . . . . . . . . . ..... .... .... ... . 1 1 1, , , 1 1 1 9 6 6 8 6 6 O S A e u c p t g . t . . 2 2 3 8 6 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 3 , , , 6 1 4 7 3 7 1 4 2 O N De o c c t v . . . 3 2 2 0 7 5 .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 7 6 , , , 0 1 9 4 7 4 1 0 8 June 2 1 1 4 5 1 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 3 3 1 0 , , , , 0 2 8 8 2 5 4 0 3 9 7 8 Nov. 25............................ 1,380 Nov. 30............................. 3,786 1969 Dec. 30........................ 1,183 Dec. 28............................. 4,036 Jan 1 . . .. 6,039 8.........7..,.4..8..5.. ........... 1965 1967 15............................ 8,083 July 2............................ 12,826 22............................. 8,536 ' 9............................ 13,821 Jan. 27............................ 1.358 Jan. 25............................. 3,653 29............................. 8,545 ...................... 14,261 F M e a b r . . 2 3 4 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ............. 1 1 , ,4 5 3 9 1 2 M Fe a b r . . 2 2 2 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..... 3 3 , , 3 4 9 1 6 2 Feb. 1 5 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 8 , , 5 2 3 7 1 3 2 30 3........ 1 14 4 , , 4 3 3 6 4 9 19............................. 8,531 A M p a r y . 2 2 6 8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 , , 4 4 3 3 3 2 M Ap a r y . 2 3 6 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 , , 7 0 7 4 6 7 26............................. 8,822 14,177 June 30......... .... 1 ,436 June 28 . 3,166 Mar. 5............................. 9,113 ~ 13............................ 14,304 .........9..,.3..8..2.. ........... 20 14,776 July 28........................ 1 ,572 July 26. . 3,660 19............................ 9,720 27............................ 14,658 1 ,792 3,976 26............................. 9,621 Sept. 29............................ 1 ,611 Sept. 27........................... 4,059 9,206 ‘ 9............................. 9,511 Sept. 3........................ 14,571 Oct. 27............................ 1 ,719 Oct. 25............................. 4,322 16. . 9,694 ' 10 14,917 Nov. 24............................ I ,697 Nov. 29............................. 4,206 23............................. 10,281 17...................... 14,589 Dec. 29........................... 1 ,345 Dec. 27.......................... 4,241 30.. . 9,399 24 14,349 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 nd ri o o d f Deposits U se .S c . u r G iti o e v s t 1 , Ear g m o a ld rked E pe n r d io o d f Total Deposits S in t h e v o e rm s rt t ­ ­ Deposits S in t h e ve o rm s rt t ­ ­ U K d n i o n it m e g d ­ Canada ments 1 ments 1 1966............... 174 7 ,036 12 946 1967.............. 135 9* 223 1 3 251 1966................... 973 757 48 (09 59 441 301 1 968—S O e c p t.. t .. . , , 1 1 9 0 2 0 7 7 , , 7 9 7 5 7 6 1 13 3 , , 1 1 5 8 1 7 19672 ................ / 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 30 0 9 9 D N e o c v . . . . . . 2 2 2 1 0 6 9 9 , , 6 1 7 2 3 0 1 1 3 3 , , 0 0 5 6 9 6 1968—J A u u ly g . . . . . . . . . . . . . . . 1 I , , 8 9 3 9 7 6 1 1 , , 5 7 3 0 7 4 1 11 2 6 4 1 13 3 1 2 4 4 5 4 1 I , , 2 3 3 77 6 2 28 8 1 6 1969—J M A F a e p a n b r r . . . . . . . . . . . . . 1 1 1 1 2 2 3 6 1 6 0 4 8 7 8 8 , , , , 0 8 0 5 1 9 6 2 2 3 2 6 1 1 1 1 3 3 3 3 , , , , 1 1 1 1 6 2 3 7 0 8 2 6 S O N D e o c e p t v c . t . . . . . . . . . . . . . . . . . . . . . . . 1 I 1 1 , , , , 8 6 8 7 3 2 3 6 8 5 8 9 1 1 1 1 , , ; , 4 3 3 2 9 1 9 1 3 8 9 0 1 9 9 8 0 5 7 6 0 2 2 2 2 6 9 7 2 5 9 8 2 5 6 3 6 1 0 7 0 1 1 1 , , , 1 1 1 9 8 3 5 7 3 5 4 9 2 2 2 2 4 6 4 8 1 1 0 2 J S J A M u u e u a n p l g y t e y . . . . . . . . . . . . . 1 1 1 1 1 4 5 4 5 0 3 5 3 8 7 ( 9 0 8 7 7 , , , , , 2 0 0 7 4 5 3 5 1 1 2 8 5 0 9 1 1 1 1 1 3 3 3 3 3 , , , , , 0 0 0 0 0 3 3 5 0 3 3 9 7 0 4 1969—J M A F M a e p a n a b r . r y . . . . . . . r . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 , , , , , 9 8 8 7 8 2 4 6 7 0 1 1 8 5 8 1 1 1 1 1 . , , , , 3 3 3 3 3 0 7 5 8 4 1 0 0 8 2 1 1 1 1 9 0 0 1 2 1 5 5 9 2 2 2 2 2 3 6 4 6 4 4 1 5 7 3 7 1 1 1 1 2 7 1 3 0 1 9 2 7 6 1 1 1 1 1 , , , , , 0 0 0 0 0 1 1 9 7 4 0 5 9 6 6 4 5 4 4 3 6 1 3 0 5 3 2 5 7 8 June r. . . 1 ,752 1,706 106 347 93 939 435 1 U.S. Treasury bills, certificates of indebtedness, July........ 1,760 1 ,229 101 310 (20 984 438 notes, and bonds; includes securities payable in foreign currencies. 1 Negotiable and other readily transferable foreign obligations payable on demand Note.—Excludes deposits and U.S. Govt, securities o o b r l h ig a a v t i i n o g n a w c a o s n in tr c a u c r t r u e a d l m by a t t u he ri ty fo r o e f i g n n o e t r . more than 1 year from the date on which the i h s e l g d o ld fo r h e i l n d t e f r o n r a t f i o o r n e a ig l n o a rg n a d n i i z n a te ti r o n n a s t . i on E a a l r a m c a c r o k u e n d t ^ g a o n l d d Fig 2 u D re a s t a o n o n th t e h e fi r t s w t o li n li e n e a s r e f o c r o m th p is a r d a a b te le d in iff e co r v b e e r c a a g u e s e w i o th f c t h h a o n s g e e s s h i o n w r n e p fo o r r ti t n he g p c r o e v c e e r d ag in e g . 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

OCTOBER 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. Mar. Mar. June Sept. Dec. Mar. 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 1 (4 1 12 116 128 1 36 157 145 140 Germany, Fed. Rep. of........................ 108 125 150 120 112 128 127 174 204 153 Greece................................... 12 15 1 4 11 5 20 24 26 27 22 Italy. ....................................... 59 60 64 63 57 1 11 1 19 130 124 119 Netherlands............................................. 71 84 65 42 49 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 I 12 1 16 115 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 J ,304 Jugoslavia............................................. 1 1 1 1 6 6 4 ' 7 8 Other Western Europe........................... 4 6 5 9 13 12 13 15 16 17 Eastern Europe....................................... 1 2 2 10 10 6 8 12 Total................................................. 783 877 1 ,096 1 032 1,017 1 ,836 2,282 2,318 2,038 2,110 Canada......................................................... 191 199 199 194 164 501 559 501 540 724 Latin America: Argentina......................................... 5 6 7 6 8 28 31 36 46 45 Brazil..................................... ........... 13 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 94 103 111 Panama..................................................... 5 3 5 3 4 10 12 15 15 14 Peru......................................... . 6 5 6 7 7 28 28 28 26 28 Uruguay.................................... . 2 I 1 1 4 5 4 6 5 Venezuela.................................................. 35 35 36 33 27 62 59 57 67 60 Other L.A. republics............................... 15 18 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 IO 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...................................................... 1 I I J 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 41 86 90 97 134 120 Total................................................ 165 176 175 176 195 383 392 423 477 460 Africa: Congo (Kinshasa)................................... 1 1 1 1 2 5 3 2 3 South Africa.................................... . . 7 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 42 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 9 Total.................................................. 60 53 49 49 50 69 72 68 65 65 International and regional......................... * * * * * * 1 1 2 Grand total..................................... 1 ,348 I ,463 I ,678 1 ,606 1,576 3,341 3,845 3,907 3,781 4,018 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 S tates. between U.S. companies and thei r foreign affiliates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 88 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ OCTOBER 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 Payable Total dol in la rs cu fo rr r e e in n ig c n ie s Total do i l n la rs D b in a e n p r k o e s s p i a o ts b r t r w e o r i a t ’ h s d Other name 1965—Mar....................................................................................... 695 531 165 2,612 2,147 189 277 June....................................................................................... 740 568 172 2,41t 1,966 198 248 Sept.. .................................................................................... 779 585 195 2,406 1’949 190 267 Dec........... . 807 600 207 2'397 2,000 167 229 Dec.1..................................................................................... 810 600 210 2,’299 1,911 166 222 1966—Mar........................................................................................ 849 614 235 2,473 2,033 2U 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 2^25 167 236 1967—Mar........................................................................................ 1 ,148 864 285 2,689 2,245 192 252 June...................................................................................... 1,203 916 287 2'585 2,110 199 275 Sept................ ...................................................................... 1,353 1 ,029 324 2'555 2,116 192 246 Dec................................................ 1,371 I ,027 343 2’946 2,529 201 216 Dec. i..................................................................................... I ,386 1,039 347 3,011 2,599 203 209 1968—Mar........................................................................................ 1,348 981 ' 367 3,341 2,908 211 222 June....................................................................................... I ,463 1 ,046 417 3'845 3,406 210 229 Sept....................................................................................... 1 ,678 1,271 407 3,907 3 292 422 193 Dec....................................................................................... 1 ,606 1,223 382 3,781 3,172 368 241 1969—Mar........................................................................................ 1 ,576 1,185 391 4,018 3,334 357 327 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 m La t e h t r i e i n c r a Japan O A t s h i e a r Africa o A th 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 11235 23 174 267 202 64 207 102 91 90 14 Dec.............. 329 1 *256 27 198 272 203 56 212 95 93 87 13 1967—Mar......................... 454 1,324 31 232 283 203 58 210 108 98 84 17 June. ...................... 430 1,488 27 257 303 214 88 290 110 98 85 15 Sept......................... 411 1 ,’452 40 212 309 212 84 283 109 103 87 13 Dec.......................... 414 1,537 43 257 311 212 85 278 128 117 89 16 Dec.1...................... 428 1 »57O 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 ',739 142 312 381 194 73 231 128 156 83 38 1969—Mar......................... 1,256 1 ,817 177 348 383 194 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

OCTOBER 1969 □ MONEY RATES A 89 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Australia Period Ar ( g p e e n so ti ) na (s A c u h s ill t i r n ia g ) B (f e ra lg n iu c m ) C (d a o n l a la d r a ) ( C ru e p y e jo e n ) D (k e r n o m ne a ) rk (m Fi a n r la k n ka d ) (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 ।111.22 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 IQ6R ................ .... . . .28473 111.25 3.8675 2.0026 92.801 16.678 13,362 23.761 1968- 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 JI .9927 93.177 16.675 413.308 423.757 Dec . .............. . . .28500 1 10 R2 3 8681 1.9935 93.177 16.678 13.340 23.763 1969-—Jan............................ 28512 1 0.95 3.8670 1.9921 93.206 16.678 13.317 23.763 Feb . ................ .... .28490 1 1.15 3.8650 1.9928 93.060 16.678 13.288 23,772 Mar . .................... .... .28489 1 1.17 3.8671 1.9883 92.863 16.678 13.321 23.785 Apr . ................ .... .28490 1 1.24 3.8669 1.9890 92.903 16.678 13.285 23.785 May.................................................... .28490 0.93 3.8646 1.9925 92.837 16.694 13.269 23,785 June. , . ............................................ .28490 1 1.07 3.8647 1.9868 92.628 16.795 13.282 23.785 July. .......................... .28490 1 1.11 3.8664 1.9889 92.526 16.785 13.282 23,771 Aug . .. .......... .... .28490 110.87 3.8668 1.9885 92.743 16.784 13,282 23.785 Sept ................ .... .28490 I 10.81 3.8637 1.9869 92.732 16.784 13.287 23,785 Period ( F fr ra a n n c c e ) ( G d m e eu r a m ts rk a c ) h n e y (r I u n p d e ia e ) ( I p re o l u a n n d d ) ( I l t i a ra ly ) J ( a y p e a n n ) M (d a o la ll y a s r i ) a M (p e e x s i o c ) o ( e g N r u la e il n d th d e ­ s r) 1964................................................................ 20.404 25.157 20.923 279.21 .16014 .27625 32.566 8.0056 27.724 1965................................................................ 20.401 25,036 20.938 279.59 .16004 .27662 32.609 8.0056 27.774 1966................................................................ 20.352 25.007 516.596 279.30 .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-—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 12.234 238.42 .16026 ,27940 32.614 8.0056 27.710 1969-—Jan............................................. 20.199 24.978 13.244 238.70 .16022 ,27934 32,640 8.0056 27.636 Feb...................................................... 20.188 24.881 13.244 239.14 .15978 .27945 32,675 8.0056 27.581 Mar..................................................... 20.167 24.879 13.244 239.17 .15911 .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 Aug.................................................. 718.627 25.083 13.218 238.53 .15915 .27810 32.605 8.0056 27.635 Sept.................................................... 18.005 25.236 13.214 238.40 .15885 .27908 32.629 8.0056 27.659 Period (pou N n e d w ) Zea ( la d n o d llar) N (k o ro rw n a e y ) P (e o s r c t u u d g o a ) l A ( S ra o fr u n ic t d h a ) (p S e p s a e i t n a) S (k w ro ed n e a n ) ( e S fr r w l a a i n n tz c d ­ ) ( U p K d o n i o n u it m g n e - d d ) 1964................................................................ 276.45 13,972 3.4800 139.09 1.6663 19.414 23.152 279.21 1965................................................................ 276.82 13.985 3.4829 139.27 1.6662 19.386 23.106 279.59 1966................................................................ 276.54 13,984 3.4825 139.13 1.6651 19.358 23.114 279.30 1967................................................................ 276.69 8131.97 13.985 3.4784 139.09 1.6383 19.373 23.104 275.04 1968......................................................... 111.37 14 000 3.4864 139.10 1.4272 19.349 23.169 239.35 1968--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 43.4855 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 ORR 3.4975 138.98 1.4279 19.326 23.145 239.14 Mar.............................. 111.28 3 5042 138.99 1.4277 19.340 23.261 239.17 Apr..................................................... 111,35 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 Aug.................................................. 110.99 13.998 3.5031 138.62 1.4277 19.345 23.228 238.53 Sept................................................... 110.92 13 QR9 3.5029 138.54 1.4276 19.330 23.265 238.40 1 Effective Feb. 14, 1966, Australia adopted the decimal currency 8 Effective July 10, 1967, New Zealand adopted the decimal currency system. The new unit, the dollar, replaces the pound and consists of 100 system. The new unit, the dollar, replaces the pound and consists of 100 cents, equivalent to 10 shillings or one-half the former pound. cents, equivalent to 10 shillings or one-half the former pound. 2 Effective Oct. 12, 1967, the Finnish markka was devalued from 3.2 to 4.2 markkaa per U.S. dollar. Note.—After the devaluation of the pound sterling on Nov. 18, 1967, 3 Quotations not available 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 rupee 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. 7 Effective Aug. 10, 1969, the French franc was devalued from 4.94 to 5.55 francs per U.S. dollar. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 90 MONEY RATES □ OCTOBER 1969 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Rate as of Changes during the last 12 months Sept. 30, 1968 Rate Country 1968 1969 as of Sept. 30, Per Month 1969 cent effective Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Argentina............... 6.0 Dec. 1957 6.0 Austria.......................... 3.75 Oct. 1967 4.75 4.75 Belgium....................... 3.75 Mar. 1968 4.5 5.0 5.5 6.0 7.6 7.5 7.5 Brazil................... . 22.0 Jan. 1967 20.0 20.0 Burma-....................... 4.0 Feb. 1962 4.0 Canada 1...................... 6.0 Sept. 1968 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 19.59 19.'59 Colombia...................... 8.0 May 1963 8.0 Costa Rica..................... 4.0 June 1966 4.0 Denmark........................... 6.0 Aug. 1968 7.0 9.0 9.0 Ecuador.......................... 5.0 Nov. 1956 5.0 Bl 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 6.0 6.0 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 7.0 8.0 8.0 Ireland................................ 6.86 Sept. 1968 6.81 7.0 7.17 7.12 8.0 8.75 8.38 8.5 8.44 8.38 8.38 Israel................................. 6.0 Feb. 1955 6.0 Italy............................ 3.5 4.0 4.0 Jamaica............................... 5.0 Sept. 1968 5.5 6.0 6.0 Japan............................ 5.84 Aug. 1968 6.25 6.25 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 6.0 6.0 New Zealand.......................... 7.0 Mar. 1961 7.0 Nicaragua............................. 6.0 Apr. 1954 6.0 Norway............................. 3.5 Feb. 1955 4.5 4 5 Pakistan.................................. 5.0 June 1965 5.0 P P h e i r l u ip .. p .. i . n .. e .. .. R ... e ... p .. u ... b .. l . i . c .. . . . . . . . . . . . . . . . . . . .. 9 7 . . 5 5 N Fe o b v . . 1 19 9 6 5 8 9 8.0 io.o 1 9 0 .0 5 Portugal............................ 2.5 Sept. 1965 2.75 2 75 South Africa.................... . 5.5 Aug. 1968 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 3.75 3.75 Taiwan ......................... 11 9 Aug. 1968 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. 0 Sept, 1968 8.0 8.0 Venezuela......................... 4.5 Dec. I960 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. I, 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 per cent 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. BrazilS 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

OCTOBER 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 it n z d er­ Month 3 T m r b e o a il n l s s t u h , r s y 1 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 n e e p s th r t , s ­ s ’ T 3 r m e b a o ill s n s u t , h ry s D m a d o y a n - y e t o y ­ a B d llo e a w p n o o k a n s e n i r t c s s e ’ m Da o d y n a - e y t o y ­ 3 Tr 6 d e b a 0 a i y l - l s 9 s s u 0 , 4 r y m D o a d n y a e - y t y o s ­ T 3 r m e b a o ill n s s u t , h r s y D m a d o y a n - y e t o y ­ d P is r r c a iv o t a e 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-—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 6.66 6.00 9.46 4.75 5.02 5.50 5.92 4.06 July............. 7.49 7.40 8.88 7.86 6.95 6.00 4.75 5.80 5.50 7.17 4.25 Aug............. 7.65 7.57 8.88 7.80 6.95 6.00 4.75 5.98 7.71 4,25 1 Based on average yield of weekly tenders during month 5 Monthly averages based on daily quotations. 2 3 R Ba a s te e d s h o o n w w n e i e s k o ly n a p v r e iv ra a g t e e s s o ec f u d r a it i i l e y s . closing rates. Se N ct o io t n e .— 15 F o o f r S d u e p s p c l r e 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 in 62 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 q K ( u U i a b n o U d a n g t . s j a i S d . t i e t s o . i t ) d o o m n U S n ta it te e s d L S ( o f p a n o r v d e f o o a r d n ) P d f ( ( o p r is + - e r o c w m ) u ) o a n i u o o u d r n n d m r t i L n o ( c f n N e a o d n v e f o o t t i v r n e ) qu A i o n t s e d C ana q d u A a o U d t j . a . S t . i t o o n U S n ta it te e s d C S ( a f p a n o r v a e f o d a a r d ) ^ C P d f ( ( d o a r is + - e o n r c w ) m l a ) l o a a d i o u r u o i r s a n n d m r n t i C n ( c a f N a e n o n v a e f t d o t i v a r e ) Canada basis 1969 May 2.............. 7.63 5.91 1.72 -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 + 1 .08 + 1.76 16............... 7.63 6.06 1 .57 -8.08 -6.51 6.71 6.51 6.06 .45 + 1.12 + 1.57 23............... 7.67 5.98 1.69 -7.25 -5.56 6.68 6.48 5.98 .50 + 1.21 + 1.71 29............... 7.67 6.08 1.59 -7.09 -5.50 6.70 6.50 6.08 .42 + 1.38 + 1.80 June 6.............. 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 11.............. 7.78 6.93 .85 -2.97 -2.12 7.35 7.13 6,93 .20 + 1.64 + 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 8.............. 7.64 6.94 .70 -2.80 -2.10 7.60 7.36 6.94 .42 + .78 + 1.20 15.............. 7.64 6.86 .78 -7.91 -7.13 7.62 7.38 6.86 .52 + .69 + 1.21 22.............. 7.64 6.86 .78 -8.16 -7,38 7.66 7.42 6.86 .56 + .69 + 1.25 29..... ... 7.64 6,99 .65 -8.33 -7.68 7,66 7.42 6.99 .43 + .48 + .91 Sept. 5.............. 7.58 7.02 .56 -8.92 -8.36 7.73 7.49 7.02 .47 + .61 + 1.08 12.............. 7.58 7.03 .55 -7.58 -7,03 7.72 7.48 7.03 .45 + .61 + 1.06 19.............. 7.58 7.10 .48 -6.00 -5.52 7.75 7.51 7.10 .41 + .39 + .80 26.............. 7.64 7.03 .61 -4.92 -4.31 7.77 7.53 7.03 .50 + .39 + .89 Oct. 3.............. 7.57 6.97 .60 -2.56 -1.96 7.77 7.53 6.97 .56 + .52 + 1.08 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 U 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 □ OCTOBER 1969 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) Esti­ Inti. Esti­ E p n e d ri 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 Af is g t h a a n n­ A t r i g n e a n­ t A ra u l s ia ­ A tr u ia s­ g B iu e m l­ Brazil Burma Canada Chile world 1 Fund world 1962 41,475 2,194 16,057 23,225 36 61 190 454 1 ,365 225 42 708 43 1963 42,305 2,312 15,596 24,395 36 78 208 536 I ,371 150 42 817 43 1964 43,015 2,179 15,471 25,365 36 71 226 600 1,451 92 84 1 ,026 43 1965 243,230 31,869 13,806 27,285 35 66 223 700 1 ,558 63 84 1,151 44 1966 43,185 2,652 13,235 27,300 35 84 224 701 I ,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-—Aug................ 2,230 10,681 33 99 260 714 1 ,518 45 84 926 45 Sept................ 40,725 2,296 10,755 27,675 33 104 258 714 1 ,524 45 84 863 45 Oct.................. 2,299 10,788 33 109 258 714 1 ,522 45 84 863 45 Nov................ 2,286 10,897 33 109 257 714 1 ,522 45 84 863 45 Dec................. 40,905 2,288 10,892 27,725 33 109 257 714 1 ,524 45 84 863 46 1969-—Jan................. 2,288 10,828 33 109 258 714 1 ,524 45 84 863 47 Feb................. 2,292 10,801 33 109 257 714 1 ,522 45 84 863 46 Mar................ 41 ,050 2,295 10,836 27,920 33 109 256 714 1 ,522 45 84 863 46 Apr................ 2,297 10,936 .......... 33 109 255 714 1 ,522 45 84 863 47 May.............. 2,301 11,153 33 109 256 714 1 ,522 45 84 863 46 June............... *40,950 2,257 11,153 *27,540 33 110 258 715 1 ,522 45 84 866 47 July*.............. 2,316 11,144 33 115 258 715 1 ,522 84 866 47 Aug.*............ .................. 2,336 11,154 33 120 257 715 1,520 84 866 47 Ger- E p n e d ri o o d f lo C m o b ­ ia m De a n rk ­ l F a i n n d ­ France m F a e n d y . , Greece India Iran Iraq l I a r n e d ­ Israel Italy Japan Rep. of 1962 57 92 61 2,587 3,679 77 247 129 98 18 41 2,243 289 1963 62 92 61 3,175 3,843 77 247 142 98 18 60 2,343 289 1964 58 92 85 3,729 4,248 77 247 141 112 19 56 2,107 304 1965 35 97 84 4,706 4,410 78 281 146 110 21 56 2,404 328 1966 26 108 45 5,238 4,292 120 243 130 106 23 46 2,414 329 1967 ......................... 31 107 45 5,234 4,228 130 243 144 115 25 46 2,400 338 1968--Aug................ 32 113 45 4,366 4,421 140 243 158 193 81 46 2,730 355 Sept................ 32 113 45 4,166 4,456 140 243 158 193 82 46 2,784 355 Oct................. 32 113 45 4,136 4,456 140 243 158 193 79 46 2,784 355 Nov................ 31 113 45 3,876 4,538 145 243 158 193 79 46 2,846 356 Dec................ 31 114 45 3,877 4,539 140 243 158 193 79 46 2,923 356 1969--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 4,563 130 243 158 193 79 46 2,937 363 July*.............. 29 89 45 3,551 4,563 130 243 158 193 79 46 2,936 363 Aug.*............ 29 89 45 3,551 4,564 130 243 158 193 69 46 2,938 363 E pe nd ri o o d f Kuwait a L n e o b n - Libya Ma si l a ay- M c e o xi- Mo c r o oc- N la e n th d e s r- N w o ay r- P st a a k n i- Peru P p h in i e lip s - P g o a rt l u- A S r a a u b d ia i 1962. 49 172 3 3 95 29 I ,581 30 53 47 41 471 78 1963. 48 172 7 8 139 29 1 ,601 31 53 57 28 497 78 1964. 48 183 17 7 169 34 1 ,688 31 53 67 23 523 78 1965. 52 182 68 2 158 21 1,756 31 53 67 38 576 73 1966. 67 193 68 1 109 21 1 ,730 18 53 65 44 643 69 1967.......................... 136 193 68 31 166 21 1 ,711 18 53 20 60 699 69 1968--Aug................ 116 288 85 66 165 21 1 ,697 24 54 20 61 835 119 Sept................ 110 288 85 66 165 21 1,697 24 54 20 62 853 119 Oct.................. 112 288 85 66 165 21 1 ,697 24 54 20 59 853 119 Nov................ 122 288 85 66 165 21 1 ,697 24 54 20 65 856 119 Dec................. 122 288 85 66 165 21 1 ,697 24 54 20 62 856 119 1969--Jan................. 122 288 85 66 165 21 1,697 24 54 20 58 857 119 Feb................. 124 288 85 66 165 21 1 ,698 23 54 20 60 856 119 Mar................ 123 288 85 65 165 21 1 ,698 24 54 25 65 856 119 Apr................. 123 288 85 65 165 21 1,698 24 54 25 67 860 119 May............... 120 288 85 64 165 21 1,698 24 54 25 56 860 119 June........ 120 288 85 64 21 1 ,703 24 54 25 52 860 119 July’.............. 110 288 85 21 1 ,703 24 54 25 52 860 119 Aug.*............ 107 288 85 21 1 ,703 24 54 25 45 872 119 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

OCTOBER 1969 □ GOLD RESERVES AND PRODUCTION A 93 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued (In millions of dollars) Bank E p n e d ri o o d f S A o fr u ic th a Spain Sweden Sw la i n tz d er­ Taiwan T la h n a d i­ Turkey ( U E . g A y . p R t) . U K d n i o n it m e g d ­ U gu r a u y ­ V zu e e n l e a ­ Y sl u a g vi o a ­ S I e f n o tt t r l i 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 17! 401 17 -50 1965 425 810 202 3,042 55 96 116 139 2,265 155 401 19 -558 1966. 637 785 203 2,842 62 92 102 93 1,940 146 401 21 -424 1967. 583 785 203 3,089 81 92 97 93 1 ,291 140 401 22 -624 1968--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..................... 1 ,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 ,264 785 225 2,643 81 92 97 93 1,474 136 403 50 -285 July**.................. 1,171 785 225 2 ,643 81 92 107 93 136 403 50 -275 Aug.p................ 1,138 785 226 2,642 .............. 92 107 ............... 403 50 -268 1 Includes reported or estimated gold holdings of international and some member countries in anticipation of increase in Fund quotas, except regional organizations, central banks and govts, of countries listed in those matched by gold mitigation deposits with the United States and this table and also of a number not shown separately here, and gold to be United Kingdom; adjustment is $270 million. distributed by the Tripartite Commission for the Restitution of Monetary 3 Excludes gold subscription payments made by some member countries Gold j excludes holdings of the U.S.S.R., other Eastern European coun­ in anticipation of increase in Fund quotas: for most of these countries tries, and China Mainland. the increased quotas became effective in Feb. 1966. The figures included for the Bank for International Settlements are 4 Net gold assets of BIS, i.e., gold in bars and coins and other gold the Bank’s gold assets net of gold deposit liabilities. This procedure assets minus gold deposit liabilities. avoids the overstatement of total world gold reserves since most of the gold deposited with the BIS is included in the gold reserves of individual Note.—For back figures and description of the data in this and the countries. following tables on gold (except production), see “Gold,” Section 14 of 2 Adjusted to include gold subscription payments to the IMF made by Supplement to Banking and Monetary Statistics, 1962. GOLD PRODUCTION (In millions of dollars at $35 per fine troy ounce) Africa North and South America Asia Other World Period produc­ tion 1 A So fr u ic th a d R e h s o ia ­ Ghana C s (K h o a n i s n g a o ­ ) U S n ta i t t e e s d C a a da n­ M ic e o x­ r N a i g c u a a ­ Co b l i o a m­ India P p h in il e ip s ­ t A ra u l s ia ­ ot A h l e l r 1961.. 1,215.0 803.0 20 29 2 8 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 54 5 146.2 8 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 7.2 11.4 4.8 13.2 35.8 64.3 1964.. 1,405.0 1 ,018.9 20 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 I ,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 63 114.6 7 5 7.0 9.8 4.2 15.8 32.1 61.2 1967.. 1 ,410,0 1 ,068.7 18 0 26 7 5 4 53 4 103.7 6 4 6.2 9.0 3.4 17.2 28.4 63.5 1968P. 1,420.0 I ,088.0 17 5 25 4 5 9 53 9 94.1 6 2 6.8 8.4 4.0 17.8 27.6 64.4 1968—July, 90.5 7.4 3 .8 2.2 Aug. 91.5 7.7 4 .6 2.3 Sept. 93.7 8.3 8 .6 24.6 2.3 Oct. 92.4 7.7 5 2.6 Nov. 87.9 7.5 .6 1.9 Dec. 83.5 7.7 .7 24.2 2.2 1969—Jan.. 83.4 7.8 .5 1.8 Feb.. 86.7 2.0 Mar. 89. 1 7.6 .7 2.1 Apr., 89. 3 7.3 May. 90.0 7.4 .7 June 91.3 7.3 .7 July. 93.7 6.7 1 Estimated; excludes U.S.S.R., other Eastern European countries, Note.—Estimated world production based on report of the U.S. China Mainland, and North Korea. Bureau of Mines. Country data based on reports from individual 2 Quarterly data. countries and Bureau of Mines, Data for the United States are from the Bureau of the Mint. 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 Robert F. Sanders, Assistant General Counsel Frederic Solomon, Director 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 Murray S. Wernick, Associate Adviser John J. Hart, Assistant Director 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 94 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

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 A 95 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 96 FEDERAL RESERVE BANKS AND BRANCHES Federal Reserve Bank Chairman President Vice President or oraucii 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 Dallas.........................75222 Carl J. Thomsen Philip E. Coldwell Max Levine T. W. Plant El Paso............. ....79999 C. Robert McNally, Jr. Fredric W. Reed Houston........... ....77001 Geo. T. Morse, Jr. J. Lee Cook San Antonio.......78206 W.A. Belcher Carl H. Moore San Francisco........94120 O. Meredith Wilson Eliot J. Swan S. Alfred Halgren A. B. Merritt Los Angeles........90054 Norman B. Houston Paul W. Cavan Portland................97208 Frank Anderson William M. Brown Salt Lake City......84110 Royden G. Derrick Arthur L. Price Seattle...................98124 William McGregor William R. Sandstrom Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 97 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 BANK LOANS. 1965. 73 pp. $.50 a copy; 10 or bia, Costa Rica, Cuba, Dominican Republic, 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. FARM DEBT. Data from the 1960 Sample Survey of Agriculture. 1964. 221 pp. $1.00 a copy; 10 FEDERAL RESERVE CHART BOOK ON FINANCIAL or more sent to one address, $.85 each. AND BUSINESS STATISTICS. Monthly. Annual subscription includes one issue of Historical MERCHANT AND DEALER CREDIT IN AGRICUL­ Chart Book. $6.00 per annum or $.60 a copy in TURE. 1966. 109 pp. $1.00 a copy; 10 or more the United States and the countries listed above; 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 THE FEDERAL FUNDS MARKET. 1959. Ill pp. a copy. $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 TRADING IN FEDERAL FUNDS. 1965. 116 pp. $1.00 one issue. $.60 a copy in the United States and a copy; 10 or more sent to one address, $.85 countries listed above; 10 or more sent to one each. address, $.50 each. Elsewhere, $.70 a copy. U.S. TREASURY ADVANCE REFUNDING, JUNE 1960-JULY 1964. 1966. 65 pp. $.50 a copy; 10 FLOW OF FUNDS IN THE UNITED STATES, 1939­ or more sent to one address, $.40 each. 53. 1955. 390 pp. $2.75. THE FEDERAL RESERVE ACT, as amended through DEBITS AND CLEARING STATISTICS AND THEIR Nov. 5, 1966, with an appendix containing pro­ USE. 1959. 144 pp. $1.00 a copy; 10 or more visions of certain other statutes affecting the sent to one address, $.85 each. Federal Reserve System. 353 pp. $1.25. SUPPLEMENT TO BANKING AND MONETARY STA­ REGULATIONS OF THE BOARD OF GOVERNORS OF TISTICS. Sec. 1. Banks and the Monetary Sys­ THE FEDERAL RESERVE SYSTEM. tem. 1962. 35 pp. $.35. Sec. 2. Member Banks. 1967. 59 pp. $.50. Sec. 5. Bank Debits. 1966. 36 RULES OF ORGANIZATION AND PROCEDURE— pp. $.35. Sec. 6. Bank Income 1966. 29 pp. BOARD OF GOVERNORS OF THE FEDERAL RE­ $.35. Sec. 9. Federal Reserve Banks. 1965. 36 SERVE SYSTEM. 1967. 16 pp. pp. $.35. Sec. 10. Member Bank Reserves and Related Items. 1962. 64 pp. $.50. Sec. 11. Cur­ PUBLISHED INTERPRETATIONS OF THE BOARD OF rency. 1963. 11 pp. $.35. Sec. 12. Money Rates GOVERNORS, as of June 30, 1969. $2.50. and Securities Markets. 1966. 182 pp. $.65. Sec. 14. Gold. 1963. 24 pp. $.35. Sec. 15. Inter­ BANK CREDIT-CARD AND CHECK-CREDIT PLANS. national Finance. 1962. 92 pp. $.65. Sec. 16 1968. 102 pp. $1.00 a copy; 10 or more sent to (New). Consumer Credit. 1965. 103 pp. $.65. one address, $.85 each. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 98 FEDERAL RESERVE BULLETIN □ OCTOBER 1969 INTEREST RATE EXPECTATIONS: TESTS ON YIELD THE REDESIGNED DISCOUNT MECHANISM AND SPREADS AMONG SHORT-TERM GOVERNMENT THE MONEY MARKET. 1968. 29 pp. SECURITIES. 1968. 83 pp. $.50 a copy; 10 or more sent to one address, $.40 each. SUMMARY OF THE ISSUES RAISED AT THE ACA­ DEMIC SEMINAR ON DISCOUNTING. 1968. SURVEY OF FINANCIAL CHARACTERISTICS OF 16 pp. CONSUMERS. 1966. 166 pp. $1.00 a copy; 10 or A REVIEW OF RECENT ACADEMIC LITERATURE more sent to one address, $.85 each. ON THE DISCOUNT MECHANISM. 1968. 40 pp. SURVEY OF CHANGES IN FAMILY FINANCES. 1968. DISCOUNT POLICY AND BANK SUPERVISION. 321 pp. $1.00 a copy; 10 or more sent to one 1968. 72 pp. address, $.85 each. THE LEGITIMACY OF CENTRAL BANKS. 1969. 24 REPORT OF THE JOINT TREASURY-FEDERAL RE­ PP- SERVE STUDY OF THE U.S. GOVERNMENT SECURITIES MARKET. 1969. 48 pp. $.25 a copy; SELECTIVE CREDIT CONTROL. 1969. 9 pp. 10 or more sent to one address, $.20 each. SOME PROPOSALS FOR A REFORM OF THE DIS­ (Limited supplies of the staff studies on the COUNT WINDOW. 1969. 40 pp. Government Securities Market Study, as listed on page 48 on the main report, are RATIONALE AND OBJECTIVES OF THE 1955 RE­ available upon request for single copies. VISION OF REGULATION A. 1969. 33 pp. These studies are printed in mimeographed or similar form.) AN EVALUATION OF SOME DETERMINANTS OF MEMBER BANK BORROWING. Oct. 1969. REAPPRAISAL OF THE FEDERAL RESERVE DIS­ 29 PP- COUNT MECHANISM: REPORT OF A SYSTEM COMMITTEE. 1968. 23 STAFF ECONOMIC STUDIES pp. $.25 a copy; 10 or more sent to one ad­ Studies and papers on economic and financial sub­ dress, $.20 each. jects that are of general interest in the field of economic research. REPORT ON RESEARCH UNDERTAKEN IN CON­ NECTION WITH A SYSTEM STUDY. 1968. 47 Summaries only printed in the Bulletin. (Limited supply of mimeographed copies of full pp. $.25 a copy; 10 or more sent to one text available upon request for single copies.) address, $.20 each. MEASURES OF INDUSTRIAL PRODUCTION AND Limited supply of the following papers relating to FINAL DEMAND, by Clayton Gehman and Cor­ the Discount Study, in mimeographed or similar nelia Motheral. Jan. 1967. 57 pp. form, available upon request for single copies: THE LABOR MARKET AND POTENTIAL OUTPUT OF EVOLUTION OF THE ROLE AND FUNCTIONING THE FEDERAL RESERVE-MIT ECONOMETRIC OF THE DISCOUNT MECHANISM. 1968. 65 pp. MODEL: A PRELIMINARY REPORT, by A. J. Telia and P. A. Tinsley. Aug. 1968. 26 pp. A STUDY OF THE MARKET FOR FEDERAL FUNDS. 1968. 47 pp. THE REGULATION OF SHORT-TERM CAPITAL MOVE­ MENTS: WESTERN EUROPEAN TECHNIQUES IN THE SECONDARY MARKET FOR NEGOTIABLE THE 1960’s, by Rodney H. Mills, Jr. Sept. 1968. CERTIFICATES OF DEPOSIT. 1968. 89 pp. 35 pp. THE DISCOUNT MECHANISM IN LEADING IN­ A TECHNIQUE FOR FORECASTING DEFENSE EX­ DUSTRIAL COUNTRIES SINCE WORLD WAR II. PENDITURES, by Harvey Galper and Edward 1968. 216 pp. Gramlich. Oct. 1968. 13 pp. RESERVE ADJUSTMENTS OF THE EIGHT MAJOR CHANGES IN BANK OWNERSHIP: THE IMPACT ON NEW YORK CITY BANKS DURING 1966. 1968. OPERATING PERFORMANCE, by Paul F. Jessup, 29 pp. Apr. 1969. 35 pp. DISCOUNT POLICY AND OPEN MARKET OPERA­ CHARACTERISTICS OF MERGING BANKS, by David TIONS. 1968. 23 pp. L. Smith. July 1969, 30 pp. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS A 99 OPTIMAL FACTOR ADJUSTMENT PATHS: A GENER­ TIME DEPOSITS IN MONETARY ANALYSIS, Staff ALIZATION OF "STOCK ADJUSTMENT" DECISION Economic Study by Lyle E. Gramley and RULES, by P. A. Tinsley. July 1969. 14 pp. Samuel B. Chase, Jr. Oct. 1965. 25 pp. ECONOMIC FORECASTS: EVALUATION PROCE­ CYCLES AND CYCLICAL IMBALANCES IN A CHANG­ DURES AND RESULTS, by H. O. Stekler. Oct. ING WORLD, Staff Paper by Frank R. Garfield. 1969. 49 pp. Nov. 1965. 15 pp. RESEARCH ON BANKING STRUCTURE AND PER­ SOME PROBLEMS IN FORECASTING INVENTORY FORMANCE, Staff Economic Study by Tynan INVESTMENT, By H. O. Stekler. Oct. 1969. Smith. Apr. 1966. 11 pp. 23 pp. COMMERCIAL BANK LIQUIDITY, Staff Economic Printed in full in the Bulletin. Study by James Pierce. Aug. 1966, 9 pp. (Reprints available as shown in following list.) TOWARD UNDERSTANDING OF THE WHOLE DE­ REPRINTS 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. Nov. 1966. 11 pp. H PP- SEASONAL FACTORS AFFECTING BANK RESERVES. THE ROLE OF FINANCIAL INTERMEDIARIES IN U.S. CAPITAL MARKETS, Staff Economic Study Feb. 1958. 12 pp. by Daniel H. Brill, with Ann P. Ulrey. Jan. LIQUIDITY AND PUBLIC POLICY, Staff Paper by 1967. 14 pp. ’ Stephen H. Axilrod. Oct. 1961. 17 pp. REVISED SERIES ON COMMERCIAL AND INDUS­ SEASONALLY ADJUSTED SERIES FOR BANK TRIAL LOANS BY INDUSTRY. Feb. 1967. 2 pp. CREDIT. July 1962. 6 pp. AUTO LOAN CHARACTERISTICS AT MAJOR SALES INTEREST RATES AND MONETARY POLICY, Staff FINANCE COMPANIES. Feb. 1967. 5 pp. Paper by Stephen H. Axilrod. Sept. 1962. 28 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 POSTWAR REVIEW. May 1967. 22 pp. MEASURES OF MEMBER BANK RESERVES. July 1963. 14 pp. ' MONETARY POLICY AND THE RESIDENTIAL MORT­ GAGE MARKET. May 1967. 13 pp. MEASURING AND ANALYZING ECONOMIC GROWTH, Staff Paper by Clayton Gehman. Aug. 1963. BANK FINANCING OF AGRICULTURE. June 1967. 14 pp. 23 pp. CHANGES IN BANKING STRUCTURE, 1953-62. EVIDENCE ON CONCENTRATION IN BANKING Sept. 1963. 8 pp. MARKETS AND INTEREST RATES, Staff Eco­ nomic Study by Almarin Phillips. June 1967. ECONOMIC CHANGE AND ECONOMIC ANALYSIS, 11 PP- Staff Paper by Frank R. Garfield. Sept. 1963. NEW BENCHMARK PRODUCTION MEASURES, 1958 17 PP- AND 1963. June 1967. 4 pp. THE OPEN MARKET POLICY PROCESS. Oct. 1963. REVISED INDEXES OF MANUFACTURING CAPACITY 11 PP- AND CAPACITY UTILIZATION. July 1967. 3 pp. YIELD DIFFERENTIALS IN TREASURY BILLS, 1959­ THE PUBLIC INFORMATION ACT—ITS EFFECT ON 64, Staff Paper by Samuel I. Katz. Oct. 1964. MEMBER BANKS. July 1967. 6 pp. 20 pp. INTEREST COST EFFECTS OF COMMERCIAL BANK REVISION OF BANK DEBITS AND DEPOSIT TURN­ UNDERWRITING OF MUNICIPAL REVENUE OVER SERIES. Mar. 1965. 4 pp. BONDS. Aug. 1967. 16 pp. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 100 FEDERAL RESERVE BULLETIN □ OCTOBER 1969 THE FEDERAL RESERVE-MIT ECONOMETRIC REVISION OF CONSUMER CREDIT STATISTICS. MODEL, Staff Economic Study by Frank de Dec. 1968. 21 pp. Leeuw and Edward Gramlich. Jan. 1968. 30 pp. HOUSING PRODUCTION AND FINANCE. Mar. 1969. THE PRICE OF GOLD IS NOT THE PROBLEM. Feb. 7 pp. 1968. 7 pp. BALANCE OF PAYMENTS PROGRAM: REVISED U.S. INTERNATIONAL TRANSACTIONS: TRENDS IN GUIDELINES FOR BANKS AND NONBANK FI­ 1960-67. Apr. 1968. 23 pp. NANCIAL INSTITUTIONS. Apr. 1969. 9 pp. MARGIN ACCOUNT CREDIT. June 1968. 12 pp. RECENT TRENDS IN THE U.S. BALANCE OF PAY­ MENTS. Apr. 1969. 18 pp. MONETARY RESTRAINT AND BORROWING AND CAPITAL SPENDING BY LARGE STATE AND QUARTERLY SURVEY OF CHANGES IN BANK LEND­ LOCAL GOVERNMENTS IN 1966. July 1968. ING PRACTICES. Apr. 1969. 5 pp. 30 pp. BANKING AND MONETARY STATISTICS, 1968. REVISED SERIES ON BANK CREDIT. Aug. 1968. Selected series of banking and monetary statis­ 4 pp. tics for 1968 only. Mar. and May 1969. 16 pp. FEDERAL FISCAL POLICY IN THE 1960's. Sept. OUR PROBLEM OF INFLATION. June 1969. 15 pp. 1968. 18 pp. THE CHANNELS OF MONETARY POLICY, Staff Eco­ HOW DOES MONETARY POLICY AFFECT THE nomic Study by Frank de Leeuw and Edward ECONOMY? Staff Economic Study by Maurice Gramlich. June 1969. 20 pp. Mann. Oct. 1968. 12 pp. FINANCIAL DEVELOPMENTS IN THE SECOND BUSINESS FINANCING BY BUSINESS FINANCE QUARTER OF 1969. Aug. 1969. 9 pp. COMPANIES. Oct. 1968. 13 pp. REVISION OF WEEKLY SERIES FOR COMMERCIAL BANKS. Aug. 1969. 5 pp. ECONOMIC UPSWING IN WESTERN EUROPE. Nov. 1968. 17 pp. TREASURY AND FEDERAL RESERVE FOREIGN EX­ CHANGE OPERATIONS. Sept. 1969. 22 pp. MANUFACTURING CAPACITY: A COMPARISON OF TWO SOURCES OF INFORMATION, Staff Eco­ EURO-DOLLARS: A CHANGING MARKET. Oct. 1969. nomic Study by Jared J. Enzler. Nov. 1968. 20 pp. 5 PP- REVISION OF MONEY STOCK SERIES. Oct. 1969. MONETARY RESTRAINT, BORROWING, AND CAP­ 16 pp. • ITAL SPENDING BY SMALL LOCAL GOVERN­ MENTS AND STATE COLLEGES IN 1966. Dec. CHANGES IN TIME AND SAVINGS DEPOSITS, APRIL- 1968. 30 pp. JULY 1969. Oct. 1969. 11 pp. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 101 INDEX TO STATISTICAL TABLES (For list of tables published periodically, but not monthly, see page A-3.) Acceptances, bankers’, 14, 31, 37 Deposits (See also specific types of deposits): Agricultural loans of commercial banks, 24, 26 Accumulated at commercial banks for payment of Arbitrage, 91 personal loans, 23 Assets and liabilities (See also Foreigners, claims on, Adjusted, and currency, 18 and liabilities to): Banks, by classes, 11, 19, 25, 29, 37 Banks, by classes, 19, 24, 26, 37 Federal Reserve Banks, 12, 86 Banks and the monetary system, 18 Postal savings, 18 Corporate, current, 49 Subject to reserve requirements, 17 Federal Reserve Banks, 12 Discount rates, 9, 90 Automobiles: Discounts and advances by Reserve Banks, 4, 12, 15 Consumer instalment credit, 54, 55, 56 Dividends, corporate, 48, 49 Production index, 58, 59 Dollar assets, foreign, 75, 81 Bankers’ balances, 25, 28 (See also Foreigners, claims on, and liabilities to) 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): New issues, 45, 46, 47 Fann mortgage loans, 50, 51 Yields and prices, 34, 35 Federal finance: Branch banks, liabilities of U.S. banks to their foreign Cash transactions, 40 branches, 30, 86 Receipts and expenditures, 41 Brokerage balances, 85 Treasury operating balance, 40 Business expenditures on new plant and equipment, 49 Federal funds, 8, 24, 26, 30, 33 Business indexes, 62 Federal home loan banks, 39, 51 Business loans (See Commercial and industrial loans) Federal Housing Administration, 50, 51, 52, 53 Federal intermediate credit banks, 39 Capacity utilization, 62 Federal land banks, 39 Capital accounts: Federal National Mortgage Assn., 39, 53 Banks, by classes, 19, 25, 30 Federal Reserve Banks: Federal Reserve Banks, 12 Condition statement, 12 Central banks, 90, 92 U.S. Govt, securities held, 4, 12, 15, 42, 43 Certificates of deposit, 30 Federal Reserve credit, 4, 12, 15 Coins, circulation, 16 Federal Reserve notes, 12, 16 Commercial and industrial loans: Federally sponsored credit agencies, 39 Commercial banks, 24 Finance company paper, 33, 37 Weekly reporting banks, 26, 31 Financial institutions, loans to, 24, 26 Commercial banks: Float, 4 Assets and liabilities, 19, 24, 26 Flow of funds, 70 Consumer loans held, by type, 55 Foreign: Deposits at, for payment of personal loans, 23 Currency operations, 12, 14. 75, 81 Number, by classes, 19 Deposits in U.S. banks, 4, 12, 18, 25, 29, 86 Real estate mortgages held, by type, 50 Exchange rates, 89 Commercial paper, 33, 37 Trade, 73 Condition statements (See Assets and liabilities) Foreigners: Construction, 62, 63 Claims on, 82, 83, 86, 87, 88 Consumer credit: Liabilities to, 30, 76, 77, 79, 80, 81, 86, 87, 88 Instalment credit, 54, 55, 56, 57 Noninstalment credit, by holder, 55 Consumer price indexes, 62, 66 Gold: Consumption expenditures, 68, 69 Certificates, 12, 16 Corporations: Earmarked, 86 Sales, profits, taxes, and dividends, 48, 49 Net purchases by U.S., 74 Security issues, 46, 47 Production, 93 Security yields and prices, 34, 35 Reserves of central banks and govts., 92 Cost of living (See Consumer price indexes) Stock, 4, 18, 75 - Currency and coin, 4, 10, 25 Government National Mortgage Association, 53 Currency in circulation, 4, 16, 17 Gross national product, 68, 69 Customer credit, stock market, 36 Hours and earnings, manufacturing industries, 65 Debits to deposit accounts, 15 Housing permits, 62 Housing starts, 63 Debt (See specific types of debt or securities) 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 )xedni siht ni dettimo si ”A“ xiferp eht hguohtla 39-A hguorht 4-A segap ot era secnerefeR( Income, national and personal, 68, 69 Industrial production index, 58, 62 Instalment loans, 54, 55, 56, 57 Insurance companies, 38, 42, 43, 51 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 102 FEDERAL RESERVE BULLETIN □ OCTOBER 1969 )xedni siht ni dettimo si ”A“ xiferp eht hguohtla 39-A hguorht 4-A segap ot era secnerefeR( Insured commercial banks, 21, 23, 24 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: Yields and prices of securities, 34, 35 Capacity utilization, 62 State member banks, 21, 23 Production index, 59, 62 Stock market credit, 36 Margin requirements, 10 Stocks: . Member banks: New issues, 46, 47 Assets and liabilities, by classes, 19, 24 Yields and prices, 34, 35 Borrowings at Reserve Banks, 6, 12 Deposits, by classes, 11 Number, by classes, 19 Tax receipts, Federal, 41 Time deposits, 11, 17, 18, 19, 25, 29 Reserve position, basic, 8 Reserve requirements, 10 Treasury cash, Treasury currency, ’4, 16, 18 Reserves and related items, 4, 17 Treasury deposits, 5, 12, 40 Mining, production index, 59, 62 Treasury operating balance, 40 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 Ioans) 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 Member bank holdings, 17 Treasury deposits at Federal Reserve Banks, 4, 12, 40 U.S. Govt, securities: National banks, 21, 23 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 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 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) Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES A (f~THE FEDERAL RESERVE SYSTEM 5) 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