Federal Reserve Bulletin, 1969-11

FEDERAL RESERVE BULLETIN NOVEMBER 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 tn 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 11 □ VOLUME 55 □ NOVEMBER 1969 CONTENTS 867 Financial Developments in the Third Quarter of 1969 877 Staff Economic Studies: Summary 879 Record of Policy Actions of the Federal Open Market Committee 889 Law Department 907 Announcements 909 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 COMMITTEE J. Charles Partee Robert C. Holland Robert Solomon Kenneth B. Williams Elizabeth B, Sette The Federal Reserve BULLETIN is issued monthly under the direction of the staff edi­ torial committee. This committee is responsible for opinions expressed except in official statements and signed articles. Direction for the art work is provided by Mack Rowe. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Financial Developments in the Third Quarter of 1969 This report, which was sent to the Joint Economic Committee of the U.S. Congress, highlights the important developments in fi­ nancial markets during the summer and early fall. RESERVES OF THE BANKING SYSTEM remained under consider­ able pressure during the third quarter, further increasing the cost and reducing the availability of funds in most financial markets. Bank reserves declined substantially over the period and total member bank deposits contracted sharply. This deposit perform­ ance reflected both an accelerated decline in time deposits and an abrupt leveling-off in demand deposits. Growth in the money stock between June and September slowed to an annual rate of less than 1 per cent. In an effort to compensate for the unfavorable deposit trend, banks increased their use of nondeposit sources of funds. Banks obtained additional funds in the Euro-dollar market and also continued their move into the commercial-paper market through the further issuance of such paper by bank-related affiliates, with most of the proceeds being channeled to banks by purchases of bank loans. Despite the growth in nondeposit sources at banks and their affiliates, the over-all supply of lendable funds at banks fell, and banks were forced to make substantial further adjustments in their portfolios. Liquidation of securities was accelerated, and outright sales of loans to investors were continued. At the same time, expansion of bank loans slowed considerably, reflecting the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

868 FEDERAL RESERVE BULLETIN □ NOVEMBER 1969 tighter funds position of banks and the lagged effects of the more restrictive lending terms and conditions introduced during the spring. Inflows of funds to nonbank savings institutions also were reduced further, and the volume of new mortgage commitments continued to decline. Indicative of these pressures on financial markets and of the need for borrowers to finance themselves rel­ atively more in the open market, most market rates of interest continued to rise over the third quarter. BANK RESERVES Total reserves at member banks fell substantially during the third quarter, following very little growth over the first half. This re­ duction reflected mainly a further decline in nonborrowed re­ serves, that is, those reserves provided through Federal Reserve open market operations. Within the quarter, however, member bank borrowing from Federal Reserve Banks also declined from the high level reached at midyear. During the quarter the Board of Governors of the Federal Reserve System amended its regulations to make additional bank liabilities subject to reserve requirements. For the first time, borrowings by a head office from its foreign branch above a spec- BANK RESERVES AND BORROWINGS BILLIONS OF DOLLARS, SEASONALLY ADJUSTED Monthly averages of daily figures for member banks. Total and nonborrowed reserves are adjusted to exclude the effects of changes in reserve requirement percentages. Nonborrowed reserves are total reserves adjusted minus member bank borrowings from the Federal Reserve. Excess reserves are total reserves less required reserves. Latest figures, September. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FINANCIAL DEVELOPMENTS, Q3 1969 869 ified base were made subject to a 10 per cent reserve require­ ment, and borrowings abroad directly by a domestic bank—that is, not through a branch—were made subject to reserve require­ ments. In another regulation, the Board defined “London checks” and “bills payable checks,” used in settling Euro-dollar transac­ tions, as deposits subject to reserves. Finally, funds raised through the sales of loans under repurchase agreement to other than a bank were made subject to Regulations D (reserve requirements) and Q (interest-rate ceilings), and the Board proposed that cer­ tain so-called “Federal funds” transactions with customers other than banks be brought within the coverage of these two regula­ tions. Against the background of such regulatory actions and with over-all pressure on bank reserves cumulating, banks increased their demands on the Federal funds market—where excess re­ serves of banks are traded on a day-to-day basis. The volume of such funds traded through New York increased to a daily aver­ age of about $9.7 billion, as compared with $8.7 billion in the second quarter. The Federal funds rate rose to an average level of 8.98 per cent, or about 65 basis points above the average during the second quarter. BANKS’ SOURCE OF Total member bank deposits subject to reserve requirements— FUNDS the bank credit proxy-—declined at an annual rate of more than 9 per cent in the third quarter, a larger rate of decline than in the preceding quarter. Although banks sought additional funds from nondeposit sources, the funds so acquired failed to offset deposit outflows, and total lendable funds at member banks de­ clined during the third quarter, following reduced expansion during the first half. The decline in bank deposits during the third quarter con­ tinued to reflect the fall in time and savings deposits; a small decline in private demand deposits was approximately offset by a rise in U.S. Government demand deposits. While the contraction in time and savings deposits resulted in large part from further attrition of large negotiable time certificates of deposit (CD’s), it also was influenced heavily by outflows of other time and sav­ ings deposits—-mainly those held by consumers. With money market rates of interest rising further during the third quarter, investors continued to shift funds out of CD’s and into short-term market instruments. Outstanding CD’s fell by more than $3.5 billion from the end of June through the end of Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

870 FEDERAL RESERVE BULLETIN □ NOVEMBER 1969 September—only slightly less than the average amount of decline in the first two quarters—in spite of the reduced volume of maturing issues. But while the dollar amount of CD attrition re­ mained fairly constant, the geographic location of this decline changed markedly. During the first half, most of the outflow of CD’s took place at major money market banks in New York and Chicago, where depositors are highly interest-sensitive. But during the third quarter, CD attrition became more widespread, with banks outside New York and Chicago accounting for more than two-thirds of the decline. FLOWS OF SELECTED MONETARY AGGREGATES Percentage annual rates of change, seasonally adjusted 1968 1969 Item III IV I II III Total member bank deposits1.... 13.6 12.7 -4.8 -2.2 -9.3 Total member bank deposits plus Euro-dollars2......................... 14.7 11.9 -1.8 1.4 3-6.2 Time and savings deposits at all commercial banks.......... 16.5 17.3 -5.1 -3.0 -13.3 Money stock.................................. 6.8 7.1 4.1 4.5 .2 memo: Average money stock4......... 8.6 5.7 6.0 4.5 1.4 i Bank credit proxy. 2 Bank credit proxy adjusted to include liabilities of domestic banks to foreign branches. 3 Beginning on May 28, the following data were collected weekly: Euro-dollars borrowed directly from foreign banks or through brokers and dealers, bank liabilities to own branches in U.S. territories and possessions, commercial paper issued by bank holding companies or other bank affiliates, and loans or participation in pools of loans sold under repurchase agreement to other than banks and other than banks’ own affiliates or subsidiaries. If these other nondeposit sources of funds were added to the credit proxy plus Euro-dollars, the resultant figure for the third quarter would be —4.2 per cent. 4 The percentage change in the average level of the money stock during a quarter from the average level during the preceding quarter, at annual rates. This measure is included because it is used by many analysts and in various econometric models, in relating money stock data to quarterly figures for eco­ nomic activity, such as the gross national product. Note.—With the exception of the memo item, changes are calculated from the average amounts outstanding in the last month of each quarter. Holders of other types of time and savings deposits apparently were also increasingly influenced by the higher levels of interest rates. At large banks consumer-type deposits—savings deposits, and time deposits held by individuals, partnerships, and corpora­ tions other than their holdings of large negotiable CD’s—fell by nearly $1.5 billion, or almost twice the decline during the second quarter. Country banks also sustained sizable outflows of time and savings during the third quarter, following reduced inflows during the first half. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FINANCIAL DEVELOPMENTS, Q3 1969 871 BANK CREDIT-components With the further rise in interest rates, the more limited avail­ Change, billions dollars ability of bank loans, and the continued constraint on bank reserve positions generally, privately held demand deposits also declined during the third quarter. Currency in the hands of the public, however, continued to expand, although at a rate some­ what reduced from that in the first half. Consequently, the total money stock—private demand deposits and currency combined— showed only a very small rise, as compared with an increase at OTHER SECURITIES an annual rate of more than 4 per cent in the first half of the year and more than 7 per cent during 1968. With respect to nondeposit sources of funds, banks with for­ eign branches increased their borrowings in the Euro-dollar market by an additional $ 1 billion in the third quarter. However, all of this increase took place in July, with outstanding liabilities to foreign branches remaining essentially unchanged over the balance of the quarter. Banks also obtained funds from other nondeposit sources, mainly proceeds of sales of commercial paper by holding com­ panies, affiliates, and subsidiaries. The amount of funds raised through the commercial-paper market amounted to almost $1.2 Seasonally adjusted. billion over the third quarter. But outstanding repurchase agree­ ments on loans declined over the quarter—by about $300 mil­ lion—following System action that brought them within the scope of Regulations Q and D. BANKS’ USE OF FUNDS With their lendable funds becoming more restricted, banks ex­ tended portfolio adjustments that had been initiated earlier in BANK LOANS-MAJOR COMPONENTS the year. Holdings of securities—particularly short-term—were run off more rapidly than in the second quarter, reducing liquid­ ity positions even below the relatively low levels reached by midyear. Moreover, banks continued to sell loans in order to accommodate new loan demands. But with reduced liquidity positions and further deposit outflows, expansion of total loans was sharply curtailed in the third quarter. The reduction in bank holdings of U.S. Government securities equaled that of the second quarter even though banks underwrote two Treasury cash financings in the third quarter. But with hold­ ings of Government securities—particularly those with short maturities—already quite low by midyear, banks relied increas­ ingly on the liquidation of other securities, which was about three times as large as in the second quarter. Run-offs in holdings of municipal securities accounted for the major part of this Seasonally adjusted. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

872 FEDERAL RESERVE BULLETIN □ NOVEMBER 1969 liquidation, although there were also sizable reductions in Federal participation certificates and agency issues. Total loans in the third quarter rose by only $2.4 billion, or less than half of the increase in either the first or second quarters. This slowing in loan expansion was evident in all major loan categories. Growth in business loans, for example, moderated in the third quarter, even after rough allowance is made for loans sold by banks. Business needs for funds appear to have remained large, however, since investment in fixed assets and inventories picked up somewhat further. Growth in real estate loans also slowed substantially, accompanied by further reductions in resi­ dential construction and housing starts. The continued modera­ tion in the rate of growth of consumer loans at banks coincided with the slower expansion of consumer credit generally. NONBANK Net inflows of funds to nonbank thrift institutions continued to INTERMEDIARIES AND moderate in the third quarter, as yields on market instruments MORTGAGE MARKETS rose further above the rates paid on savings accounts. Both savings and loan associations and mutual savings banks experi­ enced substantial outflows during the July reinvestment period, and net gains in savings accounts remained depressed throughout the balance of the quarter. The pace of new mortgage commit­ ment activity of these institutions for the quarter as a whole was cut back, and the level of outstanding mortgage commitments continued to decline from the peak in April. Nevertheless, net NET CHANGE IN MORTGAGE DEBT OUTSTANDING In billions of dollars, seasonally adjusted 1968 1969 Item III IV I II III» Total.............................................. 6.4 7.8 7.5 7.1 6.7 Residential............................. 4.4 5.4 5.4 5.2 4.9 Other1.................................... 2.0 2.5 2.1 1.9 1.8 NONBANK SAVINGS ACCOUNTS 0 Estimated. ANNUAL Mil Of CHANGE. Pfff CENT 1 Includes farm properties. extensions of mortgage credit by these institutions were relatively well sustained, financed in part by reductions in liquidity posi­ tions, by borrowing of savings and loan associations at the Fed­ eral home loan banks, and by reduced acquisitions of securities Seasonally adjusted. by mutual savings banks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FINANCIAL DEVELOPMENTS, Q3 1969 873 With the other primary mortgage-lending institutions—com­ mercial banks and life insurance companies—also experiencing constraint on lendable funds, growth in total mortgage debt— which reflects both new credit extensions and loan repayments—• continued to decline from the record rate reached in the fourth quarter of 1968. Although residential mortgage activity shared in the decline, it held above the year-earlier level, reflecting in part a sharp rise in mortgage purchases by the Federal National Mortgage Association. FUNDS RAISED IN Private borrowing in capital markets declined in the third SECURITY MARKETS quarter, owing in large part to the sharply higher cost and reduced availability of credit. New offerings of long-term securities by State and local governments fell one-third below the secondquarter pace, to the lowest level in nearly 5 years. A sizable portion of the decline in offerings was attributable to the sharp rise in interest costs—stemming in part from bank reductions in holdings of municipal securities, but also reflecting investor concern over provisions in the proposed tax reform bill relating to the tax treatment of interest income on municipal securities. Many governmental units were forced to defer long-term financ­ ing because statutory rate ceilings were below market rates. Al­ though the shortfall in long-term financing was partially offset by reliance on the issuance of short-term notes, increased pres­ sures in this market also resulted in a moderation in short-term borrowing from the large volume during earlier quarters of this year. Flotations of corporate securities were significantly below the exceptionally high rate of the second quarter. Corporate bond issues—including public offerings and private placements—were less than those in the second quarter but nonetheless were main- OFFERINGS OF NEW SECURITY ISSUES 0 Estimated. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

874 FEDERAL RESERVE BULLETIN □ NOVEMBER 1969 tained at a sizable pace by several issues of large industrial firms early in the third quarter—a type of borrower noticeably absent earlier in the year. Common and preferred stock offerings regis­ tered a large decline as average stock prices discouraged the is­ suance of these securities; equity prices reached a low for the year late in July and then recovered somewhat later in the quar­ ter. ft appears from available data that corporations this past summer met their continued heavy financing requirements rel­ atively more through the issuance of commercial paper and possibly by reductions in holdings of liquid assets than they had earlier in the year. The Federal Government borrowed more than $3 billion in the third quarter—in contrast to substantial debt repayment in the preceding quarter—as the budget moved into a moderate deficit. This swing in the budgetary position reflected principally a seasonal decline in receipts, although expenditures were bolstered by a pay raise for Federal employees. Federally sponsored agen­ cies not included in the budget continued to issue debt in volume, particularly the FHLBB and FNMA. FEDERAL GOVERNMENT BORROWING AND CASH BALANCE Quarterly totals tn billions of dollars, not seasonally adjusted 1968 1969 Item III IV I II III Budget surplus or deficit............... -3.2 -7.1 -2.0 15.3 -2.5 Net cash borrowing, or repay­ ment ( —)........................ 1 7.7 3.4 .2 -12.6 23.2 Other means of financing3........... -1.1 -.2 1.9 -1.7 Change in cash balance................ 3.3 -3.9 .1 1.1 .7 memo: Federal agency borrowing4....... .2 .6 1.1 2.3 2.7 i Excludes effect on agency debt outstanding of transfers of certain agencies to private ownership. 2 Adjusted to remove effects of reclassification of $1.6 billion in Commodity Credit Corporation certificates of interest from budget transactions to agency securities (borrowing from the public). 3 Checks issued less checks paid and other accrued items. 4 Nonguaranteed issues of Federal National Mortgage Association (excluding participation certifi­ cates), Federal home loan banks, Federal land banks. Federal intermediate credit banks, and banks for cooperatives. INTEREST RATES With demands for credit remaining generally in excess of the available supply in nearly all financial markets, most market rates of interest continued to rise. Two Treasury bill financings to raise new cash, as well as continued bank liquidation of Treas­ ury bills prior to and following these financings, were instru- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FINANCIAL DEVELOPMENTS, Q3 1969 875 mental in putting upward pressure on the rate of interest on these instruments; the weekly average yield on 3-month Treasury bills rose by about 45 basis points above the high in June to 7.10 per cent in the latter part of September. The rate on 4- to 6-month dealer-placed commercial paper also registered a slight further increase, on balance, over the third quarter—probably influenced in part by bank sales of commercial paper through related affiliates. INTEREST RATES PER CENT PER ANNUM SHORTTERM LONG-TERM 10 Monthly averages except FHA (based on quotations for one day each month). Yields: U.S. Treasury bills, market yields on 3-month issues; prime commercial paper, dealer offering rates; FHA, weighted averages of private secondary market prices of new-home 30-year mortgages converted to annual yield (dashed line indicates period of adjustment to change in contractual interest rate); corporate bonds, weighted averages of new publicly offered bonds rated Aaa, Aa, and A by Moody's Investors Service and adjusted to an Aaa basis; U.S. Govt, bonds, market yields adjusted to 20-year constant maturity by U.S. Treasury; State and local govt, bonds (20 issues, mixed quality). Bond Buyer. Interest rates also continued to press upward in capital mar­ kets, owing in part to the limited availability of funds at major financial institutions. For example, banks reduced further their holdings of long-term municipal bonds during the third quarter, probably contributing to the 50-basis-point increase in yields on these securities over this period—to a high of 6.37 per cent in early September. Rates on corporate Aaa new issues (with 5-year call protection) rose 40 basis points to a level of 8.13 per cent by late September, and yields on long-term Government bonds in- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

creased 20 basis points to a level of 6.60 per cent by that time. Interest rates on Federal Housing Administration mortgages in the secondary market rose only slightly—to 8.40 per cent—over the third quarter, as sizable discounts inhibited further upward yield adjustments. □ NOTE on September Bulletin The price increase for fabricated aluminum products through August of this year was 4.6 per cent, according to BLS estimates. In the September Bulletin, p. 689, the figure was incorrectly shown as 13 per cent. 876 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 subjects, 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 Summary AUTOMOTIVE TRADE BETWEEN THE UNITED STATES AND CANADA Kathryn A. Morisse—Staff, Board of Governors Prepared as a staff paper; completed in September 1969. U.S. automotive trade with Canada has ex­ “free trade.” Strict qualifications were es­ panded sharply every year since 1965 and tablished for duty-free treatment, particu­ has constituted a sharply increasing share of larly for U.S. automotive shipments to Can­ total U.S. exports and imports. This paper ada. In addition, the automotive companies discusses the role of the U.S.-Canada Auto­ signed separate “letters of commitment” motive Products Agreement and related in­ with the Canadian Government that assured dustry commitments in this sudden increase. increases in Canadian production and also The U.S.-Canada Automotive Products guaranteed a given share of the value of the Agreement of 1965 assures the manufac­ Canadian final sales market to Canadian turers of specified automotive products and firms. The Agreement and other commit­ vehicles of duty-free shipments between the ments have led to some reorganization by two countries. The automotive products in­ both U.S. and Canadian automotive pro­ clude cars, trucks, buses, special-purpose ve­ ducers of some of their production opera­ hicles, and parts and accessories. While vir­ tions. In addition, Canada is protected from tually all automotive shipments in both a deterioration in its bilateral automotive directions across the border have been duty trade balance with the United States. free, the Agreement in no way establishes As a result of the Agreement and separate 877 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

industry “commitments,” the once-large sur­ decline is likely to continue as long as Cana­ plus in U.S. automotive trade with Canada dian production of North American-type ve­ has decreased every year since 1965. Under hicles increases at a notably faster rate than present arrangements it appears that this Canadian sales. □ 878 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 July 15 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; September, pages 727-35; and October, pages 823-38. The record for the meeting held on August 12, 1969, follows: 879 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

880 FEDERAL RESERVE BULLETIN □ NOVEMBER 1969 MEETING HELD ON AUGUST 12, 1969 Authority to effect transactions in System Account. According to preliminary Commerce Department estimates, real GNP had expanded in the second quarter at an annual rate of 2.4 per cent, close to the 2.5 per cent rate of the first quarter and somewhat slower than the 3.5 per cent rate of the second half of 1968. However, sub­ stantial upward pressures on prices and costs were persisting; average prices, as measured by the GNP deflator, had increased at an an­ nual rate of nearly 5 per cent in both the first and second quarters. Staff projections suggested some further slowing of growth in real GNP in the second half of 1969 but only a moderate reduction in the rate of price advance. Recent economic developments continued to present a mixed pic­ ture. Industrial production was tentatively estimated to have risen sharply further in July. On the other hand, weekly figures suggested that retail sales were about unchanged from June and no higher than they had been in February. Nonfarm employment expanded less than it had on the average in earlier months of the year, and the unem­ ployment rate rose to 3.6 from 3.4 per cent in June. Average wholesale prices increased only slightly further from mid­ June to mid-July. Average prices of farm products and foods, which had accounted for most of the rise in the wholesale price index in recent months, were unchanged. Price advances continued wide­ spread among industrial commodities, but the average for such com­ modities rose only moderately because of further declines in prices of lumber and plywood. The consumer price index increased sharply in June with foods, particularly meats, accounting for much of the advance. In the second quarter, according to the preliminary Commerce De­ partment figures, expansion in real GNP had been sustained by a rise in inventory investment. Declines were recorded in residential construction expenditures and Federal outlays on goods and services, and the rate of increase was slower than in the first quarter for con­ sumer spending and business capital outlays. One uncertainty in the outlook for the second half of 1969 had been removed by the enactment in early August of legislation to ex- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 881 tend the income tax surcharge at 10 per cent through the end of the year. The mid-1969 Government pay raise was expected to lead to an increase in Federal outlays in the third quarter and to provide some temporary stimulus to growth in disposable income and con­ sumer spending, but it seemed likely that the decline in Federal out­ lays would resume in the fourth quarter and that growth in con­ sumer income and spending would again be moderating. Prospects were that residential construction activity would continue to decline in the third and fourth quarters. Further slowing in the expansion of business capital outlays was anticipated in both quarters, as sug­ gested by the June Commerce-SEC survey of business plans and also by a special Federal Reserve survey of capital spending authoriza­ tions of about 200 large corporations conducted in late July. With respect to the balance of payments, it appeared that outflows of U.S. capital remained sizable in July and that the very large deficits that had been recorded on the liquidity basis earlier in the year were continuing. The official settlements balance was still in surplus in the first half of July, a period in which the outstanding Euro-dollar bor­ rowings of U.S. banks increased considerably further. After mid-July, however, there was relatively little net change in such borrowings and the official settlements balance shifted toward deficit. Interest rates in the Euro-dollar market declined from early July to early August but remained at relatively high levels. On the Friday before this meeting the French Government an­ nounced an 11.1 per cent devaluation of the franc. This action was taken against the background of recent substantial losses of interna­ tional reserves by France and in the interests of avoiding a deflation­ ary policy “that would impose unbearable sacrifices and massive un­ employment on the country.” Although certain Western European currencies had come under some selling pressure following the an­ nouncement, the initial reaction in foreign exchange markets ap­ peared on the whole to be orderly. Earlier—around mid-July—the Bank of Canada had increased its discount rate and the German Fed­ eral Bank had announced an increase in reserve requirements against deposit liabilities of domestic banks; and around the end of the month discount rates had been increased by the central banks of Belgium and the Netherlands. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

882 FEDERAL RESERVE BULLETIN □ NOVEMBER 1969 In its August retunding the Treasury offered a new 18-month, 7% per cent note priced to yield about 7,82 per cent in exchange for $3.4 billion of securities maturing on August 15. The new issue was well received and was quoted at a premium in the market. Of the $3.2 billion of maturing issues held by the public, about 14 per cent were redeemed for cash. The Treasury was expected to raise about $1.5 billion to $2 billion of new cash later in the month through an offering of short-term securities. The atmosphere in securities markets had improved recently— partly because of the enactment of legislation extending the income tax surcharge, of further indications that the rate of real economic expansion was gradually slowing, and of signs that credit demands from some sectors might be moderating. Yields on new long-term corporate bonds and municipal securities, which had been rising in the latter part of July, declined somewhat in early August. Munic­ ipal bond markets had been under particularly severe pressures partly as a result of congressional discussion of possible changes in the tax treatment of earnings on such bonds, and these pressures moderated after the House Ways and Means Committee modified certain earlier proposals in this area. Various short-term interest rates also had declined recently. For example, the market rate on 3-month Treasury bills, at about 7 per cent on the day before this meeting, was down from a peak of 7.13 per cent in late July, although it was little changed from its level 4 weeks earlier. Commercial bank holdings of U.S. Government securities rose during July as a result of bank underwriting of the tax-anticipation bills sold by the Treasury at midmonth, but holdings of other se­ curities decreased considerably. Business loans outstanding were about unchanged for the second successive month after expanding rapidly earlier in the year. To some extent the lack of growth in busi­ ness loans since May reflected outright sales of loans to bank affiliates. Even with the inclusion of such loans, however, the increase in the last 2 months would have been at a rate only about one-third of that earlier in the year. Total bank credit, as measured by the adjusted proxy series, was estimated to have declined at an annual rate of about 12 per cent from June to July, as a large reduction in daily-average member Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 883 bank deposits was only partly offset by a rise in the average level of Euro-dollar liabilities of U.S. banks to their foreign branches. Banks increased their reliance on funds from other nondeposit sources, including funds obtained by selling assets to affiliates and to customers with bank guarantees. Rough estimates suggested that with a further adjustment for such funds the proxy series would have declined at an annual rate of 7 to 8 per cent from June to July. Private demand deposits’ and the money stock rose on the aver­ age in July—the latter at an annual rate of 6 per cent—partly as a consequence of a large further contraction of U.S. Government deposits. 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 been reduced by more than $10.5 billion, or about 45 per cent. There also were sizable out­ flows of other time and savings deposits following midyear interest crediting. Nonbank thrift institutions similarly experienced heavy out­ flows early in July. In general, System open market operations since the previous meeting of the Committee had been directed at maintaining firm con­ ditions in the money and short-term credit markets. Money market pressures had tended to ease for a time after mid-July as a result of a shift of reserves toward the money center banks. This tendency was not fully offset through System operations because bank credit appeared to be significantly below earlier projections. However, the extent to which operations were influenced by bank credit develop­ ments was affected by “even keel” considerations related to the 1 Estimates of private demand deposits—and hence of the money stock and the bank credit proxy—had recently been corrected for a downward bias pro­ duced, under previously employed accounting procedures, by the recent growth in cash items generated by Euro-dollar transactions of U.S. banks. For the money stock the correction raised the estimated annual rate of increase for July by about 2W percentage points—from 3.7 to 6.1 per cent; and for the first 6 months of the year by about I'/a percentage points—from 2.2 to 3.6 per cent. The effects of the correction on the adjusted proxy series were smaller. For July, the estimated annual rate of decline was reduced by about 114 points, from 13.5 to 11.8 per cent; and for the first half of the year an estimated decline at an annual rate of about 1 per cent was revised to an estimate of no change. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

884 FEDERAL RESERVE BULLETIN □ NOVEMBER 1969 Treasury refunding. Subsequently, a redistribution of reserves away from major banks had contributed to tighter money market condi­ tions despite sizable reserve-supplying operations by the System. In the two statement weeks following the July 15 meeting, the effective rate on Federal funds had averaged about 814 per cent— compared with a rate centering around 9 per cent in earlier weeks —and since then had risen to a range around 9% per cent. In the 4 weeks ending August 6, member bank borrowings had averaged $1,250 million, down somewhat from the previous period. A corre­ sponding decline in excess reserves had left net borrowed reserves about unchanged on the average. Prospective changes in the bank credit proxy and related variables were affected by the expected consequences of certain regulatory actions taken by the Board of Governors on July 24, 1969. These were (1) an amendment to Regulation D, effective July 31, requiring member banks to include in deposits used to compute reserve re­ quirements all so-called “London checks” and “bills payable checks” used in settling transactions involving foreign branches; and (2) amendments to Regulations D and Q defining deposit liabilities sub­ ject to those regulations to include, beginning August 28, every bank liability on a repurchase agreement (RP) entered into on or after July 25 with a person other than a bank and involving any assets other than direct and fully guaranteed obligations of the United States or its agencies. The first of these actions was expected to increase required reserves of member banks by about $450 million in the statement week ending August 20. The second action was not expected to have much effect on required reserves, since it appeared unlikely that a significant volume of newly written RP’s of the types affected would be outstanding after late August. It was noted, however, that outstanding RP’s were expected to decline as current agreements matured and that this decline would tend to reduce bank credit by an equivalent amount, other things equal. Moreover, it was con­ sidered likely that bank attitudes toward alternative sources of funds and toward their own lending and investing policies were already being affected by this action, and by the expectation that the Board would soon implement two other regulatory actions it had proposed Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 885 near the end of June. The latter were proposals to amend Regulations D and M, among other things to place a 10 per cent reserve require­ ment on borrowings by U.S. banks from their foreign branches, to the extent that these borrowings exceeded the daily-average amounts outstanding in the 4 weeks ending May 28, 1969; and a proposal to amend Regulations D and Q to bring a member bank’s liability on certain Federal funds transactions within the coverage of those reg­ ulations. The staff projections suggested that the adjusted bank credit proxy would decline at an annual rate of 9 to 12 per cent from July to August if prevailing conditions were maintained in money and short­ term credit markets. The projections allowed for only a small further rise in the average level of Euro-dollar borrowings of U.S. banks. While no specific allowance was made in the projections for possible changes in the extent to which banks were utilizing funds from other nondeposit sources, it was noted that the outstanding volume of funds obtained from such sources probably would grow less rapidly than in July. Among deposit categories, private demand deposits—and the money stock—were projected to decline moderately from July to August, and a further reduction in the average level of U.S. Govern­ ment deposits was anticipated. Given prevailing levels of market interest rates, it was expected that large-denomination CD’s would continue to run off, although less rapidly than earlier because the volume of maturing CD’s was smaller. And it appeared unlikely that consumer-type time and savings deposits would show a marked ex­ pansion after the large net outflows of July. In the Committee’s discussion account was taken of the indica­ tions that the rate of expansion of over-all economic activity was moderating somewhat, of the recent legislation extending the 10 per cent income tax surcharge through the end of the year, and of the substantial degree of monetary restraint already in effect. The Committee agreed that no further increase in monetary restraint would be warranted at present. In particular, it agreed that any tendencies toward firmer money market conditions that might result from recent regulatory actions by the Board of Governors or from other causes should be resisted through open market operations. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

886 FEDERAL RESERVE BULLETIN □ NOVEMBER 1969 At the same time, a majority of the members thought that action to ease money market conditions would not be warranted now, in view of the persistence of inflationary pressures and the risk that such action would encourage a new surge of inflationary expectations. Some members of the majority expressed the view that System opera­ tions should not necessarily be undertaken to offset fully any casing tendencies that might be produced by market forces. On the other hand, it was suggested that the implementation of policy should not be unduly influenced by temporary swings in market psychology. The Committee concluded that open market operations should be directed at maintaining the prevailing firm conditions in money and short-term credit markets. The proviso was added that operations should be modified if bank credit appeared to be deviating sig­ nificantly from current projections. It was also agreed that operations should be modified if pressures arose in the aftermath of the devalua­ tion of the French franc or in connection with the regulatory actions taken by the Board of Governors. The following current economic policy directive was issued to the Federal Reserve Bank of New York: The information reviewed at this meeting indicates that expansion in real economic activity slowed somewhat in the first half of 1969 and some further moderation is projected. Substantial up­ ward pressures on prices and costs are persisting. Most market in­ terest rates recently have receded slightly from their earlier highs. In July the money supply expanded as U.S. Government deposits decreased further; bank credit declined on average, after adjusting for an increase in assets sold to affiliates and to customers with bank guarantees. The run-off of large-denomination CD’s which began in mid-December continued without abatement in July, and there apparently were net outflows from consumer-type time and savings accounts at banks and nonbank thrift institutions combined. The over-all balance of payments deficit on the liquidity basis remained very large in July; the balance on the official settlements basis was still in surplus in the first half of the month but subsequently shifted toward deficit as U.S. banks’ borrowings of Euro-dollars leveled off. Foreign exchange markets appear initially to be adjusting in an or­ derly fashion to the announced devaluation of the French franc. In light of the foregoing developments, it is the policy of the Federal Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 887 Open Market Committee to foster financial conditions conducive to the reduction of inflationary pressures, with a view to encouraging sustainable 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 prevailing firm conditions 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 pressures arise in connection with foreign exchange developments or with bank regulatory changes. Votes for this action: Messrs. Martin, Hayes, Bopp, Brimmer, Coldwell, Daane, Robertson, Scan­ lon, Sherrill, and Swan. Votes against this action: Messrs. Maisel and Mitchell. Absent and not voting: Mr. Clay. (Mr. Swan voted as his alternate.) In dissenting from this action Messrs. Maisel and Mitchell indi­ cated that they did not advocate lessening monetary and credit restraint. However, they did not want monetary policy to become more and more restrictive. It appeared to them that trends in mone­ tary aggregates and the availability of credit were indicative of in­ creased tightening that would be heightened if money market con­ ditions were maintained at the levels called for in the directive favored by the majority. In order to guard against an undesired further tightening, they favored a directive calling for operations to moderate such contractive tendencies, if prospective declines in monetary aggregates should in fact occur, while maintaining the position of over-all monetary and credit restraint. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Law Department Statutes, regulations, interpretations, and decisions INTEREST ON DEPOSITS TRUTH IN LENDING AMENDMENT TO REGULATION Q AMENDMENT TO REGULATION Z Effective November 5, 1969, section 217.3(g) is Effective November 6, 1969, § 226.8 is amended amended to read as follows, and section 217.128 is by the addition of paragraph (p), and § 226.9(g) revoked: (4) is amended as follows: (g) Time deposits of foreign governmental en­ SECTION 226.8 CREDIT OTHER THAN OPEN END—SPECIFIC DISCLOSURES tities and international organizations. Section 217.7 does not apply to the rate of interest that may be !|t $ :|< * * paid by a member bank on a time deposit having (p) Agricultural credit—information not deter­ a maturity of two years or less and representing minable. (1) In any transaction subject to this funds deposited and owned by (1) a foreign gov­ section, if the amount or date of any advance or ernment, or an agency or instrumentality thereof payment in connection with an extension of credit engaged principally in activities which are ordinarily for agricultural purposes under a written agree­ performed in the United States by governmental ment is to be determined by production, seasonal entities, (2) an international entity of which the needs, or similar operational factors, and is not United States is a member, or (3) any other for­ determinable at the time of execution of the agree­ eign, international, or supranational entity specifi­ ment, disclosures may be made at the creditor’s cally designated by the Board as exempt from option in accordance with this paragraph, provided the use of this paragraph is not for the purpose § 217.7. All certificates of deposit issued by member of circumvention or evasion of this Part. banks to such entities on which the contract rate of ( 2) If a creditor elects to make disclosures un­ interest exceeds the maximum prescribed under der this paragraph, he shall disclose the following §217.7 shall provide that (1) in the event of items in accordance with § 226.8(a), which shall transfer, the date of transfer, attested to in writing constitute compliance with the requirements of by the transferor, shall appear on the certificate, § 226.8, and under § 226.9(a) shall constitute “all and (2) the maximum rate limitations of § 217.7 other material disclosures required under this in effect at the date of issuance of the certificate Part”: shall apply to the certificate for any period during (i) The method of computing the amount of the which it is held by a person other than an entity finance charge including an identification of each exempt therefrom under the foregoing sentence." component thereof in accordance with § 226.4; Upon the presentment of such a certificate for pay­ (ii) Any item required to be disclosed under ment, the bank may pay the holder the contract § 226.8(b)(3) which is determinable at the time rate of interest on the deposit for the time that the the disclosures are required to be made under this certificate was actually owned by an entity so paragraph. exempt. (iii) The disclosures, as applicable, required un­ der § 226.8(b)(4), (5), (6), and (7) and the items described in § 226.8(e)(1) and (2). “ A new certificate not maturing prior to the maturity (iv) The disclosures, as applicable, required date of the original certificate may be issued by the member under § 226.8(o)(l), (2), (3), (4, (5), (8), and bank to the transferee, in which event the original must be retained by the bank. The new certificate may not provide (9). for interest after the date of transfer at a rate in excess of (3) Disclosures made pursuant to subparagraph the applicable maximum rate authorized by § 217.7 as of (2)(i), (ii), and (iii) of this paragraph need be the date of issuance of the original certificate. 889 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

890 FEDERAL RESERVE BULLETIN □ NOVEMBER 1969 made only on the agreement or on a separate state­ an open end real estate mortgage or similar lien ment as specified in § 226.8(a). which do not meet the tests for disclosure under (4) If a creditor making disclosures pursuant to § 226.8(p) are subject to the relevant provisions of this paragraph transmits a periodic billing state­ § 226.8(j) dealing with such advances. ment of the type described in paragraph (n) of § 226.8, such statement shall be in a form which the customer may retain and shall set forth the FOREIGN BANKING date by which, or the period, if any, within which INTERPRETATION OF REGULATION K payment must be made in order to avoid late pay­ ment or delinquency charges. ACTING IN THE UNITED STATES AS SECTION 226.9 RIGHT TO RESCIND TRUSTEE, CONVERSION AGENT, AND CERTAIN TRANSACTIONS PAYING AGENT OF SECURITIES ISSUED * * * * * TO FINANCE FOREIGN ACTIVITIES AND DISTRIBUTED ONLY OUTSIDE THE (g) Exceptions to general rule. * * * UNITED STATES (4) Any advance for agricultural purposes made pursuant to either: Section 211.5(b)(2) of Regulation K provides (i) Paragraph (j) of § 226.8 under an open that a corporation organized under section 25(a) end real estate mortgage or similar lien, provided of the Federal Reserve Act (an “Edge corpora­ the disclosure required under paragraph (b) of tion”) may not “act in the United States as trustee, this section was made at the time the security in­ registrar, or in any similar capacity, with respect terest was acquired by the creditor or at any time to securities distributed in the United States.” Un­ prior to the first advance made on or following the der § 211.7(d)(7) of Regulation K an Edge cor­ effective date of this Part, or poration is permitted to “act [in the United States] (ii) Paragraph (p) or § 226.8 under a written as paying agent for securities issued by foreign agreement, provided the disclosure required under governments or other organizations organized un­ paragraph (b) of this section was made at the time der foreign law and not qualified under the laws the written agreement was executed by the cus­ of the United States or any State or the District tomer. of Columbia to do business in the United States.” Many large corporations in the United States INTERPRETATION OF REGULATION Z have formed subsidiaries to issue securities abroad to ADVANCES UNDER OPEN END REAL finance their international operations. The question ESTATE MORTGAGES FOR has therefore arisen whether an Edge corporation AGRICULTURAL PURPOSES may act in the United States as trustee, conversion agent, and paying agent for securities issued to Under § 226.8(p) disclosures are permitted in finance foreign activities and distributed only out­ connection with certain extensions of credit for side the United States, even though the issuer is agricultural purposes which may involve advances organized and therefore legally qualified to do busi­ under an open end real estate mortgage or similar ness in the United States. lien. Section 226.8(j) in part treats advances for Nothing in section 25(a) specifically authorizes agricultural purposes under an open end real estate an Edge corporation to act as fiduciary. In fact, a mortgage or similar lien. The question arises as to grant of certain fiduciary powers so far as “neces­ the respective application of these paragraphs to sary” in an Edge corporation’s international busi­ such advances. ness was deleted from the Edge Act prior to its If an extension of credit involving multiple ad­ enactment as being unnecessary in relation to the vances, whether or not under an open end mort­ purposes for which Edge corporations were to be gage, meets the tests of § 226.8(p), disclosures organized.* It therefore seems clear that an Edge need only be made prior to consummation of the corporation does not have power generally to act credit transaction and need not be made at the as fiduciary in the United States. time of each individual advance, even though such On the other hand, a primary Congressional ob­ advance for agricultural purposes may not meet the jective in authorizing the organization of Edge tests in § 226.8(j). Conversely, extensions of credit * See 58 Congressional Record 4954, 4968 (1919) (re­ for agricultural purposes involving advances under marks of Senator Edge). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 891 corporations was to facilitate the development of would result from application of the regulation’s international and foreign commerce. It would not restrictions to credit extended in connection with therefore seem inappropriate for Edge corporations options or rights granted, or contractual commit­ to perform in the United States the limited func­ ments made prior to February 1, 1968, the date tions connected with acting as trustee, registrar, the adoption of Regulation G was announced. Sub­ and in similar capacities with respect to securities paragraph (2) provides a more limited exemption sold abroad to finance such commerce. Nor would for credit extended in connection with options or it seem improper for Edge corporations, as an in­ rights granted after February 1, 1968, and estab­ cident of their power to receive deposits, to act as lishes requirements for plans seeking to qualify for paying agent for such securities, even if the issuer this exemption. happens to be organized and therefore legally quali­ Subdivision (iii) of 5 207.4(a)(1), which was fied to do business in the United States. added effective July 8, 1969, was designed to pro­ The Board therefore concluded that an Edge cor­ vide exemption, from all but certain reporting pro­ poration may act in the United States as trustee, visions, for credit extended pursuant to the exer­ registrar, conversion agent, and paying agent with cise of stock options or rights that are qualified or respect to any particular class of securities issued restricted under sections 422-424 of the Internal solely to finance foreign activities and distributed Revenue Code, if the options or rights were granted only outside the United States, since acting in such prior to February 1, 1968. This exemption applies limited capacities in the United States seems clearly only to those plans that provided for credit. This incidental to the exercise of specific powers granted is because (1) employer-lenders who intended to to Edge corporations by statute for the purpose of supply credit when granting such options could not financing international and foreign commerce. have anticipated the requirements of Regulation G and (2) the position of the Commissioner of In­ ternal Revenue that such plans cannot be modified, SECURITIES CREDIT would frustrate that intention. If a particular plan did not provide for credit, no expectations would INTERPRETATION OF REGULATION G be defeated by the fact that it could not be modi­ APPLICABILITY OF PLAN-LENDER fied to add such provisions. PROVISIONS TO FINANCING OF STOCK. The recent amendment to subparagraph (2), OPTIONS AND STOCK PURCHASE RIGHTS which applies to stock purchase as well as option QUALIFIED OR RESTRICTED UNDER plans, was to clarify that to be treated as subject INTERNAL REVENUE CODE to the more limited exemption in that subparagraph, an otherwise appropriate credit arrangement need The Board has recently been asked whether the not be part of the plan. It is the Board’s experience plan-lender provisions of § 207.4(a) of Regulation that in some non-qualified plans, particularly stock G, “Securities Credit by Persons other than Banks, purchase plans, the credit arrangement is distinct Brokers, or Dealers,” were intended to apply to from the plan. So long as the credit extended, and the financing of stock options restricted or qualified particularly, in the present context, the character under the Internal Revenue Code where such op­ of the plan-lender, conforms with the requirements tions or the option plan do not provide for such of the regulation, the fact that option and credit financing. are provided for in separate documents is immate­ Section 207.4(a) of Regulation G permits a cor­ rial. It should be emphasized that the Board does poration or its plan-lender to extend credit to its not express any view on the preferability of quali­ employees without regard to the normal credit fied as opposed to non-qualified options; its role is limitations of the regulation for the purpose of merely to prevent excessive credit in this area. exercising stock options or stock purchase rights The amendments promulgated on February 10, if the plan or agreement under which the credit is extended complies with certain requirements. Sub­ 1969, made one other change in § 207.4(a). This paragraph (1) of § 207.4(a) is in effect a “grand­ was the addition of the provision that the plan­ father clause,” exempting from most of the credit lender must be wholly owned as well as controlled limitations of Regulation G any such credit ex­ by the issuer of the collateral (taking as a whole, tended in connection with options or rights meeting corporate groups including subsidiaries and affili­ certain specified “pre-existing” conditions. Gener­ ates) . This insertion was made to clarify the Board’s ally, these conditions recognize inequities that intent that, to qualify for special treatment under that Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

892 FEDERAL RESERVE BULLETIN □ NOVEMBER 1969 section, the lender must stand in a special employer­ Dated at Washington, D.C., this 24th day of employee relationship with the borrower, and a July 1969. special relationship of issuer with regard to the col­ By order of the Board of Governors. lateral. The fact that the Board, for convenience and practical reasons, permitted the employing corpora­ Voting for this action: Chairman Martin and Gover­ tion to act through a subsidiary or other entity should nors Robertson, Daane, Maisel, Brimmer, and Sherrill. not be interpreted to mean the Board intended the Absent and not voting: Governor Mitchell. lender to be other than an entity whose overriding (Signed) Kenneth A. Kenyon, interests were co-extensive with the issuer. An inde­ pendent corporation, with independent interests was Deputy Secretary. never intended, regardless of form, to be at the base [seal] of exempt stock-plan lending. Statement ORDERS UNDER BANK MERGER ACT Hempstead Bank, Hempstead, New York, with total deposits of $133 million, has applied, pur­ HEMPSTEAD BANK, suant to the Bank Merger Act (12 U.S.C. 1828 HEMPSTEAD, NEW YORK (c)), for the Board’s prior approval of the mer­ ger of that bank with Matinecock Bank, Locust In the matter of the application of Hempstead Valley, New York, which has total deposits of Bank for approval of merger with Matinecock $21 million.1 The banks would merge under the Bank. charter and name of Hempstead Bank, which is a Order Approving Merger of Banks member of the Federal Reserve System. As an incident to the merger, the three offices of Matine­ There has come before the Board of Governors, cock Bank would become branches of Hemp­ pursuant to the Bank Merger Act (12 U.S.C. stead Bank, increasing the number of its offices to 1828(c)), an application by Hempstead Bank, 22. Hempstead, New York, a State member bank of Competition. The offices of both banks are in the Federal Reserve System, for the Board’s prior Nassau County, except for one branch of Hemp­ approval of the merger of that bank and Matine­ stead Bank which is in Suffolk County. Hemp­ cock Bank, Locust Valley, New York, under the stead Bank holds about 5 per cent of the deposits charter and name of Hempstead Bank. As an inci­ held by the more than 200 offices of 22 banks dent to the merger, the three offices of Matinecock that operate in Nassau County; Matinecock Bank Bank would become branches of the resulting holds about 1 per cent of such deposits. bank. Notice of the proposed merger, in form Matinecock Bank’s main office is in Locust approved by the Board, has been published pur­ Valley and its two branches are in Bayville, in suant to said Act. northern Nassau County. Hempstead Bank’s main Upon consideration of all relevant material in office and three of its branches are in Hempstead the light of the factors set forth in said Act, in­ Village, which is about 15 miles south of Locust cluding reports furnished by the Comptroller of Valley. With three exceptions, the other offices of the Currency, the Federal Deposit Insurance Cor­ Hempstead Bank are 10 miles or more from an poration, and the Attorney General on the com­ office of Matinecock Bank. petitive factors involved in the proposed merger, The branches of Hempstead Bank in Oyster It is hereby ordered, for the reasons set forth Bay, East Norwich, and Syosset range from 3.3 miles to 7.4 miles from the nearest office of in the Board’s Statement of this date, that said Matinecock Bank and obtain about 4 per cent of application be and hereby is approved, provided their deposits and 5 per cent of their loans from that said merger shall not be consummated (a) the area served by Matinecock Banks; the latter before the thirtieth calendar day following the derives about 3 per cent of its deposits and 8 per date of this Order or (b) later than three months cent of its loans from the area served by Hemp­ after the date of this Order unless such period stead Bank’s three nearest branches. Four other is extended for good cause by the Board or by the banks, with total deposits of $36 million, $42 mil- Federal Reserve Bank of New York pursuant to delegated authority. 1 Figures are as of December 31, 1968. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 893 lion, $1.5 billion, and $2.3 billion operate 10 (12 U.S.C. 1828 (c)), an application by Walker offices in northern Nassau County. Bank & Trust Company, Salt Lake City, Utah, a The merger of Hempstead Bank and Matinecock State member bank of the Federal Reserve System, would eliminate such competition as exists be­ for the Board’s prior approval of that bank’s tween them, as well as the potential for the devel­ acquisition of assets and assumption of deposit opment of additional competition. At the same liabilities of The First National Bank of Coalville, time, however, the merger would remove home­ Coalville, Utah (which is under the receivership office-protection from Locust Valley, thus open­ of the Federal Deposit Insurance Corporation); ing the community to de novo branching by other and, as an incident thereto, Walker Bank & Trust banks. Further, the banking options conveniently Company has applied, under section 9 of the available to the residents of northern Nassau Federal Reserve Act (12 U.S.C. 321), for the County are not limited to the banking offices lo­ Board’s prior approval of the establishment by cated there. About 60 per cent of the employed that bank of a branch at the sole location of The residents commute to work elsewhere in Nassau First National Bank of Coalville. County or in New York City. Published notice of the proposed acquisition of The effect of the proposed merger on competi­ assets and assumption of deposit liabilities and tion would be no more than slightly adverse. requests for reports on the competitive factors Financial and managerial resources and pros­ involved therein have been dispensed with as au­ pects. The banking factors with respect to Hemp­ thorized by said Bank Merger Act. stead Bank and Matinecock Bank are reasonably Upon consideration of all relevant material in satisfactory, as they would be with respect to the the light of the provision of said Act, resulting bank. It is hereby ordered, for the reasons set forth Convenience and needs of the communities. The in the Board’s accompanying Statement, that said replacement of Matinecock Bank by offices of appliactions be and hereby are approved and that Hempstead Bank would make a broader range of said acquisition of assets and assumption of de­ banking services more conveniently available in posit liabilities and establishment of the branch the communities presently served by Matinecock may be consummated immediately, but not later Bank, and, while there are a number of sources of than three months after the date of this Order such services already available, this factor is con­ unless such period is extended for good cause by sistent with approval. Further, the removal of the Board or the Federal Reserve Bank of San home-office-protection from Locust Valley so that Francisco pursuant to delegated authority. other banks may establish de novo branches there Dated at Washington, D.C., this 9th day of should benefit the banking convenience and needs October 1969. of the community in the future. Summary and conclusion. In the judgment of By order of the Board of Governors. the Board, the benefits of the proposed merger to (Signed) Robert P. Forrestal, the banking convenience and needs of the area Assistant Secretary. served by Matinecock Bank would offset the no [seal] more than slightly adverse effect on banking com­ petition. Statement Accordingly, the Board concludes that the ap­ Walker Bank & Trust Company, Salt Lake plication should be approved. City, Utah (“Walker”), with total deposits of WALKER BANK & TRUST COMPANY, approximately $279.5 million, has applied pur­ SALT LAKE CITY, UTAH suant to the Bank Merger Act, as amended (12 U.S.C. 1828(c)), for the Board’s approval of In the matter of the application of Walker Bank acquisition of assets and assumption of deposit & Trust Company for approval of acquisition of liabilities of The First National Bank of Coalville, assets of The First National Bank of Coalville. Coalville, Utah (“First”). First, which is under the receivership of the Federal Deposit Insurance Order Approving Acquisition of Bank’s Corporation, has total deposits of about $5.2 Assets million.1 As an incident to the transaction, the sole There has come before the Board of Governors, pursuant to the Bank Merger Act, as amended 'Deposit figures are as of December 31, 1969. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

894 FEDERAL RESERVE BULLETIN □ NOVEMBER 1969 office of First, which is about 30 miles from branch of the resulting bank. Notice of the pro­ Walker’s nearest office, would become a branch posed merger, in form approved by the Board, has of Walker, increasing the number of its offices to been published pursuant to said Act. 16. Walker is a subsidiary of Western Bancor­ Upon consideration of all relevant material in poration, Los Angeles, California, a registered the light of the factors set forth in said Act, includ­ bank holding company under the Bank Holding ing reports furnished by the Comptroller of the Company Act of 1956, as amended (12 U.S.C. Currency, the Federal Deposit Insurance Corpora­ 1841 et seq). tion, and the Attorney General on the competitive First, Coalville’s only banking office, has been factors involved in the proposed merger, closed for insolvency by the Comptroller of the It is hereby ordered, for the reasons set forth Currency. The Federal Deposit Insurance Cor­ in the Board’s Statement of this date, that said ap­ poration is receiver for the bank, as noted above. plication be and hereby is approved, provided that The application was made to remedy the attendant said merger shall not be consummated (a) before emergency situation found by the Board, on the the thirtieth calendar day following the date of this basis of the information before it, including com­ Order or (b) later than three months after the date munications from the Comptroller of the Cur­ of this Order unless such period is extended for rency and the Federal Deposit Insurance Corpora­ good cause by the Board or by the Federal Reserve tion, to require that the Board act immediately Bank of San Francisco pursuant to delegated pursuant to the provisions of the Bank Merger authority. Act in order to safeguard depositors of First. Dated at Washington, D.C., this 17th day of Such anticompetitive effects as may be attrib­ October 1969. utable to consummation of the transaction would be clearly outweighed in the public interest by the By order of the Board of Governors. considerations supporting and requiring the afore­ mentioned finding. From the record in the case, Voting for this action: Chairman Martin and Gover­ nors Robertson, Mitchell, Daane, Maisel, Brimmer, and it is the Board’s judgment that any disposition of Sherrill. the application other than permitted by the Board’s (Signed) Robert P. Forrestal, Order would have been inconsistent with the best Assistant Secretary. interest of the depositors of First. Accordingly, the Board concludes that the pro­ [seal] posed transaction should be approved on a basis that would not delay consummation of the pro­ Statement posal. The Continental Bank and Trust Company, Salt Lake City, Utah (“Salt Lake Bank”), with total THE CONTINENTAL BANK AND TRUST deposits of $104 million, has applied, pursuant to COMPANY, the Bank Merger Act (12 U.S.C. 1828(c)), for SALT LAKE CITY, UTAH the Board’s prior approval of the merger of that bank with Continental Bank of Midvale, Midvale, In the matter of the application of the Con­ Utah (“Midvale Bank”), which has deposits of $3 tinental Bank and Trust Company for approval million.1 The banks would merge under the of merger with Continental Bank of Midvale. charter and name of Salt Lake Bank, which is a member of the Federal Reserve System. As an in­ Order Approving Merger of Banks cident to the merger, the office of Midvale Bank There has come before the Board of Governors, would become a branch of Salt Lake Bank, in­ pursuant to the Bank Merger Act (12 U.S.C. creasing the number of its offices to seven. 1828(c)), an application by The Continental Bank Competition. Salt Lake Bank operates its head and Trust Company, Salt Lake City, Utah, a State office and three branches in Salt Lake City (popu­ member bank of the Federal Reserve System, for lation 200,000); its other two branches are in adja­ the Board’s prior approval of the merger of that cent unincorporated areas of Salt Lake County. bank and Continental Bank of Midvale, Midvale, The sole office of Midvale Bank, which is also in Utah, under the charter and name of Salt Lake Salt Lake County, is in the city of Midvale (popu- Bank. As an incident to the merger, the office of Continental Bank of Midvale would become a 1 Figures are as of June 30, 1969. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 895 lation 6,800) 12 miles south of Salt Lake City. Accordingly, the Board concludes that the appli­ The nearest office of Salt Lake Bank to Midvale cation should be approved. Bank is four and one-half miles north of Midvale, and there are offices of two other banks in the inter­ ORDERS UNDER SECTION 3 OF BANK vening area. The largest bank in Utah operates a HOLDING COMPANY ACT branch 3.6 miles south of Midvale Bank and the second largest bank in the State operates two BANK SECURITIES, INC. (NSL), branches within 1.2 miles of Midvale Bank. ALAMAGORDO, NEW MEXICO Salt Lake Bank, with 11 per cent of the deposits, is the fourth largest of the 15 banks that operate In the matter of the application of Bank Securi­ offices in Salt Lake County; Midvale Bank, with ties, Inc. (NSL), Alamagordo, New Mexico, for 0.3 per cent of such deposits, ranks thirteenth. The approval of acquisition of 77 per cent or more of three largest banks in the County hold 72 per cent the voting shares of American Bank of Carlsbad, of the total deposits. Carlsbad, New Mexico. Other banks are precluded by the home-office­ protection provision of Utah law from establishing Order Approving Acquisition of Bank Stock de novo branches in that community. The proposed by Bank Holding Company merger would remove home-office-protection from There has come before the Board of Governors, the city of Midvale. Midvale Bank could establish pursuant to section 3(a)(3) of the Bank Holding de novo branches in Salt Lake City and both it and Company Act of 1956 (12 U.S.C. 1842(a)(3)) Salt Lake Bank could establish such branches in and section 222.3(a) of Federal Reserve Regula­ unincorporated areas of Salt Lake County. The de­ tion Y (12 CFR 222.3(a)), an application by velopment of competition between the two banks, Bank Securities, Inc. (NSL), Alamagordo, New however, appears unlikely. They have had com­ Mexico, a registered bank holding company, for the mon ownership since 1956, when Midvale Bank, Board’s prior approval of the acquisition of 77 per which was incorporated in 1911 and the assets of cent or more of the voting shares of American which were sold in 1934, was reactivated under Bank of Carlsbad, Carlsbad, New Mexico. its original charter. The managing officers of Mid­ As required by section 3(b) of the Act, the vale Bank and other personnel have been furnished Board gave written notice of receipt of the applica­ by Salt Lake Bank since 1956. tion to the New Mexico Commissioner of Banking, The proposed merger would not have an ad­ and requested his views and recommendation. The verse effect on competition. Commissioner expressed views favorable to ap­ Financial and managerial resources and pros­ proval of the application. pects. The banking factors with respect to each of Notice of receipt of the application was published the banks proposing to merge are reasonably satis­ in the Federal Register on August 27, 1969 (34 factory, as they would be with respect to the result­ Federal Register 13712), providing an opportunity ing bank. for interested persons to submit comments and Convenience and needs of the community. The views with respect to the proposal. A copy of the effect of the merger on banking convenience and application was forwarded to the United States needs would be limited to the area served by Mid­ Department of Justice for its consideration. Time vale Bank. for filing comments and views has expired and all The replacement of Midvale Bank by an office those received have been considered by the Board. of Salt Lake Bank would provide a convenient It is hereby ordered, for the reasons set forth alternative source of full-scale banking services for in the Board’s Statement of this date, that said Midvale, as well as remove home-office-protection application be and hereby is approved, provided from the community so that other banks could that the acquisition so approved shall not be con­ establish de novo branches there. summated (a) before the thirtieth calendar day Summary and conclusion, fn the judgment of following the date of this Order or (b) later than the Board, the proposed merger would benefit the three months after the date of this Order, unless banking convenience of the area served by Midvale such period is extended for good cause by the Board Bank, and would not have an adverse effect on or by the Federal Reserve Bank of Dallas pursuant banking competition. to delegated authority. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

896 FEDERAL RESERVE BULLETIN □ NOVEMBER 1969 Dated at Washington, D.C., this 13th day of New Mexico,1 is the seventh largest banking or­ October 1969. ganization in the State.2 It has three subsidiary banks, which operate 10 banking offices and hold By order of the Board of Governors. about $28 million in deposits. Acquisition of Voting for this action: Chairman Martin and Gover­ American Bank, which has $11 million in deposits, nors Robertson, Daane, Maisel, Brimmer, and Sherrill. would result in Applicant’s becoming the sixth Absent and not voting: Governor Mitchell. largest banking organization in the State, and would (Signed) Robert P. Forrestal, increase its share of total deposits in the State Assistant Secretary. from 2.3 per cent to 3.2 per cent. American Bank, the only office of which is [seal] located in Carlsbad (Eddy County), serves an area within a radius of 20 miles of the city. It is Statement the second largest of three banks in Carlsbad, which Bank Securities, Inc. (NSL), Alamagordo, New are the only banks located in the service area. Two Mexico (“Applicant”), a registered bank holding other banks, with deposits of $16 million and $6 company, has applied to the Board of Governors, million, respectively, are located in Eddy County, pursuant to section 3(a)(3) of the Bank Holding about 36 miles northwest of Carlsbad. Company Act of 1956 (12 U.S.C. 1842(a)(3)), Applicant’s three subsidiary banks have deposits for prior approval of the acquisition of 77 per cent of $16.8 million, $7.1 million, and $4.4 million, or more of the voting shares of American Bank of respectively. The closest office of any of the present Carlsbad, Carlsbad, New Mexico (“American subsidiaries is located in Alamagordo, about 150 Bank”). miles northwest of Carlsbad, and none of them Views and recommendations of supervisory competes to any significant extent with American authorities. As required by section 3(b) of the Act, Bank. In view of the size of the banks involved notice of receipt of the application was given to and branching restrictions imposed by New Mexico the New Mexico Commissioner of Banking, and law, it does not appear that such competition would his views and recommendation were requested. The likely develop in the future. The proposed acquisi­ Commissioner expressed views favorable to ap­ tion, therefore, would neither eliminate existing proval of the application. competition nor foreclose significant potential com­ petition. Finally, it does not appear that any undue Statutory considerations. Section 3(c) of the Act adverse effects on competitors of American Bank provides that the Board shall not approve an acqui­ or of Applicant’s present subsidiaries would result. sition that would result in a monopoly or would be Based upon the foregoing, the Board concludes in furtherance of any combination or conspiracy to that consummation of the proposed acquisition monopolize or to attempt to monopolize the busi­ would not result in a monopoly or be in furtherance ness of banking in any part of the United States. of any combination, conspiracy, or attempt to mo­ Nor may the Board approve a proposed acquisition, nopolize the business of banking in any area, and the effect of which, in any section of the country, would not substantially lessen competition, tend to may be substantially to lessen competition, or to create a monopoly, or restrain trade in any section of tend to create a monopoly, or which in any other the country. manner would be in restraint of trade, unless the Financial and managerial resources and future Board finds that the anticompetitive effects of the prospects. The financial conditions of Applicant and proposed transaction are clearly outweighed in the its present subsidiaries are generally satisfactory, public interest by the probable effect of the trans­ their managements are competent, and all are con­ action in meeting the convenience and needs of the sidered to have favorable prospects. community to be served. In each case, the Board American Bank is in satisfactory financial condi­ is required to take into consideration the financial tion, with capable management. Its prospects ap­ and managerial resources and future prospects of pear favorable, regardless of whether the proposed the bank holding company and the banks concerned, acquisition is consummated. and the convenience and needs of the community to be served. 1A California-based bank holding company operates five Competitive effect of proposed transaction. Ap­ New Mexico banks with 26 offices. plicant, the only bank holding company based in 2 All banking data are as of December 31, 1968. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 897 These considerations are consistent with approval Company of Hampden County, Springfield, Massa­ of the subject application. chusetts. Convenience and needs of the communities in­ As required by section 3(b) of the Act, the volved. The economy of Carlsbad, which has a Board gave written notice of receipt of the applica­ population of 27,000, is dependent primarily on tion to the Commissioner of Banks of the State of cotton raising, ranching, and potash mining. Tourist Massachusetts and requested her views and recom­ trade is also of some importance, with Carlsbad mendation thereon. In response, the Board was Caverns National Park being located 20 miles notified that, pursuant to Massachusetts law, and southwest. Banking needs of the area appear ade­ following a hearing in the matter, the Massachu­ quately served by the three banks located in the setts Board of Bank Incorporation, of which the community. Commissioner of Banks is a member, had granted The principal community benefit of the proposed permission to Shawmut Association, Inc., to ac­ acquisition would be its facilitation of credit allo­ quire and vote stock of First Bank and Trust cation through participations among Applicant’s Company of Hampden County. banking subsidiaries, which would benefit areas Notice of receipt of the application was published served by Applicant’s present subsidiaries, as well in the Federal Register on May 20, 1969 (34 Fed­ as the Carlsbad community. Applicant also proposes eral Register 7935), providing an opportunity for to make trust services available to American Bank’s interested persons to submit comments and views customers by referral to Applicant’s largest subsidi­ with respect to the proposed acquisition. A copy of ary; such services are presently available in Carls­ the application was forwarded to the United States bad only through the largest bank located there. Department of Justice for its consideration. Time Operational and advisory services which Applicant for filing comments and views has expired and all proposes to provide to the bank would also be of those received have been considered by the Board. some indirect benefit to the latter’s customers. It is hereby ordered, for the reasons set forth Considerations relating to the convenience and in the Board’s Statement of this date, that said ap­ needs of the communities involved provide some plication be and hereby is approved, provided that support for approval of the application. the acquisition so approved shall not be consum­ Summary and conclusion. On the basis of all mated (a) before the thirtieth calendar day follow­ relevant facts contained in the record, and in the ing the date of this Order, or (b) later than three light of the factors set forth in section 3(c) of the months after the date of this Order, unless such Act, it is the Board’s judgment that the proposed period is extended for good cause by the Board or acquisition would be in the public interest, and that by the Federal Reserve Bank of Boston pursuant to the application should be approved. delegated authority. Dated at Washington, D.C., this 13th day of SHAWMUT ASSOCIATION, INC., October, 1969. BOSTON, MASSACHUSETTS By order of the Board of Governors. In the matter of the application of Shawmut Association, Inc., Boston, Massachusetts, for ap­ Voting for this action: Chairman Martin and Gover­ proval of acquisition of up to 100 per cent of the nors Mitchell, Daane, Maisel, Brimmer, and Sherrill. Absent and not voting: Governor Robertson. voting shares of First Bank and Trust Company of Hampden County, Springfield, Massachusetts. (Signed) Robert P. Forrestal, Assistant Secretary. Order Approving Application Under Bank Holding Company Act [seal] There has come before the Board of Governors, Statement pursuant to section 3(a)(3) of the Bank Holding Company Act of 1956 (12 U.S.C. 1842(a)(3)), Shawmut Association, Inc., Boston, Massachu­ and section 222.3(a) of Federal Reserve Regula­ setts (“Applicant"), a registered bank holding com­ tion Y (12 CFR 222.3(a)), an application by pany, has applied to the Board of Governors, pur­ Shawmut Association, Inc., Boston, Massachusetts, suant to section 3(a)(3) of the Bank Holding a registered bank holding company, for the Board’s Company Act of 1956, for prior approval of the prior approval of the acquisition of up to 100 per acquisition of up to 100 per cent of the voting cent of the voting shares of First Bank and Trust shares of First Bank and Trust Company of Hamp- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

898 FEDERAL RESERVE BULLETIN □ NOVEMBER 1969 den County, Springfield, Massachusetts (“Bank”). deposits, and the relative size of its subsidiary banks Views and recommendation of supervisory au­ in such counties, are as follows: Essex County—• thority. As required by section 3(b) of the Act, 6.3 per cent (sixth largest); Middlesex County— the Board gave written notice of receipt of the 14 per cent (sixth largest); Norfolk County—3.7 application to the Commissioner of Banks of the per cent (fifth largest); Plymouth County—22.4 State of Massachusetts and requested her views and per cent (third largest); and Suffolk County—16.1 recommendation thereon. In response, the Board per cent (third largest). It is reasonably concluded was notified that, pursuant to Massachusetts law, that in none of these market areas do Applicant’s and following a hearing in the matter, the Massa­ subsidiaries occupy a dominant or monopoly posi­ chusetts Board of Bank Incorporation, of which the tion. Commissioner of Banks is a member, had granted Bank is located in Springfield, approximately 85 permission to Shawmut Association, Inc. to acquire miles west of Boston. It operates 16 banking offices, and vote stock in First Bank and Trust Company all in Hampden County, and has deposits of $101 of Hampden County. million. Bank is the third largest of four commer­ Statutory considerations. Section 3(c) of the Act cial banks located in Springfield and the third provides that the Board shall not approve an acqui­ largest of nine banks located in Hampden County. sition that would result in a monopoly or would be Its deposits represent 20 per cent of the deposits in furtherance of any combination or conspiracy to held by all commercial banks in the Hampden monopolize or to attempt to monopolize the business County market. Bank derives no business from of banking in any part of the United States. Nor may areas served by Applicant’s subsidiary banks, and the Board approve a proposed acquisition, the effect Applicant’s subsidiaries derive no substantial busi­ of which, in any section of the country, may be sub­ ness from the area served by Bank. No office of stantially to lessen competition, or to tend to create a Bank is closer than 66 road miles to any office of a monopoly, or which in any other manner would be subsidiary of Applicant. There is, therefore, no in restraint of trade, unless the Board finds that the significant existing competition between Applicant anticompetitive effects of the proposed transaction and Bank which would be eliminated by consum­ are clearly outweighed in the public interest by the mation of the proposed transaction. probable effect of the transaction in meeting the Under existing Massachusetts banking law, Bank convenience and needs of the community to be could not establish a de novo office in any area served. In each case, the Board is required to take served by Applicant, nor could any subsidiary of into consideration the financial and managerial re­ Applicant establish a de novo office in any area sources and future prospects of the bank holding served by Bank. Worcester County and portions of company and the banks concerned, and the con­ Middlesex and Norfolk Counties intervene in a venience and needs of the community to be served. wide geographic area separating Hampden County Competitive effect of the proposed transaction. in western Massachusetts from the areas in eastern Applicant is the second largest banking organiza­ Massachusetts in which Applicant’s subsidiaries tion and the largest of two bank holding companies operate. Numerous other banks are located in the located in the State of Massachusetts. It controls intervening area. The probability of future com­ 11 subsidiary banks with 79 banking offices. The petition developing between Bank and Applicant’s deposits’ held by Applicant’s subsidiaries total banks as presently located is, therefore, remote. $1,178 million, and they represent 11.8 per cent The Board has also considered the probability of of the total deposits held by all commercial banks future competition developing between Bank and in the State. Applicant’s largest subsidiary, the Na­ Applicant, in the event Applicant’s proposal were tional Shawmut Bank, Boston (deposits of $896 denied, by reason of Applicant’s entry into the million), is the third largest bank in the State. By relevant market by either the establishment of a comparison, however, the State’s largest bank, The new bank or the acquisition of a bank possessing First National Bank of Boston, has deposits of $2.7 a smaller share of commercial banking deposits in billion, which represent 27 per cent of the deposits Hampden County than the share possessed by Bank. held by all banks in the State. Applicant has made no acquisitions of existing Applicant’s subsidiaries are located in five coun­ banking institutions, nor has it established a bank­ ties in the greater Boston area. Applicant’s share of ing subsidiary, during the past 10 years. All of its subsidiary banks are concentrated in eastern Massa­ 1 All banking data are as of December 31, 1968, and refer to insured commercial banks. chusetts in and surrounding the Boston area. There Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 899 is nothing in the record to indicate that Applicant will likely have the effect of increasing competition has or would consider an alternative acquisition, between Bank and the two dominant banks in the or the chartering of a new bank in Hampden market. At the same time the proposed transaction County. should have no adverse competitive impact on the While Applicant may possess capability to enter other six banks in Hampden County. The proposed the Hampden market absent the proposed trans­ acquisition would not serve to freeze the existing action, incentive to enter the market either by estab­ structure of the Hampden County banking market. lishing a new bank or by acquiring a smaller exist­ Based upon the foregoing, the Board concludes that ing bank is not substantial. Springfield’s population consummation of the proposed acquisition would has declined 5 per cent from 174,463 in 1960 to not result in a monopoly nor be in furtherance of 165,520 in 1965, and 9 per cent during the period any combination, conspiracy, or attempt to monop­ I960 to 1969. While population has increased in olize the business of banking in any area, and would Hampden County as a whole since 1960, the rate not substantially lessen competition, tend to create of such growth during the 1960-1965 period was a monopoly, nor restrain trade in any section of below the average for the State as a whole, as the country. were other indicia of growth such as personal in­ Financial and managerial resources and future come and effective buying income. Moreover, pop­ prospects. The financial conditions, managements, ulation projections to 1975 forecast the continuation and prospects of Applicant and its subsidiary banks, of an unfavorable growth trend for Hampden and those of Bank, are regarded as generally County in relation to other banking markets in the satisfactory. Considerations relating to the banking State (e.g., Worcester County, which lies in the factors, as applied to the proposed transaction, geographic area separating Bank from Applicant’s therefore, are regarded as consistent with approval. subsidiaries). Hampden County, therefore, does Convenience and needs of communities involved. not represent a particularly attractive banking mar­ Consummation of the proposed transaction would ket for Applicant in which to establish a new bank have no effect on customers of Applicant’s present or to acquire a bank smaller than Bank. There subsidiaries. appears to be no reasonable probability that Appli­ There is no evidence that the general banking cant would enter the Hampden County market in needs of Hampden County are going unserved. such manner if the application were denied. In the Applicant would, however, establish at Bank a full­ Board's judgment consummation of the proposed service international department, thereby increasing transaction would not foreclose significant compe­ the scope of banking services to customers in this tition between Bank and Applicant’s subsidiary heavily industrialized market. This factor, together banks. with the increased competition which should result Consummation of the proposed transaction would between Bank, as a subsidiary of Applicant, and the not result in an increase in concentration of banking present two largest banks in the market, lends some resources in any area served by Bank or by any weight to the approval of the acquisition. subsidiary of Applicant. If the proposed transaction Summary and conclusion. On the basis of all is completed, Applicant’s share of the total deposits relevant facts contained in the record and in the held by all commercial banks in the State of Massa­ light of the factors set forth in section 3(c) of the chusetts would increase from 11.8 to 12.8 per cent. Act, it is the Board’s judgment that the proposed The Board finds, therefore, that acquisition of Bank acquisition would be in the public interest, and by Applicant would not significantly increase the that the application should be approved. concentration of commercial banking resources in the State. ATLANTIC BANCORPORATION and THE As previously stated, Applicant is one of two ATLANTIC NATIONAL BANK OF existing registered bank holding companies in the JACKSONVILLE, JACKSONVILLE, FLORIDA State. The other, Baystate Corporation, holds the second largest share of deposits held by Hampden In the matter of the applications of Atlantic County banks (31.6 per cent). The largest bank in Bancorporation and The Atlantic National Bank of Hampden County, The Third National Bank of Jacksonville, Jacksonville, Florida, for approval of Hampden County (deposits $173 million), is also acquisition of not less than SO per cent of the voting located in Springfield and possesses about 34 per shares of Lake Wales Bank & Trust, Lake Wales, cent of such deposits. The proposed acquisition Florida. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

900 FEDERAL RESERVE BULLETIN □ NOVEMBER 1969 Order Approving Applications Under Bank Statement Holding Company Act Atlantic Bancorporation (“Atlantic”) and The There has come before the Board of Governors, Atlantic National Bank of Jacksonville (“Atlantic National Bank”), both of which are registered bank pursuant to section 3(a)(3) of the Bank Holding holding companies located in Jacksonville, Florida, Company Act of 1956 (12 U.S.C. 1842(a)(3)), have applied to the Board of Governors, pursuant and section 222.3(a) of Federal Reserve Regula­ to section 3(a)(3) of the Bank Holding Company tion Y (12 CFR 222.3(a)), the applications of Act of 1956 (12 U.S.C. 1842(a)(3)), for prior Atlantic Bancorporation and The Atlantic National approval of the acquisition of not less than 80 per Bank of Jacksonville, both of Jacksonville, Florida, cent of the voting shares of Lake Wales Bank & for the Board’s prior approval of the acquisition of Trust, Lake Wales, Florida (“Bank”). Atlantic is a not less than 80 per cent of the voting shares of bank holding company by virtue of its control of Lake Wales Bank & Trust, Lake Wales, Florida. Atlantic National Bank and 11 other banks. Atlan­ As required by section 3(b) of the Act, the tic National Bank is also a bank holding company Board gave written notice of receipt of the applica­ because it owns over 25 per cent of the voting tions to the Comptroller of the Currency and to the shares of Atlantic and thereby has indirect control Florida Commissioner of Banking and requested of Atlantic’s subsidiary banks. The proposed acqui­ their views and recommendations. Both the Comp­ sition would be directly made by Atlantic. troller and the Commissioner recommended ap­ Views and recommendations of supervisory au­ proval of the applications. thorities. As required by section 3(b) of the Act, Notice of receipt of the applications was pub­ notice of receipt of the application was given to the lished in the Federal Register on August 23, 1969 Comptroller of the Currency and to the Florida (34 Federal Register 13631) providing an oppor­ Commissioner of Banking and their views and rec­ tunity for interested persons to submit comments ommendations were requested. Both the Comp­ and views with respect to the proposal. Copies of troller and the Commissioner recommended ap­ the applications were forwarded to the United proval. States Department of Justice for its consideration. Statutory considerations. Section 3(c) of the Time for filing comments and views has expired Act provides that the Board shall not approve an and all those received have been considered by the acquisition that would result in a monopoly or Board. would be in furtherance of any combination or It is hereby ordered, for the reasons set forth conspiracy to monopolize or to attempt to monopo­ in the Board’s Statement of this date, that said lize the business of banking in any part of the applications be and hereby are approved, provided United States. Nor may the Board approve a pro­ that the action so approved shall not be consum­ posed acquisition the effect of which, in any sec­ mated (a) before the thirtieth calendar day follow­ tion of the country, may be substantially to lessen ing the date of this Order or (b) later than three competition, or to tend to create a monopoly, or months after the date of this Order unless such which in any other manner would be in restraint of trade, unless the Board finds that the anticom­ time shall be extended by the Board, or by the petitive effects of the proposed transaction are Federal Reserve Bank of Atlanta pursuant to dele­ clearly outweighed in the public interest by the gated authority. probable effect of the transaction in meeting the Dated at Washington, D.C., this 15th day of convenience and needs of the community to be October, 1969. served. In each case the Board is required to take into consideration the financial and managerial re­ By order of the Board of Governors. sources and future prospects of the bank holding company and the banks concerned, and the con­ Voting for this action: Chairman Martin and Gover­ venience and needs of the community to be served. nors Robertson, Daane, Maisel, Brimmer, and Sherrill. Absent and not voting: Governor Mitchell. Competitive effect of the proposed transaction. Atlantic controls 12 1 banks with total deposits of (Signed) Robert P. Forrestal, Assistant Secretary. 1 Unless otherwise noted, all banking data are as of De­ cember 31, 1968, refer to insured commercial banks, and reflect holding company acquisitions approved by super­ [seal] visory authorities to date. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 901 $565.4 million, representing 4.9 per cent of the to create a monopoly, or restrain trade in any total bank deposits in the State of Florida. It is section of the country. the third largest bank holding company and the Financial and managerial resources and future third largest banking organization in the State. prospects. Atlantic and its subsidiary banks are in Upon acquisition of Bank ($15.7 million deposits), satisfactory financial condition with capable man­ Atlantic’s relative position among holding compa­ agements and favorable prospects. nies and banking organizations in the State will re­ The financial condition of Bank is generally sat­ main unchanged, and its share of State deposits isfactory. Affiliation with Atlantic would provide would increase to 5 per cent. a means of strengthening management and improv­ Bank, with deposits of $15.7 million, has a single ing operating procedures, which would enhance office in Lake Wales, Polk County, Florida, which Bank’s prospects. is approximately 55 miles south-southeast of Or­ These considerations are consistent with, and lando. Bank ranks eighth of the 20 banks in Polk lend some support for, approval of the applications. County and controls 4.3 per cent of the deposits Convenience and needs of the communities in­ in the County. Its service area, with a population volved. Consummation of the proposed transaction of 20,000, is bounded on the north by Haines City, will have no effect on customers of Atlantic’s pres­ on the west by Bartow, on the south by Frostproof, ent subsidiary banks. It appears that the needs of and on the east by the Kissimmee River. Although the public in the area served by Bank are being there is only one other bank located in this service adequately met at the present time. Except for a area (First National Bank, Lake Wales; deposits proposal to make available certificate of deposit $11.7 million), there are nine additional banks, services, which are presently offered by Bank’s located from 14 to 18 miles from Lake Wales, competitors but not by Bank, the primary benefits which compete to some extent in the area. likely to result from the acquisition would be the Atlantic has no subsidiary bank in Polk County. upgrading of the quality, efficiency and sophistica­ The closest of such subsidiaries is located approxi­ tion of present services. To accomplish these im­ mately 80 miles northeast of Lake Wales, with provements, Atlantic plans to provide Bank with metropolitan Orlando intervening. No loan or de­ counseling in such fields as accounting, investments, posit overlap exists between Atlantic’s subsidiaries public relations, credits, operations and loan par­ and Bank, and approval of the applications would ticipations. not foreclose existing competition. Additionally, These considerations lend some weight to ap­ because of the considerable distances separating proval. Bank from Atlantic’s present subsidiaries, the Summary and conclusion. On the basis of all the presence of numerous banks in the intervening area, relevant facts contained in the record, and in the and Florida laws which prohibit branch banking, light of the factors set forth in section 3(c) of the consummation of the proposal would not foreclose Act, it is the Board’s judgment that the proposed significant potential competition. transaction would be in the public interest and that the application should be approved. On the consummation of the proposed acquisi­ tion the percentage of deposits controlled by six FIRST BANC GROUP OF OHIO, INC., bank holding companies operating in Polk County COLUMBUS, OHIO would be increased to 52 per cent. However, no In the matter of the application of First Banc single organization would occupy a dominant posi­ Group of Ohio, Inc., Columbus, Ohio, for approval tion in that market. The County’s largest institu­ of acquisition of voting shares of the successor by tion, an independent bank, controls 24.6 per cent merger to Coshocton National Bank, Coshocton, of the County deposits. The largest bank holding Ohio. company, and the second largest banking organiza­ tion in the County, controls 14.1 per cent of the Order Approving Acquisition of Bank Stock County deposits. by Bank Holding Company Based upon the foregoing, the Board concludes There has come before the Board of Governors, that consummation of the proposed acquisition pursuant to section 3(a)(3) of the Bank Holding would not result in a monopoly or be in furtherance Company Act of 1956 (12 U.S.C. 1842(a)(3)), of any combination, conspiracy, or attempt to and section 222.3(a) of Federal Reserve Reg­ monopolize the business of banking in any area, ulation Y (12 CFR 222.3(a)), an application by and would not substantially lessen competition, tend First Banc Group of Ohio, Inc., Columbus, Ohio, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

902 FEDERAL RESERVE BULLETIN □ NOVEMBER 1969 a registered bank holding company, for the shares of the successor by merger to First Na­ Board’s prior approval of the acquisition of 100 per tional Bank of Cambridge, Cambridge, Ohio. cent (less directors’ qualifying shares) of the vot­ As required by section 3(b) of the Act, the ing shares of the successor by merger to Coshocton Board gave written notice of receipt of the applica­ National Bank, Coshocton, Ohio. tion to the Comptroller of the Currency and re­ As required by section 3(b) of the Act, the quested his views and recommendation. The Comp­ Board gave written notice of receipt of the appli­ troller recommended approval of the application. cation to the Comptroller of the Currency and Notice of receipt of the application was published requested his views and recommendation. The in the Federal Register on August 20, 1969 (34 Comptroller recommended approval of the appli­ Federal Register 13441), providing an opportunity cation. for interested persons to submit comments and Notice of receipt of the application was pub­ views with respect to the proposal. A copy of the lished in the Federal Register on August 20, 1969 application was forwarded to the United States (34 Federal Register 13441), providing an oppor­ Department of Justice for its consideration. Time tunity for interested persons to submit comments for filing comments and views has expired and all and views with respect to the proposal. A copy those received have been considered by the Board. of the application was forwarded to the United It is hereby ordered, for the reasons set States Department of Justice for its considera­ forth in the Board’s Statement of this date, that tion. Time for filing comments and views has ex­ said application be and hereby is approved, pro­ pired and all those received have been considered vided that the acquisition so approved shall not by the Board. be consummated (a) before the thirtieth calendar It is hereby ordered, for the reasons set day following the date of this Order or (b) later forth in the Board’s Statement of this date, that than three months after the date of this Order, said application be and hereby is approved, pro­ unless such period is extended for good cause by vided that the acquisition so approved shall not be the Board, or by the Federal Reserve Bank of consummated (a) before the thirtieth calendar day Cleveland pursuant to delegated authority. following the date of this Order or (b) later than Dated at Washington, D.C., this 3rd day of three months after the date of this Order, unless November 1969. such period is extended for good cause by the By order of the Board of Governors. Board, or by the Federal Reserve Bank of Cleve­ land pursuant to delegated authority. Voting for this action: Chairman Martin and Gov­ ernors Robertson, Mitchell, Maisel, Daane, Brimmer, Dated at Washington, D.C., this 3rd day of and Sherrill. November 1969. (Signed) Robert P. Forrestal, Assistant Secretary. By order of the Board of Governors. Voting for this action: Chairman Martin and Gover­ [seal] nors Robertson, Mitchell, Maisel, Daane, Brimmer, Statement and Sherrill. First Banc Group of Ohio, Inc., Columbus, Ohio (Signed) Robert P. Forrestal, (“Applicant”), a registered bank holding company, Assistant Secretary. has applied to the Board of Governors, pursuant [seal] to section 3(a)(3) of the Bank Holding Company Act of 1956 (12 U.S.C. 1842(a)(3)), for prior Order Approving Acquisition of Bank Stock approval of the acquisition of 100 per cent (less by Bank Holding Company directors’ qualifying shares) of the voting shares There has come before the Board of Governors, of (1) a new national bank into which it proposes pursuant to section 3(a)(3) of the Bank Holding to merge First National Bank of Cambridge, Cam­ Company Act of 1956 (12 U.S.C. 1842(a)(3)), bridge, Ohio (“Cambridge Bank”), and (2) a new and section 222.3(a) of Federal Reserve Regula­ national bank into which it proposes to merge tion Y (12 CFR 222.3(a)), an application by Coshocton National Bank, Coshocton, Ohio First Banc Group of Ohio, Inc., Columbus, Ohio, (“Coshocton Bank”). The new national banks a registered bank holding company, for the Board’s have no significance except as a means of acquir­ prior approval of the acquisition of 100 per cent ing all of the shares of the banks to be merged (less directors’ qualifying shares) of the voting into them; the proposals are therefore treated Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 903 herein as proposals to acquire shares of Cambridge banking organization, and would retain its rela­ Bank and Coshocton Bank. tive position among the State’s bank holding com­ Although each of the applications has been sep­ panies. arately considered and is the subject of a separate Cambridge Bank is headquartered in Cambridge, Board Order, because of facts and circumstances has two offices, and is one of three banks in Guern­ common to both applications, this Statement con­ sey County, Ohio. Its most direct competitor, also tains the Board’s findings and conclusions with re­ located in Cambridge, is of comparable deposits spect to both. size ($21 million), and has four offices. The third Views and recomendations of supervisory au­ county bank has deposits of $6.9 million and is thority. As required by section 3(b) of the Act, located 19 miles east of Cambridge. Cambridge notice of receipt of the applications was given to Bank serves an area which encompasses most of the Comptroller of the Currency and his views and Guernsey County (population 38,600). Aggressive recommendations were requested. The Comptroller competition exists between the two banks in Cam­ recommended approval of both applications. bridge and somewhat less competition exists be­ Statutory considerations. Section 3(c) of the Act tween Cambridge Bank and the third county bank. provides that the Board shall not approve an It does not appear that acquisition of Cambridge acquisition that would result in a monopoly or Bank by Applicant would have any undue adverse would be in furtherance of any combination or effect on either of the competing banks. conspiracy to monopolize or to attempt to monop­ Coshocton Bank, headquartered in the City of olize the business of banking in any part of the Coshocton, has three banking offices and is the United States. Nor may the Board approve a larger of two banks in Coshocton County (pop­ proposed acquisition, the effect of which, in any ulation 33,300), which constitutes its service area. section of the country, may be substantially to Its only competitor in the county, a subsidiary of lessen competition, or to tend to create a monop­ the largest bank holding company in Ohio, has oly, or which in any other manner would be in deposits of $34 million, and operates two banking restraint of trade, unless the Board finds that the offices. It does not appear that consummation of the anticompetitive effects of the proposed transaction proposal relating to Coshocton Bank would have any are clearly outweighed in the public interest by undue competitive effect on any competing bank. the probable effect of the transaction in meeting The closest office of any of Applicant’s sub­ the convenience and needs of the communities to sidiaries is located 52 miles from Coshocton and 81 be served. In each case, the Board is required to miles from Cambridge. Cambridge and Coshocton take into consideration the financial and managerial are located in adjoining counties, but are separated resources and future prospects of the bank holding by 32 miles of sparsely settled farmland. Neither of company and the banks concerned, and the con­ the subject banks nor any of Applicant’s subsidiaries venience and needs of the communities to be derives significant business from any area served served. by one of the others, and, in view of the distances Competitive effects of the proposed transactions. involved and Ohio restrictions against branching Applicant controls two banks and 24 offices in the across county lines, it does not appear that future State of Ohio, with aggregate deposits of $432 competition is likely to develop among them. Con­ million.1 It controls just over 2 per cent of the summation of the proposed acquisitions, therefore, deposits held by all banks in the State, and is the would not eliminate existing competition or fore­ twelfth largest banking organization and the fifth close significant potential competition. largest of six bank holding companies in Ohio. The Board concludes that consummation of Acquisition of Cambridge Bank, which has $21 either or both of the proposed transactions would million in deposits, and Coshocton Bank, which not result in a monopoly or be in furtherance of has $39 million in deposits, would have only a any combination or conspiracy to monopolize the negligible effect on State-wide concentration. business of banking in any relevant area, and would Applicant would control only 2.5 per cent of de­ not substantially lessen competition, tend to create posits, would become the State’s eleventh largest a monopoly, or restrain trade in any section of the country. 1 Unless otherwise noted, banking data are as of De­ Financial and managerial resources and future cember 31, 1968, refer to insured commercial banks, and prospects. The financial condition of Applicant and have been adjusted to reflect holding company formations and acquisitions approved by the Board to date. its present subsidiaries is generally satisfactory and Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

904 FEDERAL RESERVE BULLETIN □ NOVEMBER 1969 their managements are considered competent. pursuant to section 3(a)(3) of the Bank Holding Prospects of the group appear favorable. Company Act of 1956 (12 U.S.C. 1842(a)(3)), The financial conditions and present manage­ and section 222.3(a) of Federal Reserve Regula­ ments of both Coshocton Bank and Cambridge tion Y (12 CFR 222.3(a)), an application by Bank are judged to be satisfactory. In the case Commerce Bancshares, Inc., Kansas City, Missouri, of Coshocton Bank, however, its principal executive a registered bank holding company, for the Board’s officer has almost reached the usual retirement age, prior approval of the acquisition of more than 80 and its affiliation with Applicant would provide it per cent of the voting shares of Columbia National with an assured source of future management Bank, Columbia, Missouri. strength. Prospects of both banks are considered As required by section 3(b) of the Act, the favorable. Board gave written notice of receipt of the applica­ The Board concludes that considerations under tion to the Comptroller of the Currency and re­ the banking factors are consistent with the approval quested his views and recommendation. The Comp­ of Applicant’s proposed acquisition of Cambridge troller recommended approval of the application. Bank, and lend some weight toward the approval Notice of receipt of the application was published of the application relating to Coshocton Bank. in the Federal Register on September 9, 1969 (34 Convenience and needs of the communities in­ Federal Register 14189), providing an opportunity volved. Consummation of the proposal would have for interested persons to submit comments and no effect on customers served by Applicant’s present views with respect to the proposal. A copy of the subsidiaries application was forwarded to the United States Some benefiits would accrue to Guernsey and Co­ Department of Justice for its consideration. Time shocton Counties as a result of the proposed acquisi­ for filing coments and views has expired and all tion. There are no banks offering trust services in those received have been considered by the Board. either county. Applicant proposes to make such serv­ It is hereby ordered, for the reasons set ices available through visits to both banks of a trust forth in the Board’s Statement of this date, that officer from Applicant’s largest subsidiary bank. said application be and hereby is approved, pro­ Loan participations by both banks with other sub­ vided that the acquisition so approved shall not be sidiaries of Applicant would also be facilitated by consummated (a) before the thirtieth calendar day consummation of the two proposals. following the date of this Order, or (b) later than Although there is no evidence that significant three months after the date of this Order, unless banking needs of either county are not being served such time shall be extended for good cause by at this time, it appears that Applicant’s proposals the Board, or by the Federal Reserve Bank of would result in improving and broadening the serv­ Kansas City pursuant to delegated authority. ices offered by both of the subject banks. These Dated at Washington, D.C., this 6th day of considerations provide some weight in favor of November 1969. approval of both applications. Summary and conclusion. On the basis of all By order by the Board of Governors. relevant facts contained in the records and in the Voting for this action: Chairman Martin and Gover­ light of the factors set forth in section 3(c) of the nors Robertson, Daane, Maisel, Brimmer, and Sherrill. Absent and not voting: Governor Mitchell. Act, it is the Board’s judgment that the proposed acquisitions would be in the public interest and (Signed) Robert P. Forrestal, that the applications should be approved. Assistant Secretary. COMMERCE BANCSHARES, INC., [seal] KANSAS CITY, MISSOURI Statement In the matter of the application of Commerce Bancshares, Inc., Kansas City, Missouri, for ap­ Commerce Bancshares, Inc., Kansas City, Mis­ proval of acquisition of more than 80 per cent of souri (“Applicant”), a registered bank holding the voting shares of Columbia National Bank, Co­ company, has applied to the Board of Governors, lumbia, Missouri. pursuant to section 3(a)(3) of the Bank Holding Company Act of 1956 (12 U.S.C, 1842(a)(3)), Order Approving Acquisition of Bank Stock for prior approval of the acquisition of more than by Bank Holding Company 80 per cent of the voting shares of the Columbia There has come before the Board of Governors, National Bank, Columbia, Missouri (“Bank”). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 905 Views and recommendation of supervisory au­ smallest of four banks in Columbia, and the only thority. As required by section 3(b) of the Act, one of the four not located in the downtown area. notice of receipt of the application was given to The three other banks in Columbia, which con­ the Comptroller of the Currency and his views and stitute Bank’s principal competitors, range in de­ recommendation were requested. The Comptroller posit size from $18 million to $42 million. Con­ recommended approval of the application. summation of Applicant’s proposal would have no Statutory considerations. Section 3(c) of the Act significant adverse effect on any competing bank. provides that the Board shall not approve an ac­ None of Applicant’s present subsidiary banks quisition that would result in a monopoly or would competes significantly with Bank. The nearest sub­ be in furtherance of any combination or con­ sidiary bank of Applicant is approximately 75 miles spiracy to monopolize or to attempt to monopolize northwest of Columbia, and is the smallest of the business of banking in any part of the United Applicant’s present subsidiaries. Due to distances States. Nor may the Board approve a proposed ac­ involved and restrictions of State law with respect quisition, the effect of which, in any section of the to branches, there is little potential for future com­ country, may be substantially to lessen competition, petition between Bank and Applicant’s present or to tend to create a monopoly, or which in any subsidiaries. other manner would be in restraint of trade, unless It therefore appears that consummation of Ap­ the Board finds that the anticompetitive effects of plicant’s proposal would not eliminate present com­ the proposed transaction are clearly outweighed in petition or foreclose significant future competition the public interest by the probable effect of the in any area. Concentration would be increased only transaction in meeting the convenience and needs at the State-wide level, and that increase would be of the communities to be served. In each case, the minimal. Board is required to take into consideration the For the foregoing reasons, the Board concludes financial and managerial resources and future pros­ that consummation of the present proposal will not pects of the bank holding company and the banks result in a monopoly or be in furtherance of any concerned, and the convenience and needs of the combination, conspiracy or attempt to monopolize, communities to be served. and will not substantially lessen competition, Competitive effect of proposed transaction. The restrain trade, or tend to create a monopoly in any ten largest banking organizations in Missouri, three section of the country. of which are holding companies, currently control Financial and managerial resources and future $4.6 billion' in total deposits, 41.8 per cent of all prospects. Applicant’s financial condition, manage­ deposits in the State. Applicant is the largest bank ment, and prospects are regarded as satisfactory, as holding company and the third largest banking is the case with its present subsidiaries. organization in the State of Missouri, ranking be­ Bank’s financial condition is generally sound, but hind two independent banks located in downtown some asset weaknesses exist which appear to in­ St. Louis. The nine subsidiary banks of Applicant dicate a need for greater management supervision hold aggregate deposits of $803 million, or 7.4 of this area of the bank’s operations. Consumma­ per cent of the deposits held by all commercial tion of Applicant’s proposal would add depth to banks in the State. Of this amount, about $610 Bank management, and that consideration lends million is accounted for by Applicant’s largest sub­ some weight toward approval of the application. sidiary, Commerce Trust Company, Kansas City. The prospects of Bank are considered favorable. Acquisition of Bank, with $14 million in deposits, These considerations are consistent with, and would increase the deposits under Applicant’s con­ provide some weight in favor of, approval of the trol to about 7.5 per cent of the State total. Appli­ application. cant would then control ten banks with total de­ Convenience and needs of the communities in­ posits of $817 million. It would remain the third volved. The banking needs of communities served largest banking organization in Missouri. by Applicant’s present subsidiaries would not be Bank is located in Columbia, Missouri, in the affected by consummation of the present proposal. central portion of the State, approximately midway The banking needs of the community served by between Kansas City and St. Louis. Bank is the Bank appear to be adequately and conveniently served at present. However, Applicant proposes to 1 All banking data are as of December 31, 1968, adjusted assist Bank in establishing a trust department and to reflect holding company applications approved by the Board to date. to put its specialists in such fields as equipment Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

leasing, mortgage lending, and international finance Summary and conclusion. On the basis of all the at Bank’s disposal, and the broadened services relevant facts contained in the record, and in the which would result would benefit Bank’s customers. light of the factors set forth in section 3(c) of the Considerations relating to the convenience and Act, it is the Board’s judgment that the proposed needs of the communities involved are consistent transaction would be in the public interest and that with approval of the application. the application should be approved. □ 906 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Announcements CHANGES IN THE BOARD’S STAFF posits are being collected by the Federal Reserve Mr. Harry E. Kern, an Assistant Director of through month-end reports from foreign branches the Division of Administrative Services, retired on of U.S. banks. The first reports were filed as of November 1, 1969, after having served as a mem­ June 30, 1969. These data will be published regu­ larly in the BuLLETtN, beginning in December. ber of the Board’s staff for more than 30 years. The Board said that beginning September 30 month-end reports providing a breakdown of as­ CHANGES IN OTC MARGIN STOCKS sets and liabilities by type of customer are also The Board of Governors of the Federal Reserve being filed. Summary data from these reports will System announced on October 20, 1969, several also be published. The initiation of these new Fed­ changes in its “List of OTC Margin Stocks” first eral Reserve reports on the operations of foreign published on July 8, 1969. branches of U.S. banks reflects the growing im­ The Golden Cycle Corporation, no par com­ portance of these activities for financial develop­ mon, is added to the list. The 80 per cent margin ments here and abroad. requirements on Golden Cycle Corporation stock The Euro-dollar maturity survey covers interest­ will apply only to loans made on and after Octo­ bearing deposits in about 50 foreign branches. ber 20, 1969. These deposits account for about 90 per cent of Four stocks are deleted: American District Tele­ total dollar deposits (interest-bearing and non-in­ graph Company, full paid and nonassessable par terest-bearing) in all foreign branches of U.S. value $1.00 each, common; Dayton-Hudson Cor­ banks. poration, $1.00 par common; The First National Foreign branches bid for Euro-dollar deposits Bank of Chicago, $20.00 par capital; and Gulf to obtain funds both for lending abroad and, in Life Holding Company, capital. response to instructions from head offices, for use Other changes are as follows: Continental Bank in the United States. Slightly more than half of and Trust Co. (Pa.), $5.00 par common, be­ foreign branch dollar assets represent branch comes Continental Bank, $5.00 par common; claims on U.S. head offices. Franklin National Bank (New York), $5.00 par Since more than half of the interest-bearing de­ capital, becomes Franklin N.Y. Corporation, posits in foreign branches are interbank deposits, $5.00 par common; Gino’s Inc., Class A, com­ which are frequently for short maturities, the av­ mon, is corrected to read Gino’s, Inc., no par erage maturity of Euro-dollar deposits in foreign common; Liberty National Life Ins. Co. (Tex.), branches could be expected to be somewhat less common capital, par value $2.00, is corrected to than the average maturity of large outstanding read Liberty National Life Insurance Company, negotiable certificates of deposit in the United common capital, par value $2.00; and Wells Fargo States. (The average maturity of large CD’s was Bank, N.A., capital, $10.00 par value, is changed 3.4 months at the end of August 1969, and it has to Wells Fargo & Company, $10.00 par capital. ranged between 3.0 and 3.8 months during the past several years.) The average maturity of Euro­ MATURITY OF EURO DOLLAR DEPOSITS dollar deposits in foreign branches, excluding over­ The Board of Governors of the Federal Reserve night and call deposits, was 2.6 months at the end System reported on October 30, 1969, that the of August. average maturity of Euro-dollar deposits in foreign As the table shows, more than 40 per cent of branches of U.S. banks was about 2.2 months at total Euro-dollar deposits in foreign branches are the end of August, essentially unchanged from either call deposits or mature within 1 month, and June 30. about 60 per cent mature within 2 months. The Data on the maturity of such Euro-dollar de­ increase of $214 billion in total deposits during 907 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

July and August was largely accounted for by the for both overnight and call deposits; other de­ rise in deposits maturing within 2 months. Over­ posits were assumed to mature at midmonth. night deposits, however, were reduced. This reduc­ tion appears to have been in response to an MATURITY OF EURO DOLLAR DEPOSITS IN amendment by the Board of Governors of its FOREIGN BRANCHES OF U.S. BANKS Regulation D, effective July 31, 1969, which elimi­ End of month nated the possibility for a member bank to reduce its reserve requirements through the use of so- Amounts, Cumulative billtons of dollars percentage called “London checks” and “bills payable checks” Maturity of liability to repay overnight and other deposits in its foreign June July Aug. June July Aug. branches. Overnight....................... 2.25 1.70 1.41 11.1 7.7 6.2 Reports are filed by member banks, and volun­ Call................................. 1.53 1.83 1.93 18.6 16.0 14.8 tarily by nonmember banks, for all foreign Other liabilities, matur­ ing in following cal­ branches for which total U.S. dollar deposits and endar months after report date: direct borrowings amount to $50 million or more 1st........................... 5.45 5.51 6.48 45.4 41.0 43.4 2nd.......................... 2.82 4.20 4.34 59.2 60.0 62.6 and for all branches in the Bahamas. On the 3rd.......................... 3.47 3.55 2.82 76.2 76.1 75.1 4th........................... 1.10 1.01 1.69 81.6 80.7 82.6 monthly report of maturities, branches may report 5th.......................... 0.76 1.34 1.07 85.4 86.8 87.3 6th........................... 1.06 0.91 0.88 90.6 90.9 91.2 either (a) deposits and direct borrowings of $100,­ 7th........................... 0.18 0.24 0.46 91.4 92.0 93.3 8th.......................... 0.22 0.39 0.25 92.5 93.7 94.4 000 or more per individual item or (b) all de­ 9th........................... 0.39 0.24 0.27 94.4 94.8 95.6 posits and direct borrowings. Deposits reportable 10th.......................... 0.20 0.24 0.3 5 95.4 95.9 97.1 11th........................... 0.23 0.35 0.27 96.6 97.5 98.3 include interest-bearing call, overnight, and time 12th........................... 0.34 0.26 0.11 98.2 98.7 98.8 Maturities of more deposits, including negotiable CD’s. Not reportable than 1 year............. 0.37 0.29 0.28 100.0 100.0 100.0 are deposits on which no or only nominal interest Total...................... 20.36 22.08 22.62 ..................................... is paid and other liabilities that are carried as de­ posits but are not bid for as money market lia­ Note.—Details may not add to totals due to rounding. bilities. The data in the table are based on reports from ADMISSION OF STATE BANK TO more than 40 U.S. banks, covering more than 50 MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM branches. The great bulk of the deposits are in The following bank was admitted to membership branches in Europe. Branches in London alone ac­ in the Federal Reserve System during the period count for about 85 per cent of total deposits September 16, 1969, through November 15, 1969: covered by the reports. For the purpose of calculating the average ma­ New York turity of deposits, a maturity of 1 day was assumed Buffalo . . Niagara Frontier Bank of New York 908 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication November 17 Industrial production declined somewhat further in EMPLOYMENT October while industrial commodity prices con­ Total nonfarm payroll employment increased by tinued upward. Total manufacturing employment close to 200,000 in October, with the main strength and the unemployment rate changed little. Com­ in the trade and service sectors where growth had mercial bank credit and the money supply in­ been slow over the summer. Manufacturing em­ creased slightly, and time and savings deposits de­ ployment, which has been on a plateau since June, clined further. Between mid-October and mid­ was little changed. The average workweek of pro­ November, bond market yields generally increased. duction workers in manufacturing declined 0.3 hour to 40.5 hours. The unemployment rate was INDUSTRIAL PRODUCTION 3.9 per cent in October, compared to 4.0 per cent Industrial production in October was 173.3 per in September and 3.5 per cent in August. Unem­ cent of the 1957-59 average, down 0.4 per cent ployment rates for most major labor force cate­ from September and 0.7 per cent from the recent gories were unchanged from September, but were high but 4.4 per cent above a year earlier. The higher than last winter when labor markets were October decline reflected work stoppages in the unusually tight. electrical machinery and automotive industries and a falling off in output of some other durable and non­ RETAIL SALES durable goods. The value of retail sales in October was about 0.5 Auto assemblies were at an annual rate of 8.4 per cent above the downward revised September million units, down 4 per cent from September. level and 2 per cent above a year earlier. Sales at Output of most household goods, including furni­ nondurable goods stores in October rose 1.5 per ture and television sets, also declined in October. cent and at durable goods stores declined 2 per cent. Production of business equipment remained at the Unit sales of new domestic autos were down about upward revised September level as a drop in elec­ 8 per cent from September and also from a year trical machinery was about offset by small gains in earlier. output of other equipment lines. Among materials, production of steel and industrial chemicals was COMMODITY PRICES about unchanged and output of textiles and paper The average level of industrial commodity prices declined further. rose 0.5 per cent from mid-September to mid­ October, accounting for the 0.4 per cent increase in wholesale prices, as farm and food products de­ clined slightly. Prices of the new model cars were a major element in a rather widespread advance which included metals, machinery, fuels, and apparel. Since mid-October, prices of livestock have declined further. The consumer price index rose strongly in September to a level almost 6 per cent above a year earlier. BANK CREDIT, DEPOSITS, AND RESERVES Commercial bank credit increased $100 million in October following an average monthly reduction of over $200 million since May. Despite heavy bank participation in the mid- and late-month Treasury bill financings, bank holdings of U.S. Gov­ ernment securities declined $1.1 billion further. 909 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Liquidation of municipal and Federal agency secu­ Net borrowed reserves of member banks aver­ rities resumed following small acquisitions in aged about $1,010 million over the 5 weeks ending September. Total loans increased $1.8 billion— October 29 compared with $745 million in Septem­ somewhat more than in recent months—reflecting ber. Member bank borrowings increased and excess a substantial increase in loans to security dealers reserves declined. associated in large part with the late October Treasury financing. Moderate growth continued SECURITY MARKETS in most other major loan categories. Most Treasury bill rates increased between mid­ The money supply increased $200 million in October and mid-November. The 3-month issue October after showing no change in the third was bid at around 7.15 per cent in the middle of quarter. U.S. Government deposits dropped sub­ November, compared with about 7.00 per cent stantially. Time and savings deposits at all com­ a month earlier. Yields on U.S. Government notes mercial banks declined $600 million—slightly more and bonds also advanced over the period, with than in September but sharply below the $3 billion some longer-term bonds gaining over a quarter of a decline in each of the two previous months. Attri­ percentage point. tion of large-denomination negotiable CD’s mod­ Yields on municipal and new corporate bonds in­ erated somewhat as further reductions in business creased 20-25 basis points from the relative lows of holdings were offset in part by sales to foreign offi­ mid-October. Seasoned corporate bond yields de­ cial institutions. The outflow of consumer-type clined on balance, but rose slightly during the first time and savings deposits at large banks—follow­ weeks of November. Stock prices advanced some­ ing quarterly interest crediting—was somewhat what and trading activity, while substantially lower heavier than in September. than in mid-October, remained moderately heavy. INTEREST RATES 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, September; Wholesale, October. years or more and for 90-day Treasury bills. Latest figures: week ending Nov. 7. 910 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 □ NOVEMBER 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 (annual flows through 1968; assets and liabilities through 1968) 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, II, L Liabilities III, IV Quarters S Sources of funds n.a. Not available U Uses of funds n.e.c. Not elsewhere classified Amounts insignificant in terms of the par­ A.R. Annual rate ticular unit (e.g., less than 500,000 when S.A. Monthly (or quarterly) figures adjusted for the unit is millions) seasonal variation (1) Zero, (2) no figure to be expected, or (3) figure delayed GENERAL INFORMATION Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow. A heavy vertical rule is used (1) to the right (to the left) of a total when the components shown to the right (left) of it add to that total (totals separated by ordinary rules include more components than those shown), (2) to the right (to the left) of items that are not part of a balance sheet, (3) to the left of memorandum items. “U.S. Govt, securities” may include guaranteed issues of U.S. Govt, agencies (the flow of funds figures also in­ clude not fully guaranteed issues) as well as direct obligations of the Treasury. “State and local govt.” also includes municipalities, special districts, and other political subdivisions. In some of the tables details do not add to totals because of rounding. The footnotes labeled Note (which always appear last) provide (1) the source or sources of data that do not originate in the System; (2) notice when figures are estimates; and (3) information on other characteristics of the data. TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY, WITH LATEST BULLETIN REFERENCE Semiannually Issue Page Annually—Continued Issue Page Banking offices: Flow of funds: Analysis of changes in number of. . . Aug. 1969 A-94 Assets and liabilities: On, and not on. Federal Reserve 1967................................................ May 1968 A-67.10 Par List, number.............................. Aug. 1969 A-95 1955-68............................................... Nov. 1969 A-71.10 Flows: 1955-68........................................... Nov. 1969 A-70 Annually Bank holding companies: Income and expenses: List of, Dec. 31, 1968......................... June 1969 A-91 Federal Reserve Banks........................ Feb. 1969 A-92 Banking offices and deposits of Member banks: group banks, Dec. 31, 1968............ Aug. 1969 A-96 Calendar year.................................... May 1969 A-95 Operating ratios................................ May 1969 A-104 Insured commercial banks.................. May 1969 A-107 Banking and monetary statistics, 1968. . Mar. 1969 A-92—A-102 May 1969 A-91—A-94 Banks and branches, number, by class Stock exchange firms, detailed debit and State............................................ Apr. 1969 A-91 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 □ NOVEMBER 1969 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS (In millions of dollars) Factors supplying reserve funds Reserve Bank credit outstanding Period or date U.S. Govt, securities 1 Treas­ ury Dis­ Gold cur­ Held counts Other stock rency under and Float 2 F.R. Total 4 out­ Bought repur­ ad­ assets 3 stand­ Total out­ chase vances ing right agree­ ment Averages of daily figures 1929—June.................................................... 179 179 978 61 1,317 4,024 2,018 1933—June.................................................... 1,933 1,933 250 12 2,208 4.030 2,295 1939—Dec...................................................... 2,510 2,510 8 83 2,612 17,518 2,956 1941—Dec.................................................. . 2,219 2,219 5 170 2,404 22,759 3,239 1945—Dec.,..,........................................... . 23,708 23,708 381 652 24,744 20,047 4,322 1950—Dec...................................................... 20,345 20,336 9 142 1,117 21,606 22,879 4,629 1960—Dec........................................... 27,248 27,170 78 94 1,665 29,060 17,954 5,396 1965—Dec........................................... 40,885 40,772 113 490 2,349 43,853 13,799 5,565 1966—Dec................................................. . 43,760 43,274 486 570 2,383 46,864 13,158 6,284 1967—Dec...................................................... 48,891 48,810 81 238 2,030 .......5..1..,.2..6..8.. 12,436 6,777 1968—Oct...................................................... 53,300 53,252 48 427 1,976 55,770 10,367 6,757 Nov............................................. 53,388 53,322 66 569 2,160 56,183 10,367 6,790 Dec...................................................... 52,529 52,454 75 765 3,251 .......5..6..,.6..1...0. 10,367 6,810 1969—Jan.................................................... , 52,665 52,622 43 697 3,054 56,476 10,367 6,802 Feb................................................... . 52,265 52,074 191 824 2,602 55,786 10,367 6,806 Mar.................................................... 52,122 51,987 135 918 2,367 55,477 10,367 6,815 Apr........................................... 52,463 52,257 206 996 2,429 2,837 58,821 10,367 6,750 May.................................................... 53,390 52,898 492 1 ,402 2,218 2,876 59,999 10,367 6,737 June..................................................... 54,028 53,926 102 1 ,407 2,463 2,614 60,565 10,367 6,746 July................................................... 54,298 54,252 46 I , 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......................................... 53,840 53,722 118 1 ,067 2,477 3,032 60,459 10,367 6,761 Oct."................................................... 54,708 54,497 211 1,136 2,448 3,153 61,503 10,367 6,785 Week ending— 1969—Aug. 6.............................................. 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 54,483 76 I ,204 2,182 2,715 60,707 10,367 6,738 Sept. 3........................................... . 54,791 54,638 153 1 ,240 "2,095 2,770 "60,949 10,367 6,754 10.............................................. 53,869 53,869 740 2,473 2,930 60,053 10,367 6,757 17.............................................. 53,187 53,133 54 1 ,018 2,619 2,954 59,823 10,367 6,758 24.............................................. 53,828 53,726 102 1,106 2,820 3,067 60,865 10,367 6,761 Oct. 1.............................................. 54,123 53,813 310 1 ,436 2,184 3,300 61,083 10,367 6,777 8*...................................... , 54,408 54,030 378 964 2,305 3 ,224 60,973 10,367 6,781 15*.................................. 54,922 54,566 356 1 ,348 2,141 3,182 61,667 10,367 6,779 22i>.................................... 54,890 54,738 152 1 ,015 3,005 3,137 62,103 10,367 6,785 29*............................................. 54,557 54,557 ..................1. ,183 2,411 3,117 62,308 10,367 6,792 End of month 1969—Aug................................................... . 54,950 54,681 269 1,514 2,096 2,735 61,357 10,367 6,765 Sept..................................................... 54,134 53,845 289 928 1 ,896 3,288 60,283 10,367 6,779 Oct."................................................... 55,532 55,286 246 1 ,690 2,329 2,927 62,519 10,367 6,798 Wednesday 1969—Aug. 6............................................... 54,881 54,138 743 1,152 2,328 2,616 61,064 10,367 6,738 13............................................... 53,947 653,834 113 370 2,201 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 54,68! 246 1 ,465 2,075 2,716 61,243 10,367 6,755 Sept. 3.............................................. 54,459 54,459 698 2,355 2,911 60,463 10,367 6,755 10.............................................. 52,756 652,756 340 2,350 2,971 58,454 10,367 6,758 17............................................ . 52,804 652,804 657 3,009 2,969 59,476 10,367 6,760 24...................................... 53,968 53,622 346 I ,525 2,313 3,285 61,151 10,367 6,761 Oct. 1*............................................. 53,845 53,845 1 ,182 2,129 3,259 60,452 10,367 6,779 8?'.......5..4..,.3..4..9............5...4..,.1..3..8....... 211 790 2,153 3,165 60,519 10,367 6,782 15*............................................. 55,398 54,874 524 1 ,185 2,101 3,140 61 ,911 10,367 6,781 22*............................................. 53,893 653,893 583 2,515 3,110 60,141 10,367 6,787 29*............................................. 54,783 654,783 1 ,177 2,077 3 ,019 61,096 10,367 6,802 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 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 C e t c u i i n o u i n l r c a n r ­ y ­ ­ T h c i r u n o a e g r s l a y d s h s ­ ­ Tr u e r a y s­ with F F e .R i o g . r n ­ Banks Other2 c O o F u a t . h n c R e ­ t . s r 3 c b a O F i a l l p t i i . n t a h R i i d t e ­ e a . s r l 3 B W F a . n R it k h . s r C e a n n u c d r y ­ Total Period or date coin5 Averages of daily figures 4,400 210 30 10 376 2,314 2,314 ..............................1929-June 5,455 272 81 If>4 350 2,211 2,211 ............................. 1933—June 7,609 2,402 616 739 248 11,473 11,473 ............................. 1939—Dec. 10,985 2,189 592 1,5:11 292 12,812 12,812 .............................1941—Dec. 28.452 2,269 625 1,2^17 493 16,027 16,027 ............................. 1945—Dec. 27,806 1,290 615 920 353 739 ................ • 17,391 .......1..7..,.3..9..1... .............................1950—Dec. 33,019 408 522 250 495 1,029 16,688 2,595 19,283 .............................1960—Dec. 42,206 808 683 154 231 389 18,747 3,972 22,719 .............................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. 48,632 781 1,054 137 461 -312 22,141 4,512 26,653 .............................. 1968—Oct. 49,398 769 798 164 439 -491 22,263 4,522 26,785 ..........................................Nov. 50,609 756 360 225 458 -1,105 ................... 22,484 4,737 27,221 ..........................................Dec. 49,784 760 602 189 495 -1,174 22,988 5,075 28,063 ............................1969—Jan. 49,226 762 641 130 488 -932 22,644 4,647 27,291 ..........................................Feb. 49,436 728 536 152 463 -902 22,246 4,508 26,754 .........................................Mar. 49,703 707 369 131 510 1,937 22,581 4,498 27,079 ..........................................Apr. 49,947 691 549 132 445 1 ,968 23,371 4,532 27,903 ..........................................May 50,693 672 970 107 458 2,010 22,768 4,549 27,317 ..........................................June 51,256 657 1,117 142 473 2,038 22,309 4,671 26,980 ...........................................July 51,328 671 881 141 469 ................... 2,062 22,430 4,649 27,079 ..........................................Aug. 51,438 678 597 128 454 2,055 22,238 4,733 26,971 ..........................................Sept. 51,683 665 983 121 479 ................... 2,078 22,646 4,685 27,331 . .........................................Oct.?' Week ending— 51,120 663 867 153 476 2,118 22,313 4,729 27,042 .........................1969—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,(21 22,295 4,655 26,950 ....................................Sept. 3 51,618 682 15 121 460 ................... 2,177 22,105 4,836 26,941 ..............................................10 51,545 683 33 123 445 I ,970 22,149 4,665 26,814 ...............................................17 51,315 676 1,168 134 435 ................... 1 ,989 22,274 4,657 26,931 ..............................................24 51,197 666 1,130 123 464 2,055 22,591 4,809 27,400 ......................................Oct. 1 51,454 666 912 134 497 2,152 22,306 4,841 27,1 47 ............................................. 8? 51,849 670 1 ,104 116 511 2,018 22,544 4,822 27,366 ...............................................15” 51,819 663 943 117 462 2,029 23,222 4,382 27,604 ..............................................22” 51,650 660 945 117 450 ................... 2,085 22,560 4,652 27,2(2 ..............................................29 p End of month 51,461 643 894 143 443 2,117 22,787 4,655 27,442 ...........................1969—Aug. 51,313 662 1 ,003 143 515 2,090 21,703 4,813 26,516 ..........................................Sept. 51,679 674 954 131 452 .................. 2,181 23,613 4,766 28,379 ..........................................Oct." Wednesday 51,403 654 585 153 468 2,148 22,758 4,729 27,487 ........................1969—Aug. 6 51,510 672 1,100 141 486 1,922 20,506 4,872 25,378 ..............................................13 51,436 684 956 116 484 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 21,568 4,655 26,223 ......................................Sept. 3 51,731 687 8 96 439 2,199 20,419 4,838 25,257 ...............................................10 51,521 685 185 143 431 1,942 21 ,696 4,671 26,367 ...............................................17 51,292 682 1,203 149 439 ................... 2,005 22,508 4,659 27,167 ..............................................24 51 ,356 658 1 ,058 134 476 2,095 21,821 4,812 26,633 ....................................Oct. 1 ” 51,809 668 1,148 123 503 2,173 21,244 4,841 26,085 ............................................. 8” 51,998 677 784 142 484 1,993 22,981 4,822 27,803 ...............................................15” 51,798 669 1,330 109 449 2,042 20,898 4,382 25,280 .. .................. .22” 51,783 663 1 ,055 119 462 ................... 2,103 22,080 4,652 26,732 ..............................................29’' 1 U.S. Govt, securities include Federal agency obligations. ances on Wed. and end-of-month dates, see subsequent tables on F.R. 2 Beginning with 1960 reflects a minor change in concept; see Feb, Banks. See also note 2. 1961 Bulletin, p. 164. 5 Part allowed as reserves Dec. 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 sale/purchase transactions. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 6 BANK RESERVES AND RELATED ITEMS □ NOVEMBER 1969 RESERVES AND BORROWINGS OF MEMBER BANKS On millions of dollars) Reserve city banks All member banks New York City City of Chicago Period Reserves Bor­ Reserves Bor­ Reserves Bor­ T h o e t l a d l qu R ir e e ­ d 1 Excess r F i o n a . g R w t s . ­ se F r r r v e e e e ­ s T h o e t ld al qu R ire e d ­ 1 Excess r F in o a . g R w t s . ­ s F e r r r e v e ­ e e s T h o e t ld al qui R re e d ­ 1 Excess r F in o a . g w R t s ­ . s F e r r r e v e ­ e e s Banks Banks Banks 2,314 2,275 42 974 -932 762 755 7 174 -167 161 161 ] 63 -62 1933—June............ 22,160 1,797 363 184 179 861 792 69 69 211 133 78 78 1939—Dec.............. 11,473 6^62 5,011 3 5,008 5,623 3,012 2,611 2,611 1,141 601 540 540 1941—Dec.............. 12^812 9; 422 3,390 5 3,385 5; 142 4; 153 '989 '989 1 >43 848 295 295 1945—Dec.............. 16 ,'027 14,536 1 ,491 334 1,157 4,118 4,070 48 192 -144 '939 924 14 14 1950—Dec.............. 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 1 ,199 1,191 8 5 3 I960—Dec.............. 19,283 18,527 756 87 669 3,687 3,658 29 19 10 958 953 4 8 -4 1962—Dec.............. 20 >40 19368 572 304 268 3; 863 3,817 46 108 -62 1 ,042 1 ,035 7 18 -11 1963—Dec.............. 20,746 20>10 536 327 209 3,951 3,895 56 37 19 1 ;056 1 ;051 5 26 -21 1964—Dec.............. 21,609 21 >98 411 243 168 4,083 4,062 21 35 -14 1 ,083 1 ,086 -3 28 -31 1965—Dec............ 22,719 22;267 452 454 -2 4301 4,260 41 Hl -70 1,143 1 ,128 15 23 — 8 1966—Dec.............. 23,830 23'438 392 557 -165 4^83 4,556 27 122 -95 1' 119 1,115 4 54 -50 1967—Dec.............. 25,260 24315 345 238 107 5 >52 5,034 18 40 -22 1,225 1; 217 8 13 —5 1968—Oct............... 26,653 26,393 260 427 -167 5 096 5,071 25 65 -40 1 182 1 ,177 5 9 —4 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 >99 1 ,184 15 85 -70 28,063 27,846 217 697 -480 5,397 5,392 5 65 -60 1 286 1 ,287 -1 48 49 Feb.............. 27'291 27;063 228 824 -596 5 190 5; 194 -4 63 -67 1 ,259 1 ,253 6 39 -33 26’754 26 537 217 918 -701 5 040 5 ;oi9 21 65 -44 1 '204 1 207 — 3 98 —101 27,079 26,927 152 996 -844 5,039 5 ,045 -6 1 1 1 -117 1 ,202 1 ,202 116 -116 27,903 27'603 300 1 ,402 - 1,102 5>74 5',134 40 129 -89 1 ’,277 1 ,281 — 4 144 -148 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 1 16 1 ,190 - 1,074 4,837 4,817 20 86 -66 1 ; 197 1 ,207 -10 5 -15 27 >79 26,776 303 1 ,’249 -946 4; 963 4; 922 41 93 -52 1 >88 1,196 — 8 39 -47 Sept.............. 26^971 26,735 236 1 ;067 -831 4,990 4; 967 23 87 -64 1 ;200 1,186 14 51 -37 27,331 27,201 130 1 ,136 - 1,006 5,199 5; 183 16 138 -122 1,225 1 ;240 -15 19 -34 Week ending— 1968—Oct. 2.... 26,387 26,002 385 541 - 156 5,045 4,970 75 154 -79 1,135 1,128 7 7 9. . .. 26,495 26;270 225 403 -178 5; 102 5; 149 -47 65 -112 1,130 1,132 -2 -2 16... . 26>75 26 ,'602 373 516 -143 5,279 5,221 58 173 -115 1 ,251 1 ,246 5 14 -9 23.... 26,473 26,474 -1 337 -338 4,958 5,010 -52 36 -88 1,194 1 ,205 -11 25 -36 30.... 26,720 26,368 352 495 -143 4,966 4,957 9 12 -3 1,168 1 ,145 23 23 1969—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 11 3 I ,303 — 1 190 5,120 5,127 -7 61 — 68 1 ,303 I ,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 >65 -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.... 26^94 26,448 146 1 ;269 -1,123 4^30 4^93 37 154 -117 1,143 1,152 -9 4 -13 27,042 26,791 251 1 ,090 -839 4,844 4,829 15 18 -3 1 ,214 1,199 15 15 13. . . . 26>60 26;627 333 1 329 -996 4 ;843 4; 784 59 135 -76 1 ;2H 1 >10 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.... 26^09 26;697 212 1 ;204 -992 4,941 4,896 45 64 -19 1,145 1,164 -19 6 -25 26,950 26,548 402 I ,240 -838 4,945 4,922 23 84 - 61 1 ,215 1 ,186 29 29 10.... 26^41 26,550 391 '740 -349 5,086 4;941 145 64 81 1,183 1 ,179 4 5 - 1 17. ... 26,814 26,682 132 1 ,018 -886 4,947 4,984 -37 129 -166 1,182 1,190 -8 9 -17 24.... 26,931 26,727 204 1,106 -902 4,926 4,915 11 111 -100 1,169 1,166 3 39 -36 Oct. 1 . . . . 27,400 27,080 320 1 ,436 -1,116 5,134 5,062 72 99 -27 1,211 1 ,212 -1 158 -159 8/’. .. 27,147 27 055 92 964 -872 5 ,010 5,041 -31 198 -229 1,192 1 ,197 -5 -5 15*’. .. 27^66 27,192 174 1 ,348 -1 ,174 5 ,’222 5>85 37 222 -185 1 ,240 1 >31 9 22 -13 22/'. . . 27,604 27,451 153 1 ,015 -862 5,310 5,357 -47 42 -89 1 ,270 1 ,281 -11 15 -26 29/’. . . 27,212 27,084 128 1 ,183 -1,055 5,170 5,147 23 65 -42 1,222 1 ,249 -27 16 -43 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1969 □ BANK RESERVES AND RELATED ITEMS A 7 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (In millions of dollars) Other reserve city banks Country banks Reserves Reserves Period Borrow­ Borrow­ ings at Free ings at Free F.R. reserves F.R. reserves T h o e t l a d l Required1 Excess Banks T h o e t l a d l Required1 Excess Banks 761 749 12 409 -397 632 610 22 327 -305 .............................1929—June 648 528 120 58 62 441 344 96 126 -30 ............... 1933—June 3,140 1 ,953 1,188 1,188 1,568 897 671 3 668 .............................1939—Dec. 4'317 31014 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 .............................1960—Dec. 8,178 8,100 78 130 -52 6,956 61515 442 48 394 .............................1962—Dec. 8,393 8,325 68 190 -122 7,347 61939 408 74 334 ..................1963—Dec. 8'735 81713 22 125 -103 71707 7,337 370 55 315 .............................1964—Dec. 9,056 8,989 67 228 -161 8,219 7,889 330 92 238 .............................1965—Dec. 91509 91449 61 220 -159 8^619 8.318 301 161 140 .............................1966—Dec. 10,081 10,031 50 105 -55 81901 8’634 267 80 187 .............................1967—Dec. 10,758 10,763 -5 186 -191 9,617 9,382 235 167 68 ..............................1968—Oct. 10,863 101847 16 274 -258 91747 9,491 256 216 40 ..........................................Nov. 10,990 101900 90 270 -180 9,875 9 625 250 180 70 ..........................................Dec. 11,271 11,287 -16 321 -337 10,109 9,880 229 263 -34 ............................. 1969—Jan. 10^965 101948 17 420 -403 9,877 9 668 209 302 -93 ..........................................Feb. 10,761 101768 -7 449 -456 91749 9 543 206 306 -100 101914 101923 -9 512 -521 9,924 9’757 167 257 -90 11,275 11 ,195 80 618 -538 10,177 9 993 184 511 — 327 101986 101922 64 713 -649 10,128 9,952 176 571 -395 ................ June 10,752 101846 — 94 517 -611 10,194 9 994 200 582 — 382 ..........................................July 10,814 101730 84 480 -396 10,114 9 928 186 637 -451 10,668 101654 14 461 -447 10 ’ H 3 9,928 185 468 — 283 10,738 10,’762 -24 532 -556 10,168 10,'015 153 447 -294 .......................................Oct.p Week ending— 10,620 10,572 48 1 82 -134 9,587 9 332 255 205 50 ......................1968—Oct. 2 10,647 101648 -1 232 -233 9,616 9*341 275 106 169 ............................................. 9 101884 101821 63 205 -142 9,561 9,314 247 124 123 ..............................................16 101742 101832 -90 107 -197 9,579 9 427 1 52 169 -17 ..............................................23 101904 101810 94 228 -134 9,682 9 456 226 255 -29 ..............................................30 11,400 11,257 143 582 — 439 10,331 10 106 225 506 — 28! .......................1969—May 7 11,209 111215 -6 625 -631 10,115 9^923 192 405 -213 ..............................................14 111169 111186 -17 543 -560 10'121 9 932 189 455 -266 ..............................................21 1 11166 11 1174 -8 623 -631 101140 10 012 128 607 -479 ..............................................28 11,157 11,080 77 644 -567 10,164 9 963 201 637 — 436 111002 101927 75 666 -591 10,103 9’890 213 501 -288 ..............................................11 10,865 10,903 -38 706 -744 101068 9,894 174 569 — 395 ..............................................18 101869 101849 20 697 -677 101124 9,992 132 492 -360 ..............................................25 11,012 10,907 105 791 -686 10,255 10 038 217 697 -480 ....................................July 2 101921 10,966 -45 494 -539 10,’230 10 005 225 521 -296 ............................................. 9 101877 101946 -69 628 -697 10,110 9 917 193 499 -306 ..............................................16 10,913 101786 127 604 -477 10 J 42 9 984 158 661 -503 ..............................................23 10,600 101674 -74 448 -522 101221 10,029 192 663 -471 ..............................................30 10,834 10,788 46 434 -388 10,150 9,975 175 638 — 463 101747 101703 44 466 -422 101159 9,930 229 589 -360 .........................................\ 13 10,774 101811 -37 453 -490 101060 9,909 151 624 -473 ..............................................20 10,710 10,690 20 501 -481 1O',113 9,947 166 633 -467 ..............................................27 10,709 10,587 122 463 -341 10,081 9,853 228 664 -436 ............ Sept. 3r 101634 101612 22 206 - 184 10,038 91818 220 465 -245 ........................................‘...10 10,644 10,669 -25 457 -482 10,041 91839 202 423 -221 ..............................................17 101685 10,645 40 566 -526 10,151 10,001 150 390 -240 ..............................................24 10,786 10,724 62 626 -564 10,269 10,082 187 553 -366 ....................................Oct. 1 101714 101752 -38 351 -389 10,231 10 065 166 415 -249 ................................................8p 101785 101834 -49 664 -713 101118 91942 176 440 -264 ..............................................15p 101885 10,823 62 562 -500 10,139 9,990 149 396 -247 ..............................................22* 10,663 10,646 17 588 -571 1OJ57 10,042 115 514 -399 ..............................................29p 1 Beginning Sept. 12, 1968, amount is based on close-of-business fig­ weeks ending on Wed. that fall within the month. Beginning with Jan. ures for reserve period 2 weeks previous to report date. 1964, reserves are estimated except for weekly averages. 2 This total excludes, and that in the preceding table includes, £51 Total reserves held: Based on figures at close of business through Nov, million in balances of unlicensed banks. 1959; thereafter on closing figures for balances with F.R. Banks and open­ ing figures for allowable cash; see also note 3 to preceding table. Note.—Averages of daily figures. Monthly data arc averages of daily Required reserves: Based on deposits as of opening of business each day. figures within the calendar month; they are not averages of the 4 or 5 Borrowings at F.R. Banks: Based on closing figures. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 8 MAJOR RESERVE CITY BANKS □ NOVEMBER 1969 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS (In millions of dollars, unless otherwise noted) Basic reserve position Interbank Federal funds transactions U R .S e . l a G te o d v t t , r a s n e s c a u c ri t t i i o e n s s d e w a i l t e h rs 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 f i b e u n N a d n te e n e d r t k 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 n a s a s l ­ 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 ea o t l a o e n rs s 3 de f r B i r a n o o o l g w e m r s r ­ ­ s 4 lo N a e n t s trans. Total—46 banks 1969—Sept. 3............. 177 346 1 ,959 -2,128 18.7 5,807 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 Oct. 1............. 160 626 2,044 -2,510 21.6 5,347 3,303 2,338 3,010 966 797 143 654 8............52 283 3,236 -3,467 29.9 6,251 3,016 2,222 4,029 793 587 123 465 15............ 43 607 3,754 -4,318 36.3 7,044 3,290 2,480 4,564 809 556 96 460 22............. 65 275 3,460 -3,669 30.3 6,339 2,879 2,484 3,855 396 964 150 814 29............. 18 375 2,596 -2,953 25.2 5,681 3,085 2,359 3,321 725 880 140 740 8 in New York City 1969—Sept. 3............ 47 57 95 -105 2.4 1 ,803 1 ,708 I ,450 353 258 582 139 443 10............ 158 64 1 ,305 -1,211 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 1 17 466 Oct. 1............. 85 95 728 -738 16.0 1 ,760 1 ,031 1,021 738 10 620 121 499 8 22 170 967 -1,115 24.3 1 ,882 915 893 989 22 440 96 344 15 46 211 1 ,271 -1 ,436 30.3 2,368 1 ,096 1 ,096 1,271 467 67 399 22............. -13 632 -645 13.2 1 ,858 1 ,226 1 ,177 681 49 638 119 519 29............. -4 53 422 -479 10.2 1 ,575 1 ,153 925 650 227 605 106 499 38 outside New York City 1969—Sept. 3....... 131 289 1 ,864 -2,022 29.2 4,004 2,140 1 ,394 2,610 747 65 243 + 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 Oct. 1............. 75 531 1 ,316 -1 ,772 25.2 3,588 2,272 1 ,316 2,271 956 177 22 155 8............30 113 2,269 -2,352 33.5 4,369 2,100 1 ,329 3,040 771 148 27 121 15 -3 397 2,483 -2,882 40.3 4,676 2,193 1 ,384 3,292 809 90 29 60 22............ 78 275 2,828 -3,024 42. 1 4,481 1 ,653 1 ,307 3,174 347 325 30 295 29............. 22 322 2,174 -2,474 35.2 4,106 1 ,932 1 ,434 2,672 498 275 33 242 5 in City of Chicago 1969—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 1 40 Oct. 1............. 1 158 702 -859 77.7 1 ,000 297 283 716 14 29 29 8............. 839 -839 77.0 1 ,217 378 378 839 97 97 15............. 9 22 944 -957 85.0 I ,269 325 325 944 11 11 22............. 8 15 1 ,037 -1 ,043 89.4 1,333 296 296 1 ,037 33 33 29............. -8 16 1 ,018 -1 ,043 91.7 1 ,378 360 360 1,018 31 31 33 others 1969—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 47 112 + 65 Oct. 1............. 74 373 614 -913 15.4 2,588 1 ,975 1 ,033 1 ,555 942 148 22 126 8............30 113 1 ,430 -1 ,513 25.5 3,152 1 ,723 951 2,201 771 51 27 24 15............. -12 375 1 ,539 -1 ,925 32.0 3,407 1 ,868 1 ,058 2,348 809 79 29 50 22............ 70 260 1 ,791 -1 ,981 32.9 3,148 1 ,357 I ,01 I 2,137 347 292 30 262 29............. 30 306 1 ,156 -1 ,432 24.3 2,728 1 ,572 1 ,074 1 ,654 498 243 33 210 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

NOVEMBER 1969 □ DISCOUNT RATES A 9 FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Discounts for and advances to member banks Advances to all others under Advances and discounts under Advances under last par. Sec. 133 Federal Reserve Bank Secs. 13 and 13a 1 Sec. 10(b)2 R O a c 1 t 9 t e . 6 9 3 o 1 n , Eff d e a c te tive Pre ra v t i e ous R O a c 1 t 9 t e . 6 9 3 o 1 n , Eff d e a c te tive Pre ra v t io e us R O a c 1 t t 9 e . 6 3 9 o 1 n , Eff d e a c t t e ive Pre ra v t i e ous Boston............................................... 6 Apr. 8, 1969 6*4 Apr. 8, 1969 6 7 Apr. 8, 1969 6*4 New York......................................... 6 Apr. 4, 1969 5M 614 Apr. 4' 1969 6 7*/2 Apr. 4, 1969 7 Philadelphia...................................... 6 Apr. 4’ 1969 6(4 Apr. 4, 1969 6 7 Apr. 4, 1969 6 *,4 Cleveland........................................... 6 Apr. 4, 1969 6‘4 Apr. 4, 1969 6 7*/2 Apr. 4; 1969 7 Richmond ......................................... 6 Apr. 4, 1969 6*4 Apr. 4, 1969 6 7 Apr. 4,1969 6*4 Atlanta......................... 6 Apr. 4’ 1969 5% 6*4 Apr. 4, 1969 6 7 Apr. 4, 1969 6’A Chicago.................. • 6 Apr. 4’ 1969 5*4 6*4 Apr. 4’ 1969 6 7 Apr. 4, 1969 6*4 St. Louis............................................ 6 Apr. 4,’ 1969 5% 6*4 Apr. 4,’ 1969 6 7 Apr. 4, 1969 6*4 Minneapolis....................................... 6 Apr. 4, 1969 5*4 6*4 Apr. 4’ 1969 6 7‘A Apr. 4, 1969 6'/i Kansas City....................................... 6 Apr. 4’ 1969 6*4 Apr. 4, 1969 6 7 Apr. 4, 1969 6*4 Dallas .............................................. 6 Apr. 4, 1969 5% 6!4 Apr. 4 1969 6 7 Apr. 4,1969 6*4 San Francisco................................... 6 Apr. 4, 1969 5’4 614 Apr. 4, 1969 6 7 Apr. 4; 1969 6*4 1 Discounts of eligible paper and advances secured by such paper or by 2 Advances secured to the satisfaction of the F.R. Bank. Maximum U.S. Govt, obligations or any other obligations eligible for Federal maturity: 4 months. Reserve Bank purchase. Maximum maturity: 90 days except that dis­ 3 Advances to individuals, partnerships, or corporations other than counts of certain bankers’ acceptances and of agricultural paper may member banks secured by direct obligations of, or obligations fully have maturities not over 6 months and 9 months, respectively. guaranteed as to principal and interest by, the U.S. Govt, or any agency thereof. Maximum maturity: 90 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 Al! F.R, of date All F.R. of Banks N.Y. Banks N.Y. Banks N.Y. In effect Dec. 31, 1941......... 1 -I’/i 1 1955—Cont. 1960 Sept 9............................... 2 -2>4 June 3............................... ^ 4 1942 * 13 ............................. 2'4 10............................... ’3 1 2'4-2'4 14............................... 3 ^'4 Oct. 15................................... ir I 23.............................. 2'4 30 . .. t^ Sept. 9............................... 3 3 1956 1946 1963 1 r 20 ......................... July 17............................... 3 -3'4 ^ t i 3 26.............................. 3'4 ~ 31............................... 3 3 1948 1964 19... J .. a .. n .. . . ... 1 ... 2 .. . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . .........1. ... 1 .-. ’4 .1..'.4 n i% /x 1957 3 -3'4 3 Nov. 2 3 4 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3'4 4 -4 4 4 1'4-1'4 i£ 23............................... 3'4 3’4 1965 ~ 23....... 1 .. 9 .. 5 .. 0 ...................... 1'4 N De o c v . 1 2 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 -3'4 3 3 Dec. 1 6 3 . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 - '4 4'4 4*4 Aug, 21........................ 1'4-1’4 1% 1958 1967 “ 25.................................. 1’4 1’4 Jan. 22......................2...’.4..-..3. 3 4 -4'4 4 24............................... 14 4 4 Jan 1 . 9 53 1 6........................1..’.4...-.2... 2 Mar. 1 7 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 <4-2’4 2'4 Nov. 2 2 7 0............................... 4 4 - '4 4'4 23................................... 2 2 21............................... 2'4 2'4 1’4-2'4 1’4 1968 1954 May 9............................... 1’4 4'4-5 Feb. 5........................1..’.4...-.2.... Aug. 15............................... 154-2 1’4 22. ............ 5 15................................... Sept. 12.............................. 1’4-2 2 5 -5'4 l^l'l ‘ 23............................... 2 2 26.. . 5'4 ' 16................................... Oct. 24............................... 2 -2'4 2 5'4-5'4 May 21................................... 1'4 2'4 2'4 30.. 5'4 Dec. 18............................... 5 >4-5 >4 5}4 1955 1959 20............................... 5'4 5(4 !O: 2'4-3 3 ' 15................................... 16............................... 3 3 1969 14-2M 1% 3 -3'4 ^ 5'4-6 6 1% 3'4 ' 8...........6....................6 l«-2>4 2 Sept. 11............................... 3'4-1 4 12................................... 2 -2'4 2 ‘ 18............................... 4 4 In effect Oct. 31, 1969.... 6 6 t Preferential rate of */4 of 1 per cent for advances secured by U.S. in the following periods (rates in percentages): 1955—May 4-6, 1.65; Govt, obligations maturing in 1 year or less. The rate of 1 per cent was Aug. 4, 1.8 5; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.37 5; 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, 2.7 5; Oct. 5, 2.50; Oct. 23, Nov. 3, Note.—Discount rates under Secs. 13 and 13a (as described in table 2.7 5; 1962—Mar. 20-21, 2.75; 1964—Dec. 10, 3.8 5; 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, 1 3-16, 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 □ NOVEMBER 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 4.3 deposits 2 deposits z'4 (all classes of banks) Time depos­ its Reserve Country Other Effective date 1 Central Re- (all Effective date i city banks banks Sav­ time deposits Coun- classes ings ba c n i k ty s 3 b c a i n ty k s ba tr n y k s ba o nk f s) Under Over Under Over de i p ts os­ Under Over $5 mil­ $5 mil­ $5 mil­ $5 mil­ $5 mil­ $5 mil­ lion lion lion lion lion lion In effect Dec. 31, 1949........ 22 18 12 5 1966—July 14,21........ 6 16>/i 6 12 M *4 5 Sept. 8, 15........ 6 1951—Jan. 11,16................ 23 19 13 6 Jan. 25. Feb. 1.,.. 24 20 14 1967—Mar. 2.............. 34 34 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.... 1914 174 H^ Mar. 20, Apr. 1.... 19 17 11 1969—Apr. 17.............. 17 174 124 13 Apr. 17....................... 1814 Apr. 24....................... 18 161/i 1 n effect Oct. 31, 1969... 17 1714 12'4 13 3 3 6 1960—Sept. 1...................... 17>4 Nov. 24....................... 12 Present legal Dec. 1...................... 16>4 requirement: 1962—July 28....................... (’) ............ Minimum................... 10 7 3 3 3 Oct, 25, Nov. 1.... ............ 4 Maximum.................. 22 14 10 10 10 i 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.—All required reserves were held on deposit with F.R. Banks to 10 per cent of the amount by which (1) net balances due to, and certain June 21, 1917, until Dec. 1959. From Dec. 1959 to Nov. I960, 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 loan value. chase and carry registered equity securities that may be extended Regulation G and special margin requirements for bonds con­ on securities as collateral by prescribing a maximum loan value, vertible into stocks were adopted by the Board of Governors effective which is a specified percentage of the market value of the collateral Mar. 11, 1968. at the time the credit is extended; margin requirements are the dif- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1969 □ MAXIMUM INTEREST RATES; BANK DEPOSITS A 11 MAXIMUM INTEREST RATES PAYABLE ON TIME AND SAVINGS DEPOSITS (Per cent per annum) Rates Jan. 1, 1962—July 19, 1966 Rates beginning July 20, 1966 Effective date Effective date Type of deposit Type of deposit Jan. 1, July 17, Nov. 24, Dec. 6, July 20, Sept. 26, Apr. 19, 1962 1963 1964 1965 1966 1966 1968 Savings deposits: 1 Savings deposits............................ 4 4 4 12 months or more......................... 4 4 } 4 4 Other time deposits: 2 Less than 12 months...................... 314 3Vi Multiple maturity: 3 90 days or more........................ 5 5 5 Other time deposits: 2 Less than 90 days................. 4 4 4 (30-89 days) 12 months or more......................... 4 I 4 j 5!4 Single-maturity: 6 months to 12 months.................. 314 414 Less than $100,000................... 514 5 5 90 days to 6 months....................... 2'/i $100,000 or more: Less than 90 days............................ 1 1 4 30-59 days......................... 5*4 | 5 (30-89 days) 9 6 0 0 - - 1 8 7 9 9 d d a a y y s s .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5!4 S 6 « 180 days and over............ 6% i 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 k t s ry 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 Sept. 10, 1969 Four weeks ending Oct. 8, I969p Gross demand—Total.... 173,161 39,949 6,957 60,938 65,318 Gross demand—Total... 177,534 41,348 7,257 62,320 66,610 Interbank.................... 21,639 9,250 1 ,278 8,741 2,370 Interbank...................... 21,847 9,138 1 ,267 8,969 2,474 U.S. Govt................... 3,049 388 98 1,210 1,353 U.S. Govt...................... 4,993 964 254 2,092 1 ,683 Other........................... 148,324 30,312 5,431 51,012 61,569 Other............................. 150,697 31,245 5,736 51,262 62,454 Net demand 1.................... 130,312 24,169 5,428 45,908 54,808 Net demand i.................. 133,482 25,078 5,645 46,916 55,844 Time.................................... 152,540 14,542 4,814 57,433 75,751 Time................................... 151,626 14,424 4,735 56,750 75,717 Demand balances due Demand balances due from dom. banks....... 9,310 386 112 2,597 6,214 from dom. banks......... 9,531 434 108 2,674 6,315 Currency and coin............ 4,622 370 81 1,430 2,742 Currency and coin........... 4,741 376 86 1 ,476 2,803 Balances with F.R. Balances with F.R. Banks.............................. 22,362 4,649 1,111 9,271 7,331 Banks............................. 22,329 4,627 1 ,103 9,238 7,362 Total reserves held.......... 26,984 5,019 1,192 10,701 10,073 Total reserves held.......... 27,070 5,003 1,189 10,714 10,165 Required. . ................ 26,724 4,981 1,186 10,675 9,882 Required................... 26,876 5,000 1,192 10,696 9,989 Excess......................... 260 38 6 26 191 Excess............ 194 3 -3 18 176 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 □ NOVEMBER 1969 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1969 1969 1968 Oct. 29 Oct. 22 Oct. 15 Oct. 8 Oct. 1 Oct. 31 Sept. 30 Oct. 31 Assets Gold certificate account................................................. 10,036 10,036 10,036 10,036 10,036 10,036 10,036 10,026 Cash..................................................................................... 144 151 148 153 152 149 149 289 Discounts and advances: Member bank borrowings.......................................... 1,177 583 1,185 790 1,182 1,690 928 179 Acceptances: Bought outright......................................................... 40 40 40 39 37 41 37 56 47 23 Federal agency obligations—Held under repurchase 90 49 17 U.S. Govt, securities: Bought outright: Bills.............................................................................. 19,958 19,068 20,049 19,313 19,149 20,461 19,149 19,148 Notes............................................................................ 31,357 31 ,357 31 ,357 31 ,357 31,247 31,357 30,553 28,424 Bonds........................................................................... 3,468 3,468 3,468 3,468 3,449 3,468 4,143 5,757 Total bought outright................................................... 54,783 53,893 54,874 54,138 53,845 55,286 53,845 53,329 434 162 229 289 Total U.S. Govt, securities............................................... 54,783 53,893 55,308 54,300 53,845 55,515 54,134 53,329 Total loans and securities............................................... 56,000 54,516 56,670 55,201 55,064 57,263 55,099 53,564 Cash items in process of collection................................ "8,906 "9,750 "10,640 "9,037 "9,427 "8,193 8,494 7,932 Bank premises.................................................................... 113 113 113 113 113 113 113 112 Other assets: Denominated in foreign currencies............................. 1 ,918 2,048 2,114 2,(76 2,310 1,823 2,330 1 ,273 IMF gold deposited 1................................................... 219 219 219 219 219 219 219 230 All other.................................................................. 769 730 694 657 617 772 626 615 Total assets......................................................................... "78,105 "77,563 "80,634 "77,592 "77,938 "78,568 77,066 74,041 Liabilities F.R. notes............................................................................ 45,457 45,500 45,711 45,517 45,056 45,373 45,014 42,655 Deposits: Member bank reserves.................................................. "22,080 "20,898 "22,981 "21,244 "21,821 "23,613 21,703 22,334 U.S. Treasurer—General account............................... 1 ,055 1 ,330 784 1,148 1 ,058 954 1 ,003 1 ,086 Foreign........................................................................... H9 109 142 123 134 131 143 99 Other: IMF gold deposit 1................................................... 219 219 219 219 219 219 219 230 All other................................................................. 243 230 265 284 257 233 296 204 Total deposits..................................................................... "23,716 "22,786 "24,391 "23,018 "23,489 "25,150 23,364 23,953 Deferred availability cash items...................................... 6,829 7,235 8,539 6,884 7,298 5,864 6,598 5,559 Other liabilities and accrued dividends.......................... 522 520 535 525 505 580 507 411 Total liabilities................................................................... "76,524 "76,041 "79,176 "75,944 "76,348 "76,967 75,483 72,578 Capital accounts Capital paid in.................................................................... 665 665 665 665 665 665 666 621 Surplus................................................................................. 630 630 630 630 630 630 630 598 Other capital accounts...................................................... 286 227 163 353 295 306 287 244 Total liabilities and capital accounts............................. "78,105 "77,563 "80,634 "77,592 "77,938 "78,568 77,066 74,041 Contingent liability on acceptances purchased for foreign correspondents............................................. 149 149 150 158 159 149 159 119 U.S. Govt, securities held in custody for foreign 9,042 | account........................................................................ 9,117 8,928 9,289 9,456 8,447 9,252 7,956 Federal Reserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank)....................... 48,353 48,284 48,254 48,122 48,016 48,352 48,016 45,444 Collateral held against notes outstanding: Gold certificate account.......................................... 3,307 3,357 3,357 3,357 3,357 3,307 3,357 4,068 Eligible paper.................................................................. U.S. Govt, securities...................................................... 46,076 45,956 45,956 45,956 45,956 46,076 45,956 42,951 Total collateral.................................................................... 49,383 49,313 49,313 49,313 49,313 49,383 49,313 47,019 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

NOVEMBER 1969 □ FEDERAL RESERVE BANKS A 13 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON OCTOBER 31, 1969 (In millions of dollars) Item Total Bo ston Y N o e r w k P p d h h e i i l l a 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 a i p n o n li e s ­ K C s a a it n s y ­ Dallas F c S i r s a a c n n o ­ Assets Gold certificate account....................... 10,036 490 2,500 629 975 813 566 1 ,709 356 217 382 300 1 ,099 F.R. notes of other banks.................... 755 104 164 40 56 52 81 41 24 28 36 29 100 Other cash............................................... 149 7 11 5 15 12 23 13 13 4 i i 11 24 Discounts and advances: Secured by U.S. Govt, securities... . 959 19 152 28 15 101 74 254 47 35 45 19 170 Other................................................... 731 225 16 16 236 24 30 33 II 140 Acceptances: Bought outright............................. 41 41 Helu under repurchase agreements.. Federal agency obligations—Held under repurchase agreements....... 17 17 U.S. Govt, securities: Bought outright................................. 20,461 1 ,045 5,079 1 ,063 1 ,581 1 ,538 I ,093 3,342 722 388 803 899 2,908 Held under repurchase agreements.. 229 229 Total loans and securities.................... 57,263 2,842 14,387 2,899 4,287 4,273 3,043 9,520 2,021 1,115 2,247 2,461 8,168 Cash items in process of collection... PIO,789 634 1 ,850 534 750 816 1 ,082 1 ,863 539 422 728 609 962 Bank premises........................................ 113 2 9 2 5 1 1 18 17 9 5 18 8 9 Other assets: Denominated in foreign currencies.. 1 ,823 87 1466 95 162 95 116 269 64 42 78 104 245 IMF gold deposited 2...................... 219 219 All other.............................................. 772 40 194 39 62 57 41 125 26 16 30 34 108 Total assets............................................. "81 ,919 4,206 19,800 4,243 6,312 6,129 4,970 13,557 3,052 1,849 3,530 3,556 10,715 Liabilities F.R. notes............................................... 46,128 2,631 10,693 2,629 3,764 4,162 2,447 8,158 1,707 788 1 ,716 1 ,668 5,765 Deposits: Member bank reserves...................... "23,613 824 6,754 1 ,004 1 ,637 1 ,100 1 ,403 3,446 790 604 1 ,028 I ,271 3,752 U.S. Treasurer—General account.. 954 48 39 63 94 48 84 163 60 58 125 52 120 Foreign............................. ................ 131 6 34J 6 11 6 8 18 4 3 5 7 16 Other: IMF gold deposit 2....................... 219 219 All other.......................................... 233 * 191 1 10 1 7 1 2 2 I 17 Total deposits......................................... "25,150 878 7,244 1 ,074 1,742 1 ,164 1 ,496 3,634 855 667 1,160 1 ,331 3,905 Deferred availability cash items.......... 8,460 592 1 ,294 431 621 674 897 1 ,435 415 346 565 447 743 Other liabilities and accrued dividends 580 28 150 28 43 42 30 90 20 13 22 24 90 Total liabilities....................................... "80,318 4,129 19,381 4,162 6,170 6,042 4,870 13,317 2,997 1 ,814 3,463 3,470 10,503 Capital accounts Capital paid in....................................... 665 31 176 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.......................... 306 15 83 14 26 20 17 49 10 6 12 13 41 Total liabilities and capital accounts.. "81,919 4,206 19,800 4,243 6,312 6,129 4,970 13,557 3,052 1 ,849 3,530 3,556 10,715 Contingent liability on acceptances purchased for foreign correspond­ ents................................................... 149 7 G8 8 13 8 10 22 5 3 6 9 20 Federal Reserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to 48,352 2,791 11,154 2,706 4,021 4,302 2,602 8,457 1 ,791 825 1 ,812 1 ,800 6,091 Collateral held against notes out­ standing: Gold certificate account................... 3,307 200 500 300 510 610 .......1..,.0..0.0 155 27 ............ 5 U.S. Govt.' securities......................... 46,076 2,617 10,800 2,520 3,600 3,769 2,650 7,650 I ,700 815 1 ,875 1 ,830 6,250 Total collateral....................................... 49,383 2,817 11,300 2,820 4,110 4,379 2,650 8,650 1,855 842 1 ,875 1,835 6,250 1 After deducting $1,357 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 $111 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 □ NOVEMBER 1969 TRANSACTIONS OF THE SYSTEM OPEN MARKET ACCOUNT (In millions of dollars) Outright transactions in U.S. Govt, securities by maturity Total Treasury bills Others within 1 year 1-5 years Month Exch., Gross Gross Gross maturity Gross Exch. pur­ Gross Redemp­ pur­ Gross Redemp­ pur­ Gross shifts, pur­ Gross or chases sales tions chases sales tions chases sales or chases sales maturity redemp­ shifts tions 1968—Sept............. 5,515 5,605 115 5,403 5,605 115 31 31 Oct........ 2,736 2,246 2,601 2,246 53 308 27 -308 Nov........ 3,602 3,430 150 3,602 3,430 150 -6,293 5,586 Dec........ 6,100 6,334 180 6,100 6,334 180 358 -358 1969—Jan.............. 4,011 4,590 231 4,011 4,590 231 Feb.............. 1 ,234 1,110 175 1 ,149 1 ,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 1 ,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 1,658 2,201 1 ,658 407 4,512 Sept............. 4,762 5,483 115 4,762 5,483 115 Outright transactions in U.S. Govt, securities—Continued Repurchase Bankers’ agreements Federal acceptances (U.S. Govt, Net agency 5-10 years Over 10 years securities) change obliga­ Month in U.S. tions Under Net Govt, (net re­ repur­ change 1 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—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 1,854 130 5 -4 7 137 Apr.. . . 1,929 1,790 708 54 5 43 810 May. .. 60 12 24 4,192 4,470 646 1 -5 -60 582 June... 1,312 1,562 336 -80 -5 -30 220 July.... 23 10 560 560 44 -1 43 -4,921 2,721 2,491 773 39 22 834 Sept.. .. 1 ,121 1 ,06? -777 -39 -3 -22 -841 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.............. 1 ,604 1,140 45 3 1 413 1 | * 2 1968—July............. 1 ,217 851 52 8 25 151 69 | I 57 2 Aug.............. 1 ,055 601 53 4 25 235 75 I 57 3 Sept............. 1 ^281 698 13 4 452 75 | | 33 3 Oct........ 1 ,273 694 124 4 378 65 | I 4 3 Nov........ 2,211 1 ,443 111 4 571 75 ( I 4 3 Dec.............. 2^061 1 ,444 8 3 433 165 | 1 4 3 1969—Jan...........,. 1,883 1,443 41 2 25 294 67 1 1 4 6 Feb.............. 1 ,938 1,450 13 25 318 125 1 4 1 Mar............. 2,059 1,396 23 I 461 160 13 I 4 1 Apr.............. 1 ,960 1,245 44 1 50 436 163 15 1 4 May............ 1 '889 1 '542 50 176 100 15 1 4 1 June............. 1 ,’834 1 '564 50 115 * * 15 1 86 2 July............. 1 ,670 1 J83 50 24 * ................. * 15 1 196 * Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 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 Oct. 29 Oct. 22 Oct. 15 Oct. 8 Oct. 1 Oct. 31 Sept. 30 Oct. 31 Discounts and advances—'Total...................................... 1,177 583 1,186 790 1,182 1 ,690 928 179 Within 15 days............................................................... 1,170 576 1,182 787 1 ,179 1 ,683 925 (74 16 days to 90 days......................................................... 7 7 4 3 3 7 3 5 91 days to 1 year......................................................... Acceptances—-Total........................................................... 40 40 87 62 37 41 37 56 Within 15 days............................................................... 8 7 53 31 8 9 8 13 16 days to 90 days......................................................... 32 33 34 31 29 32 29 43 91 days to 1 year.......................................................... U.S. Government securities—Total.............................. 54,783 53,893 55,398 54,349 53,845 55,532 54,134 53,329 Within 15 days1............................................................. 2,883 2,445 2,953 2,385 2,152 2,036 2,068 7,675 16 days to 90 days......................................................... 8,503 8,160 9,449 9,428 8,877 9,447 9,945 8,518 91 days to 1 year........................................................... 21,125 21,016 20,724 20,264 20,672 21 ,777 20,672 18,638 Over I year to 5 years............................................ 12,822 12,822 12,822 12,822 12,749 12,822 12,229 7,652 Over 5 years to 10 years............................................... 8,776 8,776 8,776 8,776 8,724 8,776 8,549 10,235 Over 10 years................................................................. 674 674 674 674 671 674 671 61 1 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 1968r—Sept.r.......................... 8,369.6 3,857.8 1,840.2 4,511.8 2,671.6 63.7 138,5 60.9 43.6 36.5 Oct.r. . ...................... 8’602.1 3‘953.7 1 '904.9 4,648.4 2,743.5 65.9 142.5 63.3 45.2 37.8 Nov.r.......................... 8,541.5 3',925.9 1 '904.1 4’615.6 2,711.5 65.7 142.7 63.3 45.0 37.4 Dec.r.......................... 8,755.8 4’076.8 1’902.4 4,'679.0 2'776.6 66.0 144.8 62,1 44.8 37.6 1969r—Jan.r........................... 8,734.2 3,896.7 2,007.9 4,837,5 2,829.6 65.7 138,3 65.5 46.2 38.2 Feb.r........................ 8 833 1 3,929 8 2 047.2 4,903.2 2,856.1 67.3 144.9 67.2 47,0 38.7 Mar.r.......................... 8,723.7 3,882.8 I ’,974.3 4,840.9 2'866.6 66.0 142.6 64.5 46. 1 38.5 Apr.r........................... 8,883.8 3,902.0 2 028.9 4,981.8 2,952.9 66.6 140.9 66.3 47.2 39.4 Mayr.......................... 9,147.6 4’097.6 2,083.2 5,050.0 2’966.8 68.2 147.3 67.1 47.5 39.5 Juner........................... 9,385 2 4’155.7 2'164.4 5,229.6 3365.2 68.7 145,5 68.6 48.4 40.1 Julyr............................ 9,242.8 3^908,6 2 244.4 5,334.2 3,089.8 67.6 136.1 71.8 49.4 40.3 Aug.r.......................... 9 ,’430.1 4,148.4 2’242.4 5'281,7 3'038.9 70. 1 146.5 72.9 49.7 40.3 Sept.r.......................... 9’737.2 4’311.5 2^49.6 5325.8 3,176.2 72.3 153.5 73,0 50.9 41.9 1 Excludes interbank and U.S. Govt, demand deposit accounts, Note.—Total SMSA’s includes some cities and counties not designated 2 Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and as SMSA’s. Los Angeles-Long Beach. Fora description of series, see Mar. 1965 Bulletin, p. 390. The data shown here differ from those shown in the Mar. 1965 Bulletin because they have been revised, as described in the Mar. 1967 Bulletin, p. 389. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 16 U.S. CURRENCY □ NOVEMBER 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 85 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939....................... 7 598 5,553 590 559 36 1 ,019 1 ,772 1 576 2 048 460 919 191 425 20 32 1941....................... 11160 8’120 751 695 44 1 355 2731 2’545 3 044 724 1 433 261 556 24 46 j 945....................... 28 515 20,683 1 ,274 1 039 73 2’313 6,782 9’201 7'834 2 327 4^220 454 801 7 24 [ 947....................... 28 868 20,020 1 ’404 1 048 65 2 110 6 275 9,119 8 850 2 548 5*070 428 782 5 17 1950....................... 27 741 19 305 1 554 1,113 64 2 049 5 ,998 8 529 8 438 2 422 5,043 368 588 4 12 1955...................... 31,158 22,021 1 927 1 312 75 2 151 6 617 9 940 9’136 2736 5 641 307 438 3 12 1958....................... 32,193 22 ,’856 2,182 J ’494 83 2,’186 6,624 10,288 9’337 2*792 5,886 275 373 3 9 1959.................. . . 32’591 23'264 2 304 1 511 85 2’216 6 672 10 476 9 326 2*803 5 *91 3 261 341 3 5 I960....................... 32,869 23 521 2 427 1 533 88 2,246 6,691 10 536 9 348 2 815 5 954 249 316 3 10 1961....................... 33 918 24,388 2 582 1 ’588 92 2 313 6 878 10 935 9’531 2*869 6,106 242 300 3 10 j 962....................... 35 338 25’356 2,782 1 636 97 2 3 75 7,071 11 395 9 983 2*990 6*448 240 293 3 10 1963....................... 37,692 26’807 3’030 1 J22 103 2’469 7 373 12 109 10 885 3'221 7,110 249 298 3 4 I %4....................... 39’619 28’100 3’405 1 ’806 111 2’517 7’543 12’717 11 519 3 381 7’590 248 293 2 4 1965...................... 42,056 29,842 4 027 1 908 127 2 618 7 794 13 369 12,214 3 540 8 135 245 288 3 4 1966....................... 44’663 31’695 4 480 2 051 137 2’756 8*070 14 201 12 969 3*700 8’735 241 286 3 4 1967....................... 47 226 33 468 4 918 2 035 136 2 850 8^366 15’162 13 758 3*915 9’311 240 285 3 4 196g—Sept............ 48 340 34,161 5 498 1,872 136 2,732 8,269 ’ 15 654 14 179 4 002 9,641 241 288 3 4 Oct............. 48 JI9 34,421 5,565 1 900 136 2*763 8,336 15,722 14’299 4*028 9,734 241 289 3 4 Nov............ 49^989 35’489 5 ,625 1 ,957 136 2^862 8,627 16^282 14,500 4’092 9'869 242 290 3 4 Dec.......... 50 961 36’163 5 691 2 049 136 2 993 8 786 16508 14798 4* 186 10 068 244 292 3 4 1969—Jan............. 48,983 34,401 5,673 1 907 136 2,779 8,257 15,650 14,582 4 090 9,951 244 291 3 4 Feb............ 48,996 34,421 5,603 1 ,895 136 2’784 8,318 15,685 14*576 4 080 9’955 243 291 4 4 Mar............ 49,475 34^792 5’645 1 909 136 2*806 8’383 15 915 14*682 4’ 102 10,023 244 291 3 19 Apr............ 49 642 34 895 5 692 1 934 136 2 815 8 363 15 955 14,747 4 130 10 073 244 292 3 4 May........... 50,399 35,529 5,730 1 971 136 2,861 8 531 16,300 14 869 4’158 10,166 244 292 3 5 June........... 50’936 35’920 5’790 1 989 136 2 882 8 592 16 531 15 016 4 212 10’259 245 292 3 5 July....... 51,120 35,981 5,827 1 992 136 2^852 8 546 16,629 15 139 4'251 10,345 243 291 3 5 Aug............ 51'461 36,232 5,849 2 001 136 2*868 8,586 16 791 15,229 4 276 10’,418 241 286 3 5 Sept............ 51 ,336 36^032 5,877 2,023 136 2,858 8,500 16,639 15,303 4,280 10,493 239 283 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 Se 1 p 9 t. 6 9 30, 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 Sept. Aug. Sept. certificates Agents 30 31 30 Gold...................................................................................... 10,367 (10,036) 2331 Gold certificates.................................................................. (10,036) 310,035 1 Federal Reserve notes............................................... 48,017 150 3,004 44,862 45,013 42,229 Treasury currency—Total................................................. 6,783 159 150 6,474 6,447 6,111 Standard silver dollars.................................................. 485 ................... 3 482 482 482 Fractional Coin............................................................. 5,672 128 .............1..4..8. 5,395 5,368 5,016 United States notes....................................................... 323 28 2 293 293 304 In process of retirement4............................................. 304 304 304 309 Total—Sept. 30, 1969........................................................ 565,167 (10,036) 640 10,035 3,156 51 ,336 Aug. 31, 1969........................................................ 565,134 (10,027) 643 10,026 3,005 51,461 Sept. 30, 1968........................................................ 562,581 (10,026) 772 10,024 3,444 48,340 i Outside Treasury and F.R. Banks. Includes any paper currency held 5 Does not include all items shown, as some items represent the security outside the United States and currency and coin held by banks. Esti­ for other items; gold certificates are secured by gold, and silver certificates mated totals for Wed. dates shown in table on p. A-5. by standard silver dollars and monetized silver bullion. Duplications 2 Includes $219 million gold deposited by and held for the Internationa! 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

NOVEMBER 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 t Total component deposit justed 1 deposits1 component component 1965—Dec...................................................... 166.7 36.3 130.4 146.7 172.0 37.1 134.9 145.2 4.6 170.4 38.3 132.1 158.5 175.8 39.1 136.7 156.9 3.4 1967—Dec..................................................... 181.7 40.4 141.3 183.7 187.5 41.2 146.2 182.0 5.0 1968—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..................................................... 199.0 45.3 153,8 194.5 195.9 45.4 150.5 195.5 4.3 Sept..................................................... 199,0 45.2 153.7 194.1 197.6 45.2 152.4 194.3 5.3 Oct.p.................................................... 199.2 45.6 153.6 193.5 199.4 45.6 153.8 193.7 4.2 Week ending— 1969—Sept. 3.............................................. 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 1 54.3 194.2 199.6 45.3 154.3 194.2 4.5 24.............................................. 198.3 45.3 153.0 194.0 195.4 45.0 150.4 194.0 7.5 Oct. 1............................................. 198.3 45.2 153.1 194.3 197.3 45.0 152.4 194,3 6.8 8............................................. 199.7 45.3 154.3 193.9 199.5 45,8 153.8 194, 1 4.9 15............................................. 198.7 45.6 153.0 193.6 199.9 45.8 154.1 193.8 2.7 22............................................. 200.0 45.7 154.3 193.3 199.2 45.6 153.5 193,5 4.1 29^........................................... 198,4 45.7 152.7 193.4 198.3 45.3 153.0 193.4 4.5 1 At all commercial banks. and F.R. float; (2) foreign demand balances at F,R. Banks; and (3) cur­ rency outside the Treasury, F.R. Banks, and vaults of all commercial Note.—Series revised. For description of revision of series and for back banks. Time deposits adjusted are time deposits at all commercial data, see Oct. 1969 Bulletin, pp. 787-803. banks other than those due to domestic commercial banks and the Averages of daily figures. Money supply consists of (1) 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.1 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 1965—Dec................................. 23.26 22.82 22.83 236,6 121.2 111,0 4.4 239.0 119.8 115.2 4.0 1966—Dec................................. 23.52 22.98 23.17 244.6 129.4 111.7 3.5 247.1 127,9 116.1 3.0 1967—Dec................................. 25.94 25.68 25.60 273.5 149.9 118.9 4.6 276.2 148.1 123,6 4.5 1968—Oct.................................. 27.50 27.07 27.19 292.2 161.5 125.7 5.0 292.4 161.0 126.0 5.4 Nov................................ 27.69 27.10 27. 38 295.0 163.5 126.8 4.7 293.8 162,3 127.9 3.6 Dec................................. 27.96 27.22 27.61 298.2 165.8 128.2 4.2 301.2 163.8 133.3 4.1 1969—Jan.................................. 28.14 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 83 296.7 161.0 129 1 6.7 295.8 161.8 128.1 5.9 Mar................................. 27.97 27.02 27.73 294.2 160.5 128. 9 4.8 293.3 161,6 127.8 3.9 Apr................................. 27.78 26.75 27.61 295.4 160. 1 129 4 5.9 296,0 160.9 130.5 4.5 May................................ 28.24 26. 89 27 94 295.1 159.3 130.0 5.9 294,2 160,1 126,3 7.9 June............................... 28.06 26.7! 27.74 292.6 158. 1 130,5 4.0 292,0 158,6 128.4 5.0 July.............. . ............. 27 53 26.28 27 33 288 0 155.1 130 5 2.4 288 8 155.4 128.8 4.7 Aug................................. 27.40 26.21 27.16 285 3 152.5 129.9 2.9 283,6 153.1 127.0 3.5 Sept................................ 27.40 26. 38 27,14 285,7 152.1 129.2 4,4 284,6 151 .8 128.3 4.4 Oct.?.............................. 27.35 27.21 27.13 283.5 151.5 128.9 3.1 283.8 151 . 1 129.3 3.5 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.—Effective October 16, 1969, required reserves were increased by by Regulation D. Private demand deposits include all demand deposits ex­ $415 million due to change in Regulations M and D. Seasonally adjust­ cept those due to the U.S. Govt., less cash items in process of collection ed data for the period 1959 to date may be obtained from the Banking and demand balances due from domestic commercial banks. Effective June Section, Division of Research and Statistics, Board of Governors of the 9, 1966, balances accumulated for repayment of personal loans were elim­ Federal Reserve System, Washington, D.C. 20551. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 18 BANKS AND THE MONETARY SYSTEM □ NOVEMBER 1969 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total Bank credit assets, Treas­ net— Date Gold re c u n u r c y r­ y U.S. Government securities Other T li i a a t o i n e b t d s a i l ­ l de T p o o t s a i l t s C m a a i p n s d i c t . a l s o t i a n u n g t d ­ ­ Total n L e o t a n L s , 2 Total s C a a o v n i m n d g i. s R F B e e a s d n e e k r r v s a e l Other3 r s it e ie cu s ­ 2 ca n p e it t al, cur a r n e d n cy co n a u c e n ­ t ts, banks 1947—Dec. 31.................... 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30.................... 22 306 4,636 171,667 60 366 96,560 72'894 20,778 2,888 14341 199’008 184384 14’624 1967—Dec. 30..................... 11 ,'982 6^784 468,943 282,040 117,064 66,752 49,112 1 '200 69,839 487,709 444,043 43’670 1968—Oct. 30.................... 10,400 6,800 498,100 296,800 122,400 68,800 53,600 100 78,900 515,300 464,200 51,100 Nov. 27..................... 10,400 6,800 500’100 300,400 120,000 66300 53,200 100 79'700 517’300 466’300 50 900 Dec 31.................. • 10'367 6,795 514'427 311 334 121,273 68,285 52,937 51 81 320 531 ’589 484'212 47’379 1969—Jan. 29..................... 10,400 6,800 504,800 304,300 119,500 67,100 52,300 100 81,000 522,000 469,900 52,100 Feb. 26..................... 10’400 6,800 503^000 306'000 115300 63 300 51,900 100 81'500 520 300 466,800 53,300 Mar. 26..................... 10300 6,800 504,100 307,300 114'600 62,500 52’000 100 82300 521,300 466 300 54,900 Apr. 30*................... 10’400 6,700 510,200 312,400 114300 61'800 53,100 100 82'900 527'300 471 300 55,600 May 28p. ........ 10300 6,700 506'700 311,800 112,500 59,000 53,400 100 82'400 523’800 465'400 58300 June 25p.................. 10,400 6,800 510,500 316,900 IIOJOO 57,400 53,200 83,000 527,600 467 ,’l00 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. 27p................... 10 300 6,800 509,700 315 300 112,600 57’700 54’900 81’300 526,900 459’600 67,300 10,400 6’800 511 '300 319'300 110,500 56,500 53,900 81’600 5 28 300 463 000 65’500 Oct. 29 p................... 10,’400 6,800 512,'100 319,’000 112'400 57,600 54,800 .....8..0..,.7..0..0 529,’3OO 463,300 66,000 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 u n 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 C u 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 M sa a u v n i t k n u s g a s 6 l S P t a S e o v y m s i s n t ­ a 3 g l s e n F i e g o t n r­ , 7 T h c i u r n o a e r g s l a y d h s s ­ ­ s c b a a o a A v n n m i t d n k l g s . s B F a A . n R t k . s 1947—Dec. 31.... 110,500 26,100 84300 113397 26,476 87,121 56,411 35,249 17,746 3,416 1,682 1 ,336 1,452 870 1950—Dec. 30.. . . 114,600 24,600 90,000 117,670 25,398 92,272 59,246 36,314 20,009 2,923 2,518 1 ,293 2,989 668 1967—Dec. 30... 181,500 39,600 141,900 191,232 41 071 150,161 242,657 182,243 60,414 2 179 1 ,344 5 ,508 1,123 1968—Oct. 30... 188,400 41,600 146 800 190,100 41 800 148,300 263,700 200 000 63,700 2,100 800 6 400 1 ,200 Nov. 27.... 190300 42300 148,500 193 300 43 500 150300 265 300 201’500 63 300 2300 800 3 600 ’400 Dec, 31.... 199’600 42 300 157’000 207,347 43,527 163 320 267 327 202 386 64 341 2,455 695 5,385 703 1969—Jan. 29.. . . 190,100 42,800 147,300 192,500 42 200 150,400 266,000 201 200 64 900 2 200 800 7 900 500 Feb. 26... 191’300 42,800 148,500 190’500 42 300 148’100 266,700 201 300 65,200 2 100 800 6 200 600 Mar. 26... . 193,'500 43 300 150 300 190,’700 42 800 147’900 267’700 201’800 65 300 2,100 700 4 600 500 Apr. 30p.., 192,000 43300 148’700 192’000 42,900 149,100 266,400 200,700 65’700 2,300 700 9,400 1 ,000 May 28p... 191,000 43,600 147,400 188’700 43'500 145 200 266 300 200 600 66 000 2,100 700 6’900 400 June 25p,.. 194,200 43,700 150300 191,600 43,700 147300 264,800 198,400 66,400 .......2..,.2..00 700 6,300 1 ,500 July 30p... 191,600 44,000 147,600 191,400 44,100 147,300 260,800 194 600 66,200 2,300 700 5,900 1 ,200 Aug. 27p... 192’900 44*000 148 300 191,200 44300 147’000 259,400 193,100 66300 2,100 700 5 300 1 ,000 Sept. 24 rp.. 193;200 44,100 149,100 192,000 44’200 147'800 258,800 192’200 66,600 2’300 700 8’000 1 200 Oct. 29f... 193 300 44300 149,000 194 300 44300 150J00 257,900 191,300 66,700 .......2..3..O.O 700 6,500 1,100 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 Ioans” were excluded from “Time duced this item by $1,900 million ($1,500 million to time deposits and $400 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 Banking 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

NOVEMBER 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- capita1 ber Class of bank assets bilities row­ ac­ of and date Total Loans and Total 3 Demand ings count banks 1.2 U.S. Other capital De- Time Govt. 2 ac­ mand Time 1. s counts U.S. Govt. Other AI| banks: 1945—Dec. 31..... 140,227 30,361 101,288 8,577 35,415 177,332 165,612 14 065 10 5,935 45,613 22' 10,542 14,553 1947—Dec. 316............ 134,924 43,002 81,199 10,723 38,388 175,091 161,865 12,793 240 1,346 94,381 53,10" 6f 11,948 14,714 1967—Dec. 30.............. 424,134287,543 66;75269,83978,924517,374455,501 21 ,883 1,314 5,240 184 139 242,92! 5,84€ 39,371 14,223 1968—Oct. 30.............. 455,630307,930 68,760 78,940 72,690 543,410 467,330 19,690 1,330 6,070 176,220 264,020 11,67€ >41 ,59C 14,205 Nov. 27.............. 458,600312,210 66,73079,660 77,600551,410472,83020,500 1,260 3,250 182,100 265,720 13,02C 41,77C 14,187 Dec. 31.............. 470,167320,062 68,28581,82084,748 571,805498,94524,747 1 ,213 5,017 199,973267,995 8,972 42,275 14,179 1969—Jan. 29.............. 464,280316,140 67,110 81,030 72,680 552,490 472,730 19,350 1,080 7,540 178,370266,390 12,830 42,160 14,172 Feb. 26.............. 463,440318,480 63,460 81,500 72,480 552,830 469,810 19,550 1,010 5,830 176,330267,090 13,010 42,530 14,172 465,300320,540 62,500 82,260 72,990 555,460 469,630 19,910 990 4,250 176,440268,040 14,360 42,720 14,176 Apr. 30"....... 470,100325,440 61,770 82,890 82,400 570,010 481,890 21,230 950 9,000 183,970266,740 15,78043,170 14,168 May 28"............ 468,870327,480 59,04082,350 78,140 564,830 472,94020,990 940 6,580 177,530 266,900 17,490 43,320 14,167 June 25"............ 474,370334,000 57,42082,95078,210 570,820473,75020,730 910 5,960 181,040265,110 18,52043,430 14,173 July 30"............ 477,520337,720 58,090 81,710 75,870 572,670467,91021,060 850 5,540 179,310261,150 19,45043,740 14,179 Aug. 27"............ 474,520335,510 57,710 81,300 77,680571,100 465,73021,410 860 4,900 178,890259,67021,27043,970 14,180 Sept. 24r".......... 477,360339,250 56,50081,61077,450 575,040468,46021,260 830 7,670 179,590259,11021;61044,150 14,178 Oct. 29"............ 477;320339,050 57,57080,70078,730575,890470,58022,190 870 6,200 183; 110258,21021,24044,610 14,178 Commercial banks: 1945—Dec. 31...... 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14 065 105 ,921 30,241 219 8,950 14,011 1947—Dec. 31 6............ 116,284 38,057 69,221 9,006 37,502 155,377 144,103 12,792 240 1 ,343 94,367 35,360 65 10,059 14,181 1967—Dec. 30.............. 359,903 235,954 62,473 61,477 77,928451,012395,008 21 ,883 1,314 5,234 184,066 182,511 5,77734,384 13,722 1968—Oct. 30.............. 387,450 253,860 64,760 68,830 71,780 473,100403,580 19,690 1,330 6,070 176,120 200,370 11,67036,400 13,703 Nov. 27.............. 390,010257,730 62,820 69,460 76,690 480,640408,83020,500 1,260 3,250 182,000 201,820 13,020 36,510 13,687 Dec. 31.............. 401,262265,259 64,46671,53783,752 500,657434,023 24,747 1; 211 5,010 199,901 203,154 8,899 37,006 13,679 1969—Jan. 29.............. 394,820261,130 63,150 70,540 71,850480,940 407,780 19,350 1 ,080 7,540 178,270201,540 12,830 36,870 13,673 Feb. 26.............. 393,470263,120 59,47070,880 71,590 480,700404,520 19,550 1,010 5,830 176,230201,900 13,010 37,180 13,673 Mar. 26.............. 394,900264,970 58,510 71,420 72,090 482,870403,670 19,910 990 4,250 176,360202,160 14,360 37,360 13,677 399,550269,710 57,870 71,970 81,610 497,400 416,11021,230 950 9,000 183,890201,040 15,780 37;800 13,669 May 28"............ 397,900271,330 55,220 71,350 77,240 491,670 406,85020,990 940 6,580 177,450200,890 17,490 37,890 13,668 403,220277,690 53,80071 ,73077,350497,500407,31020,730 910 5,960 180,960 198,750 18,52038,020 13,674 July 30"............ 406,280 281,290 54,460 70,53075,020 499,280 401,62021,060 850 5,540 179,230 194,940 19,45038,300 13,682 Aug. 27"........... 402,950 278,730 54,10070,12076,830497,380 399,340 21,410 860 4,900 178,810 193,360 21,27038,480 13,683 Sept. 24"............ 405,720 282,330 52,960 70,43076,620 501,240401,740 21,260 830 7,670 179,510 192,47021;61038,670 13,681 Oct. 29"............ 405,420281,900 54,07069,45077,930501,990403,81022,190 870 6,200183,030 191,52021,24039,110 13,681 Member banks: 1945—Dec. 31...... 107,183 22,775 78,338 6,07029,845 138,304 129,670 13,576 6422,179 69,640 24,210 208 7,589 6,884 1947—Dec. 31.............. 97,846 32,628 57,914 7,304 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 46,95649,31568,946 373,584326,0332O,'8I1 1,169 4,631 151,980 147 ,'442 5,37028,098 6,071 1968—Oct. 30.............. 314,164 210,270 48,70455,190 63,275 389,598 329,287 18,673 1,169 5,226 143,684 160,535 11,15329,687 6,002 Nov. 27....... . 315,615 213,092 46,82055,703 67,675395,535 333,142 19,462 1,098 2,545 148,083 161,954 12,45029,739 5,990 Dec. 31.............. 325,086220,285 47,881 56,92073,756412,541 355,41423,519 1 ;o6i 4,309 163,920 162,605 8,458 30,060 5,978 1969—Jan. 29.............. 319,249216,806 46,46455,97963,826 395,585332,284 18,402 927 6,556 145,546 160,853 12,00029,966 5,972 Feb. 26.............. 317’925218,407 43,387 56,131 63,247 394,742329,130 18,593 860 4,907 144,065 160,705 12,179 30,190 5,967 Mar. 26.............. 318,742219,595 42,709 56,43863,749396,209 327,685 18,950 842 3,374 143,989 160,530 13,636 30,342 5,962 Apr. 30.............. 322,920223,609 42,372 56,93972J98409,340339,062 20 260 796 7,981 150,719 159,306 14,88830,699 5,955 May 28........ 321,197224,696 40,17756,32468,479 403,971 330,433 20,054 790 5,405 145,261 158,923 16,46730,752 5,944 June 25.............. 326,064230,266 39,17456,62468,183 408,932330,191 19,776 756 4,870147,984 156,805 17,358 30,869 5,938 July 30.............. 328,560 233,196 39,962 55,402 66,159 410,401 324,993 20,079 699 4,562146,373 153,280 18,145 31,090 5,925 Aug. 27.............. 325,413 230,654 39,754 55,005 67,843 408,644 323,063 20,433 707 4,046 146,139 151,738 19,925 31,234 5,919 Sept. 24.. ........... 327,611 233'744 38,643 55,224 67,504 411,501 324,780 20,234i 683 6;576 146 ,'468 150,81920,322 31;374 5,910 Oct. 29"............ 327,288233,260 39,725 54,303 68,596 412,130 326,768 21,182 721 5 ,'438 149,424 150,003 19,893 31;694 5,910 Mutual savings banks: 1945—Dec. 31.....1.6,208 4,279 10,682 1,246 609 17,020 15,385 I4 15,371 7 1,592 542 1947—Dec. 316............ 18,641 4,944 11,978 1,718 886 19,714 17,763 1 3 14 17,745 1,889 533 1967—Dec. 30.............. 64,231 51,590 4,280 8,362 996 66,362 60,494 1 7 73 6O;4I4 69 4,987 501 1968—Oct. 30.............. 68,180 54,070 4,000 10,110 910 70,310 63,750 100 63,650 5,190 502 Nov. 27.............. 68,590 54,480 3,910 10,200 910 70,770 64,000 100 63,900 5,260 500 Dec. 31.............. 68,905 54,803 3,819 10,283 996 71,148 64,922 2 7 72 64,841 73 5,269 500 1969—Jan. 29............ 69,460 55,010 3,960 10,490 830 71,550 64,950 100 64,850 5,290 499 Feb. 26.............. 69,970 55,360 3,990 10,620 890 72,130 65,290 100 65,190 5,350 499 Mar. 26.............. 70,400 55,570 3,990 10,840 900 72^90 65,960 80 65^80 5; 360 499 Apr. 30.............. 70,550 55,730 3 900 10,920 790 72,610 65,780 80 65,700 5,370 499 May 28.............. 70,970 56,150 3,820 llJOOO 900 73; 160 66,090 80 661010 5^30 499 71,150 56,310 3,620 11,220 860 73,320 66,440 80 66,360 5,410 499 July 30.............. 71,240 56,430 3,630 11,180 850 73,390 66,290 80 66,210 5,440 499 Aug. 27.............. 71,570 56,780 3,610 11,180 850 73,720 66;390 80 66,310 5,490 497 Sept. 24r".......... 71,640 56,920 3,540 1 ,180 83O| 73,800 66,720 80 66,640 5,480 497 Oct. 29"............ 71,900 57 150 3,500 1 ,250 800 73,900 66^770 80 66,690 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 □ NOVEMBER 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 o S .S v e t . c . urit O ie t s h 2 er a C ss a e s ts h 3 c c b o T a i a u l a l o i p i n a t n c t i i d a ­ e ­ t t a s l s l 4 Total3 m D I a n e n te ­ d rba T n im k3 e U.S D . e ma O n t d her Time 1 r B in o o g w s r­ ­ c c T a o a o p u c t i n ­ a ta t l s l b N a b u o n e m f k r s ­ Other Govt. Reserve city member banks: New York City:7 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—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 5,88! 7,774 18,243 77,069 57,653 7,363 633 17C 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 17,041 4,267 6.240 12 May 28. 54,847 43,174 4,099 7,57420,784 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 7,66920,595 82,393 55,700 8,315 404 513 30,782 15,686 4,902 6,230 12 July 30 57,645 45,922 4,893 6,830 19,776 82,327 54,066 8,519 369 821 29,732 14,625 5,011 6,241 12 Aug. 27. 56,571 44,914 4,904 6,75320,574 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 19,165 81,486 54,273 8,346 331 1,298 30,286 14,012 5,422 6,256 12 Oct. 29. 56,905 45,787 4,722 6,39621 ,818 83,804 56,712 9,073 337 1 ,328 31 ,553 14,421 5,639 6,281 12 City of Chicago: 7 •8 1945—Dec.” 31. 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947—Dec. 31. 5,088 1 ,801 2,890 397 1 ,739 6,866 6,402 1,217 72 4,201 913 426 14 1967—Dec. 30. 12,744 9,223 1,574 1 ,947 2,947 16,296 13,985 1,434 21 267 6,250 6,013 383 1,346 10 1968—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. 31 . 14,274 10,286 1 ,863 2,125 3,008 18,099 14,526 1 ,535 21 257 6,542 6, 171 682 1,433 9 1969—Jan. 29. 13,935 10,189 1 ,647 2,099 2,932 17,589 13,376 1,165 18 569 5,722 5,902 885 1 ,424 9 Feb. 26, 13,802 10,030 1,558 2,214 3,128 17,685 13,144 1,246 17 238 5,826 5,817 1,130 1,431 9 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 4,811 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 Oct. 29. 13,945 10,341 1 ,667 1 ,937 2,604 17,410 11,641 1,153 27 334 5,543 4,584 2,064 1 ,492 9 Other reserve city: 7-8 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 I 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—Oct. 30. 114,861 79,584 15,13520,14223,605 142,930 122,205 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 15,03620,33728,136151,957 132,305 10,181 307 1 ,884 57,44962,484 4,239 10,684 161 1969—Jan. 29 116,456 82,141 14,16720,14823,463 144,460122,369 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 10,878 161 Apr. 30. 117,795 84,932 12,85720,00625,890 148,544 124,498 8,062 249 3,457 51,73560,995 7,522 10,982 161 May 28 116,902 85,316 11,982 19,60424,557 146,119 121,240 7,882 248 2,219 50,04360,848 7,819 11,014 161 June 25 118,265 87,081 11,494 19,69024,145 147,332 120,641 7,975 224 2,248 50,435 59,759 8,748 11,083 160 July 30 118,838 87,753 II ,716 19,369 24,037 148,510 118,489 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 Oct. 29. 117,954 87,388 11,794 18,77223,979 147,722 117,701 8,631 246 2,411 50,78055,633 9,506 11,391 158 Country member banks: ’• 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 24,68922,82620,334 146,052 131,156 2,766 96 1,564 61,161 65,569 552 11,005 5,886 1968—Oct. 30. 130,842 80,842 24,75025,260 19,292 153,472 137,139 2,305 102 1,803 60,16772,762 1,027 11,536 5,819 Nov. 27. 131,846 81,708 24,658 25,48020,411 155,573 138,857 2,354 102 1,518 61,90072,983 1,142 11,622 5,808 Dec. 31. 134,759 83,397 24,998 26,36422,664 161,122 144,682 2,839 111 1,281 66,578 73,873 804 11,807 5,796 1969—Jan. 29. 133,166 81,932 25,09026,144 18,979 155,471 138,314 2,185 102 1,766 60,368 73,893 1,658 11,680 5,790 Feb. 26. 133,316 82,660 24,183 26,473 19,318 156,543 138,108 2,200 102 1 ,666 59,35074,790 1,665 11,830 5,785 Mar. 26 134,526 83,873 23,76326,890 19,207 157,809 139,211 2,210 102 1,588 59,71775,594 1 ,445 11,876 5,780 Apr. 30 135,514 85,222 23,30726,98521,063 160,766 141,522 2,240 111 1 ,829 61,57075,772 1 ,780 12,017 5,773 May 28. 135,802 86,210 22,623 26,96920,071 160,098 140,343 2,157 111 2,127 59,75576,193 2,045 12,075 5,762 June 25. 136,772 87,654 21,99927,11920,332 161,355 141,293 2,213 111 1,962 60,84876,159 2,319 12,091 5,757 July 30 137,839 88,891 21,79727,151 19,745 161,929 140,396 2,260 111 1 ,764 60,62275,639 2,607 12,200 5,745 Aug. 27. 137,561 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 27,30520,113 163,495 141,016 2,370 111 1,966 60,96475,605 2,572 12,354 5,730 Oct. 29. 138,484 89,744 21 ,54227,19820,195 163,194 140,714 2,325 111 1 ,365 61 ,548 75,365 2,68412,530 5,730 For notes see p. A-22. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1969 □ COMMERCIAL AND MUTUAL SAVINGS BANKS A 21 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— b c C a a la n ll s k d s a a o t n e f d Total Lo 1 a , n 2 s G U o S .S v e t . c . uri O tie t s h 2 er as C s a e s ts h 3 c c b o T a i u a l l a o i p i n n a t c t i i d a ­ e t t ­ a s l s l 4 Total 3 m I D n a e t n e ­ d rba T n i k m 3 e U. D S. ema O O n t t d h h e e r r Ti 1 m .5 e r B in o o g w r s ­ ­ c c T a o a o p u c t n i a ­ ta t l s l b N a b o u n e f m k r s ­ Govt. Insured commercial: 1945—Dec. 31.. 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13. 183 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 58,18963,772 74,686 454,398 392,801 20,337 1 ,019 4,951 176,569 189,926 7,913 35,269 13,512 Dec. 31.. 399,566264,600 64,028 70,938 83,061 498,071 432,71924,427 1 ,155 5,000 198,535 203,602 8,675 36,530 13,481 National member: 1945—Dec. 31.. 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9,229 14,013 45,473 16,224 78 4,644 5,017 1947—Dec. 31.. 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,375 35 795 53,541 19,278 45 5,409 5,005 1965—Dec. 31.. 176,605 118,537 32,34725,720 36,880 219,744 193,860 12,064 458 3,284 92,533 85,522 2,627 17,434 4,815 1967—Dec. 30.. 208,971 139,315 34,308 35,348 46,634 263,375 231,374 13,877 652 3,142 106,019 107,684 3,478 19,730 4,758 1968—June 29.. 212,344 143,802 31,62736,915 44,788 265,497 229,028 12,383 561 2,821 102,093 111,170 5,097 20,503 4,742 Dec. 31.. 236,130 159,257 35,30041 ,572 50,953 296,594 257,884 15,117 657 3,090 116,422 122,597 5,923 21,524 4,716 State member: 1945—Dec. 31.. 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 130 2,945 1,867 1947—Dec. 31.. 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1,918 1965—Dec. 31.. 74,972 51,262 12,645 11,065 15,934 93,640 81,657 5,390 382 1 ,606 39,598 34,680 1,607 7,492 1,406 1967—Dec. 30.. 85,128 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 ,734 14,338 22,342 112,352 94,908 7,261 373 1 ,306 44,377 41,591 2,586 8,636 1 ,297 Dec. 31., 89,894 61,965 12,581 15,348 22,803 116,885 98,467 8,402 404 1 ,219 47,498 40,945 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 1965—Dec. 3!.. 52,028 30,310 14,137 7,581 7,513 60,679 54,806 695 83 618 27,52825,882 9t 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 14,83612,521 7,557 76,561 68,866 693 85 824 30,099 37,164 230 6,142 7,474 Dec. 31.. 73,553 43,378 16,155 14,020 9,305 84,605 76,368 908 94 691 34,615 40,060 217 6,482 7,504 Noninsured nonmem­ ber commercial: 1945—Dec. 31.. 2,211 318 1,693 200 514 2,768 2,452 Ijl 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 Dec. 31.. 2,901 1,875 429 597 691 3,789 2,519 319 56 10 1 ,366 767 224 464 197 Nonmember commercial: 1945—Dec. 31.. 16,849 3,310 12,277 1,262 4,962 22,024 20,571 4:>5 >4,101 6,045 11 1,362 7,130 1947—Dec. 31.. 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 12 1,596 7,261 1965—Dec. 31.. 54,483 31,858 14,555 8,070 8,085 63,879 56,919 972 168 635 28,649 26,495 238 5,345 7,583 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 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 □ NOVEMBER 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 1 a » n 2 s G U o .S vt . . Oth 2 er as C s a e s ts h 3 c c b o a i u a a l l p i i n n c a ti i d ­ t e t ­ s a s l 4 Total 3 m D a e n ­ d Time U.S D , e ma O n t d her T 1 i m ।5 e r i B n o g o w s r ­ ­ c c T o a a o u p c t n i ­ a ta t l s l b N a b o u n e f m k r s ­ Govt. Insured 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 i 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 i 6 42952,474 68 4,237 331 1968—June 29.. 58,178 46,813 3,039 8,325 833 60,128 54,991 i 6 49254,491 65 4,349 331 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 1947—Dec. 316 5,957 1 ,384 3,813 760 211 6,215 5,556 1 2 5,553 637 339 1965—Dec. 31.. 7,526 5,325 1,710 491 113 7,720 6,874 1 8 6,865 1 706 177 1967—Dec. 30.. 8,295 6,100 1,169 1,026 115 8,499 7,584 1 20 7,563 1 749 170 1968—June 29.. 8,677 6,283 1,166 1 ,228 126 8,901 7,879 1 41 7,838 762 170 Dec. 31.. 8,817 6,518 964 1 ,335 113 9,027 8,062 1 21 8,041 2 788 167 1 See table ” Deposits Accumulated at Commercial Banks for Payment total loans and investments of $530 million and total deposits of $576 of Personal Loans” and its notes on p. A-23. million were reclassified as country banks. Beginning Jan. 4, 1968, a 2 Beginning June 30, 1966, loans to farmers directly guaranteed by country bank with deposits of $321 million was reclassified as a reserve CCC were reclassified as securities, and Export-Import Bank portfolio city bank. Beginning Feb. 29, 1968, a reserve city bank in Chicago with fund participations were reclassified from Ioans to securities. This reduced total deposits of $190 million was reclassified as a country bank. “Total Ioans” and increased “Other securities’* by about Si billion. “Total Ioans” include Federal funds sold, and beginning with June 1967 Note.—Series revised beginning with data for July 1969 to conform in securities purchased under resale agreements, figures for which are included content and format with recent substantive changes in official call reports in “Federal funds sold, etc.,” for commercial banks on p. A-24. of condition as described in the Bulletin for Aug. 1969, pp. 642-46. 3 Reciprocal balances excluded beginning with 1942. Data are for all commercial and mutual savings banks in the United 4 Includes other assets and liabilities not shown separately. States (including Alaska and Hawaii, beginning with 1959). For definition 5 Figures for mutual savings banks include relatively small amounts of “commercial banks” as used in this table, and for other banks that are of demand deposits. Beginning with June 1961, they also include certain included under member banks, see Note, p. 643, May 1964 Bulletin. accounts previously classified as other liabilities. . Comparability of figures for classes of banks is affected somewhat by 6 Beginning with Dec. 31, 1947, the series was revised; for description, changes in F.R. membership, deposit insurance status, and the reserve see note 4, p. 587, May 1964 Bulletin. . , classifications of cities and individual banks, and by mergers, etc. 7 Regarding reclassification of New York City and Chicago as reserve Data for national banks for Dec. 31, 1965, have been adjusted to make cities, see Aug. 1962 Bulletin, p. 993. For various changes between them comparable with State bank data. reserve city and country status in 1960-63, see note 6, p. 587, May 1964 Figures are partly estimated except on call dates. Bulletin. For revisions in series before June 30, 1947, see July 1947 Bulletin, 8 Beginning with May 13, 1965, Toledo, Ohio, reserve city banks with pp. 870-71. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1969 □ COMMERCIAL BANKS A 23 LOANS AND INVESTMENTS AT COMMERCIAL BANKS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Securities Securities Period Total i,2 Loans1,2 Total», 2 Loans1,2 U.S. Other 2 U.S. Other 2 Govt. Govt. 1959—Dec. 31................................................................... 185,9 107.8 57.7 20.5 189.5 110.0 58.9 20.5 I960—Dec. 31................................................................... 194.5 113.8 59.8 20.8 198.5 116 7 61.0 20.9 1961—Dec. 30.................................................................... 209.6 120.4 65,3 23.9 214.4 123.9 66.6 23.9 1962—Dec. 31................................................................... 227.9 134.0 64.6 29.2 233,6 137.9 66.4 29.3 1963—Dec. 31................................................................... 246.2 149.6 61.7 35.0 252.4 153 9 63.4 35.1 1964—Dec. 31.................................................................... 267.2 167.7 60.7 38.7 273.9 172.1 63.0 38.8 1965—Dec. 31................................................................... 294.4 192.6 57.1 44.8 301.8 197.4 59.5 44,9 1966—Dec. 31 .................................................................... 310.5 208.2 53.6 48.7 317.9 213 0 56.2 48.8 1967—Dec. 30................................................................... 346.5 225.4 59.7 61.4 354.5 230.5 62.5 61.5 1968—Oct. 30................................................................... 379.4 246.7 64.2 68.5 379.3 245 7 64.8 68.8 381.6 250.4 61.0 70.2 381 .1 248 8 62,8 69.5 Dec. 31...........................................3..8..4.....6.............2...5.1.6 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...........................................3..8..7....9..............2...5.8.4 58.1 71.5 384, 1 253 7 59.5 70.9 386.8 257.5 57.4 71.9 385.6 255 7 58.5 71.4 Apr. 30p 389.9 260.6 57.6 71.7 390,7 260 8 57.9 72.0 May 28p 390.8 263.3 56.0 71.5 388,8 262 2 55.2 71.4 June 30*(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 30p 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. 24p 394.7 270.4 54,5 69.8 394,6 271.2 53,0 70.4 Oct. 29p ................................................................ 394.8 272.2 53.4 69.1 394.4 270.9 54.1 69.5 1 Adjusted to exclude interbank loans. without valuation reserves deducted, rather than net of valuation reserves 2 Beginning June 9, 1966, about $1.1 billion of balances accumulated as was done previously. For a description of the revision, see Aug. 1969 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. For a description of the seasonally adjusted series see the follow­ $1 billion are included in “Other securities” rather than “Other loans.” ing Bulletins: July 1962, pp. 797-802; July 1966, pp. 950-55; and Sept. 3 Data revised to include all bank premises subsidiaries and other sig­ 1967, 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.......................... 212 232 201 207 All nonmember....................... 283 304 290 278 All member................................. 941 979 945 937 Insured......................... 282 304 290 278 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-30, 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 $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 □ NOVEMBER 1969 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Other loans 1 Investments Class of lo T a o n ta s l 1 F e e ra d l ­ Com­ o p s r u e r c c c F a u h r o r a r it r y s i e i i n n s g g in f s in ti a T tu n o t c i o ia n l s Other, U.S s . e G cu o r v it e ie r s n m 6 ent State bank and and funds mer­ Agri- Real to and call date i m nv e e n s ts t­ s e o tc ld .2 , T J o . t a 4 l c a i n a d l c tu u r l - - To t e a s t ­ e i d n i ­ ­ Oth 5 er g lo o c v a t l , O se th c e u r ­ in­ al 5 bro­ vid- Bills secu­ rities5 d tr u ia s l ­ k a e n r d s ot T he o r s BanksOthers uals^ 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 1 15 9,393 5,723 94769,221 9,982 6,034 53,205 5,276 3,729 1965—Dec. 31.,.306,060 2,103 199,555 71,437 8,2125,2583,231 2,158 13,291 49,30045,4685,21559,547 n.a. n.a. n.a.38,6556,201 1967—Dec. 30..361,186 4,057 233,18088,4439,2706,215 3,780 1,902 12,53558,525 51 ,5855,65962,473 n.a. n.a. n.a.50,006 11,471 1968—June 29..368,795 4,813 241,001 91,4279,9794,9503,731 1,94412,193 61,40954,221 5,97658,603 n.a. n.a. n.a. 52,635 11,742 Dec. 31..402,477 6,747 259,72798,3579,7186,6254,108 2,206 13,72965,137 58,3376,72464,466 n.a. n.a. n.a. 58,570 12,967 All insured: 1941—Dec. 31.. 49,290 .......... 21,259 9,214 1,450 614 662 40 .......... 4,773 4,5 05 21,046 988 3,159 16,899 3,651 3,333 1945—Dec. 31.. 121,809 25,765 9,461 1,3143,1643,606 49 4,677 2,361 1,13288,91221,526 16,045 51,342 3,873 3,258 1947—Dec. 31.. 114,274 37,583 18,012 1,610 823 1, 190 114 9,266 5,654 91467,941 9,676 5,918 52,347 5,1293,621 1965—Dec. 31..303,593 2,064 198,04570,8878,191 5,0883,172 2,093 13,14849,02645,2905,15559,120 13,134 13,23333,85838,419 5,945 1967—Dec. 30..358,536 3,919 231,583 87,8709,2506,0173,719 1,848 12,39458,209 51,395 5,60662,094 13,13418,62431,62349,737 11,204 1968—June 29., 365,955 4,655 239,33890,8739,9584,7233,668 1 ,881 12,02961,11254,0205,89358,189 7,00322,49929,95652,355 11,417 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/ 53 19,539 971 3,007 15,561 3,0902,871 1945—Dec. 31.. 107,183 22,775 8,949 855 3,1333,378 47 3,455 1,900 1,05778,338 19,260 14,271 44,807 3,2542,815 1947—Dec. 31.. 97,846 32,628 16,962 1,046 811 1,065 113 7,130 4,662 83957,914 7,803 4,81545,295 4,199 3,105 1965—Dec. 31..251,577 1,861 167,939 63,979 5,0994,9152,714 2,008 12,475 38,988 36,418 4,83244,992 9,441 10,10626,36732,588 4,198 1967—Dec. 30..294,098 3,438 194,38979,3445,7025,8203,099 1,75411,58745,52840,4545,19046,956 9,633 13,657 24,61441,5207,795 1968—June 29..298,575 4,041 199,92081,9226,081 4,5253,057 1,778 11,25947,69742,291 5,46443,361 4,415 16,29423,621 43,3827,871 Dec. 3!.,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. 48,423 8,498 New York City: 1941—Dec. 3!.. 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 5,046 847 1,860 2,555 6,034 736 Dec. 31.. 57,047 747 42,22225,258 17 3,803 903 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 95 1,430 256 153 1,022 182 193 1945—Dec. 31.. 5,931 1,333 760 2 211 233 36 51 40 4,213 1,600 749 1,864 181 204 1947—Dec. 3L. 5,088 1,801 1,418 3 73 87 46 149 26 2,890 367 248 2,274 213 185 1965—Dec. 31.. 11,455 72 8,147 4,642 32 444 244 188 1,201 577 762 316 1,700 542 273 961 1,400 137 1967—Dec. 30.. 12,744 266 8,958 5,714 46 459 220 162 951 675 754 241 1 ,574 427 344 853 1,487 459 1968—June 29.. 12,848 192 9,056 5,796 39 355 220 173 1,046 693 748 236 1,762 413 508 899 1,564 274 Dec. 31.. 14,274 312 9,974 6,118 49 535 253 205 1,219 738 848 281 1 ,863 n.a. n.a. n.a. 1 ,810 315 Other reserve city: 1941—Dec. 31.. 15,347 7,105 3,456 300 114 194 4 1,527 1,508 6,467 295 751 5,421 956 820 1945—Dec. 31.. 40,108 8,514 3,661 205 427 1,503 17 1,459 855 38729,552 8,016 5,653 15,883 1,126 916 1947—Dec. 31.. 36,040 13,449 7,088 225 170 484 15 3,147 1,969 35120,196 2,731 1,901 15,563 1,342 1,053 1965—Dec. 31.. 91,997 471 64,64624,784 1,206 954 1,108 635 5,820 15,056 14,305 1,99914,354 2,972 3,281 8,432 11,504 1,022 1967—Dec. 30.. 106,086 1,219 72,713 30,609 1 ,311 881 1,143 578 5,446 16,969 15,0472,14814,667 3,140 3,557 8,312 15,3762,110 1968—June 29.. 108,001 1,422 75,138 31,720 1 ,414 7581 ,206 513 5,196 17,861 15,625 2,30413,083 966 4,329 8,105 16,1772,180 Dec. 31.. 119,339 2,197 81,76934,632 1 ,362 1,1161 ,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 1,528 4,377 110 481 3,787 1,222 1,028 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 4 .......... 1,881 707 35926,999 5,732 4,544 (6,722 1,342 1,067 1947—Dec. 31.. 36,324 .....1...0..,.199 3,096 818 23 227 5 3,827 1,979 22422,857 3,063 2,108 17,687 2,006 1,262 1965—Dec. 31.. 103,362 905 62,433 16,478 3,840 650 698 174 1,983 20,217 18,423 1,17723,735 4,389 5,565 14,098 13,8052,483 1967—Dec. 30.. 123,127 1 ,538 74,074 19,8394,332 607 906 100 2,20024,453 21 ,554 1,51624,689 4,168 7,793 13,147 18,3384,488 1968—June 29.. 126,365 1 ,871 76,73820,3634,610 436 835 77 1,89925,64722,721 1,61423,469 2,188 9,597 12,06219,6074,680 Dec. 31.. 135,364 2,295 81,70621,811 4,493 720 969 1 19 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 3!,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 9,0993,568 395 681 148 94812,997 11,131 46915,516 n.a. n.a. n.a. 8,4863,676 1968—June 29.. 70,219 772 41,081 9,5063,898 425 674 166 935 13,712 11,929 51215,242 n.a. n.a. n.a. 9,2523,871 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 i 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. s Beginning with June 30, 1966, loans to farmers directly guaranteed 2 Includes securities purchased under resale agreements. Prior to June 30, by CCC were reclassified as “Other securities,” and Export-Import Bank 1967, they were included in loans-for the most part in “Loans to banks.” portfolio fund participations were reclassified from loans to “Other se­ Prior to Dec. 1965, Federal funds sold were included with “Total loans” curities.” This increased “Other securities” by about $1 billion. and “Loans to banks.” « 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 arc 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

NOVEMBER 1969 □ COMMERCIAL BANKS A 25 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits Bal- Deb c C a a l n a ll k s d s a a o n te f d s B w F e a r . i n v R t e h k . s s r C c e a o n n u i c d n r y ­ b m a a w d n e n c o i s t k e h ­ t s s ic 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 vt . . S g lo a o t c n a v a d t t e l . c C c h o a f e e i e e f n r f c r d d s i t k ­ i ’ ­ s, IRC I b n a te nk r­ G P U S i a n o o a n . g s S v v d s t ­ t . a . l S g lo a o t c n a v a d t t e l . IPC3 r B i o n o g w r s - ­ c C o a t a u a c p n l ­ i t ­ s etc. Total: 3 1947—Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1965—Dec. 31. 17.992 4,851 15,300 140,936 16,794 1,632 5,525 14,244 5,978 140,558 1,008 263 12,186 134,2474,47230,272 1967—Dec. 30.... 20,275 5,931 17,490 153,253 19,853 2,029 5,234 15,564 8,677 159,825 1 ,316 267 15,892 167,6345,77734,384 1968—June 29. . . . 20,846 5,190 15,494 147,296 18,632 2,005 4,971 16,284 10,123 151,430 1,094 321 16,522 173,8578,13035,774 Dec. 31.... 21,230 7,195 18,910 167,145 22,501 2,245 5,010 16,876 9,684 173,341 1 ,211 368 19,110 184,8928,89937,006 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 12,135 133,6864,32529,827 1967—Dec. 30.... 20,275 5,916 16,997 151 ,948 19,688 1 ,909 5,219 15,471 8,608 158,905 1 ,258 267 15,836 166,9565,531 33,916 1968—June 29. . .. 20,846 5,170 14,936 145,782 18,468 1 ,869 4,951 16,198 9,890 150,482 1 ,019 321 16,456 173,1487,91335,269 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 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.... 17,797 1,672 6,270 73,528 10,978 1 ,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1965—Dec. 31.... 17,992 3,757 8,957 112,569 15,977 1,477 4,890 10,840 5,386 115,905 840 236 10,041 109,9254,23424,926 1967—Dec. 30.... 20,275 4,646 10,550 121,530 18,951 1 ,861 4,631 11,857 7,940 132,184 1 ,169 235 12,856 135,3295,37028,098 1968—June 29. . . . 20,846 3,999 9,218 116,269 17,809 1,834 4,127 12,503 9,251 124,716 934 286 13,373 139,1027,68429,139 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 15,668 147,5458,45830,060 New York City: 1941—Dec. 31. ... 5,105 93 141 10,761 3,595 607 866 3(9 450 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 Dec. 31... . 4,506 443 420 20,808 7,532 1 ,433 888 1 ,068 4,827 27,455 622 73 I ,623 18,3802,733 6,137 City of Chicago: 1941—Dec. 31.... 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1945—Dec. 31.... 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1947—Dec. 31 .... 1,070 30 175 3,737 1,196 21 72 285 63 3,853 2 9 902 ........ 426 1965—Dec. 31.... 1 ,042 73 151 4,571 1,377 59 345 328 126 5,202 39 4 210 4,785 355 1,132 1967—Dec. 30.... 1,105 94 151 4,758 1 ,357 77 267 283 217 5,751 21 2 602 5,409 383 1,346 1968—June 29.... 926 69 237 4,428 1,160 61 93 277 192 5,300 20 2 509 5,088 811 1,363 Dec. 31.... 1 ,164 98 281 5,183 1 ,445 89 257 245 207 6,090 21 2 624 5,545 682 1 ,433 Other reserve city: 1941—Dec. 31.... 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31.. . . 6,326 494 2,174 22,372 6,307 HO 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 1963—Dec. 31.... 7,700 1,139 2,341 37,703 8,091 330 1,773 3,532 1,180 42,380 206 71 4,960 40,5101,548 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 I ,674 45,079 300 117 6,219 51,9103,72010,351 Dec. 31.... 8,847 I ,800 2,986 43,674 9,725 456 1 ,884 3,835 1,947 51,667 307 168 7,378 55,271 4,239 10,684 Country: 1941—Dec. 31. . . . 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31.... 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec. 31.... 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1965—Dec. 31.... 5,463 2,235 6,344 52,104 2,317 54 1,501 6,360 1,143 47,615 74 77 4,064 47,534 343 9,673 1967—Dec. 30.... 5,767 2,704 7,117 56,812 2,709 57 1,564 7,142 1,395 52,624 96 83 5,272 60,830 55211,005 1968—June 29.... 6,101 2,392 6,305 54,952 2,207 51 1,811 7,382 1 ,343 50,458 102 78 5,395 64,608 871 11,403 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 80411 ,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 Dec. 31.... .....1. .,.5..6..0 7,631 35,654 1 ,018 209 701 4,025 1,092 30,865 150 38 3,442 37,347 441 6,945 7 Beginning with 1942, excludes reciprocal bank balances. that are included under member banks, see Note, p. 589, May 1964 s Through 1960 demand deposits other than interbank and U.S. Bulletin.) These figures exclude data for banks in U.S. possessions Govt., less cash items in process of collection; beginning with 1961, except for member banks. Comparability of figures for classes of banks demand deposits other than domestic commercial interbank and U.S. is affected somewhat by changes in F.R. membership, deposit insurance Govt., less cash items in process of collection, status, and the reserve classifications of cities and individual banks, and 9 For reclassification of certain deposits in 1961, see note 6, p. 589, by mergers, etc. May 1964 Bulletin. Data for national banks for Dec. 31, 1965, have been adjusted to make them comparable with State bank data. Note.—Data are for all commercial banks in the United States. (For For other notes see opposite page. definition of “commercial banks” as used in this table and for other banks Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 26 WEEKLY REPORTING BANKS □ NOVEMBER 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 loans involvine— To nonbank Wednesday in a v n e d s t- To C m o e m r- - a T n o d b d r e o a k l e e r r s s ot T h o ers ins f t i i n tu a t n io . ns meats com- To cial Agri- Total met- U.S. others Total and Cttk 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. Large banks— Total 1968 3 Oct. 2................. 224,697 158,458 69,553 2,009 2,545 5,043 99 2,558 5,769 4,818 9................. 222,909 156,716 69,763 2,010 2,027 4,677 97 2,550 5,503 4,843 16................. 223,593 157,385 70,213 2,013 1,525 4,540 98 2,556 5,483 4,849 23................. 220,956 154,924 69,830 2,009 828 4,208 95 2,561 5,332 4,861 30................. 223,987 155,936 69,702 2,008 1,197 4,445 97 2,557 5,342 4,898 1969 Sept 3................. 231 ,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................. 232,106 5,780 5,576 56 90 58 167,903 78,068 2,094 491 3,084 103 2,616 5,787 5,474 Oct. 1................. 233,243 6,309 5,884 234 116 75 168,867 78,417 2,089 500 3,382 111 2,593 5,883 5,493 8................. 231,044 5,383 5,118 157 72 36 168,256 78,397 2,069 373 3,053 111 2,584 5,951 5,430 15................. 232,286 5,542 5,256 161 68 57 168,816 78,644 2,063 405 3,057 102 2,584 5,961 5,475 22................ 231,746 6,564 5,870 600 49 45 168,156 78,296 2,054 1,012 2,901 103 2,582 5,516 5,399 29 p............... 231 ,899 5,959 5,357 475 15 112 167,322 77,649 2,050 681 2,907 103 2,573 5,450 5,369 New York City 19683 Oct. 2................. 51,914 39,001 23,399 14 738 2,854 14 855 1 ,752 1,235 9................. 50,904 37,957 23,429 14 471 2,564 14 846 1 ,676 1,254 16................. 51,744 38,852 23,522 14 632 2,400 15 833 1 ,612 1 ,252 23................ 50,919 38,Os 1 23,230 15 339 2,399 13 830 1 ,599 1 ,248 30................ 51,680 38,337 23,202 15 506 2,437 13 819 1 ,578 1 ,259 1969 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 1 ,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 Oct. 1................. 54,122 1 ,451 1 ,413 20 18 42,326 26,022 12 413 2,101 13 793 1 ,921 1 ,366 8................. 52,875 958 940 18 41,831 25,938 12 301 1 ,817 12 795 1 ,904 1,342 15................. 54,318 1 ,650 1 ,625 10 15 42,334 26,129 13 312 1 ,876 11 789 2,037 1 ,347 22................. 54,078 2,304 2,284 15 5 42,073 25,908 13 890 1 ,726 10 790 1 ,763 1 ,330 29?.............. 53,576 1 ,726 1 ,690 15 .............21 41,706 25,746 13 563 1 ,753 10 795 1 ,747 1,327 Outside New York City 19683 Oct. 2................. 172,783 119,457 46,154 1 ,995 1 ,807 2,189 85 1 ,703 4,017 3,583 9................. 172,005 118,759 46,334 1 ,996 1 ,556 2,113 83 1 ,704 3,827 3,589 16................. 171,849 118,533 46,691 1,999 893 2,140 83 1 ,723 3,871 3,597 23................. 170,037 116,873 46, 600 1 ,994 489 1,809 82 1,731 3,733 3,613 30................. 172,307 117,599 46,500 1 ,993 691 2,008 84 1,738 3,764 3,639 1969 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 1 ,204 93 1 ,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 I ,807 3,909 4,118 Oct. 1................. 179,121 4,858 4,471 214 116 57 126,541 52,395 2,077 87 1 ,281 98 1 ,800 3,962 4,127 8................ 178,169 4,425 4,178 157 72 18 126,425 52,459 2,057 72 1 ,236 99 1 ,789 4,047 4,088 15................. 177,968 3,892 3,631 151 68 42 126,482 52,515 2,050 93 1,181 91 1 ,795 3,924 4,128 22......... 177,668 4,260 3,586 585 49 40 126,083 52,388 2,041 122 1,175 93 1 ,792 3,753 4,069 29?............... 178,323 4,233 3,667 460 15 91 125,616 51,903 2,037 118 1,154 93 1 ,778 3,703 4,042 For notes see p. A-30. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1969 □ WEEKLY REPORTING BANKS A 27 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (tn 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 1968 3 31,197 5,047 I ,414 17,932 1,099 12,636 28,602 3,901 5,496 11,866 7,339 ..........................................Oct 2 31,265 4,087 1 ,415 17,983 1,106 12,645 28,599 3,910 5,576 11,815 7,298 ................................................ 9 31,385 4,709 1 ,388 18,007 1,102 12,774 28,516 3,807 5,644 11,784 7,281 .....................................................16 31,455 3,693 1 ,437 18,062 1,103 12,705 28,262 3,599 5,643 11,741 7,279 ............................................... 23 31,469 4,010 I ,407 18,141 1,146 12,770 30,099 5,329 5,752 11,762 7,256 ............................................... 30 1969 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 ..............................................‘ 10 33,696 440 I ,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 ............................................... 24 33,678 448 I ,495 19,937 1 ,053 13,788 22,191 1 ,633 3,272 13,543 3,743 ..........................................Oct I 33,701 408 1 ,575 19,917 1 ,079 13,608 21,746 1 ,372 3,175 13,500 3,699 .......................................................8 33,821 444 1,553 19,944 1,093 13,670 22,331 2,045 3,175 13,425 3,686 ............................................... 15 33,893 385 1 ,565 19,986 1 ,093 13,371 21,778 1,624 3,129 13,360 3,665 ................................................. 22 33,950 413 1 ,495 20,023 1 ,082 13,577 23,350 3,246 3,136 13,313 3,655 ............................................... 29» New York City 1968 3 3,142 894 754 1,327 732 2,229 5,529 1 ,235 862 1,603 1,829 .............................. , .. Oct 2 3,149 473 760 1 ,328 746 2,172 5,599 1 ,262 902 1,608 1,827 ................................................... 9 3,170 1 ,287 733 1 ,328 726 2,267 5,528 1 ,252 882 1,594 1 ,800 .....................................................16 3,175 1,128 773 1,330 721 2,190 5,519 1 ,228 884 1,592 1 ,815 ............................................ 23 3,160 1,197 748 1 ,335 765 2,241 6,064 1 ,758 936 1 ,570 I ,800 ............................................... 30 1969 3,590 236 771 1 ,594 694 2,676 4,361 865 465 2,340 691 ..........................................Sept 3 3,610 172 811 1 ,599 711 2,599 4,335 868 463 2,326 678 .............................................. 10 3,634 167 775 1 ,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 3,665 216 764 1 ,596 673 2,771 4,185 701 276 2,567 641 ............ Oct I 3,689 206 841 1 ,597 694 2,683 4,046 622 241 2,554 629 ................................................... 8 3,719 219 824 1 ,584 693 2,781 4,307 926 242 2,510 629 ................................................. 15 3,736 176 835 I ,587 704 2,605 3,911 648 244 2,440 579 ....................................................22 3,731 188 822 1,591 707 2,713 4,373 1,090 256 2,462 565 ........................................ 29” Outside New York City 1968 3 28,055 4,153 660 16,605 367 10,407 23,073 2,666 4,634 10,263 5,510 ..........................................Oct 2 28,116 3,6(4 655 16,655 360 10,473 23,000 2,648 4,674 10,207 5,471 ................................................... 9 28,215 3,422 655 16,679 376 10,507 22,988 2,555 4,762 10,190 5,481 .....................................................16 28,280 2,565 664 16,732 382 10,515 22,743 2,371 4,759 10,149 5,464 ....................................................23 28,309 2,813 659 16,806 381 10,529 24,035 3,571 4,816 10,192 5,456 ....................................................30 1969 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 30,013 232 731 18,34f 380 11,017 18,006 932 2,996 10,976 3,102 ..........................................Oct. 1 30,012 202 734 18,320 385 10,925 17,700 750 2,934 10,946 3,070 ................................................... 8 30,102 225 729 18,360 400 10,889 18,024 1,119 2,933 10,915 3,057 ................................................• 15 30,157 209 730 18,399 389 10,766 17,867 976 2,885 10,920 3,086 ....................................................22 30,219 225 673 18,432 375 10,864 18,977 2,156 2,880 10,851 3,090 .................... 29 p For notes see p. A-30. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 28 WEEKLY REPORTING BANKS □ NOVEMBER 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 rants3 other partici­ other3 pation 4 Large banks— Tolal 1968 3 Oct. 2 37,637 5,156 28,154 1,371 2,956 27,634 16,443 2,782 4,246 10,327 286,129 9 37,594 5,217 28,088 1 ,347 2; 942 25,835 15,666 2,832 4,'259 10,073 281,574 1 6 37,692 5,179 28'238 1 ^338 2,937 28,877 16,850 2'837 4,79! 10 118 287 066 23. 37,770 5,155 28 ,’288 1 ,'347 2,980 26,766 17,677 2,'965 4'416 10,097 282’877 30. 37,952 5,294 28,240 1 J70 3,048 25,554 16,867 3,019 4’471 10,312 284*210 1969 Sept. 3 36,090 3,690 28,752 I ,140 2,508 30,713 15,934 2,989 4,726 508 12,835 299,617 10 36,484 3,874 28,891 1 1 39 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 Oct. 1 35,876 3,687 28,628 1 ,094 2,467 32,975 15,802 2,947 4,850 519 13,361 303 697 8 35,659 3,617 28,571 1 ’084 2,387 30,024 15,779 2,932 4,835 560 12,985 298’159 15 35,597 3,536 28,525 1'114 2,422 36,300 17,429 3,026 5,577 557 12,955 308 130 22. 35,248 3,435 28,328 1,107 2,378 29,797 15,236 3,126 4,454 558 12,869 297*786 .......................................... 35,268 3,433 28,298 1'106 2,431 30,234 16,431 3,191 4,375 559 13,020 299*709 blew York City 19683 Ort 7 7,384 I ,604 4,931 102 747 12,104 4,582 363 287 3 669 72,919 9........................................... 7,348 1 ,651 4,853 104 740 12,119 4,034 362 298 3 391 71 208 16........................................... 7,364 1 ^588 4,926 103 747 12,874 3,657 354 334 3,502 72*465 23........................................... 7,349 1 ’,557 4,926 1 10 756 13,151 4,084 360 300 3 549 72,363 ......................................... 7,279 t ,678 4’699 116 786 11 ,’768 4,151 374 270 3 J 640 71,883 1969 6,083 879 4,584 106 514 13,548 3,963 372 321 270 4,597 77,004 ' io........................................... 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 15^89 4,064 370 378 270 4,565 79,558 24........................................... 6,314 i ;oi2 4,674 99 529 14,344 3,700 372 319 270 4,674 77,691 Oct. 1........................................... 6,160 955 4,580 98 527 (5,971 4,406 369 452 270 4 895 80,485 8........................................... 6,040 899 4,537 98 506 14,791 4'374 368 295 271 4,717 77 691 15........................................... 6,027 872 4^518 116 521 17,983 4’363 388 497 271 4,692 82,512 22............................................ 5,790 769 4,419 116 486 14,465 3,197 372 368 271 4,720 77,471 29” 5,771 778 4,382 1 13 498 15,743 4,781 405 340 271 4,733 79,849 Outside New York City 1968 3 7 30,253 3,552 23,223 1 ,269 2,209 15,530 11,861 2,419 3,959 6,658 213,210 9........................................... 30,246 3,566 23,235 1 ,243 2,202 13,716 11'632 2,470 3,961 6,582 210,366 16........................................... 30,328 3,591 23,312 1 ,235 2,190 16,003 13,193 2,483 4,457 6,616 214*601 23........................................... 30 ,’421 3'598 23,362 1 ,237 2,224 13,615 13’593 2,605 4,116 6,548 210,514 ........................................... 30,673 3^16 23,541 1 ,254 2^262 13,786 12^716 2,645 4,201 6,672 212,327 1969 Sent. .1 . 30,007 2,811 24,168 1,034 J ,994 17,165 11,971 2,617 4,405 238 8,238 222,613 ' 10........................................... 30,191 2’902 24^38 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 Oct. 1........................................... 29,716 2,732 24,048 996 1 ,940 17,004 11,396 2,578 4,398 249 8,466 223,212 8........................................... 29,619 2,718 24,034 986 1 ,881 15 ,’233 11,405 2,564 4,540 289 8’268 220,468 15........................................... 29,570 2,’664 24,007 998 1 ,901 18,317 13,’066 2',638 5,080 286 8'263 225,618 22........................................... 29,458 2,666 23,909 991 1 ,892 15,332 12,039 2,754 4,086 287 8,149 220,315 29 p 29’497 2,655 23^916 993 1 ,933 14,491 11,650 2^786 4,035 288 8,287 219,860 For notes see p. A-30. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1969 □ WEEKLY REPORTING BANKS A 29 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Deposits Demand Time andsavings t Domestic interbank Foreign [PC States States Wednesday and Certi- and Dopolit­ tied polit- mes- For- Total I PC ical U.S. and Total ical tic eign sub­ Govt. Com­ Mutual Com­ offi- sub- inter- govts,2 divi­ mer­ sav­ Govts., mer­ cers’ Sav- Other divi- bank sions cial ings etc.1 cial checks ings sions banks Large banks—• Total 1968 3 127,364 88,412 6,366 5,485 16,216 763 684 1 ,944 7,494 109,359 48,512 44,023 10,708 877 4,665 .................Oct. 2 122,150 86,313 5,939 3,729 15,702 741 684 1 ,836 7,206 109'679 48,506 44,330 10'738 874 4,666 ..............................9 125,729 90,445 5,673 3,232 16,505 661 744 1 ,771 6'698 110 J91 48,512 44,791 10'763 856 4 >94 ............................16 121,799 87,460 5,499 3,317 15,326 675 682 1 ,721 7,119 110’496 48,527 44,966 10 >44 857 4,659 ...........................23 123,574 88,655 6,175 3,990 14,896 707 723 1 ,722 6,706 110,771 48,522 45,106 11 ,099 817 4 >80 ............................30 1969 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 4,367 131 ,509 91,610 6,211 1 ,291 18,763 695 685 2,147 10,107 98'275 46,598 38,457 8 >86 424 4,346 ............................10 133,401 92,410 5,755 4,634 17,781 707 721 1 ,998 9’395 97 >92 46^558 38>H 7 >36 416 4>I7 ............................17 128,844 88,742 5,980 5,475 16,155 644 727 2,048 9 073 97,899 46'533 38'179 7 >87 416 4,529 ..........................,24 135,020 92,614 6,953 3,879 17,613 795 780 2,1 17 10,269 97,977 46,712 38,026 7,703 410 4,769 .................Oct. 1 128,104 89,299 6,138 1 ,843 17,927 815 759 2,042 9'281 97'684 46,613 37,938 7'614 402 4,761 ........................... 8 136,865 95,303 6,183 2,625 18,604 770 825 2,077 10'478 97'343 46,515 37'674 7'471 403 4,921 ............................15 128,739 90,830 5,691 2,613 16,973 678 707 2,170 9’077 97,163 46 >74 37,517 7 >80 398 5 >49 22 131 ,707 90,848 5,787 4,753 17,070 690 744 2,071 9,’744 97 ,’169 46 >76 37'325 7,290 403 5 >23 ............................29" New York City 1968' 36,042 21,050 618 1 ,245 5,466 448 538 1,422 5,255 18,537 4,584 9,289 1 ,040 492 2,859 .................Oct. 2 34,208 20,177 521 734 5,364 431 538 1 ,324 5'119 18'636 4,573 9,377 1 >53 495 2,864 ........................... 9 35,072 21,186 524 652 5,812 353 589 1 ,264 4’692 18,869 4’569 9^602 1 051 487 2>84 ............................16 34,901 20,897 432 646 5,611 378 524 1 ,215 5,198 18,862 4'571 9,'617 1 >47 495 2>79 ...........................23 34,914 21,427 542 1 ,027 5,129 348 570 1,198 4,673 18^972 4'565 9,701 1 >72 482 2>98 ...........................30 1969 37,893 21 ,752 689 175 6,790 395 542 1 ,455 6,095 12,947 4,426 4,991 392 249 2,719 40,246 21 ,756 552 70 7,564 433 536 1 ,530 7,805 !2>05 4,418 4,970 389 244 2,741 ............................10 40,042 21 ,837 520 1,170 6,850 452 571 1 ,409 7 >33 I 2 >96 4,407 4,958 383 246 2>67 ...........................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 >28 ...........................24 41,277 22,394 718 913 6,850 500 606 1 ,519 7,777 12,935 4,417 4,792 370 243 2,976 .................Oct. 1 38,069 20,668 562 239 7,004 529 606 1 ,419 7,042 12'947 4,407 4,818 355 242 2 >87 ........................... 8 42,244 22,514 623 759 7,490 470 652 1 ,470 8,266 12 >91 4,391 4,756 344 244 3 ’ 118 ............................15 38,340 21,395 450 485 6,459 407 547 1 ,546 7'051 13’023 4’387 4'684 338 243 3 >31 ............................22 40,692 21 ,816 448 1 ,224 7,163 388 582 1 ,442 7’629 13>I2 4>78 4,665 319 248 3,559 ............................29" Outside New York City 1968 3 91,322 67,362 5,748 4,240 10,750 315 146 522 2,239 90,822 43,928 34,734 9,668 385 1,806 .................Oct. 2 87,942 66,136 5,418 2,995 10,338 310 146 512 2,087 91,043 43,933 34,953 9 >85 379 1,802 ........................... 9 90,657 69,259 5,149 2,580 10,693 308 155 507 2,006 91 '322 43,943 35,189 9'712 369 1 >10 ............................16 86,898 66,563 5,067 2,671 9,715 297 158 506 1 '921 91 ’634 43'956 35 >49 9 >97 362 1 >80 ............................23 88,660 67,228 5,633 2,963 9,767 359 153 524 2,033 91,799 43 >57 35;405 I0>27 335 1 >82 ............................30 1969 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 91,263 69,854 5,659 1 ,221 11,199 262 149 617 2,302 85'370 42'180 33,487 7 >97 180 1 >05 ............................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 4,211 9,762 229 156 595 2,003 85’038 42;125 33,314 7 >07 170 1 >01 ............................24 93,743 70,220 6,235 2,966 10,763 295 174 598 2,492 85,042 42,295 33,234 7,333 167 1 ,793 .................Oct. 1 90,035 68,631 5,576 1 ,604 10,923 286 153 623 2,239 84,737 42,206 33,120 7,259 160 1 ,774 ........................... 8 94,621 72,789 5,560 1 ,866 11,114 300 173 607 2’212 84,352 42 >24 32>18 7,127 159 1 >03 ............................15 90,399 69,435 5,241 2,128 10,514 271 160 624 2 026 84,140 42,087 32'833 7 >42 155 1 >18 ............................22 91,015 69,032 5,339 3,529 9,907 302 162 629 2J15 83’857 41’998 32 >60 6>71 155 1 >64 ............................29" For notes see p. A-30, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 30 WEEKLY REPORTING BANKS □ NOVEMBER 1969 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Borrowings Reserves Memoranda from— for— Large negotiable Fed­ Total time CD’s Gross eral Other Total loans included in time liabili­ V/ednesday funds liabili­ capital Total and De­ and savings deposits11 ties of pur­ F.R. ties, Secur­ ac­ loans invest­ mand banks chased Banks Others etc. 8 Loans ities counts (gross) ments deposits to etc.7 ad­ (gross) ad­ Issued Issued their justed 9 ad­ justed 1 0 Total to to foreign justed 9 I PC’s others bran­ ches Large banks— Total 19683 Oct. 2 187 11,066 16,511 3,261 21,642 153,411 219,650 78,029 22,590 14,519 8,071 6,849 9 222 11,134 16321 3,255 21'668 152,629 218*822 76’884 22'699 14'620 8’079 6,856 16 145 12’096 17’245 3,257 21,660 152,676 218’884 77 j 15 23,’ 108 14,988 8 120 7 '222 23 1 ,015 10’295 17'602 3,255 21'670 151’231 217,263 76390 23,155 15,101 8,054 7'437 30 416 10’393 17,305 3,253 21351 151,926 219'977 79,134 23 303 15 J 72 8,131 7341 1969 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 35 2 79,566 12,073 6,912 5,161 14317 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 3'581 113 22’922 167 697 226,120 77’931 11 ',747 6,575 5’172 14'349 14,720 851 2,487 25,819 3,607 114 23,102 168,844 226,911 80,553 11,714 6,406 5 308 14,111 8. 16,'052 612 2 595 26 ,’265 3,609 115 23123 168,113 225 ,’518 78,’31O 11361 6,350 5 3li 14,’609 1 5 16’720 965 2,594 26,848 3,600 112 23 383 168,658 226,586 79,336 11,561 6337 5,324 14'970 22. 15’954 416 2’659 26,095 3,593 121 23,046 168 465 225 391 79’356 11 '398 6’019 5 379 14’306 29 »............................. 15’411 905 2’,301 25,383 3,600 113 23'120 167,511 226',129 79 350 11,524 5,906 5,618 13,631 New York City 1968 3 Oct. 2. 4 3,686 8 758 938 5,892 38 107 51 ,020 17,227 6 626 4,465 2,161 5,242 9. 82 3 615 8 791 939 5 876 37 484 50'431 15'991 6 717 4'537 2 ’ 180 5'1 63 16. 3 710 8 ,903 939 5,911 37’565 50,457 15334 6,919 4,742 2,177 5,260 23............................... 160 3,’135 9,401 939 5',904 36,923 49391 15 393 6’, 928 4’778 2’150 5,618 30............................... 85 2397 8,991 938 5 324 37,140 50,483 16390 6,962 4,805 2’157 5,'217 1969 4,260 15 518 14,237 1 ,050 3 6,081 41,269 51 ,713 17 380 2,068 866 I ,202 10,161 ‘ 10............................... 4,334 15 508 14 372 1 ,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 1 377 793 1 ’ 184 10’296 24............................... 4,191 297 422 14,128 1 ,049 3 6,005 41,508 52,'093 16334 J ,996 769 1 ,’227 9,886 Oct. 1.............................. 4,335 380 417 14,025 1 ,051 3 6,062 42,148 52,493 17,543 2,097 724 1 ,373 9,731 8............................... 4,723 177 415 14’258 1 ,051 3 6,048 41’643 51'729 16 035 2’155 728 1 ’427 9’982 15.................. 4'997 90 404 14,679 1,051 3 6,053 42,140 52'474 16,012 2330 715 1 ,515 10,441 22....................... 4'350 413 14,264 I ,052 3 6,026 41 ’917 51'618 16 931 2’256 698 1 '558 9'939 29 r 4,’395 228 399 13;742 1 ,’052 3 6,026 41,544 51,698 16,562 2,480 667 I ,813 9'439 Outside New York City 1968 3 Oct. 2. 183 7 380 7,753 2,323 15,750 115,304 168,630 60,802 15,964 10,054 5 910 1 ,607 9............................... 140 7 519 7,930 2316 15'792 115,145 168,391 60 393 15,982 10,083 5 899 1 ,693 16............................... 145 8 386 8 342 2’318 15 349 115,111 168,427 61 381 16,189 10,246 5 943 1 ,962 23.............................. 855 7 160 8 201 2316 15'766 114’308 167'472 60 897 16 227 10 323 5 904 1 819 30............................... 331 7,’396 8,314 2,315 15,827 114,786 169,'494 62,144 16,341 10367 5 ,'974 1 ,824 1969 Sent. 3. 11 ,372 410 2,059 1 1 876 2 526 109 16 953 125,212 174 194 62 064 10 200 6,154 4 046 4 4(0 10............................... 10,'959 203 2 090 12 249 2 525 111 16,922 126,’065 175310 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 9 751 5 806 3 945 4 463 Oct. 1............................... 10 385 471 2 070 11 794 2 556 11 1 17 040 126,696 174 418 63,010 9,617 5,682 3 935 4 380 8............................... 11,329 435 2,180 12,007 2,558 112 17,075 126,470 173’789 62,275 9,506 5,622 3'884 4’627 15............................... 11’723 875 2’190 12,169 2’549 109 17,030 126'518 174,112 63’324 9,331 5,522 3 809 4 529 22............................... I f '604 416 2,’ 246 11 831 2 541 H8 17’020 126,548 173’873 62 425 9 142 5’321 3,821 4 367 29”............................. 11,016 677 1 ,902 11,641 2348 110 17,094 125,967 174,431 63,088 9,044 5,239 3,805 4,192 1 Includes securities purchased under agreements to resell. s Includes minority interest in consolidated subsidiaries. 2 Includes official institutions and so forth, 9 Exclusive of loans and Federal funds transactions with domestic com­ 3 Figures not comparable with 1969 data. For description of revision mercial banks. in series beginning July 2 (with overlap for June 25), see Bulletin for Aug, 1 o All demand deposits except U.S. Govt, and domestic commercial 1969, pp. 642-46. banks, less cash items in process of collection. 4 Includes short-term notes and bills. 11 Certificates of deposit issued in denominations of $100,000 or more. s Federal agencies only. 6 Includes corporate stock. Note.—Figures for Sept, and Oct. 1969 are preliminary and may be 7 Includes securities sold under agreements to repurchase. revised in a forthcoming Bulletin. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 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 Oct. Oct, Oct. Oct. Oct. 1st 2nd 29 22 15 8 1 Oct. Sept. Aug. III II I half half Durable goods manufacturing: Primary metals.................................. 1 ,984 2,020 2,031 2,038 2,021 -25 62 t 53 -36 87 51 -56 Machinery........................................... 5,376 5,524 5 ,565 5,565 5,578 -221 373 -176 280 221 454 675 33 Transportation equipment............... 2,264 2,312 2,298 2,241 2,228 32 147 -29 139 -50 157 107 64 Other fabricated metal products. . . 2,021 2,068 2,124 2,107 2,115 -97 16 -69 -59 176 142 318 -56 Other durable goods......................... 2,424 2,471 2,513 2,537 2,531 -81 71 3 69 176 38 214 -27 Nondurable goods manufacturing: Food, liquor, and tobacco............... 2,648 2,733 2,705 2,666 2,600 64 169 -92 40 211 -607 -396 740 Textiles, apparel, and leather.......... 2,610 2,690 2,757 2,772 2,792 -198 21 44 98 253 241 494 -89 Petroleum refining............................. 1 ,631 1 ,654 1 ,671 1 ,725 1 ,835 -194 -4 -53 -243 142 315 457 117 Chemicals and rubber...................... 2,669 2,655 2,664 2,689 2,722 24 8 -89 -97 256 -7 249 -29 Other nondurable goods.................. 2,013 2,016 2,029 2,024 2,032 -35 95 25 163 79 4 83 -30 Mining, including crude petroleum and natural gas............................ 4,814 4,846 4,840 4,847 4,891 -38 173 -65 -54 -41 236 195 -31 Trade: Commodity dealers.................. 949 938 921 850 822 125 9 -67 -132 -356 -16 -372 218 Other wholesale........................ 3,509 3,543 3,546 3,536 3,552 -12 79 -102 -37 33 167 200 214 Retail.......................................... 4,378 4,276 4,269 4,164 4,073 327 30 -133 -255 425 -179 246 306 Transportation....................................... 5,493 5,454 5,489 5,517 5,530 3 75 13 H 106 144 250 213 Communication..................................... 1 ,249 1 ,281 1 ,265 I ,245 1 ,223 -43 109 -56 94 138 -104 34 78 Other public utilities............................. 3,202 3,232 3,233 3,245 3,266 89 83 20 295 78 -196 -118 662 Construction........................................ 3,180 3,227 3,214 3,219 3,238 -106 11 12 -26 156 205 361 144 Services.................................................. 6,602 6,615 6,604 6,581 6,592 -10 -84 34 -145 185 545 730 433 All other domestic loans...................... 4,701 4,779 4,802 4,754 4,696 121 11 50 142 534 432 966 481 Bankers’ acceptances............................. 447 455 487 465 436 33 10 -37 -111 -43 -155 -198 -83 Foreign commercial and industrial loans................................................ 2,286 2,261 2,284 2,267 2,276 24 -74 -58 -168 -76 -43 -119 3 Total classified loans............................ 66,450 67,050 67,311 67,054 67,049 -218 1 ,390 -824 57 2,567 1 ,860 4,427 3,305 Total commercial and industrial loans. 77,649 78,296 78,644 78,397 78,417 -419 1,441 -976 -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 1969 1968 1969 Industry Oct. Sept. Aug. July June May Apr. Mar. Feb. 1st 29 24 27 30 25 28 30 26 26 HI II I IV half Durable goods manufactur­ ing: Primary metals................... 1 ,407 1 ,419 1 ,375 1 ,363 1,352 1 ,390 1 ,358 1 ,388 1 ,356 67 -36 50 -128 14 Machinery........................... 2,507 2,556 2,509 2,555 2,474 2,432 2,488 2,429 2,238 82 45 168 -77 213 Transportation equipment. 1 ,305 1 ,245 1,195 1,130 1,097 1 ,086 1,110 1,163 1 ,127 148 -66 128 104 62 Other fabricated metal products...................... 770 769 780 799 798 789 776 714 709 -29 84 -24 -63 60 Other durable goods.......... 1 ,087 1,110 1 ,062 1 ,052 1,068 1 ,039 1,014 1 ,048 1 ,051 42 20 16 33 36 Nondurable goods manufac­ turing : Food, liquor, and tobacco. 873 880 853 838 859 813 767 708 681 21 151 -67 -74 84 Textiles, apparel, and leather.......................... 686 689 664 651 646 619 618 622 633 43 24 -7 41 17 Petroleum refining.............. 1 ,282 1 ,477 1 ,465 1 ,455 1,667 1 ,632 1,633 1,528 1 ,536 -190 139 316 -16 455 Chemicals and rubber....... 1 ,701 1 ,717 1 ,741 1 ,774 1,695 1 ,672 1 ,587 1,600 I ,568 22 95 -88 150 7 Other nondurable goods. . 1 ,071 1 ,066 1 ,058 1 ,055 1,051 1 ,036 1,012 1 ,025 1 ,025 15 26 -36 -26 -10 Mining, including crude pe­ troleum and natural gas. 4,079 4,119 4,030 4,089 4,203 4,230 4,302 4,270 4,355 -84 -67 237 70 170 Trade: Commodity dealers. . 81 80 111 114 114 Ill 112 110 112 -34 4 -8 6 -4 Other wholesale........ 691 666 659 675 671 659 653 674 628 -5 -3 31 58 28 Retail.......................... 1 ,182 1,158 1,144 1 ,160 1,155 1,154 1,163 1,154 1,147 3 1 19 21 20 Transportation........................ 4,115 4,107 4,061 4,042 4,081 4,014 3,988 4,032 3,972 26 49 126 233 175 Communication...................... 486 446 446 436 440 409 440 437 429 6 3 -4 -31 -1 Other public utilities.............. 1 ,244 I ,295 1 ,241 1 ,216 1,149 1 ,135 1,109 1 ,230 1 ,228 146 -81 6 153 -75 Construction........................... 899 891 890 875 891 886 847 874 875 17 66 14 83 Services............ ... 2,854 2,860 2,861 2,861 2,869 2,885 2,891 2,869 2,816 -9 293 215 293 All other domestic loans.... 1 ,222 1 ,131 1 ,053 1 ,050 1,020 1,023 1,025 1 ,019 1 ,885 111 1 60 38 61 Foreign commercial and in­ dustrial Ioans.......... 1 ,692 1 ,717 1 ,739 1 ,791 1,836 1 ,869 1,853 1,824 1 ,015 -119 12 -95 38 -83 Total loans.............................. 31,234 31,398 30,937 30,981 31,136 30,883 30,746 30,718 30,386 262 418 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 □ NOVEMBER 1969 PRIME RATE, 1929-69 (Per cent per annum) In effect during— Rate Effective date Rate Effective date Rate Effective date Rate 1929 .. . . 514-6 1947—Dec. ।................ >>4 1956—Apr. 13.......... 3M 1966—Mar. 10.......... 5'4 Aug. 21......4.... June 29.......... 5 >4 1930 ............................. 3'/4-6 1948 Aug 1 2 Aug. 16.......... 6 1 1 19 9 9 3 3 3 3 2 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 l' > / '4 i 4 - - - 4 4 5 2'4 1957'—-Aug. 6........... 4'A 1967—J M a a n. r . 2 27 6 . - . 2 ... 7 .. . . . .. . 5 5 > '4 4-5 >4 193 1 4 9 — 47 (Nov )................. 1'4 1951—J O D a e c n c t . 1 1 g 7 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 2 > '4 4 1958—J A a p n r . . S 2 2 ep 2 1 t . . . . . . . . . . . . . . I . . . . . f . . ......4 4 3 ... f . t 1968— S A e p p r t . . 2 1 5 9. . . . . . . . . . . . . . . . . . . . 6 6 6 '4 -6'4 1953—Apr 27.......... 3'4 1959—May S 1 ep 8 t . . . ....... 1 . ...... 4 5... f . t N De o c v 1 2 3 . . . . . . . . . . . . . . . . . . . . 6 6 ' ' 4 4 Dec. 18.......... 6 >4 1954—Mar. 17.......... 3 I960—Aug. 23.......... 4ft 1969—Jan. 7........... 7 1955—Aug. 4.......... 3'4 Mar. 17.......... 7'4 Oct 14.......... 3'4 1965—Dec. 6........... 5 June 9.......... 8'4 1 Date of change not available. SHORT-TERM BUSINESS LOANS Size of loan (in thousands of dollars) All sizes 1-9 10-99 100-499 500-999 1,000 and over Interest rate (per cent per annum) 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 Il .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 1 4.3 0.9 10.3 1.1 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 7.91 8.39 7,72 8.48 7.44 8.45 7.45 8 Southwest...................... I 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

NOVEMBER 1969 □ INTEREST RATES A 33 MONEY MARKET RATES (Per cent per annum) U.S. Government securities (taxable) 4 Finance Prime co. Prime Period coml. paper bankers’ Federal 3-month bills 5 6-month bills 5 9- to 12-month issues paper, placed accept­ funds 3- to 5- 4- to 6- directly, ances, rate 3 year months 1 3- to 6- 90 days 1 Rate on Market Rate on Market Bills (mar­ Other 6 issues 7 months 2 new issue yield new issue yield ket yield)3 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—Oct.................... 5.80 5.59 5.79 5.92 5.334 5,35 5.401 5,41 5.33 5.44 5 42 Nov.................. 5.92 5.75 5.97 5.81 5.492 5,45 5,618 5.59 5.51 5.56 5 47 Dec................... 6.17 5.86 6.20 6.02 5.916 5.94 6.014 6.05 5.98 6.00 5 99 1969—Jan.................... 6.53 6.14 6.46 6.30 6.177 6.13 6.312 6.28 6.05 6.26 6 04 Feb................... 6.62 6.33 6.47 6.64 6. 156 6.12 6.309 6.30 6. 19 6.21 6.16 Mar.................. 6.82 6.38 6.66 6.79 6.080 6.01 6.223 6.16 6.19 6.22 6. 33 Apr................... 7.04 6.38 6.86 7.41 6.150 6.11 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 Sept.................. 8.48 7.61 8.14 9.15 7.129 7.08 7.316 7.31 7.35 7.76 7 58 Oct.................... 8.57 7.86 8.17 8,71 7.040 6.99 7.297 7.29 7,22 7.63 7.47 Week ending— 1969—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 Oct. 4.......... 8.83 7.73 8.25 9.11 7,106 7.02 7.340 7.31 7.41 7,93 7.93 11.......... 8.78 7.88 8.25 9.43 7.046 6.98 7.289 7.33 7.34 7.76 7.74 18 8.63 7.91 8.25 9.68 7.042 7.01 7,327 7,30 7.25 7.62 7 36 25........... 8.50 7.91 8.15 8.68 6.975 6.94 7.265 7.24 7.04 7.42 7.12 Nov. 1.......... 8.23 7.78 8.00 8.39 7.030 7.00 7.263 7.26 7.12 7.55 7.35 1 Averages of daily offering rates of dealers. 4 Except for new bill issues, yields are averages computed from daily 2 Averages of daily rates, published by finance companies, for varying closing bid prices. 5 Bills quoted on bank discount rate basis. maturities in the 90-179 day range. 6 Certificates and selected note and bond issues. 3 Seven-day average for week ending Wednesday. 7 Selected note and bond issues. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 34 INTEREST RATES □ NOVEMBER 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 Total1 (long­ term) Total1 Aaa Baa Aaa Baa In tr d ia us l ­ R ro a a i d l­ P u u til b it li y c fe P r r r e e ­ d C m o o m n ­ C m o o m n ­ 1961 3.90 3.60 3.27 4.01 4.66 4.35 5.08 4.54 4.86 4.57 4,66 2.98 4 76 1962 3.95 3.30 3.03 3.67 4.62 4.33 5.02 4.47 4.86 4.51 4,50 3.37 6 06 1963 4.00 3.28 3.06 3.58 4.50 4.26 4.86 4.42 4.65 4.41 4.30 3.17 5 68 1964 4,15 3.28 3.09 3.54 4.57 4.40 4.83 4.52 4.67 4.53 4.32 3.0! 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-—Oct. 5.24 4.49 4.2! 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 Apr. 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 June 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 6.42 3.34 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 Oct.. 6.27 6.12 5.80 6.45 7.72 7.33 8.22 7.59 7,76 7.91 6.79 3.33 .... Week ending—• 1969--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 Sept. 6............................... 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 Oct. 4.............................. 6.56 6.22 5.83 6.58 7.66 7.28 8.18 7.53 7.73 7.82 6.87 3.42 11............................... 6,34 6. 15 5.80 6.40 7.74 7.37 8.26 7.62 7.70 7.98 6.78 3.41 18.............................. 6.16 6.05 5.75 6.38 7.77 7.39 8.26 7.65 7.76 7.99 6.80 3.31 25............................... 6.07 6.13 5.80 6.48 7.71 7.31 8.21 7.59 7.79 7,89 6.75 3.24 Nov. 1............................... 6.32 6.16 5.84 6.52 7.68 7.25 8.17 7.54 7.80 7.82 6.75 3.27 ........ Number of issues 2........................ 9 20 5 5 108 18 30 38 30 40 14 500 5 X) i 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 eight median yields for a sample of noncaltable issues—12 industrial and two public utility; common stock ratios Note.—Annual yields are averages of monthly or quarterly data. on the 500 stocks in the price index. Quarterly earnings are seasonally Monthly and weekly yields are computed as follows: U.S. Govt, bonds: adjusted at annual rates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 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 l a o t n c a d a te l p A C o A r o a r A t ­ e Total In tr d i u a s l ­ R ro a a i d l­ P u u ti b lit li y c Total In tr d ia u l s­ T p t r o i a o r n t n a s ­ ­ Utility na F n i c ­ e in to d t e a x l 1 NYSE AMEX 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—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 69.5 101.26 110.68 49.53 65,63 56.61 59.41 50.88 44,34 72.38 30.14 11,287 5,153 May ............... 66.68 82.3 70.3 104.62 114.53 49.97 66.91 58.50 61.50 50,46 45.75 75. 10 31.12 12,222 6,451 June............... 64.84 78.6 68.9 99.14 108.59 46.43 63.29 55.20 58.07 47.70 43.39 68.62 29.14 11 ,203 5’029 July................ 64.75 78.5 68.2 94.71 103.68 43.00 61,32 52.40 55.00 42.80 42.31 64.56 25.78 10'872 4^15 Aug.............. . 65.18 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 Oct................. 63.05 74.9 66.5 95.52 105.07 41.75 58.80 53.27 56.22 43.12 40.55 71.71 27.48 13,486 5,611 Week ending— Oct. 4........ 60.68 74,4 66.0 93.10 102.48 41.78 56.36 51 .70 54.62 42.38 39.28 68.26 26.53 10,453 3,528 11......... 62.46 74.4 66.6 93.14 102.58 41.39 56.19 51.75 54.71 42.27 39.13 68.66 26.58 10,450 3,635 18 63.93 75.8 66.5 95.72 105.31 41.96 58.72 53.36 56,35 43.27 40.41 72,30 27.42 16,512 5,807 25......... 64,73 75,1 71.7 97.41 107.04 41.82 61.00 54.45 57,30 43.82 41.82 73.88 28.15 15,912 6,533 Nov. 1......... 62.59 74.7 66.7 97.32 106.94 41.95 60.82 54.49 57.46 43.65 41.62 74.06 28.34 12,574 4,997 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 stocks on the exchanges for a 5 H-hour trading day; beginning Jan. 1969 a computed as follows: U.S. Govt, bonds, derived from average market 4- hour trading day; beginning July 7, 1969, a 4^-hour trading day. yields in table at bottom of preceding page on basis of an assumed 3 per TERMS ON CONVENTIONAL FIRST MORTGAGES New homes Existing homes Period C c t ( r r e p a a o n e t c n e t r t ) ­ c F c h e ( e a P e n r s e g t r e ) & 1 s M (y a e t a u r r s it ) y L p r c ( a o p e ri t a e n c io r n e t) / (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 & i s M (y a e t a u r r s i ) ty L c p r ( a o e p ri t a n e c io t n r e ) / (t d h c o o p P h u l r l a u i a s c s r . r e e ­ s o ) f (th a d o L o m u o ll o s a a u . r n s n o ) t f 1963......................... 5.84 .64 24.0 73.3 22.5 16.3 5.98 .60 19.2 70.8 17.8 12.6 1964......................... 5.78 .57 24.8 74.1 23.7 17.3 5.92 .55 20.0 71.3 18.9 13.4 1965......................... 5.74 .49 25.0 73.9 25.1 18.3 5.87 .55 21,8 72.7 21.6 15.6 1966......................... 6.14 .71 24.7 73.0 26.6 19.2 6.30 .72 21.7 72 0 22 2 15 9 1967......................... 6.33 .81 25.2 73.6 28.0 20.4 6.40 .76 22.5 72.7 24' 1 17 4 1968......................... 6.83 .89 25,5 73.9 30.7 22,4 6.90 .83 22.7 73 0 25 6 18 5 1968-—Sept............. 7.10 .87 25.5 74.2 30.3 22.1 7.11 .82 22.6 72.6 25.4 18.3 Oct........ 7.09 .88 25.6 74.5 31.0 22.7 7.09 .84 22.5 72.4 25 5 18 3 Nov......... 7.07 .84 25.4 74.1 30.7 22.5 7.07 .82 22.7 72.9 26.2 18.9 Dec............. 7.09 .89 25.9 74.0 33.7 24.7 7.09 .85 23.3 73.2 28.1 20, 4 1969-—Jan............... 7.16 .84 25.6 73.6 33.2 24. 1 7. 18 .86 22.8 72,6 27.9 20.0 Feb.............. 7.26 .81 25.6 73.3 32.4 23.5 7.28 .86 22.9 72.8 27.2 19.6 Mar........ 7.32 .93 25.8 73.8 33.0 24.0 7.35 . 84 23.0 72.7 28.2 20.2 Apr........ 7.47 .96 25.4 72.6 34.4 24.8 7.46 .85 23.0 71 .8 28 2 19.9 May............. 7.50 .88 25.8 73.2 34.7 25.0 7.54 .83 22.7 71.9 27.8 19.7 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 20.1 Aug........ 7.86 .86 25.2 72.3 34.0 24.3 7.90 .93 22.6 71.2 28.4 19 8 Sept.”.......... 7.92 .95 25.4 72.9 35.4 24.9 7.92 .93 22,4 70.9 28.5 19.3 1 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 Ioans for any closing costs related solely to transfer of property ownership. refinancing, reconditioning, or modernization; construction loans to homebuilders; and permanent Ioans 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 □ NOVEMBER 1969 STOCK MARKET CREDIT REGULATORY STATUS OF MARGIN ACCOUNT DEBT AT BROKERS (In millions of dollars) (Per cent of total adjusted debt, unless otherwise indicated) Credit extended to Cus­ Adjusted debt/collateral value margin customers by— Cus­ tomers’ Net tomers’ net credit Total End of period net free ex­ Unre­ ad­ debit credit tended strict­ Restricted justed Brokers Banks Total bal­ bal­ by End of ed debt 1 2 ances ances brokers period (mil­ lions Under 30-39 40-49 50-59 60 per of 1968—Sept........... 6,390 2,520 8,910 8,723 3,126 5,597 20 20-29 per per per cent dol­ Oct.................. 6,250 2,560 8,810 8,859 3,407 5,452 cent cent cent or more lars) Nov................. 6,200 2; 630 8’830 9’029 3^19 5’610 Dec................. 6,200 2,710 8 ,900 9,790 3,717 6,073 1968—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. r............. 5'000 2’670 7,670 7’019 2^577 4’442 Apr.. 7.4 35.1 19.6 8.8 4.6 24.5 10,720 Sept.’’............. 4^30 2,620 7,550 7,039 2^579 4 360 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 July.. 1.0 29.4 19.0 13.8 6.6 30.1 10,100 1 End of month data. Total amount of credit extended by member firms Aug.r 4.6 29.2 18.5 11.2 6.5 30.0 10,300 of the New York Stock Exchange in margin accounts, estimated from Sept.” 2.9 30.2 20.0 11.7 6.6 29.6 9,890 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) 1 1968-—Sept....................... 51.0 45.3 3.6 5 840 Oct.................. 52.9 40.3 5.2 5 *640 1968—Sept.. 6,390 20.0 31.t 25.0 8.1 4.4 U.S 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 11.7 7.2 18.7 Aug.r................ 53.0 40.0 6 9 4 920 July., 5,170 14.4 24.3 18.3 13.3 8,4 21.1 Sept.”. . ............... 52.6 40.7 6.7 4300 Aug.r 5,000 17.8 24.4 18.3 12.6 7.8 19.1 Sept.* 4,930 17.0 23.2 18.4 12.5 8.6 20.3 Note.—Special miscellaneous accounts contain credit balances that may be used by customers as the margin deposit required for additional i See footnote 1 to table above. purchases. Balances may arise as transfers based on loan 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

NOVEMBER 1969 □ OPEN MARKET PAPER; SAVINGS INSTITUTIONS A 37 COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING (In millions of dollars) Dollar acceptances 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 P di 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 Own BiUs Own For­ United United change bills bought acct. c e o ig r n r. States States U S n ta i t t e e s d co F u o n re tr i i g e n s 1963 ...................... 6,747 1,928 4,819 2,890 1,291 1,031 260 162 92 1,345 567 908 56 41 1,317 1964...................... 8,361 2,223 6,138 3,385 1,671 1,30! 370 94 122 1,498 667 999 111 43 1,565 1965 ....................... 9,058 1,903 7,155 3,392 1 ,223 1,094 129 187 144 1,837 792 974 27 35 1,564 1966....................... 13,279 3,089 10,190 3,603 1,198 983 215 193 191 2,022 997 829 103 80 1,595 1967....................... 16,635 4’901 1 1 334 4^17 1,906 1,447 459 164 156 2,090 1,086 989 37 162 2,042 1968—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 I ,551 I ,280 271 56 119 2,695 1,479 921 80 53 1,887 Nov............ 22'220 7',758 14'462 4’389 1,605 1,352 253 58 114 2,612 1,476 922 68 55 1 ,869 Dec....... 20 397 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............ 22^65 8,342 14,523 4,’420 1,473 1,263 210 91 99 2,757 1,449 859 82 70 1,960 Mar............ 23,681 9,003 14,678 4,464 1,452 1,185 266 94 122 3,787 1,460 872 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.......... 26,004 10,159 15,845 4,880 1,413 1,183 231 41 159 3,186 1 ,673 967 46 35 2,160 July............ 28,346 10,352 17,994 4,991 I ,388 1,123 264 40 162 3,401 1 ,779 I ,006 28 38 2,140 Aug............ 29’476 11 ,350 18J26 5,145 1 ,390 1,108 282 62 159 3,535 1 ,791 1 ,084 30 54 2,186 Sept............ 29,564 1 1,871 17,693 5,232 1 ,351 1 ,044 308 37 159 4,077 1 ,880 1 ,063 23 70 2,196 1 As reported by dealers; includes finance company paper as well as 2 As reported by finance companies that place their paper directly with other commercial paper sold in the open market. investors. MUTUAL SAVINGS BANKS (Amounts in millions of dollars) Loans Securities Total Mortgage loan assets— commitments3 Total General classified by maturity End of period State Corpo­ Cash O as t s h e e ts r lia tie b s il i­ De it p s o 2 s­ l O ia t b he ili r ­ res a e c r ­ ve (in months Mort­ Other U.S. and rate and ties counts gage Govt. local and general govt. other1 reserve accts. 3 le s o s r 3-9 O 9 ver Total 1945 ..................... 4,202 62 10,650 1,257 606 185 16,962 15,332 48 1,582 n.a. n.a. n.a. n.a. 1960..................... 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 n.a. n.a. n.a. 1 ,200 1961..................... 28,902 475 6’160 677 5^040 937 640 42,829 38,277 781 3,771 n.a. n.a. n.a. 1 ,654 1962..................... 32,056 602 6,107 527 5,177 956 695 46,121 41,336 828 3,957 n.a. n.a. n.a. 2,548 1963 ..................... 36^007 607 5’863 440 5; 074 912 799 49,702 44.606 943 4,153 n.a. n.a. n.a. 2,549 1964..................... 40,328 739 5’791 391 5,099 1,004 886 54,238 48,849 989 4,400 n.a. n.a. n.a. 2,820 1965 ..................... 44,433 862 5,485 320 5,170 1,017 944 58,232 52,443 1,124 4,665 n.a. n.a. n.a. 2,697 1966..................... 47'193 1,078 4,764 251 5,719 953 1,024 60,982 55,006 1,114 4,863 n.a. n.a. n.a. 2,010 1967.................... 50,311 1,203 4'319 219 8,183 993 1,138 66,365 60,121 1,260 4,984 742 982 799 2,523 1968 .................... 53'286 1 ;407 3,834 194 10,180 996 1 ,256 71,152 64^507 1,372 5^273 811 1,034 1,166 3^011 1968—Sept.......... 52,323 1 ,468 4,139 204 9,827 990 1,253 70,203 63,381 1,628 5,194 889 1,067 1 ,015 2,97! Oct........... 52,636 1 ,431 3,999 195 9^13 911 1,227 70,312 63,550 1 ,567 5,195 835 1,144 1 ,090 3,070 Nov...... 52,946 1,532 3,913 200 10,001 914 1,267 70,773 63,800 1,707 5,266 945 1,132 1 '125 3’202 Dec...... 53’286 1,407 3’834 194 10'180 996 1,256 71,152 64,507 1 ,372 5,273 811 1,034 1'166 3'011 1969—Jan........... 53,579 1 ,426 3,962 195 10,298 835 1,256 71 ,550 64,747 1 ,507 5,295 760 1 ,073 1,186 3,020 53; 807 1 '559 3,989 190 10,'429 888 I ,269 72,132 65,087 1,692 5'353 711 1'165 1,210 3'085 Mar...... 54'005 1 ,562 3,990 194 10;649 900 1,293 72,593 65,759 1 '476 5^59 778 1 ,266 1'171 3'214 Apr.......... 54'209 1 ,519 3,900 199 I0J21 792 I ,270 72,610 65,575 1,663 5,372 796 1 ,270 1,241 3’308 May......... 54'442 1 ,’713 3,821 197 10^00 897 1 '288 73,159 65^888 1 ;843 5,’428 818 1 ;237 1^255 3,310 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 1 ,717 3,613 201 10^983 846 1 ’297 73,724 66'193 2,038 5'492 728 1,157 1,153 3,039 Sept.......... 55,185 1 ,734 3,537 190 10,992 833 1 ,327 73,798 66,523 1 ,795 5,481 756 1 ;097 1 ,037 2’890 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 □ NOVEMBER 1969 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period a T s o s t e a ts l Total United State and Foreign 1 Total Bonds Stocks M ga o ge rt s ­ e R st e at a e l P lo o a l n ic s y O as th se e t r s States local 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 10,837 4,823 3,114 2,900 69,816 61,061 8,755 64,609 4,883 9,117 7,760 1967........................................... 177,361 10,505 4,587 2,976 2,942 75,707 64,920 10,787 67,516 5,186 10,059 8,388 Book value: 1966........................................... 167,022 10,864 4,824 3,131 2,909 68,677 61,141 7,536 64,661 4,888 9,911 8,801 1967.......................................... 177,361 10,530 4,587 2,993 2,950 73,997 65,015 8,982 67,575 5,188 10,060 11,011 1968........................................... 187,695 10,483 4,365 3,036 3,082 79,403 68,575 10,828 70,071 5,573 H ,284 10,881 1968—Aug.'............................ 184,275 10,744 4,510 3,194 3,040 77,949 67,897 10,052 68,88! 5,484 10,942 10,275 Sept............................... 184,752 10,505 4,443 3,012 3,050 78,176 68,002 10,174 69,024 5,496 11,026 10,525 Oct................................. 185,701 10,574 4,479 3,025 3,070 78,754 68,411 10,343 69,212 5,510 11,117 10,534 Nov................................ 186,892 10,531 4,415 3,037 3,079 79,304 68,793 10.511 69,407 5,535 11,197 10,918 Dec................................ 187,695 10,483 4,365 3,036 3,082 79,403 68,575 10,828 70,071 5,573 11,284 10,881 1969—Jan................................. 188,972 10,602 4,400 3,048 3,154 80,418 69,350 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 81,980 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 Aug................................ 194,028 10,555 4,152 3,249 3,154 82,779 70,81! 11,968 71 ,250 5,805 12,92! 10,718 1 Issues of foreign governments and their subdivisions and bonds of Year-end figures: Annual statement asset values, with bonds carried the International Bank for Reconstruction and Development. on an amortized basis and stocks at year-end market value. Month-end figures: Book value of ledger assets. Adjustments for interest due and Note.—Institute of Life Insurance data; figures are estimates for all accrued and for differences between market and book values are not made life insurance companies in the United States. on each item separately but are included in total, in “other assets.” SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Mortgage loan Assets Liabilities commitments3 Total assets— End of period U.S. Total Reserves Bor­ Loans Made Outstand­ M ga o ge r s t­ s G e o cu vt r , ­ Cash Other1 liabilities S c a a v p i i n ta gs l a d n iv d id u e n d ­ m ro o w ne e y d 2 pro i c n e ss Other d p u e r ri i o n d g e in n g d a o t f ities profits period 1960......................... 60,070 4,595 2,680 4,131 71,476 62,142 4,983 2,197 1,186 968 n.a. 1 ,340 1961......................... 68,834 5,211 3,315 4,775 82,135 70,885 5,708 2,856 1 ,550 1,136 n.a. 1,872 1962......................... 78 >70 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 I ,’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 1967......................... 121>05 9’180 3; 442 9,107 143;534 124331 9,546 4,’738 2,257 2,462 n.a. 3 >04 196« ..................... 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 >93 9'890 152,133 129,977 9,834 5,331 2,392 4,599 1 ,317 3'788 Dec.............. 13O>82 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’ll9 2^519 9>12 154,425 132,134 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 >68 2 >23 10,464 157'761 133'482 10’281 6 >46 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 >62 10’345 158'569 133,731 10,667 7,355 2,973 3,843 1 >46 4’145 Aug. r.......... 137,931 9,'l 18 1 ,’907 10,609 159,’565 133,723 10,665 7,858 2,869 4,450 1,148 3 >75 Sept............. 138,613 8,988 1 ,941 10,674 160,216 134,602 10,655 8,265 2,735 3,959 1 ,057 3,528 i Includes other loans, stock in the Federal home loan banks, other Note,—Federal Home Loan Bank Board data; figures are estimates for investments, real estate owned and sold on contract, and office buildings all savings and loan assns. in the United States, Data are based on and fixtures. monthly reports of insured assns. and annual reports of noninsured assns. 2 Consists of advances from FHLB and other borrowing. Data for current and preceding year are preliminary even when revised. 3 Insured savings and loan assns. only. Data on outstanding commit­ Figures for Jan. and June 1968 reflect conversion of one savings and loan ments are comparable with those shown for mutual savings banks (on assn, to a mutual savings bank. Figures for June 1968 also reflect exclu­ preceding page) except that figures for loans in process are not included sion of two savings and loan assns. in process of liquidation. Data for above but are included in the figures for mutual savings banks. May 1969 reflect conversion of one savings and loan assn, to a commercial bank. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1969 □ FEDERALLY SPONSORED CREDIT AGENCIES A 39 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Federal home loan banks Federal National 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 A n t e o d c m e ­ s ­ I m nv e e n s ts t­ p C a o d a n s e s d i ­ t h s B n a o o n n te d d s s M po d b e e s e m i ­ r t s ­ C s a to p c it k al M l g o a a o g n r e s t ­ D n t e a u o b n r t e e d e s s n ­ c L a o o t o i t v a o p e n e s s r ­ D t e u b re e s n­ c L o d a o u n i a s n d n ­ t s s D t e u b re e s n­ M l g o a a o g n r e s t ­ Bonds bers (A) (L) (A) (D (A) (L) (A) (L) 1964.............. 5,325 1 ,523 141 4,369 1,199 1,227 1 ,940 1 ,601 958 686 2,247 2 112 3,718 3 169 1965.............. 5'997 1 ’640 129 5,221 1,045 1 '277 2,456 1 ,884 1 ,055 797 2'516 2*335 4,281 3,710 1966.............. 6’935 2,’523 113 6’859 1 037 1 '369 4,266 3 ’800 1 290 1 074 2 924 2 786 4’958 4 385 1967.............. 4,386 2,598 127 4,060 1 ’432 1 ,395 5’348 4,919 1 ,506 1 ’253 3 '411 3’214 5^609 4’904 1968—Sept... 5,026 2,283 93 4,501 1 ,253 1 ,401 6,562 6,032 1 ,479 1 ,280 3,841 3,814 6,064 5,384 Oct... 5,034 2,300 97 4,501 1 ,287 1 ,401 6,657 5,923 1 ,551 1 ,290 3,753 3,669 6,094 5,423 Nov... 5,040 2,581 81 4,701 1 ,322 1 ,402 6,758 6,166 1 ,583 3,636 3,570 6,107 5,423 5,423 Dec... 5,259 2,375 126 4,701 1 ,383 1,402 6,872 6,376 1 ,577 1 ,334 3,654 3,570 6,126 5,399 1969—Jan.. . 5,357 2,049 82 4,701 1,111 1,408 7,032 6,604 1 ,630 1 ,401 3,719 3,576 6,169 5,432 Feb... 5,298 2,069 82 4,601 1 ,131 I ,434 7,244 7,193 1 ,680 I ,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 c8,327 1 ,594 1 ,391 4,355 4,176 6,557 5,716 July.. 7,053 1,496 88 6,021 928 1 ,435 8,125 8,093 1 ,594 I ,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 Sept... 7,940 1 ,657 97 7,072 891 1 ,444 8,999 8,815 1 ,585 1 ,420 4,329 4,357 6,676 5,927 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, SEPTEMBER 30, 1969 Amount Amount Amount Agency, issue, and coupon rate (millions Agency, issue, and coupon rate (millions Agency, issue, and coupon rate (millions of dollars) of dollars) of dollars) Federal home loan banks Federal National Mortgage Federal land banks—Cont. Notes: ■ Association—Cont. Bonds: Oct. 27, 1969...........................65/8 400 Debentures: Oct. 1, 1967-70. 75 Jan. 26, 1970.........................6.75 500 June 10, 1971.......................6.85 250 Oct. 20, 1969.. ,. 209 Feb. 25, 1970..........................7 450 Aug. 10, 1971.........................4/8 64 Jan. 20, 1970., .. ..53/4 209 May 25, 1970..........................6 500 Sept. 10, 1971.........................414 96 Feb. 20, 1970... . ..5% 82 July 27, 1970.........................8.40 650 Sept. 10, 1971..........................5% 350 Feb. 20, 1970,... .6.30 344 Nov. 10, 1971........................6.85 350 Apr. 1, 1970... . ..31/i 83 Bonds: Feb. 10, 1972.........................5% 98 Apr. 20, 1970... . .6.20 362 Nov. 25, 1969.......................6 500 Mar. 10, 1972.........................6% 250 June 22, 1970.. .. .6.70 174 Feb. 25, 1970...........................6 200 June 12, 1972.........................4% 100 June 22, 1970... . ..6’4 203 Mar. 25, 1970............................6 200 Sept. 11, 1972.......................7.40 200 July 20, 1970.... ..5/8 85 Mar. 25, 1970..........................6.85 346 June 12,1973.........................41/4 146 July 20, 1970.... ..6 241 Apr. 27, 1970...........................6 225 Oct. 1, 1973.........................6 250 Aug. 20, 1970. .8. 15 270 May 25, 1970.........................5.80 300 Sept. 10, 1974.......................7.85 250 Oct. 20, 1970... .6.30 223 June 26, 1970...........................8 550 Feb. 10, 1977.........................4^ 198 Feb. 23, 1971... .6.80 431 Aug. 25, 1970.......................6.70 200 May 1, 1971... ^ 60 Aug. 25, 1970.........................8.20 650 Banks for cooperatives July 20. 1971... 8. 15 270 Feb. 25, 1971.........................6.60 200 Debentures: Oct. 20, 1971.... 6.00 447 Feb. 25, 1971.........................8.00 400 Oct. 1,1969.....................6.80 260 Feb. 15, 1972... , 5.70 230 Apr. 26, 1971...........................8% 250 Nov. 3,1969........................6.70 224 Sept. 15. 1972... , • 37/8 109 May 25, 1971...........................7 350 Dec. 1, 1969.........................6.90 256 Sept. 15, 1972... , 8.35 337 Aug. 25, 1974.........................7.65 201 Jan. 5, 1970........................7.85 254 Oct. 23, 1972... , • 57/s 200 Feb. 2, 1970........................8.05 393 Feb. 20, 1973-78 .4% 148 Federal National Mortgage Associa­ Feb. 20, 1974.... 155 tion—Secondary market opera­ Federal intermediate credit banks Apr. 21, 1975... . 200 tions Debentures: Feb. 24, 1976... . 5 123 Discount notes.......................... . . 3,003 Oct. 1,1969.......................6.35 517 July 20, 1976.... 5% 150 Nov. 3,1969.......................6.60 507 Apr. 20, 1978.... 5/8 150 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............. 370 June 10, 1970. 6.60 400 Apr. 1, 1970.......................7.90 433 Bonds: July 10, 1970. 7.38 400 May 4, 1970.........................8/4 473 June 1, 1974.............. 8.00 100 Sept. 10, 1970. • 4% 119 June 1,1970.......................6.70 436 Nov. 15, 1985.............. 4.40 50 Oct. 13, 1970. .5% 400 July 1,1986 .4% 50 Nov. 10, 1970. 8,30 350 Federal land banks Feb. 1, 1987 •4'/4 45 Dec. 10, 1970. 8.10 250 Bonds: May 15, 1992, 5.70 70 Mar. 11, 1971 .6 350 Feb. 15,1967-72...................4/8 72 Nov. 13, 1992. • 6% 60 Note.—These securities are not guaranteed by the U.S. Govt.; see also note to table above. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 40 FEDERAL FINANCE □ NOVEMBER 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 t t s p t N u e e r n x e e ­ d t s i­ le N in n e g d t ­ B l o a u y d u s g t­ e 1 t s B d u u ( e r o d “ p fi r g l c u ) e i s t t s P d e u t e i c e b b u s l r t ic i­ A s P t e g i l e c e u u s n s r 3 : c i ­ y S m L p e e e n s a c t s c i s a : c l b o I u y n n O v G t e s t o h s v e t­ t r , S n L p o e e t s e c s s ia : 4 l b E T o q i r o n u r t g o a a w l l s : ­ b o a T p s l i r a n e u e n g r r a y a c ­ t e ­ Other f m i O n n in e a t o e h a g n f t e n , 5 c s r ­ t o p r s w a r d h i n v e t n o i a s b p e f t t 2 r e e ­ r issues 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 I ,728 3,392 1969P....................... 187,843 183,289 I ,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 I ,650 1 ,079 577 -436 18,872 -131 32 375 1968—Jan.-June... 86,490 87,941 4,364 92,307 -5,816 2,915 4,294 2,292 1 ,372 -683 4,228 -266 1 ,696 3,017 July-Dec.... 82,881 92,186 977 93,163 -10,282 10,450 1 ,446 -380 1 ,587 -384 11,076 -598 -105 -1,496 9,853 1969—Jan.-June”.. 104,962 91,103 503 91,606 13,356 -4,308 -806 7,643 603 -1 ,000 -12,304 1,194 1 ,260 1 ,461 Month 1968—Sept.............. ''18,716 '15,990 207 '16,197 2,519 387 30 -374 33 757 4,003 '34 761 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 I ,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 -I ,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 -l ,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 31 ,316 -21 191 34,438 -217 -484 -402 Aug.............. 14,999 16,790 316 17,106 -2,107 3,175 -829 1 ,623 44 679 -1,651 -62 -285 Sept.,.......... 20,406 17,167 448 17,616 2,790 498 -643 511 -281 -375 2,608 577 770 ............. Selected balances Treasury operating balance Federal securities 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 i t i c e s s A ec g u e r n it c ie y s Sp G I e n o c v i v e a t s l , t m ac e c n o t O 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 t y l a a d l i l c l s : s c p p o G r o N r i n v o p o s a s v w o . t t — . r e - e 6 • d issues 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—Sept.............. 1,036 7,448 111 8,595 354,743 20,055 59,695 19,919 2,182 293,001 15,948 Oct............... I ,086 5,325 1 1 1 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 Hl 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 '25,101 July............... 935 4,630 112 5,677 357,012 15,572 66,768 21,062 825 283,930 '25,920 Aug............... 894 3,020 112 4,026 360,187 14,743 68,391 21,106 825 284,608 27,230 Sept.............. I ,003 5,519 112 6,634 360,685 14,100 68,901 20,826 825 284,233 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 tn Dec. 1968. Stadium Fund, FNMA (beginning Sept. 1968), FICB, and Banks for ^ 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

NOVEMBER 1969 □ FEDERAL FINANCE A 41 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Budget receipts Corporation Social insurance taxes Individual income taxes income taxes and contributions Period Employment Total W he it ld h­ N w he o it l h n d ­ ­ fu R n e d ­ s t N ot e a t l G ce r r i e o p s ­ ts s fu R n e d ­ s co P t n a a y t x r ­ e ib s u a t S i n o e d n lf - s 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 a d t t e c M e r i i e p s ­ e ts , 5 ta r x o e ll s empl. Fiscal year: 1966................................... 130,85642,811 18,486 5,851 55,44630,834 761 20 662 3,777 1,12925,567 13,062 I ,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 13,719 1 ,901 2,978 2,108 1968....................................... 153,671 57,301 20,951 9,527 68,72629,897 1,23227,680 1 ,544 3,346 2,05234,622 14,079 2,038 3,051 2,491 1969*..................................... 187,843 70,14427,265 10,183 87,22638,356 1,66032,530 1,715 3,325 2,35039,919 15,213 2,319 3,478 2,991 Half year: 1967—July-Dec............... 67,181 27,211 4,150 55630,805 11,345 576 12,679 105 1 ,335 964 15,082 7,076 993 1 ,332 1,125 1968—Jan.-June............. 86,49030,089 16,802 8,971 37,921 18,551 655 15,001 1 ,439 2,011 1 ,087 19,538 7,003 I ,045 I ,718 I ,369 July-Dec................... 82,881 33,712 5,515 47538,751 15,494 785 14,945 131 1 ,290 1 ,179 17,544 7,834 1 ,213 1 ,417 1 ,413 1969—Jan.-June*.............. 104,962 36,43221,750 9,70848,475 22,862 87617,586 1,583 2,036 1,170 22,375 7,379 1,107 2,060 1,579 Month: 1968—'Sept..................... *18,716 *5,561 3,682 r69 '9,175 5,133 '114 2,273 no 55 *J91 *2,629 d ,224 205 229 *235 Oct............................ 10,716 4,981 378 60 5,299 1 ,496 218 1,939 6 108 204 2,256 1 ,222 212 242 207 Nov........................... 12,737 6,339 202 58 6,483 679 120 3,126 346 187 3,659 1 ,354 186 229 266 Dec........................... 15,820 6,068 376 46 6,397 5,273 114 1 ,850 15 49 204 2,118 1,412 195 256 284 1969—Jan............................ 15,845 5,113 5,184 75 10,222 1 ,665 62 I ,688 110 159 218 2,176 1 ,254 119 277 194 Feb............................ 14,590 7,254 1,202 1,169 8,456 784 102 3,796 128 773 183 4,880 1,152 144 230 217 Mar........................... 13,727 6,015 843 2,858 3,999 5,189 223 2,470 134 63 198 2,865 1,156 197 308 237 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 June*................ 23,855 6,205 4,178 283 10,100 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 2,879 I ,419 222 221 328 Aug........................... 14,999 7,014 319 103 7,230 716 145 4,392 601 217 5,209 1 ,263 213 257 256 Sept........................... 20,406 5,948 3,912 84 9,776 5,673 122 2,655 111 51 205 3,022 1 ,295 215 254 292 Budget outlays^ Period Total t f i e N o d n n e a s ­ a e ­ l a I f n fa ti i , r s s S e p r a e a r ­ c c e h A c tu g u r l r e ­ 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 d l n i o n . - p g , E p m d o t a i u o n w a d c 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 a v n t ! . ­ t t I g i r n o a a o t n c n r v 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.................. 158,352 70,081 4,547 5,423 4,376 1 ,860 7,652 2,616 6,135 37,605 6,897 12,588 2,584 -4,009 1968.................. 178,834 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 1969^................ 184,769 81,251 4,127 4,247 6,076 2,119 8,013 1 ,115 7,591 49,003 7,703 15,850 2,863 -5,189 1970*6.................. 192,860 Half year: 1967—July-Dec.. 86.527 *38,739 2,292 1968—Jan.-June. 92,335 *41,784 2,429 July-Dec.. 93,163 39,803 1 ,906 2,133 4,924 1 ,268 4,501 685 3,382 23,899 3,664 7,609 1 ,419 -2,033 1969—Jan.-Junep 91,606 41,448 2,221 2,114 1,152 851 3,512 430 4,209 25,104 4,039 8,241 I ,444 -3,156 Month: 1968—Sept...... ’■16,197 *6,620 243 342 1 ,448 252 767 *83 *528 4,007 *618 1 ,292 173 -177 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 I ,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 6,416 381 335 271 72 406 204 721 4,058 651 I ,349 173 -302 Mar........... 15,639 6,815 286 385 327 152 583 -79 569 4,405 715 1 ,411 278 -210 Apr........... 15,972 6,934 377 353 448 199 537 46 632 4,373 695 1 ,407 226 -255 May.......... 15,764 6,733 459 367 153 154 657 273 744 4,197 686 1 ,388 244 -291 JuneP........ 13,736 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........... 17,106 6,868 299 337 1,130 368 858 311 524 4,336 669 1 ,440 279 -314 Sept...... 17,016 6,767 357 294 1 ,801 286 784 225 666 4,219 693 1 ,513 225 -215 1 Old-age, disability, and hospital insurance, and Railroad Retirement * Outlays by functional categories are now published in the Monthly accounts. Treasury Statement (beginning April 1969). Monthly back data (beginning 2 Supplementary Medical Insurance premiums and Federal employee July 1969) are published in the Treasury Bulletin of June 1969. retirement contributions. 5 Consists of government contributions for employee retirement and 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 □ NOVEMBER 1969 GROSS PUBLIC DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues End of period p d T g e u r o o b b t s t a l i s c l 1 Total Marketable C v ib e o l r e n t­ ­ Nonmarke S ta a b v l ­ e i S ss p u e e c s ia l 4 Total Bills C c e a r te ti s fi­ Notes Bonds 2 bonds Total 3 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 59.0 97.0 3.0 52.0 49.7 46.1 1965—Dec....................................................... 320.9 270,3 214.6 60.2 50.2 104.2 2.8 52.9 50.3 46.3 1966—Dec....................................................... 329.3 273.0 218.0 64.7 5.9 48.3 99.2 2.7 52.3 50.8 52.0 1967—Dec....................................................... 344.7 284.0 226.5 69.9 61.4 95,2 2.6 54.9 51.7 57.2 1968—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—Jan........................................................ 359.4 297.8 238,5 76.8 76.5 85.3 2.5 56.8 52.3 59.8 Feb................................................ 358,8 295.9 236,5 76,8 78.2 81.5 2.5 56.9 52,3 60,9 Mar...................................................... 359.5 296,6 237.3 77.5 78.2 81 .5 2.5 56.8 52.3 61.1 Apr........................................................ 358.5 294.2 235.0 75.3 78.2 81.4 2.5 56.8 52.2 62.3 May...................................................... 360.1 293.3 234.1 75.3 78.9 79.8 2.5 56.7 52.2 64.9 June..................................................... 353,7 284.9 226. 1 68.4 78.9 78.8 2.5 56.4 52.2 66,8 July....................................................... 357.0 288.4 229,6 71.9 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 Oct........................................................ 364,3 294.4 235.0 79.0 .........8..5....4 70.6 2.4 56.9 52.1 68.1 ’ Includes non-interest-bearing debt (of which $634 million on Oct. 31, 1956, tax and savings notes; and before Oct. 1965, Series A investment 1969, was not subject to statutory debt limitation). bonds. 2 Includes Treasury bonds and minor amounts of Panama Canal and 4 Held only by U.S, Govt, agencies and trust funds, and the Federal postal saving bonds. home loan banks. 3 Includes (not shown separately): depositary bonds, retirement plan bonds, foreign currency series, foreign series, and Rural Electrification Note.—Based on Daily Statement of U.S. Treasury. See also second Administration bonds; before 1954, Armed Forces leave bonds; before paragraph in Note to table below. OWNERSHIP OF PUBLIC DEBT (Par value, in billions of dollars) Held by— Held by private investors 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 . t i t e , s B F a . n R ks Total m C b e a o r n c m k ia s ­ l M s b a a u v n i t n u k g a s s l p I c n a a o n s n m c u ie e r ­ s ­ r c O a o t t r i h o p e n o r s ­ g S lo a o t c n v a 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 11.8 24. 9 15.3 6.3 44.2 20,0 2.1 9.3 1962—Dec................. 303.5 53.2 30.8 219.5 67, 1 6.0 11.5 18.6 20.1 47.0 19.1 15.3 14.8 1963—Dec................. 309.3 55.3 33.6 220.5 64.2 5.6 11.2 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 22.4 16.7 16.7 1966—Dec................. 329. 3 65.9 44.3 219.2 57.4 4.6 9.5 14.9 24.9 50.3 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—Sept................ 354.7 76.6 53.3 224.9 63.5 3.8 8.1 12.9 26.7 51.3 23.9 13.4 21.3 Oct.......... 357.2 76.2 53.3 227.7 65.3 3.6 8.1 14.0 26.8 51 .4 23.6 13.8 21.0 Nov......... 356.9 76.7 53.4 226.9 63.9 3.6 8.0 14.8 26.7 51 .5 23.3 15.0 20.2 Dec................. 358.0 76.6 52.9 228.5 65.5 3,6 8.0 14.6 27.1 51.5 23,7 14.3 20.1 1969—Jan.................. 359.4 77.3 52. 1 230.0 64.2 3.6 7.9 16.8 27.8 51,5 24.4 11.9 21.8 Feb................. 358.8 78.7 52.3 227.8 60. 8 3.6 7.8 17.8 28.4 51,5 24.7 12.0 21.1 Mar................ 359.5 79.0 52.4 228. J 60.6 3.6 7.7 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 17.4 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 11.1 19.1 July................. 357.0 85.0 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 Sept................ 360.7 86.9 54.1 219.6 54.4 3.1 7.1 15,2 27.6 51.1 26.7 13.1 21.2 1 Consists of investment of foreign and international accounts in The debt and ownership concepts were altered beginning with the the United States. Mar. 1969 Bulletin. The new concepts (1) exclude guaranteed se­ 2 Consists of savings and loan assns., nonprofit institutions, cor­ curities and (2) remove from U.S. Govt, agencies and trust funds porate pension trust funds, and dealers and brokers. Also included and add to other miscellaneous investors the holdings of certain are certain Govt, deposit accounts and Govt.-sponsored agencies. Govt.-sponsored but privately-owned agencies and certain Govt, Note—Reported data for F.R. Banks and U.S. Govt, agencies deposit accounts. and trust funds; Treasury estimates for other groups. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1969 a 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 rs 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 BUls Other All 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 69,870 34,493 78'159 18 859 8 417 16'679 1968 Dec. 31........................................................... 236,812 108,611 75,012 33,599 68,260 35,130 8,396 16,415 231^230 112,618 73’974 38^644 69',519 24,553 8,’370 16J70 Sept. 30........................................................... 231’, 203 112,616 73^72 38,644 69,522 24,553 8,367 16,145 U.S. Govt, agencies and trust funds: 1966—Dec. 31................................................... 1967—Dec. 31.................................................. 1968—Dec. 31................................................... 15,402 2,438 1,034 1,404 4,503 2,964 2,060 3,438 1969—Aug 31................................................... 16^314 2’728 1 ,135 1 '593 5,072 3,019 2^059 3’437 Sept 30................................................... 16,080 2,420 ’839 1 ’,581 5,108 3,056 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; 112 31’484 16'041 15’443 16’215 858 178 377 1968—Dec, 31................................................... 52'937 28,503 18'756 9,747 12,880 10,943 203 408 1969—Aug. 31................................................... 54’911 33,381 20'112 13'269 12’282 8 563 225 460 Sept 30................................................... 54’, 134 32,685 19,149 13,536 12’230 8,549 219 451 Held by private investors: 1966—Dec. 31.................................................. 1967—Dec. 31................................................... 1968—Dec. 31................................................... 168 ,473 77,670 55,222 22,448 50,877 21,223 6,133 12,569 1969—-Aug. 31 .......................... 160,005 76,509 52,727 23 j782 52’165 12’971 6,086 12'273 Sept. 30................................................... 160’,989 77,511 53’984 23,527 52’, 184 12,948 6,089 12’257 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 8,036 26^370 6,386 485 502 1968—Dec. 31.......................................... 53'174 18'894 9,040 9,854 23'157 10 035 611 477 1969—Aug. 31........................................... 43'980 13,509 3'998 9 511 23'683 5,746 589 452 Sept. 30........................................... 43,587 13,304 3,997 9,307 23,606 5,667 560 449 Mutual sayings banks: 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 3 j 59 560 242 318 1 ,298 358 210 733 3,098 515 211 304 1 ,290 354 208 731 Insurance companies: 1966—Dec. 31........................................... 8,158 847 508 339 1,978 1,581 1,074 2,678 1967 Dec. 31........................................... 7,360 815 440 375 2^056 ’914 1' 175 2'400 1968 Dec 31........................................... 6,857 903 498 405 1,892 721 1,120 2,221 1969—Aug. 31........................................... 6^221 781 269 512 I ,784 358 1,197 2JO2 Sept 30........................................... 6,161 808 313 495 1 ,756 359 1,184 2,056 Nonfinancial corporations: 1966 Dec. 31................................ 6,323 4,729 3,396 1,333 1,339 200 6 49 1967_ Dec. 31...................................... 4,936 3,966 2^897 1 069 '898 61 3 9 1968 Dec. 31........................................... 5,915 4,146 2,848 1 ’298 1,163 568 12 27 1969—Aug. 31........................................... 6'154 4’203 2’173 2'030 1 ,669 257 15 10 Sept. 30........................................... 4,505 2,623 1,055 1 ,568 1,646 207 12 17 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 I '767 '811 281 461 1968 Dec. 31........................................... 4,724 1'184 680 504 1 ’675 1,069 346 450 1969—Aug. 31........................................... 4^238 '897 356 541 1 ’986 '548 346 461 Sept 30................................... 4,116 804 295 509 1 ,963 545 341 463 State and local governments: 1966—Dec. 31.......................................... 15,384 5,545 4,512 1,033 2,165 1,499 1,910 4,265 1967 Dec. 31.......................................... 14’689 5'975 4’855 1,120 2,224 '937 1'557 3,995 1968—Dec. 31......................................... 13,426 5'323 4’231 1'092 2'347 805 1,404 3,546 1969—Aug. 31........................................... 13’541 6'392 5'075 1'317 2'400 548 1,199 3,001 Sept. 30........................................... 13^64 6,362 4; 999 1,363 2,490 576 1 ,167 3,070 Ail 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—Aug. 31........................................... 82 ,’712 50’167 40,614 9’553 19'345 5'156 2^530 5'514 Sept. 30........................................... 85 ,858 53,095 43,114 9,981 19’,433 5,240 2,617 5,471 Note.—Direct public issues only. Based on Treasury Survey of ketable issues held by groups, the proportion held on latest date by those Ownership. reporting in the Survey and the number of owners surveyed were: (1) Beginning with Dec. 1968, certain Govt.-sponsored but privately-owned about 90 per cent by the 5,795 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 “All others." Comparable data the 469 nonfinancial corporations and 488 savings and loan assns.; and are not available for earlier periods. (3) about 70 per cent by 503 State and local govts, Data complete for U.S. Govt, agencies and trust funds and F.R. Banks “All others," a residual, includes holdings of all those not reporting but for other groups are based on Treasury Survey data. Of total mar­ in the Treasury Survey, including investor groups not listed separately. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 44 U.S. GOVERNMENT SECURITIES □ NOVEMBER 1969 DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By maturity By type of customer U.S. Govt, Period agency Total Dealers and brokers securities Within 1-5 5-10 Over Com­ All 1 year years years 10 years U.S Govt, Other m b e an rc k i s al other securities 1968—Sept.............................. 2,133 1,820 180 111 22 824 63 762 484 233 Oct................................. 2,011 1,714 165 108 22 732 72 737 470 290 Nov................................ 2,506 2,242 152 77 35 859 83 890 674 243 Dec................................ 2,974 2,318 391 196 70 1 ,096 111 1,125 642 298 1969—Jan................................. 2,781 2,423 225 92 41 1 ,058 116 1 ,022 585 337 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 ,965 233 51 36 948 104 776 459 311 Sept................................ 2,445 2,018 292 101 34 1 ,010 80 834 520 342 Week ending— 1969—Sept. 3......................... 2,570 2,335 170 39 24 1 ,092 103 855 519 334 10......................... 2,061 1 ,803 193 42 24 824 74 732 430 294 17......................... 2,173 1,958 142 34 38 990 65 704 414 394 24......................... 3,102 2,232 568 264 38 1 ,314 93 1,110 584 426 Oct. 1......................... 2,623 2,101 363 114 46 1 ,006 96 863 658 283 8.........2..,.4..0..1......... ( ,868 384 110 39 I ,084 105 840 373 433 15......................... 3,033 2,466 409 112 47 1,171 107 1 ,247 508 452 22......................... 2,844 2,232 444 125 44 1 ,410 1 10 930 395 581 29"....................... 2,778 2,438 229 79 33 ................... 366 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 Period ma t A ie tu l s l ri­ W y i e t I h a i r n y 1 ea -5 rs y 5 e - a 1 r 0 s y O e 1 v a 0 e r s r s a G e g U ti o e c e .S u n v s c r . t i , y ­ Period sou A r l c l e s Y N C o e it r w y k w E h ls e e re ­ t C p io o o n r s r a ­ ­ 1 ot A h l e l r f 968—Sept................. 5 098 4 043 198 739 118 687 1968-—Sept............ 5,519 1,596 1,894 1,254 775 Oct.......... 4 137 3,427 130 476 104 751 Oct............. 4,’518 1,163 1,664 '903 788 Nov.. ............. 3'766 2 948 160 539 1 20 652 Nov............ 4'191 ’877 1,199 1,325 791 Dec................. 4 093 3,605 136 304 48 615 Dec,...... 4,431 1 ,212 '886 1 361 871 1969—Jan.................. 2,918 2,757 0 1 30 32 508 1969—Jan............. 3,100 737 641 1,310 412 Feb.................. 2,389 2’193 34 144 17 449 Feb............ 2’660 417 361 1,311 573 Mar................. 2 230 2’119 — 37 131 18 507 Mar............ 2,322 396 370 1 ,031 526 Apr................ 3,107 2’998 -60 1 16 54 740 Apr............ 3’392 963 497 1 ’086 847 May.. 2 585 1 964 71 498 52 792 May........... 3'103 542 376 1 ,072 1,112 June................ 2 454 1 975 56 408 16 703 June........... 2’994 717 520 '862 896 July................ 2 250 1 ’901 40 300 9 626 July............ 2,372 810 363 690 509 Aug.. ............. 2 299 1 853 170 230 47 492 Aug............ 2,539 563 405 733 838 Sept................. 2,313 1 ’936 162 181 34 496 Sept............ 2,586 771 564 470 782 Week ending— Week ending—• 1969—Aug. 6......... 2 714 2 362 42 266 44 533 1969—Aug. 6... 3,053 853 400 716 1 ,085 ~ 13 2'418 1 '768 342 254 54 442 13... 2,922 643 429 740 1,110 20.....1. .'.7..75 1 297 184 243 50 523 20. . . 2,067 408 322 770 568 27.....2.. ..3.42 2 006 109 187 40 483 27. .. 2,205 481 385 716 624 Sept. 3.......... 2,465 2 178 83 166 38 529 Sept. 3 . . . 2,557 578 582 708 689 10.....2..,.3..69 2 154 43 144 28 492 10. 2,672 830 608 655 578 17 2’217 2 054 -3 128 38 500 17. . . 2,825 883 657 523 762 24.....2..,.'3..35 1 ’984 185 122 43 514 24. . . 2,370 768 481 317 805 Note.—The figures include all securities sold by dealers under repur­ 1 All business corporations, except commercial banks and insurance chase contracts regardless of the maturity date of the contract, unless the companies. contract is matched by a reverse repurchase (resale) agreement or delayed delivery sale with the same maturity and involving the same amount of Note.—Averages of daily figures based on the number of calendar days securities. Included in the repurchase contracts are some that more in the period. Both bank and nonbank dealers arc included. See also clearly represent investments by the holders of the securities rather than Note to the opposite table on this page. dealer trading positions. 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

NOVEMBER 1969 □ GOVERNMENT SECURITIES A 45 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, OCTOBER 31, 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—Cent. Treasury notes—Coat. Treasury bonds—Cont. Nov, 6, 1969............ 2,902 Mar. 31, 1970................ 1 ,501 Oct. I , 1971. ... .0/2 72 Aug. 15, 1970.........4 4,129 Nov, 13, 1969............ 2,890 Apr. 2, 1970................ I ,208 Nov. 15, 1971..........5% 1,734 Aug. 15, 1971.........4 2,806 Nov, 20, 1969............ 2,902 Apr. 9, 1970................ 1 ,201 Feb. 15, 1972.........4% 2,006 Nov. 15, 1971.........3% 2,760 Nov, 28, 1969............ 2,900 Apr. 16, 1970................ 1 ,203 Apr. 1 , 1972..........1'4 34 Feb. 15, 1972.........4 2,344 Nov. 30, 1969............ 1,501 Apr. 22, I97O|.............. 2,007 May 15, 1972.........45/4 5,310 Aug. 15, 1972.........4 2,579 Dec. 4, 1969............ 2,904 Apr. 23, 1970................ 1 ,200 Oct. 1 , 1972..........114 33 Aug. 15, 1973.........4 3,894 Dec. 11, 1969............ 2,901 Apr. 30, 1970................ 2,702 Apr. 1, 1973..........1'4 34 Nov. 15, 1973.........4% 4,348 Dec. 18, 1969............ 2,902 May 31, 1970................ 1 ,501 May 15, 1973.........7% 1,158 Feb. 15, 1974.........41/9 3,128 Dec. 22, I969f. ■ ...... 1,763 June 22, 1970|.............. 3,004 Oct. I , 1973..........1'4 30 May 15, 1974.........4% 3,584 Dec. 26, 1969............ 2,901 June 30, 1970................ 1 ,702 Apr. 1, 1974..........1'4 34 Nov. 15, 1974.........3% 2,240 Dec. 31, 1969............ 1,500 July 31, 1970................ 1 ,702 Aug. 15, 1974.........5% 10,284 May 15, 1975-85. .4% 1 ,214 Jan. 2, 1970............ 2,91 1 Aug. 31, 1970................ 1,201 Oct. 1, 1974........li/2 2 June 15, 1978-83.. 3% I ,554 Jan. 8, 1970......... 2,903 Sept. 30, 1970................ 1,005 Nov. 15, 1974.........5'4 3,981 Feb. 15, 1980.........4 2,597 Jan. 15, 1970............ 2,906 Oct. 31, 1970................ 1 ,003 Feb, 15, 1975.........5% 5,148 Nov. 15, 1980.........31/2 1 ,906 Jan. 22, 1970....... 2,900 May 15, 1975.........6 6,760 May 15. 1985.........3'4 1 ,091 Jan. 29, 1970........ . ,. . 2,901 Treasury notes Feb. 15, 1976.........6% 3,739 Aug. 15, 1987-92. .4‘4 3,814 Jan. 31, 1970................ 1,501 Apr. 1, 1970........li/2 88 May 15, 1976.........6% 2,697 Feb. 15, 1988-93..4 249 Feb. 5, 1970................ I ,203 May 15, 1970........5% 7,793 Aug. 15, 1976..........71/2 1,681 May 15, 1989-94.-4% 1 ,558 Feb. 13, 1970.......... 1 ,199 May 15, 1970........6% 8,764 Feb. 15, 1990........3% 4,826 Feb, 19, 1970............ . . 1,202 Aug. 15, 1970........6% 2,329 Treasury bonds Feb. 15, 1995........3 1,431 Feb. 26, 1970............ . . 1,201 Oct. 1, 1970........114 1 13 Dec. 15, 1964-69. .21/2 683 Nov. 15, 1998.......31/2 4,230 Feb, 28, 1970................. 1,501 Nov. 15, 1970........5 7,675 Mar. 15, 1965-70, .21/2 2,281 Mar. 5, 1970................. I ,201 Feb. 15, 1971........5% 2,509 Mar. 15, 1966-71 ..21/2 1 ,221 Mar. 12, 1970................. I ,201 Feb. 15, 1971........7% 2,931 June 15, 1967-72..2'4 1 ,242 Mar, 19, 1970................ 1 ,201 Apr. 1, 1971........11/2 35 Sept. 15, 1967-72. .21/2 1 ,951 Convertible bonds Mar. 23, 1970................ 1 ,752 May 15, 1971........5% 4,265 Dec. 15, 1967-72..21/2 2,585 Investment Series B Mar. 26, 1970................. 1 ,201 May 15, 1971........8 4,175 Feb. 15, 1970.........4 4,381 Apr. I, 1975-80.. 2’4 2,429 f Tax-anticipation series. Note.—Direct public issues only. Based on Daily Statement of U.S. Treasury. NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES (In millions of dollars) All issues (new capital and refunding) Issues for new capital Type of issue Type of issuer Total Use of proceeds Period amount deliv­ Special eredJ Total Gener­ U.S. district Total Roads Veter­ Other al Reve­ HA A J Govt, State and Other2 Edu­ and Util­ Hous­ ans' pur­ obli­ nue loans stat, cation bridges ities4 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. 10,538 5,855 4,180 254 249 1 ,620 3,636 5,281 10,496 9,151 3,029 812 2,344 598 2,369 1964. 10,847 6,417 3,585 637 208 1 ,628 3,812 5,407 10,069 10,201 3,392 688 2,437 727 120 2,838 1965. 11,329 7,177 3,517 464 170 2,401 3,784 5,144 11 ,538 10,471 3,619 900 1 ,965 626 50 3,311 1966. 11,405 6,804 3,955 325 312 2,590 4,110 4,695 n.a. 11,303 3,738 1 ,476 1 ,880 533 3,667 1967. 14,766 8,985 5,013 477 334 2,842 4,810 7,115 n.a. 14,643 4,473 1 ,254 2,404 645 5,867 1968............... 16,596 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-—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 n.a. 1969-—Jan.. . . 1,263 942 310 1 I 546 286 432 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 1 1 1 10 149 282 n.a. 541 260 95 71 3 112 Apr.... 1 ,800 1 ,008 783 9 539 738 522 n.a. 1 ,797 362 37 302 5 1,091 May... 1,113 637 275 177 23 266 342 504 n.a. 1 ,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 Sept.... 534 338 105 49 42 ...........1.29 405 n.a, 525 147 5 73 70 .......... 230 1 Only bonds sold pursuant to 1949 Housing Act, which are secured 5 Includes urban redevelopment loans. by contract requiring the Housing Assistance Administration to make annual contributions to the local authority. Note.—The figures in the first column differ from those shown on the 2 Municipalities, counties, townships, school districts. following page, which are based on Bond Buyer data. The principal 3 Excludes U.S. Govt, loans. Based on date of delivery to purchaser difference is in the treatment of U.S. Govt, loans. and payment to issuer, which occurs after date of sale. Investment Bankers Assn, data; par amounts of long-term issues 4 Water, sewer, and other utilities. based on date of sale unless otherwise indicated. Components may not add to totals due to rounding. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 46 SECURITY ISSUES □ NOVEMBER 1969 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues1 Noncorporate Corporate Period Bonds Stock Total U.S. U.S. U.S. Govt. State Others Total Govt.2 agency3 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 2,731 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—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 3,294 379 1 '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......... *4,006 420 351 710 45 2,480 1,736 1,272 464 50 694 July.......... 4,986 421 940 1 ,052 123 2,450 1 ,871 1 ,279 592 36 543 Gross proceeds, major groups of corporate issuers Period Manufacturing C m om isc m e e ll r a c n ia eo l u a s nd Transportation Public utility Communication a R nd e a f l i n e a s n ta c t i e a l 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 1 J97 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 2 509 118 181 4 201 31 Feb...................................... 344 169 197 346 329 18 136 179 56 176 96 297 194 192 305 139 63 352 52 198 34 166 107 Apr...................................... 327 186 330 276 151 101 627 157 43 438 110 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 July..................................... 642 239 133 178 122 4 445 47 286 243 110 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

NOVEMBER 1969 □ SECURITY ISSUES A 47 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Derivation of change, all issuers All securities Bonds and notes Common and preferred stocks Period New issues Retirements Net change New Retire­ Net New Retire­ Net issues ments change issues ments change In c v o e s s .t 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 2,7H 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 4,1 12 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 6,110 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 n o o n t d e s s Stocks & B o n n o d te s s Stocks & B n o o n t d e s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks 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 IP............... 1,550 -127 375 371 260 10 818 244 524 33 288 143 IIP.............. 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—1.................. 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 e t s Total 2 po C s a it s io h n 3 Other Sales 1 Re ti d o e n m s p­ s N al e e t s Total 2 po C s a it s io h n 3 Other 1957............... 1,391 406 984 8,714 523 8,191 1968—Sept... 494 292 202 51,030 3,747 47 283 1958............... 1,620 511 1,109 13, 242 634 12,608 Oct.... 653 396 257 51,633 3,384 48 249 1959............... 2,280 786 1394 15^818 860 14358 Nov... 688 313 375 5 4',860 3’,413 51,447 Dec.. . 653 319 354 52,677 3'187 49’490 1960............... 2,097 842 1,255 17,026 973 16,053 1961............... 2,951 1,160 1,791 22,789 980 21,809 1969—Jan.... 876 397 479 53,323 3,831 49 492 1962............... 2; 699 1’123 1,576 21,271 1,315 19356 Feb... 625 379 246 50'512 3,880 46’632 Mar,.. 628 285 343 51363 4,331 47,332 1963............... 2,460 1,504 952 25,214 1,341 23,873 Apr... 654 348 306 52,787 4,579 48,208 1964............... 3,404 1,875 1 ,528 29;116 1’329 27,787 May.. 529 364 165 52,992 4,262 48,730 1965............... 4359 1,962 2,395 35,220 1'803 33317 June.. 474 338 136 49,401 3337 45,464 July... 503 260 243 46,408 4J67 42,241 1966.............. 4,671 2,005 2,665 34,829 2,971 31,858 Aug... 483 208 275 49,072 4,642 44 430 1967............... 4'670 2’, 745 1 '927 44,701 2'566 42’135 Sept... 442 234 208 48,882 4393 44 489 1968............... 6^820 3,841 2^979 52^77 3’187 49 390 1 Includes contractual and regular single purchase sales, voluntary 3 Cash and deposits, receivables, all U.S. Govt, securities, and other and contractual accumulation plan sales, and reinvestment of invest­ short-term debt securities, less current liabilities. ment income dividends; excludes reinvestment of realized capita! 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 □ NOVEMBER 1969 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1967 1968 19691 Industry 1964 1965 1966 1967 1968 III IV I II III IV I II Manufacturing Total (177 corps.): Sales................................................. 158,25: 177,237 I77.73S 201,395 225,74c 48,317 52,811 53,633 57,732 53,987 60,388 57,613 61,392 Profits before taxes........................ 18,73- 22,046 23,48' 20,891 25,375 4,232 5,867 5,985 6,878 5,580 6,932 6,565 6,887 Profits after taxes........................... 10,462 12,461 13,307 12,66' 13,787 2,268 3,268 3,298 3,609 3,030 3,85C 3,579 3,750 Dividends........................................ 5,932 6,527 6.92C 6,989 7,271 1,721 1 ,897 1 ,716 1,731 1,746 2,078 1 ,838 1,916 Nondurable goods industries (78 corps.):2 Sales................................................. 59,77C 64,897 73,641 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 5,471 5,379 5,799 1,313 1,431 1,428 1,411 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.):3 Sales................................................. 98,482 112,341 122,094 123,429 140,879 28,622 32,821 33,477 36,707 32,435 38,259 35,849 38,195 Profits before taxes........................ 11,85' 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 4.98C 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................................................. 16,469 18,158 20,007 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 1,541 1 ,898 2,038 2,206 504 540 592 520 561 534 562 558 Dividends....................................... 672 737 817 1 ,079 1 ,039 286 281 253 255 258 273 282 273 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 2,916 Profits before taxes........................ 829 979 1 ,094 385 634 92 -13 126 206 116 186 128 220 Profits after taxes........................... 694 815 906 319 568 87 -31 110 175 108 174 98 173 Dividends........................................ 440 468 502 538 517 103 155 116 136 98 166 116 136 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 J, 153 1,248 1,363 1 ,428 341 351 351 318 396| 363 368 371 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

NOVEMBER 1969 □ BUSINESS FINANCE A 49 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t e a ro x fo e fi r s t e s c ta o I x n m e ­ e s P t a a r f o x te e 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 e i t s s d ­ co c a n a t l s i l p o o u i n w t m a ­ l p ­ Quarter P b ta e ro x fo e fi r s t e s c ta o I x n m e ­ e s P t a a r f o x te e fi s t r s d C d e a i n v s d i h ­ s tr U p ib r n o u d f t i i e t s s d ­ co c a t n a i l o s l p o n u 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 II.. .. 95.4 43.6 51.8 24.3 27.5 48^6 1 Includes depreciation, capital outlays charged to current accounts, and Note.—Dept, of Commerce estimates. Quarterly data are at seasonally accidental damages. adjusted annual rates. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS (In billions of dollars) Current assets Current liabilities Net Notes and accts, Notes and accts, End of period working U.S. receivable payable Accrued capital Total Cash s G e o cu v r t, i­ I t n o v ri e e n s ­ Other Total F in e c d o e m ra e l Other ties 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 1 6.5 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 I 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 I 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 Ill....................... 210.9 492.2 52.8 12.9 4.8 229.5 163.7 28.6 281 .3 6.3 193.8 15.6 65.5 IV....................... 214.4 506.9 56.1 13.9 5.1 235,6 166.2 29.9 292.5 6.4 202,2 17 4 66 4 1969—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 4.8 247,2 175.7 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 Non­ 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 i a ( r n S a n t . e u A ) a . l durable 1962........................................... 37.31 7.03 7.65 1.08 .85 2.07 5.48 3,63 9.52 1963........................................... 39.22 7.85 7.84 1.04 1.10 1.92 5.65 3,79 10.03 1964.......................................... 44.90 9.43 9.16 1.19 1.41 2.38 6.22 4.30 10.83 1965........................................... 51.96 11.40 11,05 1,30 1.73 2.81 6.94 4,94 11.79 1966........................................... 60.63 13.99 13,00 1.47 1.98 3.44 8.41 5.62 12.74 1967........................................... 61.66 13,70 13.00 1.42 1,53 3 88 9.88 5.91 12.34 1968........................................... 64.08 13.51 12.93 1.42 1.34 4 31 U .54 6,36 12,67 19692.......................................... 70.85 15.43 14.25 1,56 1.47 4.52 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 62.60 ................................... 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 1.18 3.28 1.86 3.46 65,90 1969—1...................................... 15.21 3.26 2.95 . 36 .32 1 06 2.66 1.68 2.91 68 90 .................................... 17.73 3.83 3.52 . 41 .35 3.38 1.86 3.23 70.20 HP................................ 18. 16 3.91 3.64 . 41 .40 1.12 3.35 5.31 72.25 IV2................................. 19. 76 4.43 4.1 4 .38 .40 1.20 3.34 5.88 72.10 1 Includes trade, service, finance, and construction. Note.—Dept, of Commerce and Securities and Exchange Commission 2 Anticipated by business. estimates for corporate and noncorporate business, excluding agriculture. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 50 REAL ESTATE CREDIT □ NOVEMBER 1969 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties Farm Nonfarm Other 1- to 4-family houses4 Multifamily and Mortgage holders2 commercial properties 5 type6 End of All Finan­ All Finan­ Other All period h e o r l s d­ tu i t n c io i s a n t l i s ­ 1 a U c g i . e e S s n . ­ v o i I a t d n h n u d e d a r i ­ s ls h e o r l s d­ tu i t n c io i s a n t l i s ­ 1 h e o rs ld 1 ­ h e o r l s d­ Total tu F i t n i i n o s a t n n i­ s , 1 O h e o th r l s d e ­ r Total tu F in t i i n o s a n t n i s ­ , 1 O h e t o h rs l e d r ­ F w u H V n 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 1967P........ 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 I968p........ 397 5 319.9 21.7 55.9 27.5 9.7 17.8 370.0 251.2 213.1 38. 1 118.7 97.1 21.6 92.8 277.2 1967—P... 350.5 282.9 16.4 51.3 23.7 8.5 15.3 326.8 224.9 192.8 32.1 101 .9 81 .6 20.3 84.4 242.4 IIP.. 356.2 287.6 16.7 51 .9 24.3 8.7 15.6 331 .9 227.8 195.3 32.5 104. 1 83.6 20.5 85.3 246.6 HP. 363,3 293.3 17.5 52.5 24.9 8.9 16.0 338,3 232.0 198.7 33.3 106.4 85.7 20.7 86.4 251.9 IVp. 370.2 298.8 18.4 53.0 25,5 9. 1 16.3 344.8 236.1 201.8 34.2 108.7 87.9 20.9 88.2 256,6 1968—Ip... 375.8 302.6 19.6 53.5 26.0 9.3 16.7 349.8 239. 1 203.7 35.4 110.6 89.6 21.0 89.4 260.4 Up.. 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 IIIp. 389.8 313.5 21.1 55.1 27.2 9.6 17.5 362.6 247.0 209.7 37,3 115.6 94.1 21.5 92.0 270.6 IVp. 397.5 319.9 21.7 55,9 27.5 9.7 17.8 370.0 251.2 213,1 38,1 118.7 97,1 21.6 92.8 277.2 1969—Ip.. . 403.7 324.7 22.6 56.4 28. 1 9.8 18.3 375.7 254.8 215.8 39,0 120.9 99.1 21.8 94.5 281.2 IIP. 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 are F.R. estimates. 4 For multifamily and total residential properties, see p. A-52. MORTGAGE LOANS HELD BY BANKS (In millions of dollars) Commercial bank holdings 1 Mutual savings bank holdings 2 Residential Residential End of period Other Other Tota 1 non­ Farm Total non­ Farm FHA- VA- Con­ farm FHA- VA- Con­ farm Total in­ guar­ ven­ Total in­ guar­ ven­ sured anteed tional sured anteed tional 1941 4,906 3,292 1,048 566 4,812 3,884 900 28 1945 4’772 3’395 '856 521 4'208 3'387 797 24 1964. 43,976 28,933 7,315 2,742 18,876 12,405 2,638 40,556 36,487 12,287 11,121 13,079 4,016 53 1965. 49,675 32,387 7,702 2,688 21,997 14,377 2,91 1 44,617 40,096 13,791 11,408 14,897 4,469 52 1966. 54,380 34,876 7,544 2,599 24,733 16,366 3,138 47,337 42,242 14,500 11,471 16,272 5,041 53 1967. 59,019 37,642 7,709 2,696 27,237 17,931 3,446 50,490 44,641 15,074 11,795 17,772 5,732 117 1968. 65,696 41,433 7,926 2,708 30,800 20,505 3,758 53,456 46,748 15,569 12,033 19,146 6,592 117 1966—III 53,606 34,469 7,687 2,620 24,162 16,028 3,109 46,622 41,673 14,274 11,413 15,986 4,896 53 IV. 54,380 34,876 7,544 2,599 24,733 16,366 3,138 47,337 42,242 14,500 11,471 16,272 5,041 53 1967—I.. 54,531 34,890 7,444 2,547 24,899 16,468 3,173 48,107 42,879 14,723 11,619 16,537 5,176 52 II. 55,731 35,487 7,396 2,495 25,596 16,970 3,274 48,893 43,526 14,947 11,768 16,811 5,316 51 Ill 57,482 36,639 7,584 2,601 26,454 17,475 3,368 49,732 44,094 15,016 11,785 17,293 5,526 112 IV. 59,019 37,642 7,709 2,696 27,237 17,931 3,446 50,490 44,641 15,074 11,795 17,772 5,732 117 1968—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 45,570 15,246 11,918 18,406 6,108 115 III. 63,779 40,251 7,768 2,657 29,826 19,771 3,757 52,496 46,051 15,367 11,945 18,739 6,329 116 IV. 65,696 41,433 7,926 2,708 30,800 20,505 3,758 53,456 46,748 15,569 12,033 19,146 6,592 117 1969—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 21,459 4,088 54,844 47,818 15,769 12,151 19,898 6,908 117 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

NOVEMBER 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 c a e r - - d Other i 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 1965................................................. 11,137 9,988 1,738 553 7,697 1,149 60,013 55,190 12,068 6,286 36,836 4,823 1966................................................. 10,217 9,223 1 ,300 467 7,456 994 64,609 59,369 12,351 6,201 40^817 5; 240 1967................................................. 8'470 7,633 757 444 6,432 837 67^16 61,947 12,161 6,122 43;664 5; 569 1968................................................. 7,925 7 J 53 719 346 6,088 772 69,973 64;172 11,961 5,954 46,257 5 ;soi 1968—Aug.r................................... 623 582 72 30 480 41 68,881 63,128 12,025 6,021 45,082 5,753 Sept...................................... 542 497 58 25 414 45 69,024 63,248 12,003 6,012 45^233 5,776 615 578 84 30 464 37 69,212 63,434 12,003 6,002 45^29 5,778 Nov................................ 623 589 62 29 498 34 69'407 63,627 11;999 5,993 45,635 5 ;78O 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 70355 64,584 11,983 5 '973 46,628 5 ;?7i Mar................................ 626 541 53 21 467 85 70,480 64^94 1^947 5,943 46;804 5^86 Apr...................................... 607 549 48 24 477 58 70,661 64,855 11,924 5,919 47;oi2 5; 806 May.................................... 556 496 55 19 422 60 70,820 64,993 11,903 5,900 47,190 5,827 556 498 55 20 423 58 70,964 65,114 11 ,882 5,879 47 ;353 5 ;85O July..................................... 593 557 49 6 502 36 71 ,'079 65^26 11,845 5,819 47 ,'562 5'853 Aug..................................... 532 495 44 13 438 37 71,250 65.388 11,824 5,799 47,765 5,862 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) Period va A n d ce ­ s R m e e p n a ts y­ M d e e m po b s e it r s s’ New Total Short­ Long­ Period home Home FHA- VA- Con­ term 1 term 2 Total 1 con­ pur­ Total 2 in­ guar­ ven­ s t t i r o u n c­ chase sured anteed tional 1945........................ 278 213 195 176 19 46 1961........................ 2,882 2,220 2,662 1,447 1,216 1,180 1945. . 1 913 181 1 358 5,376 1 1 9 9 6 6 2 3 .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 5, 3 6 1 0 1 1 4 3 , ; 2 2 9 9 6 4 4 3 , ; 7 4 8 7 4 9 2 2 , ; 8 0 6 0 3 5 L 1, 4 9 7 21 4 M 1,2 S 13 I 1961.............. 17,733 5,212 7,317 68,834 4,167 7,152 57,515 1964........................ 5; 565 5; 025 5; 325 2; 846 2,479 1,199 1 1 1 9 9 9 6 6 6 3 2 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 1 5 4 , , , 1 1 9 5 7 1 3 3 3 6 7 6 , , J 1 6 8 1 3 5 5 8 1 1 8 0 0 , ; ; 0 6 5 5 5 3 O 5 8 1 7 9 01 8 0 , , , 7 9 3 7 4 33 0 4 4 4 4 , , , 4 6 8 7 9 9 6 6 4 7 6 6 , ; , 0 6 9 8 1 6 3 0 0 6 7 8 9 7 9 , , , 2 2 7 8 8 5 8 4 6 1 1 1 9 9 9 6 6 6 5 7 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 5 1 , , , 8 0 5 0 0 2 7 4 7 4 2 4 , ; , 3 0 8 3 7 6 5 6 6 5 6 4 , ; , 9 3 9 9 8 3 7 6 5 5 3 3 ; . , 9 0 0 8 7 0 5 4 6 2 1 , ; ’ 9 9 4 2 2 0 3 1 9 1 1 1 , , ; 4 0 0 4 3 3 3 2 6 1965 .............. 24,192 6,013 10,830 110,306 5,145 6,398 98,763 1968........................ 2;734 1 ;86i 5 ;259 4,867 392 1,382 1 1 1 9 9 9 6 6 6 7 8 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 1 0 6 1 , ; ; 1 9 9 2 2 8 2 3 4 3 4 4 ; ; , 2 9 6 4 1 5 3 3 6 1 7 9 1 , , , 8 6 2 2 0 1 8 5 4 1 1 1 1 2 3 4 1 0 , , , 8 4 7 0 2 8 5 7 2 5 6 5 , ; ,7 2 6 9 6 5 1 9 8 6 6 7 , , ; 3 0 i5 5 1 7 1 2 1 1 1 0 0 1 3 9 7 , , , 0 6 1 0 6 1 1 3 2 1968-— O S N e o c p v t t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 6 7 5 5 3 5 1 1 1 3 6 5 6 4 0 5 5 5 , ; ’, 0 0 0 2 3 4 5 6 0 4 4 4 , , , 6 6 6 0 2 4 3 7 3 4 4 3 0 2 9 7 7 3 1 1 1 , , , 2 2 3 5 2 8 1 1 5 1968—Sept... 1 ,840 396 984 128,302 6,370 6,753 115,179 Dec............. 301 81 5,259 4; 867 392 1 ;382 O D N e o c c v t. . . . . . . . . . 1 1 1 , , , 9 7 8 4 2 8 9 4 6 4 3 4 9 0 6 2 7 6 9 8 8 9 6 6 5 8 9 1 1 1 2 2 3 9 9 0 , , , 1 8 7 4 7 8 7 9 2 6 6 6 , , , 4 5 6 2 5 5 9 8 9 6 6 7 , , , 8 9 0 4 1 1 5 9 2 1 1 1 1 1 1 6 5 7 , , , 4 8 1 3 4 1 1 3 2 1969-—J M F a e n a b . r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 1 1 7 5 2 7 5 0 1 1 17 2 7 8 9 2 5 5 5 , , , 3 3 2 3 5 9 1 7 8 4 4 4 , , ; 9 9 9 8 7 4 3 5 0 3 3 3 5 8 4 8 2 9 1 1 1 , , , 1 2 1 4 1 3 3 0 0 1969— J J M A F M u a e p a a n n b r r e y . . . . . . . . . . . . . . . . . 2 2 2 1 1 1 , , , , , , 4 1 0 5 5 8 1 7 4 9 8 7 5 3 6 2 0 0 4 3 3 4 4 4 9 8 4 8 6 4 5 5 8 2 4 0 1 1 1 , , , 3 0 1 7 7 8 4 2 1 6 8 9 3 3 5 7 3 6 1 1 1 1 1 1 3 3 3 3 3 3 4 2 2 1 5 6 , , , , , , 0 0 9 4 0 2 7 1 9 0 0 2 8 5 2 2 4 6 7 6 6 7 6 7 , , , , , , 2 7 8 1 9 4 4 4 5 2 7 0 8 7 5 2 0 2 7 7 7 7 7 7 , , , , , , 2 1 0 4 1 3 7 2 7 0 9 5 1 9 4 8 4 4 1 1 1 1 1 1 1 1 1 1 2 2 7 8 9 8 1 0 , , , , , , 5 0 6 8 4 4 8 8 2 2 0 1 2 9 7 6 7 2 J J S A M A u u e p u a n p l r g y y e t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 7 3 5 6 4 4 5 5 2 1 3 1 5 7 9 4 0 1 1 1 1 7 2 1 5 1 3 3 2 0 8 5 9 5 7 5 6 7 7 ; , , , ; ; 4 7 5 9 O 9 1 6 7 4 4 5 1 3 4 4 0 3 6 5 5 6 6 7 , ; ' ; ^ ^ 8 4 6 2 5 6 2 7 4 7 4 4 3 2 7 3 4 3 6 3 6 3 4 8 5 6 7 2 1 9 9 7 2 4 1 1 1 , , ; 2 2 i 9 8 8 7 0 7 9 2 2 8 1 1 7 6 7 July.. . 1 ,974 421 1 ,091 137,087 7,522 7,468 122,097 S A e u p g t. . " . . . 1 1 , , 9 7 1 25 8 3 3 9 7 3 4 1 ,0 9 8 4 9 2 1 1 3 37 8 , , 9 6 3 1 1 3 7 7, , 6 6 9 0 5 7 7 7 , , 5 5 3 7 8 4 1 1 2 2 2 3 , , 7 3 8 4 6 4 1 2 S S e e c c u u r r e e d d o lo r a u n n s, s e a c m ur o e r d ti z lo e a d n s q u m a a rt t e u r r l i y n , g h i a n v i 1 n g ye m ar a o tu r r l i e ti s e s s . of more than 1 year but not more than 10 years. 1 Includes loans for repairs, additions and alterations, refinancing, etc., not shown separately. Note.—Federal Home Loan Bank Board data. 2 Beginning with 1958, includes shares pledged against mortgage loans; beginning with 1966, includes junior liens and real estate sold on contract; and beginning with 1967, includes downward structural adjustment for change in universe. Note—Federal Home Loan Bank Board data. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 52 REAL ESTATE CREDIT □ NOVEMBER 1969 MORTGAGE DEBT OUTSTANDING MORTGAGE DEBT OUTSTANDING ON ON RESIDENTIAL PROPERTIES NONFARM 1- to 4-FAMILY PROPERTIES (In billions of dollars) (In billions of dollars) All residential Multifamily 1 Governmentunderwritten Con­ E pe n r d i o 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 c in i s a a t l i n ­ ­ h O ol t d h e e r r s End of period Total Total F i H n­ A- g V u A a - r ­ ti v o e n n a ­ l tutions tutions sured anteed 1 1941................ 24,2 14.9 9.4 5.8 3.6 2.2 1954................................. 18.6 4.3 4 1 .2 1 4 3 1945................ 24.3 15.7 8.6 5.7 3.5 2.2 1963 ................................. 182.2 65 9 35 0 30 9 116 3 1963 ............... 211.2 176.7 34 5 29 0 20 7 8 3 1964................................. 197.6 69.2 38 3 30 Q 128 3 1964............... 231.1 195 4 35.7 33.6 25 1 8 5 1965 ................................. 212.9 73.1 42 0 31 1 1 39 8 1965................ 250.1 213 2 36 9 37.2 29 0 8 2 1966................................. 223.6 76.1 44 8 313 147 6 1966................ 264.0 223 7 40 3 40. 3 315 8 8 1967"............................... 236.1 79 9 47 4 32 5 156 1 1967".............. 280.0 236.6 43 4 43,9 34' 7 9 2 1968"............................... 251.2 83.8 50 6 33 2 167 4 1968".............. 298.6 250.8 47,8 47.3 37 7 9 6 1966—111......................... 221.9 75.4 44 4 31 0 1 46 5 1967—1"........ 265.9 225.0 40.9 41.0 32.2 8.8 IV......................... 223.6 76.1 44 8 31 3 147 6 II".. . . 269.7 228.3 41.4 41 .9 32.9 8.9 III". . . 274.8 232.5 42.3 42.8 33.8 9.0 1967—1"......................... 224 9 76.4 45,2 31 2 1 48 4 III". . . 280.0 236,6 43,4 43.9 34.7 9.2 II".....2..2..7....8............77.2 45 7 315 1 50 6 Ill".....2..3..2....0...........78.3 46.6 31 7 153 7 1968—I"..... 283.7 239.0 44.7 44.6 35.3 9.3 IV"....................... 236.1 79.9 47 4 32 5 156 1 11".. . . 288.6 242.7 45.9 45.3 35.9 9.4 III". . . 293.3 246.4 46.9 46.2 36.7 9.5 1968—1"......................... 239.1 81 .0 48.1 32.9 158 1 IV".. . . 298.6 250.8 47.8 47.3 37.7 9.6 II".....2..4..3.....2...........82.1 48.7 33 4 161 I Ill"....................... 247.0 83.2 49.6 33 6 163 8 1969—1"........ 303.0 254.2 48.8 48.2 38.4 9.8 IV"....................... 251.2 83 8 50 6 33 2 167'4 II".. . . 308.8 258.9 49.8 49.3 39.3 10.0 1969—1"......................... 254.8 85.3 51.4 33.9 169 5 II"........................ 259.5 87.1 52.2 34.9 172.3 * Structures of five or more units. Note.-—Based on data from same source as for “Mortgage Debt Out­ 1 Includes outstanding amount of VA vendee accounts held by private standing” table (second preceding page). investors under repurchase agreement. 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) FHA-insured VA-guaranteed Mortgages Mortgages DELINQUENCY RATES ON HOME MORTGAGES Period Prop­ Pro­ erty (Per 100 mortgages held or serviced) Total h N om ew e s 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 Total 3 h N om ew es h is o E t m i x n e ­ g s Loans not in foreclosure but delinquent for— Loans in fore­ 1945............ 665 257 217 20 171 192 End of period closure 1 1 9 9 6 6 3 4 . . . . . . . . . . . . . . . . . . . . . . . . 7 8 , , 2 1 1 3 6 0 1 1 , , 6 6 6 08 4 4 3 , , 9 9 6 0 5 5 8 89 4 5 3 6 8 6 0 3 4 2 3 ’ 0 8 4 4 5 6 1 1, , 0 2 2 7 3 2 1 1 ’ 7 82 7 1 0 Total 30 days 60 days o 9 r 0 m da o y r s e 1965............ 8,689 1 ,705 5,760 591 634 2 652 876 1 774 1966............ 7,320 1 '729 4’366 583 641 2 600 980 i 618 1963................ 3.30 2.32 .60 .38 .34 1967............ 7,150 1 ,369 4,516 642 623 3 405 I 143 2*259 1964................ 3.21 2.35 .55 .31 .38 1968............ 8,275 1 572 4’924 I 123 656 3 *774 1 430 2*341 1965................ 3.29 2.40 .55 .34 .40 1968—Sept.. 727 135 453 78 61 322 111 211 1966................ 3.40 2.54 .54 .32 .36 Oct... 869 158 549 95 67 360 122 237 1967................ 3.47 2.66 .54 .27 .32 Nov.. 749 ' 126 473 101 49 377 138 239 1968................ 3.17 2.43 .51 .23 .26 Dec.. 702 117 409 118 58 365 136 229 1966—1.......... 3.02 2.13 .55 .34 .38 1969—Jan... 762 134 474 105 48 369 145 225 II........ 2.95 2.16 .49 .30 .38 Feb.. 614 106 388 80 39 296 114 182 III. . 3.09 2.25 .52 .32 .36 Mar.. 642 110 381 100 50 329 122 207 IV... . 3.40 2.54 .54 .32 .36 Apr.. 68! 113 428 82 57 301 111 191 May. 704 111 409 123 62 323 115 208 1967—1.......... 3.04 2.17 .56 .31 .38 June. 787 121 475 134 58 308 99 209 II........ 2.85 2.14 .45 .26 .34 July.. 869 140 518 127 85 356 122 234 III.. 3.15 2.36 .52 .27 .31 Aug.. 791 130 501 92 68 385 126 259 IV,. . . 3.47 2.66 .54 .27 .32 Sept.. 872 148 566 95 63 364 134 230 1968—1.......... 2.84 2.11 .49 .24 .32 II........ 2.89 2.23 .44 .22 .28 1 Monthly figures do not reflect mortgage amendments included in annual HI. . .. 2.93 2.23 .48 .22 .26 totals. IV. . . . 3.17 2.43 .51 .23 .26 2 Not ordinarily secured by mortgages. 3 Includes a small amount of alteration and repair loans, not shown separ­ 1969—1.......... 2.77 2.04 .49 .24 .26 ately; only such loans in amounts of more than $1,000 need be secured. ii......... 2.68 2.06 .41 .21 .25 Note.—Federal Housing Admin, and Veterans Admin, data. FHA-insured loans represent gross amount of insurance written; VA-guaranteed loans, Note.—Mortgage Bankers Association of America data from gross amounts of loans closed. Figures do not take into account principal reports on 1- to 4-family FHA-insured, VA-guaranteed, and con­ repayments on previously insured or guaranteed loans. For VA-guaranteed ventional mortgages held by more than 400 respondents, including loans, amounts by type are derived from data on number and average mortgage bankers (chiefly), commercial banks, savings banks, and amount of loans closed. savings and loan associations. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 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 Mortgage Mortgage Mort gage holdings transactions commitments holdings transactions commitments (during (during End of period) End of period) period period FHA- VA- Made Out FHA- VA- Made Out Total in­ guar­ Pur­ during stand­ Total in­ guar­ Pur­ during stand­ sured anteed chases Sales period ing sured anteed chases Sales period ing 1965 ............ 2,212 1 ,540 671 156 154 198 332 (965 ............ 2,519 I ,864 656 757 47 1 ,189 462 1966............. 2’667 2'062 604 620 371 491 1966............ 4’396 3’345 1 ,051 2,081 I ,920 214 1 19 9 6 6 8 7 . . . . . . . . . . . . . . . . . . . . . . . . 3 4 ,2 3 2 4 0 8 2 3 ,5 7 6 5 9 6 5 65 9 1 2 1 ,0 8 8 6 9 0 i 1 ’ ,0 8 4 6 5 7 1 1 , , 1 2 7 6 1 6 1 19 9 6 6 8 7 . . . . . . . . . . . . . . . . . . . . . . . . 5 7 ' J 52 6 2 7 4 5, , 1 0 2 4 1 8 2 1 , '4 04 7 6 4 1 1 ' , 4 9 0 4 0 4 12 2 1 , ’ 7 6 3 9 6 7 1 ,2 5 8 01 7 1968-Sept .. 4,063 3 406 657 66 50 1,215 1968-Sept... 6,844 4,909 1 ,935 89 184 1,085 4,125 3 468 657 82 6! 1 ’225 Oct.... 6'943 4,975 1 '968 126 218 1 J50 4,166 3 511 655 58 57 1 ,248 Nov... 7,048 5’045 2’003 132 225 1 '236 4 220 3,569 651 73 70 1 '266 Dec... 7,167 5’121 2,046 146 269 1,287 1969 Jan . 4 255 3 607 648 54 62 1 297 1969—Jan... . 7 334 5,227 2,107 193 276 1 ,283 4’301 3 657 644 63 40 1 ,296 Feb.. . 7’510 5 J45 2’165 201 388 1 ,406 4,328 3 ’687 641 44 48 1 '31 i Mar... 7,’689 5^467 2’222 205 372 1 ,621 4 357 3,721 636 50 49 1 ,31 2 Apr... 7,851 5’576 2'276 192 460 1 ,887 4 395 3 764 631 61 71 1 321 May.. 7,998 5'678 2’320 176 532 2’237 4’442 3,816 626 70 71 I ’322 June.. 8’175 5^802 2^373 209 561 2’578 July... 4 493 3 871 622 68 55 1 '304 July... 8,417 5^975 2 342 269 785 3'088 4 552 3 935 617 77 33 1 ’266 Aug... 8 887 6'304 2'583 497 599 3’181 Sept... 4,614 4,001 613 80 ...........4.1. 1 ,237 Sept... 9,326 6'602 2’724 468 .........7..0.3 3; 402 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. Mortgage portfolios of former FNMA and include mortgages subject to participation commitments made during the period include some multifamily and non­ pool of Government Mortgage Liquidation Trust, but exclude conven­ profit hospital loan commitments in addition to 1-4 family loan com­ tional mortgage loans acquired by former FNMA from the RFC Mortgage mitments accepted in FNMA’s free market auction system. 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 insured h N om ew es ho n m ew e s Offered pe B r y io c d o ( m in m m itm on e t n hs t ) 3 6 12-18 New Existing Total homes homes 3 6 12-18 1965.......5....8..1............5.95 5.83 5.47 1966........................ 6.25 6.41 6.40 6.38 In millions of dollars In percent 1967........................ 6.46 6.52 6.53 6.55 1968........................ 6.97 7.03 7.12 7.21 1969 1968—Oct.............. 7.23 7.22 7.25 7.29 Nov....... 7.21 7.21 7.30 7.36 275.2 129.3 16.7 82.7 29.9 8.28 8.29 8.16 Dec............. 7.23 7.23 7.40 7.50 ” 18.......... 269.7 129.2 14.7 88.3 26.3 8.31 8.31 8.18 25.......... 250.6 150.8 13.5 112.1 25.1 8.32 8.32 8.19 1969—Jan.............. 7.30 7.32 7.55 Feb............. 7.39 7.42 7.60 7.99 252.5 150.5 22.9 94.8 32.9 8.33 8.34 8.21 Mar....... 7.47 7.49 7.65 8.05 8.......... 242.7 152.4 29,0 98.7 24.6 8.34 8.36 8.22 Apr............. 7.62 7.60 7,75 8.06 15.......... 241.8 144.8 33.4 81.7 29.7 8.36 8.40 8.24 May........... 7.65 7.68 7.75 8.06 22.......... 247.5 145,1 38.1 72.6 34.3 8,40 8.44 8.27 June....... 7.76 7.79 8.00 8.35 29.......... 257.7 144.2 45.5 69.5 29.2 8.45 8.48 8.30 July............. 7.91 7.94 8.10 8.36 Aug............ 8,00 8.05 8.20 8.36 Oct. 6.......... 251.0 147.4 41.1 66.0 40.3 8,50 8,52 8.34 Sept............. P8.O8 *8.08 8.25 8.40 13.......... 217.7 145.7 48.6 50.1 46.9 8.54 8.59 8.39 Oct.............. 8.30 8.48 20.......... 161.6 134.9 35.7 60.8 38.3 8.58 8.63 8.44 27.......... 120.6 118.4 37.7 52.8 28.0 8.54 8.60 8.45 Note.—Annual data are averages of monthly figures. The Nov. 3.......... 230.2 81.7 31 .0 44.1 6.6 8.44 8.49 8.45 FHA data are based on opinion reports submitted by field offices 10.......... (100.0) on prevailing local conditions as of the first of the succeeding month. Yields on FHA-insured mortgages are derived from weighted averages of private secondary market prices for Sec. Note.-—Implicit secondary market yields are gross—before deduction of 50- 203, 30-year mortgages with minimum downpayment and an basis-point fee paid for mortgage servicing. They reflect the average accepted bid assumed prepayment at the end of 15 years. Gaps in the data price for Govt.-underwritten mortgages after adjustment by Federal Reserve are due to periods of adjustment to changes in maximum per­ to allow for FNMA commitment fees and FNMA stock purchase and holding missible contract interest rates. The FHA series on average requirements, assuming a prepayment period of 15 years for 30-year loans. Com­ contract interest rates on conventional first mortgages in primary mitments for 12-18 months are for new homes only. markets are unweighted and are rounded to the nearest 5 basis Total accepted shown in parenthesis for most recent week indicates FNMA points. The FHLBB effective rate series reflects fees and charges announced limit before the “auction” date. as well as contract rates (as shown in the table on conventional first mortgage terms, p. A-35) and an assumed prepayment at end of 10 years. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 54 CONSUMER CREDIT □ NOVEMBER 1969 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Total m A pa o u p b t e o ile r ­ co g O p n o a s t o h p u d e e m s r r e r e a r n l R o n d a i e z n m p a s a t o i i o r 1 d n ­ Pe lo r a so n n s al Total p S a lo i y n a m g n l e s e n ­ t a C cc h o a u rg n e ts S c e r r e v d ic it e 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 I4J77 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........................................... 97343 77’539 30’556 20,978 3,818 22,187 20,004 7,972 6,686 5,346 1967........................................... 102,132 80,926 30^24 22,395 3,789 24,018 21,206 8,428 6,968 5,'810 1968........................................... 113,191 89'890 34,130 24,899 3,925 26,936 23,301 9,138 7,755 6,408 1968—Sept................................ 107,636 86,184 33,336 22,988 3,881 25,979 21,452 8,868 6,550 6,034 Oct................................. 108,643 87,058 33^698 23^248 3,910 26,202 21’585 8,943 6,692 5,950 Nov............................... 110,035 87'953 33,925 23,668 3,931 26,429 22,082 9,'024 6,964 6,’094 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 3,875 27,048 22,189 9,050 6^403 6,736 Mar................................ 111,950 89,672 34,262 24,306 3,874 27,230 22,278 9,139 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 J 20 7,039 6,605 Aug................................ 117'380 94'732 36’245 25 367 4^063 28,957 22;648 9,073 6’988 6^587 Sept................................ 118,008 95^356 36'321 25332 4,096 29;207 22^652 9,075 7; 005 6'572 ’Holdings of financial institutions; holdings of retail outlets are in- loans. For back figures and description of the data, see “Consumer Credit,” eluded in “other consumer goods paper.” Section 16 (New) of Supplement to Banking and Monetary Statistics, 1965, Note.—Consumer credit estimates cover loans to individuals for house- and Dec' 1968 Bulletin, pp. 983-1003. hold, family, and other personal expenditures, except real estate mortgage INSTALMENT CREDIT (In millions of dollars) Financial institutions Retail outlets End of period Total Com­ Sales Credit Con­ Auto­ Other Total m b e a r n c k i s al fin c a o n s c . e unions fi s n u a m nc e e r 1 Other1 Total d m ea o l b e i r l s e 2 o r u e t t l a et il s 1939........................................... 4,503 3,065 1,079 1,197 132 657 1,438 123 1 315 1941........................................... 6'085 4,480 1 ,726 1 ’797 198 759 1,605 188 1 417 1945........................................... 2^462 1,776 ’745 300 102 629 686 28 '658 1962........................................... 48,720 41 ,878 19,005 11,405 4,875 4,765 1 ,828 6,842 345 6 497 1963........................................... 55^486 47,819 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 77357 36^952 18,219 10,178 8,913 3,195 12,433 320 12’113 1968—Sept................................ 86,184 75,114 35,923 17,680 9,851 8,530 3,130 11,070 313 10,757 Oct................................. 87^058 75 J 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 1OJ53 8^896 3^253 11,803 319 11,484 Mar...................... 89^672 78,006 37’257 18’253 10,294 8,927 3,275 11,666 320 11,346 Apr................................ 90;663 79^062 37',85 4 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 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 Sept................................ 95'356 83,440 39,793 19',360 11 J47 9,450 3390 11,916 336 11,580 1 Consumer finance companies included with “other” financial insti- 2 Automobile paper only; other instalment credit held by automobile tutions until 1950. dealers is included with “other retail outlets.” See also Note to table above. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 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 ch P a u s r e ­ d Direct s g p u o a m o p d e e s r r e l r o t n i a o iz n n a s ­ loans End of period Total m pa o p b e il r e s g p u o a m o p d e e s r r m iz o lo a d a t e i n o r s n n ­ l s o o a n n a s l 1939.......................... 1,079 237 178 166 135 363 1939 1,197 878 115 148 56 1941.......................... 1 ,726 447 338 309 161 471 1941 1 ,797 1 ,363 167 201 66 1945.......................... 745 66 143 114 110 312 1945 '300 164 24 58 54 1962.......................... 19,005 6,184 3,451 2,824 2,261 4,285 1962 11,405 7,251 2,465 213 1,476 1963.......................... 22,023 7,381 4,102 3,213 2,377 4,950 1963 12,630 7,922 2,699 214 1,795 1964.......................... 25,094 8,691 4,734 3,670 2,457 5,542 1964 13,605 81285 3,022 207 2,091 1965.......................... 28,962 10,209 5,659 4,166 2,571 6,357 1965 15,279 9,068 3,556 185 2,470 1966.......................... 31,319 11,024 5,956 4,681 2,647 7,011 1966 16*697 9,572 4,256 151 21718 1967.......................... 32,700 10,927 6,267 5,126 2,629 7,751 1967 161838 9,252 41518 114 2,954 1968.......................... 36,952 12,213 7,105 6,060 2,719 8,855 1968 18,219 9',986 4,849 74 3,310 1968—Sept............... 35,923 11,980 6,916 5,743 2,697 8,587 1968-—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 91823 4,737 74 3,189 Nov............... 36,560 12,190 7,063 5,855 2,723 8,729 Nov...................... 17'960 91898 4,778 74 3,210 Dec............... 36,952 12,213 7,105 6,060 2,719 8,855 Dec...................... 18,219 9,986 4,849 74 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....................... 181219 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................ 181418 10,095 4,896 70 3,357 J M un a e y . . . . .. . .. . .. . . . .. . .. . . 3 3 8 8 , '9 3 1 4 6 7 1 1 2 2, , 5 7 4 2 1 7 7 7 , , 4 3 5 6 7 7 6 6, , 5 4 5 0 7 6 2 2 , , 7 7 2 6 1 3 9 9 , , 4 3 1 1 2 2 J M u a n y e . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . ...... '1 1 8 8 ^ 1 6 9 3 61 6 1 10 0 1 ,2 4 4 4 6 0 5 4 , , 0 9 3 4 9 5 6 70 9 3 3, , 4 3 1 7 2 6 July............... 39,248 12;814 7,501 6,709 2,780 9,444 July...................... 191127 10,538 5,088 70 3,431 Aug............... 39',532 12^859 7,513 6,818 2,787 9,555 Aug...................... 191265 10,570 5,139 69 3,487 Sept............... 39,793 12,864 7,543 6,929 2,808 9,649 Sept...................... 191360 10,557 5,191 69 3,543 See Note to first table on previous page. See Note to first table on previous page. INSTALMENT CREDIT HELD BY OTHER NONINSTALMENT CREDIT FINANCIAL INSTITUTIONS (In millions of dollars) (In millions of dollars) Single­ Other Repair payment Charge accounts Auto­ con­ and Per­ loans End of period Total mobile sumer modern­ sonal paper goods ization loans Total Service paper loans End of period Com­ Other credit mer­ finan­ Retail Credit cial cial outlets cards1 1939................................. 789 81 24 15 669 banks insti­ 1941................................. 957 122 36 14 785 tutions 1945................................. 731 54 20 14 643 1 1 1 9 9 9 6 6 6 3 4 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 3 5 , , J 4 1 9 6 6 9 8 6 2 2 2 , , , 8 1 4 9 5 9 5 0 8 1,1 9 8 7 4 4 1 6 9 9 8 8 1 2 4 3 4 6 1 7 8 0 , , , 6 8 2 5 7 1 3 5 3 1 1 1 9 9 9 4 4 3 1 5 9 .... . .. . . . . . 2 3 3 , ,2 7 0 0 1 8 3 9 7 6 6 6 2 9 7 5 3 4 1 1 7 6 5 2 2 2 1 1 1 , . , ' 6 4 6 1 1 45 2 4 5 5 84 1 9 5 8 7 1 1 19 9 9 6 6 6 5 6 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 9 8 7 1 , , 7 2 9 0 9 5 8 2 2 3 3 3 , , , 7 9 3 2 9 6 7 3 8 1 1 1 , , , 6 3 5 0 6 0 0 7 3 1 1 , , 0 0 9 4 2 7 6 0 2 1 1 1 3 2 1 , , , 3 5 4 1 8 5 3 5 8 1 1 1 9 9 9 6 6 6 3 4 . . 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 7 5 6 , , ’ ’ 1 5 2 0 5 7 1 3 6 5 4 5 , ' ,’ 2 6 9 0 9 5 5 0 0 9 7 8 2 6 9 4 6 6 5 5 5 , , , 5 3 (7 8 4 9 7 4 6 5 5 0 0 5 8 5 9 4 3 4 , , , 9 5 2 6 0 4 1 7 9 1968................................. 22,286 4,506 1,877 1,132 14,771 1965................ 18,990 6,690 981 5,724 706 4,889 1968—S O N e o c p t v . t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 21 1 1 1 , , 5 6 9 1 9 2 1 6 6 4 4 4 , , , 4 3 4 1 6 5 5 5 9 1 1 1 , , 1 8 7 8 2 9 4 9 3 7 1 1 1 , , , 1 1 1 1 2 3 5 0 4 1 1 1 4 4 4 , , ’, 3 2 4 3 9 3 2 0 4 1 1 1 9 9 9 6 6 6 7 6 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 1 3 0 , ' J 0 2 0 0 0 1 6 4 6 7 7 , ' ’ 9 9 3 7 4 4 5 6 0 1 1 1 , , , 1 0 0 6 2 8 3 8 6 5 5 6 , , J 8 4 3 1 5 9 2 0 1 1 , , 0 3 8 0 2 7 5 9 4 5 5 6 , , , 8 4 3 1 0 4 0 8 6 Dec...................... 22,286 4,506 1 ,877 1,132 14,771 1968—Sept... 2!,452 7,719 1,149 5,283 1,267 6,034 1969—Jan ...................... 22,180 4,475 1 ,877 1,123 14,705 Oct.. .. 21,585 7,794 1,149 5,424 1,268 5,950 M Fe a b r . . .. . .. . .. . . . .. . .. . .. . .. . .. . .. . .. . . 2 2 2 2 , , 3 4 0 9 2 6 4 4 1 ,5 5 0 6 2 2 1 1 , ,’ 8 9 8 0 5 4 1 1 , , 1 1 2 3 8 4 1 14 4 ^ ,7 8 8 9 7 6 D N e o c v . . . . . . . . 2 2 3 2 , , 3 0 0 8 1 2 7 7, , 9 8 7 5 5 7 1 1, , 1 1 6 6 3 7 6 5 , , 4 6 5 70 0 1 1 , , 3 2 0 9 5 4 6 6, , 4 0 0 9 8 4 A M p a r y .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 3 2 3 , , J 5 7 1 7 9 1 2 0 4 4 4 , , , 8 7 6 4 4 5 7 7 2 1 1 1 , , , 9 9 9 9 2 5 8 4 6 1 1 1 , , , 1 1 1 8 4 7 9 3 4 1 1 1 5 5 5 , , ’ ’ 2 0 4 9 8 6 1 5 7 1969—J F a e n b . . . . . . . . 2 2 2 2 , , 6 1 2 8 5 9 7 7, , 8 8 7 7 8 7 1 1, , 1 1 7 6 3 0 5 5, , 0 7 8 6 7 3 1 1 , , 3 3 1 3 6 4 6 6, , 7 4 3 9 6 0 J S A u e u l p g y t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 4 3 4 1 1 ,1 7 2 1 5 8 3 5 7 4 4 5 1 , ,0 9 8 2 6 9 1 7 3 2 2 2 , , , 0 0 0 3 0 2 7 2 4 1 1 1 , , , 2 1 2 1 0 8 7 9 9 1 1 1 6 5 5 , , , 0 9 6 1 1 6 5 5 6 J M A M u p a a n r y e r . . . . . . . . . . . . . . 2 2 2 2 2 2 2 2 , , , , 5 9 2 9 0 6 7 3 8 8 8 7 7 8 8 8 , , , , 9 0 0 0 6 3 1 4 1 1 7 0 1 1 1 1 , , , , 1 1 2 (7 7 9 01 8 6 6 5 5 5 5 , , , , 2 6 0 5 3 0 3 7 7 9 7 4 1 I 1 1 , , , , 3 4 3 3 0 2 2 6 3 8 0 2 6 6 6 6 , , , , 7 7 6 7 4 9 7 9 5 8 9 9 July. . . 22,764 7,946 1,174 5,541 1 ,498 6,605 un N ion o s t , e .— ind In u s s t t i r t i u a t l i 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 , re m c u o t n u s a u l m s e a r v f in in g a s n c b e a n co ks m , p s a a n v ie in s g , s c r a e n d d it A Se u p g t . . . . .. . 2 2 2 2 , , 6 6 4 5 8 2 7 7 , , 8 8 7 8 9 2 1 1, , 1 1 9 9 3 4 5 5 , , 4 4 3 4 8 8 1 1 , , 5 5 5 5 0 7 6 6 , , 5 5 8 7 7 2 loan assns., and other lending institutions holding consumer instalment cre S d e i e t . also Note to first table on previous page. hea t t S in e g rv -o ic i e l a s c t c a o t u io n n ts , a n B d a n m k i c s r c e e d lla it n c e a o r u d s a c c r c e o d u i n tt c s a o rd u ts a ta cc n o d u in n g ts ar a e n d in c h lu o d m e e d ­ 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 □ NOVEMBER 1969 INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT (In millions of dollars) Other consumer Repair and Total Automobile paper goods paper modernization loans Personal loans Period S.AJ N.S.A. S.A.l N.S.A. S.AJ N.S.A. S.AJ N.S.A. S.AJ N.S.A. Extensions 1962 ............................... 56,191 19,694 15,701 2,084 18,710 1963 ................................... 63,591 22,126 17'920 2,186 21’359 1964........................................... 70;670 24’046 20’821 2,225 23378 1965........................................... 78,586 27,227 22,750 2,266 26,343 1966.......................................... 82'335 27,341 25,591 2,200 27,’2O3 1967 ................................... 84^693 26367 26,952 2,113 28’961 1968 ....................................... 97’053 31 324 30',593 2,268 32,768 1968—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 2345 2,752 202 211 2,904 2,807 Nov............................... 8^288 8,166 2,681 2-, 5 46 2,640 2’739 191 190 2’776 2391 Dec................................ 8,277 9^68 2^92 2,’489 2,656 3308 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 2347 2369 June............................... 8’705 9'169 2325 3,045 2 369 2,832 218 245 2 393 3,047 July................................ 8’521 8'920 2,582 2,828 2377 2,778 185 214 2,977 3 JOO Aug................................ 8^680 8’604 2,634 2,593 2,819 2,764 177 206 3'050 3 341 Sept................................ 8,669 8385 2394 2366 2340 2,794 180 194 2^955 2,931 Repayments 1962........................................... 51,360 17,447 14,935 2,010 16 969 1963........................................... 56^825 19 ,’254 16,369 2,046 19,156 1964. ... ................... 63,470 21,369 18,666 2,086 21,349 1965........................................... 69,957 23,543 20,518 2,116 23,780 j 966........................................... 76 J 20 25 304 23,178 2,110 25 428 j 967................................... 81 '306 26 ’ 499 25,535 2,142 27’1 id 1968........................................... 88,089 28,018 28^089 2,132 29 850 1968—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 J01 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............................... 7910 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 Sept................................ 7,971 7'861 2; 498 2’490 2,600 2,529 156 161 2'717 2^81 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........................................... 7’206 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—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 21 248 227 775 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 Sept................................ 698 624 296 76 140 265 24 33 238 250 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

NOVEMBER 1969 □ CONSUMER CREDIT A 57 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (In millions of dollars) Sales finance Other financial Total Commercial banks companies institutions Retail outlets Period S. A. 1 N.S.A. S.AJ N.S.A. S.AJ N.S.A. S.A.l N.S.A. S.AJ 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 1. ,909 25,777 19,035 1968—Sept............................... 8,416 7,682 3,284 2,953 1,349 .217 2,236 2,043 1,547 1,469 Oct................................. 8,533 8^687 3,252 3,306 1,367 ,437 2,309 2,246 1,605 1,698 Nov............................... 8,288 8'166 3,111 2'877 1,411 '368 2,139 2J39 1,627 1,782 Dec................................ 8,277 9,568 3,139 3,094 1,362 ,535 2,208 2,571 1 '568 2,368 1969—Jan................................. 8,371 7,557 3,135 2,908 1,381 ,227 2,250 1,977 1,605 1,445 Feb................................ 8,414 6,971 3,155 2,728 1,419 ,192 2,315 1,972 1,525 1,079 Mar......................... 8,381 8,132 3,199 3,155 1,429 >359 2,239 2,219 1,514 1,399 Apr................................ 8,720 9,024 3,318 3,585 1,405 ,463 2,378 2,447 1 '619 1 ,529 May............................... 8,680 8,960 3,236 3,436 1,451 ,478 2,365 2,’428 1 ,'628 1,618 June............................... 8,705 9,169 3,272 3,540 1,436 ,566 2,323 2,479 1,674 1 ,584 July............................... 8',521 8,920 3,041 3,323 1,400 ,507 2,439 2,539 I ,641 1 ,551 Aug,.............................. 8,680 8,604 3,148 3,162 1,431 ,401 2,470 2,463 1 631 1 ,578 Sept................................ 8,669 8,485 3,292 3,203 1,440 ,396 2,332 2,280 1,605 1,606 Repayments 1962........................................... 51,360 18,468 10,200 13,455 9,237 1963........................................... 56,825 20,326 10,927 15,070 10 507 1964........................................... 63,470 22,971 11,638 16,764 097 1965........................................... 69,957 25,663 12 048 18,813 3 4ia 1966........................................... 76 120 27^716 12,860 20,074 15.470 1967........................................... 81,306 29*469 13 6Q2 21,330 SRIS 1968........................................... 88,089 32,080 14,528 23,443 18.038 1968—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 tit 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 1 771 2,082 2,083 I 554 1,746 Feb................................ 7'616 7,083 2,869 2*677 1 231 1 1 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 Apr................................ 7,960 8,033 2,967 2,988 1 ,236 !,298 2,140 2,153 1,617 1 594 May............................... 7,834 7,810 2,917 2,943 I 278 1,260 2,09! 2,046 1 ,548 ^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 1 141 2,181 2,295 1,529 t 547 Aug................................ 8,080 7,705 2,958 2,878 1 ,386 1 ’,263 2,228 2,105 1 ,508 1 ,*459 Sept................................ 7,971 7,861 2,919 2,942 1 ,355 1 am 2,133 2,106 1,564 1,512 Net change in credit outstanding 2 1962.................... 4,831 1,997 1 O7R 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—Sept................................ 715 500 435 251 26 10 210 163 44 76 Oct................................. 947 874 488 429 137 143 257 185 65 117 Nov............................... 834 895 342 208 157 137 189 230 146 320 Dec................................ 775 1,937 378 392 147 259 189 360 61 926 1969—Jan................................. 641 -398 323 53 99 -44 168 — 106 51 -301 Feb................................. 798 -112 286 51 188 44 249 122 75 -329 Mar............................... 646 292 271 201 142 34 228 194 5 -137 Apr.......... 760 991 351 597 169 165 238 294 2 -65 May............................... 846 1,150 319 493 173 218 274 382 80 57 June........................... 795 1,274 283 569 213 325 244 339 55 41 July............................... 622 746 182 332 70 166 258 244 112 4 Aug............................ 600 899 190 284 45 138 242 358 123 119 Sept............................... 698 624 373 261 85 95 199 174 41 94 1 Includes adjustments for differences in trading days. tween extensions and repayments for some particular holders do 3 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. □ NOVEMBER 1969 MARKET GROUPINGS (1957-59= 100) 1957-59 1968 1969 pro­ 1968 Grouping por­ aver­ tion age’’ Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr, May June July' Aug.r Sept.r Total index................................,., 100,00 165.4 165,1 166,0 167.5 168 7 169 I 170 1 171.4 171.7 172 5 173.7 1 74.6 174. 3 173. 9 final products, total............................. 47.35 165.0 165.7 167.0 167.9 168.1 168.2 169 3 170.8 170.2 170.0 170.7 172.8 172. 4 172.1 Consumer goods................ 32,31 156.8 157 3 159.6 159,2 160.1 161.0 161 .7 162,8 161,8 160.7 161.5 164.4 164.0 162,7 Equipment, including defense.... 15.04 182.8 183.6 183,0 186.5 185.3 183.5 185,5 187.8 188.4 190.0 190.4 190.8 190.3 192.3 Materials............................................... 52.65 165.7 165.1 165.7 167.6 169.3 169.6 170.8 172.1 172.9 174.5 176,3 176.5 176.0 175.9 Consumer goods Automotive products........................... 3.21 174 4 175.6 178.9 181.2 177.8 176.2 174. 7 175.4 166.1 165.8 178.7 184.6 179.6 174 3 Autos,................................................... 1,82 174,8 177.4 180,3 180.6 174.5 170.6 165.0 165,0 149.6 148.9 168.3 178.7 178.4 169.9 Auto parts and allied products......... 1 . 39 173 9 173.2 177 0 182.1 182.2 183 5 187.6 189.0 187 9 188.0 192.3 192.4 181.1 180 2 Home goods and apparel.................... 10.00 156.4 156.3 158.1 158.6 157.6 160.8 160.5 162.8 161.5 161.9 159. 7 160.8 158.9 157.4 Home goods......................................... 4,59 175.5 175.9 176.7 178.3 180.0 184.3 183.0 186.3 186,1 185.9 186.1 184.4 183.5 182.6 Appliances, TV, and radios...... 1.81 168.5 170.4 171.8 171.9 173,2 177.7 179.1 182,9 182.0 182.0 180.2 181.8 179,3 180,7 Appliances..................................... 1.33 174.2 175.5 175.1 177.2 181.7 186.9 187.3 189.4 190.1 192.7 190.7 195.6 191 5 193.9 TV and home radios.................. .47 152.4 156.2 162,5 156.9 149.4 151,5 156.0 164.4 158.9 151 .9 150,6 143.0 144.9 143.6 Furniture and rugs.......................... 1.26 173,7 175.5 174.2 177.0 180.2 184.3 181.2 182.0 183.3 183.4 184.0 1 80.0 179 7 177.6 Miscellaneous home goods....... 1.52 185.2 182.8 184.7 187.0 187.9 192.2 189.0 193,8 193.4 192.6 194.8 191.1 191.6 189.1 Apparel, knit goods, and shoes. .... 5.41 1 39.5 139.6 142,3 142.0 138.7 140.8 141.4 142.9 140.6 141.5 137.4 140.9 138.0 Consumer staples................................. 19.10 154.0 154,9 157.1 155.8 158.4 158.6 160.2 160.8 161.2 159.2 159.6 162.9 164.2 163.5 Processed foods................................... 8.43 132.6 132,5 133.2 132.0 134.7 134.8 136.7 136,4 137.1 136.4 136.1 135.3 138,8 138.8 Beverages and tobacco....................... 2.43 141.9 145.2 145,9 142.3 145.4 144.6 147.5 150.9 143,7 137.9 140.4 147.8 152.3 Drugs, soap, and toiletries................. 2.97 193.3 193.6 199.8 200.4 201.4 203.7 203.7 205.0 209.9 208.0 206.1 211.9 207,2 205.8 Newspapers’ magazines, and books. 1.47 143.3 140.7 145,8 146.0 147.1 146,3 145.7 143.3 145.9 147.3 146,3 147.5 147.6 150,2 Consumer fuel and lighting.............. 3,67 182.9 186.0 188.7 186,1 190.2 190.0 192.0 193,6 194,1 189.8 192,7 201.6 201.1 Fuel oil and gasoline...................... 1 .20 138.9 142.6 141,4 140.6 141.3 129.9 139,6 141 6 142,4 143.9 146.8 146.1 144.4 145.6 Residential utilities......................... 2.46 204.4 207.2 211,8 208.3 214.0 219.3 217.6 218^9 219.3 212.2 215.1 228.7 228.8 Electricity...................................... 1 .72 223.3 228,0 233,6 228.0 235.7 242.8 239.9 240.6 240.6 230.0 233.7 252.6 252.3 Gas......................... .74 171.4 Equipment Business equipment.............................. 11.63 184.8 185.2 186.8 191.2 191.1 191.4 191.9 192.9 194.1 195.7 197.0 196.9 197.0 200.0 Industrial equipment.......................... 6.85 168.1 167.8 170,2 174.0 174.9 175.9 175.7 176.7 178,6 180.9 182.7 181.2 180,3 183.6 Commercial equipment.................... 2.42 205,3 205,9 207,3 208.7 205.3 209.9 214,3 217.3 220.1 221.7 221.0 220.5 221.3 222.7 Freight and passenger equipment. .. 1.76 234.5 235.6 234,3 247.4 247.2 245.5 244.4 242.3 239.7 238.4 240.8 250.5 249.7 252,7 Farm equipment................................... .61 146.1 152.9 155.3 152.4 134.0 136.1 133,0 135.6 133,9 134,9 135.2 124.4 136.0 Defense equipment.. ........................... 3.41 Materials Durable goods materials,................... 26.73 158.0 153.3 155.4 157.6 159.7 161.2 162.6 164.0 165.8 165.5 167.0 167.0 167.3 166. 4 Consumer durable............................... 3.43 164.5 166,1 166.5 169.6 161.0 162.2 167.7 163.2 157.9 156.6 162.7 163 .0 169.5 172.1 Equipment............................................. 7.84 185.2 185,1 184.7 187.7 187.5 187.4 189.3 190.7 190.3 191.7 193.2 193.2 195.1 195.8 Construction......................................... 9.17 145.9 145.5 146.3 148.3 152.2 153.5 154.2 154.5 153.2 153.0 151 .7 150.0 150.0 150 0 Metal materials n.e.c........................... 6,29 137.9 122,3 126.6 131.8 140.5 144.6 150,2 153.3 151.5 148.4 153.6 156.2 153.6 149.7 Nondurable materials.............. 25.92 173.7 177,2 176.4 177.9 179.2 178.3 179.2 180.3 180.3 183.7 185.9 186.4 184.9 185.6 Business supplies.................................. 9.11 157.5 161,1 162.3 161.7 163.2 164.2 164.4 165.3 162,3 165.9 166.3 167.1 166.9 166.9 Containers........................................ 3,03 157.0 163.4 167.4 161.5 164.8 167.4 168.1 170.4 165.0 168.2 167,5 165,5 165.0 169 3 General business supplies.............. 6,07 157.8 160,0 159.8 161.8 162.4 162,6 162,5 162.7 160,9 164.7 165.7 167.9 167.9 168.2 Nondurable materials n.e.c......... 7.40 221.8 227,3 228.2 230.3 233.6 229.3 231.6 232.7 232.3 236.6 239.4 241.6 239.6 240.0 Business fuel and power..................... 9,41 151 .6 153.3 149.3 152.5 151 .9 151.8 152,3 153.7 156,9 159,3 162,8 161.6 159.4 161 .0 Mineral fuels........................ 6,07 132,8 134,1 126.0 131.4 130,0 127.8 127,7 130.2 134,2 137.4 141.8 139.7 136,5 136.5 Nonresidential utilities................... 2.86 199.3 202,8 206.3 205.7 206.7 211.5 212.5 211.7 213.7 214,9 216.1 216.7 217, 3 Electricity..................................... 2.32 202.4 204 8 208.6 207, 1 208.1 213.7 214.8 214.7 216.7 218.1 220,0 220.5 221.1 General industrial............. 1.03 197.5 199,3 203,6 202.0 204.2 206.2 209.2 208.3 212,4 213.4 216.4 216.7 219.2 Commercial and other............ 1.21 216.7 220,0 223.6 222.0 222.2 231.2 230,7 231.2 231.7 233,4 234.7 235.6 234.7 Gas......................... .54 171.4 Supplementary groups of consumer goods Automotive and home goods............ 7.80 175.0 175,81 177.6 179.5 179,1 181 .0 179.6 181.8 177,9 177.6 183.0 184.5 181,9 179.2 Apparel and staples............................. 24.51 150,8 151.5| 153.9 152.8 154.1 154.7 156,0 156.8 156.6 155.3 154,7 158.1 158.4 For note see page A-61. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1969 □ INDUSTRIAL PRODUCTION: S.A. A 59 INDUSTRY GROUPINGS (1957-59 = 100) Grouping 19 p t p i 5 o o r 7 o n r - ­ ­ 59 a a 1 g v 9 e e 6 ^ r 8 - Sept. Oct. 1968 Nov. Dec. Jan. Feb. Mar. Apr. M 1 a 96 y 9 June Julyr Aug.r Sept.r Total index....................................... 100 00 165 4 165.1 166 0 167.5 168 7 169.1 170 1 171 4 171 7 172 5 173 174 Manufacturing, total........................... 86.45 166.8 166.3 167.8 169.1 170.2 l70.< 171 8 173 I 171 f 173 8 174 I 175 Durable............................................. 48.07 169.9 168.7 169 3 171.3 172 4 173.( 174 5 175 9 175 7 176 7 178 1 7ft 7 178 5 17ft S Nondurable............................... 38.38 163 0 163.3 165.9 166.3 167 4 1 66.7 168 3 169 5 Mining................................................... 8.23 126.4 127.0 120.7 126.4 127.4 125. J 124^8 1263 128.8 130 3 134.4 133.2 131 2 1 30.7 Utilities................................................. 5.32 201.6 204,8 208.9 206.9 210 1 215 214.9 215.1 216.3 215.6 222 2 2?2 4 Durable manufactures Primary and fabricated metals........... 12.32 150. 7 141.1 144.5 148.6 152.9 155.6 158.4 160.3 161.2 162.3 165.1 164. / 164.2 162.0 Primary metals.................................... 6.95 137.3 120.6 123,1 129.3 135.4 139.5 143.6 146.2 147.9 149.3 153. 1 152.4 151.5 149.6 Iron and steel.................................. 5.45 131.0 107.3 108.1 115.8 124.6 126.8 133.7 139.0 141.2 141.6 145.6 1 45.3 141.3 1 41.0 Nonferrous metals and products.. 1.50 160.1 166.2 174.0 173.8 180.7 179.6 183.4 186.9 186.2 184.3 190.8 181.8 178.1 177.7 Fabricated metal products................ 5.37 168.1 167.6 172.2 173.5 175.6 176.4 177.6 178.5 178.3 179.2 180.6 179,1 180.7 178.0 Structural metal parts.................... 2.86 162.3 161.1 165.1 168.3 170. 3 170.1 174.5 175.8 174.4 173.1 173.8 1 70.8 171.5 169.7 Machinery and related products..... 27.98 183.9 185.6 185.0 186.2 185.6 185.2 186.3 187,9 187.4 188.4 190.3 192.3 191.9 192.5 Machinery............................................. 14.80 184.4 186.4 186.1 187.4 188.6 191.8 192.7 194.7 194.6 196.9 197.2 198.1 199. 1 200.8 Nonelectrical machinery................ 8.43 181.3 182.6 183.7 184.4 185.3 188.3 189.6 190.2 190.8 193.1 195.3 196.0 195.5 198.7 Electrical machinery....................... 6.37 188.6 191,4 189.3 191.4 193,0 196. 4 196.9 200.7 199,5 201.8 199,6 200.8 203.8 203.5 Transportation equipment................. 10.19 179.6 180.5 180.4 180.2 176.4 171.2 173.1 174.1 172.4 171.8 176.6 181.1 179, 1 179.0 Motor vehicles and parts............... 4.68 171.6 173.5 177.0 177.7 172.3 167.3 167,7 167.6 160.8 156.8 169,1 174.2 174.1 170.5 Aircraft and other eauipment. . . . 5.26 185.1 184.7 181.0 179.6 177.0 170,9 174.1 176.0 178.7 180.8 179.5 183.4 180.3 182,9 Instruments and related products . .. 1.71 184.2 184.3 185.8 188.5 189.7 191.6 190.4 192.8 195.4 195.3 195.7 194.7 194.9 195.4 1 28 Clay, glass, and lumber.............. 4.72 137.2 138.8 139.9 141.5 144.3 143. 8 145.6 145.1 143.2 143.6 140.6 138.3 138.3 140.8 Clay’ glass, and stone products........ 2.99 146.2 150.0 151.8 150.4 151,2 156.2 156.5 153.4 155.1 156.9 155,2 152.7 155.3 157.3 Lumber and products........................ 1.73 121.7 119,4 119.4 126.1 132.3 122.5 126.7 130.8 122.6 120.7 115.5 113.4 108.9 112.2 Furniture and miscellaneous......... 3.05 169.9 170.9 171.3 172.2 174.2 176.6 175. 7 176.5 178.4 179.0 179.1 176.3 176.2 175.1 Furniture and fixtures........................ 1.54 178.3 179.7 180.4 181.7 182,9 186. 8 186.5 187.0 188.9 190,2 189.9 185.0 186.5 185.1 Miscellaneous manufactures.............. 1 .51 161.3 162.0 162.1 162.5 165.3 166.2 164.7 165.7 167.6 167.5 168.1 167.4 165.8 165.0 Nondurable manufactures Textiles, apparel, and leather............. 7.60 145.3 144.8 146.8 147.5 145.0 143.6 142.6 144.7 143.7 146.3 146.0 145.4 143.6 142.5 Textile mill products......................... 2.90 151.5 152.0 153 3 155.1 153.5 152. 9 152.0 152.9 154.2 156.5 157.8 157.0 154.0 153,2 Apparel products....... ................. 3.59 149.9 149.9 152.1 152.5 149.2 148.1 147.9 150.2 147.8 150.0 149.2 150.7 148.7 Leather and products...................... t. H 111.3 109.3 113 0 111.7 109.2 105,0 101 .3 105.6 103.4 107.6 104.7 98.4 100.0 Paper and printing............................... 8.17 155.6 156.8 157.7 159.8 159.7 160.2 161.2 162.2 162.4 163.8 164.4 165.9 166.3 164.7 Paper and products............................ 3.43 163.9 166,1 166.7 170.1 169,9 171.1 173.9 175.0 175,8 174.9 175.3 176.4 177.5 174.8 Printing and publishing...................... 4.74 149.6 150.0 151,2 152.3 152.3 152. 4 152.1 153.0 152.7 155.9 156.5 158.3 158.2 157.4 Newspapers...................................... 1.53 136.1 140,9 138,4 140.8 139.5 141,2 141.7 141.4 137.5 142 8 141.3 145.6 144.3 143.5 Chemicals, petroleum, and rubber.... 11.54 207.1 207.9 212.8 213.6 216.8 214.1 218.0 219.6 221.7 222.7 223.2 225.2 223.1 222.1 Chemicals and products.................... 7.58 221.3 222.4 227.8 228,7 231.8 231.3 234.4 235,2 239.1 239.5 239.7 243.1 239. 1 238.5 Industrial chemicals........................ 3.84 261.0 263.2 268.2 268.0 275.0 273.4 276.7 277.7 283.3 285.2 286. 1 288.6 283.5 Petroleum products........................... 1.97 139.8 141.9 142.2 141.4 141.2 131.0 140.2 142.7 142.2 143.5 145.4 143.5 144.5 147.5 Rubber and plastics products............ 1.99 219.7 223.4 225.8 227.5 234.6 230.8 232.8 236.2 234.2 237.0 237.3 238.3 240.0 Foods, beverages, and tobacco............ 11.07 134.6 134.5 136.1 134.9 137.0 138.0 139.5 139.8 138.2 136.9 137.0 138.4 141.0 141.0 Foods and beverages.......................... 10.25 135.7 135.4 137.3 136.1 138,8 139.4 140.9 141.5 140,5 138.6 138.3 1 39.9 143.1 143.1 Food manufactures......................... 8.64 132.7 131.5 133.3 132.8 134.6 136, 1 137,2 136.7 136.7 136.6 136.1 135.8 137.8 137.8 Beverages.......................................... 1.61 152.6 156.0 158.6 153,7 161,6 157.4 160.9 167.2 160.6 149,4 149.8 161.7 171.3 Tobacco products....................... .82 120.9 124.0 120.8 119.9 113.6 1 19.5 121.2 118.7 110.5 115.4 121.9 120.3 114. 8 Mining Coal, oil, and gas........................ 6.80 125.0 125 8 118.9 124.6 124.2 122.4 120.2 121.9 125.7 128.7 133.1 131 7 128.8 128.9 Coal...'............................................... 1.16 117,8 120 8 86.6 115.9 118.3 115.3 112,4 114,3 120.2 123.9 124.8 130 0 122.1 114.7 Crude oil and natural gas.................. 5.64 126.5 126.8 125.5 126.3 125.4 123.9 121.8 123.5 126.9 129.6 134,8 132.1 130.2 131 8 Oil and gas extraction.................... 4.91 136.3 137.3 135.3 135,1 132.8 130.8 131 .3 134.0 137.5 140.5 145.8 142.0 139.9 141 7 Crude oil...................................... 4.25 130,6 131 2 129.1 128.6 126,4 124.0 124.0 127.0 130.2 133,1 139,2 135.5 132.4 134.5 Gas and gas liquids.................... .66 172.6 Oil and gas drilling......................... .73 60.0 55.8 59.5 67.3 75.4 Metal, stone, and earth minerals..... 1.43 132.9 132.8 129.2 135.3 143.0 142.1 146.4 149.9 143.6 138.3 140.4 140.5 142.6 139.5 Metal mining....................................... .61 126.4 127.7 125.1 135.1 137.6 140,2 142.7 149.1 146.6 134.5 137,4 138.1 142. 3 133 4 Stone and earth minerals................... .82 137.7 136.5 132.2 135.5 147.0 143.5 149.2 150.5 141,4 141.2 142.6 1 42.2 142.8 144,0 Utilities Electric................................................... 4.04 211.3 214.7 219.3 216.0 219.9 226.1 225.5 225,7 226.9 223.1 225,9 234 2 234.4 Gas......................................................... 1.28 171.4 1 For note see p. A-61. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 60 INDUSTRIAL PRODUCTION: N.S.A. □ NOVEMBER 1969 MARKET GROUPINGS (1957-59= 100) 19 p 5 r 7 o -5 ­ S 1968 1968 1969 Grouping por­ aver­ tion age^ Sept. Oct, Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.r Sept.r Total index...................................... 100.0€ 165 4 169.5 170 1 169. 166 166. 170.5 173 1 171 9 172 4 176 1 167 7 174 2 178 5 Final products, total.......................... 47.33 165.G 171.9 172.6 169 2 165 6 166 6 169.3 171.9 168 6 168 4 174 G 166.4 172 4 178 3 Consumer goods................ 32.31 156 8 165.9 167.5 161 7 155 8 158.9 161.8 163 9 159 0 158 2 1 65 5 156.5 164 9 1714 Equipment, including defense. . .. 15.04 182.8 184.6 183,6 185^4 186'6 183.1 185.4 189.0 189.1 190'4 192^4 187.7 188^5 193:2 Materials............................................. 52.65 165.7 167.5 169.0 169 5 166.9 166.4 171 5 174.3 174.8 176.1 179.2 168 f 175.9 178 7 Consumer goods Automotive products............................ 3.21 174.4 170.8 197.2 198 3 185 5 185 4 183.6 186.0 174 7 173. / 191 / 132.5 133 3 179 3 Autos..................................................... 1.82 174,8 165.0 207,4 2I2?2 192 0 187 7 181.5 184.8 164 6 165.3 191 0 94.7 91 9 175 0 Auto parts and allied products..... 1.39 173,9 178.4 183.8 180,1 176.9 182,3 186.3 187.5 187.9 183,5 191,1 182,1 187.7 i8s:o Home goods and apparel..................... 10.00 156,4 162.2 167.4 162.7 149.2 155. 9 164.2 168.9 161.9 162.3 165 4 147.9 158.8 162 9 Home goods......................................... 4.59 175,5 183.9 189 5 186 2 178 8 182 8 187.7 191 2 188 8 188.4 191 2 172.0 178 5 189 8 Appliances, TV, and radios...... 1 .81 168,5 180.5 187.5 180.1 161 5 183.2 195.0 198.8 194 7 194.3 194 6 166,1 162 1 188 3 Appliances.................................... 1.33 174.2 183.5 186.1 180.7 172.2 191 8 206.0 211 7 213.1 212.0 212 7 185,5 165.7 199 1 TV and home radios.................. .47 152,4 171.8 191.7 178.2 131.5 158,9 164. 1 162’6 143.0 144.3 143 8 11 1.1 152.1 158 0 Furniture and rugs.......................... 1.26 173.7 180,4 183.3 183.5 186 9 180.2 179,0 179 8 178 2 176.4 181 8 171 4 183 8 182 6 Miscellaneous home goods........... i.52 185.2 191 .0 196.9 195.6 192.6 184. 5 186.2 191 7 190 5 191.4 194 8 179.6 193 5 197 6 Apparel, knit goods, and shoes........ 5.41 139.5 143,8 148.7 142.7 124.1 133,1 144.2 150 0 139.2 140.1 143 6 127.5 142.1 Consumer staples... .............. 19.10 154.0 167.0 162.6 155.0 154.3 155.9 156.8 157 6 154 9 153 5 161 2 165.1 173 4 174 5 Processed foods.................................. 8.43 132.6 152 6 147.9 137 0 132 4 128 1 129.2 128 6 127 0 128 2 134 7 134 6 150 2 156 5 Beverages and tobacco....................... 2.43 141.9 148,9 150,0 135.0 125.9 126.9 134.5 147 5 145^4 148.3 160 8 155.8 164^8 Drugs, soap, and toiletries................ 2.97 193.3 199.4 204.6 201 4 196 8 199 6 203.7 ?O5 0 207 8 203 8 213 3 206.6 211 3 212 0 Newspapers, magazines, and books. 1.47 143.3 142.0 145.7 144’1 146.8 145.0 145,1 14M 146.5 146^9 145^7 147,5 149.4 15L6 Consumer fuel and lighting............... 3.67 182.9 195,9 176.5 175.0 191.3 206,9 200.5 196 4 184.1 176 0 185,6 214.3 210 8 Fuel oil and gasoline...................... 1.20 138.9 142,7 137.7 139.7 144.6 135.3 143.0 140,0 135,1 139.3 145.1 148.7 148.7 148.9 Residential utilities.......................... 2.46 204.4 Electricity............. 1.72 223.3 249 1 210,2 205,0 235.7 275 1 255.7 247.8 224.5 203 8 219.7 277 9 270,0 Gas................................................ .74 171.4 Equipment Business equipment............ 11.63 184 8 186.6 187.0 188.3 191.3 190. 2 191.8 194 6 195 5 196. 7 200.0 193.6 195.1 201 7 Industrial equipment........................... 6.85 168 1 169. 3 169.2 172.4 175.8 175 5 174 8 1 76 9 178 6 181.1 184 5 179 4 1 79 R 185 3 Commercial equipment............ 2.42 205 3 209.0 209.4 211.2 209 8 210 1 212.8 215 3 215 9 219.0 221 7 216.1 221'3 226 0 Freight and passenger equipment. .. 1.76 234.5 238.0 240.2 240.0 239.8 238, 1 244.4 249^6 249.3 245.6 250,4 245.5 244.7 252.7 Farm equipment.................................. .61 146.1 143.4 145.7 126.8 131.1 138,6 146.8 152,8 149.6 142.7 143.2 113.7 120 7 Defense equipment............................... 3.41 Materials Durable goods materials..................... 26. 73 158.0 157 4 158.9 159.6 158.2 157.0 162.8 165 9 166 4 167.4 171.6 160 5 166 3 170 1 Consumer durable............................... 3.43 164 5 1 64 4 169 0 174.7 169.0 167 9 170.2 168 1 162 6 161.3 166 0 149 1 161 0 170 4 Equipment............................................. 7.84 185 2 i 83'2 184 1 187.9 190 3 189' 1 191 0 192 8 192 4 193.0 195 1 187 2 189 2 193 8 Construction......................................... 9.17 1 45 9 154 2 1 53 6 148 0 143 1 136 6 1 43 4 148 3 1517 155.3 161 6 154 5 160 5 160 6 Metal materials n.e.c........................... 6.29 137 9 126 0 129 6 132.9 134 3 140 8 15L6 157 0 157 6 156.6 160 1 142 1 149 1 154 2 Nondurable materials........................... 25.92 173.7 177 9 179.3 179.6 176.0 176. 2 180.6 182 8 183 4 185.0 187 0 177 3 185 7 187 7 Business supplies................................. 9.11 157 5 163 0 168 9 165.3 157 7 158 4 163 7 168 3 166 9 168.6 168 0 156 8 167 4 170 5 Containers......................................... 3.03 157 0 1 69 0 175 9 161,1 146 7 159 0 166 1 1713 1 70 9 169.9 172 7 161 4 176 5 175 1 General business supplies.............. 6.07 157.8 160 0 165 4 167.5 163.2 158 0 162 5 166 8 164 9 168.0 165 7 154 5 162 9 168 2 Nondurable materials n.e.c................ 7.40 221.8 225.0 230.5 232.6 228.9 228.2 236.2 237 4 239 3 240.1 243'0 227.8 237 2 240 0 Business fuel and power.................... 9.41 151.6 155 2 149 2 151.9 152.0 152.5 153.1 153 9 155 4 157,4 161.2 157.5 162 9 163 1 Mineral fuels.................................... 6.07 132 8 132.6 126.1 132 7 131 6 129.9 131 8 133.0 135.9 137,3 138,1 129 5 134.8 134 8 Nonresidential utilities................... 2.86 199,3 Electricity.................................... 2.32 202.4 216 7 208.3 201.2 203.8 210.2 205 9 207 7 206 4 210.9 224 4 231 7 240 2 General industrial................... 1.03 197.5 202.3 204.0 202,0 202.2 205.2 202,7 207 3 209^6 214.5 220’7 215 6 223.6 Commercial and other............ 1.21 216.7 240.2 222.7 210.9 215.5 225.4 219.2 218.7 214.3 218.7 239.4 258.0 267.6 Gas................................................. .54 171.4 Supplementary groups of consumer goods Automotive and home goods............ 7.80 175.0 178.5 192.7 191.2 181.5 183.9 186.0 189 1 183.0 182.1 191 1 155 7 159 9 185.5 Apparel and staples............................. 24.51 150.8 161.9 159.5 152.3 147.6 150.9 154,1 156.0 151.4 150,5 157,3 156.8 166.5 For note see page A-61. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 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’’ Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Julyr Aug.r Sept.r Total index...,,,,,....................... 100.0G 165.4 169.5 170.7 169,1 166.3 166,J 170.5 173, 1 171,9 172> 176.1 167." 174/ 178,5 Manufacturing, total........................... 86.45 166.8 170.5 173.4 171.4 167.5 167,( 172.1 175. 173.7 174.1 178.5 167. j 174.. 179.5 Durable............................................. 48.07 169.9 170.6 173.5 174.2 172.6 171 J 175.3 178.6 177.7 178 J 182.2 169.1 173.( 181 . 1 Nondurable...................................... 38.38 163.0 170.5 173.3 168.0 161.2 161,4 168.0 170.8 168.6 169.5 173.9 164.3 175J 177.6 Mining....................................... 8.23 126.4 128.6 122.8 126.8 126,3 124.1 124.2 125.4 130,2 132.9 134.6 127.9 132.1 132.0 Utilities....................................... . 5.32 201.6 Durable manufactures Primary and fabricated metals......... 12.32 150.7 143.9 147.5 149.8 150.6 153.7 160.1 164.0 164.2 164. ! 167.9 154.3 161.8 165.3 Primary metals.................................... 6.95 137.3 119.4 124.3 129,3 131.3 139.5 150,3 155.3 155.3 153.C 155.4 137.2 144,4 148.9 Iron and steel................................... 5.45 131 .0 106.2 109.7 117,0 121.5 129.3 140,4 146.0 146.8 144.4 145.6 130.0 135,6 140.6 Nonferrous metals and products.. 1.50 160. I 67.4 177.3 173.8 167.0 176.5 186.2 189.0 186.2 184.3 190.8 163.6 176.3 178.9 Fabricated metal products................. 5.37 168.1 75.6 177.4 176.3 175,6 172.2 172.8 175.3 175,6 178.3 184,2 176.4 184.3 186.5 Structural metal parts................ 2.86 162.3 167.5 170. 1 170.8 172.0 166,7 167.5 168.9 169,2 172.2 177.3 170.8 175.8 176.5 Machinery and related products........ 27.98 183.9 185.3 188.4 190.3 188.4 186.8 189.3 192.1 190.0 190.5 194.2 180.8 181.9 193.1 Machinery................................ 14.80 184.4 87,0 188. 1 189.1 188.4 191.7 195.0 197.6 197.4 198.5 201 3 190.6 192.9 201 .0 Nonelectrical machinery............... 8.43 181.3 80.2 180.4 182,6 185.3 188.3 192.3 195.5 196,5 197.9 200.8 191.1 188,3 196. 1 Electrical machinery...................... 6.37 188.6 96.1 198.3 197.6 192.4 196.1 198.6 200.5 198.6 199.3 201.9 189.9 199,2 207.5 Transportation equipment................. 10.19 179.6 78.3 186.4 188,3 183,8 176.0 178.2 181 .4 176.2 175.6 181.1 161 .4 160.6 179.9 Motor vehicles and parts............... 4.68 171.6 70.0 188.9 192.6 181 .5 176.6 176.3 177.7 167.9 165.6 180.9 136.5 137,7 173.8 Aircraft and other equipment.... 5.26 185.1 84.0 181.9 182.3 183,2 172.6 176,7 181.1 179.6 180. 1 177.0 179.0 177.1 182.2 Instruments and related products... 1.71 184.2 86.3 187.8 190.0 192.0 189,3 189.4 191.8 192.5 193.3 197.7 192.8 196.5 197.5 Ordnance and accessories . 1.28 Clay, glass, and lumber............ 4.72 137.2 148.6 148.3 139.4 133.2 127.6 134.6 140. 1 142.8 145.2 150.4 143.6 150,3 150.5 Clay, glass, and stone products........ 2.99 146.2 158,6 160.1 150.4 143.2 138.4 141 .0 147.4 154,5 159.4 165,9 161.1 167,4 166.3 Lumber and products......................... 1 .73 121.7 131,3 127.8 120,4 115.8 109.0 123,5 127.5 122.6 120.7 123.6 113.4 120.9 123.4 Furniture and miscellaneous................ 3.05 169.9 177.3 180.5 180.0 177.7 169.8 171.0 173.3 173.7 174.8 179.3 170.6 181.3 181.6 Furniture and fixtures........................ 1.54 178.3 185.1 187.3 186.8 189.8 183.1 183.7 184.8 183.8 184.5 189.5 180.4 191.7 190.7 Miscellaneous manufactures.............. 1.51 161.3 169,3 173.5 173.1 165.3 156.2 158,1 161.6 163.4 165.0 168,9 160.7 170.8 172.4 Nondurable manufactures Textiles, apparel, and leather............ 7.60 143.3 147.6 151.6 148.0 133.2 140.6 148.7 154.5 145.4 146.9 149.2 131.2 146.3 145.3 Textile mill products........................... 2.90 151.5 155.0 156,4 157.4 146.6 150.6 154.3 159.8 155.7 158.8 161,0 142.1 154.8 156.3 Apparel products.............................. 3.59 149.9 152.9 158.9 152.5 132.0 143.7 156.8 163.7 150.8 151.5 153.7 135,6 151.7 Leather and products............. 1.11 111.3 110.9 1 15.8 109,5 101 .9 104.5 108.3 110.9 101,3 101.1 104.2 88,6 106.5 Paper and printing.............................. 8.17 155.6 158.9 165.4 163.1 155.9 157.0 162.0 165.9 165.3 165.1 165.6 155.8 164.2 167.3 Paper and products............................ 3.43 163.9 168.6 178.4 177.0 156.3 168.5 178.2 180.3 178.4 175.8 179.3 162.3 177.5 177,4 Printing and publishing...................... 4.74 149.6 I51.9 156.1 157.4 155.6 148.7 150.3 155.6 155.7 157.4 155.7 151 .2 154.7 160.0 Newspapers..................................... 1.53 136.1 140.2 148.5 154.9 143.0 129.9 136.0 144.9 146.4 152.2 142.0 126.7 132,1 144.0 Chemicals, petroleum, and rubber.... 11.54 207.1 212.4 216.9 214.3 212.2 210.2 220.8 221.3 222.1 222.8 228.2 216.1 223.7 226.9 Chemicals and products..................... 7.58 221.3 225.9 230.4 230,9 227.8 226.5 236.1 237 3 241 9 239 7 244.9 234 7 240 0 242,3 Industrial chemicals........................ 3.84 261 .0 265.8 270.9 274,7 275.0 269,3 280,9 280.5 286,1 285.2 287.5 277. 1 282.1 Petroleum products............................. 1 .97 139,8 147.6 143.6 139.6 137.8 127.1 137,4 137.7 136.5 142.1 149.8 151 .1 152.2 153,4 Rubber and plastics products....... 1.99 219.7 230.8 238.2 225,2 226.4 230.8 244.9 243.5 231.9 238.2 242.0 209.7 232,8 Foods, beverages, and tobacco............ 11.07 134.6 151.1 148.5 136.9 131.2 128.2 130. 7 133. 1 131.3 132 8 140.5 139.1 152.9 156.0 Foods and beverages.......................... 10.25 135.7 152.9 149.8 138.0 134.2 129.0 131 .6 134.4 133.0 133.8 141.3 141.7 155,2 158.9 Food manufactures......................... 8.64 132.7 I51.8 148.0 137.4 132.6 128.6 129,7 129.0 127.4 128.4 134.7 134.4 149.5 155.9 Beverages........................................ 1.61 152.6 159.1 159.4 141,4 143.0 131 .3 141 .6 163.0 163,2 162.8 176.2 180.8 185.5 Tobacco products................................ .82 120,9 128.8 131.6 122.3 92.5 118,2 120.6 116.9 110,3 119.6 130.4 106.5 124.2 Mining Coal, oil, and gas................................. 6.80 125.0 124.8 119.1 125.7 125.6 124.4 123.9 124.1 128.3 129.6 130.3 122.6 127.3 127.4 Coal....................................................... 1.16 117.8 127.8 94.4 120.6 116.2 113.0 113.7 115.2 121.0 125.1 116.6 91.0 128.4 121.3 Crude oil and natural gas................. 5.64 126.5 124 2 124.2 126.7 127.5 126.8 126.0 125,9 129.8 130.5 133.1 129. 1 127.1 128.6 Oil and gas extraction.................... 4.91 136.3 133.8 133.5 135.5 135.2 134.0 136.1 137,2 139.4 140.2 143.2 138.6 136.3 138,0 Crude oil....................................... 4.25 130.6 178 6 127.8 128.6 127.7 125.9 127,7 129,5 132.3 133.8 137.8 132.8 129.8 131.8 Gas and gas liquids.................... .66 172.6 Oil and gas drilling..........,.....,, .73 60.0 59.2 61.0 67.0 75.2 Metal, stone, and earth minerals..... 1.43 132.9 146.9 140.2 132.1 129.5 122.2 125.7 131.5 139.2 148.9 155.1 152.8 156.0 154.3 Metal mining....................................... .61 126.4 144 3 133.9 125,6 123.8 123.4 128.4 132.7 136.3 147.9 155.3 147.8 153.7 150.7 Stone and earth minerals .......... .82 137.7 UR R 144.8 136.9 133.8 121.4 123.7 130.6 141.4 149.7 155.0 156,6 157.8 157.0 Utilities Electric.................................................. 4.04 211.3 210 5 209.1 202.8 217.4 237 9 227.1 224.8 214. 1 207.9 222.4 251 4 252 9 Gas............................................... 1.28 171.4 1 Note.—Published groupings include some series and subtotals not Industrial Production—1957-59 Base. Figures for individual series and shown separately. A description and historical data are available in subtotals (N.S.A.) are published in the monthly Business Indexes release. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 62 BUSINESS ACTIVITY; CONSTRUCTION □ NOVEMBER 1969 SELECTED BUSINESS INDEXES (1957-59 = 100, unless otherwise noted) Industrial production Manu­ Prices 4 facturing 2 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 i p n i d ng u s stry u i p n ( t t c a i p i o e l m c e i n z n i r f t a g t y ) ­ . s tr 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 i o e u c e t l n o m a r u n a a y l t l ­ l - — ­ g 1 - m p E l e o m n y ­ t ­ P ro a ll y s ­ T s re a o t l t a e a s il l 3 s C um on e ­ r W c s o h a m l o e l ­ e­ 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 modity 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 84.5 173 129.2 115.2 167.8 166 121.2 108.7 165.1 165.7 157.3 183.6 165.1 166.3 127.0 204.8 5p84.0 183 129.8 115.4 171.3 169 122.2 109.1 Oct....... 166.0 167.0 159.6 183.0 165.7 167.8 120.7 208.9 | *84.2 200 130.3 115.5 172.3 168 122.9 109.1 167.5 167.9 159.2 186.5 167.6 169.1 126.4 206.9 183 130.7 115.9 173.9 168 123.4 109.6 168.7 168.1 160.1 185.3 169.3 170.2 127.4 210.1 185 131. 1 116.2 175.3 166 123.7 109.8 1969—Jan............ 169.1 168.2 161 .0 183.5 169.6 170.2 125.8 215.1 191 131.7 116.6 175.8 170 124.1 110.7 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 Hl .1 171.4 170.8 162.8 187.8 172.1 173.1 126.7 215.1 177 132.7 117.3 178.2 169 125.6 111.7 Apr....... 171.7 170.2 161.8 188.4 172.9 173.0 128.8 216.3 183 132.9 117,0 177.8 172 126,4 111.9 172.5 170.0 160.7 190.0 174.5 173.8 130.3 213.6 *84.5 210 133.3 117.0 177.7 172 126.8 112.8 173.7 170.7 161.5 190.4 176.3 174.8 134.4 215.6 180 133.8 117.6 180,3 172 127.6 113.2 July.......... 1 1 7 74 4 . . 3 6 1 1 7 7 2 2. . 8 4 1 1 6 6 4 4 . . 0 4 1 1 9 9 0 0. . 3 8 1 1 7 7 6 6 . . 5 0 1 17 7 5 5 . . 4 6 1 1 3 3 1 3 . . 2 2 2 22 2 2 2 . . 6 2 I *84.2 2 1 1 7 6 6 1 1 3 3 3 4 , . 7 2 1 1 1 1 8 7 . . 5 3 1 1 7 8 9 3 . . 8 9 1 1 7 7 2 0 1 12 2 8 8 . . 7 2 1 1 1 1 3 3. . 3 4 173.9 172.1 162.7 192.3 175.9 175.1 130.7 222.4 173 134.2 117.3 184.3 171 129.3 113.6 Oct.'1........ 173.3 171.3 161.8 191.6 175.7 174.2 130.2 224.5 ............. 134.6 117.2 183.8 172 113.9 1 Employees only; excludes personnel in the Armed Forces, Capacity utilisation: Based on data from Federal Reserve, McGraw- 2 Production workers only. Hill Economics Department, and Department of Commerce. 3 F.R. index based on Census Bureau figures. Construction contracts: F. W, Dodge Co. monthly index of dollar 4 Prices are not seasonally adjusted. value of total construction contracts, including residential, nonresidential, 5 Figure is for 3rd quarter 1968. and heavy engineering; does not include data for Alaska and Hawaii. Note.—/!// series: Data are seasonally adjusted unless otherwise noted. inc E lu m d p e l s o y d m at e a n t f o a r n A d la p s a k y a r o a ll n s d : B H a a s w ed a ii o b n eg B i u n r n e i a n u g w of it h L a 1 b 9 o 5 r 9 . Statistics data; 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 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Total construction 1........................... 54,514 61,732 5,170 6,171 4,863 4,543 4,766 4,802 5,003 5,895 7,081 r6,443 r6,298 6,523 5,140 By type of ownership: Public........................................... 19,039 19,597 1 ,549 1,728 1 ,558 1 ,278 1,546 1,572 1,632 1 ,791 2,536 *■2,326 *•2,352 2,605 Private 1...................................... 35,475 42,135 3,621 4,443 3,305 3,265 3,220 3,230 3,371 4,104 4,545 *•4,118 r3,947 3,918 By type of construction: Residential building 1............... 21,155 24,838 2,125 2,408 2,043 1,743 1,746 1 ,820 1,957 2,546 2,620 *■2,548 r2,296 2,394 1,952 Nonresidential building............ 20,139 22,512 1 ,815 2,370 1,992 1,849 2,145 1 ,885 1 ,772 2,136 2,680 *■2,357 *•2,402 2,460 2,013 Nonbuilding............................... 13,220 14,382 1,230 1,393 828 951 875 1,097 1,274 1 ,213 1,780 rl,538 rl ,600 1 ,669 1,375 Private housing units authorized. .. 1,141 1 ,330 1 ,393 1,378 1 ,425 1 ,463 1 ,403 1,477 1,421 1 ,502 1,323 1,340 1,228 H ,245 *1,181 (In thousands, S.A., A.R.) t 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 1 3,000 reporting areas with local building permit systems. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1969 □ CONSTRUCTION A 63 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Nonresidential Conser­ Period Total Total d N f e r a e n o r s m t n i i ­ a ­ l Total Indus­ Bu C il o d m in ­ gs b O u th il e d r ­ Other Total M ta i r l y i­ H w ig a h y ­ d v e m a v & t e e io n l o n t p ­ Other 2 trial mercial ings 1 1959 , 55,305 39,235 24,251 14,984 2,106 3,930 2,823 6,125 16,070 1,465 5,761 1.121 7,723 1960., 53,941 38,078 21,706 16,372 2,851 4,180 3,118 6,223 15,863 1,366 5,437 1,175 7,885 1961 ., 55,447 38,299 21,680 16,619 2,780 4,674 3,280 5,885 17,148 1,371 5,854 1,384 8,539 1962 3 59,667 41,798 24,292 17,506 2,842 5,144 3,631 5,889 17,869 1,266 6,365 1,524 8,714 19634. 63,423 44,057 26,187 17,870 2,906 4,995 3,745 6,224 19,366 1.189 7,084 1,690 9,403 1964, 66,200 45,810 26,258 19,552 3,565 5,396 3,994 6,597 20,390 938 7,133 1,729 10,590 1965. 72,319 50,253 26,268 23,985 5,118 6,739 4,735 7,393 22,066 852 7,550 2,019 11.645 1966. 75,120 51,120 23,971 27,149 6,679 6,879 5,037 8,554 24,000 769 8,355 2,195 12,681 1967. 76,160 50,587 23,736 26,851 6,131 6,982 4,993 8,745 25,573 721 8,538 2,196 14,511 1968. 84,692 56,996 28,823 28,173 5,594 8,333 4,873 9,373 27,696 824 9,295 2,046 15,531 1968—Sept. 85,266 57,444 29,350 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 8,939 4,680 9,721 28,498 1 ,028 9,214 2,099 16,157 Nov. 87,812 59,014 30,152 28,862 6,271 8,262 4,716 9,613 28,798 852 9,444 2,005 16,497 Dec. 88,068 58,899 30,937 27,962 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 5,857 9,066 5,273 9,836 29,419 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 61 ,578 30,223 31 ,355 6,050 10,020 5,140 10,145 29,327 949 July... r91 ,600 '62,484 *■29,639 32,674 6,404 10,405 5,566 10,299 *■29,116 792 Aug... 91 ,854 62,185 29,115 33,070 6,402 10,309 5,815 10,454 29,669 863 Sept.p 92,337 62,460 29,224 33,236 6,259 10,709 5,942 10,326 29,877 920 > 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 annua! rates. Figures private nonresidential groups. for period shown are Census Bureau estimates. NEW HOUSING UNITS (In thousands) Units started Private (S.A., A.R.) Government Mobile Private and public underwritten home Period (N.S.A.) (N.S.A.) ship­ Region Type of structure ments (N.S.A.) Total N e o a r s t t h­ C N e o n r t t r h a l South West fam 1- i ly 2 fa - m to i l 4 y - f m a 5- m o r o i e l r y - Total Private Public Total FHA VA 1959 1,517 268 368 512 369 1,234 283 1,554 1,517 37 458 349 109 121 1960 1,252 221 292 429 309 995 257 1,296 1,252 44 336 261 75 104 1961 ,313 247 277 473 316 974 339 1,365 1,313 52 328 244 83 90 1962 1,463 264 290 531 378 991 471 1,492 1,463 30 339 261 78 118 1963 1,610 261 328 591 431 1,021 589 1,642 1,610 32 292 221 71 151 1964 ,529 253 339 582 355 972 108 450 1,562 1,529 32 264 205 59 191 1965 ,473 270 362 575 266 964 87 422 1,510 1,473 37 246 197 49 216 1966 ,165 207 288 473 198 779 61 325 1,196 1,165 31 195 158 37 217 1967 ,292 215 337 520 220 844 72 376 1,322 1,292 30 232 180 53 240 1968 ,508 227 369 619 294 900 81 527 1,548 1,508 40 283 227 56 318 1968—Sept. ,592 290 355 613 334 944 80 568 140 134 6 23 19 5 30 Oct. ,570 217 398 628 327 965 81 524 143 141 3 27 21 5 33 Nov. .733 193 396 810 334 905 86 742 130 127 2 22 18 4 28 Dec. ,509 196 345 659 307 922 69 516 100 96 3 21 16 4 24 1969—Jan.... ,878 316 564 760 238 1,066 88 724 106 102 4 18 14 4 27 Feb.. . ,686 216 578 662 230 975 112 599 95 90 5 17 13 3 28 Mar... ,584 265 430 554 335 828 92 664 136 132 4 23 19 4 32 Apr.. . ,563 255 358 582 368 797 86 680 160 159 1 27 23 4 35 May. . ,509 243 345 587 334 883 84 542 158 156 2 25 21 4 33 June.. ,469 236 288 604 341 808 76 585 151 147 4 26 22 5 35 July... ,371 193 285 551 342 765 65 541 127 125 1 26 21 5 33 Aug.’’. ,383 187 391 528 277 720 69 594 128 125 3 27 22 4 35 Sept.P. ,517 157 369 608 384 837 91 590 131 127 4 23 18 5 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 a NOVEMBER 1969 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons, unless otherwise indicated) Civilian labor force, S.A. Period in T p s o o t p t ii a u u l l t a i n o t o i n o n a n - J la N b o o t r in fo t r h c e e T l f a o o b r t c o a e r l Employed 1 Un m r e a m e te n p 2 t l oy­ N.S.A. N.S.A. S.A. Total In nonagri- In U pl n o e ye m d ­ (pe S r . c A e . nt) Total cultural industries agriculture 1963........................... 125,154 50,583 74,571 71,833 67,762 63,076 4,687 4,070 5,7 1964........................... 127'224 51'394 75,830 73,091 69,305 64’,7 82 4’, 523 3,786 5.2 1965............................ 129’236 52,058 77,178 74,455 71’088 66’726 4,361 3J66 4.5 1966........................... 131’180 52,288 78,893 75,770 72,895 68,915 3’979 2'875 3 8 1967............................ 133,319 52^527 80’793 77’347 74’371 70,527 3,844 2’,975 3.8 1968............................ I 35'562 53,291 82^272 78,737 75,920 72,103 3’817 2’817 3.6 19683-Oct.................. (36,221 53,744 82,403 78,800 76,002 72,477 3,525 2,798 3.6 Nov................ 136'420 53,718 82,559 79,042 76,388 72,682 3 ,706 2,654 3.4 Dec............... 136'619 54,001 82,868 79,368 76,765 72,923 3'842 2,603 3.3 1969—Jan.................. 136,802 55,091 83,351 79,874 77,229 73,477 3,752 2,645 3.3 Feb................. 136,940 54,361 83,831 80,356 77,729 73,848 3,881 2,627 3.3 Mar................ 137 J 43 54,373 83,999 80 395 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 80,071 77,265 73'460 3,805 2,806 3.5 137’737 51 ,'857 83 ,'957 80,433 77,671 73,966 3,705 2,762 3.4 July................. 137’935 51 ’,617 84,277 80,756 77,874 74'323 3'551 2’882 3.6 Aug................. 138’127 52,081 84,584 81 ,054 78,187 74,553 3,634 2,867 3.5 Sept................ 138,317 53,790 84,902 81'359 78,127 74,669 3,458 3,232 4.0 Oct.............. 138,539 53,501 85,014 81 ,'486 78,325 74,993 ?; 332 3'161 3.9 1 Includes self-employed, unpaid family, and domestic service workers. Note.—Bureau of Labor Statistics. Information relating to persons 16 2 Per cent of civilian labor force. years of age and over is obtained on a sample basis. Monthly data relate 3 Beginning Jan. 1967, data not strictly comparable with previous data. to the calendar week that contains the 12th day; annual data are averages Description of changes available from Bureau of Labor Statistics. of monthly figures. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Period Total Manufac­ Mining c C o o n n s t t r r a u c c t ­ T tio ra n n s & p o p r u ta b ­ ­ Trade Finance Service Govern­ turing tion lic utilities ment 1963............................................................. 56,702 16,995 635 2,963 3,903 11,778 2 877 8,325 9 225 1964............................................................. 58’131 17 274 634 3,050 3,951 1 2 160 2 957 8 709 9'596 (965............................................................. 60 815 18*062 632 3 186 4 036 12 716 3’023 9 087 10*074 1966............................................................. 63 ’955 19*214 627 3*275 4151 13'245 3*100 9*551 10'792 1967............................................................. 65 857 19*447 61 3 3,208 4,261 13,606 3 225 10 099 11 '398 1968............................................................. 67 ,’860 19’768 610 3,267 4,313 14,081 3,383 10,592 11 ^46 SEASONALLY ADJUSTED 1968 —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 ’ 31 3 4*352 14^291 3,*453 10’787 11*949 Dec................................................ 68,875 (9 958 623 3’330 4 360 14’, 271 3 463 10*838 12’032 1969 —Jan................................................. 69 199 (9 999 626 3 338 4,353 14 412 3 490 10 900 12 081 Feb................................................ 69,487 20’061 628 4 373 14,468 3’502 10*967 12*122 Mar............................................... 69 710 20 122 626 3 374 4399 14 508 3 515 11*034 12 132 Apr................................ 69,789 2O’1H 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 *065 12 * 207 June.............................................. 70 300 20’198 622 3 466 4 467 14 665 3 557 tl 066 12’259 July. .......................................... 70 247 20*164 629 3*434 4*483 14'671 3’568 11 067 12’231 Aug............................................... 7O’5OO 20*334 631 3’410 4 484 14*702 3 581 11*120 12’238 Sept.p........................................... 70’486 20 201 631 3 414 4 482 14 731 3 590 11 153 12*284 Oct.?’............................................. 70,673 20 J 90 63 3 3,’406 4,476 14 ,'81 I 3>l 11 *251 12^305 NOT SEASONALLY ADJUSTED 1968 —Oct................................................. 68,959 20 019 574 3,503 4,363 14,302 3,430 10,732 12 036 Nov.............................................. 69,247 20 036 621 3,379 4,373 14^536 3,439 10’755 12,’108 Dec................................................ 69'805 20 008 619 3 '247 4'370 15'1 13 3'449 10'773 12 226 1969 —Jan................................................. 68 196 19 803 611 3,024 4,288 14 189 3 448 10 693 12 140 Feb................................................ 68 403 19’891 610 2,999 4,303 14,097 3 467 10’792 12 244 Mar............................................... 68 894 19'978 610 3’077 4 346 14 201 3 490 10 913 12'279 Apr................................................ 69,462 19,952 6(9 3’255 4,403 14’398 3^517 1i,044 12’274 May.............................................. 69,929 19 982 624 3’404 4'431 14’517 3,534 1 1 J3I 12’306 June............................................... 70,980 20,336 638 3^601 4*512 14,717 3,585 11 ,243 12 348 July........................ 70,347 20,1(4 645 3,681 4'528 14’, 662 3,629 11 266 11 ,822 Aug................................................ 70’607 20,435 647 3; 707 4'533 14,660 3 ,642 11 ^253 11 730 Sept.’’............................................ 70,910 20 426 639 3 656 4'531 14 717 1 601 11*186 12 154 Oct.”............................................. 71,222 20,376 634 3,610 4,498 14’849 3,597 11,262 12,396 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 Oct. 1967 Census of Governments. persons, domestic servants, unpaid family workers, and members of Beginning with 1967, series has been adjusted to Mar. 1968 benchthe Armed Forces are included. mark. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 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 Oct. Aug. Sept.’’ Oct?' Oct. Aug. Sept.’’ Oct.” Total..................................................................................... 14,545 14,922 14,779 14,766 14,731 14,971 15,003 14,952 Durable goods.................................................................... 8,462 8,823 8,703 8,695 8,521 8,691 8,756 8,754 Ordnance and accessories...................................... 183 18 1 ’174 '170 '185 '179 175 '171 Lumber and^wood products............. 519 518 515 513 524 537 525 518 Furniture and fixtures.............................................. 397 410 408 407 402 414 412 412 Stone, clay, and glass products.............................. 522 527 529 529 528 546 542 536 Primary metal industries.......................................... 1.027 1 .087 1,107 1,111 1,003 1 ,091 1 ,094 1,085 Fabricated metal products....................................... 1,089 1,128 1,124 1,121 1 ,101 I ,122 1,131 1,133 Machinery.................................................................. 1,341 1 ,366 1 383 1 ,390 I ,326 1 ,355 1 ,374 1,375 Electrical equipment and supplies............ L321 1,387 1 ,382 1,389 1'339 1,382 1,393 1,407 Transportation equipment.,,...,........................ 1,434 1 ,582 1 ,450 1 .436 1 ,460 1 ,414 1,460 1,462 Instruments and related products........................... 286 ’292 ’289 288 286 293 289 '289 Miscellaneous manufacturing industries............... 343 345 342 341 367 358 361 366 Nondurable goods............................................................... 6,083 6 099 6 076 6,071 6,210 6,280 6,247 6,198 Food and kindred products..................................... 1 , 194 1 ,204 1,202 1^201 1 ,’279 I ’330 1 ,329 I '287 Tobacco manufactures............................................ 70 70 ’ 67 65 84 77 80 78 Textile-mill products,............................................... 880 863 862 859 885 871 867 864 Apparel and related products................................. 1,249 J ,242 I ,240 1,239 1 ,267 1,259 1 ,255 1,256 Paper and allied products....................................... 543 '557 556 559 544 564 560 560 Printing, publishing, and allied industries........... 668 676 679 681 669 676 680 683 Chemicals and allied products................................ 61 3 619 613 612 610 625 613 609 Petroleum refining and related industries.............. 119 118 118 119 120 123 121 120 Rubber and misc. plastic products......................... 440 454 452 451 445 454 455 456 Leather and leather products................................... 307 296 287 285 307 301 287 285 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 Oct. Aug. Sept.” Oct.” Oct. Aug. Sept.” Oct." Oct. Aug. Sept.” Oct.” Total........................................................................ 40.9 40.6 40. 8 40.5 125.77 129.51 132.84 131.87 3.06 3.19 3.24 3.24 Durable goods........................................................ 41.6 41.3 41.5 41.2 135.43 139.33 143.45 142.42 3.24 3.39 3.44 3.44 Ordnance and accessories............................ 42.6 40.4 40.4 40. 5 140.10 139.09 141.29 141.64 3.32 3.46 3.48 3.48 Lumber and wood products,..................... 40. 7 39. 8 40.0 39. 5 107.68 111.76 113.65 111.72 2.62 2.78 2.82 2.80 Furniture and fixtures............... 40.8 40. j 40. I 39.9 104.58 107. 71 109.08 109.21 2.52 2.64 2.68 2.69 Stone, clay, and glass products.................. 42. 1 42. 1 42.0 41.7 129.93 136.75 138.13 137.57 3.05 3.21 3.25 3.26 Primary metal industries..................... 41.4 42. 0 42. 2 42. 2 147.24 160.51 162.93 160.55 3.60 3.84 3.87 3.85 Fabricated metal products.......................... 42.1 41.6 41.4 41.4 136.53 138.86 142.38 141.36 3.22 3.33 3.39 3.39 Machinery...................................................... 42. 3 42.6 42. 7 42. 5 145.09 149.94 155.00 155.13 3.43 3.57 3.63 3.65 Electrical equipment and supplies.............. 40.4 40. 4 40. 6 40.3 120.99 124.53 127.70 127.17 2.98 3-09 3. 13 3. 14 Transportation equipment.......................... 42. 5 41.2 41.7 41.6 162.92 159.17 167.11 166.69 3.78 3.93 3.96 3.95 Instruments and related products.............. 40.6 40.9 41. I 40.8 123.22 128.61 132.16 131.61 3.02 3. 16 3.20 3.21 Miscellaneous manufacturing industries... 39.4 39.0 39. 0 38.8 100.15 103.22 104.66 105.32 2.51 2.64 2.67 2.68 Nondurable goods................................................. 39.9 39.6 39.7 39.6 111.88 116.51 118.00 117.41 2.79 2.92 2.95 2.95 Food and kindred products...................... 40.8 40.9 41. I 41.3 115.21 121.30 124.02 122.43 2.81 2.93 2.96 2.95 Tobacco manufactures................. 37.7 37.2 37.4 37.9 92.58 94.50 98.81 99.96 2.38 2.52 2.54 2.55 Textile-mill products.................................... 41.2 40.9 40. 7 40.5 94.21 97.99 98.16 98.33 2.27 2.39 2.40 2.41 Apparel and related products.................. 36. 3 35.9 35.9 35.6 82.63 83.85 84.37 83.90 2.27 2.31 2.35 2.35 Paper and allied products........................... 43.1 42,8 42.8 42.6 134.54 141.04 142.99 142.00 3. 10 3.28 3.31 3.31 Printing, publishing, and allied industries. 38.6 38.4 38.3 38.2 137.39 142.82 144.75 144.01 3.55 3.70 3.75 3.76 Chemicals and allied products.............. 41.9 41.9 41 .6 41.6 138.69 145.53 146.37 146.85 3.31 3.49 3.51 3.53 Petroleum refining and related industries . 42.6 42.8 42.4 42.4 160.98 171.60 174.15 170.85 3.77 4.00 4.05 4.02 Rubber and misc. plastic products........... 41.6 40.9 40.9 40.6 125.16 126.69 129.58 127.51 2.98 3.09 3.13 3.11 Leather and leather products...................... 38.6 36.8 37.1 37.3 86.56 87.19 87.58 88.06 2.26 2.35 2.38 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 □ NOVEMBER 1969 CONSUMER PRICES (1957-59= 100) Housing Health and recreation Fur­ Appare1 Trans­ Period i . te 41 m 1 s Food Total Rent H ow o n m e e r ­ ­ F a o n u i d e l l e G a le n a c d s ­ n i a n i n s g d h s ­ up a k n e d e p p t o io rt n a­ Total M ic e a d l ­ s P o e n r a ­ l R a i e n n a g d d ­ g O a o t n o h d d e s r ship coal tricity opera­ care care recrea­ serv­ tion tion ices 1929 ....................... 59.7 55.6 85.4 1933 ........................... 45.1 35,3 60.8 [941.................... 51 3 44.2 61.4 64.3 45.2 88.3 51.2 50.6 47.6 57 3 58 2 1945 ....................... 62.7 58.4 67.5 66.1 53.6 86.4 55.4 57,5 63.6 75 0 67 3 1958........................... 100.7 101 .9 100.2 100.1 100.4 99.0 100.3 99.9 99.8 99.7 100.3 100,1 100.4 100.8 99.8 1959........................... 101.5 100.3 101.3 101.6 101,4 100,2 102.8 100,7 100.6 103.8 102.8 104.4 102.4 102.4 101 8 I960........................... 103.1 101.4 103.1 103,1 103.7 99.5 107.0 101.5 102.2 103.8 105.4 108, 1 104.1 104.9 103 8 1961............... 104.2 102.6 103.9 104.4 104.4 101.6 107.9 101.4 103.0 105.0 107.3 111.3 104.6 107.2 104.6 1962........................... 105.4 103.6 104.8 105,7 105,6 102.1 107.9 101.5 103.6 107.2 109.4 114,2 106.5 109.6 105 3 1963........................... 106.7 105.1 106.0 106.8 107.0 104.0 107,8 102.4 104.8 107.8 111.4 117.0 107.9 111.5 107.1 1964 ............. 108.1 106.4 107.2 107.8 109.1 103,5 107.9 102.8 (05.7 109. 3 1 13.6 119.4 109.2 114 1 108 8 f 965.................. 109.9 108.8 108.5 108.9 111.4 105.6 107.8 103.1 106.8 111,1 115.6 122.3 109.9 115.2 111 4 [966 ......................... 113. 1 114.2 1 11. 1 1 10.4 115.7 108.3 108.1 105.0 109.6 112.7 119.0 127.7 112.2 117.1 114 9 1967........................... 116.3 115.2 114.3 112.4 120.2 111.6 108.5 108.4 114.0 115.9 123.8 136.7 1 15.5 120.1 118,2 1968—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................. 122.9 120.9 120.9 116.0 130.0 115.9 109,1 114.2 123.3 120.6 131.9 147.4 122.1 127.5 125 1 Nov............... 123.4 120.5 121.7 116.3 131 . 1 115.9 109.9 114.8 124.0 121.2 132.4 148.2 122.8 128.0 125 4 Dec................ 123.7 121.2 122.3 116.7 132.0 116,2 110.0 115. 1 124.3 120.2 132.8 149.1 123.4 128.2 125 6 1969—Jan........... 124,1 122.0 122.7 116.9 132.7 116.7 110.2 115.2 123.4 120.7 133.3 150.2 123.7 128.4 125,6 Feb................ 124.6 121.9 123.3 117.2 133.6 116.9 110.2 115.8 123.9 122.0 133.7 151 .3 124.1 128.4 125.8 Mar................ 125.6 122.4 124.4 117.5 135.7 117.2 110.6 116.4 124.9 124.3 134.3 152.5 124.8 128.7 126, i Apr................. 126. 4 123.2 125.3 117.8 137.1 117.4 111.2 116.9 125.6 124.6 135.1 153.6 125.5 129.6 126.6 May............... 126.8 123.7 125.8 118.1 138.0 117.5 111.2 117.4 126,6 124.0 135.7 154.5 125.8 130.2 126.9 June............... 127.6 125.5 126.3 118.5 138.7 117.5 111.3 117.9 127.0 124.6 136.3 155.2 126.2 130.4 127.9 July................. 128,2 126.7 127.0 118.8 140.0 117.4 110,9 118.2 126.8 124.3 137.0 155.9 126.6 130.7 129.1 Aug......... 128.7 (27.4 127.8 119.3 141.3 117.7 111.5 118.5 126,6 124.2 137.7 156.8 126.8 131.2 130. I Sept................. 129.3 127.5 128.6 119.7 142.6 118. 1 112,0 119.0 128.7 123.6 138.4 157.6 127.3 131.6 131.3 Note.—Bureau of Labor Statistics index for city wage-earners and clerical workers. WHOLESALE PRICES: SUMMARY (1957-59=100) Industrial commodities Pro­ All Farm cessed Ma­ Period m c t o i o e m s di ­ ­ p u r c o t d s ­ f f o e a o e n d d d s s Total T t e il e e tc x s . ­ , H e id tc e . s, F e u tc e . l, C ic e h a t e c ls m . , ­ R e b t u e c r b . , ­ L b e u t e c m r . , ­ P e a t p c e . r, M e a t l e s c , . t ­ e c a q e h n u r i y n d ip ­ ­ F t e u u t r c r e n . , i­ N t m m a o l i e l n n i ­ c ­ - T e p t q r i o a o u r n n t ip a s ­ ­ ­ n c M e e o l i l s u a s ­ ­ ment erals ment 1 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 9 100 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 2 100 8 1960. 100 7 96.9 100.0 101.3 101.5 105.2 99.6 100.2 99.9 100 4 101.8 101.3 102 9 100 1 101 4 101 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 8 102 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 8 102 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 3 103 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 1015 104 1 1965 . 102 5 98 4 106.7 102.5 101.8 109.2 98 9 97 4 92 9 101 1 99 9 105 7 105 0 98 0 101 7 ina » 1966............................... 105 9 105,6 113 0 104.7 102 1 119.7 101 3 97 8 94 8 105 6 102'6 1083 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 1118 101 0 104 3 109 2 1968-—Sept.................... 109 1 102.8 115.3 109.2 106 5 120 7 102 5 97 9 100 7 122 6 105 1 112 2 115 R 104 4 108 7 111 9 Oct..................... 109 1 101 .2 114.4 109.7 107 0 122 3 101 9 97 8 1010 124 9 105 2 112 5 116 1 104 5 108 9 112 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 1007) 112 5 1969--Jan..................... 110,7 104.9 116.0 110.9 107 4 123 5 102 4 97 6 100 0 137 8 106 2 114 4 117 0 105 3 110 6 100 1 112 5 Feb..................... 111.1 105.0 116.3 111.4 107.2 123.4 102.7 97.8 100^5 144^5 106.8 ii<2 117’3 105^4 111.2 100.1 112.5 Mar.................... 1 H .7 106.5 116.4 112.0 107.1 123.4 104.2 98.0 100.9 149.5 107.4 115.8 117.8 105.7 111.9 100.0 112.5 Apr..................... 111,9 105.6 117.3 112.1 107.1 126.0 104.5 97.9 101.2 143.3 108.0 116.5 118.0 105.8 112.3 100. 1 112.7 May................... 112.8 110.5 119.4 112.2 106.9 126, 1 104.5 98.1 101.1 138.0 108.1 117,5 118,3 105.9 112.6 100.2 112.8 June................... 113.2 111.2 121.4 112.2 107,2 125.7 105,0 98.3 101,2 129.8 108.3 117.9 118.6 105.9 112.8 100,3 115.1 July.................... 113,3 110.5 1 22.0 112.4 107 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 1047 98'7 103^0 124^0 108^7 120.4 119,1 106.2 113.0 *9^9 115.9 Sept.................... 113.6 108.4 121,3 113.2 109,0 128.2 104.7 98.9 102.7 123.2 108.8 121.7 119,9 106.4 113.5 100.0 116.4 1 For transportation equipment, Dec. 1968=100, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1969 □ PRICES A 67 WHOLESALE PRICES: DETAIL (1957-59= 100) 1968 1969 1968 1969 Group Group Sept. July Aug. Sept. Sept. July Aug. Sept. Farm products: Pulp, paper, and allied products: Fresh and dried produce....................... 97.6 103. 1 106,7 103,4 Pulp, paper and products, excluding Grains..................................................... 76.5 83.7 81.9 83 4 building paper and board........ 105.5 108 9 109.2 109 3 Livestock.................................................. 106.0 126.8 123.6 119 2 Woodpulp................ . . 98 0 98 0 98 0 98 0 Live poultry.................................... .. 84. 8 90.2 92.3 89 0 Wastepaper.................... , 112^2 1112 110 3 108 4 Plant and animal fibers......................... 77.1 67.7 66,9 66. 4 Paper.................................................... 113,1 117 1 117 2 116 5 Fluid milk.................... ... 131.1 134.9 135. 1 135.6 Paperboard..................... . 90.9 93 7 95 8 95 9 Eggs......................................................... 126.7 117.0 100.5 122,5 Converted paper and paperboard.. 105,3 109 0 109 2 109 8 Hay and seeds......................................... 109.5 111.3 107.3 105.7 Building paper and board,, ............. 93.5 95.9 95 2 95 1 Other farm products.............................. 104.1 106.9 109.5 110.6 Processed foods and feeds: Metals and metal products: Cereal and bakery products................. 119.0 119.9 120.1 120.4 Iron and steel....................................... 106.7 111,1 112.7 113.2 Meat, poultry, and fish......................... 111.2 127.5 124.5 122.9 Steelmill products............................... 110.5 113.6 115.4 115.5 Dairy products............................... 129.1 133.0 133.0 133.4 Nonferrous metals............................. 121.5 136. 1 139.5 143.5 Processed fruits and vegetables....... 113.6 116.6 116.8 116.6 Metal containers................................. 1 16.8 119.7 119.7 120.3 Sugar and confectionery............ H7.6 122.3 127.2 127.2 Hardware............................................ 117.1 120.5 120.6 121.0 Beverages and beverage materials.... 110.0 112.6 112.6 113.1 Plumbing equipment.......................... 1 14.4 119,4 1 19.4 120,2 Animal fats and oils.............................. 65.5 96.4 105.0 104.0 Heating equipment............................. 95.5 97.7 97.7 98.0 Crude vegetable oils............................... 78.4 80.0 80.0 79.8 Fabricated structural metal products 108.4 112,0 112.6 112.8 Refined vegetable oils,.......................... 95.9 89.4 84,7 85.0 Miscellaneous metal products.......... 116.7 121.3 123.2 124.2 Vegetable oil end products................... 100.6 102.1 102. 1 102.1 Miscellaneous processed foods....... 116.9 119.5 119.8 121.2 Manufactured animal feeds.................. 117.5 118.7 118.2 H9,3 Machinery and equipment: Textile products and apparel: Agricultural machinery and equip... 127.7 132.3 132.3 133.0 Construction machinery and equip.. 130.3 134.8 134.9 136.1 Cotton products,................................... 105.4 105 3 105 7 105 9 Metalworking machinery and equip. 129.7 133.3 133.5 134.4 Wool products............................ 104 1 105 0 104 8 105 0 General purpose machinery and Man-made fiber textile products......... 92.5 92.6 92.7 92 1 equipment........................................ 117 9 121 5 121 8 122 6 Silk yarns............................. 177.5 168.2 177. 1 181,2 Special industry machinery and Apparel.................................................... 111.0 113.9 115.8 116.2 equipment (Jan. 196! — 100).......... 123,1 129 2 129 2 129 6 Textile housefurnishings............ 1 io.6 104.2 104.7 107,3 Electrical machinery and equip..... 103.1 104 8 1047 105,4 Miscellaneous textile products. ...... 118.4 1 20. 3 119.6 121.4 Miscellaneous machinery.................. 114.5 118 i 118.5 119,2 Hides, skins, leather, and products: Furniture and household durables: Hides and skins..................................... 106.6 123.0 123.1 128.7 Leather..................................................... 114.1 121.2 121.0 121.7 Household furniture........................... 117.8 122 8 123 0 123.0 Footwear.................................................. 128.8 132,7 132.7 134.9 Commercial furniture................ 116.1 119,5 119.5 121.7 Other leather products.......................... 112.6 117.5 117.6 117.9 Floor coverings................................... 94.8 93.2 93.2 93.2 Household appliances............ 92.6 93.0 93.0 93.0 Fuels and related products, and power: Home electronic equipment............ 80.7 77,9 77.9 77,9 Other household durable goods.... 125.3 131.2 131.4 131.4 Coal.......................................................... 105.8 1 15.4 115.5 115.9 Coke......................................................... 117.0 120.3 120.3 120.3 Gas fuels (Jan. 1958= 100)................... 120.8 121.6 121.8 123.0 Nonmetallic mineral products: Electric power (Jan. 1958— 100),,.... 101.8 102.5 102.4 103.5 Crude petroleum.................................... 99.7 104.5 104.5 104.5 Flat glass.............................................. 110.1 116.2 116.2 116.2 Petroleum products, refined................. 100.9 103.2 102.5 101.8 Concrete ingredients........................... 109.6 116. 1 116.1 116.5 Concrete products............................... 108.6 112.3 112.4 113.2 Chemicals and allied products: Structural clay products excluding refractories....................................... 113 7 116 9 117 0 117 5 Industrial chemicals........... 97.9 97.7 98 2 98 2 Refractories......................................... 1126 113 6 117 0 1172 Prepared paint...................................... 115 2 119.2 119.2 119 2 Asphalt roofing................................... 96.7 100.9 96 7 96 7 Paint materials........................................ 91 .9 93.2 93 3 93 3 Gypsum products....................... 106 6 104 9 103 2 106 1 Drugs and pharmaceuticals............ 93.0 93. 8 93.8 94.0 Glass containers.................................. 109.8 116 1 116 1 116.1 Fats and oils inedible ......................... 68.5 90 5 99 3 102.1 Other nonmetallic minerals. ............. 105.8 109 0 109.2 109.6 Agricultural chemicals and products.. 98.7 88.6 88.4 87.4 Plastic resins and materials.................. 80.6 80.2 80.7 81.0 Other chemicals and products....... 110.8 112.8 1 12.9 113.9 Transportation equipment: Rubber and products: Motor vehicles and equipment......... 104.1 106.6 106.0 106. 1 Railroad equipment (Jan. 1961 ~ 100) 107. 1 114.3 114.3 114.4 Crude rubber........................................... 85.0 90.7 92.5 90.6 Tires and tubes....................................... 99.5 98.4 99.2 99.2 Miscellaneous rubber products,...... 108.1 111.0 110.8 110.7 Miscellaneous products: Lumber and wood products: Toys, sporting goods, small arms. ammunition..................................... 109.0 111.2 1118 112.1 Lumber. ........................................... 131.5 1 33.4 131.1 129.5 Tobacco products............................... 114.9 123.4 123.5 123.8 Mil|work. . ........ ....................... 120.3 135,6 135.1 134.4 Notions................................................. 101.2 102.0 106.7 106.7 Plywood.......................... 106.7 93.9 93.6 94.4 Photographic equipment and supplies 112.8 111.4 111.4 113.9 Other wood products (Dec. 1966= 100) 107.5 115.6 116.8 116.5 Other miscellaneous products.......... 111,7 114.1 114.2 114.3 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 □ NOVEMBER 1969 GROSS NATIONAL PRODUCT (In billions of dollars) 1968 1969 Item 1929 1933 1941 1950 1964 1965 1966 1967 1968 III IV I II nip Gross national product....................................... 103.1 55.6 1245 284.8 632.4 684.9 749.9 793.5 865.7 876.4 892.5 908.7 924.8 942.3 Final purchases.............................................. ... 101.4 57.2 120.1 278.0 626.6 675.3 735.1 786.2 858.4 869.2 882.0 902.1 917.9 932.9 Personal consumption expenditures.................. 77.2 45.8 80.6 191.0 401.2 432.8 466.3 492.3 536.6 544.9 550.7 562.0 572.8 581.6 ■Durable goods................................................. 9.2 3.5 9.6 30.5 59.2 66.3 70.8 73.0 83.3 85.8 86.3 88.4 90.6 90.3 Nondurable goods........................................... 37.7 22.3 42.9 98.1 178.7 191.1 206.9 215.1 230.6 233.3 234.3 238.6 242.1 246.4 Services............................................................. 30.3 20. 1 28. 1 62.4 163.3 175.5 188.6 204.2 222.8 225.8 230. 1 235.0 240. 1 244.9 Gross private domestic investment.................... 16.2 1.4 17.9 54.1 94.0 108.1 121.4 116.0 126.3 125.2 133.9 135.2 137.4 140.9 Fixed investment ............................................ 14.5 3.0 13. 4 47.3 88.2 98.5 106.6 108.6 119.0 118.0 123.4 128.6 130.5 131.6 Nonresidential... .......................................... !0.6 2.4 9.5 27.9 61.1 71.3 81.6 83. 7 88.8 88.1 91.5 95.3 97.8 100.5 Structures........................................... 5.0 .9 2.9 9.2 21.2 25. 5 28.5 27.9 29.3 29.0 30.1 32.3 32. 1 34.0 Producers' durable equipment.............. 5.6 1.5 6.6 18.7 39.9 45.8 53. I 55.7 59.5 59. 1 61.4 63.0 65.7 66. 5 Residential structures................................. 4.0 .6 3.9 19.4 27.1 27.2 25.0 25.0 30.2 29.9 31.9 33.3 32.7 31.1 Nonfarm................................................... 3.8 . 5 3.7 18.6 26.6 26.7 24.5 24.4 29.6 29.4 31.4 32.8 32.2 30.6 Change in business inventories..................... 1.7 -1.6 4.5 6.8 5.8 9.6 14.8 7.4 7.3 7.2 10. 5 6.6 6.9 9.4 Nonfarm....................................................... 1.8 -1.4 4.0 6.0 6.4 8.6 15.0 6.8 7.4 7.5 10.7 6.6 6.7 8.9 Net exports of goods and services.................... 1.1 .4 1.3 1.8 8.5 6.9 5.3 5.2 2.5 3.6 1.2 1.5 1.6 2.0 Exports............................................................ 7.0 2.4 5.9 13.8 37.1 39.2 43.4 46.2 50.6 53.4 50.6 47.6 51. 1 57. 5 Imports............................................................. 5.9 2.0 4.6 12.0 28.6 32.3 38.1 41.0 48.1 49.7 49.4 46. 1 55.5 55.5 Government purchases of goods and services.. 8.5 8.0 24.8 37.9 128.7 137.0 156.8 180.1 200.3 202.5 206.7 210.0 212.9 217.8 Federal............................................................. 1.3 2.0 16.9 18.4 65,2 66.9 77.8 90.7 99.5 100.9 101.9 101.6 100.6 103.3 National defense......................................... 13.8 14.1 50.0 50. 1 60.7 72.4 78.0 78.8 79.3 79.0 78.5 80.6 Other. . . ............................................... 3. 1 4.3 15.2 16.8 17. 1 18.4 21.5 22. 1 22. 5 22.6 22. 1 22.7 State and local................................................ 7.2 6.0 7.9 19.5 63.5 70. 1 79.0 89.3 100.7 101.7 104.8 108.5 112.3 114.5 Gross national product in constant (1958) dollars..............•.......................................... 203.6 141.S 263.7 355.3 581.1 617 8 658.1 674.6 707.6 712.8 718.5 723.1 726.7 730.4 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 HI IV I II IIP National income, 86.8 40.3 104.2 241.1 518.1 564.3 620.6 654.0 714.4 724,1 737.3 751.3 765.7 .......... Compensation of employees 51.1 29.5 64.8 154.6 365.7 393.8 435.5 467.4 513.6 519,8 532.3 546.0 558.2 571.7 Wages and salaries. . . 50.4 29.0 62. i 146.8 333.7 358.9 394.5 423.5 465.0 470.7 482.1 493,3 504.3 516.6 Private.................. 45.5 23.9 51.9 124.4 269.4 289.6 316.8 337.3 369.0 372.7 382.8 392.5 402.0 410.0 Military.......... .3 .3 1.9 5.0 11.7 12.1 14.6 16.2 18.0 18.7 18.3 18.2 18.4 20. 1 Government civilian 4.6 4.9 8.3 17.4 52.6 57. 1 63. 1 70.0 78.0 79.3 80.9 82.5 84.0 86.6 Supplements to wages and salaries...............7 .5 2.7 7.8 32.0 35.0 41.0 43.9 48.6 49.1 50.2 52.7 53.8 55.0 Employer contributions for social in­ surance .......................... ..1........2....0..........4..0 15.4 16.2 20.3 21.8 24.4 24.7 25.3 27.3 21.9 28.6 Other labor income.................................... .6 .4 .7 3.8 16.6 18.7 20.7 22. 1 24.2 24.5 25.0 25.5 26.0 26.4 Proprietors’ income.............. 15.1 5.9 17.5 37.5 52.3 57.3 61.3 61.9 63.8 64.1 64.1 64.6 66.5 67.3 Business and professional 9.0 3.3 11.1 24.0 40.2 42.4 45.2 47.2 49.2 49.3 49.7 49.7 50. 1 50.5 Farm................................... 6.2 2.6 6.4 13.5 12.1 14.8 16.1 14.7 14.6 14.8 14.4 14,9 16.4 16.8 Rental income of persons 5.4 2.0 3.5 9.4 18.0 19.0 20.0 20.8 21.2 21.2 21.4 21.5 21.6 21.7 Corporate profits and inventory valuation adjustment....................................1..0....5.......-..1....2 15.2 37.7 66.3 76.1 82.4 79.2 87.9 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 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 41.4 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 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 23.6 23.8 23.8 24.3 24.9 Undistributed profits 2.8 — 1.6 5.7 16.0 20.6 26.7 29. 1 25.9 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 -.9 -4.2 -6.1 -6.2 -3.6 Net interest. 4.7 4. I 3.2 2.0 15.8 18.2 21.4 24.7 28.0 28.4 29.3 29.8 30.3 30,9 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

NOVEMBER 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 III IV 1 II IIP Gross national product...................................... 103. 1 55.6 124.5 284.8 632.4 684.9 749.9 793.5 865.7 876.4 892.5 908.7 924.8 942.3 Less: Capital consumption allowances.......... 7.9 7.0 8.2 18.3 56.1 59.8 63.9 68.6 73.3 73.7 74.6 75.9 77.2 78.6 Indirect business tax and nontax liability...................................................... 7.0 7. 1 11.3 23.3 58.4 62.5 65.7 70.1 77.9 79.4 81.4 83.3 85.7 88.2 Business transfer payments.................. .6 .7 .5 .8 2.5 2.7 3.0 3.2 3.4 3.4 3.5 3.5 3.6 3.6 Statistical discrepancy............................ .7 .6 .4 1.5 - 1.3 -3.1 - 1.0 -1.0 -2.5 -3.3 -3.4 -4.2 -6.5 Plus: Subsidies Jess current surplus of gover n me nt enterprises............................. 1 ........... 1 .2 1.3 1.3 2.3 1.4 .8 1. I .9 I. 1 .9 1.2 Equals: National income.................................... 86.8 40.3 104.2 241.1 518.1 564.3 620.6 654.0 714.4 724.1 737.3 751.3 765.7 Less: Corporate profits and inventory valuation adjustment................................. 10.5 — 1.2 15.2 37.7 66.3 76. 1 82.4 79.2 87.9 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 47.6 48.6 52.7 53.8 55. 1 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 56.7 58.1 60. I 61.3 62.4 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 26.4 27.4 27.9 28.5 28.9 Dividends................................................. 5.8 2.0 4.4 8.8 17.8 19.8 20.8 21.5 23.1 23.6 23.8 23.8 24.3 24.9 Business transfer payments................... .6 .7 .5 .8 2.5 2.7 3.0 3.2 3.4 3.4 3.5 3.5 3.6 3.6 Equals: Personal income................................... 85.9 47.0 96.0 227.6 497.5 538.9 587.2 629.4 6S7.9 696.1 711.2 724.4 740.5 756.2 Less: Personal tax and nontax payments.... 2.6 1.5 3.3 20.7 59.4 65,7 75.4 82.9 97.9 102.6 107.0 114.2 118.5 117.4 Equals: Disposable personal income................ 83.3 45.5 92.7 206.9 438.1 473.2 511.9 546.5 590.0 593.4 604.3 610.2 622.0 638.8 Less: Personal outlays...................................... 79.1 46.5 81 .7 193.9 411.9 444.8 479.3 506,2 551.6 560.2 566.2 577.7 588.8 597.7 Personal consumption expenditures. 77.2 45.8 80.6 191.0 401.2 432.8 466.3 492.3 536.6 544.9 550.7 562.0 572.8 581.6 Consumer interest payments............ 1.5 .5 .9 2.4 10. 1 11.3 12.4 13. I 14.2 (4.4 14.7 15.0 15.2 15.4 Personal transfer payments to foreigners............................................... .3 .2 .2 .5 .6 .7 .6 .8 .8 .8 .7 .7 .7 .7 Equals: Personal saving..................................... 4.2 -.9 11.0 13.1 26.2 28.4 32.5 40.4 38.4 33.2 38.0 32.5 33.3 41.1 Disposable personal income in constant (1958) dollars............................................................... 150.6 112.2 190.3 249.6 407.9 435.0 458.9 477.7 497.6 498.9 502.1 502.6 506.2 514.3 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 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept.p Total personal income........................... 629.4 687.9 701.1 706.2 711.5 716.0 718.7 723.9 730.7 735.6 740.0 746.1 751.4 757.5 759.8 Wage and salary disbursements........... 423.5 465.0 474.5 478.2 482.2 485.8 489.3 492.6 497.9 500.8 503.8 508.5 512.8 517.9 519. 1 Commodity-producing industries... 166.5 181.5 184.6 186.2 187.5 189.6 190.1 190.6 193.8 195.2 196.2 198.3 198.9 201.0 201.1 Manufacturing only....................... 134.2 145.9 148.6 149.6 150.5 151.8 152.4 152.5 154.9 155.8 156.3 157.8 158.5 160.5 160.6 Distributive industries...................... 100.3 109.2 111.8 112.5 113. 5 113.3 114.6 115.6 116.4 117.2 118.3 119.5 120.1 121.4 121.4 Service industries.............................. 70.5 78.3 79.6 80.8 82.0 83.0 84.5 85.6 86.3 86.4 87.0 87.8 88.0 88.8 89.5 Government....................................... 86.2 96.0 98.4 98.7 99. 1 99.9 100.1 100.8 101.4 101.9 102.3 102.9 105.9 106.8 107.2 Other labor income.......................... 22.1 24.2 24.7 24.8 25.0 25.1 25.3 25.5 25.6 25.8 25.9 26.1 26.3 26.4 26.6 Proprietors’ income.............................. 61.9 63.8 64.2 64.0 64.0 64.2 64.0 64.7 65.0 65.8 66.5 67.3 67.3 67.3 67.3 Business and professional................ 47.2 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 50.5 Farm.................................................... 14.7 14.6 14.7 14.5 14.3 14.4 14.5 14.9 15.3 15.8 16.4 16.9 16.8 16.8 16.8 Rental income........................................ 20.8 21.2 21.3 21.3 21.4 21.4 21.4 21.5 21,5 21.5 21.6 21.6 21.7 21.7 21.7 Dividends................................................ 21.5 23. 1 23.7 23.9 24.0 23.6 23.6 23.8 24.1 24.2 24.3 24.5 24.6 24.8 25.1 Personal interest income.................. ■ ■ 48.3 54.1 55.4 56.0 56.7 57.3 57.4 57.6 57.9 58.4 58.8 59.2 59.5 59.8 60.2 Transfer payments................................. 52.0 59.2 60.3 61.2 61.5 62. 1 63.0 63.5 64.3 64.7 64.9 65.2 65.7 66.1 66.3 Less: Personal contributions for social insurance......................................... 20.6 22.6 23.0 23.2 23.2 23.4 25.3 25.3 25.6 25.7 25.8 26.1 26.4 26.6 26.6 Nonagricultural income......................... 609.7 667.9 680.9 686.1 691.5 695.9 698.5 703.1 709.5 713.8 717.7 723.4 728.8 734.9 737.2 Agriculture income................................ 19.7 20.1 20.2 20.1 20.0 20.1 20.2 20.7 21.2 21.8 22.3 22.7 22.6 22.6 22.6 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

1. SUMMARY OF FLOW OF FUNDS ACCOUNTS FOR YEAR 1968 (In billions of dollars) Private domestic nonfinancial sectors Financial sectors Rest U.S. of All State Govt. Sponsored Mone­ Pvt. the sectors Discrep­ Natl, House­ Busi­ and local Total Total credit tary Coml. nonbank world ancy savings Sector holds ness govts. agencies auth. banks finance and invest­ ment Transaction category u s u s u s u s u s u s U S u s u s U S u s u s U 1 Gross saving.................................................. 139.3 . 80.8 .. . —5.6 214.6 ........ 3.6 .1 » 3.3 .................1 ...........3 .. 212.0 211.6....... 1 2 Capital consumption................................. ....... 76 2 ......... 62.3 ....... 138.5 1.3 .................7 ....... 6 . . . . 139 7 139.7....... 2 3 Net saving (1-2)........................................ - - 63 2 ■ 18 5 — 5 6 .. 76 1 .......—6 5 .. . 2 3 ....... 1 ♦ ....... 2.7 . . .. — 5 .3 .. 72 2 71.9....... 3 4 Gross investment (5 +10)............................... 136.4 ....... 73.8 ..... -4.9....... 205.3 ....... -6.3....... 3.5....... * • 2.4........ 1.0....... 1.2____ 203.6 ....... 8.4....... 208.4....... 4 5 Pvt. capital expenditures............................... 109 1 99 2 .. .. 208 3 . 1.3 .. .6....... 7 .. .. 209.6 ....... 2.3....... 209.6....... 5 6 Consumer durables................................... 83 3 .... 83 3 ....... 83.3 .. . 83.3....... 6 7 Residential construction........................... 21 2 . 9 0.. 30 2 30 2 30.2....... 7 8 Plant and equipment.................................. 4.6....... 82 9 - 87.5....... 1.3 .. .. 6........7....... 88.8....... 88.8........ 8 9 Inventory change........................................ 7.3 .. .. 7.3....... 7.3....... 7.3....... 9 10 Net financial invest. (11-12)......................... 27.3....... -25.4 ..... -4.9....... -3.1....... -6.3....... 2.1 * * 1.8....... .3....... 1.2....... -6.0....... 6.0....... -1.2......... 10 11 Financial uses................................................. 61 9 28.2 ..... 5.8....... 95 9 9.3....... 99.1 3 2 3.8 43 2 48.8 8 3....... 212.6 . 7.1_____ 11 12 Financial sources............................................. . 34.6 ....... 53.6 ....... 11.7........ 98.9 ........ 15.6 96.9 ....... 3.2 ..... 3.8 ....... 41.4 . .. 48.5 . 7.1 ....... 218.6 8.3.......... 12 13 Gold & off. fgn. exch................................ 2.0....... —1.2 .... — 12.. 1.2 2.1 .. .. 2 1 13 14 Treasury currency...................................... ................4 .2....... 2....... .2 .4 .2........................ 14 15 Demand dep. and currency........... 10.7___ 1.3....... 1.3....... 13.2....... -1.7....... .8 14.7 * ..... 1.4 ..... 13.3 .8....... .1....... 12.4 14.7 2.3....... ................. 15 16 Private domestic..................................... 10.7 . . 1.3.. . 1.3 . 13.2 .. .8 15.9 * .. . 2 4 ....... 13.5 .8....... 14.1 15.9 1.9....... ............. 16 17 U.S. Govt................................................. -1.7........ .......-1 3 — 1 1 ..... -.2 -1.7 -1.3 4-. • 17 18 Foreign.................................................... .................i 1 ♦ .1....... ........ .1 18 19 Time and svgs. accounts........................... 27.7 2.2....... 3.2 33.1 . -.2 33.0 . 20.6 -.2 12.4 ♦ .. .. 33 0 ................. 19 20 At coml. banks....................................... 15 1 2.2 ..... 3.2 .. 20.5 .... .1....... .1 20.6 . .. 20 6 .1 * ....... 20 6 ................. 20 21 At svgs. instit......................................... 12.6 12.6 , -.2 12.4 -.2 12.4 ....... 12 4 ................. 21 22 Life insurance reserves.............................. 4 5.. 4 5....... ....... 4 6 46 45 ................. 22 23 Pension fund reserves............................... 14 8 14 8 ........ 1.3 ....... 13 4 ....... 13 4 ___ 14 8 ................. 23 24 Interbank items.......................................... 3.2 3.2 1.0 2.1 2.1 1.0 .... 32 ................. 24 25 Credit mkt. insts......................................... 4.8 31.8 9.0 39.1 1.2 10.2 15.1 81.1 5.2 13.4 89.9 15.1 3.2 3.5 3.7....... 38.0 .2 45.0 11.4 2.3 3.0112.5 112.5 ................. 25 26 Corporate shares................................... -7 7 ......... — 8 -7.7 -.8 9.7 4.7 9.7 4.7 2.0 .2 .... 40 ................. 26 27 U.S. Govt, securities.............................. 7.1........ 1.8....... -.1 .. .. 8.8....... .1 13.4 8.2 3.2 -.1 3.2 3.8....... 2.8....... 1.7........ -.5.............. 16.7 ................. 27 28 State and local oblig............................... — .2 .. .4 ..... * 9.9 .2 9.9 9.7 .. 8 7.. 10.. ....... 9 9 ................. 28 29 Corp, and foreign bonds...................... 4 0 ......... 12 9 1.1 5.1 12.9 9.7 1.1 .3 .3 9.4 .8 .3 1.1 ....... 15.1 ................. 29 30 Home mortgages................................... .6 14.9 ......... 3 .2 .8 15.2 .8 -.1 13.7 .2 1.6 . 3 5.. . 8.6 .2 ....... 15 3 ................. 30 31 Other mortgages.................................... 1.0 1.1 ......... 11 0 1.0 12.1 .3....... 10.8....... .5....... 3 2.. 7.1....... ....... 12 1 ................. 31 32 Consumer credit.................................... 11 1 2.4. 2.4 11.1 8.7 ..... 4 9. . 3 8.. . . ....... 11.j ................. 32 33 Bank loans n.e.c..................................... 3 0 ......... 10 6 ....... 13.7 15.7 2.3 15,7 ... ____ 2 3 ........ -.3 ....... 15.7 ................. 33 34 Other loans............................... 1 6 4.5 5.1 .... 3 4.5 7.1 39.. .. 3.7 3.6 1.2 .2 — 1 —i 1 . .. 3.7 3.3 .6 2.0 ....... 12 7 ................. 34 35 Security credit............................................ .7 2.1 .7 2.1 3.3 2.0 13.. 2.0 2.0 .3 .2 .... 44 ................. 35 7 7 . .. 1.0 2.0 10- . - 2 0 .3....... ....... 2 0 ................. 36 37 To others................................................. 2 1 - 21 2.3 . 3 .. . - 2 0 .................2 .... 2.3 ................. 37 38 Taxes payable............................................. ......... 3.7 1 .1 3.7 3.3....... ........ —.2 .... —.2 3.4 3.5 .3........................ 38 39 Trade credit................. . . 4 14.8 7.0 .. 5 14.8 7.9 .6 • .3 . . . . .3....... .9 .7 16.6 8.6 —8.0....................... 39 40 Equity in noncorp, business.................... -3.1 .. ...........—3 1 -3.1 -3.1 .......-3 1 ................. 40 41 Miscellaneous claims................................. 1.8 .4 .9 6.9 2.6 7.3 -.3 .5 2.7 11.1 * -.1 .................2 1.9 6.5 .8 4.6 3.6 1.1 8.6 20.1 11.4....................... 41 42 Sector discrepancies (1—4)............................ 3.0 7 0 . — .7 . 9.3....... — .2 .. .. 1 . .. 9 . . .. — 9 .. . — .9......8..4....... 8.4.. .. 3.2..... 42 Note.—More current data are available on a quarterly basis from Publications Services, Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. hLUVV UIhUNDS n INUVtMbLK lyby Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1969 □ FLOW OF FUNDS A 71.1 2. SUMMARY OF FUNDS RAISED AND ADVANCED IN U.S. CREDIT MARKETS (In billions of dollars) Transaction category, or sector 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 Funds raised, by type and sector Total funds raised 1 By nonfinancial sectors. ................. 38.2 29.8 30.6 41.4 51.3 36.9 46.9 54.1 57.7 66.9 70.4 68.5 82.6 97.4 1 2 U.S. Government............................... — .8 -5.8 -2.2 9.3 7. 1 -2. 1 7.2 7.0 4.0 6.4 1.7 3.5 13.0 13.4 2 3 Public debt securities..................... -. 1 -5.5 -2.7 9.0 7.4 -2.2 6.7 6.2 4. 1 5.4 1.3 2.3 8.9 10.3 3 4 Budget agency issues...................... -.7 - .3 .4 .4 - .3 . 1 .6 .8 -. 1 1.0 .4 1.2 4. 1 3.0 4 5 All other nonfin. sectors............. 39.0 35.6 32.9 32.1 44.2 39.0 39.6 47.1 53.7 60.5 68.7 64.9 69.6 84.1 5 6 Capital market instruments.......... 26.0 24.7 25.6 29.0 30.5 26.7 31.9 33.1 35.7 37.9 39.1 39.9 48.0 50.5 6 7 Corporate equity shares............ 2. 1 2.4 2.5 2.4 2.4 1.7 2.8 .6 -.2 1.6 . 3 .9 2.4 -.7 7 8 Debt capital instruments........... 23.9 22.3 23.2 26.6 28.1 25.0 29.1 32.6 35.9 36.3 38.8 39.0 45.7 51.2 8 9 State and local govt, sec........ 5.2 3.8 4.4 5.5 6. 1 5.2 5.2 5.3 5.9 5.7 7.3 5.7 7.7 9.9 9 10 Corporate and fgn. bonds. . . 2.6 3.9 6.8 6.6 3.4 4.0 5.1 5.5 4.9 4.5 5.9 11.0 15.9 14.0 10 1 1 Mortgages............................... 16. 1 14.6 12.0 14.5 18.6 15.7 18.8 21.7 25. 1 26. 1 25.6 22.3 22.0 27.3 11 12 Home mtgs........................... 12.4 10.8 8.6 9.3 12.7 10. 1 ll.l 12.8 15.1 15.6 15.4 11.4 11.6 15.2 12 13 Other residential.................. .8 .6 .5 1.5 1.8 !.7 2.6 2.8 3.2 4.5 3.6 3.1 3.6 3.5 13 14 Commercial.......................... 2.0 2.4 2.4 2.9 3.1 3.2 4.0 4.8 5. 1 3.8 4.4 5. 7 4.7 6.6 14 15 Farm..................................... .8 .8 .6 . 7 1.0 .7 1.1 1.3 1.6 2.1 2.2 2.1 2. 1 2.1 15 16 Other private credit........................ 12.9 10.9 7.2 3. 1 13.7 12.3 7.7 14.0 18.0 22.6 29.5 25.0 21.6 33.5 16 17 Bank loans n.e.c.......................... 5.7 6. 3 2.2 1.5 5.8 3.0 2.9 5.2 6.0 8.3 14.2 10.3 9.6 13.4 17 18 Consumer credit......................... 6.4 3.5 2.6 .2 6.4 4.6 1.8 5.8 7.9 8.5 10.0 7.2 4.6 11.1 18 19 Open market paper.................... -.4 .3 .4 . 1 -.4 1.3 1.0 . 1 .7 -.3 1.0 2. 1 1.6 19 20 Other............................................. 1.3 .7 2.1 1.4 1.9 3.3 2.0 2.8 4. 1 5.1 5.7 6.4 5.2 7.5 20 21 Uy borrowing sector.................... 39.0 35.6 32.9 32.1 44.2 39.0 39.6 47,1 53.7 60.5 68.7 6t.9 69.6 84.1 21 22 Foreign............................................. .4 1.0 1.4 2.3 .8 1.9 2.5 2.1 3.4 4.9 2.6 1.5 4. 1 3.0 22 23 State and local govts..................... 5.2 3.9 4.6 5.7 6.3 5.4 5.5 5.8 6.1 6.0 7.6 6.4 7.9 10.2 23 24 Households...................................... 19.7 16.1 12.9 11.0 21.5 17.7 15.3 20.8 24.8 27.9 28.8 23.2 19.7 31.8 24 25 Nonfinancial business.................... 13.7 14.6 14. 1 13.1 15.7 14.0 16.3 18.4 19.4 21.7 29.6 33.8 37.9 39. 1 25 26 Corporate................................. 10.6 12.9 12. 1 10.1 11.5 11.3 12.4 12.7 12.4 13.7 20.5 25.4 29.3 31.0 26 27 Nonfarm noncorporate........... 1.7 .9 .9 1.6 2.3 I. 7 2.3 3.4 4.5 5.4 5.8 5.0 5.0 5.2 27 28 Farm......................................... 1.4 .9 1.1 1.4 1.9 1.0 1.6 2.3 2.6 2.6 3.3 3.5 3.5 2.9 28 Funds advanced directly in credit markets 1 Total funds raised............................... 38.2 29.8 30.6 41.4 51.3 36.9 46.9 54.1 57.7 66.9 70.4 68.5 82.6 97.4 1 Advanced directly by— 2 U.S. Government................................ .8 .7 .6 1.5 1.8 1.0 1.6 2.0 1.5 2.8 2.8 4.9 4.6 5.2 3 U.S. Govt, credit agencies, net...... .3 .2 .3 -. 1 .5 .4 . 1 .4 .3 .5 -.2 3 4 Funds advanced.............................. 1.0 1.0 1.3 .3 2.2 1.2 1.0 1.6 1.6 .7 2.2 5. 1 -. 1 3.2 4 5 Less funds raised in cr. mkt......... 1.0 .7 1.1 . 1 2.3 .6 .7 1.5 1.4 .4 2.3 4.8 -.6 3.5 5 6 Federal Reserve System.................... -.3 .2 -.7 2. 1 .3 .7 1.5 2.0 2.9 3.4 3.8 3.5 4.8 3.7 6 7 Commercial banks, net...................... 5.2 4.8 5.0 15. 1 4.7 8.9 15.7 19.5 19. 1 21.8 28.3 18.3 35.2 39.0 7 8 Pvt. nonbank finance........................ 16.9 17.3 17.3 19.1 21.4 21.8 23.8 26.6 29.9 31.0 30. 1 25.9 36.2 33.6 8 9 Savings institutions, net................ 7.5 7.6 7.2 8.7 9.6 9.8 10.9 12.9 15.5 16.0 13.7 7.8 16.9 14.5 9 (0 Insurance......................................... 9.4 9.5 10.3 10.6 12.3 12.4 13. 1 14.4 14.3 15.6 17.9 19.3 20.5 21.6 10 11 Finance n.e.c., net.......................... -. 1 .2 -.2 -.2 -.5 -.4 -.2 -.7 . 1 -.5 -1.4 -1.3 -1.2 -2.5 1 1 12 Funds advanced.......................... 5.0 1.3 2.3 1.1 4. 1 4.8 3.3 4.6 5.8 5.5 6.9 5.8 4.4 9.8 12 13 Less funds raised in inkts.......... 5. 1 1.2 2.5 1.3 4.5 5.2 3.5 5.3 5.8 6.1 8.3 7. 1 5.6 12.3 13 14 Foreign................................................. 1.0 1.3 .6 * 3.2 1.3 .8 1.5 .9 .6 -.3 -1.8 2.8 2.5 14 15 Pvt. domestic nonfinancial................ 14.6 5.2 7.6 3.4 20.0 2.6 3. 1 2.4 3.4 7.0 5.6 17.5 -1.4 13.7 15 16 Business........................................... 5.4 -3.4 . 3 .8 8.1 -3.4 .5 1.8 2.9 2.0 1.0 3.6 * 9.0 16 17 State and local govts...................... .8 .8 .6 .4 1.3 1.2 .8 1.2 1. 1 .9 2.5 3.4 .7 1.2 17 18 Households...................................... 9.2 7.8 6.3 3.0 10.9 4.5 3.0 -.8 1.3 4.0 2. 5 10.3 4.8 18 19 Less net security credit.................. .8 * -.4 .9 .2 -.3 1.3 — .2 2.0 -.2 .3 -.2 2.2 1.4 19 Sources of funds supplied to credit markets Total borrowing 1 By nonfinancial sectors.................. 38.2 29.8 30.6 41.4 51.3 36.9 46.9 54. I 57.7 66.9 70.4 68.5 82.6 97.4 1 Supplied directly and indirectly by pvt. domestic nonfinancial sectors: 2 Total................................................. 25.7 15.9 18.6 23.9 31.2 16.4 26.9 32.6 37.7 42.2 46.3 41.2 48.8 61.9 2 3 Deposits....................................... 11.1 10.7 11.0 20.6 11.1 13.8 23.8 30.3 34.4 35.2 40.7 23.7 50.3 48.2 3 4 Demand dep. and currency. . 2.5 1.2 -1.4 4.9 .6 -1.3 3.6 2.2 5.9 6.4 8.0 4.0 11.2 15.1 4 5 Time and svgs. accounts. . . . 8.6 9.5 12.5 15.7 10. 5 15. 1 20. 2 28. 1 28.5 28.8 32.7 19.7 39.1 33. 1 5 6 At commercial banks.......... 1.5 2.2 5.6 7.0 2.1 5.4 9.0 15.0 18.4 13.0 19.5 12.5 22.3 20.3 6 7 At savings instlt................... 7.1 7.3 6.9 8.7 8.5 9.6 11.2 13.0 15. 1 15.7 13.1 7.2 16.7 12.6 7 8 Credit mkt. instr., net................ 14.6 5.2 7.6 3.4 20.0 2.6 3. 1 2.4 3.4 7.0 5.6 17.5 -1.4 13.7 8 9 U.S. Govt, securities. ....... 7.3 -2.7 -.1 -2.7 12.7 -5.3 -.7 1.3 4.4 .6 2.5 6.9 -1.2 8.8 9 10 Pvt. credit mkt. instr.............. 8.1 7.8 7.3 6.9 7.5 7.7 5.1 .9 1.0 6.3 3.5 10.4 2.0 6.3 10 11 Less security debt.................. .8 ♦ -.4 .9 .2 -.3 1.3 -.2 2.0 -.2 .3 -.2 2.2 1,4 11 Other sources: 12 Foreign funds.................................. .8 1.5 . 5 .8 2.5 2.2 1.9 2.0 2.0 2.6 .8 .7 5.0 4.0 12 13 At banks...................................... -.2 .2 -. 1 .9 -.7 .9 1. I . 5 1.2 2.0 1.1 2. 5 2.2 1.5 13 14 Direct........................................... 1.0 1.3 .6 3.2 1.3 .8 1.5 .9 . 6 -.3 -1.8 2.8 2. 5 14 15 Chg. in U.S. Govt, cash bal.......... -.7 . I .2 .6 .8 1.3 -.4 .2 -1.0 -.4 1.2 -1.2 15 16 U.S. Govt, loans............................. .8 .7 .6 1.5 1.8 1.0 1.6 2.0 1.5 2.8 2.8 4.9 4.6 5.2 16 17 Pvt. insur. and pension res........... 7.9 8.4 8.9 9.0 10.4 10.6 11.2 11.7 12.6 13.9 15.7 16.7 18.7 18.0 17 18 Sources n.e.c.................................... 3.7 3.2 1.8 5.9 4.8 5.9 5.2 4.5 4.2 5.3 5.8 5.4 4.5 9.6 18 See notes on p. A-71.3, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 71.2 FLOW OF FUNDS □ NOVEMBER 1969 3. PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) Transaction category, or sector 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 Demand deposits and currency 1 Net incr. in banking system liability. . 2.3 1.8 -.7 5.8 1.4 . 1 5.6 4.5 5.8 7.4 7.6 2.6 14.3 14.7 1 2 U.S. Govt, deposits............... . . . -. 7 . I .2 .2 . 7 .9 1.3 -. 3 .2 -1.0 - .4 1. 1 —1.3 2 3 Money supply.................................. 2.9 1.7 -.9 5.6 .8 -.7 5.6 3.2 6.1 7.3 8.6 3.0 13.2 16.0 3 4 Domestic sectors......................... 3.0 1.5 - 1. 1 5. 7 .8 -.8 4.8 3. 1 6.0 6.8 8.3 3.9 12. 3 15.9 4 5 Households.............................. .6 1.0 -1.2 1.6 2. 1 -.7 .6 2.8 4. 5 6.3 7.2 3.1 10.1 ib. 7 5 6 Nonfinancial business............ 1.3 .3 .7 3.0 -2.7 -1.2 1.8 -.8 -1.0 -2. 1 -1.4 .7 -1.1 1.3 6 7 State and local govts.............. -.2 — .4 . 1 -. 1 -Li .2 .9 2.4 1.2 —. 2 —. 1 -.6 1 3 7 8 Financial sectors..................... .6 .2 .3 .8 . 5 1.2 .9 .2 .4 . 3 -. 1 1. 1 .8 8 9 Mail float................................. .8 . 3 -1. 1 . 3 1.0 1.7 1.0 -.6 -. 1 .9 2. 5 . 3 2.7 1.9 9 10 Rest of the world........................ -. 1 .2 .2 ♦ • . 1 .7 . 1 . 1 .5 .3 -1.0 .9 . 1 10 Time and savings accounts I Net increase—Total............................. 8.5 9.4 12.4 16.9 9.5 15.3 20.7 28.7 29. 5 30.4 33.1 20.2 40.8 33. 0 1 2 At commercial banks—Total. . . . 1.3 2. 1 5.5 8.0 1.0 5.8 9.4 15.6 14.3 14.5 20.0 13.3 23.8 20.6 2 3 Corporate business..................... -. 1 .9 — .4 1.3 1.9 3. 7 3.9 3.2 3.9 -. 7 4.1 2.2 3 4 State and local govts.................. -. 1 .4 .8 -.4 1.4 .9 1.0 1.6 1.7 2.4 1.3 2.4 3.2 4 5 Foreign....................................... -. 1 -. 1 .9 - .9 .3 . 3 .6 1.0 1.4 .6 .8 1.4 * 5 6 Households................................... 1.7 2.2 5.2 5.3 2.9 2.8 6.2 10.3 7.9 8.2 13.3 11.9 15.8 15.1 6 7 At savings institutions .................. 7. 1 7.3 6.9 8.9 8.4 9.5 11.3 13.1 15.2 15.9 13. 1 7.0 17.0 12.4 7 Liabilities 8 Savings and loan ass ns.......... 4.9 5.0 4.8 6.1 7.6 8. 7 9.4 11. I 10.6 8.5 3.6 10. 7 7.3 8 9 Mutual svgs. banks................ 1.8 1.8 1.7 2. 3 1.2 1.4 1.9 3. 1 3.3 4.2 3.6 2.6 5.1 4. 1 9 10 Credit unions........................... .4 . 5 .5 . 5 .6 . 5 .7 . 7 .8 1.1 1.0 . 8 1.2 1.1 10 Assets 11 Households............................. 7. 1 7.3 6.9 8.7 8.5 9.6 11.2 13.0 15.1 15.7 13. 1 7.2 16. 7 12.6 11 12 Cr. union deps. at S & L’s... * ♦ ♦ .2 -. 1 -.2 .2 . 1 . 1 .1 * -.2 .3 -.2 12 U.S. Government securities ( Total net issues.............................. .2 -5.4 -.9 9.0 9.0 -1.7 7.6 8. 3 5.5 6.7 3. 8 8.7 12.6 16.7 1 2 Household savings bonds....... .3 1 -1.9 -.5 -1.8 -.3 .8 .4 1.2 .9 .6 .6 .9 . 5 2 3 Direct excl. savings bonds. ...... -. 3 -5.4 - .7 9.5 9.2 -1.9 5.9 5.8 2.9 4.5 , 7 1.8 8.0 9.8 3 4 Budget agency issues...................... .6 .8 -.6 - .8 .2 . 2 1.4 4 5 Sponsored agency issues................ .9 .4 1.4 . I 2.2 .7 .6 1.5 1.5 .3 2.1 5.1 -.6 3.2 5 6 Loan participations......................... -1.3 -.3 -.5 .5 -.6 .5 .3 .5 -.2 .8 .4 1.3 4.0 1.7 6 7 Net acquisitions, by sector.......... .2 -5.4 — .9 9.0 9.0 -1.7 7.6 8.3 5.5 6.7 3. 8 8.7 12.6 16.7 7 8 U.S. Government (agency sec.)... * * 1.3 -. 1 . 1 8 9 Sponsored credit agencies............. . 1 .3 -.1 . 1 . 1 . 1 -. 1 .4 .4 -.4 . 1 1.0 -.1 9 10 Direct marketable...................... . | . 3 -. 1 . 1 . 3 - . 1 .4 —. 1 - . 2 . 3 .9 -. 1 10 11 FHLB special issue.......... . 1 . 1 1 .3 -.3 . 3 .6 -. 9 11 12 Federal Reserve System............... -, I . 1 -.7 2. 1 .3 . 7 1.5 1.9 2.8 3.5 3.7 3.5 4.8 3.8 12 13 Foreign................................. 1. 1 . 8 .2 . 1 3.0 .6 .4 1.3 .6 . 5 —. 2 -2.4 2. 1 —. 5 13 14 Commercial banks......................... -8.0 -2.9 8.6 -8.4 2.2 5.8 1.4 -2.6 .4 -2.3 -2.1 7.9 2.8 14 15 Direct............................................ -7.2 -2.5 -. I 8.0 -7.3 1.8 5. 1 * -3.0 - .2 -3. 1 -3.4 6.3 1.7 15 16 Agency issues.............................. -.8 -.5 .6 -1.1 ,4 , 7 1.4 . 3 .6 . 8 1.4 1.6 1.1 16 17 Nonbank finance............................ -.2 -1.0 -.2 .8 1.3 .6 2.0 -.1 2.2 ~. 1 .4 - .9 1.7 17 18 Direct............................................ -.4 -1.2 -.7 . 8 ,9 -.4 . 5 1.6 -. 3 1.9 - .6 -.2 -1.2 .6 18 19 Agency issues.............................. .2 .2 .5 * .4 .3 .3 .2 .4 . 5 .5 .3 1.1 19 20 Pvt. domestic nonfin...................... 7.3 -2. 7 -. 1 -2. 7 12.7 -5.3 -.7 1.3 4.4 .6 2. 5 6.9 -1.2 8.8 20 21 Savings bonds—Households .. . .3 -.1 -1.9 -.5 -1.8 -.3 .8 .4 1.2 .9 .6 .6 .9 .5 21 22 Direct excl. svgs. bonds,........... 6.2 -3.0 .6 -1.6 12.2 -4.8 - 1.6 .6 2.4 -. 7 . 7 3.3 -3.9 4.3 22 23 Agency issues.............................. .9 .5 1.2 -.5 2.3 -.3 . 1 .3 .8 .3 1.2 3.1 1.8 4.0 23 Private securities 1 Total net issues, by sector.................... It.2 11.4 14.6 14.7 13.2 12.6 13.8 11.8 12.3 14.5 16.1 18. 5 27.2 24.2 1 2 State and local govts...................... 5.2 3.8 4.4 5.5 6.1 5.2 5.2 5.3 5.9 5.7 7.3 5.7 7.7 9.9 2 3 Nonfinancial corporations............ 4.8 5.9 8.8 7.8 5.2 5.0 7.1 5. 1 3.6 5.4 5.4 11.4 17.0 12.1 3 4 Finance companies........................ 1.4 1.0 .7 .2 I. 1 1.5 .5 . 3 1.4 2.1 1.9 .8 1.0 .8 4 5 Commercial banks......................... 1 .3 .3 . 1 .2 .3 .6 .8 .2 .2 5 6 Rest of the world............................ * .4 .5 1.3 .7 .7 .8 1.0 1.1 .7 .8 .5 1.3 1.3 6 7 Net purchases...................................... 11.2 11.4 14.6 14.7 13. 2 12.6 13.8 11.8 12.3 14.5 16.1 18. 5 27.2 24.2 7 8 Households...................................... 5.6 5. 1 4.3 3.0 4. 3 3.0 2.1 -1.7 -2.5 1.5 1.1 3.2 -2.4 -3.9 8 9 Nonfinancial corporations............ .2 . 1 . 1 .5 . 7 -.2 -.3 .2 .2 . 5 1.0 -.4 .4 9 10 State and local govts....................... -. 1 . 1 .8 -.3 . 7 -. 1 .2 .7 1.0 .6 1.0 .9 1.1 10 11 Commercial banks......................... 1 -.2 1. 1 2.5 . 3 .4 2.6 4.4 5.2 3.7 5.0 1.9 9.7 9.0 11 12 Mutual savings banks.................... -.2 .2 .7 .7 -.2 . 1 -. 1 -. 1 -.3 1 * .3 2.3 1.6 12 13 Insurance and pension funds........ 5.6 6.8 8.0 8.0 8.5 8.7 9.7 9.6 9.0 9.1 11.2 12.9 17.4 17.5 13 14 Finance n.e.c.................................... -.9 * -.8 -.3 -.5 -.7 -.3 -.2 -.8 -1.7 -2.2 -.9 -3.7 14 15 Security brokers and dealers. . . .3 -.6 .3 -.6 .2 -.2 .4 .2 -. 1 .2 -.9 15 16 Investment cos., net.................... - .3 -.3 -.3 -.3 -.6 -.5 -.5 -.7 -.5 -.8 -1.5 -2.4 -1.1 -2.8 16 17 Portfolio purchases................ . 5 .8 .9 1.1 1.2 1.0 1.4 1.1 .8 1.1 1.6 1.4 1.5 1.9 17 18 Net issues of own shares.... .9 1.1 1.2 1.4 1.7 1.5 1.9 1.8 1.2 1 .9 3.1 3.7 2.6 4.7 18 19 Rest of the world............................ .2 .3 .2 ...........3 .3 .3 . 1 .3 -.1 -.5 .3 .6 2.2 19 Bank loans n.e.c. 1 Total net borrowing............................. 8.1 5.8 2.2 .8 6.8 3.8 3.2 6.2 7.7 8.8 16.6 9.0 7.5 15.7 1 2 Households....................................... .3 .4 .2 .7 1.0 .6 .9 .5 .4 1.5 1.4 .4 2.1 3.0 2 3 Nonfinancial business.................... 5. 1 5.6 1.6 .2 4.5 2.3 1.3 4.3 5.0 4.6 12.3 10. 1 7.7 10.6 3 4 Rest of the world............................ .4 .4 .4 .5 .2 .7 .4 .6 2.2 .4 -.2 -.2 -.3 4 5 Financial sectors........................ 2.4 -. 5 ♦ -.7 1.0 .8 .3 1.0 1.7 .5 2.4 -1.3 -2.1 2.3 5 See notes on p. A-71,3. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1969 □ FLOW OF FUNDS A 71.3 Notes to Table 2 Insurance consists of life companies, fire and casualty companies, private Funds raised, by type and sector. Credit flows included here are the pension funds, and State and local government retirement funds. Finance amounts shown on lines 25-35 of Table I by households, business, govern­ n.e.c. is finance companies, open-end investment companies, security ments, and foreigners. All funds raised by financial sectors are excluded. brokers and dealers, agencies of foreign banks, and banks in U.S. posses­ U.S. Government budget issues (line 4) are loan participation certificates sions. issued by CCC, Export-Import Bank, FNMA, and ON MA, together with Sources of funds supplied to credit markets. In this section lending by security issues by FHA, Export-Import Bank, and TV A. Issues by federally financial sectors is replaced by sources of funds to financial sectors. sponsored credit agencies are excluded as borrowing by financial institu­ Foreign funds at banks are deposits and foreign branch claims on U.S. tions. Such issues are in Une 5 of the next section of the table and in U.S. home offices. Sources n.e.c. consist mainly of retained income and mis­ Government securities in Table 3. Corporate share issues are net cash cellaneous liabilities of financial sectors less their miscellaneous assets. issues by nonfinancial and foreign corporations. Mortgages exclude loans in process. Open market paper is commercial paper issued by nonfinancial corporations plus bankers’ acceptances. Notes to Table 3 Funds advanced directly in credit markets. Net purchases, by sector, of the Demand deposits and currency. Lines 5-8 are holder record; line 9 is credit instruments shown in the section above. Financial sectors’ purchases difference between holder and bank record. are shown net of their own funds raised in credit-market forms—securities U.S. Government securities. Includes issues by sponsored credit agencies and loans on lines 25-35 of Table I. Lines 3, 6, 8, 9, and 11 reflect such not consolidated into the U.S. Government sector and not included in adjustments. In addition, security credit is included in funds advanced as funds raised in Table 2. Sponsored agencies are listed in notes to Table 4, an asset and deducted from funds advanced as a liability, netting to zero p. A-71.9. Loan participations include FNMA, GNMA, Export-Import in the totals. Security credit assets are in fines 7, 12, and 14 and subtracted Bank, and CCC certificates. Where not shown separately, loan participa­ in line 19. Security credit liabilities are in lines 13 and 19 and subtracted tions are grouped with agency issues. All figures are changes tn par values in line 14. of holdings. Lines 3-5 cover federally sponsored agencies. Savings institutions are Private securities. Total excludes open-end investment company shares, savings and loan associations, mutual savings banks, and credit unions. which are deducted on line 18. 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS (In billions of dollars) Category 1955 1956 1957 1958 1959 I960 1961 1962 1963 1964 1965 1966 1967 1968 Households1 1 Personal income................................. 310.9 333.0 351.1 361.2 383,5 400.9 416.8 442.6 465.5 497.5 538.9 587.2 629.4 687.9 1 2 Less: Personal taxes & nontaxes... 35.5 39.8 42.6 42.3 46.2 50.9 52.4 57.4 60.9 59.4 65.7 75.4 82.7 97.9 2 3 Personal outlays..................... 259.5 272.6 287.8 296.5 318.2 333.0 343.2 363.7 384.6 411.9 444.8 479.3 506.2 551.6 3 4 Equals: Personal saving, NIA basis. 15.8 20.6 20.7 22.3 19.1 17.0 21.2 21.6 19.9 26.2 28.4 32.5 40.5 38.4 4 5 Plus: Credits from Govt, insur.2. 1.8 2.6 2.2 2.5 3.0 3.3 3.5 3.6 3.7 4.2 4.8 5.3 6.0 5.4 5 6 Capital gains dividends. T .2 .3 .3 .3 .4 .4 .5 .5 .5 .6 .9 1.3 1.7 2.5 6 7 Net durables'in'consumpt.. 9.9 5.9 4.9 .6 5.5 5.1 2.9 6.7 8.9 H.2 14.8 15.2 12.4 16,9 7 8 Equals: Net saving............................ 27.7 29.3 28.1 25.6 28.0 25.8 28.0 32.4 33.0 42.1 49.0 54.3 60.7 63.2 8 9 Plus: Capital consumption......... 33.8 37.4 40.8 42.6 44.5 46.3 47.8 49.8 52.4 55.9 59.9 64.3 69.8 76.2 9 10 On owner-occ. homes..... 3.5 3.8 4.2 4.6 4.9 5.3 5.6 6.0 6.4 6.8 7. 1 7.4 7.8 8.2 10 11 On nonprofit pl. and eq.. . .5 .6 .6 .7 .8 .8 .9 1 .0 1.0 1 . 1 1.2 1.3 1.4 1.5 11 12 On consumer durables.... 29.7 33.0 35.9 37.3 38.8 40.2 41.3 42.9 45.0 48.0 51.5 55.6 60.6 66.5 12 13 Equals: Gross savings...................... 61.5 66.8 68.9 68.3 72.5 72.1 75.8 82.2 85.4 98.0 108.8 118.6 130.5 139.3 13 14 Gross investment................................. 67.5 72.3 74.3 75.0 77.7 75.3 78.7 87.1 90.3 101.3 112.4 118.8 131.6 136.4 14 15 Capital expend, (net of sales).... 62.6 61.2 61.2 57.7 68.3 67.8 64.7 71.5 76.3 82.2 89.6 94.2 94.4 109.1 15 16 Residential construction............ 21.1 20.2 18.1 17.3 21 .4 19.7 17,6 18.7 19.0 19,3 19.1 18.9 16.9 21.2 16 17 Consumer durable goods.......... 39.6 38.9 40.8 37.9 44,3 45.3 44.2 49.5 53,9 59.2 66.3 70.8 73.0 83.3 17 18 Plant and equip, (nonprofit). .. 1 .9 2.1 2.4 2.5 2.6 2.8 3.0 3.2 3.4 3.7 4.1 4.5 4.5 4.6 18 19 Net finan. investment...................... 4.9 11. 1 13.1 17.3 9.5 7.5 14.0 15.7 14.0 19.0 22.8 24.6 37.2 27.3 19 20 Net acquis, of finan. assets........ 25.5 27.5 25.9 29.8 31.5 25.3 30.9 36.6 41.1 47.2 53.0 48.2 60.9 61.9 20 21 Total deposits and curr...... 9.3 10.5 10.9 15.7 13.5 11.7 18.0 26.1 27.5 30.2 33.6 22.2 42.6 38.4 21 22 Demand dep. and curr.... .6 1 .0 -1.2 1.6 2.1 -.7 .6 2.8 4.5 6.3 7.2 3.1 10.1 10.7 22 23 Savings accounts................. 8.8 9.5 12.1 14.0 11.4 12.4 17.4 23.4 23.0 23.9 26.4 19.1 32,5 27.7 23 24 At commercial banks . .. 1.7 2.2 5.2 5.3 2.9 2.8 6.2 10.3 7.9 8.2 13.3 11.9 15.8 15.1 24 25 At savings institutions... 7.1 7.3 6.9 8.7 8.5 9.6 11.2 13.0 15.1 15,7 13.1 7.2 16.7 12.6 25 26 Life insurance reserves.......... 2.8 3.4 2.7 2.9 2.9 3.2 3.4 3.7 4.1 4.3 4.8 4.6 4.8 4.5 26 27 Pension fund reserves....... 5.6 6.2 6.7 7. 1 8.5 8.4 8.8 9.1 9.7 10.9 12.3 13.4 15.3 14.8 27 28 Credit mkt. instruments..... 9.2 7.8 6.3 3.0 10.9 4.5 3.0 -.8 1.3 4.0 2.5 10.3 4.8 28 29 U.S. Govt, securities.......... 2.5 1.1 -2.3 4.8 -.4 -.7 3.5 2.2 2.1 5.7 1.4 7.1 29 30 State and local oblig.......... 3.4 2.3 1.8 .8 3.1 3.4 1.4 .8 .8 2.0 2.3 2.1 —2.1 -.2 30 31 Corporate and fgn. bonds. 1 .1 .9 1.0 .7 .6 .1 .4 -.5 -.6 -.5 .8 2.0 4.6 4.0 31 32 Investment co. shares........ .9 1 . 1 1.2 1.4 1.7 1.5 1.9 1.8 1.2 1.9 3.1 3.7 2.6 4.7 32 33 Other corp, shares.............. .2 .9 .3 . 1 -1 .1 -1.9 -1 .5 -3.9 -4.0 -1.9 -5.0 -4.7 -7.4 -12.4 33 34 Mortgages............................ 1.2 1.5 1.9 2.3 1 .8 2.0 1 .7 1 .0 .3 .3 -.8 1.4 1.0 1.6 34 35 Net invest, in noncorp. bus... -1.8 -.7 -1.1 .5 -4.6 -3.3 -2.9 -2.1 -2.1 -3.1 -1.9 -3.5 -4.6 -3,1 35 36 Security credit......................... -.1 .3 -.2 . 1 -.1 .5 1.1 .7 36 37 Miscellaneous.......................... .5 .3 .3 .3 .5 .5 .5 .5 .5 .9 1.3 1.2 1.7 1 .8 37 38 Net increase in liabilities............ 20.6 16.4 12.8 12.5 22.0 17.8 16.9 21.0 27.1 28.1 30.2 23.6 23.7 34.6 38 39 Credit mkt. instruments........ 19.7 16.1 12.9 11 .0 21.5 17.7 15.3 20.8 24.8 27.9 28.8 23.2 19.7 31,8 39 40 Home mortgages................ 12.2 11.2 8.8 8.8 12.6 10.8 10.9 12.7 14.8 16.0 15.2 12.3 10.5 14.9 40 41 Other mortgages................ .6 .7 .8 .8 .8 .9 .9 1 .0 1.0 I .0 1.2 1.3 1.2 1.1 41 42 Instalment cons, cr............. 5.3 2.8 2.1 -.2 5.6 3.7 .9 4.8 6.8 7.2 8.6 6.2 3.4 9.0 42 43 Other consumer credit. .. . 1.0 .7 .5 .4 .8 .9 .9 1 .0 1.2 1.3 1.4 1.0 1.2 2.1 43 44 Bank loans n.e.c................. .3 .4 .2 .7 1.0 .6 .9 .5 .4 1.5 1.4 .4 2. 1 3.0 44 45 Other loans4........................ .3 .3 .5 .5 .7 .9 .8 .8 .7 .9 .9 2,0 1.3 1.6 45 46 Security credit......................... .7 -.4 1.2 -J 1.3 -.1 2.0 -.2 .8 -.2 3.3 2.1 46 47 Trade debt............................... .1 .1 .1 .2 .3 . 1 .2 .2 .3 .2 .3 .4 .4 47 48 Miscellaneous.......................... .1 .2 .2 .2 .2 . 1 .2 .2 .2 .3 .4 .3 .4 48 49 Discrepancy (13-14)........................... -6.0 -5.6 -5.5 -6.7 -5.3 -3.2 -2.9 -4.9 -4.8 -3.2 -3.6 -.1 -1.1 3.0 49 For notes see p. A-71.9. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 71.4 FLOW OF FUNDS a NOVEMBER 1969 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) Category 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 Nonfinancial business—Total | Income before taxes 1......................... 88.3 88.5 89.3 87. 1 96.2 93.4 95.7 102.4 106.9 115.3 129. 5 139.1 135.8 f 2 Gross saving......................................... 39.3 39.7 42.0 41.2 47.2 46.9 48.2 55.0 57.3 64.7 71.8 77.1 78.1 80.8 2 3 Gross investment................................. 35.1 34.5 39.4 37.5 42.4 42.5 43.8 50.0 53.5 57.7 64.6 69.1 70.9 73.8 3 4 Capital expenditures................... 4.?. 8 47.2 46.8 40.5 50.6 51.8 50.4 60.4 63.8 70.2 84.1 97.0 93.6 99.2 4 5 Fixed investment............................. 37.9 42.5 45.4 42.0 45.8 48.2 48.4 54.4 57.9 64.3 74.4 82.2 86.2 91.9 5 6 Business plant & equipment. . . 35.7 41.1 43.3 38.5 41.7 45.1 43.3 47.8 49.9 56.5 66.3 76.1 78.2 82.9 6 7 1-4 family resident, const. 2.... .9 .2 .4 1.2 .8 -.2 .9 .7 1.0 . 1 .7 -.7 2.0 .9 7 8 Other residential......................... 1.2 1.3 1.7 2.3 3.2 3.3 4.2 5.9 7.0 7.7 7.4 6.8 6.1 8.1 8 9 Change in inventories 3................. 6.0 4.7 1.3 -1.5 4.8 3.6 2.0 6.0 5.9 5.8 9.6 14.8 7.4 7.3 9 10 Net financial investment..................... -8.7 -12.7 -7.4 -3.0 -8.1 -9.3 -6.6 -10.4 -10.3 -12.4 -19.5 -27.9 -22.7 -25.4 10 11 Net increase in finan. assets......... 19.3 6.9 7.1 15.0 15.1 4.5 16. I 16.6 18.2 13.9 24.1 16.5 15.7 28.2 11 12 Net increase in liabilities 4............ 28.0 !9.6 14.5 18.0 23.2 13.7 22. 7 27.1 28.4 26.3 43.6 44.4 38.4 53.6 12 13 Credit mkt. instruments............ 13.7 14.6 14.1 13. 1 15.7 14.0 16.3 18.4 19.4 21.7 29.6 33.8 37.9 39. 1 13 14 Securities.................................. 4.8 5.9 8.8 7.8 5.2 5.0 7. 1 5.1 3.6 5.4 5.4 11.4 17.0 12. 1 14 15 Home mortgages.................... .3 -.4 -.2 .5 .2 -.6 .2 . 1 .4 -.3 . 1 -1.0 1. 1 .3 15 16 Other mortgages..................... 3.0 3. 1 2.7 4.4 5.1 4.7 6.8 8.0 9.0 9.4 9.1 9.7 9.2 11.0 16 17 Bank loans n.e.c...................... 5. 1 5.6 1.6 . 2 4.5 2.3 1.3 4.3 5.0 4.6 12.3 10. 1 7.7 10.6 17 18 Other loans 4........................... .6 .5 1.2 .2 .7 2.5 .9 .9 1.5 2.6 2.6 3.6 2.8 5.1 18 19 Trade debt................................... 9.5 4.8 1.5 4.6 6.1 1.3 6.2 4.9 5.7 3.7 9.1 7.4 4.0 7.0 19 20 Other liabilities........................... 4.8 .2 -1.0 .3 1.4 -1.5 .2 3.7 3.4 .9 4.9 3.2 -3.5 7.5 20 21 Discrepancy (2-3)............................... 4. 1 5.3 2.7 3.7 4.8 4.4 4.4 5.0 3.8 6.9 7.2 8.0 7.2 7.0 21 Farm and nonfarm noncorporate business 5 1 Net income 1.. ................................... 48.0 49.4 51.0 53.7 53.5 53.2 55.6 57.5 58.4 60.1 65.6 69.8 70.7 72.8 1 2 Gross saving 6..................................... 10.1 10.8 H.4 U.7 12.3 12.5 12.6 13.1 13.5 14.1 15.2 16.0 17.0 17.7 2 3 Gross investment................................. 10. 1 10.8 11.4 11.7 12.3 12.5 12.6 13.1 13.5 14. 1 15.2 16.0 17.0 17.7 3 4 Capital expenditures................... 12.3 11.3 12.1 13.2 13.6 12.7 13.8 16.5 18.2 18.1 21.3 19.9 21.1 22.5 4 5 Fixed investment............................. 11.3 11.4 11.3 12.2 13.0 12.2 13.3 15. 1 16.7 18.1 19.6 19.5 20.2 21.7 5 6 Change in inventories 3................. 1.0 -.2 .8 1.0 .6 .5 .5 1.3 1.5 ♦ 1.7 .4 1.0 .8 6 7 Net financial investment..................... -2.2 -.4 -.6 -1.5 -1.4 -.3 -1.2 -3.3 -4.8 -4.0 -6.1 -3.9 -4.2 -4.8 7 8 Net increase in finan. assets......... .7 .6 1.1 1.8 -1.1 — .5 .7 .5 1.0 1.0 1.1 1.2 1.5 8 9 Net increase in liabilities 4............ 2.9 1.1 1.8 3.3 .3 1.7 4.0 5.2 5.0 7.1 5.0 5.4 6.3 9 10 Credit mkt. instruments............ 3. 1 1.7 2.0 2.9 4.2 2.7 3.9 5.7 7.0 8.0 9.1 8.4 8.5 8.1 10 11 Mortgages................................ 1,5 1. 1 .9 1.9 2.2 1.6 3.0 3.5 4.5 5.5 5.4 4.5 5.8 5.5 11 12 Bank loans n.e.c...................... 1.1 .3 .4 .6 1.0 .5 .6 1.3 1.2 .8 1.7 1.7 1.3 1.1 12 13 Other Ioans 4>7....................... .6 .4 .7 .4 1.0 .6 . 3 1.0 1.3 1.7 2.0 2.2 1.4 1.6 13 14 Trade debt, net............................ 1.6 * .9 -.2 .7 .6 .6 .3 .4 . 1 . 1 1.5 1.3 14 15 Proprietors’ net investment 8.. . -1.8 -.7 -1.1 . 5 -4.6 -3.3 -2.9 -2.1 -2. 1 -3.1 -1.9 -3.5 -4.6 -3.1 15 Nonfinancial corporate business I Profits before tax............... 42.0 41.8 39.8 33.7 43.2 40.1 40.2 44.6 49.1 55.7 65.7 71.1 66.2 75.6 I 2 Less’ Profits tax accruals................. 19.8 19.7 18.9 16.2 20.7 19.5 19.7 20.8 22.8 24.2 27. 5 30.0 28.1 35.6 2 3 Net dividends paid................. 9.4 10. 1 10.4 10.2 10.9 11.6 11.6 12.7 14.2 14.9 16. 8 18.1 19.0 20.3 3 4 Equals' Undistributed profits...... 12.8 12. 0 10.6 7. 3 11.6 9.0 8.9 11.0 12. 6 16. 5 21.3 22. 9 19. 1 19.7 4 5 Plus: Fgn. branch profits, net.......... 1.1 1.2 1.3 1.0 1.0 1.0 1.3 1.3 1.5 1.8 1.8 1.8 2. 1 2.4 5 6 Inv, valuation adj......... -1.7 -2. 7 -1.5 — .3 — .5 .2 —. 1 . 3 —. 5 — .5 - 1.7 -1.8 - 1. 1 -3.2 6 7 Capital consumption........ 17.0 18.4 20.3 21.4 22.9 24.2 25.4 29.2 30?8 32. 8 35.2 38.2 41.2 44. 3 7 8 Equals: Gross internal funds............ 29.2 28.9 30.6 29.5 35.0 34.4 35.6 41.8 43.9 50. 5 56.6 61.2 61,2 63. 1 8 9 Gross investment (10-|-15)................ 25.0 23.7 27.9 25.8 30.2 30.0 31.2 36.9 40.0 43.6 49.4 53. 1 54.0 56.1 9 to Capifnl expenditures.......... 31.5 35.9 34.7 27.3 36.9 39.0 36.7 44.0 45.6 52.1 62.8 77.1 72.5 76.7 10 11 Fixed investment............................. 26.6 31.0 34.1 29.8 32.8 36.0 35.1 39.3 41.2 46.2 54.9 62.7 66.0 70.2 11 12 Plant and equipment.................. 25.8 30.7 33.4 28.4 31.1 34.9 33.2 37.0 38.6 44.1 52.8 61.6 63.8 68.0 12 13 Residential construction............ .8 .4 . 7 1.4 1.7 1. 1 1.9 2.3 2.6 2.1 2.0 11 2.2 2.2 13 14 Change in inventories 3 ......... 4.9 4.9 .6 -2. 5 4.1 3.0 1. 5 4.7 4. 3 5.9 7.9 14.4 6.4 6. 5 14 15 Net financial investment..................... -6.5 -12.2 -6.8 -1.5 -6.8 -9.0 -5.4 -7.1 -5.5 -8.5 -13.4 -24.0 -18.5 -20.7 15 16 Net acquis, of finan. assets............ 18,6 6,3 6.0 13.2 16.2 4.7 15,6 16.0 17. 7 12.8 23.1 15.5 14.5 26.6 16 17 Liquid assets................................ 5.5 -4.1 -. 2 2.6 5.6 — 3.3 3.7 3.5 4.1 1.2 1.7 1.9 1.6 10. 1 17 18 Demand dep. and curr...... 1.0 . 1 * 1.5 - 1.0 -.5 1.7 -.9 -.8 -2.3 -1.5 .7 -1.2 1.3 18 19 Time deposits.......................... -. 1 ,9 — .4 1.3 1.9 3.7 3.9 3.2 3.9 — .7 4.1 2.2 19 20 U.S. Govt, securities........ 4.2 -4. 5 -.4 6.6 -5.4 — .2 . 5 . 5 -1.5 — 1.6 -1.2 -2. 5 1.8 20 21 Open mkt. paper.................... . 1 —. 3 — .2 1.6 .3 . 5 .9 1.6 . 5 2.0 L 5 4.5 21 22 State and local oblig,............. .2 . 1 . 1 .5 .7 -.2 * -.3 .2 .2 . 5 1.0 -.4 .4 22 23 Consumer credit......................... .7 . 5 . 3 .6 .8 .4 .2 .7 1.0 1.3 1.2 1.2 .9 1.7 23 24 Trade credit........................... 11.4 7.5 2.8 8.3 7.7 5.3 9?5 8.5 8.1 8.1 15.1 11.3 8.8 14.8 24 25 Other financial assets 9............. 1.0 2.4 3.1 1.8 2.0 2.3 2.2 3.2 3.9 2.2 5. 1 1.0 3.2 . 1 25 26 Net increase in liabilities............... 25.0 18.5 12.8 14, 7 23.0 13. 7 21.0 23.1 23.2 21.3 36.5 39.4 33.0 47.3 26 27 Credit mkt. instruments............ 10.6 12.9 12. 1 10.1 11.5 11.3 12.4 12.7 12.4 13.7 20. 5 25.4 29.3 31.0 27 28 Corporate bonds..................... 2.8 3.6 6.3 5.7 3.0 3.5 4.6 4.6 3.9 4.0 5.4 10.2 14.7 12.9 28 29 Corporate stock.............. 1.9 2.3 2.4 2. 1 2.2 1.6 2.5 .6 -.3 1.4 1.2 2.3 -.8 29 30 Mortgages.......................... 1.8 1.6 1.6 2.9 3.0 2.5 4.0 4. 5 4,9 3.6 3.9 4.2 4.5 5.8 30 31 Bank loans n.e.c..................... 4.0 5.3 1.2 — .4 3.5 1.8 .7 3.0 3.7 3.8 10.6 8.4 6.4 9.6 31 32 Other loans 18..................... . 5 — .2 — .3 1.9 .6 .2 .9 .6 1.4 1.4 3.6 32 33 Profit tax liability....................... 4. 1 -2.0 -2. 1 -2.6 2.4 -2.2 1.4 .6 1.9 . 5 2.2 .2 -4. 1 3.7 33 34 Trade debt............................... 7.9 4.7 .6 4. 8 5. 5 . 7 5.5 4.6 5.3 3.6 9. 1 7.3 2.6 5.7 34 35 Other liabilities . ......................... 2. 5 2.9 2.2 2.4 3.6 4.0 1.7 5.2 3.7 3. 5 4.6 6. 5 5.2 6.9 35 36 Discrepancy (8—9)............................... 4. 1 5.3 2. 7 3.7 4.8 4.4 4.4 5.0 3.8 6.9 7.2 8.0 7.2 7.0 36 37 Memo: Net trade credit.................... 3.5 2.8 2.2 3.5 2.2 4.6 4.0 3.9 2.8 4. 5 5.9 4.0 6.2 9.2 37 38 Profits tax payments 11..................... 17.0 22. 1 21.3 18. 7 18.2 21.6 18.0 20.4 20.4 23.6 25.8 30.5 32.7 32.0 38 For notes see p. A-71.9. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1969 □ FLOW OF FUNDS A 71.5 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) Category 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 State and local governments—General funds 1 -1.3 -.9 -1.4 -2. 3 -.8 .2 -.5 .9 1.2 1.7 1.0 1.3 -2.0 -1.5 1 2 Less: Retirement cr. to households. 1.3 1.4 1.6 1.5 2.0 2.3 2.5 2.5 2.4 2.8 3.3 4.0 4.6 4.1 2 3 Equals: Gross saving......................... -2.6 -2.3 -3.0 -3.8 -2.8 -2. 1 -3.0 -1.6 - 1.2 -1. 1 -2.4 -2.7 — 6.6 -5.6 3 4 Net financial investment..................... -4.6 -3.5 -3.8 -4.8 -5.3 -4.1 -3.7 -2.8 -1.1 -2.2 -3.1 -2.1 -5.8 -4.9 4 5 Net acq. of finan. assets................. . 7 .4 1.0 1.1 1.1 1.5 2.0 3.1 5.3 4.1 4.9 4.8 2.6 5.8 5 6 Curr. and demand deposit........ - .2 -.4 . 1 -. 1 . 1 -1. 1 .9 2.4 1.2 — .2 -.1 -.6 1.3 6 7 Time deposits............................. -.1 .4 .8 -.4 1.4 .9 1.0 1.6 1.7 2.4 1.3 2.4 3.2 7 8 Credit mkt. instruments............ .8 .8 .6 .4 1.3 1.2 .8 1.2 1. 1 .9 2.5 3.4 .7 1.2 8 9 U.S. Govt, securities.............. .7 .7 .3 - .4 1.3 .5 .3 .9 .3 -. 1 1.9 2.4 -.2 -.1 9 10 Direct............................... .6 .6 1.0 .6 . 1 .8 .3 -.2 1.3 2.2 -.9 -.8 10 11 U.S. Govt, agency sec....... * * -.3 .3 * . 1 . 1 . 1 .6 .2 .7 .6 1 1 12 State and local sec.................. * . 1 . 1 -.2 -.2 -. 1 -. 1 12 13 Corporate bonds..................... -. 1 . 7 -.3 .7 -.2 .4 1.0 1. 1 . 7 1. 1 .9 1.1 13 14 Home mortgages.................... . 1 .2 .2 .3 -. 1 .7 . 1 . 2 14 15 Tax receivables........................... . 2 * -. 1 -. 1 . 1 * * . 1 .2 .2 . 1 . 1 15 16 Net incr. in liabilities...................... 5.3 4.0 4.8 5.9 6.4 5.5 5.7 6.0 6.4 6.2 8.0 6.9 8.4 10.7 16 17 Credit mkt. borrowing............. 5.2 3.9 4.6 5.7 6.3 5.4 5.5 5.8 6. 1 6.0 7.6 6.4 7.9 10.2 17 18 State & local oblig,................ 5.2 3.8 4.4 5.5 6. 1 5.2 5.2 5.3 5.9 5.7 7.3 5.7 7.7 9.9 18 19 Short-term........................... . 1 .2 .4 .4 .2 .2 .2 .5 . 6 .6 .7 1.7 1.6 19 20 Other..................................... 5.1 3.7 4.2 5. 1 5.7 5.0 5.0 5. 1 5.5 5.2 6.7 5.1 6. 1 8.3 20 21 U.S. Govt, loans. ................... .2 .2 .2 .2 .2 .5 .2 .3 .3 .6 .2 .3 21 22 Trade debt................................... .2 . 1 .2 .2 . 1 . 1 .2 . 1 .2 .3 .4 .5 .5 . 5 22 23 Discrepancy (7-8)............................... 2.0 1.3 .8 .9 2. 5 2.0 .7 1.2 -.2 1.1 .7 -.7 -.8 -.7 23 U.S. Government 2 72.1 77.6 81.6 78.7 89.7 96.5 98.3 106.5 1 14.5 115.0 124.7 142.5 151.1 176.3 1 2 Personal taxes................................. 31.4 35.2 37.4 36.8 39.9 43.6 44.7 48.6 51.5 48.6 53.8 61.7 67.5 79.5 2 3 Corp, profits tax accruals.............. 20.6 20.6 20.2 18.0 22.5 21.7 21.8 22.7 24.6 26.4 29.3 32. 1 30.6 38.3 3 4 Indirect taxes................................... 10.7 11.2 11.8 11.5 12.5 13.5 13.6 14.6 15.3 16. 1 16.5 15.7 16.3 18.0 4 5 Insurance receipts.......................... 9.3 10.6 12.2 12.4 14.8 17.7 18.2 20.5 23. 1 23.8 25. 1 33.0 36.7 40.5 5 6 Total expenditures, NIA basis......... 68.1 71.9 79.6 88.9 91.0 93.0 102.1 110.3 113.9 118.1 123.5 142.8 163.5 181.5 6 7 Goods and services........................ 44. 1 45.6 49.5 53.6 53.7 53.5 57.4 63.4 64.2 65.2 66.9 77.8 90.7 99.5 7 8 Grants and donations.................... 11.0 12.0 13.1 14.9 15.6 15.7 18.3 19.4 20.5 22.8 24.2 29.0 30.8 33.5 8 9 Net interest...................................... 4.9 5.3 5.7 5.6 6.4 7. 1 6.6 7.2 7.7 8.3 8.7 9.5 10.0 11.6 9 10 Insurance benefits........................... 8.0 9.0 11.2 14.8 15.3 16.8 19.8 20.3 21.3 21.8 23.7 26.4 32.0 36.9 10 11 Net surplus, NIA basis............ 4.0 5.7 2. 1 -10.2 -1.2 3.5 -3.8 -3.8 .7 -3.0 1.2 -.2 -12.4 -5.2 11 12 Less: Insur. credits to households3. .5 1.2 .5 1.0 1.0 1.0 1.0 1.1 1.3 1.4 1.4 1.4 1.4 1.3 12 13 Equals: Gross saving......................... 3.5 4.6 1.5 -11.2 -2.2 2.5 -4.8 -4.9 -.6 -4.4 -.2 -1.6 -13.8 -6.5 13 14 Net financial investment..................... 3.6 3.6 1.2 -11.1 -2.7 1.7 -5.4 -4.6 -1.0 -2.8 -.8 -.1 -12.5 -6.3 14 15 Net acquis, of finan. assets........... 2.8 -.5 -.6 -.8 4.9 .9 3.0 3.7 3.9 4.5 3.0 5.4 2.8 9.3 15 16 Demand deposits & currency.. -.3 -.3 . 1 .3 .7 1.0 .9 -.4 .6 -1.4 1 1.0 -1.7 16 17 Credit market instruments........ .8 .7 .6 1.5 1.8 1.0 1.6 2.0 1.5 2.8 2.8 4.9 4.6 5.2 17 18 Agency securities4.................. * * 1.3 -. 1 . 1 18 19 Mortgages................... .3 .3 .4 1.3 .2 .4 . 1 -.4 -. 1 -. 1 .8 .9 1. 1 19 20 Other loans.............................. .5 .7 .3 1.1 . 5 .8 1.2 1.9 1.9 2.9 2.9 2.8 3.8 3.9 20 Excess of tax accruals 21 Over receipts........................... 2.3 -2. 1 -2.3 -2.4 2.4 -1.4 .7 .8 1.8 1. 1 1.2 -.7 -4.6 3.3 21 22 Other financial assets5............... * 1.3 .9 -.2 • .3 .7 -. 1 1.0 . 1 .5 1.3 1.8 2.5 22 23 Net increase in liabilities......... -.8 -4.1 -1.9 10.3 7.6 -.7 8.4 8.3 4.9 7.3 3.8 5.5 15.3 15.6 23 24 U.S. Govt, securities.................. -.8 -5.8 -2.2 9.3 7. 1 -2. 1 7.2 7.0 4.0 6.4 1.7 3.5 13.0 13.4 24 25 Savings bonds—households.. .3 1 -1.9 -.5 -1.8 -.3 .8 .4 1.2 .9 .6 .6 .9 .5 25 26 Direct excl. svgs. bds.............. -.3 -5.4 -.7 9.5 9.2 -1.9 5.9 5.8 2.9 4.5 .7 1.8 8.0 9.8 26 27 Budget agency sec.6............... -.7 -.3 .4 .4 -.3 . 1 .6 .8 -. 1 1.0 .4 1.2 4. 1 3.0 27 28 Life & retirement reserves........ . 5 1.2 . 5 1.0 1.0 1.0 1.0 1. 1 1.3 1.4 1.4 1.4 1.4 1.3 28 29 Other liabilities........................... -.5 .5 -. 1 * -.5 .3 . 1 .2 -.3 -.5 .7 .6 .9 .9 29 30 Discrepancy (13-14).......................... —. 1 1.0 .3 -. 1 .4 .8 .5 -.3 .4 - 1.6 .6 -1.5 -1.3 -.2 30 31 Memo: Corp, tax receipts, net........ 18.4 22.8 22.4 20.4 20.0 23.2 21.0 21.9 22.8 25.3 28. 1 32.8 35.1 35.0 31 Federally sponsored credit agencies6 1 Current surplus.................................. ♦ * * * * * . 1 . 1 . 1 . 1 . 1 . 1 . I .1 1 2 Net increase in assets......................... l .0 1.0 1.4 .3 2. 3 1.2 1.1 1.7 1.5 .7 2.3 5.3 -. 1 3.2 2 3 Credit mkt. instruments................ 1.0 1.0 1.3 .3 2.2 1.2 1,0 1.6 1.6 .7 2.2 5.1 -.1 3.2 3 4 U.S. Govt, securities.................. . 1 . 3 I 1 .4 .4 -.4 . 1 1.0 -.1 4 5 Residential mortgages............... . 1 .6 1.0 -.3 .7 .9 -.8 1 . 5 1.9 I. 1 1.6 5 6 Farm mortgages......................... .2 .2 . 2 .2 . 3 .2 .3 . 2 . 3 .4 .6 . 7 .7 .5 6 7 Other loans.................................. .6 .2 . 3 1.2 .9 1.0 1.7 .8 1.0 1.6 -1.8 1.2 7 8 To coops (BC)........................ * . 1 . 1 . 1 * . 1 . 1 . I .2 .2 .1 8 9 To farmers (FICB)................. . 1 .2 . 2 .2 . 1 . 1 .2 .3 . 1 .3 .4 . 5 .2 9 10 To S & L’s (FHLB).............. .6 -.2 * * .8 -.2 .7 .8 1.3 . 5 .7 .9 -2.5 .9 10 11 Net increase in liabilities................... .9 1.0 1. 3 .3 2.3 1.2 1. 1 1.6 1.4 . 7 2.2 5.2 -.2 3.2 11 12 Credit mkt. instr,.,,.. ................... 1.0 . 7 1. I . 1 2.3 .6 . 7 1.5 1.4 .4 2.3 4.8 -.6 3.5 12 13 Agency securities........................ .9 .4 1.4 . 1 2.2 .7 .6 1.5 1.5 . 3 2. 1 5. 1 -.6 3.2 13 14 U.S. Govt, loans......................... . 1 . 3 -. 3 . 1 , I -. 1 . 1 .2 -.2 -. 1 .2 14 15 Miscellaneous liabilities................ -. 1 .2 .2 .2 ♦ .6 .4 .1 -. 1 .3 * .4 .5 -.3 15 For notes see p. A- 71.9. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 71.6 FLOW OF FUNDS □ NOVEMBER 1969 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) I960 | 1961 Category 1955 1956 1957 1958 1959 1962 1963 1964 1965 1966 1967 1968 Monetary authorities 1 * 1 Current surplus................................... * . 1 . 1 . 1 -.2 * . 1 . 1 . 1 -.5 * * * 1 2 Net acquis, of financial assets........... .6 .5 -.2 -1. 1 1.4 1.7 2.2 3.4 2.3 4.2 4.8 3.8 2 3 Gold and foreign exchange 2........ * .3 .9 -2.3 -I. 1 -1.7 -.8 -.8 -.4 -1.3 -.3 -.5 -1.2 3 4 Treasury currency........................... . 1 . 1 . 1 . 1 . 1 .2 -.2 .2 .7 .5 .2 4 5 F.R. float......................................... .8 -.2 .3 .3 .5 .6 -.3 -.4 .3 1.0 5 6 F.R. loans to domestic banks.. . . . 1 1 * * .4 -.4 . 1 -. 1 .1 -. 1 . 1 * 6 7 Credit mkt. instruments................. -.3 .2 -.7 2. 1 .3 .7 1.5 2.0 2.9 3.4 3.8 3.5 4.8 3.7 7 8 U.S. Govt, securities.................. - . 1 . 1 -.7 2. 1 .3 .7 1.5 1.9 2.8 3.5 3.7 3.5 4.8 3.8 8 9 Net increase in liabilities.................... .6 .5 -.3 .2 -I. 1 1.3 1.6 2.1 3.8 2.2 4.2 4.7 3.8 9 10 Member bank reserves.................. . 1 . 1 -.5 -.3 - 1. 1 .3 . 1 -.4 1.0 .4 1.3 1.2 .9 10 1 1 Vault cash of com!, banks 3......... .2 .6 . 1 -. 1 - .2 .3 .3 .7 .6 -.4 .3 .6 .5 1.3 11 Demand deposits and currency 12 U.S. Government.................. -.2 . 1 ♦ -.2 -.1 . 1 .3 .2 .2 .9 -1.1 12 13 Foreign 4...................................... -. 1 -.1 1 . 1 -. 1 . 1 -.1 . 1 -.1 .2 * 13 14 Currency outside banks............ .4 .4 .6 -. 1 .7 .8 1.7 2.4 2.1 2.0 2.1 2.4 14 15 Other................................................. . 1 -.2 -.1 .2 - . 1 . 1 -. 1 ♦ * . 1 * -.1 ♦ .2 15 Commercial banks 5 1 Current surplus................................... 1.2 1.5 1.4 1.1 1.9 1.6 1.3 1.5 1.7 1.9 2.1 2.5 2.8 3.3 1 2 Net acquisition of financial assets. . . 5.4 6.1 5.8 14.7 4.4 9.0 17.2 20.8 20.0 23.6 30.5 21.7 38.3 43.2 2 3 Total loans and investments......... 5. 1 5. 1 5.3 15.2 4.8 9. 0 15.8 19.6 19.4 22.4 29. 1 18.4 35.4 39.2 3 4 Credit market instruments........ 4.5 5.9 5.4 14.7 4.6 8.7 14.7 18.5 18.8 21.9 29.0 17.8 33.9 38.0 4 5 U.S. Govt, securities.............. -8.0 -2.9 * 8.6 -8.4 2.2 5.8 1.4 -2.6 .4 -2.3 -2. 1 7.9 2.8 5 6 Direct................................... -7. 2 — 2. 5 — . | 8.0 -7.3 1.8 5. 1 — 3.0 - .2 -3. 1 — 3.4 6. 3 1.7 6 7 Agency issues...................... . 5 -. 2 . 5 . | - . 5 | . 4 .9 . 5 1. 1 1.6 -1.3 1. 1 7 8 Loan partic. ctfs................. -1.3 - . 3 —. 5 . 5 - .6 . 5 . 3 . 5 -.2 .6 -. 3 -. 2 2.9 * 8 9 Other securities & mtg...... 2. 3 1.5 1.7 4. 7 2. 8 1. 1 4.2 8.3 10. 1 8.2 10.6 6.6 14.3 15.7 9 10 State and local oblig.......... . 1 .2 1.0 2.6 .4 .6 2.8 4.4 5.2 3.6 5. 1 1.9 9.0 8.7 10 1 1 Corporate bonds................. -.2 - .4 —. 1 — . | —. 2 . 2 . 1 —. 1 . 1 .8 . 3 11 12 Home mortgages............... 1.8 1.2 1.2 1.5 * .8 2.0 2. 7 2.3 3.1 2.4 2.4 3.5 12 13 Other mortgages................. .6 . 5 . 5 .9 1.0 .6 . 8 1.9 2.2 2.2 2. 5 2.3 2.2 3.2 13 14 Other credit exc. security. . . 10.3 7.3 3.7 1.5 10.2 5.5 4.7 8.8 11.3 13.4 20.7 13.3 11.7 19.5 14 15 Consumer credit................. 2.3 1.4 1.2 . 2 2.9 1.7 .9 2.3 3.5 3.8 4.6 2.6 1.8 4.9 15 16 Bank loans n.e.c.................. 8.2 5.8 2.2 .7 6.8 3.8 3.2 6.2 7.7 8.8 16.6 9.1 7.5 15.7 16 17 Open market paper............ -.3 . 1 . 3 .6 .6 .7 .3 . 1 . 7 - . 5 1.6 2.4 -1.1 17 18 Security credit..................... .6 -.8 -. 1 .4 .2 .2 1.1 1.1 .6 . 5 . 1 . 5 1.5 1. 3 18 19 Vault cash & mem. bk. res....... . 3 .6 -.6 - .6 -.8 .6 .7 .2 .6 . 7 1.9 1.7 2. 1 19 20 Misc. assets...................................... -. 1 . 4 .4 .2 .8 , 7 . 5 .4 . 6 .7 1.4 1.2 1.9 20 21 Net increase in liabilities.................... 4.8 5.6 5. 2 13.9 3.9 7.9 16.1 19.8 19.3 22.0 29.2 20.5 36.6 41.4 21 22 Demand deposits, net.................... 2.1 1.7 -.7 5.6 .8 .3 4. 8 3.7 3.8 4.8 5.6 . 3 11.3 13.3 22 23 U.S, Government........................ -.5 . 2 .4 .8 .9 1.2 — .6 - i .0 —. 5 .2 -.2 23 24 Other 6.......................................... 2.6 1.7 - .9 5.3 * -.6 4.8 2.5 4.4 4.9 6.6 .8 11.1 13. 5 24 25 Time deposits................................... 1.3 2. 1 5.5 8.0 1.0 5.8 9.4 15.6 14. 3 14.5 20.0 13.3 23. 8 20.6 25 26 Large neg. CD’s.......................... 3.2 3.0 3.7 2.7 3.8 -.8 4.7 2. 5 26 27 Other............................................ 1.3 2. 1 5. 5 8.0 1.0 5.8 6.2 12.6 10.7 11.8 16.2 14.0 19. I 18. 1 27 28 F.R. float......................................... . 8 . I —. 2 —. 1 . 3 .3 . 5 .6 - . 3 - .4 . 3 1.0 28 29 Borrowing at F.R. Banks.............. . 1 1 * .4 -.4 . 1 - . 1 . 1 -.1 . 1 ♦ * 29 30 Security issues................................. -. 1 . 3 . 3 . 1 . 1 . 2 . 1 . 3 .6 .8 . 2 .2 30 31 Other liabilities................................ . 5 1.5 .4 . 3 1.2 1 .8 1. 3 -. 1 1. 1 2.0 3.2 6.6 1.3 6.3 31 32 Discrepancy.......................................... .5 .7 .6 1.0 .3 * .3 .5 * .4 .8 .7 .9 32 For notes see p. A-71.9. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1969 □ FLOW OF FUNDS A 71.7 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) Category 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 Private nonbank financial institutions—Total 1 1 Current surplus................................... 1.5 1.3 1.1 1.5 1.7 1.7 2.0 2.2 1.7 1.2 1.4 1.6 1.4 . I 1 2 Physical investment (life ins.)........... . 4 .4 .4 .4 . 5 . 3 . 4 . 3 . 5 . 5 .4 . 5 .6 , 7 2 3 Net acquis, of financial assets...... 23.8 19.4 21.0 22.6 27.9 28.3 31.2 35.6 39.3 39.8 41.3 34.9 44.5 48.8 3 4 Dem. deposits and currency........ .5 .2 • 3 .8 . 1 .5 1.2 .9 .2 .4 .4 -. 1 1. 1 .8 4 5 Time deposits (MSB).................... * -. 1 * -. I . 1 * . 1 5 6 Svgs. and loan shares (Cr. union) .2 -. 1 -.2 .2 . 1 . 1 . 1 -.2 .3 -.2 6 7 Credit mkt. instr.............................. 22. 1 18. 1 20.0 19.8 26.9 26.7 27.3 33.5 35.7 37.9 39.0 33.2 37.2 45.0 7 8 U.S. Govt, securities.................. -.2 -1.0 -.2 .8 1.3 .6 2.0 1 2.2 1 . 4 -.9 I. 7 8 9 State and local oblig.................... 1.3 1.2 1.3 1. 5 1.9 1.4 1.1 .6 -. 5 .8 1.2 1.0 9 10 Corporate and fgn. bonds........ 3. 1 4.4 6.2 5.4 4.5 5.0 5.6 6.0 6.2 6. 2 7.4 8.0 11.1 9.4 10 1 1 Corporate stocks........................ 1.7 1.5 2.3 2.4 3.3 3.5 4.2 4.4 3.6 3.9 5.7 5.9 9.1 9.7 I 1 12 Home mortgages........................ 10.3 8. 5 6. 3 s.o 9.7 8.9 10.4 11.1 14. 1 13.0 12.0 5. 1 8.0 8.6 12 13 Other mortgages......................... 1.7 1.9 1.7 2.4 2.6 3.3 4.4 5.9 7. 3 7.8 7.8 6.8 6.8 7. 1 13 14 Consumer credit. . ..................... 3.2 1.3 1.0 -.5 2. 5 2.2 .6 2. 5 3.0 3.0 3.8 2.9 1.4 3.8 14 15 Other loans............................ 1.0 .2 1.5 -.2 1. 1 2. 5 .5 1. 1 1.7 1.7 2.9 3.3 .6 3.7 15 16 Security credit................................. . 5 . 1 -.2 1.0 1.1 -.3 1.9 -. 5 .2 -. 1 2.8 2.0 16 17 Trade credit..................................... . 1 . 1 . 1 .2 .2 .2 . I .2 .2 .2 . 3 .3 17 18 Miscellaneous assets....................... . 5 .9 . 7 . 8 7 1.2 1.4 1.2 1. 3 1.7 1.7 2 0 2 8 .8 18 19 Net increase in liabilities.................... 22.4 18.6 20.4 21.6 26.3 27.4 29.4 33.2 38. 0 39.1 40.6 34.7 44.7 48.5 19 20 Time and svgs. accounts............... 7. 1 7.3 6.9 8.9 8.4 9.5 11.3 13.1 15.2 15.9 13. 1 7.0 17.0 12. 4 20 21 Insurance and pension res............. 7.9 8.4 8.9 9.0 10.4 10.6 11.2 11.7 12.6 13.9 15.7 16.7 18.7 18.0 21 22 Credit mkt. instr............................. 5.5 1.5 2. 3 1. 1 5.6 4.4 3.6 5.6 7.2 6.2 9. 1 6.6 1.8 11.4 22 23 Finance co. bonds...................... 1.4 1.0 , 7 7 1. 1 1.5 .5 .3 1.4 2. 1 1.9 .8 1.0 .8 23 24 Investment co. shares................. .9 1. 1 1.2 1.4 1.7 1.5 1.9 1.8 1.2 1.9 3. 1 3.7 2.6 4.7 24 25 Mtg. loans in process................. . 1 * . 3 . 1 1 .4 .4 .5 - .3 - .9 1.0 .2 25 26 Bank loans n.e.c......................... 2.4 -.5 * -.7 1.0 .8 .3 1.0 1.7 . 5 2.4 -1.3 -2. 1 2.3 26 27 Other loans.................................. .8 -. 1 .5 -. 1 1.5 .7 . 5 2.0 2.3 2.0 1.7 4. 3 -. 7 3.3 27 28 Finance co. paper.................. .2 . 1 . 5 1 .7 .8 -. 1 1.2 1.0 1.5 1.0 3.4 1 .8 2. 5 28 29 FHLB loans............................. .6 - .2 .8 - .2 ,7 .8 1.3 . 5 . 7 .9 -2. 5 .9 29 30 Security credit................................. . 3 -.6 . I .6 .5 .9 .9 . 5 . I .6 2. 1 2.0 30 31 Taxes payable.................. -. 1 . 1 . 1 . 1 . 1 ' .2 -. I 31 32 Miscellaneous liabilities................ 1.6 2.0 2.0 2.0 1.7 2. 5 2.4 1.7 2.5 3.1 2.6 3.8 5.2 4.6 32 33 Discrepancy......................................... -.3 . 1 . 1 * -.3 .5 -.3 -.6 * . 1 .2 .8 .9 - .9 33 Savings and loan associations 1 Net acquis, of financial assets...... 6.0 5.2 5.3 7.0 8.4 7.9 10.7 11.5 14.0 11.8 10.2 4.6 9.7 9.3 f 2 Demand deposits & currency 2... .2 . 1 . 1 . 3 -.2 . 1 .4 ■ 6 . 1 -.5 -.3 -.4 2 3 Credit mkt. instr........................... 5.8 4.9 5.0 6.3 8.4 7.3 9.4 10. 3 13.3 H.O 9.6 4. 2 9. 2 10.0 3 4 U.S. Govt, securities.................. .4 .5 . 6 .6 .8 .2 .6 .4 1.0 .6 .5 .4 1.6 .6 4 5 Home mortgages........................ 5.0 4.0 4.0 4.9 6.6 5.9 7.0 7.4 9.3 8.1 7.1 2.9 6.0 7.2 5 6 Other mortgages. ....................... .3 .3 . 3 .7 .9 1. 1 1.8 2.6 2.9 2.3 1.9 .9 1.5 2. 1 6 7 Consumer credit......................... . 1 . 1 . 1 . 1 . 1 . 1 .1 . 1 7 8 Mise, financial trans................ * . 3 . 2 . 4 .2 . 5 .8 .6 . 5 .8 .6 .9 .8 - .3 8 9 Net increase in liabilities................... 5.7 4.8 4.9 6.5 7.8 7.4 9.9 t0. 7 13.3 11. 1 9.4 4.0 9.3 8.5 9 10 Savings shares................................. 4.9 5.0 4.8 6.1 6.6 7.6 8.7 9.4 Il. 1 10.6 8.5 3.6 10.7 7.3 10 11 Credit mkt. instr,........................... .7 -.2 .4 1. 1 -.3 1.0 1.2 1.9 .3 .8 . 1 - 1.7 1.1 11 12 Mtg. loans in process................. . 1 . 3 . 1 .4 .4 . 5 -.3 - .9 1.0 .2 12 13 Borrowing from FHLB............ .6 -.2 * * .8 -.2 .7 .8 1.3 .5 .7 .9 -2.5 .9 13 Mutual savings banks I Net acquis, of financial assets 3........ 2.0 2.0 1.8 2.6 1.5 1.6 2.3 3.3 3.6 4.5 4.0 2.8 5.4 4.6 I 2 Credit mkt. instr....................... 2.0 2. 1 1.8 2.5 1.6 1.5 2. 1 3.2 3.4 4.4 3.9 2.7 5.2 4. 3 2 3 U.S. Govt, securities.................. -.2 -.4 -.3 -.4 -.2 -.6 -. 1 ♦ -.2 ♦ -.3 -.5 -.3 -.3 3 4 State and local govt, sec,...... * -.2 -.1 —. 1 -. 1 * 4 5 Corporate bonds........................ -.3 . 1 .6 .6 -. 1 .2 -. 1 -. 1 -.3 -.2 -. J .3 2.1 1.4 5 6 Corporate stocks................. . 1 . 1 . 1 . 1 . 1 . 1 . 1 .2 .2 .3 6 7 Home mortgages...................... . 2. 1 1.9 1. 1 1.5 1.3 1.5 1.7 2. 1 2.6 2.7 2.7 1.6 1.8 1.4 7 8 Other mortgages. ....................... .4 .4 .3 .6 .5 . 5 .6 1.0 1.3 1.7 1.4 1.1 1.4 1.4 8 9 Savings deposits.............................. 1.8 1.8 1.7 2.3 1.2 1.4 1.9 3. 1 3.3 4.2 3.6 2.6 5. 1 4.1 9 10 Miscellaneous liabilities................ * * ♦ . 1 . 1 . 1 . 1 * . 1 * . 1 * . 1 .2 10 Life insurance companies I Net acquis, of financial assets 3........ 5.5 5.5 5.3 5.4 5.6 5.7 6.1 6.8 7.0 7.8 8.7 8.3 9.4 9,3 1 2 Credit mkt. instruments................ 5.2 5. 1 5.0 5. 1 5.2 5.4 5.7 6. 5 6.7 7.4 8.2 8. 1 8.4 8.6 2 3 U.S. Govt, securities.................. -.5 -L0 -.5 . I -.3 -.5 -.4 -.4 -.3 -.4 -.3 -.3 — 3 4 State and local oblig.................. .2 .2 . 3 .5 .4 .3 .1 -.2 1 -.3 -.4 -. 1 4 5 Corporate bonds........................ 1.8 2. 1 2.6 2.5 2.2 1.8 2.5 2.5 2.8 2. 3 2.8 2.4 3.8 3.8 5 6 Corporate stock......................... . 1 . 1 .2 .4 . 5 .4 .2 . 5 .7 . 3 1.1 1.4 6 7 Home mortgages............... 2.5 2.5 1.3 .9 1.2 1.3 .8 .8 .9 1.2 1.1 .6 -.5 -.7 7 8 Other mortgages........................ 1.0 1.1 .9 .9 .9 I . 3 1.7 1.9 2.7 3.4 3.8 4.0 3.4 3.2 8 9 Other loans.................................. .3 .2 .5 .2 .5 .8 .4 .7 . 5 .4 .6 1.5 1.0 1.1 9 10 Net increase in liabilities................... 5.0 5.0 4.9 5.0 5.1 5.3 5.6 6.0 6.4 7.1 7.9 7.9 9.0 9.1 10 11 Life insurance reserves................ . 3.0 3. 1 2.6 2.9 2.8 3. i 3.3 3.6 4.0 4.2 4.7 4. 5 4.7 4.6 11 12 Pension fund reserves.................... 1.3 1.2 1.6 1.5 2.0 1.3 1.4 1.4 1.7 2.0 2. I 2, 1 2.6 2.9 12 13 Other liabilities................... .6 .7 .6 .6 .2 1.0 1.0 1.0 .7 .8 1.2 1.2 1.8 1.5 13 For notes see p. A'71.9. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 71.8 FLOW OF FUNDS □ NOVEMBER 1969 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) Category 1955 1 1956 1957 1958 1959 I960 1961 1962 1963 1964 1965 1966 1967 1968 Private pension funds 1 Net acquis, of financial assets........... 2.3 2.7 3.1 3.2 3.7 4.0 4.0 4.2 4.5 4.9 5.6 61 6.7 6.4 1 2 Demand deposits and currency... . 1 .1 . 1 . 1 .4 .3 2 3 Credit mkt. instruments................ 2. 1 2.5 2.9 3.1 3.5 3.8 3.8 4.0 4.3 4.5 5.2 5.5 5.5 6.0 3 4 U.S. Govt, securities.................. .3 -.2 -.2 .2 -. 1 . 1 .2 .4 . I -.5 -.5 .6 4 5 Corporate bonds......................... .9 1.6 1.9 1.5 1.2 1.6 1.2 1.2 1.5 1.6 1.5 1.9 .9 .7 5 6 Corporate stock.......................... .7 .9 1.1 1.4 1.7 1.9 2.3 2.2 2.2 2.2 3. 1 3.7 5.0 4.7 6 7 Mortgages.................................... . 1 . 1 .2 .2 .3 .3 .3 .3 .5 . 6 . 5 7 8 Miscellaneous.................................. .2 .2 . 1 ♦ . 1 ,2 . 1 .2 . 1 .3 .3 .6 .8 . 1 8 State and local govt, employee retirement funds 1 Net acquis, of financial assets........... 1.3 1.4 1.6 1.5 2.0 2.3 2.5 2.5 2.4 2.8 3.3 4.0 4.6 4.1 1 2 Demand deposits and currency... * . 1 .1 2 3 Credit mkt. instruments............... 1.3 1.4 1.6 1.5 2.0 2.2 2.4 2.4 2.4 2.8 3.3 3.8 4.5 4. 1 3 4 U.S. Govt, securities.................. .3 . 1 ,5 ,3 .2 ,4 .4 .6 .4 ,2 4 5 Direct....................................... .3 .3 I .4 .2 . 1 .3 .4 .5 .2 . 1 -.2 -.4 5 6 U.S. Govt, agency sec............ . 1 . 1 .2 . 1 .2 .4 6 7 State and local obligations....... .3 .4 .4 .4 .3 .2 —. 1 -.5 -.5 -.4 -.3 1 -.1 -.1 7 8 Other cr. mkt. instruments .... .6 .7 1.0 1.1 1.2 1.8 2.3 2.5 2.5 2.6 3.2 3.8 4.6 4. 1 8 9 Corporate bonds..................... .5 .6 ,8 .8 .9 1.2 1.7 1.9 1.9 1.9 2. 1 2.5 3.4 2.4 9 10 Corporate stock....................... * . 1 . 1 . 1 .2 .2 .2 .3 .4 .5 .7 1.3 10 11 Mortgages................................ . 1 .2 .3 .5 .4 .3 .4 . 5 .7 .8 .5 .4 11 12 Other................................................. • ♦ * * ♦ * * .1 * .1 . 1 . 1 .1 . 1 12 Other insurance companies 1 Current surplus................................... .2 -.1 -.2 . 1 .2 .3 .3 .3 1 -.3 —. 1 .5 .4 . 1 1 2 Net acquis, of financial assets........... 1.0 .6 1.0 1.2 1.7 1.2 1.3 1.9 l.l 1.0 1.2 2.1 2.3 3.4 2 3 Demand deposits and currency... -. 1 . 1 . 1 I . 1 3 4 Credit mkt. instruments................ .9 .5 .8 .9 1.6 1.0 1.2 1.5 1.0 .9 1.1 1.9 2. 1 3.0 4 5 U.S. Govt, securities.................. -.4 -. 1 * .3 -.2 -. 1 .2 -.4 -.7 -.3 5 6 State and local oblig,................. ,8 .7 .7 . 7 1.0 .8 1.0 .8 . 7 .4 .4 1.3 1.4 1.0 6 7 Corporate bonds......................... .2 . 1 . 1 . 1 .3 .6 .6 .7 1.2 7 8 Corporate stock.......................... .2 . 1 . 1 . 1 . 3 .3 .3 .2 .2 . 1 . 1 .4 .6 1.1 8 9 Commercial mortgages.............. * ♦ ♦ 9 10 Trade credit..................................... . 1 . 1 .2 . 1 .2 .2 . 1 .2 .1 .2 .2 .2 .3 .3 10 11 Net increase in liabilities.................... .6 .6 1.1 .9 1.1 .9 .8 .7 1.1 1.2 1.6 1.8 2.1 2.3 It 12 Discrepancy......................................... -.1 —. 1 -, 1 -.2 -.4 * -.2 -.9 -.2 -. 1 .3 . 1 .2 -1.0 12 Finance companies 1 Net acquis, of financial assets........... 4.1 .7 1.1 -.7 2.9 3.0 1.0 2.5 4.1 3.9 5.4 2.6 .9 5.5 1 2 Demand deposits and currency... .3 . 1 . 1 .3 . 1 .2 . 1 -.2 .2 .2 .2 .2 2 3 Home mortgages............................. . 5 1 -.3 .5 .2 .6 . 5 .8 .4 .5 -.6 .4 .6 3 4 Consumer credit............................. 2.8 .9 .5 -.9 1.7 1.4 . 1 1.8 2.2 2. 1 2.6 1.8 .6 2.4 4 5 Other loans (to bus.)...................... .5 -. 1 .9 -.4 .6 1.6 . 1 * 1.3 1.4 2.0 1.2 -.4 2.2 5 6 Net increase in liabilities.................... 3.9 .7 1.2 -.7 2.7 3.2 .7 2.6 4.0 4.1 5.2 2.8 .9 5.5 6 7 Corporate bonds............................ 1.4 1.0 .7 .2 1.1 1.5 .5 .3 1.4 2. 1 1.9 .8 1.0 .8 7 8 Bank loans n.e.c.............................. 2.3 -.5 -.7 .9 .8 .3 1.0 1.6 .5 2.2 -1.4 -2.0 2.3 8 9 Open market paper........................ .2 . 1 .5 -.1 .7 .8 -.1 1.2 1.0 1.5 1.0 3.4 1.8 2.5 9 Open-end investment companies 1 Current surplus................................... -.2 -.3 -.2 — .2 -.3 -.4 -.5 - ,4 -.4 -.8 -1.1 -1.2 -1.4 -2.2 1 2 Net acquis, of financial assets........... .7 .8 . 9 1.2 1.4 1. 1 1.4 1.4 .8 1.1 2.0 2.5 1.2 2.5 2 3 Demand deposits and currency... ♦ * ♦ . 1 . 1 . 1 .2 . 1 3 4 Credit mkt. instr............................. .7 .8 .9 1.2 1.4 1. 1 1.3 1.4 .7 1.0 2.0 2.5 .9 2.4 4 5 U.S. Govt, securities.................. * . 1 .2 . 1 . 1 .6 -.5 .2 5 6 Corporate bonds........................ .2 . 1 .2 .2 .2 .3 ♦ .2 .4 .4 .4 .4 6 7 Corporate stocks......................... .5 .6 .8 1.0 1.0 .8 1.0 1. 1 .6 .7 1.2 1.0 1.5 1.5 7 8 Open mkt. paper....................... .1 * * -.1 * * -. 1 .3 * -.1 .3 .5 * .3 8 9 Net stock issues 4............................... .9 1.1 1.2 1.4 1.7 1.5 1.9 1.8 1.2 1.9 3. 1 3.7 2.6 4.7 9 For notes see p. A-71.9. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1969 □ FLOW OF FUNDS A 71.9 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) Category 1955 1956 1957 1958 1959 I960 1961 1962 1963 1964 1965 1966 1967 1968 Rest o’ the world I Net U.S. exports................................. 2.0 4.0 5.7 2.2 .1 4.1 5.6 5.1 5.9 8.5 6.9 5.3 5.2 2.5 1 2 U.S. exports..................................... 19.8 23.6 26.5 23.1 23.5 27.2 28.6 30.3 32.3 37. 1 39.2 43.4 46.2 50.6 2 3 U.S. imports.................................... 17.8 19.6 20.8 20.9 23.3 23.2 22.9 25. 1 26.4 28.6 32.3 38.1 41.0 48. 1 3 4 Transfer receipts from U.S......... 2.5 2.4 2.3 2.3 2.4 2.3 2.6 2.7 2.8 2.8 2.8 2.8 3.0 2.9 4 5 Current account balance................... .5 -1.6 -3.4 . 1 2.3 -1.7 -3.1 -2.5 -3. 1 -5.7 -4. 1 -2.4 -2.2 . 3 5 6 Net financial investment..................... -.1 -2.1 -4.6 -.3 1.9 -.7 -2.0 -1.3 -2.8 -4.8 -3.7 -2.0 -1.1 1.2 6 7 Net acquis, of financial assets........ 1.4 2.2 .3 3.5 4.6 3.8 3.3 2.6 3.4 3.4 1.9 3.3 7.6 8.3 7 8 Gold............................................. -.3 -.8 2.3 1.1 1 .7 .9 .9 .5 . \ 1.7 .6 1.2 1.2 8 9 U.S. dem. dep. and currency... -.1 .2 .2 ♦ * .1 .7 . 1 . 1 .5 .3 -1.0 .9 . 1 9 10 Time deposits............................. -.1 -.1 .9 -.9 .3 .3 .6 1.0 1.4 .6 .8 1.4, 10 11 U.S. Govt, securities.................. 1.1 .8 .2 .1 3.0 .6 .4 1.3 .6 .5 -.2 -2.4 2. 1 -.5 11 12 Other credit market instr.1 . . . . .5 .4 -.1 .2 .8 .4 .2 .3 . 1 -.1 .6 .8 2.8 12 13 Other financial assets 2.............. .5 1.0 .3 .4 1.2 .4 .6 -.5 1 .1 .9 -.3 4.7 1.3 4.8 13 14 Net increase in liabilities................ 1.5 4.3 4.9 3.9 2.8 4.5 5.3 3.9 6.3 8.2 5.6 5.3 8.7' 7. 1 14 15 Official U.S. fgn. exchange 3... —. J .6 .4 -.4 .3 -.6 . 1 .4 l.l 2.1 15 16 Securities...................................... .4 .5 1.3 .7 .7 .8 1.0 l.l .7 .8 .5 1.3 1.3 16 17 Loans 4......................................... .4 .6 .9 1 .1 .2 1,2 1.8 1 .1 2.3 4.3 1.9 1.1 2.8 1 .7 17 18 Other liabilities 5........................ 1.2 2.7 3.2 1.6 1.9 3. 1 2.5 2.4 2.8 3.3 2.5 3.8 3.5 2.1 18 19 Discrepancy *..................................... .5 .5 1.2 .5 .4 -1.0 -1.1 -1.2 -.3 -.9 -.3 -.4 -1.0 -.9 19 U.S. gold & net fgn. exchg. held by: 20 Monetary auth............................... .3 .9 -2.3 -l.l -1.7 -.8 -.8 -.4 -1.3 -.3 -.5 -1.2 20 21 U.S. Treasury.................................. -.1 .6 .3 * .1 -.4 .2 -.7 * -.2 -.2 .4 2.0 21 Notes to Table 4 cooperatives, and Federal National Mortgage Association (before 1969, secondary market operations only). Households 1 Includes personal trusts and nonprofit organizations. Banking 2 Imputed saving associated with growth of government life insurance i Federal Reserve System plus those Treasury accounts included in and retirement reserves. “Member Bank Reserves, Federal Bank Credit, and Related Items” 3 From open-end investment companies. (p. A-4). Excludes Exchange Stabilization Fund, which is in U.S. Govt, 4 Policy loans, hypothecated deposits, and U.S. Govt, loans to nonprofit accounts. organizations. 2 Includes F.R. holdings of foreign currencies, which are net in other F.R. accounts in table mentioned in note 1. Business 3 Includes vault cash of non member banks. 1 Excludes imputed rental income from owner-occupied houses. 4 IMF deposits are net in line 3. 2 Change in work in process. s Based on balance sheet estimates for last day of quarter. Reported 3 After inventory valuation adjustment. bank data, as on p. A-19, are frequently for last Wednesday of month or 4 Excludes CCC-guaranteed loans, treated as U.S. Govt, purchases on other reporting date. Excludes banks in U.S. possessions. NIA basis. 6 Net change in par value of holdings. 5 Includes corporate farms. 7 Net of F.R. float, shown separately in line 28. 6 Noncorporate net income is treated as payment in full to proprietors in the household sector. Gross saving consists of capita! consumption Nonbank finance allowances plus corporate farm retained profits. i Tn addition to types shown, includes credit unions, fire and casualty 7 Loans from U.S. Govt, and commercial loans from finance companies, insurance companies, agencies of foreign banks, security brokers and 8 Ihcludes earnings retained in business; see note 6 above. dealers, and banks in possessions. 9 Direct investments abroad, foreign currency holdings, and unallocated 2 Excludes deposits at FHLB, which are included in Miscellaneous, current assets. line 8. 10 Commercial paper, commercial loans from finance companies, and 3 Includes cash and other assets, not shown separately. U.S. Govt, loans. 4 Includes retained capital gains dividends. 11 Includes State and local profit taxes. Rest of the world Governments 1 Corporate securities and acceptances. 1 Retirement funds are on p. A-71.8. 2 Trade credit, direct investment in the United States, bank liabilities to 2 Unified budget basis for all years. Excludes sponsored agencies shown foreign branches, deposits at agencies of foreign banks, security credit, below. and unallocated assets. 3 Govt, life insurance, employee retirement, and R.R. retirement 3 Includes net IMF position. programs. 4 Bank loans, acceptances, and loans from U.S. Govt. 4 Securities of sponsored credit agencies only. . 5 Trade debt, direct investment abroad, foreign currencies other than in 5 Mainly nonconvertible foreign currencies and official foreign exchange line 15, subscriptions to international organizations except IMF, and position of Treasury. unidentified liabilities. 6 Home loan banks, land banks, intermediate credit banks, banks for 6 Errors and omissions in U.S. balance of payments statement. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

5. FINANCIAL ASSETS AND LIABILITIES, DECEMBER 31, 1968 (Amounts outstanding in billions of dollars) (A) All sectors Private domestic nonfinancial sectors Financial sectors Rest Sector H h o o u ld s s e­ B n u e s ss i­ an g S d o t v a l t o t s e c . al Total G U o B v . t. Total s F a p e g c o d e r n e e n s d c r o a i i r e t l e l s y d M au o t n h e o t r a it r y y Com ba m n e k r s cial n P fi o n r n a iv b n a a c t n e e k o w f o t r h ld e Total1 Discrepancies Transaction category A L A L A L A L A L A L A L A I A L A L A L A L A 1 Total assets............................... 1877.4 394 3 63 5......... 2335.1 91.4.......... 1278,0 27.0......... 75.8.....4..3..9.7 ......... 735.5 ......... 102.0 .3..8..0..6....6 .......... ...................... 1 430 3 611.8 . 132.8 • 1175 0 . 333 2 ........ 1191.1 ......... 26.1 75.8 ......... 411.5 ......... 677.7 ......... 122.4 .......... 2821.8 3 Gold............................................... 5......... 10 4 ..... 10 4......... 29.8......... 40.7......... ...................... 3 4 Official foreign exchange . . 15 .. 2 i 2 1......... ......... 3.5 ......... 3.5 ...................... 4 5 IMF position - . 14 ■ ■ — 1 — 1......... ......... 1.3 ......... 1.3 6 8......... 6 8......... 6 8 5.1 -l.S.......... 6 7 Demand deposits and currency. ......... 215.1 ......... 45.6 ......... 169.5 194.6 215.1 20.5......... 7 8 Private domestic.................. 111 0 47 7 - 11.3 169 9 15.0 205.6 2 . . 43.7 .. 161.8 14.8......... 184.9 205.6 20.6......... 8 9 U.S. Government.................... 6.6 ..... 6 4 ......... 1.4 ......... 5.0 6.6 6.4 -.2......... 9 ......... 3 1 ....................5 ......... 2.6 3.1......... ......... 3.1 .................... 10 11 Time and savings accounts........ 357 4 401 3 .9 412.1 .9......... ......... 412.1 ...................... 11 149 6 24 8 • 19 1......... 193 5 . 4....... .3 203.7 .. 203.7 3........9. 5......... • 203.7 ...................... 12 13 Savings accounts..................... 207 8 207 8 .6 208.4 .6 208.4 ....... 208 4 ...................... 13 14 Life insurance reserves............... 120 0 . 120 0 . ......... 7.2 ......... 112.9 ......... 112.9 .... 120.0 ................... 14 15 Pension fund reserves................ 202 7 202 7 . ......... 23 6 ......... 179 1 ......... 179.1 ...... 202.7 15 32.7 32.7 3.7 29.1 29.1 3.7 ......... 32.7 ...................... 16 1061.2 407.5 59.7 402.1 30.8 127.71151.6 937.3 51.0 292.2 1150.3 129.9 26.5 21.9 53 0 ...3..8..8...6 2.2 682.2 105.8 35.5 45.82388-4 1405.2 ...................... 17 18 Corporate stocks^................. 873 2 - 873.2 143.1 52.7 143.1 52.7 19.5......... 1035.8 52.7 ...................... 18 19 Debt instruments .. . 188.0 407.5 59.7 402.1 30.8 127.7 278.4 937.3 51.0 292.21007.1 77.2 26.5 21.9 53.0.....3..8..8.6 2.2 539.0 53.1 16.0 45.81352.5 1352.5 19 20 ITS Gov* securities4 . 92.2......... 14 5 18 7 ... 125 3 1.4 290.6 173.0 21.6 2.7 21.6 52 9 .-■ 75 1......... 42.2......... 12.4......... ......... 312.1 ...................... 20 21 State & local govt, oblig... 37.1 ......... 4 0.. .. 2.2 123.7 43.3 123.7 80.4......... 59.1......... 21.3......... ......... 123.7 ...................... 21 20 4 ■ . 135.9 7 6......... 27.9 135.9 139.5 20.7 1.9 2.2 137.6 18.4 .9 11.7......... 168.3 ...................... 22 13.I 244.1 3 0 2 3 15.4 247.1 6-0 1.7 229.8 2.4 7 2......... 38 3 ......... 184.3 2.4 ......... 251.2 ...................... 23 24 Other mortgages................. 25.3 17.8 . 128 4 25.3 146.3 2 4 ■ 118 5......... 6 1 26 8 . 85.6......... ......... 146.3 ...................... 24 113 2 26 7 - - 26.7 113.2 86 5 ......... 44 9 41 6 .. .. 113 2 ...................... 25 17.4 . . 101.2 ......... 118 7 136.5 11.1 10.5......... 136.5 ......... ......... 11 1 ......... 6.8 ......... 136.5...................... 26 - 14 9 14.5 33.4 4 0 14.5 52.4 41 1......... 42.9 21.5 ....................3 .1........5. 9 26.5 21.2 2.7 27.3......... 101.2 ...................... 27 28 Security credit............................. 3.5 14.4 3.5 14.4 23.4 12.6 11.8......... 11.6 12.6 .6 .5 ......... 27.5 ...................... 28 29 To brokers and dealers.......... 3 5 - 3 5 .. 8.5 12.6 7.7......... .9 12.6 .6......... ......... 12.6 ...................... 29 30 To others.................................. . 14 4 ■ - 14 4 14.9......... 4 1......... 10 8......... ....................5 ......... 14 9 ...................... 30 ... 20 5 2 3......... 2.3 20.5 19 7......... ......... 1.6 * ....................5 ......... 11 ......... 22.0 ...................... 31 32 Trade credit^ ............................. .... 4.1 180.9 115.5 ......... 5.2 180.9 124.8 6.4 5.1 3.5......... 3.5 ...... 2.7 5.2 193.5 135.0 -58.5......... 32 33 Miscellaneous ........................... 21.6 4.3 81.2 73.8 102.8 78.1 4.1 * 33.1 95.2 .3 .6 ......... 1.2 10.2 32.0 22.6 57.9 20.7 66.2 160.7 239.5 78.8......... 33 For notes see following page. 71.10 FLOW OF FUNDS a NOVEMBER 1969 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

5. FINANCIAL ASSETS AND LIABILITIES, December 31, 1968—Continued (Amounts outstanding in billions of dollars) (B) Private nonbank financial institution State and Savings Mutual Life Private local govt, Other Agencies Banks in Open-end Security­ Sector Total and loan savings Credit insurance pension retirement insurance Finance of foreign U.S. investment brokers assns. banks unions cos. funds funds cos. cos. banks possessions cos. and dealers Transaction category A L A L A L A L A L A L A L A L A L A L A L A L A L 1 Total assets................................. 7 35 5 152 8 71 2......... 12.3......... 182 6 98 3 ....4...5...8......... 48.4...... 49 9 4 5......... 2 1 52 7 14 9 1 2 Total liabilities........................... 65J 7 142 5 ....... 65 9 ......... 12 3 168 1 ......... 98.3 ......... 45.8 ......... .27.5 45 2 ......... 4.5 2 1 534 12 8 2 3 Currency and demand deposits 14.8 1.6 .7......... .8......... 1.7 ....... 1.6..........4......... 14........3..1 - .9......... .3 — .8 . 1 6 3 4 Time deposits and savings accounts............9.. ....2.0..8. 4 .3......... .6......... 4 5 Time deposits............3......... .3 • • ■ ................ 5 6 Savings accounts............6... 208 4 131.6 ......... 64.5 .6 12.3 6 7 Life insurance reserves............. 112 9 112.9 8 Pension fund reserves............... 179 1 35.0 ......... 98.3 ...... 45.8 .... $ 9 Credit market instruments.... 682.2 105 8 143.2 8.1 68.8.........- 10.9......... 173.5 92.8......4...4.5......... 43.5......... 46.8' 45.0 2.S... .9 .. 51.9 6 9 10 Corporate stocks................... 143.1 52 7 1.9......... 13.2 59.6........4..1......... 18.1......... -------—........ 46.1 d2. i 1 10 11 Debt instruments.................. 539.1 53 1 143.2 8.1 66.9......... 10.9......... 160.3 33.2......4...0.4......... 25.4....... 46.8 45.0 2.8... .9 .. 5.S ■ 5 11 12 U.S. Govt, securities........ 42.2 11.0 5.2......... 4.5 3.2........8..0......... 4.7......... 2.6......... .2 .. 1 1 . 1 8 12 13 State and local govt, ob­ ligations ..................... 21.3 .2......... 3.0 2.3......... 15.1......... .1 . . 5 13 14 Corp, and fgn. bonds. . . . 137.6 18 4 6.6......... 71.1 26.2......2...4.7......... 5.5......... 18.4 3.4 . 1 14 15 Home mortgages.............. 184.3 2 4 110.3 2.4 35.0......... .7......... 29.0 3.9......... "4.9 . .4 . . 15 16 Other mortgages.............. 85.6 20.5 18.4 ....... 40.9 5.4 ....... .1 . 16 17 Consumer credit............... 41.6 1.5 .8......... 10.2......... 29.1 . 17 18 Bank Ioans n.e.c................ 11 1 .4 10.6 18 19 Other loans........................ 26.5 21 2 5.3 .6......... 11.7 12.8 16.0 .2......... 1.2 . 19 20 Security credit........................... 11.6 12 6 .9......... .... 10 8 12.6 20 21 To brokers and dealers....... .9 12 6 .9......... 12.6 21 22 Other....................................... 10.8 ......... ..................... 10 22 23 Taxes payable........................... 1 1 .6 ..........2 23 24 Trade credit............................... 3.5 ..................... 3.5......... 24 25 Miscellaneous...........- - - -......... 22.6 57 9 S.O 2.7 1.4 1.4 7.5 19.7 3.8..........9......... ......... 27.4 ......... 4.5 1.0 2.1 ... . 25 1 Where no amount appears in total-asset column, total assets are identically equal to amount shown 4 Includes savings bonds, other nonmarketable debt held by the public, issues by agencies in the budget for total liabilities. _ (CCC, Export-Import Bank, GNMA, TV A, FHA) and by sponsored credit agencies in Financial sectors, 2 Claims between commercial banks and monetary authorities: member bank reserves, vault cash, F.R. and loan participation certificates. Postal savings system deposits are included in line 35. loans to banks, F.R. float, and stock at F.R. Banks. 5 Business asset is corporate only. Noncorporate trade credit is deducted in liability total to conform 3 Assets shown at market value; nonbank finance liability is redemption value of shares of open-end to quarterly flow tables. investment companies. No specific liability is attributed to issuers of stocks other than open-end invest­ ment companies for amounts outstanding. NOVEMBER 1969 n FLOW OF FUNDS Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 71.12 FLOW OF FUNDS □ NOVEMBER 1969 6. SUMMARY OF CREDIT MARKET DEBT OWED BY NONFINANCIAL SECTORS' (Amounts outstanding at end of year; in billions of dollars) 1 ransaction category, or sector 1955 1956 1957 1958 1959 i960 1961 19b2 1963 1964 1965 1966 1967 1968 Debt outstanding by type and sector Total credit market debt owed 1 By nonfinancial sectors................... 561 0 588 3 616 5 655 4 704 4 739 8 784 0 8 38 0 895 8 961.61032 1 1098 01177 4 1275 3 1 2 U.S, Government............................... 229 6 223 8 221 6 230 9 238 0 235 9 243 1 250 2 2-54 1 260 6 262 3 265 8 278 9 292 2 2 3 Public debt securities.«.............. 228 0 222 5 2J9 8 228 8 236 2 234 O 240 7 246 9 25) 0 256 4 257 7 260 0 26R 9 279 2 3 4 Budget agency securities2.............. 1 6 t 4 1 8 2 1 18 1 9 2 5 3 3 32 4 2 4 6 5 8 9 9 13 0 4 5 All other nonfin. sectors.................... 331.4 364.5 394.9 424,5 466.4 503,9 540.9 587.8 641.6 701.0 769.9 832.2 898.6 983.1 5 6 Debt capital instruments............... 231 I 253 3 776 5 303 0 3 31 0 356 2 385 4 417 0 453 8 490 7 530 0 569 0 613 8 664 7 6 7 State and local govt, sec............ 45 8 49 6 54 0 SQ 5 65 6 70 8 76 | 81'4 87* 3 93 0 100 3 106 0 113 8 1 23 7 7 8 Corporate and fgn. bonds......... 56*3 60‘2 66^9 73.4 76.7 80.9 86^ I 91’7 96*6 10'1 ‘6 108^0 118^6 133'8 147^6 8 9 Mortgages.................................... 129.0 143.6 155.6 170, 1 188.7 204.4 223.2 244.9 269.9 296,1 321.7 344.4 366.3 393.4 9 10 Home mortgages..................... AZ. J 98. 1 106.7 116.0 128.7 138.8 150,0 162.7 177.9 193.5 208.9 220.6 232.1 247.1 10 1 1 Other residential...................... 14 ? 14 0 I 5 ? 16 8 18 7 20 3 ’ ? 0 25 8 29 () ? 1 6 ^7 2 40 J 41 Q 47 1 II 12 Commercial.............................. 18 3 20 7 73 2 26 1 20 2 32 4 36 4 411 46 2 50 0 54'5 60 1 64 8 71 4 12 13 Farm.................... 9 0 9 8 10 4 ll 1 12 1 12 8 13' 9 15 2 16 8 18 9 21 7 ?? j 75 5 77 5 13 14 Other private credit........................ (00 3 111 1 118 4 (21 5 (35 5 147 8 155 5 169 9 187 8 2(0 4 239 9 263 2 284 8 318 3 14 15 Bank loans n.e.c......................... 36 5 42 9 45 6 46 5 52 4 5 5 5 58 3 63 6 69 6 779 92 1 102 4 112 1 125 4 15 1 6 Consumer credit......................... 38 8 42 3 45 0 45 I 51 5 56 I 58 0 63 8 71 7 Ro' 3 90 3 97 5 102 1 1132 16 17 Open market paper........... 9 1 3 14 7 1 8 15 2 8 3 8 3 8 3 9 4 5 4'2 5 2 7 4 9 0 17 1 8 Other............................................. 24.0 24,7 26.7 28.1 30.0 33.4 35’4 38.7 42,6 47.7 53’.3 58^ 1' 63.2 70^7 18 J 9 By borrowing sector........................... 331.4 364.5 394.9 424.5 466.4 503.9 540.9 587.8 641.6 701.0 769.9 832,2 898.6 983.1 19 20 Foreign............................................. 16,5 17.3 18.7 20.5 21.1 23.1 25.4 27.9 30.7 36.3 39.2 40.2 43.1 45,8 20 21 State and local govts,.............. 46 3 50 1 54 7 60 4 66 6 72 1 77 5 83 4 89 5 95 5 103 1 1 09 5 117 4 127 7 21 22 Households...................................... 137 1 153 2 166 1 177 1' 108 6 216 3 231 6 252 4 277 2 305 1 33.3 R 356 2 375 8 407 5 22 23 Nonfinancial business..................... 1315 143 8 155 4 166 4 1 80 1 102 5 206 3 224J 244 2 264 2 293 8 326 4 362 2 402 1 23 24 Corporate................................... IOO 8 1114 121 0 12° 0 138 6 148 3 1 58 2 1 70 3 183 3 195 4 215 9 2.39 5 798 7. 2.4 25 Nonfarm noncorporate............. 17.0 17^8 I8> 20:3 22^6 24^2 26^6 30‘0 343 39.8 45^6 51 'i 56^ 1 61.2 25 26 Farm............................................. ,3.7 14.6 15.6 17.0 18.9 20.0 21.6 23.9 26,4 29.0 32.3 35.8 39.2 42.7 26 Direct holdings of credit market debt claims 1 Total credit market debt...................... 561.0 588.3 616.5 655.4 704.4 739.8 784.0 838.0 895.8 961.61032. 1 1098.0 1177.41275.3 1 Held directly by—• 2 U.S, Government............................... 20 3 70 9 21 6 23 1 24 9 25 9 27 5 30 0 31 4 34 1 36 9 41 2 45 8 5 1 0 2 3 U.S. Govt, credit agencies, ncl$. ... ^O 2.'3 2.4 2.7 2.’6 3.2 3*6 3'7 ”3'8 4J 4.4 4.’9 4.7 3 4 Funds advanced.............................. 5 0 6 1 7 4 7 7 9 9 11 1 1 2 1 1 3 7 1 5 3 16 0 18 3 23 4 23 3 26 5 4 5 Less funds raised in cr. mkt.......... 3 1 3 8 4 9 5 0 7 3 7 9 8 6 10 1 115 11 9 14 2 19 0 18 4 21 .9 5 6 Federal Reserve System..................... 24,8 25.0 24.3 26.4 26.7 27,5 28.9 30.9 33,8 37.2 41,0 44.5 49.3 53.0 6 7 Commercial banks, net...................... 1 56 5 1 62 4 167 7 182 5 1 88 0 196 7 2U 4 729 9 248 4 269 8 298 0 315 G 3dR 3 386 4 7 8 Pvt. nonbank finance......................... 183.9 200.0 216.6 234.2 253.3 273.6 295.0 320.3 346.3 376.0 403,3 428.0 457.0 485.9 8 9 Savings institutions, net. ........ 63 3 70 8 7R 0 86 6 05 9 I 05 7 116 5 1 79 3 1 44 7 1 60 5 174 0 JR2 7 198 7 212 8 9 10 Insurance................................... H3.4 121.8 130.8 139'. 7 149'.7 159.4 169*4 180.7 192.3 204'. 7 218.3 232.8 246^0 259.3 10 11 Finance n.e.c., net.......................... 7 2 7 4 7 8 7 9 7 7 8 5 9 0 10 3 9 4 10 7 11 0 13 0 12 3 13 7 | | 12 Debt claims held................. 19 8 20 6 22,2 21 6 24* 1 28 1 29 5 332 36 3 41 7 47 1 5|9 52 1 58 7 12 13 Less own debt outstanding. . .. 12'5 13.2 1414 13.7 I6> 19’.6 20'.3 22'.9 26'.9 31'6 36.1 38.9 39'.8 45.0 13 14 Foreign................................................. 6 4 7 5 8 0 8 0 11 0 12 2 1 2 7 1 4 0 14 7 1 5 6 15 6 14 0 15 9 16 0 14 15 Pvt. domestic nonfinancial................ 167. 1 170.2 175.9 (78.5 197.9 200.9 204.9 209.2 217.4 224.9 233.4 250.9 255,9 278.4 15 Business............................................ 37 2 33 7 34 0 34 8 43 0 39 6 40 0 41 8 44 7 46 8 47 7 51 3 51 2 59 7 16 17 State and local govts.5 ................. 1 4 7 15 5 16 1 16 5 17 7 22 1 ??' 0 25 4 28 8 20 6 30 8 17 18 Households.../..,........... li<2 121.0 125^8 127.2 137.2 142.3 145J 146.4 151X6 )55,2 160^2 170'2 175^2 188.0 18 Sources of funds supplied to credit markets Total debt owed 1 By nonfinancial sectors................... 561.0 588.3 616.5 655.4 704.4 739.8 784.0 838.0 895.8 961.61032.1 1098.01177.41275.3 1 Financed directly and indirectly by— Pvt. domestic nonfinancial sectors: 2 Total................................................. 406.1 419.9 436.6 459.9 490.6 507.3 535.1 569.6 612.0 654.7 704.0 743.9 799.2 870.3 2 3 Deposits....................................... 239.9 249.7 260.7 281.3 292.6 306.4 330.2 360.4 394.6 429.8 470.7 493.0 543.3 591.9 3 4 Demand dep. and currency.. 130.1 131.4 129.9 134.8 135.1 133.8 137.4 139.6 145.3 151.7 159.9 163.9 175.2 190.6 4 5 Time and svgs, accounts .... 108,9 118.4 130,8 146,5 157.5 172,6 192.8 220.8 249.3 278.1 310.7 329.2 368.1 401.3 5 6 At commercial banks.......... 46.4 48.7 54.3 61.2 64.0 69.5 78.5 93.5 106,9 120.0 139.5 150.7 173.1 193.5 6 7 At savings instil................... 62.4 69.7 76.6 86.3 93.5 103.1 114.3 127.3 142.4 158.1 171.3 178.4 195.0 207.8 7 8 Credit mkt. instr......................... 167.1 170.2 175.9 178.5 197.9 200.9 204.9 209.2 217.4 224.9 233.4 250.9 255.9 278.4 8 9 U.S. Govt, securities............... 100.9 98.2 98.1 95.4 108.1 102.8 101.9 103.2 107.7 108.3 110.7 117.7 116.5 125. 4 9 10 Pvt. credit mkt. instr............... 66.2 72.0 77.7 83.1 89.8 98.1 103.0 106.0 109.7 116.6 122,6 133.2 139.4 153.1 10 Other sources: 1 1 Foreign funds............................. 11.0 12.2 12.6 13.5 15.9 17.9 19,5 21.4 23.4 26.3 27,2 28.4 32.4 34.0 II 12 At banks...................................... 4.6 4.8 4.7 5.5 4.9 5.7 6.9 7.4 8.8 10.8 11.7 14.4 16.5 18.0 12 13 Direct............................................ 6.4 7.5 8.0 8.0 11.0 12,2 12,7 14.0 14.7 15.6 15,6 14.0 15.9 16.0 13 14 U.S. Govt, cash balances.............. 5.2 5.3 5.4 5.6 6.2 7.1 7.1 8.4 8.0 8.2 7.2 6.8 8.0 6.8 14 15 U.S. Govt. Ioans............................. 20.3 20.9 21.6 23.1 24.9 25.9 27.5 30,0 31.4 34,1 36.9 41.2 45.8 51 .0 15 (6 Pvt. insur. and pension res.5........ 93.9 101.6 109.5 1 16.5 125,2 133.4 140.9 150,2 159.7 170.4 181.4 194.4 204.5 2(5. 1 16 17 Sources n.e.c................................... 24.5 28.3 30.7 36.8 41.7 48.4 53.9 58.4 61.1 67.8 75.4 83.3 87.6 98.1 17 i Corporate stocks are excluded from this table both as liabilities and 4 General funds only; retirement funds of State and local government assets. are included in Insurance (line 10). 2 Excludes securities issued by Federally sponsored credit agencies. 5 Net of market value of corporate stock holdings. 3 Sponsored credit agencies not included in the U.S. Government budget. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1969 □ FLOW OF FUNDS A 71.13 7. SUMMARY OF PRINCIPAL ASSETS AND LIABILITIES (Amounts outstanding at end of year; in billions of dollars) 1967 | 1968 Transaction category, or sector 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 Demand deposits and currency I 144 2 146 0 145 3 151.1 152 0 152.2 157.8 162.3 168.0 175.5 183.1 185 7 200.0 71^.1 1 2 Monetary authorities..................... 30.0 30. 1 30.1 30.3 30.8 30.6 31.4 32.3 34.2 36.8 38.8 41.2 44.2 45.6 2 3 Commercial banks......................... 114.2 115.9 115.2 120.8 121.2 121.6 126.3 130.0 133.9 138.7 144.3 144.5 155.9 169.5 3 4 Total assets.......................................... 144.2 146.0 145.3 151.1 152.0 152.2 157.8 162.3 168.0 175.5 183. I 185.7 200.0 215. 1 4 5 U.S. Government........................... 4.9 4.9 5. 1 5.3 5.9 6.8 6.8 8.1 7.8 7.9 7.0 6.6 1.7 6.4 5 6 Private money supply.................... 139.4 141.1 140.2 145.8 146. 1 145.4 150.9 154.2 160.3 167.5 176.2 179. 1 192.3 208.7 6 7 Domestic sectors......................... 138.6 140. 1 138.9 144.6 144.9 144.0 148.9 152.0 157.8 164.6 173. 1 177.0 (89.3 205.6 7 8 Households.............................. 62.9 63.9 62.8 64.4 66.3 65.6 66. 1 68.9 73.3 79.4 86.8 89.8 100.0 111.0 8 9 Nonfinancial business............ 50.1 50.4 51.1 54. 1 51.5 50.3 52.1 51.2 50.2 48.2 46.7 47.5 46.4 47.7 9 10 Corporate............................ 32.0 32.2 32. 1 33.6 32.6 32. 1 33,8 32.8 32.0 29.8 28.2 28.9 27.8 29. 1 10 11 Nonfarm noncorporate.. . 11.2 11.5 12.4 13.6 12.7 12.4 12. 5 12.5 12.5 12.5 12.5 12.5 12.5 12.5 i 1 12 Farm.................................... 6.9 6.7 6.6 6.9 6.2 5.8 5.8 5.9 5.7 5.9 6.0 6.0 6.1 6. 1 12 13 State and local govts.............. 7.3 6.9 6.9 6.9 7.0 5.9 6. 1 7.0 9.4 10.8 10.6 10.6 10.0 11.3 13 14 Financial sectors.................... 8.5 8.7 9.0 9.8 9.8 10.3 11.5 12.4 12.5 12.9 13.2 13.1 14.1 15.0 14 15 Mail float................................ 9.9 10.2 9.1 9.4 10.4 12. 1 13. 1 12.5 12.4 13.3 15.8 16.1 18.8 20.6 15 16 Rest of the world....................... .8 1.0 1.2 1.2 1.2 1.3 2.1 2.2 2.4 2.9 3.0 2,2 3.1 3.1 16 Time deposits and savings accounts 1 Total held............................................. 113.0 122.4 134.8 151.6 161.5 176.8 197.5 226.2 255.7 286.1 319.2 338.3 379.0 412.1 1 2 At commercial banks.................... 50.3 52.3 57.8 65.8 67.5 73.3 82.7 98.3 112.6 127.2 147.2 159.3 183.1 203.7 2 3 Corporate business.................... 1.0 1.0 1.0 1.9 1.5 2.8 4.6 8.3 12.2 15.4 19.2 18.6 22.7 24.8 3 4 State and local government.... 2.4 2.4 2.8 3.6 3.2 4.6 5,5 6.5 8.1 9.8 12.2 13.5 15.9 19.1 4 5 U.S. Government....................... .4 .3 .3 .3 .3 .3 .3 .3 .3 .3 .3 .2 .3 .4 5 6 Mut. svgs. banks................ .2 .2 .2 .2 . 1 .2 .2 .2 .2 .3 6 7 Foreign......................................... 3.2 3. 1 3. 1 4.0 3.1 3.5 3.8 4.3 5.3 6.7 7.3 8.2 9.6 9.5 7 8 Households.................................. 43. 1 45.3 50.5 55.8 59.4 62.2 68.4 78.7 86.6 94.8 108.0 118.7 134.5 149.6 8 9 At savings institutions................... 62.8 7o’ 1 77.0 85.9 94.0 103.5 114.8 127.9 143.1 159,0 172.0 179.0 195.9 208.4 9 Liabilities: 10 Savings and loan assns.......... 32.1 37.1 41.9 48.0 54.6 62.1 70.9 80.2 91.3 101.9 110.4 114.0 124.5 131.6 10 11 Mutual svgs. banks................ 28.2 30.0 31.7 34.0 35.0 36.3 38.3 41.3 44.6 48.8 52.4 55.0 60. 1 64.5 11 12 Credit unions.......................... .. 2.4 2.9 3.4 3.9 4.4 5.0 5.6 6.3 7.2 8.2 9.2 10.0 11.2 12.3 12 Assets: 13 Households.................. 62.4 69.7 76.6 85.3 93.5 103.1 114.3 127.3 142.4 158.1 171.3 178.4 195.0 207.8 13 14 Cr. union deps. at S. & L’s. .4 .4 .4 .6 .5 .3 .5 .6 .7 .8 .8 .5 .8 .6 14 U.S. Govt, securities1 1 Total outstanding........................... 232.6 227.3 226.3 235.3 244.3 242.5 250.1 258.4 263.9 270.5 274.3 282.9 295.5 312,1 1 2 Included in public debt................. 228.0 222.5 219.8 228.8 236.2 234.0 240.7 246.9 251.0 256.4 257.7 260.0 268.9 279.2 2 3 Household savings bonds......... 50.2 50.1 48.2 47.7 45.9 45.6 46.4 46.9 48.0 49.0 49.6 50.1 51.0 51.5 3 4 Direct excl. savings bonds........ 177.8 172.3 171.6 181.1 190.3 188.3 194.2 200.0 202.9 207.4 208.1 209.9 217.9 227.7 4 5 Short-term marketable.......... 69.0 75.4 82.2 79.4 84.7 88.2 98.9 99.8 101.1 105.8 108.8 110.2 118.9 119.4 5 6 Other direct............................. 108.8 97.0 89.3 101.7 105.5 100. 1 95.3 100.2 101.9 101.6 99.3 99.6 99.0 108.3 6 7 Other budget issues........................ 1.6 1.4 1.7 1.6 1.0 .6 1.0 1.5 1.4 2.4 2.7 4.0 8.2 11.3 7 8 Sponsored agency issues2.............. 3.0 3.4 4.8 4.9 7. 1 7.9 8.5 10.0 11.5 11.8 13.8 18.9 18.4 21.6 8 9 Total holdings, by sector.................... 232.6 227.3 226.3 235.3 244.3 242.5 250.1 258.4 263.9 270.5 274.3 282.9 295.5 312.1 9 10 U.S, Government (agency sec.).,. * 1.4 1.3 1.4 10 1 I Sponsored credit agencies............ 1.0 1.2 1.2 1.3 1.4 1.5 1.4 i.8 2.2 1.8 1.9 2.9 2.9 2.7 11 12 Federal reserve system.................. 24,8 24.9 24.2 26.3 26.6 27.4 28,9 30.8 33.6 37.0 40.8 44.3 49.1 52.9 12 13 Short-term marketable.............. 21.2 22.2 21.8 21.0 20.2 19.2 18.3 20.7 25.6 28.2 31.9 36.5 39.2 32.6 13 14 Other...........................,.,.... 3.6 2,7 2.4 5.4 6. 5 8.1 10.6 10. 1 8.0 8.8 8.9 7.8 9.9 20.4 14 15 Foreign............................................. 5.8 6.7 6.9 7.0 10.0 10.6 11.0 12.3 12.9 13.4 13.2 10.8 12.9 12.4 15 16 Domestic pvt. holdings.................. 201.0 194.4 194. 1 200.7 206.3 203.1 208.8 213.5 215. 1 218.3 218.3 223.6 229.3 242.6 16 17 Household savings bonds......... 50.2 50.1 48.2 47.7 45.9 45.6 46.4 46.9 48.0 49,0 49.6 50. 1 51.0 51.5 17 18 Direct excl. svgs. bonds............ 146.2 139.5 139.3 146.5 152.3 148.9 152.9 155.1 154.2 155.2 152.2 151.9 153.0 159.6 18 19 Short-term marketable.......... 42.6 46.8 53.9 51.8 55.7 59.8 72.1 68.0 64.6 67.0 66.7 63.3 67.7 77.3 19 20 Other direct....................... 103.6 92.7 85.4 94.7 96.6 89.1 80.8 87.0 89.6 88.2 85.5 88.6 85.4 82.3 20 21 Agency issues.............................. 4.6 4.8 6.5 6.5 8.1 8.5 9.4 11.5 12.9 14.1 16.6 21.6 25.3 31.5 21 22 Commercial banks......................... 64.6 61.7 61.6 70.2 62.1 64.3 70.1 71.4 68.8 69.2 66.9 64.8 72.7 75.1 22 23 Short-term marketable.............. 12. 1 15.8 19.2 19.2 15.6 22.6 33.1 27.3 23.8 27.9 26.0 21.2 26.5 28.0 23 24 Other direct................................. 49.6 43.5 40.0 48.0 44.6 39.3 34. 1 39.8 40.3 35.9 34.8 36.1 37.0 37.3 24 25 Agency issues............................... 2.9 2.4 2.4 3.0 1.9 2.3 3.0 4.4 4.7 5.3 6.1 7.5 9. 1 9.8 25 26 Nonbank finance............................ 35.5 34.5 34.3 35. i 36. 1 36.0 36.9 38.9 38.6 40.8 40.7 41.0 40.2 40.2 26 27 Short-term marketable.............. 3.9 4.6 5.4 6.2 6.3 7.4 9.1 9.8 8,3 9.3 9.0 10.2 109.3 127.2 27 28 Other direct................................. 31.2 29.3 27.8 27.8 28.3 26.9 25.9 26.8 27.8 28.8 28.5 27.1 25.1 23.9 28 29 Agency issues.............................. .4 .6 1.1 1.1 1.5 1.8 1.9 2.2 2.4 2.8 3.3 3.8 4.1 5.6 29 30 Pvt. domestic nonfin...................... 100.9 98.2 98.1 95.4 108.1 102.8 101.9 103.2 107.7 108.3 110.7 117.7 116.5 125.3 30 31 Savings bonds—Households. . . 50.2 50.1 48.2 47.7 45.9 45.6 46.4 46.9 48.0 49.0 49.6 50. 1 51.0 51.5 31 32 Direct excl. svgs. bonds............ 49.3 46. 3 46.9 45,3 57.5 52.7 50.8 51.4 54.0 53.3 54.0 57.3 53.4 57.7 32 33 Short-term marketable.......... 26.6 26.3 29.3 26.5 34.0 29.8 30.1 31.0 32.8 29.8 32.0 32.9 30.2 36.6 33 34 Other......................................... 22.7 20.0 17.6 18.8 23.5 22.9 20.7 20.4 21.1 23.5 22.0 24.5 23.2 21.1 34 35 Agency issues.............................. 1.4 1.8 3.0 2.4 4.7 4.4 4.6 4.9 5.7 5.9 6.6 8.6 9.9 12.8 35 36 Loan participation ctfs........ .2 . 5 1.7 2. 1 3.3 36 1 Where not shown separately, loan participations are included with sector in flow of funds accounts. They are included in credit market debt agency issues. of financial institutions. 2 These issues are outside the budget and outside the U.S. Government Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 71.14 FLOW OF FUNDS □ NOVEMBER 1969 7. SUMMARY OF PRINCIPAL ASSETS AND LIABILITIES—Continued (Amounts outstanding at end of year; in billions of dollars) Transaction category, or sector 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 Other securities 1 Total................................................. 416.7 445.1 418 3 544.9 588.8 595.6 723.7 668 2 768 1 866 6 968 8 909. 1 1112 311171 1 2 State and local obligations............ 45.8 49.6 54.0 59.5 65.6 '70.8 76. 1 81.4 87.3 93.0 100.3 106.0 113.8 123.7 2 3 Corporate and foreign bonds.... 61.7 66. 5 74.0 80.7 85. 1 90.8 96.5 102.4 109.0 116.6 125.7 137.2 153.7 168.3 3 4 Nonfinancial corporations........ 53.3 56.9 63.2 68.9 71.9 75.3 80.0 84. 5 88.4 92.4 97.8 108.0 123.0 135.9 4 5 Finance companies..................... 5.4 6.3 7.1 7.2 8.3 9.9 10.4 10.7 12.2 14.3 16.1 16.9 17.9 18.4 5 6 Commercial banks.................... .2 .8 1.6 1.7 2.0 2.2 6 7 Foreign......................................... 3.0 3.3 3.7 4.5 4.9 5.6 6.2 7.2 8.2 9.2 10,2 10.5 10.8 11.7 7 8 Corporate stocks1........................... 309.2 328.9 290.3 404.7 438.2 434-0 551.1 484.4 571.8 656.9 742.8 665.9 844.8 983.2 8 Holdings, by sector—• 9 Households.......................................... 311.3 333.0 298.2 405.9 437.8 434.8 541.8 478.3 555.1 632.5 713.6 646. 1 805.0 930.7 9 10 Stocks............................................... 285.2 303.8 266.2 372.4 400.8 394.2 499.3 435.5 512.0 587.4 664.9 594.0 750.8 873.2 10 11 Bonds............................................... 26.0 29.2 32.0 33.5 36.9 40.5 42.5 42.9 43.1 45.2 48.8 52.1 54.1 57.5 11 12 Corporate business............................ 1.2 1.3 1.5 2.0 2.6 2.4 2.4 2. 1 2.3 2.5 3.0 4.0 3.6 4.0 12 13 State and local government.............. 3.2 3.1 3.2 3.9 3.6 4.3 4.2 4.4 5.1 6.0 6.7 7.7 8.6 9.7 13 14 Commercial banks............................. 14.4 14.2 15.3 17.8 18.2 18.6 21.2 25.6 30.8 34.4 39.4 41.9 51.6 61.0 14 15 Mutual savings banks................ 3.9 4.0 4.7 5.4 5.2 5.3 5.2 5.1 4.8 4.7 4.7 4.9 7.2 8.7 15 16 Insurance and pension funds............ 74.2 81. 1 87.5 100.5 111.0 119.8 136. 5 141.6 156.5 171.2 186. 3 191.9 220.6 242.8 16 17 Stocks.............................................. 16.8 17.9 17.8 24.3 28.6 31.3 41.5 40. 1 48.7 57.5 65.7 63.1 81.8 95.0 17 18 Bonds............................................... 57.5 63.2 69.8 76.2 82.4 88.4 95.0 101.5 107.7 113.7 120.6 128.7 138.8 147.8 18 19 Finance n.e.c........................................ 1.7 1.0 1.3 .6 .6 .5 .2 .4 .4 -.2 -1.2 -.8 -2.2 19 20 Security brokers and dealers........ 2.0 1.4 1.7 1.2 1.4 1.4 1.0 1.4 1.7 1.7 1.5 1.6 1.8 .8 20 21 Investment companies—Net. .... -.4 -.5 -.5 -.6 -.9 -1.0 -1.0 -1.3 -1.3 — 1.3 -1.8 -3.0 -2.7 -3.2 21 22 Portfolio securities..................... 7.4 8.6 8.2 12.6 15.0 16. 1 21.8 20.0 23.9 25.8 33.4 31.9 42. 1 49.5 22 23 Own shares outstanding........... 7.8 9.0 8.7 13.2 15.8 17.0 22.9 21.3 25.2 27.2 35.2 34.8 44.8 52.7 23 24 Rest of the world....................... 6.8 7.3 6. 5 8.8 9.9 10.0 12.4 11.0 13.2 14.8 15.3 13.9 16.4 20.4 24 Bank loans n.e.c. ] Total outstanding................................. 42. 1 48.0 50.1 50.9 57.9 61.7 64.9 71.1 78.8 87.7 104.3 113.3 120.8 136.5 1 2 Nonfinancial business........................ 30.7 36.3 38.0 38.2 42.9 45.2 46.5 50.8 56.1 60.4 72.7 82.9 90.6 101.2 2 3 Corporate........................................ 24.9 30. 2 31.4 31. 1 34.8 36.6 37.3 40.3 44.4 47.9 58.6 66.4 72.9 82.5 3 4 Nonfarm noncorporate. ........ 2.4 2.7 2.8 2.9 3.3 3.5 3.9 4.4 5.0 5.5 6.5 7.8 8.4 9. 1 4 5 Farm................................................. 3.4 3.4 3.8 4.2 4.9 5.1 5.3 6.1 6.7 7.0 7.7 8.6 9.3 9.7 5 6 Households.......................................... 4.4 4.8 5.0 5.7 6.7 7.2 8.1 8.6 9.1 10.5 11.9 12.2 14.4 17.4 6 7 Rest of the world................................| 1.4 1.8 2. 1 2.6 2.9 3.0 3.7 4.1 4.4 6.9 7.5 7.3 7.1 6.8 7 8 Financial sectors................................ 5.6 5.1 5. 1 4.4 5.4 6.2 6.5 7.5 9.2 9.8 12.2 10.9 8.7 11. 1 8 1 At market value. Excludes open-end investment company shares (line 23). 8. SECTOR STATEMENTS OF FINANCIAL ASSETS AND LIABILITIES (Amounts outstanding at end of year; in billtons of dollars) Category 1955 1956 1957 1958 1959 i960 1961 1962 1963 1964 1965 1966 1967 1968 Households 1 1 Total financial assets.......................... 700. 8 745.7 732 9 869.5 935. 0 957 6 1100.41074.21200.41330.2 1468.4 1443.3 1676 1 1877.4 J 2 Demand deposits and currency,,. 62.9 63.9 62.8 64.4 66.3 65.6 66. 1 68.9 74.5 '81.5 ”90.6 91.6 102. 1 113.0 2 3 Savings accounts............................ 105.5 HS 0 127 0 141.1 152-8 165 3 182 6 206 0 229 0 252-9 279 3 797 1 329 5 357 4 3 4 At commercial banks................ 43.1 45 3 50 5 55.8 59.4 62.2 68 4 78 7 86.6 94.8 108 0 118-7 134 5 149.6 4 5 At savings institutions............... 62.4 69.7 76.6 85.3 93. 5 103.1 114 3 127 3 142 4 158.1 171 3 178 4 195 6 207 8 5 6 Credit market instruments........... 400.4 424 8 392.0 499.6 538.0 536. 5 644 4 581.8 662.6 742.6 825.1 764 7 926 0 1061.2 6 7 U.S. Government securities... . 66.8 67.9 68.0 65.6 '70.4 “69.9 69.1 69.1 72.8 75.0 77.1 82.9 84.3 92.2 7 8 Short-term marketable.......... 5.4 6.9 9. 1 6.9 10.4 7 8 6 7 6 9 9.8 8.4 11.5 12.9 10,6 16.9 8 9 Other direct............................. 10.3 9 7 8 8 9 2 11 0 13 6 13 3 12 4 11.6 13 8 12 0 13 3 13 6 12 I 9 10 Agency issues................. .9 1.9 1.8 3.0 2*8 27 2 9 3.3 3.8 4 0 6 5 9.1 11.7 10 11 Savings bonds......................... 50. 2 50. 1 48.2 47.7 45.9 45.6 46 4 46,9 48,0 49.0 49^6 50. i 51.0 51.5 11 12 State and local obligations........ 19.5 21.8 23.6 24.4 27.5 30.9 32’3 33.1 33.9 35.9 38.2 39.8 37.7 37.1 12 13 Corporate and foreign bonds. . . 6.6 7.4 8.4 9.2 9.4 9.7 10.3 9.7 9.2 9.2 10.6 12.3 16.4 20.4 13 14 Corporate stock, mkt. value . .. 285.2 303.8 266.2 372.4 400.8 394.2 499.3 435.4 512.0 587.4 664.9 594.0 750.8 873.2 14 15 Mortgages.................................... 22 4 23.9 25 R 28 1 79 9 31.8 33 5 34. 5 34 8 35 1 34 3 15 8 36.7 38 4 1 5 16 Security credit................................. .9 o o 1 2 1 0 11 1 2 1.2 1 2 1 2 1.7 1 6 2.7 3 5 16 17 Life insurance reserves.................. 69.3 72.7 75.5 78. 5 82. 0 85.2 88 6 92.4 96.6 101.1 105.9 110 6 115.4 120. 6 17 18 Pension fund reserves.................... 50.4 56.6 62.6 72.4 82. 1 90.7 103.5 109.5 122.8 137.3 152.7 161.3 182.6 262.7 18 19 Miscellaneous assets.................... . 11.4 11 7 12.0 12 3 12 8 13 3 13 8 14 3 14 8 15 7 17 0 18 2 19.9 21 6 19 20 Total liabilities..................................... 144. 8 161 2 174.0 186 4 208.4 226 2 243 1 264.1 291.2 .319.3 349.4 372. 2 395.8 430. 3 20 21 Credit market instruments....... 137.1 153.2 166.1 177.1 198.6 216. 3 231.6 252.4 277.2 305. 1 333.8 356.2 375.8 407. 5 21 22 Home mortgages......................... 84.6 95.8 104.6 113.4 126 0 136.8 147 7 160.4 175.1 191.1 206. 3 219 0 229.4 244.1 22 23 Other mortgages......................... 5.2 5.9 6.7 7.5 8.3 9.2 10 1 11.0 12.0 13.1 14.2 15 5 16.7 17.8 23 24 Consumer credit......................... 38.8 42 3 45.0 45. 1 51 5 56 1 58 0 63.8 71 7 80. 3 90. 3 97 5 102.1 113.2 24 25 Bank loans n.e.c......................... 4.4 4. 8 5.0 5.7 6 7 7.2 8 1 8.6 9.1 10. 5 11.9 12 2 14.4 17.4 25 26 Other loans.................................. 4.1 4.4 5. 0 5.4 6. 1 7.0 7 7 8.5 9.2 10.1 11.0 H .9 13. 3 14.9 26 27 Security credit................................. 4.8 4. 8 4. 4 5.5 5. 5 5.4 6.7 6.6 8.6 8.4 9.2 9 0 12.3 14.4 27 28 Trade credit................ . 1.4 1 5 1.6 1 8 2.1 2.1 2.2 2.4 2 5 2.8 3.0 3 3 3.7 4.1 28 29 Deferred and unpaid life insurance premiums.................................... 1.5 1.7 1.8 2.0 2.2 2.4 2.5 2.7 2.9 3.0 3.3 3.7 3.9 4.3 29 Includes holdings by personal trusts and nonprofit organizations. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1969 □ FLOW OF FUNDS A 71.15 8. SECTOR STATEMENTS OF FINANCIAL ASSETS AND LIABILITIES—Continued (Amounts outstanding at end of year; in billions of dollars) | 1958 | 1966 Category 1955 1956 1957 1959 I960 1961 1962 1963 1964 1965 1967 1968 Nonfinancial business—Total 1 Total financial assets.......................... 19.3 6.S 7.1 15.0 15.1 4.5 16.1 16.6 18.2 13.9 24.1 16.5 15.7 28.2 1 2 Demand deps. and currency .... 50. 50? 51.1 54.1 51.5 50. 3 52.1 51.2 50.2 48.2 46.7 47.5 46.4 47.7 2 3 Time deposits................................ l.C l.C 1.0 1.9 1. 5 2.8 4.6 8.3 12.2 15.4 19.2 18.6 22.7 24.8 3 4 Credit market instruments.......... 37.2 33.7 34.0 34.8 43. C 39.6 40.0 41 J 44.7 46.1 47.7 5i.: 51.2 59.7 4 5 Trade credit.................................... 67.€ 75. 77.9 86.2 93.9 99.2 106.2 114.1 122.8 130.9 146.0 157.3 166. 1 180.9 5 6 Miscellaneous assets....................... 25.7 29.2 33. 1 35.9 39.3 43. 1 47.3 51.6 57.5 61.5 68.7 71.9 77.5 81.2 6 7 Total liabilities............................ . ... 28. G 19.€ 14.5 18.0 23.2 13.7 22.7 27.1 28.4 26.3 43.6 44.4 38.4 53.6 7 8 Credit market instruments............ 13.7 14.€ 14. 1 13.1 15.7 14.0 16.3 18.4 19.4 21.7 29.6 33.8 37.9 39.1 8 9 Corporate bonds......................... 4.8 5.9 8.8 7.8 5.2 5.0 7.1 5. 1 3.6 5.4 5.4 11.4 17.0 12. 1 9 10 Home mortgages........................ .3 -.4 -.2 .5 .2 -.6 .2 . 1 .4 -.3 . 1 -1.0 1.1 .3 10 11 Other mortgages......................... 3.0 3. 1 2.7 4.4 5. 1 4.7 6.8 8.0 9.0 9.4 9. 1 9.7 9.2 11.0 11 12 Bank loans n.e.c.......................... 5.1 5. 6 1.6 .2 4. 5 2.3 1.3 4. 3 5.0 4.6 12.3 10. 1 7.7 10.6 12 13 Other loans.................................. .6 . 5 1.2 .2 .7 2.5 .9 .9 1.5 2.6 2.6 3.6 2.8 5. 1 13 14 Trade debt, net............................... 9.5 4.8 1.5 4.6 6. 1 1.3 6.2 4.9 5.7 3.7 9. 1 7.4 4.0 7.0 14 15 Other liabilities.............................. 4.8 .2 -1.0 .3 1.4 -1.5 .2 3.7 3.4 .9 4.9 3.2 -3.5 7.5 15 Farm business 1 Total financial assets.......................... 8.3 8.2 8.2 8.5 7.9 7.6 7.7 7.8 7.8 8.2 8.5 8.7 9.1 9-4 1 2 Demand deposits and currency... 6.9 6.7 6.6 6.9 6.2 5.8 5.8 5.9 5.7 5.9 6.0 6.0 6.1 6. 1 2 3 Miscellaneous assets. . ................... 1 .4 1.5 1.6 1.6 1.7 1.8 1.9 1.9 2. 1 2.3 2.5 2.7 3.0 3.3 3 4 Total liabilities..................................... 16.1 17.0 18.3 20.1 22.4 23.6 25.5 28.4 31.5 34.5 38.4 42.8 47.1 51.4 4 5 Credit market instruments............ 13.7 14.6 15.6 17.0 18.9 20.0 21.6 23.9 26.4 29.0 32.3 35.8 39.2 42.7 5 6 Mortgages.................................... 9.0 9.8 10.4 11.1 12.1 12.8 13.9 15.2 16.8 18.9 21.2 23.3 25.5 27.5 6 7 Bank loans n.e.c.......................... 3.4 3.4 3.8 4.2 4.9 5. 1 5.3 6.1 6.7 7.0 7.7 8.6 9.3 9.7 7 8 Other loans.................................. 1.3 1.4 1.5 1 .7 2.0 2. 1 2.3 2.6 2.9 3. 1 3.5 3.9 4.5 5.5 8 9 Trade debt....................................... 2.3 2.4 2.6 3.1 3.5 3.7 3.9 4.5 5. 1 5.5 6. 1 7.0 7.8 8.6 9 Memo—CCC direct and guaranteed 10 Loans not included above................ 1 .0 .8 .3 .8 2 .6 .9 l.l .7 .5 .5 .5 1.7 l.l 10 Nonfarm noncorporate business Total financial assets.......................... 17.9 18.7 19.8 21.2 20.7 20.8 21.3 21.8 22.3 23.0 23.7 24.5 25.4 26.6 1 2 Demand deposits and currency... 11 .2 11.5 12.4 13.6 12.7 12.4 12.5 12.5 12.5 12.5 12.5 12.5 12.5 12.5 2 3 Consumer credit............................. 4.4 4.7 4.9 4.9 5. 1 5.3 5.5 5.9 6.3 6.6 7.1 7.6 8.0 8.8 3 4 Miscellaneous assets...................... 2.3 2.4 2.6 2.7 2.9 3.0 3.2 3.3 3.5 3.8 4. 1 4.4 4.9 5.3 4 5 Total liabilities.................................... 18.9 19.7 21.2 22.2 24.7 26.8 29.5 32.7 36.2 41.0 46.1 50.3 56.0 61.4 5 6 Credit market instruments............ 17.0 17.8 18.7 20.3 22.6 24.2 26.6 30.0 34.5 39.8 45.6 51.1 56. 1 61.2 6 7 Home mortgages........................ 1.4 1.2 1.1 1 .3 1.4 1.0 1.2 1.2 1.4 1.2 1.3 .8 1.4 1.5 7 8 Multifamily and coml. mtgs.... 8.5 8.9 9. 3 10. 3 11.4 12.6 14.4 16.6 19.2 22.8 23.9 28.7 31.9 35. 1 8 9 Bank loans n.e.c.......................... 2.4 2.7 2.8 2.9 3.3 3. 5 3.9 4.4 5.0 5.5 6.5 7.8 8.4 9.1 9 10 Other Ioans.................................. 4.7 5.0 5.6 5.8 6.5 7. 1 7. 1 7.8 8.8 10.3 12.0 13.8 14.5 15. 5 10 II Trade debt, net............................... 1.9 1.8 2.5 1.9 2. 1 2.6 2.9 2.7 1.7 1.2 .5 -.8 -.1 .2 11 12 Trade debt................................... 14.1 15.4 15. 5 16.0 16.0 16. 1 16.8 16.3 15.3 15. 1 14.5 13.7 14.8 15.4 12 13 Trade receivables........................ 12.2 13.5 13.C 14.1 13.9 13.6 13.8 13.6 13.6 13.9 14.0 14.4 14.9 15.1 13 Corporate nonfinancial business 1 Total financial assets.......................... 155.4 162.6 169.2 183.3 200.5 206.6 221.3 238.2 257.3 271.5 296.1 313.3 329.4 358.2 1 7 Liquid assets................................... 58.7 54.6 54.4 57.0 62.7 59.4 63.0 66.4 71.1 72.3 74.0 7 5.9 77.4 86.9 3 Demand deposits and currency. 32.0 32.2 32. 1 33.6 32.6 32. 1 33.8 32.8 32.0 29.8 28.2 28.9 27.8 29.1 3 4 Time deposits.............................. 1.0 1.0 1.0 1.9 1.5 2.8 4.6 8.3 12.2 15.4 19.2 18.6 22.7 24.8 4 5 U.S. Govt, securities.................. 23.3 18.8 18.4 18.4 25.0 19.5 19.2 19.6 20.2 18.6 17.0 15.8 13.4 14.5 5 6 Open market paper.................... 1 .2 1.3 1.4 1.2 1.1 2.7 3.0 3.5 4.4 6.0 6.5 8.5 9.9 14.5 6 7 State and local obligations........ 1.2 1.3 1.5 2.0 2.6 2.4 2.4 2. 1 2.3 2.5 3.0 4.0 3.6 4.0 7 8 Consumer credit............................ 7.1 7.6 7.9 8.4 9.3 9.7 9.9 10.6 11.6 12.9 14.1 15.3 16.3 17.9 8 9 Trade credit..................................... 67.6 75.1 77.9 86.2 93.9 99.2 106.2 114.8 122.8 130.9 146.0 157.3 166. 1 180.9 9 10 Miscellaneous financial assets.... 22.0 25.3 29. 0 31.6 34.6 38.2 42.2 46.4 51.8 55.4 62.1 64.8 69.7 72.6 10 11 Total liabilities.................................... 200.7 217.1 227.6 240.5 261.5 273.8 277.3 299.9 324. 1 344.1 381.0 419.4 451.0 499.1 1 I 12 Credit market instruments....... 100.8 111.4 121.0 129.1 138.6 148.3 158.2 170.3 183.3 195.4 215.9 239.5 266.9 298.2 12 13 Corporate bonds......................... 53.3 56.9 63. 2 68.9 71.9 75.3 80.0 84.5 88.4 92.4 97.8 108.0 123.0 135.9 13 14 Mortgages.................................... 20.3 21.9 23.6 26.5 29.5 32.0 36.0 40.5 45.4 49.0 52.8 57.1 61.6 67.3 14 15 Bank loans n.e.c......................... 24.9 30.2 31.4 31.1 34.8 36.6 37.3 40.3 44.4 47.9 58.6 66.4 72.9 82.5 15 16 Other loans.................................. 2.3 2.3 2.8 2.7 2.5 4.3 5.0 5.0 5.1 6.0 6.7 8.0 9.5 12.4 16 17 Profit taxes payable........................ 20.1 18. 1 16.0 13.4 15.8 13.6 15. 1 15.7 17.6 18.5 20.7 20.9 16.8 20.5 17 18 Trade debt....................................... 49.2 54.0 54.6 59.4 64.6 65.3 68.0 72.6 77.9 81.5 90.6 98.4 101.0 106.7 18 19 Miscellaneous liabilities................ 30.6 33.7 35.9 38.6 42.5 46.6 36.0 41.3 45.3 48.8 53.8 60.5 66.3 73.8 19 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 71.16 FLOW OF FUNDS □ NOVEMBER 1969 8. SECTOR STATEMENTS OF FINANCIAL ASSETS AND LIABILITIES—Continued (Amounts outstanding at end of year; in billions of dollars) Category 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 State and local governments—General funds1 1 Total financial assets.......................... 25.3 25.7 26.6 27.7 28.8 30.3 32.3 35.4 40.8 45.5 50.3 55.1 57.7 2 Liquid assets.................................... 12.8 13.3 14.8 14.9 16.4 17.2 19.3 22.0 26.0 28.4 31.8 33.9 36.1 40.4 2 3 Demand deposits and curr........ 7.3 6.9 6.9 6.9 7.0 5.9 6.1 7.0 9.4 10.8 10.6 10.6 10.0 H.3 3 4 Time deposits.............................. 2.4 2.4 2.8 3.6 3.2 4.6 5.5 6.5 8. J 9.8 12.2 13.5 15.9 19. 1 4 5 Short-term U.S. Govt, sec........ 3.2 4.1 5.0 4.5 6.2 6.8 7.7 8.6 8.6 7.8 9.0 9.9 10.2 10.0 5 6 Other U.S. Govt, securities.......... 7.7 7.4 6.8 7.0 6.5 6.5 5.9 5.9 6.2 7.0 7.7 9.2 8.6 8.7 6 7 State and local obligations............ 2.5 2.5 2.6 2.7 2.7 2.8 2.8 2.6 2.3 2.2 2.2 2.1 2.1 2.2 7 8 Corporate bonds............................. .7 . 6 .6 1.2 .9 1.6 1.4 1.8 2.8 3.8 4.5 5.6 6.5 7.6 8 9 Home mortgages............................. .7 .9 1.0 l.l 1.4 1.3 2.0 2.1 2.2 2.2 2.1 2.1 2.2 2.3 9 10 Taxes receivable.................................. 1.0 1.0 .9 .8 .9 .9 1.0 1. 1 1.3 1.9 2.1 2.3 2.2 2.3 10 11 Total liabilities..................................... 48.0 51.9 56.7 62.6 69.0 74.5 80.2 86.2 92.5 98.8 106.8 113.6 122.0 132.8 1 1 12 Credit market instruments............ 46.3 50. 1 54.7 60.4 66.6 72. 1 77.5 83.4 89.5 95.5 103.1 109.5 117.4 127.7 12 13 State and local obligations........ 45.8 49.6 54.0 59.5 65.6 70.8 76.1 81.4 87.3 93.0 100.3 106.0 113.8 123.7 13 14 Short-term................................ 2.1 2.2 2.3 2.8 3.2 3.4 3.6 3.9 4.3 4.9 5.5 6.2 7.8 9.5 14 15 Other......................................... 43.7 47.4 51.7 56.7 62.4 67.4 72.4 77.5 83.0 88.1 94.8 99.9 105.9 114.2 15 16 Other loans (U.S. Govt.).......... .5 .5 .7 .9 1.0 1.2 1.5 2.0 2.2 2.5 2.8 3.4 3.6 4.0 16 17 Trade debt....................................... 1.7 1.8 2.0 2.2 2.4 2.5 2.7 2.8 3.0 3.3 3.7 4.2 4.7 5.2 17 U.S. Government 1 Total financial assets........................... 51.4 51.3 51.0 50.0 55.1 55.9 58.6 62.8 65.9 70.2 73.4 78.4 82.1 91.4 1 2 Gold and off. U.S. fgn. exch........ 1.2 1.8 2.1 2.0 2.1 1.7 1.9 1.2 1.2 1.0 1.1 .9 1.3 3.3 2 3 Demand deposits and currency... 5.3 5.0 5.1 5.5 6. 1 7.2 7.2 8.1 7.7 8.3 6.9 6.8 8.3 6.6 3 4 Time deposits................................... .4 .3 .3 .3 .3 .3 .3 .3 .3 .3 .2 .3 .4 4 5 Credit market instruments............ 20.3 20.9 21.6 23.1 24.9 25.9 27.5 30.0 31.4 34. 1 36.9 41.2 45.8 51.0 5 6 Sponsored cr. ag. issues............ 1.4 1.3 1.4 6 7 Home mortgages........................ 2.9 2.9 3.1 3.3 4.2 4.2 4.4 4.5 4.1 4.0 3.9 4. 5 5.2 6.0 7 8 Other mortgages......................... ■ 7 .7 .8 1.0 1.4 1.5 1.7 L7 L7 1.7 1.7 L9 2.1 2.4 8 9 Other loans................................... 16.7 17.3 17.7 18.8 19.3 20. 1 21.4 23.7 25.5 28.4 31,2 33.5 37.2 41.1 9 10 To rest of the world.............. 11.8 11.8 12.2 12.8 12.8 13.3 13.8 14.9 16.0 17.5 19.0 19.8 22.3 24.5 10 11 To others................................. 4.9 5.5 5.5 6.0 6.5 6.9 7.6 8.8 9.6 10.9 12.2 13.7 14.9 16.7 11 12 Taxes receivable.............................. 20.4 18.6 16.7 14.2 16.5 15.0 15.5 16.6 17.9 18.9 20.5 20.4 16.3 19.7 12 13 Trade credit..................................... 2.3 2.4 2.3 1.7 1.7 1.8 1.8 2.0 2.5 2.7 3. 1 4.4 5.8 6.4 13 14 Miscellaneous assets....................... 1.7 2.2 2.9 3.2 3.4 4.1 4.4 4.6 4.9 4.8 4.7 4.4 4.3 4.1 14 15 Total liabilities............................. 252.5 248.0 246.1 256.4 264.4 263.4 271.8 280.0 285.1 292.6 296.5 302.6 318.1 333.2 15 16 Credit market instruments....... 229.6 223.8 221.6 230.9 238.0 235.9 243.1 250.2 254. 1 260.6 262.3 265.8 278.9 292.2 16 17 Savings bonds......................... 50.2 50. 1 48.2 47.7 45.9 45.6 46.4 46.9 48.0 49.0 49.6 50.1 51.0 51.5 17 18 Short-term marketable.......... 69.0 75.4 82.2 79.4 84.7 88.2 98.9 99.8 101.1 105.8 108.8 110.2 118.9 119.4 18 19 Other direct............................. 108.8 97.0 89.3 101.7 105.5 100. 1 95.3 100.2 101.9 101.6 99.3 99.6 99.0 108.3 19 20 Agency issues.......................... .6 .6 1.4 .8 .8 . 1 .2 .4 .3 .3 .5 1.9 20 21 Loan participations................ 1.0 .8 .3 .8 .2 .6 .9 1.4 1.2 2.0 2.4 3.7 7.7 9.4 21 22 Home mortgages..................... .1 .5 .8 1.3 1.5 1.7 1.8 1.8 1.8 1.8 1.7 1.7 22 23 Trade debt....................................... 2.3 2.6 2.8 2.8 2.9 3. 1 3.4 3.7 3.6 3.4 3.9 4.5 5.1 5. 1 23 24 Treasury currency liability............ 2.5 2.5 2.6 2.6 2.6 2.7 2.7 2.8 2.8 2.8 3.1 4.0 4.6 5. 1 24 25 Life insurance reserves................... 5.8 6.1 6.2 6.2 6.4 6.4 6. 5 6.6 6.8 6.9 7.0 7.1 7.2 7.2 25 26 Retirement fund reserves.............. 10.0 10.9 11.3 12.3 13.2 14.1 (5.0 16.0 17.2 18.4 19.7 21.0 22.3 23.6 26 27 Miscellaneous liabilities................. 2.2 2.0 1.7 1.5 1.3 1.2 1.0 .8 .7 .6 .6 .2 * * 27 Federally sponsored credit agencies2 1 Total financial assets........................... 5.1 6. 1 7.5 7.8 10.1 11.3 12.5 14.1 15.6 16.3 18.6 23.8 23.7 27.0 1 2 Currency and demand deposits... .1 . 1 . 1 .2 .2 .2 .2 .2 .2 .2 ,2 .2 .2 2 3 Credit market instr......................... 5.0 6. 1 7.4 7.7 9.9 11.1 12. 1 13.7 15.3 16.0 18.3 23,4 23.3 26.5 3 4 U.S. Government securities... . 1.0 1.2 1.2 1.3 1.4 1.5 1.4 1.8 2.2 1.8 1.9 2.9 2.9 2.7 4 5 Mortgages.................................... 1.6 2.4 3.6 3.5 4.4 5.5 5.7 5.9 5.4 5.7 6.8 9.4 11.1 13.3 5 6 Home (FNMA)....................... . 1 . 6 1.6 1.4 2. i 2.9 2.9 2.8 2. 1 2.0 2.5 4.4 5.5 7.2 6 7 Multifamily (FNMA)............. 7 8 Farm (FLB)............................. 1.5 1.7 1.9 2.1 2.4 2.6 2.8 3.1 3.3 3.7 4.3 5.0 5.6 6.1 8 9 Other loans.................................. 2.5 2.4 2.7 3.0 4.1 4.1 5.0 6. 1 7.7 8.5 9.6 11.1 9.3 10. 5 9 10 To coops (BC)......................... .4 .5 .5 .5 .6 .6 .7 .7 .8 1.0 1.1 1.3 1.5 !. 6 10 11 To farmers (FICB)................ .7 .7 .9 1.2 1.4 1.5 1.7 1.8 2.1 2.2 2.5 2.9 3.4 3.7 11 12 To S & L’s (FHLB)............... 1.4 1.2 1.3 1.3 2.1 2.0 2.7 3.5 4.8 5.3 6.0 6.9 4.4 5.3 12 13 Other assets..................................... ♦ - J ♦ . 1 . 1 .2 . 1 .1 . 1 .3 .3 .3 13 14 Total liabilities..................................... 4.7 5.7 7.0 7.3 9.6 10.8 11.9 13.S 14.9 15.5 17.8 23.0 22.8 26.1 14 15 Credit market instr......................... 3.1 3.8 4.9 5.0 7.3 7.9 8.6 10.1 11.5 11.9 14.2 19.0 18.4 21.9 15 16 Agency securities........................ 3.0 3.4 4.8 4.9 7.1 7.9 8.5 10.0 11.5 11.8 13.8 18.9 18.4 21.6 16 17 U.S. Government loans............ .1 .4 . 1 .1 . 1 . 1 . 1 ...........1 .3 . 1 .3 17 18 Miscellaneous liabilities................ 1.6 1.8 2.1 2.3 2.3 2.9 3.3 3.4 3.4 3.6 3,6 4.0 4.4 4.2 18 19 Deposits at FHLB’s................... .7 .7 .7 .8 .6 • 9 1.2 1.2 1.2 1.2 1.0 1.0 1.4 1.4 19 20 Capital subscriptions................. .9 1.0 1.2 1.3 1.5 1.7 1.8 1.9 1.9 1.9 2.0 2.3 2.4 2.2 20 21 Other............................................ * . 1 .2 .2 .2 .3 .3 .3 .3 .5 .5 . 6 . 6 . 6 21 1 Employee retirement funds are on page A-71.19. operatives, and Federal land banks. These agencies are privately owned 2 This group consists of Federal home loan banks. Federal National and are excluded from U.S. Government budget accounts as of 1969 Mortgage Association, Federal intermediate credit banks, banks for co- and from U.S. Government figures in these accounts for all years. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1969 □ FLOW OF FUNDS A 71.17 8. SECTOR STATEMENTS OF FINANCIAL ASSETS AND LIABILITIES—Continued (Amounts outstanding at end of year; in billions of dollars) Category 1955 1956 1957 1958 1959 I960 1961 1962 1963 1964 1965 1966 1967 1968 Monetary authorities 1 Total financial assets.......................... 53.0 53.5 53.5 53.3 53.3 52.2 53.6 55.3 57.5 60.8 63.1 67.3 72.1 75-8 1 2 Gold and fgn. exchange'.............. 21.6 21.9 22.8 20.5 19.4 17.7 16.8 16.0 15.6 15.6 14.3 14.0 13.5 12.4 2 3 Treasury currency................... 4.9 4.9 5.0 5.1 5.2 5.2 5.4 5.4 5.4 5.2 5.4 6.2 6.6 6.8 3 4 F.R. float......................................... 1.6 1.7 1.4 1.3 1.6 1.8 2.3 2.9 2.6 2.6 2.2 2.5 2.5 3-5 4 5 F.R. loans to domestic banks.. . . . 1 . 1 * .5 . 1 .2 . 1 .2 . 1 .2 5 6 Credit market instruments............ 24.8 25.0 24.3 26.4 26.7 27.5 28.9 30.9 33.8 37.2 41.0 44.5 49.3 53-0 6 7 U.S. Govt, securities.................. 24.8 24.9 24.2 26.3 26.6 27.4 28.9 30,8 33.6 37.0 40.8 44.3 49. 1 52.9 7 8 Short-term marketable.......... 21.2 22.2 21.8 21.0 20.2 19.2 18.3 20.7 25.6 28.2 31.9 36.5 39.2 32.6 8 9 Other........................................ 3.6 2.7 2.4 5.4 6.5 8. I 10.6 10. 1 8.0 8.8 8.9 7.8 9.9 20.4 9 10 Acceptances.............................. . 1 . 1 * . 1 . 1 . 1 . 1 .2 . 1 .2 .2 .2 . 1 10 11 Bank loans n.e.c.............. * ♦ * * ♦ * * * * * ♦ .......... 11 12 Total liabilities..................................... 53.0 53.5 53.5 53.3 53.3 52.2 53.6 55.3 57.5 60.8 63.1 67.3 72. 1 75.8 12 13 Vault cash of coml. banks............ 2.7 3.3 3.3 3.2 3.0 3.3 3.7 4.3 5.0 4.5 4.9 5.5 5.9 7.2 13 14 Member bank reserves.................. 19.0 19.1 19.0 18.5 18.2 17.1 17.4 17.5 17.0 18. 1 18.4 19.8 12.0 21.9 14 15 Demand deposits and currency... 30.0 30. 1 30.1 30.3 30.8 30.6 31.4 32.3 34.2 36.8 38.8 41.2 44.2 45.6 15 16 U.S. Government....................... 1.2 1.2 1.2 1.0 .9 .9 .9 1.0 1.2 1.4 1.4 1.6 2.5 1 .4 16 17 Foreign......................................... .4 .3 .4 .3 .4 .2 .3 .3 .2 .3 .2 .4 .4 .5 17 18 Currency outside banks............ 28.5 28.5 28.5 28.9 29.6 29.5 30.2 31.0 32.7 35.1 37.2 39.2 41.3 43.7 18 19 Taxes payable................................. * .3 .5 * 19 20 Other................................................. 1.2 1.1 l.l 1.3 1.0 1.2 1.2 1.3 1.3 .9 .9 .8 .9 1.2 20 Commercial banks2 1 Total financial assets.......................... 185. 1 191.3 197.0 211.7 217.0 226. 0 243. 2 264.0 283.5 307.0 337.6 358.1 396.5 439.7 1 2 Member bank reserves................... 19.0 19.1 19.0 18.5 18.2 17. 1 17.4 17. 5 17.0 18.1 18.4 19.8 21.0 21.9 2 3 Vault cash........................................ 2.7 3.3 3.3 3.2 3.0 1.3 3.7 4. 3 5.0 4.5 4.9 5.5 5.9 7.2 3 4 Total loans and investments3.... 161.6 166.7 172.0 187. 1 192.8 201.8 217.6 237.2 256.5 278.9 308.0 325.8 361.2 400.4 4 5 Credit market instruments........ 156.5 162.4 167.7 182.5 188.0 196.7 211.4 229.9 248.6 270.5 299.6 316.7 350.6 388,6 5 6 U.S. Govt, securities4.......... 64.6 61.7 61.6 70.2 62. 1 64.3 70.1 71.4 68.8 69.2 66.9 64. 8 72.7 75.1 6 7 Short-term direct................ 12. 1 15.8 19.2 19.2 15.6 22.6 33. 1 27.3 23.8 27.9 26.0 21.2 26.5 28.0 7 8 Other direct......................... 49.6 43.5 40.0 48.0 44.6 39. 3 34. 1 39.8 40.3 35.9 34.8 36. 1 37.0 37.3 8 9 Agency issues...................... 1.8 1.6 2. 1 2.2 1.7 1.6 2. 1 3.0 3. 5 3.5 4.6 6.2 4.9 6.0 9 10 Loan participations............ 1.0 .8 .3 .8 .2 .6 .9 1.4 1.2 1.8 1.5 1.3 4.2 3.8 10 1 1 Other securities & mortgages. 35.2 36.7 38.4 43.1 46.3 47.3 51.5 59.9 70.0 78. 1 88.7 95.8 110.1 126.2 11 12 State and local obligations. 12.7 12.9 13.9 16.5 17.0 17.6 20.3 24.8 30.0 33.5 38.6 41.0 50.0 59.1 12 13 Corporate bonds................. 1.7 1. 3 1.4 1.3 1.2 1.0 .9 . 8 . 8 .9 .8 .9 1.6 1.9 13 14 Home mortgages................ 14.9 16. 1 16.2 17.4 19. 1 19.2 20. 0 22.0 24.7 27.0 30. 1 32.5 34.9 38.3 14 1 5 Other mortgages................ 5.9 6.4 6.9 7.8 8.9 9.5 10.4 12.3 14.4 16.7 19.2 21.5 23.6 26.8 15 16 Other credit excl. security... 56.7 64.0 67.7 69.2 79.6 85.1 89.8 98.6 109.9 123.2 143.9 156.1 167.8 187.3 16 17 Consumer credit................ 13. 2 14.6 15.8 15.9 18.8 20.6 21.4 23.7 27.2 31.0 35.7 38.3 40. 0 44.9 17 18 Bank loans n.e.c.................. 42. 1 47.9 50. 1 50.9 57.9 61.7 64.8 71. 1 78.8 87.6 104.2 113.3 120.8 136.5 18 19 Other loans.......................... 1.4 1. 5 1.8 2. 4 2. 9 2. 9 3.5 3.8 3.9 4.6 4.1 4.5 7. 0 5,9 19 20 Open market paper........ .9 .9 1.2 1.7 2.3 2. 1 2.8 3.0 3.0 3.6 3.0 4.5 7.0 5.9 20 21 Hypothecated deposits. . . 5 .6 . 6 .6 . 7 .7 .8 . 8 . 8 1.0 1.1 .......... 21 22 Security credit. ........................... 5.0 4.3 4.2 4.7 4.9 5. 1 6.2 7.3 7,9 8.4 8.5 9.0 10. 5 11.8 22 23 Miscellaneous assets....................... 1.9 2. 3 2.7 2.8 3.0 3.8 4. 5 5.0 4.9 5.5 6.2 7.1 8.3 10.2 23 24 Total liabilities................................... 171.5 176.9 181.8 195.6 200.1 207.9 223.9 243.6 262.8 284.8 314.1 333.4 370.0 411.5 24 25 Demand deposits, net.................... 114.2 115.9 115.2 120.8 121 .2 121.6 126.3 130.0 133.9 138.7 144.3 144.5 155.9 169,5 25 26 U.S. Government. ..................... 3 7 3.7 3.9 4.3 5.1 5.9 5.9 7.2 6.5 6.5 5.5 5.0 5.2 5.0 26 27 Other............................................ 110 5 112.2 111.3 116.6 116.2 115.6 120,4 1 22.9 127.3 132.2 138.7 139.6 150.6 164.5 27 28 Time deposits.................................. 50.3 52.3 57.8 65.8 67. 5 73.3 82.7 98.3 112.6 127.2 147.2 159.3 183. 1 203.7 28 29 Large negotiable CD’s.............. 3.2 6.2 9.9 12.6 16.4 15.7 20.3 22.8 29 30 Other...................................... .. 50.3 52.3 57.8 65.8 67.5 73.3 79.5 92.1 102.7 114.6 130.7 143.6 162.8 180.8 30 31 Federal Reserve float.................... 1.6 1.7 1.4 1.3 1.6 1.8 2.3 2.9 2.6 2.6 2.2 2.5 2.5 3.5 31 32 Borrowing at F.R. Banks............. * . 1 * . 5 * . 1 ♦ .2 . 1 .2 . 1 .2 32 33 Corporate bonds............................. .2 .8 1.6 1.7 2.0 2.2 33 34 Taxes payable................................ .6 .9 1.0 .9 . 5 i. 5 .6 1. j .6 .8 .7 .7 .7 . 5 34 35 Miscellaneous.................................. 4.8 6.1 6.4 6.7 8.8 9.7 11.8 1 1.3 12.8 14.6 17.9 24.5 25,8 32.0 35 1 Monetary gold stock and F.R. holdings of foreign currencies. Ex­ 2 Excludes banks in territories and possessions. change Stabilization Fund holdings of gold and foreign exchange are 3 Gross of bad debt reserves. Excludes corporate stock holdings. in U.S. Govt, account, page A-71.16. 4 At par value. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 71.18 FLOW OF FUNDS □ NOVEMBER 1969 8. SECTOR STATEMENTS OF FINANCIAL ASSETS AND LIABILITIES—Continued (Amounts outstanding at end of year; in billions of dollars) Category 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 Private nonbank financial institutions—Total • 1 Total financial assets........................... 243.6 263.5 281.7 312. 5 342.5 371.0 413.7 441.8 489.9 536.1 587.5 611.8 676.2 735.2 | 2 Demand deposits and currency... 8.3 8.6 8.9 9.7 9.6 10. 1 11.3 12. 1 12.3 12.7 13.0 12.9 13.9 14.8 2 3 Time deposits (Mut. svgs. bks.)... .2 .2 . 1 .2 . 1 . 1 .2 .2 . 1 .2 .2 .2 .2 .3 3 4 Svgs. and Joan shares (Cr. unions) .4 .4 .4 .6 . 5 .3 .5 .6 . 7 .8 .8 .5 .8 .6 4 5 Credit mkt. instruments................ 224. 1 242.6 259.9 287.8 317.2 344. 1 382.7 408.8 453.3 497.7 546.6 569.7 627.0 682.2 5 6 U.S. Govt, securities.................. 35.5 34. 5 34.3 35. 1 36. 1 36,0 36.9 38.9 38.6 40.8 40 7 41.0 40.2 42 2 6 7 State and local obligations........ 9.9 11.1 12.4 13.9 15.8 17.2 18.3 18.8 18.8 18.8 18.3 19. 1 20.3 21.3 7 8 Corporate and fgn. bonds........ 52.5 56.9 63. 1 68.5 73.0 77.9 83.4 89.4 95.5 101.7 109. 1 117.2 128.2 137.6 8 9 Corporate stocks......................... 25.2 27.2 26.7 37.3 43.8 47.5 62.9 59.9 72.6 82.9 98.6 94. 1 123.2 143.1 9 10 Home mortgages......................... 60. 8 69. 2 75.5 83.5 93. 1 102. C 112.4 123 5 137.5 150. 5 162.5 168.0 175.8 184.3 10 11 Other mortgages.......................... 20. 1 22.0 23.6 26.0 28. 5 31.8 36. 2 42. 1 49.4 57.2 65.0 71.8 78.6 85.6 11 12 Consumer credit. ........................ 14. 1 15 4 16.4 15.9 18.4 20.6 21.1 23.6 26.6 29.7 33.5 36.3 37.8 41 6 13 13 Other loans.................................. 6. 1 6.3 7.8 7. 5 8.6 11.1 11.6 12.6 14.3 16.0 18.9 22.2 22.9 26'5 13 14 Security credit........................... 3.6 3.7 3.5 4. 5 4. 5 4.5 5.6 5 3 7.2 6 7 6.9 6.8 9 6 11.6 L4 15 Trade credit................................... 1.2 1.3 1.5 1.6 1.8 1.9 2.0 2.2 2.3 2 5 2.6 2.9 3 2 3.5 15 16 Miscellaneous assets....................... 5.8 6. 7 7.4 8.2 8 8 9.9 1 1 4 12.6 13.9 15.6 17.3 18.7 21.5 22.6 16 17 Total liabilities..................................... 217.3 236.1 254.3 282.0 309.9 337.2 374.7 401.3 445.5 488.5 537.0 562.7 620.7 677.7 17 18 Time and savings accounts........... 62.8 70. 1 77.0 85.9 94 0 103.5 1 14.8 127 9 143.1 159.0 172.0 179.0 195.9 208 4 18 19 Ins. and pension reserves............. 103.8 112.3 120.6 132.4 144.6 1 55. 3 170.6 179.2 195.5 213.1 231.8 243.8 268.5 291.9 L9 20 Credit mkt. instruments................. 22.9 24. 5 25.3 29.5 35.9 40. 0 47,6 49.8 59.7 66.0 80.0 82.5 91.6 105.8 20 2! Finance company bonds........... 5.4 6. 3 7. 1 7.2 8.3 9.9 10, 4 10.7 12.2 14 3 16. 1 16.9 17.9 18 4 21 22 Investment company shares.... 7.8 9.0 8.7 13.2 15.8 17.0 22.9 21.3 25.2 27.2 35.2 34.8 44.8 52^7 22 23 Mtg. loans in process................. .9 . 9 .9 1.2 1. 3 1.2 1.6 2.0 2.5 2.2 2 2 1.3 2 3 2.4 23 24 Bank loans n.e.c.......................... 5.6 5. 1 5. 1 4.4 5.4 6. 2 6. 5 7 5 9.2 9.8 12.2 10.9 8.7 11 1 24 25 Other loans................................... 3. 1 3. 1 3.6 3. 5 5.0 5.7 6, 3 8.3 10.6 12.6 14.3 18.6 17.9 21 2 25 26 Finance company paper........ 1.7 1.9 2.3 2.2 2.9 3.7 3.6 4.8 5.8 7.2 8.3 11.7 13.5 16.0 26 27 FHLB loans............................. 1.4 1.2 1. 3 1.3 2. 1 2.0 2. 7 3.5 4.8 5.3 6 0 6.9 4 4 5.3 27 28 Security credit.................................. 4.7 4.2 4.3 4.8 4.9 5.4 6.3 7.2 7.7 7.9 7.9 8.5 10.6 12.6 28 29 Taxes payable.................................. , 7 .6 . 7 .8 . 9 .9 . 8 .9 .9 .9 | i 1 j 1 0 1 | 29 30 Miscellaneous liabilities................ 22. 5 24. 5 26.5 28.6 29.6 32. 1 34.5 36.3 38.6 41.6 44.2 47.9 53 1 57.9 30 Savings and loan associations J Total financial assets........................... 37.7 42.9 48.1 55. 1 63.5 71.5 82.1 93.6 107.6 119.4 129.6 133.9 143.5 152.8 1 2 Demand dep. and currency.......... 1.4 1.4 1. 5 1.8 1.6 1.7 2. 1 2.7 2.8 2. 8 2 9 2.3 2.0 1.6 2 3 Credit market instruments............ 34.3 39.2 44.2 50.6 59.0 66.2 75.6 85.9 99.2 110.2 119.8 124.4 133.5 143.2 3 4 U.S. Govt, securities.................. 2.5 2.9 3.6 4.2 4.9 5.2 5.7 6.0 7.0 7.6 8.2 8.6 10.2 11.0 4 5 Home mortgages....................... 30.0 34.0 38.0 42.9 49.5 55.4 62.4 69.8 79. j 87.2 94.2 97.4 103.3 110. 3 5 6 Other mortgages................. 1.4 1. 7 2.0 2. 7 3.6 4, 7 6.4 9,0 11.9 14.2 16.1 17.0 18.5 20. 5 6 7 Consumer credit......................... . 5 .6 .6 .8 .9 1.0 1.1 1. 1 1.2 1.3 1.4 1.4 1.4 1.5 7 8 Miscellaneous assets....................... 1.9 2.2 2.4 2.8 3.0 3.5 4.4 5.0 5.5 6.3 6 9 7.2 8.0 8 0 8 9 Total liabilities................................. 35.1 39.9 44.8 51.3 59.1 76.4 87.1 100.4 111.5 120.9 124.8 134.0 142.5 9 10 Savings shares................................. 32. 1 37. 1 41.9 48.0 54.6 62. 1 70.9 80.2 91.3 101.9 110 4 114.0 124.5 111 6 10 1 1 Credit market instruments............ 2. 5 2.2 2.2 2.6 3. 7 3.4 4.4 5.6 7. 6 7.8 8.7 8.7 7.0 8.1 1 | 12 Mtg. loans in process................. .9 .9 .9 1.2 1.3 1.2 1.6 2.0 2.5 2.2 7.2 1.3 2 3 2.4 12 13 Borrowing from FHLB............. 1.4 1.2 1.3 1.3 2. 1 2.0 2.7 3.5 4.8 5.3 6.0 6.9 4.4 5. 3 1 3 14 Bank loans n.e.c.......................... . 1 . i . 1 . 3 .2 .2 . 2 . 2 . 3 . 5 . 5 .4 .4 14 15 Taxes payable............................... * . 1 , | . । | 5 16 Miscellaneous liabilities................ . 5 . 5 . 6 . 7 . 9 1.0 1.1 1.2 1.4 1.6 1 7 2.1 2.4 2.7 16 17 Memo: FHLB loans less deposits... .7 .5 .6 .5 1.5 1.0 1.5 2.3 3.6 4. 1 5.0 5.9 3.0 3.9 17 Mutual savings banks 1 Total financial assets........................... 31.3 33.4 35.2 37. 8 38.9 40.6 42. 8 46-1 49.7 54.2 58.2 61.0 66.4 71.2 1 2 Demand deposits and currency... .7 .8 .8 .8 .7 .7 .8 .8 .8 .8 .8 .8 .8 .7 2 3 Time deposits................................... .2 . 2 .2 . 1 .2 .2 . 1 .2 .2 . 2 .2 .3 3 4 Credit mkt. instruments................ 30.2 32.2 34.1 36.5 37.8 39.4 41.5 44.7 48.1 52. 5 56.4 59.1 64.3 68.8 4 5 U.S. Govt, securities................. 8.6 8.2 7.9 7.6 7.3 6.7 6.6 6.7 6.5 6.5 6.2 5.7 5.4 5.2 5 6 State and local govt, sec............ .6 . 7 . 7 . 7 . 7 . 7 .7 . 5 .4 . 3 . 3 . 2 . 2 6 7 Corporate bonds. . ..................... 2.6 2. 7 3.2 3.8 3.6 3.8 3.6 3.5 3.2 3.1 2.9 3.2 5.3 6.6 7 8 Corporate stocks....................... . 7 . 7 .8 .9 . 8 . 8 .9 1.0 1.2 1.3 1.4 1. 5 1.7 1.9 8 9 Home mortgages....................... 11.1 13.0 14.1 15.6 16.9 18.4 20.0 22.1 24.7 27.4 30.1 31.7 33.5 35. 0 9 10 Other mortgages......................... 6.4 6.8 7.1 7.6 8. 1 8.6 9.1 10.2 11.5 13.2 14.6 15.7 17.0 18.4 10 11 Consumer credit.......................... . 1 . 1 . 1 . 2 .2 . 2 .2 . 3 . 3 .4 . 5 . 6 . 7 .8 11 12 Other loans................................... . 1 . 1 . 1 .2 .2 .2 .3 .4 . 3 .4 . 3 . 5 . 5 .6 12 13 Miscellaneous assets...................... .2 . 2 . 3 . 3 . 3 . 3 .4 . 5 . 7 .7 .8 1.0 1. 1 1.4 13 14 Savings deposits................................... 28.2 30.0 31.7 34.0 35.0 36.3 38.3 41.3 44.6 48.8 52.4 55.0 60. 1 64. 5 14 15 Miscellaneous liabilities........... .3 . 3 .3 . 5 .6 .7 .8 .8 .9 1.0 1.1 1. 1 1. 3 1.4 15 Credit unions 1 Total financial assets........................... 2.4 2.9 3.4 3. 9 4. 4 5. 0 5.6 6. 3 7.2 8.2 9. 2 10.0 11.2 12.3 I 2 Demand dep. and curr................... .2 .3 .3 .3 .3 . 3 .4 .4 .4 . 5 . 5 .6 .7 .8 2 3 Svgs. and loan shares..................... .4 .4 .4 . 6 . 5 . 3 . 5 . 6 . 7 .8 . 8 . 5 . 8 .6 3 4 Credit mkt. instruments................. 1.9 2. 2 2.7 3.0 3.6 4.3 4.7 5.3 6.0 6.9 7.9 8.9 9.6 10.9 4 5 Consumer credit. ....................... 1.7 2.0 2.4 2.7 3.3 3.9 4.3 4.9 5.5 6. 3 7.3 8.3 9.0 10.2 5 6 Home mortgages......................... .2 .2 .3 . 3 .3 .4 .4 . 5 . 5 .5 .6 .6 . 7 . 7 6 7 Credit union shares............................ 2.4 2.9 3.4 3.9 4.4 5.0 5.6 6.3 7.2 8.2 9.2 10.0 11.2 12.3 7 1 In addition to types shown, includes banks in territories and posses­ sions. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1969 □ FLOW OF FUNDS A 71.19 8. SECTOR STATEMENTS OF FINANCIAL ASSETS AND LIABILITIES—Continued (Amounts outstanding at end of year; in biDions of dollars) Category I95S 1956 1957 1958 1959 I960 1961 1962 1963 1964 1965 1966 1967 1968 Life insurance companies 1 Total financial assets........................... 87.9 93.2 98.3 104.3 110.1 115.9 122.8 129.2 136.9 144.9 154.1 1618 173.1 187 6 1 2 Demand deposits and currency.., 1.3 1.3 1.3 1.4 1.3 1.3 1.4 1.5 1.5 1.5 1.5 1.5 1.6 1.7 2 3 Credit market instruments............ 84. 1 89.1 94.0 99.7 105.2 1 10.6 117.2 123.2 130.5 138.1 146.9 154.3 164.7 173.5 3 4 U.S. Govt, securities.................. 8.6 7.6 7. 1 7.3 7.0 6.5 6. 1 6.2 5.9 5.6 5. 1 4.8 4.6 4.5 4 5 State and focal obligations..... 2.0 2.2 2.4 2-7 3.2 3.6 3.9 4.0 3.9 3.8 3.5 3.1 3.0 3.0 5 6 Corporate bonds......................... 37.0 39.2 41.8 44.3 46.5 48.2 50.7 53.2 56.0 58.3 61. 1 63.5 67.3 71.1 6 7 Corporate stock.......................... 3.6 3.5 3.4 4. 1 4.6 5.0 6.3 6.3 7.1 7.9 9. 1 8.8 11.8 13.2 7 8 Home mortgages......................... 17.7 20. 1 21.4 22.4 23.6 24.9 25.6 26.4 27.3 28.5 29.6 30.2 29.8 29.0 8 9 Other mortgages......................... JL8 12.9 13.8 14.7 15.6 16.9 18.6 20.5 23.2 26.6 30.4 34.4 37.8 40.9 9 10 Other loans.................................. 3.4 3.6 4.1 4.3 4.7 5.5 5.9 6.6 7.0 7.4 8.0 9.5 10.5 11.7 10 ll Miscellaneous assets...................... 2.5 2.8 3.0 3.3 3.6 3.9 4.3 4.6 4.9 5.3 5.7 6.0 6.9 7.5 11 (2 Total liabilities.................................... 82.4 87.4 92.3 97.5 103.1 108.5 114.2 120.3 126.8 134.0 141.9 149.9 159.0 168.1 12 13 Life insurance reserves.................. 63.5 66.6 69.3 72.3 75.6 78.8 82. 1 85.8 89.9 94.2 98.9 103.5 108.2 112.9 13 14 Pension fund reserves.................... It.3 12.5 14. 1 15.6 17.6 18.9 20.3 21.6 23.3 25.3 27.3 29.4 32. 1 35.0 14 15 Taxes payable................................. . 2 .3 .3 .3 .4 .4 .4 .4 .4 .6 .5 .6 .5 .6 15 16 Miscellaneous liabilities................ 7.3 8.0 8.6 9.3 9.5 10.5 11.5 12.4 13.2 14.0 15.2 16.4 18.2 19.7 16 Private pension funds 1 Total financial assets.......................... 18.3 21.0 23.4 29.2 34.1 38.2 46.3 47.3 55.4 63.9 72.6 73.8 86. 5 98.3 1 2 Demand dep. and currency.......... .4 . 4 . 5 . 5 . 5 . 5 .7 .7 .8 .9 .9 .9 1.3 1.6 3 Credit market instruments............ 17.2 19.7 22.0 27.7 32.4 36.3 44.1 44.9 52.9 61.0 69.3 70.0 81.3 92.8 3 4 U.S. Govt, securities................. 2.9 2.7 2. 5 2.6 2.8 2.7 2.8 3.1 3.4 3.6 3.6 3. 1 2. 5 3.2 4 5 Corporate bonds. ...................... 7.9 9.5 11.3 12.8 14. 1 15.7 16.9 18. 1 19.6 21.2 22.7 24.6 25. 5 26.2 5 6 Corporate stock.......................... 6. 1 7.1 7. 5 11.6 14.5 16. 5 22.9 21.9 27.7 33.5 39.7 38.5 49.5 59.6 6 7 Home mortgages........................ . 3 .4 .6 .7 1.0 1.3 1.6 1.9 2.2 2.7 3.3 3.8 3.9 3.9 7 8 Miscellaneous assets...................... .7 .9 1.0 1.0 1.2 1.4 1.5 1.7 1.7 2.0 2.4 3.0 3.7 3.8 8 State and local govt, retirement funds 1 Total financial assets.................. 10.7 12.1 13.8 15.3 17.3 19.5 22.0 24.5 26.9 29.7 33.1 37.1 41.7 45.8 I 2 Demand dep. and currency.......... .2 .2 .2 .2 .2 .2 . 3 .3 .3 .3 . 3 .4 . 5 .4 2 3 Credit market instruments........... 10.4 J 1,7 13.3 14.7 16.7 18.9 21.3 23.7 26. 1 28.8 32.1 35.9 40.4 44. 5 3 4 U.S. Govt, securities.................. 4.7 5.0 5.2 5. J 5.6 5.9 6. 1 6.5 6.9 7.4 7.8 8.0 8,0 8.0 4 5 Short-term marketable. ..... .2 .2 .3 .2 . 3 .4 .4 .4 .4 . 3 .3 .4 . 5 .6 5 6 Other direct............................. 4. 5 4.7 4.8 4.8 5.1 5.3 5.4 5.7 6.1 6.7 6.9 7.0 6.6 6.1 6 7 Agency issues.......................... . I . 1 . 1 .2 . 3 .4 .3 .4 .5 .7 .8 1 .3 7 8 State and local obligations..... 2.7 3.1 3.5 4.0 4.3 4.4 4.3 3.8 3.3 2.9 2.6 2.5 2.4 2,3 8 9 Corporate bonds......................... 2.5 3.0 3.8 4.6 5.5 6.7 8.5 10.4 12. 3 14.2 16.3 18.9 22. 3 24.7 9 10 Corporate stock.......................... .1 .2 .2 .3 .3 .4 .6 .8 1.0 1.3 1.6 2.1 2.8 4. 1 10 11 Mortgages................................... . 3 .4 . 5 .7 1.0 1.5 1.9 2.2 2.6 3.1 3.7 4. 5 5.0 5.4 11 12 Other............................................... .2 . 2 .3 . 3 .3 .4 .4 . 5 . 5 .6 .7 .7 .8 .9 12 13 Retirement reserves............................ 10.7 12.1 13.8 15.3 17.3 19.5 22.0 24.5 26.9 29.7 33.1 37.1 41.7 45.8 13 Other insurance companies 1 Total financial assets.......................... 21.0 21.8 22. 1 24.» 27.1 28.2 31.6 32.6 35.3 38.1 39.8 40.0 45.6 48.4 I 2 Demand dep. and currency.......... 1.3 1.3 1.3 1.3 1.3 1.3 1.4 1.5 1.4 1.4 1.3 1.3 1.3 1.4 2 3 Credit market instruments............ 18.5 19.2 19.4 21.9 23.9 24.9 28.2 28.9 31.6 34.2 35.8 35.7 41,2 43.5 3 4 U.S. Govt, securities................ 6.1 5.7 5.6 5. 5 5.8 5.6 5.6 5.7 5.9 6.0 6.0 5.6 4.9 4.7 4 5 State and local obligations........ 4.2 4.9 5.6 6.2 7.2 8. 1 9.1 9.9 10.6 11.0 11.3 12.6 14.1 15.1 5 6 Corporate bonds......................... 1.2 1.2 1.4 1.5 1.6 1.7 1.7 2. 1 2.0 2.4 3.0 3.6 4.3 5.5 6 7 Corporate stock......................... 6.9 7.2 6.7 8.4 9.1 9.4 11.8 11.1 13.0 14.7 15.3 13.8 17- 7 18. 1 7 8 Commercial mortgages.............. .2 .2 .2 .2 . 1 . 1 .2 . 1 . 1 . 1 . 1 .2 .2 8 9 Trade credit..................................... 1.2 L3 1.5 1.6 1.8 1.9 2.0 2.2 2.3 2. 5 2.6 2.9 3.2 3.5 9 10 Total liabilities.................................... 11.2 11.8 12.9 13.8 14.9 15.9 16.7 17.4 18.4 19.6 21.2 23.0 25.2 27. 5 10 11 Policy payables............................... 11.0 11.8 12.8 13.7 14.8 15.7 16.5 17.2 18.3 19.6 21. 1 22.9 25.0 27.4 JI 12 Taxes payable................................. .2 ♦ . 1 .2 . 1 .1 , 1 . 1 . 1 ♦ . 1 . 1 . i * 12 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 71.20 FLOW OF FUNDS □ NOVEMBER 1969 8. SECTOR STATEMENTS OF FINANCIAL ASSETS AND LIABILITIES—Continued (Am ounts outstanding at end of year; in billions of dollars) Category 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 Finance companies 1 Total financial assets........................... 17.1 17.8 18.9 18,2 21.1 24.1 25.1 27.6 31.7 35.6 41.0 43.6 44.5 49.9 1 2 Demand deposits and currency.., 1.5 1.5 1.6 1.7 2.0 2. 1 2.3 2.5 2.3 2.3 2.5 2.7 2,9 3. 1 2 3 Home mortgages............................. 1.4 1.3 .9 1.4 1.6 1.6 2.2 2.7 3.5 3.9 4.5 3.9 4.3 4.9 3 4 Consumer credit............................. 11.8 12.7 13.2 12.3 14. 1 15.4 15.5 17.3 19.6 21.6 24.3 26.1 26.7 29.1 4 5 Other loans (to bus.)...................... 2.4 2.3 3.2 2.8 3.4 4.9 5.0 5.1 6.4 7.8 9.7 10.9 10.6 12.8 5 6 Total liabilities..................................... 12.8 13.5 14.7 13.9 16.7 19.9 20.6 23.2 27.2 31.1 36.4 39.1 40.0 45.2 6 7 Corporate bonds............................. 5.4 6.3 7. 1 7.2 8.3 9.9 10.4 10.7 12.2 14.3 16. 1 16.9 17.9 18.4 7 8 Bank loans n.e.c............................ 5.5 5.0 5.0 4.3 5.2 6.0 6.3 7.4 9.0 9.5 11.7 10.3 8.4 10.6 8 9 Open market paper......................... 1.7 1.9 2.3 2.2 2.9 3.7 3.6 4.8 5.8 7.2 8.3 11.7 13.5 16.0 9 10 Taxes payable................................. .3 .3 . 3 -2 .3 .3 .3 .3 .3 .2 .3 .2 .2 .2 10 Security brokers and dealers 1 Total financial assets........................... 5.9 5.4 5.5 6.1 6.2 6.7 7.7 8.6 9.2 9.4 9.5 10.2 12.6 14.9 1 2 Demand dep. and currency.......... .5 .5 .5 .6 .6 .6 .7 .6 .7 .8 .9 1.0 l.l 1.6 2 3 U.S. Govt, securities...................... .3 .2 .4 .6 .4 1.0 1.3 2.0 .7 1.4 1.1 1.7 1.0 1.8 3 4 Other securities............................... 2.0 1.4 1.7 1.2 1.4 1.4 1.0 1.4 1.7 1.7 1.5 1.6 1.8 .8 4 5 Security credit........................... 3.1 3.1 2.8 3.8 3.8 3.6 4.7 4.6 6.1 5.6 6. 1 5.9 8.7 10.8 5 6 Total liabilities..................................... 4.8 4.2 4.3 4.9 4.9 5.4 6.4 7.2 7.8 7.9 8.0 8.6 10.7 12.8 6 7 Security credit................................. 4. 7 4.2 4.3 4.8 4.9 5.4 6.3 7.2 7. 7 7.9 7.9 8,5 10.6 12.6 7 8 From banks................................ 3.3 2.6 2.6 2.8 3.0 3.3 4.1 5.2 5.3 5.5 5.3 5.8 6.7 7,7 8 9 From agencies of fgn. banks. . . . 5 .6 .7 .7 .8 .8 .9 .7 l.l 1.1 .8 .9 .9 .9 9 10 Customer credit balances.......... 1.0 1.0 1,0 1.3 1.1 1.2 1.3 1.3 1.3 1.3 1.8 1.8 3.0 4.1 10 1 1 Taxes payable................................. * * * * . 1 * . t * . 1 . 1 .1 . 1 .1 .2 11 Open-end investment companies I Total financial assets.......................... 7.8 9.0 8.7 13.2 15.8 17.0 22.9 21.3 25.2 27.2 35.2 34.8 44. 8 52,7 1 2 Demand dep. and currency.......... 1 .2 .2 • 3 .3 .3 .4 .4 . 5 .5 .7 .8 2 3 Credit market instruments............ 7.7 8.9 8.6 13.0 15.6 16.8 22.5 20.9 24. 8 26.7 34.7 34. 3 44.1 51.9 3 4 U.S. Govt, securities.................. . 3 .3 .3 .4 .6 .6 .7 .7 . 7 .8 .8 1.4 .9 1.1 4 5 Corporate bonds........................ .5 . 7 .8 .9 1.1 1.2 1.6 1.6 1.8 2. 1 2.6 2.9 3.0 3.4 5 6 Corporate stock......................... 6.9 7.9 7.4 11.7 13.9 14.8 20.3 18.3 22. 1 23.7 30.9 28,9 39.2 46.1 6 7 Open market paper.................... . 1 . 1 . 1 ♦ . 1 . 1 * .3 .2 . 1 . 5 1.0 1.1 1.2 7 Agencies of foreign banks 1 Total financial assets.......................... 2.4 2.8 2.9 3. I 3.2 3.6 3.8 3.6 3.6 4.2 3.7 3.8 4.3 4.5 1 Demand dep. and currency.......... .5 .6 .6 .6 .6 .7 . 8 .7 .7 .8 .7 .8 .9 .9 2 3 U.S. Govt, securities...................... 1.3 1.5 1.4 1.5 1.5 1.7 1.8 1.8 1.5 1.9 1,8 1.9 2.5 2.6 3 4 Other loans.............................. . 1 .2 . 3 .3 .3 . 3 . 3 . 3 .4 .4 . 3 . 3 .2 .2 4 5 Security credit................................ .5 .6 .7 . 7 .8 . 8 .9 .7 1. 1 1.1 ,8 .9 .9 .9 5 6 Deposit liabilities................................ 2.4 2.8 2.9 3. 1 3.2 3.6 3.8 3.6 3.6 4.2 3,7 3.8 4.3 4.5 6 Rest of the world 1 Total financial assets.......................... 41.3 44.1 44.0 50.6 56.5 61.1 67.7 69.3 75.1 81.2 84.9 85.4 93.9 102.0 1 2 Gold.................................................. 15.9 16.0 15.9 18.9 20.7 22.7 24.2 25.4 26.7 27.5 29.4 30.0 29.5 29.8 2 3 U.S. demand deposits.................... .8 1.0 1.2 1.2 1.2 1.3 2.1 2.2 2.4 2.9 3,0 2,2 3.1 3.1 3 4 U.S. time deposits.......................... 3.2 3.1 3.1 4.0 3.1 3.5 3.8 4.3 5.3 6.7 7.3 8.2 9.6 9.5 4 5 Credit market instruments............ 13.0 14.4 14. 1 16.3 20.3 21.5 24.5 24.4 27.2 29.4 30.2 26.6 31.4 35.5 5 6 U.S. Govt, securities.................. 5.8 6.7 6.9 7.0 10.0 10.6 11.0 12.3 12.9 13.4 13.2 10.8 12.9 12.4 6 7 Corporate bonds............. .3 .3 .4 . 5 .. 5 .6 .6 .7 .7 ,9 .7 1.3 .9 .9 7 8 Corporate stock......................... 6.6 7.0 6. I 8.3 9.4 9.3 I 1.8 10.3 12.5 13.8 14.6 12,6 15.5 19.5 8 9 Other loans.................................. .3 .5 ,7 .6 .5 1.0 1.0 1.0 l.l 1,3 1.6 1.9 2.1 2.7 9 10 Security credit................................ . 1 . 1 . 1 . 1 . 1 .2 .2 .3 .6 10 11 Trade credit..................................... .4 .5 .6 . 5 .7 .6 .8 .8 .8 .8 1.0 1.4 1.8 2.7 II 12 Miscellaneous assets............ 8,0 8.9 9.0 9.6 10.4 H .4 12.2 12.1 12.6 13,7 13.9 16.9 18.1 20.7 12 13 Direct investment in U.S........... 5.1 5.5 5.7 6. 1 6.6 6.9 7.4 7.6 7.9 8.4 8.8 9. 1 9.9 10.8 13 14 Deps. at agn. of Fgn. bank. . . . 2.4 2.8 2.9 3. 1 3.2 3.6 3.8 3.6 3.6 4.2 3.7 3.8 4.3 4.5 14 15 Fgn. branch claims on U.S. banks .6 .6 .3 .3 .5 .9 1.0 .9 1.0 l.l 1.4 4.0 3.9 5.4 15 16 Total liabilities........................... 39.1 44.0 49.5 53.7 57.1 63.2 68.4 73.8 80.6 90.8 98.3 104.1 113.4 122.4 16 17 Official U.S. foreign exchange and net IMF position........................ 1.0 1.6 2.0 2.0 2.0 1.6 1.8 1.2 1.2 1.2 1.6 1.6 2.8 4.8 17 18 Credit market instruments........... 16. 5 17.3 18.7 20.5 21.1 23. 1 25.4 27.9 30.7 36.3 39.2 40.2 43. 1 45.8 18 19 Bonds............................................ 3.0 3.3 3.7 4.5 4.9 5.6 6.2 7.2 8.2 9.2 10.2 10.5 10.8 11.7 19 20 Bank loans n.e.c......................... 1.4 1.8 2. 1 2.6 2.9 3.0 3.7 4.1 4.4 6.9 7.5 7.3 7. 1 6.8 20 21 Other Joans.......................... J2. 1 J2.3 12.8 13,4 13.4 14.5 15.5 16.7 18.2 20.2 21.5 22.3 25.3 27.3 21 22 Security debt................................... . 1 . 1 .1 . 1 . 1 . 1 . 1 .3 .5 22 23 Trade debt....................................... .6 .7 .8 .8 .9 1.7 1.9 2.7 2.7 3.7 3.2 3.8 4.4 5.2 23 24 Miscellaneous liabilities................ 20.9 24.3 28.0 30.3 33.0 36.8 39.2 42.0 45.8 49.5 54.2 58.4 62.8 66.2 24 25 U.S. capital subscription to IBRD, IDA, etc...................... .6 .7 .7 . 7 .7 .8 1.0 1. 1 1.2 1.2 1.3 1.3 1.4 1.5 25 26 U.S. direct invest, abroad......... 19.3 22.2 25.2 27.3 29.7 32.7 34.7 37.2 40.7 44.4 49.2 53.9 58.3 61.4 26 27 Fgn. currency held by U.S........ 1.0 1.5 2.1 2.4 2.6 3.2 3.5 3.6 3.9 3.9 3.7 3.2 3.2 3.3 27 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 71.21 FOR INTERNATIONAL TABLES SEE FOLLOWING PAGE. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 72 U.S. BALANCE OF PAYMENTS □ NOVEMBER 1969 1. U.S. BALANCE OF PAYMENTS (In millions of dollars) 1968 1969 Item 1966 1967 1968 I II HI IV I IF’ Transactions other than changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets—Seasonally adjusted Exports of goods and services—Total 1....................... 43,360 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 I .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 cur­ rency 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 -5,655 -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, me­ dium-term U.S. Oovt. securities’.............. -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 (= 14-2+34*4+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................. 761 1,346 2,341 355 770 529 687 37 -366 Balance B, seasonally adjusted............................ 266 -3,418 1,638 -379 1,553 97 367 1,143 1,243 -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

NOVEMBER 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 I II III IV 1 11^ 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................................................................... 571 1,170 1,173 1,362 22 -74 -1137 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 3,492 712 -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.......-2,707 -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 3 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 t 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 ^2,855 33,355 2,091 2,198 32,604 33,177 226 410 251 178 May,................... 2,416 2,549 2,740 33,292 2,061 2,118 2,755 33,276 355 432 -15 16 June.................... 2,485 2,582 2,870 33,213 2,102 2,184 2,792 33,188 383 398 78 25 July............ 2,469 2,601 2,858 3,172 2,216 2,245 2,725 3,066 253 357 133 106 Aug..................... 2,460 2,566 J2,950 3,385 2,137 2,145 2,872 3,180 324 421 78 205 Sept..................... 2,503 2,597 33,2I1 3,326 2,288 2,198 2,951 3,055 214 399 261 271 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: 7,186 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 Ill........................ 7,431 7,764 9,019 9,883 6,641 6,588 8,548 9,301 790 1,177 471 582 IV........................ 7,575 7,763 8,580 6,694 7,143 8,527 881 620 53 Year 4.................... 29,403 31,011 34,092 25,617 26,928 33,093 3,786 4,083 1 ,001 1 Exports of domestic and foreign merchandise; excludes Dept, of 3 Significantly affected by strikes. Defense shipments of grant-aid military equipment and supplies under 4 Sum of unadjusted figures. Mutual Security Program. 2 General imports including imports for immediate consumption plus Note.—Bureau of the Census data. Details may not add to totals be­ entries into bonded warehouses. cause of rounding. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 74 U.S. GOLD TRANSACTIONS □ NOVEMBER 1969 3. U.S. NET MONETARY GOLD TRANSACTIONS WITH FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (Net sales (-) or net acquisitions; in millions of dollars at $35 per fine troy ounce) 1968 1969 Area and country 1960 1961 1962 1963 1964 1965 1966 1967 1968 II III IV I 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 -21 -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 5Q 15 Bank for Inti. Settlements. -36 -23 Other................................. -96 -53 -12 1 -6 -35 -49 16 -47 -22 -16 -8 -1 ‘17 Total............................. -1,718 -754 -1,105 -399 -88 -1,299 -659 -980 -669 163 213 150 -52 292 Canada............................... 190 200 ISO 50 ............ Latin American republics: Argentina............................. -50 -90 85 -30 -39 -1 -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.............................. -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 -71 -6 5 28 AH 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 s-225 177 22 -3 -11 1 1 Grand total................. -1,669 -820 -833 -392 -36 -1,547 -431 -1,009 -1,121 -22 73 136 -56 317 J 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. 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NOVEMBER 1969 □ U.S. GOLD STOCK; POSITION IN THE IMF A 75 4. U.S. GOLD STOCK, HOLDINGS OF CONVERTIBLE FOREIGN CURRENCIES, AND RESERVE POSITION IN IMF (In millions of dollars) Gold stock 1 Con­ Reserve Gold stock * Con­ Total vertible position Total vertible Reserve End of year r a e s s s e e rv ts e Total 2 Treasury cu fo rr r e e n ig c n ie s IM in F J End of month re as s s e e rv ts e Total 2 Treasury c fo c u i r e r e r s e i g n 3 n ­ p I o M s in i F t io 3 n 1956......................... 23,666 22,058 21,949 1,608 1968—Oct.............. 14,427 10,788 10,367 2,703 936 1957 ......................... 24,832 22,857 22,781 1 ,975 Nov............. 15,660 10,897 10,367 3,655 1,108 1958.......................... 22,540 20,582 20,534 1,958 Dec.............. 15,710 10,892 10,367 3,528 I ,290 1959.......................... 21,504 19,507 19,456 1,997 1960......................... 19,359 17,804 17,767 1,555 1969—Jan............... 15,454 10,828 10,367 3,338 1,288 Feb.............. 15,499 10,801 10,367 3,399 1 ,299 1961......................... 18,753 16,947 16,889 116 1,690 Mar............. 15,758 10,836 10,367 3,601 I ,321 1962......................... 17,220 16,057 15,978 99 1,064 Apr.............. 15,948 10,936 10,367 3,624 1 ,388 1963......................... 16,843 15,596 15,513 212 1,035 May............ 16,070 11,153 10,367 3,474 1,443 1964......................... 16,672 15,471 15,388 432 769 June 16,057 11,153 10,367 3,355 1,549 1965......................... 15,450 <13,806 <13,733 781 <863 July............. 15,936 11,144 10,367 3,166 1 ,626 Aug............. 16,195 11,154 10,367 3,399 I ,642 1966......................... 14,882 13,235 13,159 1,321 326 Sept............. 16,743 11,164 10,367 3,797 1 ,782 1967......................... 14,830 12,065 11,982 2,345 420 Oct.............. 16,316 11,190 10,367 3,341 t ,785 1968......................... 15,710 10,892 10,367 3,528 1 ,290 i Includes (a) gold sold to the United States by the International Mon­ 4 Reserve position includes, and gold stock excludes, $259 million gold etary Fund with the right of repurchase, and (b) gold deposited by the subscription to the IMF in June 1965 for a U.S. quota increase which IMF to mitigate the impact on the U.S. gold stock of foreign purchases became effective on Feb. 23, 1966. In figures published by the IMF from for the purpose of making gold subscriptions to the IMF under quota June 1965 through Jan. 1966, this gold subscription was included in the increases. For corresponding liabilities, see Table 6. U.S. gold stock and excluded from the reserve position. 2 Includes gold in Exchange Stabilization Fund. 5 For holdings of F.R. Banks only, see pp. A-12 and A-13. 3 In accordance with IMF policies the United States has the right to draw foreign currencies equivalent to its reserve position in the IMF vir­ Note.—See Table 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. transactions with, IMF Transactions by U.S. other countries reserve Period with IMF position P s t u d a io y b o n m o s ll s a c f e r r n i s i n p ts ­ by s g N I a o M l e e ld t s F J T t c f i r o c o u a i r n e r n e r s s s e i g a n 2 i n n c ­ ­ I i M d n o c F i l o n la m n rs e e t D d ra o w o lla f in rs gs R d m o e e i l p n l n a a t r y s s ­ c T ha o n ta g l e Amount P q e U u r o . o c S f t e . a nt p i ( n e e r n i I o d M d o ) F f J 1946—1957.............................. 2,063 4 594 -45 -2,664 827 775 775 28 1 975 1958—1963............................... 1,031 150 60 -1,666 2 740 2,315 3,090 75 1 035 1964—1966.............................. ’776 1 ,640 45 -723 6 1 ,744 4*834 94 s326 1967........................................... 20 -114 — 94 4,740 92 420 1968........................................... -84 20 -806 -870 3,*870 75 1 290 1968—Oct................................. 2 -12 —10 4,224 82 936 Nov....................... -125 -1 -46 -172 4’052 79 1 108 Dec................................ -159 4 -27 -182 3 870 75 1 290 1969—Jan................................. 2 2 3 872 75 1 288 Feb................................ 2 -13 — 11 3 861 75 1 299 Mar................................ 2 -24 -22 3,839 74 1*321 Apr................................ 1 -68 -67 3 772 73 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 Oct................................. .................. 1 -9 5 -3 3,375 65 1,785 For notes see opposite page. 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A 76 INTL. CAPITAL TRANSACTIONS OF THE U.S. a NOVEMBER 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 Gold Gold it S l i i t e a e h s r b o m i r r l e t ­ ­ ­ M U a a b . r S l k e . e t­ c m o a i n a b b v r l l e k e e e rt t ­ ­ it S l i i t e a e h s b r o m i r r l t e ­ ­ ­ M U a a b r .S k le . e t­ it S l i i t e a e h s r o b m r r il e t ­ ­ ­ M U a a b . r S k le . e t­ Total po d s e i ­ t 1 m in e ve n s t t­ 2 Total i p n b o a b r U n t y e k . S s d . n b G o a o t o n e n v d s d t s , 4 T b U a r o u e n . n r S a y d d s . s ­ Total i p n b o a b r U n t y e k . S s d . n b G o o a t o n n e v d d s t s , 4 Total in p b o a U b r n t y . e k S s d . 6 n b G o a o t o n n e v d d s t s , 4 notes 1957............ 715,825 200 200 n.a. 7,917 n.a. 5,724 n.a. n.a. 542 1958 ... . 7I6’845 200 200 n.a. 8,665 n.a. n.a. 5,950 n.a. n.a. 552 n.a. 1959 ... . 19,428 500 500 10,120 9,154 966 7,618 7,077 541 1 ,190 530 660 19608.......... b (2 l 0 ' ^ 9 0 9 2 4 7 8 8 0 0 0 0 8 8 0 0 0 0 1 11 1 ; , 0 07 8 8 8 1 1 0 0, '2 2 1 1 2 2 8 8 6 7 6 6 7 7 , ^ 5 9 91 8 7 7 , '0 0 4 4 8 8 5 5 5 43 0 1 1 , ; 5 5 2 4 5 l 7 7 5 5 0 0 7 79 7 1 5 (22'853 800 800 11,830 10,940 890 8,275 7,759 516 1 ,948 703 1 245 1961«.......... (22,936 800 800 11 ^830 10'940 890 8,357 7341 516 1 349 704 1 ,245 19628.......... / 1 2 2 4 4 . 0 0 6 6 8 8 8 8 0 0 0 0 .............. 8 8 0 0 0 0 1 1 2 2 , , ’ 7 7 1 48 4 1 11 1 , , 9 9 6 9 3 7 7 7 5 5 1 1 8 8 , , 3 3 5 5 9 9 7 7 , , 9 9 1 1 1 1 4 4 4 4 8 8 2 2, , 1 1 6 9 1 5 1 1 , , 2 2 5 8 0 4 9 9 1 1 1 1 1963 8.......... 1 (2 2 6 6 , , 3 3 6 2 1 2 8 8 0 0 0 0 .............. 8 8 0 0 0 0 1 1 4 4 . ’ 3 3 5 8 3 7 1 12 2 , 3 4 6 6 7 7 1 1 , ,1 2 8 1 3 7 7 70 0 3 3 9 9 , , 2 2 0 14 4 8 8 , ', 8 8 6 6 3 3 3 3 4 5 1 1 1 1 , > 9 6 6 0 5 '8 8 0 0 8 8 1 1 , , 1 1 5 5 7 2 19648.......... 1 (2 2 8 9 , , 9 0 5 0 1 2 8 8 0 0 0 0 .............. 8 8 0 0 0 0 1 1 5 5 , , 4 4 2 2 8 4 1 13 3 , '2 2 2 20 4 1 1 , , 1 1 2 2 5 5 1 1 , , 0 0 7 7 9 9 1 1 1 1 , , 0 0 0 5 1 6 1 1 0 0 , , 6 6 2 8 5 0 3 3 7 7 6 6 1 1 , , 7 7 2 2 2 2 8 8 1 1 8 8 9 9 0 0 4 4 1965............ 29,115 834 34 800 15,372 13,066 I J05 1 ,201 11,478 11,006 472 1 ,431 679 752 19668.......... 1 (2 2 9 9 , , 9 77 0 9 4 1 1 , ,0 0 1 1 1 1 2 2 1 1 1 1 8 80 0 0 0 1 13 3 , , 6 6 5 0 5 0 1 12 2 , , 5 4 3 8 9 4 8 8 6 6 0 0 2 2 5 5 6 6 1 1 4 4 , , 3 2 8 0 7 8 1 1 3 3 , , 8 6 5 8 9 0 5 52 2 8 8 9 9 0 0 5 6 5 5 8 8 1 0 3 3 2 25 5 19678.......... \ 1 3 3 3 3 , , 1 2 1 71 9 1 1 , , 0 03 3 3 3 2 2 3 3 3 3 8 80 0 0 0 1 1 5 5 , , 6 6 5 4 3 6 1 1 4 4 . , 0 0 2 3 7 4 9 9 0 0 8 8 7 7 1 1 1 1 1 15 5 , , 7 8 6 9 3 4 1 15 5 , , 2 3 0 3 5 6 5 5 5 5 8 8 6 6 9 7 1 7 4 4 8 7 7 3 2 2 0 0 4 4 1968-Aug... 33,525 1 ,030 230 800 12,437 11,155 520 762 19,302 18,666 636 756 596 160 Sept.. . 33,507 1 ,030 230 800 12,063 10,770 531 762 19,725 19,099 626 689 613 76 Oct.... 33,949 1 ,030 230 800 12,137 10,844 531 762 20,018 19,398 620 764 696 68 Nov.. . 35,510 1 ,030 230 800 13,689 12,398 529 762 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 42 133,617 1 ,030 230 800 12,483 11,320 462 701 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. . 34,938 1 ,031 231 800 10,775 9,640 459 676 22,491 21,996 495 641 603 38 Apr... 36,053 1 ,033 233 800 10,940 9,766 459 715 23,400 22,903 497 680 641 39 May.. 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 July.. 40,151 1,028 228 800 9,980 8,780 450 750 28,411 27,930 481 732 683 49 Aug.”. 41 ,580 1 ,028 228 800 11 ,040 9,840 450 750 28,782 28,290 492 730 681 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 * 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 Internationa! Bank for Reconstruction and Develop­ Note.—Based on Treasury Dept, data and on data reported to the ment and the Inter-American Development Bank. Treasury Dept, by banks and brokers in the United States. Data correspond 6 Includes difference between cost value and face value of securities in to statistics’following in this section, except for minor rounding differences. IMF gold investment account. Liabilities data reported to the Treasury Table excludes IMF “holdings of dollars,’’ and holdings of U.S. Treasury include the face value of these securities, but in this table the cost value of letters of credit and non-negotiable, non-interest-bearing special United the securities is included under “Gold investment.” The difference, which States notes held by other international and regional organizations. amounted to $34 million at the end of 1968, is included in this column. The liabilities figures are used by the Dept, of Commerce in the statistics 7 Includes total foreign holdings of U.S. Govt, bonds and notes, for measuring the U.S. balance of international payments on the liquidity which breakdown by type of holder is not available. basis; however, the balance of payments statistics include certain adjust­ 8 Data on the two Jines 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

NOVEMBER 1969 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 77 7. U.S. LIQUID LIABILITIES TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES, BY AREA (Amounts outstanding; in millions of dollars) End of period c f o o T u r o n e t t i a g ri l e n s E W u e ro s p te e r n 1 Canada A re m L p e u a r b t i i c l n ic a s n Asia Africa cou O n t t h ri e e r s 2 1966.............................................................................................. 13,655 7,488 1,189 1,134 3,339 277 228 1967.............................................................................................. 15,646 9^72 '996 1 J31 3,145 249 253 1968—Aug.................................................................................. 12,437 6,849 780 1 ,432 2,929 242 205 Sept................................................................................. 12',063 6^962 438 1 J96 2'963 293 211 Oct................................................................................... 12'137 6,854 416 1 ,262 3,121 271 213 Nov.................................................................................. 13’689 8^097 574 1 ’357 3J6I 271 229 Dec.•*. ............................................................................ { f 1 12 2 , , 4 5 8 5 3 0 7 7, , 0 0 0 0 1 9 5 5 3 3 3 2 1 1 , ; 3 3 5 5 4 4 3 3 ; , 1 1 2 6 3 9 2 2 5 48 9 2 2 2 2 5 6 1 969—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 5,191 466 1 ,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 I '243 2,727 232 272 July.................................................................................. 9’980 5,132 426 1 ’,291 2,616 238 277 Aug.”.............................................................................. 11 ;040 5,907 451 1 ^391 2; 790 255 246 1 Includes Bank for International Settlements and European Fund. Note.—Data represent short-term liabilities to the official institutions 2 Includes countries in Oceania and Eastern Europe, and Western Euro­ of foreign countries, as reported by banks in the United States, and foreign pean dependencies in Latin America. official holdings of marketable and convertible nonmarketable U.S. Govt, 3 See note 9 to Table 6. securities with an original maturity of more than 1 year. 8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) To nonmonetary international To all foreigners and regional organizations5 Payable in dollars IMF Deposits End of period Total 1 Deposits Tre U a .S su . ry Other P fo a r y i e n a i b g l n e i m n g v e o e n l s d t t 4 ­ Total b T i r ll e U s a .S s a u . n r d y s O te h t r o h m r e t r ­ Total Demand Time 2 bi c ll e s r ti a fi n ­ d s l t i h e a o r b m r . t 3 ­ re c n u c r ie ­ s Demand Time2 c c e a r t t e if s i­ liab.3 cates 1966............................... 27,599 27,010 9,884 5,869 7,547 3,710 589 800 580 56 139 212 173 130,657 30328 11 347 5^80 9 J 73 3'727 229 800 487 67 124 178 118 ............................. \30,505 30,276 11,577 5,775 9,173 3,750 229 800 473 67 120 178 107 1968--Sept.................... 31,282 30,723 14,483 5,546 6,188 4,506 559 800 613 78 131 290 114 Oct..................... 31 '738 31,187 14,887 5’494 6,405 4'401 551 800 696 56 123 404 113 Nov.................... 33^97 32,726 14,979 5,438 7343 4,466 571 800 693 44 110 428 110 Dec.................... 31'720 31 '084 14'381 5'494 6 797 4,412 636 800 690 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 ,486 4,727 557 800 607 62 96 307 143 Mar.................... 33’039 32'465 16,225 5’607 5'376 5'257 574 800 603 69 98 211 225 Apr.................... 34,110 33,525 16,719 5'622 5'706 5’478 585 800 641 63 85 225 267 May.................. 35,749 35'183 16,601 5’623 7,272 5,687 566 800 684 58 82 236 308 June................... 37'166 36,565 20'143 5^684 4,974 5,764 601 800 668 75 74 214 304 July.................... 38,193 37,748 21,095 5'624 5'070 5'959 445 800 683 59 78 227 319 Aug.p.. ............. 39’611 39,153 21’165 5’779 5'858 6^351 458 800 681 54 74 230 322 Sept.p................ 40,598 40,182 20,782 5,995 7,052 6,353 416 800 675 61 82 225 307 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. □ NOVEMBER 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 n e d posi T ts ime2 T b c r i c l e e U l a s a r . t t S s e a if u s . n i ­ r d y s O l t i h e a t o r h b m e r . t 3 r ­ f r o e c r n i u e n c i r i g e ­ n s Total Dema D nd eposi T ts ime2 T b r i c c l e U l e a s a . t r S e s t a i s u . 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 ­ cu P f r o a re r y i e a n n i b c g l i n e e s 1966......................... 26,219 9,829 5,730 6,535 3,537 589 12,539 1 ,679 2,668 6,316 1,359 517 ( 29,370 11,680 5,656 8,195 3,610 229 14,034 2,054 2,462 7,985 1,381 152 19676 .................... I 29,232 11,510 5,655 8,195 3,643 229 14,027 2,054 2,458 7,985 1,378 152 1968—Sept............. 29,869 14,405 5,415 5,099 4,391 559 10,770 1,997 1 ,966 4,965 1,438 404 Oct.............. 30,242 14,831 5,370 5,201 4,288 551 10,844 2,001 1 ,988 5,089 1,362 404 Nov....... . 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 1 ,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,........... 31,636 16,156 5,509 4,364 5,033 574 9,640 2,012 1,879 4,218 1,143 388 Apr....... . 32,669 16,656 5,536 4,681 5,212 585 9,766 1 ,869 1 ,898 4,531 1,080 388 May............ 34,265 16,543 5,541 6,236 5,379 566 11,306 1,792 1 ,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............. 36,710 21,036 5,546 4,042 5,641 445 8,780 1 ,892 1 ,872 3,872 912 232 Aug.p.......... 38,130 21,110 5,705 4,828 6,029 458 9,840 2,066 1 ,984 4,671 887 232 Sept.p.......... 39,123 20,720 5,913 6,027 6,046 416 11,280 1 ,981 2,123 5,895 1,049 232 To banks8 To other foreigners To banks Payable in dollars and other foreigners: End of period Total payable in Deposits Tre U a . s S u . ry Other Deposits Tre U a .S su . ry Other fo c r u e r ig ­ n Total Demand Time2 b c i c l e l a s r t e t a i s f n i­ d s l t i h e a o r b m r . t 3 ­ Total Demand Time2 b c i c l e l a s r t t e a if s n i­ d s l t i h e a o r b m r . t 3 ­ rencies 1966......................... 13,680 9,864 6,636 1 ,243 137 1,848 3,744 1 ,513 1,819 83 329 72 19676....................... ( I 1 1 5 5 , , 2 3 0 3 5 6 1 1 1 1 , , 0 1 0 3 8 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 97 2 3 7 4 4 , , 1 1 2 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 l 7 l 1968—Sept............. 19,099 14,741 10,767 1 ,333 56 2,584 4,203 1 ,641 2,116 78 368 155 Oct........ 19,398 15,053 11,234 I ,241 35 2,542 4,197 1 ,596 2,141 77 383 148 Nov............. 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 1 ,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. 21,996 17,419 12,393 1,470 42 3,514 4,390 1 ,751 2,160 104 374 187 Apr 22,903 18,327 13,024 1 ,517 40 3,746 4,379 1 ,762 2,121 110 386 197 May 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 July............. 27,930 23,582 17,464 1 ,745 54 4,319 4,135 1 ,680 1 ,928 116 410 213 Aug.p...... 28,290 23,995 17,392 1 ,873 35 4,695 4,069 I ,652 1 ,847 122 447 226 Sept.p.......... 27,843 23,642 17,010 1 ,986 25 4,620 4,017 1 ,729 1,804 107 377 184 1 Data exclude “holdings of dollars” of the International Monetary with those shown for the preceding date; figures on the second line are Fund. comparable with those shown for the following date. , 2 Excludes negotiable time certificates of deposit, which are included 7 Foreign central banks and foreign central govts, and their agencies, in “Other.” and Bank for International Settlements and European Fund. 3 Principally bankers* acceptances, commercial paper, and negotiable 8 Excludes central banks, which are included in “Official institutions.” time CD’s. 4 U.S. Treasury bills and certificates obtained from proceeds of sales of Note.—“Short-term” refers to obligations payable on demand or having gold by the IMF to the United States to acquire income-earning assets. an original maturity of 1 year or less. For data on long-term liabilities Upon termination of investment, the same quantity of gold can be re­ reported by banks, see Table 10. Data exclude the “holdings of dollars” acquired by the IMF. of the International Monetary Fund; these obligations to the IMF consti­ J 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 Jines 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

NOVEMBER 1969 o |NTL. CAPITAL TRANSACTIONS OF THE U.S. A 79 9. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (End of period; in millions of dollars) 1968 1969 Area and country Dec. Jan, Feb. Mar. Apr. May June July Aug.” Sept.” Europe: Austria...................................................................... 162 136 144 155 159 116 132 192 178 157 Belgium-Luxembourg................................................. 313 337 331 310 350 337 490 485 438 391 Denmark....................................................................... 146 141 101 124 159 245 148 136 106 114 Finland.......................................................................... 176 164 169 151 146 116 95 90 99 98 France........................................................................... 1 ,383 1,468 1 ,468 1 ,476 I ,260 1,139 1 ,425 I ,330 1 ,525 1,536 Germany.................................................... 2,640 1,333 1 ,368 1 ,064 1 ,597 3,653 2,116 2,057 2,677 4,234 Greece........................................................................... 183 195 178 170 190 176 165 199 201 184 Italy............................................................................... 729 629 601 633 669 628 697 754 782 812 Netherlands................................................................. 276 217 272 268 302 360 275 329 342 320 Norway......................................................................... 448 317 322 336 334 289 257 235 264 175 Portugal......................................................................... 345 330 319 325 318 300 316 320 326 312 Spain............................................................................. 158 136 148- 146 163 146 158 167 155 163 Sweden........................................................... , 453 453 391 419 391 319 276 210 260 209 Switzerland.................................................... 2,155 2,050 1 ,816 2,154 1 ,960 1 ,783 1 ,852 1 ,543 1,603 1 ,868 Turkey....................................................... 29 33 33 30 28 36 28 23 20 23 United Kingdom......................................................... 6,133 7,961 8,455 8,868 9,657 9,682 12,378 13,373 13,298 12,665 Yugoslavia....................................................... 33 25 20 21 24 22 21 27 27 37 Other Western Europe!.............................. . , 357 411 385 383 386 387 412 396 472 630 U.S.S.R............................................................. 5 12 6 6 8 4 7 8 7 1J Other Eastern Europe................................................ 48 34 35 35 41 38 39 33 41 43 Total.................................................................. 16,170 16,385 16,561 17,074 18,140 19,775 21,287 21,907 22,821 23,983 Canada.............................................................................. 2,796 2,925 3,105 3,061 3,092 3,247 3,077 3,443 3,572 3,385 Latin America: Argentina.................................................................... 479 491 482 494 521 480 425 498 445 427 Brazil............................................................................. 257 247 256 265 291 314 292 304 293 322 Chile.............................................................................. 323 301 330 336 345 344 348 352 365 343 Colombia...................................................................... 249 222 241 229 223 229 229 223 252 244 Cuba.............................................................................. 8 8 7 8 8 8 8 8 11 12 Mexico.................................................................. 974 938 938 913 884 789 797 758 764 740 Panama......................................................................... 154 156 151 149 158 152 150 139 131 125 Peru............................................................................... 276 277 279 274 273 262 252 248 231 227 Uruguay....................................................................... 149 149 155 150 146 145 151 144 133 125 Venezuela..................................................................... 792 799 808 750 752 707 704 658 725 694 Other Latin American republics............................... 611 582 585 602 617 588 574 549 549 534 Bahamas and Bermuda.............................................. 266 299 380 464 466 478 809 945 1,106 1,107 Netherlands Antilles and Surinam.......................... 88 105 104 95 97 99 97 93 76 77 Other Latin America.................................................. 30 31 30 34 31 32 30 32 32 34 Total...................................................................... 4,657 4,605 4,745 4,763 4,813 4,627 4,866 4,951 5,113 5,010 Asia: China Mainland........................................................... 38 37 37 38 38 38 38 37 38 36 Hong Kong.................................................................. 270 269 256 262 253 257 237 220 220 205 India.............................................................................. 281 215 236 253 274 297 227 239 252 257 Indonesia....................................................................... 50 62 66 69 80 70 67 66 69 75 Israel............................................................................. 219 190 154 154 144 158 152 146 134 138 Japan............................................................................. 3,319 3,248 3,382 3,546 3,417 3,441 3,435 3,373 3,490 3,604 Korea............................................................................ 171 155 150 132 129 138 143 151 158 188 Philippines.................................................................... 271 237 217 265 243 214 211 221 232 239 Taiwan.......................................................................... 155 149 154 159 160 174 189 185 189 186 Thailand....................................................................... 556 559 577 563 554 544 535 530 566 585 Other............................................................................. 628 576 564 557 547 509 503 492 529 538 Total..................................................................... 5,957 5,697 5,794 5,998 5,840 5,839 5,736 5,661 5,877 6,052 Africa: Congo (Kinshasa)....................................................... 12 12 13 9 19 14 12 16 50 69 Morocco....................................................................... 13 15 14 15 17 17 18 17 16 18 South Africa................................................................. 58 50 58 53 76 61 58 56 59 51 U. A.R. (Egypt)................................................ 18 19 18 19 19 24 25 22 19 19 Other.............................................................................. 260 265 297 267 257 255 251 261 254 240 Total...................................................................... 361 360 400 364 389 371 364 372 398 396 Other countries: Australia........................................................................ 261 238 326 343 365 380 338 340 320 264 All other...................................................................... 28 28 29 34 30 27 30 35 28 32 Total............................................. 289 267 355 377 395 407 368 375 348 296 Total foreign countries................................................. 30,230 30,239 30,960 31,636 32,669 34,265 35,698 36,710 38,130 39,123 International and regional: International2............................................................... 1 ,380 1,320 1 ,295 1,269 I ,322 1 ,361 I ,318 1 ,328 I ,321 1,311 Latin American regional............................................ 78 83 80 96 87 90 113 118 116 114 Other regional3......................................................... . 32 35 32 38 32 33 37 37 44 50 Total..................................................................... 1 ,490 1,438 1 ,407 1,403 1,441 1 ,484 1,468 1,483 1,481 1,475 31,677 1 Grand total........................................................... 31 ,720 32,367 33,039 34,110 35,749 37,166 38,193 39,611 40,598 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. □ NOVEMBER 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 Luxembourg............. 31.3 (S) (5) (s) 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................................5..9...9 61.0 66,0 64.6 Ryukyu Islands (incl.^Okinawa). 14.5 26,4 17.0 20.0 Costa Rica................................... 42.6 55.0 51 .1 60.7 Saudi Arabia................................. 61.2 70.3 29.0 47.9 Dominican Republic................. 55. 1 60.2 68.9 58.9 Singapore....................................... 159.5 156.9 66.6 40.1 Ecuador...................................... 85.6 64.1 66.4 61 .9 Syria............................................... 6.3 6.5 2.1 4.0 El Salvador................................. 72.8 83,6 82.1 88.7 Vietnam......................................... 148.2 123.0 50,5 40.4 Guatemala................................... 73.0 96.4 85.8 89.9 Haiti............................................. 15.8 17.4 16.9 18.0 Other Africa: Honduras.................................... 29.7 31.4 33.2 36.5 Algeria....................................... 6.9 7.9 8.1 6.2 Jamaica....................................... 22.4 44.4 41.7 28.5 Ethiopia, (incl. Eritrea).............. 23.8 22.5 13.2 15.0 Nicaragua................................... 45.6 57.9 67.0 78.5 Ghana............................................. 4.3 13.0 3.3 7.6 Paraguay..................................... 12.7 13.6 15.7 17.7 Kenya............................... 16.4 19.8 28,6 34.1 Trinidad & Tobago.................. 6.1 9.2 10.4 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. LONGTERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES (Amounts outstanding; in millions of dollars) To foreign countries Country or area To End of period Total inti, 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 Banks 1 fo O r e e th r i s g e n r ­ A t r i g n e a n­ A O m La t e h t r i e i n c r a Israel Japan Thailand O A t s h i e a r co o u 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............................. (2^46 689 1 ,858 1 ,807 15 35 251 234 126 443 218 502 84 | 2,560 698 1,863 1,807 15 40 251 234 126 443 218 502 . 89 1968—Sept.................... 2,910 649 2 261 2,204 15 42 247 267 244 616 197 610 80 Oct.................. 2^986 688 2,299 2 J 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 2,161 2,109 18 34 284 153 189 658 198 558 120 July.................... 2,826 795 2 03| 1 ,967 29 36 207 129 181 658 199 532 125 Aug.p................ 2 773 807 1 966 1 899 30 37 207 152 154 658 157 516 122 Sept."................. 2,676 883 1 ,793 1,714 43 36 146 129 ibi 659 117 510 131 1 Excludes central banks, which are included with “Official institutions.” those shown for the preceding date; figures on the second line are com­ 2 Data on the two lines for this date differ because of changes in report­ parable with those shown for the following date. ing coverage. Figures on the first line are comparable in coverage with Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 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 Sept. Oct. Nov. Dec, Dec. Jan. Feb. Mar. Apr. May June July Aug.’’ Sept.x Europe: Denmark.............................. 11 11 11 11 10 10 9 9 9 9 9 9 9 9 Finland................................. 2 2 2 2 1 I 1 1 1 1 1 1 1 France................................... 7 7 7 7 5 5 5 5 6 6 6 6 6 6 Netherlands......................... 4 4 4 4 2 2 2 2 2 2 2 2 2 2 Norway................................ 38 38 38 38 37 37 37 37 37 37 37 37 37 37 Spain..................................... 1 Sweden................................. 6 6 6 6 5 5 5 5 5 5 5 5 5 5 Switzerland.......................... 90 90 87 87 39 45 45 45 45 44 44 44 44 45 United Kingdom................ 449 444 446 432 350 371 377 370 371 351 334 357 368 406 Other Western Europe. . . . 46 46 46 46 30 30 30 30 30 30 30 21 21 21 Eastern Europe................... 6 6 6 6 6 6 6 6 6 7 7 7 7 7 Total 660 655 654 641 488 515 520 512 514 494 477 491 502 541 Canada 371 370 375 373 384 386 387 388 388 388 387 389 389 389 Latin America: Latin American republics.. 5 5 5 5 2 2 2 2 2 2 2 2 2 2 Neth. Antilles & Surinam. 22 22 22 22 15 15 15 15 15 12 12 12 12 12 Other Latin America......... 2 1 1 1 * • * ♦ ♦ * ♦ * * * Total 28 28 28 28 17 17 18 17 17 14 14 14 14 14 Asia: Japan........ 10 10 10 10 9 9 9 9 10 10 10 to 10 10 Taiwan. . . 2 2 2 2 2 2 2 2 2 2 2 2 2 2 Other Asia 61 61 61 61 16 15 15 15 16 16 16 16 16 16 Total 73 73 73 73 26 27 27 27 28 28 28 28 28 28 Other countries 25 25 23 23 II 11 9 9 9 9 9 9 9 9 Total foreign countries. 1,157 1,151 1 ,153 1 ,138 927 956 961 954 956 932 915 931 942 982 International and regional: International....................... 37 29 29 29 25 25 24 24 24 32 32 32 32 32 Latin American regional. . 38 38 39 13 13 14 14 14 15 15 15 17 17 17 Asian regional.................... I 1 1 I 1 I Total 76 68 68 43 39 40 38 38 39 48 48 49 49 49 Grand total 1,233 1,219 1 ,221 1,180 966 996 999 992 995 980 963 980 991 1,031 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 a i n ­ 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 ­ 3 Italy z S er w la i n t­ d B.I.S. 1966 695 353 144 184 25 342 25 30 50 125 1967 1,563 516 314 177 25 1,047 50 60 601 125 211 1968—Oct. 2,996 1,397 12 1,164 20 146 15 25 15 1,598 50 60 1,051 125 311 Nov. 2,969 1,370 12 1,134 20 146 15 25 18 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 1,692 32 1,334 20 146 15 25 20 100 1,763 50 1,176 226 311 Feb. 3,431 I ,692 32 1 ,334 20 146 15 25 20 100 1 ,738 50 1,126 226 337 Mar. 3,405 1,667 32 1,334 141 15 25 20 100 1,738 50 1,126 226 337 Apr. 3,568 1,666 32 1,334 140 15 25 20 100 I ,902 50 1,250 226 376 May 3,518 1,666 32 1,334 140 15 25 20 100 1 ,852 50 1,200 226 376 June 3,269 1 ,416 32 1 ,084 140 15 .25 20 100 1 ,853 50 I ,200 226 377 July. 3,352 1,391 32 1,084 140 15 20 100 1 ,961 25 1,200 226 511 Aug. 3,251 1,390 32 1 ,084 140 15 20 100 1 ,861 25 1,200 125 511 Sept. 3,251 1,390 32 1 ,084 139 15 20 100 1 ,861 25 1 ,200 125 511 Oct.. 3,271 1,435 32 1 ,129 139 15 20 100 1 ,836 I ,200 125 51 I 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; end of 1968 through Sept. 1969, $84 million; and Oct. 1969, $54 million equivalent were issued to a group of German commercial banks in million. June 1968. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 82 INTL CAPITAL TRANSACTIONS OF THE U.S. □ NOVEMBER 1969 13. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (End of period; in millions of dollars) 1968 1969 Area and country Dec. Jan. Feb. Mar. Apr. May June July Aug.P Sept.» Europe: Austria........................................................................... 6 3 5 3 3 12 3 4 4 5 Belgium-Luxembourg................................................. 40 45 52 46 53 55 62 49 49 53 Denmark....................................................................... 36 34 42 31 29 31 35 34 31 32 Finland.......................................................................... 63 63 61 57 59 59 60 61 65 72 France............................................................................ 66 59 53 58 66 89 95 87 80 91 Germany....................................................................... 171 142 149 136 157 178 165 158 160 213 Greece............................................................................ 12 11 12 12 12 15 14 15 18 20 Italy................................................................................ 105 75 93 98 Ito 109 107 94 89 101 Netherlands.................................................................. 40 37 34 41 38 38 48 39 41 46 Norway.......................................................................... 43 38 35 32 39 42 46 49 40 40 Portugal......................................................................... 10 9 8 8 9 9 12 9 9 9 Spain.............................................................................. 46 40 40 44 47 40 51 56 49 53 Sweden .......................................................................... 58 59 54 56 53 54 77 70 54 71 Switzerland................................................................... 93 95 124 108 124 107 93 101 110 92 Turkey............................................................................ 38 26 26 35 31 28 29 34 30 32 United Kingdom......................................................... 318 306 305 338 339 338 345 355 326 378 Yugoslavia.................................................................... 22 33 34 36 38 37 33 26 26 29 Other Western Europe.............................................. 15 11 11 11 11 12 12 12 12 10 U.S.S.R.......................................................................... 3 1 1 3 2 4 4 2 2 Other Eastern Europe................................................. 21 18 18 18 21 25 21 27 28 28 Total...................................................................... 1,205 1,105 1 ,157 1,170 1,241 1,283 1 ,311 1,282 1 ,224 1,377 Canada.............................................................................. 523 503 588 663 697 741 707 688 701 614 Latin America: Argentina.................................................................. 249 245 247 254 274 266 275 284 276 297 Brazil.............................................................................. 338 338 336 337 331 328 336 292 309 307 Chile............................................................................... 193 176 168 165 164 161 168 179 170 177 Colombia...................................................................... 206 190 188 197 208 197 200 218 210 212 Cuba............................................................................. 14 14 14 14 14 14 14 14 13 14 Mexico........................................................................... 943 914 931 966 948 953 927 936 912 845 Panama.......................................................................... 56 52 57 58 56 55 53 58 58 69 Peru................................................................................ 207 200 179 181 191 188 182 177 170 168 Uruguay........................................................................ 44 40 43 42 41 43 44 42 43 41 Venezuela...................................................................... 232 213 204 203 211 212 226 238 239 237 Other Latin American republics.. ........................... 280 268 270 273 274 285 283 271 275 270 Bahamas and Bermuda............................................... 80 147 88 64 68 67 61 60 76 51 Netherlands Antilles and Surinam........................... 19 21 14 16 11 14 13 12 12 12 Other Latin America.................................................. 22 17 16 17 18 19 24 20 21 23 Total...................................................................... 2,884 2,837 2,756 2,787 2,810 2,801 2,804 2,800 2,783 2,724 Asia: China Mainland........................................................... 1 1 1 1 1 1 1 1 1 1 Hong Kong................................................................... 32 27 26 33 42 38 40 36 39 36 India............................................................................... 19 13 13 11 12 10 12 9 9 9 Indonesia....................................................................... 23 19 24 25 59 61 54 38 32 33 Israel.............................................................................. 84 80 80 94 83 122 118 101 99 91 Japan.............................................................................. 3,113 2,998 2,972 3,053 2,916 3,035 3,222 3,145 3,155 3,162 Korea............................................................................. 77 71 78 75 102 114 121 136 138 164 Philippines.................................................................... 239 233 241 269 253 256 272 274 253 242 Taiwan........................................................................... 38 36 39 44 47 46 44 37 38 38 Thailand.................................................................. 99 93 87 84 84 86 88 87 89 93 Other.............................................................................. 145 138 142 137 152 158 179 166 165 164 Total....................................................................... 3,872 3,709 3,703 3,825 3,760 3,928 4,150 4,029 4,017 4,033 Africa: Congo (Kinshasa)........................................................ 3 3 2 2 4 7 4 3 3 3 Morocco........................................................................ 2 2 3 4 3 4 3 3 3 2 South Africa................................................................. 46 40 38 38 42 46 47 47 44 49 U.A.R. (Egypt)............................................................ 8 10 8 8 10 11 11 13 13 12 Other.............................................................................. 73 72 70 56 60 62 67 66 62 70 Total...................................................................... 133 127 120 109 119 130 132 132 125 136 Other countries: Australia.................................................................... 66 59 53 56 64 66 65 58 57 55 All other........................................................................ 13 11 10 10 11 11 12 13 14 14 Total....................................................................... 79 70 63 65 75 77 77 71 71 69 Total foreign countries.................................................... 8,695 8,350 8,387 8,620 8,701 8,961 9,181 9,002 8,921 8,952 International and regional............................................. ♦ 1 1 2 1 1 1 1 1 1 Grand total........................................................... 8,695 8,351 8,387 8,622 8,701 8,961 9,182 9,003 8,922 8,953 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 I year: loans and foreign currency balances held abroad by banks and bankers and made to, and acceptances made for, foreigners; drafts drawn against thetr 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

NOVEMBER 1969 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 83 14. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Payable in dollars Payable in foreign currencies End of period Total Loans to— C t o io ll n e s c ­ A a m c n c a c e d e p e s t­ Deposits g c F o u o v r r i t e t , i i e g s s e n , ­ Total Total O in ti f s o fi t n c it s i u a ­ l Banks1 Others s o t i a n u n g t d ­ ­ f e o o i r g f n a fo e c r c r s ­ t, Other Total w e i i t g h n e f r o s r­ a c n p n o a a d n m p c e f l e . r i­ Other 1966............................... 7,853 7,433 3,141 256 1 ,739 1,145 1,288 2,540 464 420 241 70 110 1967 2............................. f8,583 8,158 3,137 306 1 ,603 1 ,228 1,511 3,013 498 425 287 74 63 I 8,606 8,182 3,150 306 1 ,616 I ,228 1,552 3,013 467 425 287 70 67 1968—Sept.................... 8,323 7,977 3,197 302 1 ,731 1,163 1 ,621 2,745 415 346 250 29 67 Oct............ • 8,428 8,031 3,150 267 1 ,705 1,178 1 ,657 2,773 451 397 306 28 63 Nov................... 8,547 8,149 3,219 220 1 ,811 1,189 1,697 2,747 486 398 279 52 67 Dec.................... 8,695 8,259 3,163 247 1 ,697 1,219 1,733 2,854 509 436 336 29 72 1969—Jan...................... 8,351 7,984 3,038 217 1,667 1,154 1,623 2,794 528 367 252 42 73 Feb..................... 8'387 8,014 3,138 222 1,757 1 J59 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 ,763 1,108 1,723 2,773 563 483 318 67 98 May................... 8'961 8,466 3,206 295 I ,855 I ,056 1,733 2,899 628 495 290 100 104 June................... 9’182 8,663 3,323 293 I ;97l I ;059 1,748 3,067 526 519 334 77 108 July.................... 9,003 8'508 3 J 16 258 I ,829 I ,'029 1,763 3; 059 571 495 309 73 113 Aug.7’................. 8,'922 8,465 3,076 235 1 ,815 I ,027 1 ,836 3,013 539 457 271 78 107 SeptJ’................. 8,953 8,464 3,087 210 1 ;882 '995 1 ,857 2,973 546 490 352 50 88 1 Excludes central banks which are included with “Official institutions.’’ with those shown for the preceding date; figures on the second line are 2 Data on the two lines shown for this date differ because of changes in comparable with those shown for the following date. reporting coverage. Figures on the first line are comparable in coverage 15. LONG-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES (Amounts outstanding; in millions of dollars) Type Country or area Payable in dollars E pe n r d io o d f Total Loans to— O lo t n h g e ­ r P c fo u a r y r e i r n a e i g b n n le - U K d n i o n it m g ed ­ E O u t r h o e p r e Canada Am La e t r i i n ca Japan O A t s h i e a r co o u A t n h t l e l r i r e s Official Other term cies Total institu­ Banks1 foreign­ claims tions ers 1966.................. 4,180 3,915 702 512 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—Sept....... 3,571 3,217 516 266 2,435 342 12 71 506 418 I ,384 136 558 498 Oct........ 3,645 3,285 582 267 2,436 346 13 71 495 416 1 ,418 132 620 492 Nov....... 3,603 3,242 577 246 2,419 347 14 69 497 420 1 ,382 128 624 484 Dec........ 3,567 3,158 528 237 2,393 394 16 68 479 428 1 ,375 122 617 479 1969—Jan........ 3,509 3,120 509 230 2,382 374 16 67 473 408 I ,376 118 611 456 Feb........ 3,534 3,114 501 243 2,370 402 18 67 474 432 1 ,382 117 610 452 Mar... . . 3,434 3,017 485 211 2,321 401 16 67 473 400 1 ,336 114 571 473 Apr....... 3,435 3,020 478 230 2,312 400 15 66 480 402 1 ,331 113 577 466 May... . 3,454 3,056 477 236 2,343 381 17 55 487 397 1 ,353 112 572 478 June.... 3,403 2,980 478 220 2,282 401 22 54 484 398 1 ,331 101 587 449 July. 3,254 2,825 446 208 2,171 408 21 54 447 390 1 ,294 97 570 403 Aug.p.. . 3,283 2,853 501 210 2,142 409 20 56 436 405 1 ,345 95 548 397 Sept.?... 3,271 2,849 485 210 2,153 406 17 55 416 403 1,334 93 563 406 1 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. □ NOVEMBER 1969 16. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE (In millions of dollars) U.S. corporate Marketable U.S. Govt, bonds and notes 1 securities 2 Foreign bonds Foreign stocks Net purchases or sales Period Pur­ Net pur­ Pur­ Net pur­ Pur­ Net pur­ Inti. Foreign chases Sales chases or chases Sales chases or chases Sales chases or Total and sales sales sales regional Total Official Other 1967............................... -43 -121 78 45 33 10,275 9,205 1 ,070 2,024 3,187 -1 ,163 880 I ,037 -157 1968............................... -489 -161 -328 -380 51 17,563 13,329 4,234 2,306 3,673 -1,367 1 ,252 I ,566 -314 1969—Jan.-Sept.p.. .. 65 10 55 -12 67 11 ,386 9,581 1 ,805 1,130 2,052 -922 1 ,162 1 ,522 -360 1968—Sept................... -83 -85 2 11 -9 1 ,279 960 319 116 225 -110 103 201 -98 Oct..................... -14 -8 -6 -6 1 ,856 1 ,454 402 450 692 -242 216 154 62 Nov................... 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 1 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 July................... 17 16 -9 25 1 ,058 1 ,007 51 82 335 -253 117 106 12 Aug.*............■.. 11 ♦ II 1 1 1,061 941 120 75 140 -65 105 103 2 Sept."............... 40 • 40 ............... 40 1 ,062 904 158 90 207 -116 104 205 -101 1 Excludes nonmarketable U.S. Treasury bonds and notes issued to Also includes issues of new debt securities sold abroad by U.S. corpora­ official institutions of foreign countries; see Table 12. tions organized to finance direct investments abroad. 2 Includes State and local govt, securities, and securities of U.S. Govt, Note.—Statistics include transactions of international and regional agencies and corporations that are not guaranteed by the United States. organizations. 17. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE STOCKS, BY COUNTRY (In millions of dollars) Period Total France m G a e n r y ­ N la e n th d e s r­Sw la i n tz d er­ K U in n g i d te o d m E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r in ica Asia Africa co O u t n h t e rie r s r I e n g t i i o . n & al 1967....................... 757 68 68 22 250 -115 49 342 265 84 49 ♦ 3 14 1968...................... 2,270 201 169 298 822 -28 130 1,592 386 151 124 2 3 12 1969—Jan.-Sept?* 1 ,013 123 133 102 328 -206 227 708 120 74 82 * * 30 1968—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 July........... -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 Sept.*.... 118 21 17 32 38 -4 27 130 -3 -15 I * * 6 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 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 un th tr e ie r s I r n e t g i, i on an a d l 1967................ . .. 313 114 38 9 177 -337 42 43 41 31 30 34 14 121 1968....................... 1 ,964 195 253 39 510 522 238 1 ,757 68 12 -1 * 11 117 1969—Jan.-Sept.” 793 55 148 3 1 13 209 40 569 12 14 -12 ♦ 8 202 1968—Sept........... 170 6 51 1 43 -8 8 102 4 -3 —1 * 68 Oct............ 191 9 58 13 25 2 106 4 -11 -24 3 113 Nov........... 60 50 4 1 24 -2 -4 71 -5 -5 -1 -3 4 Dec........... 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............ 81 1 3 7 46 -8 48 4 6 -3 10 16 Mar........... 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 1 88 3 9 7 -34 June.......... 84 I 2 -5 56 -1 53 7 1 1 ♦ -1 23 July........... 103 5 39 1 22 8 5 81 -11 -5 1 38 Aug.”........ 31 24 -1 5 23 2 54 5 -1 * -15 -13 Sept.”.... 39 3 27 -4 -20 -6 2 -2 5 * « * 35 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 r o n n e n t d ­ i, a l T c e o f o o ig u t r a n n ­ l ­ r E op u­ e C a a d n a ­ A La i m c t a e in r­ Asia r A ic f a ­ O c t o r t i h u e e n s r ­ E p n e d ri o o d f fo b ( r a d e l u a ig e n n c e t e o r s s ) f ( o d b r u a e l e a ig n n f c r e o e r m s s ) tries 1964...................................... 116 91 1965.................................... 158 119 1967. -1,320 -393 -927 3 -768 38 -152 -20 -27 1966......................................... 175 128 1968 ^1,682 -329 -1,352 7 -932 -300 -96 -39 6 1967 ........................................ 311 298 1969—Jan.-Sept.^-I,282 55 -1,337 -5 —973 -97 -260 -8 5 1 968—Mar............................. 351 269 June............................ 453 372 1968—Sept. -207 -18 — 189 -69 -55 -44 -21 Sept............................. 468 398 Oct.. -180 -218 38 82 -55 2 -7 16 Dec.............................. 632 506 Nov. -198 -58 -140 41 -101 -60 -26 3 2 Dec. -141 -6 -135 -68 -21 -5 -35 * -6 1969—Mar............................. 552 392 June*’.......................... 547 387 1969—Jan. . . . -155 -32 -122 13 -129 -5 -4 -1 3 Feb... . -174 -5 -170 — 3 -163 4 -9 2 Mar... -18 102 -121 22 -20 -60 -45 -6 -11 Note.—Data represent the money credit balances and Apr.... -110 8 -118 -21 -62 - 14 -21 1 money debit balances appearing on the books of reporting May... -79 3 -83 -16 -43 2 -26 1 brokers and dealers in the United States, in accounts of June... -224 4 -228 -23 -164 -I -41 1 foreigners with them, and in their accounts carried by July.. . -241 -11 -230 - 1 -211 -6 -15 3 foreigners. Aug.”. -63 -6 -57 9 -50 -16 -1 -1 2 Sept.’’. -217 -9 -208 16 -131 1 -97 ♦ 3 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 86 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ NOVEMBER 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 1969—Cont. Jan. 31............................. 4,259 J M M F a e a a n b y . r . . 2 2 2 2 7 5 9 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 , , , , . 0 1 0 1 0 4 4 3 4 7 2 7 0 6 6 J F M a e a n b . r . . 2 2 3 6 3 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 1 1 1 1 , , , , , 0 6 9 9 8 0 8 0 0 7 3 8 9 9 2 J M A M F u e p ' a n a b r e r y . . . 2 2 2 2 2 7 8 9 4 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 4 4 5 5 , , , , , 2 5 9 0 8 0 3 2 2 7 2 0 0 0 2 2 1 1 5 1 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 13 0 1 3 , , , , 2 8 8 0 5 0 4 2 3 8 7 9 June 24............................ 917 June 29............................. 1,951 July 31.... 6,126 Aug. 28............................. 7,004 July 29............................ 1,008 July 27............................. 2,786 7,104 S A e u p g t . . 2 30......... 6 ............. . ...... 1 1 , , 1 1 6 6 6 6 S A e u p g t . . 2 3 8 1 .. , . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 , , 4 1 7 3 2 4 O No ct v . , 3 2 0 7 .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 7 , , 0 1 4 7 1 0 July 2.................... ’ .. ..... 9 .. ....... 1 1..3 2 .., , .8 8 ..2. 2 .1. 6 ............ O No ct v . . 2 2 8 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 , , 3 19 80 8 O No ct v . . 2 30 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 , , 6 7 7 8 1 6 Dec. 25.... 1 .. 9 .. 6 .. 9 .. ................. 6,948 2 1 3 6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 4 4 , , 2 3 6 6 1 9 Her TO 1,183 Hart 7R 4,036 Jan. 29.......................8...,.5..45 30............................ 14,434 Feb. 5............................ 8,531 J F M a e a n b , r . . 2 2 3 7 4 1 . . . . . . . . . . . . 1 . . . . . . 9 . . . . . . 6 . . . . . . 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 , , , 4 5 3 3 5 9 1 8 2 J F M a e a n b r . . . 2 2 2 2 5 9 . . . . . . . . . . . . . . 1 . . . . . 9 . . . . . . 6 . . . . . . 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 3 , , , 6 4 3 5 1 9 3 2 6 Mar 2 1 1 1 5 6 2 2 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 8 8 8 9 , , , , , 5 3 2 1 8 3 7 8 1 2 1 3 2 3 2 $ 2 1 3 7............................ 1 1 1 1 4 4 4 4 , , , , 6 7 1 3 5 7 7 0 8 7 6 4 A N^ p a r y . 2 26 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 , , ,4 4 4 3 3 3 3 2 6 A M p a r y . 2 31 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 2 3 , , , 0 7 1 4 7 6 7 6 6 2 1 6 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 9 9 , , , 6 2 7 2 0 2 1 6 0 10............................ 1 1 4 4 , , 5 9 7 1 1 7 ' 9 9,511 17............................. 14,589 July 28 1,572 Tnlv 26 3,660 16............................. 9,694 24............................ 14,349 1,792 3,976 23............................. 10,281 Sept 29............................ 1,611 Sept. 27 ... .. . 4,059 30............................. 9,399 Oct 1 14,111 9,977 8............................ 14,609 Oct. 27............................ 1 ,719 Oct. 25............................. 4,322 ' 14 9,545 15 ................ 14,970 Nov. 24............................ 1,697 Nov. 29............................. 4,206 21 10,095 22 . . . . 14,306 Dec. 29............................ 1,345 Dec. 27............................. 4,241 28 9,868 29 . .. 13,631 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 p n er d io 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 p n e d ri o o d f Total Deposits i S n te h v r e o m s rt t ­ ­ Deposits i S n te h ve r o m 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 13 253 1966................... 973 757 48 109 59 441 301 1968—O No ct v ., . . . . . 2 1 2 0 0 0 7 9, , 6 9 7 5 3 6 1 13 3 , , 1 0 5 5 1 9 19672................ / 1 ! 1 ,0 ,1 7 6 8 3 7 8 6 5 8 2 1 1 3 3 3 3 1 1 2 2 8 7 4 4 9 9 5 62 3 1 7 3 3 0 0 9 9 Dec... 216 9,120 13,066 1968—Aug........ I ,996 1,704 116 132 44 1,377 281 1969—J A M F a e p a n b r . r . . . . , . . . . . . . 1 1 1 1 2 3 2 6 1 0 6 4 7 8 8 8 , , , , 8 5 0 0 9 2 1 6 3 2 6 2 1 1 1 1 3 3 3 3 , , , , 1 1 1 12 3 6 7 8 2 0 6 S O N D e e c o p c t v . t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 , , , , 8 7 8 6 3 6 2 3 5 8 9 8 1 1 1 1 , , , , 2 4 3 3 9 1 9 1 3 8 9 0 1 9 9 8 0 5 0 7 6 2 2 2 2 9 6 2 7 8 5 9 2 3 5 6 6 1 7 0 0 1 1 1 , , , 1 1 1 9 8 5 3 7 3 5 4 9 2 2 2 2 4 6 4 8 1 1 2 0 J J S O M A u u e u c n a l p y t g e . y t . . . . . . . . . . . . . . . . 1 1 1 1 1 1 3 5 5 4 4 0 1 3 5 3 8 7 1 9 8 7 7 8 0 , , , , , , 4 2 0 7 4 0 5 5 4 1 1 3 8 5 2 0 9 7 1 1 1 1 1 1 3 3 2 3 3 3 , , , , , , 0 0 0 9 0 0 3 3 3 7 0 5 3 9 4 7 9 0 1969—J M J A F M u a e p n a n a b e r . r y . . . . . . . r r r . r . . . , . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 1 , , , , , , 8 9 7 8 7 8 6 6 7 1 3 5 1 1 5 7 7 0 1 1 1 1 1 1 , , , , , , 2 3 3 3 3 3 5 1 1 8 8 5 1 1 5 8 0 0 1 1 1 1 1 9 0 0 2 0 1 1 5 5 9 6 2 2 2 2 2 3 3 6 4 4 4 6 4 1 5 3 7 7 7 1 1 1 1 7 9 2 0 1 3 1 3 7 9 6 2 1 1 1 1 1 , , , , , 0 0 0 0 0 9 9 1 7 2 5 4 6 9 9 6 9 4 4 5 3 4 4 4 0 3 3 1 5 6 3 5 5 7 2 8 July.... 1,762 1,232 101 310 120 986 438 1 U.S. Treasury bills, certificates of indebtedness, Aug. r.. , 1 ,678 1 ,208 78 293 99 966 389 notes, and bonds; includes securities payable in foreign currencies. J Negotiable and other readily transferable foreign obligations pavable on demand or having a contractual maturity of not more than 1 year from the date on which the Note.—Excludes deposits and U.S. Govt, securities obligation was incurred by the foreigner. hold for international organizations. Earmarked gold i i s s n g o o t ld i n h c e lu ld d e f d o r in f o th re e ig g n o ld a n s d to c in k t e o r f n t a h t e io n U a n l i te a d c c S o t u a n te ts s . and 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 re f o c r o m th p is a r d a a b te le d in if fe 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 t t in he g p c r o e v c e e ra d g in e g . 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

NOVEMBER 1969 □ INTL CAPITAL TRANSACTIONS OF THE U.S. A 87 24. SHORTTERM 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 June Sept. Dec. Mar. June? June Sept. Dec. Mar. Junef Europe: Austria.................................................. 3 2 3 3 4 6 6 5 5 5 Belgium-Luxembourg............................ 47 60 78 79 67 54 68 49 61 52 Denmark.................................................. 8 8 4 2 2 9 10 12 12 12 Finland..................................................... 4 4 4 9 9 9 6 7 France....................................................... 92 114 112 116 121 136 157 145 140 162 Germany, Fed. Rep. of.......................... 125 150 120 112 102 127 174 204 153 210 Greece....................................................... 15 14 11 5 5 24 26 27 22 36 Italy........................................................... 60 64 63 57 54 119 130 124 119 148 Netherlands............................................. 84 65 42 49 48 86 67 54 59 62 Norway..................................................... 4 5 4 6 14 10 10 10 12 15 Portugal.................................................... 6 8 4 7 7 8 8 7 7 11 Spain......................................................... 50 48 37 40 47 72 76 71 85 81 Sweden..................................................... 24 26 25 20 17 26 26 26 25 26 Switzerland............................................... 70 112 116 115 116 32 71 39 49 44 Turkey....................................................... 3 3 5 5 4 9 7 6 13 14 United Kingdom.................................... 274 407 393 384 351 1,527 1,450 1,219 1,304 1 ,234 Yugoslavia ......................................... 1 1 1 1 6 4 7 8 14 Other Western Europe.......................... 6 5 9 13 17 13 15 16 17 17 Eastern Europe....................................... 1 1 2 2 I 10 6 8 12 12 Total................................................. 877 1 ,096 1 ,032 1,017 979 2,282 2,318 2,038 2,110 2,161 Canada......................................................... 199 199 194 164 159 559 501 540 724 694 Latin America: Argentina............................................. 6 7 6 8 5 31 36 46 45 42 Brazil......................................................... 18 19 16 17 15 87 102 91 90 95 Chile......................................................... 12 6 5 4 4 30 38 • 36 39 38 Colombia................................................. 9 7 7 7 6 25 25 29 26 27 Cuba......................................................... 2 2 2 2 2 Mexico..................................................... 9 9 6 7 11 83 94 103 111 114 Panama..................................................... 3 5 3 4 3 12 15 15 14 17 Peru........................................................... 5 6 7 7 8 28 28 26 28 26 Uruguay................................................... 1 1 1 1 1 5 4 6 5 4 Venezuela................................................. 35 36 33 27 26 59 57 67 60 69 Other L.A. republics.............................. 1.8 23 20 16 18 63 72 82 78 85 Bahamas and Bermuda.......................... 12 10 18 19 19 36 46 66 66 38 Neth. Antilles & Surinam..................... 4 4 5 3 2 6 5 6 6 5 Other Latin America.............................. 2 1 2 2 2 8 8 9 11 14 Total................................................. 133 134 130 122 121 474 532 584 579 575 Asia: Hong Kong.............................................. 4 4 5 4 5 10 10 8 9 11 India......................................................... 14 10 12 15 18 37 39 34 32 40 Indonesia.................................................. 5 3 4 5 6 6 7 7 8 7 Israel......................................................... 17 15 17 13 11 10 9 6 11 13 Japan......................................................... 78 91 89 99 114 175 195 207 200 214 Korea........................................................ 1 1 2 1 14 18 21 22 24 Philippines.............................................. 8 to 9 8 11 22 21 25 25 25 Taiwan...................................................... 4 3 5 5 5 12 12 19 19 19 Thailand................................................... 2 2 2 2 2 15 15 16 13 12 Other Asia............................................... 45 36 31 41 50 90 97 134 120 106 Total................................................. 176 175 176 195 223 392 423 477 460 469 Africa: Congo (Kinshasa)................................... 1 1 1 1 2 5 3 2 3 3 South Africa............................................ 6 12 11 9 14 16 19 31 27 27 U.A.R. (Egypt)....................................... 6 4 5 5 2 6 6 7 7 8 Other Africa............................................. 12 8 8 14 51 37 37 37 42 43 Total................................................. 24 25 24 29 68 64 65 76 78 81 Other countries: Australia................................................... 46 43 44 44 46 62 58 54 56 53 All other................................................... 7 6 5 5 3 10 9 11 9 7 Total................................................ 53 49 49 50 50 72 68 65 65 60 International and regional........................ ♦ • * * * 1 1 1 2 2 Grand total...................................... 1,463 1 ,678 1 ,606 1,576 1 ,601 3,845 3,907 3,781 4,018 4,042 Note,—Reported by exporters, importers, and industrial and com- Data exclude claims held through U,S. banks, and intercompany accounts mercial concerns and other nonbanking institutions in the United States. between U.S. companies and their foreign affiliates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 88 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ NOVEMBER 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 Total P d a o y i l n l a a b rs le for i e n i gn Total P d a o y i l n l a a b rs le Deposits with currencies banks abroad in reporter’s Other name 1965—June........................................................................................ 740 568 172 2,411 1,966 198 248 Sept......................................................................................... 779 585 195 2'406 1 J 949 190 267 Dec......................................................................................... 807 600 207 2,397 2,000 167 229 Dec.1..................................................................................... 810 600 210 2,299 1,911 166 222 1966—Mar....................................................................................... 849 614 235 2,473 2,033 211 229 June....................................................................................... 894 657 237 2',469 2^063 191 215 Sept........................................................................................ 1,028 785 243 2’539 2,146 166 227 Dec......................................................................................... 1 ’089 827 262 2,’628 2,225 167 236 1967—Mar......................................................................................... 1,148 864 285 2,689 2,245 192 252 June....................................................................................... 1 ^203 916 287 2,585 2,110 199 275 1'353 1,029 324 2,555 2,116 192 246 Dec......................................................................................... 1,371 1 ,’027 343 2’946 2’529 201 216 Dec.1...................................................................................... 1 '386 1 ’039 347 3'011 2,599 203 209 1968—Mar........................................................................................ 1,348 981 367 3,341 2,908 211 222 June........................................................................................ 1 '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 4,01 8 3,334 357 327 June”...................................................................................... 1 ,601 1,247 354 4,042 3,302 462 278 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 End of period Total Country or area liabilities Total K U in n g i d te o d m E O u t r h o e p r e Canada Brazil Mexico A O m La t e h t r i e i n c r a Japan O A t s h i e a r Africa o A th l e l r 1965—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.*....................... 147 1,139 31 112 236 209 65 198 98 87 85 18 1966—Mar......................... 176 1,156 27 124 239 208 61 206 98 87 87 19 June......................... 188 1,207 27 167 251 205 61 217 90 90 86 14 Sept........................ 249 1 ^235 23 174 267 202 64 207 102 91 90 14 Dec.......................... 329 1,256 27 198 272 203 56 212 95 93 87 13 1967—Mar......................... 454 1,324 31 232 283 203 58 210 108 98 84 17 June......................... 430 1^88 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. *...................... 428 1 '570 43 263 322 212 91 274 128 132 89 16 1968—Mar.......................... 582 1,536 41 264 330 206 61 256 128 145 84 21 June......................... 747 1 ^568 32 288 345 205 67 251 129 134 83 33 Sept......................... 757 1,625 43 313 376 198 62 251 126 142 82 32 Dec.......................... 1,087 1 739 142 312 381 194 73 231 128 156 83 38 1969—Mar......................... 1,256 1 ,817 177 348 383 194 75 224 126 176 72 43 June”....................... 1,296 I’,886 168 373 389 195 76 217 142 212 72 41 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

NOVEMBER 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 il t li r n ia g ) B (f e r l a g n iu c m ) C (d a o n l a la d r a ) ( C ru e p y e lo e n ) D ( e kr n o m ne a ) rk (m Fi a n r la k n ka d ) (pound) (dollar) [964................................................................. .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 j 966................................................................. .48690 223.41 J111.22 3.8686 2.0067 92.811 20.946 14.475 31.061 1967................................................................. .30545 111.25 3.8688 2.0125 92.689 20.501 14,325 229.553 1968................................................................. .28473 111.25 3.8675 2.0026 92.801 16.678 13.362 23.761 1968—Oct...................................................... .28478 111.08 3.8706 1.9864 93.202 16.678 13.321 23.763 Nov.................................................... 28476 110.89 3,8664 31.9927 93.177 16.675 413 308 423.757 Dec..................................................... .28500 110.82 3 8681 1.9935 93.177 16.678 13.340 23.763 1969—'Jan...................................................... 28512 110.95 3 8670 1 9921 93.206 16,678 13.317 23.763 Feb........................... .............. .28490 111 15 3 8650 1 9928 93 060 16 678 1 3 288 23.772 Mar................................ .28489 111.17 3.8671 1.9883 92 863 16.678 13.321 23.785 Apr...................................................... .28490 111.24 3.8669 1.9890 92 903 16.678 13 285 23.785 May..................................................... 28490 110.93 3.8646 1 9925 92 837 16.694 13 269 23.785 June........................... . . ............... .28490 111.07 3 8647 1 9868 92 628 16.795 13 282 23.785 July..................................................... .28490 11 1 . 1 1 3.8664 1.9889 92.526 16.785 1 3 282 23,771 Aug..................................................... .28490 110.87 3.8668 I.9885 92 743 16.784 13 282 23.785 Sept................................................... .28490 1 10.81 3.8637 1.9869 92 732 16.784 13 287 23.785 Oct....................................................... .28490 III. 10 3.8644 2.0023 92.762 16.784 13.297 23.773 Neth­ p,rl„,. ( F f r r a a n n c c e ) 1 mark) (r I u n p d e ia e ) ( I p re o l u a n n d d ) ( I l t i a ra ly ) J ( a ye p n an ) M (d a o la ll y a s r i ) a M (p e e x s i o c ) o erlands (guilder) 1964................................................................. 20.404 25.157 20.923 279.21 .16014 .27625 32.566 8.0056 27.724 1965................................................................. 20.401 25.036 20.938 279.59 .16004 .27662 32,609 8.0056 27.774 1966................................................................ 20,352 25.007 516.596 279.30 .16014 .27598 32.538 8.0056 27.630 1967................................................................. 20.323 25.084 13.255 275.04 .16022 .27613 32.519 8.0056 27,759 1968................................................................ 20.191 25.048 13.269 239.35 .16042 .27735 32.591 8.0056 27,626 1968—Oct....................................................... 20.104 25.120 13.241 238.97 .16055 .27890 32.551 8.0056 27.484 Nov..................................................... 420.121 "25.153 13.230 238.58 3.16037 .27925 32.538 8.0056 427.556 Dec......................................................... 20.199 25.032 13.234 238.42 .16026 .27940 32.614 8.0056 27.710 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 Oct....................................... 17.907 826.801 13.217 239.02 .15923 .27911 32.659 8.0056 27.804 New Zealand United ___________________ Norway Portugal Spain Sweden King­ (krone) (escudo) ® (peseta) (krona) dom (pound) (dollar) (rand) (franc) (pound) 1964................................................................ 276.45 13,972 3.4800 139.09 1.6663 19.414 23.152 279.21 1965................................................................. 276.82 13.985 3.4829 139.27 1.6662 19.386 23.106 279.59 1966................................................................. 276,54 13.984 3.4825 139.13 1.6651 19,358 23.114 279.30 1967................................................................. 276.69 9131.97 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—Oct............................................................................ 111.19 13.998 3.4844 138.88 1.4282 19.335 23.270 238.97 Nov........................................................................... III.01 <13.999 <3.4855 138.65 31.4281 619.323 23.256 238,58 Dec.......................................................................... 110.93 14.000 3.4886 138.56 1.4279 19.323 23.259 238.42 1969—Jan............................................................................ 111.06 13.988 3.4925 138.72 1.4278 19.340 23.146 238.70 Feb............................................................................ 111.27 13.988 3.4975 138.98 1.4279 19.326 23.145 239.14 Mar........................................................................... 111.28 14.001 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 13.989 3.5029 138.54 1.4276 19.330 23,265 238.40 Oct............................................................................ 111.21 13.986 3.5038 138.91 1.4262 19.365 23.229 239.02 i Effective Feb. 14, 1966, Australia adopted the decimal currency 8 Effective Oct. 26, 1969, the new par value of the deutsche mark was system. The new unit, the dollar, replaces the pound and consists of 100 set at 3.66 per U.S. dollar. cents, equivalent to 10 shillings or one-half the former pound. 9 Effective July 10, 1967, New Zealand adopted the decimal currency 2 Effective Oct. 12, 1967, the Finnish markka was devalued from 3.2 system. The new unit, the dollar, replaces the pound and consists of 100 to 4.2 markkaa per U.S. dollar. cents, equivalent to 10 shillings or one-half the former pound. 3 Quotations not available Nov. 20, 1968. 4 Quotations not available Nov. 20-22, 1968. Note.—After the devaluation of the pound sterling on Nov. 18, 1967, 5 Effective June 6, 1966, the Indian rupee was devalued from 4.76 to the following countries devalued their currency in relation to the U.S. 7.5. rupees per U.S. dollar. dollar: Ceylon, Denmark, Ireland, New Zealand, and Spain, 6 Quotations not available Nov. 20-21, 1968. Averages of certified noon buying rates in New York for cable transfers. 7 Effective Aug. 10, 1969, the French franc was devalued from 4.94 to For description of rates and back data, see “International Finance,’’ 5.55 francs per U.S. dollar. Section 15 of Supplement to Banking and Monetary Statistics, 1962. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 90 MONEY RATES □ NOVEMBER 1969 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Changes during the last 12 months Rate as of Oct. 31, 1968 Rate Country 1968 1969 as of Oct. 31, Per Month 1969 cent effective Nov. Dec. Jan. Feb. Mar. Apr. May June July Aus. Sept. Oct. Argentina 6.0 Dec. 1957 6.0 A nutria 3.75 Oct. 1967 4.75 4.75 Belgium ■ - 3.75 Mar. 1968 4.5 5.0 5.5 6.0 7.0 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 12.0 July 1968 13 0 14,0 14,0 Colnmbjq 8 0 May 1963 8.0 Costa R ica 4.0 June 1966 4.0 Denmark.. ... 6.0 Aug. 1968 7.0 9.0 9.0 Ecuador 5 0 Nov. 1956 5.0 RI Salvador . . . 4.0 Aug. 1964 4.0 Finland. .............. 7.0 Apr. 1962 7.0 France . ...... 5.0 July 1568 6.0 7.0 8.0 8.0 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 2 3 0 Jan 1962 3 0 TBeland . 9.0 9 0 India . ...... 5,0 Mar. 1968 5.0 Indonesia . . .......... 9.0 Aug. 1963 9.0 Iran.......................................... 5.0 Aug. 1966 7.0 8.0 8.0 Ireland..................................... 6.81 Oct. 1968 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 June 1958 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 6 0 Norway............................. 3^5 Feb. 1955 4.5 4’ 5 Pakistan . ...... 5 0 Tune 1965 5 0 Peru..................................... 9 5 Nov. 1959 9 5 Philippine Republic......... 7.5 Feb. 1968 8.0 10.0 10 0 Portugal,................................. 2.5 Sept. 1965 2.75 2.75 South Africa.. . ........... S.5 Aug. 1968 5 5 Spain....................................... 4.5 Nov. 1967 5.5 5.5 Sweden.................................... 5.0 Oct 1968 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 Ocf 1959 5 0 Tunisia................................ 5 0 5 0 Turkey,.................................. 7 5 May 1961 7 5 United Arab Rep. (Egypt).. 50 May 1962 5^0 United Kingdom..'.............. 7.0 Sept. 1968 8.0 8.0 Venezuela................................ 4.5 Dec. 1960 5.5 5.5 1 On June 24, 1962, the bank rate on advances to chartered banks Colombia—5 per cent for warehouse receipts covering approved lists of was fixed at 6 per cent. Rates on Ioans 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 Rate shown is for advances only. (rate shown is for agricultural and industrial paper); Ecuador—6 per cent for bank acceptances for commercial purposes; Note.—Rates shown are mainly those at which the central bank either Indonesia— Various rates depending on type of paper, collateral, com­ discounts or makes advances against eligible commercial paper and/or modity involved, etc.; govt, securities for commercial banks or brokers. For countries with Japan—Penalty rates (exceeding the basic rate shown) for borrowings more than one rate applicable to such discounts or advances, the rate from the central bank in excess of an individual bank’s quota; shown is the one at which it is understood the central bank transacts Peru—5 and 7 per cent for small credits to agricultural or fish production, the largest proportion of its credit operations. Other rates for some import substitution industries and manufacture of exports; 8 per cent for of these countries follow: other agricultural, industrial and mining paper; . Argentina—3 and 5 per cent for certain rural and industrial paper, de­ Philippines—6 per cent for financing the production, importation, and dis­ pending on type of transaction; tribution of rice and corn and 7.75 per cent for credits to enterprises en­ Brazil—8 per cent for secured paper and 4 per cent for certain agricultural gaged in export activities. Preferential rates are also granted on credit^ to paper; rural banks; and Chi!e~l7 percent for forestry paper, preshipment loans and consumer Venezuela—2 per cent for rediscounts of certain agricultural paper (Sept. loans, 18 per cent for selective and special rediscounts, 19.5 per cent for 1962), and 5 per cent for advances against govt, bonds, mortgages, or gold, cash position loans, and 23.5 per cent for construction paper beyond a and 6 per cent for rediscounts of certain industrial paper and on advances basic rediscount period. A fluctuating rate applies to paper covering the against securities of Venezuelan companies. acquisition of capital goods. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 1969 □ MONEY RATES; ARBITRAGE A 91 OPEN MARKET RATES (Per cent per annum) Canada United Kingdom France Germany, Netherlands Switzer­ Fed. Rep. of land Month 3 T m re b o a il n s ls t u h , r s y * m Da o d n y a e - y t y o 2 ­ 3 B a a m a c n n c o c k e e n e p s th r t , s ­ s ' 3 T m r b e o i a ff n s 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 ’ D m a o d y n a - e y t y o ­ 3 Tr 6 d e b 0 a a il - y l s 9 s s u , 0 * r y m Da o d n y a e - y t y o s ­ T 3 r m e b a o il s l n s u t , h ry s D m a d o y a n - y e t o y ­ d P is r r c i a v o t a e u te n 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—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 9 23 4.75 5 80 5.50 7.17 4 25 Aug....... 7,65 7.57 8. 88 7. 80 6.95 6 00 8.84 4.75 5 87 5.98 7.71 4 25 Sept.. ...... 7.75 7.77 8. 88 7. 80 7.07 6.00 5.75 4.'03 6.00 7.66 4.38 1 Based on average yield of weekly tenders during month. 5 Monthly averages based on daily quotations. J 2 B R a a s te ed s h o o n w w n e i e s k o ly n a p ve ri r v a a g t e e s s o ec f u d r a it i i l e y s . closing rates. 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," ‘ 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 United P d ( r i + s e c m ) o i u o u n r m t inc N en e t t i ve Canada P d ( r is + e c m ) o i u o u n m r t inc N en e t t i ve Kingdom Spread (favor Spread (-) on (favor q ( u a b o U d a t s . j a S . i t s . i t ) o o n U S n ta i t t e e s d Lo (f n a o d v f o o r n ) f ( p o - o rw ) u a n o d r n d Lon o d f o n) C q a u A n o in s a t e d d a qu A b o U d a t j . a s . S i t s . i t o o n U S n ta i t t e e s d C ( a fa n o v a f o d r a ) C f d o a o r n w l a la a d r i r s a d n Can o a f d a) 1969 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 Il.............. 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 10.............. 7,55 6.98 .57 -2.47 -1.90 7.69 7.45 6.98 .47 + .61 + 1.08 17.............. 7.61 6.99 .62 -1,52 -.90 7.64 7.40 6.99 .41 + .56 + .97 24.............. 7.61 6.95 .66 -1.38 -.72 7.62 7.38 6.95 .43 + .19 + .62 31.............. 7.61 6.98 .63 -1.27 -.64 7.62 7,38 6.98 .40 + .02 + .42 Nov. 7............... 7.58 7,09 .49 -.79 -.30 7.67 7.43 7.09 .30 -.04 + .38 Note.—Treasury bills: Ml 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.rn. 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 I, p. 1257, and to Table 2, p. 1260, bid and offer) at 11 a.m. Friday in New York for both spot and forward Oct. 1964 Bulletin. pound sterling and for both spot and forward Canadian dollars. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 92 GOLD RESERVES □ NOVEMBER 1969 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) Esti­ Inti. Esti­ E pe nd ri o o d f m to a t t a e l d M ta o r n y e ­ U S n ta 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 world1 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 1 ’371 150 42 817 43 1964 43’015 2,179 15'471 25,365 36 71 226 600 1 ,451 92 84 1 ,026 43 1965 243'230 31 ,869 13,806 27,285 35 66 223 700 1 '558 63 84 1 ,151 44 1966 43,185 2,652 13,235 27 J00 35 84 224 701 I’,525 45 84 1 ,046 45 1967 41600 2'682 12,065 26’855 33 84 231 701 1 ,480 45 84 1 ,015 45 1968-—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 I ,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 J22 45 84 863 47 May............... 2,301 11,153 33 109 256 714 1 ,522 45 84 863 46 June............... p40,950 2,257 11’153 P27.540 33 110 258 715 1 ,522 45 84 866 47 July................ 2’,316 11 344 33 U5 258 715 1 ,522 84 866 47 Aug.P............. 2,336 11,154 33 120 257 715 1 ,520 84 866 47 Sept p .......... 2,258 11’164 33 120 257 715 1 ,520 84 872 47 Ger­ E pe n r d io o d f lo C m o b ­ ia m D a e r n k ­ l F a i n n d ­ France m F a e n d y . , Greece India Iran Iraq la Ir 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-—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 1 14 45 3,877 4,539 140 243 158 193 79 46 2^23 356 1969-—Jan.................. 31 114 45 3,877 4,539 132 243 158 193 79 2,923 356 Feb................. 31 114 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.P............. 29 89 45 3,551 4 564 130 243 158 193 69 46 2,938 363 Sept.P............. 27 89 45 3 J45 4,597 130 243 158 193 64 46 2’954 371 E pe nd ri o o d f Kuwait a L n e o b n ­ Libya M s a i l a ay­ M c e o xi­ Mo 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 ­ Po ga rt l u­ A S r a a u b d ia i 1962........................... 49 172 3 3 95 29 1 ,581 30 53 47 41 471 78 1963........................... 48 172 7 8 139 29 1,601 31 53 57 28 497 78 1964........................... 48 183 17 7 169 34 1 J88 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 Jll 18 53 20 60 699 69 1968-—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 11697 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 J98 24 54 25 65 856 119 Apr................. 123 288 85 65 165 21 1 J98 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 64 166 21 1 ,703 24 54 25 52 860 119 July................. 110 288 85 64 166 21 1 ,703 24 54 25 52 860 119 Aug.p....... 107 288 85 21 1 J03 24 54 25 45 872 119 Sept P ........ 103 288 85 1 ,711 25 54 45 119 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

NOVEMBER 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 g e ­ d U gu r a u y ­ V zu e e n l e a ­ Y sl u a g vi o a ­ S I e f n o t t t r i le . ­ ments 4 1962............................... 499 446 181 2,667 43 104 140 174 2,582 180 401 4 —50 1963 ............................... 630 573 182 2,820 50 104 115 174 2'484 171 401 14 — 279 1964............................... 574 616 189 2'725 55 104 104 139 2'136 171 401 17 — 50 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 >40 146 401 21 — 424 1967............................... 583 785 203 3,089 81 92 97 93 1'291 140 401 22 — 624 1968-—Sept................... J 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... ............... I ,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 >43 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 1 '138 785 226 2’642 81 92 107 93 403 50 — 268 Sept.1’................ 1 >93 785 226 2,642 92 107 93 403 50 — 285 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 1 Excludes gold subscription payments made by some member countries Gold; excludes holdings of the U.S.S.R., other Eastern European coun­ in anticipation of increase in Fund quotas: for most of these countries tries, and China Mainland. the increased quotas became effective in Feb. 1966. The figures included for the Bank for International Settlements are 4 Net gold assets of BIS, i.e., gold in bars and coins and other gold the Bank’s gold assets net of gold deposit liabilities. This procedure assets minus gold deposit liabilities. avoids the overstatement of total world gold reserves since most of the gold deposited with the BIS is included in the gold reserves of individual Note.—For back figures and description of the data in this and the countries. . , following tables on gold (except production), see “Gold,” Section 14 of 2 Adjusted to include gold subscription payments to the IMF made by Supplement to Banking and Monetary Statistics^ 1962. GOLD PRODUCTION (In millions of dollars at $35 per fine troy ounce) Africa North and South America Asia Other World Period p t r i o o d n u c i ­ A S f o r 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 d n a ­ M ic e o x­ r N a i g c u a a ­ Co b l i o a m­ India P p h in il e ip s ­ t A ra u l s ia ­ ot A h l e l r 1961............................... 1,215.0 803,0 20.1 29.2 8.1 54.8 156.6 9.4 7.9 14.0 5.5 14.8 37.7 53.9 1962............................... 1,295.0 892.2 19.4 31.1 7.1 54.5 146.2 8.3 7.8 13,9 5.7 14.8 37,4 56.6 1963............................... 1,355.0 960.1 19.8 32.2 7.5 51.4 139.0 8.3 7.2 11.4 4.8 13.2 35.8 64,3 1964............................... 1,405.0 1,018.9 20.1 30.3 6.6 51.4 133,0 7,4 7.9 12,8 5.2 14.9 33.7 62,8 1965............................... 1,440.0 1,069.4 19.0 26.4 3.2 58.6 125.6 7.6 6.9 11.2 4.6 15.3 30.7 61.5 1966............................... 1,445.0 1,080.8 19.3 24.0 5.6 63.1 114.6 7.5 7.0 9.8 4.2 15.8 32.1 61,2 1967............................... 1,410.0 1,068.7 18.0 26.7 5,4 53.4 103.7 6.4 6.2 9.0 3.4 17.2 28.4 63.5 1968*............................. 1,420.0 1,088,0 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-—-Aug................ 91.5 7.7 .4 .6 2.3 Sept 93.7 8.3 1.8 . 6 24.6 2.3 Oct,........ . 92.4 7.7 .5 .7 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 7.1 .7 2.0 Mar........... 89.1 7.6 .7 2.1 Apr.................... 89.3 7.3 .7 2.3 May.................. 90.0 7.4 .7 June............ 91.3 7.3 .7 July. ................ 93.7 6.7 .7 Aug.................. 93.9 6.6 t 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 Lyle E. Gramley, Associate Director Milton W. Schober, Assistant Director Stanley J. Sioel, Adviser Thomas A. Sidman, Assistant Director Tynan Smith, Adviser Kenneth B. Williams, Adviser DIVISION OF PERSONNEL ADMINISTRATION Peter M. Keir, Associate Adviser Edwin J. Johnson, Director Murray S. Wernick, Associate Adviser John J. Hart, Assistant Director James B. Eckert, Assistant Adviser Bernard Shull, Assistant Adviser DIVISION OF ADMINISTRATIVE SERVICES Louis Weiner, Assistant Adviser Joseph E. Kelleher, Director Joseph S. Zeisel, Assistant Adviser 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 vi uiaitGti 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 1. 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. BANKING MARKET STRUCTURE & PERFORMANCE FEDERAL RESERVE BULLETIN. Monthly. $6.00 per IN METROPOLITAN AREAS: A STATISTICAL annum or $.60 a copy in the United States and STUDY OF FACTORS AFFECTING RATES ON its possessions, Bolivia, Canada, Chile, Colom­ bia, Costa Rica, Cuba, Dominican Republic, BANK LOANS. 1965. 73 pp. $.50 a copy; 10 or Ecuador, Guatemala, Haiti, Republic of Hon­ more sent to one address, $.40 each. duras, Mexico, Nicaragua, Panama, Paraguay, THE PERFORMANCE OF BANK HOLDING COM­ Peru, El Salvador, Uruguay, and Venezuela; 10 PANIES. 1967. 29 pp. $.25 a copy; 10 or more or more of same issue sent to one address, $5.00 sent to one address, $.20 each. per annum or $.50 each. Elsewhere, $7.00 per annum or $.70 a copy. 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 □ NOVEMBER 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. 1969. 29 pp. REAPPRAISAL OF THE FEDERAL RESERVE DIS­ COUNT MECHANISM: STAFF ECONOMIC STUDIES REPORT OF A SYSTEM COMMITTEE. 1968. 23 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 Summaries only printed in the Bulletin. NECTION WITH A SYSTEM STUDY. 1968. 47 (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. SOME PROBLEMS IN FORECASTING INVENTORY RESEARCH ON BANKING STRUCTURE AND PER­ INVESTMENT, by H. O. Stekler. Oct. 1969. FORMANCE, Staff Economic Study by Tynan 23 pp. Smith. Apr. 1966. 11 pp. AUTOMOTIVE TRADE BETWEEN THE UNITED COMMERCIAL BANK LIQUIDITY, Staff Economic STATES AND CANADA, by Kathryn A. Morissc. Nov. 1969. 33 pp. ' ' Study by James Pierce. Aug. 1966, 9 pp. TOWARD UNDERSTANDING OF THE WHOLE DE­ Printed in full in the Bulletin. VELOPING ECONOMIC SITUATION, Staff Eco­ (Reprints available as shown in following list.) nomic Study by Frank R. Garfield. Nov. 1966. REPRINTS 14 PP- (From Federal Reserve Bulletin unless preceded A REVISED INDEX OF MANUFACTURING CAPACITY, by an asterisk.) Staff Economic Study by Frank de Leeuw with Frank E. Hopkins and Michael D. Sherman. ADJUSTMENT FOR SEASONAL VARIATION. Descrip­ Nov. 1966. 11 pp. tion of method used by Board in adjusting eco­ nomic data for seasonal variations. June 1941. THE ROLE OF FINANCIAL INTERMEDIARIES IN 11 PP- U.S. CAPITAL MARKETS, Staff Economic Study SEASONAL FACTORS AFFECTING BANK RESERVES. by Daniel H. Brill, with Ann P. Ulrey. Jan. 1967. 14 pp. ' Feb. 1958. 12 pp. LIQUIDITY AND PUBLIC POLICY, Staff Paper by REVISED SERIES ON COMMERCIAL AND INDUS­ Stephen H. Axilrod. Oct. 1961. 17 pp. TRIAL LOANS BY INDUSTRY. Feb. 1967. 2 pp. SEASONALLY ADJUSTED SERIES FOR BANK AUTO LOAN CHARACTERISTICS AT MAJOR SALES CREDIT. July 1962. 6 pp. FINANCE COMPANIES. Feb. 1967. 5 pp. INTEREST RATES AND MONETARY POLICY, Staff SURVEY OF FINANCE COMPANIES, MID-1965. Apr. Paper by Stephen H. Axilrod. Sept. 1962. 28 pp. 1967. 26 pp. RECENT CHANGES IN LIQUIDITY, Staff Paper by MONETARY POLICY AND ECONOMIC ACTIVITY: A Daniel H. Brill. June 1963. 10 pp. POSTWAR REVIEW. May 1967. 22 pp. MEASURES OF MEMBER BANK RESERVES. July MONETARY POLICY AND THE RESIDENTIAL MORT­ 1963. 14 pp. GAGE MARKET. May 1967. 13 pp. MEASURING AND ANALYZING ECONOMIC GROWTH, BANK FINANCING OF AGRICULTURE, June 1967. Staff Paper by Clayton Gehman. Aug. 1963. 23 pp. 14 PP- EVIDENCE ON CONCENTRATION IN BANKING CHANGES IN BANKING STRUCTURE, 1953-62. MARKETS AND INTEREST RATES, Staff Eco­ Sept. 1963. 8 pp. nomic Study by Almarin Phillips. June 1967. 11 PP- ECONOMIC CHANGE AND ECONOMIC ANALYSIS, 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 AND CAPACITY UTILIZATION. July 1967. 3 pp. 11 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 □ NOVEMBER 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. REVISION OF WEEKLY SERIES FOR COMMERCIAL BUSINESS FINANCING BY BUSINESS FINANCE BANKS. Aug. 1969. 5 pp. COMPANIES. Oct. 1968. 13 pp. TREASURY AND FEDERAL RESERVE FOREIGN EX­ ECONOMIC UPSWING IN WESTERN EUROPE. Nov. CHANGE OPERATIONS. Sept. 1969. 22 pp. 1968. 17 pp. EURO-DOLLARS: A CHANGING MARKET. Oct. 1969. MANUFACTURING CAPACITY: A COMPARISON OF 20 pp. TWO SOURCES OF INFORMATION, Staff Eco­ REVISION OF MONEY SUPPLY SERIES. Oct. 1969. nomic Study by Jared J. Enzler. Nov. 1968. 16 pp. 5 PP- CHANGES IN TIME AND SAVINGS DEPOSITS, APRIL- MONETARY RESTRAINT, BORROWING, AND CAP­ JULY 1969. Oct. 1969. 11 pp. ITAL SPENDING BY SMALL LOCAL GOVERN­ MENTS AND STATE COLLEGES IN 1966. Dec. FINANCIAL DEVELOPMENTS IN THE THIRD 1968. 30 pp. QUARTER OF 1969. Nov. 1969. 10 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 Earnings and hours, manufacturing industries, 65 (See also Foreigners, claims on, and liabilities to) Employment, 62, 64, 65 Banks and the monetary system, 18 Banks for cooperatives, 39 Bonds (See also U.S. Govt, securities): Farm mortgage loans, 50, 51 New issues, 45, 46, 47 Federal finance: Yields and prices, 34, 35 Cash transactions, 40 Branch banks, liabilities of U.S. banks to their foreign Receipts and expenditures, 41 branches, 30, 86 Treasury operating balance, 40 Brokerage balances, 85 Federal funds, 8, 24, 26, 30, 33 Business expenditures on new plant and equipment, 49 Federal home loan banks, 39, 51 Business indexes, 62 Federal Housing Administration, 50, 51, 52, 53 Business loans (See Commercial and industrial loans) Federal intermediate credit banks, 39 Federal land banks, 39 Federal National Mortgage Assn., 39, 53 Capacity utilization, 62 Federal Reserve Banks: Capital accounts: Condition statement, 12 Banks, by classes, 19, 25, 30 U.S. Govt, securities held, 4, 12, 15, 42, 43 Federal Reserve Banks, 12 Federal Reserve credit, 4, 12, 15 Central banks, 90, 92 Federal Reserve notes, 12, 16 Certificates of deposit, 30 Federally sponsored credit agencies, 39 Coins, circulation, 16 Finance company paper, 33, 37 Commercial and industrial Ioans: Financial institutions, loans to, 24, 26 Commercial banks, 24 Float, 4 Weekly reporting banks, 26, 31 Flow of funds: Commercial banks: Financial assets and liabilities, 71.10 Assets and liabilities, 19, 24, 26 Saving and financial flows, 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 Debt (See specific types of debt or securities) Housing starts, 63 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 □ NOVEMBER 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 Reserve position, basic, 8 Time deposits, 11, 17, 18, 19, 25, 29 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 loans) Commercial bank holdings, 25, 29 Mutual funds (See Investment companies) Consolidated condition statement, 18 Mutual savings banks, 18, 19, 22, 29, 37, 42, 43, 50 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 Prime rate, commercial banks, 32 Weekly reporting banks, 26 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 * (Q THE FEDERAL RESERVE SYSTEM °) A Legend •“" Boundaries of Federal Reserve Districts -----Boundaries of Federal Reserve Branch Territories O Board of Governors of the Federal Reserve System ® Federal Reserve Bank Cities • Federal Reserve Branch Cities Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis