Federal Reserve Bulletin, 1966-08
FEDERAL RESERVE BULLETIN BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A copy of the Federal Reserve Bulletin is sent to each member bank without charge; member banks desiring additional copies may secure them at a special $2.00 annual rate. The regular subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras. Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $6.00 per annum or 60 cents per copy; elsewhere, $7.00 per annum or 70 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 50 cents per copy per month, or $5.00 for 12 months. The Bulletin may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D. C. 20551, and remittance should be made payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. currency. (Stamps and coupons not accepted) Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
CONTENTS VOLUME 52 ■ NUMBER 8 ■ AUGUST 1966 The Rise in Prices 1077 Staff Economic Studies: Summary 1091 Commercial Bank Liquidity 1093 Changes in Time and Savings Deposits, December 1965-May 1966 1102 Revision of Weekly Reporting Member Bank Series 1137 Statement to Congress 1141 Communique of the Ministerial Meeting of the Group of Ten 1149 Law Department 1151 Announcements 1172 National Summary of Business Conditions 1174 Guide to Tabular Presentation 1176 Financial and Business Statistics, U.S. (Contents on p. 1177) 1178 International Financial Statistics (Contents on p. 1251) 1252 Board of Governors and Staff 1272 Open Market Committee and Staff; Federal Advisory Council 1273 Federal Reserve Banks and Branches 1274 Federal Reserve Board Publications 1275 Index to Statistical Tables 1278 Map of Federal Reserve System Inside back cover EDITORIAL COMMITTEE Charles Molony Ralph A. Young Robert C. Holland Robert Solomon Daniel H. Brill Elizabeth B. Sette The Federal Reserve Bulletin is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions expressed except in official statements and signed articles. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
THE RISE IN PRICES Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1077 InFLATIONARY PRESSURES began to accumulate in the second half of 1965 and provoked an acceleration of the rise in prices at the turn of the year. Prices of industrial commodities and also of consumer services have increased so far in 1966 at a considerably faster pace than they did last year. Prices of food and foodstuffs declined somewhat during the spring, but in July they returned to the highs reached early in 1966, as shown in Chart 1. Prices of these commodities have been affected much more by shifts in supplies than by variations in pressures of demands upon available resources. As a result of the leveling in foodstuffs, the rise in the total wholesale price index has slowed since early this year, after having been rapid in the spring of last year and again this past autumn and winter when prices of foodstuffs were rising. The total consumer price index similarly has been influenced by supply and price changes for foods, although with a short lag. The rise in food prices since early last year has had important consequences, even though it was induced more by reversible reductions in supply than by expansion in demands. Its large con tribution to the increase of 3.6 per cent in the consumer price index from March 1965 to June 1966 has led to sizable increments in wages in those industries where wage contracts still include cost CHART 1 PRICE RISE accelerates for INDUSTRIAL COMMODITIES and CONSUMER SERVICES while FOOD PRICES remain near highs WHOLESALE CONSUMER Bureau of Labor Statistics indexes for all but wholesale prices, the “food at home” series is charted. Latest figures: prices of industrial commodities and foodstuffs, which are wholesale prices, July; consumer food, July estimate; other Federal Reserve regroupings of BLS data. For consumer consumer indexes, June. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1078 FEDERAL RESERVE BULLETIN • AUGUST 1966 of-living clauses and to demands for substantial wage advances in other industries. Also, farm income has shown a large increase, as the prices that farmers pay for productive inputs have not risen so much as the prices they receive. The rise in income probably contributed to a speed-up in the long upward trend in farm land values and to an appreciable increase in spending by farmers for machinery and for consumer goods and services. For industrial commodities in wholesale markets, prices have been increasing at an average annual rate of between 3.0 and 3.5 per cent so far this year, following an annual rate of 1.5 per cent through the preceding year and a quarter, and virtual stability earlier in the current business expansion. The increase in prices of industrial commodities—amounting to 4 per cent since the rise began nearly 2 years ago—is primarily a direct response to ex panding demands, in other industrial countries as well as in the United States. Increases in labor costs and other costs per unit of commodity production have not been large and widespread, and this year profit margins in manufacturing have remained at advanced rates. In these respects, recent developments differ from those in previous episodes of rising prices since World War II. By mid- 1956, when a price rise had been under way for about 2 years, labor and other costs per unit of output were generally increasing rapidly, and by then profit margins had receded from their peak despite widespread increases in prices. The index of industrial commodity prices was already up nearly 7 per cent; by the time the rise neared its end a year later, in the summer of 1957, the index had increased about 10 per cent. DEMAND INFLUENCES „ „ , , , , . .. Pressure of demands on available resources began to intensify a year ago following the decisions to increase military operations in Vietnam. Draft calls and defense procurement increased at a time when margins of unemployed resources were no longer large. By the second quarter of 1966, defense spending had risen sharply. Although such spending still represented no more than 7 to 8 per cent of gross national product, the increase from the third quarter of 1965 accounted for 14 per cent of the increase in GNP. The increase in receipts of the Federal Government also was large—in part because of higher rates for social insurance and income tax withholding in 1966 and in part because of the expansion in taxable personal and business incomes. The effects of increased defense spending appear to have been Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
THE RISE IN PRICES 1079 great. The rise in unfilled orders for defense products has been prolonged and substantial even though the expansion in shipments has been large. Business demands for plant and equipment, al ready strong a year ago, were stimulated further by increasing military orders. With unfilled orders for both defense products and business equipment rising—not only absolutely but also in relation to shipments—protective buying of other goods appears to have been stimulated. Consumer purchases of household durable goods spurted in the autumn of last year, and although production was raised sharply, manufacturers’ inventories declined and their unfilled orders increased. Sales of autos were very high in the October-to- March period, the first half of the 1966 model year. Rising orders for defense products, business equipment, and consumer durable goods through the autumn and winter raised demands for materials—for inventory as well as for use in produc tion. Even for the steel industry, where capacity in this country and abroad is generally regarded as ample, new orders and ship ments rose to the advanced levels of early 1965, a period in which the threat of a strike stimulated accumulation of inventories. Pressures on domestic resources have not been quite so great as they might have been since expansion in demands has resulted in an unusually large rise in imports of industrial materials and products. The increase in merchandise imports over the past year has exceeded the gain in exports by a substantial amount. Altogether, through the autumn and winter, the Federal Reserve index of industrial production rose at an annual rate of 12 to 13 per cent, and utilization of capacity in manufacturing industries increased to advanced rates. Unemployment declined from about 4.5 per cent of the civilian labor force to less than 4.0 per cent in March. Since March the pace of expansion in activity has been less rapid. For industrial production the annual rate of increase has been 8 per cent, or two-thirds the previous rate. Expansion in output has continued to be at least as fast as the growth in capacity, however, and utilization rates have remained high. The over-all unemployment rate has held at about 4 per cent, but unemployment among adult men has been at a very low level and the number of workers unemployed for long periods has declined. The recent slowing in expansion reflects in part curtailed demands for autos and the impact of tighter credit conditions on residential construction. Demands for some goods, moreover, may Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1080 FEDERAL RESERVE BULLETIN • AUGUST 1966 have been curtailed by price increases and by a slackening in the pace of the advance in disposable income. The slowing in expan sion also reflects the more limited availability of unused and new resources, especially in some industries that produce machinery and equipment and defense products and supplies. INDUSTRIAL COMMODITIES In some respects, developments in industrial prices this year bear a greater similarity to early than to advanced phases of business expansions. This is illustrated in Chart 2, which compares recent developments with those of the mid-1950’s. Prices of sensitive industrial materials rose sharply in the first 5 months of 1966 and accounted for a large share of the rise in the industrial total, as they did during late 1954 and the first half of 1955—the early phase of that business upswing. Average prices for other industrial materials (labeled “sluggish” in the ckart) and for producers’ equipment have been rising at a moderately faster pace this year than last, but the rise is not nearly so rapid as it was in the period from mid-1955 through the first half of 1957—the advanced phase of that expansion. The increase this year in labor costs per unit of manufacturing output, which was caused by an increase in social security taxes in January, has been small—in sharp contrast with the rapid rise that PRICE and COST DEVELOPMENTS this year more like those in early than late phases of business expansions CHART 2 Federal Reserve monthly price indexes based on BLS data and quarterly cost index, seasonally adjusted, based on Department of Commerce employee compensation data and Federal Reserve production index. Latest figures: prices, July; costs, second quarter. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
THE RISE IN PRICES 1081 began in late 1955 when first the increases in wage rates accel erated and then gains in manufacturing productivity fell to an almost negligible rate. This year, in large part because of the terms of labor contracts signed in prior years, the rise in average hourly earnings of production workers in manufacturing has shown little acceleration from the rate of recent years. At the same time output per manhour has continued to advance, as it usually does when production is expanding. However, newly negotiated labor contracts call for increases larger than those earlier in this expansion, and wage rates have been rising more rapidly in indus tries covered by cost-of-living clauses. About 2 million workers, half the number at the peak in 1958, are covered by such clauses. Sensitive materials. Sensitive materials account for about 25 per cent of the rise in prices of industrial commodities this year although they have a relative importance of only 13 per cent in the wholesale price index for industrial commodities. The sensitive index includes certain commodity groups whose prices tend to respond promptly to changes in domestic demands. However, these prices also are responsive to demand developments in other industrial countries and on occasion are influenced by large shifts in supplies. The sharp rise in prices of the sensitive materials through May resulted from a continuation of strong domestic and foreign demands, especially for copper and aluminum products, and also from certain supply problems. For example, the quantity of hides available to world markets from Argentina has been unusually small in the past 2 years; consequently, export demands for U.S. hides have been unusually large. The price response is evident in Chart 3. Export licenses and quotas were established for hides early this year, but the quota for 1966 substantially exceeds exports for any year prior to 1964. The short supply and high price encourage substitution of other materials, and in July hide prices fell back somewhat. Prices of lumber and plywood were pushed up by shortages of freight cars and a strike threat in addition to strong demands for military and other purposes. In June, however, prices turned down as the threats to supply passed. The easing in residential construction activity may be exerting downward pressure on prices of lumber and some other building materials. World production of most of the major nonferrous metals has increased throughout this period of business expansion in the United States, but supplies, especially of copper, have not been Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1082 FEDERAL RESERVE BULLETIN • AUGUST 1966 so large as they otherwise would have been because of strikes and political problems in major producing regions. Supplies of copper in the United States have been augmented by the sub stantial quantities released from the national stockpiles and by the reduction in exports after imposition of export controls in November 1965. Prices of primary copper available from domestic producers have been held considerably below levels in world markets; still the average price paid for supplies from all sources has been appreciably higher this year, and prices of copper mill products generally have increased by sizable amounts. In late July and early August, copper prices in foreign markets declined sharply but remained above prices in this country. PRICE INCREASES for SENSITIVE MATERIALS account for large share of The stability in prices of textiles this year, as last, reflects divergent movements among the principal types. Prices of syn thetic fibers and fabrics have continued to decline, both as a consequence and as a cause of rapidly expanding production. However, prices of cotton and wool products have increased further in response to combined military and civilian demands. With demands strong, gross margins in cotton textile manufactur ing—the spread between prices of cloth and the cost of raw cotton—have been exceptionally wide since 1964 when enact ment of “one price cotton” legislation substantially reduced the cost of raw cotton for domestic use. Under a new Federal pro- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
THE RISE IN PRICES 1083 gram for the 1966 cotton crop, the cost of raw cotton declined further on August 1. Sluggish materials. List prices for the industrial materials referred to as sluggish—which are three times as important in the indus trial commodity index as the sensitive materials—are less prompt and less volatile in their response to variations in demands than are prices for the sensitive materials. Prices in actual transactions for many of these sluggish materials are believed to vary con siderably more than the list or published prices generally reported for use in the price index because of discounts, freight absorption, and other forms of concessions. During a business expansion, as demands increase enough to raise output relative to capacity, the concessions tend to be reduced or withdrawn and profit margins widen, both because prices in actual transactions increase and because average costs decline as output rises. Later in the expan sion, if labor costs and other costs per unit of output generally rise, increases in list prices tend to become widespread. As Chart 3 suggests, even among the sluggish commodities, there are degrees of price sensitivity to market developments. Prices of millwork, plumbing equipment, and structural metal products have risen this year in response to expansion in demands combined with increases in costs of such materials as lumber and copper and aluminum mill products. Otherwise in the sluggish group of materials, price increases have been neither large nor widespread. Increases in list prices have been effected for paper and some nonmetallic mineral prod ucts, and most recently for certain steel mill products. Early in August list prices were raised about 2 per cent for steel sheet and strip—products which account for about a third of total steel shipments and a larger share of shipments to the auto and appliance industries. These increases will raise the Bureau of Labor Statistics price index for steel mill products by 0.5 per cent. At the new level, the index will be about 3 per cent above the level in 1959-60. In around 2 years after mid- 1955, the index of steel prices increased 25 per cent. Currently domestic markets for steel are subject to strong competition from foreign steel and from other materials. It was in such a market environment that a 3-year labor contract was signed last Septem ber calling for wage increases that are moderate compared with those in the contracts of 1955 and 1956. Producers’ equipment. Through the first 7 months of this year, average prices of producers’ equipment increased by 2 per cent, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1084 FEDERAL RESERVE BULLETIN • AUGUST 1966 somewhat more than in all of 1965. Significant in the acceleration was an upturn in prices of electrical machinery and equipment, following stability in 1965 and a declining trend through the preceding 5 years. At the same time the price rise for nonelectrical machinery, which began in early 1963 along with the sustained advance in new and unfilled orders, became moderately faster. Continued stability in prices of motor vehicles helped to temper the rise in the total for equipment. During the past 3 years of rapid rise in business spending for fixed investment, the price index for producers’ equipment has increased by 5 per cent. Over that long a period, some portion of the rise in the equipment index is likely to reflect improve ment in quality beyond that allowed for, but the pace and the pervasiveness of the recent rise, as well as the strength of invest ment demand, suggest that much of the rise in the index is a true increase in prices. The rate of increase remains much less rapid than in the mid-1950’s when a rise of nearly a fifth in 3 years was associated with generally increasing labor costs and sharply rising prices of steel and other materials. Consumer goods. Price increases for consumer industrial prod ucts—consumer goods other than foods—have been numerous this year but not pervasive, and on the average, prices in both wholesale and retail markets have risen at about the same slow pace as in the latter part of 1965. Through the first 7 months of this year, the wholesale index for these goods rose by 1 per cent. Retail prices for goods other than foods have shown a com parable rate of increase over the past year, despite the different contents of the group. This component of the consumer price index includes replacement items for home maintenance and, beginning in 1964, new houses. As illustrated in Chart 4, which shows retail prices through June 1966, the rise this year, as last, has been concentrated in nondurable goods. Consumer demands for clothing have been strong enough so that increases in costs of materials—leather, cotton fabrics, and wool fabrics—could be passed along. Con sumers have had to pay higher prices for fuels this year. And the prices they pay for tobacco products and alcoholic beverages have increased, in part because of increases in excise taxes in some States. Prices of major durable goods have been relatively stable this year; the exception is furniture prices, which have increased mod erately. Declines in prices of autos and appliances a year ago Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
THE RISE IN PRICES 1085 were associated with the reduction in Federal excise taxes. In July and August of 1966, according to some market reports, end-ofseason discounts on new cars were larger than usual as manufac turers and dealers strove to clear out the bulk of the exceptionally large inventories before introduction of 1967 models. CONSUMER SERVICES n ■ c .,,... , , Prices of consumer services have been rising at an annual rate of 4.5 per cent this year, compared with about 2.5 per cent during 1965 and 2.0 per cent during 1964. The services included in the consumer index are diverse, and the acceleration in prices this year reflects—in addition to continuing expansion in consumer demands—larger wage advances in response to labor market pressures, increases in State and local taxes, and other forces. The rise has been most rapid for medical services, including rates for hospital rooms and other hospital services and profes sional fees. In the first half of 1966 the rise in prices of these services was slightly more than 3 per cent—nearly as much as in all of 1965 and more than in all of 1964. In only one of the years since World War II was this rate of increase exceeded. The rise in prices of laundry and domestic services has be come faster this year as alternative opportunities available to workers in these relatively low-paying jobs have become more numerous. Property taxes and insurance rates have gone up in many areas, and mortgage interest rates have risen by a substan tial amount since late 1965. According to the consumer price index, however, rents have been rising at a rate not significantly above the increase of 1 per cent a year in the 1961-65 period. CHART 4 PRICES RISE for CONSUMER NONDURABLE GOODS but not for DURABLE GOODS BLS consumer price indexes. Latest figures, June. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1086 FEDERAL RESERVE BULLETIN ♦ AUGUST 1966 Auto insurance and registration fees have continued upward in 1966, but the rise in transportation services through the first half of the year was not so rapid as in 1965. In July, however, transit fares in New York City were raised from 15 cents to 20 cents. FOODS AND Increases in the indexes for wholesale and retail prices of foods, FOODSTUFFS shown in Chart 1, have accounted for a large share of the over all increases in prices since early 1965. Retail prices of foods rose 7 per cent from the first quarter of 1965 to the second quarter of 1966, and although foods comprise about a fifth of the market basket represented in the consumer price index, the rise in their prices accounted for roughly two-fifths of the increase in the total index. For wholesale prices the index of foodstuffs rose about 10 per cent from early 1965, and this rise accounted for more than half the increase in the total index although foods have an im portance of only one-fourth. During the past 10 to 15 years fluctuations in prices of foods and foodstuffs have reflected changes in supplies to a much greater extent than changes in demands. The great advance in levels of living, as compared with the years before World War II, has low ered the income elasticity of demand for foods as a whole; con sumer demands for foods have not shown a great response to cyclical and secular changes in income. Although the long-term rise in incomes has favored a continuing shift toward livestock products, total consumption of food on a per capita basis has not increased over the past decade and the proportion of dis posable income spent for foods has continued to decline. Substantial year-to-year changes in output of foods have oc curred, mainly because of swings in the hog and cattle cycles, variations in the weather, and changes in Federal programs. For example, livestock marketings increased and prices declined sharply during the business upswing in 1955; later, the livestock production cycles turned into a downward phase, and prices rose to their peaks in early 1958 at about the time the business re cession reached its low. Crops subject to Federal price-support programs have been largely protected from the price-depressing influence of increases in production; at the same time the stocks accumulated in the process of supporting prices have tended to limit the response of prices to reductions in output or to increases in export demands. In recent years decreases in output of some Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
THE RISE IN PRICES 1087 crops—through acreage diversion programs—and expansion in exports have reduced stocks, and this year the U.S. supply posi tion has shifted from chronic surplus to a near-balance with demand. Prices, consequently, have become more responsive to prospects for production and for exports. The sharp rise in food prices that began in the spring of 1965 was caused primarily by a downturn in the hog production cycle and a subsequent reduction in supplies of pork. Farmers curtailed hog raising in the summer and autumn of 1964 in response to low prices and unfavorable returns, and the effects beginning the next spring on per capita supplies of pork and on prices are evident in Chart 5. At that time supplies of beef and other livestock products —poultry and eggs—also declined. Although the total number of beef cattle on farms and ranches was high at the beginning of 1965, production of beef dropped temporarily because feedlot operators—-mainly in the Midwest corn belt—had curtailed activi ties in reaction to losses sustained in the preceding year. Although the reduction in beef supplies was short lived, the high level of beef prices was sustained by the further reduction in pork supplies and the meteoric rise in pork prices. Since the first quarter of 1965, per capita supplies of pork and beef combined have been appreciably below the high levels reached in 1964. Expansion in supplies of livestock products is developing, and prices will be coming under downward pressure. Market supplies of pork reached a combined seasonal and cyclical low this sum mer; from this low level, a significant expansion is starting as CHART 5 RETAIL MEAT PRICES rose as per capita SUPPLIES declined Federal Reserve quarterly indexes based on U.S. Department of Agriculture data for commercial supplies, including imports, of beef and pork available per civilian in the population, with 1966 data partly esti mated by the Federal Reserve. Quarterly averages of BLS retail price indexes for meat and USDA weighted averages for beef and for pork based on BLS retail price data. Latest figures, second quarter. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1088 FEDERAL RESERVE BULLETIN ■ AUGUST 1966 farmers are beginning to market pigs from the spring crop, which was up 10 per cent from a year earlier. Farmers’ intentions point to a large gain from a year earlier in this autumn’s pig erop and thus to further expansion in production of pork in 1967. Larger sup plies of higher-grade beef through 1966 are assured by the record number of cattle in the feedlots, although this gain could be offset in part by a reduction in output of lower-grade beef—depending upon the carrying capacity of pastures and farmers’ decisions about herd building. By 1967, a downturn in supplies of beef is suggested by a decline in the calf crop in 1966. Expansion in production of poultry is continuing this year, and recovery in output of eggs is under way. Milk and dairy products contributed to the recent rise in food prices. Retail prices of dairy products this summer are up 5 to 10 per cent from a year ago and wholesale and farm prices 10 to 15 per cent—and further increases are in prospect. Production of milk turned down last year and has continued to decline, mainly because cows could be sold for slaughter at high prices at the same time that farmers had more profitable on-farm and off-farm alter natives to dairying. To provide expectations of more favorable returns in the future and to encourage a reversal of the decline in milk production, the Department of Agriculture twice this year raised support prices for milk, for a total increase of almost 25 per cent. Prices of grains and soybeans have risen sharply this summer to levels well above those consistent with Federal support prices, and speculative activity in futures has soared. Both wholesale and retail prices of flour, bread, and other bakery products have risen appreciably. This year’s wheat crop, estimated at 1,286 million bushels, is only a little below last year’s, but with, the carry over from previous crops down sharply to less than 550 million bushels, the total supply in prospect for the 1966-67 marketing season is only about 200 million bushels above last season’s do mestic consumption and exports. In accordance with a policy of preserving a minimum carry-over of 400 million bushels, the Government is examining authorizations for shipments under for eign aid programs—which last season amounted to more than 600 million bushels—with a view to reducing them and substituting other grains where possible. In recognition of the prospective further reduction in the carry-over and of strong export demands, the Secretary of Agriculture also has increased the 1967 wheat acreage allotment by a third. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
THE RISE IN PRICES 1089 For corn and other feed grains, domestic use and exports are at record-high rates this season, and the stocks carried over into the marketing year beginning October 1 will be down from a year earlier. With the prospect as of August 1 that output will be below last year’s record, official estimates indicate that the total supply of feed grains for next year will be down moderately from this year’s total. In some areas, the weather in July was unfavor able, and the size of crops actually harvested will depend on conditions during the rest of the growing season. * * * Prospects are favorable that the expansion in output of live stock products through the rest of this year will reverse some portion of the recent rise in food prices. Just as the rise in foods has contributed in large measure to the increases in the total consumer and wholesale price indexes since early 1965, so would declines in foods in the months ahead tend to limit the size of further increases in the total indexes. The rise in prices of consumer services has accelerated to a rapid rate, however, and if such a rate should persist for a group of items that have an importance of a third in the consumer index, it obviously would have a considerable impact on the total. The rise in the consumer price index itself has provoked wage increases in industries that have cost-of-living clauses in their labor con tracts and encouraged demands for large wage increases else where. If the pace of expansion in demands for goods and services should sustain strong pressures on resources, larger wage in creases than those of recent years could spread and the rise in prices of industrial commodities and services could remain at the recent pace or accelerate further. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
STAFF ECONOMIC STUDIES The research staffs of the Board of Gover set forth are those of the authors and do not nors of the Federal Reserve System and of necessarily indicate concurrence by the the Federal Reserve Banks undertake studies Board of Governors, by the Federal Reserve that cover a wide range of economic and Banks, or by the members of their staffs. financial subjects, and other staff members Single copies of the full text of each of prepare papers related to such subjects. the studies or papers that are summarized From time to time the results of studies that below are available in mimeographed form. are of general interest to the economics pro The list of publications at the back of each fession and to others are summarized—or Federal Reserve Bulletin includes a sepa in some instances printed in full—in this rate section enumerating the studies for section of the Bulletin. which copies are currently available in that In all cases the analyses and conclusions form. STUDY SUMMARY A THEORY OF HOUSEHOLD ASSET SELECTION William J. Hocter—Staff, Federal Reserve Bank of Chicago Study based on an unpublished dissertation for the Graduate School of Business of Indiana University in 1965 Household expenditures can be divided into to exhibit a very strong relationship to two broad types: consumption and invest income. On the other hand, it has not been ment. Consumption expenditures are related possible to demonstrate that decisions to to goods and services whose benefits tend purchase financial and tangible assets are to be used up in a very short period of time based on income alone. and include such items as food and personal This study presents and develops the view services. Investment expenditures, on the that the availability and prices of other types other hand, are associated with financial and of assets could play an important role in tangible assets, such as common stock and explaining the level of expenditures on automobiles, that provide a stream of in specific types of financial and physical come or service benefits over future time assets. Consumer decisions to acquire finan periods. It has been well established both cial and tangible assets, much like the firm’s theoretically and empirically that both the capital budgeting decisions, are analyzed as levels of and changes in consumption tend investment decisions with choices among 1091 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1092 FEDERAL RESERVE BULLETIN • AUGUST 1966 competing assets made in terms of net to maximize the net present values of the present values of income streams associated income streams subject to the constraint of with each asset—one of the basic com maintaining some balance among the asset ponents of investment theory. holdings. For purposes of this study, the following A number of hypotheses suitable for six asset groups are specified: liquid assets, empirical testing could be developed within credit market instruments, corporate stocks, this theoretical framework. Four hypotheses permanent financial assets, consumer dur are presented in this study. They are based ables, and residential structures. It is as on an examination, on a theoretical level sumed that the allocation of an increment only, of the relative reaction of the six asset of household wealth among these asset groups to, as well as the effect on consumer groups takes place in a sequence of several investment decisions of, four external steps. First, the money income or service changes. These changes are: (1) expecta benefits associated with each financial and tions of inflation, (2) the introduction of tangible asset are identified. Second, the net new and improved durable goods, (3) an present (discounted) value of each of these increase in the cost of consumer credit, and income or benefit streams is calculated. (4) the simultaneous introduction of new Third, the increment of wealth is allocated and improved durable goods and an increase among the asset groups in such a way as in common stock prices. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
STAFF ECONOMIC STUDY COMMERCIAL BANK LIQUIDITY James L. Pierce—Staff, Board of Governors As noted in the introduction to this section, Pierce, a member of the staff of the Board of the Bulletin from time to time publishes, Governors. As in all staff studies, the author in full, staff studies on economic and finan is responsible for the analyses and conclu cial subjects that are of general interest in sions set forth, and the views expressed are the field of economic research. not necessarily those of his colleagues or of The paper below was prepared by Mr. the Board of Governors. Bank liquidity is of concern because of its total assets are often used to measure vari direct connection with two different, but re ations in the willingness of banks to lend. lated, problems. Inadequate liquidity of the In this study, it is argued that, although banking system, on the one hand, raises the liquidity is an important element in an in possibility that a number of banks more or dividual bank’s decisions regarding the com less simultaneously may discover that they position of its asset portfolio, no liquidity are incapable of meeting deposit withdrawals ratio provides an unambiguous picture of by selling assets or by other means. On the either asset characteristics or lending be other hand, the liquidity of the banking havior. The study also points out that recent system may be regarded as a basic factor developments in banking have reduced—but shaping the lending policies of banks, and not eliminated—the importance of asset consequently as a principal determinant of liquidity in the determination of bank lend the cost and availability of bank credit to ing practices. Before considering the role of borrowers. liquidity in bank portfolio management, it is This study deals only with the second of desirable to develop a precise definition of these two problems. The first problem is con asset liquidity. This requires careful con cerned with the adequacy of the powers of a sideration of the characteristics of assets, central bank to cope with major crises, and and in particular of the ease and speed with is outside the scope of the study. which assets can be sold. Of obvious and justifiable concern, how ever, is the problem of bank liquidity and A CONCEPT OF ASSET LIQUIDITY* its relation to lending policies of commercial At any given time, t, an asset has a maximum banks. Because these policies cannot be ob expected market price, which may be des served directly, statistics such as ratios of ignated p*. p* is the highest price the loans to deposits or ratios of liquid assets to owner of the asset expects to obtain by Nope.—An earlier draft of this paper was pre sented at a meeting of the Federal Reserve System 1 The treatment of liquidity provided here is an Committee on Financial Analysis, Philadelphia, Penn elaboration and extension of that provided by Profes sylvania, on Apr, 19-21, 1966. The author would like sor James Tobin, of Yale University, in his unpub to thank Lyle E. Gramley for the many useful sug lished book on monetary theory, Ch. II, “Properties gestions offered on the earlier draft. of Assets.” 1093 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1094 FEDERAL RESERVE BULLETIN • AUGUST 1966 liquidating one unit of the asset if he is al to p*. Mortgages often can be sold, but lowed all useful preparation prior to its dis the market is sufficiently imperfect to re posal. If the unit of the asset must be sold quire that the holder shop around to avoid more quickly, the owner at time t can expect low values of pl+i/p*. Many types of bank to receive an actual price designated p, that loans normally are not traded on secondary is less than p*. “Quick” sales require ac markets, and as a limiting case it may be ceptance of less than the full market value supposed that they can be liquidated only of the asset; this is the essence of illiquidity. at maturity. For these loans Pl+i/P* =o for The value of the ratio Pi/p* is thus deter all i<n and Pi+JP*^ where n is time to mined by the length of time available be maturity. tween the decision to sell a unit of the asset The liquidity of an asset is defined in and its actual sale. The longer is this interval, terms of the function describing the relation the higher is the ratio Pt/P*. Let n be the ship between the ratio Pl+i/p* and the time number of units of time required to obtain available for disposal. At any given point P*, and let i be a variable representing the in the horizontal time scale of Figure 1, an number of units of time available (i=o,..., n). asset is the more liquid the higher is its If the decision to sell an asset is made ratio of Pi+i/P*. But apart from those assets in period i, and if the sale is made in period that are perfectly liquid and those for which t+fl the price received may be designated sale prior to maturity is impossible, assets Pi+i; Pl+i<P* for all i<n and pl+ll=p*t. The cannot be uniquely ranked by degrees of ratio Pt+i/P* then shows the relation be liquidity. Liquidity curves of two assets tween actual and full realizable sales price similar to that shown in Figure 1 may cross at any given time of sale, t+i, when a single at some value of i<n. unit of the asset is sold. That ratio may be FIGURE 1 plotted graphically to show its relation with the length of time for sale, as in Figure 1. Figure 1 portrays a hypothetical situation in which the relationship between Pi+i/P* and i is continuous. It is assumed that at time t (i=o), the seller can obtain no posi tive price for the asset. If the holder spends m periods finding a buyer, he realizes 50 per cent of the maximum price, P*. Fi nally, if he spends n periods prior to the disposal of the asset, he realizes the maxi mum price. The shape of the relationship between Whether or not a commercial bank’s port Pi+</p* and i, for any asset, depends upon folio is liquid thus depends upon the time the characteristics of the market in which period being considered. Knowledge of the the asset is traded. Cash is a perfectly liquid relationship between the ratio PHi/p* and asset; its ratio of Pt^/P*i is always unity. i for each asset in the portfolio would permit Treasury bills can be sold quickly at low construction of a liquidity index for a given cost; the actual sales nrice A,; rises rapidlv value off. For any fixed time horizon (any Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
COMMERCIAL BANK LIQUIDITY 1095 given value of f), a liquidity index i( would FIGURE 2 weight each asset’s liquidity by the share of P /P* that asset in the total portfolio. Let p*t ' tn' r t be the maximum price of the fcth asset and aw be the number of units of that asset held at time t (k=i,. . . , N). The value of the in dex is given by ' TV i^y^^w^p^/p*^ fc=i where N t+i Wk=a!li(P*ki)/y'\ aki(Ph), N y Wt = 1, and 0 <_ I’ <^1. liquidity implied by combining the tv in fc = l dividual asset matrices could be constructed, A vector of liquidity indices could be con but it would be of dubious operational sig structed from the r for each value of i nificance. from 0 to the value of n for the longest term The concept of liquidity used here pro asset. The elements of this vector would vides a clear distinction between liquidity obviously bear only a loose relation to con and solvency. Solvency measures the differ ventional liquidity ratios; liquidity measures ence between the value of a bank’s assets cannot be compressed into a single number. at maximum expected prices and its liabili Such a vector of liquidity indices would ties. Liquidity refers to realizable value of have only limited usefulness, however, be the asset portfolio for a given time to sale cause it docs not recognize that, for some and a given size of the actual sale. A bank assets, the price per unit depends on the can be illiquid and still be solvent. number of units sold. For example, it might Brokerage fees, although not an element be possible to dispose of a single mortgage of liquidity as defined for this study, are im loan quickly and at relatively low cost. But portant in determining the net return on the larger the number of mortgages to be an asset. Brokerage fees are defined to in sold, the longer the time needed to find clude all fees charged by middlemen in asset buyers and the lower the ratio P^i/P* for markets, and are assumed to be collected any given value of i. The relationship be. only when assets are sold. If an asset is sold tween Pt+i/P* and the time to disposal for prior to maturity, the brokerage fee must different sizes of transactions, s (s = i, 2, be deducted from p* . Payment of the fee ..., 6’), is shown in Figure 2, where st<s2<,s3. reduces realized rates of return. If an asset Thus the price that can be obtained by is purchased and then sold quickly, broker liquidating an asset depends on both the age costs could exceed the accumulated in time available prior to its disposal and the terest on the asset, and the rate of return number of units to be sold. For each asset would then be negative. In general, the in the portfolio there is a matrix of possible greater the fee, the longer an asset must be prices with elements defined for given values held to yield any given rate of return. Be of i and s. An index of total portfolio cause it is imposed only once, the brokerage Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1096 FEDERAL RESERVE BULLETIN • AUGUST 1966 fee becomes less important as a determinant and constant yield to anyone willing to hold of the realized rate of return the longer an them. The amount of demand deposits is asset is held. A hypothetical relationship sued by any bank at a given point in time between the length of time an asset is held, is assumed to be a random variable with t, and its rate of return, n—given the bro constant mean and variance. Also for sim kerage fee, the purchase price, the sale price, plicity, it is assumed that the only other type and the coupon rate—is shown in Figure 3. of bank liability available is a loan from the Federal Reserve obtained at an interest rate exceeding the return on any asset. The analysis is simplified greatly by as suming also that total assets can be separated arbitrarily into two homogeneous groups called “loans” and “liquid assets.” Though salable prior to maturity, a unit of loans is assumed to command a smaller proportion of its full value for a given value of i (i<n) than a unit of liquid assets. The portfolio of liquid assets serves as a buffer that insulates loans from unexpected variations in deposits. When a bank experi By definition, brokerage fees are inde ences an unexpected loss of funds, it can pendent of the length of time an asset is held meet at least part of the loss from its liquid and of the number of units sold. They are, assets.3 Ownership of liquid assets reduces therefore, different in concept from liquidity. the probability that the bank has to sell Nevertheless, both liquidity and brokerage loans under unfavorable terms. fees represent sources of inertia in the sale Similarly, when a bank experiences an un of assets. expected net inflow of deposits, the inflow might be viewed as transitory and the funds THE ROLE OF LIQUIDITY IN BANK held in liquid form. Generally speaking, it PORTFOLIO MANAGEMENT is not profitable to invest funds in loans if This concept of liquidity permits a more there is reason to believe that an inflow soon careful consideration of the role of liquidity will be reversed.'1 in a bank’s decisions to make loans. To simplify the analysis and to focus sharply 1 Assets in the buffer stock need not and typically on the role of liquidity in decision-making, are not in cash form. Interest-bearing liquid assets pro the analysis that follows ignores brokerage vide some current income and they can be sold quickly at low cost should the need arise. costs, expected rates of return, predicta 4 Many of the considerations involved in liquidity bility of return, and similar matters. It also and asset sales are also involved in asset purchases. The price a bank pays for an asset is, in part, a func assumes that all deposit liabilities are de tion of the time available to find the most eager seller mand balances and are exogenously deter and of the size of the transaction. For an extended mined.2 Thus, banks are assumed to stand discussion of the role of costs of asset acquisition in bank portfolio management, see James L. Pierce, “A ready to issue demand deposits at a given Cross Section Analysis of Commercial Bank Portfolio Management,” presented before the 1965 winter meet 2 This assumption will be relaxed later. ings of the Econometric Society. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
COMMERCIAL BANK LIQUIDITY 1097 With this simple division of bank assets Differences among banks in liquidity stand into two categories, the determinants of ards, and variations from one bank to an loans and of the buffer stock of liquid assets other in the strength of loan demands, would are one and the same. Before considering alter the significance of an aggregate loanthese determinants, it may be helpful to to-deposit ratio—even during periods of digress a bit to discuss the institutional ap high aggregate loan demand. However, un proach to commercial banking.5 less subjective preferences for liquidity were The institutional approach asserts that highly variable from bank to bank, a higher banks assign priorities to the use of their aggregate ratio of loans to deposits at all funds. Liquidity receives first priority, and banks would generally imply a greater num each bank has a subjective liquidity stand ber of banks turning away loan customers. ard which it attempts to meet at all times. While the use of an aggregate loan-to- The standard for each bank depends upon deposit ratio is defensible in this context, its deposit stability and upon its preferences, the assumption that banks behave in the and is fixed in the short run. Loans are ac manner contemplated by the institutional ap corded second priority. Once the fixed proach is not compelling. Asset returns are liquidity ratio is attained, each bank stands not constant over a period of time, and the ready to grant loans to all borrowers who liquidity standard is unlikely to be inde qualify as acceptable loan customers and are pendent of alternative rates of return. Deci willing to pay a given and constant loan rate. sion-making at commercial banks is more For a bank with “adequate” capital and complex than the institutional approach as “healthy” loans, the conceptual limits to the sumes. size of the loan account are the value of the In the last few years, several efforts have bank’s resources (deposits and capital) and been made to bring a higher level of eco its invariate commitment to liquidity. The nomic analysis to bear on bank decision ratio of loans to total assets is thought to be making.0 A primary feature of the new limited, under most circumstances, by the approach is the treatment of banks as eco paucity of acceptable loans. If a paucity nomic units interested in maximizing profits. exists, banks move on to their third priority, The theory of the firm and the theory of the purchase of securities for income. portfolio management have been combined If banks did behave this way, simple li to analyze the financial firm. The results ob quidity ratios would be useful. Each bank tained are quite different from those of the would have a maximum loan-to-deposit institutional approach. ratio determined by its liquidity standard, The new approach argues that banks the size of its capital, and the quality of seek to maximize some function of their available loans. A bank could be fully discounted future stream of profits over a “loaned up” before all its resources were devoted to loans, since the bank would re “ The references most relevant to this paper are as follows: Richard C. Porter, “A Model of Bank Port fuse to grant new loans to acceptable cus folio Selection," Yale Economic Essays (Fall 1961), tomers if its liquidity standard were not met. pp. 323-59. Daniel Orr and W. Mellon, “Stochastic Reserve Losses and Expansion of Bank Credit,” American Economic Review (Sept. 1961), pp. 614-23. 0 One of the most coherent statements of this posi David Chambers and Abraham Charnes, “Inter-Tem tion is found in Roland Robinson, The Management poral Analysis and Optimization of Bank Portfolios,” of Bank Funds, 2nd ed., McGraw-Hill, 1962. Management Science (July 1961), pp. 393-410. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1098 FEDERAL RESERVE BULLETIN • AUGUST 1966 period of time for which neither future de funds to loans, that is, a loan-supply func posit levels nor future rates of return are tion. The approach clearly does not imply known with certainty.7 Since the only ab that the willingness to lend is unrelated to solutely safe liquidity standard is to hold all the existing ratio of loans to deposits. Rather deposits in cash, the size of the liquid asset it suggests that there is no fixed loan limit portfolio is inseparably related to the size for a given value of deposits, but there is of the bank’s total portfolio.8 The contribu a limit that is related to the rate of return tion to current and future profits provided on loans. With given deposit characteristics, by the flexibility of liquid assets is balanced the greater the share of loans in total assets, against the relatively high expected return the greater the probability that a bank will on less liquid assets. A profit-maximizing have to dispose of some part of its loan assumption implies that the balance point portfolio at unfavorable terms. Conse depends both upon deposit levels expected quently, if a bank is to be induced to hold in the future and upon expected rates of re more loans relative to total assets, it must turn on liquid and illiquid assets. be compensated for the increased proba bility of loan sales. In this approach, an increase in the ex To illustrate, assume for the moment that pected return on loans relative to liquid as the terms on which loans are supplied (and sets encourages banks to shift funds into loans. Even though this shift of funds re demanded) can be represented by a single duces the liquidity of the asset portfolio, a interest rate, r. Let L represent loans, and bank is willing to accept an increased prob D deposits. The approach discussed here suggests a supply-of-loans function of the ability of either unforeseen asset sales or borrowing from its Reserve Bank if it is sort depicted in Figure 4, where the quantity sufficiently compensated by an increased of deposits, D, and the rate of return on rate of return on loans.0 Liquidity is relevant liquid assets are given. to the contribution that it makes to profits. The actual shape of this functional re Liquid asset purchases are not made in lation is by no means obvious.10 It depends dependently of profit considerations. upon such factors as the characteristics of Viewed in this context, the relation be the bank’s deposits, the liquidity characteris tween the maintenance of liquidity and the tics of its loans, and the cost of borrowing decision to lend is but one part of the more as a means of adjusting to deposit with general problem of specifying a function drawals. Nevertheless, there are some rea describing a bank’s desired allocation of sons for believing that the supply of loans function would have the generally nonlinear ’The models that deal explicitly with stochastic shape depicted in Figure 4. deposit losses are restricted to static, single-period, This shape is indicated because the higher expected-profit maximization problems. Dynamic models that allow for covariances of asset returns are is a bank’s loan-to-deposit ratio, the greater difficult to solve, but some work is being conducted in is the probability that a loss of deposits this area. 8 A possible rationalization of the fixed liquidity would force the bank to dispose of loans standard of the institutional approach is to assume on unfavorable terms. Consequently, the that banks seek to maximize expected profit subject to a liquidity constraint. “ This “free choice” can, of course, clash with bank 10 The quantity of loans supplied at various rates examination rules. To the extent that it does, profit is deflated by deposits so as to present the argument maxima are constrained by the rules. in terms of the loan-to-deposit ratio. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
COMMERCIAL BANK LIQUIDITY 1099 FIGURE 4 that determine a bank’s lending policies. To isolate the role of l/d in the lending deci sion, it is necessary to specify a loan-supply function that explicitly takes these other ele ments into account. Before turning to this matter, the discussion must first consider the effects of introducing endogenous liabilities into the argument. SIGNIFICANCE OF ENDOGENOUS DEPOSIT DETERMINATION The role of liquidity in a bank’s decision to lend is complicated further when the as sumption is relaxed that deposits are deter mined exogenously, but the significance of endogenous deposit determination is well worth pursuing. Markets have developed in recent years that permit banks, within rather higher is the value of l/d, the greater is wide limits, to obtain funds if they are will the increase in r required to induce the bank ing to pay the price.12 By varying the rates to supply an additional unit of loans.11 they pay for Federal funds and for certifi At least one further reason exists for be cates of deposit, banks can—within limits— lieving that the supply-of-loans function has determine the size of their total liabilities.13 the shape described. The lack of insurance To draw out the implications of these mar on the greater part of large deposit accounts kets for liquidity and lending decisions, it may induce these depositors to favor banks may be supposed that the only form of en with higher degrees of liquidity. The higher dogenous deposit liability is a certificate of the value of l/d for any given bank, the deposit that has a single maturity, on which greater the probability that a marginal rise banks can pay any interest rate they choose. in the ratio would induce these depositors to Banks are not assumed to be strictly price move their funds elsewhere. If this is true, takers in markets for endogenous deposit a rise in l/d increases the risk of a deposit liabilities. The rate paid by an individual loss, and banks must be compensated for bank is an increasing function of the average this added risk. rate prevailing in the market, of the amount The position of the loan-supply func of CD’s that the bank has outstanding, and tion in Figure 4 depends upon expected of the size of the new issue offered by the rates of return on liquid assets, the degree of deposit variability, and other factors. The 12 For purposes of the present discussion it is as loan-to-deposit ratio expresses its influence sumed that all banks have equal access to liability markets. It is further assumed that there are no on the slope of the loan-supply function, but legal maxima on the rates paid for these liabilities. it is only one element among the several Both assumptions are relaxed in the section on loan supply function (p. 1101). 11 This condition appears to hold even for banks that 1 ,1 The stochastic processes which generate exoge are risk neutral, that is, for banks guided solely by nous deposit liabilities prevent this control from being expected profit. complete. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1100 FEDERAL RESERVE BULLETIN • AUGUST 1966 bank. Banks, like other borrowers, do not loans. When a bank issues a CD and pur face perfectly elastic demand schedules for chases a loan, it runs the risk that CD rates their liabilities. will rise prior to the maturity date of the As its most significant feature for the loan. Most banks would require compensa problem at hand, the CD market provides tion for this risk.15 banks with an alternative method of port Endogenous liabilities appear to have folio adjustment. To meet an exogenous some clear qualitative implications for lend loss of funds, banks may sell assets or issue ing practices of banks. The ability of banks new liabilities, or both. Profit-maximizing to market their liabilities induces them to banks would make adjustments by the desire a higher loan-to-deposit ratio for method that costs the least. For any given every value of the terms on new loans. The loss of deposits there is a particular least loan-supply relation in Figure 4 shifts down cost combination of asset and liability and to the right. The constraint on the vol sales. Since the mere existence of a CD mar ume of loans is no longer determined by the ket does not remove the option of selling value of d, the level of exogenous deposits, assets, this mix must be at least as inexpen but by the total size of the bank’s portfolio.1" sive as relying strictly on asset sales to meet More important, the function also be deposit losses. Thus, the development of comes less steeply sloped. The probability markets permitting endogenous determina of costly adjustments through large asset tion of liabilities tends to reduce the costs sales rises less rapidly when adjustments of portfolio adjustment. The existence of are permitted in liability markets. Since the such markets also reduces the size of the market for CD’s is relatively well developed desired buffer of liquid assets. (as is the market for Federal funds), ad But endogenous liabilities also allow a justment costs for the individual bank are bank to determine the total size, as well likely to rise less rapidly with the scale of as composition, of its asset portfolio. A posi transactions than in markets for assets other tive differential between the expected return than Treasury bills. It is very unlikely that on loans and the existing CD rate—if it is the interest-rate elasticity of demand for large enough—would induce a bank to issue CD’s facing an individual bank is low CD’s and purchase new loans.14 Issuance of enough to produce the sharply rising costs new CD’s tends to raise the marginal cost of adjustments to deposit losses implied in of liabilities, and the acquisition of new loans Figure 4. The slope of the function tends to tends to depress the return expected on be reduced by the introduction of endoge loans. Equilibrium is achieved when there nous liabilities. is no longer any net advantage to issuing It was observed earlier that bank liquidity CD’s to acquire additional loans. is a relative term, even in a world of ex Sales of liabilities to purchase assets, how ogenous liabilities. And when endogenous ever, are not likely to be carried to the point liabilities are introduced, asset liquidity loses at which the marginal cost of new CD’s '“ If ceiling rates on CD’s are introduced, the bank equals the marginal expected return on new runs the risk that the rate will rise to the ceiling. If it does, CD’s become exogenous and the bank must rely upon liquid assets for short-term portfolio adjust 11 The possibility is ignored that yield relationships ments. might permit banks profitably to issue CD’s and pur 10 This implies, of course, that the maximum value chase liquid assets. of L/D could exceed unity. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
COMMERCIAL BANK LIQUIDITY 1101 much of its crucial importance. Markets for Availability of information on loan terms CD’s and other endogenous liabilities bear would permit the estimation of the loan part of the burden of adjustment to exoge supply function. At any given point in time nous deposit losses. Conventional measures the following variables might be assumed to of liquidity that focus on the share of liquid enter into the function for a bank: the size assets in the total portfolio tend to lose their and composition of its exogenous liabilities, significance. Statistics such as aggregate the rates it pays for endogenous liabilities, loan-to-deposit ratios and ratios of liquid the expected rates of return and covariance assets to total assets provide at best only of return on assets other than loans, the incomplete information, and this informa “liquidity” of its portfolio, and finally the tion may often be quite misleading. To ana set of loan terms. Data on loan terms, lyze decision-making in today’s sophisticated coupled with estimates of the extent to financial markets, more sophisticated meas which lenders and borrowers trade off ele uring techniques are needed. ments in the vector of terms in their negotia tions, would provide a basis for an approxi LOAN-SUPPLY FUNCTION mate identification of the supply-of-loans Although the above remarks are admittedly function. rather negative, they point to the direction The specification and estimation of a loan in which further research might illuminate supply function would be difficult and the relation between bank liquidity and bank costly.18 But the impact of liquidity and lending practices. The procedure by which other variables on bank lending behavior this relation expresses itself is properly cannot be known until this supply function formulated in terms of a loan-supply func is estimated. tion in which considerations of asset liquid ity and costs of making adjustments in en dogenous deposit markets are treated ex sion of the role of such terms in bank loan decisions, plicitly. see Donald Hester, “An Empirical Examination of a Commercial Bank Loan Offer Function,’’ Yale Eco Knowledge of the aggregate loan-supply nomic Essays (Spring 1962), pp. 3-57, and Jack Gutfunction is of great importance, but almost tentag, “Credit Availability, Interest Rates, and Monetary Policy,” The Soulhern Economic Journal nothing is known about it. Attempts to ob (Jan. 1960), pp. 219-28. tain statistical estimates of the parameters of “ A second possible approach lies in a technique which statistically imputes marginal net rates of return the loan-supply function have been thwarted to bank assets on a cross section basis. See D. Hester by an almost total lack of information on the and J. Zoellner, “The Relation Between Bank Port folios and Earnings: An Econometric Study,” a paper terms on which these loans are granted.17 presented before the 1964 winter meetings of the Econometric Society. Some preliminary attempts to 17 Loan size, maturity, guarantee, and interest rate obtain time series of net loan returns have not been are examples of important loan terms. For a discus- very encouraging, but further efforts are justified. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
CHANGES IN TIME AND SAVINGS DEPOSITS DECEMBER 1965-MAY 1966 The structure of time and savings de cent in the same months of 1965. The reduc posits at member banks has undergone con tion in the rate of net inflow was much siderable change since the revision in Reg sharper for mutual savings banks and for ulation Q on December 3, 1965. On that savings and loan associations. date the Board of Governors increased to To provide information on developments 51^ per cent per annum the maximum in in this rapidly changing environment since terest rate payable by member banks on the previous survey of time and savings time deposits. The previous ceiling had been deposits was made in early 1966, the Board 4 per cent for time deposits with maturities of Governors has collected information from of 30 to 89 days and 4’/2 per cent for de member banks on the rates paid and other posits with longer maturities.1 There was terms offered to individuals, partnerships, no change in the 4 per cent rate on savings and corporations (IPC) on various forms deposits. of time and savings deposits, together with As in other periods of heavy reliance on the dollar amounts of each type of deposit monetary restraint to curb inflation, credit held, for December 3, 1965, and for March demands in recent months have exceeded 2 and May 11, 1966.2 Reports were sub the supply of available funds, and competi mitted by 6,166 banks, or virtually all banks tion for funds has been intense. Yields on that are members of the Federal Reserve securities traded in the money and capital System. This article summarizes the major markets have risen, and banks and other findings of the survey; that is, changes in savings institutions have increased rates of the composition of deposits, in rate struc interest on deposits in an effort to maintain ture, and in the flow of deposits. or improve their relative positions in the savings market. However, net inflows of COMPOSITION OF DEPOSITS savings to banks and other major types of As noted in the previous survey, a marked savings institutions have slackened. At mem change in the composition of time and sav ber banks, for example, total time and sav ings deposits has been under way in recent ings deposits increased by 6 per cent in the years. This trend has accelerated since early first half of the year compared with 8.8 per 1966. Savings deposits, which a few years ago accounted for nearly nine-tenths of all 1 Effective July 20, 1966, the Board of Governors interest-bearing deposits, IPC, have now lowered the maximum rate that member banks may pay on new time deposits that have multiple maturities dropped to slightly less than two-thirds of of 90 days or more from 516 to 5 per cent and on the total. (Savings deposits, which may be such deposits with maturities of less than 90 days from 516 to 4 per cent. No change was made in the ceiling on time deposits with a single maturity (516 2 The Federal Deposit Insurance Corporation con per cent) or on savings deposits (4 per cent). See ducted a similar survey of all nonmember insured p. 963, July 1966 Bulletin. banks and tabulations showing the combined results Note.—Caroline H. Cagle of the Board’s Division for member and nonmember banks were released to of Research and Statistics prepared this article. all insured banks on Aug. 12, 1966. 1102 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
TIME AND SAVINGS DEPOSITS 1103 held only by individuals and certain non total time and savings deposits. Other time profit organizations, are usually evidenced deposits rose moderately. Meanwhile, pass by a passbook and are referred to in this book savings deposits declined. article as “passbook savings.”) The remain The bulk of the rise in consumer-type time ing one-third is about equally divided be deposits was accounted for by savings cer tween consumer-type time deposits—a cate tificates and other nonnegotiable CD’s, gory made up of savings certificates, savings which together increased by $4.2 billion. bonds, other nonnegotiable CD’s, and nego Smaller but substantial growth was also tiable CD’s in denominations of less than shown in negotiable CD’s in denominations $100,000—and other time deposits, held of less than $100,000 and in savings bonds. mainly by businesses and other large inves As of May 11 over half of all member banks tors in the form of large denomination nego were offering savings certificates, and about tiable CD’s ($100,000 or more) and time one-fourth were issuing nonnegotiable CD’s deposits, open account. and small-denomination negotiable CD’s. On May 11, 1966, total time and savings Only 3 per cent of the banks had any savings deposits, IPC, at all member banks bonds outstanding, as shown in Table 1. amounted to $110.9 billion. This rep Other time deposits in the form of ne resented an increase of $5.6 billion, or 5 per gotiable CD’s in large denominations cent, since December 3, 1965 (Table 1). ($100,000 or more) and time deposits, Growth of consumer-type time deposits ac open account, increased by 5 per cent and counted for the major part of the gain in 26 per cent, respectively, between the De- Table 1 Types of Time and Savings Deposits of Individuals, Partnerships, and Corporations (IPC) Held by Member Banks, December 3, 1965, and March 2 and May 11, 1966 Amount Num Nu w m it b h e d r e o p f o b si a t n s ks M be a r y o 1 n 1 , Change Type of deposit a c s e p n e t r Millions of dollars of all Millieins of dollars Per cent mem ber Dec. 3. Mar. 2, May 11, banks Dec. 3, Mar. 2. May 11, Dec. 3-Mar. 2 Dec. 3 Dec. 3- Mar. 2 Dec. 3 1965 1966 1966 1965 1966 1966 Mar. 2 May 11 May 11 Mar. 2 May 11 May 11 Total deposits...................... 105,372 108,348 110,944 2,978 2,596 5,574 3 2 5 Savings deposits........................ 5,870 5,884 5,888 95 74,089 74,524 72,871 435 -1,653 -1,218 I -2 -2 Consumer-type time deposits........................ 13,090 15,098 18,384 2,009 3,286 5,295 15 22 40 Savings certificates................. 3,214 3,296 3,366 54 6,790 7,726 9,487 936 1,761 2,697 14 23 40 Savings bonds......................... 111 147 162 3 402 675 856 274 181 455 68 27 113 Other nonnegotiable CD’s... 1,415 1,438 1,466 24 3,359 3,843 4,844 484 1,001 1,485 14 26 44 Negotiable CD’s—less than $100,000.......................... 1,521 1,528 1,549 25 2,539 2,854 3,197 315 343 658 12 12 26 Other time deposits................... 18,193 18,726 19,689 534 963 1,497 3 5 8 Negotiable ’ CD's—$ 100,000 or more........................... 600 623 632 10 13,141 13,235 13,815 95 580 675 1 4 5 Time deposits, open account: Christmas savings and other special funds. 3,708 4,037 4,067 66 3,285 3,517 3,655 232 138 370 7 4 11 All other................... 875 882 889 14 1,767 1,974 2,219 207 245 452 12 12 26 Note.—Dollar amounts may not add to totals because of rounding. Source.—Appendix Tables 1-7. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1104 FEDERAL RESERVE BULLETIN • AUGUST 1966 cember and May reporting dates.3 About Table 2 one-tenth of all member banks offer these Member Banks Changing Maximum Rate Paid on types of deposits. Time and Savings Deposits, IPC, Between December 3, 1965, and May 11, 1966 RATE STRUCTURES Number Banks raising rate— of banks No Shortly after the change in Regulation Q last Type of deposit issuing change instru Dec. 3- Mar. 2 Dec. 3 in rate1 December, many banks took advantage of ment Mar. 2 May 11 May 11 the opportunity to attract time deposits. Rate Number of banks increases were numerous on most forms of Savings deposits... 5,888 843 192 1,035 4,853 time deposits, as shown in Table 2. The pro Consu mer-type portion of banks raising rates on consumer time deposits: Savings certifi type time deposits in the December 3-March Savings bond ca s t . e . s . ......3..,.3. 1 .6. 6 6 2 1,27 57 2 61 2 9 8 1,89 8 1 5 1,47 7 5 7 Other nonnego- 2 period was about twice as large as it was tiable CD’s.... 1,466 542 285 827 639 Negotiable CD’s in the March 2-May 11 period. During the — less than $100,000.....1,549 582 364 946 603 entire period December 3-May 11, rate in Other time depos creases were posted by more than half of the its: Negotiable CD’s —$100,000 or banks offering each type of time deposit in more.............. 632 229 269 498 134 Time deposits, strument, except for time deposits, open ac open account2, 889 196 173 369 520 count. By contrast, on passbook savings, Percentage of all banks where the Regulation Q ceiling remained unchanged, rate increases were reported by Savings deposits... 100 14 3 17 83 Consumer-type only 17 per cent of the member banks. time deposits: Savings certifi Even with the widespread incidence of cates .........1..0.0 38 18 56 44 Savings bonds. ,. 100 35 17 52 48 rate increases, the bulk of all member banks Other nonnegotiable CD’s,.., 100 37 19 56 44 as of May 11, 1966, were still paying a max Negotiable CD’s — less than imum rate no higher than 414 per cent on $100,000...... 100 38 23 61 39 Other time depos most types of time deposits. This rate was no its: Negotiable CD’s more than the old Regulation Q ceiling on —$100,000 or more...........1.00 36 43 79 21 time deposits that mature in 90 days or Time deposits, open account2. 100 22 20 42 58 more. However, virtually all member banks holding sizable amounts of large-denomina 1 Includes a small number of banks that decreased the rate paid. 2 Excludes banks that had only Christmas savings funds or other tion negotiable CD’s had raised rates on special types of time deposits, open account. Source.—Appendix Table 8. those instruments above 5 per cent by May 11, and a small number of banks were pay ing more than 5 per cent on one or more In general, banks reported no difference types of consumer-type time deposits. There between the most common rate and the max appears to have been some further upward imum rate paid on each of the instruments movement in rates since the May 11 report they issued, as shown in Appendix Table 11. ing date, but specific information on the ex Where there was a difference, large banks tent of the movement is lacking. more often than small ones had a maximum rate that was paid to relatively few deposi 3 Time deposits, open account, as used here ex tors. The instrument on which the largest cludes Christmas savings and other special funds, amounts for which are shown separately in Table 1. number reported a difference in the two Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
TIME AND SAVINGS DEPOSITS 1105 Table 3 Consumer-type Time Deposits, IPC, Held by Member Banks on May 11, 1966, By Size of Bank and by Maximum Rate Paid on Any One Type Maximum rate paid (per cent) Maximum rate paid (per cent) Size of bank (total deposits in millions of dolla d r i s s ) t r a ic n t d F.R. Total o 4 r .0 le 0 s s 4.01-4.50 4.51-5.00 O 5. v 0 e 0 r Total o 4 r .0 le 0 s s 4.01-4,50 4.51-5.00 O 5. v 0 e 0 r Number of banks Amount (in millions of dollars) All banks..................... 5,618 1,899 2,786 742 191 18,384 2,096 7,734 5,020 3,534 Under 10.................. 3,254 1,305 1,596 298 55 2,847 824 1,737 233 54 10-50........................ 1'775 518 970 253 34 4'560 839 2'991 625 106 50-100...................... '251 39 126 62 24 11592 109 948 364 170 100-500..................... 258 36 89 95 38 3'024 276 1,277 1.078 394 500 and over............ 80 1 5 34 40 6'361 49 '784 2,718 2,809 F.R. district: Boston...................... 170 54 51 51 14 157 10 38 63 46 New York................ 320 112 110 72 26 1,943 52 222 888 781 Philadelphia............. 344 133 184 21 6 1,153 157 668 277 51 Cleveland........... 450 273 135 37 5 1,172 339 500 254 79 Richmond................. 363 146 181 30 6 839 103 440 190 108 Atlanta..................... 497 165 246 77 9 1 ,362 210 599 456 97 Chicago.................... 964 384 499 67 14 3,528 609 1,770 892 257 St. Louis............. 447 135 270 38 4 1,367 229 '748 352 38 Minneapolis.............. 493 96 376 18 3 1 ,806 205 1,522 66 13 Kansas City............. 774 192 437 113 32 1,145 89 695 235 126 Dallas....................... 582 193 249 123 17 824 81 321 344 78 San Francisco...... 214 16 48 95 55 3,085 15 208 1,002 1,860 Note.—Consumer-type time deposits include savings certificates, deposits of these types. savings bonds, other nonnegotiable CD’s, and negotiable CD’s in Dollar amounts may not add to totals because of rounding. denominations of less than $100,000. Excludes banks that had no rates was on large denomination negotiable struments designated here as consumer-type CD’s, but even for this instrument, about time deposits. This is done in Table 3, which half of the banks reported no difference in shows that only 3 per cent of the issuing the rates. In the discussion that follows, only banks were paying rates of more than 5 per the maximum rate paid is used as a basis for cent on any of these deposits on May 11 and comparison. that these banks held nearly one-fifth of all Consumer-type time deposits. Many factors such deposits. For banks paying 4.51-5.00 contributed to the success of member banks per cent, the proportions were larger—13 during early 1966 in attracting deposits into per cent of the number of banks and 27 per consumer-type instruments. The most impor cent of the amount of consumer-type time tant stimulus undoubtedly was the higher deposits. rates offered on such instruments, but the The structure of rates varied among the aggressive promotion by banks and the at different types of time deposit instruments, tractive features of the instruments offered as shown in Table 4, apparently reflecting were also contributory. competitive differences in the savings mar Since some banks issue more than one kets in which the banks operate. On savings form of consumer-type time deposits, the certificates—the largest and most common rate structure is observed most easily by of consumer-type time deposits—over half classifying banks according to the maximum of the issuing banks raised their rates after rate they offered on any one of the four in December, but relatively few went above Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1106 FEDERAL RESERVE BULLETIN • AUGUST 1966 416 per cent. These instruments are offered ing about two-thirds of all savings certifi principally by small banks, and they are cates, were paying a maximum rate no used mainly in the South and Middle West. greater than 416 per cent. Two-thirds of the issuing banks have total Rates paid on other nonnegotiable and on deposits of less than $50 million each and small-denomination negotiable CD’s were are located in six Federal Reserve Districts: higher than on savings certificates—reflect Atlanta, Cleveland, Chicago, St. Louis, ing among other things a difference in the Minneapolis, and Kansas City. On May 11 size of the issuing bank and in the type of nearly nine-tenths of the issuing banks, hold holder. Large banks accounted for a much Table 4 Maximum Rates Paid by Member Banks on Time Deposits, IPC, May 11, 1966 Percentage distribution, by maximum Percentage distribution, by maximum Type of deposits and Number rate paid Amounts rate paid size of bank (total of banks issued deposits, in millions issuing (in millions of dollars) instrument 4.50 4.51 Over of dollars) 4.50 4.51 Over Total or less 5.00 5.00 Total or less 5.00 5.00 Consumer-type time deposits: Savings certificates: All size groups................. 3,366 100 88 11 9,487 100 65 29 6 Under 10....................... 2,026 100 92 7 I 1,886 100 93 6 1 10-50............................. 1 ,008 100 88 11 I 2,859 100 87 11 2 50-100........................... 138 100 76 19 5 849 100 74 19 7 100-500......................... 135 100 68 30 2 1,236 100 66 31 3 500 and over................ 59 100 37 54 9 2,657 100 17 67 16 Savings bonds: All size groups................. 162 100 79 16 5 856 100 43 31 26 Under 10...................... 49 100 82 18 19 100 61 39 10-50............................. 65 100 78 17 5 53 100 63 7 30 50-100........................... 10 100 60 (‘) (1) 46 100 28 (>) (0 100-500......................... 24 100 88 (‘) 0) 160 100 63 (1) 0) 500 and over......... 14 100 72 W (') 578 100 37 (') C) Other nonnegotiable CD's: All size groups............ 1,466 100 82 14 4 4,844 100 40 16 44 Under 10...................... 746 100 89 9 2 507 100 88 10 2 10-50............................ 490 100 85 14 1 906 100 84 14 2 50-100........................... 89 100 64 26 10 400 100 52 34 14 100-500......................... 103 100 59 30 11 754 100 51 31 18 500 and over................ 38 100 32 24 44 2,276 100 7 10 83 Negotiable CD’s—less than $100,000: All size groups................. 1 ,549 100 72 21 7 3,197 100 43 38 19 Under 10...................... 689 too 82 15 3 434 100 83 13 4 10-50............................ 521 100 77 19 4 742 100 73 23 4 50-100....................... 104 100 62 28 10 297 100 71 19 10 100-500......................... 171 100 44 39 17 874 100 28 51 21 500 and over................ 64 100 9 50 41 850 100 1 56 43 Negotiable CD’s—$100,000 or more: All size groups................. 632 100 45 26 29 13,815 100 2 6 92 Under 10...................... 73 100 69 23 8 17 100 59 23 18 10-50............................. 225 100 64 28 8 158 100 49 33 18 50-100........................... 84 100 42 29 29 195 100 17 23 60 100-500......................... 172 100 31 29 40 1,695 100 9 23 68 500 and over................ 78 100 3 19 78 11,749 100 (2) 3 97 Time deposits, open account: All size groups.......... 889 100 85 9 6 2,219 100 15 16 69 Under 10...................... 325 100 97 3 53 100 89 11 10-50............................. 330 100 90 8 2 117 100 73 26 50-100........................... 76 100 82 10 8 79 100 77 14 9 100-500......................... 102 100 68 20 12 221 100 51 26 23 500 and over......... 56 100 23 29 48 1,749 100 2 14 84 1 Omitted to avoid individual bank identity. Dollar amounts may not add to totals because of rounding. 2 Less than one-half of 1 per cent, Source.—Appendix Tables 2-7. Note.—Time deposits, open account, exclude Christmas savings and other special funds. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
TIME AND SAVINGS DEPOSITS 1107 higher percentage of all issuers of these in posits, open account, were to levels no struments than they did for savings certifi higher than 414 per cent. Nevertheless, a cates, and small businesses are believed to be number of large banks pushed their maxi substantial holders as opposed to individuals mum rate higher, so that on May 11 almost and other small investors for savings cer 70 per cent of time deposits, open account, tificates. On May 11 about half of all de were in banks offering maximum rates of posits held in these two instruments were in more than 5 per cent on such deposits. banks with total deposits of $100 million Savings deposits. Even before the change and over that were paying a maximum rate in Regulation Q, most of the savings de of more than 41/2 per cent. These large- posits were in banks paying the 4 per cent bank, high-rate deposits tended to be con ceiling. The proportion paying the ceiling centrated in the New York and San Fran rate as of December 3 was directly related cisco Federal Reserve Districts for nonnego to the size of bank; it included most of the tiable CD’s and in the Chicago, Dallas, and largest banks but less than half of those San Francisco Districts for small negotiable with total deposits under $10 million. CD’s. Between December 3 and May 11, less The rate structure on savings bonds re than one-fifth of all member banks raised sembled that on other nonnegotiable CD’s. rates paid on savings deposits. Most of these Four-fifths of the issuing banks paid a rate were small banks that had been paying rates on May 11 no greater than 416 per cent, but below the ceiling and raised them to 4 per nearly three-fifths of all savings-bond de cent. As a result, the proportion of banks posits were in banks offering a maximum paying the ceiling rate on savings deposits rate above this level. This instrument has rose from less than half of the total on been most widely used by 5 large banks in December 3 to nearly three-fifths on May the New York, Atlanta, and Philadelphia 11. The proportion of savings deposits held Reserve Districts, and on May 11 these 5 in banks paying the 4 per cent ceiling in banks held over half of the total amount creased from 79 per cent to 87 per cent. outstanding. Rate differences by size and location of bank. Other time deposits. Since negotiable CD’s The competitive environment in which a in denominations of $100,000 or more are bank operates is a major factor influencing issued mainly to corporations and other the rates of interest offered on time and sav large investors, banks must offer rates that ings deposits. Competition for funds in are competitive with those available on other recent months has been particularly strong money market instruments if they are to at in money market centers and other major tract funds into such deposits. On May 11 cities; this has been reflected in the rates of over 90 per cent of all large-denomination interest paid by the largest banks in these negotiable CD’s were at banks then offering cities. Nearly all banks with total deposits more than 5 per cent on some or all of these of $500 million and over—regardless of instruments. More than 80 per cent of the geographic location—had raised their maxi deposits were at very large banks located in mum rate by May 11 to more than 414 the major money market centers. per cent on some form of consumer-type Most of the rate increases on time de time deposits as well as on large-denomina- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1108 FEDERAL RESERVE BULLETIN • AUGUST 1966 Table 5 Consumer-type Time Deposits: Minimum Denomination and Shortest Maturity on Which Maximum Rate Was Paid on May 11, 1966 (Percentage distribution of number of member banks in each size-of-bank group) Minimum denomination Shortest maturity Type of deposit, and size of bank All (in dollars) All (in months) (total deposits in millions of dollars) denomi maturi nations 1 u 00 n d a e n r d 1 1 , 0 0 1 0 0 1 O ,0 v 0 e 0 r ties 3 l es o s r 4-6 7-12 O 1 v 2 er Savings certificates: Afi size groups. . 100 41 47 12 100 21 27 49 3 Under 50........ 100 43 48 9 100 21 26 51 2 50-500............ 100 28 45 27 100 28 36 30 6 500 and over.. 100 29 25 46 100 17 39 34 10 Savings bonds; All size groups 100 70 21 9 100 40 5 19 36 Under 50 100 71 22 7 100 38 6 21 35 50-500............ 100 74 20 6 100 44 3 9 44 500 and over.. 100 57 14 29 100 50 21 29 Other nonnegotiable CD’s: All size groups............ 100 34 41 25 100 24 29 44 Under 50..................... 100 37 43 20 100 23 28 46 50-500......................... 100 18 33 49 100 31 36 32 500 and over. .............. 100 18 16 66 100 21 45 31 3 Negotiable CD’s—less than $100,000: All size groups......................1..0..0... 31 39 30 100 27 31 40 2 Under 50......................1..0..0............ 36 43 21 100 25 29 44 2 50-500......................1..0..0.................18 27 55 100 39 33 25 3 500 and over................................. JOO 8 9 83 100 12 58 30 Source.—Appendix Tables 12 and 13. tion negotiable CD’s and time deposits, open per cent.1 Though less than in the Far West, account (Appendix Table 14). the incidence of high rates was also relatively The proportion of banks paying over 4*4 great in the New York and Boston Districts, per cent on some form of consumer-type where about one-third of the banks were time deposits on May 11 dropped sharply as paying over 4*4 per cent on some form of the size of bank declined. The proportion consumer-type time deposit. was half for banks with total deposits of In other regions much smaller proportions $100 million to $500 million, compared of the banks were offering high rates. Less with about one-tenth for banks in the small than one-fourth of the banks in the other est size class. Also, on large negotiable CD’s nine Federal Reserve districts were paying and time deposits, open account, the rates over 4*4 per cent on any consumer-type paid varied with the size of bank. time deposit, and in six districts this propor tion was one-tenth or less. There were substantial geographic differ ences in the incidence of high rates, how MINIMUM DEPOSIT AND SHORTEST ever. In the San Francisco Reserve District, MATURITY REQUIREMENTS where competition among savings institu Information on the minimum deposit and the tions has been intense, most banks in each shortest maturity on which the maximum size class were paying a maximum rate over 414 per cent on all of the major types of 4 Not all banks in the San Francisco Federal Re serve District paid the maximum rate to all of their time deposits on May 11, and more banks depositors. A number of large banks reported that in this District than in any other Federal Re the most common rate on a substantial volume of deposits was about Vz percentage point below the serve district had raised their rates above 5 maximum rate. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
TIME AND SAVINGS DEPOSITS 1109 rate was offered on consumer-type time de Minimum deposit requirements on con posits was also collected in the survey. It was sumer-type instruments varied with size of found that relatively few banks limited the bank and with maximum rate of interest highest rate they would pay on these types of paid. Small banks issuing these instruments deposits to large denominations and that had lower requirements than large banks, most banks would pay the highest rates on and within each size-of-bank group require instruments maturing in less than 1 year. ments as to minimum denomination were For savings certificates, which are issued stricter when the maximum rate of interest by more than half of all member banks, only paid was over 416 per cent than when it 12 per cent had a minimum denomination was lower. (See Appendix Table 13.) On requirement in excess of $ 1,000, and about savings certificates, for example, 33 per cent 40 per cent offered to pay their highest rate of the banks with total deposits under $50 on denominations of $100 or less, as shown million that issued these instruments had a in Table 5. Minimum denominations were minimum deposit requirement of over somewhat higher for nonnegotiable and $1,000 when the rate of interest paid was small-denomination negotiable CD’s than over 416 per cent, compared with 7 per cent for savings certificates, but were lower for for banks of this size that paid a lower rate. savings bonds, for which 70 per cent of the Similarly, for larger banks (total deposits of banks had a requirement of $ 100 or less. $50 million and over) the comparable pro- Table 6 Changes in Time and Savings Deposits, IPC, at Member Banks From December 3, 1965, to May 11, 1966, by Type of Deposit and by Size of Bank and Federal Reserve District Co ns tuner-type deposits Consumer-type deposits Group T t a i o m n t d a e l Bu t s y in p e e s s Con T t a i o m n t d a e l Bu t s y i p n e e ss Con savings time Total Savings su ty m p e e r - savings time Total Savings su ty m p e e r time time In millions of dollars In per cent All banks......................................... 5,574 1,497 4,077 -1,218 5,295 5.3 8.2 4.7 -1.6 40.4 Size of bank (total deposits, in millions of dollars): Under 10................................. 645 47 598 178 420 8.7 34.3 8.3 3.7 17.3 10-50........................................ 1,183 154 1,029 298 731 7.0 28.2 6.2 2.4 19.1 50-100...................................... 464 90 374 76 298 6.1 23.4 5.2 1.3 23.0 100-500.................................... 1,123 314 809 48 761 5.2 12.9 4.3 0.3 33.6 500 and over........................... 2,160 892 1,268 -1 ,816 3,084 4.2 6.1 3.4 “5.3 94.1 Federal Reserve district: Boston...................................... 211 120 91 53 38 6.4 15.6 3.6 2.2 31.9 New York............................... 1,029 373 656 -284 940 4.3 4.4 4.3 -2.0 93.8 Philadelphia............................ 445 46 399 86 313 8.3 6.6 8.6 2.3 37.2 Cleveland................................ 600 194 406 198 208 6,3 12.4 5.1 2.8 21.6 Richmond................................ 332 2 330 99 231 7.0 (') 7.6 2.6 37.9 Atlanta..................................... 421 59 362 133 229 7.9 14.3 7.4 3.5 20.2 Chicago.................................... 850 176 674 -292 966 4.6 8.9 4.1 -2.1 37.6 St. Louis.................................. 180 -12 192 19 173 5.7 -4.3 6.6 14.5 Minneapolis............................ 231 33 198 -21 219 7.7 12.5 7.2 “1.8 13.8 Kansas City............................ 232 46 186 -81 267 6.2 14.9 5.4 -3.1 30.5 Dallas...................................... 218 87 131 -71 202 4.8 7.0 4.0 -2.7 32.6 San Francisco......................... 827 377 450 -1,056 1,506 4.1 21.6 2.4 -6.2 95.3 1 Less than 0.05 per cent. bonds, other nonnegotiable CD’s, and negotiable CD’s in denom Note.—Business-type time deposits represent negotiable CD’s in inations of less than $100,000, denominations of $100,000 or more, and time deposits open account. Dollar amounts may not add to totals because of rounding. Consumer-type time deposits represent savings certificates, savings Source.—Appendix Table 9. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1110 FEDERAL RESERVE BULLETIN • AUGUST 1966 portions were 58 per cent for banks paying 6.) The smaller rate of expansion as com a maximum rate over 4/2 per cent and 16 pared with the corresponding period of 1965 per cent for those paying a lower rate. reflected divergent movements in holdings of Most banks would pay their highest in major types of deposits: a rapid growth in terest rate on consumer-type time deposits consumer-type time deposits; moderate with a maturity of 4 to 12 months, as shown growth in business-type time deposits; and a in Table 5. Small banks more often than decline in passbook savings, which had large banks required deposits with maturities shown large increases in the first half of of more than 6 months to obtain the highest other recent years. The decline in savings de rate, but few banks regardless of size went posits no doubt reflected in part the use of beyond 12 months, except in the case of these funds to buy marketable securities, in savings bonds. dividual holdings of which increased more Since last December most banks had in the first quarter of this year than in the changed neither the minimum deposit nor comparable period of last year. But the de the shortest maturity on which they would cline also appeared to reflect substantial pay the highest rate. Of the banks that had transfers of balances out of these deposits changed either requirement, the number that into some form of time deposit. tightened requirements exceeded the num Growth in total time and savings deposits, ber that relaxed them. IPC, at all member banks in the 5 months ending May 11 reflected the varying success DEPOSIT FLOWS of these banks in attracting and holding the As indicated earlier, total time and savings major types of deposits—consumer-type and deposits at all member banks rose by $5.6 business-type deposits. Growth varied in billion, or 5 per cent, over the 5-month versely by size of bank; it ranged from a low period ending May 11, 1966. (See Table of 4 per cent for banks in the largest size Table 7 Changes in Time Deposits, IPC, from December 3, 1965, to May 11, 1966, by Maximum Rate Paid on May 11, 1966, and by Type of Deposit Maximum rate paid Maximum rate paid (per cent) (per cent) Type of deposit All All rates rates 4.00 4.01 4.51 Over 4.00 4.01 4.51 Over or less 4.50 5.00 5.00 or less 4.50 5.00 5.00 In millions of dollars In per cent Consumer-type time: Total............................................ 5,295 -67 1 ,343 2,264 1,755 40 -3 21 82 99 Savings certificates..................... 2,697 -21 776 1 ,584 358 40 -2 19 132 171 Savings bonds............................. 455 2 193 79 179 113 25 115 43 407 Other nonnegotiable CD’s1..... 1 ,485 5 218 245 1,016 44 1 17 46 93 Negotiable CD’s—less than $100,000............................... 658 -56 156 356 202 26 -16 17 42 47 Other time: Total............................................ 1,127 -65 37 137 1,021 8 -21 11 13 8 Negotiable CD’s—$100,000 or more..................................... 675 -57 2 23 706 5 -40 3 6 Time deposits, open account1... 452 -11 35 114 315 26 -6 25 48 26 1 Excludes Christmas savings and other special funds. Note.—Dollar amounts may not add to totals because of rounding. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
TIME AND SAVINGS DEPOSITS 1111 class to nearly 9 per cent for those in the growth to rate paid was less pronounced smallest. Growth also varied by geographic than for other types of deposits. (See Table region. 7.) Effect of interest rate on flow. Growth in Savings deposits vs. consumer-type time de the various time deposit instruments over the posits. As indicated earlier, growth in con December-May period was directly related sumer-type time deposits was countered in to the interest rate offered: the higher the part by declines in savings deposits. This rate, the greater the relative increase in de occurred principally at large banks. The $3 posits, as shown in Table 7. The most dra billion growth in consumer-type time de matic growth was in the four consumer-type posits at banks in the largest size class was time instruments, total holdings of which in offset to a substantial extent by a $1.8 billion creased by $5.3 billion, or 40 per cent. decline in passbook savings, as shown in Aggregate holdings of these instruments Table 6. Smaller banks, while adding pro nearly doubled at banks that paid an interest portionately less than big banks to their rate of more than 5 per cent. When the rate holdings of consumer-type time deposits, had paid was between 414 and 5 per cent, the in no offsetting decline in passbook savings. In crease in deposits amounted to 82 per cent; fact, savings deposits at these banks con when it was between 4 and 414 per cent, tinued to rise, with the rate of growth vary the increase dropped to 21 per cent. Each of ing inversely with the rate of expansion in the consumer-type instruments showed a consumer-type time deposits. Reflecting growth pattern similarly related to rate paid, these differences, the 8 per cent growth rate though the rates of growth were substantially in savings and consumer-type time deposits higher for savings certificates and savings at the smallest banks was more than twice as bonds than for the other two instruments. large as the rate of increase at banks with Reflecting the higher rates offered by the total deposits of $500 million and over. biggest banks, the inflow of consumer-type Declines in savings deposits were greatest time deposits from December to May varied in the December-May period at banks where directly with the size of bank. The bulk of the spread in interest rates was largest. Table the growth—$3 billion of the $5 billion total 8 shows that the changes in savings deposits are related to the spread between the highest increase—-was at banks in the largest size rate paid on any consumer-type time deposit class, where the level of interest rates offered and the passbook savings rate. In banks was highest. At these banks holdings of con where there was no difference in the rates, sumer-type time deposits nearly doubled or where the difference was 16 percentage (Table 6). Smaller banks also increased point or less, savings deposits increased. By their holdings, but to a lesser degree. The contrast, savings deposits declined at banks percentage increase dropped sharply, as size where the rate difference was more than 16 of bank declined, to a low of 17 per cent for percentage point, and the outflow increased banks in the smallest size class. as the spread in rates widened up to 116 Expansion in other time deposits—largely percentage points. Few banks had a rate business-type holdings—also reflected the spread greater than this, and those that rate of interest offered. For time deposits, did were mainly small banks. open account, however, the relation of Holders of passbook savings deposits at Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1112 FEDERAL RESERVE BULLETIN ■ AUGUST 1966 big banks were more sensitive to levels of banks located in money market centers interest rates offered than were holders at throughout the country. (See Appendix small banks. For banks in the largest size Table 9.) class savings deposits showed a small net From a geographic standpoint a decline in decline when the rate differential was passbook savings and an increase in con only 16 percentage point, whereas for the sumer-type time deposits was characteristic smallest banks as a group savings deposits of only 6 of the 12 Federal Reserve districts. declined only when the rate difference ex (See Table 6.) Shifts in deposits were great ceeded 1 percentage point. (See Table 8.) est in the San Francisco District, where the From the standpoint of rates paid, nearly general level of rates paid on time deposits all of the decline in savings deposits from was higher and the spread in rates greater December to May occurred at banks paying than elsewhere. Smaller shifts also occurred the 4 per cent ceiling rate on these deposits in the New York, Chicago, Minneapolis, and a maximum rate on consumer-type time Kansas City, and Dallas Districts. In each of deposits of more than 416 per cent, but prin these areas the net decline in passbook sav cipally more than 5 per cent. While some ings was concentrated in banks with a dif small banks fell in this group, nearly all of ference in the two rates of 1 or more per the aggregate decline was at the largest centage points (Table 8). Table 8 Changes in Savings Deposits at Member Banks from December 3, 1965, to May 11, 1966, Relative to Spread Between the Maximum Rate Paid on any Consumer-Type Time Deposit and on Savings Deposits on May 11, 1966 (In millions of dollars) Maximum rate paid on any consumer-type time deposit less maximum rate paid on savings deposits on All May 11, 1966 (in percentage points) Group banks Minus V m i o o re r and 2 ^ ov er All banks.............................................................................. 402 Size of bank (total deposits, in millions of dollars): Under 10...................................................................... 178 90 60 9 -2 10-50........................................................................... 298 151 111 6 5 50-100............................................................................... 76 31 48 12 -17 100-500............................................................................ 48 125 36 -3 -104 500 and over.............................................................. . -1,816 6 -6 -463 -1,333 Federal Reserve district: Boston.............................................................................. 53 9 11 20 35 -23 New York......................................................................... -284 6 30 55 -66 -309 Philadelphia...................................................................... 86 9 20 19 28 19 Cleveland...................................................................... 198 14 84 21 45 34 Richmond........................................................................ 99 9 48 43 -1 1 Atlanta.............................................................................. 133 3 72 32 20 6 Chicago............................................................................. -292 11 52 70 -218 -209 St. Louis........................................................................ 19 2 45 15 -8 -7 Minneapolis...................................................................... -21 (*) 1 4 -8 -10 Kansas City.................................................................... -81 3 12 -15 -11 -68 Dallas............................................................................... -71 2 25 -26 -61 -10 San Francisco.................................................................. -1,056 (9 2 12 -194 -875 1 Increase of less than $500,000. denominations of less than $100,000. 2 Decrease of less than $500,000. When a bank had a rate differential in between those shown, it was Note.—Consumer-type time deposits include savings certificates, placed in the next higher bracket. savings bonds, other nonnegotiable CD’s, and negotiable CD’s in Dollar amounts may not add to totals because of rounding. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
TIME AND SAVINGS DEPOSITS 1113 In the remaining 6 Federal Reserve dis banks with a maximum rate over 5 per cent tricts both savings and consumer-type time on consumer-type time deposits had gains of deposits increased. Rates paid on time de more than 10 per cent, whereas only 16 per posits in these areas were generally lower cent of the banks paying 4 per cent or less and the spread in rates narrower than in the experienced such deposit increases. other districts. Growth in other time deposits. Other time Gains in total savings deposits and con deposits (principally business-type bal sumer-type time deposits tended to be small ances) increased at a somewhat faster pace in the Reserve districts with the largest de in the 5 months ending May 11 than did the posit shifts. The smallest gain in this total total of all consumer-type deposits (savings was in the San Francisco District, which had plus consumer-type time deposits)—8 per both the largest rise in consumer-type time cent compared with 5 per cent. Growth in deposits and the largest decline in passbook the two principal categories of business de savings. At the other extreme, the Philadel posits varied substantially. Large-denomina phia District had the highest relative growth; tion negotiable CD’s, about 70 per cent of the here both savings deposits and consumer total, expanded by only 5 per cent, whereas type time deposits increased. (See Table 6.) time deposits, open account, increased at a Individual bank differences. Total flows of rate more than three times that fast. savings deposits and consumer-type time de Because of differences in types of deposits posits in the December-May period differed held, the relative expansion in business-type widely among banks. The over-all rise in time deposits was least rapid at the largest passbook and consumer-type time deposits banks and most rapid at the smallest, as amounted to $4.1 billion, or 5 per cent, and shown in Table 6. The 6 per cent rate of ex 5,278 banks, or 87 per cent of the total pansion in business deposits at big banks re number, reported some increase in these de flects mainly changes in the volume of large posits, as shown in Appendix Table 10. The negotiable CD’s, issued primarily by the big remaining 754 banks, or 13 per cent, each gest banks. Large banks appeared to move of which reported a deposit decline, were slowly in increasing their offering rates on mainly banks with total deposits of less than these instruments in early 1966, and hold $100 million that had not raised the rate ings of these deposits increased by only 1 paid on consumer-type time deposits beyond per cent in the 3 months before March 2. the old 416 per cent ceiling. The declines After the change in the prime loan rate in generally represented 4 per cent or less of early March, banks generally increased their the amount of deposits outstanding on De offering rates on CD’s, and there was a 4 per cember 3, 1965. cent rise in holdings of these deposits in the Among the 5,278 banks that gained con 2 months ending May 11. At smaller banks, sumer-type deposits, 70 per cent had in where much of the other time deposits is in creases of 10 per cent or less, while 90 per the form of Christmas savings and other spe cent had increases of less than 25 per cent. cial fund accounts, business-type time de For the remaining 10 per cent of the banks, posits showed a substantially higher rate of gains exceeded 25 per cent. In general, a growth—averaging 17 per cent—in the rapid increase in deposits was associated December-May period for banks with total with the payment of high rates. Half of the deposits under $500 million. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
TIME AND SAVINGS DEPOSITS 1115 APPENDIX TABLE 1 SAVINGS DEPOSITS MAXIMUM INTEREST RATES PAID BY MEMBER BANKS ON SURVEY DATES PER CENT PAID ON PER CENT PAID ON PER CENT PAID ON DECEMBER 3, 1965 MARCH 2, 1966 MAY 11, 1966 All GROUP Survey banks Total o 3 r . l 0 e 0 s s 3.50 4.00 Total o 3 r . l 0 e 0 s s 3.50 4.00 Total o 3 r .0 le 0 s s 3.50 4.00 NUMBER OF BANKS All banks..................... 6,166 5,870 2,256 907 2,707 5,884 1,752 844 3,288 5,888 1,662 796 3,430 Size of bank (total de posits in millions of dollars): Under 10............. 3,695 3,411 1,547 498 1,366 3,423 1,227 510 1,686 3,427 1,174 499 1,754 10-50................... 1 ,867 1,857 625 320 912 1 ,859 464 278 1,117 1,859 435 249 1,175 50-100................. 258 257 49 49 159 257 37 32 188 257 31 33 193 100-500............... 266 265 31 30 204 265 22 15 228 265 20 11 234 500 and over........ 80 80 4 10 66 80 2 9 69 80 2 4 74 F.R. district: Boston......... 251 225 58 15 152 225 37 8 180 226 31 8 187 New York........... 397 393 34 75 284 394 28 44 322 394 26 32 336 Philadelphia......... 401 400 230 117 53 400 190 122 88 400 178 122 100 Cleveland............. 505 500 223 73 204 501 185 72 244 501 174 60 267 Richmond............ 406 403 87 74 242 405 68 71 266 405 62 53 290 Atlanta................. 516 510 122 102 286 511 79 78 354 512 72 69 371 Chicago............... 999 975 467 202 306 977 415 200 362 977 402 189 386 St. Louis.............. 483 450 271 98 81 451 217 78 156 451 213 80 158 Minneapolis......... 494 488 428 29 31 488 314 55 119 488 296 70 122 Kansas City......... 833 774 290 74 410 777 187 90 500 777 177 87 513 Dallas................... 658 531 45 42 444 534 32 23 479 534 31 23 480 San Francisco.... 223 221 1 6 214 221 3 218 223 3 220 AMOUNTS (in millions of dollars) All banks................... 74,089 7,298 7,907 58,884 74,524 5,524 6,335 62,665 72,870 5,111 4,185 63,575 Size of bank (total de posits in millions of dollars): Under 10............. 4,814 1,676 885 2,253 4,932 1,311 870 2,750 4,990 1,237 826 2,926 10-50....................12,643 3,250 2.265 7,128 12,864 2,446 1 ,950 8,468 12,941 2,275 1 ,680 8,986 50-100................. 5.895 848 1 ,307 3,740 5,974 644 774 4,556 5,971 553 738 4,681 100-500............... 16,696 1,235 1 ,512 13,949 16,922 951 930 15,043 16,744 884 534 15,327 500 and over........ 34,041 289 1 ,938 31,814 33,832 172 1,811 31,848 32,224 161 407 31,656 F.R. district: Boston................. 2,424 304 86 2,034 2,476 170 18 2,288 2,477 144 18 2,314 New York........... 14,250 702 960 12,588 14,206 595 531 13,080 13,966 560 347 13,059 Philadelphia......... 3,815 1,275 1,165 1,375 3,882 1,039 1 ,073 1 ,770 3,901 976 1,024 1,901 Cleveland........ 7,021 796 1,808 4,417 7,220 551 1,710 4,959 7,220 486 412 6,322 Richmond........... 3,741 275 689 2,777 3,825 228 670 2,927 3,840 163 198 3,479 Atlanta................. 3,756 298 840 2,618 3,861 165 374 3,322 3,889 152 325 3,411 Chicago............... 13,941 1,588 1,781 10,572 14,087 1,407 1,559 11,121 13,650 1,347 1 ,429 10,874 St. Louis.............. 1,699 708 258 733 1,723 595 156 972 1 ,718 576 161 981 Minneapolis...... 1,153 999 65 89 1,136 578 103 455 1,132 523 147 462 Kansas City......... 2,585 313 121 2,151 2,539 167 106 2,266 2,504 157 88 2,258 Dallas.......... 2,678 38 73 2,567 2,619 27 29 2,563 2,605 25 29 2,551 San Francisco.... 17,026 1 62 16,963 16,949 ............ 7 16,942 15,971 7 15,964 Note.—Excludes banks that reported no interest rate paid on the was included in the group paying the next higher rate, dates shown. Dollar amounts may not add to totals because of rounding. When a bank reported a maximum rate in between those shown, it Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1116 FEDERAL RESERVE BULLETIN • AUGUST 1966 APPENDIX TABLE 2 SAVINGS CERTIFICATES, IPC MAXIMUM INTEREST RATES PAID BY MEMBER BANKS ON SURVEY DATES PER CENT PAID ON DECEMBER 3, 1965 PER CENT PAID ON GROUP Total o 3 r .5 le 0 s s 4.00 4.50 4.75* 5.00* 5.25* 5.50* Total o 3 r .5 le 0 s s 4.00 4.50 NUMBER OF BANKS All banks.........3..,.2..1.4 208 2,307 699 3,296 112 1,357 1,622 Size of bank (total deposits in mil lions of dollars): Less than 10.. 1,961 149 1,461 351 1,998 88 882 933 10-50............9.79 48 707 224 997 17 401 513 50-100........... 119 2 71 46 127 1 38 71 100-500......... 111 6 54 51 124 5 30 77 500 and over.. 44 3 14 27 50 1 6 28 F.R. district; Boston........... 44 8 20 16 49 4 18 19 New York.... 108 7 55 46 121 5 43 48 Philadelphia. . 193 33 132 28 202 17 86 98 Cleveland....... 309 17 257 35 315 8 233 69 Richmond.... 199 18 112 69 216 9 82 114 Atlanta.......... 302 17 166 119 306 7 107 179 Chicago.......... 644 31 541 72 653 17 358 264 St. Louis........ 298 21 231 46 301 17 77 196 Minneapolis. . 403 18 373 12 405 7 143 247 Kansas City.. 397 19 278 100 406 9 123 237 Dallas............ 215 17 126 72 218 10 75 98 San Francisco. 102 2 16 84 104 2 12 53 AMOUNTS (in millions of dollars) All banks.........6..,.7..9.0 104 4,463 2,223 7,726 35 1,978 4,545 Size of bank (total deposits in mil lions of dollars): Less than 10.. 1,611 42 1,321 248 1,780 18 677 1,020 10-50............. 2,428 46 1,892 490 2,706 12 894 1,613 50-100............ 704 4 398 303 785 2 179 495 100-500.......... 927 6 521 400 1,056 2 165 777 500 and over.. 1,121 7 332 782 1,400 11 63 638 F.R. district: Boston........... 18 (>) 5 12 26 (■) 3 14 New York.... 451 3 57 391 607 2 46 97 Philadelphia. . 333 22 215 97 394 5 114 272 Cleveland.... 598 9 494 95 637 1 336 260 Richmond.. .. 278 6 117 155 367 2 73 265 Atlanta.......... 509 3 210 297 566 1 133 354 Chicago.......... 1,549 19 1,215 315 1,736 7 647 990 St. Louis..... 815 8 534 272 895 6 152 578 Minneapolis. . 1,271 28 1,199 43 1,405 8 370 986 Kansas City.. 439 3 322 114 496 (■) 67 363 Dallas............ 169 4 85 79 199 2 30 108 San Francisco. 361 0) 10 351 399 (>) 6 256 * Above maximum permissible rate. 1 Less than $500,000. 2 Omitted to avoid disclosure of individual bank data. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
TIME AND SAVINGS DEPOSITS 1117 MARCH 2, 1966 PER CENT PAID ON MAY 11, 1966 GROUP 4.75 5.00 5.25 5.50 Total o 3 r .5 le 0 s s 4.00 4.50 4.75 5.00 5.25 5.50 NUMBER OF BANKS 90 105 4 6 3,366 97 1,061 1,800 99 257 22 30 AH banks Size of bank (total deposits tn mil lions of dollars): 40 49 2 4 2,026 76 741 1,035 42 108 8 16 Less than 10 31 33 2 1,008 16 265 607 28 79 5 8 10-50 9 6 2 138 1 24 80 14 12 5 2 50-100 5 7 135 3 26 62 10 31 2 100-500 5 10 59 1 5 16 5 27 3 2 500 and over F.R. district: 6 2 ................ 57 3 18 20 5 10 1 Boston 7 17 1 132 5 39 50 6 25 4 3 New York 1 206 13 67 115 6 5 Philadelphia 5 ................ 323 6 186 106 17 7 1 Cleveland 6 4 1 219 8 73 122 7 7 2 Richmond 5 8 306 7 97 155 9 34 2 2 Atlanta 5 8 1 ............... 670 15 250 361 6 33 4 1 Chicago 5 6 300 17 68 184 6 25 St. Louis 7 1 406 4 84 306 8 4 Minneapolis 17 18 2 410 8 101 242 16 32 1 10 Kansas City 13 22 220 10 69 99 12 29 1 Dallas 13 19 3 117 1 9 40 1 46 9 11 San Francisco AMOUNTS (in millions of dollars) 480 672 9 7 9,487 26 1,320 4,794 303 2,478 451 116 All banks Size of bank (total deposits in mil lions of dollars): 24 34 5 1,886 11 542 1,190 37 81 5 20 Less than 10 97 80 9 2,859 11 526 1,960 85 238 14 25 10-50 51 56 2 849 2 66 558 74 92 51 6 50-100 57 53 1,236 2 145 669 48 338 19 15 100-500 250 449 2,657 (*) 41 418 58 1,728 361 50 500 and over F.R. district: 7 (2) ................ 34 2 14 5 10 (2) Boston 89 371 (2) 985 2 28 109 6 708 82 49 New York 3 473 2 71 274 23 103 Philadelphia 39 ................ 703 251 312 83 52 (2) Cleveland 19 7 (2) 417 I 55 276 35 32 (2) Richmond 38 39 618 2 121 271 27 161 (2) (2) Atlanta 6 83 (2) ............... 2,212 5 397 1,177 9 486 135 (2) Chicago 74 83 954 7 134 509 13 291 St. Louis 41 (2) 1,455 4 181 1,218 44 9 Minneapolis 42 23 (2) 553 49 389 46 58 (2) 9 Kansas City 11 47 222 2 27 101 12 80 (2) Dallas 110 16 6 (2) 861 (') 5 143 (') 489 199 24 San Francisco Note.—Excludes banks that reported no interest rate paid on the Dollar amounts may not add to totals because of rounding. dates shown. When a bank reported a maximum rate in between those shown, it was included in the group paying the next higher rate. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1118 FEDERAL RESERVE BULLETIN • AUGUST 1966 APPENDIX TABLE 3 SAVINGS BONDS MAXIMUM INTEREST RATES PAID BY MEMBER BANKS ON SURVEY DATES PER CENT PAID ON DECEMBER 3, 1965 PER CENT PAID ON GROUP Total o 3 r . l 5 e 0 ss 4.00 4.50 4.75* 5.00* 5.25* 5.50* Total o 3 r .5 le 0 s s 4.00 4.50 NUMBER OF BANKS All banks............... Ill 2 41 68 147 3 28 102 Size of bank (total deposits in millions of dollars): Less than 10. . 35 1 13 21 48 I 10 32 10-50.............. 40 I 17 22 55 10 39 50-100............ 7 1 6 9 1 I 6 100-500.......... 16 9 7 21 6 14 500 and over.. 13 i 12 14 1 ll F.R. district: Rosfnn 1 I 2 2 New York... . 9 5 4 13 5 5 Philadelphia.. 10 ............... 2 8 12 1 1 10 Cleveland 7 1 6 9 8 R iphmond . . . 6 3 3 10 3 4 Atlanta. . . . . . 29 12 17 34 1 5 26 Chicago.......... 13 3 10 18 1 17 St. Louis........ 11 i 9 I 16 1 7 8 Minneapolis. . 4 ............... 2 2 5 ............... 1 4 Kansas City... 12 i 3 8 19 4 12 Dallas............ 5 1 4 5 1 3 San Francisco. 4 4 4 3 AMOUNTS (In millions of dollars) All banks. ............4.0.2 (9 29 373 675 2 9 550 Size of bank (total deposits in mil lions of dollars): Less than 10. . 9 (l) 2 6 16 (9 2 It 10-50............. 12 (9 7 5 34 (9 2 26 50-100............ 9 (9 8 19 2 (9 17 100-500 .... 26 18 7 90 5 77 500 and over.. 346 (9 345 516 (9 419 F.R. district: (2) (9 (2) (2) New York.... 58 (9 58 129 1 24 Philadelphia.. 109 (2) 108 215 (2) (2) 212 Cleveland .... 3 (9 3 24 23 Richmond.. . . 31 (9 30 22 (9 22 178 21 158 194 (') 2 190 8 (9 7 49 (9 49 St. Louis........ 5 (') 5 (9 7 (') 4 3 Minneapolis.. (l) (9 (9 3 3 Kansas City... 5 (9 (9 4 19 1 18 Dallas............ 1 (9 1 2 (9 1 San Francisco. (i) (9 6 1 * Above maximum permissible rate. 1 Less than $500,000. 2 Omitted to avoid individual bank disclosure. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
TIME AND SAVINGS DEPOSITS 1119 MARCH 2, 1966 PER CENT PAID ON MAY 11, 1966 GROUP 3.50 4.75 5.00 5.25 5.50 Total or less 4.00 4.50 4.75 5.00 5.25 5.50 NUMBER OF BANKS 3 9 1 1 162 2 29 97 4 22 3 5 AH banks Size of bank (total deposits in mil lions of dollars): 1 4 49 9 31 1 8 Less than 10 2 2 1 65 1 11 39 2 9 1 2 10-50 1 ............... 10 1 4 1 1 2 50-100 1 24 7 14 2 1 100-500 2 14 1 9 3 1 500 and over F.R. district: 3 2 1 Boston 3 15 6 4 3 2 New York 13 1 1 10 1 Philadelphia ................ 1 9 ................ 1 7 1 Cleveland ................ 3 ............. • 10 ...............3 4 3 Richmond 2 38 5 21 i 10 ................1 Atlanta 19 1 17 ................1 Chicago 18 1 7 10 St. Louis 5 ................ 1 4 Minneapolis 3 20 ................ 3 12 3 1 ................1 Kansas City 1 5 1 3 1 Dallas 1 7 ................ 3 1 ................3 San Francisco AMOUNTS (in millions of dollars) (■) 107 (') 6 856 2 9 360 6 256 146 77 All banks Size of bank (total deposits in mil lions of dollars): (*) 2 ............... 19 2 9 (>) 7 Less than 10 (■) 1 (2) 53 (2) 2 31 (>) 4 (2) (2) 10-50 ................ (‘) 46 (2) (*) 11 (2) (■) (!) 50-100 (2) 160 4 96 (2) (2) 100-500 (2) 578 (*) 213 228 (2) 500 and over F.R. district: 7 (2) (■) Boston 104 182 1 22 14 (2) New York 236 (2) (2) 166 (2) Philadelphia (2) 39 ............... (') 28 (2) Cleveland (‘) '19 (') 18 1 Richmond ................ (2) ............... 201 ................ 2 29 (2) 163 .............(..2.) Atlanta 60 ................ (>) 60 .............(.■..) Chicago (2) St. Louis 4 (*) 4 Minneapolis (*) 27 1 20 (*) (*) (2) Kansas City (•) 2 (*) 1 (’) Dallas ................ (2) 71 ................ 1 .............(.>..) 70 San Francisco Note.—Excludes banks that reported no interest rate paid on the When a bank reported a maximum rate in between those shown, it dates shown. was included in the group paying the next higher rate. Dollar amounts may not add to totals because of rounding. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1120 FEDERAL RESERVE BULLETIN • AUGUST 1966 APPENDIX TABLE 4 OTHER NONNEGOTIABLE CD’S, IPC MAXIMUM INTEREST RATES PAID BY MEMBER BANKS ON SURVEY DATES PER CENT PAID ON DECEMBER 3, 1965 PER CENT PAID ON GROUP Total o 3 r . l 5 e 0 s s 4.00 4.50 4.75* 5.00* 5.25* 5.50* Total o 3 r . l 5 e 0 s s 4.00 4.50 NUMBER OF BANKS All banks.........1..,.4..1.5 149 893 373 1,438 99 530 649 Size of bank (total deposits in mil lions of dollars); Less than 10.. 724 91 495 138 736 60 313 311 10-50............. 473 46 310 117 480 28 174 239 50-100............ 86 4 48 34 86 4 23 42 100-500.......... 96 5 35 56 99 5 17 48 500 and over.. 36 3 5 28 37 2 3 9 F.R. district: Boston........... 52 4 21 27 53 5 15 18 New York...-. 127 11 55 126 4 41 51 Philadelphia. . 113 12 79 22 114 8 46 55 Cleveland.... 120 20 80 20 121 12 78 25 Richmond.... 85 12 41 32 85 9 27 41 Atlanta ....*. 117 6 62 49 120 2 31 79 Chicago;..... 230 33 168 29 234 24 125 76 St. Louis........ 96 17 69 10 98 13 29 51 Minneapolis. . 87 5 79 3 88 4 27 55 Kansas City... 172 15 114 43 180 11 34 110 Dallas............ 165 14 108 43 167 7 68 65 San Francisco. 51 11 40 52 9 23 AMOUNTS (in millions of dollars) All banks................ 3,359 33 1,267 2,059 3,843 17 581 1,548 Size of bank (total deposits in millions of dollars): Less than 10.. 426 16 335 75 474 8 183 256 10-50.............. 766 10 519 236 851 3 224 561 50-100............ 322 1 167 154 357 1 94 155 100-500.......... 607 5 210 392 684 5 69 387 500 and over.. 1,238 1 36 1,202 1,476 (>) 12 188 F.R. district: Boston............ 34 (') 6 28 38 .............j 5 12 New York.... 349 1 45 303 477 1 15 56 Philadelphia, . 252 1 152 98 264 1 81 172 Cleveland.... 261 4 102 155 267 2 88 132 Richmond.... 176 2 38 137 237 1 20 62 Atlanta...... 281 3 85 193 340 (') 18 263 Chicago.......... 492 7 301 184 554 3 173 314 St. Louis.... 188 8 138 42 214 8 39 128 Minneapolis. . 176 1 166 9 187 1 64 121 Kansas City... 203 3 116 84 231 1 22 159 Dallas............ 150 2 99 48 177 (■) 44 68 San Francisco. 797 18 779 856 13 61 ♦ Above maximum permissible rate. 1 Less than $500,000. 2 Omitted to avoid disclosure of individual bank data. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
TIME AND SAVINGS DEPOSITS 1121 MARCH 2, 1966 PER CENT PAID ON MAY 11, 1966 GROUP 3.50 4.75 5.00 5.25 5.50 Total or less 4.00 4.50 4.75 5.00 5.25 5.50 NUMBER OF BANKS 70 76 11 3 1,466 93 448 666 57 145 25 32 All banks Size of bank (total deposits in mil lions of dollars): 24 24 2 2 746 58 270 333 19 52 6 8 Less than 10 19 18 2 490 26 144 246 20 48 1 5 10-50 9 7 1 89 4 15 38 10 13 3 6 50-100 11 17 1 ............... 103 4 15 42 7 24 6 5 100-500 7 10 6 38 1 4 7 1 8 9 8 500 and over F.R. district: 9 5 1 58 4 16 15 8 10 2 3 Boston 8 17 5 129 3 39 50 7 17 5 8 New York 3 1 1 118 9 40 56 3 6 2 2 Philadelphia 5 1 123 11 71 27 7 7 Cleveland 4 4 89 7 28 42 3 6 2 1 Richmond 2 5 1 121 3 30 69 5 12 1 1 Atlanta 3 6 ................ 238 24 93 100 2 14 I 4 Chicago 2 3 98 11 27 53 1 4 2 St. Louis 2 ................ 88 4 14 67 3 Minneapolis 11 13 1 183 10 28 108 9 25 1 2 Kansas City 9 15 3 168 7 53 70 8 25 2 3 Dallas 12 6 1 1 53 • • ............ 9 9 1 19 7 8 San Francisco AMOUNTS (in millions of dollars) 273 1,124 280 19 4,844 17 428 1,514 114 659 1,848 265 All banks Size of bank (total deposits in mil lions of dollars): 12 13 2 (‘) 507 7 145 293 16 35 3 9 Less than 10 29 28 6 906 3 167 589 30 98 (>) 20 10-50 55 33 (2) 400 (■) 29 179 39 98 10 43 50-100 88 130 4 754 6 79 304 27 205 59 75 100-500 89 919 268 2,276 (l) 8 149 (2) 223 1,776 118 500 and over F.R. district:* 6 3 (2) 39 (*) 5 5 7 6 (2) 14 Boston 16 136 254 600 (') 12 56 18 81 349 83 New York 4 (2) (2) 285 (') 68 149 5 19 (2) (2) Philadelphia 44 (2) • .......... 279 1 68 138 14 59 Cleveland 63 91 266 1 19 65 13 80 (2) (2) Richmond (2) 19 (2) 359 1 37 226 6 37 (2) (2) Atlanta 5 58 ............... 669 . 4 120 341 (2) 120 (2) 44 Chicago (2) 7 220 7 33 136 (2) 29 (2) St. Louis (2) 194 1 12 178 3 Minneapolis 19 31 (') 263 1 18 134 10 70 (2) <2) Kansas City 30 27 7 184 1 27 70 28 49 (>) 9 Dallas 30 752 (2) ■ (') 1,487 9 16 (2) 108 1,325 27 San Francisco Note.—Excludes banks that reported no interest rate paid on the was included in the group paying the next higher rate. dates shown. Dollar amounts may not add to totals because of rounding. When a bank reported a maximum rate in between those shown, it Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1122 FEDERAL RESERVE BULLETIN • AUGUST 1966 APPENDIX TABLE 5 NEGOTIABLE CD’S IN DENOMINATIONS OF LESS THAN $100,000 MAXIMUM INTEREST RATES PAID BY MEMBER BANKS ON SURVEY DATES PER CENT PAID ON DECEMBER 3, 1965 PER CENT PAID ON GROUP Total o 3 r .5 le 0 s s 4.00 4.50 4.75* 5.00* 5.25* 5.50* Total o 3 r .5 le 0 s s 4.00 4.50 NUMBER OF BANKS All banks.........1...,.5..2..1 82 860 579 1,528 43 482 721 Size of bank (total deposits in mil lions of dollars): Less than 10.. 677 39 438 200 679 27 256 330 10-50............. 509 32 308 169 510 11 181 238 50-100............ 102 5 47 50 103 2 19 60 100-500.......... 170 5 64 101 171 2 25 81 500 and over.. 63 1 3 59 65 1 1 12 F.R. district: Boston............ 85 6 32 47 84 2 23 38 New York.... 133 10 62 61 133 2 54 43 Philadelphia.. 64 6 41 17 63 5 22 31 Cleveland.... 57 6 34 17 56 2 32 14 Richmond.... 106 11 55 40 107 8 33 62 Atlanta.......... 127 11 71 45 131 5 53 58 Chicago......... 174 3 126 45 176 1 80 76 St. Louis........ 96 12 74 .10 97 9 26 54 Minneapolis, . 86 4 70 12 85 3 24 51 Kansas City.,. 234 6 134 94 235 2 62 123 Dallas............ 240 6 145 89 242 3 68 117 San Francisco. 119 1 16 102 119 1 5 54 AMOUNTS (in millions of dollars) All banks.........2..,.5..3..9 20 1,049 1,470 2,854 8 418 1,222 Size of bank (total deposits in mil* lions of dollars): Less than 10.. 380 6 275 99 412 3 130 240 10-50............6.23 6 404 213 699 1 170 399 50-100............ 260 1 139 120 283 (0 47 185 100-500.......... 704 6 224 473 761 2 70 362 500 and over.. 572 I1) 7 565 699 (*) (>) 36 F.R. district: Boston............ 63 t 9 52 68 (‘) 5 20 New York.... 143 3 25 115 150 (>) 14 51 Philadelphia.. 146 C1) 89 57 159 (') 44 93 Cleveland.... 101 1 24 76 130 (') 21 24 Richmond.... 124 4 54 65 134 4 26 84 Atlanta...... 167 2 91 74 167 (‘) 47 85 Chicago.......... 518 1 253 264 550 (>) 106 304 St. Louis........ 186 2 158 26 179 2 52 89 Minneapolis.. 139 1 118 20 153 (■) 52 81 Kansas City... 229 2 124 103 273 (■) 24 160 Dallas.........-. 300 1 96 203 373 (>) 25 147 San Francisco. 421 (D 8 413 520 (•) 1 85 * Above maximum permissible rate. 1 Less than $500,000. 2 Omitted to avoid individual bank disclosure. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
TIME AND SAVINGS DEPOSITS 1123 MARCH 2, 1966 PER CENT PAID ON MAY 11, 1966 GROUP 3.50 4.75 5,00 5.25 5.50 Total or less 4.00 4.50 4.75 5,00 5.25 5,50 NUMBER OF BANKS 117 141 16 8 1,549 36 420 660 85 245 45 58 AH banks Size of bank (total deposits in mil lions of dollars): 27 37 1 1 689 23 231 315 28 73 4 15 Less than 10 37 38 1 4 521 8 155 239 27 74 7 11 10-50 8 11 2 104 3 12 49 10 19 5 6 50-100 28 28 7 171 1 21 53 16 51 15 14 100-500 17 27 6 1 64 1 1 4 4 28 14 12 500 and over F.R. district; 9 9 3 84 2 19 28 9 18 4 4 Boston 11 20 3 138 3 43 38 10 27 10 7 New York 2 3 64 4 19 30 3 6 2 Philadelphia 3 1 3 1 58 1 29 13 6 5 1 3 Cleveland 2 2 108 7 32 56 7 5 1 Richmond 9 4 2 136 4 52 53 11 12 2 2 Atlanta 9 8 1 1 177 1 65 79 3 24 3 2 Chicago 4 4 99 7 26 56 5 2 2 1 St. Louis _ 4 3 85 2 13 60 2 5 2 1 Minneapolis 23 22 2 1 235 1 53 110 14 36 6 15 Kansas City 14 36 2 2 243 3 65 107 12 46 4 6 Dallas 27 29 ................ 3 122 1 4 30 3 59 8 17 San Francisco AMOUNTS (in millions of dollars) 463 647 79 16 3,197 3 294 1,066 190 1,013 337 293 All banks Size of bank (total deposits in mil lions of dollars): 17 22 (0 1 434 1 115 244 19 38 3 14 Less than 10 53 72 1 3 742 I 129 411 37 133 15 16 10-50 15 31 (‘) 5 297 (') 10 200 14 41 19 13 50-100 146 146 29 874 (■) 40 208 88 355 75 108 100-500 232 376 47 M 850 (>) (>) 4 33 446 225 142 500 and over F.R, district: 10 28 4 77 (>) 3 11 8 28 21 6 Boston 35 48 3 175 (>) 8 35 19 41 37 35 New York (2) 18 160 (l) 13 78 27 33 w Philadelphia 21 (2) 52 (2) 150 (') 18 23 17 17 (2) 60 Cleveland (2) (2) 137 1 25 81 4 25 (2) Richmond 23 8 (2) 186 (9 46 75 30 27 (2) (2) Atlanta 72 64 (2) (2) 590 (9 84 194 23 250 34 (2) Chicago 8 28 185 (■) 46 97 9 (2) (2) (2) St. Louis 4 16 153 (■) 6 123 (2) 9 (2) (2) Minneapolis 29 56 (2) (2) 302 (‘) 20 152 12 40 11 66 Kansas City 29 154 (2) (2) 414 (*) 24 149 20 155 39 27 Dallas 226 206 2 666 (9 1 46 17 388 130 85 San Francisco Note.—Excludes banks that reported no interest rate paid on the was included in the group paying the next higher rate. dates shown. Dollar amounts may not add to totals because of rounding. When a bank reported a maximum rate in between those shown, it Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1124 FEDERAL RESERVE BULLETIN • AUGUST 1966 APPENDIX TABLE 6 NEGOTIABLE CD’S IN DENOMINATIONS OF $100,000 OR MORE, IPC MAXIMUM INTEREST RATES PAID BY BANKS ON SURVEY DATES PER CENT PAID ON DECEMBER 3, 1965 PER CENT PAID ON GROUP Total 3.50 4.75* 5.00* 5.25* 5.50* Total 3.50 4.50 or less or less NUMBER OF BANKS All banks. 600 18 210 372 238 Size of bank (total deposits in mil lions of dollars): Less than 10.. 34 30 39 10-50.............. 99 95 103 50-100............ 31 45 33 100-500.......... 43 126 59 500 and over.. 3 76 4 F.R. district: Boston,,..... 10 47 23 New York.... 19 59 26 Philadelphia.. 9 10 7 Cleveland.... 17 8 Richmond.... 23 24 Atlanta.......... 29 22 Chicago.......... 43 30 St. Louis........ 5 5 Minneapolis,. 12 9 Kansas City. . 34 28 Dallas............ 35 35 San Francisco. 58 21 AMOUNTS (in millions of dollars) All banks............... 13,141 8 343 12,789 13.235 6 112 390 Size of bank (total deposits in millions of dollars): Less than 10.. 15 1 8 7 17 I 4 8 10-50.............. 136 4 53 79 152 3 14 80 50-100............ 175 2 40 132 191 10 61 100-500.......... 1,554 2 184 1,368 1,652 2 84 170 500 and over.. 11,262 ................ 59 11,203 11,223 ............... (■) 71 F.R. district: Boston............ 658 G) 5 653 550 G) 2 10 New York... . 6,255 0) 13 6,242 6,138 (■) 1 34 Philadelphia.. 355 9 346 319 7 1 Cleveland.... 814 G) 9 804 994 1 19 Richmond.... 224 4 16 204 222 4 6 30 Atlanta.......... 324 3 49 271 334 (2) 26 63 Chicago.......... 1,541 22 1,519 1,589 10 97 St. Louis........ 231 1 68 162 182 1 53 4 Minneapolis.. 223 ................ 12 211 226 ................2 12 Kansas City.. 252 (*) 45 207 271 (>) 1 39 Dallas............ 981 (>) 92 889 967 2 59 San Francisco. 1,283 2 1,281 1,442 (2) 22 * Above maximum permissible rate. 1 Less than $500,000. 2 Omitted to avoid individual bank disclosure. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
TIME AND SAVINGS DEPOSITS 1125 MARCH 2, 1966 PER CENT PAID MAY 11, 1966 GROUP 4.75 5.00 5.25 5.50 Total o 3 r .5 le 0 s s 4.00 4.50 4.75 5.00 5.25 5.50 NUMBER OF BANKS 89 113 58 12 632 12 87 186 48 119 81 99 All banks Size of bank (total deposits in mil lions of dollars): 3 7 2 73 2 18 30 4 13 3 3 Less than 10 26 27 1 i 225 9 43 92 18 44 13 6 10-50 15 15 5 2 84 10 25 9 15 15 10 50-100 29 41 18 6 172 i 16 37 14 35 34 35 100-500 16 23 32 3 78 2 3 12 16 45 500 and over F.R. district: 9 13 7 1 59 i 6 14 3 14 13 8 Boston 14 17 16 83 2 6 19 7 12 17 20 New York 1 7 19 1 3 6 2 1 3 3 Philadelphia 1 3 4 3 24 3 7 3 1 2 8 Cleveland 6 3 1 47 5 9 20 4 5 4 Richmond 6 8 4 1 59 1 16 14 4 7 11 6 Atlanta 8 10 8 1 84 17 30 4 17 8 8 Chicago 2 1 1 16 2 5 5 4 St. Louis 6 2 4 I 27 2 9 4 4 1 7 Minneapolis 12 12 2 2 64 ...............6 21 7 10 5 15 Kansas City 8 20 7 2 86 12 32 7 22 7 6 Dallas 18 16 4 64 2 9 3 26 10 14 San Francisco AMOUNTS (in millions of dollars) 996 2,292 8,992 448 13,815 4 81 206 193 646 1,152 11,532 All banks Size of bank (total deposits in mil lions of dollars): 2 2 1 17 (») (3 6 2 2 2 1 Less than 10 15 38 1 1 158 3 14 60 11 42 19 10 10-50 42 63 11 4 195 9 25 18 27 86 30 50-100 285 565 324 221 1,695 i 55 100 136 260 268 875 100-500 652 1,624 8,654 222 11,749 14 26 316 778 10,616 500 and over F.R. district: 13 116 352 (2) 641 (1) 1 4 2 20 86 529 Boston 150 576 5,377 6,307 (*) 2 25 24 40 156 6,060 New York (2) 307 347 (>) 2 (2) (2) 86 243 Philadelphia (2) 59 694 222 945 (>) 5 9 (2) (2) 918 Cleveland 137 42 (2) 203 3 8 20 86 53 34 Richmond 22 50 151 (2) 349 (‘) 23 26 3 36 68 192 Atlanta 126 96 1,260 (') 1,645 6 28 11 95 148 1,358 Chicago (2) (2) (2) 202 (•) 34 4 164 St. Louis 16 (2) 117 (2) 247 (2) 6 12 4 (2) 224 Minneapolis 76 64 (2) (2) 285 1 27 10 10 12 224 Kansas City 49 274 578 (2) 1,077 2 53 17 262 342 401 Dallas 402 599 417 1,567 (2) 6 11 118 211 1,220 San Francisco Note.—Excludes banks that reported no interest rate paid on the was included in the group paying the next higher rate. dates shown. Dollar amounts may not add to totals because of rounding. When a bank reported a maximum rate in between those shown, it Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1126 FEDERAL RESERVE BULLETIN • AUGUST 1966 APPENDIX TABLE 7 TIME DEPOSITS, OPEN ACCOUNT, IPC MAXIMUM INTEREST RATES PAID BY MEMBER BANKS ON SURVEY DATES PER CENT PAID ON DECEMBER 3, 1965 PER CENT PAID ON GROUP Total o 3 r .5 le 0 s s 4.00 4.50 4.75* 5.00* 5.25* 5.50* Total o 3 r .5 le 0 s s 4.00 4.50 NUMBER OF BANKS All banks............... 875 342 332 201 882 292 314 193 Size of bank (total deposits in mil lions of dollars): Less than 10. . 322 176 106 40 322 152 U6 51 10-50............. 321 129 141 51 327 116 129 66 50-100........... 75 21 33 21 78 11 33 26 100-500.......... 102 13 44 45 99 10 30 39 500 and over.. 55 3 8 44 56 3 6 11 F.R. district: Boston........... 68 11 35 22 71 9 33 23 New York... . 187 48 90 49 192 31 103 31 Philadelphia.. 196 145 37 14 197 132 40 20 Cleveland.... 93 40 40 13 93 33 45 12 Richmond.... 93 19 53 21 94 19 41 30 Atlanta.......... 43 19 15 9 42 17 12 9 Chicago...... 46 23 16 7 45 20 9 14 St. Louis....... 31 20 7 4 28 19 4 5 Minneapolis.. 10 4 5 1 9 2 3 3 Kansas City... 23 8 5 10 23 7 4 8 Dallas............ 43 5 22 16 48 3 15 22 San Francisco. 42 7 35 40 5 16 AMOUNTS (in millions of dollars) All banks............... 1,767 73 180 1,514 1,974 54 136 275 Size of bank (total deposits in millions of dollars): Less than 10, . 45 20 15 10 48 17 17 13 10-50............. 109 29 52 28 110 24 44 23 50-100........... 65 14 29 22 77 7 22 33 100-500......... 193 8 48 138 204 4 36 94 500 and over,. 1,355 2 37 1,316 1,535 2 17 112 F.R. district: Boston....... 50 2 9 39 91 2 7 22 New York.... 890 7 28 854 1,015 3 30 29 Philadelphia, . 208 26 34 147 209 22 28 26 Cleveland.... 79 6 49 24 75 4 30 32 Richmond.... 113 5 28 80 118 4 20 40 Atlanta...... 24 13 6 6 27 11 6 2 Chicago.......... 88 7 14 67 117 2 8 102 St. Louis........ 8 5 I I 7 2 2 3 Minneapolis,. 3 1 1 (■) 3 (2) (■) 1 Kansas City... 10 (D 2 8 8 (l) (‘) 2 Dallas............ 19 1 6 12 27 1 3 7 San Francisco. 278 3 275 277 1 9 * Above maximum permissible rate. i Less than $500,000. 2 Omitted to avoid individual bank disclosure. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
TIME AND SAVINGS DEPOSITS 1127 MARCH 2, 1966 PER CENT PAID ON MAY 11, 1966 GROUP 4.75 5.00 5.25 5.50 Total or 3 . l 5 e 0 s s 4.00 4.50 4.75 5.00 5.25 5.50 NUMBER OF BANKS 33 36 13 1 889 272 307 178 30 50 29 23 AH banks Size of bank (total deposits in millions of dollars): 1 2 325 142 121 52 3 7 Less than 10 5 10 1 330 110 121 67 9 17 4 2 10-50 4 3 I 76 10 30 22 4 4 4 2 50-100 10 8 2 102 8 28 33 8 12 9 4 100-500 13 13 10 56 2 7 4 6 10 12 15 500 and over F.R. district: 2 4 73 9 29 19 7 8 1 Boston 6 11 10 194 23 97 37 6 8 10 13 New York 5 ................ 195 128 40 17 ................4 5 1 Philadelphia 2 96 33 43 15 3 1 1 Cleveland 3 I 95 15 46 27 3 3 Richmond 2 1 1 41 16 11 8 1 2 1 Atlanta 1 1 44 (9 8 12 2 3 Chicago 27 19 4 1 1 St. Louis 1 10 1 4 4 1 Minneapolis 1 3 24 6 5 7 9 2 2 Kansas City 4 4 51 3 15 21 3 7 1 1 Dallas II 7 1 39 5 9 4 15 3 3 San Francisco — ----------— AMOUNTS (in millions of dollars) 210 456 841 3 2,219 51 117 175 89 263 582 942 All banks Size of bank (total deposits in millions of dollars): (*) 1 53 15 16 16 5 Less than 10 5 15 (*) 117 23 41 21 4 27 I 10-50 I 10 (0 3 79 7 19 34 1 10 2 5 50-100 35 24 10 221 5 24 84 27 31 29 21 100-500 169 406 830 ............... 1,749 1 17 19 56 190 550 915 500 and over F.R. district: (2) 12 153 0 6 7 38 99 (2) Boston 33 99 821 1,216 2 25 20 18 40 309 801 New York 134 206 21 17 20 ...............1.3 77 (2) Philadelphia (2) (2) 71 4 29 28 3 (2) (2) Cleveland 53 (') 103 1 20 30 16 34 (2) Richmond (') (2) (2) 29 12 6 U) (2) (2) (2) Atlanta (2) (2) 1 12 4 7 52 (2) 45 Chicago 10 3 2 (2) (2) O) St. Louis (2) 4 (2) 1 ................ (2) .........M...i.n..neapolis (>) 6 8 2 (‘) (2) (2) Kansas City 5 II 34 1 3 8 1 14 (2) (2) Daitas 65 193 (2) ............... 274 ................ 1 2 12 54 183 21 San Francisco Note.—Excludes banks that reported no interest rate paid on the Excludes Christmas savings and other special accounts. dates shown. Dollar amounts may not add to totals because of rounding. When a bank reported a maximum rate in between those shown, it was included in the group paying the next higher rate. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1128 FEDERAL RESERVE BULLETIN • AUGUST 1966 APPENDIX TABLE 8 MEMBER BANKS RAISING RATES AFTER DECEMBER 3, 1965, BY PERIOD, SIZE OF BANK, AND FEDERAL RESERVE DISTRICT (NUMBER OF BANKS) Raised rate paid after Raised rate paid after Banks No Dec. 3, 1965 Banks No Dec. 3, 1965 Group de w po it s h i ts ch ra a in t n e g 1 e Dec. 3- Mar. 2- Dec. 3- de w p i o t s h i ts ch ra a in n te g 1 e Dec. 3- Mar. 2 Dec. 3 Mar. 2 May 11 May 11 Mar. 2 May 11 May 11 SAVINGS DEPOSITS SAVINGS CERTIFICATES All banks.................................... 5,888 4,853 843 192 1,035 3,366 1,475 1,272 619 1,891 Size of bank (total deposits in millions of dollars): Less than 10................... 3,427 2,813 513 101 614 2,026 966 775 285 1,060 10-50............................... 1 ,859 1,518 269 72 341 1,008 403 387 218 605 50-100............................. 257 217 32 8 40 138 47 50 41 91 100-500........................... 265 233 26 6 32 135 47 42 46 88 500 and over............... 80 72 3 5 8 59 12 18 29 47 Federal Reserve district: Boston............................. 226 191 28 7 35 57 21 18 18 36 New York...................... 394 341 39 14 53 132 59 38 35 73 Philadelphia.................... 400 301 77 22 99 206 94 80 32 112 Cleveland........................ 501 421 59 21 80 323 205 50 68 118 Richmond...................... 405 342 37 26 63 219 132 67 20 87 Atlanta............................ 512 409 86 17 103 306 172 83 51 134 Chicago........................... 977 874 73 30 103 670 292 212 166 378 St. Louis......................... 451 319 125 7 132 300 98 173 29 202 Minneapolis.................... 488 319 149 20 169 406 90 245 71 316 Kansas City.................... 777 624 135 18 153 410 159 199 52 251 Dallas.............................. 534 496 30 8 38 220 120 79 21 100 San Francisco................. 223 216 5 2 7 117 33 28 56 84 SAVINGS BONDS OTHER NONNEGOTIABLE CD’s All banks.................. 162 77 57 28 85 1,466 639 542 285 827 Size of bank (total deposits in millions of dollars): Less than 10................... 49 23 19 7 26 746 350 286 110 396 10-50............................... 65 28 26 11 37 490 223 177 90 267 50-100............................. 10 4 3 3 6 89 25 34 30 64 100-500........................... 24 13 8 3 11 103 34 36 33 69 500 and over................... 14 9 1 4 5 38 7 9 22 31 Federal Reserve district: Boston............................. 3 0 1 2 3 58 27 12 19 31 New York.............. 15 8 4 3 7 129 50 47 32 79 Philadelphia.................... 13 8 3 2 5 118 62 39 17 56 Cleveland........................ 9 6 2 1 3 123 82 24 17 41 10 5 5 5 89 51 24 14 38 Atlanta............................ 38 11 16 11 27 121 55 47 19 66 Chicago............... 19 11 7 1 8 238 121 63 54 117 St. Louis.......................... 18 9 7 2 9 98 33 54 11 65 Minneapolis.................... 5 3 2 2 88 19 55 14 69 Kansas City.. 20 9 8 3 It 183 52 104 27 131 Dallas. ........... 5 4 I 1 168 74 64 30 94 San Francisco................. 7 3 1 3 4 53 13 9 31 40 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
TIME AND SAVINGS DEPOSITS 1129 Raised rate paid after Raised rate paid after d B e w p a o i n t s h k i s ts c r h N a a in t n o e g 1 e Dec. 3- De M c. a 3 r. , 2 1 965 Dec. 3 d B e w p a o i n t s k h i s ts ch r N a n in t a o e g 1 e Dec. 3- De M c. a 3 r , . 2 1 965 Dec. 3 Group Mar. 2 May 11 May 11 Mar. 2 May 11 May 11 NEGO1flABLE CD’s—LESS THAN $100,000 NEG(3T1ABLE CD’s—$100,000 OR MORE 1,549 603 582 364 946 632 134 229 269 498 AH banks Size of bank (total deposits in millions of dollars): 689 332 246 111 357 73 25 25 23 48 Less than 10 521 207 207 107 314 225 65 95 65 160 10-50 104 25 46 33 79 84 16 32 36 68 50-100 171 35 60 76 136 172 26 62 84 146 100-500 64 4 23 37 60 78 2 15 61 76 500 and over Federal Reserve district: 84 29 24 31 55 59 15 12 32 44 Boston 138 44 44 50 94 83 9 26 48 74 New York 64 23 28 13 41 19 5 6 8 14 Philadelphia 58 28 12 18 30 24 2 9 13 22 Cleveland 108 63 32 13 45 47 20 18 9 27 Richmond 136 74 39 23 62 59 18 18 23 41 Atlanta 177 80 59 38 97 84 23 26 35 61 Chicago 99 33 56 10 66 16 5 8 3 11 St. Louis 85 22 44 19 63 27 3 11 13 24 Minneapolis 235 83 98 54 152 64 10 28 26 54 Kansas City 243 102 112 29 141 86 15 55 16 71 Dallas 122 22 34 66 100 64 9 12 43 55 San Francisco TIME DEPOSITS, OPEN ACCOUNT* 889 520 196 173 369 All banks Size of bank (total deposits in millions of dollars): 325 228 65 32 97 Less than 10 330 201 76 53 129 10-50 76 39 24 13 37 50-100 102 42 21 39 60 100-500 56 10 10 36 46 500 and over Federal Reserve district: 73 45 12 16 28 Boston 194 103 39 52 91 New York 195 126 49 20 69 Philadelphia 96 65 17 14 31 Cleveland 95 67 18 10 28 Richmond 41 29 7 5 12 Atlanta 44 29 9 6 15 Chicago 27 10 7 10 17 St. Louis 10 2 3 5 8 Minneapolis 24 10 7 7 14 Kansas City 51 21 21 9 30 Dallas 39 13 7 19 26 San Francisco 1 Includes a few banks that reduced the rate paid. Note.—Excludes banks that reported no interest rate paid on the dates 2 Excludes banks holding only Christmas savings and other special shown. funds. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
APPENDIX TABLE 9 CHANGES IN TOTAL AMOUNT OF BOTH TIME AND SAVINGS DEPOSITS, IPC, DECEMBER 3, 1965—MAY 11, 1966, AT MEMBER BANKS CLASSIFIED BY THE MAXIMUM RATE THEY PAID ON ANY CONSUMER-TYPE TIME DEPOSIT (IN MILLIONS OF DOLLARS) ALL BANKS MAXIMUM RATE (PER CENT) PAID ON ANY CONSUMER-TYPE TIME DEPOSIT ON MAY 11, 1966 Consumer-type 4.00 or less 4.01-4.50 4.51-5.00 Over 5.00 GROUP Busi Total n ty e p ss e - Busi Consumer-type Busi Consumer-type Busi Consumer-type Busi Consumer-type time S in a g v s Time Total n t t i y e m s p s e e - S in a g v s Time Total n t t i y e m p ss e e - S in a g v s Time Total n t t i y e m p ss e e i S n a g v s Time Total n l t i y e m p ss e e - S in a g v s Time All banks 5,574 1,497 -1,218 5,295 946 437 492 17 1,399 128 156 1,115 1,322 210 -429 1,540 1,910 724-1,434 2,620 Size of bank (total de posits in millions of dollars): Under 10. . . 645 47 178 420 206 37 118 51 306 6 41 259 93 5 14 73 41 4 36 10-50........... 1,183 154 298 731 330 129 191 10 542 10 72 460 217 14 4 198 95 2 31 63 50-100......... 464 90 76 298 96 60 42 -6 174 34 129 89 84 8 -10 86 100-500....... 1,123 314 48 761 245 148 135 -38 266 43 20 203 441 86 (2) 356 170 37 -106 239 500 and over 2,160 892 -1,816 3,084 69 63 6 (2) 58 64 460 94 -458 824 1,520 677 -1,353 2,196 F.R. district: Boston........ 211 120 53 38 43 23 20 (2) 26 4 20 2 145 91 35 19 -3 2 18 New York. . 1,029 373 -284 940 95 63 34 91 13 55 171 14 -68 225 672 281 -304 695 Philadelphia, 445 46 86 313 67 26 36 99 3 95 104 -16 28 92 175 34 20 121 Cleveland. 600 194 198 208 187 70 103 14 157 59 19 79 123 19 40 135 46 37 52 Richmond 332 2 99 231 71 15 58 -2 132 -3 40 95 78 -10 89 51 (1) 49 Atlanta... 421 59 133 229 108 45 76 -13 122 26 95 133 I1) HO 56 12 7 37 Chicago.... 850 176 -292 966 154 44 78 351 39 36 276 147 -203 350 197 92 -203 308 St. Louis.... 180 19 173 27 5 46 -24 124 6 119 -8 22 27 -4 -25 56 Minneapolis. 231 33 -21 219 33 27 8 134 u> -14 148 35 -5 40 30 6 23 Kansas City.. 232 46 -81 267 51 35 13 3 88 (2) -22 110 59 7 -10 62 30 -63 92 Dallas....... 218 87 -71 202 54 28 28 58 13 -24 69 91 39 -67 119 15 7 -8 16 San Francisco 827 377 -1,056 1,506 54 53 18 12 5 231 78 -194 347 525 246 -875 1,154 1 Increase of less than $500,000. Note.—Consumer-type deposits include savings deposits, savings cer 2 Decrease of less than $500,000. tificates, savings bonds, other nOnegotiable CD’s and negotiable CD’s in denominations of less than $100,000. Business-type time deposits represent negotiable CD’s in denomina tions of $100,000 or more, and time deposits, open account. Dollar amounts may not add to totals because of rounding. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
TIME AND SAVINGS DEPOSITS 1131 APPENDIX TABLE 10 MEMBER BANKS GROUPED BY THE PERCENTAGE CHANGE IN THEIR HOLDINGS OF CONSUMER TYPE TIME AND SAVINGS DEPOSITS, IPC, DECEMBER 3, 1965-MAY 11, 1966, IN RELATION TO THE MAXIMUM RATES PAID ON SUCH DEPOSITS ON MAY 11, 1966, AND TO SIZE OF BANK (NUMBER OF BANKS) Maximum rate paid Size of bank (per cent) (total deposits, in millions of dollars) Percentage change Total 4.00 or less 4.01-4.50 4.51-5.00 Over 5.00 Under 10 10-100 100-500 500 & Over 6,032 2,314 2,785 743 190 3,565 2,122 265 80 Increase of: Over 25.0............................... 493 106 207 125 55 395 91 5 2 20.1 25.0............................... 144 33 72 34 5 114 20 5 5 15 1 20.0............................... 274 63 155 46 10 181 79 11 3 Io i 15 0............................... 670 176 387 83 24 432 212 19 7 8J-10.0. . ........................... 498 161 284 47 6 300 174 20 4 6.1- 8.0............................... 723 246 394 69 14 401 288 27 7 4 1 6.0............................... 889 388 394 94 13 491 345 44 9 2 i 4.0............................... 910 415 395 81 19 458 393 48 11 o.i- 2.0............................... 677 349 248 66 14 363 262 42 10 5,278 1,937 2,536 645 160 3,135 1,864 221 58 Decrease of: 0 1-20............................... 342 166 122 41 13 177 130 23 12 2 1- 4.0............................... 176 86 63 22 5 111 57 6 2 4J- 6.0............................... 95 55 23 13 4 59 29 5 2 61 80............................. 50 26 19 5 31 16 3 8.1-10.0. .............................. 25 10 8 5 2 12 7 4 2 10 i-15.0............................... 39 20 9 8 2 19 17 1 2 Over 15.0............................... 27 14 5 4 4 21 2 2 2 Total banks decreasing.. .......... 754 377 249 98 30 430 258 44 22 Note.—“Consumer-type time and savings deposits” includes savings 1 Excludes banks with no consumer-type time or savings deposits on deposits, savings certificates, savings bonds, other nonnegotiable CD’s December 3, 1965, or May 11, 1966. and negotiable CD’s in denominations of less than 5100,000. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1132 FEDERAL RESERVE BULLETIN • AUGUST 1966 APPENDIX TABLE 11 DIFFERENTIALS BETWEEN HIGHEST RATE AND MOST COMMON RATE PAID BY MEMBER BANKS ON TIME DEPOSITS, IPC, ON MAY 11, 1966 (NUMBER OF BANKS CLASSIFIED BY SIZE OF TOTAL DEPOSITS) (in R p a e t r e c e d n i t f a f g e e re n p t o ia in l ts) gr s A o iz u l e l p s Un 1 d 0 T er otal d 1 e 0 p -5 o 0 sits ( 5 in 0 - m 10 i 0 llions 1 5 o 0 0 f 0 0 dolla a r n s) d 50 o 0 v er gr s A o iz u l e l p s Un 1 d 0 T er otal d 1 e 0 p -5 o 0 sits ( 5 in 0 - m 10 i 0 llions 1 o 5 0 0 f 0 0 dolla a r n s) d 50 o 0 v er SAVINGS CERTIFICATES SAVINGS BONDS All banks. ■ 3,366 2,026 1,008 138 135 59 162 49 65 10 24 14 0.00..... 2,830 1,751 816 104 112 47 146 43 61 9 23 10 0.01-0.25. 108 48 39 12 8 1 2 2 0.26-0.50. 336 175 124 17 11 9 13 6 2 1 4 0.51-0.75. 20 9 5 5 1 0 O . v 7 e 6 r - 1 1 . . 0 0 0 0 . , 6 1 2 0 35 8 23 1 ..............3 1 1 1 1 OTHER NONNEGOTIABLE CD’s NEGOTIABLE CD’s—LESS THAN $100,000 1,466 746 490 89 103 38 1,549 689 521 104 171 64 0.00........................... 1,113 621 366 53 59 14 1,070 541 371 58 76 24 0.01-0.25.................. 95 25 29 12 17 12 141 27 39 14 36 25 0.26-6.50................. 194 79 69 15 21 10 254 93 83 24 43 11 0.51-0.75.................. 21 9 3 4 4 1 35 7 10 6 10 2 0.76-1.00.................. 34 8 20 4 2 44 19 15 2 6 2 Over 1.00................. 9 4 3 ] 1 5 2 3 NEGOTIABLE CD’s—$100,000 OR MORE TIME DEPOSITS, OPEN ACCOUNT I All banks......................... 632 73 225 84 172 78 889 325 330 76 102 56 0.00........................... 325 53 147 35 69 21 670 280 252 53 64 21 0.01-0.25................. 110 5 23 12 35 35 42 8 15 2 7 10 131 13 38 20 41 19 113 25 43 10 22 13 39 8 12 15 3 14 3 4 0.76-1.00.................. 18 5 4 9 31 g 12 3 4 Over 1.00................. 9 i 4 i 3 .............. 19 4 5 4 4 2 1 Excludes banks holding only Christmas savings and other special Note.—Excludes banks that reported no interest rate paid on May 11, funds. 1966. ’ Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
TIME AND SAVINGS DEPOSITS 1133 APPENDIX TABLE 12 SHORTEST MATURITY ON WHICH MAXIMUM RATE WAS PAID BY MEMBER BANKS ON CON SUMER-TYPE TIME DEPOSITS, IPC, ON MAY 11, 1966, BY SIZE OF BANK (NUMBER OF BANKS) Shortest maturity (in months) Shortest maturity (in months) Group All 3 or Over All 3 or Over ma less 4-6 7-12 13-24 25-60 60 ma less 4-6 7-12 13-24 25-60 60 turities turities SAVINGS CERTIFICATES Size of bank (total deposits in mil lions of dollars): All banks, 3,366 705 917 1 ,656 43 43 Under 10, 2,026 343 544 1,107 19 12 10-50 .... 1,008 276 251 446 15 20 50-100 ............... 138 38 51 44 3 2 100-500 ............. 135 38 48 39 5 5 500 and over.. <. 59 10 23 20 4 OTHER NONNEGOTIABLE CD’S NEGOTIABLE CD’S—LESS THAN $100,000 Size of bank (total deposits in mil lions of dollars): All banks........... 1,466 349 432 644 16 1,549 422 480 614 14 14 5 Under 10............ 746 139 215 372 10 689 137 208 328 5 8 3 10-50................. 490 143 131 199 5 521 170 144 197 5 4 1 50-100............... 89 32 30 104 42 31 27 2 1 1 100-500.............. 103 37 31 171 65 60 43 2 1 500 and over.... 38 17 12 64 8 37 19 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
APPENDIX TABLE 13 MINIMUM DENOMINATION ON WHICH HIGHEST RATE WAS PAID BY MEMBER BANKS ON MAY 11, 1966, BY SIZE OF BANK - ' -----------------— Minimum denomination (in dollars) Minimum denomination (in dollars) AU All Type a o n f d d e m p a o x s i i m t, u si m ze ra o t f e bank, n n a o d ti m e o n i s u a n 1 n 0 d d 0 e r 1 5 0 0 1 0 1 5 , 0 0 1 0 0 1 5 , , 0 0 0 0 1 0 2 5 5 ,0 ,0 0 0 1 0 2 O 5, v 0 e 0 r 0 n n a o d ti m e o n i s u a n 1 n 0 d d 0 e r 1 5 0 0 1 0 1 5 , 0 0 1 0 0 1 5 , , 0 0 0 0 1 0 5 25 ,0 ,0 0 0 1 0 2 O 5, v 0 e 0 r 0 Number of banks Perceritage distri?ution savings certificates Size of bank (total deposits in millions of dollars): Total............................................ 3,366 1,392 875 710 261 89 39 100 41 26 21 8 3 1 Under 10.............................................. 2,026 917 551 399 113 37 9 100 4'5 27 20 6 2 0) Maximum rate: 4.50% or less........ 1,852 877 510 357 77 25 6 100 48 28 19 4 1 0) Over 4.50%......... 174 40 41 42 36 12 3 100 23 23 24 21 7 2 10-50.................................................... 1,008 381 261 236 78 35 17 100 38 26 23 8 3 2 Maximum rate: 4.50% or less........ 888 361 243 200 57 18 9 100 41 27 23 6 2 1 Over 4.50%.......... 120 20 18 36 21 17 8 100 17 15 30 17 14 7 50 100 ...................................... 138 35 38 32 18 10 5 100 25 28 23 13 7 4 Maximum rate: 4.50% or less..... 105 30 32 28 12 2 I 100 29 30 27 11 2 1 Over 4.50%...... 33 5 6 4 6 8 4 100 15 18 11 21 24 11 100-500........1..3..5.................4..2................2.2 31 30 6 4 100 31 16 23 22 5 3 Maximum rate: 4.50% or less........ 91 39 17 19 11 3 2 100 43 19 21 12 3 2 Over 4.50%...... 44 3 5 12 19 3 2 100 7 11 27 43 7 5 500 and over....................................... 59 17 3 12 22 1 4 100 29 5 20 37 2 7 Maximum rate: 4.50% or less........ 22 14 2 3 3 100 64 9 14 13 Over 4.50%.......... 37 3 1 9 19 1 4 100 8 3 24 51 3 11 SAVINGS BONDS Size of bank (total deposits in millions of dollars): 162 114 17 17 13 1 100 70 10 11 8 1 Under 10.............................................. 49 29 5 10 5 100 59 10 21 10 Maximum rate: 4.50% or less....... 40 25 5 9 1 100 63 12 23 2 Over 4 50% . 9 4 1 4 100 45 11 44 10-50 ..................................... 65 52 5 5 2 1 100 80 8 8 3 1 Maximum rate: 4.50% or less....... 51 42 4 4 1 100 82 8 8 2 Over 4.50%...... 14 10 1 1 1 1 100 72 7 7 7 7 50-100 . . .... 10 6 2 2 100 60 20 20 Maximum rate: 4.50% or less........ 6 5 1 100 83 17 4 1 1 2 100 25 25 50 100-500 24 19 3 2 100 79 13 8 Maximum rate: 4.50% or less..... 21 17 3 1 100 81 14 5 3 2 1 100 67 33 14 8 2 4 100 57 14 29 Maximum rate: 4.50% or less........ 10 8 2 100 80 20 Over 4 50%.... . 4 4 100 100 FEDERAL RESERVE BULLETIN ♦ AUGUST 1966 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
OTHER NONNEGOTIABL.E CD’s Size of bank (total deposits in millions of dollars): 1,466 504 277 324 164 123 74 100 34 19 22 11 9 5 Under 10.............................................. 746 308 159 166 68 34 11 100 41 21 22 9 5 2 Maximum rate: 4.50% or less........ 661 300 151 138 51 15 6 100 45 23 21 8 2 1 Over 4.50%........ 85 8 8 28 17 19 5 100 9 10 33 20 22 6 10-50.................................................... 490 155 98 108 58 49 22 100 32 20 22 12 10 4 Maximum rate: 4.50% or less..... 416 149 88 95 45 30 9 100 36 21 23 11 7 2 Over 4.50%........74 6 10 13 13 19 13 100 8 14 17 17 26 18 50-100.................................................. 89 17 11 22 14 14 11 100 19 12 25 16 16 12 Maximum rate: 4.50% or less........ 57 16 9 18 10 4 100 28 16 32 17 7 Over 4.50%......... 32 1 2 4 4 10 11 100 3 6 13 13 31 34 100-500................................................ 103 17 7 24 18 20 17 100 17 7 23 17 19 17 Maximum rate: 4.50% or less........ 61 17 4 21 9 7 3 100 28 7 34 15 11 5 Over 4.50%.......... 42 3 3 9 13 14 100 7 7 22 31 33 500 and over....................................... 38 7 2 4 6 6 13 100 18 5 11 16 16 34 Maximum rate: 4.50% or less........ 12 3 2 ' 2 3 2 100 25 16 17 25 17 Over 4.50%.......... 26 4 ................ 2 3 6 II 100 15 ................ 8 12 23 42 NEGOTIABLE CD’s—LESS THAN SI00.000 Size of bank (total deposits in millions of dollars) Total..................................................... 1,549 484 256 344 198 197 70 100 31 17 22 13 13 4 Under 10.............................................. 689 293 145 140 68 36 7 100 43 21 20 10 5 1 Maximum rate: 4.50% or less........ 569 278 131 97 37 22 4 100 49 23 17 6 4 1 Over 4.50%...... 120 15 14 43 31 14 3 100 12 12 36 26 12 2 10-50.................................................... 521 138 84 150 78 62 9 100 26 16 29 15 12 2 Maximum rate: 4.50% or less....... 402 126 76 121 41 34 4 100 31 19 30 10 9 1 Over 4.50%...... 119 12 8 29 37 28 5 100 10 7 24 31 24 4 50-100.................................................. 104 19 17 26 15 20 7 100 18 16 25 14 19 8 Maximum rate: 4.50% or less........ 64 19 13 19 6 5 2 100 30 20 30 9 8 3 Over 4.50%.......... 40 4 7 9 15 5 100 10 17 23 38 12 100-500................................................ 171 29 10 22 27 59 24 100 17 6 13 16 34 14 Maximum rate: 4.50% or less........ 75 24 10 16 8 14 3 100 32 13 21 11 19 4 Over 4.50%...... 96 5 6 19 45 21 100 5 6 20 47 22 500 and over....................................... 64 5 6 10 20 23 100 8 9 16 31 36 Maximum rate: 4.50% or less........ 6 3 3 100 50 50 Over 4.50%...... 58 5 6 7 20 20 100 9 ................ 10 12 34 35 1 Less than one-half of 1 per cent. TIME AND SAVINGS DEPOSITS 1135 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1136 FEDERAL RESERVE BULLETIN • AUGUST 1966 APPENDIX TABLE 14 MEMBER BANKS PAYING MORE THAN 4.50 PER CENT ON SELECTED TYPES OF TIME DEPOSITS, IPC, ON MAY 11, 1966 Size of bank (total deposits in millions of dollars) Size of bank (total deposits in millions of dollars) Type of deposit and Federal Reserve district gr s A o iz u l e l p s Un 1 d 0 er I 5 Q 0 - 5 1 0 00 1 5 0 0 0 0 o a 5 v n 0 e d 0 r gr s A o iz u l e l p s Un 1 d 0 er 1 5 0 0 5 1 0 00 1 5 0 0 0 0 o a 5 v n 0 e d 0 r Nurnber Per cent ofall banks in eacl size grcup CONSUMER-TYPE TIME DEPOSITS 1 All districts................................................ 933 353 287 86 133 74 17 11 16 34 52 93 Boston................................................... • 65 16 27 6 11 5 38 23 38 55 85 100 New York.......................................................... 98 16 23 14 28 17 31 16 18 41 60 100 Philadelphia...................................................... 27 6 9 2 5 5 8 3 7 13 38 100 Cleveland........................................................... 42 8 II 6 10 7 9 3 6 33 45 88 Richmond.......................................................... 36 14 12 4 5 10 7 H 8 27 71 Atlanta............................................................. 86 27 33 12 11 3 17 11 17 46 34 100 Chicago............................................................. 81 17 23 10 21 10 8 3 7 15 50 77 St. Louis............................................................. 42 18 16 3 3 2 9 6 12 27 25 100 Minneapolis........................................................ 21 9 6 3 I 2 4 3 4 25 33 100 Kansas City..................................... 145 83 44 6 12 19 14 29 43 63 Dallas................................................................ 140 67 47 12 9 5 24 17 30 71 47 100 San Francisco..................................................... 150 72 36 11 18 13 70 63 68 85 86 100 NEGOTIABLE CD’s—$100,000 OR MORE All districts................................................... 347 23 81 49 118 76 55 32 36 58 69 97 Boston................................................................. 38 7 10 4 12 5 64 54 43 80 92 100 New York,.......................................................... 56 7 8. 24 17 67 35 67 75 100 Philadelphia......................................................... 9 4 5 47 80 100 Cleveland ............................................................ 14 1 1 5 7 58 13 100 71 100 Richmond........................................................... 13 1 2 1 3 6 28 ' 20 9 25 33 100 Atlanta................................................................ 28 1 6 7 11 3 47 13 35 58 58 100 Chicago............................................................. 37 6 5 15 II 44 20 42 63 85 St. Louis.............................................................. 4 2 2 25 40 100 Minneapolis......................................................... 16 1 7 4 2 59 50 54 57 67 100 Kansas City................................................... 37 2 17 5 13 58 13 77 56 72 Dallas................................................................. 42 5 16 7 9 5 49 38 37 88 53 100 San Francisco,......................................... 53 6 9 7 18 13 83 67 69 78 90 100 TIME DEPOSITS, OPEN ACCOUNT2 All districts,................................................. 132 10 32 14 33 43 15 3 10 18 32 77 Boston................................................... 16 3 8 I 1 3 22 9 33 13 17 100 New York........................................................... 37 6 5 10 14 19 4 8 22 36 82 Philadelphia........................................ 10 3 2 5 5 4 17 100 C Ri l c e h v m ela o n n d d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .................... 5 7 2 3 1 i 2 3 7 5 5 8 13 9 2 5 9 0 Atlanta................................ 6 1 1 I 3 15 11 5 25 38 Chicago.............................................................. 5 I 1 3 11 13 20 100 St Fouls - ........... ....................................... 2 J 7 25 100 Minneapolis. ....................................................... 1 I 10 100 Kansas City. .................................................... 6 3 1 2 25 60 33 67 Dallas................................................................... 12 1 2 3 3 3 24 6 11 50 43 75 San Francisco,.................................................. 25 3 4 1 9 8 64 30 57 50 75 100 1 Banks were classified on the basis of the highest rate paid on May 2 Excludes banks holding only Christmas savings and other special 11, 1966, on any consumer-type time deposit; these include savings certifi- funds. cates, savings bonds, other nonnegotiable CD’s, and negotiable CD’s in denominations of less than $100,000, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
REVISION OF WEEKLY REPORTING MEMBER BANK SERIES The series Condition Statement of ing banks or from withdrawal of reporting Weekly Reporting Member Banks has been banks from the panel have been added back revised in coverage and format, beginning into the revised series. A new method of with the report for July 6. The revision had adjusting for such mergers in the future is two aims: (1) to cover the largest volume being introduced with the revised series. of bank assets possible in the smallest num Data for June 29 were collected on both ber of banks; and (2) to account for a the old and revised basis. The table on page major share of the short-term fluctuations in 1138 shows the increases in the pub major bank asset and liability categories. lished levels of various items resulting from The revised series includes only banks the net addition of larger banks to the series with deposits of $100 million or more; and the incorporation of adjustments.1 banks with total deposits of less than $100 The changes in coverage and format of million have been dropped, and large com the series are described in some detail mercial banks—both member and non below. member—are now included. To reflect these changes, the series title has been RESPONDENT PANEL changed to Weekly Condition Report of The revised series covers virtually all of the Large Commercial Banks. Data for the re assets of member and nonmember commer vised series for banks in New York City and cial banks in the United States with deposits in the City of Chicago are available in the in excess of $100 million. The revised panel Board’s H.4.3 release and for all large includes 341 reporting banks compared banks (the national series) in the H.4.2. with 344 before; 91 banks were dropped, release, as well as in the Bulletin (pages and 88 were added. 1198-1201 of this issue). The net effect of adding large banks and The reporting form used by respondent dropping smaller ones was to increase total banks has been revised to show, among assets by about $12.4 billion, or about 6 other things, more detailed breakdowns of per cent.3 The new series includes more than “All other loans” and of “Other securities;” 61 per cent of the assets of all commercial and also an ownership breakdown of negoti banks; for some of the more volatile and able time certificates of deposit in denomi important asset and liability items that are nations of $100,000 and over. The revised held predominantly in large commercial series is in the form of a complete balance banks, the coverage is substantially greater. sheet, and derived items having special analytical uses are listed separately as 1 Estimates of revised data for the full year memoranda. preceding the series revision, reflecting the change in Past adjustments to prevent distortions respondent coverage and inclusion of adjustments, will be published in a later issue of the Bulletin. that would otherwise have resulted from 3 This figure excludes increase of $3.4 billion reflect mergers of nonreporting banks with report ing additions of “adjustment bank” described later. 1137 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1138 FEDERAL RESERVE BULLETIN ■ AUGUST 1966 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS, JUNE 29, 1966 (In millions of dollars) Loans 2 For purchasing To financial institutions or carrying securities Total Wednesday m i l n o a e v n a n e n d t s s s t 1 l T n o o e a t t n a s 1 l , C i m t n c a r o i d n i e a m a u d r l l s A t c u g u ra r l i l U a T n . o S d . b d r e o O a k l e t e h r r s e s r U T .S o . oth O e t r h s er Bank m D e o s P a e N n r d s o , nbank e R st e a a t l e i C m m n s o s u e e t n n a r t l g F e o i o v g r t n s . o A th l e l r V se t r a i r o e l v u n e a s G c t u s o ie e r v s i t, c t s u ie e r s ~ i - G c t s u i o e e r v s i t , c t s u ie e r s i F ei o g r n c m c o t i i e m a c r l f s c i e a n o t l a s c e . n . s , . Other Old basis.................. 172,898 127,784 55,792 1 ,675 670 3,862 92 2,144 1,506 3,218 6,873 4,76223,516 26,275 2,601 New basis................ 186,535 136,23958,246 1,753 682 3,972 87 2,231 1,498 3,338 7,050 4,88526,662 16,014 1.158 11.423 2,760 Net increase, or decrease ( — ).... 13,637 8,455 2,454 78 12 110 -5 87 -8 120 177 123 3,146 2,320 159 Investments Cash assets U. S. Government securities Other securities Wednesday Total Bills c C t a i e f te i r s W 1 i N y i n t r h o . m tes a 5 tu a I y n r t r i d o n s . g b — o 5 A n d y ft s r e s r . O S l r w i T a t b t a i n a a l c t i t r x e a g s s l a 3 t s a i u o n o b d n A t d h s l i p e l v o o r . f t C i a O c c p e n o o i t a r d p h r t f r i p a e s f , r . e c s b u O t s o r o r e i n i t t c c t h i d k i e u e e s s s s , r Total i C p t c c e i o e a r o n m o s s f l s . h - s d b a w o B a n t m i i a n c t c l h e e k s s s b a B w e f n a i o n a c i g t r l e k n h s s r C c e a o n n u i c d r n y B s F e w R a r . n i v R e t k e h . s s a o s A t s h e l e l t r s tion4 Old basis.................. 20,276 2,133 561 2,763 8,829 5,990 24,838 37,092 17,752 3,392 193 2,251 13,504 7,307 New basis.............. 22,482 2,277 588 3,076 9,895 6,646 2.652 21.190 1,328 2,64438,749 17,991 4,031 200 2,551 13,976 7,702 Net increase, or decrease (~).... 2,206 144 27 313 1,066 656 2,976 1,657 239 639 7 300 472 395 Deposits Demand Time Wednesday u T n o a ta d l S a ta n t d e s m D e o s Foreign IPC S a ta n t d e s Do Foreign justed TotaD IPC p d s i o i c u v a l b i i l t G U o . v S t . . c m c o t i i e a m c r l G et o c. v 6 t, C m c o i e a m r l Total? S in a g v s Other p d s i o i c u v l a b i i l t i . b m n a l t e ' n e c s k r G et o c v ,6 t., C m c o i e a m r l sions banks banks sions banks Old basis.................. 185,186 102,318 70,259 5,651 7,471 11,936 738 1,462 82 868 43,104 27,515 6,920 634 4,333 222 New basis................ 199,084 108;899 75,830 6,161 7,764 11,858 778 1,498 90,185 48,413 28,687 7,691 647 4,348 228 Net increase, or decrease (—).......... 13,898 6,581 5,571 510 293 -78 40 36 7,317 5,309 1,172 771 13 15 6 Borrowings Memoranda Total assets— Other Capital Total Total loans Large certificates Wednesday F F r . o R m . From liabilities accounts liab a i n li d ti es T lo o a t n a s l ad ( j n u e s t t ) e , d, D de e p m o a si n ts d of deposit1 o Banks others a c c a c p o i u t n al t s ad ( j n u e s t t ) e , d 8 in a v n e d s t adjusted 9 Total Issued Issued ments 8 issued to I PC’s to others Old basis.................. 458 5,633 8,500 17,520 217,297 124,566 169,680 65,159 17,743 New basis................. 453 5,806 8,926 18,717 232,986 132,901 183,197 71,286 18,268 13,076 5,192 Net increase, or de crease (—)........ -5 173 426 1,197 15,689 8,335 13,517 6,127 525 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
WEEKLY REPORTING BANKS 1139 NEW REPORT FORM changes in bank holdings of “All other” A new category of consumer instalment municipal securities, now shown separately. loans in the weekly reporting series will Previously these two items had been in augment consumer credit series now col cluded in “Other securities.” lected on a monthly basis and will provide All bank holdings of Federal agency more current information on total consumer participation certificates are now reported instalment credit extended by banks. These as a separate item. With the expansion in loans now constitute a substantial part of the number and amount of such issues by the total loan portfolios of commercial Federal agencies, bank holdings of these banks; they were previously included in certificates have increased sharply. Included “All other loans.” in this item are participations in pools of A new item, “Loans to foreign govern loans made by the Commodity Credit Cor ments and official institutions,” also pre poration, the Export-Import Bank, the viously included in “All other loans,” will Federal National Mortgage Association, provide needed information on flows of and the Small Business Administration. credit to foreigners. When related to data Some of the instruments were previously collected by the Treasury, these new data classified as loans; for example, CCC cer will provide prompt and fairly complete tificates of interest had been in “Agricultural reporting on the foreign loans of U.S. loans,” and Export-Import bank portfolio banks.3 This new information will provide a fund participations had been in “All other current and up-to-date check on flows of loans.” And others had been included in U.S. bank funds abroad and will also permit “Other securities.” About $700 million of analysis of changes in credit extended to the $1.3 billion of such participations held domestic borrowers. by respondents at the end of June were Banks’ holdings of securities of States Export-Import Bank portfolio fund partici and political subdivisions have become in pations. creasingly important in recent years, and The new memorandum item on negotiable better current information on their holdings time certificates of deposit issued in de seemed to be required. The new item “Tax nominations of $100,000 or more to warrants, etc.” issued by States and political individuals, partnerships, and corporations subdivisions provides greater detail on (IPC) makes it possible to measure the banks’ holdings than is available from any extent to which holdings of this group affect other source. Moreover, since borrowings fluctuations in total CD’s outstanding in this by State and local governments through size category. Moreover, by subtracting the these tax warrants are thought to show wide amount of these large-denomination certifi seasonal swings, segregation of this item cates of deposit, IPC, from the figures for provides a more accurate estimate of other time deposits, IPC, in the balance sheet portion of the statement, it should now be 3 Also planned is a revision in the related series on possible to deduce approximate changes commercial and industrial loans by industry in order to segregate business loans to foreigners. taking place in the amount of savings cer- Notes to table on opposite page: 1 After deduction of valuation reserves. 6 Deposits of foreign governments and official institutions, cen 2 Individual items shown gross. tral banks, and international institutions. 3 Includes short-term notes and bills (under 1 year) issued by 7 Includes U.S. Govt, and postal savings, not shown separately. States and political subdivisions. 8 Exclusive of loans to domestic commercial banks. 4 Federal agencies only. 9 All demand deposits except U.S. Govt, and domestic commer 3 Includes certified and officers’ checks, and deposits of mutual cial banks, less cash items in process of collection. savings banks not shown separately. 10 Negotiable certificates of deposit issued in denominations of $100,000 or more. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1140 FEDERAL RESERVE BULLETIN • AUGUST 1966 tificates, savings bonds, and similar types of the asset and liability levels as published in time deposits commonly used by banks to the Board’s releases or in the Bulletin. attract personal savings. The growth of Rather, the amounts of assets and liabilities these consumer-type deposits, as discussed involved are set aside in what is often re in the article on pages 1102-36 of this ferred to as an “Adjustment bank.” Hence Bulletin, has been very substantial in forth, as indicated above, the assets and recent months as an increasing number of liabilities of the adjustment bank will be banks have expanded their efforts to market incorporated in the series at the end of these types of savings instruments. each year. If the assets of banks merged with weekly ADJUSTMENT PROCEDURE reporters exceed those of banks that drop There will be a continuing need to adjust out of the series, total assets and liabilities the new series to account for nonreporting for the series at the beginning of the next banks that merge into weekly reporting year will be higher. If assets of banks drop banks and for banks that cease reporting. ping out exceed those of newly merged However, the cumulative effects of such ad weekly reporting banks, total assets and justments will be reduced, because the adjust liabilities for the series will be lower. At the ments will be added (or subtracted, as the end of each year the amount by which each case may be) at the end of each year so as item has been changed as a result of to reflect the actual levels of assets and “folding in” figures for the adjustment bank liabilities of all banks then reporting. Here will be published in the Bulletin. tofore, such adjustments were made only Once a bank merges with another bank, when a comprehensive revision of the series of course, it is impossible to segregate future was undertaken. In the current revision—changes in its assets and liabilities from the first since 1959—total assets have been changes in the assets and liabilities of the increased by $3.4 billion because of adding bank into which it merges. For this reason, in such adjustments. When a nonreporting bank merges with a figures showing week-to-week and year-toreporting bank (or when a reporting bank year changes will reflect actual changes in drops out of the series), the total assets of balance sheet items of the banks currently the bank are not immediately reflected in reporting in the series. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
STATEMENT TO CONGRESS On behalf of the Board of Governors of MAXIMUM RATES ON DEPOSIT-TYPE SAVINGS the Federal Reserve System, let me express As you know, the Board of Governors my appreciation for your prompt consider of the Federal Reserve System and the ation of legislation to provide flexible au Board of Directors of the Federal Deposit thority for supervisory agencies to prescribe Insurance Corporation are now required by maximum rates of return payable on deposit statute to prescribe maximum limits on the type savings. The Board’s proposals in this rates that member banks and insured non regard are incorporated in S. 3627. In ad member banks may pay on time and savings dition, the Board recommends legislation to deposits. I understand that the Federal widen the range within which the Board Home Loan Bank Board has implied au may fix reserve requirements on time and thority to limit rates paid by Federal savings savings deposits, and to authorize the Fed and loan associations on savings accounts, eral Reserve System to buy and sell in the but not those paid by State-chartered asso open market obligations issued or guaran ciations. Until recently, however, the Fed teed by agencies of the United States, such eral Home Loan Bank Board endeavored as the Federal Home Loan Banks or the to accomplish such regulation indirectly by Federal National Mortgage Association. restricting the amount of Federal Home The latter two proposals, along with the Loan Bank credit extended to member as provisions of S. 3627 regarding rate ceilings, sociations that paid excessive rates. are embodied in a draft bill submitted to S. 3627 contains uniform authority for your chairman on August 2. regulation of maximum rates payable by The Board has already indicated the gen these competing types of depositary institu eral nature of its support of these proposals tions. For both banks and savings and loan to the committee, in letters of July 15 and associations, regulation of rates would be August 2 to your chairman. My remarks discretionary, so that it could be invoked this morning are intended to supplement under conditions of excessive rate competi those earlier communications, after which tion, but could be suspended in less trouble I shall be glad to try to answer any ques some times, when regulation is not needed. tions that the committee members may have. The bill provides for consultation among Let me address my comments in turn to each the three regulatory agencies before any of the major areas of authority provided for change is made in ceiling rates under their in the legislative proposals of the Board of regulations. Governors, beginning with interest rates on Under existing law the Board may use deposits. only the following criteria in differentiating among deposits for rate ceiling purposes: Note.—Statement of J. L, Robertson, Vice Chair (1) different maturities, (2) different con man, Board of Governors of the Federal Reserve System, before the Senate Committee on Banking and ditions respecting withdrawal or repayment, Currency, on legislation to broaden authority to pre (3) different conditions by reason of dif scribe maximum rates payable on deposit-type savings, and related proposals, Aug. 4, 1966. ferent locations of the banks, or (4) differ- 1141 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1142 FEDERAL RESERVE BULLETIN • AUGUST 1966 ences—if any—in Federal Reserve discount in effect on savings deposits, which may be rates. The proposed legislation would withdrawn on demand. The bank must broaden this authority to authorize differ reserve the right to require at least 30 days’ entiation on such reasonable bases as the notice before withdrawal of a savings de responsible agency deems advisable in the posit, but in practice notice of withdrawal public interest, including authority to dif is waived, just as it is for share accounts at ferentiate on the basis of the amount of the savings and loan associations. Member deposit. banks are prohibited, however, from paying A lower-rate ceiling for smaller deposits other time deposits, except in an emergency, is, of course, subject to the objection that before maturity or an agreed-upon period it discriminates against the small saver. For of notice (which must be at least 30 days). this reason, the Board is requesting this In the first half of 1966, partly due to authority with considerable reluctance. the fact that other forms of investment at Nevertheless, we are faced with the fact that tracted more of the limited supply of today there are roughly $18 billion out savings, all types of depositary savings in standing in negotiable certificates of deposit stitutions experienced a slower rate of in denominations of $100,000 or more, and growth. At the same time, credit demands the going rate on these money-market CD’s were proving very strong. Commercial —that is, the rate banks must pay to renew banks reacted to these developments by them, even for very short maturities—is 514 seeking a new type of time deposit at higher per cent. Competing instruments in the rates. The market for this kind of deposit money market are being sold at higher differs from that for the money-market CD, yields. For example, commercial and fi nance company paper offers an alternative which is issued in denominations of $100, means of investing corporate funds for short 000 up mainly to attract idle funds of cor periods. Most large finance companies have porations. In contrast, the consumer CD, recently raised the rate they offer on such as I will call it to distinguish it from the paper to 5% per cent. Rates on commer money-market CD, is sold mainly to indi cial paper marketed by smaller concerns viduals and other smaller investors. These through dealers have risen to a range of consumer CD’s cannot be thought of, how 5% per cent to 614 per cent. I am con ever, as being held by small savers not par vinced that banks should be moderating ticularly sensitive to interest rate differen their reliance on continued net sales of large tials. A sizable portion of the funds in this negotiable certificates of deposit, for reasons area represents fairly large blocks, and we of sound banking as well as monetary re have abundant evidence that holders of these straint, but I also believe it would be fruit CD’s have been prepared to shift their funds less and disruptive in this kind of environ fairly promptly to take advantage of attrac ment to attempt to roll back interest rates tive interest rate differentials. Thus, the on these instruments. rapid growth of consumer CD’s at banks in In contrast to the 514 per cent rate on the first half of 1966 was matched in good money-market CD’s, available evidence in part by offsetting withdrawals from pass dicates that relatively few banks are paying more than 5 per cent on other time deposits. book savings deposits at these same banks For some time a 4 per cent ceiling has been (which, as you will recall, remain subject Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
STATEMENT TO CONGRESS 1143 to a 4 per cent ceiling). In addition, the the highest rate payable on multiple-matu most aggressively merchandised consumer rity deposits to 5 per cent, and established CD’s seemed also to be drawing funds from a 4 per cent ceiling for those payable less other savings institutions, and perhaps in than 90 days from deposit or from the last some cases even from cash balances and previous date on which the deposit was marketable securities. payable. The saver who chooses to move his funds In part the Board settled upon this “mul into a consumer-type time certificate of de tiple-maturity” ruling because present law posit must give up some freedom of action limited the nature of regulatory amend in exchange for the attractive interest return. ments it could make without disrupting the Smaller CD’s cannot be readily sold, as can market for negotiable CD’s of $100,000 marketable securities. CD holders are com and over in the process. Admittedly, banks pelled to wait at least 30 days, and often are still free to offer single-maturity CD’s, longer, to withdraw, rather than being re even to the “consumer” market, at rates up paid on demand, as they have come to to the current 51/2 per cent ceiling and with expect of savings deposits. To overcome maturities as short as 30 days, with no re this drawback, banks in the first half of this straints other than their own judgment as year increasingly offered depositors an op to what would be wise. tion: if they were willing to leave funds on In these circumstances, we think it would deposit for longer periods, they were prom be prudent to have more flexible authority ised higher returns, but they were given the to establish ceilings on other bases. I am privilege of withdrawing earlier at lower hopeful that our present regulation will rates of return. For example, a bank might prove effective. However, if it does not, offer a savings certificate with a 1-year ma we should be in a position to take whatever turity at 5 per cent interest, but allow earlier action is appropriate in the circumstances withdrawals, on 30 days’ notice, in which prevailing. case interest at 4 per cent would be paid. The Board believes that it would be most There is perfectly sound logic behind the unwise to attempt to fix specific rate ceilings idea of offering a higher return on longer- by statute. Conditions in the market for maturity deposits, but the attempt to com savings can change rapidly, and small mis bine high returns with instruments that were alignments in rates can generate large-scale nominally long-term but effectively payable shifts of funds. Events during the last year on 30 days’ notice posed a threat to bank give abundant evidence on this score. This liquidity. Furthermore, the apparent mar is a time of great innovation among institu ket appeal of this kind of double-barrelled tions as they explore means of attracting promise to depositors threatened to acceler funds to meet powerful demands for credit. ate shifts of funds from other savings insti We urge that you arm the three regulatory tutions, thereby permitting greater expansion agencies with discretionary authority to re of bank credit in contravention of current act to further changes as they develop. monetary policy while at the same time gen In particular, we would counsel against erating further dislocations of an already an attempt by statute to roll back interest seriously tight mortgage market. Accord rates to levels appropriate to conditions ingly, the Board, effective July 20, lowered other than those that exist today. The latest Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1144 FEDERAL RESERVE BULLETIN • AUGUST 1966 comprehensive information available on the could accelerate tendencies, already appar market for consumer CD’s comes from a ent, for some investors to move their funds survey of member banks that the Board un out of banks, and out of other thrift institu dertook in May, copies of which have been tions as well, to take advantage of the furnished to your committee. That survey higher returns available on marketable in showed that on May 11, roughly $18.4 struments ranging from 514 per cent on the billion in consumer CD’s were outstanding latest Treasury refunding issue to 6 per cent at member banks. The following table in on medium-quality corporate bonds. dicates the dollar volume in each of four categories of these deposits, along with the MAXIMUM RATES PAYABLE BY SAVINGS AND LOAN ASSOCIATIONS dollar totals outstanding at banks that were offering more than 414 per cent on at least Let me turn now to the provisions of the some deposits of that type: bill regarding regulation of rates payable by savings and loan associations and similar in stitutions that are members of the Federal Amount Maximum Type of deposit out rate over Home Loan Bank System or are insured by standing 4'4% the Federal Savings and Loan Insurance Corporation. With respect to such institu Billions of dollars tions, the bill would vest in the Federal Savings certificates.................... 9.5 3.3 Home Loan Bank Board regulatory author ity with respect to rates identical with that Savings bonds............................ .9 .5 vested in the Federal Reserve and the FDIC Other nonnegotiable CD’s........ 4.8 2.9 insofar as commercial banks are concerned. Negotiable CD’s under $100,000. 3.2 1.8 It also would require consultation among Total................................... 18.4 8.6 the three agencies before this authority could be exercised with respect to either banks or This does not mean that over 414 per savings and loan associations. From the cent was being offered on the entire $8.6 points of view of assuring sound operations billion. Doubtless some of the older instru of both kinds of institutions, achieving ments outstanding bore lower rates. It does equity among competing institutions, and not even necessarily mean that the banks avoiding massive and seriously disrupting involved were then offering that high a rate shifts within savings and credit markets, it on all new deposits of that type. But it seems obvious that rate regulation should does indicate that an attempt to roll back extend to savings and loan associations as rates to 414 per cent would create very well as banks. serious problems of adjustment. Chairman Horne of the Federal Home Banks paying over 414 per cent are con Loan Bank Board is, of course, better quali centrated largely in growing and capital fied than I to testify as to the shortcomings short areas in States such as Arizona, Cali of that body’s limited authority in this area. fornia, and Texas, and in New York, where But I would suggest that recent experience the strong upward push in money-market indicates that its present authority is liable rates has pushed up rates on consumer-type to prove least effective at the time of great accounts as well. Ceilings set too low est need. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
STATEMENT TO CONGRESS 1145 And precisely because there are times ture of commercial bank time deposits that when rate regulation is needed and times can develop in a dynamic economy. when it is not, the bill would permit each Historically, the statutes have provided of the three agencies (again, after consulta for a substantially lower level and range of tion with the others) to suspend ceilings reserve requirements against time and sav altogether when they are not needed. The ings deposits than those applicable on de Board believes that under certain circum mand deposits. Thus, the Federal Reserve stances the rates paid by financial institu Act initially specified reserve requirements tions to attract funds should be completely of 3 per cent on time deposits as compared free to reflect market forces, and that with demand deposit reserve requirements healthy competition among financial insti of 13, 10, and 7 per cent, applicable to tutions in this respect, as well as others, central reserve city, reserve city, and soshould be encouraged. We agree with the called “country” banks, respectively. Sub conclusion reached by the President’s Com sequent legislation adopted by the Congress mittee on Financial Institutions in its report in the 193O’s empowered the Board to vary of April 11, 1963: such requirements between these percent age levels as a minimum and double these On balance, the Committee believes that the case for continuous regulation [of interest rates on time percentages as a maximum. More recently, deposits] has less force today than in 1933. Never Congress has acted to consolidate the reserve theless, recognizing the possibility of a recurrence of the need for maximum rates, the Committee does classes of “central reserve city” and “reserve not propose that interest rate regulation be com city” banks, and to broaden the bases on pletely abandoned. Rather, it should be placed on a standby basis and extended to other depositary which the Board can classify banks between type institutions. The very existence of such standby the two existing categories. As a conse authority would help to prevent excessive increases in rates paid. quence, the Board is currently empowered The Committee envisages that such standby au to vary reserve requirements on demand de thority would be invoked by the responsible super visory agencies only when they deem it necessary posits between 10 and 22 per cent at reserve either to prevent institutional practices in the payment city banks and between 7 and 14 per cent of interest and extension of credit that were incon sistent with the safety and liquidity of a significant at country banks, but still only between 3 number of institutions or to supplement other govern and 6 per cent with respect to time deposits mental policies to promote the objectives of the Em ployment Act of 1946. at any class of bank. The reasons for prescribing lower reserve EXPANDED AUTHORITY FOR CHANGES requirements against time deposits are his IN RESERVE REQUIREMENTS torical; they were based essentially on the ON TIME DEPOSITS judgment that such deposits were less active The Board also favors expanding the range and less subject to sudden transfer than were within which the Board would be empow demand deposits that were utilized by the ered to vary reserve requirements on time public to perform most money-payment and savings deposits of member banks from functions. Member bank reserve require the present 3 to 6 per cent to a range of 3 ments today serve more as a mechanism for to 10 per cent. In the Board’s view, this implementing monetary policy than as a added dimension of flexibility in reserve re means of coping with deposit withdrawals. quirements could prove helpful in dealing Moreover, recent changes in the forms of with some of the shifts in the role and struc time deposit instruments and the kinds of Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1146 FEDERAL RESERVE BULLETIN • AUGUST 1966 purposes for which they are issued, serve to bank reserves, and could thereby assist, in clothe some segments of time deposits with coordination with other Federal Reserve in more of the attributes traditionally asso struments, in implementing general mone ciated with money and money market in tary policy. Properly employed, judicious struments. adjustments in time deposit reserve require Very short-term money market funds are ments could assist in altering the willingness being attracted particularly into short-term of banks to issue time deposits and their large-denomination certificates of deposit. capacity to withstand any subsequent liqui In addition, consumer CD’s, combining rela dations thereof. tively high interest rates and extremely at It is true that the Board of Governors tractive withdrawal or liquidation provisions currently possesses the power to act in this at the option of the holder, have also been respect to a modest degree, by altering re attracting considerable amounts of money serve requirements against various kinds of that otherwise would have lodged in tem time deposits between 3 and 6 per cent. porarily idle demand deposit balances or This power was used last month, when con with other types of depositary institutions. siderations such as those I have been citing Funds attracted to commercial banks in this led the Board to raise reserve requirements way can prove highly volatile when cash from 4 per cent to 5 per cent on time de needs or the attractiveness of interest rates posits (other than savings deposits) in ex or other terms available on other instru cess of $5 million per bank. The present ments shift adversely to banks—and it has range within which such requirements can to be recognized that such shifts will un be changed, however, is so small that only doubtedly occur in the future. the most marginal kind of influence on bank In these circumstances, we believe that ing decisions can be exercised by alterations it would be desirable for the Board to have of requirements within these limits. authority to alter reserve requirements on A substantial expansion of the range various forms of time deposits over a range within which such adjustments could be more comparable with that now applicable made—for example, to the 3 to 10 per cent to demand deposits. Several different effects range recommended by the Board—would of any increase in time deposit reserve re enlarge the marginal effectiveness of such quirements should be distinguished. First, it reserve requirement changes on time de would raise the proportion of bank resources posits to the point where significant altera tied up in nonearning assets, and to that ex tions in banking behavior might be attain tent would produce a small increase in the able. cost of such time deposits to the banks. We would hope that over the long run Second, the increased reserve balance held time deposit reserve requirements could be by each member bank to satisfy the higher kept at the lowest practicable level consist reserve requirement would represent a small ent with the aims I have cited, for we have increase in what is effectively a restricted no desire needlessly to handicap commer liquidity reserve of the bank. Finally, any cial banks in the competition for the saver’s change in time deposit reserve requirements dollar. But appropriately timed upward and could also serve to increase or decrease—as downward adjustments in such reserve re the case may be—the general availability of quirements might dampen overaggressive Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
STATEMENT TO CONGRESS 1147 interest rate competition for savings funds, Federal land bank bonds, bank for co moderate sudden large shifts of savings back operatives debentures, and Federal National and forth between banks and other kinds of Mortgage Association debentures and cer savings institutions, and forestall major dis tificates of participation. Aside from Fed ruptions in credit markets. eral intermediate credit bank obligations previously mentioned, none of these issues AUTHORITY FOR SYSTEM TO are eligible for System transactions, even OPERATE IN “AGENCY ISSUES” though from a “market” point of view there The Board also favors extending the range is little to distinguish them from those is of securities that the Federal Reserve is em sues that are either explicitly guaranteed or powered to buy and sell in the open market, covered by the Attorney General’s opinion. to include all obligations issued or guaran In fact, these currently ineligible issues teed by any agency of the United States.. could probably be bought and sold by the At the present time, the Federal Reserve System in substantial volume with less risk Banks have legal authority to purchase and of disrupting market conditions than could sell a number of Federal Agency obligations the currently eligible issues. either in the open market or directly from The authority to make all Agency issues or to the United States. These include eligible for System purchase or sale would Agency obligations that are fully guaran increase the potential flexibility of open teed by the United States by virtue of spe market transactions and could also serve to cific statutory provisions, including deben make these securities somewhat more at tures and other such obligations of the Fed tractive to investors. The recent large vol eral intermediate credit banks due in 6 ume of Agency issues was relatively well months or less or obligations guaranteed by received in the market, and public accept the United States by operation of law in ac ance and understanding of the issues has cordance with an opinion of the Attorney grown. But there is still a lingering public General of the United States (42 Op. A.G. confusion because of the diverse and com No. 1 of April 14, 1961). plex legal and administrative factors affect Examples of securities currently eligible ing varying issues. If all the issues were for System open market operations under eligible for System operations, this could the above authority include certain obliga act as something of a common denominator tions of the Export-Import Bank, D.C. Ar of market acceptability and would tend to mory Board, Federal Housing Administra establish a better market background. tion, Commodity Credit Corporation, and It should be recognized that the authority the Maritime Administration. The bulk of requested does no more than permit System these and the other issues currently eligible, transactions in Agency issues. They would however, are small in size and do not in thereby be placed on the same footing as clude the major Agency issues traded in the direct obligations of the U.S. Government market. insofar as System open market operations The principal Agency issues in terms of are concerned. And as with direct Federal aggregate size and market activity are Fed debt, System decisions as to whether, when, eral intermediate credit bank debentures, and how much to buy or sell of Agency Federal home loan bank notes and bonds, issues would have to be made with a view Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1148 FEDERAL RESERVE BULLETIN • AUGUST 1966 to the need for supplying or absorbing re TIMELINESS OF THE LEGISLATION serves as indicated by the stance of mone Finally, let me add a few words as to the tary policy, and in light of developments in timeliness of the proposed legislation. Events the markets, including the need to cope with of the past year or so have made abundantly disorderly market conditions should they clear how quickly circumstances can change, emerge. It would be important, however, to and how important the consequences can be avoid any semblance of “rigging” the mar unless appropriately met by prompt corre kets or “pegging” the interest rates for sponding changes in private and public poli Agency issues, for such actions would give cies. Our economy has expanded at a pace rise to official dominance of the markets that that has created considerable pressures upon would run counter to many of the broader both real and financial resources. Credit objectives of Federal financial policies. markets have tightened and interest rates If and as the market conditions surround have risen, and the processes of adjustment ing Agency issues develop to the point where have been sufficiently uneven to place con Federal Reserve operations would be appro siderable strains on various parts of the priate, it might prove desirable for the Sys financial mechanism. tem to conduct such operations in the form Without intending in any way to forecast of repurchase agreements rather than, or in the future, I must say that no one can be addition to, outright purchases and sales. sure when or whether recent trends will The authority to undertake outright trans taper off. The powers embodied in the pro actions in an issue is required in order for posed legislation, I believe, would enable that issue to be eligible for repurchase agree the authorities to take actions that could ments. The use of such agreements would mitigate some of the most uneven credit tend to reduce the risk of undesired System pressure that have already emerged or could market dominance associated with sizable develop. Therefore, I urge the prompt enact outright transactions by the System, while ment of these powers in order to permit the at the same time it would enhance the de tailoring of public policies in this area in velopment of markets in Agency issues by ways that can best contribute to orderly, making it more attractive for dealers to prosperous, noninflationary growth of the position the securities. economy. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Communique of the Ministerial Meeting of the Group of Ten issued on July 26, 1966 1. The Ministers and Central Bank Gov the international monetary system, including ernors of the 10 countries participating in arrangements for the future creation of re the General Arrangements to Borrow serve assets, as and when needed. This re (GAB) met in The Hague on July 25 and port also contains several suggestions for im 26 under the chairmanship of Mr. Anne proving the existing system otherwise than Vondeling, Minister of Finance of the through reserve creation. These suggestions Netherlands. Mr. Pierre-Paul Schweitzer, should be given further study by the appro Managing Director of the International priate bodies. The report will be published Monetary Fund (IMF), took part in the in the next few weeks. meeting, which was also attended by the 4. As regards international liquidity, the Secretary General of the OECD, the Gen Ministers and Governors were in full agree eral Manager of the Bank for International ment that there is at present no general Settlements, and the Minister of Finance of shortage of reserves. On the other hand, it Switzerland. was thought unlikely that the existing 2. The Ministers and Governors con sources of reserves would provide an ade sidered a report of Working Party 3 of the quate basis for world trade and payments Organization for Economic Cooperation and in the longer run. Large U.S. deficits are not Development (OECD) on possible improve a satisfactory source of future reserve in ments in the balance of payments adjust creases for the rest of the world; nor are they ment process. They expressed their apprecia acceptable to the United States. Moreover, tion of the OECD’s work on this report. gold alone is not likely to supply sufficient Recognizing that the smooth functioning additions to monetary reserves in the future. of the international monetary system, as Consequently, it was agreed that, at some well as the general confidence in its stability, point in the future, existing types of reserves depends very much on progress toward the may have to be supplemented by the deliber elimination of imbalances, they agreed that ate creation of additional reserve assets. improvements in the adjustment process 5. As to the way in which such a future were needed and possible. They expressed contingency could be met, the Deputies, in the hope that Working Party 3 would con their report to the Ministerial Group have tinue to work for improvements in this field achieved a consensus on a number of basic on the lines indicated in its report. principles and elements of any such con 3. The Ministers and Governors also dis tingency planning, although they have not cussed a comprehensive report by their reached agreement on all points or pre Deputies on other possible improvements in sented a fully developed plan. Among the 1149 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1150 FEDERAL RESERVE BULLETIN • AUGUST 1966 agreed basic principles, the Ministers and flect two principles, namely, (a) the interest Governors particularly stressed the follow of all countries in the smooth working of the ing: international monetary system, and (b) the Deliberate reserve creation, when decided particular responsibilities of a limited group upon, should be neither geared nor directed to of major countries with a key role in the the financing of balance of payments deficits of functioning of the international monetary individual countries, but should take place on system and which in fact must provide a sub the basis of a collective judgment of the reserve stantial part of the financial strength behind needs of the world as a whole. any new asset. This could best be achieved All countries have a legitimate interest in the adequacy of international reserves. However, a by a procedure whereby proposals for re group of major countries with a key role in the serve creation would be considered both by functioning of the international monetary sys the limited group and by the Fund. The tem has a particular responsibility for the finan requisite majorities and voting procedures cial backing for any newly created reserve would have to give due recognition to the assets. Consequently, there is agreement that two principles set out above and this recogni deliberately created reserve assets, as and when needed, should be distributed to all members of tion would be a necessary condition for any the Fund on the basis of IMF quotas or of simi decisions on reserve creation. lar objective criteria. The major countries (c) One Delegation did not agree with should be ready to provide adequate financial the views set out in subparagraphs (a) backing through the extension of special lines of and(b). " credit to the Fund or through commitments to 7. The Ministers and Governors in accept and hold such reserve assets. structed their Deputies to continue their 6. (a) There should be a clear distinc studies on a number of unresolved questions. tion between the establishment of any con However, they also thought it appropriate tingency plan and the activation of that plan. to look now for a wider framework in which The prerequisites for such an activation to consider the questions that affect the should be laid down. They should include world economy as a whole. With this in the attainment of a better balance of pay view, the Ministers and Governors, after ments equilibrium between members and the consulting with the Managing Director of likelihood of a better working of the adjust the Fund, recommended a series of joint ment process in the future. meetings in which the Deputies would take (b) Organizational arrangements for de part together with the Executive Directors cisions on the activation of any contingency of the Fund. The Ministers and Governors plan and for subsequent decisions on reserve of the Group of Ten would expect a report creation may vary according to the type from their Deputies not later than the middle of scheme adopted. Whatever scheme is of 1967. One Delegation did not join in adopted, it is essential that the organizational making this aforementioned recommenda arrangements for such decisions should re tion. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT Administrative interpretations, new regulations, and similar material Member Bank Purchase of Stock of “Operations stock to be purchased would have been that of one Subsidiaries” or more corporations engaged in the business of In response to several inquiries, the Board of leasing personalty to customers of the member Governors has re-examined the question whether bank and in the business of selling money orders. member banks may establish and purchase the The Federal statutes contain no express permis stock of “operations subsidiaries”—that is, organ sion for the purchase of stock of corporations of izations designed to serve, in effect, as separately- these kinds, and the Board of Governors con incorporated departments of the bank, performing cluded that the power to purchase the stock of functions that the bank is empowered to perform such corporations may not properly be regarded directly. That question involves the interpretation as comprised within “such incidental powers as of the following provision of section 5136 of the shall be necessary to carry on the business of Revised Statutes (12 U.S.C. 24), the so-called banking”, within the meaning of section 5136. “stock-purchase prohibition” : One of the inquiring member banks contended that the above-cited provisions of the National “Except as hereinafter provided or otherwise permitted by law, nothing herein contained shall authorize the Bank Act and Federal Reserve Act purchase by [a national bank] for its own account of any shares of stock of any corporation.” “were intended to restrict member banks in dealing in securities and stock in the sense of trading therein or The Board’s re-examination has confirmed its in the sense of the purchase of the stock of a going concern and, perhaps, further to restrict national and previous position that the stock-purchase prohibi member [State] banks from engaging through subsidi tion, which is made applicable to member State aries in activities in which such banks were not directly banks by the twentieth paragraph of section 9 of empowered to engage, but not in the sense of holding the entire stock of an operating corporation created by of the Federal Reserve Act (12 U.S.C. 335), for the bank.” bids the purchase by a member State bank “for its own account of any shares of stock of any corpo Along the same lines, the contention has been ad ration” (the statutory language), except as specifi vanced that the stock-purchase prohibition was in cally permitted by provisions of Federal law or as tended by Congress only to prevent banks from comprised within the concept of “such incidental investing depositors’ funds in corporate stock for powers as shall be necessary to carry on the busi income and appreciation, in the way that banks ness of banking”, referred to in the first sentence invest in debt obligations of the Federal Govern of paragraph “Seventh” of R.S. 5136. ment, municipalities, and private corporations. The Federal banking statutes explicity permit The Board did not adopt either of these con the purchase of stock of a number of kinds of structions of the statutory provisions. Although corporations, including stock of Federal Reserve the prevention of such investment in stocks un Banks, bank premises subsidiaries, safe deposit doubtedly was a major Congressional purpose, it companies, “Edge” and “Agreement” corporations, appeared to the Board that the stock-purchase pro small business investment companies, bank service hibition was intended generally to prevent the pur corporations, and certain foreign banks. In addi chase of the stock of corporations, including those tion, it has been held that, in the process of col created to perform functions that could be per lecting defaulted loans that were contracted in formed by the bank itself. The provisions have good faith, the “incidental powers” of national been so interpreted and applied by the Board (and banks include the power to purchase corporate by the Comptroller of the Currency until recently) stock where that action constitutes a reasonable since their enactment in the Banking Act of 1933. and appropriate step toward the collection of the One of the banking problems that principally indebtedness. concerned Congress in the early 1930s and that In one proposal presented to the Board, the led to the enactment of the Banking Acts of 1933 1151 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1152 FEDERAL RESERVE BULLETIN • AUGUST 1966 and 1935 was the “affiliate system”, including of member banks to conduct their operations member banks’ ownership of other corporations. through separately-incorporated organizations. Among the objectives of the Banking Act of 1933, Acquisition of Edge Corporation Affiliate by State as expressed by the Senate Banking Committee, Member Banks of Registered Bank Holding was “To separate as far as possible national and Company member banks from affiliates of all kinds.” (S. Rep. No. 77, 73rd Congress, p. 10) Together with The Board has been asked whether it is permis a number of other provisions of the Banking Act sible for the commercial banking affiliates of a of 1933, the stock-purchase prohibition of R.S. bank holding company registered under the Bank 5136 served the purpose of confining the bank Holding Company Act of 1956, as amended, to affiliate system by preventing banks from purchas acquire and hold the shares of the holding com ing the stock of other corporations, except to the pany’s Edge corporation subsidiary organized limited extent specified in that general prohibition. under section 25(a) of the Federal Reserve Act. The Board also considered, among other con Section 9 of the Bank Holding Company Act tentions, the assertion that, despite the apparent amendments of 1966 (Public Law 89-485, ap intent of the terms of the pertinent statute and its proved July 1, 1966) repealed section 6 of the legislative history, it should not be interpreted to Bank Holding Company Act of 1956. That ren prevent the separate incorporation of a banking dered obsolete the Board’s interpretation of section department engaged in a legitimate activity. The 6 that was published in the March 1966 Federal supporting argument would be that, if a proposed Reserve Bulletin, page 339. Thus, so far as Federal course of action cannot possibly produce the evil banking law applicable to State member banks is effect at which a statutory provision was directed, concerned, the answer to the foregoing question a construction of the provision that would prevent depends on the provisions of section 23A of the such action would be unrealistic, and, by empha Federal Reserve Act, as amended by the 1966 sizing statutory language rather than underlying amendments to the Bank Holding Company Act. purpose, would injure rather than safeguard the By its specific terms, the provisions of section 23A public interest. do not apply to an affiliate organized under section The Board agreed that, if a proposed course of 25(a) of the Federal Reserve Act. action could not result in any evil at which a Accordingly, the Board concludes that, except statute is aimed, interpretation of the statute to for such restrictions as may exist under applicable prohibit such action should be avoided, if possible. State law, it would be legally permissible by virtue However, it appeared to the Board that this prin of paragraph 20 of section 9 of the Federal ciple does not apply to the situation presented by Reserve Act for any or all of the State member the inquiries. Experience in the supervision of banks that are affiliates of a registered bank hold banks has revealed that the likelihood of unsafe ing company to acquire and hold shares of the and unsound practices, violations of law, and Edge corporation subsidiary of the bank holding other developments contrary to the public interest company within the amount limitation in the last is significantly greater when banks operate through sentence of paragraph 12 of section 25(a) of the subsidiary corporations. There appears to be an Federal Reserve Act. inevitable tendency for some banks, in time, to Loans to Executive Officers Under an Education regard their subsidiary corporations as separate Loan Plan enterprises and thereupon to conduct their opera tions in a way that is unsuitable for a part of a The Board of Governors has recently received banking enterprise, to disregard pertinent restric an inquiry as to the applicability of section 22(g) tions and requirements, and, in particular, to ven of the Federal Reserve Act (12 U.S.C. 375a) and ture through their subsidiaries into activities that the Board’s Regulation O (Loans to Executive are beyond the powers of the parent bank. It is Officers of Member Banks) to loans under an edu reasonable to infer that Congress, having in mind cation loan plan offered by a member bank to its the pre-depression affiliate system, concluded that regular customers and proposed to be made avail the American banking system and the general wel able to its executive officers. In particular, the fare would be benefited by limiting the authority inquiry raised the question whether, within the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 1153 meaning of the statute and Regulation, the amount bank may terminate the plan, whereupon the of the loan or extension of credit under the con amount in the trust account is applied toward the ditions of the plan is (1) the amount actually note and the borrower is required to pay any disbursed by the member bank and not repaid deficiency remaining after such application. through instalments, which would at no time ex Section 22(g) of the Federal Reserve Act pro ceed $2,500 in the case of loans to the bank’s vides that no person shall “borrow from or other executive officers, or (2) the amount of the note wise become indebted” to a member bank of the borrower is required to make, which would be which he is an executive officer, and no member $10,000, plus an amount for interest and group bank shall “make any loan or extend credit in any credit life insurance, if, for example, the borrower other manner” to its executive officers. However, should need $2,500 per year for a period of four an exception permits an executive officer to “be years. come indebted” to the member bank he serves From the facts presented, the Board understood if the amount does not exceed $2,500 and if the that the plan is typically used by a parent to extension of credit has the prior approval of a finance his child’s four-year college education. The majority of the member bank’s entire board of di borrower enters into an agreement and makes a rectors. The section delegates to the Board the au note whereby he promises to pay to the bank a thority “to determine what shall be deemed to be specified amount, including charges for interest a borrowing, indebtedness, loan, or extension of and group credit life insurance. When the first credit”. In section 215.1 of Regulation O, the payment for tuition and other related charges is Board has defined “loan” and “extension of credit” due the educational institution, the bank issues a to include “the acquisition by discount, purchase, check to the borrower for the agreed amount, exchange, or otherwise of any note ... or other which is, in the typical case, one-eighth of the evidence of indebtedness upon which an executive amount of the note, exclusive of that portion re officer may be liable as maker, drawer, indorser, flecting charges for interest and insurance. The guarantor, or surety”. remaining seven-eighths of the amount of the note, The Board observed that the acquisition by a exclusive of the portion for interest and insurance member bank of a note upon which one of its charges, is credited to a collateral trust account, executive officers is liable as maker, as contem described as a Totten trust, in trust for the stu plated by the plan, is an extension of credit or a dent, but subject to a lien granted to the bank loan within the literal meaning of section 215.1 and a right to set off against the account any of Regulation O. The Board stated, however, that amounts due the bank from the borrower. The the substance of the transaction, and not its mere borrower agrees not to make the trust account ir form, is the crucial consideration. In this connec revocable during his lifetime, and that it will be a tion, it was noted that the borrower has no right non-interest bearing account against which he will to the funds credited to the account that is created not draw checks or other orders of withdrawal. under the plan, except as each scheduled tuition As subsequent payments to the educational institu disbursement falls due. He pays interest only on tion fall due, the bank makes disbursements by the amounts actually disbursed. If the plan is issuing checks to the borrower that are charged terminated at any time for any reason, the funds against the trust account. Repayments by the bor must be applied toward the note. Although the rower, which normally extend over the entire borrower, as maker of the note, is technically period of the education being financed, commence liable to the bank for more than $2,500, the funds with the month following the month of the first in the trust account, plus the amount owed in disbursement by the bank. The interest charge is instalments for funds disbursed, will always be calculated only on the unpaid principal balance sufficient to discharge the instrument. Thus, if the of the amounts actually disbursed from time to amount actually disbursed and not repaid in instal time by the bank. If the borrower dies, the unpaid ments will at no time exceed $2,500, then the balance of the note is paid to the bank from the bank will at no time look directly to the borrower proceeds of insurance on the borrower’s life, and for more than the amount permitted by section the amount remaining in the trust account is paid 22(g). The function of the note is to enable the over to the student. Either the borrower or the borrower to obtain group credit life insurance and Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1154 FEDERAL RESERVE BULLETIN • AUGUST 1966 thereby assure that should he die during the term makes inapplicable previous interpretations of of the plan adequate funds would be provided for the Board (e.g., 1953 Federal Reserve Bulletin financing the completion of his child’s college 721) to the effect that, if a deposit has alternative education. maturities, the maximum interest rate depends Accordingly, the Board concluded that, within upon the alternative actually elected by the de the meaning of section 22(g) and Regulation O, positor. the extension of credit or loan under the conditions 2. Question has been raised as to the applica of the plan is the amount actually disbursed by bility of the revised Supplement to time deposits, the bank and not repaid through the monthly open account, under contracts entered into prior instalments. If that amount will at no time exceed to July 20, 1966. As stated in the revised Supple $2,500 and if the extension of credit is properly ment, the 5 per cent and 4 per cent maximum approved in advance by the directors of the mem rates apply to multiple maturity time deposits ber bank, then the plan does not violate the statute received on or after July 20, 1966. If, as is or the Regulation. With respect to the require usually the case, a contract evidencing a time ment of prior approval by the member bank’s di deposit, open account, provides that the contract rectors, the Board pointed out that it had ruled may be cancelled or terminated by the bank or in 1937 that a grant of continuing authority to an that the rate of interest is subject to change by the executive officer to borrow up to $2,500 could bank on its own initiative or in order to comply remain in effect “for only a reasonable period of with regulations of the Board, the bank must take time and in no event longer than twelve months”. action as soon as possible to bring the contract 1937 Federal Reserve Bulletin 1074. The Board within the requirements of the revised Supplement expressed the opinion that the twelve-month with respect to deposits received on or after July period is appropriate as a general rule, but held 20, 1966. In this connection, attention is called to that a four-year period is reasonable in the case of section 217.3(b) of Regulation Q, which provides loans under the plan described in the inquiry. that “every member bank shall take such action as may be necessary, as soon as possible consist ently with its contractual obligations, to bring all Maximum Interest Rates on Multiple Maturity of its outsanding certificates of deposit or other Time Deposits contracts into conformity with the provisions” of Regulation Q. Only in the rare case in which a The Board has considered the following ques contract entered into prior to July 20, 1966, obli tions regarding the interpretation of the Supple gates the bank to accept deposits in the account ment to Regulation Q, as revised July 20, 1966, and pay a specified rate of interest thereon, without relating to maximum rates of interest payable by any right to modify such obligations, may the member banks on time and savings deposits: bank pay the contract rate of interest on deposits 1. Under the Supplement, a member bank may received after that date if such rate is higher than pay interest at a rate not exceeding 5 per cent on the maximum rate prescribed by the Supplement a multiple maturity time deposit made on or for the particular type of multiple maturity deposit. after July 20 which is payable only 90 days or 3. Question has been raised as to whether a more after the date of deposit or 90 days or more certificate of deposit issued prior to July 20, 1966, after the last preceding date on which it might providing for automatic renewal every 90 days and have been paid; and it may pay interest at a rate specifying a 5 per cent interest rate, may be not exceeding 4 per cent on a multiple maturity amended after that date to provide for an interest deposit which is payable less than 90 days after rate in excess of 5 per cent. With respect to the date of deposit or less than 90 days after the deposits received before July 20, 1966, the Supple last preceding date on which it might have been ment permits continued payment of interest at the paid. Accordingly, if a deposit is payable, at the rate being paid on that date, but it precludes any depositor’s option, either after 90 days’ notice or increase in the rate on such deposits above the after 30 days’ notice, the maximum interest rate maximum prescribed for deposits received on or permitted under the Supplement is 4 per cent, after that date. Accordingly, the bank could not, whether the deposit is paid after 90 days’ or 30 under the revised Supplement, pay interest at a days’ notice. In this respect, the revised Supplement rate in excess of 5 per cent on or after July 20. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 1155 (This principle applies also to time deposits, open said application for merger be and hereby is account.) approved, provided that said merger shall not be 4. Interest credited after July 20, 1966, on consummated (a) before the thirtieth calendar multiple maturity time deposits received before day following the date of this Order nor (b) later that date need not be regarded as a “deposit” re than three months after said date. ceived on or after that date but may be assimilated Dated at Washington, D.C., this 26th day of into the underlying pre-July 20 deposits on which July, 1966. the bank may continue to pay the rate of interest By order of the Board of Governors. specified in the contract. Voting for this action: Chairman Martin, and Gover nors Shepardson, Daane, and Maisel. Voting against this action: Governors Robertson and Mitchell. Absent Order Under Bank Merger Act and not voting: Governor Brimmer. (Signed) Merritt Sherman The following Order and Statement was issued Secretary. in connection with action by the Board of [seal] Governors with respect to an application for ap proval of the merger of banks: Statement The Statement in this case was combined with ROCKBRIDGE BANK & TRUST the Statement accompanying the Board’s Order COMPANY, LEXINGTON, VIRGINIA approving an application by United Virginia Bankshares Incorporated for acquisition of stock In the matter of the application of Rockbridge of Rockbridge Bank & Trust Company. Bank & Trust Company, Lexington, Virginia, for approval of merger with Rockbridge National Bank of Lexington, Lexington, Virginia. Orders Under Section 3 of Bank Holding Company Act Order Approving Merger of Banks The Board of Governors issued the following There has come before the Board of Governors, Orders and Statements in connection with actions pursuant to the Bank Merger Act, as amended (12 approving applications by bank holding companies U.S.C. 1828(c), Public Law 89-356), an applica for the acquisition of voting shares of banks: tion by Rockbridge Bank & Trust Company, Lex THE FIRST VIRGINIA CORPORATION, ington, Virginia, a proposed new bank, for the ARLINGTON, VIRIGINIA Board’s prior approval of the merger of that In the matter of the application of the First bank and Rockbridge National Bank of Lexington, Virginia Corporation, Arlington, Virginia, for ap Lexington, Virginia, under the charter and title of proval of the acquisition of voting shares of First the Rockbridge Bank & Trust Company. As an Valley National Bank, Rich Creek, Virginia. incident to the merger, the two offices of Rock bridge National Bank of Lexington would become Order Approving Application Under Bank the offices of the resulting bank. Notice of the Holding Company Act proposed merger, in form approved by the Board, There has come before the Board of Governors, has been published pursuant to said Act. pursuant to section 3(a) of the Bank Holding Upon consideration of all relevant material in Company Act of 1956 (12 U.S.C. 1842(a), as the light of the factors set forth in said Act, in amended, Public Law 89-485), and section 222.4 cluding reports furnished by the Comptroller of (a) of Federal Reserve Regulation Y (12 CFR the Currency, the Federal Deposit Insurance Cor 222.4(a)), an application by The First Virginia poration, and the Attorney General on the compe Corporation, Arlington, Virginia, a registered titive factors involved in the proposed merger, bank holding company, for the Board’s prior ap It is hereby ordered, for reasons set forth in proval of the acquisition of 80 per cent or more the Board’s Statement accompanying its Order of the voting shares of First Valley National Bank, of this date concerning the acquisition of Rock Rich Creek, Virginia. bridge Bank & Trust Company by United Virginia As required by section 3(b) of the Act, the Bankshares Incorporated, Richmond, Virginia, that Board notified the Comptroller of the Currency of Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1156 FEDERAL RESERVE BULLETIN • AUGUST 1966 receipt of the application and requested his views mated population of approximately 8,750 persons, and recommendation. The Comptroller recom consists of the towns of Rich Creek and Pearis mended approval of the application. burg and their respective surrounding agricultural Notice of receipt of the application was pub areas. Generally, Bank serves Giles County and lished in the Federal Register on April 14, 1966 the adjoining portions of three counties in West (31 Federal Register 5778), which provided an Virginia. opportunity for submission of comments and views Views and recommendation of supervisory regarding the proposed transaction. Time for filing authority. As required by section 3(b) of the such views and comments has expired and all those Act, notice of receipt of the application was given filed with the Board have been considered by it. to, and views and recommendation requested of, It is hereby ordered, for the reasons set forth the Comptroller of the Currency. The Comp in the Board’s Statement of this date, that said troller recommended approval of the application. application be and hereby is approved, provided Statutory considerations. Section 3(c) of the that the acquisition so approved shall not be con Act, as amended, provides that the Board shall not summated (a) before the thirtieth calendar day approve this acquisition if it will result in a following the date of this Order or (b) later than monopoly, or if it is in furtherance of any combi three months after said date. nation or conspiracy to monopolize or to attempt Dated at Washington, D.C., this 11th day of to monopolize the business of banking in any part July, 1966. of the United States. Nor shall the Board approve By order of the Board of Governors. this acquisition if the effect in any section of the Voting for this action: Chairman Martin, and Gover country may be substantially to lessen competition, nors Shepardson, Mitchell, Daane, Maisel, and Brim or to tend to create a monopoly, or if the trans mer. Absent and not voting: Governor Robertson. action in any other manner would be in restraint (Signed) Merritt Sherman, of trade, unless the Board finds that the anticompe Secretary. titive effects of the proposed transaction are [seal] clearly outweighed in the public interest by the probable effect of the transaction in meeting the Statement convenience and needs of the community to be The First Virginia Corporation, Arlington, Vir served. Tn each case the Board is required to take ginia (“Applicant”), a registered bank holding into consideration the financial and managerial company, has filed with the Board, pursuant to resources and future prospects of the bank holding section 3(a) of the Bank Holding Company Act of company and the banks concerned, and the con 1956, as amended (“the Act”), an application for venience and needs of the community to be served. approval of the acquisition of 80 per cent or Competitive effect of proposed acquisition. Ap more of the voting shares of First Valley Na plicant is the third largest of four bank holding tional Bank, Rich Creek, Virginia (“Bank”). companies operating in Virginia measured by total At year-end 1965, Applicant’s bank holding deposits controlled by their Virginia subsidiary company system was comprised of ten banks, op banks. Combined, these bank holding companies erating 60 offices in 24 localities and holding control about 26 per cent of the offices and 27 per total deposits of about $260 million. In addition cent of the total deposits of all Virginia banks, and to its banking subsidiaries, Applicant owns two they rank first, fourth, sixth, and seventh among insurance agencies, a bank premises company, the seven largest banking organizations in the an advertising agency, and a bank servicing cor State. These seven banking organizations, which poration. Bank, with deposits of about $4 million, include three independent banks, control about 53 is headquartered in Rich Creek, in the south per cent of the deposits of all Virgina banks. Ap western part of Virginia, and operates a branch plicant controls about eight per cent of the office in Pearisburg, nine miles southeast of Rich banking offices and five per cent of the deposits of Creek. Bank’s primary service area,’ with an estiall banks in the State. These percentages would be increased by less than one per cent upon Appli 1 The area from which Applicant estimates approxi mately 87 per cent of Bank’s deposits of individuals, cant’s acquisition of Bank. partnerships, and corporations originate. Bank is the third largest of the four banks oper- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 1157 ating within its primary service area and controls from Bank’s two offices. The competing banks are about 22 per cent of the deposits 2 held by those sufficiently well-established that, in the Board’s four banks. Bank is about twice the size of the opinion, their competitive force or relative position area’s smallest bank, which holds about ten per in the area concerned would not be adversely af cent of the total area deposits of the four banks. fected as a result of Applicant’s acquisition of Consummation of Applicant’s proposal would rep Bank. The number of alternative banking sources resent the initial entry of a bank holding company available in the area will not be reduced as a result into Giles County. of this proposal. In addition, since Applicant does On the basis of the evidence of record, the Board not control any major correspondent bank in Vir finds that the acquisition proposed would neither ginia, it is reasonably concluded that the acquisi result in a monopoly nor be in furtherance of tion proposed would have no measurable competi any combination or conspiracy to monopolize or tive effect on corresponding banking. to attempt to monopolize the business of banking On the basis of the foregoing considerations, it in any part of the State. is the Board’s judgment that Applicant’s acquisi Applicant’s present subsidiary situated nearest tion of Bank would not have the effect of sub to Bank is the Bank of New River Valley, Radford, stantially lessening competition, nor would it tend with deposits of about $6 million. Its offices are to create a monopoly or in any other manner be situated approximately 20 and 28 miles from in restraint of trade. Pearisburg and 28 and 36 miles from Rich Creek. Financial and managerial resources and future The area separating Bank from the Radford prospects. The financial resources of Applicant subsidiary is mountainous and sparsely settled. and its subsidiaries are regarded as satisfactory. There is no evidence of any measurable competi Although the record reflects that Applicant’s debt tion existing between the two banks. Further, inas position is rather substantial, the past earnings much as Applicant’s other subsidiary banks are all records of its subsidiaries are such as apparently more than 175 miles from Rich Creek and Pearis to enable Applicant currently to service its debt burg, the Board concludes that there is no signifi without undue burden on its banks. In relation cant competition for any type of business between both to Applicant’s financial condition and pros Bank and Applicant’s present subsidiary banks pects, the Board has considered Applicant’s pro which would be eliminated as a result of consum jections of the capital needs of its subsidiary banks mation of this proposed transaction. Bank is a in the near future, and Applicant’s proposal to small institution operating in a small rural area issue convertible preferred stock or a mixture of having relatively stable economic and growth pros common and preferred stock to meet any neces pects. This consideration, and that of the distances sary debt and capital requirements of its system. separating Bank from each of Applicant’s present In light of the favorable earnings and deposit subsidiary banks, make it extremely unlikely that growth records of Applicant’s banks, the similarly the Board’s action in approving this application favorable earnings records of its nonbanking sub would have the effect of foreclosing any signifi sidiaries, and the financial feasibility of Applicant’s cant potential competition between Bank and any implementation of its banks’ capital structures, if of Applicant’s other subsidiary banks. necessary, the Board finds the prospects of Appli Situated and competing in Bank’s primary serv cant and its subsidiary banks to be satisfactory. ice area are the two offices of a $7 million com Bank, chartered as a State institution in 1923 mercial bank, the sole office of a $2 million com and converted to a national bank in 1963, has mercial bank, and two branches of one of the about doubled its deposit volume in the past State’s large commercial banks, an institution with decade. Its financial condition is considered gen $278 million of deposits. Two of these competing erally satisfactory. Despite a history of steady offices, both of which are branches, are situated in growth, Bank’s earnings in recent years have been Pearisburg, while the others are situated at vary below average and not commensurate with its ing distances ranging from two to fifteen miles deposit growth. In 1963 and again in 1965, Bank’s capital requirements necessitated its sale of stock. Applicant sets forth specific steps that it proposes 3 Computed on the basis of approximate deposits held by two branches of an out-of-area bank operating to take to improve Bank’s earnings, principally in the primary service area. through reduction of certain operating costs. The Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1158 FEDERAL RESERVE BULLETIN • AUGUST 1966 Board finds Applicant’s proposal reasonably sus sequences, would better the earnings prospects ceptible of accomplishment and views this prospect of Bank, and would make available to the Rich as favorable to the proposal. Creek-Pearisburg communities sources of credit The managements of Applicant and its sub more reasonably geared to their needs. sidiary banks are considered to be satisfactory. Accordingly, the Board concludes that the pro While Bank’s management is considered to be ex posed acquisition should be approved. perienced and qualified, Applicant makes known the poor health and approaching retirement of UNITED VIRGINIA BANKSHARES INCOR Bank’s chief executive officer and asserts that his PORATED, RICHMOND, VIRGINIA retirement will present a serious management suc In the matter of the application of United Vir cession problem in Bank. The Board recognizes ginia Bankshares Incorporated, Richmond, Virgi that the size and location of Bank are factors that nia, for approval of the acquisition of voting shares would limit Bank’s ability to attract competent of Spotswood Bank, Harrisonburg, Virginia. management under most favorable circumstances and believes the assistance that Applicant could Order Approving Application Under Bank render in the placement, training, and rentention Holding Company Act of competent executive personnel is a considera There has come before the Board of Governors, tion supporting Applicant’s proposal. pursuant to section 3(a) of the Bank Holding Convenience and needs of the community to be Company Act of 1956 (12 U.S.C. 1842(a), as served. The record before the Board reflects that amended, Public Law 89-485), and section 222.4 in major respects the banking needs of Bank’s (a) of Federal Reserve Regulation Y (12 CFR primary service area are being served adequately. 222.4(a)), an application by United Virginia However, efforts within Giles County to compete Bankshares Incorporated, Richmond, Virginia, a for the location of new industry, together with an registered bank holding company, for the Board’s impetus toward expansion of existing industry, prior approval of the acquisition of 80 per cent or have created an apparent demand for loans in more of the voting shares of Spotswood Bank, Bank’s service area that would be better served by Harrisonburg, Virginia, which, prior to the acqui Bank under Applicant’s control. At present, each sition of stock, is to be converted from Harrison of the banks operating in the Rich Creek-Pearis burg, Loan & Thrift Corporation, Harrisonburg, burg area has a relatively high ratio of loans to Virginia. deposits. Bank’s ability to meet existing demands As required by section 3(b) of the Act, the for commercial and industrial loans appears limited Board notified the Commissioner of Banking for both by its relatively high ratio of loans to deposits the Commonwealth of Virginia of receipt of the (approximately 70 per cent) and by management’s application and requested his views and recom action in committing a major portion of Bank’s mendation. The Commissioner recommended ap resources to consumer loans. It is the Board’s proval of the application. judgment that Applicant’s acquisition and opera Notice of receipt of the application was pub tion of Bank offer a reasonable likelihood that lished in the Federal Register on May 5, 1966 (31 Bank’s loan portfolio will be restructured so as to Federal Register 6760), which provided an op enable the handling, and perhaps encourage initia portunity for submission of comments and views tion, of requests for credit directly related to the regarding the proposed transaction. Time for filing economic demands of the area involved. such views and comments has expired and all In addition, the Board finds consistent with those filed with the Board have been considered approval of the application the likelihood that by it. Applicant will effect certain operating techniques It is hereby ordered, for the reasons set within Bank that will result in a more efficient and forth in the Board’s Statement of this date, that economic operation with ultimate benefit to the said application be and hereby is approved, pro public. vided that the acquisition so approved shall not be Summary and conclusion. Consummation of consummated (a) before the thirtieth calendar day Applicant’s proposal would not, in the Board’s following the date of this Order or (b) later than judgment, have resulting adverse competitive con three months after said date. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 1159 Dated at Washington, D.C., this 26th day of Statutory considerations. Section 3(c) of the July 1966. Act, as amended, provides that the Board shall not By order of the Board of Governors. approve this acquisition if it will result in a Voting for this action: Chairman Martin, and Gover monopoly, or if it is in furtherance of any combi nors Robertson, Shepardson, Mitchell, Daane, and nation or conspiracy to monopolize or to attempt Maisel. Absent and not voting: Governor Brimmer. to monopolize the business of banking in any part (Signed) Merritt Sherman of the United States. Nor shall the Board approve [seal] Secretary this acquisition if the effect in any section of the country may be substantially to lessen competition, Statement or to tend to create a monopoly, or if the transac United Virginia Bankshares Incorporated, Rich tion in any other manner would be in restraint of mond, Virginia (“Applicant”), a registered bank trade, unless the Board finds that the anticompeti holding company, has filed with the Board, pur tive effects of the proposed transaction are clearly suant to section 3(a) of the Bank Holding Com outweighed in the public interest by the probable pany Act of 1956, amended by Public Law 89-485 effect of the transaction in meeting the convenience (“the Act”), an application for approval of the and needs of the community to be served. In each acquisition of at least 80 per cent of the voting case, the Board is required to take into considera shares of Spotswood Bank, Harrisonburg, Virginia, tion the financial and managerial resources and a proposed commercial bank which will be the future prospects of the bank holding company and successor to Harrisonburg Loan & Thrift Cor the banks concerned, and the convenience and poration, an industrial loan corporation. The con needs of the community to be served. version of the latter into a commercial bank is Competitive effect of proposed acquisition. In contingent upon approval of this application, and terms of total deposits of subsidiary banks, Ap the two institutions are hereafter referred to inter plicant is the largest of four hank holding com changeably as “Bank”. pany groups operating in Virginia, and is the Applicant’s holding company system is com largest banking organization in the State. Its sub prised of seven subsidiary banks, which at Decem sidiary banks operate about 8 per cent of the ber 31, 1965,1 operated 59 banking offices and held banking offices in Virginia and control about 12 deposits aggregating $593 million. Its largest sub per cent of the deposits. The aggregate deposits sidiary bank, State-Planters Bank of Commerce held by Applicant’s subsidiary banks are not sub and Trusts, Richmond, with deposits of $333 mil stantially greater than the deposits held by each lion, is the third largest bank in the State. Bank, of the two largest independent banks in the State; organized in 1925, operates a single office in they are about double the amount of those under Harrisonburg and is the largest industrial loan control of each of the other three bank holding association in Virginia. It has deposits of $21 mil lion (herein, Bank’s “certificates of investment” are company groups operating in Virginia and of those treated as deposits), and its primary service area” held by the State’s third largest commercial bank. consists of the City of Harrisonburg, Rockingham Within Bank’s primary service area, in addition County, and portions of adjoining counties within to Bank, there are located eight commercial banks a 20-mile radius of Harrisonburg; the area has operating a total of 19 offices. Bank, with deposits an estimated population of 65,000 persons. of $21 million, controls about 18 per cent of the Views and recommendation of supervisory total deposits in its service area. None of Appli authority. As required by section 3(b) of the Act, cant’s subsidiary banks are situated in Bank’s notice of receipt of the application was given to primary service area; its nearest is in Lynchburg, the State Commissioner of Banking, and his views approximately 100 miles south of Harrisonburg. and recommendation were requested thereon. The The Board has this date, however, approved an Commissioner responded favorably to the pro application by Applicant to acquire control of the posal. Rockbridge Bank & Trust Company, Lexington, which is 58 miles south of Harrisonburg, but out 1 Unless otherwise indicated, all banking data noted side Bank’s primary service area. are as of this date. 2 The area from which approximately 75 per cent of It is clear from the foregoing facts that at Bank’s deposits originate. present no single banking organization dominates Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1160 FEDERAL RESERVE BULLETIN • AUGUST 1966 banking operations in the State or within Bank’s $7 million, operate a total of five offices, and primary service area, and, in the Board’s opinion, Virginia National Bank, Norfolk, the State’s that consummation of Applicant’s proposal will not second largest bank, operates two offices. Bank’s result in such dominance. It follows from this that Harrisonburg competitors will not, in the Board’s Applicant’s proposal would not result in a monop judgment, experience undue competitive impact oly. Nor does it appear from the evidence before from Applicant’s acquisition of Bank. Two of the Board that Applicant’s proposal is in further these competitors are larger than Bank; and the ance of any combination or conspiracy to mono other is a subsidiary of Financial General Corpo polize or to attempt to monopolize the business of ration, a bank holding company controlling 10 banking in any part of Virginia. banks in Virginia, operating 32 banking offices None of Applicant’s present subsidiary banks with combined deposits of about $225 million. other than State-Planters Bank of Commerce and The four banks ranging in size of deposits from $4 Trusts, Richmond, derives any business from million to $7 million appear to be well established Bank’s primary service area. With respect to State and to have met effectively the competition offered Planters Bank, the record reflects that it had but by local offices of the State’s larger banking or 17 borrowers with loans totaling $1.5 million and ganizations. 11 depositors with accounts totaling $150,000 Summarizing, the Board concludes that ap located in Bank’s primary service area. Those proval of Applicant’s acquisition of Bank offers amounts do not, in the Board’s judgment, rep no potential within any relevant area for a sub resent any significant competition between the two stantial lessening of competition or tendency to banks. Further, the major portion of the business create a monopoly. Rather, the Board believes it which the Richmond bank derives from the Har likely that consummation of Applicant’s proposal risonburg area consists of demand deposits and will have the effect of increasing banking com commercial and industrial loans, while Bank petition in Bank’s primary service area inasmuch competes principally for time deposits and con as Bank’s conversion to a commercial bank will sumer loans. enable it to accept demand deposits, expand its Regarding competition between Bank and Ap lending activities, and generally broaden its range plicant’s proposed subsidiary in Lexington, there of service to the public, and will increase to nine is no apparency of any meaningful present com the number of commercial banks in the area. petition, nor the reasonable likelihood of such Financial and managerial resources and future potential competition. The Lexington Bank is 58 prospects. Applicant became a bank holding com miles from Harrisonburg and is separated from pany in January 1963. Despite its relatively brief Harrisonburg by the City of Staunton, which is history, considerations relating to its financial larger than either Lexington or Harrisonburg. condition and prospects, including the satisfactory Staunton contains offices of five commercial banks, operating and growth records of its subsidiary including offices of the State’s two largest banks, banks, are regarded as satisfactory and consistent a fact that lessens substantially the likelihood of with approval of the application. Applicant’s com any measurable present or potential competition petent and experienced management is considered between banks located in Lexington and those satisfactory. located in Harrisonburg. Bank’s financial condition is considered gen Bank’s affiliation with Applicant is not foreseen erally satisfactory when considering the proposed as having an adverse effect on the competitive action by Applicant in (1) injecting additional abilities of other banks operating in Harrisonburg equity capital into Bank, thus raising its capital or in the larger primary service area. In addition position to an acceptable level, and (2) retiring to Bank, eight offices of three banks are located in preferred stock and debentures which Bank now Harrisonburg. The three banks range in size of has outstanding. Bank’s prospects are considered deposits from $11 million to $28 million. Outside favorable, particularly in view of its ability upon of Harrisonburg, but within Bank’s primary serv conversion to a commercial bank to compete for ice area, the $28 million Harrisonburg Bank op all types of commercial banking business. erates four offices. In addition, four independent While Bank’s present management is considered banks, with deposits ranging from $4 million to to be satisfactory, Applicant states that Bank’s Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 1161 chief executive officer, who is principally respon UNITED VIRGINIA BANKSHARES, INCOR sible for much of Bank’s recent substantial PORATED, RICHMOND, VIRGINIA growth, will soon curtail substantially his mana In the matter of the application of United Vir gerial activities in anticipation of retirement. Ap ginia Bankshares Incorporated, Richmond, Vir plicant asserts, and Bank’s history of operations ginia, for approval of the acquisition of voting reflects, that this occurrence will create in Bank shares of Rockbridge Bank & Trust Company, a major management successor problem. While Lexington, Virginia. the Board believes that Bank’s management suc cession problem is susceptible of resolution other Order Approving Application Under Bank than as proposed by Applicant, the extent to which Holding Company Act that solution is reasonably assured by Applicant’s There has come before the Board of Governors, ownership and control of Bank constitutes a con pursuant to section 3(a) of the Bank Holding sideration weighing toward approval of the ap Company Act of 1956 (12 U.S.C. 1842(a), plication. amended by Public Law 89-485), and section Convenience and needs of the communities to 222.4(a) of Federal Reserve Regulation Y (12 be involved. While the record reflects that industry CFR 222.4(a)), an application by United Vir continues to play an increasing role in the econ ginia Bankshares Incorporated, Richmond, Vir omy of the Harrisonburg area, thus contributing ginia, a registered bank holding company, for the to general economic growth, the record also reflects Board’s prior approval of the acquisition by Ap that the area’s 19 commercial banking offices are plicant of at least 90 per cent of the voting shares serving adequately the major banking needs gen of Rockbridge Bank & Trust Company, Lexing erated by that economic growth. With Bank’s ton, Virginia, a proposed new bank into which scope of financial activities restricted primarily would be merged Rockbridge National Bank of to the acceptance of time deposits and the making Lexington, Lexington, Virginia. of consumer loans, it has served but a limited role In accordance with section 3(b) of the Act, the in the economic expansion of the area. While Bank Board gave written notice to the Commissioner of would continue to provide the aforementioned Banking for the Commonwealth of Virginia of services following its acquisition by Applicant, the receipt of the application and requested his views and recommendation thereon. The Commissioner convenience and welfare of the area’s residents recommended approval of the application. and businesses will be substantially enhanced Notice of receipt of the application was pub through Bank’s ability to accept demand deposits lished in the Federal Register on April 20, 1966 and to extend numerous additional commercial (31 Federal Register 6080), providing an oppor bank services. This consideration weighs toward tunity for interested persons to submit comments approval of Applicant’s proposal. and views with respect to the proposed acquisi Summary and conclusion. On the basis of the tion. The time for filing such comments and views findings herein set forth, the Board concludes that has expired, and all those received have been con consummation of Applicant’s proposal would not sidered by the Board. have resulting adverse competitive consequences, It is hereby ordered, for the reasons set forth but rather, would likely increase banking com in the Board’s Statement of this date, that said petition in the relevant area, and that considera application be and hereby is approved, provided tions relating to the banking factors involved and that the acquisition so approved shall not be con to the convenience and needs of the communities summated (a) before the thirtieth calendar day to be served offer some weight toward approval of following the date of this Order nor (b)-later than the application. three months after said date, and that the Rock In the light of the factors set forth in the Bank bridge Bank & Trust Company shall be opened Holding Company Act, and on the basis of the for business not later than three months after date relevant facts of record, it is the Board’s judgment of this order. that the subject proposal is in the public interest Dated at Washington, D.C., this 26th day of and that the application should be approved. July, 1966. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1162 FEDERAL RESERVE BULLETIN • AUGUST 1966 By order of the Board of Governors. three of said Governmental authorities reported Voting for this action: Chairman Martin, and Gover to the Board that competition would not be ad nors Shepardson, Daane, and Maisel. Voting against versely affected by consummation of Applicant’s this action: Governors Robertson and Mitchell. Absent and not voting: Governor Brimmer. plan herein. Statutory factors. Under both section 3(c) of (Signed) Merritt Sherman, the Holding Company Act of 1956, as amended, Secretary. and the provisions of the Merger Act, the Board [seal] may not approve a proposed transaction that would result in a monopoly or would be in fur Statement therance of any combination or conspiracy to United Virginia Bankshares Incorporated, Rich monopolize or to attempt to monopolize the busi mond, Virginia (“Applicant”), a registered bank ness of banking in any part of the United States. holding company, has filed with the Board, pur Nor may the Board approve any other proposed suant to section 3(a) of the Bank Holding Com acquisition or merger, the effect of which, in any pany Act of 1956, amended by Public Law 89 section of the country, may be substantially to 485 (“Holding Company Act”), an application lessen competition or tend to create a monopoly for approval of the acquisition of at least 90 per or that would be in restraint of trade, unless the cent of the voting shares of Rockbridge Bank & Board finds that the anticompetitive effects of the Trust Company, Lexington, Virginia, a proposed proposed transaction are clearly outweighed in the new bank. Applicant also has applied for the ad public interest by the probable effect of the trans mission of Rockbridge Bank & Trust Company to action on the convenience and needs of the com membership in the Federal Reserve System, and munity to be served. Both statutes require the proposes to merge the Rockbridge National Bank Board to consider also the financial and manage of Lexington, Lexington, Virginia, into the Rock rial resources and future prospects of the existing bridge Bank & Trust Company. Incident to the and proposed institutions, and the convenience merger proposal, Rockbridge Bank & Trust Com and needs of the community to be served. pany has applied, pursuant to the Bank Merger Because of the identity of statutory criteria in Act (12 U.S.C. 1828(c), as amended by Public the respective statutes, and in order to avoid repe Law 89-356) (“the Merger Act”), for the Board’s tition, the facts pertinent to both the holding com prior approval of the proposed merger under the pany and merger proposals are discussed in charter and title of Rockbridge Bank & Trust common. Company. Applicant intends to operate the exist Substance of the proposal. Under Applicant’s ing main office and single branch of Rockbridge proposal, the proposed merger will not be effected National Bank of Lexington as the main office and unless Applicant’s acquisition of the Rockbridge branch of the resulting merged institution. Bank & Trust Company is approved. The practi Views and recommendations of Governmental cal effect of the over-all plan is the acquisition by authorities. As required by section 3(b) of the Applicant of the two offices of the existing Rock Holding Company Act, the Board notified the Vir bridge National Bank of Lexington (“the Bank”). ginia Commissioner of Banking of receipt of the In these circumstances, while consideration has application under that Act and requested his views been given to the facts in relation to the statutory and recommendation thereon. The Commissioner criteria in both Acts, the Board’s Statement herein recommended approval of the application and ad is couched principally in terms of its considera vised that the State Corporation Commission had tion of the application filed pursuant to the Hold approved the procedure involved in Applicant’s ing Company Act. plan. Competition. In terms of banking deposits con As required by the Merger Act, the Board noti trolled at December 31, 1965,1 Applicant is the fied the U.S. Attorney General, the Federal De largest bank holding company and banking orga posit Insurance Corporation, and the Comptroller nization in Virginia. Consummation of the pro of the Currency of receipt of the application and posal herein would increase Applicant’s control requested them to furnish reports on the competi 1 Unless otherwise indicated, all banking data are as tive factors involved in the merger proposal. All of this date. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 1163 of total deposits in Virginia from 12.1 to 12.3 branch of the Virginia National Bank, Norfolk, per cent.2 Combined, the four bank holding com Virginia, and two additional branch offices of First pany groups operating in Virginia would control National Exchange Bank of Virginia. The record 27.7 per cent of such deposits, an increase of .2 shows that, in its primary service area, Bank con per cent from their present control. It appears trols 27 per cent of total bank deposits; the five that the three largest independent banks in Vir branches of the two independent banks competing ginia control about 26 per cent of the total depos in this area (First National Exchange Bank of its of banks in the State. Virginia and Virginia National Bank, Norfolk) In Rockbridge County, the proposed acquisi together control 52 per cent of such deposits; tion would result in Applicant’s control of ap and the two subsidiaries of Financial General proximately 23 per cent of the total deposits,3 and Corporation control 21 per cent. Bank would be Applicant’s only subsidiary oper On the basis of the foregoing data, it is the ating in this county. Almost 19 per cent of de Board’s judgment that consummation of the posits in the county are controlled by the three proposal herein would not result in such control offices of the two subsidiaries of Financial General of bank deposits by Applicant, by all holding com Corporation, a bank holding company that con panies in the State, or by the seven largest bank trols 10 banks (32 banking offices) in Virginia ing organizations combined, as would constitute with combined deposits of about $225 million. an undue concentration of banking resources in There are four other banks (with a combined the State. Nor would consummation of the pro total of nine banking offices) operating in the posal result in such undue concentration of bank county, including four offices of First National ing resources in any of the local areas involved Exchange Bank of Virginia, Roanoke (a bank as would preclude approval of the subject ap with total deposits of $278 million), and an office plications. of Virginia National Bank, Norfolk (a bank with Considering next the extent to which Appli total deposits of approximately $489 million). cant’s ownership of the stock of the Bank would First National Exchange Bank of Virginia and eliminate existing competition or foreclose future Virginia National Bank, Norfolk control, respec competition between Bank and Applicant’s sub tively, over 30 per cent and almost 15 per cent of sidiaries, the Board finds that these considerations the deposits in the county. present no bar to approval of the applications The primary service area of Bank, with an herein. The record shows that the primary service estimated population of about 21,000, includes the area of Bank is a considerable distance from any cities of Lexington and Buena Vista and certain office of Applicant’s subsidiaries; the subsidiary other nearby communities in the southern part closest to Bank is First National Trust and Savings of Rockbridge County. In addition to the six bank Bank of Lynchburg, which is located 46 miles ing offices located in the City of Lexington, (two southeast of Lexington, with the Blue Ridge Moun offices each of Bank, First National Bank of Lex tains serving as a natural barrier between the two ington, and First National Exchange Bank of Vir cities and with no major roads connecting them; ginia), there are located in Bank’s primary service and the subsidiary next closest to Bank is State area the Peoples Bank of Buena Vista, Inc. (a Planters Bank of Commerce and Trusts, Rich subsidiary of Financial General Corporation), one mond, located 133 miles to the east. An analysis of Applicant’s statement of origin of IPC deposits of Bank and Applicant’s two closest subsidiaries, a These figures have been adjusted to include the de posits of the Spotswood Bank, Harrisonburg, Virginia of the trust accounts of these banks, and of their (to be converted from the Harrisonburg Loan & Thrift loans demonstrates that competition between Ap Corporation, Harrisonburg, Virginia), which bank is plicant’s subsidiaries and Bank is insignificant. to be acquired by Applicant, pursuant to approval of In its primary service area, Bank with deposits the Board given by Order of this date. ’ Information with respect to deposits of banks and of approximately $9.5 million competes with two branches in the county and primary service area is banks (with combined deposits of approximately based on June 1964 data. The primary service area is $7 million) that are subsidiaries of Financial the area from which Applicant estimates that Bank received 82 per cent of its deposits of individuals, part General Corporation. Bank competes also with the nerships, and corporations. aforementoned four branches of the First Na- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1164 FEDERAL RESERVE BULLETIN • AUGUST 1966 tional Exchange Bank of Virginia and single was organized as a State bank in 1886 and con branch of Virginia National Bank, Norfolk. The verted to a national charter in 1914. The facts in acquisition herein proposed would not diminish the record show that Bank’s growth has been satis the number of offices serving the local area. In factory and that its financial resources and pros asmuch as Applicant’s plan contemplates that pects also are satisfactory. Its management appears Rockbridge Bank & Trust Company is not to be to be adequate but the record suggests that Bank opened unless the proposed merger is effected, it will soon encounter certain management problems, follows that the merger would not eliminate any including a shortage of capable personnel, and will competing banking office. It is reasonable to con experience difficulty in recruiting suitable executive clude from the record that consummation of Ap officers. Inasmuch as the proposed affiliation plicant’s proposal would not diminish existing would provide an assured method for strengthen competition in any of the areas concerned nor ing Bank’s management and providing capable preclude future competition therein. This con succession as needed, these considerations lend clusion of the Board accords with the aforemen some slight weight toward approval. tioned views and recommendations submitted to On the basis of the foregoing, the Board con the Board by the supervisory authorities. Further cludes that the considerations above mentioned re it appears that consummation of Applicant’s plan lating to the banking factors are consistent with would enhance Bank’s ability to compete with the and weight slightly in favor of approval of Apbranches of the two independent and much larger licant’s proposal. banks operating in the area and with the two Convenience and needs of the communities to banks already affiliated with a large bank hold be served. The proposed affiliation may be expected ing company, and that the businesses and residents to have little, if any, effect on the convenience and in the local areas involved would be the benefici needs of the communities served by Applicant’s aries of this increased competition. present subsidiaries.5 Rather, the principal effect, In the light of the foregoing considerations and hereafter discussed, would be in the area served by all the facts in the record, the Board concludes Bank. that consummation of the subject proposal would Applicant urges, in favor of approval, that it not result in a monopoly nor be in furtherance of can and is ready to assist Bank in (1) expanding any combination or conspiracy to monopolize or upon and improving existing trust services; (2) in to attempt to monopolize the business of banking stituting a wide array of ennumerated lending serv in any part of the United States. The Board ices; and (3) implementing certain improvements, further finds that consummation of the subject particularly with respect to the procurement and plan would not substantially lessen competition, training of personnel, the furnishing of expert in tend to create a monopoly, nor operate in restraint vestment advice, and the use of modern auditing of trade. and accounting procedures. The Board is satis Financial and managerial resources and future fied that Applicant’s assistance with respect to prospects. Applicant became a bank holding com the said services would prove beneficial, not only pany in lanuary 1963. Its holding company system to Bank, but also, in certain respects, to the resi is composed of seven banks with approximately dents and businesses in its primary service area, $593 million in total deposits at December 31, by virtue of an improvement in the scope and 1965.4 Applicant’s financial resources and pros nature of banking services available to them. pects are satisfactory, due primarily to the satis While the prospects of Applicant’s assistance in factory resources and prospects of its subsidiary the aforementioned respects are consistent with banks. Applicant’s management is regarded as and weigh toward approval under the factor of well qualified and experienced. convenience of the area concerned, the affirma- Rockbridge National Bank of Lexington, with its single branch office and deposits of about $9.5 “ This is true also with respect to the area to be million is located in the City of Lexington, which served by the proposed Spotswood Bank. This institu has an estimated population of 7,500. The Bank tion will be located about 58 miles from Bank and the record indicates that their service areas will not over ' This does not include about $21 million of deposits lap, and there is no present or potential competition of the proposed Spotswood Bank. between them. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 1165 tive weight engendered by such prospects is les with the legislative mandate contained in the Bank sened by the absence in the record of evidence Holding Company Act that the Board, in every indicating that any of the area’s basic banking case, take into consideration the convenience and needs are unserved. needs of the community to be served. In the light of the factors set forth in the Hold We believe that there are obvious advantages to ing Company and Merger Acts, and on the basis the communities involved in preserving the option of the relevant facts in the record before the now available to them, namely, recourse to at Board, it is the Board’s judgment that the subject least one local independent bank. Absent com proposal is in the public interest and that the ap pelling circumstances not evidenced in this case, plication for the merger as proposed and for the removal of this banking source not only fails to acquisition by Applicant of the merged bank serve the convenience, needs, and welfare of the should, therefore, be approved. communities affected, but constitutes, in our judg ment, a regrettable disservice. Dissenting Statement of Governors Robertson and Mitchell VIRGINIA COMMONWEALTH CORPORATION, RICHMOND, VIRGINIA In our judgment, the evidence of record in this case does not support the finding of the majority In the matter of the application of Virginia that consummation of Applicant’s proposal would Commonwealth Corporation, Richmond, Virginia, be in the public interest within the meaning of the for approval of the acquisition of voting shares of Bank Holding Company Act. The First Valley Bank, Weber City, Virginia. At the present time, the residents and businesses Order Approving Application Under Bank iri Lexington have available the Rockbridge Na tional Bank of Lexington, a relatively small, local Holding Company Act independent bank and two offices each of a sub There has come before the Board of Governors, sidiary of Financial General Corporation (a bank pursuant to section 3(a) of the Bank Holding holding company), and of the First National Ex Company Act of 1956 (12 U.S.C. 1842(a), as change Bank of Virginia, Roanoke, Virginia. The amended by Public Law 89-485), and section evidence reflects, and the Board so found, that in 222.4(a) of Federal Reserve Regulation Y (12 all major respects the banking requirements of CFR 222.4(a)), an application by Virginia Com the Lexington area are being served adequately by monwealth Corporation, Richmond, Virginia, a existing institutions. Nothing of a compelling registered bank holding company, for the Board’s nature with respect to the condition or operations prior approval of the acquisition of 80 per cent of the Rockbridge National Bank of Lexington or more of the voting shares of The First Valley has been shown to suggest a need for approval of Bank, Weber City, Virginia, a proposed new bank. Applicant’s proposal. Bank, although relatively As required by section 3(b) of the Act, the small in comparison with its competitors, is shown Board notified the State Commissioner of Bank to be a viable institution, having experienced a ing of receipt of the application and requested his satisfactory growth, with similarly satisfactory views and recommendation thereon. The Com financial resources and prospects. While there is missioner expressed no objection to the proposed some evidence of a potential management suc acquisition. cession problem in Bank, in our judgment the Notice of receipt of the application was pub record reflects a reasonably satisfactory manage lished in the Federal Register on May 28, 1966 ment condition. The foregoing findings, substan (31 Federal Register 7720), which provided an tially similar to those made by the Board, cer opportunity for submission of comments and tainly establish no premise for the conclusion that views regarding the proposed transaction. Time the public interest would be served by approval for filing such views and comments has expired of the proposed bank holding company acquisi and all those filed with the Board have been con tion. sidered by it. On the contrary, it is our opinion that con It is hereby ordered, for the reasons set forth summation of this proposal cannot be reconciled in the Board’s Statement of this date, that said Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1166 FEDERAL RESERVE BULLETIN • AUGUST 1966 application be and hereby is approved, provided Views and recommendation of supervisory au that the acquisition so approved shall not be con thority. As required by section 3(b) of the Act, summated (a) before the thirtieth calendar day notice of receipt of the application was given to following the date of this Order nor (b) later than the State Commissioner of Banking, and his views three months after said date, and that The First and recommendation were requested thereon. The Valley Bank shall be opened for business not later Commissioner expressed no objection to the pro than six months after date of this Order. posed acquisition. Dated at Washington, D.C., this 28th day of Statutory considerations. Section 3(c) of the July, 1966. Act, as amended, provides that the Board shall not By order of the Board of Governors. approve this acquisition if it will result in a monop Voting for this action: Chairman Martin, and Gover oly, or if it is in furtherance of any combina nors Mitchell, Daane, Maisel, and Brimmer. Absent tion or conspiracy to monopolize or to attempt to and not voting: Governors Robertson and Shepardson. monopolize the business of banking in any part (Signed) Merritt Sherman, of the United States. Nor shall the Board approve Secretary. this acquisition if the effect in any section of the [seal] country may be substantially to lessen competi Statement tion, or to tend to create a monopoly, or if the transaction in any other manner would be in Virginia Commonwealth Corporation, Rich restraint of trade, unless the Board finds that the mond, Virginia (“Applicant”), a registered bank anticompetitive effects of the proposed transaction holding company, has filed with the Board, pur are clearly outweighed in the public interest by the suant to section 3(a) of the Bank Holding Com probable effect of the transaction in meeting the pany Act of 1956, as amended by Public Law convenience and needs of the community to be 89-485 (“the Act”), an application for approval served. In each case, the Board is required to take of the acquisition of 80 per cent or more of the into consideration the financial and managerial voting shares of The First Valley Bank, Weber resources and future prospects of the bank holding City, Virginia (“Bank”), a proposed new bank. company and the banks concerned, and the con Applicant's seven subsidiary banks, at Decem venience and needs of the community to be ber 31, 1965,1 operated 49 banking offices and served. held total deposits of about $300 million. It is Competitive effect of proposed acquisition. proposed that Bank will operate a single office in Measured by total deposits of subsidiary banks, Weber City, and its estimated deposits after three Applicant is the second largest of four bank hold years of operations are $4 million. Bank, a charter ing company groups and the fourth largest bank for which has been granted by the State Corpora ing organization in the State. When including tion Commission, will have an initial capitalization Bank’s projected third year deposits of $4 million, of $300,000, 80 per cent or more of which will acquisition of Bank would increase Applicant’s be furnished by Applicant. Applicant states that control of total deposits of Virginia banks from Bank will not be opened for business if this ap 5.9 to 6.0 per cent. Consummation of this pro plication is denied. posal would mark the initial entry of a bank hold Bank’s office will be located in a proposed ing company system into Scott County and, in shopping center in Weber City, situated about six cluding Bank’s projected deposits, would result in miles north of Kingsport, Tennessee, and two Applicant’s control of approximately 30 per cent miles southeast of Gate City, Virginia. According of the total deposits of the three banking offices to Applicant, Bank’s primary service area will en that would be located in Bank’s designated pri compass the towns of Weber City and Gate City, mary service area, and about 5 per cent of the and surrounding agricultural and residential areas deposits of the nine banking offices 2 that would within a radius of approximately five miles; the be competing in that area. The aforementioned population of this area is estimated to be in excess increase in deposits under Applicant’s control of 15,000 persons. 3 Deposits computed on the basis of June 30, 1964 1 Unless otherwise indicated, all banking data noted figures, the latest date for which deposits by counties are as of this date. are available. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 1167 would neither result in a monopoly nor, based on record, it is the Board’s judgment that the estab the record before the Board, be in furtherance of lishment of Bank and its acquisition by Applicant any combination or conspiracy to monopolize or would not result in a substantial lessening of com to attempt to monopolize the business of banking petition, nor in any other manner be in restraint in any revelant area. of trade. Inasmuch as Bank will be newly established, no Financial and managerial resources and future competition exists between it and Applicant’s prospects. Applicant’s financial history dating present subsidiaries that would be eliminated by back to December 1962 reflects a sound financial this proposal. Further, since Bank will not be operation. Its present financial condition is found opened for business except as a subsidiary of Ap to be generally satisfactory. Based principally plicant, approval of this proposal offers no possi upon the satisfactory operating histories of Appli bility that future competition between Bank and cant’s subsidiary banks and their apparent favor Applicant’s subsidiaries would thereby be fore able prospects, Applicant’s prospects are viewed closed. Even were Bank to operate independently as favorable. of Applicant’s system (an occurrence that Ap Bank has no financial or operating history. plicant states it does not contemplate), Bank’s However, its pro forma financial condition is distance from Applicant’s present subsidiaries—30 satisfactory, and its growth projections appear miles from the nearest, over 100 miles from each reasonably susceptible of achievement. Bank’s of the others—reasonably precludes the likelihood management is to be drawn from Applicant’s pres that measureable competition would develop. Ac ent subsidiary banks and is considered to be satis cording to Applicant’s analysis, its subsidiary factory. located 30 miles from Weber City, a $12 million Considerations relating to the financial re institution, derives none of its business from within sources, management, and prospects of Applicant, Bank’s designated primary service area. its subsidiaries, and Bank are consistent with ap Virginia National Bank, Norfolk, one of the proval of the proposed transaction. State’s largest banking organizations (deposits of Convenience and needs of the communities to $506 million), is the only bank with offices lo he served. As earlier stated, the portion of Scott cated in the designated service area and in Scott County that will be principally affected by Bank’s County. It has two offices situated in Bank’s serv operation is the Weber City-Gate City area. Un ice area and one office located about 20 miles like a major portion of Scott County that is largely northeast of Bank’s proposed site. Competing to agricultural in nature, the Weber City-Gate City some extent in Bank’s service area, however, are area is predominantly residential; a large portion two banks in Kingsport, Tennessee, which, com of the residents are employed in nearby Kings bined, operate six offices within eight miles of port, Tennessee. Kingsport is presently experienc Bank’s proposed site. These banks have deposits ing industrial development the benefits of which of $16 million and $71 million, respectively. With directly affect the Weber City-Gate City area. In but one bank located in Bank’s designated service excess of 50 manufacturing plants located in the area and in Scott County, it is the Board’s view Kingsport area employ about 20,000 people. Evi that Bank’s establishment and acquisition by Ap dence of continued industrial expansion in the plicant will not produce any adverse competitive Kingsport area portends a continued favorable consequence but, more realistically, will sharpen economic outlook for the Weber City-Gate City banking competition in the areas involved. The area. The earlier-noted residential development in size of the two Tennessee banks located outside of this area is likely to keep pace with the Kingsport but competing in the area, and the evidence of industrial development, particularly in view of the their apparent ability to compete effectively with recently completed four-lane highway that con the well-established offices of Virginia National nects Kingsport, Weber City, and Gate City. Bank, warrant the conclusion that Bank’s estab The evidence of record satisfies the Board that lishment and operation as a subsidiary of Appli existing major banking requirements within Bank’s cant will not have any detrimental effect on the designated service area are being met, and that competitive abilities of these banks. any such banking requirements that may arise On the basis of the evidence contained in the from the aforementioned residential-industrial de- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1168 FEDERAL RESERVE BULLETIN • AUGUST 1966 velopment can be met adequately by banking fa receipt of the application and requested his views cilities located or competing in Bank’s service and recommendation thereon. The Comptroller area. Nevertheless, the Board finds that approval recommended approval of the application. of the application is supported by the fact that Notice of receipt of the application was pub Bank’s establishment will constitute an immedi lished in the Federal Register on May 28, 1966 ately available alternative source of full banking (31 Federal Register 7720), which provided an service, which in turn should foster increased opportunity for submission of comments and views competition between and among banks serving regarding the application. Time for filing such the communities involved. comments and views has expired and all com Summary and conclusion. On the basis of the ments and views filed with the Board have been findings herein set forth, the Board concludes that considered by it. consummation of Applicant’s proposal would not It is hereby ordered, for the reasons set forth have resulting adverse competitive consequences, in the Board’s Statement of this date, that said but rather, would likely increase banking compe- application be and hereby is approved, provided tion in the Weber City-Gate City area, and that that the acquisition so approved shall not be con considerations relating to the convenience of these summated (a) before the thirtieth calendar day communities offer some weight toward approval following the date of this Order or (b) later than of the application. three months after said date. In the light of the factors set forth in the Bank Dated at Washington, D.C., this 4th day of Holding Company Act, and on the basis of the August, 1966. relevant facts of record, it is the Board’s judg By order of the Board of Governors. ment that Applicant’s proposal is in the public Voting for this action: Chairman Martin, and Gover interest and that the application should be nors Shepardson, Maisel, and Brimmer. Absent and not voting: Governors Robertson, Mitchell, and approved. Daane. (Signed) Merritt Sherman, BARNETT NATIONAL SECURITIES Secretary. CORPORATION, [seal] JACKSONVILLE, FLORIDA Statement In the matter of the application of Barnett Na Barnett National Securities Corporation, Jack tional Securities Corporation, Jacksonville, Flor sonville, Florida (“Applicant”), a registered bank ida, for approval of the acquisition of voting holding company, has applied to the Board of shares of First National Bank at Winter Park, Governors, pursuant to section 3(a) of the Bank Winter Park, Florida. Holding Company Act of 1956, as amended by Public Law 89-485 (“the Act”), for permission to Order Approving Application Under acquire 80 per cent or more of the outstanding Bank Holding Company Act voting shares of First National Bank at Winter There has come before the Board of Gover Park, Winter Park, Florida (“Bank”). Applicant nors, pursuant to section 3(a) of the Bank Hold presently owns six banks which are located in ing Company Act of 1956 (12 U.S.C. 1842(a), four cities in the eastern part of Florida. On June as amended by Public Law 89-485), and section 21, 1966, the Board approved Applicant’s acquisi 222.4(a) of Federal Reserve Regulation Y (12 tion of a seventh subsidiary bank. When including CFR 222.4(a)), an application by Barnett Na the seventh bank (First Bank & Trust Company of tional Securities Corporation, Jacksonville, Flor Pensacola), total deposits held by Applicant’s ida, a registered bank holding company, for the banks aggregated, at year-end 1965,1 about $280 Board’s approval of the acquisition of 80 per cent million. or more of the outstanding voting shares of First Bank, with deposits of about $41 million, has National Bank at Winter Park, Winter Park, its sole office in Winter Park, a community of Florida. about 25,000 population. The geographic area As required by section 3(b) of the Act, the 1 Unless otherwise indicated, all banking data noted Board notified the Comptroller of Currency of are as of this date. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 1169 believed to be most relevant to analysis of the by these eleven banks, only one of which, The competitive effects of Applicant’s proposal is that Florida National Bank at Orlando (deposits of which encompasses Winter Park and surrounding $52 million), is a subsidiary of a bank holding areas within a radius of about five miles. This area, company. The area’s two largest banks, First herein referred to as Bank’s “service area”, in National Bank at Orlando and Citizens National cludes a major portion of the City of Orlando Bank of Orlando, hold deposits of $135 million and lies wholly within the Orlando Standard and $64 million, respectively. Metropolitan Statistical Area. Bank derives ap Applicant has stated its intention, assuming con proximately 88 per cent of its deposits of in summation of its proposal, to expand Bank’s sphere dividuals, partnerships, and corporations from its of operation to encompass an enlarged portion service area. of the Orlando Standard Metropolitan Statistical Views and recommendation of supervisory au Area. Therein, 23 commercial banks are located, thority. As required by section 3(b) of the Act, with combined total deposits of $465 million. the Board notified the Comptroller of the Cur Applicant presently does not have a subsidiary rency of receipt of the application and requested bank located in the Orlando metropolitan area. his views and recommendation thereon. The Its acquisition of Bank would give Applicant con Comptroller recommended approval of the ap trol of about 9 per cent of the total deposits of plication. the area. The two other banks in the area that Statutory considerations. Section 3(c) of the are bank holding company subsidiaries—The Act, as amended, provides that the Board shall Florida National Bank at Orlando and The San not approve this acquisition if it will result in ford Atlantic National Bank, Sanford—hold in a monopoly, or if it is in furtherance of any the aggregate 14 per cent of such deposits. combination or conspiracy to monopolize or to It is the Board’s judgment that consummation of attempt to monopolize the business of banking in Applicant’s proposal would not result in a any part of the United States. Nor shall the Board monopoly nor, based on the evidence of record, approve this acquisition if the effect in any section be in furtherance of any combination or con of the country may be substantially to lessen com spiracy to monopolize or to attempt to monopolize petition, or to tend to create a monopoly, or if the business of banking in any relevant area. the transaction in any other manner would be Considering next the probable effect of Appli in restraint of trade, unless the Board finds that cant’s proposal on existing and potential competi the anticompetitive effects of the proposed trans tion, the record reflects that only two of Appli action are clearly outweighed in the public in cant’s subsidiary banks are located within 100 terest by the probable effect of the transaction miles of Bank. One of these subsidiaries is located in meeting the convenience and needs of the in DeLand, some 35 miles from Winter Park; the community to be served. The Board is required other is 47 miles from Bank, at Cocoa. Neither to take into consideration also the financial and of these banks derives deposits, loans, or trust managerial resources and future prospects of business from Bank’s service area. Located about the bank holding company and the banks con midway between Winter Park and DeLand is cerned, and the convenience and needs of the the City of Sanford, in which are located three community to be served. banks. Applicant’s bank at Cocoa is separated Competitive effect of proposed acquisition. Ac from Winter Park by the City of Orlando, in quisition of Bank would give Applicant control of which are located 10 commercial banks. None about 4 per cent of the commercial bank de of Applicant’s other subsidiary banks derives busi posits in the State, and would result in the con ness from Bank’s service area. It follows that trol by the State’s seven band holding company consummation of Applicant’s proposal will not groups, combined, of about 25 per cent of the result in elimination of any existing competition deposits of all commercial banks. between Bank and Applicant’s present subsidiary Bank is the largest of three commercial banks banks. Nor, in view of the size of Bank, the dis in Winter Park and fourth in size of the eleven tances separating it from Applicant’s subsidiaries, commercial banks located in Bank’s service area. and the location of several competing banks be Bank holds 11 per cent of the total deposits held tween Bank and Applicant’s two nearest subsidi- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1170 FEDERAL RESERVE BULLETIN • AUGUST 1966 aries, does it appear likely that any measurable whether under present ownership or operated as future competition between Bank and Applicant’s a subsidiary of Applicant. subsidiaries will be foreclosed. Bank’s management is considered satisfactory. Bank’s nearest competitors are Commercial The steady growth, earnings record, and generally Bank at Winter Park and Aloma National Bank, sound condition of Bank reflect the management Winter Park, both of which appear to have com capability of Bank’s chief executive officer. While peted successfully with Bank. While in the most his retirement from active management in the recent five calendar years, Bank’s deposits in near future will present certain succession prob creased $17 million, or about 70 per cent, the lems, it is the Board’s view that such problems are deposits of Commercial Bank increased from $11 reasonably solvable from within Bank’s present million to $27 million, or about 140 per cent. personnel. In some cases, the immediacy with Aloma National Bank’s deposits of more than $5 which a holding company proposal would remedy million have been obtained since opening for a management succession problem has weighed business in the latter part of 1963. In the re affirmatively toward approval of that proposal. mainder of its service area, Bank competes with The apparent potential of Bank’s two principal three larger commercial banking institutions with junior executive officers, both of whom are young, deposits ranging from $52 million to $135 million, capable individuals, makes substantially less sig and five smaller commercial banks with deposits nificant the affirmative weight to be given the ranging from about $5 million to about $16 management succession aspects of Applicant’s million. Four banks, including Aloma National proposal. Bank, have opened for business in Bank’s service Convenience and needs of community involved. area within the last five calendar years. All of As noted, the relevant market area contains 11 Bank’s competitors, including those most recently commercial banks. The evidence of record estab organized, have experienced satisfactory deposit lishes that these banks are serving in satisfactory growth. Bank’s affiliation with Applicant would not manner the area’s major banking requirements. significantly alter the competitive abilities of the Applicant states that the services now offered by banks located in Bank’s service area. Bank are generally those offered by its competi It is the Board’s judgment, based on the fore tors. However, Applicant states that Bank is not going considerations, that Bank’s acquisition by effectively serving the credit requirements of ma Applicant would neither result in any substantial jor business concerns operating in the Orlando lessening of competition nor in any manner be in area. Applicant proposes to expand Bank’s service restraint of trade. rendition to attract the area’s larger accounts, par Financial and managerial resources and future ticularly by means of prompt participation with prospects. The financial and managerial resources Applicant’s other banks of larger lines of credit. of Applicant are considered satisfactory. Based Noting that but one of the Orlando area banks principally on the favorable growth and operating offers computer services to other banks in the records, and favorable prospects of Applicant’s area, including Bank, Applicant states its inten subsidiary banks, Applicant’s prospects are viewed tion to place a computer system in Bank that as favorable. would serve not only Bank and Applicant’s Cocoa Bank’s financial and managerial resources are and DeLand subsidiaries, but would also be of likewise viewed as satisfactory. Despite a substan fered to all other banks in the area. Finally, tial deposit growth in recent years, Bank has Applicant proposes to expand substantially the maintained a satisfactory capital position through trust department services offered by Bank, with its retention of earnings. Bank’s location in the particular emphasis to be given to the demands for Orlando area is a prime factor in appraising its individual and estate trust and tax services that prospects. This area is reported to be the fifth exist, according to Applicant, by reason of the fastest growing metropolitan area in the nation, fact that the Winter Park area is increasing in its population having increased 124 per cent from prominence as a retirement location for wealthy 1950 to 1960. Bank’s prospects for continued individuals. sound operation and growth appear favorable In view of the proximity of the residents and Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 1171 businesses within Bank’s service area to the large would afford alternative computer services, thus Orlando banks, the Board is unable to conclude making more competitive the cost and rendition that existing demands for large lines of credit of such services. On the basis of the foregoing, or trust services of any nature cannot be pres the Board concludes that considerations relating ently provided with reasonable facility. At most, to the convenience and needs of the communities Applicant’s proposal would constitute for certain involved, while consistent with approval of the of Bank’s customers a somewhat more convenient application, offer but slight affirmative weight source for these services. Similarly, inasmuch as toward such approval. Bank presently utilizes the computer services Conclusion. In the light of the factors set forth offered by a large Orlando bank, Applicant’s pro in the Bank Holding Company Act, and on the posal to place a computer system in Bank appears basis of the relevant facts of record, it is the to offer but a slight advantage to Bank’s cus Board’s judgment that Applicant’s proposal is in tomers. However, an aspect of this proposal that the public interest and that the application should would be beneficial to the area’s banks is that it be approved. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
ANNOUNCEMENTS CHANGES IN THE BOARD’S STAFF earlier measure, this action is designed to exert a David S. Staiger was appointed an Assistant Di tempering influence on bank issuance of CD’s rector of the Division of Data Processing effective and to apply some additional restraint upon the August 15, 1966. Immediately prior to his ap expansion of bank credit to businesses and other pointment, Mr. Staiger was serving as a Senior borrowers. Economist of that Division and had previously Monetary actions already taken have resulted served as an Economist in the Division of Re in some moderation of the rate of bank credit search and Statistics and as a member of the staff growth thus far this year. However, in view of in of the Deputy Assistant Secretary of Defense for creasing pressures on prices stemming from recent Systems Analysis. developments in the economy, the action on Upon graduation from the University of Wis August 17 was taken to reinforce the anti-infla consin in 1951 (B. A. Economics), where he was tionary effects of over-all monetary restraint. elected to Phi Beta Kappa, Mr. Staiger was The Board recognizes that in the period ahead awarded a Rhodes scholarship and studied at New some banks may be faced with unusual pres College, Oxford, England, for two years. After sures, and in such circumstances Federal Reserve completion of military service in 1956, Mr. discount facilities will be available to assist mem Staiger continued his graduate studies at the Mas ber banks while they are making an orderly ad sachusetts Institute of Technology, where he com justment in their positions. However, such adjust pleted residence requirements for a Ph.D. degree. ments will be expected to emphasize increased restraint in lending policies and maintenance of an appropriate degree of liquidity on the part of CHANGES IN RESERVE REQUIREMENTS borrowing banks. On August 17, 1966, the Board of Governors of the Federal Reserve System announced an in ELECTION OF DIRECTOR crease from 5 per cent to the statutory ceiling of The Federal Reserve Bank of Philadelphia on 6 per cent in reserve requirements against time July 21 announced the election of Philip H. deposits (other than savings deposits) in excess of Glatfelter, III, as a Class B director of the Bank $5 million at each member bank. To permit to serve for the remainder of a term expiring orderly adjustments by banks, the effective date December 31, 1967. Mr. Glatfelter is President of the increase will be the reserve computation of P. H. Glatfelter Company, Spring Grove, Penn period beginning September 8, 1966, for reserve sylvania. As a director of the Philadelphia Bank, city banks and the period beginning September he succeeds Bayard L. England, Chairman of the 15 for other member banks. Board, Atlantic City Electric Company, Atlantic It is estimated that the action will increase City, New Jersey, who was appointed a Class C required reserves by about $450 million—ap director of the Philadelphia Reserve Bank in proximately $370 million at reserve city banks March of this year. and $75 million at other member banks. This increase is expected to affect mainly the few hundred larger banks issuing savings certificates CONSUMER FINANCIAL CHARACTERISTICS and other certificates of deposit (CD’s) in Survey of Financial Characteristics of Consumers, substantial volume. by Dorothy S. Projector and Gertrude S. Weiss, This action by the Board follows a similar is available for distribution. increase, from 4 per cent to 5 per cent, in This report presents data on the size and com reserve requirements on these categories of de position of wealth of the civilian non-institutional posits that was announced at midyear. Like that population of the United States on December 31, 1172 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
ANNOUNCEMENTS 1173 1962, The analyses deal with the determinants FLOW OF FUNDS TABLES of size of wealth, the components of wealth and Flow of funds tables appearing in the statistical debt and their diffusion throughout the popula section of this Bulletin present the accounts tion, the changes in composition of wealth as through the first quarter of 1966 at an interim wealth increases, and the variation in patterns level of statistical revision. The tables incorporate of ownership among consumer units of differing new income and product estimates from 1963, but characteristics. corresponding benchmark revisions in financial The basic results of the Survey are presented data will not appear until publication of the in tables of detailed data on asset holdings by second-quarter accounts in the Bulletin. various groupings of consumer units. As a result A preliminary estimate for the second quarter of the special sample design, it is possible to has been prepared from incomplete information, present data not heretofore available on the com on a statistical basis consistent with the flow of position of wealth of consumer units in upper funds tables in this Bulletin. These unpublished income and upper-wealth classes and on hold second-quarter accounts, in both seasonally ad ing of certain types of financial assets. justed and unadjusted form, are available on re Requests for copies should be sent to the Divi quest. It is emphasized that they are tentative and sion of Administrative Services, Board of Gover subject to substantial revision before Bulletin nors of the Federal Reserve System, Washington, publication. Requests for preliminary second- D.C. 20551, The price is $1.00 for single copies, quarter accounts should be addressed to Publica and 85 cents each for 10 or more copies sent tions Services, Division of Administrative Services, to one address. Remittance should accompany Board of Governors of the Federal Reserve Sys order, and be made payable to the order of the tem, Washington, D. C. 20551. Users wishing to Board of Governors of the Federal Reserve receive preliminary figures on a regular basis may System. ask to be placed on the mailing list. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
NATIONAL SUMMARY OF BUSINESS CONDITIONS Released for publication August 15 Industrial production and nonfarm employment cent above a year earlier. Production of iron and continued to expand in July, despite a sharp cut steel rose about 3 per cent, and gains were wide back in production of autos, and retail sales rose spread among other durable and nondurable goods further. The unemployment rate changed little. materials. Bank credit increased, but the private money sup Employment ply declined while Government deposits increased. Nonfarm payroll employment continued to ad Between mid-July and mid-August, yields on cor vance in July but the overall gain was considerably porate and municipal bonds rose and common less than in June. In manufacturing, employment stock prices declined. increased in the primary metals and most metal Industrial Production using industries but declined sharply in the auto motive industry. Employment rose further in Industrial production in July was at 157.5 in trade, services, and government but declined in terms of the 1957-59 average as 100, up 1.3 points transportation because of the airline strike. The or .8 per cent from the upward-revised June figure average workweek at factories continued to edge and 9 per cent from a year earlier. Increases in down from the first quarter high but at 41.2 hours output of equipment and materials were substan was 0.2 hours longer than a year earlier. The un tial while output of consumer goods declined employment rate was 3.9 per cent compared with slightly. 4.0 per cent in May and June and 4.5 per cent in Auto assemblies, after allowance for the early July 1965. . model changeover, declined 10 per cent. Schedules Distribution for August indicate little change in output from this reduced level. Output of television sets and Retail sales rose further in July following a some other consumer durable goods also declined sharp gain in June and, in dollar terms, were in July while production of nondurable consumer nearly 8 per cent above a year earlier. Sales at goods continued to increase. Business equipment furniture and appliance stores registered a rela output rose more than 1 per cent further and, at tively large gain. Deliveries of new domestic autos 183 per cent of the 1957-59 average, was 17 per remained at the improved June rate, but were 7 per cent below a year ago. By the end of July, INDUSTRIAL PRODUCTION stocks of new domestic autos were down 12 per cent from the record June level. Agriculture Hot, dry weather during July cut yield prospects for most of the fall-maturing crops and reduced pasture feeds. According to August 1 indications, output of feed grains will be down 6 per cent from last year and the gain in soybeans, despite the sharply increased plantings, will be limited to 2 per cent. A reduction of 28 per cent in the cotton crop reflects curtailed plantings under the new cotton program. Rice and winter wheat prospects improved in July, and the total food grain output will be almost up to last year’s relatively large F.R. indexes, seasonally adjusted. Latest figures shown are crop. for July. ' 1174 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
NATIONAL SUMMARY OF BUSINESS CONDITIONS 1175 Commodity Prices ply declined $1.5 billion in July reversing most of the June expansion. U.S. Government deposits, The wholesale price index for industrial com however, rose much more than usual. Commercial modities, after moving up almost 2 per cent bank time and savings deposits rose $1.8 billion through the first 6 months of 1966, rose only (after adjustment for a change in definition) or slightly in July. In early August certain steel prod substantially more than in either May or June. ucts accounting for roughly a third of mill ship Total and required reserves, seasonally adjusted, ments were raised by 2 per cent, and increases increased somewhat in July following little change were announced for some machinery and other in June. Net borrowed reserves averaged about fabricated products. Hides and lumber declined $365 million over the four statement weeks ending further, however, and copper dropped in some July 27, a little above the June level; both bor markets. Market prices of raw cotton fell about rowings and excess reserves increased nominally. a fourth as a result of the new Federal program Reserves became available principally through a for this year’s crop which substitutes direct pay sharp increase in Reserve Bank float associated ments to farmers for “equalization” payments to with the airline strike and through System pur domestic cotton mills. chases of U.S. Government securities; reserves The wholesale prices of foodstuffs have changed were absorbed mainly through currency outflows. little since mid-July after a sharp increase earlier in the month that carried the average back to its Security Markets February peak. Grains and dairy products have not increased further and livestock and meats have Yields on intermediate-term Treasury securities moved over a narrow range. continued to rise between mid-July and mid August while long-term bond yields fluctuated Bank Credit, Money Supply, and Reserves over a narrow range and averaged about 4% per Commercial bank credit increased $2.8 billion cent on August 12. Treasury bill rates rose on in July or at a somewhat faster rate than in the sec balance and the outstanding 3-month bill was bid ond quarter. Further substantial loan expansion, at 4.94 per cent on August 12 compared with reflecting largely Ioans to business, was offset only 4.80 per cent a month earlier. in small part by continued reduction in holdings Corporate and municipal bond yields continued of U.S. Government securities. Other securities to advance between mid-July and mid-August. In were about unchanged.1 The private money sup- early August, common stock prices declined to their lowest level in over a year, and since then 1 Changes in loans and other securities described above are adjusted for the reclassification of about $1 billion of partici they have changed little on balance in relatively pation certificates formerly included in loans, and since July classed as other securities. moderate trading. INTEREST RATES PRICES Discount rate, range or level for all F.R. Banks. Weekly average market yields for U.S. Govt, bonds maturing in 10 Bureau of Labor Statistics indexes. Latest figures shown for years or more and for 90-day Treasury bills. Latest figures consumer prices, June; for wholesale prices, July. shown, week ending Aug. 12. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
GUIDE TO TABULAR PRESENTATION SYMBOLS AND ABBREVIATIONS e Estimated N.S.A. Monthly (or quarterly) figures not c Corrected adjusted for seasonal variation IPC Individuals, partnerships, and corpora P Preliminary tions r Revised SMSA Standard metropolitan statistical area rp Revised preliminary A Assets i, n, L Liabilities in, iv Quarters s Sources of funds n.a. Not available U Uses of funds n.e.c. Not elsewhere classified * Amounts insignificant in terms of the par S.A. Monthly (or quarterly) figures adjusted ticular unit (e.g., less than 500,000 for seasonal variation when the unit is millions) (1) Zero, (2) po 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. LIST OF TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY, WITH LATEST BULLETIN REFERENCE Quarterly Issue Page Annually—Continued Issue Page Flow of funds....................................................... Aug. 1966 123 8-47 Banking and monetary statistics, 1965 .............. Mar. 1966 414-23 June 1966 901-04 Banks and branches, number of, by class and Semiannually State.............................................................. Apr. 1966 600-01 Banking offices: Analysis of changes in number of.................. Aug. 1966 1248 Flow of funds (assets and liabilities)................. Nov. 1965 1618-27 On, and not on, Federal Reserve Par List number of.................................................. Aug. 1966 1249 Income and expenses: Federal Reserve Banks................................... Feb. 1966 270-71 Member banks; Annually Calendar year............................................... June 1966 892-900 Operating ratios....................................... Apr. 1966 602-04 Bank holding companies: Insured commercial banks.............................. July 1966 1046 List of, Dec. 31, 1965........ June 1966 905 Banking offices and deposits of group banks, Stock exchange firms, detailed debit and credit Dec. 31,1965................................................ Aug. 1966 1250 balances........................................................ Sept. 1965 1340 1176 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FINANCIAL AND BUSINESS STATISTICS ★ UNITED STATES ★ Member bank reserves, Reserve Bank credit, and related items; Federal funds......... 1178 Reserve Bank discount rates; margin requirements; reserve requirements .................. 1183 Open market transactions; Federal Reserve Banks........................................................... 1185 Bank debits; currency in circulation ............................................................. 1188 Money supply; banks and the monetary system ................................................................ 1190 Commercial and mutual savings banks, by classes ........................................................... 1192 Commercial banks, by classes ............................................................................................... 1196 Weekly reporting banks............................................................................................................. 1198 Business loans ......................................................................................................................... 1202 Interest rates .............................................................................................................................. 1203 Security prices; stock market credit...................................................................................... 1204 Open market paper; savings institutions ........................................................................... 1205 Federally sponsored credit agencies...................................................................................... 1207 Federal finance..........................................,............................................................................... 1208 U.S. Government securities...................................................................................................... 1210 Security issues.............................................................................................................................. 1214 Business finance ..................................................................................................................... 1216 Real estate credit ..................................................................................................................... 1218 Consumer credit ....................................................................................................................... 1222 Industrial production ............................................................................................................ 1226 Business activity; construction ........................................................................................... 1230 Employment and earnings ................................................................................................... 1232 Wholesale and consumer prices ........................................................................................... 1234 National product and income series .................................................................................... 1236 Flow of funds ............................................................................................................................ 1238 Number of banking offices in the United States.................................................................. 1248 Banking offices on Federal Reserve par list and not on par list...................................... 1249 Bank holding companies, December 31, 1965..................................................................... 1250 Guide to tabular presentation................................................................................................. 1176 Index to statistical tables ........................................................................................................ 1278 The data for F.R. Banks and member banks and eral finance, and Federal credit agencies are obfor consumer credit are derived from regular tained from Treasury statements. The remain reports made to the Board; production indexes ing data are obtained largely from other are compiled by the Board on the basis of data sources. For many of the banking and monetary collected by other agencies; and flow of funds series back data and descriptive text are avail figures are compiled on the basis of materials able in Banking and Monetary Statistics and from a combination of sources, including the its Supplements (see list of publications at end Board. Figures for gold stock, currency, Fed- of the Bulletin). 1177 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1178 BANK RESERVES AND RELATED ITEMS AUGUST 1966 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS (In millions of dollars) Factors supplying reserve funds Factors absorbing reserve funds F. R. Bank credit outstanding Deposits, other P d e o a ri r t o e d U.S. Govt, securities Dis- Gold T c r u e u r a r y - s r C e i n u n c r y Tr u e r a y s th w a i n th m r e F e s . e m R rv . b e e B s r , a b n a k n s k O F t . h R e . r Me r m es b e e r r v e b s ank Total B r o o ig u u h g t t ht R m c a h e g e p a r n e s u t e e r s c v o a a a n n u d c n d e t s s Float 1 t T al o 2 stock s o t i a n u n g t d c t c u i i o l r n a h c in o a g l s d h s Tr u e r a y s F ei o g r n Other’ co a u c n ts B W F a . n R it k h . s c r C o a en n i u n c d r y 3 Total Averages of daily figures 1929—June........ 179 179 978 61 1,317 4,024 2,018 4,400 210 30 30 376 2,314 2,314 1933—June........ 1,933 1,933 250 12 2,208 4,030 2,295 5,455 272 81 164 350 2,211 2,211 1939—Dec......... 2.5IC 2,510 8 83 2,612 17,518 2,956 7,609 2,402 616 739 248 11,473 11,473 1941—Dec......... 2,219 2,219 5 170 2,404 22,759 3,239 10,985 2,189 592 1,531 292 12,812 12,812 1945—Dec......... 23,708 23,708 381 65224,744 20,047 4,322 28,452 2,269 625 1,247 493 16,027 16,027 1950—Dec......... 20,345 20,336 9 142 1,11721,606 22,879 4,629 27,806 1 ,290 615 920 353 739 17,391 .......... 17,391 1955—Dec......... 24,602 24,318 284 840 1,38926,853 21,689 5,008 31,265 777 434 459 394 983 19,240 19,240 1956—Dec......... 24,765 24,498 267 706 1,63327,156 21,942 5,064 31,775 772 463 372 247 998 19,535 19,535 1957—Dec......... 23,982 23,615 367 716 1 ,443 26,186 22,769 5,144 31,932 768 385 345 186 1,063 19,420 19,420 1958—Dec......... 26,312 26,216 96 564 1,49628,412 20,563 5,230 32,371 691 470 262 337 1,174 18,899 18,899 1959—Dec......... 27,036 26,993 43 911 1,42629,435 19,482 5,311 32,775 396 524 361 348 1,195 18,628 304 18,932 1960—Dec......... 27,248 27,170 78 94 1,665 29,060 17,954 5,396 33,019 408 522 250 495 1,029 16,688 2,595 19,283 1961—Dec......... 29,098 29,061 37 152 1,921 31,217 16,929 5,587 33,954 422 514 229 244 1,112 17,259 2,859 20,118 1962—Dec......... 30,546 30,474 72 305 2,298 33,218 15,978 5,561 35,281 398 587 222 290 1,048 16,932 3,108 20,040 1963—Dec......... 33,729 33,626 103 360 2,43436,610 15,562 5,583 37,603 389 879 160 206 1,215 17,303 3,443 20,746 1964—Dec......... 37,126 36,895 231 266 2,423 39,873 15,388 5,401 39,698 595 944 181 186 1,093 17,964 3,645 21,609 1965—July......... 39,249 38,891 358 527 1,831 41,651 13,924 5,412 40,005 780 805 160 196 740 18,301 3,562 21,863 Aug......... 39,318 39,074 244 566 1 ,581 41,504 13,858 5,433 40,104 810 924 215 185 480 18,076 3,541 21,617 Sept......... 39,108 39,055 53 533 1,92241,610 13,858 5,469 40,347 809 978 210 195 287 18,111 3,629 21,740 Oct.......... 39,601 39,580 21 515 1,86942,048 13,857 5,496 40,734 800 1,024 169 209 142 18,323 3,635 21,958 Nov......... 40,128 40,127 1 485 1,96542,649 13,845 5,537 41,372 801 930 174 224 296 (8,235 3,723 21,958 Dec......... 40,885 40,772 113 490 2,34943,853 13,799 5,565 42,206 808 683 154 231 389 18,747 3,972 22,719 1966—Jan.......... 40,626 40,451 175 427 2,25343,449 13,733 5,608 41,588 819 700 160 245 465 18,812 3,938 22,750 Feb......... 40,635 40,437 198 498 1,870 43,116 13,734 5,653 41,224 834 798 140 234 789 18,482 3,751 22,233 Mar......... 40,398 40,387 11 571 1,824 42,943 13,700 5,700 41,394 861 479 158 291 746 18,414 3,746 22,160 Apr......... 40,629 40,587 42 647 1,934 43,339 13,632 5,768 41,671 941 311 148 398 505 18,766 3,762 22,528 May..... 41,129 41,012 117 743 1,87743,89! 13,565 5,838 41,858 968 670 138 386 512 18,762 3,725 22,487 June..... 41,672 41,653 19 685 1,936 44,498 J3,5OO 5,916 r42,296 1,033 824 152 394 535 18,679 3,855 22,534 July......... 42,221 42,210 1 1 767 2,62445,737 13,415 5,970 42,823 1,067 1 ,059 196 419 338 19,220*3,867 *23,087 Week ending— 1965 July 7............. 39,588 39,050 538 594 1,71841,955 13,934 5,418 39,895 775 569 162 208 781 18,917 3,251 22,168 14............. 39,570 38,987 583 623 1,88342,128 13,934 5,405 40,201 762 842 146 196 829 18,491 3,615 22,106 21 .......... 38,864 38,766 98 427 2,20641,535 13,934 5,412 40,065 785 888 179 194 725 18,046 3,617 21,663 28............. 39,013 38,799 214 479 1 ,67441,201 13,923 5,408 39,901 792 873 156 186 710 17,914 3,680 21 ,594 Aug. 4...3..9..,.4..0..0. 38,903 497 544 1,44041,418 13,857 5,423 39,944 797 903 155 196 500 18,204 3,579 21 ,783 11............. 39,651 39,259 392 619 1,48041,786 13,858 5,422 40,125 800 1,050 198 191 470 18,230 3,370 21,600 18............. 39,136 39,037 99 493 1 ,77041,434 13,858 5,426 40,202 812 848 235 190 466 17,965 3,549 21,514 25........... . 39,134 38,971 163 547 1,69241,409 13,858 5,441 40,118 824 908 218 178 578 17,885 3,636 21,521 Sept. 1............. 39,152 39,074 78 537 1,42741,170 13,858 5,453 40,058 810 951 240 177 398 (7,846 3,728 21,574 8...3..9..,.4..8..0. 39,339 141 483 1,55241,586 13,858 5,462 40,307 807 898 243 179 389 18,082 3,329 21,411 15............. 39,088 39,088 564 1,821 41,508 13,857 5,470 40,488 809 987 212 191 312 17,836 3,749 21,585 22.............. 38,708 38,621 87 635 2,53941,918 13,858 5,470 40,319 812 1,023 187 207 220 18,478 3,636 22,114 29.............. 39,074 39,074 559 1,898 41,578 13,858 5,474 40,286 811 961 199 199 222 18,232 3,679 21,911 Oct. 6.............. 39,850 39,850 547 1,721 42,196 13,857 5,478 40,492 794 1 ,048 187 221 233 18,557 3,495 22,052 13............. 39,779 39,749 30 507 1 ,71742,061 13,857 5,493 40,814 802 1 ,021 178 218 203 18,175 3,530 21,705 20.............. 39,486 39,424 62 61 i 2,2(042,347 13,858 5,501 40,848 810 1 ,053 170 204 78 18,544 3,730 22,274 27.............. 39,292 39,292 372 1,91641,642 13,857 5,504 40,729 803 975 161 196 81 18,058 3,782 21,840 Nov. 3........ 39,829 39,829 533 1,63542,082 13,858 5,512 40,817 786 927 154 214 176 18,377 3,734 22,111 10............. 40,253 40,249 4 369 1,92542,616 13,858 5,532 41,112 792 1,063 179 215 261 18,386 3,518 21 ,904 17.............. 40,048 40,048 522 1,98842,605 13,859 5,540 41,389 791 1,045 180 231 234 18,134 3,743 21 .877 24.............. 39,788 39,788 394 2,26442,501 13,843 5,542 41,520 806 884 180 217 319 17,959 3,791 21,750 Dec. 1.............. 40,535 40,535 567 1,80243,018 13,808 5,544 41,734 818 761 159 235 412 18,253 3,939 22,192 8...4..1..,.0..1..4. 40,911 103 514 1,86043,519 13,809 5,548 41,929 816 670 155 225 460 18,622 3,712 22,334 15............. 40,879 40,824 55 518 2,05343,571 13,808 5,556 42,260 803 637 158 225 410 18,442 4,021 22,463 22.............. 40,824 40,802 22 247 2,87644,066 13,809 5,572 42,367 802 720 146 230 359 18,822 3,982 22,804 29.............. 40,852 40,631 221 592 2,71344,289 13,786 5,585 42,348 817 687 159 226 349 19,074 4,006 23,080 1966 Jan. 5.............. 41,030 40,607 423 600 2,36644,181 13,733 5,583 42,053 788 612 166 295 346 19,237 4,033 23,270 12.............. 41,145 40,823 322 613 2,39044,309 13,734 5,597 41,963 804 681 178 232 490 19,291 3,941 23,232 19............. 40,333 40,333 242 2,441 43,128 13,733 5,609 41,618 827 708 136 242 479 18,459 4,008 22,467 26............. 40,210 40,210 ........3..74 2,08542,816 13,733 5,615 41,237 839 746 144 231 481 18,485 3,966 22,451 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
AUGUST 1966 BANK RESERVES AND RELATED ITEMS 1179 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued (In millions of dollars) Factors supplying reserve funds Factors absorbing reserve funds F.R. Bank credit outstanding Deposits, other than member bank Member bank P d e o a ri r t o e d T U o . t S a . l Go B r o v o ig u t u , h t g s t h e t c u R a c r g h i e t r a p i e e s u e s e r v c D a o a a n n u d i c s d n e t s s Float 1 t T al o 2 s G to o c ld k T s r o c r t e u i a e n u n u r n a g y c r t s d y r c C t e c i u i n o u i n l r c n a r y T h c i r u n o a e r g s l a y d h s s Tr u w e r a y i s th r F e e s F . e R i o g r . v r n e B s a , O nk th s er 1 c O F o a t u . c h R n e . t r s B W F a . n R it k h . s re r C s a e e n n u r c d r v y e s Total ments coin 3 Averages of daily figures Week ending— 1966 Feb. 2.............. 40,548 40,299 249 439 1 ,907 43,005 13,732 5,635 41,085 830 834 178 235 540 18,669 3,869 22,538 9............. 41,117 40,708 409 523 1 ,671 43,425 13,734 5,646 41,196 833 879 152 235 713 18,796 3,527 22,323 16.............. 40,809 40,542 267 473 1,73943,130 13,733 5,647 41,283 833 910 135 236 745 18,368 3,785 22,153 23 . . 40,224 40,224 540 2,041 42,912 13,733 5,660 41,219 840 681 129 232 876 18,329 3,777 22,106 40,152 40,152 484 1 ,97442,731 13,733 5,671 41,235 829 645 135 236 871 18,185 3,931 22,116 9 . . 40,425 40,425 634 1 ,779 42,987 13,733 5,677 41,319 829 429 157 241 868 18,553 3,492 22,045 16............. 40,399 40.352 47 556 1 >41 42,848 13^733 5,685 41,480 822 346 180 247 813 18,378 3,743 22,121 23............. 40,311 40,311 623 2,087 43,193 13,704 5,709 41,459 863 506 140 303 679 18,656 3,740 22,396 30 . . 40,505 40,505 528 1,741 42,916 13,632 5,734 41,348 936 560 135 376 610 18,316 3,860 22,176 Apr. 6............. 40,924 40,779 145 643 1,63743,325 13,633 5,739 41,510 930 309 173 387 607 18,782 3,576 22,358 ' 13............. 40,821 40,787 34 623 1,86943,431 13,633 5,760 41,864 933 138 158 395 558 18,778 3,624 22,402 20 .. .. 40,301 40,301 706 2,17643,293 13,632 5,776 41,768 951 268 146 406 448 18,713 3,914 22,627 27 ............ 40,446 40,446 666 1,98843,254 13,632 5,781 41,563 949 466 133 404 454 18,699 3,916 22,615 May 4............. 40,837 40,755 82 637 1,928 43,560 13,633 5,797 41,605 935 510 157 400 417 18,966 3,769 22,735 ’ 11.............. 41,239 40,940 299 702 I ,77743,831 13,618 5,819 41,834 941 517 131 391 411 19,044 3,549 22,593 18 ........... 40,947 40,812 135 685 2,02543,771 13,532 5,833 41,924 966 591 137 384 436 18,700 3,775 22,475 25 . . 41,015 41,015 674 1,98343,827 13,532 5,860 41,859 988 855 130 375 640 18,372 3,869 22,241 41,457 41,457 832 1,67044,139 13,534 5,869 41,988 995 839 149 393 633 18,545 3,823 22,368 8...4.1.. .'.6..8..2. 41'661 21 567 1,76544,230 13,533 5,888 42,226 992 737 146 392 617 18,542 3,662 22,204 15............. 41 >59 41,601 58 800 1,80944,450 13,533 5,911 42,356 1 ,018 909 136 388 567 18,518 3,812 22,330 22............. 41'528 41,528 697 2,25444,665 13,505 5,931 42,327 1 ,052 799 155 394 499 18,876 3,843 22,719 29............. 41'795 41.795 776 1 >7944,783 13>32 5,933 42,251 1 ,076 855 152 390 472 18,952 3,984 22,936 42,585 42,581 4 832 2,00645,659 1 3,434 5,965 42,637 1 ,065 710 208 428 454 19,554 3,619 23,173 ' 13............. 42'656 42,653 3 818 2,43046,085 13,435 5,972 43,019 1 ,066 1 ,022 147 418 437 19,383 "3,862 "23,245 20.............. 41>84 41,684 631 3,225 45,615 13,434 5,966 42,921 1 ,062 1,156 160 433 332 18,951 "3,973 "22,924 27.............. 41'873 41,873 682 2,775 45,396 13,406 5,969 42,747 1,076 1 ,216 144 400 270 18,916"4,018 "22,934 End of month 1966 41,480 41,480 441 1,83943,940 13,532 5,882 42,102 976 902 263 389 603 18,119 3,574 21,693 42'169 42,169 292 1 ,95744,656 13 >34 5,978 42,554 1,049 766 313 437 379 18,567 4,433 23,000 ■July.................... 42,380 42,287 93 877 2,508 45,816 "13,332i‘5,992 i>42,689 1’1 ,051 1,232 548 419 46 19,155 "3,613 "22,768 Wednesday 1966 June 1 ....... . 41,339 41,339 384 1 ,481 43,382 13,534 5,876 42,211 978 855 132 434 600 17,582 "4,112 r21,694 8...4..1..,.5..4..2. 41,542 993 1 >9944,148 13'534 5,894 42,366 I ,008 901 156 400 616 18,129 r4,017 r22,l46 15............. 41 ,'435 41'435 778 1,82544,220 13,534 5,924 42,425 1 ,028 1,038 139 404 491 18,153 4,270 22,423 22.............. 41,469 41,469 814 1,75644,263 13,434 5,936 42,317 1,072 168 147 401 477 19,051 4,345 23,396 29............. 41,806 41,806 626 1 ,65444,314 13,434 5,963 42,480 1,086 825 132 397 463 18,328 4.434 22,762 July 6............. 42,733 42,707 26 265 2,08645,337 13,434 5,974 42,974 1 ,071 693 193 398 459 18,956 3,858 22,814 ' 13............. 42 >98 42'398 385 2,54445,483 13,434 5,968 43,074 1 ,063 1,138 150 418 337 18,706 "4,397 "23,103 20.............. 41 '956 41 '956 250 2,741 45'018 13,434 5,965 42,898 1,068 772 157 425 352 18,746 "4,261 "23,007 27............. 41,983 41 ,'983 ........9..70 2,21245^219 13,334 5,971 42,769 1 ,089 1,338 149 397 319 18,463 "4,408 "22,871 1 Beginning with 1960 reflects a minor change in concept; see Feb. 3 Part allowed as reserves Dec. 1, 1959-Nov. 23, 1960; all allowed 1961 Bulletin, p 164. thereafter. Beginning with Jan. 1963 figures are estimated except for 2 Includes industrial loans and acceptances, when held. (Industrial weekly averages. loan program discontinued Aug. 21. 1959.) For holdings of acceptances on Wed. and end-of-month dates, see subsequent tables on F.R. Banks. See also note 1. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1180 BANK RESERVES AND RELATED ITEMS AUGUST 1966 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city banks All member banks New York City City of Chicago Period Reserves Bor Reserves Bor Reserves Bor T h o e t ld al qu R ir e e d Excess B F r i a n o a . n g R w t s k . s s F e r r r e v e e e s T h o el t d al qu R ir e e d Excess B r F i o a n a . n R g w t k s . s s F e r r r e v e e e s T h o e t l a d l qu R ir e e d Excess B r F i o a n a . n w g R t k s . s s F e r r r e v e e e s 1929—June............ 2,314 2,275 42 974 -932 762 755 7 174 -167 161 161 1 63 -62 1933 June........... 1 2'160 1'797 363 184 179 861 792 69 69 211 133 78 78 1939 Dec............ 11'473 6,462 5,011 3 5,008 5,623 3,012 2,611 2,611 1,141 601 540 540 1941 Dec............ 12'812 9'422 3'390 5 3^85 5'142 4'153 989 989 1J43 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 1947—Dec............. 17,'261 16375 '986 224 762 4,404 4,299 105 38 67 1 ,024 1,011 13 6 7 1950—Dec............ 17'391 16,364 1,027 142 885 4,742 4,616 125 58 67 1,199 1'191 8 5 3 1955—Dec............. 19,240 18,646 594 839 -245 4,432 4,397 35 197 -162 1,166 1,164 2 85 -83 1956—Dec.............. 19,535 18,883 652 688 -36 4,448 4,392 57 147 -91 1,149 1,138 12 97 -86 1957—Dec.............. 19'420 18,843 577 710 -133 4,336 4,303 34 139 -105 1,136 1,127 8 85 -77 1958—Dec............. 18,899 18,383 516 557 -41 4,033 4,010 23 102 -81 1,077 1,070 7 39 -31 1959 Dec............ 18^932 18,450 482 906 -424 3,920 3,930 -10 99 -109 1,038 1,038 104 -104 1960—Dec............. 19,283 18,527 756 87 669 3,687 3,658 29 19 10 958 953 4 8 -4 1961—Dec.............. 20,118 19,550 568 149 419 3,834 3,826 7 57 -50 987 987 22 -22 1962 Dec............ 20^040 19,468 572 304 268 3,863 3,817 46 108 -62 1,042 1,035 7 18 -11 1963—Dec............. 20^746 20,210 536 327 209 3,951 3,895 56 37 19 1,056 1,051 5 26 -21 1964—Dec............ 21,609 21,198 411 243 168 4,083 4,062 21 35 -14 1,083 1,086 -3 28 -31 1965 July............. 21,863 21,513 350 524 -174 4,155 4,163 -8 126 -134 1,102 1,100 2 27 -25 21'617 21,187 430 564 -134 4,097 4,026 71 103 -32 1,077 1,075 2 38 -36 21 740 21,356 384 528 -144 4,095 4,079 16 62 -46 1,091 1,088 3 46 —43 21,958 21^14 344 490 -146 4,112 4; 104 8 36 -28 H090 1,085 5 85 -80 21'958 21,589 369 452 -83 4,002 3,992 10 87 -77 1,086 1,084 2 32 -30 22'719 22,267 452 454 -2 4,301 4,260 41 111 -70 1,143 1,128 15 23 -8 1966—Jan.............. 22,750 22,392 358 402 -44 4,313 4,278 35 109 -74 1,112 1,116 -4 45 -49 22,233 21,862 371 478 -107 4,168 4,150 18 93 -75 1,092 1,088 4 30 -26 22,160 21,855 305 551 -246 4,194 4,188 6 43 -37 1,102 1,099 3 65 -62 22^528 22,170 358 626 -268 4,326 4,270 56 85 -29 1,128 1,123 5 38 -33 22 ,'487 22,117 370 722 -352 4,276 4,230 46 86 -40 1,149 1,144 5 8 -3 22,534 22,212 322 674 -352 4,257 4,290 -33 110 -143 1,116 1,118 -2 10 -12 July............. ”23^087”22,679 ”408 766 ”-358 ”4,437 ”4,347 ”90 93 ”-3 ”1,142 ”1,130 ’12 66 ”-54 Week ending— 1965—July 7.... 22,168 21,820 348 582 -234 4,352 4,319 33 233 -200 1,131 1,129 2 30 -28 14.... 22,106 21,574 532 620 -88 4,148 4,136 12 200 -188 <1,095 1,093 c2 23 c—21 21 . 21,663 21,469 194 425 -231 4,139 4,119 20 68 -48 <1,105 1,099 c6 18 c—12 28. . .. 21,594 21,272 322 479 -157 4,107 4,093 14 37 -23 1,079 1 ,080 -1 35 -36 1966—Feb. 2.... 22,538 22,190 348 418 -70 4,271 4,257 14 13 1 1,114 1,109 5 49 -44 9. ... 22,323 21.979 344 503 -159 4,197 4,176 20 142 -121 1,085 1,087 -1 18 -19 16. ... 22,153 21,816 337 453 -116 4,132 4,123 9 116 -108 1 ,080 1,074 6 29 -24 23. ... 22,106 21,708 398 520 -122 4,126 4,097 29 103 -74 1,093 1,087 6 40 — 34 22 116 21,823 293 464 -171 4,199 4,177 22 22 1,108 1,107 1 38 — 38 9. ... 22,045 21,685 360 614 -254 4,128 4,117 11 21 -11 1'090 L088 2 52 -49 16. 22,121 21,758 363 536 -173 4,246 4,161 85 29 56 1,091 1,088 3 49 -46 23. 22,396 22,025 371 602 -231 4,225 4,216 10 118 -109 1,118 1,115 3 120 -117 30. ... 22,176 21,888 288 508 -220 4,227 4,218 10 21 -Il 1,101 1,099 2 47 -46 Apr. 6. . .. 22,358 22,025 333 623 -290 4,302 4,283 19 59 -40 1,094 1,095 -1 39 -40 13.... 22,402 22,042 360 603 -243 4,232 4,193 38 28 11 1,099 1,090 9 76 -67 20.... 22,627 22,254 373 685 -312 4,246 4,235 11 160 -149 1,129 1,128 1 41 . -40 27.... 22,615 22,235 380 642 -262 4,385 4,307 78 117 -39 1,164 1,148 16 10 6 May 4.... 22,735 22,449 286 617 -331 4,456 4,441 15 115 -100 1,194 1,189 5 3 2 11 . 22,593 22,253 340 680 -340 4,282 4,253 29 82 -53 1,154 1,148 6 7 -2 18.. 22,475 22,156 319 663 -344 4,225 4,218 7 73 -66 1,151 1,151 13 -13 25.... 22;241 21,927 314 653 -339 4; 168 4; 162 6 21 -16 1J28 1,124 5 7 -2 June 1 .... 22,368 21,932 436 812 -376 4,260 4,175 86 90 -4 1,115 1,121 -5 7 -12 8 22 204 21,997 207 547 -340 4,195 4,195 21 -21 1,115 1,106 9 8 1 15../ 22330 21,865 465 788 -323 4; 194 4J64 30 107 -77 CO86 1,073 13 17 -4 22.... 22,719 22,437 282 691 -409 4,438 4,387 51 185 -134 1,147 1,148 -1 12 -13 29.... 22,936 22,477 459 771 -312 4,386 4,375 11 150 -140 1,142 1,142 5 -5 July 6.... 23,173 22,823 350 827 -477 4,596 4,482 114 167 -54 1,175 1,167 8 107 -100 13.. ”23,245 ”22,520 ”725 818 ”-93 ”4,291 ”4,259 ”31 120 ”-89 ”1,126 ”1,118 ”8 129 ”-121 20.... ”22,926”22,751 ”175 631 ”-456 ”4,465 ”4,360 ”105 104 ”1 ”1,139 ”1,128 ”11 30 ”-19 27.... ’22,936”22,686 ”250 680 ”-430 ”4,324 ”4,329 ”-5 16 ”-21 ”1,114 ”1,119 ”-5 16 ”-21 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
AUGUST 1966 BANK RESERVES AND RELATED ITEMS 1181 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (In millions of dollars) Other reserve city banks Country banks Period Reserves Borrow Reserves Borrow ings at Free ings at Free T h o e t l a d l Required Excess B F a . n R k . s reserves T h o e t ld al Required Excess B F a . n R k . s reserves 761 749 12 409 -397 632 610 22 327 — 305 1933 June............................. 648 528 120 58 62 441 344 96 126 -30 1939 Dec ................... 3,140 1,953 1 188 1,188 1 ,568 897 671 3 668 1941 Dec.............................. 4^317 3,014 1 '303 1,302 2'210 1,406 804 4 800 1945 Dec.............................. 6’394 5'976 ’418 96 322 4'576 3,566 1,011 46 965 1947 Dec.............................. 6,'861 6,589 271 123 148 4,'972 4,375 '597 57 540 1950 Dec............................. 6,689 6,458 232 50 182 4,761 4,099 663 29 634 1955 Dec.............................. 7,924 7,865 60 398 -338 5,716 5,220 497 159 338 1956 Dec.............................. 8,078 7,983 96 300 -203 5,859 5,371 488 144 344 1957 Dec.............................. 8,042 7,956 86 314 -228 5,906 5,457 449 172 277 1958 Dec.............................. 7,940 7,883 57 254 -198 5,849 5,419 430 162 268 1959 Dec.............................. 7^954 7,912 41 490 -449 6,020 5,569 450 213 237 1960 Dec.............................. 7,950 7,851 100 20 80 6,689 6,066 623 40 583 1961 Dec.............................. 8'367 8,308 59 39 20 6,931 6,429 502 31 471 1962 Dec.............................. 8,178 8,100 78 130 -52 6,956 6,515 442 48 394 1963 Dec.............................. 8,393 8,325 68 190 -122 7,347 6,939 408 74 334 1964—Dec.............................. 8,735 8,713 22 125 -103 7,707 7,337 370 55 315 1965 June............................. 8,653 8,635 18 287 -269 7,750 7,448 302 87 215 8,774 8,724 50 264 -214 7,831 7,527 304 107 197 Aug............................. 8,659 8; 626 33 263 -230 7,784 7,461 323 160 163 8,683 8,640 43 286 -243 7,873 7,549 324 134 190 8,814 8; 776 38 245 -207 7,941 7,650 291 124 167 8^00 8,757 43 221 -178 8,069 7,755 314 112 202 Dec.............................. 9^56 8; 989 67 228 -161 8,219 7,889 330 92 238 (966 Jan .............................. 9,033 9,010 23 164 -141 8,291 7,988 303 84 219 Feb.............................. 8,827 8,771 56 204 -148 8J46 7^52 294 151 143 8,768 8,743 25 243 -218 8,096 7,825 271 200 71 8,905 8'882 23 261 -238 8,169 7,895 274 242 32 8; 936 8,’852 84 309 -225 8,126 7^91 235 319 -84 8,913 8,878 35 258 -223 8,249 7,926 323 296 27 July.............................. ”9,201 ”9'137 ”64 375 ”-311 ”8,307 ”8,066 ”241 232 ”9 Week ending— 8,869 8,841 28 218 -190 7,817 7,532 285 101 184 14....................... 8,799 8,767 32 293 -261 8,064 7,577 487 104 383 21....................... 8,731 8,704 27 225 -198 7,688 7'547 141 114 27 28....................... 8,653 8,621 32 319 -287 7,753 7,478 275 88 187 1 966 Feb 2....................... 8,928 8,913 15 194 -179 8,224 7,910 314 162 152 9........8..,.8..6..8........ 8,820 48 232 -184 8,174 7,896 278 111 166 16....................... 8,793 8,757 36 160 -125 8,149 7,861 288 148 140 23....................... 8,754 8,717 38 229 -191 8,133 7'807 326 148 177 8,768 8,726 41 214 -173 8,042 7,813 229 212 17 * 9....................... 8^715 8^686 29 336 -307 8,112 7,793 319 205 113 16....................... 8^759 8,690 69 225 -155 8,024 7,819 205 233 -28 23....................... 8,862 8'821 42 228 -186 8,190 7,873 317 136 181 ' 30....................... 8^809 8'755 54 205 -151 8,039 7,816 223 235 -11 8,858 8,825 33 301 -268 8,104 7,822 282 224 58 13....................... 8’921 8’862 59 212 -153 8,151 7^897 254 287 -33 20....................... 8,955 8,932 22 292 -269 8,297 7,959 338 192 145 27....................... 8,936 8,882 54 252 -198 8,130 7,898 231 263 -31 8,982 8,938 45 263 -219 8,102 7,881 222 236 -14 ' H....................... 8^950 8,908 42 293 -251 8,207 7,944 263 298 -35 18....................... 8^902 8'865 37 323 -286 8,198 7,921 277 254 23 25....................... 8,827 8,775 52 231 -179 8,118 7'867 251 394 -143 8,814 8,806 9 348 -340 8,178 7,830 348 367 -20 8........8..^..8..7.3........ 8'805 68 177 -110 8^021 7,891 130 341 -211 15....................... 8,786 8,744 42 303 -261 8,264 7,884 379 361 18 22....................... 8^92 8^44 48 223 -175 8,142 7,957 185 271 -86 29....................... 9,033 8,991 42 382 -340 8,376 7,970 406 234 172 9,211 9,135 76 285 . -209 8,192 8,039 152 268 -115 ' 13....................... ”9'100 ”9,046 ”54 393 ”-339 ”8;728 ”8,096 ”632 176 ”456 20....................... ”9'268 ”9,205 ”63 333 ”-270 ”8,054 ”8,059 »—5 164 ”-169 27....................... ”9,196 ”9,150 ”46 417 ”-371 ”8,303 ”8,089 ”214 231 ”-17 1 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. All 1965 figures final; they 1959; thereafter on closing figures for balances with F.R. Banks and open may not agree with those previously published in the Bulletin. ing figures for allowable cash; see also note 3 to preceding table. Required reserves: Based on deposits as of opening of business each day. Note.—Averages of daily figures. Monthly data are averages of daily Borrowings at F.R. Banks; Based on closing figures. figures within the calendar month; they are not averages of the 4 or 5 weeks ending on Wed. that fall within the month. Beginning with Jan. 1964 reserves are estimated except for weekly averages. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1182 MAJOR RESERVE CITY BANKS AUGUST 1966 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS (In millions of dollars unless otherwise noted) Related transactions with Basic reserve position Interbank Federal funds transactions U.S. Govt, securities dealers Less— Net— Gross transactions Net transactions Reporting banks week a e n n d d ing—■ s E e x r r v c e e e s s s 1 r a o B t B w a F o n in . r k R g s . s F i f b e n u N a d t n n e e e d t k r r s a l S d u e r o f p i r c l u i . t s P r r e e e s a q r e o v u r c g f i v e r . e n e s d t c P ha u s r e s Sales ac 2 t T r t - a i o w o n t n a a s y l s 2 b c o b h u P a f a y u n n s i r k n e e s s g t s o b S e f a l a l n l n i e n k e s g s t d L e o a t a l o n e r s s 3 de B f r i a r o n o o l w g e m r s r s 4 lo N a e n t s trans. Total—46 banks 1966—June 1............ 66 143 37 -114 1.2 1,665 1,628 1 ,023 642 604 1,096 123 973 8............51 86 698 -733 7.5 2,119 1 ,421 1,208 911 213 900 122 778 15............ 49 2(6 707 -874 9.0 2,153 1 ,446 1,(17 1,036 329 912 1(2 800 22. 70 230 1 ,420 -1,580 15.6 2,847 1 ,428 1 ,302 1 ,546 126 965 103 861 29............ 53 297 1 ,061 -1,305 12.9 2,429 1,368 1,191 1 ,238 177 916 145 771 July 6....... 137 391 1,650 -1,904 18.4 2,999 1,349 1,188 1,810 160 813 190 623 13............ 60 477 1,892 -2,310 23.1 3,121 1,229 1 ,025 2,096 204 669 155 514 20............ 128 341 1 ,742 -1,955 19.2 3,127 1,384 1,185 1,942 199 761 164 597 27............ 66 268 1,159 -1,360 13.4 2,675 1 ,516 1 ,011 1,664 506 455 174 281 8 in New York City 1966—June 1............ 68 80 -161 150 3.8 626 788 461 166 327 744 112 632 8............ -2 14 128 -143 3.7 81 1 683 549 262 134 609 107 503 15............ 16 103 161 -247 6.3 911 750 521 390 229 662 94 568 22............ 44 185 676 -816 19.8 1 ,245 569 546 698 23 612 89 524 29............ 21 147 569 -695 16.9 1 ,078 509 501 577 7 674 131 543 July 6........... 93 161 962 -1,030 24.5 1 ,426 464 464 962 641 167 474 13 22 116 1,105 -1,199 30. 1 1,512 407 407 1,105 483 100 383 20............ 86 104 705 -722 17.7 1 ,429 724 604 825 120 394 109 285 27............ 49 16 310 -276 6.8 1,136 826 502 634 324 307 120 187 38 outside New York City 1966—June 1............ -2 63 199 -264 4.5 1,038 840 563 476 277 352 11 341 8 53 72 571 -590 10.0 1,308 738 660 649 78 290 15 275 15 32 113 547 -628 10.8 1,242 695 596 646 99 250 18 232 22............ 26 45 744 -763 12.7 1,603 859 755 847 103 352 15 337 29............ 33 150 492 -610 10. 1 1,351 859 690 661 169 242 15 227 July 6............ 44 230 688 -874 14.3 1,573 885 725 848 160 172 23 149 13 38 362 787 -1,111 18.5 1 ,609 822 618 991 204 186 55 131 20............ 42 237 1 ,038 -1,233 20.1 1,698 660 581 1,117 79 366 55 312 27............ 17 252 849 -1,084 17.7 1,539 690 509 1,030 181 148 55 94 5 in City of Chicago 1966—June 1 ....... -6 93 -99 9.9 298 205 173 125 32 11 11 8............ 2 6 64 -68 6.8 311 246 235 75 11 13 13 15............ 7 132 -126 13.1 308 176 168 140 8 10 10 22............ 4 208 -204 19,7 426 218 183 242 34 14 14 29............ 184 -184 17.9 357 173 145 212 28 19 19 July 6............ 6 106 228 -328 31.3 447 219 216 230 2 22 22 13............ 7 129 331 -453 45,3 478 147 127 351 20 11 11 20............ 10 30 243 -263 26.1 451 208 176 275 31 9 9 27............ -7 16 265 -288 28.8 418 153 142 276 11 5 .............. 5 33 others 1966—June 1............ 4 63 106 -165 3.3 740 635 390 351 245 341 11 330 8 51 66 506 -522 10.7 998 491 424 574 67 277 15 262 15............ 25 113 415 -502 10,4 934 519 428 506 91 240 18 222 22 22 45 536 -559 11.3 1,177 641 572 605 69 338 15 323 29............ 32 150 308 -426 8.5 994 686 545 450 142 223 15 208 July 6............ 37 124 460 -546 10.7 1,127 667 509 617 157 150 23 127 13 31 233 455 -658 13.1 1,131 675 491 640 184 175 55 120 20............ 32 208 794 -970 19.0 1,247 453 405 842 48 358 55 303 27............ 24 236 583 -796 15.6 1 ,121 537 367 754 171 143 55 89 i Based upon reserve balances including all adjustments applicable to * Federal funds borrowed, net funds acquired from each dealer by the reporting period. Carryover reserve deficiencies, if any, are de clearing banks, reverse repurchase agreements (sales of securities to ducted. dealers subject to repurchase), resale agreements, and borrowings secured 2 Derived from averages for individual banks for entire week. Figure by Govt, or other issues. for each bank indicates extent to which its weekly average purchases 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. banks, repurchase agreements (purchases of securities from dealers subject to resale), or other lending arrangements. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
AUGUST 1966 DISCOUNT RATES 1183 FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Discounts for and advances to member banks Advances to all others under last par. Sec. 13 3 Advances and discounts under Advances under Federal Reserve Bank Secs. 13 and 13a 1 Sec. 10(b) 2 Rate on Effective Previous Rate on Effective Previous Rate on Effective Previous July 31 date rate July 31 date rate July 31 date rate Boston............................. 4*/4 Dec. 8, 1965 4 5 Dec. 8, 1965 4 >/4 5’Xi Nov. 24, 1964 43/2 New York......... 4*4 Dec. 6,' 1965 4 5 Dec. 6, 1965 43/4 5’/4 Dec. 6' 1965 5 Philadelphia..................................... 43/2 Dec. 10, 1965 4 5 Dec. 10, 1965 4 3/4 53/2 Dec. 10, 1965 5 Cleveland......................................... 434 Dec. 10; 1965 4 5 Dec. 10; 1965 41/4 6 Dec. 10', 1965 53/2 Richmond...................................... 43/2 Dec. 10' 1965 4 5 Dec. 10, 1965 4 3/4 53/2 Dec. 10, 1965 5 Atlanta............................................ 43/4 Dec. 8, 1965 4 5 Dec. 8, 1965 4 3/4 6‘4 Dec. 8, 1965 6 Chicago.......................................... 43/2 Dec. 6' 1965 4 5 Dec. 6, 1965 434 53/2 Dec. 6' 1965 5 St Louis.......................................... 43/2 Dec. l.o; 1965 4 5 Dec. 10, 1965 4 3/4 53/2 Dec. 10; 1965 5 Minneapolis.................................... 43/2 Dec. 10' 1965 4 5 Dec. 10, 1965 43/2 514 Dec. 10, 1965 5 Kansas City........................................ 43/2 Dec. 13, 1965 4 5 Dec. 13, 1965 43/2 53/2 Dec. 13’, 1965 5 Dallas.............................................. 43/2 Dec. 10‘ 1965 4 5 Dec. io; 1965 43/2 53/2 Dec. IO’ 1965 5 San Francisco................................. 4ft Dec. 10; 1965 4 5 Dec. 10, 1965 4ft 5'A Dec. 10, 1965 5 i Advances secured by U.S. Govt, obligations and discounts of and secured by FICB obligations are limited to 15 days. advances secured by eligible paper. Rates shown also apply to advances t Advances secured to the satisfaction of the F.R. Bank. Maximum secured by obligations of Federal intermediate credit banks maturing maturity: 4 months. within 6 months. Maximum maturity: 90 days except that discounts J Advances to individuals, partnerships, or corporations other than of certain bankers* acceptances and of agricultural paper may have member banks secured by U.S. Govt, direct obligations. Maximum matu maturities not over 6 months and 9 months, respectively, and advances rity: 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 all F.R. of date all F.R. of Banks N.Y. Banks N.Y. Banks N.Y. In effect Dec. 31, 1941........ 1 -1ft I 15. A ... p 1 .. 9 r . . . 5 .. 5 . 1 .. 4 .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....... I I.. f f.. t t.. - -.. l l f ft t 1 13 ’/ / 1 4 16.... 1 .. 9 .. 5 .. 9 ................... 23 '3 /4-3 3 3 O A c p t r . . 3 1 1 0 5 1 . . . . . . . . . . . . . . . . . . . . . 1 . . . . . . 9 . . . 4 . . . . . . 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . t t 1 f I t 4-1 t 1 1 ‘/2 S M A e u a p g y t . . 1 2 9 4 5 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 W l ft 1 4 - - - ^ 2 - 2 2 2 1 f f / f 4 , t t t 2 2 2 1 1 1 3 3 / / / 4 4 4 J S M u e a n ‘ p y e t. 2 1 1 1 9 2 8 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 3 '4 / 3 2 “ ! ^ 4 4 3 >/> 4 4 3 33 3 / / 2 2 13............................. 2ft 23/4 1946 Nov. 18............................. 2ft-2ft 23^ 1960 Apr. 25................................. t 16-1 1 23............................. 2ft 234 May 10................................. 1 1 314-4 4 1956 10............................. 3ft-4 3 Apr. 13.....................2..f..t.-..3. 23/4 14............................. 3 3/4 3'/4 1948 20............................. 2ft-3 23/4 3 -314 3 Jan. 12................................. 1 -1ft 1ft Aug. 24............................. 2ft-3 3 Sept. 9............................. 3 3 19................................. 1ft 1ft 31............................. 3 3 Aug. 13................................. Ift-lft 1ft 23................................. 1ft tft 1957 1963 1950 Nov. 2 1 3 5 . . A . . . . . . u . . . . g . . . . . . . . . . . . . . . 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....... 3 3.. .. 3 ..- - f .3 3 . t f f t t 3 3 3 3/4 July ' 2 1 6 7. . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 - f 3 t i/4 3 3 3 ! / 4 1 Aug. 21................................ ift-ift 1ft Dec. 2............................. 3 3 25................................. Ift 1ft 1964 1958 Jan. 22.....................2..f..t.-..3. 3 Nov. 24............................. 33/4-4 4 1953 24............................. 2ft-3 30............................. '4 4 Jan. 16............................... lft-2 2 Mar. 7..................... 2ft-3 23............................... 2 2 13............................. 2ft-2% 2% 21............................. 2ft 2ft 1965 Apr. 18............................. lft-2ft Dec. 6............................. 4 -41/2 4 1954 May 9............................. 1ft 13............................. 4ft 4ft Feb. 5............................... lft-2 ift Aug. 15............................. lft-2 15............................... 1ft tft Sept. 12............................. lft-2 Apr. 1 1 4 6 . . . . . . . . . . . . . . . . . . . . . .. . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . JO i i f f t t Oct. 2 2 3 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 -2ft 2 2 1966 May 21............................... 1ft ift Nov. 7............................ 2ft 2«/4 In effect July 31................ 4ft 4ft t Preferential rate of ^ of 1 per cent for advances secured by U.S. against U.S. Govt, obligations was the same as its discount rate except Govt, obligations maturing in 1 year or less. The rate of 1 per cent was in the following periods (rates in percentages): 1955—May 4-6, 1.65; continued for discounts of and advances secured by eligible paper. Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2,15; Nov. 10, 2.375; 1956—Aug. 24-29, 2.75; 1957—Aug. 22, 3.50; 1960—Oct. 31-Nov. 17, Dec. 28-29, Note.—Discount rates under Secs. 13 and 13a (as described in table 2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3-4, 2.50; June 29, 2.75; July above). For data before 1942, see Banking and Monetary Statistics, 20, 31, Aug. 1-3, 2.50; Sept. 28-29, 2.75; Oct. 5, 2.50; Oct. 23, Nov. 3, 1943, pp 439-42. 2.75; 1962—Mar. 20-21, 2.75; 1964—Dec. 10, 3.85; Dec. 15, 17, 22, 24, The rate charged by the F.R. Bank of N.Y. on repurchase contracts 28, 30, 31, 3.875; 1965—Jan. 4-8, 3.875. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1184 RESERVE REQUIREMENTS AUGUST 1966 MAXIMUM INTEREST RATES PAYABLE ON TIME AND RESERVE REQUIREMENTS OF MEMBER BANKS SAVINGS DEPOSITS (Per cent of deposits) (Per cent per annum) | Time deposits Net demand deposits2 Effective date Type and maturity Central ‘ of deposit J 1 a 9 1 n 3 , 6 . 1 J 9 a 1 5 n , 7 . J 1 a 9 1 n 6 , 2 . J 1 u 1 9 7 6 ly , 3 N 1 2 9 o 4 6 v , 4 . D 19 6 e 6 , c 5 . Effective date 1 C r b e e a c s n n i e t t r k y r v a s e 3 l R b e c a s i n e ty k rv s e C ba o tr n u y k n s r r e e a c s s i n e e t r r d y v v e e C ba o tr n u y k n s banks 3 Savings deposits: 1 year or more............. 2% 3 4 4 4 4 Less than 1 year.............. 2 ft 3 3ft 3ft 4 4 In effect Dec. 31, 1948.. 26 22 16 7ft 7ft Other time deposits: 1 1 year or more................. 2ft 3 4 4 4ft 5ft 1949—May 1,5.......... 24 21 15 7 7 6 months-I year.............. 2ft 3 3ft 4 4ft 5ft June 30, July I.. 20 14 6 6 90 days-6 months........... 2 2ft 2ft 4 4ft 5ft Aug. 1, 11........ 23’/2 19>4 13 5 Less than 90 days Aug. 16, 18........ 23'“ 19'“ 12 5 (30-89 days)...... 1 1 1 1 4 5ft Aug. 25. 2214 18’4 Sept. 1. 22“ 18'“ 1951—Jan. 11, 16........ 23 19 13 6 6 1 Effective July 20, (966, the Board reduced the maximum rate that Jan. 25, Feb. 1.. 24 20 14 member banks may pay from 5l/z to 5 per cent on new multiple-maturity 1953—juiy 9.......... 22 19 13 deposits of 90 days or more and from 5^ to 4 per cent on new multiple 1954—-June 16, 24........ 21 5 5 maturity deposits of less than 90 days. See Federal Reserve Bulletin July 29, Aug. 1. 20 18 12 for July, p. 963. 1958—Feb. 27, Mar. 1. 19*4 1714 11'4 For exceptions with respect to foreign time deposits, see Oct. 1962 Mar. 20, Apr. 1.. 19 17 11 Bulletin, p. 1279, and Aug. 1965 Bulletin, p. 1084. Apr. 17.............. 1814 Apr. 24........ 18 16ft Note.—-Maximum rates that may be paid by member banks as estab I960—Sept. 1.............. 17ft lished by the Board of Governors under provisions of Regulation Q. Nov. 24......... 12 Under this regulation the rate payable by a member bank may not in Dec. 1........ 16ft any event exceed the maximum rate payable by State banks or trust cos. on like deposits under the laws of tpe State in which the member bank 1962—Oct. 25, Nov. 1. 4 4 is located. Effective Feb. 1, 1936, maximum rates that may be paid by insured nonmember commercial banks, as established by the FDIC, 1966—July 14,21....... (4) (4) have been the same as those in effect for member banks. For rates for postal savings deposits, see Board’s Annual Reports. In effect Aug. 1, 1966... .......1..6..f.t.. 12 (4> (’) Maximum rate payable (per cent) on all types of time and savings deposits: Nov. 1, 1933-Jan. 31, 1935, 3; Feb. 1, 1935-Dec. 31, 1935, 2^. Present legal requirement: 10 7 3 3 MARGIN REQUIREMENTS Maximum.................................. 22 14 6 6 (Per cent of market value) 1 When two dates are shown, a first-of-month or midmonth date records changes at country banks, and any other date (usually aThurs.) Effective date records changes at central reserve and reserve city banks. 2 - Demand deposits subject to reserve requirements are gross demand Regulation deposits minus cash items in process of collection and demand balances July 28, July 10, Nov. 6, due from domestic banks. I960 1962 1963 3 Authority of the Board of Governors to classify or reclassify cities as central reserve cities was terminated effective July 28, 1962. 4 On savings deposits—-4 per cent; on other time deposits up to $5 Regulation T: million—-4 per cent; on other rime deposits in excess of $5 million— For extensions of credit by brokers and 5 per cent. dealers on listed securities................. 70 50 70 For short sales........................................... 70 50 70 Note.—All required reserves were held on deposit with F.R. Banks, Regulation U: June 21, 1917, until late 1959. Since then, member banks have been For loans by banks on stocks.................. 70 50 70 allowed to count vault cash also as reserves, as follows: country banks— in excess of 4 and 2% per cent of net demand deposits effective Dec. I, 1959, and Aug. 25, 1960, respectively; central reserve city and reserve city Note.—Regulations T and U, prescribed in accordance with Securities banks—in excess of 2 and 1 per cent effective Dec. 3, 1959, and Sept. 1, Exchange Act of 1934, limit the amount of credit that may be extended on 1960, respectively; all member banks were allowed to count all vault cash a security by prescribing a maximum loan value, which is a specified as reserves effective Nov. 24, 196Q. percentage of its market value at the time of extension; margin require ments are the difference between the market value (100 per cent) and the maximum loan value. DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS (In millions of dollars) Reserve city banks Reserve city banks All Country All Country Jtem member New City banks Item member New City banks banks York of Other banks York of Other City Chicago City Chicago Four weeks ending May 25, 1966 Four weeks ending June 22, 1966 Gross demand—Total. . . 144,375 28,120 6,941 53,251 56,065 Gross demand—Total. . . 143,694 27,971 6,759 52,939 56,026 Interbank..................... 14,983 4,863 1,222 7,017 1,882 Interbank..................... 15,234 4,952 1,234 7,160 1,889 U S Govt . 6*286 1,562 505 2,467 1 '753 U.S. Govt..................... 4,688 919 '257 1'799 1,712 Other ...................... 123,108 21,696 5,215 43,767 52,430 Other............................. 123,774 22,100 5,269 43,980 52,425 Net demand I. . , .... 116’868 21,140 5,731 42,176 47,821 Net demand 1................. 115,885 20;893 5,481 41,827 47,684 126^29 19,514 5,185 47,813 54,118 Time................................. 127,062 19,571 5,192 48,079 54,220 Demand balances due Demand balances due from dom. banks......... 7,442 197 101 1,977 5,168 from dom. banks......... 7,577 188 157 1,970 5,263 Currency and coin........... 3^41 295 78 1,134 2,234 Currency and coin.......... 3,786 300 78 1,150 2,258 Balances with F.R. Balances with F.R. Banks .......................... 18,771 3,989 1,079 7,780 5,923 Banks............................ 18,620 3,972 1,038 7,717 5,894 Total reserves held.......... 22^512 4,284 1,157 8,914 8,157 Total reserves held.......... 22i406 4.272 1’116 8,867 8,152 22,197 4,269 1,153 8,872 7,903 Required.................... 22.058 4,231 1,112 8,824 7', 891 Excess.. ........................ '315 15 4 42 254 Excess........... 348 41 ' 4 43 261 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
AUGUST 1966 OPEN MARKET ACCOUNT 1185 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 Month Exch., maturity Gross Gross Redemp Gross Gross Redemp Gross Gross shifts, purchases sales tions purchases sales tions purchases sales or redemp tions 1965—'June................................................. 755 115 224 361 115 224 July............................................. 206 284 206 284 Aug........................................... 758 398 114 652 398 114 1,937 Sept.................................................. 1,692 770 198 1,541 770 198 Oct............................ 652 671 98 652 671 98 Nov................................................. 1,666 598 150 1,666 598 150 -5,582 Dec................................................... 816 615 297 816 615 297 1966—Jan................................................... 894 919 228 894 919 228 Feb................................................... 1,114 979 171 1,070 979 171 33 957 Mar............................................... 960 314 101 873 314 101 78 Apr................................................... 929 748 201 887 748 201 18 May............................................... 1,208 392 50 1,174 392 50 -281 June. ............................................... 1,448 650 110 1,296 65Q 110 55 108 Outright transactions in U.S. Govt, securities by maturity—Continued 1-5 years 5-10 years Over 10 years Month Exch. Exch. Exch. Gross Gross or Gross Gross or Gross Gross or purchases sales maturity purchases sales maturity purchases sales maturity shifts shifts shifts 1965—June................................................. 185 166 43 July.................................................. Aug................................................. 61 -1,821 35 -116 io Sept................................................ 107 40 4 Oct................................................... Nov................................... 5,582 Dec................................................... 1966—jan.................................................... Feb.................................................. 11 -957 Mar................................................. 9 144 -144 Apr................................................... 25 May................................................ 34 281 June................................................. 88 -108 8 Repurchase agreements (U.S. Govt, securities) Bankers’ acceptances Net change Net change Month in U.S. in U.S. Govt, Govt, Under securities and Gross Gross securities Outright, repurchase acceptances purchases sales net agreements, net 1965—June................................................. 1,894 1,895 415 —10 -19 386 July.................................................. 2,734 2; 549 106 -6 -12 88 Aug................................................ 1 '552 1’955 -157 1 19 —137 Sept................................................. '450 '450 725 3 4 732 Oct................................................... 352 352 -117 2 21 —94 Nov................................................. 24 24 918 8 16 941 Dec.................................................. 1,661 1,372 193 25 52 270 1966—Jan................................................... 1,595 1,545 -203 -2 -75 — 280 Feb.................................................. '272 '611 -376 12 — 365 Mar........................... 222 222 545 3 1 549 Apr.................................................. 682 682 -20 4 30 14 May............................................... 421 421 766 -1 20 786 June................................................. 185 185 689 2 58 748 Note.—Sales, redemptions, and negative figures reduce System hold ings; all other figures increase such holdings. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1186 FEDERAL RESERVE BANKS AUGUST 1966 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1966 1966 1965 July 27 July 20 July 13 July 6 June 29 July June July Assets Gold certificate account................................................. 11,058 11,171 11,212 11,220 11,203 11,078 11,223 11,961 Redemption fund for F.R. notes................................... 1,815 1,818 1,781 1,773 1,770 1,812 1,770 1,630 Total gold certificate reserves..................................... 12,873 12,989 12,993 12,993 12,973 12,890 12,993 13,591 Cash................................................................................. 271 247 244 249 257 281 259 119 Discounts and advances: Member bank borrowings......................................... 970 250 385 260 621 877 287 536 5 5 5 Acceptances: Bought outright.......................................................... 54 71 76 81 81 51 81 35 80 172 147 157 U.S. Govt, securities: Bought outright: Bills.......................................................................... 10,166 10,139 10,581 10,890 10,069 10,470 10,432 7,683 15 15 15 15 15 15 15 Notes........................................................................ 25,326 25,326 25,326 25,326 25,309 25,326 25,309 25,737 Bonds....................................................................... 6,476 6,476 6,476 6,476 6,413 6,476 6,413 5,384 Total bought outright................... 41,983 41,956 42,398 42,707 41,806 42,287 42,169 38,804 Held under repurchase agreements 26 93 403 Total U.S. Govt, securities............... 41,983 41,956 42,398 42,733 41,806 42,380 42,169 39,207 Total loans and securities.............................................. 43,007 42,277 42,939 43.251 42,660 43,308 42,699 39,778 Cash items in process of collection............................... 7,256 8,529 8,349 7,087 6,804 6,887 6,694 5,173 Bank premises................................................................. 104 104 104 104 104 104 104 102 Other assets: Denominated in foreign currencies........................... 413 383 406 408 407 702 482 620 IMF gold deposited 1................................................ 184 183 183 183 183 184 183 All other.............................................. • 425 400 369 355 318 435 323 413 Total assets..................................................................... 64,533 65,112 65,587 64,630 63,706 64,791 63,737 59,796 Liabilities F.R. notes...................................................................... 37,697 37,802 37,971 37,880 37,399 37,587 37,446 35,117 Deposits: Member bank reserves............................................... 18,463 18,746 18,706 18,956 18,328 19,155 18,567 18,008 U.S. Treasurer—General account........................... 1,338 772 1,138 693 825 1,232 766 947 Foreign........................................................................ 149 157 150 193 132 548 313 147 Other: 184 183 183 183 183 184 183 All other.................................................................. 213 242 235 215 214 235 254 202 Total deposits.................................................................. 20,347 20,100 20,412 20,240 19,682 21,354 20,083 19,304 Deferred availability cash items................................... 5,044 5,788 5,805 5,001 5,150 4,379 4,737 3,785 Other liabilities and accrued dividends 2.................. 198 203 215 224 222 203 214 395 Total liabilities................................................................ 63,286 63,893 64,403 63,345 62,453 63,523 62,480 58,601 Capital Accounts Capital paid in................................................................ 564 564 562 562 562 564 562 542 Surplus............................................................................ 551 551 551 551 551 551 551 524 Other capital accounts................................................... 132 104 71 172 140 153 144 129 Total liabilities and capital accounts............................ 64,533 65,112 65,587 64,630 63,706 64,791 63,737 59,796 Contingent liability on acceptances purchased for foreign correspondents..................................... 259 247 262 264 252 257 252 151 U.S. Govt, securities held in custody for foreign account..................................................................... 7,410 7,124 7,375 7,517 7,651 7,307 7,517 7,221 Federsil Reserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank).................... 41,775 41,849 41,554 41,219 40,895 41,719 40,950 37,896 Collateral held against notes outstanding: Gold certificate account............................................ 6,682 6,682 6,607 6,588 6,523 6,682 6,563 6,430 Eligible paper.............................................................. 51 7 12 6 29 28 31 47 U.S. Govt, securities................................................... 35,998 35,898 35,671 35,446 35,176 35,998 35,166 32,715 Total collateral........................................................ 42,731 42,587 42,290 42,040 41,728 42,708 41,760 39,192 1 See note 2 to table at bottom of page 1254. 2 No accrued dividends at end-of-June. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
AUGUST 1966 FEDERAL RESERVE BANKS 1187 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JULY 31, 1966 (In millions of dollars) Item Total Boston Y N o ew rk P p d h h e il i l a a C l l a e n v d e m Ri o c n h d At t l a an C ca h g i o L S o t u . is M ap in o n li e s K C s a i a t n s y Dallas F c S i r s a a c n n o Assets Gold certificate account...................... 11,078 618 2,641 680 856 1,085 648 1 ,815 495 197 408 410 1,225 Redemption fund for F.R. notes........ 1 ,812 103 436 98 148 145 103 332 64 33 71 62 217 Total gold certificate reserves............. 12,890 721 3,077 778 1 ,004 1,230 751 2,147 559 230 479 472 1,442 F.R notes of other Banks.................. 996 70 210 81 71 100 100 87 37 40 44 48 108 Other cash........................................... 281 14 33 11 40 15 22 47 28 7 12 15 37 Discounts and advances: Secured by U.S. Govt, securities... 720 91 183 17 12 40 79 118 16 14 66 31 53 Other ..................................... 157 23 2 1 I 7 1 1 19 4 98 Acceptances: _ 51 51 Held under repurchase agreements. U.S. Govt, securities: Bought outright........................... 42,287 2,209 10,639 2,176 3,448 2,904 2,277 7,102 1,465 898 1,644 1,746 5,779 Held under repurchase agreements. 93 93 Total loans and securities............. 43,308 2,323 10,968 2,193 3,460 2,945 2,357 7,227 1 ,482 913 1,729 1,781 5,930 Cash items in process of collection. .. 8,674 473 1 ,676 502 631 682 688 1,429 399 285 557 465 887 Bank premises..................................... 104 3 9 3 5 5 20 20 8 3 8 10 10 Other assets: Denominated in foreign currencies. 702 34 i 184 38 63 36 42 100 24 17 31 41 92 IMF gold deposited2....................... 184 184 All other.......................................... 435 21 109 22 35 31 24 72 16 9 19 17 60 Total assets........................................... 67,574 3,659 16,450 3,628 5,309 5,044 4,004 11,129 2,553 1,504 2,879 2,849 8,566 Liabilities F.R. notes............................................. 38,583 2,313 8,801 2,233 3,205 3,474 2,233 6,995 1,437 718 1,471 1,249 4,454 Deposits: Member bank reserves................ 19,155 760 5,210 822 1 ,350 885 1,134 2,780 684 501 857 1,075 3,097 U.S. Treasurer—General account.. 1,232 78 148 91 169 94 ’ 72 90 94 59 89 94 154 Foreign........................................... 548 7 3 441 S 13 7 9 21 5 4 6 8 19 Other: IMF gold deposit 2.................. 184 184 All other....................................... 235 1 163 1 * 4 1 1 1 ♦ 2 1 60 Total deposits....................................... 21,354 846 6,146 922 1,532 990 1 ,216 2,892 784 564 954 1,178 3,330 Deferred availability cash items......... 6,166 428 1,123 395 443 498 468 1 ,021 281 187 391 342 589 Other liabilities and accrued dividends. 203 11 ' 51 10 16 14 11 34 7 5 8 9 27 Total liabilities................................. 66,306 3,598 16,121 3,560 5,196 4,976 3,928 10,942 2,509 1,474 2,824 2,778 8,400 Capital Accounts Capital paid in.................................... 564 27 146 30 51 29 35 81 20 14 25 33 73 Surplus.............................................. 551 27 144 30 50 28 33 79 19 13 24 32 72 Other capital accounts........................ 153 39 8 12 11 8 27 5 3 6 6 21 Total liabilities and capital accounts.. 67,574 3,659 16,450 3,628 5,309 5,044 4,004 11,129 2,553 1,504 2,879 2,849 8,566 Ratio of gold certificate reserves to F.R. note liability (percent): July 31, 1966........................... 33.4 31,2 35.0 34.8 31 .3 35.4 33.6 30.7 38.9 32.0 32.6 37.8 32.4 June 30, 1966............................ 34.0 31.9 26.6 44.2 34.8 36.3 35.3 33.8 35.5 33.6 35 4 42.7 38.2 July 31/1965............................. 38.0 35.8 34.2 37.7 37.2 39.5 42.1 37.6 39.7 41.8 43.7 45 9 39.3 Contingent liability on acceptances purchased for foreign correspond ents. .............................................. 257 13 4 66 14 23 13 16 37 9 6 11 15 34 1 Federal Reserve Notes—Federal Reserve Agent’s Accounts F.R. notes outstanding (issued to Bank)............................................. 41,719 2,482 9,552 2,392 3,513 3,713 2,463 7,460 1,547 769 1,581 1,372 4 875 Collateral held against notes out standing: Gold certificate account. ................ 6,682 500 1,000 500 600 950 450 1,100 315 127 225 180 735 Eligible paper................................... 28 11 17 U.S. Govt, securities....................... 35,998 2,016 8,700 2,000 3,000 2,812 2,075 6,500 1,310 655 1,400 1,230 4,300 Total collateral............................ 42,708 2,516 9,700 2,511 3,600 3,762 2,525 7,600 1,642 782 1,625 1,410 5,035 • After deducting $518 million participations of other F.R. Banks. 3 After deducting $107 million participations of other F.R. Banks. 2 See note 2 to table at bottom of page 1254. 4 After deducting $191 million participations of other F.R. Banks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1188 FEDERAL RESERVE BANKS; BANK DEBITS AUGUST 1966 MATURITY DISTRIBUTION OF LOANS AND U.S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1966 1966 1965 July 27 July 20 July 13 July 6 June 29 July June July Discounts and advances—Total. ................................. 970 250 385 265 626 877 292 536 Within 15 days................................................... 956 238 373 253 614 857 279 525 16 days to 90 days..................................................... 14 12 12 12 12 20 13 1 j 91 days to 1 year....................................................... * * * Accep ta nces—Total........................................................ 54 71 156 253 228 51 238 35 Within 15 days.......................................................... 15 16 100 194 169 17 178 7 16 days to 90 days..................................... 39 55 56 59 59 34 60 28 U.S. Government securities—Total............................. 41 ,983 41 ,956 42,398 42,733 41,806 42,380 42,169 39,207 Within 15 days1........................................................ 1 '495 t '533 1 ,084 1'018 933 6 ,’874 '538 5 033 16 days to 90 days............................................ 10,212 10,057 10,768 11,092 10,493 5,014 10,708 4 078 91 days to 1 year....................................................... 14,905 14,995 15,175 15'252 15’090 15’121 15’633 18 098 Over 1 year to 5 years............................................. 13,622 13,622 13'622 13'622 13,593 13^622 13,593 10 138 Over 5 years to 10 years............................................. 1’352 1'352 1'352 1,352 1 ,312 1 ’352 1,312 1 '489 Over 10 years.............................................................. ’397 '397 397 397 '385 ’397 ’385 371 1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalent) End of period Total P st o e u rl n in d g s B fr e a lg n i c a s n C d a o n l a l d ar ia s n F fr r a e n n c c s h G m e a rm rk a s n Ita li l r i e an Jap y a e n n ese N gu l e a i t n l h d d e e s r r s f S r w an is c s s 1965—A Se u p g t . . . . . . . . . . . . . . . . . . . . . . . . . .. . .. . . . . .. . .. . . . . . . . . . . .... 8 86 8 7 4 8 8 1 0 9 2 4 47 7 2 2 1 1 1 1 1 1 2 2 1 1 3 3 • * Oct............................... 820 750 52 2 1 10 2 1 3 Nov............................. 671 600 52 2 1 11 2 1 3 Dec............................... 629 534 53 2 1 34 1 1 3 * 1966—jan............................... 398 303 53 2 1 34 1 1 3 Feb............................. 166 51 53 2 1 44 1 1 3 10 Mar.............................. 218 51 53 2 I 74 9 1 3 24 Apr...................... 299 103 53 2 1 81 9 1 3 47 BANK DEBITS AND DEPOSIT TURNOVER (Seasonally adjusted annual rates) Debits to demand deposit accounts1 Turnover of demand deposits (In billions of dollars) Period S T M 2 o 2 S t 5 a A l ’s N Le .Y ad . ing S 6 M o S t A he ’s rs2 T c o N ( e t e n a . x Y l t c e l . 2 r . ) 2 s 4 SM o 2 th 1 S 8 e A r ’s S T M 2 o 2 S t 5 a A l ’ s N Le .Y ad . ing S 6 M o S t A he ’s rs2 T S o N M ( t e a . x S Y l c A l 2 . . ) 2 ’s 4 S o M 2 th 1 S 8 e A r ’s 1965—May............................. 4,825.6 1,954.1 1,082.7 2,871.5 1,788.8 47.0 96.0 44.3 34.7 30.6 June............................. 5327.8 2,308.4 1,146.8 3'019.4 1,872.6 50.9 107.0 45.5 36.3 32.2 July.............................. 5,302.6 2,281.6 1,149.5 3,021.0 1,871.5 49.3 104.9 44.4 35.1 31.1 Aug.............................. 5,146.8 2,128.0 1,141.0 3,018.8 1,877.8 48.4 99.4 44.9 35.5 31.7 Sept.............................. 5jl26.9 2J04.3 C142.9 3’022.6 1,879.7 47.2 95.4 44.1 35.3 31.4 Oct.............................. 5,129.9 2,061.0 1,165.4 3,068.9 1,903.5 47.4 96.3 43.8 35.1 31.4 Nov.............................. 5308.3 2,229.4 1,215.0 3'178.9 1,963.9 50.5 104.7 47.6 37.0 32.1 Dec.............................. 5,523.1 2,273.5 1,234.5 3,249.6 2,015.1 50.6 102.2 47.7 37.5 33.3 1966—Jan................................ 5,509.6 2,311.5 1,218.4 3,198.1 1,979.7 50.7 104.5 47.3 37.0 32,7 Feb.............................. 5,605.6 2,341.7 1,251.2 3,263.9 2,012.7 50.9 105.6 47.6 37.0 32.5 Mar............................. 5,811.7 2,414.6 1,336,6 3,397.1 2,060.5 52.3 107.1 49.1 38.3 33 5 Apr............................... 5,934.1 2,544.0 1,304.2 3,390.1 2,085.9 52.8 112.0 47.8 37.7 33.3 May............................ 5,797.5 2,449.4 1,311.3 3'348.1 2^036.8 52.4 109.3 49.8 37.8 32.8 5'868.8 2,491.7 1,314.7 3,377.1 2,062.4 53.7 109.1 51.1 39.0 33 7 July........................... 5,989.1 2,480.6 1,366.1 3,508.5 2,142.4 53.1 108.3 51.1 38.9 33.8 1 Excludes interbank and U.S. Govt, demand deposit accounts. Note.—Total SMSA’s include some cities and counties not designated 2 Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and as SMSA’s. Los Angeles-Long Beach. For a description of the revised series see Mar. 1965 Bulletin, p. 390. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
AUGUST 1966 U.S. CURRENCY 1189 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency in cir End of period cula tion 1 Total Coin $1 2 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939...................... 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941...................... 11'160 8'120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945 ..................... 28’515 20', 683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947...................... 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950...................... 27’741 19,305 1,554 1,113 64 2; 049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1955 ..................... 31’,158 22,021 1,927 1,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1958...................... 32,193 22,856 2,182 1,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1959..................... 32,591 23; 264 2,304 1,511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 3 5 I960..................... 32^69 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 1962...................... 35'338 25,356 2,782 1,636 97 2,375 7,071 11,395 9,983 2,990 6,448 240 293 3 10 1963 ...................... 37'692 26;807 3,030 1,722 103 2; 469 7,373 12,109 10,885 3,221 7,110 249 298 3 4 1964..................... 39’619 28JOO 3,405 1,806 111 2,517 7,543 12,717 11,519 3,381 7,590 248 293 2 4 1965—June.......... 39,720 28,188 3,662 1,752 116 2,447 7,489 12,723 11,532 3,361 7,635 243 287 3 4 July........... 39^97 28,311 3,689 1,748 116 2,431 7,493 12,833 11,586 3,376 7,674 243 287 3 4 Aug....... 40'165 28,506 3,751 1,761 118 2,442 7,513 12,921 11,659 3,389 7,735 243 286 3 4 40’443 28;724 3,808 1,783 120 2,474 7,599 12,941 11,719 3,392 7,792 243 286 3 4 Oct............ 40’,754 28;926 3,856 1,807 121 2; 489 7,624 13,029 11,828 3,411 7,883 243 285 3 4 Nov........... 41,824 29,829 3,956 1,858 124 2,571 7,882 13,43911,994 3,469 7,990 243 286 3 4 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—jan............. 41,092 28,982 4,060 1,818 127 2,489 7,514 12,974 12,110 3,482 8,092 243 286 3 4 Feb........... 41,252 29,149 4,096 1 ,818 128 2,495 7,586 13,027 12,103 3,470 8,098 243 286 3 4 Mar........... 41,469 29,323 4,152 1,824 129 2,496 7,607 13,116 12,147 3,478 8,136 242 285 3 4 Apr........... 41,538 29,373 4,192 1,838 130 2,502 7,585 13,125 12,166 3,485 8,148 242 285 3 4 May.......... 42^102 29;868 4,231 1,876 133 2,555 7,732 13,34212,234 3,507 8,196 241 284 3 4 June.......... 42^54 30,228 4,264 1,884 135 2,570 7,805 13,56912,326 3,542 8,254 241 283 3 4 i Outside Treasury and F.R. Banks. Before 1955 details are slightly 2 Paper currency only; $1 silver coins reported under coin, overstated because they include small amounts of paper currency held by the Treasury and the F.R. Banks for which a denominational break- Note.—Condensed from Statement of United States Currency and down is not available. Coin, issued by the Treasury. KINDS OUTSTANDING AND IN CIRCULATION (In millions of dollars) Held in the Treasury Currency in circulation 1 Held by Kind of currency T s J t o u a t 1 n n a 9 e d l 6 i o 6 3 n 0 u g , t , A c g e s a o r s g t l s i i d a l f e v i i c c n e a u a r s n r t t i d e t s y Tr c e a a s s h ury A B F F a g a . n e n o R d n k r . t s s A B F a g a . n e n R d n k . t s s June 30 1966 May 31 Ju 1 n 9 e 6 5 30 Gold ... ......................................... 13,434 (12,993) 2 442 Gold certificate - .... ............ (12,993) 3 12,992 1 FR notes ..................................... 40,950 128 3,506 37,315 36,875 34,820 Treasury currency Total............................................ 5,978 (602) 479 260 5,239 5,227 4,900 Sf^nd^rd silver dollar*. ... ................................... 485 3 * 482 482 482 Silver bullion ................................ 888 599 289 Silver certificates - - - ................................... (602) 3 17 582 590 829 Fractional coin 4 ...................................... 4,191 180 228 3,782 3,749 3,180 United States notes ..................................... 323 6 14 303 302 302 jq process of retirement $ ........................ 92 ♦ ♦ 91 104 108 Total Jun^ 30 1966 . ................................ 6 60,362 (13,595) 1,049 12,992 3,768 42,554 May 31 1966 .. . ... ................ 6 59,579 (13,703) 976 13,090 3,411 42,102 June 30 1 qas , ................................... 6 56,690 (14,559) 747 13,669 2,554 39,720 1 Outside Treasury and F.R. Banks. Includes any paper currency held 5 Redeemable from the general fund of the Treasury. outside the United States and currency and coin held by banks. Esti 6 Does not include all items shown, as some items represent the security mated totals for Wed. dates shown in table on p. 1179. for other items; gold certificates are secured by gold, and silver certificates 2 Includes $156 million reserve against United States notes and $183 by standard silver dollars and monetized silver bullion. Duplications million gold deposited by and held for the International Monetary Fund. are shown in parentheses. 3 Consists of credits payable in gold certificates: (1) the Gold Certificate Fund—Board of Governors, FRS, and (2) the Redemption Fund for F.R. Note.—Prepared from Statement of United States Currency and Coin notes. and other data furnished by the Treasury. For explanation of currency 4 Through Dec. 31, 1965, shown separately as Subsidiary silver coin reserves and security features, see the Circulation Statement or the Aug. and Minor coin. For this breakdown see earlier Bulletins. 1961 Bulletin, p. 936. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1190 MONEY SUPPLY AUGUST 1966 MONEY SUPPLY AND RELATED DATA (In billions of dollars) Seasonally adjusted Not seasonally adjusted Money supply Money supply Period Time Time U.S. deposits deposits Govt, Total c C om ur p re o n n c e y n t co D d m e e m p p o o a s n n i e t d n t jus a te d d 1 Total c C om ur p re o n n c e y n t co D d m e e m p p o o a s n n i e t d n t jus a te d d 1 d d e e p m os a i n ts d 1 1957—Dec................................................... 135.9 28.3 107.6 57.4 139.3 28.9 110.4 56.7 3.5 1958—Dec................................................... 141.1 28.6 112.6 65.4 144.7 29.2 115.5 64.6 3.9 1959—Dec................................................. 141.9 28.9 113.1 67.4 145.6 29.5 116,1 66.6 4.9 I960__bee................................................. 141.1 28.9 112.1 72.9 144,7 29.6 115,2 72.1 4.7 1961 Dec................................................ 145.5 29.6 116,0 82.7 149,4 30.2 119,2 81.8 4.9 1962 Dec.................................................. 147.5 30.6 116,9 97.8 151.6 31.2 120,3 96.7 5,6 1963__Dec................................................... 153.1 32.5 120.6 112.2 157.3 33.1 124.1 111.0 5.1 1964—bee. .....•......<•■•••■••■•••■• 159,7 34,2 125.4 126,6 164.0 35.0 129,1 125.2 5.5 1965 June................................................. 161.8 35.0 126.8 135,9 159,6 34.9 124,6 136.6 9.3 July........... 162.5 35.2 127.3 137.6 160,9 35.4 125.6 138.3 9.1 Aug.................................................. 162.7 35,4 127.3 140.1 160,5 35.5 125.0 140,2 7.4 Sept................................................. 164.3 35.6 128.7 141.6 163.2 35,6 127.5 141.4 5.6 Oct.. .......................................... 165,6 35.9 129.7 143.6 165.8 36.0 129.8 143,5 5.0 Nov. 165,7 36.1 129,6 145.5 167,4 36,5 130.9 144,4 4.0 Dec................................................... 167.4 36.3 131.2 147.0 172,0 37,0 135.0 145.3 4.5 1966 Jan .................................................. 168,4 36.7 131,8 148.0 173.0 36.5 136.5 147,4 3.7 Feb................................................... 168.0 36.8 131.2 148.8 167.8 36.3 131 .5 148.7 5.1 Mar................................................. 169.2 36.9 132.3 149.6 167.8 36.5 131.3 150.2 c4.6 Apr.................................................. 171.1 37. 1 134,0 nsi.e 171 .6 36.8 134.8 152.2 3.0 May.............................................. 169,5 37.3 132.2 152.9 166.9 37.0 129.9 153.9 7.2 Junep.............................................. 171,1 37.4 133.8 153.32 168,8 37.3 131.5 154.02 6.2 Week ending— Feb 2............................................ 167,9 36.7 131,2 148.4 171.0 36,1 134.9 148,1 4.2 9............................................ 168.1 36.9 131,3 148.4 170,1 36.6 133.5 148,3 4.3 16............................................ 168.3 36.8 131.5 148.8 168.5 36.4 132.1 148.7 4.5 23............................................ 167.5 36,9 130.6 149,0 164.9 36.3 128.6 148.9 6.2 Mar. 2................................... 168.5 36.9 131.6 149,2 166.4 36.1 130.3 149.2 5.6 9.......................................... 168.7 36.9 131.8 149.2 167.4 36.8 130.6 149.8 4.1 16............................................ 169.2 36,9 132.3 149.5 169.4 36,6 132.8 150.1 2.6 23............................................ 169.8 36.9 132.9 149,8 167.9 36.6 131.3 150.3 5.5 30.......................................... 169,1 36.9 132,2 150,2 166.6 36,3 130.2 151.0 5.7 170,1 36.9 133.2 150,7 169.0 36.8 132.2 151.5 4.8 r 13............................................ 171.2 37.2 134.0 151,2 171.9 37,1 134,8 152.0 2.4 20.................................. 171.3 37.0 134.3 151,7 173.9 36.7 137.2 152.1 1.4 27................................... 170.8 37.1 133.7 152.1 171.7 36.5 135.2 152,7 2.9 May 4.......................................... 170.4 37.2 133.2 152.3 170.2 36.7 133.5 153,1 5.9 170.0 37.2 132,8 152.5 168.8 37.2 131.6 153.5 6.4 18........................................... 169.7 37.3 132.3 152.9 166.8 37.0 129,8 153.8 7.7 25...................................... 169.0 37.3 131.7 153.4 164.6 36,8 127,8 154.2 7.7 168.9 37.3 131.6 153.6 165.6 37,0 128.6 154,5 7.2 8............................................ 170,5 37.3 133.2 153.8 167.7 37.4 130.2 154.7 5.7 15............................................ 170.6 37.4 133.2 152,82 169.8 37.4 132.4 153.72 3.2 22............................................ 172.8 37.4 135.4 152.92 171.0 37.4 133,7 153.52 5.2 29.......................................... 170.6 37.4 133.3 153.42 166.7 37.1 129.6 154.12 9.9 171,2 37.4 133.8 153.92 168.6 37.9 130,8 154.82 10.8 ' 13............................................ 169.5 37.6 131 .9 154.62 168.0 38.0 129.7 155.32 9.0 20............................................ 169.7 37.7 132,1 155.12 168.4 37.8 130,6 155.82 6.7 27............................................ 168.7 37.7 131.0 155.52 167.4 37.5 129.3 156.22 7.2 1 At all commercial banks. Averages of daily figures. Money supply consists of (I) demand deposits at all commercial banks other than those due to domestic com 2 Effective June 9, 1966 balances accumulated for payment of personal mercial banks and the U.S. Govt., less cash items in process of collection loans were reclassified for reserve purposes and are excluded from time and F.R. float; (2) foreign demand balances at F.R. Banks: and (3) cur deposits reported by member banks. The estimated amount of such rency outside the Treasury, F.R. Banks, and vaults of all commercial deposits at all commercial banks ($1,140 million) is excluded from time banks. Time deposits adjusted are time deposits at all commercial deposits adjusted beginning with the week of June 15, 1966. banks other than those due to domestic commercial banks and the U.S. Govt. Note.—'Revised data. For description of revision of series and back data beginning Jan. 1959, see July 1965 Bulletin, pp. 93 3-43; for monthly data 1947-5 8, see June 1964 Bulletin, pp. 679-89. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
AUGUST 1966 BANKS AND THE MONETARY SYSTEM 1191 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total Bank credit assets, net— Treas Total ury U.S. Government securities liabil Capital Date cur ities Total and Gold s r t o e i a n n u n g c t d y Total L n o e a t n s 1 , Total s C a a v o n i m n d g l. s R Fe e d se e r r v a e l Other O s r e i t t c i h e u e s r ca a n p n e it d t a l, c d u e r a p r n o e d n s i c t y s co m a n u i c e s n t c t . s , banks Banks 1947—Dec. 31................... 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30................... 22,706 4,636 171,667 60'366 96,560 72,894 20, 778 2; 888 14,741 199,008 184,384 14,624 1963—Dec. 20................... 15’582 5,586 333,203 189,433 103,273 69',068 33,552 653 40,497 354,371 323',251 31,118 1964—Dec, 31................... 15'388 5,405 365,366 214;254 106,825 68,779 37,044 1,002 44,287 386,159 352,964 33,193 (965—-June 30................... 13,934 5,413 378,834 228,721 102,318 62,606 39,100 612 47,795 398,181 362,370 35,814 Inlv 2R................... 13^900 5'400 376,500 226,400 102,000 62,200 39,200 600 48;100 395,800 360;000 35,800 Aug. 25......... 13^900 5’500 378,700 228;100 101^500 61;300 39,200 1,000 49,100 398,000 361,100 3?;ooo 13'900 5,500 383,500 231,600 102,300 61; 700 39,600 1,000 49,500 402,800 365'900 36,900 27................... 13,900 5'500 385'900 231,900 104,300 64;000 39,200 1,000 49,700 405,200 368,300 36;900 13,' 800 5,500 389,100 234,300 105,500 64300 40,100 1,100 49,300 408,500 370', 500 38,000 Dec. 31................... 13'733 5,575 399,779 242,706 106,716 65,016 40,768 932 50,357 419,087 383,727 35,359 1966—Jan. 26................... 13,700 5,600 394,800 238,600 106,100 65,200 40,000 900 50,000 414,100 377,600 36,500 Feb. 23................... 13,700 5,700 393,900 239,500 103,800 62,900 40;000 900 50,700 413,300 374,900 38,400 13'600 5,700 397,700 244,100 102,500 61,000 40,500 1,000 51 J00 417,100 379;400 37,800 Apr. 27*................ 13^600 5,800 401,200 246,800 102,300 60,700 40;700 900 52,100 420,600 383,300 37,300 May 25» ......... 13’500 5,900 402,100 248,500 101,000 58,800 41,100 1,100 52,600 421,500 382,400 38,900 June 29r’............... 13,400 6,000 406;600 253,100 100,600 57 ,'600 41,800 1,100 53;000 426,000 387,800 38,200 July 27”............... 13,300 6,000 405,700 251,300 100,400 57,600 42,000 800 54,000 425,000 387,200 37,800 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted 2 Not seasonally adjusted Time U.S. Government Date For Total o b r u C e a t n u n s c i r k d y s e j d u m e s D p a t a o e d e n d s d i t s 3 Total o b r u C e a t n u n s c i r k d y s e d ju e m s D p a t a o e d e n s d d i t s 3 Total b m C a e n o r k c m s ia l 1 b M sa a v n u i k t n u s g a s l 4 S P a S t o v e y s m i s t n a g l s n e e ig t n 5 , T h c i u r o n a e r g s l y a d h s s s b c a a o a v A n n m in d t k g l s . s B F A a .R n t k . s 1947—Dec. 31.... 110,500 26,100 84,400 113,597 26,476 87,121 56,411 35,249 17,746 3,416 1,682 1,336 1,452 870 1950—Dec. 30.... 114,600 24,600 90,000 117,670 25,398 92,272 59,246 36,314 20,009 2,923 2,518 1,293 2,989 668 1963—Dec. 20... . 153,100 31,700 121,400 158,104 33,468 124,636 155,713 110,794 44,467 452 1,206 392 6,986 850 1964—Dec. 31.... 159,300 33,500 125,800 167,140 34,882 132,258 175,898 126,447 49,065 386 1,724 612 6,770 820 1965—June 30.... 161,000 34,100 126,900 158,878 34,524 124,354 188,348 137,088 50,918 342 1,631 779 12,062 672 July 28.... 159,800 34,400 125,400 159,600 34,500 125,100 190,100 138,700 51,000 300 1,600 800 7,100 800 Aug. 25.... 159,700 34,500 125,200 158,300 34,900 123,600 191,900 140,400 51,300 300 1,600 800 7,500 800 Sept. 29... . 162,200 34,800 127,400 161,200 34,900 126,300 193,700 141,800 51,600 300 1,700 800 7,600 900 Oct. 27.... 163,900 35,200 128,700 164,600 35,100 129,500 195,900 143,800 51,900 300 1,600 800 4,300 1,100 Nov. 24.... 162,600 35,300 127,300 165,100 36,300 128,800 196,500 144,200 52,000 300 1,500 800 5,700 900 Dec. 31..., 167,100 35,400 131,700 175,314 36,999 138,315 199,427 146,433 52,686 309 1,780 760 5,778 668 1966—Jan. 26.... 167,200 36,000 131,200 169,500 35,500 134,000 200,700 147,600 52,800 300 1,600 800 4,200 700 Feb. 23.... 165,000 36,100 128,900 164,200 35,700 128,500 201,700 148,400 53,000 300 1,600 800 5,700 900 Mar. 30.,.. 169,300 36,200 133,100 166,100 35,800 130,300 204,700 151,000 53,400 300 1,700 900 5,400 500 Apr. 27p... 169,200 36,200 133,000 169,300 35,900 133,400 205,800 152,400 53,100 300 1,700 900 5,300 300 May 25p. .. 165,800 36,300 129,500 163,900 36,200 127,600 207,300 153,800 53,200 300 1,700 1,000 8,000 700 June 29’•'>.. 167,600 36,300 131,300 165.400 36.600 128.800 207,800 154,100 53,500 200 1 ,800] 1 , 100 10,900 800 July 27p.., 166,800 36,800 130,000 166,600 36,900 129,700 209,800 156,000 53,600 200 1,800 1,100 6,600 1,300 1 Beginning with data for June 29, 1966, about $1.1 billion in “Deposits central banks in May 1961 reduced this item by $1,900 million ($1,500 accumulated for payment of personal loans” were excluded from “Time million to time deposits and $400 million to demand deposits). deposits” and deducted from “Loans” at all commercial banks. These Note.—For back figures and descriptions of the consolidated condition changes resulted from a change in Federal Reserve regulations. statement and the seasonally adjusted series on currency outside banks 2 Series begin in 1946; data are available only last Wed. of month. and demand deposits adjusted, see “Banks and the Monetary System,” 3 Other than interbank and U.S. Govt., less cash items in process of Section I of Supplement to Banking and Monetary Statistics, 1962, and collection, 4 Includes relatively small amounts of demand deposits. Bulletins for Jan. 1948 and Feb. 1960. Except on call dates, figures Beginning with June 1961, also includes certain accounts previously are partly estimated and are rounded to the nearest $100 million. classified as other liabilities. 5 Reclassification of deposits of foreign Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1192 COMMERCIAL AND MUTUAL SAVINGS BANKS AUGUST 1966 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank1 Other Cla a s n s d o d f a b te ank Total Loansf G U o .S vt . . Other a C ss a e s t h s i c b a i a l a l p i n i c a t i d i t e a s l Total i m D a e n d Time Demand Time 3 r B i o n o g w r s c c T a o a p o u c i t n t a a t l s l b N a b o u n e m f k r s counts2 U.S. Other Govt. AU banks 1941—Dec. 31............... 61,126 26,615 25,511 8,999 27,344 90,908 81,816 10 982 44 355 26,479 23 8,414 14,826 1945—Dec. 31............... 140,227 30,361 101,288 8,57735,415 177,332 165,612 14,065 105,935 45,613 227 10,542 14.553 1947—Dec. 314............. 134,924 43,002 81,199 10,723 38,388 175,091 161,865 12,793 240 1,346 94,381 53.105 66 11,948 14,714 1964—Dec. 31............... 329,739216,674 68,77944,28761,493401,161 356,308 17,938 821 6,517 155,248 175,785 2,70032,196 14,266 1965—July 28.............. 340,780230,510 62,15048,12052,070403,210353,730 14,460 980 6,890 141,410 189,990 4,73033,820 14,291 Aug. 25.............. 343,120232,710 61,32049,09051,460404,900354,340 14,900 1,010 7,230 139,340 191,860 5,06034,020 14.293 Sept. 29.............. 347,070235,830 61,72049,52053,780411,570361,320 15,850 1,040 7,370 143,440 193,620 4,40034,280 14,297 Oct. 27.............. 351,010237,290 64,04049,68053,870415,530363,760 15,710 1,030 4,120 147,050 195,850 5,78034,510 14,303 Nov. 24.............. 353,070239,370 64,37049,33055,940419,650366,700 15,770 1,030 5,440 148,020 196,440 5,97034,720 14,309 Dec. 31.............. 362,320246,946 65,01650,35761,916435,483 385,19618,426 1,009 5,532 160,847 199,381 4,56434,935 14,309 1966—Jan. 26.............. 358,890243,740 65,18049,97055,420425,520372,850 15,410 1,050 3,930 151,780200,680 6,17034,910 14,299 Feb. 23.............. 358,990245,440 62,90050,65056,560426,640372,700 15,830 1,060 5,440 148,730201,640 6,75035,020 14,299 Mar. 30.............. 361,710249,580 61,03051,10055,030428,100374,580 15,240 1,070 5,120 148,470204,680 6,16035,180 14,306 Apr. 27”............ 364,070251,280 60,74052,05057,490432,790380,280 15,560 1,090 5,030 152,890205,710 4,94035,380 14,307 May 25P............ 365,000253,590 58,79052,62055,580431,960377,630 14,920 1,080 7,780 146,560207,290 5,61035,550 14,307 June 29’».......... 36% 920259,330 57,62052,97058,310440,150384,390 16,150 1 ,060 10,660 148,680207,840 7,10035,690 14,307 July 27p............ 369,120257,520 57,61053,99058,020439,140382,140 15,390 1,090 6,350 149,430209,880 7,23035,780 14,305 Commercial banks: 1941—Dec. 31.............. 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10,982 44,349 15,952 23 7,173 14.278 1945—Dec. 31.............. 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14,065 105,921 30,241 219 8,950 14,011 1947—Dec. 31*............ 116,284 38,057 69,221 9,00637,502 155,377 144,103 12,792 240 1,343 94,367 35,360 65 10,059 14,181 1964—Dec. 31............. 277,376 175,589 62,991 38,79660j489 346,921 307,170 17,938 819 6,510 155,184 126,720 2,67927,795 13,761 1965—July 28.............. 285,940 187,060 56,32042,56051,090346,440302,650 14,460 980 6,890 141,350 138,970 4,73029,280 13,787 Aug. 25.............. 287,840 188,900 55,51043,43050,510347,720303,030 14,900 1 ,010 7,230 139,280 140,610 3,06029,410 13,789 Sept. 29.............. 291,470 191,690 55,93043,85052,830354,060309,640 15,850 1,040 7,370 143,380 142,000 4.40029,630 13,793 Oct. 27.............. 295,330 192,800 58,45044,08052,890357,920311,860 15,710 1 ,030 4,120 147,000 144,000 5,78029,890 13,799 Nov. 24.............. 297,140 194,560 58,82043,76055,040361,840314,690 15,770 1,030 5,440 147,970144,480 5,97030,060 13,805 Dec. 31.............. 306,060201,658 59,54744,85560,899377,264332,436 18,426 1,008 5,525 160,780 146,697 4,47230,272 13,804 1966—Jan. 26.............. 302,190 198,130 59,63044,43054,500366,930319,970 15,410 1,050 3,930 151,730147,850 6,17030,240 13,794 Feb. 23.............. 302,030 199,610 57,31045,11055,640367,790319,670 15,830 1,060 5,440 148,680 148,660 6,75030,310 13,794 Mar. 30.............. 304,350203,490 55,43045,43054,130368,840321,090 15,240 1,070 5,120 148,420 151,240 6,16030,440 13,801 Apr. 27 p............ 306,900205,080 55,40046,42056,640373,780327,120 15,560 1,090 5,030 152,840 152,600 4,94030,670 13,802 May 25p........... 307,570207,130 53,45046,99054,730372,710324,360 14,920 1,080 7,780 146,510 154,070 5,61030,790 13,802 June 29P............ 312,490212,740 52,46047,29057,340380,740330,880 16,150 1 ,060 10,660 148,630 154,380 7,10030,930 13,802 July 27"............ 311,350210,590 52,45048,31057,120379,460328,480 15,390 1,090 6,350149,380 156,270 7,23031,020 13,801 Member banks: 1941—Dec. 31.............. 43,521 18,021 19,539 5,961 23,123 68,121 61,717 10,385 140 1,709 37,136 12,347 4 5,886 6,619 1945—Dec. 31.............. 107,183 22,775 78,338 6,07029,845 138,304 129,670 13,576 6422,179 69,640 24,210 208 7,589 6.884 1947—Dec. 31.............. 97,846 32,628 57,914 7,30432,845 132,060 122,528 12,353 50 1,176 80,609 28,340 54 8,464 6,923 1964—Dec. 31.............. 228,497 147,690 48,71732,089 52,737289,142 255,724 17,007 664 5,838 128,539 103,676 2,481 22,901 6,225 1965—July 28.............. 235,644 157,345 42,863 35,43644,703288,568251,216 13,671 803 6,296 116,404 114,042 4,598 24,193 6,230 Aug. 25.............. 237,093 158,885 42,06436,14443,951 289,232251,232 14,073 825 6,565 114,426 115,343 4,73224,279 6,227 Sept. 29.............. 240,078 161,336 42,294 36,44846,087294,704256,981 14,991 861 6,805 117,924 116,400 4,14824,432 6,223 Oct. 27.............. 243,144 162,156 44,438 36,55046,119297,674258,443 14,815 848 3,760 120,904 118,116 5,46224,654 6,223 Nov. 24.............. 244,260 163,597 44,55236,111 48,110300,784260,630 14,875 850 4,927 121,503 118,475 5,691 24,768 6,225 Dec. 31.............. 251,577 169,800 44,99236,785 52,814313,384275,517 17,454 840 4,890132,131 120,202 4,23424,926 6,221 1966—Jan. 26.............. 247,921 166,717 44,809 36,395 47,366304,163264,155 14,606 879 3,387 124,179 121,104 5,87324,896 6,212 Feb. 23.............. 247,810 168,112 42,732 36,96648,453 305,117 264,032 15,054 895 4,691 121,740 121,652 6,361 24,955 6,208 Mar. 30.............. 249,847 171,495 41,230 37,12246,883 305,819 265,256 14,477 897 4,431 121,558 123,893 5,75725,050 6,203 Apr. 27.............. 252,103 172,702 41,37038,031 49,323 310,342270,86614,795 918 4,617 125,479 125,057 4,55425,239 6,199 May 25.............. 252,528 174,354 39,68638,48847,548 309,186268,286 14,198 916 6,858 120,016 126,298 5,11425,345 6,198 June 29.............. 257,305 179,604 39,031 38,67049,721 316,497274,069 15,291 891 9,430 121,879 126,578 6,61425,451 6,194 July 27P............ 255,819 177,210 39,07239,53749,749 315,068271,464 14,630 923 5,523 122,416 127,972 6,805 25,531 6,184 Mutual savings banks: 1941—Dec. 31.............. 10,379 4,901 3,704 1,774 793 11,804 10,533 10,527 1,241 548 1945—Dec. 31.............. 16,208 4,279 10,682 1,246 609 17,020 15,385 h 15,371 7 1,592 542 1947—Dec. 314............ 18,641 4,944 11,978 1,718 886 19,714 17,763 1 3 14 17,745 1,889 533 1964—Dec 3i ............ 52,363 41,085 5,788 5,490 1,004 54,239 49,138 2 7 64 49,065 21 4,401 505 1965—July 28.............. 54,840 43,450 5,830 5,560 980 56,770 51,080 60 51,020 4,540 504 Aug. 25.............. 55,280 43,810 5,810 5,660 950 57,180 51,310 60 51,250 4,610 504 Sept. 29.............. 55,600 44,140 5,790 5,670 950 57,510 51 ,680 60 51,620 4,650 504 Oct. 27.............. 55,680 44,490 5,590 5,600 980 57,610 51,900 50 51,850 4,620 504 Nov. 24.............. 55,930 44,810 5,550 5,570 900 57,810 52,010 50 51,960 4,660 504 Dec. 31.............. 56,260 45,288 5,470 5,501 1,017 58,219 52,760 .......... 8 67 52,686 92 4,663 505 1966—Jan. 26.............. 56,700 45,6(0 5,550 5,540 920 58,590 52,880 50 52,830 4,670 505 Feb. 23.............. 56,960 45,830 5,590 5,540 920 58,850 53,030 50 52,980 4,710 505 Mar. 30.............. 57,360 46,090 5,600 5,670 900 59,260 53,490 50 53,440 4,740 505 Apr. 27.......... 57,170 46,200 5,340 5,630 850 59,010 53,160 50 53,110 4,710 505 May 25.............. 57,430 46,460 5,340 5,630 850 59,250 53,270 50 53,220 4,760 505 June 29r.. 57,430 46,590 5,160 5,680 970 59,410 53,510 50 53,460 4,760 505 July 27p............ 57,770 46,930 5,160 5,680 900 59,680 53,660 50 53,610 4,760 504 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
AUGUST 1966 COMMERCIAL AND MUTUAL SAVINGS BANKS 1193 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 1 Other Cla a s n s d o d f a b te ank Total Loans! G U o . v S t . . Other a C ss a e s t h s 1 c c b o a i a l a l u p i i n c a t n i d i t e t a s s l 2 Total l m D a e n d Time U. D S. e mand Time r B i o n o w g r s c c T a o a o p u c t i n a ta t l s l N ba b o u n e f m k r s Other Govt. Reserve city member banks New York City: 5- 6 1941—Dec, 31.................. 12,896 4,072 7,265 1 ,559 6,637 19,862 17,932 4,202 6 866 12,051 807 1,648 36 1945—Dec. 31.................. 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,640 17 6,940 17,287 1,236 195 2,120 37 1947—Dec. 31.................. 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1,445 30 2,259 37 1964—Dec. 31.................. 39,507 27,301 6,178 6,028 11,820 53,867 45,191 5,088 436 1,486 23,896 14,285 1,224 4,471 13 1965—July 28.................. 40,802 29,438 4,834 6,530 9,639 52,998 43,263 4,300 525 1,409 19,934 17,095 1,426 5,091 13 Aug. 25.................. 41,207 29,896 4,566 6,745 9,233 53,106 42,890 4,123 534 1,287 19,557 17,389 1,586 5,114 12 Sept. 29.................. 41,876 30,680 4,366 6,830 9,851 54,511 44,942 4,669 563 1,971 20,449 17,290 993 5,106 12 Oct. 27.................. 42,411 30,518 5,239 6,654 9,508 54,477 44,034 4,286 553 836 20,546 17,813 1,808 5,137 12 Nov. 24................. 41 .922 30,840 4,897 6,185 10,098 54,647 43,957 4,370 546 789 20,434 17,818 2,072 5,142 12 Dec. 31.................. 44,763 33,125 5,203 6,435 11,876 59,517 49,270 5,225 522 1,271 24,265 17,988 1,987 5,114 12 1966—Jan. 26.................. 43,410 32,404 4,852 6,154 10,141 56,377 45,598 4,429 566 618 21,707 18,278 2,104 5,101 12 Feb. 23.................. 43,167 32,602 4,260 6,305JJ,181 57,358 46,014 5,001 578 822 21,745 17,868 2,304 5,115 12 Mar. 30.................. 44,003 33,737 4,271. 5,995 10,490 57,483 46,426 4,526 607 980 21,756 18,557 2,169 5,096 12 Apr. 27.................. 44,238 33,427 4,426 6,385 10,952 58,020 48,131 4,804 621 1,401 22,475 18,830 1,200 5,126 12 May 25.................. 44,233 34,316 3,942 5,975 10,733 57,972 47,202 4,564 626 1,400 21,613 18,999 1,708 5,148 12 June 29.................. 46,435 36,347 4,063 6,025 11,274 60,733 49,081 5,144 589 2,102 22,195 19,051 2,472 5,142 12 July 27*................ 44,996 34,789 4,087 6,120 11,436 59,272 46,875 4,813 580 1,008 21,439 19,035 2,574 5,161 12 City of Chicago: 5 1941—Dec. 31.............. 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 288 13 1945—Dec. 31................. 5,931 1,333 4,213 385 1 ,489 7,459 7,046 1,312 .....1..,.5..52 3,462 719 ........3..77 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 1964—Dec. 31................. 10,562 7,102 1,873 1 ,587 2,366 13,289 11,807 1,448 22 396 5,362 4,578 204 1,056 12 1965—July 28.................. 10,558 7,183 1,659 i ,716 2,206 13,153 11,312 1,133 19 395 4,936 4,829 415 1,096 11 Aug. 25................. 10,592 7,316 1,521 1 ,755 2,110 13,098 11,211 1,221 19 380 4,720 4,871 447 1,102 11 Sept. 29................. 10,814 7,508 1,544 1,762 2,201 13,384 11,448 1,245 19 532 4,790 4,862 566 1,107 11 Oct. 27................. 10,871 7,555 1,619 1,697 2,343 13,619 11,547 1,236 19 268 5,031 4,993 623 1,114 11 Nov. 24................. 11,058 7,724 1,651 1,683 2,373 13,855 11,834 1,240 25 552 4,978 5,039 460 1,117 11 Dec. 31.................. 11,455 8,219 1,700 1,536 2,426 14,290 12,475 1,437 39 345 5,656 4,999 355 1,132 11 1966—Jan. 26.................. 10,976 7,722 1,753 1,501 2,274 13,675 11 ,514 1,214 32 121 5,257 4,890 638 1,125 11 Feb. 23.................. 10,940 7,877 1,533 1 ,530 2,444 13,857 11.606 1,174 34 223 5,100 5,075 613 1,122 It Mar. 30.................. 11,202 8,100 1,532 1 ,570 2,172 13,900 11,570 1,182 35 203 5,035 5,115 619 1,123 11 Apr. 27.................. 11,260 8,161 1,470 1 ,629 2,568 14,289 12,319 1,222 32 530 5,412 5,123 367 1,131 11 May 25.................. 11,148 8,064 1,461 I ,623 2,349 13,989 11,922 1,169 26 457 5,087 5,183 428 1,143 II June 29.................. 11,523 8,598 1 ,408 1 ,517 2,466 14,474 12,165 1,208 25 648 5,106 5,178 595 1,143 11 July 27*................ 11,400 8,331 1,363 1,706 2,447 14,371 11,959 1,160 31 310 5,224 5,234 637 1,146 11 Other reserve city;5» 6 1941—Dec. 31............. 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1,967 351 1945—Dec. 31.................. 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 2,566 359 1947—Dec. 31.................. 36,040 13,449 20,196.2,396 13,066 49,659 46,467 5,627 22 405 28,990 11,423 1 2,844 353 1964—Dec. 31.................. 84,670 57,555 16,326 10,789 21,607 109,053 97,145 8,289 134 2,195 46,88339,645 841 8,488 182 1965—July 28.................. 87,272 61,417 13,64012,215 18,133 108,359 94,621 6,473 188 2,566 42,141 43,253 2,257 8,756 179 Aug. 25.......... 87,832 61,993 13,37712,462 17,613 108,284 94,656 6,882 201 2,724 41,12443,725 2,049 8,762 177 Sept. 29........... 88,719 62,804 13,469 12,446 18,666 110,410 96,468 7,159 208 2,462 42,37444,265 2,081 8,798 177 Oct. 27.................. 89,706 63,161 14,037 12,508 18,790 111,469 97,290 7,299 205 1,472 43,62044,694 2,388 8,892 176 Nov. 24................. 90,081 63,471 14.198 12,412 19,810 112,849 98,151 7,274 208 2,077 43,74944,843 2,562 8,928 172 Dec. 31.................. 91,997 65,117 14,35412,52621,147 116,350 103,034 8,422 206 1,773 47,09245,541 1,548 9,007 171 1966—Jan. 26.................. 90,687 64,146 14,029 12,512 19,313 113,025 98,559 6,992 210 1,368 44,251 45,738 2,537 9,015 171 Feb. 23.................. 90,857 65,012 13, 159 12,686 19,095 112,909 98,188 6,990 212 1,875 43,095 46,016 2,676 9,032 171 Mar. 30.................. 91 ,071 66,041 12,259 12,771 18,555 112,776 98,661 6,900 184 1 ,610 43,11646,851 2,155 9,089 170 Apr. 27.................. 92,397 66,743 12,583 13,071 20,021 115,509 100,917 6,896 194 1,720 44,751 47,356 2,225 9,167 170 May 25.................. 92,355 66,817 11,832 13,706 19,064 114,547 100,037 6,702 193 2,824 42,365 47,953 1,990 9,200 170 June 29.................. 94,138 68,781 11,648 13,709 19,656 117,020 102,066 6,841 203 3,775 43,135 48,112 2,568 9,260 170 July 27*................ 93,519 67,738 11,791 13,99020,070 116,873 101,489 6,795 238 2,242 43,71648,498 2,744 9,291 170 Country member banks:5. 6 1941—Dec. 31.................. 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 30 225 10,109 6,258 4 1,982 6,219 1945—Dec. 31.................. 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,207 17 5,465 24,235 12,494 11 2.525 6,476 1947—Dec. 31.................. 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,056 17 432 28,378 14,560 23 2,934 6,519 1964—Dec. 31.................. 93,759 55,733 24,341 13,685 16,944 112,932 101,581 2,182 71 1,760 52,39845,169 213 8,886 6,018 1965—July 28.................. 97,012 59,307 22,73014,975 14,725 114,058 102,020 1,765 71 1,926 49,39348,865 500 9,250 6,027 Aug. 25.................. 97,462 59,680 22,60015,182 14,995 114,744 102,475 1,847 71 2,174 49,02549,358 650 9,30i 6,027 Sept. 29 98,669 60,344 22,915 15,410 15,369 116,399 104,123 1,918 71 1,840 50,311 49,983 508 9,421 6,023 Oct. 27 100,156 60,922 23,543 15,691 15,478 118,109 105,572 1,994 71 1,184 51,70750,616 643 9,511 6,024 Nov. 24................. 101,199 61,562 23,806 15,831 15,829 119,433 106,688 1 ,991 71 1,509 52,34250,775 597 9,581 6,030 Dec. 31.................. 103,362 63,338 23,735 16,288 17,366 123,227 110,73» 2,371 74 1,501 55,11851,675 343 9,673 6,027 1966—Jan. 26.................. 102,848 62,445 24,175 16,228 15,638 121,086 108,484 1,971 71 1,280 52,96452,198 594 9,655 6,018 Feb. 23.................. 102,846 62,621 23,780 16,445 15,733 120,993 108,224 1,889 71 1,771 51,80052,693 768 9,686 6,014 Mar. 30.................. 103,571 63,617 23,168 16,786 15,666 121,660 108,599 1,869 71 1,638 51,651 53,370 814 9,742 6,010 Apr. 27.................. 104,208 64,371 22,891 16,946 15,782 122,524109,499 1,873 71 966 52,841 53,748 762 9,815 6,006 May 25.................. 104,792 65, 157 22,451 17,18415,402 122,678 109,125 1 ,763 71 2,177 50,951 54,163 988 9,854 6,005 June 29.................. 105,209 65,878 21,912 17,419 16,325 124,270 110,757 2,098 74 2,905 51,44354,237 979 9,906 6,001 July 27*................ 105,904 66,352 21,831 17,721 15,796 124,552 111,141 1 ,862 74 1 ,963 52,03755,205 850 9,933 5,991 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1194 COMMERCIAL AND MUTUAL SAVINGS BANKS AUGUST 1966 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets—• b c C a a l l n a l k s d s a a o n te f d Total Loans G U o S . v S e t c . . urit O ie t s her as C s a e s ts h 1 c b T a i a l a l p o i i n c a t i t i d t a e a l s l Total 1 m I D n a e t n e d rba T n i k m 1 e Dema O n t d her Time 3 B r i o n o w g r s c c T a o a o p u c t i n a ta t l s l b N a b o u n e f m k r s counts 2 U.S. Other Govt. Insured commercial banks: 1941—Dec. 31.. 49,290 21,259 21.046 6,984 25,788 76,820 69,411 10.654 1,762 41,298 15,699 10 6,84413,426 1945—Dec. 31.. 121,809 25,765 88.912 7,131 34,292 157,544 147,775 13,883 23,740 80,27629,876 215 8,67113,297 1947—Dec. 31.. 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,615 54 1,325 92,97534,882 61 9,73413,398 1963—Dec. 20.. 252,579 155,261 62.723 34,594 50,337 310,730 273,657 15,077 443 6,712 140,702 110,723 3,57125,27713,284 1964—Dec. 31.. 275,053 174,234 62,499 38,320 59,911 343,876 305,113 17,664 733 6,487 154,043 126,185 2,58027,37713,486 1965—June 30.. 285,375 187,207 56,42641,742 56,555 351.544 309,612 15,920 928 11,761 144,205 136,798 3,56229,05113,528 Dec. 31.. 303,593200,109 59,12044,364 60,327 374,051 330,323 18,149 923 5,508159,659 146,084 4,32529,82713,540 National member banks: 1941—Dec. 31.. 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 1,088 23,262 8,322 4 3,640 5,117 1945—Dec. 31.. 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9,229 14,013 45,473 16,224 78 4,644 5,017 1947—Dec. 31.. 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,375 35 795 53,541 19,278 45 5,409 5,005 1963—Dec. 20.. 137,447 84,845 33,384 19,218 28,635 170,233 150,823 8,863 146 3,691 76,83661,288 1,70413,548 4,615 1964—Dec. 31.. 151,406 96,688 33,40521,312 34,064 190,289 169,615 10,521 211 3,604 84,53470,746 1,10915,048 4,773 1965—June 30.. 156,989 103,377 30,23023,382 31,595 193,748 171,528 9,096 313 6,721 79,00976,389 1,68515,853 4,803 Dec. 31.. 176,605 118,537 32,34725,720 36,880 219,744 193,86012,064 458 3,284 92,53385,522 2,62717,434 4,815 State member banks: 1941—Dec. 31.. 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 1 2,246 1,502 1945—Dec. 31.. 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 130 2,945 1,867 1947—Dec. 31.. 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1,918 1963—Dec. 20.. 72,680 46,866 15,958 9,855 15,760 91,235 78,553 5,655 236 2,295 40,72529,642 1,795 7,506 1,497 1964—Dec. 31.. 77,091 51,002 15,312 10,777 18,673 98,852 86,108 6,486 453 .2,234 44,005 32,931 1,372 7,853 1,452 1965—June 30.. 80,339 55,455 13,166 11,718 18,603 102,301 88,215 6,259 538 4,085 41,06836,265 1,769 8,470 1,432 Dec. 31.. 74,972 51,262 12,645 11,065 15,934 93,640 81,657 5,390 382 1,606 39,59834,680 1,607 7,492 1,406 Insured nonmember commercial banks; 1941—Dec. 31.. 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 6 959 6,810 1945—Dec. 31.. 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635 5,680 7 1,083 6,416 1947—Dec. 31.. 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 4 149 12,366 6,558 7 1,271 6,478 1963—Dec. 20.. 42,464 23,550 13,391 5,523 5,942 49,275 44,280 559 61 726 23,140 19,793 72 4,234 7,173 1964—Dec. 31.. 46,567 26,544 13,790 6,233 7,174 54,747 49,389 658 70 649 25,50422,509 99 4,488 7,262 1965—June 30.. 48,058 28,375 13,039 6,644 6,357 55,507 49,869 565 78 955 24,12824,144 108 4,739 7,294 Dec. 31.. 52,028 30,310 14,137 7,581 7,513 60,679 54,806 695 83 618 27,52825,882 91 4,912 7,320 Noninsured nonmember commercial banks: 1941—Dec. 31.. 1,457 455 761 241 763 2,283 1,872 329 1,291 253 13 329 852 1945—Dec. 31.. 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 4 279 714 1947—Dec. 31 4 2,009 474 1,280 255 576 2,643 2,251 177 185 18 1,392 478 4 325 783 1963—Dec. 20.. 1,571 745 463 362 374 2,029 1,463 190 83 17 832 341 93 389 285 1964—Dec. 31.. 2,312 1 ,355 483 474 578 3,033 2,057 273 86 23 1,141 534 99 406 274 1965—June 30.. 2,336 1 ,434 418 484 508 2,997 2,020 252 104 34 1,061 568 120 417 262 Dec. 31.. 2,455 1,549 418 489 572 3,200 2,113 277 85 17 1,121 612 147 434 263 Nonmember commercial banks: 1941—Dec. 31.. 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,504 3,613 18 1,288 7,662 1945—Dec. 31.. 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 11 1,362 7,130 1947—Dec. 31.. 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 12 1,596 7,261 1963—Dec. 20.. 44,035 24,295 13,854 5,885 6,316 51,304 45,743 749 144 743 23,97220,134 165 4,623 7,458 1964—Dec. 31.. 48,879 27,899 14,273 6,707 7,752 57,780 51,447 931 156 672 26,645 23,043 198 4,894 7,536 1965—June 30.. 50,394 29,809 13,457 7,128 6,865 58,503 51,889 817 181 989 25,18924,713 228 5,156 7,556 Dec. 31.. 54,483 31,858 14,555 8,070 8,085 63,879 56,919 972 168 635 28,64926,495 238 5,345 7,583 Insured mutual savings banks: 1941—Dec. 31.. 1,693 642 629 421 151 1,958 1,789 1,789 164 52 1945—Dec. 31.. 10,846 3,081 7,160 606 429 11,424 10,363 12 10,351 1 1,034 192 1947—Dec. 31.. 12,683 3,560 8,165 958 675 13,499 12,’207 i 2 12 12,192 1 ,'252 194 1963—Dec. 20.. 41,664 32,300 4,324 5,041 722 43,019 38,657 1 5 29238,359 38 3,572 330 1964—Dec. 31., 45,358 36,233 4,110 5,015 893 47,044 42'751 2 7 32642,416 20 3,731 327 1965—June 30.. 47,031 37,970 3,975 5,085 910 48,806 44,293 1 6 37443^912 43 3,848 327 Dec. 31.. 48,735 39,964 3,760 5,010 904 50,500 45^887 .......... 1 7 35945,520 91 3,957 329 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
AUGUST 1966 COMMERCIAL AND MUTUAL SAVINGS BANKS 1195 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank1 Other C an la d s s c a o l f l b d a a n te k Total Loans G U o .S vt . . Other a C ss a e s t h s 1 c b a i a l a l p i n i c a t i d i t e a s l Total 1 m D a e n d Time Demand Time 3 r B i o n o g w r s c c T a o a o p u c t i n a ta t l s l N ba b o u n e m f k r s counts2 U.S. Other Govt. Noninsured mutual savings banks: 1941—Dec. 31.................. 8,687 4,259 3,075 1,353 642 9,846 8,744 8,738 1,077 496 1945—Dec. 31.................. 5,361 1,198 3,522 641 180 5,596 5,022 5,020 558 350 1947—Dec. 31 «............... 5,957 1,384 3,813 760 211 6,215 5,556 2 5,553 637 339 1963—Dec. 20.................. 6,425 4,380 1,548 498 104 6,602 5,859 8 5,851 633 179 1964—Dec. 31.................. 7,005 4,852 1,678 475 111 7,195 6,387 6 6,381 670 178 1965—June 30.................. 7,385 5,126 1,778 481 110 7,576 6,686 20 6,666 688 177 Dec. 31.......7..,.5..2..6.... 5,325 1,710 491 113 7,720 6,874 8 6,865 706 177 t See note 1 on p. 1191. $530 million and total deposits of $576 million were reclassified as country 1 Reciprocal balances excluded beginning with 1942. banks. 2 Includes other assets and liabilities not shown separately. Note.—Data are for all commercial and mutual savings banks in the 3 Figures for mutual savings banks include relatively small amounts United States (including Alaska and Hawaii, beginning with 1959). For of demand deposits. Beginning with June 1961, also includes certain definition of “commercial banks” as used in this table, and for other accounts previously classified as other liabilities. banks that are included under member banks, see Note p. 643, May 1964 4 Beginning with Dec. 31, 1947, the series was revised; for description, Bulletin. see note 4, p. 587 May 1964 Bulletin. Comparability of figures for classes of banks is affected somewhat by 5 Regarding reclassification of New York City and Chicago as reserve changes in F.R. membership, deposit insurance status, and the reserve cities, see Aug. 1962 Bulletin, p. 993. For various changes between classifications of cities and individual banks, and by mergers, etc. reserve city and country status in 1960-63, see note 6, p. 587, May 1964 Data for Dec. 31, 1964 and June 30, 1965 for national banks have been Bulletin. adjusted to make them comparable with State bank data. (Dec. 20, 1963, 6 Beginning with May 18, 1964, one New York City country bank with data also adjusted to lesser extent.) loans and investments of $1,034 million and total deposits of $982 million Figures are partly estimated except on call dates. was reclassified as a reserve city bank. Beginning with May 13, 1965 For revisions in series before June 30, 1947, see July 1947 Bulletin, (Toledo, Ohio), reserve city banks with total loans and investments of pp. 870-71. ‘ LOANS AND INVESTMENTS AT COMMERCIAL BANKS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Period Securities Securities Total1 Loans1 Total1 Loans1 G U o . v S t . . Other G U o . v S t . . Other 1957—Dec. 31................................................................ 166,4 91,5 56.9 17.9 169.3 93,2 58.2 17 9 1958—Dec. 31................................................................ 181.2 95.6 65,1 20.5 184.4 97.5 66 4 20.6 1959—Dec. 31................................................................ 185.9 107.5 57.9 20.5 189.5 110,0 58 9 20.5 1960—Dec. 31............................................................... 194.5 113.8 59.8 20.8 198.5 116.7 61 0 20.9 1961—Dec. 30............................................................... 209,6 120.5 62.2 23,9 214.4 123.9 66.6 23.9 1%2—Dec. 31............................................................... 227.9 134.1 64.5 29.2 233.6 137.9 66.4 29 3 1963—Dec. 31................................................................ 246,2 149.7 61.5 35.0 252.4 153.9 63.4 35 1 1964—.Dec. 31................................................................ 267.2 167.4 61.1 38,7 273.9 172.1 63.0 38 8 1965—Apr. 28................................................................ 277.0 177.1 58.7 41.2 275.9 176.2 58 3 41.4 May 26.............................................................. 279.4 179.4 58.7 41.3 277.1 178.8 57.2 41.1 June 30................................................................ 281.7 181.4 58.2 42.1 283.9 184.9 56.9 42.2 July 28................................................................ 283.2 182.9 57.9 42.4 281.2 182.4 56.3 42.6 Aug. 25............................................................. 286.1 185.2 57.7 43.1 283.2 184.3 55.5 43.4 Sept. 29................................................................ 286.2 186.2 56.5 43.4 286.8 187.0 55.9 43.9 Oct. 27................................................................ 289.9 188.6 57.4 43.9 290.2 187.7 58.5 44.1 Nov. 24................................................................ 291.5 189.8 57.5 44.2 292.3 189.8 58.8 43.8 Dec. 31............................................................... 294.4 192.0 57.7 44.8 301.8 197.4 59.5 44 9 297.4 194.5 58.0 44.9 296.8 192.7 59.6 44,4 Feb. 23................................................................ 297.5 196.2 55.9 45.4 296.0 193.6 57.3 45.1 300.3 198.6 56.0 45.7 298.5 197.6 55.4 45.4 Apr. 27................................................................ 302.7 200.7 55,8 46.2 301.5 199.7 55.4 46,4 May 25................................................................ 304.3 202.0 55.0 47.2 301.9 201.4 53,5 47.0 June 30? 3. ........................................................ 2 305.4 2203.7 54.5 47.1 2 307.8 2 207.6 52.9 47.3 July 27?.............................................................. 2,4 308.2 2,4 205.9 54.1 48.2 2/306.1 2/ 205.3 52.5 48.3 1 Adjusted to exclude interbank loans. Note.—Data are for last Wed. of month except for June 30 and Dec. 2 Effective June 9, about $1.1 billion of balances accumulated for pay 31; data are partly or wholly estimated except when June 30 and Dec. 31 ment of personal loans were deducted as a result of a change in Federal are call dates. Seasonally adjusted data in this table are revised. For Reserve regulations. back data, including revisions, see pp. 952-55. For description of sea 3 June 30, 1966 estimated. sonally adjusted series, see July 1962 Bulletin, pp. 797-802. 4 Beginning July 13, 1966, Commodity Credit Corp, certificates of in terest and Export-Import Bank portfolio fund participation certificates totaling an estimated $1 billion are included in “Other securities” rather than “Other loans.” Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1196 COMMERCIAL BANKS AUGUST 1966 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Other loans 1 Investments For purchasing fina T n o c ial U.S. Government Class of l T oa o n ta s l 1 Fed Com o s r e c c a u r r r it y i i e n s g institutions Other, securities 3 State bank and and eral mer Agri- Real to and Other call date invest funds Total 2 cial cul- es in Other local secu ments and tur- To tate di govt, rities in al bro vid- Bills secu d tr u ia s l k a e n r d s ot T h o e rs Banks Others uals Total ce a r n t d if iNotes Bonds rities deal cates ers Total: 2 1947—Dec. 31.. 116,284 38,057 18,167 1,660 830 1,220 115 9,393 5,723 94769,221 9,982 6 03453 205 5,2763 729 1963—Dec. 20.. 254,162 156,00652,9477,4705,353 2,509 3,605 9,479 39;05634,5504,03463,196 12,71722^41528,065 29,7865 J73 1964—Dec. 31.. 277,376 175,58960,2177,505 5,5422,843 3,491 10,913 43,675 39,8095,15262,991 13,37719,03930,57433,5335,263 1965—June 30.. 287,723 188,641 65,5468,0686,0662,912 3,788 11,463 46,223 43,0565,14856,853 8,92014,67833,255 36,541 5,688 Dec. 31.. 306,060 2,103 199,55571,4378,2125,2583,231 2,158 13,291 49,30045,4685,215 59,547 n.a n.a. n.a.38,6556,20! All insured 1941—Dec. 31.. 49,290 21,259 9,214 1,450 614 662 40 4,773 4 505 21,046 988 3 159 16 899 3 651 3 333 1945—Dec. 31.. 121,809 25,765 9,461 1,3143,1643,606 49 4’677 2,361 1,13288,91221,52616 045 51’342 3 ’ 8733*258 1947—Dec. 31.. 114,274 .....3..7..,.583 18,012 1,610 823 1,190 114 9,266 5 654 91467 941 9’676 5 91852*347 5 ’ 1293*621 1963—Dec. 20.. 252,579 155,261 52,743 7,4445,321 2,476 3,594 9,415 38,861 34,3834,01562,723 12,60122,31627,80629,5595,035 1964—Dec. 31.. 275,053 174,23459,7467,4825,355 2,794 3,419 10,81243,43639,627 5,11262,499 13,27518,93930,285 33,2945,026 1965—June 30.. 285,375 187,20765,053 8,0475,925 2,860 3,680 11,34245,951 42,8795,09256,426 8,84914,603 32,97436,295 5,447 Dec. 31.. 303,593 2,064 198,045 70,887 8,191 5,0883,172 2,093 13,14849,02645,2905,155 59,120 13,13413,233 33,858 38,4195,945 Member, total 1941—Dec. 31.. 43,521 18,021 8,671 972 594 598 39 3,494 3,653 19 539 971 3 007 15 56! 3 090 7 871 1945—Dec. 31.. 107,183 22,775 8,949 855 3,1333,378 47 3’455 1 900 1 05778,338 19,26014271 44 807 3*2542*815 1947—Dec. 31.. 97,846 .....3..2..,.628 16,962 1,046 811 1,065 113 7,130 4,662 83957 914 7 803 481545’295 4* 1993*105 1963—Dec. 20.. 210,127 131,71247,4034,6595,1242,136 3,439 8,875 31,00927,9083,76549,342 9,33918,07221,93225,210 3,864 1964—Dec. 31.. 228,497 147,69053,7174,6435,1422,411 3,250 10,179 34,58732,0244,82448,717 9,93215,23823,54828,3743,715 1965—June 30.. 237,328 158,83258,6404,9695,7292 442 3,516 10,735 36,577 34,5824,78343,396 6,26011,43025,70631,0364,064 Dec. 31.. 251,577 1,861 167^93963^979 5,0994,9152,714 2,008 12,475 38,98836,4184,83244,992 9,441 10,10626,36932,5884,198 New York City: 1941—Dec. 31.. 12,896 4,072 2,807 8 412 169 32 123 522 7,265 311 1 623 5 331 729 830 1945—Dec. 31.. 26,143 7,334 3,044 2,453 1,172 26 80 287 272 17,574 3,910 3* 325 10 339 606 629 1947—Dec. 31.. 20,393 7,179 5,361 545 267 93 111 564 238 11,972 1,642 558 9,772 638 604 1963—Dec. 20.. 34,827 23,577 12,332 262,677 569 1,007 2,247 1 ,968 2,257 1,068 6,154 1,858 2,341 1,955 4,653 442 1964—Dec. 31.. 39,507 27,301 14,189 302,742 623 1,179 2,615 2,546 2,654 1,37! 6,178 1,958 1,972 2,248 5,579 449 1965—June 30.. 42,225 30,975 16,082 163,657 561 1,212 2,977 2,866 2,832 1,419 4,907 1,036 1,120 2,752 5,799 543 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 City of Chicago: 1941—Dec. 31,. 2,760 954 732 6 48 52 1 22 c5 1,430 256 153 1,022 182 193 1945—Dec. 31.. 5,931 1,333 760 2 211 233 36 51 40 4,213 1,600 749 1 864 181 204 1947—Dec. 31.. 5,088 1,801 1,418 3 73 87 46 149 26 2'890 '367 248 2,274 213 185 1963—Dec. 20.. 9,615 6,220 3,378 40 497 181 242 751 401 594 318 1,705 389 599 717 1,361 329 1964—Dec. 31.. 10,562 7,102 3,870 24 510 203 227 948 465 669 430 1 ,873 564 397 911 1,392 195 1965—June 30.. 10,835 7,367 4,099 26 465 232 266 1,007 514 702 308 1,761 473 299 989 1 ,493 214 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 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 .....1..3..,.449 7,088 225 170 484 15 3'147 1,969 351 20,196 2,731 1 901 15,563 1,342 1 053 1963—Dec. 20.. 78,370 51,891 18,862 1,219 1,243 891 1,224 4,286 12,525 11,106 1,462 16,686 2,697 6,600 7,390 8,810 981 1964—Dec. 31.. 84,670 57,55521,102 1,095 1,060 986 1,134 4,887 13,611 12,802 1,977 16,326 3,200 5,662 7,463 9,871 918 1965—June 30.. 87,225 61,07922,817 1,214 978 1,034 1,241 5,076 14,213 13,636 1,981 14,030 1,819 4,161 8,050 11,108 1,008 Dec. 31.. 91,997 471 64,64624,784 1,206 954 1,108 635 5,820 15,056 14,305 1,999 14,354 2,972 3,281 8,432 11,504 1,022 Country: 1941—Dec. 31.. 12,518 5,890 1,676 659 20 183 2 1,823 1 ,528 4,377 110 481 3 787 1 222 1 028 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 4 1'881 707 35926,999 5,732 4 544 16 722 1 3421 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 1963—Dec. 20.. 87,316 50,023 12,831 3,374 708 496 966 1,591 16,114 13,951 91724,797 4,395 8,531 11,871 10,385 2,111 1964—Dec. 31.. 93,759 55,733 14,5563,493 830 599 710 1,730 17,964 15,899 1,04724,341 4,209 7,206 12,925 11,531 2,154 1965—June 30.. 97,043 59,411 15,641 3,713 629 616 796 1,675 18,984 17,413 1,07422,697 2,932 5,849 13,915 12,637 2,299 Dec. 31.. 103,362 905 62,433 16,4783,840 650 698 174 1,983 20,217 18,423 1,17723,735 4,389 5,565 14,098 13,805 2,483 Nonmember 1947—Dec. 31.. 18,454 5,432 1,205 614 20 156 2 2,266 1,061 109 11,318 2,179 1 219 7 920 1 078 625 1963—Dec. 20.. 44,035 24,295 5,5442,811 229 373 166 604 8^047 6; 643 269 13'854 3^378 4,343 6,133 4,576 1,309 1964—Dec. 31.. 48,879 27,899 6,5002,862 400 432 241 733 9,088 7,786 328 14,273 3,445 3,801 7,026 5,159 1,548 1965—June 30.. 50,394 29,809 6,9063,099 336 470 272 729 9,646 8,474 366 13,457 2,660 3,248 7,549 5,504 1,624 Dec. 31.. 54,483 242 31,616 7,4583,113 343 516 151 817 10,312 9,050 383 14,555 n.a. n.a. n.a. 6,067 2,003 1 Beginning with June 30, 1948, figures for various loan items are 3 Beginning with Dec. 31, 1965, components shown at par rather than shown gross (i.e., before deduction of valuation reserves); they do not at book value; they do not add to the total (shown at book value) and are add to the total and are not entirely comparable with prior figures. Total not entirely comparable with prior figures. loans continue to be shown net. For other notes see opposite page. 2 Breakdowns of loan, investment, and deposit classifications are not available before 1947; summary figures for earlier dates appear in the preceding table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
AUGUST 1966 COMMERCIAL BANKS 1197 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits Class of se R rv e e s r C en u c r y a w B n a c it l e h - s m D d a e e n - - d Interbank C f e ie r d ti U.S. Bor- C t a a p l i b c a a n ll k d a a n te d B F w a . n i R t k h . s c a o n i d n b m a d e n o s k t i s c 4 ju po a st d s e i t d s 5 m D es o t . i c4 e F ig o n r 6 G U o .S vt . . S g l a o o t n c a v d a t t e l . c c h o a e e f n r f c d s i k ’ s, IPC I b n a t n e k r G P S a o o a n s v v d t t a . l S g l a o o t n c a v d a t t e l . IPC r i o n w gs co a u c n ts etc. ings Total: 2 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 1963—Dec. 20.... 17,150 4,048 12,312126,579 14,048 1,218 6,729 12,256 4,494 124,784 526 269 7,908102,8863,66425,677 1964—Dec. 31.... 17,581 4,532 15,111 134,671 16,369 1,569 6,510 13,519 5,970 135,694 819 272 9,812116,635 2,679 27,795 1965—June 30..,. 17,842 4,978 13,023 126,714 14,696 1,476 11,796 13,291 6,001 125,974 1,032 27810,573126,5163,68229,479 Dec. 31.... 17,992 4,851 15,300140,936 16,794 1,632 5,525 14,244 5,978 140,558 1,008 263 12,186134,2474,47230,272 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 1,248 23,740 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 1963—Dec. 20.... 17,150 4,033 11,984125,615 13,900 1,177 6,712 12,175 4,429 124,098 443 269 7,853102,6003,571 25,277 1964—Dec. 31.... 17,581 4,515 14,613 133,336 16,210 1,454 6,487 13,423 5,856 134,764 733 272 9,766116,1472,58027,377 1965—June 30.... 17,842 4,961 12,599125,471 14,532 1,387 11,761 13,199 5,906 125,100 928 278 10,522125,998 3,56229,051 Dec. 31.... 17,992 4,833 14,801 139,601 16,620 1,529 5,508 14,152 5,913 139,594 923 263 12,135133,6864,32529,827 Member, total: 1941—Dec. 31.... 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.... 15,811 1,438 7,117 64,184 12,333 1,243.22,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1963—Dec. 20.... 17,150 3,131 7,359102,816 13,378 1,140 5,986 9,376 4,055 104,130 382 240 6,364 84,3263,49921,054 1964—Dec. 31.... 17,581 3,490 9,057 108,324 15,604 1,403 5,838 10,293 5,368 112,878 664 239 8,012 95,425 2,481 22,901 1965—June 30.... 17,842 3,853 7,831 101,733 14,009 1,346 10,806 10,127 5,449 104,502 85t 247 8,592103,8143,455 24,323 Dec. 31 . ... 17,992 3,757 8,957112,569 15,977 1,477 4,890 10,840 5,386 115,905 840 236 10,041 109,9254,23424,926 New York City: 1941-Dec. 31 ... . 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31 ... . 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 1947—Dec. 31.... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1963—Dec. 20.... 3,625 264 96 16,763] 3,487 801 1,419 368 2,119 18,473 214 76 449 10,920 1,438 3,984 1964—Dec. 31.... 3,730 278 180 17,729 4,112 976 1,486 441 2,940 20,515 436 74 677 13,5341,224 4,471 1965—June 30. ... 4,274 314 199 16,430 4,115 950 2,561 561 3,270 18,549 579 87 682 15,969 1,423 5,094 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 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 1963—Dec. 20.... 1,019 49 98 4,144 1,169 43 395 275 112 4,500 17 6 185 3,595 255 996 1964—Dec. 31.... 1,006 55 150 4,294 1,389 59 396 312 122 4,929 22 5 213 4,361 204 1,056 1965—June 30.... 1,028 64 97 3,881 1,237 60 699 276 109 4,542 27 5 181 4,563 438 1,096 Dec. 31.... 1,042 73 151 4,571 1,377 59 345 328 126 5,202 39 4 210 4,785 355 1,132 Other reserve city: 1941—Dec. 31.... 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31.... 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31. . .. 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1963—Dec. 20.... 7,587 935 2,105 35,859 6,958 267 2,212 3,144 1,034 39,281 95 72 2,950 31,982 1,416 7,697 1964—Dec. 31.... 7,680 1,065 2,433 37,047 7,962 326 2,195 3,508 1,238 42,137 134 77 3,840 35,728 841 8,488 1965—June 30.... 7,274 1,149 2,202 34,279 6,874 294 4,325 3,280 1,091 38,600 173 75 4,163 38,543 1,271 8,774 Dec. 31 .... 7,700 1,139 2,341 37,703 8,091 330 1,773 3,532 1,180 42,380 206 71 4,960 40,510 1,548 9,007 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 1963—Dec. 20.... 4,919 1,884 5,060 46,049 1,764 29 1,960 5,590 790 41,877 56 86 2,778 37,829 390 8,377 1964—Dec. 31.... 5,165 2,092 6,295 49,253 2,141 41 1,760 6,031 1,068 45,298 71 83 3,282 41,803 213 8,886 1965—June 30... . 5,267 2,326 5,333 47,143 1,784 41 3,222 6,010 979 42,810 71 81 3,566 44,739 323 9,359 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 Nonmember:2 1947—Dec. 31.... 544 3,947 13,595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1,596 1963—Dec. 20.... 917 4,953 23,763 671 78 743 2,880 438 20,654 144 29 1,545 18,560 165 4,623 1964—Dec. 31.... 1,042 6,054 26,348 765 166 672 3,227 602 22,816 156 33 1,800 21,210 198 4,894 1965—June 30.... 1,125 5,192 24,982 686 130 989 3,164 552 21,473 181 30 1,981 22,702 228 5,156 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 4 Beginning with 1942, excludes reciprocal bank balances. that are included under member banks, see Note, p. 589, May 1964 5 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 6 For reclassification of certain deposits in 1961, see note 6, p. 589, by mergers, etc. May 1964 Bulletin. Data for Dec. 31. 1964, and June 30, 1965, for national banks have been adjusted to make them comparable with State bank data. (Data for Note,—Data are for all commercial banks in the United States. (For Dec. 20, 1963, also adjusted to lesser extent.) definition of “commercial banks” as used in this table and for other banks For other notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1198 WEEKLY REPORTING BANKS AUGUST 1966 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS (In mini ons of dollars) Loans2 For purchasing To financial institutions or carrying securities Loans 1 Wednesday m I T l n o a e v o n a n e t n d a t s s s l t ! v s n e t a e r i r l o t e v u n e o a s f i _ C n m t a c r d o n i i e a u a m d r l l s A t c u u g r l a r i l G c U a T t s u o i n e e . o r v S d s i t . b , d r e o O a c k l t s u e t e i e e h r r r s s i s e r G c U t s u o T i e . e r v S o s i t . , o th O c e s t u i t r e e h s r s i e r F ei o g r B n ank c m m D s c t o i i e e o a m c s r l f P s c i a e a n o e N n t l a c r s e d s o n . . s , , . n ba O n t k her e R st e a a t l e s i C m n u s m o e t n a n e l t r G F e o i o g v r n t s . ot A h l e l r V se t a i r r o e v lu n e a s Total— 1965 July 7 . 172,755 121,032 48,995 1 ,714 1,278 3,771 78 2,044 1,671 2,468 5,460 4,510 24,104 27,389 2,450 14 . . 172,161 120^513 49,012 1 ^735 1 J 80 3’416 77 2,045 1,682 2,395 5,295 4,537 24,181 27,406 2,448 21 • ■ 171 ’142 119^603 48,767 1 '749 959 3,285 76 2'053 1,641 2^27 5^053 4,546 24,256 27,436 2345 28 • • 170’895 119'176 48,589 F757 614 3,'195 76 2,’055 M42 2^260 5,068 4; 672 24,293 27,402 2’447 1966 170 367 124,999 53,839 1,665 976 3,578 91 2,139 1,578 3,274 6,276 4,648 23,260 26,269 2,594 8 ........ 167,215 122,013 53’647 1’660 516 3’275 97 2 J 50 1,598 2^028 5^704 4,557 23,280 26^105 2'604 15 . 170'496 125,205 54’889 1 ,675 668 3'465 86 2,146 1,557 2,911 6,409 4,683 23,371 25,950 2,605 22 . . 170^929 126'190 55,518 1,675 499 3’658 88 2J45 1,598 2,751 6,771 4,624 23,433 26,032 2,602 29 ■ 172’898 127'784 55,792 1,' 675 670 3’862 92 2'144 1,506 3’218 6,873 4,762 23,516 26,275 2,'601 June 29......... 186,535 136,239 58,246 1,753 682 3,972 87 2,231 1,498 3,338 7,050 4,885 26,662 16,014 1,158 11,423 2,760 July 6.......... 186,761 136,299 58,595 1,765 534 3,953 90 2,241 1,516 2,934 7,257 4,895 26,675 15,999 1,113 11,502 2,770 ' 13......... 186,261 135,941 58,732 1,776 413 3,689 114 2,223 1,476 3,585 6,709 4,845 26,742 15,984 1,108 11,315 2,770 20.......... 184,945 134,576 58,814 1,787 389 3,538 125 2,217 1,472 2,470 6,498 4,778 26,812 15,985 1,117 11,345 2,771 27.......... 184,507 134,198 58,693 1,816 337 3,350 116 2,203 1,485 2,665 6,383 4,743 26,840 15,871 1,092 11,372 2,768 New York City 1966 Inly 7 40,455 29,660 15 688 14 680 2,253 18 518 832 760 1 ,820 973 2,636 4,078 610 14 40 041 29'122 15’642 15 571 1 ’975 18 522 841 776 1 ,666 961 2'637 4'108 610 21 ... 39,515 28,675 15’479 15 374 1'843 18 529 802 986 C528 970 2; 642 4'099 610 28 39^284 28,431 15,390 15 295 1,794 17 529 805 920 1^544 1,014 2,'645 4;O73 610 1966 43,283 33,864 18,360 18 529 2,327 15 632 838 1,180 2,206 1,286 3,098 4,140 .765 8 41',638 32,261 18'237 18 277 2,086 14 639 839 704 1,841 1,231 3,087 4,063 775 15 43 427 33'816 18’842 17 314 2,293 10 639 825 949 2; 265 1,272 3,089 4,076 775 22 43,458 34,204 19’064 15 217 2'471 10 643 865 896 2,316 1,263 3,089 4,127 772 29 44 555 35,086 19*229 15 372 2,636 10 645 846 1,176 2,288 1,305 3,115 4,220 771 June 29...... 44,770 34,943 19,254 15 377 >,636 11 645 846 1,176 2,288 1,306 3,139 1,277 806 1,938 771 July 6...... 44,499 34,554 19,400 15 238 2,627 11 642 874 683 2,383 1,270 3,154 1,274 771 1,981 769 ' 13......... 43,947 34,279 19,449 14 155 2,293 31 630 841 1,207 2,075 1,236 3,166 1,275 772 1,903 768 20......... 42^999 33,441 19,459 14 147 2,100 29 629 832 640 2,033 1,216 3,148 1,271 772 1,919 768 27.......... 43,189 33^531 19,466 14 138 1,977 30 628 837 834 2,092 1,202 3,144 1,276 766 1,895 768 Outside New York City 1965 July 7 132 300 91 372 33 307 1,700 598 1 518 60 1 ,526 839 1,708 3,640 3,537 21,468 23,311 1,840 14 132’120 91 ‘,391 33*370 1720 609 1,441 59 1,523 841 1,619 3,629 3'576 21 ,'544 23,298 1,838 21 131 627 90 928 33’288 1'734 585 1 '442 58 1,524 839 1,241 3,525 3,576 21,614 23,337 1,835 28 131 611 90,745 33J99 1^42 319 C401 59 026 837 1'340 3'524 3,658 21,648 23,329 1,'837 1966 127 084 91 135 35 479 1,647 447 1,251 76 1,507 740 2,094 4,070 3,362 20,162 22,129 1,829 8 125*577 89*752 35*410 1,642 239 1,189 83 l’5tl 759 1,324 3^863 3'326 20,193 22'042 1'829 15 127 069 91 389 36*047 1,658 354 1,172 76 1'507 732 1'962 4,144 3,411 20;282 2i;874 C830 22 127 471 91 986 36 454 1,660 282 1'187 78 1'502 733 1 '855 4,455 3,361 20 ,'344 21,905 1,830 29 128*343 92 698 36 563 1,660 298 1,226 82 1 '499 660 2; 042 4,585 3,457 20,401 22,055 L830 June 29......... 141,765 101,296 38,992 1,738 305 1,336 76 1,586 652 2,162 4,762 3,579 23,523 14,737 352 9,485 1 ,989 July 6.......... 142,262 101,745 39,195 1,750 296 1,326 79 1,599 642 2,251 4,874 3,625 23,521 14,725 342 9,521 2,001 " 13......... 142,314 101,662 39,283 1 ,762 258 1,396 83 1,593 635 2,378 4,634 3,609 23,576 14,709 336 9,412 2,002 20......... 141,946 101,135 39,355 1,773 242 1,438 96 1,588 640 1,830 4,465 3,562 23,664 14,714 345 9,426 2,003 27.......... 141,318 100,667 39,227 1,802 199 1,373 86 1,575 648 1,831 4,291 3,541 23,696 14,595 326 9,477 2,000 For notes see p. 1201. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
AUGUST 1966 WEEKLY REPORTING BANKS 1199 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Investments Cash assets U.S. Government securities Other securities Obligations Cer- No m te a s tu an ri d n e b - onds o p s f o u a S l b n i t t d d i a i c t v a e . l s O co t s h e rp e c a r u , n r s b i ^ t t o o . i e n c s d k s s , Total p i C r t o e i a n m c s e h s s s a w B d n o c i a t e l h s a w B f n o i c a t r e l h s r C a e n n u c d r y s F w e R r . i R v e th e . s a o s A t s h l e e l t r s Wednesday Total Bills tifi- of mestic eign coin banks cates col. banks banks W i i n th- 1 to After w Ta a x r All Ce o r f t if. O se t c h u e r 1 yr- 5 yrs. 5 yrs. rants3 other p p a a t r i t o ic n i 4 rities Total 1965 26,257 3,481 4,034 10,949 7,793 25,466 37,246 17,576 3,841 217 2,183 13,429 6,844 July 7 26,157 3,308 4,137 10,885 7,827 25,491 37,442 17,895 3,790 210 2,342 13,205 6,784 14 26,035 3.229 4,129 10,865 7,812 25,504 35,485 15.748 3,687 210 2,288 13,552 6,697 21 26,113 3,254 ........ 4,136 10,884 7,839 25,606 34,652 14,829 3,592 207 2,334 13,690 6,773 28 1966 20,704 2,695 540 2,418 9,137 5,914 24,664 38,129 19,560 3,703 175 2,098 12,593 7,370 June 1 20,254 2,238 546 2,436 9,125 5,909 24,948 35,248 16,359 3,31 1 191 2,084 13,303 7,297 8 20,586 2,471 563 2,706 8,879 5,967 24,705 39,827 20,735 3,545 187 2,114 13,246 7,090 15 20,038 1,894 563 2,801 8,828 5,952 24,701 38,487 18,526 3,382 184 2,195 14,200 7,126 22 20,276 2,133 561 2,763 8,829 5,990 24,838 .37,092 17,752 3,392 193 2,251 13,504 7,307 29 22,482 2,277 588 3,076 9,895 6,646 2,652 21,190 1 .328 2,644 38,749 17.991 4,031 200 2,551 13,976 7,702 June 29 22,581 2,392 598 3,156 9,825 6,610 2,725 21,177 1.348 2,631 43,427 22,245 4,479 189 2,342 14,172 7,610 July 6 22,525 2,252 601 3,151 9,741 6,780 2,729 21,225 1 .307 2,534 41,968 21,180 4,175 215 2,555 13,843 7,616 13 22,583 2,305 599 3,173 9,739 6,767 2,716 21,328 1,256 2,486 41,643 19,982 4,381 190 2,498 14,592 7,630 20 22,575 2,296 607 3,366 9,651 6,755 2,791 21,369 1 ,246 2,328 38,769 17,831 3,907 203 2,54614,282 7,625 27 New York City 1965 4,692 1,015 613 1,495 1,569 6,103 9,861 5,755 115 106 301 3,584 2,595 June 7 4,769 1,092 626 1,488 1,563 6, ISC 9,741 5,609 >46 300 3,686 2,653 14 4,691 1,008 644 1 ,471 1 ,568 6,149 9,379 4,945 155 92 287 3 >00 2,487 21 4,690 975 .......... 651 1 ,486 1 ,578 6, 163 9,499 4,868 112 95 .300 4,124 2,490 28 1966 3,878 791 192 371 1,303 1 ,22! 5,541 10,721 7,158 196 73 302 2,992 2,980 June I 3,725 617 189 397 1,275 1,247 5,652 10,265 6,120 166 90 301 3,588 2,980 8 4,069 964 187 411 1 ,244 1 ,263 5,542 11,811 7,538 212 91 298 3,672 2,904 15 3,672 583 184 414 1 ,206 1 ,285 5,582 11,949 7,089 197 82 306 4,275 2,843 22 3,858 772 182 392 1,225 I .287 5,611 11,099 6,815 237 92 319 3,636 2,938 29 3,925 777 182 402 1,255 1 ,309 666 4,286 321 629 11,1.33 6,819 246 92 323 3,653 2,947 June 29 4,004 835 188 397 1,258 1 ,326 693 4,294 .327 627 12,632 8,192 234 80 311 3,815 2,816 July 6 3,844 728 194 374 1,223 1 ,325 718 4,266 322 518 11,783 7,792 163 97 318 3,413 2,816 13 3,810 700 193 390 1,212 1 ,315 693 4,257 315 483 12,343 7,633 140 75 301 4,194 2,863 20 3,947 791 193 417 1,238 1 ,308 698 4,205 322 486 11,256 6,746 116 95 312 3,987 2,770 27 Outside New York City 1965 21,565 2,466 3,421 9,454 6,224 19,363 27,385 11,821 3,726 111 1,882 9,845 4,249 July 7 21,388 2,216 3,51 1 9,397 6,264 19,341 27,701 12,286 3,644 210 2.042 9,519 4,131 14 21,344 2,221 3,485 9,394 6,244 19,355 26,106 10,803 3,532 118 2,001 9,652 4,210 21 21,423 2,279 ...... 3,485 9,398 6,261 19,443 25,153 9,961 3,480 112 2,034 9,566 4,283 28 1966 16,826 1 ,904 348 2,047 7,834 4,693 19,123 27,408 12,402 3,507 102 1,796 9,601 4,390 June 1 16,529 1,621 357 2,039 7,850 4,662 19,296 24,983 10,239 3,145 101 1,783 9,715 4,317 8 16,517 1,507 376 2,295 7,635 4,704 19,163 28,016 13,197 3,333 96 1,816 9,574 4,186 15 16,366 1 ,311 379 2,387 7,622 4,667 19,119 26,538 11,437 3,185 102 1,889 9,925 4,283 22 16,418 1,361 379 2,371 7,604 4,703 19,227 25,993 10,937 3,155 101 1,932 9,868 4,369 29 18,557 1,500 406 2,674 8,640 5,337 1,986 16,904 1 ,007 2,015 27,616 11,172 3,785 108 2,228 10,323 4,755 June 29 18,577 1,557 410 2,759 8,567 5,284 2,032 16,883 1 ,021 2,004 30,795 14,053 4,245 109 2,031 10,357 4,794 July 6 18,681 1,524 407 2,777 8,518 5.455 2,011 16,959 985 2,016 30,185 13,388 4,012 118 2,237 10,430 4,800 13 18,773 1,605 406 2,783 8,527 5,452 2,023 17,047 941 2,003 29,300 12,349 4,241 115 2,197 10,398 4,767 20 18,628 1,505 414 2,849 8,413 5,447 2,093 17,164 924 1,842 27,513 11,085 3,791 108 2,23410,295 4,855 27 For notes see p. 1201. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1200 WEEKLY REPORTING BANKS AUGUST 1966 ASSETS AND LIABILITIES OF LARGE COMMERCfAL BANKS—Continued (In millions of dollars) Deposits Demand Time Total Wednesday unad- States Do- Foreign IPC States Foreign justed and mes- —— —— and Do ——__— Total s IPC p s i o u c l a b i l - t- G U o . v S t . . c m o ti e m c r- - Govt. C m o e m r- - Total? Sav- p s i o u ca l b i l - t- i m n t t i e e c s r - - Govt. C m o e m r- divi- cial etc.6 cial ings divi- bank etc. cial sions banks banks sions banks Total— 1965—July 7........ 187,062 106,597 74,063 5,391 7,453 12,770 706 1,382 80,465 48,313 20,821 6,379 554 3,991 219 14........ 186,483 105,474 75,378 5,159 6,391 12,281 665 1 ,388 81,009 48,487 21,098 6,433 551 4,023 224 21........ 183,842 102,601 73,963 4,975 6,331 11,403 729 1 ,292 81,241 48,573 21.195 6,473 552 4,037 218 28.... . 182,589 100,971 73,539 5,334 5,400 10,792 705 1,337 81,618 48.632 21 .420 6,493 561 4,098 219 1966—lime 1........ 185,313 102,618 71,772 6,030 4,700 12,727 721 1,424 82,695 43,093 27,133 7,097 647 4,359 224 8........ 178,632 95,746 69,255 5,582 2,082 12,341 660 I ,396 82,886 43,057 27,444 7,014 645 4,358 225 15........ 185,943 104,082 76,770 5,450 1 ,711 12,725 707 1,376 81,861 43,007 26,583 6,911 646 4,349 224 22........ 184,358 102,110 71,773 5,235 5,828 12,205 642 1,351 82,248 42,988 26,964 6,950 652 4,329 224 29........ 185,186 102,318 70,259 5,651 7,471 11,936 738 I ,462 82,868 43,104 27,515 6,920 634 4,333 222 June 29........ 199,084 108,899 75,830 6,161 7,764 11,858 778 1 ,498 90,185 48,413 28,687 7,691 647 4,348 228 July 6........ 204,754 114,477 78,098 6,027 7,819 14,034 776 1 ,520 90,277 48,021 29,320 7,600 656 4,286 224 13........ 200,917 110,078 78,354 5,482 5,337 13,042 696 1 ,407 90,839 47,681 30,080 7,742 655 4,280 228 20........ 200,531 109,542 77,877 5,428 5,608 12,776 762 1 ,486 90,989 47,561 30,381 7,753 651 4,245 224 27........ 195,944 105,000 76,394 5,555 4,433 11,619 644 1 ,466 90,944 47,453 30,550 7,771 653 4,127 233 New York City 1965—July 43,033 26,852 16,807 307 2,043 3,366 548 935 16,181 5,089 7,053 578 410 2,850 114 14........ 42,486 26,061 16,944 318 1,677 3,289 514 948 16,425 5,113 7,220 601 401 2,884 115 21........ 41,886 25,408 16,633 271 1,700 3,138 569 858 16,478 5,125 7,262 610 399 2,873 120 28........ 41,777 25,185 16,759 259 1,401 3,059 540 915 16,592 5,129 7,319 616 400 2,914 122 1966—June I........ 46,864 28,551 18,040 365 1,306 3,809 599 985 18,313 4,846 9,015 677 469 3,085 152 8........ 44,283 25,856 16,961 467 568 3,499 532 983 18,427 4,846 9, 122 684 465 3,089 152 15........ 47,240 29,231 19,810 351 381 3,623 571 978 18,009 4,838 8,752 660 463 3,077 151 22........ 46,761 28,617 18,367 344 1,496 3,524 512 945 18,144 4,832 8,896 665 461 3,073 150 29........ 47,208 28,824 17,790 437 2,078 3,685 596 1 ,051 18,384 4,816 9,157 668 442 3,089 147 June 29........ 47,425 28,937 17,925 440 2,085 3,651 596 1 ,051 18,488 4,883 9,192 670 442 3,089 147 July 6........ 48,703 30,281 18,120 383 2,107 3,982 637 1,052 18,422 4,838 9,223 663 443 3,042 145 13........ 46,593 28,037 17,458 293 1,344 3,676 553 963 18,556 4,796 9,332 727 437 3,048 145 20........ 47,052 28,586 17,702 272 1 ,445 3,843 609 1 ,021 18,466 4,758 9,268 766 432 3,030 142 28........ 45,080 26,781 17,381 256 998 3,499 514 987 18,299 4,736 9,254 756 434 2,905 146 Outside New York City 1965—July 7........ 144,029 79,745 57,256 5,084 5,410 9,404 158 447 64,284 43,224 13,768 5,801 144 1,141 105 14........ 143,997 79,413 58,434 4,841 4,714 8,992 151 440 64,584 43,374 13,878 5,832 150 1,139 109 21........ 141,956 77,193 57,330 4,704 4,631 8,265 160 434 64,763 43,448 13,933 5,863 153 1,164 98 28........ 140,812 75,786 56,780 5,075 3,999 7,733 165 422 65,026 43,503 14,101 5,877 161 1,184 97 1966—June 1........ 138,449 74,067 53,732 5,665 3,394 8,918 122 439 64,382 38,247 18,118 6,420 178 1,274 72 8........ 134,349 69,890 52,294 5,115 1,514 8,842 128 413 64,459 38,211 18,322 6,330 180 1,269 73 15........ 138,703 74,851 56,960 5,099 1,330 9,102 136 398 63,852 38,169 17,831 6,251 183 1,272 73 22........ 137,597 73,493 53,406 4,891 4,332 8,681 130 406 64,104 38,156 18,068 6,285 191 1 ,256 74 29........ 137,978 73,494 52,469 5,214 5,393 8,251 142 411 64,484 38,288 18,358 6,252 192 1,244 75 June 29........ 151,659 79,962 57,905 5,721 5,679 8,207 182 447 71,697 43,530 19,495 7,021 205 1,259 81 Julv 6........ 156,051 84,196 59,978 5,644 5,712 10,052 139 468 71,855 43,183 20,097 6,937 213 1,244 79 13........ 154,324 82,041 60,896 5,189 3,993 9,366 143 444 72,283 42,885 20,748 7,015 218 1 ,232 83 20........ 153,479 80,956 60,175 5,156 4,163 8,933 153 465 72,523 42,803 21,113 6,987 2l9i 1 .215 82 27........ 150,864 78,219 59.013 5,299 3,435 8,120 130 479 72,645 42,717 21,296 7,015 219 1,222 87 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
AUGUST 1966 WEEKLY REPORTING BANKS 1201 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued [In millions of dollars] Borrowings Memoranda Total assets—• Total Total Large certificates B F F a r . n o R k m . s o F t r h o e m rs lia O b t i h li e ti r e s a C cc a o p u it n a t l s l a i c a c a b c a p o i n l i u i d t t a n i e l t s s ad T ( l j o n u o a e s t n t t a ) e s , l d 8 a a d l ( n j o n u d a e s n t t i ) e s n , d , a D d d e e ju p m s o t a s e i n d t d s 9 Total of d Is e s p u o ed si t1 o Issued Wednesday vestments 8 issued to IPC’s to others Total— 380 4,259 7,161 17,983 216,845 118,564 170,287 68,798 15,587 1965—July 7 169 4,419 7,369 17,947 216,387 118,118 169,766 68,907 15,655 14 212 4,067 7,267 17;936 213,324 117^376 168,915 69,119 16,071 21 485 3,943 7,343 17,960 212,320 116,916 168,635 69,950 16,242 28 181 4,490 8,339 17,543 215,866 121,725 167,093 65,631 17,747 1966—June I 719 4,395 8,474 17,540 209,760 119,985 165,187 64,964 17,773 8 566 4,920 8,481 17,503 217,413 122,294 167,585 68,911 17,138 15 631 5,497 8,555 17,501 216,542 123,439 168,178 65,551 17,359 22 458 5,633 8,500 17,520 217,297 124,566 169,680 65; 159 17,743 29 453 5,806 8,926 18,717 232,986 132,901 183,197 71 ,286 ’ 18,268 13,076 5,192 June 29 89 5,534 8,608 18,813 237,798 133,365 183,827 70,379 18,138 13,102 5,036 July 6 260 6,802 9,063 18,803 235,845 132,356 182,676 70,519 18,339 13,262 5,077 13 133 5,349 9,439 18,766 234,218 132,106 182,475 71,176 18,272 13,164 5,108 20 778 5,593 9,795 18,791 230,901 131,533 181,842 71,117 18,265 13,209 5,056 27 New York City 163 1,412 3,239 4,964 52,911 28,900 39,695 15,688 6,290 1965—July 7 1,747 3,248 4,954 52,435 28,346 39,265 15,486 6,421 14 1,382 3,162 4,951 51,381 27,689 38,529 15,625 6,513 21 62 1,332 3,149 4,953 51,273 27,511 38,364 15,857 6,613 28 1,400 3,730 4,990 56,984 32,684 42,103 16,278 7,467 1966—June 1 99 1,640 3,889 4,972 54,883 31,557 40,934 15,669 7,498 8 70 2,044 3,815 4,973 58,142 32,867 42,478 17,689 7,070 15 145 2,517 3,867 4,960 58,250 33,308 42,562 16,503 7,209 22 167 2,300 3,956 4,961 58,592 33,910 43,379 16,246 7,396 29 167 2,300 3,958 5,000 58,850 33,767 43,594 16,382 ' 7,395 5,438 1,957 June 29 2,299 3,912 5,033 59,947 33,871 43,816 16,000 7,345 5,430 1,915 July 6 2,683 4,247 5,023 58,546 33,072 42,740 15,225 7,416 5,472 1,944 13 1,798 4,340 5,015 58,205 32,801 42,359 15,665 7,365 5,429 1,936 20 110 2,426 4,582 5,017 57,215 32,697 42,355 15,538 7,327 5,407 1 '920 27 Outside 217 2,747 3,922 13,019 163,934 89,664 130,592 53,110 9,297 1965—July 7 169 2,672 4,121 12,993 163,952 89,772 130,501 53,421 9,234 14 212 2,685 4,105 12,985 161,943 89,687 130,386 53,494 9,558 21 423 2,611 4,194 13,007 161,047 89,405 130,271 54,093 9,629 28 181 3,090 4,609 12,553 158,882 89,041 124,990 49,353 10,280 1966—June 1 620 2,755 4,585 12,568 154,877 88,428 124,253 49,295 10,275 g 496 2,876 4,666 12,530 159,271 89,427 125,107 51,222 10^068 15 486 2,980 4,688 12,541 158,292 90,131 125,616 49,043 10,150 22 291 3,333 4,544 12,559 158,705 90,656 126,301 48,913 10,347 29 286 3,506 4,968 13,717 174,136 99,134 139,603 54,904 10,873 7,638 3,235 ’ June 29 89 3,235 4,696 13,780 177,851 99,494 140,011 54,379 10,793 7,672 3J21 July 6 260 4,119 4,816 13,780 177,299 99,284 139,936 55,294 10,923 7,790 13 133 3,551 5,099 13,751 176,013 99,305 140,116 55,511 10,907 7,735 3,172 20 668 3,167 5,213 13,774 173,686 98,836 139,487 55,579 10,938 7,802 3,136 27 1 After deduction of valuation reserves. ? Includes U. S. Government and postal savings, not shown separately. 2 individual items shown gross. » Exclusive of loans to domestic commercial banks. J includes short-term notes and bills (less than one year to maturity) 9 All demand deposits except U. S. Government and domestic com issued by States and political subdivisions. mercial banks, less cash items in process of collection. 4 Federal agencies only. io Negotiable certificates of deposit issued in denominations of $100,000 3 Includes certified and officers1 checks and deposits of mutual savings or more. banks, not shown separately. 4 Deposits of foreign governments and official institutions, central banks, and international institutions. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1202 BUSINESS LOANS OF BANKS AUGUST 1966 COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS (In millions of dollars) Outstanding Net change during—■ Industry 1966 1966 1966 1965 1966 1965 J 2 u 7 ly J 2 u 0 ly Ju 13 ly Ju 6 ly J 2 u 9 n * e J 2 u 9 n 'r e July June II I IV h 1 a s l t f h 2 a n l d f Durable goods manufacturing: Primary metals........................ 1 ,067 1 ,071 1,068 1,068 1,085 1,051 -18 38 115 153 11 268 17 Machinery......................................... 3,678 3,653 3,648 3,613 3,543 3,542 135 430 470 213 85 683 121 Transportation equipment.............. 1,572 1,578 1,566 1,540 1,527 1,554 45 166 207 125 -50 332 130 Other fabricated metal products. . . 1,661 1,667 1,674 1,634 1,602 1,620 59 127 154 96 -39 250 70 Other durable goods........................ 1,951 1,957 1,954 1 ,929 1,903 1,911 48 143 231 156 -35 387 83 Nondurable goods manufacturing: Food, liquor, and tobacco.......... 2,122 2,216 2,212 2,238 2,233 2,234 -111 69 -115 -39 657 -154 760 Textiles, apparel, and leather.......... 2,147 2,144 2,165 2,128 2,099 2,080 48 157 245 325 -336 570 -164 Petroleum refining. .......................... 1,791 1,788 I ,762 1,777 1,867 1 ,746 -76 -33 230 149 157 379 259 Chemicals and rubber..................... 2,091 2,093 2,120 2,138 2,135 2,139 -44 114 20 330 92 350 83 Other nondurable goods................. 1,530 1,528 1 ,501 1 ,488 1,465 1,466 65 117 219 93 -46 312 62 Mining, including crude petroleum and natural gas..................... 3,939 3,962 3,937 3,940 3,801 3,937 138 181 92 118 242 210 243 Trade: Commodity dealers................. 1,177 1,185 1,174 1,139 1,148 1,153 29 -39 -221 -100 374 ”-321 436 Other wholesale...................... 2,863 2,868 2,863 2,887 2,828 2,877 35 99 122 6 139 128 183 Retail........................................ 3,476 3,477 3,531 3,560 3,520 3,552 -44 166 464 -11 -58 453 -77 Transportation, communication, and other public utilities............. 6,505 6,451 6,385 6,432 6,340 6,350 165 525 340 -123 628 217 961 Construction......................................... 2,718 2,718 2,716 2,694 2,710 2,736 8 72 153 36 -3 189 26 All other:2 Bankers’ acceptances........ 410 435 443 453 464 464 -54 -219 -231 -1 5 -232 -186 All other types of business, mainly services....................................... 6,764 6,758 6,764 6,756 6,768 6,808 -4 65 258 243 287 501 381 Total classified loans........................... 47,462 47,549 47,483 47,414 47,038 47,220 424 2,178 2,753 1,769 2,110 4,522 3,388 Commercial and industrial loans—• all weekly reporting banks.... 58,693 58,814 58,732 58,595 58,246 55,792 447 2,338 3,152 2,011 2,512 5,163 3,782 1 Totals and loans classified by industry were reduced by $165 million Note.—About 200 of the weekly reporting member banks are included because 16 smaller banks no longer report in this series. in this series; these banks classify, by industry, commercial and industrial 2 Beginning December 31, 1963, bankers’ acceptances for the creation loans amounting to about 85 per cent of such loans held by all weekly of dollar exchange are excluded from commercial and industrial loans reporting member banks, and about 60 per cent of those held by all and those relating to commercial transactions are shown in a separate commercial banks. category. Current figures are therefore not strictly comparable with figures previously reported, but differences are relatively small. BANK RATES ON SHORT-TERM BUSINESS LOANS (Per cent per annum) Size of loan Size of loan (thousands of dollars) (thousands of dollars) Area All Area All and loans and loans period 1 10 100 200 period 1 10 100 200 10 100 200 and over 10 100 200 and over Year: 19 large cities: Quarter—cont.:* New York City: 1956........................... 4.2 5.2 4.8 4.4 4.0 1965—June......... 4.74 5.62 5.39 5.07 4.62 1957........................... 4.6 5.5 5.1 4.8 4.5 Sept............. 4.76 5.65 5.37 5.13 4.64 1958......................... 4.3 5.5 5.0 4.6 4.1 Dec.............. 5.08 5.74 5.59 5.34 4.99 1959 ......................... 5.0 5.8 5.5 5.2 4.9 1966—Mar.............. 5.41 5.92 5. 78 5.66 5.34 June............. 5.65 6.14 6.11 5.87 5.57 1960 ......................... 5.2 6.0 5.7 5.4 5.0 1961........................... 5.0 5.9 5.5 5.2 4.8 7 other northern and 1962........................... 5.0 5.9 5.5 5.2 4.8 eastern cities: 1963 .............. 5.0 5.9 5.5 5.2 4.8 1965—June............. 5.01 5.88 5.58 5.32 4.85 1964........................... 5.0 5.9 5.6 5.3 4.8 Sept............. 5.03 5.88 5.62 5.31 4.87 1965........................... 5. 1 5.9 5.6 5.4 4.9 Dec.............. 5.32 5.95 5.80 5.56 5.19 1966—Mar............. 5.58 6. id 6.05 5.82 5.46 Quarter:* June,............ 5.86 6.32 6.35 6.08 5.74 19 large cities: 11 southern and 4.99 5.88 5.59 5.29 4.79 western cities: Sept....................... 5.00 5.90 5.60 5.32 4.80 1965—June............. 5.31 6.00 5.71 5.42 5.06 Dec........................ 5.27 5.96 5.74 5.51 5.11 Sept.............. 5.31 6.02 5.73 5.45 5.03 Dec.............. 5.46 6.07 5.80 5.59 5.23 1966—Mar....................... 5.55 6.13 5.96 5.76 5.41 1966—Mar.............. 5.70 6.23 6.01 5.77 5.50 June....................... 5.82 6.39 6,25 6.03 5.68 June............. 6.00 6.52 6.28 6,08 5.84 1 Based on new loans and renewals for first 15 days of month. in per cent): 1955—Aug. 4, 3*4; Oct. 14, 3*4; 1956—Apr, 13, 3%; Aug. 21,4; 1957—Aug. 6, 4*4; 195 8—Jan. 22, 4; Apr. 21, 3*4; Sept. 11, 4; Note.—•Weighted averages. For description see Mar. 1949 Bulletin, 1959—May (8. 4*4; Sept. 1,5; 1960—Aug. 23, 4(4; 1965—Dec. 6, 5; pp. 228-37. Bank prime rate was 3 per cent Jan. I, 1955—Aug. 3, 1955. and 1966—Mar. 10, 5*4; June 29, 5%; and Aug. 17, 6. Changes thereafter occurred on the following dates (new levels shown Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
AUGUST 1966 INTEREST RATES 1203 MONEY MARKET RATES (Per cent per annum) U.S. Government securities (taxable) 4 Finance Prime CO. Prime Period p c a o p m e l r . , p p l a a p c e ed r b a a c n c k e e p r t s ’ F f e u d n e d r s a l 3-month bills 5 6-month bills 3 9- to 12-month issues 3- to 5m 4 o - n to th 6 s - 1 m d 3 i o - r e n to c th t l 6 s y - , 2 90 a n d c a e y s s , 1 rate 3 on i R s s a n u t e e e w M y a ie r l k d et on i R s s a n u t e e e w M y a ie r l k d et ( y m i B e a i l l d r l k s ) e 3 t Other 6 is y su e e a s r 7 1965............................ 4.38 4.27 4.22 4.07 3.954 3.95 4.055 4.05 4.06 4.09 4,22 1965—July................. 4.38 4.25 4.22 4.09 3.831 3.83 3.887 3.89 3.89 3.96 4.10 Aug................. 4.38 4.25 4.14 4.12 3.836 3.84 3.938 3.95 3.96 4.00 4.19 Sept................. 4.38 4.25 4,25 4.01 3.912 3.92 4.050 4.07 4.09 4.11 4.24 Oct.................. 4.38 4.32 4.25 4.08 4.032 4.02 4.197 4.18 4.16 4.18 4.33 4.38 4.38 4.25 4.10 4.082 4.08 4.238 4.24 4.23 4.29 4.46 Dec.................. 4.65 4.60 4.55 4.32 4.362 4.37 4,523 4.54 4.56 4.66 4.77 1966—Jan.................. 4,82 4.82 4.75 4.42 4.596 4.58 4.731 4.71 4.69 4.83 4.89 Feb.................. 4.88 4.88 4.86 4.60 4.670 4.65 4.820 4.82 4.81 4.92 5.02 Mar................. 5.21 5.02 4.96 4.65 4.626 4.58 4.825 4.78 4.81 4.96 4.94 Apr.................. 5.38 5.25 5.00 4,67 4,611 4,61 4.742 4.74 4.76 4.87 4,86 Nfay................ 5.39 5.38 5.18 4.90 4.642 4.63 4.814 4.81 4.85 4.90 4.94 June................ 5.51 5.39 5.39 5,17 4.539 4.50 4.696 4.65 4.78 4.94 5.01 July................. 5.63 5.51 5.58 5.30 4.855 4.78 4.982 4.93 4.94 5.17 5.22 Week ending— 1966—July 2.......... 5.58 5.45 5.48 5.36 4.435 4,47 4.610 4.68 4.86 4.93 5.11 ' 9.......... 5.63 5.50 5.50 5.45 4.731 4.67 4.915 4.82 4.88 5.06 5.14 16 5.63 5,50 5.55 4.70 4.876 4.85 4.999 5.00 4.98 5.21 5.24 23.......... 5.63 5.50 5.63 5.46 4.996 4.89 5.095 4.99 4.96 5,23 5,22 30.......... 5.63 5.55 5.63 5,63 4.818 4.73 4.919 4.89 4.93 5.19 5.25 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 cos., for varying maturi closing bid prices. ties in the 90-179 day range. 5 Bills quoted on bank discount rate basis. 3 Seven-day average for week ending Wed. 6 Certificate and Selected note and bond issues. 7 Selected note and bond issues. BOND AND STOCK YIELDS (Per cent per annum) Government bonds Corporate bonds Stocks State By selected By Dividend/ Earnings^ Period United and local rating group price ratio price ratio States (long Total1 term) Total 1 Aaa Baa Aaa Baa In tr d ia u l s R ro a a i d l P u u ti b li l t i y c fe P r r r e e d C m o o m n C m o o m n 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 1965—July,................................... 4.15 3.34 3.16 3.56 4.64 4.48 4.88 4.62 4.71 4.58 4.38 3.09 Aug................................... 4.19 3,32 3,16 3.55 4.65 4.49 4,88 4.63 4.73 4.60 4.34 3.06 Sept.................................... 4.25 3,41 3.25 3.61 4.69 4.52 4,91 4.65 4.77 4.64 4.32 2.98 5.85 Oct..................................... 4.27 3,46 3.31 3.65 4.72 4.56 4,93 4.67 4.81 4.67 4.38 2,91 Nov............................ 4.34 3.50 3.34 3,70 4.75 4.60 4.95 4.71 4.83 4.71 4.41 2.96 Dec..................................... 4.43 3.56 3.39 3.78 4.84 4.68 5.02 4.79 4.91 4.82 4.47 3.06 5.68 1966—Jan..................................... 4.43 3.56 3.40 3.79 4.89 4.74 5,06 4.84 4.97 4.85 4.51 3.02 Feb.................................. 4.61 3,66 3.48 3.93 4.94 4,78 5.12 4.91 5.02 4.90 4.63 3.06 Mar.............................. 4.63 3.78 3.55 4.11 5.10 4.92 5.32 5.06 5.18 5.08 4.83 3,23 5.84 Apr..................................... 4.55 3,68 3.46 4.06 5.16 4.96 5.41 5.09 5.19 5.21 4.78 3.15 May............................. 4.57 3.76 3.53 4.13 5.18 4.98 5.48 5.12 5.20 5.23 4.83 3.30 June................................... 4.63 3.84 3.60 4.16 5.28 5.07 5.58 5.25 5.26 5.32 4.93 3.36 July.................................... 4.74 4.01 3.77 4.31 5.36 5.16 5.68 5.33 5.37 5.39 5,00 3.37 Week ending— 1966—July 2............................. 4.69 r3,87 3.64 4.16 5.30 5.10 5,60 5.26 5.29 5,34 4,98 3.40 ' 9...................... 4.72 4.00 3.77 4.30 5.32 5.12 5.63 5.28 5.33 5.35 5.00 3.31 16............................. 4.78 4.00 3.77 4.30 5.35 5,14 5.68 5.32 5.36 5.38 5.01 3.34 23.............................. 4.75 4.00 3.77 4.30 5.37 5.17 5.69 5.34 5.39 5.39 5,00 3.37 30............................. 4.72 4.02 3.78 4.33 5.41 5.22 5.72 5.38 5.41 5.44 5.00 3.44 Number of issues......................... 10-11 20 5 5 120 30 30 40 40 40 14 500 500 1 Includes bonds rated Aa and A, data for which are not shown sep Thurs. figures. Corp, bonds: Averages of daily figures. Both of these arately. Because of a limited number of suitable issues, the number series are from Moody’s Investors Service series, Of corporate bonds in some groups has varied somewhat. Stocks: Standard and Poor’s Corp, series. Dividend/price ratios are based on Wed. figures; earnings/price ratios are as of end of period. Note.—Annual yields are averages of monthly or quarterly data. Preferred stock ratio is based on 8 median yields for a sample of non- Monthly and weekly yields are computed as follows: U.S. Govt, bonds: callable issues—12 industrial and 2 public utility; common stock ratios Averages of daily figures for bonds maturing or callable in 10 years or on the 500 stocks in the price index. Quarterly earnings are seasonally more. State and local govt, bonds: General obligations only, based on adjusted at annual rates, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1204 SECURITY MARKETS AUGUST 1966 MORTGAGES: NEW AND EXISTING HOMES SECURITY PRICES (Per cent) Bond prices Co ( m 19 m 4 o 1 n - 4 s 3 to = c 1 k 0 ) prices Vol Contract interest rate on ume Period o i n n Y s F i u e H r l e d A d - F c H o A nv s e e n r t i i e o s nal first F m H o L r B tg B ag s e e s ries Period ( G t U l e o o r . n m S v g t . ) , S l a o t n c a a d te l A C p a A o o te r r A Total d t I r u i n a s l R ro a a i d l P u i l u t t i i y c b l ( s t h t h r i a o n o a r g f e d u s s ) . New New Existing New Existing 1964............. 84.46 111.5 95.1 81.37 86.19 45.46 69.91 4,888 1965............. 83.76 110.6 93.9 88.17 93.48 46.78 76.08 6,174 1961................. 5.69 5.97 6.04 1962.................. 5.60 5,93 5.99 1965—July.. 84.51 110.8 93.9 84.91 89.92 43.31 74.63 4,056 1963................. 5.46 5,81 5.87 5.84 5,98 Aug. . 84.00 111 .0 93.5 86.49 91.68 46.13 74.71 4,962 1964................. 5.45 5.80 5.85 5.78 5.92 Sept.. 83.27 109.3 92.8 89.38 94.93 46.96 76.10 7,403 1)65................. 5.47 5.83 5.89 5.76 5.89 Oct... 82 97 108.4 92.7 91.39 97.20 48.46 76.69 7,809 Nov.. 82.22 107.7 92.3 92.15 98.02 50.23 76.72 7,360 1965—June.... 5.44 5.80 5.85 5.76 5.86 Dec... 81.21 106.3 91.1 91.73 97.66 51.03 75.39 8,690 July....... 5.44 5.80 5.85 5.77 5.86 Aug....... 5.45 5.80 5.90 5.76 5.86 1966—Jan... 81.15 106.9 90.5 93.32 99.56 53.68 74.50 8,935 Sept....... 5.46 5.80 5.90 5.75 5.89 Feb... 79.32 105.2 89.5 92.69 99.11 54.78 71.87 8,753 Oct........ 5.49 5.85 5.90 5.75 5.87 Mar.. 78.92 103.9 87,9 88.88 95.21 51.52 69.21 8,327 Nov....... 5.51 5.90 5.95 5.80 5.91 Apr... 79.75 105.9 87.6 91.60 98.17 52.33 70.06 9,310 Dec....... 5,62 6.00 6.05 5.78 5.91 May.. 79.56 104.5 87.6 86.78 92.85 47.00 68.49 8,165 June.. 78.93 103.2 86.9 86.06 92.14 46.35 67.51 6,393 1966—Jan........ 5.70 6.00 6.05 5.81 5.97 July.. 77.62 100.9 86.0 85.84 91.95 45.50 67.30 5,997 6.05 6.10 5.85 5.97 Mar....... 6.00 6.15 6.20 5.90 6.01 Week 6.25 6.30 5.99 6.09 endings May.... 6.32 6,30 6.35 6.02 6.16 June.... 6.45 6.40 6.50 6.07 6.18 July 2....... 78.27 102.8 86.8 85.39 91.42 46.11 66.96 6,028 9....... 77.84 101.2 86.4 86.97 93.23 46.53 67.49 6,199 16....... 77.20 100.7 86.3 86.91 93.11 46.21 67,99 5,803 Note,'—Annual data are averages of monthly figures. The 23 77.59 101.0 85.8 85.95 92.08 45.18 67.42 5,863 FHA data are based on opinion reports submitted by field offices 30....... 77.87 100.7 85.5 83.80 89.68 44.21 66.42 6,133 on prevailing conditions in their localities as of the first of the succeeding month. The yields are derived from weighted aver ages of private secondary market prices for Sec. 203, 30-year Note.—Annual data are averages of monthly figures. Monthly and weekly mortgages with minimum downpayments and an assumed pre data are averages of daily figures unless otherwise noted and are computed as payment at the end of 15 years. Gaps in the data are due to follows: U.S. Govt, bonds, derived from average market yields in preceding table periods of adjustment to changes in maximum permissible con on basis of an assumed 3 per cent, 20-year bond. Municipal and corporate bonds, tract interest rates. The FHA series on average interest rates derived from average yields as computed by Standard and Poor’s Corp., on basis on conventional first mortgages are unweighted and are rounded of a 4 per cent, 20-year bond; Wed. closing prices. Common stocks. Standard to the nearest five basis points. For FHLBB series, see footnote and Poor’s index. Volume of trading, average daily trading in stocks on the to table on Conventional First Mortgages, page 1219. N.Y. Stock Exchange for a S^-hour trading day. STOCK MARKET CREDIT (In millions of dollars) Customer credit Broker and dealer credit Net debit balances with Bank loans to others than N.Y. Stock Exchange brokers and dealers for pur Money borrowed on— firms secured by— chasing or carrying— Cus Month se T cu o r t i .a ti ! e s to n m e e t rs’ other than Other securities free U.S. Govt. se G c U u o . r v S it t . i , e s se O cu th ri e ti r e s se G c U u o r . v i S t t i . , e s se O cu th ri e ti r e s se G c U u o . r S v it . t i , e s Total Customer Other c a b r n e a c d l e i s t collateral collateral 1963—Dec....... 7,242 26 5,515 140 1,727 32 4,449 3,852 597 1,210 1964—Dec....... 7,053 21 5,079 72 1,974 222 3,910 3,393 517 1,169 1965—June.... 7,084 26 5,114 73 1,970 225 4,211 3,396 815 1,297 July.... 6,833 24 4,863 69 1,970 82 3,594 3,099 495 1,233 Aug....... 6,874 22 4,886 68 1,988 145 3,626 3,108 518 1,192 Sept....... 7,036 22 4,994 88 2,042 86 3,522 2,978 544 1,369 Oct........ 7,117 23 5,073 95 2,044 150 3,403 2.882 521 1 ,475 Nov....... 7,304 23 5,209 93 2,095 134 3,527 2,930 597 1,479 Dec....... 7,705 22 5,521 101 2,184 130 3,576 2,889 687 1,666 1966—Jan........ 7,726 24 5,551 104 2,175 126 3,543 2,948 595 1,730 Feb....... 7,950 24 5,753 101 2,197 34 3,552 2,959 593 1,765 Mar....... 7,823 26 5,645 105 2,178 108 3,495 2,855 640 1,822 Apr....... 7,991 27 5,835 92 2,156 193 3,665 2,983 682 1,744 May.... 7,905 29 5,768 88 2,137 153 3,588 2,935 653 1,839 June.... 7,997 29 5,766 87 2,231 126 3,681 2,977 704 1,661 Note.—Data in first 3 cols, and last col. are for end of month; in other ners of reporting firm. Balances are net for each customer—i.e., all ac cols, for last Wed. counts of one customer are consolidated. Money borrowed includes Net debit balances and broker and dealer credit: Ledger balances of borrowings from banks and from other lenders except member firms of member firms of N.Y. Stock Exchange carrying margin accounts, as national securities exchanges. reported to Exchange. Customers’ debit and free credit balances exclude Bank loans to others than brokers and dealers: Figures are for weekly balances maintained with reporting firm by other member firms of national reporting member banks. securities exchanges and balances of reporting firm and of general part Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
AUGUST 1966 OPEN MARKET PAPER; SAVINGS INSTITUTIONS 1205 COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS’ ACCEPTANCES OUTSTANDING (In millions of dollars) Dollar acceptances Commercial and finance company paper Held by- Based on— End of period Accepting banks F.R. Goods stored in or Banks Im Ex shipped between Placed Placed Total Others ports ports Dollar points in— Total through direct into from ex dealers 1 ly 2 Total O bi w ll n s bo B u il g ls h t Own F ei o g r n U S n ta i t t e e s d U S n ta i t t e e s d change United Foreign acct. corr. States countries 1959..................... 3,202 677 2,525 1,151 319 282 36 75 82 675 357 309 74 162 249 1960..................... 4,497 1,358 3,139 2,027 662 490 173 74 230 1,060 403 669 122 308 524 1961..................... 4,686 1,711 2,975 2,683 1,272 896 376 51 126 1,234 485 969 117 293 819 1962...................... 6,000 2,088 3,912 2,650 1,153 865 288 110 86 1,301 541 778 186 171 974 1963..................... 6,747 1,928 4,819 2,890 1,291 1,031 260 162 92 1,345 567 908 56 41 1,317 1964..................... 8,361 2,223 6J38 3,385 1,671 1,301 370 94 122 1,498 667 999 111 43 1,565 1965—Apr........... 9,533 2,047 7,486 3,384 1,394 1,171 223 104 139 1,747 744 936 25 21 1,659 May.......... 9,934 1,976 7,958 3,467 1,452 1,187 264 82 160 1,774 761 965 23 21 1,698 June.......... 9’370 1,965 7,405 3,355 1,443 1,127 316 53 157 1,702 736 960 13 18 1,627 July........... 10,439 2,046 8,393 3,337 1,357 1,094 263 35 151 1,794 782 949 11 16 1,580 Aug....... 10,358 2,117 8,241 3,299 1,321 1,078 243 55 145 1,779 797 933 11 12 1,547 Sept........... 9,692 2,194 7,498 3,314 1,311 1,114 198 63 152 1,787 820 942 17 20 1,516 Oct............ 10,554 2,250 8,304 3,310 1,264 1,099 165 86 156 1,804 842 919 18 16 1,515 Nov,...... 10,406 2,205 8,201 3,245 1,188 1,051 136 110 146 1,802 802 917 14 26 1,485 Dec........... 9,017 1,903 7,114 3,392 1,223 1,094 129 187 144 1,837 792 974 27 35 1,564 1966—Jan............ 9,910 1,834 8,076 3,332 1,206 1,109 97 110 134 1,883 752 933 26 29 1,592 Feb........... HO,275 1 ,828 ’’8,447 3,313 1,294 1,177 117 122 135 1,762 738 920 35 22 1,600 Mar........... ’■10'649 2; 066 '8,383 3,388 1,266 1,037 229 126 129 1,867 775 887 36 21 1,668 Apr........... '11,142 2,253 '8,889 3,464 1,284 1,060 224 159 137 1,884 829 875 34 20 1,706 May.......... n1'335 2^113 '9,222 3,418 1,269 1,034 235 180 159 1,810 834 847 39 20 1,679 June.......... '10,673 2390 <585 3,420 1,061 927 134 238 252 1,869 881 833 34 24 1,648 1 As reported by dealers; includes finance co. paper as well as other 2 As reported by finance cos. that place their paper directly with commercial paper sold in the open market. investors. Series includes all paper with maturity of 270 days or more. MUTUAL SAVINGS BANKS (Amounts in millions of dollars) Loans Securities Total assets— End of period M ga o g r e t Other G U o . v S t . . S g l a o o t n c a v a d t t e l . C ot r a o h a n r e t p d e r o l Cash O as t s h e e ts r g r l e T i e a a s t n o i e b n e e t r i d s r a v l a i l e l D i e ts p o 2 s l O ia t t i b h e i s e li r G r c e o e s a u n e c r e n v r t e a s l c M om or m tg i a tm ge e n lo ts a n 3 accts. NumberAmount 1941 ..................... 4,787 89 3,592 1 ' 829 689 11,772 10,503 38 1,231 1945 ........................... 4,202 62 10,650 1 .257 606 185 16,962 15,332 48 I,'582 1959 *.......................... 24,769 358 6,871 721 4,845 829 552 38,945 34,977 606 3,362 65,248 1,170 I960.............................. 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 58,350 1,200 1961.............................. 28,902 475 6,160 667 5,040 937 640 42,829 38,277 781 3,771 61,855 1,654 1962............................. 32,056 602 6,107 527 5,177 956 695 46,121 41,336 828 3,957 114,985 2,548 1963............................. 36,007 607 5,863 440 5,074 912 799 49,702 44,606 943 4,153 104,326 2349 1964.............................. 40328 739 5,791 391 5,099 1,004 886 54,238 48,849 989 4,400 135,992 2,820 1965—May.................. 41,853 882 5,841 367 5,188 968 913 56,013 50,166 1334 4,512 142,676 3,025 June.................. 42,187 849 5321 360 5,199 1,019 946 56382 50,623 1,226 4,533 141,299 3,094 July................... 42,600 807 5,791 356 5,284 946 955 56,739 50,844 1,350 4,545 151,885 2,947 Aug......... 42'964 872 5,814 349 5,299 941 951 57,191 51,063 1,502 4,626 136,180 2,928 Sept........... 43305 842 5,795 349 5,263 960 958 57,470 51,506 1,326 4,639 132,029 2397 Oct.................... 43,680 813 5,585 338 5,265 897 974 57,552 51,663 1,283 4,607 127,757 2,859 Nov................... 44,031 888 5315 333 5,243 885 966 57,863 51,826 1,366 4,672 124,097 2324 Dec........... 44,433 862 5,170 320 5,485 1,017 944 58,232 52,443 1,124 4,665 120,476 2,697 1966—Jan.................... 44,709 904 5,217 314 5,560 920 965 58,588 '52,689 1,230 4,669 116,124 2,590 Feb................... 44,952 925 5,289 313 5,623 932 965 58,999 '52,907 1,354 4,737 114,106 2,551 Mar................... 45,180 913 5,352 317 5,600 896 998 59,256 '53,286 1,228 4,742 113,554 2,565 Apr................... 45335 867 5,323 307 5,335 849 994 59.010 '52,959 1,343 4,707 115,845 2380 May.................. 45,529 991 5353 297 53U 854 995 59330 53,075 1,480 4,774 116,497 2,637 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 3, p. 1191. from those shown elsewhere in the Bulletin; the latter are for call dates 3 Commitments outstanding of banks in N.Y. State as reported to the and are based on reports filed with U.S. Govt, and State bank supervisory Savings Bank Assn, of the State of N.Y. agencies. Loans are shown net of valuation reserves. 4 Data reflect consolidation of a large mutual savings bank with a commercial bank. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1206 SAVINGS INSTITUTIONS AUGUST 1966 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period Total Mort Real Policy Other assets Total United State and Foreign 1 Total Bonds Stocks gages estate loans assets States local Statement value: 1941......................................... 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945......................................... 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 I960......................................... 119,576 11,679 6,427 3,588 1,664 51,857 46,876 4,981 41,771 3,765 5,231 5,273 1961......................................... 126,816 11,896 6,134 3,888 1,874 55,294 49,036 6,258 44,203 4,007 5,733 5,683 1962......................................... 133,291 12,448 6,170 4,026 2,252 57,576 51,274 6,302 46,902 4,107 6,234 6,024 1963................................... 141,121 12,438 5,813 3,852 2,773 60,780 53,645 7,135 50,544 4,319 6,655 6,385 1964......................................... 149,470 12,322 5,594 3,774 2,954 63,579 55,641 7,938 55,152 4,528 7,140 6,749 1965......................................... 158,884 11,679 5,119 3,530 3,030 67,599 58,473 9,126 60,013 4,681 7,678 7,234 Book value: 1963—Dec.............................. 141,121 12,464 5,813 3,868 2,783 59,434 53,770 5,664 50,596 4,325 6,656 7,646 1964—Dec.............................. 149,470 12,343 5,594 3,785 2,964 62,112 55,735 6,377 55,197 4,534 7,141 8,143 1965—Mayr........................... 153,063 12,324 5,576 3,723 3,025 63,514 56,882 6,632 57,013 4,596 7,371 8,245 June............................. 153,497 12,043 5,273 3,724 3,046 63,855 57,113 6,742 57,384 4,614 7,408 8,193 July.............................. 154,418 12,018 5,311 3,652 3,055 64,356 57,608 6,748 57,663 4,640 7,464 8,277 Aug.............................. 155,186 11,982 5,321 3,606 3,055 64,629 57,834 6,795 58,017 4,653 7,510 8,395 Sept.............................. 156,040 11,897 5,259 3,584 3,054 64,899 57,944 6,955 58,411 4,677 7,552 8,604 Oct............................... 156,891 11,758 5,163 3,544 3,051 65,530 58,342 7,074 58,824 4,682 7,589 8,622 Nov.............................. 157,641 11,677 5,110 3,523 3,044 65,672 58,539 7,133 59,276 4,695 7,623 8,698 Dec............................. 158,702 11,597 5,064 3,507 3,026 65,520 58,377 7,243 60,021 4,681 7,674 9,109 1966—Jan............................... 159,628 11,631 5,132 3,472 3,027 66,158 58,867 7,291 60,518 4,694 7,722 8,905 Feb.............................. 160,234 11,624 5,159 3,444 3,021 66,323 59,031 7,292 60,881 4,704 7,772 8,930 Mar,............................ 160,798 11,424 5,031 3,375 3,018 66,827 59,558 7,269 61,288 4,725 7,849 8,685 Apr.............................. 161,476 11,332 5,019 3,293 3,020 67,100 59,821 7,279 61,710 4,734 7,955 8,645 May........................... 162,036 11,260 4,983 3,260 3,017 67,234 59,923 7,311 62,101 4,735 8,051 8,655 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 cos. in the United States. on each item separately but are included in total, in “other assets.” SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Assets Liabilities Total Mortgage E p n er d i o o d f M ga o g r e t s s G e U c o . u v S r t . i , Cash Other1 a li s a T s b e o i t l t s i a t 2 l i — es S c a a v p i i n ta g l s u R n e d a s i n e v r d i v d e e s d B m or o r n o e w y e 3 d L p o r a o n c s e s i s n Other c m o l m o en a m n ts i t 4 ties profits 1941.................... 4,578 107 344 775 6,049 4,682 475 256 6 1945.................... 5,376 2,420 450 356 8,747 7,365 644 336 402 1959 .................... 53,141 4,477 2,183 3,729 63,530 54,583 4,393 2,387 1,293 874 1,285 I960.................... 60,070 4,595 2>80 4,131 71,476 62,142 4,983 2,197 1,186 968 1,359 1961.................... 68,834 5'211 3,315 4,775 82,135 70,885 5,708 2,856 1,550 1,136 1,908 1962.................... 78,770 5,563 3,926 5,346 93,605 80,236 6,520 3,629 1,999 1,221 2,230 1963 .................... 90,944 6,445 3,979 6,191 107,559 91,308 7,209 5,015 2,528 1,499 2,614 1964 .................... 101,333 6,966 4,015 7,041 119,355 101,887 7,899 5,601 2,239 1,729 2,590 1965—May........ 104,837 7,400 3,425 7,734 123,396 104,474 8,023 5,470 2,384 3,045 3,379 June 105,849 7,228 3,702 7,749 124,528 106,077 8,310 5,892 2,459 1,790 3,266 July.......... 106,668 7,173 3,258 7,584 124,683 105,645 8,329 6,091 2,433 2,185 3,195 107,513 7,160 3,300 7,670 125,643 106,199 8,341 6,140 2,382 2,617 3,124 Sept...... 108,255 7,170 3,398 7,795 126,618 107,239 8,345 6,169 2,329 2,536 3,076 Oct.......... 108,922 7,300 3,442 7,861 127,525 107,821 8,350 6,167 2,276 2,911 2,993 Nov...... 109,507 7,439 3,539 8,101 128,586 108,628 8,357 6,071 2,217 3,313 2,911 Dec.......... 110,202 7 >05 3 >99 7,936 129,442 110,271 8,708 6,440 2,189 1,834 2,745 1966—Jan........... 110,700 7,694 3,321 7,799 129,514 110,194 8,713 6,262 2,107 2,238 2,808 Feb.......... 111,246 7,842 3,391 7,868 130,347 110,722 8,730 6,102 2,104 2,689 2,937 Mar......... 112,001 7,850 3,249 8,018 131,118 111,560 8,721 6,070 2,223 2,544 3,281 Apr......... 112,736 7>37 3,096 8,129 131,598 110,787 8,720 6,949 2,289 2,853 3*200 May........ 113,175 7,661 3,188 8,569 132,593 111,221 8,717 7,141 2,268 3,246 2,931 1 Includes other loans, stock in the Federal home loan banks, other 4 Commitments data comparable with those shown for mutual savings investments, real estate owned and sold on contract, and office buildings banks (on opposite page) would include loans in process. and fixtures. , , 2 Before 1958, mortgages are net of mortgage-pledged shares. Asset Note.—Federal Savings and Loan Insurance Corp, data; figures are items will not add to total assets, which include gross mortgages with no estimates for all savings and loan assns. in the United States. Data deductions for mortgage-pledged shares. Beginning with Jan. 1958, no beginning with 1954 are based on monthly reports of insured assns. and deduction is made for mortgage-pledged shares. These have declined annual reports of noninsured assns. Data before 1954 are based entirely consistently in recent years and amounted to $42 million at the end of on annual reports. Data for current and preceding year are preliminary 1957. even when revised. 3 Consists of advances from FHLB and other borrowing. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
AUGUST 1966 FEDERALLY SPONSORED CREDIT AGENCIES 1207 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Federal home loan banks (s F M e e c d o o e r n t r d g a a a l r g y N e m a A ti a o s r s n k n a e , l t B f a o n r k s int F er e m de e r d a i l a te Fe la d n e d ra l Assets Liabilities and capital operations) cooperatives credit banks banks End of period v m b a A n t e e o d r c m s e s I m nv e e n s ts t p C a o d a n s e s d i h t s B n a o o n n t d e d s s M po d b e s e e m i r t s C s a to p c it k al M l g o ( a A a o g n ) r e t s D n t e a u ( o L b n r t e d e e ) s s n c L a o ( t o o t i A v o a p ) e n e s s r D t e u (L b re ) e s n c L o a d ( o u A n i a s n d ) n t s s D t e u (L b re ) e s n M l g o ( a A a o g n ) r e t s B ( o L n ) ds 1957............. 1,265 908 63 825 653 685 1,562 1,315 454 222 932 886 919 1.599 1958............. 1 ^298 999 75 714 819 769 I *323 1 J00 510 252 1,157 1,116 2,089 1.743 1959............. 2,134 1,093 103 1,774 589 866 1 '967 1 ^640 622 364 1J91 1,356 2; 360 1 ^986 1960............. 1,981 1,233 90 1,266 938 989 2,788 2,523 649 407 1,501 1,454 2,564 2,210 1961............. ^2,662 1J53 159 1 *571 1,180 1,107 2,770 2*453 697 435 1,650 1,585 2,*828 2,*431 1962............. 3,479 1 ,531 173 2*707 1,214 1,126 2,752 2^422 735 505 1,840 1,727 3,052 2,628 1963............. 4*784 1,906 159 4,363 1'151 1 J71 2*000 1 *788 840 589 2,099 1,952 3,310 2,834 1964............. 5,325 1,523 141 4*369 1,199 1 ^227 1,940 1,601 958 686 2,247 2,112 3^718 3'169 1965—June.. 5,586 1,691 110 4,757 1,174 1 ,260 2,014 1,797 931 687 2,687 2,462 4,058 3,532 July.. 5,793 1,299 75 4,807 913 1,265 2,032 1,794 935 687 2,772 2,546 4,097 3,532 Aug... 5,770 1,578 79 5,057 903 1,268 2,062 1,804 944 710 2,786 2,627 4,135 3,612 Sept... 5,802 1,567 85 5,046 944 1,270 2.108 1,756 940 708 2,725 2,603 4,171 3,612 Oct... 5,826 1,574 75 5,018 965 1,272 2,169 1,845 1,009 744 2,617 2,501 4,204 3,671 Nov... 5,724 1,838 80 5,221 936 1,275 2,290 1,918 1,082 787 2,501 2,386 4,245 3,671 Dec.., 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—Jan... 5,898 1,424 80 5,068 844 1 ,281 2,666 2,338 1,113 797 2,541 2,342 4,328 3,710 Feb... 5,739 1,539 91 5,050 796 1 ,292 2,912 2,397 1,145 819 2,601 2,404 4,385 3,813 Mar... 5,687 1 ,632 89 5,060 824 1 ,303 3,188 2,648 1,137 819 2,708 2,470 4,477 3,813 Apr... 6,516 1,187 76 5,435 812 1,325 3,358 2,820 1,148 859 2,843 2,602 4,553 3,813 May.. 6,704 1,510 84 5,895 841 1,335 3,502 3,144 1,106 835 2,947 2,744 4,647 3,980 June.. 6,783 1,953 160 6,309 1,025 1,339 3,611 3,269 1,105 844 3,066 2,853 4,725 4,105 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, JUNE 30, 1966 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 FNMA—sec. mkt. operations Federal land banks—cont. Notes: —cont. Bonds: July 25, 1966......................4.35 500 Debentures: Feb. 15, 1967-72...............4ft 72 Aug. 25, 1966......................4.95 369 Aug. 10, 1971....................4% 64 Feb. 20, 1967.....................4% 126 Sept. 26, 1966......................4.60 500 Sept. 10, 1971.....................4 >4 96 Feb. 20, 1967...................5.60 125 Oct. 25, 1966......................5.15 506 Feb. 10, 1972............... ,5ft 98 May 22, 1967.....................4 180 Nov. 25, 1966......................5.30 325 June 12, 1972.....................4% 100 Aug. 21, 1967.....................434 179 Jan. 25, 1967......................5.65 250 June 12, 1973.....................4% 146 Oct. 1,1967-70...............4ft 75 Feb. 27, 1967......................5.40 543 Feb. 10, 1977.....................4ft 198 Oct. 23, 1967....................4% 174 Mar. 27, 1967......................5.40 575 Jan. 22, 1968....................5ft 130 Apr. 25, 1967......................5.55 656 Banks for cooperatives Mar. 20, 1968....................4*4 111 May 20, 1968....................5 <4 242 Bonds: Debentures: June 20, 1968....................4 186 Aug. 15, 1966........................4% 200 Aug. 1, 1966.................4.95 238 Aug. 20, 1968....................414 160 Nov. 15, 1966........................4% 275 Oct. 3, 1966...................5.30 230 Mar. 20, 1969....................4% 100 Jan. 25, 1967........................4'4 375 Nov. 1, 1966...................5% 141 July 15,1969......................4*4 130 June 26, 1967......................514 500 Dec. 1, 1966...................5.40 236 July 15, 1969....................4% 60 Sept. 15, 1967........................4% 185 Oct. 20, 1969....................4% 209 Mar. 1, 1968........................4% 250 Feb. 20, 1970....................5ft 82 Mar. 25, 1969........................5ft 300 Federal intermediate credit banks Apr. 1, 1970....................3ft 83 Debentures: July 20, 1970....................5ft 85 Federal National Mortgage Associa July 5, 1966..................4.35 222 May 1,1971......................3ft 60 tion-secondary market opera Aug. 1, 1966..................4.45 278 Sept. 15, 1972....................3% 109 tions Sept. 1, 1966...................4.60 290 Feb. 20, 1973-78..............4ft 148 Oct. 3, 1966..................4.90 297 Feb. 20, 1974....................4ft 155 Discount notes................................. 1 ,089 Nov. 1, 1966...................5.00 337 Apr. 21, 1975...................4ft 200 Dec. 1,1966...................5.15 340 Feb. 24, 1976....................5 123 Debentures: Jan. 3, 1967...................5.35 383 Apr. 20, 1978....................5ft 150 Dec. 12, 1966......................4ft 93 Feb. 1, 1967...................5.35 396 Feb. 10, 1967......................5 150 Mar. 1,1967...................5.60 312 May 10, 1967...................5Mo 250 June 12, 1967......................5?4o 400 Tennessee Valley Authority Oct. 11,1967........................4»/4 150 Federal land banks Short-term notes..................... 100 Mar. 11, 1968......................3y» 87 Bonds: Bonds: Apr. 10, 1969......................4H 88 July 20, 1966..................4ft 193 Nov. 15, 1985...................4.40 50 Apr. 10, 1970.....................454 142 Sept. 20, 1966....................4.55 219 July 1, 1986.....................4ft 50 Sept. 10, 1970..........................4ft 119 Dec. 20, 1966.....................4ft 239 Feb. 1, 1987.....................4ft 45 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
1208 FEDERAL FINANCE AUGUST 1966 FEDERAL FISCAL OPERATIONS: SUMMARY (In. millions of dollars) Derivation, of U. S. Government cash transactions Receipts from the public, Payments to the public, Net cash borrowing other than debt other than debt or repayment Period Net rects. Change Less: Bu n d e g t et f T P u r l n u u d s s s : t g I L n o e t v s r t s a . : 1 E r T e q c o u t t a s a l . l s 2 : Budget f T P un l r u u d s s s : t 3 A m L d e e n j s u ts s s ' : * t E p T q a o u y t a t a s l l . s : pa o y r t s. (d d i e i r n b e c t t a I g n e v b n e y . s t & , L N c e a o s s n s h : Eq N u e a t ls: & agen.) trusts debt Cal. year—1963.......... 87,516 29,255 4,144 112,575 94,188 28,348 5,313 117,222 -4,647 7,672 2,535 883 4,255 1964.......... 88,696 30,742 4,324 115,030 96,944 28,396 5,069 120,271 -5,241 9,084 2,684 619 5,780 1965........... 96,679 31,384 4,449 123,376 101,379 31,014 4,473 127,919 -4,543 4,673 1,386 417 2,872 Fiscal year—1963........ 86,376 27,689 4,281 109,739 92,642 26,545 5,436 113,751 -4,012 8,681 2,069 1,033 5,579 1964........ 89,459 30,331 4,190 115,530 97,684 28,885 6,237 120,332 -4,802 7,733 2,775 1,099 3,859 1965........ 93,072 31,047 4,303 119,699 96,507 29,637 3,749 122,395 -2,696 6,933 2,356 250 4,328 1966*.... 104,631 34,852 4,451 134,382 106,917 34,788 4,114 137,592 -3,210 6,711 3,571 530 2,610 Half year: 1964—July-Dec... 39,503 13,815 1,926 51,347 48,092 14,323 904 61,511 -10,164 6,486 -494 234 6,745 1965—Jan.-June.... 53,569 17,232 2,377 68,352 48,415 15,314 2,845 60,884 7,468 447 2,850 16 -2,417 July-Dec....... 43,110 14,152 2,072 55,024 52,964 15.700 1,628 67,035 -12,011 4,226 -1,464 401 5,289 1966—-Jan.-June*.. . 61,521 20,700 2,379 79,358 53,953 19,088 2,486 70,557 8,801 2,485 5,035 129 -2,697 Month: 1965—June.......... 13,404 3,219 1,275 15,334 9,070 3,599 1 ,098 11,571 3,763 -1,566 615 -17 -2,163 July............... 3,807 1,417 233 4,981 7,240 2,418 -37 9,696 -4,714 -667 -1,045 50 318 Aug............... 7,350 4,572 314 11,595 8,990 2,349 -960 12,299 -705 2,131 2,515 -383 Sept............... 10,999 1,954 328 12,599 9,452 3,142 1,504 11,090 1,509 -1,542 -1,210 46 -378 Oct................ 3,295 1,262 238 4,283 8,750 2,447 679 10,518 -6,234 2,187 -1,308 125 3,370 Nov.............. 8,106 3,012 358 10,728 9,105 2,707 -500 12,312 -1,584 2,978 519 75 2,385 Dec................ 9,553 1,935 602 10,838 9,426 2,636 942 11,121 -283 -852 -935 107 -24 1966—Jan................ 6,453 951 253 7,091 8,809 3,048 624 11,233 -4,142 1,364 -1,897 84 3,177 Feb................ 8,335 4,181 68 12,400 8,156 2,621 -486 11,264 1,136 1,568 1,749 74 -255 Mar............... 11,297 2,745 166 13,804 10,193 2,996 1,103 12,086 1,718 -1,971 2 -50 -19,24 Apr................ 9,929 2,215 224 11,853 8,362 3,335 372 11,325 528 -684 -1,170 486 May.............. 8,452 5,812 254 13,916 9,055 3,632 -134 12,821 1,095 3,847 4,023 66 -243 June”............ 17,054 4,795 1,413 20,249 9,378 3,455 1,006 11,827 8,466 -1,638 2,327 -45 -3,921 Effects of operations on Treasurer’s account Net operating transactions Net financing transactions ca C sh h a b n a g la e n c in e s Tre ( a e s n u d re o r’ f s p a e c r c io o d u ) nt Period Agencies & trusts Change Operating bal. B s d u u e r o f d p i r g c l u i e t s t f T un ru d s s t 3 a C c l c e o a u ri n n t g s i M ssu a a rk n e c t e i I n n v U e . s S t, . p d g u i r i r b o n e s l c i s c t T o r H u e t a e s s l i u d d r e y a T c u c r r e e o a r u ’ s s n t Balance F.R. T an a d x O as n t s e h e t e t s r of Govt, debt banks loan sec.3 sec.3 accts. Fiscal year-1963........ -6,266 1,143 122 1,022 -2,069 7,659 -74 1,686 12,116 806 10,324 986 1964........ -8,226 1,446 948 1,880 -2,775 5,853 206 -1,080 11,036 939 9,180 917 1965........ -3,435 1,410 -804 1,372 -2,356 5,561 174 1,575 12,610 672 10,689 1,249 1966*. . . . -2,286 63 -868 4,078 -3,571 2,633 253 -203 12,407 766 10,050 1,591 Half year: 1964—July-Dec..... -8,589 -508 -1,256 258 494 6,228 367 -3,741 7,295 820 5,377 1,098 1965—Jan.-June....... 5,154 1,918 452 1,114 -2,850 -667 -193 5,316 12,610 672 10,689 1,249 July-Dec......... -9,853 -1,548 -845 596 1,464 3,630 -528 -6,028 6,582 708 4,577 1,297 1966—Jan.-June*.... 7,567 1,611 -23 3,482 -5,035 -997 781 5,825 12,407 766 10,050 1,591 Month: 1965—June........... 4,335 -380 -160 378 -615 -1,944 -181 1,795 12,610 672 10,689 1,249 July................ -3,434 -1,001 -320 15 1,045 -692 -263 -4,124 8,486 947 6,333 1,206 Aug................ -1,640 2,223 -1,273 473 -2,515 1,658 -215 -858 7,627 916 5,548 1,163 Sept................ 1,548 -1,189 1,130 -49 1,210 -1,493 148 1,010 8,637 1,002 6,394 1,241 Oct................. -5,455 -1,186 317 33 1,308 2,154 24 -2,852 5,786 1,053 3,534 1,199 Nov................ -999 305 -932 168 -519 2,810 -141 974 6,759 719 4,872 1,168 Dec................. 126 -701 233 -45 935 -807 -81 -177 6,382 708 4,577 1,297 1966—Jan.................. -2,356 -2,097 287 265 1,897 1,099 171 -1,076 5,506 823 3,360 1,323 Feb................. 179 1,560 -629 260 -1,749 1,308 -44 973 6,479 805 4,399 1,275 Mar................ 1,104 -251 987 341 -2 -2,312 90 -224 6,255 521 4,444 1,290 Apr................. 1,567 -1,120 148 732 1,170 -1,416 627 453 6,708 512 4,491 1,705 May........... -603 2,180 -454 1,070 -4,023 2,777 -423 1,370 8,077 902 6,003 1,172 June*............. 7,676 1,340 -362 814 -2,327 -2,452 359 4,330 12,407 766 10,050 1,591 l Primarily interest payments by Treasury to trust accounts and accumu 5 Includes technical adjustments not allocated by functions. lations to O.S. employee trust funds. 6 Yearly totals for fiscal 1963-65 reflect a shift of Watershed Planning 2 Includes small adjustments not shown separately. Programs from agriculture to natural resources which is not reflected in 3 Includes net transactions of Govt.-sponsored enterprises. monthly or half-year totals. * Primarily (1) intragovt, transactions, (2) noncash debt, (3) clearing accounts. Note.—Based on Treasury Dept, and Bureau of the Budget data. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
AUGUST 1966 FEDERAL FINANCE 1209 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Cash receipts from the public Income taxes Excise taxes Social ins. taxes Period Estate Int. Total W I i n th d ivid O ua th l er C r o a r t p e o Total a L b n i a q d c u c t o o o r H w ig ay h Total F R a I n . C R d A . e U m n p - l . a g n if d t t C o u m s s r m e a p e n n a d y t s fu R n e d s Other held Fiscal year—1963... 109,739 38,719 14,269 22,336 13,410 5,521 3,405 19,729 15,128 4,107 2,187 1,241 1,815 6,571 2,604 1964... 115,530 39,259 15,331 24,301 13,950 5,630 3,646 21,936 17,405 4,037 2,416 1,284 1,702 7,148 2'499 1965... 119,699 36,840 16,820 26,131 14,793 5,921 3,782 22,138 17,833 3,817 2,746 1,478 2,097 6,030 2,686 1966?.. 134,382 42,769 18,486 30,835 13,407 n.a. 4,037 25,528 21,241 3,773 3,089 1,811 2,273 7,252 3; 436 Half year: 1964—July-Dec.. . 51,347 17,732 3,598 9,989 7,398 3,089 1,947 9,379 7,536 1,594 1,170 729 897 1,008 1,463 1965—Jan.-June.. 68,352 19,108 13,222 16,142 7,395 2,832 1,835 12,759 10,297 2,223 1,576 749 1,200 5,022 1'223 July-Dec... 55,024 19,964 3,806 10,892 7,046 3,063 2,068 9,601 7,743 1,607 1,274 898 1,296 1,062 1'309 1966—Jan.-June?. 79,358 22,805 14,680 19,943 6,361 n.a. 1,969 15,927 13,498 2,166 1,815 913 977 6,190 2,127 Month: 1965—June...... 45,334 2,956 2,369 6,597 1,357 565 347 1,519 1,408 73 218 145 ’•204 324 '293 July........... 4;98l 1,299 362 727 1,221 462 333 773 631 94 232 137 198 223 255 Aug........... 11,595 5,377 164 482 1,305 499 421 3,808 2,922 847 212 145 181 225 146 Sept........... 12,599 2,995 2,427 4,236 1,162 512 334 1,200 1,118 43 193 159 196 186 217 Oct............ 4,283 1,163 244 625 983 470 313 610 465 101 213 153 202 206 196 Nov........... 10,728 5,793 141 507 1,155 575 352 2,313 1,804 469 185 164 352 117 235 Dec........... 10,838 3,237 468 4,315 1,220 547 315 899 803 55 238 140 167 105 259 1966—Jan............. 7,091 1,412 2,727 682 1,007 384 309 547 349 147 292 136 166 107 229 Feb............ 12,400 5,948 1,038 573 1,038 395 348 3,717 2,895 785 207 129 155 644 239 Mar........... 13,804 3,440 936 7,244 1,133 545 302 2,154 2,037 69 272 168 149 2,057 365 Apr........... 11,853 1,082 6,259 2,440 921 443 286 1,552 1,332 178 491 151 166 1,526 317 May.......... 13,916 6,238 1,151 751 1,104 480 363 5,124 4,153 930 328 158 167 1,321 216 June?........ 20,294 4,683 2,569 8,252 1,158 n.a. 361 2,836 2,734 59 224 172 174 536 762 Cash payments to the public Period Total 5 t f i N e d o n n e a s a e l af I fa n i t r i s , s S e p r a e a r c c e h t A u c r g u e r l i 6 sou N u r r r e c a a e t l s 6 t m C ra a e o n n r m s d c p e . & H d e i o c n v o u g e m s l . . l H w ab e e l a o f l r a t r h & e , E t d io u n ca e V ra e n t s In e t s e t r g G e o r e v a n l t . Fiscal year—1963........ 113,751 53,429 3,805 2,552 5,623 2.535 5,777 -268 25,698 1,214 5,971 7,427 1,953 1964........ 120,332 54,514 3,492 4,171 • 5,761 2,680 6,545 1,674 27,285 1,299 6,107 8,011 2,221 1965........ 122,395 50,790 4,583 5,093 5,353 2,820 7,421 908 28,292 1,497 6,080 8,605 2,341 1966?.,. . 137,592 58,391 4,112 5,933 4,495 3,075 6,787 3,327 33,336 2,771 5,616 9,295 2,401 Half year: 1964—July-Dec..... 61,511 24,569 1,818 2,333 3,642 '1,547 4,288 534 13,722 639 2,947 4,230 1,142 1965—Jan.-June.. . . 60,885 26,219 '2,766 2,761 '1,712 '1,270 3,131 367 14,562 852 3,142 4,376 1,203 July-Dec........ 67,035 27,085 2,225 2,838 3,369 1,694 3,955 1,142 16,373 705 2,587 4,403 1,257 1966—Jan.-June?.. . 70,556 31,309 1,896 3,094 1,127 1,382 2,834 2,192 16,957 2,066 3,031 4,898 1,146 Month: 1965—June.............. 11,571 5,067 '596 508 '376 '288 717 123 2,511 183 512 507 218 July............... 9,696 3,855 48 427 543 264 586 281 2,465 73 250 325 212 Aug............... 12,299 4,393 346 482 1,066 319 611 67 2,387 118 496 1,645 189 Sept............... 11,090 4,610 346 489 639 281 748 94 3,499 171 513 365 214 Oct................ 10,518 4,538 456 449 476 269 646 124 2,600 90 520 375 201 Nov............... 12,312 4,555 534 470 377 264 696 160 2,700 98 560 1,231 238 Dec................ 11,121 5,134 49S 521 268 297 668 416 2,722 155 248 462 203 1966—Jan................. 11,233 4,680 374 477 373 224 574 351 2,745 256 588 308 189 Feb......... 11,264 4,534 81 456 293 190 519 226 2,789 243 546 1,559 196 Mar............... 12,086 5,652 427 519 284 216 503 336 2,967 460 594 498 198 Apr................ 11,325 5,076 527 502 -188 201 439 959 2,793 247 346 502 197 May.............. 12,821 5,025 461 569 228 339 518 362 2,778 496 540 1,401 227 June?............ 11,827 6,342 26 571 137 212 281 -42 2,885 364 417 630 139 1964 1965 1966 1964 1965 1966 Item III IV I II in IV I II? III IV I H in IV I IP Seasonally adjusted Not seasonally adjusted Cash budget: Receipts........................... 28,4 28.8 29,7 32.6 30.6 30.7 '33.7 39.6 27.0 24.3 30.7 37.7 29.2 25.8 33.3 46.1 Payments.......................... 30.0 29.8 30,2 32,4 32.1 33.1 36.S 35.8 30.9 30.6 28.3 32.6 33.1 34.0 34.6 36.0 Net................................... -1.6 -1.0 -.4 .3 -1.5 -2.4 '-3.2 3.8 -3.9 -6.3 2.4 5.1 -3.9 -8.1 -1.3 10.1 For notes, see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1210 U,S. GOVERNMENT SECURITIES AUGUST 1966 TOTAL DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues 3 End of period d T g e r o b o t t s a s l i d d T g e i r o r b o e t t s a c s l t 2 Total Total Bills M C a c r e k a r t e t e i t s f a i b le Notes Bonds 4 b C v o ib e o n r l n e d t s T N o o ta n l m s arke S t i a n a b g v l s e i S s p su e e c s ia l 6 bonds 1941 Dec ..................... 64.3 57.9 50,5 41.6 2.0 6.0 33.6 8.9 6.1 7.0 1945—Dec.................................... 278.7 278.1 255.7 198.8 17.0 38.2 23.0 120.6 56.9 48.2 20 0 1947_Dec................................... 257.0 256.9 225.3 165.8 15.1 21.2 11.4 118.0 59.5 52,1 29.0 1958 Dec.................................... 283.0 282.9 236.0 175.6 29.7 36.4 26.1 83.4 8.3 52.1 51.2 44.8 1959—Dec.................................... 290.9 290.8 244.2 188.3 39.6 19.7 44.2 84.8 7.1 48.9 48.2 43.5 I960—Dec................................. 290.4 290.2 242.5 189.0 39.4 18.4 51.3 79.8 5.7 47.8 47,2 44.3 1961—Dec.................................... 296,5 296.2 249.2 196.0 43.4 5.5 71.5 75.5 4.6 48.6 47,5 43.5 1962_ Dec.................................... 304.0 303.5 255.8 203.0 48.3 22.7 53,7 78.4 4.0 48.8 47.5 43.4 1963 Dec................................. 310.1 309.3 261.6 207.6 51,5 10,9 58.7 86.4 3.2 50.7 48,8 43.7 1964_ Dec................................... 318.7 317.9 267.5 212.5 56.5 59.0 97.0 3.0 52.0 49.7 46.1 1965 July................................... 317.1 316.5 264.4 208.7 53.7 52.5 102.5 2.9 52.9 50.1 47.8 Aug................................. 318.7 318.2 264.1 208.4 53.7 50.4 104.3 2.9 52.8 50.2 49.8 Sept................................. 317.3 316.7 264.3 208.4 53.7 50.4 104.3 2,9 53,0 50.2 48.1 Oct,................................. 319.4 318.9 267.6 212.1 57.7 50.2 104.3 2.8 52.7 50.3 47.0 Nov.................................... 322.2 321.7 270.3 214.6 60.2 50,2 104.2 2.8 52.9 50,3 47.1 321.4 320.9 270.3 214.6 60.2 50.2 104.2 2.8 52.9 50 3 46 3 1966—Jan..................................... 322.4 322.0 273.2 217.7 61.6 1.7 50.2 104.2 2.8 52.8 50,3 44.4 Feb.................................. 323.7 323.3 273.1 217.7 62.0 1.7 50.9 103.2 2.8 52.7 50.3 45.8 Mar................................... 321.5 321.0 270.6 215.2 59.5 1.7 50.9 103.1 2.8 52.7 50,4 46.0 Apr.................................. 320.1 319.6 270.3 215.0 59.5 1.7 50.8 103.1 2.7 52.8 50.4 44.9 May......................... 322.8 322.4 269.1 213.8 59.5 1.7 50.6 102.0 2.7 52.7 50.5 48.8 June................................. 320.4 319.9 264.3 209.1 54.9 1.7 50.6 101.9 2.7 52.5 50.5 51,1 July................................. 319.8 319.2 264.2 209.1 54.9 1.7 50.7 101.9 2.7 52.4 50.6 50.7 1 Includes non-interest-bearing debt (of which $266 million, on July 31, s Includes (not shown separately): depositary bonds, adjusted service 1966, was not subject to statutory debt limitation) and guaranteed secu bonds, foreign currency series, foreign series, and Rural Electrification rities not shown separately. 2 Excludes guaranteed securities. Administration bonds; before 1954, armed forces leave bonds; before 3 Includes amounts held by U.S. Govt, agencies and trust funds, which 1956, tax and savings notes; and before Oct. 1965, Series A investment totaled $15,591 million on June 30, 1966. bonds. 6 Held only by U.S. Govt, agencies and trust funds. 4 Includes Treasury bonds and minor amounts of Panama Canal and postal savings bonds. Note,—Based on Daily Statement of U.S. Treasury. OWNERSHIP OF DIRECT AND FULLY GUARANTEED SECURITIES (Par value in billions of dollars) Held by— Held by the public E pe n r d io o d f T g d r o e o t b s a t s l ag G t U e a r o u n n . v S c s d i t t . e , s B F a . n R k , s Total m C b e a o r n m c k ia s l M s b a a v u n i t n u k g a s s l p I c a n a o n n s m c u ie e r s r c O a o t t r i h o p e n o r s g S l a o o t n v c a d a t te s l . Savi I n n g d s i vidu O al t s her n F a i o t n a i r o n t e e n d i r g a n l 1 i O m n to v t i r h s e s c e s . r 2 funds bonds securities 1941—Dec................ 64.3 9.5 2.3 52.5 21.4 3.7 8.2 4.0 .7 5.4 8.2 .4 .5 1945—Dec................ 278.7 27,0 24.3 227.4 90.8 10.7 24.0 22.2 6.5 42,9 21.2 2.4 6.6 1947 Dec.............. 257.0 34,4 22.6 200.1 68.7 12.0 23.9 14,1 7.3 46.2 19.4 2.7 5.7 1958—Dec......... 283.0 54.4 26.3 202.3 67.5 7.3 12.7 18.1 16,5 47.7 16.0 7.7 8.9 1959 Dec............. 290.9 53,7 26.6 210.6 60.3 6.9 12.5 21.4 18.0 45,9 23.5 12.0 10.1 1960—Dec............... 290.4 55,1 27.4 207.9 62.1 6.3 11.9 18.7 18,7 45.6 20,5 13.0 11.2 1961—Dec................ 296.5 54,5 28.9 213.1 67,2 6.1 11.4 18.5 19,0 46.4 19.5 13.4 11.6 1962—Dec................ 304.0 55,6 30.8 217.6 67.2 6.1 11.5 18,6 20,1 46.9 19.2 15.3 12.7 1963—Dec......... 310.1 58,0 33.6 218.5 64.3 5.8 11.3 18.7 21.1 48.1 20,1 15.9 13.3 1964—Dec................ 318.7 60.6 37.0 221.1 64.0 5.7 II.1 17.9 21.2 48.9 21.1 16.7 (4.5 1965—June.............. 317.9 63.4 39.1 215.4 58.3 5.8 10.6 15.1 24.1 49.2 21.8 15.7 14.8 July......... 317.1 62.3 39.2 215.6 57,3 5.7 10.6 15.9 '24.0 49.3 '22.5 15.7 14.6 Aug......... 318.7 64.8 39.0 214.9 56,5 5.7 10.6 16.1 '23.6 49,4 '22,4 '15.9 14.7 Sept......... 317.3 63,6 39.8 213,9 57.5 5.7 10.6 14.7 '23.0 49.4 '22.8 16.3 14.0 Oct............... 319.4 62.3 39.7 217.5 59.7 5.5 10.5 15.6 '23.0 49,4 '22.8 16.3 14.5 Nov.............. 322.2 62.8 40.6 218.8 60,0 5.4 10.4 16.7 ’22,1 49.5 '22.7 16.5 14.9 Dec............... 321.4 61.9 40,8 218.7 60.9 5.4 10.4 '15.5 22.8 49.6 '22.7 16.7 14.7 1966—Jan................. 322.4 60,0 40.6 221.9 61.0 5.5 10.4 '16.5 '23,5 49.6 '23.7 '16.4 '15.4 Feb................ 323.7 61.7 40,2 221.9 58.7 5.5 10.3 '17.4 '24,3 49.7 '24.3 '16.2 15.6 Mar......... 321,5 61,7 40.7 219.0 56.9 5.5 10.2 '15.7 '24.0 49.7 '25.4 16.0 15.7 Apr.............. 320,1 60,5 40.7 218.9 56.8 5.3 10.1 '15.7 '24.6 49.7 '25.2 '15.7 15.6 May........ 322,8 64.5 41.5 216.9 54.9 5.2 10.0 '16.5 '24.7 49.7 '24.8 '15.6 15.3 June.............. 320.4 66,7 42.2 211.5 54.5 5.1 9.7 14.4 23.9 49.8 24.4 15.4 14.3 1 Includes investments of foreign balances and international accounts Note.—Reported data for F.R. Banks and U.S. Govt, agencies and in the United States. trust funds; Treasury estimates for other groups. 1 Includes savings and loan assns., dealers and brokers, nonprofit Institutions, and corp, pension funds. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
AUGUST 1966 U.S. GOVERNMENT SECURITIES 1211 OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY (Par value in millions of dollars) Within 1 year Type of holder and date Total y 1 e - a 5 rs y 5 e - a 1 r 0 s 1 y 0 ea -2 rs 0 20 O y v e e a r r s Total Bills Other All holders: 1963—Dec, 31........................................................ 207,571 89,403 51,539 37,864 58,487 35,682 8,357 15,642 1964—Dec. 31........................................................ 212,454 88,451 56,476 31,974 64,007 36,421 6,108 17,467 1965—Dec. 31........................................................ 214,604 93,396 60,177 33,219 60,602 35,013 8,445 17,148 1966—May 31........................................................ 213,764 92,231 59,454 32,777 62,453 33,600 8,440 17,040 June 30........................................................ 209,127 89,136 54,929 34,207 60,933 33,596 8,439 17,023 U.S Govt, agencies and trust funds: 1963—Dec. 31................................................ 11,889 1,844 1,366 478 1,910 3,021 2,178 2,936 1964—Dec. 31................................................ 12,146 1,731 1,308 424 2,422 3,147 1,563 3,282 1965—Dec. 31................................................ 13,406 1,356 968 388 3,161 3,350 2,073 3,466 1966—May 31................................................ 13,478 1,517 636 881 3,292 3,129 2,074 3,466 June 30................................................ 13,393 1,532 607 925 3,186 3,134 2,075 3,466 Federal Reserve Banks: 1963—Dec. 31................................................ 33,593 22,580 4,146 18,434 8,658 2,136 88 131 1964—Dec. 31................................................ 37,044 21,388 6,487 14,901 13,564 1,797 58 237 1965—Dec. 31................................................ 40,768 24,842 9,346 15,496 14,092 1,449 147 238 1966—May 31................................................ 41,480 26,178 9,895 16,283 13,612 1,305 147 238 June 30................................................ 42,169 26,878 10,432 16,446 13,593 1,312 147 238 Held by public: 1963—Dec. 31................................................ 162,089 64,979 46,027 18,952 47,919 30,525 6,091 12,575 1964—Dec. 31................................................ 163,264 65,331 48,682 16,650 48,021 31,477 4,487 13,948 1965—Dec. 31................................................ 160.430 67,198 49,863 17,335 43,349 30,214 6,225 13,444 1966—May 31................................................ 158,806 64,536 48,923 15,613 45,549 29,166 6^219 13,336 June 30............................................... 153,565 60,726 43,890 16,836 44,154 29,150 6,217 13,319 Commercial banks: 1963—Dec. 31...................................... 54,881 16,703 9,290 7,413 26,107 11,075 533 463 1964—Dec. 31........................................ 53,752 18,509 10,969 7,540 23,507 11,049 187 501 1965—Dec. 31........................................ 50,325 18,003 10,156 7,847 19,676 11,640 334 671 1966—May 31........................................ 45,287 13,024 6,391 6,633 20,282 11,143 379 458 June 30........................................ 45,120 13,360 6,084 7,276 19,633 11,259 391 477 Mutual savings banks: 1963—Dec. 31........................................ 5,502 690 268 422 1,211 2,009 377 1,215 1964—Dec. 31........................................ 5,434 608 344 263 1,536 1,765 260 1,266 1965—Dec. 31........................................ 5,241 768 445 323 1,386 1,602 335 1,151 1966—May 31................................. 5,064 712 383 329 1,431 1,518 311 1,091 June 30........................................ 4,904 707 355 352 1,361 1,471 305 1,061 Insurance companies: 1963—Dec. 31........................................ 9,254 1,181 549 632 2,044 2,303 939 2,787 1964—Dec. 31...................................... 9,160 1,002 480 522 2,045 2,406 818 2,890 1965—Dec. 31........................................ 8,824 993 548 445 1,938 2,094 1,096 2,703 1966—May 31........................................ 8,494 671 392 279 2,082 1,888 1,095 2,758 June 30........................................ 8,229 570 227 343 1,980 1,870 1,094 2,715 Nonfinancial corporations: 1963—Dec. 31......................................... 10,427 7,671 6,178 1,493 2,397 290 9 60 1964—Dec. 31......................................... 9,136 6,748 5,043 1,705 2,001 272 3 112 1965—Dec. 31........................................ 8,014 5,911 4,657 1,254 1,755 225 35 89 1966—May 31........................................ 8,082 6,175 4,709 1,466 1,614 195 25 73 June 30......................................... 6,327 4,619 2,834 1,785 1,411 200 26 70 Savings and Ioan associations: 1963—Dec. 31........................................ 3,253 378 236 142 919 1,202 253 501 1964—Dec. 31....................................... 3,418 490 343 148 1,055 1,297 129 447 1965—Dec. 31........................................ 3,644 597 394 203 948 1,374 252 473 1966—May 31......................................... 3,731 610 448 162 1,055 1,348 257 461 June 30......................................... 3,616 531 327 204 1,023 1,345 256 461 State and local governments: 1963—Dec. 31......................................... 12,453 4,637 3,869 768 941 1,502 1,591 3,782 1964—Dec. 31......................................... 15,022 4,863 3,961 902 2,014 2,010 1,454 4,680 1965—Dec. 31......................................... 15,707 5,571 4,573 998 1 ,862 1,894 1,985 4,395 1966—May 31......................................... 17,298 7,050 6,064 986 2,076 1,823 1,969 4,381 June 30......................................... 16,671 6,599 5,599 1,000 2,002 1,782 1,957 4,332 All others: 1963—Dec. 31......................................... 66,320 33,719 25,637 8,082 14,301 12,144 2,389 3,767 1964—Dec. 31......................................... 67,341 33,111 27,542 5,570 15,863 12,678 1,637 4,052 1965—Dec. 31......................................... 68,675 35,356 29,089 6,267 15,784 11,386 2,187 3,962 1966—May 31........................................ 70,852 36,294 30,536 5,758 17,008 11,251 2,184 4,115 June 30......................................... 68,699 34,341 28,463 5,878 16,743 11,223 2,188 4,204 N0TE#—Direct public issues only. Based on Treasury Survey of banks, and 768 insurance cos. combined; (2) about 50 per cent by the Ownership. 469 nonfinancial corps, and 488 savings and loan assns.; and (3) about Data complete for U.S. Govt, agencies and trust funds and F.R. Banks 70 per cent by 507 State and local govts. but for other groups are based on Treasury Survey data. Of total mar Holdings of “all others,” a residual, include holdings of all those not ketable issues held by groups, the proportion held on latest date by those reporting in the Treasury Survey, including investor groups not listed reporting in the Survey and the number of owners surveyed were: (1) separately. about 90 per cent by the 5,930 commercial banks, 505 mutual savings Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1212 U.S. GOVERNMENT SECURITIES AUGUST 1966 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 se .S c . u G rit o ie v s t, Other m ba er n c k ia s l other 1965—June............................. 1,786 1,453 200 103 31 584 45 696 462 204 July.............................. 1'519 1'284 125 82 28 452 37 615 415 152 Aug.............................. 1,488 1'172 183 91 43 465 39 568 417 140 Sept.............................. 1'548 IJ 297 140 70 41 458 32 604 453 139 Oct............................... 1'927 1,713 123 64 26 596 36 833 461 148 Nov........................... 2,115 1,745 243 94 33 595 50 895 575 156 Dec............................... 2'187 ^691 286 166 44 637 55 1,000 495 146 1966—Jan............................... 2,129 1,660 261 164 43 600 59 970 501 130 Feb............................... 2,285 1,753 374 127 31 662 59 944 621 161 Mar.............................. 2,100 1,650 231 180 38 683 69 851 495 188 Apr,............................. 1^823 1^50 156 91 26 515 51 740 517 218 May............................. 1,882 11564 202 86 30 514 78 746 543 221 June............................. 1,927 1,614 186 94 33 646 69 729 483 278 Week ending— 1966—June 1................... 2,282 1,964 180 86 53 728 67 868 620 179 8........1..'.9..5..6...... 1,642 197 89 29 671 66 664 554 179 15....................... 1’735 1,472 160 75 28 589 76 597 474 358 22....................... 1,839 1,493 171 136 40 597 73 739 431 275 29...................... 2,000 1,679 218 77 27 724 52 811 413 309 July 6....................... 2,247 1,930 179 101 37 671 85 903 589 216 ' 13....................... 1 ,'749 1,476 160 81 33 540 75 719 415 319 20....................... 1,694 1,479 126 64 26 548 55 696 395 275 27....................... 1,768 1,559 122 64 23 672 58 650 389 319 Note.—The transactions data combine market purchases and sales of ties under repurchase agreements, reverse repurchase (resale), or similar U.S. Govt, securities dealers reporting to the F.R. Bank of N.Y. They contracts. Averages of daily figures based on the number of trading do not include allotments of and exchanges for new U.S. Govt, securities, days in the period. redemptions of called or matured securities, or purchases or sales of securi DEALER POSITIONS DEALER FINANCING (Par value, in millions of dollars) (In millions of dollars) U.S. Government securities, by maturity Commercial banks U.S. Period mat A ur ll i ties W 1 y it e h a in r y 1 ea -5 rs 5 O y v e e a r r s se a G c g u e o r n v i c t t i y , e s Period sou A r l c l es Y N o ew rk Else C t o io rp n o s r 1 a o A th l e l r City where 1965—June........ 3,651 2,838 115 697 537 July......... 4,180 3,472 100 608 455 4,094 1,251 776 1,457 610 Aug...... 3,548 2; 907 222 419 375 July........... 4'459 1'293 1,009 1,468 688 Sept......... 2,858 2,'622 75 161 298 3'815 '967 650 1,584 614 Oct....... 2,562 2'381 68 112 289 3,'050 807 643 1,284 316 3’198 2,928 176 94 302 Oct............ 2'579 823 605 871 279 Dec.......... 3'049 2^56 187 5 280 Nov........... 3'016 829 519 1,451 217 3'275 1,014 531 1,389 340 1966—Jan........... 2,651 2,725 -58 -16 244 Feb.......... 1,927 1'937 8 -20 316 1966—Jan..... ... 2,708 767 652 906 383 Mar......... 1,963 2,045 -101 20 356 Feb............ 2^309 549 421 972 367 2,867 2,798 6 63 814 1,958 365 340 1,073 180 May........ 2; 239 2,061 142 36 675 3^249 1,209 669 1,155 217 June........ 1,548 1,353 92 102 665 2^787 '744 602 1 067 375 2,065 523 476 ’796 270 Week ending— Week ending— 1966—May 4.. 2,902 2,815 56 32 756 11.. 2,327 2,153 148 26 575 1966—May 4... 3,366 1,247 789 1,013 317 18.. 2,086 1,910 149 28 534 11... 3,120 854 612 1,025 629 25.. 2,068 1,848 177 43 853 18... 2,687 709 557 1,049 373 25. .. 2,462 493 556 1,195 218 June 1.. 2,049 1,828 159 61 732 8.. 1,514 1,350 91 74 634 June 1... 2,484 607 590 1,043 245 15.. 1,556 1,406 62 89 677 8. 2,198 371 497 1,097 234 22.. 1,352 1,148 105 98 729 15. 2,133 552 462 822 297 29.. 1,672 1,409 104 160 637 22. 2,017 575 509 685 249 29. .. 1,815 511 423 572 309 Note.—The figures include all securities sold by dealers under repur chase contracts regardless of the maturity date of the contract unless the 1 All business corps, except commercial banks and insurance cos. 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 are 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
AUGUST 1966 GOVERNMENT SECURITIES 1213 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE, JULY 31, 1966 (In millions of dollars) Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills Treasury bills—Cont. Treasury notes—Cont. Treasury bonds—Cont. July 31, 1966................. 1,000 Dec 31 1966____ 1,001 Apr. 1, 1968........ 212 Oct. 1, 1969..........4 6,257 A A u u g g . . 1 4 1 , 1 1 9 9 6 6 6 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 , , 3 30 0 3 0 J J a a n n , . 1 5 2 ; ; 1 1 9 9 6 6 7 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 , , 0 0 0 0 1 1 O Ap ct r . . 1 1, , 1 1 9 9 6 6 8 9 . . . . . . . . . . . . . . . . :l 11 61 5 F A e u b g . . 1 1 5 5 , , 1 1 9 9 7 7 0 0 . . . . . . . . . . . . . . . . . .. 4 4 4 4 , , 3 1 8 2 1 9 Aug. 18, 1966................. 2; 301 Jan. 19' 1967................. 1 ;ooi Oct. 1, 1969........■A 159 Aug. 15, 1971..........4 2,806 Aug. 25^ 1966................ 2,'302 Jan. 26; 1967................. 1,002 Apr. 1, 1970........ 88 Nov. 15, 1971...........3% 2,760 Aug. 31, 1966................. 1,000 Jan. 3L 1967................. 1 ;ooi Oct. 1, 1970........ 113 Feb. 15, 1972..........4 2,344 Sept. 1’, 1966................ 2,302 Feb. 28; 1967................. 1 ;ooo Nov. 15, 1970........ 7,675 Aug. 15, 1972..........4 2,579 S S e e p p t t . . 1 8 5 ^ , 1 1 9 9 6 6 6 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 ^ ; 3 3 0 0 1 2 A M p a r r . . 3 30 i; ; 1 1 9 9 6 6 7 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 , ; 0 o 0 o 1 o Apr. 1,1971........•ly 15 A N u o g v . . 1 1 5 5 , , 1 1 9 9 7 7 3 3 . . . . . . . . . . . . . . . . . . . .. 4 4'/, 4 3 , , 3 8 5 9 6 4 Sept. 22, 1966................. 2,301 May 3i; 1967................. 1 ;ooi Feb. 15, 1974..........4M 3,130 Sept. 29’ 1966................. 2,300 June 30' 1967................. 1,001 Treasury bonds May 15, 1974..........414 3,593 Sept. 30, 1966................. 1,000 June 15, 1962-67..1 1,430 Nov. 15, 1974..........3% 2,243 Oct. 6 1966................. 2,304 Dec. 15, 1963-68.. 1,790 May 25, 1975-85...4% 1,217 Oct. 13; 1966................. 2^303 Nov. 15, 1966.....4’4 1,652 June 15, 1964-69.. 2,546 June 15, 1978-83... 3% 1,579 Oct. 20; 1966................. 2J02 Dec. 15, 1964-69.. 2,495 Feb. 15, 1980...........4 2,606 Oct. 27,’1966................. 2,301 Mar, 15, 1965-70.. 2,313 Nov. 15, 1980...........3]A 1,911 Oct. 31; 1966................. 1,000 Aug. 15, 1966.........4 8,436 Aug. 15, 1966........ 7Q0 May 15, 1985...........3>A 1,125 Nov. 3, 1966................. '990 Oct. 1, 1966.........11% 357 Nov. 15, 1966....... 1,851 Aug. 15, 1987-92... 4% 3,818 Nov. 10, 1966.......... 1,001 Nov. 15; 1966.........4 2,254 Mar. 15, 1966-71..•2>/ 1,397 Feb. 15, 1988-93... 4 250 Nov. 17, 1966................. 1 ^001 Feb. 15; 1967........• 35/g 2,358 June 15, 1967-72..•ay 1,270 May 15, 1989-94.. .41% 1,560 Nov. 25, 1966................. i;ooo Feb. 15; 1967.........4 5,151 Sept. 15, 1967-72.. 1,952 Feb. 15, 1990...........3% 4,896 Nov. 30, 1966...;.......... 1 ;ooi Apr. i; 1967.........1% 270 Nov. 15, 1967........ 2,019 Feb. 15, 1995..........3 2,081 Dec. 1,’ 1966................. 1,001 May 15; 1967.........4% 9,748 Dec. 15, 1967-72.. 2,666 Nov. 15, 1998...........3>A 4,402 Dec. 8, 1966................. Cooi Aug. 15,1 967.........3% 2,929 May 15, 1968........•3’/ 2,460 Dec. 15j 1966................. 1 302 Aug. 15', 1967.........4’/g 2,117 Aug. 15, 1968........•3’/ 3,747 Convertible bonds Dec. 22; 1966................. 1 ,000 Oct L 1967........• 1% 457 Nov. 15, 1968........if1 1,591 Investment Series B Dec. 29,’ 1966................. 1 ,000 Nov. 15,’ 1967.........4% 8,135 Feb. 15, 1969........ 3,728 Apr. 1, 1975-80... 23% 2,691 Note.—Direct public issues only. Based on Daily Statement of U.S. Treasury. NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES (In millions of dollars) All issues (new capital and refunding) Issues for new capital Type of issue Type of issuer Total Use of proceeds amount Period Special deliv Total G g o a e b t a n i l l o e i n r s R n e u v e e PHA> G l U o o a .S v n . t s , State d a i s a s u t n t a t r h d t i , c . t Other2 ered3 Total c E at d i u o n R br a o i n a d d d g s e s U iti t e il s 4 H in o g u s s V a a e n i t d s e ’ r O p p o t u s h e r e s r 1960................. 7,292 4,771 2,095 302 125 1,110 1,984 4,198 7,102 7,247 2,405 1,007 1,316 426 201 1,891 1961................. 8,566 5,724 2,407 315 120 1,928 2,165 4; 473 8,301 8,463 2,821 1,167 1,700 385 478 1,913 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 s;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 2337 727 120 2^838 1965................. 1i,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 1965—June,... 1,065 570 481 14 192 422 451 1,119 972 453 62 198 13 246 July.... i;040 776 247 17 400 260 379 995 986 215 26 170 2 50 522 Aug.,.. '733 373 224 132 4 38 271 425 1,004 648 191 51 113 139 155 Sept.. . . 1,008 770 224 14 337 280 390 761 966 203 194 116 3 451 Oct .... '844 477 343 24 193 320 332 965 794 197 79 109 87 322 Nov.. .. 1,043 836 '191 17 241 '271 531 926 1,021 383 74 289 13 * 260 Dec....... '764 365 283 90 25 67 367 330 1,100 754 216 137 164 91 145 1966—Jan....... '1,218 '889 '304 25 471 286 '462 n,a. 1,183 387 '230 152 2 '412 Feb....... '910 '651 '246 13 '191 '192 '527 '900 '209 '68 '156 '467 Mar.. . . , '878 '554 '201 96 '28 '151 '311 '416 n.a. '868 '380 '25 '159 '99 '205 Apr .... M ,203 '816 '341 '46 '454 '365 '384 n.a. '1,186 '329 '105 '134 r2 '616 May.... '919 '431 '471 16 '114 '337 '468 n.a. '918 '247 '134 '279 2 '255 June.... 1,094 558 377 110 49 274 414 405 n.a. 1,094 487 117 194 110 .........1.8..5 i Only bonds sold pursuant to 1949 Housing Act; secured by contract 5 Includes urban redevelopment loans. requiring the Public Housing 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. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1214 SECURITY ISSUES AUGUST 1966 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues 1 Proposed use of net proceeds, all corporate issues 6 Noncorporate Corporate New capital Re Period Total G U o . v S t . .2 G a U c g o y . e S v n 3 t . , l S o U a t c n a . a S d t l e . 4 Other 5 Total Total B P l o i u c n l b y d s v P at r e i ly fe P r r r e e S d toc C m k o o m n Total Total m N on ew ey ? O p p o t u h s r e e s r m s r t e i i o t r e c i e f e n u s t offered placed 1958................... 34,443 12,063 2,321 7,449 1,052 1,558 9,653 6,332 3,320 571 1,334 11,372 10,823 9,907 915 549 1959................. 31,074 12,322 707 7,681 616 9,748 7,190 3,557 3,632 531 2,027 9,527 9,392 8,578 814 135 I960................... 27,541 7,906 1,672 7,230 579 0,154 8,081 4,806 3,275 409 1,664 9,924 9,653 8,758 895 271 1961................... 35,527 12,253 1,448 8,360 303 3,165 9,420 4,700 4,720 450 3,294 12,885 12,017 10,715 1,302 868 1962................... 29,956 8,590 1,188 8,558 915 0,705 8,969 4,440 4,529 422 1,314 10,501 9,747 8,240 1,507 754 1963................ 31,616 7,213 1,168 10,107 891 2,237 10,872 4,714 6,158 342 1,022 12,081 10,553 8,993 1,561 1,528 1964................... 37,122 10,656 1,205 10,544 760 3,957 10,865 3,623 7,243 412 2,679 13,792 13,038 11,233 1,805 754 1965................... 40,108 9,348 2,731 11,148 889 5,992 13,720 5,570 8,150 725 1,547 15,801 14,805 13,063 1 ,741 996 1965—Apr......... 3,050 390 325 971 131 1,233 1,070 422 648 35 127 1,214 1,152 939 213 61 May....... 3,160 356 1,020 11 1,773 1,324 694 630 65 384 1,746 1,691 1,560 132 55 June....... 4,297 362 775 1,000 122 2,038 1,729 748 980 155 154 2,018 1,946 1,665 281 72 July........ 2,936 388 1,055 49 1,443 1,322 542 780 44 78 1,427 1,290 1,168 122 137 Aug........ 2,354 371 239 718 95 930 837 369 468 15 78 919 850 760 91 69 Sept........ 3,029 342 150 984 14 1,538 1,370 664 706 92 76 1,523 1,392 1,249 143 130 Oct......... 2,661 369 375 867 65 986 861 287 574 8 116 973 924 834 90 49 Nov........ 6,340 3,463 375 1,018 86 1,398 1,142 613 529 92 165 1,377 1,325 1,183 143 52 Dec......... 2.948 331 179 768 25 1,646 1,487 326 1,161 87 72 1,632 1,496 1,279 217 136 1966—Jan......... 3,021 475 1,176 30 1,339 1,152 460 692 119 68 1,325 1,302 1,214 88 22 Feb......... 3,008 345 503 845 42 1,273 1,143 560 583 75 55 1 ,259 1,237 1,068 169 22 Mar........ 4,250 457 410 848 54 2,482 2,065 753 1,311 21 396 2,452 2,446 2,039 407 7 Apr......... 3,667 426 392 1,181 76 1,592 1,383 628 754 28 181 1,570 1,554 1,421 133 16 May..... 3,111 412 699 896 78 1,026 958 481 477 12 56 1,015 1,002 938 64 13 Proposed uses of net proceeds, major groups of corporate issuers Manufacturing C m om is m ce e ll r a c n ia e l o a u n s d Transportation Public utility Communication a R nd e a f l i n e a s n ta c t i e a l Period Retire Retire Retire Retire Retire Retire New ment of New ment of New ment of New ment of New ment of New ment of capital8 secu capital8 secu capital8 secu capital8 secu capital8 secu capital8 secu rities rities rities rities rities rities 1958.............................................. 3,265 195 867 13 778 38 3,605 138 1,294 118 1,014 47 1959.............................................. 1,941 70 812 28 942 15 3,189 15 707 1,801 6 I960.............................................. 1,997 79 794 30 672 39 2,754 51 1,036 1 2,401 71 1961............................................... 3,691 287 1,109 36 651 35 2,883 106 1,435 382 2,248 22 1962............................................. 2,958 228 803 32 543 16 2,341 444 1,276 11 1,825 23 1963............................................... 3,312 190 774 55 873 83 1,935 699 726 356 2,933 144 1964.............................................. 2,772 243 1,024 82 941 32 2,445 280 2,133 36 3,723 80 1965............................................... 5,015 338 1,302 79 967 36 2,546 357 847 92 4,128 93 1965—Apr.................................... 540 16 120 6 58 1 176 34 15 3 244 2 May................................... 698 22 75 4 163 248 23 143 1 364 6 June.................................. 441 41 151 15 44 1 184 8 98 1,028 7 July................................... 399 50 265 4 124 3 202 24 102 51 197 4 Aug.................................... 307 54 51 2 42 297 5 25 4 129 4 Sept................................... 414 16 117 8 65 287 74 196 5 313 27 Oct..................................... 273 10 77 5 53 13 158 9 92 3 272 8 Nov,............................. 402 17 44 94 209 28 43 4 433 3 Dec.................................... 470 18 192 24 130 243 62 43 17 418 16 1966—Jan..................................... 353 14 114 3 155 388 5 141 151 Feb..................................... 530 6 100 8 94 • 241 4 160 * 111 2 977 7 160 373 340 301 294 Apr................................... 653 13 147 2 147 ........3..6..1.. ............76 170 1 400 10 128 71 256 37 4 110 * Gross proceeds are derived by multiplying principal amounts or 6 Estimated gross proceeds less cost of flotation. number of units by offering price. 7 For plant and equipment and working capital. 2 Includes guaranteed issues. 8 All issues other than those for retirement of securities. 3 Issues not guaranteed. * See Note to table at bottom of opposite page. Note.—Securities and Exchange Commission estimates of new issues 5 Foreign governments, International Bank for Reconstruction and maturing in more than 1 year sold for cash in the United States. Development, and domestic nonprofit organizations. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
AUGUST 1966 SECURITY ISSUES 1215 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 I c n o ve s s .1 t, Other In c v o e s s .1 t, Other I c n o ve s s .1 t, Other 1960. 13,503 4,962 8,541 8,072 3,078 4,994 2,706 2,725 855 1,029 1,851 1,696 1961. 17,515 6,999 10,515 9,194 4,024 5,170 3,867 4,454 1,171 1,804 2,696 2,650 1962. 14,308 6,457 7,852 8,613 3,749 4,864 3,440 2,255 1,140 1 ,567 2,300 688 1963. 15,641 8,711 6,930 10,556 4,979 5,577 3,138 1 ,948 1,536 2,197 1,602 -249 1964. 18,767 8,290 10,477 10,715 4,077 6,637 4,304 3,748 1,895 2,317 2,409 1,431 1965. '21,415 '10,025 '11,390 '12,747 '4,649 '8,098 5,463 '3,205 2,134 '3,242 3,329 '-37 1965--I.................. '4,209 '2,078 '2,130 2,272 '987 '1,285 1,326 '611 485 606 841 '4 II................ '6,333 '2,529 ■■3,803 4,007 1,252 2,755 1 ,243 '1,083 515 762 728 '321 Ill............... 5,064 '2,570 '2,494 3,207 1,232 '1,975 1,124 733 477 r861 647 '-128 IV............... 5,809 '2,847 2,962 '3,261 1,178 '2,084 1,770 778 657 '1,012 1,113 '-235 1966--I................. 7,850 3,158 4,692 4,568 1,335 3,233 2,272 1,010 671 1,152 1,601 -142 Type of issuer Manu Commercial Transpor Public Communi Real estate Period facturing and other 2 tation 3 utility cation and financial 4 & B n o o n t d e s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks I960. 399 462 261 -46 173 -42 1,689 635 901 356 1,572 2,182 1961. 2,012 415 516 -447 71 -7 1,648 704 149 1,457 775 3,224 1962. 1,355 -242 294 -201 -85 -25 1,295 479 1,172 357 833 2,619 1963. 1,804 -664 339 -352 316 -19 876 245 438 447 1,806 1,696 1964. 1,303 -516 507 -483 317 -30 1,408 476 458 1,699 2,644 2,694 1965. '2,606 -570 614 '-70 185 -1 1,342 '96 644 518 2,707 '3,319 1965--I.................. '554 -256 -5 '-5 39 9 281 97 64 100 351 901 II................ 814 138 234 '-36 57 -28 293 116 201 139 1,156 719 Ill............... 625 -210 223 -19 37 21 554 '72 255 149 282 '506 IV............... '612 -243 163 '-10 52 -3 215 '-189 124 130 918 rl,193 1966—1.................. 1,440 -543 169 49 348 28 756 166 249 168 270 1,591 i Open-end and closed-end cos. foreign and include offerings of open-end investment cos., sales of securi- 2 Extractive and commercial and misc. cos. ties held by affiliated cos. or RFC, special offerings to employees, and also 3 Railroad and other transportation cos. new stock issues and cash proceeds connected with conversions of bonds 4 Includes investment cos. into stocks. Retirements include the same types of issues, and also securi ties retired with internal funds or with proceeds of issues for that purpose Note.—Securities and Exchange Commission estimates of cash trans- shown on p. 1214. actions only. As contrasted with data shown on p. 1213, new issues exclude OPEN-END INVESTMENT COMPANIES (In millions of dollars) Sales and redemption Assets (market value Sales and redemption Assets (market value of own shares at end of period) of own shares at end of period) Year Month Sales 1 Re ti d o e n m s p s N al e e t s Total 2 po C si a ti s o h n 3 Other Sales 1 Re t d io e n m s p s N al e e t s Total 2 po C s a i s ti h o n Other 1955 1,207 443 765 7,838 438 7,400 1965—June. . 417 186 231 30,036 1,447 28,589 1956 1,347 433 914 9,046 492 8,554 July,.. 332 147 185 30,749 1,616 29,133 1957 t,391 406 984 8,714 523 8,191 Aug... 272 142 129 31,762 1,815 29,947 1958 1,620 511 1,109 13,242 634 12,608 Sept... 381 183 199 32,824 1,787 31,037 Oct.... 394 173 220 33,921 1,758 32,163 1959 2,280 786 1,494 15,818 860 14,958 Nov,.. 360 163 197 34,533 1,847 32,686 1960 2,097 842 1,255 17,026 973 16,053 Dec... 475 176 299 35,220 1,803 33,417 1961 , 2,951 1,160 1,791 22,789 980 21,809 1962, 2,699 1,123 1,576 21,271 1,315 19,956 1966—Jan..,. 507 191 316 36,213 2,009 34,204 Feb... 440 229 211 36,178 2,094 34,084 1963, 2,460 1,504 952 25,214 1,341 23,873 Mar. . 592 244 348 36,173 2,040 34,133 1964, 3,404 1,875 1,528 29,116 1,329 27,787 Apr... 538 255 284 37,136 2,107 35,029 1965, 4,359 1,962 2,395 35,220 1,803 33,417 May.. 478 216 261 35,453 2,278 33,175 June.. 380 194 186 35,429 2,337 33,092 1 Includes contractual and regular single purchase sales, voluntary Note.—Investment Co. Institute data based on reports of members, and contractual accumulation plan sales, and reinvestment of invest which comprise substantially all open-end investment cos. registered with ment income dividends; excludes reinvestment of realized capital gains the Securities and Exchange Commission. Data reflect newly formed dividends. 2 Market value at end of period less current liabilities. cos. after their initial offering of securities. 3 Cash and deposits* receivables, all U.S Govt, securities, and other short-term debt securities, less current liabilities. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1216 BUSINESS FINANCE AUGUST 1966 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1964 1965 1966 Industry 1961 1962 1963 1964 1965 HI IV I II III IV I Manufacturing Total (177 corps.): Sales............................................................. 123,669 136,545 147,380 158,253 176,676 37,842 40,972 42,742 45,344 41,946 46,644 47,053 Profits before taxes..................................... 13,268 15,330 17,337 18,734 22,043 4,028 4,636 5,517 6,021 4,723 5,782 5,984 Profits after taxes........................................ 7,167 8,215 9,138 10,462 12,482 2.298 2,698 3,081 3,399 2,732 3,269 3,356 Dividends.................................................... 4,730 5,048 5,444 5,933 6,541 1,324 1,873 1,411 1,629 1,435 2,066 1,559 Nondurable goods industries (78 corps.):1 49,362 52,245 55,372 59,770 64,635 15,083 15,429 15,453 16,131 16,320 16,732 17,206 Profits before taxes..................................... 5,602 5,896 6,333 6,881 7,818 1,747 1,773 1,804 1,985 2,014 2,014 2,126 Profits after taxes........................................ 3,225 3,403 3,646 4,121 4,798 1,040 1,090 1,112 1,213 1,222 1,251 1,290 Dividends.................................................... 2,031 2,150 2,265 2,408 2,541 584 690 606 607 617 711 640 Durable goods industries (99 corps.):2............ Sales............................................................. 74,307 84,300 92,008 98,482 112,041 22,759 25,543 27,289 29,214 25,626 29,912 29,847 Profits before taxes..................................... 7,666 9,434 11,004 11,853 14,225 2,281 2,863 3,713 4,036 2,709 3,768 3,858 Profits after taxes........................................ 3,942 4,812 5,492 6,341 7,684 1,257 1,608 1,970 2,186 1,509 2,018 2,066 Dividends.................................................... 2,699 2,898 3,179 3,525 4,000 740 1,183 804 1,022 819 1,355 919 Selected industries: Foods apd kindred products (25 corps.): Sales......................................................... 12,951 13,457 14,301 15,284 16,345 3,935 3,939 3,868 4^082 4,194 4,200 4,298 Profits before taxes................................... 1,440 1,460 1,546 1,579 1,710 419 413 388 433 452 436 437 Profits after taxes............................. 682 698 747 802 ?96 214 213 201 225 234 236 230 Dividends..;.......................................... 397 425 448 481 508 119 124 124 125 126 133 127 Chemical and allied products (20 corps.): Sales....................................................... 12,606 13,759 14,623 16,469 17,938 4,171 4,258 4,238 4,492 4,565 4,642 4,819 Profits before taxes..................................... 1 ,979 2,162 2,286 2,597 2,878 660 646 679 758 734 707 759 Profits after taxes............................... 1,034 1,126 1,182 1,400 1,627 352 357 386 424 409 409 428 Dividends.................................................... 833 868 904 924 926 212 297 214 213 215 285 221 Petroleum refining (16 corps.): Sales......................................................... 14,483 15,106 16,043 16,589 17,878 4,106 4,267 4,404 4,449 4,454 4,571 4,818 Profits before taxes................................... 1,237 1,319 1,487 1,560 1,946 377 416 440 473 504 530 580 Profits after taxes........................................ 1,025 1,099 1,204 1,309 1,555 320 352 363 386 400 406 442 Dividends.................................................. • 528 566 608 672 752 169 184 182 183 187 200 203 Primary metals and products (34 corps.): Sales..,.................................................... 20,234 21,260 22,116 24,195 26,530 6,099 6,449 6,614 7,091 6,657 6,167 6,522 Profits before taxes..................................... 1,999 1,838 2,178 2,556 2,951 593 738 768 865 695 623 688 Profits after taxes........................................ 1,067 1,013 1,183 1,475 1,704 344 436 436 493 402 373 399 Dividends. *............................................... 843 820 734 763 818 187 204 195 200 202 221 216 Machinery (24 corps.): Sales......................................................... 17,446 19,057 21,144 22,558 25,148 5,478 5,967 5,772 6,305 6,286 6,785 7,033 Profits before taxes..................................... 1,701 1,924 2,394 2,704 3,116 661 652 747 817 764 788 935 Profits after taxes....................................... 859 966 1,177 1,372 1,621 339 334 385 426 400 410 479 Dividends.................................................... 508 531 577 673 775 171 175 192 187 189 207 217 Automobiles and equipment (14 corps.): Sales......................................................... 23,314 29,156 32,927 35,338 42,662 7.137 8,941 10,898 11,450 8,281 12,032 11,7)8 Profits before taxes..................................... 2,786 4,337 5,004 4,989 6,263 588 1,061 1,828 1,883 756 1,797 1,780 Profits after taxes................................. 1,404 2,143 2,387 2,626 3,298 338 608 942 1,004 430 923 935 Dividends.................................................... 973 1,151 1,447 1,629 1,890 276 659 305 520 307 759 360 Public utility Railroad: 9,189 9,440 9,560 9,778 10,208 2,467 2,506 2,385 2,582 2,375 2,668 625 729 816 829 980 204 208 145 259 248 328 382 572 651 694 816 170 194 121 213 206 276 359 367 356 438 468 106 131 108 118 81 161 Electric power: Operating revenue............................... 12,478 13,489 14,294 15,156 15,961 3,716 3,796 4,227 3,822 3,901 4,011 4,477 Profits before taxes................................... 3,349 3,583 3,735 3,926 4,116 995 938 1,154 949 1,036 977 1,215 Profits after taxes........................................ 1,883 2,062 2,187 2,375 2,568 583 592 712 597 626 632 758 Dividends.................................................... 1,374 1,462 1,567 1,682 1,833 430 410 467 438 437 491 473 Telephone: Operating revenue....................................... 8,615 9,196 9,796 10,550 11,320 2,654 2,734 2,732 2,790 2,854 2,944 2,992 Profits before taxes..................................... 2,478 2,639 2,815 3,069 3,185 773 774 783 766 830 806 851 Profits after taxes....................................... 1,233 1,327 1,417 1,590 1,718 402 403 420 419 447 432 460 Dividends.................................................... 867 935 988 1,065 1,153 268 274 279 284 294 296 302 1 Includes 17 corps, in groups not shown separately. Telephone: Data obtained from Federal Communications Commis 2 Includes 27 corps, 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 corps: Data are obtained primarily from Lines and General Depts, of American Telephone and Telegraph Co.) published co. reports. and for 2 affiliated telephone cos. Dividends are for the 20 operating Railroods: Interstate Commerce Commission data for Class I line subsidiaries and the 2 affiliates. haul railroads. All series: Profits before taxes are income after all charges and before Electric power: Federal Power Commission data for Class A and B Federal income taxes and dividends. electric utilities, except that quarterly figures on operating revenue and Back data available from the Division of Research and Statistics. profits before taxes are partly estimated by the Federal Reserve to include affiliated nonelectric operations. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
AUGUST 1966 BUSINESS FINANCE 1217 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t r e a o f x o f e i r s t e s c ta I o x n m e e s P t a r a o f x t f e e i r s ts d C d e i a n v s d i h s t U r p i r b n o u d f t i i t e s s d co c a n a l t l i s p o o u i w n t m a l p Quarter P b t r e a o f x o f e i r s t e s c ta o I x n m e e s P t a r a o f x t f e e i r s t s d C d e i a n v s d i h s t U r p i r b n o u d f t i i e t s s d co c a n a l t l s i p o o u i w n t m a l p ances 1 ances 1 1958.............. 41.4 19.0 22.3 11.6 10.8 22.0 1964—111.,, 67.8 28.7 39.1 17.4 21.7 34.2 1959.............. 52.1 23.7 28.5 12.6 15.9 23.5 IV... 67.7 28.6 39.0 17.7 21.4 34.8 1960.............. 49.7 23.0 26.7 13.4 13.2 24.9 1965—1.... 74.5 30.7 43.8 18.1 25.7 35.2 1961.............. 50.3 23.1 27.2 13.8 13.5 26.2 II.... 74.5 30.7 43.8 18.8 25.0 36.0 1962.............. 55.4 24.2 31.2 15.2 16.0 30.1 III... 75.0 30.9 44.1 19.5 24.6 36.8 1963 r............ 59.4 26.3 33,1 16.5 16.6 31.8 IV... 78.7 32.4 46.3 20.2 26.1 37.2 1964'............ 67.0 28,4 38.7 17.3 21.3 33.9 1965'............ 75.7 31.2 44.5 19.2 25.3 36.3 1966—1.... 82.7 34.1 48.7 20.9 27.8 37.7 1 Includes depreciation, capital outlays charged to current accounts, and Note.—Dept, of Commerce estimates. Quarterly data are at seasonally accidental damages. adjusted annual.rates. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS (In billions of dollars) Current assets Current liabilities Net Notes and accts, Notes and accts, End of period working U.S. receivable payable Accrued capital Total Cash s G ec o u v r t i , I t n o v ri e e n s Other Total F in e c d o e m ra e l Other ties U.S. Other U.S. Other taxes Govt.1 Govt.1 1958............................. 118.7 255.3 37.4 18.8 2.8 106,9 81.9 7.5 136.6 1.7 88.7 12.9 33.3 1959............................. 124,2 277.3 36.3 22.8 2.9 117.7 88.4 9.t 153.1 1.7 99.3 15.0 37.0 I960............................. 128.6 289.0 37.2 20.1 3.1 126.1 91.8 10.6 160.4 1.8 105.0 13.5 40.1 1961............................. 135.6 306.8 41.1 20,0 3.4 135.8 95.2 11.4 171.2 1.8 112.8 14.1 42,5 1962............................. 142.8 326.7 42.9 20.2 3.7 146.7 100.9 12.4 184.0 2.0 121.2 15.0 45.7 1963............................. 151.2 349.9 44.5 20.6 3,6 159.7 107.3 14.3 198.8 2.5 131.8 16.3 48.2 1964............................. 161.1 371.0 45.0 19.1 3.4 173,8 114,3 15.5 209.9 2.7 140.0 17.0 50.2 1965—1........................ 163.5 376.4 42.5 18.5 3.3 177.5 117.3 17.2 212.9 2.8 141.4 16.6 52.1 II....................... 166,2 384.3 43.7 16.3 3.2 182.8 119.7 18.4 218.0 2.9 145.9 15.9 53.2 Ill..................... 169.1 393.5 43.6 16.0 3,6 188.3 123.4 18.6 224.4 3.1 150.2 17.0 54.1 IV..................... 171.7 405.8 47.1 17,0 3.9 193.0 126.6 18.3 234.1 3.1 157.4 19.0 54.6 1966—1........................ 174.7 411.5 44.8 17.1 3.9 195.7 130.5 19. 237.0 3.8 157.4 18.9 56.9 1 Receivables from and payables to, the U.S. Govt, exclude amounts Note.—Securities and Exchange Commission estimates; excludes offset against each other on corps.* books. banks, savings and loan assns., and insurance cos. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT (In billions of dollars) Manufacturing Transportation Total Period Total Durable d N ur o a n bl e Mining Railroad Other u P ti u l b it l i i e c s n C i o ca m ti m on u s Other 1 a ( r n S a n . t A u e) a . l 1958......................................... 30.53 5,47 5.96 .94 ,75 1.50 6.09 2,62 7.20 1959 32.54 5.77 6.29 .99 .92 2.02 5.67 2.67 8.21 1960......................................... 35.68 7.18 7.30 ,99 1.03 1.94 5.68 3.13 8.44 1961......................................... 34.37 6.27 7.40 .98 .67 1.85 5.52 3.22 8.46 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 2...................................... 60.78 13.78 13.24 1.42 2.05 3.49 7.99 18.80 1964—in................................ 11.54 2.37 2.30 .30 .37 .59 1.71 1.06 2.84 45.65 IV.......................... 12.84 2.83 2.76 .33 .35 .64 1.76 1.17 3.01 47.75 1965—1................................... 10.79 2.25 2.28 .29 .39 .58 1.32 1.08 2.59 49.00 II.................................. 12.81 2.76 2.70 .33 .44 .77 1.71 1.24 2.85 50.35 nr............................... 13.41 2.91 2.82 .32 .44 .72 1.88 1.22 3.10 52.75 IV................................. 14.95 3.48 3.24 .35 .46 .73 2.04 1.41 3.25 55.35 1966—1................................... 12.77 2.87 2.74 .33 .40 .75 1.60 1.26 2.83 58.00 15,17 3,44 3.30 .36 .51 .97 1.97 4.62 59.60 Ill2............................. 15.66 3.45 3.38 .36 .54 .89 2.23 4.80 61.65 1 Includes trade, service, finance, and construction. Note.—Dept, of Commerce and Securities and Exchange Commission 2 Anticipated by business. estimates for corp, and noncorp, business, excluding agriculture. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1218 REAL ESTATE CREDIT AUGUST 1966 MORTGAGE DEBT OUTSTANDING (In billions of dollars) AU properties Farm Nonfarm Other Multifamily and Mortgage E pe n r d i o o d f h A ol l d l Fi c n ia a l n holders 2 h A ol l d l Fi c n ia a l n O ho th ld e r h A ol l d l 1- to 4-family houses commercial properties4 type 5 ers tu i t n io st n i s 1 a U c g i . e e S n s . v o I i a t d n h n u d e d a i r l s s ers tu i t n i s o t n i s1 ers 3 ers Total tu F i t i n i n s o a t n i n s , 1 O ho e t r h l s d e r Total tu F i t i n i n o s a t n i n s , 1 O h e o t r h l s d e r w u F V n r H i d A t 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 I960........... 206.8 157.6 11.2 38.0 12,8 4.7 8.2 194.0 141.3 117.9 23.4 52.7 35.0 17.7 62.3 131.7 1961........... 226.3 172.6 11.8 41.9 13.9 5.0 8.9 212.4 153.1 128.2 24.9 59.3 39.4 19.9 65.5 146.9 1962........... 251.6 192.5 12.2 47.0 15,2 5.5 9.7 236.4 166.5 140.4 26.0 69.9 46.6 23.4 69.4 167.0 1963........... 281.2 217.1 11.2 52.9 16.8 6.2 10.7 264.4 182.2 156.0 26.2 82.2 54.9 27.3 73.4 190.9 1964........... 311.6 241.0 11.4 59.2 18.9 7.0 11.9 292.7 197.6 170.4 27.2 95.1 63.6 31.4 77.2 215.6 1965*......... 342.0 264.5 12.4 65.1 21.2 7.8 13.4 320.9 213.0 184.4 28.5 107.9 72.3 35.6 81.2 239.7 1963—IV... 281.2 217.1 11.2 52.9 16.8 6.2 10.7 264.4 182.2 156.0 26.2 82.2 54.9 27.3 73.4 190.9 1964—1.... 287.4 222.0 11.3 54.1 17.3 6.4 10.9 270.0 185.4 159.0 26.4 84.6 56.5 28.1 74.2 195.8 II... 295.5 228.5 11.3 55.7 18.1 6.7 11.4 277.5 189.8 163.2 26.6 87.7 58.6 29.1 74.9 202.6 HI... 303.6 234.8 11.3 57.4 18.5 6.9 11.7 285.1 193.9 167.0 26.9 91.2 61.0 30.2 76.2 208.9 IV... 311.6 241.0 11.4 59.2 18.9 7.0 11.9 292.7 197.6 170.4 27.2 95.1 63.6 31.4 77.2 215.6 1965—I”... 317.8 245.8 11.6 60.4 19.5 7.2 12.3 298.3 200.5 173.1 27.4 97.8 65.5 32.3 77.9 220.4 II”.. 326.0 252.2 11.7 62.1 20.2 7.4 12.8 305.8 204.8 177.1 27.7 101.0 67.7 33.3 78.7 227.1 ni^. 334.1 258.5 11.9 63.6 20.7 7.6 13. 1 313.4 208.9 180.9 28.0 104.4 70.0 34.4 80.0 233.4 IV®.. 342.0 264.5 12.4 65.1 21.2 7.8 13.4 320.9 213.0 184.4 28.5 107.9 72.3 35.6 81.2 239.7 1966—ip. ., 348.6 269.2 13.4 65.9 21.8 8.0 13.7 326.8 216.1 187.0 29.1 110.7 74.2 36.5 II* . 355.6 1 Commercial banks (including nondeposit trust cos. but not trust savings and loan assns. depts.), mutual savings banks, life insurance cos., and savings and loan 5 Data by type of mortgage on nonfarm 1- to 4-family properties alone assns. are shown on second page following. 2 U.S. agencies are FNMA, FHA, VA, PHA, Farmers Home Admin., and Federal land banks, and in earlier years, RFC, HOLC, and FFMC. Note.—Based on data from Federal Deposit Insurance Corp., Federal Other U.S agencies (amounts small or current separate data not readily Home Loan Bank Board, Institute of Life Insurance, Depts, of Agricul available) included with “individuals and others.” ture and Commerce, Federal National Mortgage Assn., Federal Housing 3 Derived figures; includes debt held by Federal land banks and farm Admin., Public Housing Admin., Veterans Admin., and Comptroller debt held by Farmers Home Admin. of the Currency. 4 Derived figures; includes small amounts of farm loans held by Figures for first 3 quarters of each year are F.R. estimates. MORTGAGE LOANS HELD BY BANKS (In millions of dollars) Commercial bank holdings 1 Mutual savings bank holdings 2 Residential Residential End of period Total Total FH in A - g V u A ar - C ve o n n O n fa t o r h n m e r Farm Total Total FH in A - g V u A ar - C ve o n n O n fa t o h r n m e r Farm sured anteed tional sured anteed tional 1941............................... 4,906 3,292 1,048 566 4,812 3,884 900 28 1945........ . 4,772 3’395 '856 521 4,208 3'387 797 24 I960............................... 28,806 20,362 5,851 2,859 11,652 6,796 1,648 26,935 24,306 7,074 8,986 8,246 2,575 54 1961............................... 30,442 21,225 5,975 2,627 12,623 7,470 1,747 29,145 26,341 8,045 9,267 9,029 2,753 51 1962............................... 34.476 23,482 6,520 2^54 14,308 8,972 2,022 32,320 29,181 9,238 9,787 10,156 3,088 51 1963............................... 39,414 26,476 7/105 2,862 16,509 10,611 2,327 36,224 32,718 10,684 10,490 11,544 3,454 52 1964............................... 43,976 28'933 7,315 2,742 18,876 12,405 2,638 40,556 36,487 12,287 11,121 13,079 4,016 53 1965............................... 49,675 32,387 7,702 2,688 21,997 14,377 2,911 44,617 40,096 13,791 11,408 14,897 4,469 52 1963—IV....................... 39,414 26,476 7,105 2,862 16,509 10,611 2,327 36,224 32,718 10,684 10,490 11,544 3,454 52 1964—I......................... 40,200 26,894 7,110 2,824 16,960 10,894 2,412 37,155 33,506 11,004 10,639 11,863 3,597 52 II........................ 41,648 27,750 7,158 2,793 17,799 11,340 2,558 38,199 34,407 11,376 10,826 12,205 3,739 53 HI...................... 42,948 28,432 7,250 2,786 18,396 11,896 2,620 39.381 35,449 11,826 10,977 12,646 3,879 53 IV....................... 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—1......................... 44,799 29,388 7,329 2,722 19,337 12,723 2,688 41,521 37,357 12,664 11,228 13,465 4,112 52 II........................ 46,548 30,383 7,469 2,712 20,202 13,371 2,794 42,467 38,214 13,036 11,322 13,856 4,202 51 Ill...................... 48,353 31,574 7,641 2,700 21,233 13,926 2,853 43,539 39,153 13,412 11,368 14,373 4,334 52 IV....................... 49,675 32,387 7^702 2,688 21,997 14,377 2,911 44,617 40,096 13,791 11,408 14,897 4,469 52 1966—I*. ... 50 575 45,361 II* 52,024 45’862 i Includes loans held by nondeposit trust cos., but not bank trust depts. and possessions. First and third quarters, estimates based on FDIC data 2 Data for 1941 and 1945, except for totals, are special F.R. estimates. for insured banks for 1962 and part of 1963 and on special F.R. inter polations thereafter. For earlier years, the basis for first and third quarter Note.—Second and fourth quarters, Federal Deposit Insurance Corp, estimates included F.R. commercial bank call data and data from the series for all commercial and mutual savings banks in the United States National Assn, of Mutual Savings Banks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
AUGUST 1966 REAL ESTATE CREDIT 1219 CONVENTIONAL FIRST MORTGAGES New homes Existing homes Period C c t ( r r e p a o a n e t c n e t r ) t c F c h e ( e a p e n r s e g t r ) e & 1 s M (y a e t a u r r s i ) ty L c r p ( a o e p r n t i a e i c t n r o e ) / (t d h c o p o P h l r u u l a i a c s s r r . e e s o ) f o ( f a m m L d i o l o o l l a i u l o n a n n r t s s ) c C t ( r r e p a o a n e t c n e t r t ) c F c h ( e e a p e n r e s g t ) r e & i s M (y a e t a u r r s i ) ty L c r p ( a e o p r t n i a e i c t n o r e ) / (t d h c o p o P h l r u u l a i a s c r s r . e e s o ) f o ( a m f m L d i o l o o l a l i u l o n a n n r t s s ) 1961 ..................5....84 .64 24.0 73.3 22.5 16.3 5.98 .60 19.2 70.8 17.8 12.6 1 5.78. .57 24.8 74.1 23.7 17.3 5.92 .55 20.0 71.3 18.9 13.4 1965 5.76 .54 24.8 74.1 24.7 18.1 5.89 .50 20.4 72.0 19.7 14.1 1965- Tune............ 5.76 .49 24.6 73.9 24.0 17.5 5.86 .49 20.6 72.1 20.0 14.3 July............ 5.77 .55 25.0 75.0 24,7 18.3 5.86 .49 20.6 72.5 20,2 14.5 Aug............. 5.76 .50 24.5 73.8 24.9 18.2 5.86 .46 20.4 72.1 19.7 14.1 Sept............ 5.75 .56 24.9 73.7 24.9 18.1 5.89 .47 20.1 71.6 19.2 13.7 Oct............ 5.75 .53 24.8 73.8 25.1 18.3 5.87 .48 19.9 71.3 19.6 13.9 Nov............. 5.80 .54 25,0 74.9 25.1 18.5 5.91 .50 20.4 72.0 19.4 13.9 Dec . .......... 5.78 .58 24.8 74.0 25.2 18,4 5.91 .51 20.6 72.4 20.2 14.5 1966- Tan.............. 5.81 .51 24.6 73.4 24.7 18,0 5.97 .49 20.6 72.6 19.9 14.3 Feb............. 5.85 .55 24.6 73.2 25.9 18.8 5.97 .51 20.3 72.0 20.2 14.4 Mar............ 5.90 .56 24.7 74,3 25.8 18,9 6.01 .53 20.9 72.5 20.3 14.7 Apr............ 5.99 .57 24.6 73.9 25.1 18.2 6.09 .54 20.6 72,2 20.3 14.5 May .....-■ 6.02 .57 24.7 73.4 26.5 19.2 6.16 .56 20.6 71.8 20.6 14.7 June............ 6.07 .57 24.8 74.4 26.7 19.7 6.18 .47 20.0 70.6 21.0 13.7 i Fees and charges—related to principal mortgage amount—include originated by major institutional lender groups (including mortgage loan commissions, fees, discounts, and other charges which provide companies) for purchase of single-family homes. Data exclude loans for added income to the lender and are paid by the borrower. They exclude refinancing, reconditioning, or modernization; construction loans to any closing costs related solely to transfer of property ownership. home-builders; and permanent loans that are coupled with construction Note.—Compiled by Federal Home Loan Bank Board in cooperation loans to owner-builders. See also the table on Mortgages; New and with Federal Deposit Insurance Corporation. Data are weighted averages Existing Homes, p. 1204. based on probability sample survey of characteristics of mortgages DELINQUENCY RATES ON HOME MORTGAGES NONFARM MORTGAGE FORECLOSURES (Per 100 mortgages held or serviced) Rate Period Number (per cent of Loans not in foreclosure (thousands) mortgaged but delinquent for: Loans in structures) End of period fore 90 days closure 1961........................................ 73.1 .37 Total 30 days 60 days or more 1962........................................ 86,4 .42 1963........................................ 98.2 .45 1964........................................ 108.6 .48 1961.......................... 3.10 2.27 .50 .33 .29 1965........................................ 116.7 .49 1962................. 3.04 2.26 .50 .29 .30 1963 ......... 3.30 2.32 .60 .38 .34 1965—1.................................. 27.9 .48 1964......................... 3.21 2.35 .55 .31 .38 II............................... 30.1 .52 1965 .......................... 3.29 2.40 .55 .34 .40 Ill................................ 29.1 .50 IV................................ 29.6 .50 1965—J..................... 2.94 2.06 .54 .34 .37 II................... 3.00 2.18 .52 .30 .38 1966—I.................................. 28.8 .48 Ill.................. 3.20 2,30 .56 .34 .38 [V.................. 3.29 2.40 .55 .34 .40 Note.—Federal Home Loan Bank Board estimates of number 1966—1............ 3.02 2,13 .55 .34 .38 of nonfarm mortgaged structures at end of period and of non II................... 2.95 2.16 .49 .30 .38 farm properties acquired during period through foreclosure proceedings (excluding voluntary deeds in lieu of foreclosure and defaults on real estate contracts). Data exclude Alaska and Note.—Mortgage Bankers Association of America data from reports on 1- Hawaii. to 4-family FHA-insured, VA-guaranteed and conventional mortgages held by more than 400 respondents, including mortgage bankers (chiefly), commercial banks, savings banks, and savings and loan associations. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1220 REAL ESTATE CREDIT AUGUST 1966 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Period Total VA- Farm 1 Total FHA- VA- Farm Total FHA- guar Other 1 Total guar Other insured anteed insured anteed 1945 976 6,637 5,860 1,394 4,466 766 1960 6,086 5,622 1,401 291 3,930 464 41,771 38,789 9,032 6,901 22,856 2,982 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 rl ,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 1965—Mayr. 751 664 117 36 511 '87 57,013 52,493 11,812 6,402 34,279 4,520 June.. 939 840 142 41 657 99 57,384 52,806 11,860 6,384 34,562 4,578 July.. 834 759 121 40 598 75 57,663 53,041 11,866 6,361 34,814 4,622 Aug.., 867 798 144 41 613 69 58,017 53,359 11,914 6,340 35,105 4,658 Sept.. 932 868 142 45 681 64 58,411 53,723 11,950 6,326 35,447 4,688 Oct... 932 868 161 44 663 64 58,824 54,103 12,010 6,316 35,777 4,721 Nov... 959 890 149 41 700 69 59,276 54,525 12,063 6,307 36,155 4,751 Dec... 1,248 1,079 154 42 883 169 60,021 55,197 12,094 6,292 36,811 4,824 1966—Jan.. 972 865 168 52 645 107 60,518 55,675 12,183 6,307 37,185 4,843 Feb.. 817 703 143 39 521 114 60,881 55,988 12,246 6,294 37,448 4,893 Mar. 978 815 139 40 636 163 61,288 56,321 12,259 6,282 37,780 4,967 Apr., 897 756 121 29 606 141 61,710 56,653 12,299 6,262 38,092 5,057 May. 816 709 93 31 585 107 62,101 56,980 12,310 6,244 38,426 5,121 1 Certain mortgage loans secured by land on which oil drilling or monthly figures may not add to annual totals and for loans outstanding, extracting operations in process were classified with farm through June the end-of-Dec. figures may differ from end-of-year figures, because (1) 1959 and with “other” nonfarm thereafter. These loans totaled $38 monthly figures represent book value of ledger assets whereas year-end million on July 31, 1959. figures represent annual statement asset values, and (2) data for year-end adjustments are more complete. Note.—Institute of Life Insurance data. For loans acquired, the MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS FEDERAL HOME LOAN BANKS (In millions of dollars) (In millions of dollars) Loans made Loans outstanding (end of period) Advances outstanding (end of period) New Period Ad Repay Members Period Total 1 h s c t o o r m u n c e H c p h o u a m r s e e Total 2 F su H in re A d - a g n V u t A e a e r - d t C i v o e o n n n a l vances ments Total t S e h rm or t 1 t L e o rm ng 2 deposits tion 1945....................... 278 213 195 176 19 46 1945........... 1,913 181 1,358 5,376 1960....................... 1,943 2,097 1,981 1,089 892 938 1960........... 14,304 4,678 6,132 60,070 3,524 7,222 49,324 1961....................... 2’882 2’220 2’662 1,447 1,216 1,180 1961........... 17,364 5’081 7,207 68’834 4,167 7'152 57'515 1962....................... 4’111 3,294 3379 2^005 1'474 1,213 1962........... 20,754 5,979 8’524 78’770 4'476 7'010 67,284 1963....................... 5’601 4’296 4^784 2’863 1'921 1'151 1963........... 24,735 7,039 9,920 90’944 4’696 6'960 79^288 1964....................... 5^565 5,025 5'325 2,846 2'479 1,199 1964........... 24’505 6,515 10’397 101,333 4’894 6,683 89,756 1965...................... 5,007 4,'335 5'997 3,074 2'923 1,043 1965............ 23,847 5,922 10'697 110,202 5'141 6'391 98,670 1965—June........... 602 243 5,586 2,867 2,719 1,172 1965—June. 2,399 614 1,099 105,849 4,999 6,557 94,293 July............ 613 406 5'793 3,176 2’617 ’912 July.. 2,186 520 1,063 106,668 5,020 6,544 95,104 Aug....... 355 378 5,770 2’951 2’819 902 Aug.. 2,187 511 1,099 107,513 5,047 6,504 95,962 Sept............ 310 278 5’802 2,908 2,894 942 Sept.. 2,079 490 1,015 108,255 5,079 6,477 96,699 Oct............. 337 312 5’826 2,924 2,902 957 Oct. . 1,961 487 910 108,922 5,103 6,459 97,360 Nov............ 236 338 5,724 2'877 2'847 934 Nov.. 1,825 431 834 109,507 5,108 6,432 97,967 Dec............ 400 128 5^997 3,074 2'923 1,043 Dec.. 1,996 491 865 110,202 5,141 6,391 98,670 1966—Jan............. 386 485 5,898 3,071 2,826 843 1966—Jan.. 1,549 322 640 110,700 5,160 6,364 99,176 Feb............ 171 330 5'739 2,837 2,901 795 Feb.. 1,554 307 645 111,246 5,177 6,361 99,708 Mar............ 214 266 5,687 2,598 3'089 823 Mar.. 1,998 454 814 112,001 5,195 6,331 100,475 Apr........ 967 138 6'516 3,343 3'173 811 Apr.. 1,888 430 798 112,736 5,212 6,311 101,213 May........... 339 152 6'704 3,691 3,012 840 May. 1,696 390 773 113,249 5,236 6,293 101,720 June........... 171 92 6,783 3; 865 2,918 972 June” 1,619 338 819 113,628 5,248 6,275 102,105 1 Secured or unsecured loans maturing in 1 year or less. 1 Includes loans for repairs, additions and alterations, refinancing, etc., 2 Secured loans, amortized quarterly, having maturities of more than not shown separately. 1 year but not more than 10 years. 2 Beginning with 1958 includes shares pledged against mortgage loans, and beginning with 1966 includes real estate sold on contract not acquired Note,—Federal Home Loan Bank Board data. by foreclosure. Note.—Federal Home Loan Bank Board data. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
AUGUST 1966 REAL ESTATE CREDIT 1221 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- to 4-FAMILY PROPERTIES (In millions of dollars) (In billions of dollars) FHA-insured VA-guaranteed Governmentunderwritten Period Total h N o M m ew e o s rtga h i g s o E e t m i x s n e g s e P c r t o s j 1 m p P e r i e r o m r o n t v y t p s e 2 Total 3 h N o M m ew e o s rtga h i g s o E e t m i x s n e g s E pe n r d i o o d f Total Total s F u i H n re A d - a g n V u t A e a e r - d 1 t C i v o o e n n n a l 1945............... 18.6 4.3 4.1 .2 14.3 1945............................ 665 257 217 20 171 192 1957................ 107.6 47.2 16.5 30.7 60.4 I960............................ 6,293 2,197 2,403 711 982 1,985 1,554 428 1958............... 117.7 50. i 19.7 30.4 67.6 1961............................ 6,546 1,783 2,982 926 855 1 ,829 1,170 656 1959................ 130.9 53.8 23.8 30.0 77.0 1962........................ 7'184 1'849 3,421 1,079 834 2 >52 1,357 1,292 1960............... 141.3 56.4 26.7 29.7 84.8 1963............................ 7,216 1,664 3,905 843 804 3,045 1,272 1,770 1964............................ 8,130 1,608 4,965 895 663 2,846 1,023 1,821 1961............... 153.1 59.1 29.5 29.6 93.9 1965............................ 8 >89 1’705 5,760 591 634 2; 652 876 1,774 1962................ 166.5 62.2 32.3 29.9 104.3 1963............... 182.2 65.9 35.0 30.9 116.3 1965—June................. 716 127 484 40 66 217 65 152 1964............... 197.6 69.2 38.3 30.9 128.3 July................. 776 140 506 71 58 217 65 152 1965*.............. 213.0 73.1 42.0 31.1 139.8 Aug................. 875 163 594 51 67 245 78 167 Sept................. 860 159 597 42 62 254 78 177 1963—III........ 178.2 64.6 34.3 30.4 113.6 Oct........... 811 161 554 45 52 245 81 163 IV........ 182.2 65.9 35.0 30.9 116.3 Nov.......... 824 156 550 61 57 243 79 163 Dec.................. 780 165 533 38 43 228 77 151 1964—I...... 185.4 66.6 35.7 31.0 118.8 H 189.8 67.3 36.3 30.9 122.5 1966—Jan................... 800 180 547 42 30 236 80 156 Ill........ 193.9 68.4 37.4 31.1 125.4 Feb.................. 639 134 378 96 32 190 69 121 IV........ 197.6 69.2 38.3 30.9 128.3 Mar................. 753 160 447 68 78 163 59 104 A M p ay r. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 6 3 0 6 8 1 1 3 3 7 9 3 3 6 7 1 6 5 6 6 6 5 55 4 1 16 3 7 2 6 51 2 1 8 0 1 4 1965— I I I p P ... . . . . . . . .. . 2 2 0 0 0 4 . . 5 8 7 7 0 0 . . 1 7 3 3 9 9 . . 0 7 3 3 1 1 . . 0 0 1 1 3 3 0 4 . . 5 1 June................. 685 152 405 69 60 205 71 134 HIP.... 209.0 72.0 40.9 31.1 136.9 IV*.... 213.0 73.1 42.0 31.1 139.8 1 Monthly figures do not reflect mortgage amendments included in annual totals. 1966—Ip........ 216.1 74.1 43.0 31.1 142.0 2 Not ordinarily secured by mortgages. 3 Includes a small amount of alteration and repair loans, not shown separately; only such loans in amounts of more than $1,000 need be secured. 1 Includes outstanding amount of VA vendee accounts held by private investors under repurchase Note.—Federal Housing Admin, and Veterans Admin, data. FHA-insured loans agreement. represent gross amount of insurance written; VA-guaranteed loans, gross amounts of Ioans closed. Figures do not take into account principal repayments on previously insured or Note.—For total debt outstanding, figures are guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on FHLBB and F.R. estimates. For conventional, number and average amount of loans closed. figures are derived. Based on data from Federal Home Loan Bank Board, Federal Housing Admin., and Veterans Admin, FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY MORTGAGE DEBT OUTSTANDING ON INCOME PROPERTIES (In millions of dollars) (In billions of dollars) Mortgage holdings Mortgage transactions Com Nonfarm (during mit End of period) ments End of period Total Farm period Total F su H in re A d - a g n V u t A e a e r - d Pur Sales bu d u r i n s s e d Total in F s H ur A ed - C t o io n n v a e l n chases 1945 ............................... 17.0 12.2 12.2 4.8 I960........................... 6,159 3,356 2,803 1,248 357 576 1957............................... 48.9 38.5 4.4 34.1 10.4 1958.............................. 54.1 43.0 5.1 37.9 11.1 1961.......................... 6,093 3,490 2,603 815 541 631 1959............................... 60.0 47.9 5.4 42.5 12.1 1962.......................... 5,923 3,571 2,353 740 498 355 I960 ............................. 65.5 52.7 5.9 46.8 12.8 1963.......................... 4,650 3,017 1,634 290 1,114 191 1964.......................... 4,412 2,996 1,416 424 251 313 1961............................... 73,2 59.3 6.4 52.9 13.9 1965.......................... 4,731 3,404 1,327 913 200 793 1962............................... 85.1 69.9 7.2 62.7 15.2 1963............................... 99.0 82.2 7.5 74.7 16.8 1965—June............... 4,303 2,992 1,311 44 27 360 1964............................... 114.0 95.1 7.9 87.2 18.9 July.............. 4309 3,012 i;297 49 9 376 1965*............................. 129.1 107.9 8.0 99.9 21.2 Aug.. ............ 4.332 3,039 1,293 54 418 .Sept . . .. . . 4,372 3,083 1,289 78 443 1963—1.......................... 88.0 72,4 7.3 65.1 15.6 Oct.......... 4'436 3’145 1,290 96 559 II......................... 91.7 75.5 7.4 68.1 16.2 Nov............... 4'559 3,255 1'304 155 674 Ill....................... 95.2 78.6 7.5 71.2 16.6 Dec................ 4331 3; 404 1>27 205 793 IV....................... 99.0 82.2 7.5 74.7 16.8 1966—Jan................. 4,948 3,588 1,360 246 62 923 1964—1.......................... 101.9 84.6 7.6 77.0 17.3 Feb................ 5',215 3',811 1,404 295 829 II......................... 105.8 87.7 7.7 80.0 18.1 Mar............... 5.'528 4,077 1,451 344 750 ni....................... 109.7 91.2 7.8 83.5 18.5 Apr................ 5,744 4,268 1 >76 250 691 IV....................... 114.0 95.1 7.9 87.2 18.9 May............... 5,922 4,430 1,492 209 650 June............... 6,082 4', 581 1,501 194 ....... 625 1965—I*........................ 117.3 97.7 7.9 89.9 19.5 IP....................... 121.2 101.0 8.0 93.0 20.2 Ill*..................... 125.1 104.4 8.0 96.4 20.7 Note.—Federal National Mortgage Assn, data including mortgages IV*..................... 129.1 107.9 8.0 99.9 21.2 subject to participation pool of Government Mortgage Liquidation Trust, bur excluding conventional mortgage loans acquired by FNMA 1966—1*........................ 132,5 110.7 8.0 102.7 21.8 from the RFC Mortgage Co., the Defense Homes Corp., the Public Housing Admin., and Community Facilities Admin. Note.—Based on data from same sources as shown for “Mortgage Debt Outstanding” table (second preceding page), and for table immedi ately above. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1222 CONSUMER CREDIT AUGUST 1966 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Total m A pa o u p b t e i o l r e co O g p n o a s t o h u p d e m e s r r e r e a r n R l n o d i e a z p m n a a t s o i i o r d 1 n Pe l r o s a o n n s al Total p S a l i y o n m a g n l e e s n t a C cc h o a u rg n e ts S c e r r e v d ic it e 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 I960........................................ 56,028 42,832 17,688 11,525 3,139 10,480 13,196 4,507 5,329 3,360 1961 ...................................... 57,678 43,527 17,223 11,857 3,191 11,256 14,151 5,136 5; 324 3,691 1962 ............................... 63,164 48,034 19,540 12,605 3,246 12,643 15,130 5,456 5,684 3,990 1963 ...................................... 70,461 54,158 22,433 13,856 3,405 14,464 16;303 6,117 5;871 4,315 1964 ..................................... 78,442 60,548 25,195 15,593 3,532 16,228 17,894 6,954 6,300 4,640 1965 ..................................... 87,884 68,565 28,843 17,693 3,675 18,354 19,319 7,682 6 ,’746 4,891 81,717 63,850 27,280 15,648 3,576 17,346 17,867 7,546 5,528 4,793 July........................... . 82,539 64,704 27,779 15,818 3,604 17,503 17,'835 7,539 5,534 4,762 Aug.............................. 83,319 65,508 28,111 15,996 3,648 17,753 17;8I1 7,575 5 >98 4,738 Sept.............................. 83,801 65,979 28,175 16,229 3,664 17,911 17,822 7,600 5 >96 4,726 84,465 66,511 28,393 16,492 3,676 17,950 17,954 7,624 5 >45 4>85 Nov.............................. 85,291 67,168 28,612 16,797 3,689 18,070 18,123 7,648 5,740 4,735 Dec.............................. 87,884 68,565 28,843 17,693 3,675 18,354 19,319 7,682 6,746 4,891 87,027 68,314 28,789 17,566 3,634 18,325 18,713 7,666 6,107 4,940 Feb.............................. 86,565 68,279 28,894 17,386 3,603 18,396 18,286 7,731 5,505 5,050 Mar.............................. 87,059 68,827 29,248 17,450 3,597 18.532 18,232 7,795 5 >93 5,044 Apr.............................. 88,184 69,543 29,597 17,597 3,602 18,747 18,641 7,836 5 >70 5,135 May. 89,092 70,209 29,908 17,732 3,642 18,927 18,883 7,925 5,860 5,098 June............................. 90,070 71,194 30,402 17,959 3,677 19,156 18,876 7,901 5,908 5 >67 1 Holdings of financial institutions; holdings of retail outlets are in hold, family, and other personal expenditures, except real estate mortgage cluded in “other consumer goods paper.” loans. For back figures and description of the data, see “Consumer Credit,” Section 16 (New) of Supplement to Banking and Monetary Note.—Consumer credit estimates cover loans to individuals for house Statistics, 1965, and May 1966 Bulletin. INSTALMENT CREDIT (In millions of dollars) Financial institutions Retail outlets End of period Total Total m C b e a o r n c m k ia s l fi S n c a a o l n s e . c s e u C n r i e o d n i s t fi s C n u a o m n n c e e r 1 Other! Total D s m t e o p e re n a s r t t I F s t t u u o r r r n e e i s A s a t p o n p r c e l e i s d m A ea o u l b e to i r l s e 3 Other 1939............................. 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941 ..................... 6.085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1945............................. 2,462 1,776 745 300 102 629 686 131 240 17 28 270 I960............................. 42,832 37,218 16,672 11,472 3,923 3,670 1,481 5,615 2,414 1,107 333 359 1,402 1961............................. 43,527 37,935 17,008 11,273 4,330 3,799 1,525 5,595 2,421 1,058 293 342 1,481 1962............................. 48,034 41,782 19,005 12,194 4,902 4,131 1,550 6,252 3,013 1,073 294 345 1,527 1963............................. 54,158 47,405 22,023 13,523 5,622 4,590 1,647 6,753 3,427 1,086 287 328 1,625 1964............................. 60,548 53,141 25,094 14,762 6,458 5,078 1,749 7,407 3,922 1,152 286 370 1,677 1965 ............................. 68,565 60,273 29,173 16,138 7,512 5,606 1,844 8,292 4 >88 1 ,'235 302 447 1 >20 1965—June.................. 63,850 56.726 27,214 15,372 7,032 5,287 1,821 7,124 3,785 1,084 281 417 1,557 July................... 64,704 57,537 27,705 15,565 7,124 5,334 1.809 7,167 3,811 1,090 284 425 1,557 Aug................... 65,508 58,296 28,107 15,721 7,235 5,387 1,846 7,212 3,847 1,103 287 431 1,544 Sept.............. ■ 65,979 58,703 28,343 15,802 7,310 5,410 1,838 7,276 3,910 1,117 289 433 1 >27 66,511 59;105 28,618 15,876 7,363 5,422 1,826 7,406 3 >79 1,138 293 438 1,558 67,168 59,567 28.855 15,963 7,436 5,465 1,848 7,601 4,101 1,167 297 443 1 >93 Dec................... 68;565 60,273 29,173 16,138 7,512 5,606 1,844 8,292 4,488 L235 302 447 1,820 1966—Jan.................... 68,314 60,202 29,201 16,106 7,447 5,598 1,850 8,112 4,419 1,208 300 448 1,737 Feb................... 68,279 60,331 29,312 16,072 7,473 5,621 1,853 7,948 n.a. n.a. n.a. 451 Mar,................. 68’,827 60 >63 29,684 16,106 7,593 5,630 1,850 7,964 n.a. n.a. n.a. 459 n.a. 69,543 61 >39 30,127 16,191 7,711 5,670 1,840 8,004 n.a. n.a. n.a. 466 May. ......... 70,’209 62,178 30,507 16,263 7,839 5,695 1,874 8,031 n.a. n.a. n.a. 472 n.a. June................. 71 >94 63,097 31,013 16,454 8,009 5,742 1,879 8,097 n.a. n.a. n.a. 480 n.a. 1 Consumer finance cos. included with “other” financial institutions 3 Automobile paper only; other instalment credit held by automobile until 1950. dealers is included with “other” retail outlets. 2 Includes mail-order houses. See also Note to table above. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
AUGUST 1966 CONSUMER CREDIT 1223 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES (In millions of dollars) (In millions of dollars) End of period Total ch P A a u s u r e t p d o a m pe o D r b i i r l e e c t s O g p c u o a o t m o p h n d e e e r s r r e R m l r t o a e n i o n a o p i n z d d n a a s i r s l P o o a e n n r a s l End of period Total m A pa o u p b t e i o l r e s O g p c u o a t o m o h p n d e e e s r r r m R iz l a o o e a n a d p ti n d e a o s r i n r n l s P o o a e n n r a s l 1939. 1,197 878 115 148 56 1939........................ 1,079 237 178 166 135 363 1941 1.797 1,363 167 201 66 1941........................ 1,726 447 338 309 161 471 1945 300 164 24 58 54 1945........................ '745 66 143 114 110 312 1960 1L472 7 528 2,739 139 1 066 1960........................ 16,672 5,316 2,820 2,759 2,200 3,577 1961 11373 6,811 3,100 161 1 201 1961........................ 17,008 5'391 2,860 2,761 2,198 3,798 1962 12,194 7,449 3,123 170 1,452 1962........................ 19,005 6,184 3',451 2,824 2,261 4,285 1963 13.523 8,228 3'383 158 1,754 1963........................ 22,023 7'381 4,102 3,213 2,377 4,950 1964 14,762 8,701 3'889 142 2,030 1964........................ 25,094 8’691 41734 3,670 2357 5342 1965 16,138 9,241 4,429 123 2,345 1965......................... 29,173 101310 51721 4,266 2,543 6,333 1965-—June..................... 15,372 9,055 4,023 133 2,161 27,214 9,534 5,340 3,842 2,472 6,026 July..................... 15,565 9,174 4'067 133 2,191 July............. 27,705 9'761 5,449 3,917 2,497 6,081 Aug..................... 15,721 9,235 4,125 131 2,230 28,107 9'909 5,521 3,984 2'524 6,169 Sept..................... 15,802 9J96 4'204 129 2,273 Sept............ 28,343 9,985 5,516 4,062 2,539 6341 Oct....................... 15,876 9,201 4369 128 2,278 Oct............... 28,618 10,119 51570 4,125 2,550 6,254 Nov.. 15363 9,210 4,332 126 2'295 28,855 10,220 51645 4,172 2353 6,265 Dec..................... 16,138 9 341 4,429 123 2,345 Dec.............. 29,173 10'310 5,721 4,266 2,543 6,333 1966-■—Jan............. 16,106 9,187 4,460 119 2,340 1966—Jan............... 29,201 10,314 5,740 4,293 2,511 6,343 Feb...................... 16,072 9.187 4323 117 2,345 Feb.............. 29,312 101361 5,785 4,311 2,484 6'371 Mar.................... 16,106 9,214 4322 116 2354 Mar............. 29,684 10,533 5l 885 4,351 2 ,'476 6,439 Apr..................... 16,191 9,261 4348 114 2,368 30 J 27 10,'699 5,967 4,423 2 381 6,557 May........... 16,263 9,289 4’479 113 2,382 M^y............. 301507 10,852 6,037 4,491 2,502 6 ,'625 June.................... 16,454 9,395 4,538 111 2,410 June............. 31,013 11,075 6,124 4,581 2,529 6,704 See Note to first table on previous page. See Note to first table on previous page. INSTALMENT CREDIT HELD BY OTHER FINANCIAL INSTITUTIONS NONINSTALMENT CREDIT (In millions of dollars) (In millions of dollars) Other Repair Single Auto con and Per payment Charge accounts End of period Total mobile sumer modern sonal loans paper goods ization loans paper loans End of period Total Service 1 1 1 9 9 9 4 4 3 1 5 9 7 9 7 8 5 31 9 7 1 5 2 81 4 2 2 2 3 4 6 0 1 1 1 5 4 4 7 6 6 8 4 6 3 5 9 b C m c a o i n e a m k r l s t O f u i i n c t n t i i s h a o a t e n l i n r s s m t p D o a e r e r e n t s t 1 o O r u e t t t h l a e e i t l r s C ca re rd d s it 2 credit 1960 9,074 1,665 771 800 5,837 1961 9,654 1,819 743 832 6,'257 1939............. 2,719 625 162 236 1,178 518 1962 10,583 2,111 751 815 61906 1941............. 31087 693 152 275 11370 597 1963 11’859 2'394 835 870 7,'760 1945............. 3 ,’203 674 72 290 11322 845 1964 13,285 2399 997 933 8,656 1965 14'962 3'124 1,153 1,009 91676 1960............. 13,196 3,884 623 941 3,952 436 3 360 1961............. 141151 41413 723 948 31907 469 3,691 1965-—June..................... 14,140 2,934 1,076 971 9,159 1962............. 15,130 4,690 766 927 4,252 505 3,990 July.................... 14’267 2,970 1,092 974 9,231 1963............. 161303 5,205 912 895 41456 520 4,315 Aug...................... 14'468 3'015 11106 993 91354 1964............. 17,894 5,950 1,004 909 4,756 635 4,640 Sept..................... 14'558 3345 1,120 996 91397 1965 ............. 19,319 6,587 11095 968 51055 723 4,891 Oct............. 14'611 3365 11130 998 91418 Nov..................... 14,’749 3'094 1,135 1,010 91510 1965—June.. 17,867 6,477 1,069 627 4,218 683 4,793 Dec...................... 14'962 31124 1,153 11009 9,676 July... 17,835 6,476 1,063 591 4,217 726 4,762 Aug.. . 17,811 6,497 1,078 595 4,149 754 4,738 1966-—.Jan...................... 14,895 3,100 1,149 1,004 9,642 Sept... 17,822 6,520 1 ,080 647 4,078 771 4,726 Feb...................... 14'947 3,110 1,155 1,002 9,680 Oct... 17,954 6,546 1,078 682 4,221 742 4,685 Mar..................... 15,073 3,157 1,172 1,005 9,739 Nov... 18,123 6,555 1,093 725 4,291 724 4,735 Apr...................... 15'221 3,204 1,188 1,007 9,822 Dec... 19,319 6,587 1,095 968 5,055 723 4,891 May.................... 15'408 3,258 1,203 1,027 9,920 June.................... 15*630 31328 1,223 1 1037 101042 1966—Jan... 18,713 6,574 1,092 855 4,509 743 4,940 Feb... 18,286 6,630 1,101 n.a. n.a. 746 5,050 Mar... 18,232 6,676 1,119 n.a. n.a. 755 5,044 Note.—-Institutions represented are consumer finance companies, credit Apr... 18,641 6,717 1,119 n.a. n.a. 765 5,135 unions, industrial loan companies, mutual savings banks, savings and May. . 18,883 6,784 1,141 n.a. n.a. 788 5,098 loan assns,, and other lending institutions holding consumer instalment June.. 18,876 6,767 1,134 n.a. n.a. 824 5,067 loans. See also Note to first table on previous page. 1 Includes mail-order houses. 2 Service station and misc, credit-card accounts and home-heating oil accounts. See also Note to first table on previous page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1224 CONSUMER CREDIT AUGUST 1966 INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT (In millions of dollars) Total Automobile paper Ot g h o e o r d c s o p n a s p u e m r er mode R r e n p iz a a ir ti o a n n d l oans Personal loans Period S.A.l N.S.A, S.A.l N.S.A. S.A.l N.S.A. S.A.l N.S.A. S.A.t N.S.A. Extensions I960...................................... 49,560 17,654 14,470 2,213 15,223 1961........................................ 48,396 16,007 14,578 2,068 15,744 1962 ................................... 55,126 19,796 15,685 2,051 17,594 1963 ............................... 61,295 22,292 17,102 2,198 19,703 1964 ....................................... 67,505 24,435 19,473 2,204 21,393 1965 ..................................... 75,508 27,914 21,454 2,238 23,902 1965 June....................... 6,196 6,839 2,285 2,646 1,719 1,804 199 227 1,993 2,162 July...................... 6,383 6,537 2,355 2,524 1,818 1,777 180 201 2,030 2,035 Aug............................. 6,385 6,493 2,372 2,401 1,816 1,789 194 226 2,003 2,077 Sept.............................. 6,434 6,085 2,385 2,088 1,859 1,849 176 189 2,014 1,959 Oct........... 6,425 6,247 2,338 2,318 1,907 1,899 179 183 2,001 1,847 Nov........................... 6,530 6,608 2,480 2,410 1,873 2,004 185 189 1,992 2,005 Dec.............................. 6,489 7,519 2,443 2,328 1,862 2,657 185 163 1,999 2,371 1966—Jan................. 6,544 5,586 2,340 2,001 1,983 1,684 176 130 2,045 1,771 Feb............................... 6,492 5,517 2,340 2,084 1 ,957 1,527 171 130 2,024 1,776 Mar,............................ 6,673 6,865 2,479 2,676 1,959 1,890 183 174 2,052 2,125 Apr.............................. 6,505 6,658 2,302 2,486 1,958 1,874 180 178 2,065 2,120 May...................... 6,472 6,694 2,298 2,526 1,933 1,898 186 215 2,055 2,055 June........................... 6,675 7,236 2,419 2,746 1,944 2,013 189 215 2,123 2,262 Repayments I960 ................................... 45,972 ................. 16.384 .............1..3..,.574 1,883 14,130 1961 ..................................... 47,700 161472 14346 2,015 14367 1962 ....................................... 50,'620 17378 14,939 1,996 16306 1963......................................... 551171 191400 15,850 2,038 171883 1964 ................................... 61,121 21,676 17,737 2,078 19,630 1965......................................... 67,495 24367 19355 2,096 21377 1965 June............................. 5,601 5,796 2 007 2,082 1,590 1,614 179 185 1,825 1,915 July.............................. 5'659 5,682 2 007 2325 1 ,608 1307 171 173 1'873 1377 Aug............................. 5'729 51688 2 068 2,068 1,662 1 ,611 180 182 1319 11827 Sept............................ 5,748 5,616 2 056 2,024 1,638 1,617 171 173 1,883 1302 Oct... ........................ 5'805 5,714 2 080 2,099 1,670 1,636 171 171 1,884 1,808 Nov............................. s;831 5^955 2 148 2,193 1,683 1300 176 177 1,824 1385 Dec.............................. 5,855 6,120 2 107 2,097 1,720 1 360 175 176 1,853 2,087 5,947 5,837 2 115 2,055 1,778 1,811 176 171 1,878 1,800 Feb............................... 5^954 5,552 2 135 1,979 1,781 1 307 174 161 1,864 1305 Mar........................ 6,024 6,317 2 216 2,322 1,708 1,826 176 180 1,924 1,989 Apr............................... 5*974 5'942 2 145 2,137 1,729 1,727 175 173 1,925 1,905 May............................ 5; 979 6,028 2 159 2,215 1,784 1,763 172 - 175 1,864 1375 June............................. 6,126 6,'251 2 211 2,252 1,767 1,786 176 180 1372 2,033 Net change in credit outstanding 2 1 950 ............................... 3,588 1,270 896 330 1,093 1961 ...... 696 -465 332 53 '777 1962 ................... 4,506 2,318 746 55 1,388 1963 ............................. 6,124 2'892 1,252 160 1'820 1964 ............................... 6,384 2^759 1,736 126 11763 1965 . ........ . 8313 3,647 2,099 142 2,125 1965—June............................. 595 1,043 278 564 129 190 20 42 168 247 July.............................. 724 855 348 499 210 170 9 28 157 158 Aug........ 656 805 304 333 154 178 14 44 184 250 Sept.............................. 686 469 329 64 221 232 5 16 131 157 Oct.................. • 620 533 258 219 237 263 8 12 117 39 Nov...................... 699 653 332 217 190 304 9 12 168 120 Dec........................... 634 1,399 336 231 142 897 10 -13 146 284 1966—Jan............................... 597 -251 225 -54 205 -127 0 -41 167 -29 Feb............................... 538 -35 205 105 176 -180 -3 -31 160 71 Mar.............................. 649 548 263 354 251 64 7 -6 128 136 Apr............................... 531 716 157 349 229 147 5 5 140 215 May............................. 493 666 139 311 149 135 14 40 191 180 June............................ 549 985 208 494 177 227 13 35 151 229 1 Includes adjustments for differences in trading days. the amount of extensions and repayments without affecting the amount 2 Net changes in credit outstanding equal extensions less repayments. outstanding. For back figures and description of the data, see “Consumer Credit,” Note.—-Estimates are based on accounting records and often include Section 16 (New) of Supplement to Banking and Monetary Statistics, 1965, financing charges. Renewals and refinancing of loans, purchases and and May 1966 Bulletin. sales of instalment paper, and certain other transactions may increase Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
AUGUST 1966 CONSUMER CREDIT 1225 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (In millions of dollars) Sales finance Other financial Total Commercial banks companies institutions Retail outlets Period S.A J N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. Extensions iyou,......•■..•.................. 49,560 18,269 11,456 12,073 7,762 ....................................... 48,396 17,711 10,667 12,282 7,736 I1 qVAO?X ................................................................. 55,126 20,474 11,999 13,525 9^128 1i Qyo«o .......................................................... 61 ,'295 23,344 12,664 14,894 10^393 i yo*t........................................ 67,505 25,950 14,020 16,251 11,284 1 y O J........................................ 75'508 29,738 15,075 18,120 12'575 tQ£5 Tune............................. 6,196 6,839 2,427 2,746 1,237 1,393 1,504 1,654 1,028 1,046 July.............................. 6,383 6,537 2,516 2,648 1,253 1,318 1,538 1,557 1,076 1'014 Aug............ .............. 6,385 6,493 2,575 2,608 1,256 1,293 1,514 1,576 1,040 1,016 Sept ........................... 6,434 6,085 2,567 2,386 1,311 1,228 1,514 1,440 1,042 1'031 Oct,.............................. 6; 425 6^247 2,581 2,488 1,214 1,223 1,508 1,404 1,122 1,132 Nov.............................. 6,530 6^08 2,659 2,517 1,267 1,293 1,512 1,574 1,092 1,224 Dec............................ 6,489 7,519 2,610 2,579 1,291 1,425 1,514 1,788 1,074 1'727 1 Qfifi Tan............................. 6,544 5,586 2,500 2,240 1,270 1,101 1,553 1,298 l,22t 947 Feb............................. 6,492 5,517 2,517 2,243 1,230 1,057 1,559 1,338 1,186 879 M^r................ 6,673 6,865 2,619 2,784 1,273 1,318 1.573 1,634 1,208 1,129 Apr............................. 6'505 6,658 2,539 2,717 1,226 1,225 1,559 1,579 1,181 1J37 May........................ 6,472 6,694 2,547 2,722 1,228 1,254 1,547 1,600 1,150 1,118 J une............................. 6^75 7; 236 2,619 2,912 1,260 1,383 1,643 1,772 1,153 11169 Repayments i you........................................ 45,972 16,832 10,442 11,022 7,676 iyo«.........■■...■••'■•'■ 47'700 18,294 10,943 11,715 6'749 iyox......................................... 50'620 18^468 11,434 12,593 8,125 iyoJ......................................... 55’171 20,326 12,211 13,618 9^016 lyo^. ...................................... 61'121 22,971 13,161 14,825 10,164 i yoj ........................................ 67,495 25,663 13,699 16,443 11’690 |Q^5 lime ........................... 5,601 5,796 2,112 2,202 1,137 1,179 1,377 1,448 975 967 " ~ July.............................. 5,659 5^682 2,117 2,156 1,152 1,125 1,421 1,430 969 971 Au2 . 5,729 5,688 2,187 2,205 1,160 1,137 1,384 1,375 998 971 Sept.............................. 5,748 5,616 2,183 2,152 1,180 1,147 1,410 1,350 975 967 Oct....................... 5,805 5,714 2,253 2,212 1,130 1,149 1,422 1,351 1,000 1,002 Nov............................. 5,831 5,955 2,264 2,284 1,194 1,206 1,377 1,436 996 1,029 Dec............................. 5,855 6,120 2,252 2,259 1,203 1,250 1,401 1,575 999 1,036 1966 Jan ............................. 5,947 5,837 2,273 2,212 1,202 1,133 1,406 1,365 1,066 1,127 Feb.............................. 5,954 5,552 2,292 2,132 1,137 1,091 1,420 1,286 1,105 1,043 Mar............................. 6,024 6,317 2,299 2,412 1,175 1,284 1,463 1,508 1,087 1,113 Apr............................. 5,974 5,942 2,293 2,274 1,129 1,140 1,442 1,431 1,110 1,097 May.................. 5,979 6,028 2,270 2,342 1,164 1,182 1,414 1,413 1,131 1,091 June............................. 6,126 6,251 2,348 2,406 1,172 1,192 1,501 1,550 1,105 1,103 Net change in credit outstanding 2 tOAD 3,588 1,446 1,152 1,051 -61 1iQyAo1i ................................ . '696 335 -199 578 -20 1 QAT 4,506 1,997 921 932 656 10AT . 6,124 3,018 1,329 1,276 501 1 QAd . 6'384 3,065 1,239 1 ,'426 654 1QAS . 8,013 4'075 1,376 1,677 885 1965 lune............................. 595 1,043 315 544 100 214 127 206 53 79 July. ........................... 724 855 399 492 101 193 117 127 107 43 Aug.......................... 656 805 388 403 96 156 130 201 42 45 Sept.............................. 686 469 384 234 131 81 104 90 67 64 Oct............................. 620 533 328 276 84 74 86 53 122 130 Nov.............................. 699 653 395 233 73 87 135 138 96 195 Dec.............................. 634 1,399 358 320 88 175 113 213 75 691 1966—Jan............................... 597 -251 227 28 68 -32 147 -67 155 -180 Feb.............................. 538 -35 225 111 93 -34 139 52 81 -164 Mar.............................. 649 548 320 372 98 34 110 126 121 16 Apr.............................. 531 716 246 443 97 85 117 148 71 40 tfay............................. 493 666 277 380 64 72 133 187 19 27 June............................. 549 985 271 506 88 191 142 222 48 66 1 Includes adjustments for differences in trading days. payments for some particular holders do not equal the changes in their 2 Net changes in credit outstanding are equal to extensions less repay outstanding credit. Such transfers do not affect total instalment credit ments except in certain months when data for extensions and repayments extended, repaid, or outstanding. have been adjusted to eliminate duplication resulting from large transfers See also Note to previous table. of paper. In those months the differences between extensions and re Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1226 INDUSTRIAL PRODUCTION: S.A. AUGUST 1966 MARKET GROUPING (1957-59=100) 1957-59 *1965 1965 1966 pro Grouping p ti o o r n a a v g e e r June July Aug. Sept. Oct. Nov, Dec. Jan. Feb. Mar, Apr.r May r June Total index..................................... 100.00 143.3 142,7 144,2 144,5 143.5 145.1 146.4 148.7 150,2 151 9 153.4 153.8 155.2 156,2 Final products. total.......................... 47.35 142.4 140.7 141.7 142.3 143.3 145. 7 147.4 148.8 149.5 151.4 152.4 152.8 153.4 154.7 Consumer goods............................ 32.31 140.2 138.7 139.3 139.5 140.7 141.7 142.8 144.1 144.1 145 5 146.0 146,2 145.8 146.4 Equipment7 including defense. . . . 15.04 146.9 144.9 147.0 148.4 149.0 154.3 157.3 158.8 161.3 164.1 166.2 166.9 169.9 172.5 Materials............................................ 52.65 144.1 144.5 146.4 146.1 143.7 144.3 145.6 148.7 150.4 152.0 154.3 154.6 156.6 157.9 Consumer goods Automotive products........................... 3.21 167.1 168.1 167.8 169.8 166.5 168.6 168.8 169.4 168.5 167.6 171.6 168.8 161.1 161.0 Autos.......................,....................... 1.82 182.6 187.1 184.6 184.3 178.1 181.1 182.5 182.4 180.3 177.8 183.8 180.6 167.5 167.8 Auto parts and allied products. . .. . 1.39 146.8 143.0 145.8 150.7 151.2 152.0 150.8 152.4 153.1 154.3 155.5 153,3 152.7 152.1 Home goods and apparel.................... 10.00 143.7 141.5 140. 9 140.1 142.7 145.1 146.8 150.6 149.9 150.9 150.5 153.1 152.8 153.1 Home goods...................................... 4.59 154.7 151.3 151,2 149.8 153.0 156.9 159.0 164.8 165,7 166,2 164,1 168.2 169.5 168.8 Appliances, TV, and radios...... 1.81 152.4 148.8 146,5 145.2 149.1 154.0 155.2 161.3 165.0 162,7 155,7 167.5 166.2 165.5 Appliances.................................. 1.33 153.3 152.1 148.4 146.4 151.0 156.6 156.5 162,0 163.2 163,1 150.6 167.9 165.5 165.2 TV and home radios................ .47 149,8 139.2 141.3 141,9 143.6 146.6 151.5 159.3 170.0 161,7 170,0 166.1 168.0 166.3 Furniture and rugs......................... 1.26 154,2 153.5 154.0 152.3 152.0 154.9 157.4 161.0 163.3 164,0 165.5 166,3 169.1 170.1 Miscellaneous home goods........... 1.52 158.0 152.6 154.4 153.3 158.4 161.9 164.8 172.2 168.6 171.2 173.1 170.6 173.9 171.6 Apparel, knit goods, and shoes........ 5.41 134.3 133.2 132.2 131.9 134.0 135.1 136.5 138.5 136.4 138,0 138,9 140.3 138.6 Consumer staples.............................. 19.10 133.9 132.7 134.1 134.1 135.3 135.4 136.4 136.5 136.9 138.9 139.4 138. 7 139.5 140.4 Processed foods................................. 8.43 122.2 120.7 122,4 121.6 121.6 122.2 123.1 123.1 123.7 124,6 125.2 125,1 123.9 125.2 Beverages and tobacco............. 2.43 125.7 126.2 123.9 123.6 127.5 126.0 128,2 128,5 128.6 132.3 134.4 128.9 129 8 Drugs, soap, and toiletries............... 2.97 157.0 152.9 157.0 160.1 161.3 159.2 161.2 162,7 164.0 166.0 165.9 167.3 171,6 174.6 Newspapers,’ magazines, and books. 1.47 127.1 125.6 128.0 128.0 126.1 126.3 127.6 129.6 132,0 134.0 136,5 135,7 137.6 139.0 Consumer fuel and lighting.............. 3.67 149.8 150.6 151.2 150.6 154.2 156.0 155.2 153.9 151.9 155.8 154.6 154.1 156.0 Fuel oil and gasoline..................... 1.20 122.4 122.8 123,1 123,1 122.6 124.8 126.6 126.4 125.1 124.0 125.2 128,4 128.7 128.6 Residential utilities........................ 2.46 163.2 164.1 164.9 164.0 169.7 171.1 169,2 167.4 165,0 171.2 168.9 166.7 169 4 Electricity................... 1,72 171.6 172.2 172.6 171.3 181.0 182.9 180.1 177,5 174.3 182.8 179.0 175.4 179,0 Gas......................... .74 144.0 Equipment Business equipment............ 11.63 156.6 154.6 156.4 157.8 159.0 164.3 167.2 168.9 170.5 173. 175.4 175.9 178.4 181.2 Industrial equipment......................... 6.85 153.1 151.9 155.1 153.8 155.3 159.4 162.0 162.4 162.6 166.1 167.4 167. 3 168.5 173 0 Commercial equipment.................... 2.42 164.4 164.1 165.2 165.2 166.4 169.7 112.1 174.5 177,5 178.6 184.2 186.4 190.1 191 0 Freight and passenger equipment. .. 1.76 162.4 157.8 155.0 163.6 164.2 178.7 180.4 188,0 194,9 198.9 198.9 201.3 204.9 205.4 Farm equipment................................ .61 148.1 143.7 145,3 157.1 155.4 155.7 165.8 163.9 161,2 158.0 163.0 157.6 166.1 Defense equipment............................. 3.41 Materials Durable goods materials.................... 26.73 144.2 146.1 148.4 147.3 142.8 142.2 143.0 146.7 150.1 152.0 155.6 156.9 156.6 157.9 Consumer durable............................. 3.43 166.8 169.9 171.8 167.9 165,4 167.0 168.2 168,3 170.0 173.6 169,1 169.0 164.4 165.2 Equipment.......................................... 7.84 151.9 150.0 153.3 154.7 154.2 158.4 160.0 163 2 165.8 170,0 171.9 173.6 177 1 179.1 Construction...................................... 9.17 133.8 131.3 1J2.7 134.6 134,5 135.3 137.2 138,8 142.9 143,6 146.3 144.9 141.0 141 5 Metal materials n.e.c.. ...................... 6.29 137.6 142.3 146,3 142.4 130,6 126.2 123.2 130.5 137.5 140.7 146.7 145.1 145 8 148 1 Nondurable materials......................... 25.92 144.0 143.4 145.0 144.8 144.5 146.4 148.1 150.7 150.6 152.0 153.1 152.3 156.6 158 0 Business supplies........................... 9.11 136.5 134.8 137.6 135.1 135.9 136.8 140.3 143.4 143.4 144.5 146 0 146.0 148.7 150^5 Containers...................................... 3.03 136.6 132.0 136.1 132.1 134.4 136.6 144.9 146,9 142.3 144.6 145.9 143.9 147 3 144 0 General business supplies............ 6,07 136.5 136.2 138.3 136,6 136.7 136.9 138.0 141 7 144.0 144.4 146.1 147 1 149.4 153.7 Nondurable materials n.e.c............... 7.40 173.9 171.1 174.7 176.6 178,3 179.5 180.9 183.8 184.8 187.1 186.0 187.4 191.4 192.6 Business fuel and power................... 9,41 127.6 129.9 128.9 129,2 126.3 129.7 129,9 131.7 130.6 131.7 134,0 130.9 136,7 138.2 Mineral fuels.................................. 6,07 115.2 116.9 117.0 117.2 112,1 117.9 1’17.8 119.5 117.4 118.0 120.5 115.1 123.9 125.3 Nonresidential utilities. ................ 2.86 159.2 162.4 158.8 160.1 161.5 160.9 161.7 163.8 164.9 166.9 168.7 170,3 170.5 Electricity................... 2,32 161.0 163.4 160.8 162.3 163,5 162.7 163.4 166.0 166.4 168.7 170.7 172,2 172.5 General industrial.................. 1,03 157.7 159.8 159.3 161.3 160.7 158.4 162.0 163,0 163.7 163.9 166,5 168.2 169.2 Commercial and other........... 1.21 169.8 172.4 167.9 169.2 171.9 172.3 170.7 174.7 175.1 179.4 181,0 182.6 182.0 Gas.............................................. .54 151,2 Supplementary groups of consumer goods Automotive and home goods........... 7.80 159.9 158.2 158.1 158.1 158.5 161.7 163.0 166.7 166.9 166.8 167,6 168.4 166.1 165 6 Apparel and staples........................... 24.51 134,0 132.8 133.7 133.6 135.0 135.4 136.4 137,0 136.8 138.7 139.3 139.1 139.3 For notes sec opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
AUGUST 1966 INDUSTRIAL PRODUCTION: S.A. 1227 INDUSTRY GROUPINGS (1957-59=100) 19 p 5 r 7 o - 59 p 1965 1965 1966 Grouping por aver tion age June July Aug. Sept. Oct. Nov, Dec. Jan. Feb. Mar. Apr.' Mayr June Total index..................................... 100.00 143.3 142,7 144.2 144.5 143,5 145.1 146.4 148.7 150.2 151.9 153.4 153.8 155.2 156,2 Manufacturing, total......................... 86.45 144.9 144.1 145. 7 146.0 145.2 146.7 148.2 150.6 152.4 154.1 155.6 156.5 157,5 158,5 Durable.......................................... 48,07 148,4 148.1 150,0 150.5 148.2 150.3 151.3 155.0 157.6 159.7 161.7 162.8 164.2 165,2 Nondurable.................................... 38.38 140.7 139,0 140,4 140.4 141.3 142.1 144.2 145.1 146.0 147.0 147.9 148.5 149.1 150,2 Mining............................................... 8.23 114.4 115.3 116 0 117.0 112,6 115.8 116.0 117.9 117.2 117.7 120.2 115.8 121.4 122.6 Utilities............................................. 5.32 161,0 U6I.9 ’■161.2 '161.6 165.3 >-165.8 '165.3 '165.7 164.9 168,9 168.8 168.6 170.0 171,0 Durable manufactures Primary and fabricated metals...... 12.32 142.0 144.5 148.4 146.9 138.1 135.6 134.3 139.5 142.2 145.4 150.1 150.6 153.9 153.3 Primary metals.................................. 6.95 137.5 143,0 148.7 146.5 131.2 123.7 119.4 126.5 130,8 133,6 141.4 142,3 146.8 146.2 Iron and steel................................ 5.45 133.6 143.3 152,1 143.3 125.0 115.8 110,5 118,2 122.9 128.7 136.1 137.0 141.1 141.6 Nonferrous metals and products.. 1 .50 152,1 146.1 138,4 149.0 152.3 155.0 158.8 162.1 159.1 164.0 168,4 166,9 166,4 165,9 Fabricated metal products............... 5.37 147,8 146,4 148.0 147.5 147.0 150.9 153.6 156.3 157.0 160.7 161.4 161.4 163.0 162.4 Structural metal parts............. 2.86 145.4 144.3 145 5 145.0 144 7 148.2 152,6 154,0 154.2 158.9 158.9 159,1 158 4 158.8 Machinery and related products..... 27.98 154.3 153.4 154.8 155.8 155.8 160.0 161.8 164.9 168.2 169.9 170.7 172.3 173.8 175.5 Machinery,.................................... 14.80 160.4 159,0 160.6 161.4 162.3 166.0 167.5 170.7 174.3 176,7 176.0 178,4 180.7 182.8 Nonelectrical machinery................ 8.43 160.3 159.4 161.7 162.4 162.4 165.8 166.9 169.2 171.9 174.4 174,0 174.5 177.8 180.0 Electrical machinery...................... 6.37 160.6 158,4 159,2 160.1 162.1 166.2 168.4 172.8 177.6 179.8 178.8 183,6 184.5 186.5 Transportation equipment.. ............ 10.19 149,2 149.5 149.8 151 .5 149.4 155.0 157.3 160.7 163.1 163.2 165.8 166,0 165,9 167.0 Motor vehicles and parts.............. 4.68 175,2 178,0 177.4 177.5 175.2 177.1 178,0 179.2 176.7 175.5 178.1 176,8 170.5 169.3 Aircraft and other equipment.... 5.26 125,3 123,3 124.1 127.3 125.6 134.4 138.0 143.4 150.1 151.6 154.3 156,4 161.9 164,7 Instruments and related products . .. 1.71 151.4 149.8 152.1 152,6 155.7 158,0 159.0 162.2 166.0 169.4 171.9 174,6 176.4 176.5 Ordnance and accessories................. 1.28 Clay. glass, and lumber............ 4.72 127.6 124. 7 126.3 127.5 127.3 128.5 129.5 133.1 134.3 135.9 138.0 137.9 134,0 134.6 Clay^ glass,' and stone products........ 2.99 133.5 131,6 132.6 133.5 133.8 134.4 135.5 137,6 139.4 141,4 143.0 142,0 140.5 141.6 Lumber and products...................... 1.73 117,4 112.8 115.4 117.2 116.2 118,3 119,1 125.4 125.6 126.5 129.3 130,7 122.7 122.5 Furniture and miscellaneous............. 3.05 151.7 150.3 149.7 151.5 152.0 155,1 157.8 159.9 158.4 161.1 162.9 163.1 165.0 166.0 Furniture and fixtures....................... 1.54 157,4 156.8 155.8 156.3 156.8 159,7 162.6 164,3 165,4 166,8 168.8 169.6 172.0 172.6 Miscellaneous manufactures............. 1.51 146.0 143,6 143.5 146,6 147.1 150.4 153.0 155,5 151.2 155.3 156.8 156,4 157.9 159 3 Nondurable manufactures Textiles, apparel, and leather............ 7.60 135.7 134.5 134.7 134.1 135.5 137.3 138.8 140.3 139.1 139.8 139,5 141.5 140.5 141.7 Textile mill products........................ 2,90 134,8 132.2 133 8 134,8 135.7 137.7 139.4 140.3 140.1 140,7 140.7 141.7 142 1 143,7 Apparel products............................... 3.59 145.0 145.4 143.8 141.9 143.8 145.7 147.2 148,5 146,9 148.3 147.3 149.7 148.0 Leather and products........................ 1.11 107.8 105.1 107.7 107.0 108.2 109.3 110.1 113.9 111.7 110,1 111.4 114.7 112.0 Paper and printing.............................. 8.17 135.3 134.0 135.9 136.4 135 4 136.4 139.2 139.9 141.1 142.5 143.7 143.3 146.7 148.1 Paper and products........................... 3.43 142.3 139.4 142.1 141.1 143.9 143.6 147.4 147.7 148.4 148.5 150.2 150.2 153.1 153.6 Printing and publishing..................... 4.74 130.3 130,0 131.3 133.0 129,3 131.1 133.2 134.2 135,7 138.2 139.0 138.4 142.1 144.1 Newspapers.................................... 1.53 124.2 124.7 126.2 129.7 120.1 125,1 127.2 129.5 130.2 130.4 130.7 127.7 133.8 135.4 Chemicals, petroleum, and rubber.... 11.54 164.6 161.6 164.1 164.9 166.9 167.7 170.1 171.7 173.6 174.1 175.8 177.8 179.1 180.7 Chemicals and products................... 7.58 173.3 169.9 172,8 174,2 176.6 177.1 178.5 180.6 181.9 184,3 186.2 188.1 190.5 193 0 Industrial chemicals....................... 3.84 196.1 192,9 194,9 195.7 199.9 200.9 202.9 206.3 206.3 209,4 212.2 214 9 216.6 Petroleum products................ 1.97 123 4 121,8 124,5 125,8 125.1 124.0 126.1 127.8 130.5 125.5 125.6 127.7 127.4 125 8 Rubber and plastics products....... 1.99 172.2 169.1 170.2 168.1 171.2 175.5 181,6 181.3 184,6 183,3 185.7 188,2 186.7 Foods, beverages, and tobacco........... 11.07 123.1 122.3 122.9 122.3 123.1 123.0 124.5 124.7 125.5 127.0 127.6 126.6 125.6 125.8 Foods and beverages......................... 10.25 123.3 122.3 123 1 122.4 123.2 123.6 125.0 125.3 126.0 127.0 127.7 127.5 126.2 126 4 Food manufactures....................... 8.64 122.4 121.2 122,6 121.9 121.8 122.1 123.5 123.6 124.6 125.5 125.7 126,0 124.4 125.5 Beverages........................................ 1.61 128.4 128.5 125.9 125,0 131.0 131.8 133.0 134,3 133,2 135.1 138.3 1 35.6 135.9 Tobacco products............................. .82 120.5 121,8 119.9 120.7 120.6 114.5 118.9 117,1 119.6 126.7 126,8 115.8 117.9 Mining Coal, oil, and gas............................... 6.80 112.2 113.3 113.7 114.4 109.9 114.5 114.1 115.2 113.6 114.3 116.9 111.8 118.9 119.9 Coal.................................................... 1.16 111.8 117,1 117.1 115.2 106.7 116.8 115,7 118,5 114.4 111,2 117 7 85 3 116.9 120 7 Crude oil and natural gas................. 5.64 112,3 112,5 113.0 114.2 110.6 114.0 113,8 114,5 113.4 115.0 116.7 1172 119.3 119.7 Oil and gas extraction........... 4.91 116.0 116.9 117.0 117.6 113.4 118.1 118.3 119,8 118.1 119,6 121.2 122.2 125.6 126.4 Crude'oil.................................... 4.25 111.8 112.2 112.1 113.4 108.5 114.0 114.5 116,0 114.1 115.1 117.0 117 2 121.3 121.9 Gas and gas liquids.............. .66 142.8 146,5 147.9 144.6 144.8 144,5 142.6 143,9 143.3 148.4 148,1 154.0 Oil and gas drilling........................ .73 87.1 82.9 86,0 91.2 91.3 86.4 83.5 78.8 81.9 83,8 86.2 83 6 77.0 74.6 Metal, stone, and earth minerals....... 1.43 124.8 124.9 126.9 129.6 125.3 121.7 125.1 130.7 134.6 133.6 136.0 134.8 133.1 135.7 Metal mining........................ .61 122.6 123.7 126.4 130.2 122.4 116,5 114,2 120.6 133.4 130.8 134,5 140.0 140.7 139.0 Stone and earth minerals.................. .82 126.5 125.8 127.3 129.1 127.4 125.5 133.2 138,2 135.5 135.6 137,1 130.9 127 5 133,3 Utilities Electric............................................... 4.04 165.5 167.1 165.8 166,2 170.9 171.3 170,5 170,9 169.7 174.7 174.2 173,6 175 3 Gas...................................................... 1.28 147.0 145.6 146.8 147,2 147.7 148.5 148.9 149.3 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
1228 INDUSTRIAL PRODUCTION: N.S.A. AUGUST 1966 MARKET GROWINGS (1957-59=100) 1957-59 *1965 1965 1966 Grouping p p o ro r a a v g e e r tion June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.r Mayr June Total index..................................... 100.00 143.3 145.2 139.3 143,2 145,9 149,9 148,1 146.6 148.3 152.0 154.6 154,6 156.1 159.3 Final products, total.......................... 47.35 142.4 143.2 138.3 141.1 145.7 151.4 148.7 146.4 148.5• 151.6 153.2 152.3 152.9 157.3 Consumer goods........................... 32.31 140.2 141.6 135.2 138.9 143.8 150.1 145.2 140.0 142.2 145.6 146,4 145.0 144.8 149.4 Equipment, including defense.... 15.04 146.9 146.8 144.9 145.9 149.7 154.2 156,1 160.3 162.1 164.6 167.8 167.9 170.3 174.3 Materials............................................ 52.65 144.1 147.0 140.3 145.1 146.2 148,6 147.6 146.8 148.1 152.4 155.7 156.7 159,0 161.0 Consumer goods Automotive products.......................... 3.21 167.1 180.3 158.5 106.8 129.4 185.3 184.7 172.4 178.1 177.7 180.9 178.6 170.9 174.2 Autos.................................................. 1.82 182.6 208.6 171.7 72.8 114,0 206.4 211.7 191.5 198.3 195.6 202.2 196.8 184.3 190,4 Auto parts and allied products..... 1.39 146.8 143.1 141.2 151.7 149,8 157.5 149.0 147.3 151.4 154.1 153.0 154,8 153.3 152,8 Home goods and apparel................... 10.00 143.7 145.2 129.9 142.1 148.9 155.8 149.8 144.0 144.9 154.1 155,0 153.7 153,0 156.0 Home goods...................................... 4.59 154.7 155.6 138.9 145.6 161.7 167.6 165.4 166.0 159.9 165.8 166.7 168.7 168.5 171 0 Appliances, TV, and radios.......... 1 .81 152.4 158.1 126.5 129.2 158,1 166.0 162.0 160.9 160.1 168,2 166.4 174.2 169.4 171.7 Appliances.................................. 1.33 153.3 165.4 130.2 123.9 154.3 157.3 155.3 157.6 159.6 170.7 165.2 179,9 174.5 177.2 TV* and home radios................. .47 149.8 137.5 115.9 144.2 168.7 190.6 181.0 170,4 161.5 161.1 170.0 158.3 154.7 156.3 Furniture and rugs...................... 1.26 154.2 151.7 145.8 156.1 158.5 163.0 163.2 167.0 159,7 162.0 163.5 161.6 162.7 167,2 Miscellaneous home goods........... 1.52 158.0 155.7 148.2 156.4 168.7 173.2 171.4 171,3 159.8 166.1 169.6 168.0 172.2 173.3 Apparel, knit goods, and shoes........ 5.41 134.3 136.5 122.3 139.2 138.0 145.9 136.5 125.3 132.3 144.2 145,2 141.0 140.0 Consumer staples...................... 19.10 133.9 133.1 134.0 142.6 143.6 141.2 136.2 132.5 134.7 135.7 136.1 134.8 136.1 141.7 Processed foods................................. 8.43 122.2 118.8 122.4 133.5 137.7 136.7 128.6 119.8 116.9 116.9 116.8 117.1 117.7 123 9 Beverages and tobacco...................... 2.43 125.7 144.4 127.6 134.8 131.2 129.4 123.0 108,9 112.7 120,4 130.7 131.6 139.0 Drugs, soap, and toiletries............... 2.97 157.0 156.3 153.9 163.6 162.9 162,4 161 .7 159,4 165.6 165.5 166.7 167.3 171 8 180 7 Newspapers,' magazines, and books. 1.47 127.1 124.6 126.1 129.7 129,6 128,1 127.6 130.1 130.7 133.1 136.2 134.6 136.5 137.9 Consumer fuel and lighting.............. 3.67 149.8 142.8 151.9 156.5 155.1 146.7 144.8 156,2 165.5 165.2 158.5 150,3 146.6 Fuel oil and gasoline..................... 1.20 122.4 121.4 125.1 126,7 122,6 121.6 125.8 129,4 130.3 127.3 123.9 121.7 124.4 127.2 Residential utilities........................ 2.46 163.2 Electricity............................. 1.72 171.6 156.7 172,6 181.6 182,8 165.5 158.5 180.2 199.7 200.7 188.3 171.9 i62.0 Gas.............................................. .74 144.0 Equipment Business equipment............................. 11.63 156.6 157.3 153.9 154.9 159.8 163.8 164.9 169.7 170.9 173.9 177.7 177,6 179.4 184.1 Industrial equipment........................ 6.85 153.1 153.3 153.5 153.3 156.7 158.4 159.7 163.4 162.9 165.3 167.6 167.3 168.7 174.6 Commercial equipment............ 2.42 164.4 164.6 162,9 165.5 168.9 172.6 174.8 179.7 177.7 179.5 182,5 182 9 187.8 191,6 Freight and passenger equipment... 1.76 162.4 164.1 148,8 157.1 164.2 178.7 176,8 184.2 194.9 198,9 207.9 209.4 211.0 213.6 Farm equipment................................ .61 148.1 152.8 137.9 125.4 145.5 146.1 149.2 159.8 164.1 176.3 185,1 179.9 175 1 Defense equipment...................... 3.42 Materials Durable goods materials.................... 26.73 144.2 149.5 142.9 144.5 146.6 147.6 145.4 145.9 247.4 151.7 155.8 158.5 160.5 162 6 Consumer durable............................. 3.43 166,8 171.6 158.1 144.4 165.4 171.2 173.2 176,7 176.0 176.2 174.2 174,1 171.0 166^9 Equipment.......................................... 7.84 151.9 151.5 148.5 150.1 152.7 157.9 160.2 165,6 167.3 171.5 173.8 175,5 178.3 180.9 Construction............................... 9.17 133.8 141.2 139,3 144.0 142.6 142.7 136.9 131.9 129.0 132.1 137.5 143,5 145.9 152 1 Metal materials n.e.c,........................ 6.29 137.6 146.9 133,1 138.3 134.5 129.2 124.2 124.8 133 9 142.0 150.2 150.9 153.8 152.8 Nondurable materials.............. 25.92 144.0 144.5 137.5 145.7 145.8 149.7 149.9 147.7 148.7 153.1 155.6 154.9 157.5 159 3 Business supplies............................... 9.11 136.5 137.0 128.4 137.2 139.8 144.1 143.5 137,5 137.9 143.5 149.0 149 9 151 ;2 152 9 Containers...................................... 3.03 136.6 138.6 130.7 145.3 143.1 144.8 140,6 127.8 133.8 141.7 145.9 148 2 148.8 151 2 General business supplies............. 6.07 136.5 136.2 127.2 133.2 138.1 143.7 144.9 142.4 140.0 144.4 150.5 150.8 152,4 153 7 Nondurable materials n.e.c......... 7.40 173.9 173.7 163.9 174.8 176.5 180.4 182.7 180.1 183.9 190,8 190.7 193.0 194,3 195 5 Business fuel and power................... 9.41 127.6 128.8 125.7 131.2 127.5 130.9 130.2 132,1 131.5 132,7 134.4 129.7 134,7 137 1 Mineral fuels.................................. 6.07 115.2 114.9 109,3 115.7 110.9 118.8 119.3 121,3 119.4 121 6 123.2 116.5 122.7 122 3 Nonresidential utilities.................. 2.86 159.2 Electricity................................... 2.32 161.0 164.8 168.9 174,8 171.9 165,1 160.4 162.5 163.7 162.1 164.8 164.1 167,8 General industrial. ................ 1.03 157.7 161.2 158.5 164.5 163.1 161.9 162.0 161.4 162.9 159.6 164.8 166.0 170.0 Commercial and other........... 1.21 169.8 174.1 184.2 190.3 186.0 174.0 164,9 169.5 170.7 170.4 171.2 168.9 172.4 Gas............................................ .54 151.2 Supplementary groups of consumer goods Automotive and home goods........... 7.80 159.9 165.8 147.0 129.6 148.4 174,9 173.4 168,7 167.4 170.7 172.5 172.8 169 5 172,3 Apparel and staples.......................... 24.51 134.0 133.6 131.4 141,8 142.3 142,2 136.2 130.9 134.1 137.6 138,1 136.2 136.9 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
AUGUST 1966 INDUSTRIAL PRODUCTION: N.S.A. 1229 INDUSTRY GROUPINGS (1957-59=100) 19 p 5 r 7 o - 59 ^1965 1965 1966 Grouping por aver tion age June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.r Mayr June Tctal index -.................................. 100.00 143.3 145,2 139.3 143.2 145.9 149.9 148.1 146.6 148.3 152.0 154.6 154.6 156.1 159.3 \Annitfftfttiirin& total* 86.45 144.9 147.2 140.3 143.9 147.5 152.3 150.5 148.3 149,9 154.1 157.1 157.8 159.0 162.1 Durable ...................................... 48.07 148.4 151.7 144.9 143.3 148.3 154.6 154.5 155.4 156.3 160,2 163,9 164,9 166.2 169.0 Nondurable ................................... 38.38 140.7 141.5 134,6 144.7 146,5 149.4 145.5 139.3 141.9 146.5 148,5 148.9 149.9 153.5 Mining ......,,..,..,.•••■■••-•■ 8.23 114.4 115.9 112.3 118.2 114.2 118.4 117.2 117.4 115,6 116.9 118.7 115.6 121.9 122.8 u iiiines.............................................. 5.32 161.0 Durable manufactures Primary anti fabricated metals...... 12.32 142.0 147.4 138.7 143.1 141.1 139.0 136.7 137.0 141.3 147.4 153.4 154.2 155.7 156,3 Pv Ir fimiliaalr y muievtiaalus............................................... 6.95 137.5 145.9 133.1 137.4 131,1 126.2 121,8 122.7 132.1 141.2 150.2 150.4 150.6 149.1 Ipnn and steel................................. 5.45 133.6 143.3 135.4 134.7 125.0 117.5 111.6 115.2 125.4 134.2 142.9 143.9 143.9 141.6 Nonferrous metals and products.. 1.50 152.1 155.2 124.6 147.5 153.4 157.9 158.8 149.8 156.4 166.5 176.8 174.2 175.2 176,2 Fabricated metal products................ 5.37 147.8 149.3 145.8 150.4 154.1 155.4 156.1 155.5 153.2 155.4 157.5 159.0 162.2 165.6 Structural metal parts................... 2.86 145.4 147.2 145.5 148,6 150.5 152.6 154.9 155.5 151.1 152.5 152.7 154.3 157.6 162.0 Machinery and related products. .... 27.98 154.3 156.5 149.4 142.5 152.0 163.3 165.6 168.1 169.5 172.2 174.4 175.0 176.0 179.0 Machinery...................................... 14.80 160.4 161.7 155.0 155,3 163.3 167.8 169,2 173.7 173.4 177.8 179.2 180.8 182.3 186.3 Nonelectrical machinery............... 8.43 160.3 163.2 159.3 154.8 160.3 162.8 165.1 171.2 171.9 176,1 178.9 179.7 182.2 184.3 Plertriral mar.hinerv...................... 6.37 160.6 159.8 149.2 156.0 167.3 174.3 174,6 177.1 175.5 180.1 179.6 182.4 182.5 189.0 Transportation equipment................ 10.19 149.2 153.9 144.0 123.8 137.3 160.9 164,6 164.6 168.0 168.0 171.3 170.6 169.7 171.3 Motor vehicles and parts.............. 4.68 175.2 189,0 168.5 120.2 149.5 189.4 191.8 184.9 186.6 184.1 187.2 185.0 178.6 180.8 Aircraft and other equipment.... 5.26 125.3 121.6 121.1 125.0 125.1 135.1 140.1 146.3 151.6 153.4 156.6 157,2 161.3 162,4 Instruments and related products. .. 1.71 151.4 151.3 150.6 153.8 157.4 159.7 161.9 164.1 164.8 168.6 171.0 170.2 174.6 178.3 1.28 C^lmi rrlficc fin pl lumber ............ 4.72 127.6 135.5 133.0 139.8 138.0 138.0 130.1 123,6 120.0 125.1 131.6 136.5 138.1 144.0 Clay, glass, and stone products........ 2.99 133.5 142.1 141,9 146.2 143.2 144.5 138.2 131.7 125.5 127.3 136.6 141.3 144.7 151.5 Lumber and products............... 1.73 117.4 124.1 117.7 128.9 129.0 126.6 116.1 109.7 110.5 121.4 122.8 128.1 126.7 131.1 Tfumiture pm pl mi^celianeaus. 3.05 151.7 150.5 146.4 156.3 159.0 163.4 163.1 162.4 152.2 156.4 159.9 159.2 162.9 167.3 Furniture and fixtures....................... 1.54 157.4 156.5 154.2 161.5 162.8 165.8 165.5 169.2 162.1 163.5 166.8 165.0 168.6 174.3 Miscellaneous manufactures............. 1.51 146.0 144.3 138.5 151,0 155.2 160.9 160,6 155.5 142.1 149.1 152,9 153.3 157.1 160.1 Nondurable manufactures Textiles apparel and leather. ...... 7.60 135. 7 137.4 121.9 138.4 137.4 144.8 138.7 128.8 137,1 146.5 146.6 144.2 143.6 145.4 Textile mill products....................... 2.90 134,8 136.8 121.5 138.2 136.4 141.8 140,1 130.5 139.4 143.5 143.5 145.9 147.8 148.7 Apparel products . ....................... 3.59 145.0 147.6 130,1 146.2 146.7 157,4 147.2 134.4 143.2 157.9 158.4 152,7 150.2 Leather and products....................... 1.11 107.8 106.2 96,4 114.0 109.8 112,0 107.9 106.3 111.1 117.7 117.0 112,4 111.4 Paper and printing............................. 8.17 135.3 134.7 127.3 135.6 137.8 142.8 142.1 137.3 137.5 142,6 145.9 146,5 147.9 148.0 Paper and products.................... ■ • • 3.43 142.3 142.2 130.7 144.2 146,8 152,9 148.1 137.4 146,2 152,2 153,2 154,7 153.9 154.4 Printing and publishing............ 4.74 130.3 129.3 124,8 129,3 131.4 135.4 137.8 137.3 131.2 135.7 140.7 140,5 143.5 143.3 N/ewcpapers .............>.*■■ 1.53 124.2 125.3 109.8 117.4 120.9 134.2 139.9 132,7 119.3 126.1 135.1 136.8 142.6 136,1 Chemicals, petroleum, and rubber.... 11.54 164.6 165.4 159.1 166.3 168.9 170.7 169.2 168.3 172.5 176.4 178.4 180,8 181.6 186.7 Chemical® and products........... 7.58 173.3 174.1 168.6 176,0 178.1 178.3 178.1 177.8 180.8 187.0 189.4 192,5 194.0 198.7 Industrial chemicals..................... 3,84 196.1 195.8 190.0 196.7 201.9 201.9 204.5 207,3 205.3 215.7 216.4 219.2 219.8 Petroleum products........................... 1.97 123.4 125.5 130.1 132.1 127.6 125.2 124.5 124.7 126.6 123.0 121.2 122.6 126.1 129.6 Rubber and plastics products........... 1 .99 172.2 171.6 151.5 163,1 175.1 186.9 179.8 175.0 186.4 188.8 193.3 194,0 189.5 Poods beverages and tnhaccn....... 11.07 123.1 124.4 123.2 133.3 135.9 135.1 127.8 118.0 116.6 118.3 120.4 120,5 122.8 128.7 Foods and beverages......................... 10.25 123.3 123.9 124.6 133.5 136.7 136,0 128.3 119,8 116.5 117.7 120,0 120.9 122,8 128,9 Food manufactures....................... 8.64 122.4 118.7 122.0 132,9 137.2 136,8 129.1 120,5 117.7 117.7 117,5 117,4 118.2 124,1 Revera ges ................................. 1,61 128.4 151.6 138.5 136.9 134.3 131,8 123.8 115.8 109.9 117.4 133,6 139.7 147.6 Tobacco products. ..................... .82 120.5 130.3 106.1 130,6 125.3 124.7 121.3 95.3 118.3 126.1 124.9 115.6 122.1 Mining Coal oil andgav. .................... 6.80 112.2 111.3 106.9 113.3 109.0 115.6 115.7 117.2 115.5 117,4 118.6 112,5 117.4 117.0 Goal................................................... 1.16 111.8 116.6 90.2 121.2 112.9 127.3 120.4 116,4 112.1 112.5 118,6 85,9 118.1 120.0 Crude oil and natural gas............... • 5.64 112.3 110.2 110.3 111.7 108.2 113.1 114.7 117,3 116.2 118,4 118,6 118.0 117.3 116.4 Oil BPd gas extraction................. . 4.91 116.0 114.5 113.8 114.4 110.4 116.8 119.0 122.5 121.1 123.8 124.3 123.7 123.7 122.9 Crude oil.................................... 4.25 111.8 111,1 109.9 111.1 106.3 112.9 114.5 117.2 115.8 118.6 119.3 119.1 120.1 119.5 Gas and gas liquids........... .66 142.8 136.4 139.0 135.8 136.7 141.5 147.9 155,8 155.1 156.9 156.1 153,2 Oi| and gas drilling.................... • .73 87.1 81.2 86.6 93.3 93.2 88.6 85.6 82.6 83,1 81.8 79.9 79,3 73.6 73,0 Metal, stone, and earth minerals....... 1.43 124.8 138.0 138.1 141.8 138.7 132.0 124.4 118.5 115.8 114.6 119.3 130.6 143.5 150.1 Metal mining..................................... .61 122.6 139.8 135,2 140.6 138.3 124.7 110.8 108,5 117.4 117.7 119.7 130.2 154.8 157.1 Stone and earth minerals.................. .82 126.5 136.7 140.2 142.7 138.9 137.4 134.5 125.8 114.6 112.4 119.0 130.9 135.1 144.9 Utilities Flectric.. ,...................,<,.,■ 4.04 165.5 161.4 170.5 177.7 176.6 165.3 159.6 170.0 179.1 178.6 174.8 167.4 165.3 Gas r.--............ 1.28 147.0 Note.—Published groupings include some series and subtotals not Industrial Production—1957-59 Base. Figures for individual series and shown separately. A description and historical data are available in subtotals (N.S.A.) are published in the monthly Business Indexes release. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1230 BUSINESS ACTIVITY; CONSTRUCTION AUGUST 1966 SELECTED BUSINESS INDEXES (1957-59=100) Industrial production Manu Prices 4 facturing 2 Nonag- Major market groupings Con ricul- Period Total Final products Mate Ma g j r o o r u p in in d g u s stry s t c t r t i a r o o u c n n c t s T m p t e o u e l m t o r n a a y t l l — i p m E lo e m n y t - r P o a l y ls F l i c o r n e a a g i r d g s - ht s T r a e o l t e a ta s il l 3 s C um on e r W c s o a h 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 n s modity 1950..................... 74.9 72.8 78.6 56.4 76.9 75.8 83.2 49.5 61 86.1 99.4 68.9 117.1 72 83.8 86.8 1951..................... 81.3 78.6 77.8 78.4 83.8 81.9 91.3 56.4 63 91.1 106.1 80.2 121.5 76 90.5 96.7 1952..................... 84.3 84.3 79.5 94.1 84.3 85.2 90.5 61.2 67 93.0 106. 1 84.5 115.0 79 92.5 94.0 1953..................... 91.3 89.9 85.0 100.5 92.6 92.7 92.9 66.8 70 95.6 111.6 93.6 116.6 83 93.2 92.7 1954..................... 85.8 85.7 84.3 88.9 85.9 86.3 90.2 71.8 76 93.3 101.8 85.4 104.6 82 93.6 92.9 1955..................... 96.6 93.9 93.3 95.0 99.0 97.3 99.2 80.2 91 96.5 105.5 94.8 115.3 89 93.3 93.2 1956..................... 99.9 98.1 95.5 103.7 101 .6 100.2 104.8 87.9 92 99.8 106.7 100.2 115.9 92 94.7 96.2 1957..................... 100.7 99.4 97.0 104.6 101.9 100.8 104.6 93.9 93 100.7 104.7 101.4 108.2 97 98.0 99.0 1958..................... 93.7 94.8 96.4 91.3 92.7 93.2 95.6 98. 1 102 97.8 95.2 93.5 93.8 98 100.7 100.4 1959..................... 105.6 105.7 106.6 104.1 105.4 106.0 99.7 108.0 105 101.5 100.1 105.1 97.9 105 101.5 100.6 1960..................... 108.7 109.9 111.0 107.6 107.6 108.9 101.6 115.6 105 103.2 99.9 106.7 95.3 106 103. 1 100.7 1961..................... 109.7 111.2 112.6 108.3 108.4 109.6 102.6 122.3 108 102.8 95.9 105.4 91.2 107 104.2 100.3 1962..................... 118.3 119.7 119.7 119.6 117.0 118.7 105.0 131.4 120 105.7 99. 1 113.8 92.4 115 105.4 100.6 1963..................... 124.3 124.9 125.2 124.2 123.7 124.9 107.9 140.0 132 107.8 99.7 117.9 93.3 120 106.7 100.3 1964..................... 132.3 131.8 131.7 132.0 132.8 133.1 111.3 151.3 137 110.8 101.4 124.2 95.5 127 108.1 100.5 1965*................... 143.3 142.4 140.2 146.9 144,1 144.9 114.4 161 .0 143 115.1 106.2 135.9 96.6 138 109,9 102,5 1965—June......... 142.7 140.7 138.7 144.9 144.5 144.1 115.3 162.5 139 114.8 105.9 134.5 93.8 136 110.1 102.8 July.......... 144.2 141.7 139.3 147.0 146.4 145.7 116.0 161.3 149 115.2 106.4 135.3 95.1 138 110.2 102,9 Aug.......... 144.5 142.3 139.5 148.4 146.1 146.0 117.0 161.4 139 115.4 106.7 135.7 94,3 138 110.0 102.9 Sept.......... 143.5 143.3 140.7 149.0 143.7 145,2 112.6 165.3 147 115.7 106,8 136.7 93.5 139 110,2 103.0 Oct.......... 145.1 145.7 141.7 154.3 144,3 146,7 115.8 165.7 147 116.1 107.2 138.6 93.4 142 110,4 103.1 Nov.......... 146.4 147.4 142.8 157.3 145.6 148.2 116.0 165.1 141 1 17.0 108.3 140,7 97.9 144 110,6 103.5 Dec........... 148.7 148.8 144.1 158.8 148.7 150.6 117.9 165.5 153 117.8 109.0 142,5 102.4 145 111.0 104.1 1966—Jan........... 150.2 149.5 144.1 161.3 150.4 152.4 117.2 164.9 152 118.3 109.6 144.6 99.3 146 111.0 104.6 Feb........... 151.9 151.4 145.5 164.1 152.0 154. 1 117.7 168.9 157 119.0 110.6 146.9 97,2 148 111,6 105,4 Mar.......... 153.4 152.4 146.0 166.2 154,3 155.6 120.2 168.8 158 119.8 111.2 147.5 100.2 149 112.0 105.4 Apr........... ’•153.8 ’•152.8 "146.2 166.9 154,6 r156.5 115.8 '168.6 161 119.8 111.6 148.2 97.0 146 112.5 105,5 May......... ’■155.2 ’■153.4 r145.8 '169.9 ’’156.6 ns?.5 ’■121.4 *■170.0 156 *•120,0 *■111.9 '148.3 100.0 *■143 112,6 105,6 June......... *•156.2 *■154.7 ’■146.4 '•172.5 ••157.9 158.5 *•122.6 '171 .0 147 ’■120.9 ni2.9 ’■149.5 '95.1 '148 112,9 105.7 JulyP........ 157.5 155.2 146.1 174.8 160.0 159.8 122.6 174.0 121.2 112.8 149.1 93.6 149 106.4 i Employees only; excludes personnel in the armed forces. value of total construction contracts, including residential, nonresidential, 2 Production workers only. and heavy engineering; does not include data for Alaska and Hawaii. 3 F.R. index based on Census Bureau figures. Employment and payrolls: Based on Bureau of Labor Statistics data; 4 Prices are not seasonally adjusted. includes data for Alaska and Hawaii beginning with 1959. Prices: Bureau of Labor Statistics data. Note.—Data are seasonally adjusted unless otherwise noted. Freight carloadings ; Based on data from Association of American Construction contracts: F. W. Dodge Co. monthly index of dollar Railroads. CONSTRUCTION CONTRACTS (In millions of dollars) 1965 1966 Type of ownership and 1964 1965 type of construction June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June 47,330 49,272 4,625 4,795 4,265 4,141 4,356 3,745 3,698 3,374 3,270 4,737 5,098 5,132 4,854 By type of ownership: Public............................................ 15,371 16,302 1,553 1,750 1,313 1,332 1,294 1,163 1,304 1,125 1,066 1,463 1,574 1,902 1 ,937 Private.......................................... 3C959 32^970 3^072 3; 045 2’952 2'809 3,061 2,582 2; 395 2’249 2; 204 3,274 3,524 3; 230 2,916 By type of construction: Residential building, 20,565 21,247 2,080 1,952 1,971 1,743 1,897 1,696 1,446 1 290 1,299 2 004 2,081 1,970 Nonresidential building............... 15'522 17,219 1,551 1'691 1'507 1'464 1’582 1,328 1 '433 1,177 1,259 1,726 1,883 1 '826 Nonbuilding................................. 11'244 10^05 993 1J51 '788 '934 ’877 ■721 ’819 906 ’712 i;oo7 1J34 1335 .......... Note.—Dollar value of total contracts as reported by the F. W. Dodge data exceed annual totals because adjustments—negative—are made to Co. does not include data for Alaska or Hawaii. Totals of monthly accumulated monthly data after original figures have been published. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
AUGUST 1966 CONSTRUCTION 1231 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Business Other Conser Period Total Total d N e f r a e n o r s t m n i i a l Total In tr d ia u l s m C e o rc m ia l P ut u i b li l t i y c n d r t e o i e a s n n i l - - - Total M ta i r l y i H w i a g y h d v e m a v t e & e i n o l o t n p Other 1 1956............................. 47,601 34,869 20,178 11,076 3,084 3,631 4,361 3315 12,732 1,360 4,415 826 6,131 1957............................. 49,139 35,080 19^006 12;029 3,557 3,564 4,908 4,045 14359 1,287 4334 971 6367 1958. ......................... 50,153 34*696 19'789 10;659 2,382 3,589 4,688 4,248 15,457 1,402 5345 1,019 7,491 1959 2 55,305 39,235 24,251 10,557 2,106 3,930 4,521 4,427 16,070 1,465 5,761 1,121 7,723 1960. 53,941 38,078 21*706 1^652 2351 4,180 4321 4,720 15363 1366 5337 1,175 7385 1961............................. 55,447 38,299 21'680 11;?89 2,780 4,674 4,335 4,830 17,148 1,371 5,854 1,384 8339 1962 3 . .................... 59,667 41*798 24*292 12316 2,842 5,144 4,330 5,190 17,869 1 ,266 6,365 1,524 8,714 1963 62,968 43,642 25',843 12397 2; 906 4,995 4,596 5,302 19,326 1,227 7,091 1,690 9,318 1964. 66,221 45,914 26,507 13,828 3,572 5,406 4,850 5,579 20,307 968 7,144 1,729 10,466 1965............................. 71,903 49,999 26,689 16,968 5,086 6,704 5,178 6,342 21,904 883 7,539 2,032 11,450 1965—-June.................. 71,756 50,317 27,224 16,812 5,426 6,199 5,187 6,281 21,439 834 7,523 2,112 10,970 July................... 70'358 49'122 26*983 15374 4307 5,882 5,185 6,165 21336 980 7399 1,770 10,987 Aug................... 70,863 49,222 26,621 16,354 4373 6,239 5,142 6,247 21341 910 7,494 2,016 11,221 Sept................... 72,830 50,167 26,413 17,506 5,321 6,977 5,208 6,248 22363 1,025 7,689 2,075 11’,874 Oct.................... 72,687 50^084 26,343 17',320 5,068 7,056 5,196 6,421 22,603 832 7',734 2,007 12,030 Nov.................. 74,039 51'209 26,243 18326 5,291 7,706 5,429 6340 22,830 967 7398 2,327 12'138 Dec................... 76'046 53^45 26,684 19379 6,250 8,'017 5,412 7382 22 301 760 7,559 2321 11,961 1966--Jan.................... 76,055 53,285 27,460 19,053 5,987 7,846 5,220 6,772 22,770 733 7,507 2,339 12 191 Feb.................... 77,017 54^290 27l463 19335 6329 7,294 5,512 7,392 22,727 823 7,457 2373 12,174 Mar.................. 78,140 55,066 27,279 20,154 7,*073 7,672 5,'409 7333 23,074 1,009 7,409 2317 12,239 Apr................... 76'844 54*347 27*437 19,730 7; 175 7,097 5,458 7,180 22,*497 7,360 2,219 May*................ 74,087 51'790 26,992 17,744 6,511 5; 932 5,301 7354 22397 7,309 2,128 Tijnep................ 73i697 51,210 26;402 5,421 22,*487 7,'259 i Sewer and water, formerly shown separately, now included in Other. Note.—Monthly data are at seasonally adjusted annual rates. Be 2 Beginning with 1959, includes data for Alaska and Hawaii. ginning with 1959, figures are Census Bureau estimates. Data before 3 Beginning July 1962, reflects inclusion of new series affecting most 1959 are joint estimates of the Depts, of Commerce and Labor. private nonresidential groups. 4 Beginning 1963, reflects inclusion of new series under Public (for State and local activity only). NEW HOUSING STARTS (In thousands of units) Annual rate, By area By type of ownership S.A. Government- (private only) underwritten Period Total Private Metro Non politan metro Public Total N fa o rm n politan Total fam 1- i ly fam 2- i ly M fam ul i t l i y Total FHA VA 1955............................. 1,646 1,627 19 670 277 393 1956............................. 1349 1325 24 465 195 271 1957............................. 1,224 1,175 49 322 193 128 1958............................. 1382 1,314 68 439 337 102 1959............................. 1,554 1,077 477 1,517 1,234 56 227 37 458 349 109 I960............................. 1,296 889 407 1,252 995 44 213 44 336 261 75 1961............................. 1365 948 417 1313 975 44 295 52 328 244 83 1962............................. 1392 1,054 439 1363 992 49 422 30 339 261 78 1963............................. 1341 i;i51 490 1,609 1,021 53 535 32 292 221 71 1964............................. 1391 1119 472 1357 *972 54 532 33 264 205 59 1965 ............................. 1343 l,*068 475 1,505 962 50 493 38 249 197 53 1965—June.................. 1,566 1,539 162 115 48 156 100 6 50 7 25 19 5 July................... 1373 1,447 144 95 49 141 94 5 43 3 22 17 5 Aug................... 1,427 11409 138 95 43 135 88 5 42 3 22 18 5 Sept................... 1,453 1336 126 88 38 124 80 4 40 2 21 17 4 Oct.................... 1,411 1380 136 95 41 134 87 4 43 2 22 18 4 Nov............. 1,547 1331 118 79 39 116 71 4 41 2 20 16 4 Dec................... 1369 1 335 103 76 27 102 60 3 39 1 18 15 3 1966—Jan..................... 1,611 1,585 87 62 26 85 48 3 34 3 16 13 3 Feb.................... 1,374 1 349 81 56 26 78 47 3 29 3 15 12 2 Mar................... 1,569 1,538 131 91 40 126 81 5 41 5 23 19 3 Apr................... 1,502 1 381 149 107 42 147 95 5 47 2 22 18 3 May.......... Pl 395 ”1,264 p|37 90 47 ”133 87 4 42 *4 18 14 3 June.................. J>1,288 ”i;264 P131 86 45 P128 86 4 38 »3 19 15 4 Note,—Beginning with 1959, Census Bureau series includes both farm available by area or type of structure. Data from Federal Housing and nonfarm series developed initially by the Bureau of Labor Statistics. Admin, and Veterans Admin, represent units started, based on field office Series before 1959 reflect recent Census Bureau revisions which are not reports of first compliance inspections. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1232 EMPLOYMENT AUGUST 1966 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons unless otherwise indicated) Civilian labor force, S.A. Period i p T n o s o N t p t i a t u . u S l l t a . n i A t o o i . o n n n a - l l N ab N o o t . r S i . n f A o t . r h c e e T l f S a o o b . r A t c o a e . r l Total I E n m n p o l n o a y g e r d i- 1 U pl n oy em ed U (p n e e m r S r a m . e A t c e n p e . 2 t l n o t y ) Total cultural agric I u n l ture industries I960.......................... 125,368 52,242 73,126 70,612 66,681 60,958 5,723 3,931 5.6 1961........................... 127,852 53,677 74,175 71,603 66,796 61,333 5,463 4,806 6.7 1962........................... 13O;O81 55,400 74,681 71,854 67,846 62^57 5,190 4,007 5.6 1963.......................... 132,125 56,412 75,712 72,975 68,809 63,863 4,946 4,166 5.7 1964.......................... 134,143 57,172 76,971 74,233 70,357 65,596 4,761 3,876 5.2 1965.......................... 136,241 57,884 78,357 75,635 72,179 67,594 4,585 3,456 4.6 1965 July................ 136,252 55,102 78,747 76,054 72,618 67,979 4,639 3,436 4.5 Aug............. . 136,473 56^10 78465 75;?72 72,387 67,815 4,572 3,385 4.5 Sept............... 136;670 58^626 78,334 75,611 72,297 67’,879 4,418 3,314 4.4 Oct................. 136.862 58;149 78,606 75;846 72,561 68,010 4,551 3,285 4.3 Nov............... 137,043 58,445 78,906 76,111 72,914 68,641 4,273 3,197 4.2 Dec................ 137,226 58,749 79,408 76,567 73,441 68,955 4,486 3,126 4.1 137,394 59,985 79,644 76,754 73,715 69,286 4,429 3,039 4.0 Feb................ 137,565 59,930 79,279 76,355 73,521 69,079 4,442 2,834 3.7 Mar.. ........... 137,741 59,707 79,315 76,341 73,435 69,072 4,363 2,906 3.8 Apr................ 137;908 581994 79,674 76,666 73,799 69,317 4,482 2,867 3.7 May.............. 138',100 58,349 79,313 76,268 73,231 69,155 4,076 3,037 4.0 June............... 138,275 55,575 80,185 77,086 73,997 69,759 4,238 3,089 4.0 July............... 138^444 55,673 80,233 77,098 74,072 69,928 4,144 3,026 3.9 1 Includes self-employed, unpaid family, and domestic service workers. Note.—-Information relating to persons 14 years of age and over is ob 2 Per cent of civilian labor force. tained on a sample basis. Monthly data relate to the calendar week that contains the 12th day; annual data are averages of monthly figures, Bureau of Labor Statistics. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Period Total M t a u n ri u n f g ac Mining c C o o n n s t t r r a u c c t T tio ra n n s & p o p r u t b a Trade Finance Service G m ov e e n r t n tion lic utilities 1960......................................................... 54,203 16,796 712 2,885 4,004 11,391 2,669 7,392 8,353 1961......................................................... 53,989 16,326 672 2,816 3,903 11,337 2,731 7,610 8,594 1962......................................................... 55,515 16,853 650 2,902 3,906 11,566 2,800 7,947 8,890 1963 ........................................................ 56,602 16,995 635 2,963 3,903 11,778 2,877 8,226 9,225 1964 ........................................................ 58,156 17,259 633 3,056 3,947 12,132 2,964 8,569 9,595 1965......................................................... 60,444 17,984 628 3,211 4,031 12,588 3,044 8,907 10,051 SEASONALLY ADJUSTED 1965 July .............................................. 60,501 18,032 633 3,154 4,031 12,619 3,049 8,929 10,054 Au2.. ............................... 60,621 1^072 627 3,189 4,049 12,600 3,053 8,946 10,085 Sept............................................. 60;756 18,098 617 3,186 4,067 12,641 3,061 8,967 10,119 Oct............................................. 61,001 18,163 622 3,202 4,071 12,684 3,069 9,019 10,171 Nov. 61 ,'472 18,321 627 3,267 4,079 12,754 3,074 9,081 10,269 Dec............................................... 61,884 18,429 630 3,386 4,079 12,822 3,082 9,128 10,328 1966—Jan................................................ 62,148 18,522 632 3,383 4,090 12,909 3,080 9,142 10,390 Feb............................................... 62;501 18,691 631 3,374 4,104 12,942 3,082 9,205 10,472 Mar.............................................. 62;918 18,780 632 3,462 4,107 13,015 3,100 9,251 10,571 Apr.......................................... 62,935 18,860 591 3,370 4,112 13,004 3,101 9,261 10,636 May.............................................. 63,050 18,930 623 3,274 4,125 13,021 3,106 9,283 10,688 Junep............................................ 63,496 19,083 626 3,324 4,138 13,086 3,122 9,313 10,804 July*.......................................... 63,646 19,088 634 3,308 4,096 13,111 3,128 9,394 10,887 NOT SEASONALLY ADJUSTED 1965__July............................................. 60,694 18,016 641 3,476 4,083 12,583 3,098 9,081 9,716 Aug.............................................. 60,960 18,211 640 3,575 4,098 12,574 3,102 9,062 9,698 Sept.............................................. 61,515 18,428 627 3,495 4,112 12,639 3,073 9,039 10,102 Oct............................................... 61,786 18,412 629 3,465 4,104 12,736 3,066 9,073 10,301 Nov.............................................. 62,029 18,443 631 3,375 4,091 12,960 3; 062 9,054 10.413 Dec.............................................. 62,660 18,415 628 3,203 4,087 13,638 3,064 9,046 10,579 1966__Jan................................................ 61,041 18,274 617 2,974 4,025 12,716 3,049 8,959 10,427 Feb............................................... 61,212 18,457 613 2,851 4,034 12,617 3,054 9,030 10,556 Mar.............................................. 61,826 18,588 615 3,015 4,054 12,700 3,075 9,112 10,667 Apr............................................... 62,500 18,709 585 3,191 4,075 12,883 3,089 9,242 10,726 ^ay.............................................. 63,023 18,839 625 3.310 4,113 12,923 3,103 9,348 10,762 Junep............................................ 64,078 19,171 640 3,550 4,175 13,102 3,144 9,471 10,825 July*............................................. 63,830 19,066 642 3,645 4,149 13,073 3,178 9,554 10,523 Note.—Bureau of Labor Statistics; data include all full- and part- that includes the 12th of the month. Proprietors, self-employed persons, time employees who worked during, or received pay for, the pay period domestic servants, unpaid family workers, and members of the armed forces are excluded. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
AUGUST 1966 EMPLOYMENT AND EARNINGS 1233 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted Not seasonally adjusted Industry group 1965 1966 1965 1966 July May June** Julyr July May June* July* Tot^l 13,405 14,095 14,220 14,202 13,361 14,020 14,295 14,147 uurauiv gwuo, ............................................... . . 7,721 8,240 8,315 8,314 7,701 8,260 8,406 8,286 Ordnance and accessories...................................... '102 127 '129 134 101 126 '128 131 Lumber and wood products.................................. 528 541 540 541 553 542 566 567 Furniture and fixtures............................................ 357 380 380 381 353 373 380 376 Stone clay and glass products............................. 495 509 507 511 512 515 524 528 Primary metal industries........................................ 1,077 1,066 1,087 1,104 1,080 1,082 1,104 1,106 PahricaieH met'd products..................... 983 1,037 1,042 1'055 '973 1 ,037 1'054 I 044 Machinery except electrical........................... 1,208 1,282 1,297 1'321 1,204 1,295 1’311 1 ^316 Electrical machinery............................................... 1 J49 1,316 1^42 1,353 1,132 I'300 1’334 1,333 Transportation equipment............ ....................... 1,238 1,353 1,359 1 '285 1'218 1,367 1,367 1,264 Instruments and related products........................ 250 272 ‘275 277 247 '270 '276 274 Miscellaneous manufacturing industries............... 334 357 357 352 328 353 362 347 Nondurable grinds ............................................................... 5,684 5,855 5,905 5,888 5,660 5,760 5,889 5,861 Food and kindred products.................................. 1 ,141 L 141 1,143 1’147 1,175 1,081 1'133 1 181 Tobacco manufactures........................................ ' 75 71 72 72 ' 63 60 61 ’ 60 Textile-mill products......................................... 822 848 850 851 816 848 859 845 Apparel and other finished textiles............... 1,196 1,254 1,271 1,243 1,165 1,238 1,257 1 211 Paper and allied products..................................... '500 '515 521 525 '499 '512 526 523 Printing publishing, and allied industries. ...... 622 645 b51 655 618 643 651 651 Chemicals and allied products.............................. 548 560 572 570 548 566 575 571 Products of petroleum and coal. .......................... Hl 110 112 112 114 110 114 114 Rubber products..................................................... 361 388 394 397 354 386 392 389 Leather and leather products................................. 308 323 319 316 308 316 321 316 Note,—’Bureau of Labor Statistics; data cover production and related the pay period that includes the 12th of the month, workers only (full- and part-time) who worked during, or received pay for • 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 1965 1966 1965 1966 1965 1966 July May June” July» July May June” July? July May June” July" Total....................................... 41.0 41.4 41.3 41.2 107.01 112.05 112.74 111.24 2.61 2.70 2,71 2,70 bymhh grinds................................................................... 41.7 42.2 41.9 41.9 116.06 121.82 122.25 120.38 2.79 2.88 2.89 2.88 Ordnance apd accessories.......................... 42.7 42.4 42.2 42.3 131.66 133.67 133.35 131.67 3.12 3.16 3.16 3 15 I umber and wood products..................... 40.5 41.3 40.5 40.7 88.94 94.24 94.16 93.48 2.18 2.26 2.28 2.28 Furniture and fixtures................................ 41.3 42. 1 41.8 41.5 86.51 90.67 91,54 90.23 2.11 2.19 2.19 2.19 Stone clay and glass products......... 41.7 41.8 41.8 41.5 110.83 115.06 115,60 114.09 2.62 2.72 2.72 2.71 Primary metal industries........................... 42.4 42.2 42.0 42.0 135.68 139.07 139.83 137.76 3.20 3.28 3.29 3.28 Fabricated metal products......................... 41.8 42.4 42.2 42.0 114.68 121.84 121.41 119.42 2.75 2.86 2.85 2.85 Machinery except electrical...................... 42.9 43.8 43.6 43.5 125.83 135.83 135.52 133.24 2.94 3.08 3.08 3 07 Electrical machinery.................................. 40.6 41.4 41.2 41.2 103.97 108.62 109.03 107.98 2.58 2.63 2.64 2.64 Transportation equipment......................... 42.3 42.2 42.3 42. 1 133.46 139.07 140.25 138.27 3.17 3.28 3.30 3.30 Instruments and related products............. 41.3 42.3 41.9 41.7 107.53 113.52 113.67 111.90 2.61 2.69 2.70 2 69 Miscellaneous manufacturing industries... 39.7 40.2 40.0 39.7 83.71 88.62 88.22 86.46 2.13 2.21 2.20 2.20 Nondurable goods........................... 40.0 40.2 40,2 40.1 94.87 97.69 98.82 98.74 2.36 2.43 2,44 2.45 Food and kindred products....................... 41.4 40.9 41.1 41.0 100.98 103.48 104.49 105.00 2.41 2.53 2.53 2.53 Tobacco manufactures............................... 38.1 38.5 3S. 1 38.9 82.72 87.32 89.01 88.32 2.20 2.28 2. 30 2.30 Textile-mill products................................. 41.4 42.1 42.0 42.0 77.64 81.45 84.15 82.54 1.88 1.93 1.98 1 97 Apparel and other finished textiles.......... 36.3 36.5 36.6 36. 1 66.43 68.26 68.63 67.52 1.82 1.87 1.87 1.86 Paper and allied products.............. 42.9 43.7 43.4 43.4 114.65 119.03 119.74 120.77 2.66 2.73 2.74 2 77 Printing, publishing, and allied industries. 38.6 38.8 38.9 38.9 117.12 122.22 122.15 121.52 3.05 3.15 3.14 3.14 {Chemicals and allied products.................. 41.6 42.0 42.0 42.2 120.22 124.49 126.48 126.60 2.89 2.95 7 99 3 00 Products of petroleum and coal............... 42.1 42.5 42.2 42.0 139.10 145.18 145.61 145.61 3.25 3.40 3.41 3 41 Rubber products.................................... 41.8 42.1 41.6 41.7 109.25 111.57 111.45 111.07 2.62 2.65 2.66 2.67 Leather and leather products..................... 37.9 39.0 38.5 38.3 71.80 74.88 75.46 75.08 1.86 1.94 1.93 1.93 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
1234 PRICES AUGUST 1966 CONSUMER PRICES (1957-59= 100) Housing Health and recreation Period it A em U s Food Total Rent H ow s o h m n ip e e r - c F a o o n u i a e d l l l t e r G a i l c n e a i c d t s y o n F p i a n i e n u s g r h d r s a A up p a k p n e a d e r e p l T p t r o i a o r n t n a s Total M c ic a e a r d e l s c P o a e n r r a e l r R e t a i c i e n n o r a g e d n d a O g s a o i e c t n o h r e d v d s e * r tion 1929 ...................... 59.7 55.6 85.4 1933 ........ 45.1 35.3 60.8 1941 .......... 51.3 44.2 61.4 64.3 45.2 88.3 51.2 50.6 47.6 57,3 58.2 1945 . ................ 62.7 58.4 67.5 66.1 53.6 86.4 55.4 57.5 63.6 75.0 67.3 1957......................... 98.0 97.8 98.5 98.3 98.2 100.8 96.9 99.4 99.5 96.5 97.0 95.5 97.1 96.9 98,5 1958......................... 100.7 101.9 100.2 100.1 100.4 99.0 100.3 99,9 99.8 99.7 100.3 100.1 100.4 100.8 99.8 1959......................... 101.5 100.3 101.3 101.6 101.4 100.2 102.8 100.7 100.6 103.8 102.8 104.4 102.4 102.4 101.8 I960.......................... 103.1 101.4 103.1 103.1 103.7 99.5 107.0 101,5 102.2 103.8 105.4 108.1 104.1 104,9 103.8 1961.......................... 104.2 102.6 103.9 104.4 104.4 101,6 107.9 101,4 103.0 105,0 107.3 111.3 104.6 107.2 104.6 1962......................... 105.4 103.6 104.8 105.7 105.6 102.1 107.9 101.5 103.6 107.2 109.4 114.2 106.5 109.6 105.3 1963......................... 106.7 105.1 106.0 106.8 107.0 104.0 107.8 102.4 104.8 107.8 111.4 117.0 107.9 111.5 107.1 1964......................... 108.1 106.4 107.2 107.8 109.1 103.5 107.9 102.8 105.7 109.3 113.6 119.4 109.2 114.1 108.8 1965.......................... 109.9 108,8 108.5 108.9 111.4 105.6 107.8 103,1 106,8 111.1 115,6 122.3 109.9 115.2 111,4 1965—June.............. 110.1 110.1 108.2 108.8 111.0 103.4 107.8 103.1 106.9 111.2 115.7 122.2 111.0 115.7 111.0 July.............. 110.2 110.9 108.3 108.9 111.2 103.2 106.9 102.9 106.1 111.5 1 15,3 122.7 108.7 114,6 111.5 Aug......... 110.0 110.1 108.2 109.0 111.4 103.5 107.7 102.9 106.4 111.0 115.6 122.8 109.0 114.3 112.6 Sept............. 110.2 109.7 108.6 109.1 111.6 104.3 107.9 103,1 107.2 111,0 115.8 122.8 109.2 114,8 112.7 Oct. ......•■• 110.4 109.7 109.0 109.2 112.1 106.9 107.9 103.3 107.8 111.2 U6.2 123.0 109.2 115,2 113.3 Nov..........,. 110.6 109.7 109.2 109.3 112.5 107.2 108.0 103.3 108.1 111.5 116,4 123.4 109.6 115,4 113.3 Dec ........ 111.0 110.6 109.4 109.5 112.9 108.6 108.0 103.6 108.1 111.6 116.6 123.7 110.0 115.4 113.4 1966—Jan................ 111.0 111.4 109.2 109.7 113,1 108.9 107.9 103,6 107.3 111,2 116.9 124.2 110.4 115,7 113.4 Feb............... 111.6 113.1 109.4 109.8 113.3 109.0 108.2 103,8 107.6 111 .1 H7.I 124.5 110.8 115.9 1 13.6 112.0 113.9 109.6 109.9 113.5 108.9 108.2 104.0 108.2 III .4 117,6 125.3 111.0 116.6 113.8 Apr............... 112.5 114.0 110.3 110.1 114.3 108.5 108.3 104.4 108.7 112.0 118,1 125.8 111.6 116.8 114.3 M*ay.............. 112.6 113.5 110.7 110.2 CH5.O 108.0 108.2 104.6 109.3 112.0 118.4 126.3 112,0 116.8 114.7 June.............. 112,9 113.9 111.1 110.2 115.8 107.0 108.1 104.8 109.4 112.2 118.7 127.0 112.2 117.0 114.9 Note.—Bureau of Labor Statistics index for city wage-earners and clerical workers. The new series index begins with Jan. 1964. WHOLESALE PRICES: SUMMARY (1957-59- 100) Other commodities Period m c t A o i o e m l d s l i p F u r a c o r t m d s P f e o s r o s o e d c d s Total T t e il e t e c x s . , H e i t d c e . s, F e u tc e . l, C i e c h t a e c l m s . , R b et 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 c e s . t , c M e h r i y a n F t e u u t r c r e n . , i N t m m a o l i l e n n i c - b T e a t c o c c . o, n c M e e o l i l u s a s erals 1957............................. 99.0 99.2 97.9 99.2 100.8 94.9 102.7 99.6 100.2 98.5 99,0 99.7 97.7 99.4 98.9 98.0 96.6 1958............................. 100.4 103.6 102.9 99.5 98.9 96.0 98.7 100.4 100.1 97.4 100.1 99.1 100.1 100.2 99.9 99.7 101.5 1959............................. 100.6 97.2 99.2 101.3 100.4 109.1 98.7 100.0 99.7 104.1 101.0 101.2 102.2 100.4 101.2 102.2 101.9 I960............................. 100.7 96.9 100.0 101.3 101.5 105.2 99.6 100.2 99.9 100.4 101.8 101,3 102.4 100.1 101.4 102.5 99.3 1961............................. 100.3 96.0 100.7 100.8 99.7 106.2 100.7 99.1 96.1 95.9 98,8 100.7 102.3 99.5 101.8 103.2 103.9 1962............................. 100.6 97.7 101.2 100.8 100.6 107.4 100.2 97.5 93.3 96.5 100.0 100,0 102.3 98.8 101.8 104.1 107.3 1963............................. 100.3 95.7 101.1 100.7 100.5 104.2 99.8 96.3 93,8 98.6 99.2 100,1 102.2 98.1 101.3 106.1 110.4 1964............................. 100.5 94.3 101.0 101.2 101,2 104.6 97.1 96.7 92.5 100,6 99.0 102.8 102.9 98.5 101.5 107.4 109.2 1965............................. 102.5 98.4 105.1 102.5 101,8 109.2 98.9 97.4 92.9 101.1 99.9 105.7 103.7 98.0 101.7 107.7 111.0 1965—June................. 102.8 100.3 106.1 102.5 101.9 107.7 98.7 97.4 93.1 100.3 100.0 105,9 103.8 98,0 102.0 107.6 111.0 July................... 102.9 100.0 106.6 102.5 101.9 108.8 98.7 97.4 93.0 100.5 99.9 105,8 103.7 97.8 101.7 107.6 112.6 Aug.................. 102.9 99.1 106.7 102.7 101.9 112.2 99.0 97.1 93.2 101.8 99.9 106,2 103.8 97.7 101.6 107.6 111.5 Sept................... 103.0 99.5 106.7 102.7 102.1 111.3 99.2 97.2 93.3 102.0 100,0 106.2 103,8 97.7 101.6 107.7 111.5 Oct.................... 103.1 99.4 106.9 102.8 102.0 113.3 99.4 97,6 93.4 101.6 100.5 106.3 103.9 97.8 101.6 107.7 111.2 Nov................... 103.5 100.3 107.6 103.2 101.9 113.6 100.3 97.5 93.5 101.6 100.8 106.7 104.1 98.0 101.6 107.7 113.2 Dec................... 104.1 103.0 109.4 103.2 102.0 114.6 100.6 97.6 93.5 101.9 100.9 106.6 104.2 98,2 101,6 107.9 112.5 1966—Jan.................... 104.6 104.5 110.3 103.5 101.9 116.0 100.5 97.6 93.7 102.8 101.2 107,0 104.4 98.3 102.0 108.1 114,3 Feb........... 105.4 107.4 Hl.8 103.8 102.0 117.8 100.3 97.6 94.1 103.7 101.3 107,5 104.7 98.4 102.1 108.0 116,0 Mar.................. 105.4 106.8 111.5 104.0 102.1 118.7 99,9 97.6 94.3 105.6 101.8 108,0 105.0 98.4 102.1 109.2 113,1 Apr................... 105.5 106.4 110.6 104.3 102.2 120.8 100,0 97.6 95.4 108,4 102.3 108.2 105.2 98.6 102.3 109.4 113.0 May................. '105.6 104.5 110.5 104.7 102.2 '122.9 r100.4 97.7 95.4 '109.6 U02.7 108,4 '105.8 98.9 102,4 109.4 115.1 June................. 105.7 104,1 110.5 104.9 102.2 123.1 101.5 97,7 95.4 108.0 103,0 108,7 105.9 98.9 102.4 109.8 116,0 See next page for composition of other commodities. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
AUGUST 1966 PRICES 1235 WHOLESALE PRICES: DETAIL (1957-59= 100) 1965 1966 1965 1966 Group Group June Apr. May June June Apr. May June Farm products: Pulp, paper, and allied products: P H F L F E ^ l l i g a a u v e g y n i e s d s h t s a . t . n a o m . a . n d c . n . d k i . d . l s . k . a a e d . . . n n e r . . . . i d i . d . m e . . . . d s . p . a . . . . . o l . . p . . . . . u . f r . . . . i . o . l . . b . t . . d . . r . e . . . y u . . r . . . . s c . . . . . . . . . e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 9 8 8 0 1 0 0 2 9 2 0 4 9 4 . . . . . . . 0 7 6 0 7 0 6 '1 1 1 1 1 1 9 8 1 0 1 1 1 1 9 1 1 6 2 . . . . . . . 0 2 9 9 8 9 4 ' ■ 1 1 1 • 0 9 9 8 l 1 2 l 3 0 6 3 0 0 l. . . . . . . O 3 3 9 6 4 2 1 1 1 9 9 9 9 1 0 2 4 9 0 0 1 8 2 . . . . . . 3 8 7 5 6 9 9 C W B W o u o a n il s o v d t d e i e n p r p g t u a e p l d p p e a . p r p . . . a . . e . . p r . . . . e . . a . . r . . n . . . . a d . . n . . . . d . . b . . . . o . . p . . a . . a . r . . p . . d . . . . e . . . . . . r . . . b . . . . . . . o . . . . . . . a . . . . . r . . . . . d . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9 9 9 9 9 0 6 9 2 8 8 4 . . . . . . 3 1 1 5 7 0 1 1 1 9 9 9 0 1 0 7 2 8 2 0 6 . . . . . . 1 6 3 0 2 0 1 1 1 ' 9 9 9 0 0 1 2 7 8 7 2 2 . . . . . . 1 6 2 2 0 0 1 1 1 9 9 9 0 1 0 7 2 8 2 2 8 . . , . . , 2 6 0 7 4 0 Other farm products. ....................... . 95.6 102.5 101.4 101.1 Metals and metal products: Processed foods: Iron and steel....................................... 101.3 102.0 101.8 102,0 Cereal and bakery products............... 108.5 112.6 113.0 113.9 Nonferrous metals.......... 116.2 122.1 '122,5 123,2 Meat, poultry, and fish....................... 105.5 1 10.9 110.9 109.9 Metal containers.................................. 108.3 110.0 110.1 110,1 Dairy products and ice cream............ 107.1 114.8 114.9 117.0 Hardware..................................... 105.9 108.4 109.6 109,8 Canned and frozen fruits and veg Plumbing equipment.......................... . '102.5 '107.1 '107.9 108,5 etables ................................... 101.5 104.8 105.4 104.8 Heating equipment,............................. 92.0 92.1 92.1 92.5 Sugar and confectionery............ 109,2 109.3 109.3 109.4 Fabricated structural metal products. 101.2 103.4 ■•103.8 103,9 Packaged beverage materials.............. 93.5 93.5 93.5 93.5 Fabricated nonstructural metal prod Anima] fats and oils............................ 108.4 115.2 107.7 105.5 ucts. ..................................... 109.2 IIO.9 110.9 111.2 Crude vegetable oils.......................... 94.4 106.7 105.6 105.6 Refined vegetable oils.............. 89.2 111.3 108,5 104.7 Machinery and motive products: Vegetable oil end products................. 101.2 102.5 ’■101.9 101.9 Miscellaneous processed foods........... 112.7 114.0 113.1 112.5 Agricultural machinery and equip.... 114.7 118.1 '118.2 118.3 Construction machinery and equip... 115.2 118.5 '118.9 118.9 Textile products and apparel: Metalworking machinery and equip., 116.4 121.2 '122.5 123.5 C S O W A M i o t l p o a h k t p n o t e o a p - l r m n r r p t e o e a r p l d x . o d r u t e . d o i . c l . u d . e f t . c i u . s . b p . t . c . e . s r . . t r . . o s . . . . . . d t . . . . e . . . . . u . . . x . . . . . c . . . t . . . . i . t . . . . l . s . . . e . . . . . . . . . . . . . . p . . . . . . . . . . . r . . . . . . . o . . . . . . . . . . . . d . . . . . . . . . . . u . . . . . . . . . . . . c . . . . . . . . . . t . . . . . s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 9 0 0 0 2 3 5 3 0 4 3 2 . , . . . . 9 3 2 2 0 6 1 1 1 1 1 9 5 2 0 0 0 1 0 5 4 2 6 . . . . . . 5 7 3 3 1 6 ’ ’’ • 1 1 1 1 1 8 4 2 0 0 0 9 4 2 0 6 4 . . . . . . 9 7 4 9 6 9 1 1 1 1 1 8 2 0 0 0 4 4 9 2 6 4 3 . . . . . . 8 5 8 8 9 1 S G E M p l e e e e i e s n c q q c c e t u u i r e r a i i i l a c l p p l l a a m m n l i e e e m p n o n n u d u a t t u r c s . ( p . s h J . m o . t a i . r n . s n y . a e e . . c . r . y h . 1 . m . i m 9 . n a . 6 . a n e a . 1 . c r d c . = y h . h . . e i . i . 1 n . n . q . 0 . . e e . . u 0 . r . r . . y ) i y . . . p . . . . . . . . . . . . . . . . a a . . . . . n n . . . . . . d d . . . . . . 1 1 1 1 9 0 0 0 0 6 5 4 7 0 . . . . . 9 5 9 7 7 1 1 1 1 9 0 0 0 1 8 8 5 0 0 . . . . . 5 7 4 2 0 ' ' 1 1 1 1 '9 0 0 1 0 8 9 0 5 0 . . . , , 7 3 9 9 8 1 1 1 1 9 0 0 0 1 8 9 6 1 0 , . . . , 7 8 0 7 7 Transportation equip., R.R. rolling Hides, skins, leather, and products: stock (Jan. 1961= 100)................ 101.0 101.0 101.0 101.0 Hides and skins................................... 103.1 148.8 163.0 161.0 Leather.................................................. 107.6 122.4 125.1 126.3 Furniture and other household durables: Footwear............................................. 109.8 '118.4 ■119.1 119.1 Other leather products. ..................... 104.7 114.4 '115.4 116.0 Household furniture............................ 105.9 108.3 '108,9 108,9 Commercial furniture.......................... 103.7 104,1 '105,3 105.3 Fuels and related products, and power: Floor coverings.................................... 97.7 97.5 97,5 97.1 Household appliances.......... 89.4 89.3 89.4 89.4 Coal..................................................... 94.7 94.9 96.9 97.0 Television, radios, and phonographs.. 85.9 83.5 83,5 83.5 Coke............... 107.3 107.3 107.3 109.4 Other household durable goods......... 105,2 106.7 106.7 106.7 Gas fuels (Jan. 1958= 100)................. 122.7 129.2 128.3 128.3 E Pe le tr c o tr l i e c u m po w pr e o r d ( u J c a t n s . , 1 re 9 f 5 in 8= ed 1 .. 0 .. 0 .. ) .. . . . . . . . . . . . . . . . 1 9 0 6 0 . . 0 8 1 9 0 7 0 . . 7 3 1 9 0 8 0 . . 4 2 1 1 0 0 0 0 . . 2 2 Nonmetallic mineral products: Chemicals and allied products: Flat glass................................ 101.7 99.5 '100,2 100.2 Concrete ingredients..................... 103,1 103.8 '103.7 103.6 94.8 95.6 r96.0 95.8 Concrete products............................... 101.6 102.7 102.7 102.9 105,7 106.2 106,2 106 8 Structural clay products..................... 104.9 106.0 106.3 106.5 89.3 90.4 90.2 89.9 Gypsum products................................ 107.5 101,4 102.2 102.2 Drugs and pharmaceuticals................ 93.9 94.1 94.1 94.5 Asphalt roofing.................................... 92.1 94.8 94.4 94.4 114.0 104.0 102 5 101 2 Other nonmetallic minerals................ 101.6 102.0 102.2 101.8 Mixed fertilizers................................. 104.8 105.8 '105.5 105‘5 Fertilizer materials............................... 104,3 105.5 106.6 104.8 Tobacco products and bottled beverages: Other chemicals and products............ 99.8 100.0 100.0 100,0 Tobacco products................................ 106.1 110.2 110,3 110.3 Rubber and products: Alcoholic beverages............................. 100.7 101.0 101 .0 101.0 Nonalcoholic beverages................ 128.1 128.5 128.5 130.9 Crude rubber....................................... 90.1 90.0 90.0 89.5 Tires and tubes.................................... 90.2 94.4 94.4 94.4 Miscellaneous rubber products...... 97.2 98.7 98,7 98.9 Miscellaneous products: Lumber and wood products: Toys, sporting goods, small arms. ... 102.5 103.7 103.7 103.7 Manufactured animal feeds............... 116.6 119.2 '123.1 124.6 Lumber................................................ 101.1 110.9 113.1 112.1 Notions and accessories. .................... 99.1 99.8 100.6 101.1 Millwork...................................... 107.8 109.6 110.4 110,6 Jewelry, watches, photo equipment. 104.3 105.1 105.1 105.2 Plywood................................................ 90.5 102.4 '100.3 93.8 Other miscellaneous products....... 102.9 105.0 105,2 105.2 Note.—Bureau of Labor Statistics. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1236 NATIONAL PRODUCT AND INCOME AUGUST 1966 GROSS NATIONAL PRODUCT (In billions of dollars) 1965 1966 Item 1929 1933 1941 1950 1961 1962 1963 1964 1965 II III IV I ID Gross national product .................... 103.1 55.6 124.5 284.8 520.1 560.3 590.5 631.7 681.2 672.9 686.5 704.4 721.2 732.3 101.4 57.2 120.1 278.0 518.1 554.3 584.6 627.0 672.1 665.3 677.8 694.0 712.3 720.0 Personal consumption expenditures................. 77.2 45.8 80.6 191.0 335.2 355.1 375.0 401.4 431.5 426.8 435.0 445.2 455.6 460.1 Durable goods.............................................. 9.2 3.5 9.6 30,5 44.2 49.5 53.9 59.4 66.1 64.4 66.7 68.0 70.3 67.1 Nondurable goods................................ 37.7 22.3 42.9 98.1 155.9 162.6 168.6 178.9 190.6 189.4 191.4 197.0 201.9 205.6 ^CrVJCC-S, .............>..,>•••••<<<<>• 30.3 20.1 28.1 62.4 135.1 143.0 152.4 163.1 174.8 173,0 176.9 180.2 183.4 187.4 Gross private domestic investment................... 16.2 1.4 17.9 54.1 71.7 83.0 87.1 93.0 106.6 103.7 106,7 111.9 114.5 118.5 Pix^d investment. .. .................................... 14.5 3.0 13.4 47.3 69.7 77.0 81.3 88.3 97.5 96.0 98.0 101.5 105.6 106.2 ^Qnresitlentlnl........................................... 10.6 2.4 9.5 27.9 47.0 51.7 54.3 60.7 69.7 67.9 70.2 73.9 77.0 78.2 Structures.............................................. 5.0 .9 2.9 9.2 18.4 19.2 19.5 21,0 24.9 24,6 24.4 26.8 28.5 27.9 Producers’ durable equipment........ 5.6 1.5 6.6 18.7 28.6 32.5 34,8 39.7 44.8 43.3 45.8 47.1 48.5 50.3 Residential structures............................... 4.0 .6 3.9 19.4 22.6 25.3 27.0 27.6 27.8 28.1 27.8 27.6 28.6 28.0 Nopfarm ............................................ 3.8 .5 3.7 18.6 22.0 24,8 26.4 27.0 27.2 27.5 27. 3 27.0 28,0 27.4 Change in business inventories.................... 1.7 — 1.6 4.5 6.8 2.0 6.0 5.9 4.7 9.1 7.6 8.7 10.4 8.9 12 3 Non fa rm*,..................................................... 1.8 -1.4 4.0 6.0 1.7 5.3 5.1 5.3 8.1 6.7 7.2 9.0 8.5 12.1 Net exports ot goods and services................... 1.1 .4 1.3 1.8 5.6 5.1 5.9 8.5 7.0 8.2 7.1 6.1 6.0 4.7 Exports. ...........••■.•••••••>•••■■■ 7.0 2.4 5.9 13.8 28.6 30.3 32.3 37.0 39.0 40.5 40.1 40.3 41.7 41.9 Imports ....................................................... 5.9 2.0 4.6 12.0 22.9 25.1 26.4 28.5 32.0 32.3 33.0 34,2 35.6 37.3 Government purchases of goods and services. . 8.5 8.0 24.8 37.9 107.6 117.1 122.5 128.9 136.2 134.3 137.3 141.2 145.0 149.0 Pefiernt......... 1.3 2.0 16.9 18.4 57.4 63.4 64.2 65.2 66.8 65.6 67.5 69.8 71.9 74.0 National defense ..................................... 13.8 14.1 47.8 51.6 50.8 50.0 50.1 49 1 50 7 52.5 54.6 57,1 Other -> .. ............. 3.1 4.3 9.6 11.8 13.5 15.2 16.7 16.5 16.8 17.3 17.4 16.9 Stafe and local,............................................ 7.2 6.0 7.9 19.5 50.2 53.7 58.2 63.7 69.4 68.7 70.2 71.4 73.1 75.0 Gross national product in constant (1958) dollars -................................................ 203.6 141.5 263.7 355.3 497.3 529.8 551.0 580.0 614.4 607.8 618.2 631.2 640.5 643.5 Note.—Dept, of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. For back data and explanation of series see the Aug. 1965 and July 1966 Survey of Current Business. NATIONAL INCOME (In billions of dollars) 1965 1966 1929 1933 1941 1950 1961 1962 1963 1964 1965 Item II III IV I Up 86.8 40.3 104.2 241.1 427.3 457.7 481.9 517.3 559.0 552.2 562.7 577.8 595.7 604.3 Compensation of employees............................. 51,1 29.5 64.8 154.6 302.6 323.6 341.0 365.7 392.9 387.8 395.6 406.5 419,6 427.9 Wages and salaries...................................... 50.4 29.0 62.1 146.8 278.1 296.1 311.1 333.6 358.4 353.7 360.8 370.8 380.0 387.4 45.5 23.9 51.9 124.4 225.9 240.1 251.6 269.3 289.1 285.8 291.1 298.5 305.9 311.5 .3 .3 1 .9 5.0 10,2 10,8 10.8 11.7 12.1 11.7 12.0 13.0 13.6 14. 1 Government civilian................................. 4.6 4.9 8.3 17.4 42,0 45.2 48.6 52.6 57.1 56.3 57.7 59.3 60.4 61.8 Supplements to wages and salaries............... .7 .5 2.7 7.8 24.6 27.5 29,9 32.0 34.5 34.1 34.8 35.7 39.6 40.5 Employer contributions for social in surance............................................... .1 . 1 2,0 4.0 11,8 13.? 15.0 15.4 16,0 15.9 16.0 16.3 19.6 19.9 Other labor income................................... .6 .4 .7 3.8 12.7 13.9 14.9 16.6 18,5 18.2 18.8 19.4 20,0 20.6 15.1 5.9 17.5 37.5 48.4 50.1 51.0 51.9 55.7 55.9 56.7 57.1 58.4 57.9 Business and professional............................ 9.0 3.3 11.1 24.0 35.6 37.1 37.9 39.9 40.7 40.4 40.7 41.1 41 .4 41.6 Farm.............................................................. 6.2 2.6 6.4 13.5 12,8 13.0 13.1 12.0 15.1 15.5 16.0 16.0 17.0 16.3 Rental income of persons .................................. 5.4 2.0 3.5 9.4 16.0 16.7 17.1 -17.7 18.3 18.3 18.4 18.5 18.7 18.8 Corporate profits and inventory valuation 10.5 -1.2 15.2 37.7 50.3 55.7 58.9 66.6 74.2 72.7 74.0 76.9 80.0 80.0 Profits before tax.......................................... 10.0 1.0 17.7 42.6 50.3 55.4 59.4 67.0 75.7 74.5 75.0 78.7 82.7 82.9 Profits tax liability..................................... 1.4 .5 7.6 17.8 23 J 24.2 26.3 28.4 31.2 30.7 30.9 32.4 34.1 34.2 Profits after tax......................................... 8,6 .4 10,1 24.9 27.2 31.2 33.1 38.7 44.5 43.8 44.1 46.3 48.7 48.7 Dividends.............................................. 5.8 2.0 4.4 8.8 13.8 15.2 16.5 17.3 19.2 18.8 19.5 20.2 20.9 21.1 Undistributed profits............................ 2.8 -1.6 5.7 16.0 13.5 16,0 16.6 21.3 25.3 25.0 24.6 26.1 27.8 27.7 Inventory valuation adjustment.................. .5 -2.1 -2.5 -5.0 -.1 .3 -.5 -.4 -1.5 -1.8 -1.0 -1.8 -2.8 -2.9 4.7 4.1 3.2 2.0 10.0 11.6 13.8 15.5 17.8 17.5 18.1 18.7 19.1 19.6 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
AUGUST 1966 NATIONAL PRODUCT AND INCOME 1237 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME AND SAVING (In billions of dollars) 1965 1966 Item 1929 1933 1941 1950 1961 1962 1963 1964 1965 II III IV I Up Ornss national product..................................... 103.1 55.6 124.5 284.8 520.1 560.3 590.5 631.7 681.2 672.9 686.5 704.4 721.2 732.3 f e^v • Capital consumption allowances.......... 7.9 7.0 8.2 18.3 45.2 50.0 52.6 56.0 59.6 59.1 60.2 60.8 61.6 62.7 Indirect business tax and nontax lia bility. ................................. 7.0 7. 1 11.3 23,3 47.7 51.5 54.7 58.5 62,7 62.2 62.7 63.6 63.0 64.7 Business transfer payments.. . ............ .6 .7 .5 .8 2.0 2.1 2.3 2.5 2.6 2.5 2.5 2.6 2.6 2.6 Statistical discrepancy........................... .7 .6 .4 1.5 -.7 .5 -.3 -1.4 -1.6 -2.1 — .8 .4 — .8 “1.1 Plus: Subsidies less current surplus of gov ernment enterprises.... ........... -.1 . 1 .2 1.4 1.4 ’ .8 1.3 1.0 1.0 .9 .9 .8 .9 F.qimls! National income.................................. 86.8 40.3 104.2 241.1 427.3 457.7 481.9 517.3 559.0 552.2 562.7 577.8 595.7 604.3 Less: Corporate profits and inventory valu ation adjustment,.,..,.... 10.5 -1.2 15.2 37.7 50.3 55.7 58.9 66.6 74.2 72.7 74.0 76.9 80.0 80.0 Contributions for social insurance.... .2 .3 2.8 6.9 21.4 24.0 26.9 28.0 29.2 29.0 29.2 29.8 36.5 37.0 Excess of wage accruals over disburse ments, ,........................................- . Phi? ■ Government transfer payments....... .9 1 .5 2.6 14.3 30.4 31.2 33.0 34.2 37.1 35.2 39.4 37.9 40.0 40.1 Net interest paid by government and consumer........................................ 2.5 1.6 2.2 7.2 15.0 16.1 17.6 19.1 20,6 20.5 20.9 21.0 21.9 22.5 Dividends....................................... 5.8 2.0 4.4 8.8 13.8 15.2 16.5 17.3 19.2 18.8 19.5 20.2 20.9 21.1 Business transfer payments. . ............. .6 .7 .5 .8 2.0 2.1 2.3 2.5 2.6 2.5 2.5 2.6 2.6 2.6 Equals i Personal income ........................... 85.9 47.0 96.0 227.6 416.8 442,6 465.5 496.0 535.1 527.6 541.9 552.8 564.6 573.5 Less: Personal tax and nontax payments,, ,. 2.6 1.5 3.3 20.7 52.4 57.4 60.9 59.4 66.0 66.6 65.7 66.7 69.5 73.6 Equals: Disposable personal income......... 83.3 45.5 92.7 206.9 364.4 385.3 404.6 436.6 469.1 461.0 476.2 486.1 495.1 499.7 Less' Personal outlays.................................... 79. 1 46.5 81.7 193.9 343.2 363.7 384.7 412,1 443.4 438.6 447.1 457.6 468,4 473.3 Personal consumption expenditures.. 77.2 45.8 80.6 191.0 335.2 355. 1 375 0 401.4 431.5 426.8 435.0 445.2 455,6 460. 1 Consumer interest payments............ 1.5 .5 .9 2.4 7.6 8,1 9.1 10. 1 11.3 11.2 11.5 11.8 12.1 12,5 Personal transfer payments to for eigners............... .3 .2 .2 .4 .5 .5 .6 .6 .6 .6 .6 .6 .6 .7 Equals: Personal saving................... 4.2 — .9 11.0 13.1 21.2 21.6 19.9 24.5 25.7 22.4 29.0 28.5 26.7 26.6 Disposable personal income in constant (1958) dollars................................................. 150.6 112.2 190.3 249.6 350.7 367.3 381.3 406.5 430.8 423.7 436.8 443.9 448.4 447.9 Note.—Dept, of Commerce estimates. Quarterly data are seasonally adjusted quarterly totals at annual rates. See also Note to table oppo site. PERSONAL INCOME (In billions of dollars) 1965 1966 Item 1964 1965 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July » Total personal income......................... 496.0 535.1 535.4 537.81 552.S 547.2 553.2 558.2 560.2 564.7 569.0 570.5 573.0 577.2 579.7 Wage and salary disbursements.......... 333.6 358.4 358.3 360.6 363.5 366.9 371.4 374.1 376.8 380.1 382.9 384.7 387.0 390. S 393.3 Commodity-producing industries... 134.0 144.3 144.0 145.0 145.2 146.9 149.2 150.7 152.1 153.9 155.4 156.0 156.8 158.1 158.2 Manufacturing only...................... 107.2 175.5 115.6 116.3 116.5 117.9 119.6 120.3 121.8 J23. J J 24.0 J 25.2 125.9 127.0 127.1 Distributive industries..................... 81.2 86.7 86.8 87.1 87.6 88.4 89.2 89.7 90.1 90.9 91.4 91.5 91.9 92.8 93.3 S G e o rv v i e c r e n i m nd en u t s . t .. r . i . e .. s .. .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . ...... 6 5 4 4 . . 3 1 6 5 9 8. . 1 2 6 5 8 8 . . 8 6 6 5 9 9 . . 5 1 7 5 0 9 . . 9 8 6 7 0 1 . . 0 6 7 6 2 0 . . 4 6 7 6 2 0 . . 9 9 6 7 1 3 , . 1 6 6 74 1 . . 1 2 6 74 1 . . 5 7 6 75 2 . . 2 0 6 7 2 5 . . 5 9 6 7 3 6 . . 0 6 6 7 3 8 . . 8 0 Other labor income............................. 16.6 18.5 18.6 18.8 19.0 19.2 19.4 19.6 19.8 20.0 20.2 20.4 20.6 20.7 20.9 Proprietors’ income............................. 51,9 55.8 57.0 56.5 56.6 56.6 57.1 57.5 58.1 58.3 58.8 58.2 57.9 57.6 57.4 Business and professional.............. 39.9 40.7 40.7 40.6 40.7 40.8 41.1 41.3 41.3 41.3 41,5 41.5 41.6 41.7 41.8 Farm................................................. 12.0 15. 1 16.3 15.9 15.9 15.8 16.0 16.2 16.8 17.0 17.3 16.7 16,3 15.9 15.6 Rental income.................................... . 17,7 18.3 18.4 18.4 18.5 18.5 18.6 18.6 18.6 18.7 18.7 18.7 18.8 18.8 18.9 Dividends............................................. 17.3 19.2 19.3 19.5 19.8 20.0 20.2 20.5 20.8 21.0 20.9 21.0 21.2 21.1 21.1 Personal interest income...................... 34.6 38.4 38.7 38.9 39.2 39.4 39.7 40.0 40.5 41.0 41.4 41.8 42.1 42.3 42.6 Transfer payments............................... 36.8 39.7 38.4 38.3 1 49.2 39.8 40.3 41.4 42.3 42.6 42.9 42.6 42.5 43.2 43.5 Less: Personal contributions for social insurance............................ 12.5 13.2 13.2 13.2 13.2 13.3 13.5 13.6 16.8 16.9 16.9 17.0 17.1 17.2 17.9 Nonagricultural income........................ 479.7 SIS.6 S14.6 517.61532.3 526.9 532.6 537.2 538.8 S43.0 547.0 549.1 551.9 556.5 559.4 Agriculture income................. 16.3 19.5 20.8 20.2 20.2 20.3 20.6 21.0 21.4 21.7 22.0 21.4 21.0 20.7 20.3 i Includes retroactive lump-sum payment of social security benefits Note.—Dept, of Commerce estimates. Quarterly data are seasonally in the amount of $10.6 billion. 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 FIRST QUARTER, 1966—SEASONALLY ADJUSTED ANNUAL RATES (In billions of dollars) Private domestic nonfinancial sectors Financial sectors Rest of State U.S. the All Nath Sector H h o o u ld se s B n u e s ss i a g nd o v lo ts c . al Total Govt. Total Mo a n u e th ta . ry C ba o n m k l s . N f o in n a b n a c n e k world sectors Di a s n c c r y ep and sa i v n in v g e st 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 1 Gross saving............................ 112.3 72.9 -2.1 183.1 1.5 3.9 .2 2.4 1 3 2.5 185 8 1.0 188 5 1 2 Capital consumption.......... 61.6 51.9 113.4 .9 1144 114 4 2 3 Net saving (1 —2)............... 50.7 21-1 -2.1 69.6 3.0 2 1 9 9 2 7 71 4 74 1 3 4 Gross investment (5 4*1®)....... 119.0 G7.4 -2.9 183.6 -3.4 2 £ 2 6 1 4 184 1 .8 186 3 4 5 Private cap. expend., net....... 94.3 90.2......... 184.5 .3......... ♦ 4 184.8 184.8 - 5 6 Consumer durables............ 70.3 70.3 70 3 70 3 6 7 Residential constr............... 19.6 8 4........ 28.0 28 0 28 0 7 8 Plant and equipment.......... 4.3 72.9......... 77.2 3......... * 4 . 77 5 77 5 8 9 Inventory change............... 9.0......... 9.0 9 0 9 0 9 10 Net financial invest. (11—12). 24.8 -22.8........ -2.9........ -.9 -3.4........ 4.9......... .2 2.6 2.2 . - — 1.4 8 .8 14 10 11 Financial uses, net.................. 49.2 23.9 . . 8.5......... 81.6 64.7 5 R 4 1.8 158.6 3 3 II 12 Financial sources..................... 24.5 46.7 11.4 82.5 13.8 59.8 5.7 19.8 34.3 3.3 159.4 1.8 12 13 Gold & off. U.S. fgn. exch.. ♦ -1 7 . — 1 7 3 --1 4 — 1 4 — 1 4 .................. 13 14 Treasury currency............... .7 7 7 . . . 7 .7 1 . . 14 15 Dem. dep. and currency... 2.9 3.9 -1 0 -1 8 2 9 15 16 Private domestic.............. -.9 3.0........ -1.8......... .3 —2 3 3.4 2 7 7 —2 3 —2 0 3 4 5 4 16 17 U.S. Govt........................ -3.3 . . -3 9 — 2 3 8 -3.3 —3 9 — 7 17 18 Foreign. ......................... 3.4 1 3 2 1 3 4 3 4 18 19 Time and svgs. accounts... 20.2 23.9 - 3 23.4 — 3 23 4 . .. 19 20 At co ml. banks................ 10.8 4 2........ — 5 14.5 14.4 14.4 -.1......... 14 4 . .. 20 21 At svgs. instit................. 9.4 9.4 — 3 9.1 -.3 9.1 9.1 ................ 21 22 Life insur. reserves............ 4.1 4.1 4.1 4 1 4 1 ................... 22 23 Pension fund reserves........ 12.6 4.5 12.6 4.5 9 7.2 7.2 12.6 ................... 23 24 Consol, bank items 1.......... 7.4 7 4 5 6 1 8 1 s 5 6 7 4 7.4 .................. 24 25 Credit mkt. instr................. 17.9 24.9 3.4 35.1 10.6 6.7 32.0 66.7 8.4 14.3 56.5 11.5 1 a 17.5 .1 37.7 11.4 -1.7 2.6 95 2 95.2 ................... 25 26 U.S. Govt, securities.... 11.9 4.5 . 13.0 Bl 3 1 . 1 7 5.2 -an. 13 1 ................... 26 27 State and local oblig....... 5.5 -.5 6.5 5.0 6.5 1 5____ 2 1......... - 6 6.5 .................... 27 28 Corp, and foreign bonds. 1.7 12.6 B 2 . 7.9 12.6 7 3 1.8 .2 7.3 1.6 .8 1.7 16.0 ................... 28 29 Corp, stocks........... 1.2 — 5 1.2 -.5 2.4 4.0 * 2 4 4 0 -.2 * . 3 4 . . 29 30 I- to 4-family mortgages. -2.2 16.2 - 6 .4......... -1.8 15.6 3.4........ 14 4 4 2 9 . 11.6 4 16 0 ................... 30 31 Other mortgages............ 1.0 9 1 10.1 .8........ 9 3 . 2 3......... 7.0 10 1 .......................31 32 Consumer credit............. 9 2 2 8 . 2.8 9 2 6 4___ 3.7......... 2 7 9.2 .......................32 33 Bank loans n.e.c........ -2.5 10.7 8 3 8 2 4 - . o 8 3. . 4 - .5 8 2 ................ 33 34 Other loans...................... 9 3.9 3.8 2 3.9 5 0 4.1 1.2 3.9 5 0 — 2 .. - - . 2 0........ 2.2 5 0 .7 1.5 12.7 12.6 * ................... 34 35 Open market paper. .. 3.9 9 3.9 .9 — .9 2.8 — 2 .... 7....-..1....4 2.8 .7 — .1 3 6 ................... 35 36 Federal loans.............. .1 * .2 .4 4.1........ 2.1 2.1 1.6 4.1 ................... 36 37 Security credit..................... -.4 — .6 — .4 -.6 1 0 1.2 1.2 * .6 ................... 37 38 To brkrs. and dealers.... -.4 — .4 1.6 1.2 1.7........ — 1 1.2 * 1.2 ................... 38 39 To others......................... — .6 -.6 — .7 - — 1 .6 ................... 39 40 Taxes payable................... I 8 1 .1 1 8 2.9 -.1 .1 - 2 3.0 1.6 -1.4 ................... 40 41 Trade credit........................ * 10 1 7 0 .1 10 1 7 2 2.5 .1 2 . .2 12 8 7.2 -5.6 ................... 41 —4 6 -4 6 — 4 6 —4 6 -4 6 ...................42 43 Mise, financial trans........... .2 .2 3.2 7.3 3.4 7.5 — .1 -2.1 3.3 2 1 .1 2.6 6 .7 1.5 * 2.1 6.6 9.6 3.0 ................... 43 44 Sector discrepancies (1 — 4).. . — 6 7 5 A 7........ 4 9 . — 1 . — 2 . — 1.2 -13 . . 1.7 1.7 2.2 44 1 Claims between commercial banks and monetary authorities: member bank reserves, vault cash, F.R. loans to banks, F.R. float, and stock at F.R. banks. 1238 FLOW OF FUNDS AUGUST 1966 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
AUGUST 1966 FLOW OF FUNDS 1239 2. SAVINGS, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) 1964 1965 1966 Transaction category, or sector 1961 1962 1963r 1964r 1965 r Ir ID HU IVr Ir ID IIP IV r I F. Saving and investment 119.6 134.5 146.2 159.6 177.8 154.2 157.7 161.5 165.0 176.7 175.0 177.3 182.2 188.5 1 2 Households................................. 75.8 82.1 87.6 97.2 106.5 92.4 99.4 97.7 99.3 102.1 101.9 111.0 111. 1 112.3 2 3 Farm and noncorp, business........ 12.6 13. 1 13.6 14.4 14.4 14.2 14.5 14.4 14.5 14.2 14.7 14.2 14.7 15.4 3 4 Corporate nonfin business.. .... 35.6 41.8 44.0 51.0 55.4 50.0 50.9 52.0 51.3 55.6 54.4 55.2 56.3 57.5 4 5 XJ § (Government......................... -4.8 -4.8 -.7 -4.3 .1 -3.3 -8.0 -4. 1 -1.7 3.3 2.6 -4.1 -1.2 1.5 5 6 State and local govt ........... -2.9 -1.4 -1.5 -1.7 -2.5 -2.0 -2.0 -1.5 -1.2 -2.1 -2.5 -2.8 -2.6 -2.1 6 7 Financial sectors......................... 3.3 3.8 3.2 2.9 3.8 2.8 2.9 3.0 2.8 3.5 3.9 3.9 3.9 3.9 7 8 LGmca natinnnl investment. . ............ . 117.9 133.8 143.8 1S7.0 176.2 152.4 155.6 158.9 161.1 172.4 172.6 176.8 182.9 186.3 8 9 Consumer durable goods......... 44.2 49.5 53.9 59.4 66.1 57.6 59.8 61. 1 58.9 65.1 64.4 66.7 68.0 70.3 9 10 Business inventories. ,_......,, 2.0 6.0 5.9 4.7 9.0 3.2 4. 1 3.8 7.6 9.4 7.6 8.7 10.4 9.0 io 11 Cross pvt fixed investment. . . . . . 69.7 77.0 81.2 88.3 97.5 86.7 87.6 88.9 90.0 94. 5 96.0 98.0 101.4 105.5 11 12 Households ............... ............ 20.9 22.2 22.6 23.5 23.8 23.8 23.7 23.6 23.0 22.8 24.3 24.3 23.7 24.0 12 13 Nonfin business...................... 48.1 54.2 57.7 63.9 72.8 62.0 63.0 64.4 66.1 70.8 70.8 72.9 76.9 81.2 13 14 Financial sectors............... .7 .6 1.0 ,9 .8 .9 .9 .9 .8 .9 .9 .8 .8 . 3 14 15 Net financial investment............... 2.0 1.3 2.8 4.7 3.6 4.9 4.2 5.1 4.6 3.5 4.6 3.4 3.0 1.4 15 16 Discrepancy (1-8)............................. 1.7 .7 2.5 2.6 1.6 1.8 2.1 2.6 3.9 4.2 2.4 .5 -.7 2.2 16 II. Financial flows—Summary 17 Net funds raised—Nonfin. sector.. . . 44.3 54.3 58.2 67. 1 72.3 58.8 75.1 63.9 70.5 76.8 73.2 55.0 83.7 83.7 17 18 Loans and short-term securities .... 16.4 15.5 18.8 27.1 32.1 24-3 28.6 15.6 39.7 45.2 32.1 10.4 40.6 34.1 18 19 Long-term securities and mtgs......... 27.9 38.8 39.3 40,0 40.1 34.5 46.5 48.4 30.7 31.6 41.1 44.6 43.1 49.5 19 By sector 20 IJ S {"Government........................... . 7.6 7.8 5.0 6.7 3.6 7.6 5.6 8.7 5.0 7.5 2.7 -6.7 10.9 14.3 20 21 Short-term direct mkt................... 8.8 . 5 1.4 4.0 3.5 9. 1 - 1.0 -3.7 U.4 13.9 2.4 -12.8 10.5 9.5 2( 22 Other securities............................. -1.4 6.8 3.8 2.2 .6 - .5 4.9 11.4 -7.0 -6.2 .6 5.2 2.7 3.6 22 23 C.C.C. and Ex-Import Ctfs.......... .3 .5 -.2 .5 -.5 -1.1 1.7 .9 .6 -.2 -.3 .9 -2.3 1.2 23 24 Foreign borrowers............................ 2.8 2.3 3.3 4.6 2.9 3.9 4.9 2.6 7. 1 6.0 1.9 .9 2.5 2.6 24 25 T nans.......................................... ■ 2.0 1.2 2.2 3.9 1.9 3.9 4.0 2.6 5.0 4.7 1.0 .2 1.8 .9 25 26 Securities ................................. . 8 1.0 1.0 .7 .9 .9 * 2.0 1.3 1.0 .7 .8 1.7 26 27 Pvt domestic nonfin. sectors....... 33.9 44.2 49.9 55.8 65.8 47.2 64.7 52.7 58.4 63.2 68.6 60.9 70.2 66.7 27 28 1 oans ...................................... 5.4 13.3 15.5 18.7 27.2 12.3 23.9 15.7 22.7 26.8 29.1 22.1 30.6 22.5 28 29 Consumer credit....................... 1.7 5.5 6,7 6.9 9.2 7.4 7.2 7.1 6.0 9.7 8.9 8.9 8.9 9.2 29 30 Panic loon's n.e.c.. . . ................. 2.2 4.8 6.0 7.6 14.0 2.7 9.7 4.7 13.2 14.4 13.9 8.5 18.9 8.3 30 31 Other loons. .............................. 1.6 8.0 2.7 4.1 4.1 2.2 7.0 4.0 3.5 2.6 6.3 4.6 2.8 5.0 31 32 Securities and mortgages........ 28.6 31.0 34.4 37.1 38.6 35.0 40.7 37.0 35.7 36.5 39.6 38.8 39.6 44.3 32 33 Stole find lor/j) obligations..... 4.9 5.0 6.7 5 9 7.4 4.2 6.4 6.0 6.8 7.1 7.5 5.0 9.9 6.5 33 34 Corporate securities.................. 7.1 5.1 3.6 5.4 5.7 6.2 7.1 5.3 2.9 4.6 6.7 8.0 3.6 12.1 34 35 1- fo 4- fami! v mortgages.......... 11.4 13.0 15.2 15.8 15.4 15.6 16.3 15.8 15.4 15.4 15.1 15.2 16,0 15.6 35 36 Other mortgages....................... 5.1 7.9 9.0 10.1 10.1 8.9 10.9 9.9 10.6 9.4 10.3 10.6 10.1 10.1 36 37 Nef sources of credit (—• 17)- ....... 44.3 54.3 58. 2 67.1 72.3 58.8 75.1 63.9 70.5 76.8 73.2 55.0 83.7 83.7 37 38 Chg. in U.S. Govt, cash balance. . 1.3 -.3 .2 -1.2 3.6 -.9 -1.1 -.9 5.3 1.4 -12.9 1.3 -3.9 38 39 U S Govt, lending, .................... 2.8 3.5 2.7 3.8 4. 5 3.4 4.9 3.4 3.6 4.9 6.7 3.1 3.2 8.4 39 40 Foreign funds................................ 2. 5 2.8 2.3 2.4 1.8 1.7 3.3 1.0 3.8 3.6 4.4 — .8 . 1 1.8 40 41 Pvt. insur. and pension reserves.. 8.6 9.0 10.1 11.1 10.9 10.9 12.0 10.1 11.5 10.8 11.4 10.7 10.8 11.3 41 42 Sources n.e.c................................ 3.7 3.2 4.2 5.3 5.3 4.1 6.4 4.1 6.7 9.3 5.5 - .8 7.3 4.2 42 43 Pvt domestic non fin sectors........ 26.7 34.6 39.2 44.3 50.9 35.1 49.5 46. 5 45.8 42.8 43.8 55.7 61.1 61.8 43 44 Liquid assets.............................. 24.9 31.5 37.3 33.0 43.4 27.5 29.3 31.5 43.6 38.0 35.2 43.3 57.1 33.4 44 45 Deposits................................. 24.0 30.1 34.2 35.4 40.6 25.3 31.9 38. 1 46.2 34.2 31.1 42.4 54.7 29.6 45 46 Demand dep. and currency 3.8 2.1 5.7 6.5 8.0 -1.0 5.6 9. 1 12.5 -.8 3.7 7. 1 22. 1 5.7 46 47 Time and svgs. accounts . . 20.2 28. 1 28.5 28.8 32.6 26.2 26.3 29.0 33.7 35.0 27.4 35.3 32.6 23.9 47 48 At commercial banks.... 9.0 15.0 IS.4 1S.I 19.5 11.5 10.6 12.2 18.1 21.9 15.2 22.2 18.5 14.5 48 49 A t savings in st it.............. 11 2 13.0 15.1 15.7 13.1 14.7 15.7 16 8 15.6 13.1 12.1 13.1 14.1 9.4 49 50 Short-term U.S. Govt. sec.. . 1.0 1.4 3. 1 -2.4 2.8 2.2 -2.6 -6.6 -2.6 3.8 4.1 .9 2.4 3.9 50 51 Other U.S. Govt, securities.... -1.3 .5 1.6 3.3 .5 2.4 6.8 6.6 -2.5 .1 3.2 -.7 -.7 9.2 51 52 Pvt. credit mkt. instr........... .. 4.3 2.4 2.2 7.8 7.7 5. 3 13.2 6.9 5.7 4.9 4.8 12,0 8.8 18.9 52 53 Less security debt...................... 1.3 -.2 2.0 -.2 .7 • -2. -1.5 1.1 .2 -.6 -1.1 4.2 -.3 53 ML Direct lending in credit mkt. 54 Total funds raised............................. 44.3 54.3 58.2 67.1 72.3 58.8 75.1 63.9 70.5 76,8 73.2 55.0 83,7 83.7 54 55 Less-change in U.S. Govt. cash. . . . 1.3 -.3 .2 -1.2 3.6 -.9 -1.1 -.9 5.3 1.4 -12.9 1.3 -3.9 55 56 Total net of U.S. Govt, cash........... 44.3 53.0 58.5 66.9 73.5 55.2 76.0 65. 1 71.4 71.4 71.8 67.9 82.4 87.6 56 57 Funds supplied directly to credit markets............................... 44.3 53.0 58.5 66.9 73.5 55.2 76.0 65.1 71.4 71.4 71.8 67.9 82.4 87.6 57 58 Federal Reserve System............... 1.5 1.9 2.6 3.2 3.8 3.2 1.0 2.1 6.4 4.1 3.9 1.2 6. 1 1.5 58 59 Total........................................ 1.5 2.0 2.9 3.4 3.8 2.9 1.6 2.5 6.6 4.5 3.3 2.9 4.6 1.3 59 60 Less-chg. in U.S. Govt. cash... * .1 .3 .2 ♦ -.3 .5 .4 . 1 .4 -.6 1.7 -1.6 -.2 60 61 Commercial banks, net................. 15.5 18. 1 19.5 21.6 29.0 12.7 22.2 21.0 30.6 27,7 23.0 26.7 38.6 21.6 61 62 Total.......................................... 15.7 19.5 19.2 22.2 28.6 17.4 21.3 20.1 29.9 33.2 27.1 12.2 41.8 18.0 62 63 Less—chg. in U.S Govt. cash... 1.2 - .6 -1.2 3.8 -1.4 -1.5 -1.1 4.9 2.0 -14.6 2.8 -3.8 63 64 Security issues....................... .2 . 1 .3 .6 .8 .9 .5 .6 .4 .5 2.0 . 1 .4 .1' 64 65 Nonbank finance, net................... 21.2 23.9 28.0 29. 1 26,2 27.5 28.1 31.3 29.5 27.6 24.7 26.3 26.3 25.6 65 66 Total.......................................... 23.7 28.6 34.4 33.5 31.9 32.2 38.3 32.8 30.8 35.0 36.0 22.9 33.6 34.2 66 67 Less-credit raised...................... 2.5 4.7 6.4 4.4 5.7 4.7 10.2 1.5 (.4 7.4 11.3 -3.4 7.3 8.6 67 68 U.S, Government.......................... 2.8 3.5 2.7 3.8 4.5 3.4 4.9 3.4 3.6 4.9 6.7 3.1 3.2 8.4 68 69 Foreign........................................... .6 1.2 .8 .4 -.3 -1.3 2.3 -1.0 1.8 -1.5 .8 -2.6 2.0 -1.7 69 70 Pvt. domestic nonfin..................... 2.7 4.4 5.0 8.9 10.3 9.9 17.6 8.4 -.4 8.6 12.7 13.3 6.3 32.2 70 71 Households................................ .7 -1.6 1.4 3.6 3.6 2.8 9.3 1.3 1.0 .4 6.8 4.5 2.4 17.9 71 72 Business..................................... . 1 2.3 2. 1 1.4 .2 1.7 2.1 2.7 -.9 -3.1 -3.1 4.5 2.2 3.4 72 73 State and local govts................. 3.2 3.6 3.5 3.7 7,2 5.4 6. 1 2.8 .6 11.4 8.4 3.1 5.9 10.6 73 74 Less-net security credit. ...... 1.3 -.2 2.0 -.2 .7 * -.2 -1.5 1.1 .2 -.6 -1.1 4.2 -.3 74 Note.—Quarterly data are seasonally adjusted totals at annual rates. 1966 relative to the May Bulletin tables in financial data. Financial These tables reflect revisions in income and product accounts for 1963-66 revisions will appear with publication of the second-quarter data. published in the July Survey of Current Business but are unrevised before For other notes see p. 1241. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1240 FLOW OF FUNDS AUGUST 1966 3. PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) 1964 1965 1966 Transaction category, 1961 1962 1963r 1964 r 1965' or sector I' IF iik IV' Ir 11' III' IV' I I. Demand deposits and currency 1 Net incr. in banking system liability, . 5.6 4.5 5.6 7.4 7.2 3.9 5.6 8.2 12.0 5.2 5.7 -3.6 21.5 2.9 1 2 U.S. Govt, deposits........................ 1.3 -.3 .2 -1.2 3.6 -.9 -1.1 -.9 5.3 1.4 -12.9 1.3 -3.9 2 3 Other................................................ 5.6 3.2 5.9 7.3 8.4 .3 6.5 9.3 13.C -. 1 4.2 9.3 20.3 6.8 3 4 Domestic sectors......................... 4.8 3.1 5.9 6.8 8.5 -1.0 6.7 8.3 13.2 -1.2 4.3 7.8 23.0 3.4 4 5 Households.............................. .8 4.1 5.3 7.4 10.7 10.6 3.4 2.8 13.1 9.6 3.6 8.6 20.9 -.9 5 6 Nonfinancial business.............. 1.7 -2.3 -1.9 -2.6 -3.3 -7.2 2.1 2. 1 -7.5 -4.1 -2.4 -6.4 -. 1 3.0 6 7 State and local govts............... . 3 .9 2.0 .7 -.5 -1.7 -2,3 1.4 5.6 -5.3 1.6 .9 1.0 -1.8 7 8 Financial sectors..................... 1.1 1.0 .2 .2 .5 1.1 -.8 .7 -.4 .6 .8 1.0 -2.3 8 9 Mail float................................. 1.0 -.6 .3 1.0 1. I -2.7 2.4 2.8 1.3 -1.0 1.0 4.0 .3 5.4 9 10 Rest of the world........................ .7 . 1 . 1 .5 —. 1 1.4 -.2 1.0 -.3 1.1 * 1.5 -2.8 3.4 10 II. Time and savings accounts 11 Net increase—Total............................ 20.7 28.7 29.5 30.4 33.0 27.9 28.0 30.0 35.7 35.5 28.4 34.9 33.1 23.4 11 12 At commercial banks—Total......... 9.4 15.6 14.3 14.6 20.1 13. 1 12.1 13.3 19.9 22.6 16.7 22.1 18.9 14.4 12 13 Corporate business..................... 1.9 3.7 3.9 3.2 5.0 6.4 1.4 1.5 3.4 8.3 6.8 3.7 1.2 4.2 13 14 State and local govts................... .9 1.0 1.6 1.7 3.0 .3 1.1 2.2 3.3 2. 1 .5 4.3 5.1 -.5 14 15 Foreign depositors...................... .3 .6 1.0 1.4 .5 1.5 1.5 1.0 1.6 .6 1.3 -.1 .4 -.1 15 16 Households.................................. 6.2 10,3 7.9 8.2 11.5 4.9 8.1 8.5 11.4 11.4 8.0 14.3 12.3 10.8 16 17 At savings institutions................... 11.3 13.1 15.2 15.8 12.9 14.8 15.8 16.7 15.8 12.9 11.7 12.9 14.2 9.1 17 18 Memo: Households total................... 17.4 23.4 23.0 23.9 24.6 19.6 23.8 25.4 27.0 24.5 20.1 27.4 26.4 20.2 18 III. U.S. Govt securities 19 Total net issues.................................... 7.3 7.3 5.2 6.2 4.1 8.7 3.9 7.7 4.4 7.7 3.0 -7.7 13.2 13.1 19 20 Short-term marketable................... 8.8 .5 1.4 4.0 3.5 9.1 -1.0 -3.7 11.4 13.9 2.4-12.8 10.5 9.5 20 21 Other............................................... — 1.4 6.8 3.8 2.2 .6 -.5 4.9 11.4 -7.0 -6.2 .6 5.2 2.7 3.6 21 22 Not acquisitions, by sector................. 7.3 7.3 5.2 6.2 4.1 8.7 3.9 7.7 4.4 7.8 3.0 -7.7 13.2 13.1 22 23 Federal Reserve System................. 1.5 1.9 2.8 3.5 3.7 3.2 1.8 2.4 6.5 4.4 3.7 2.9 3.9 1.7 23 24 Short-term................................... -1.1 2.0 4.9 2.1 3.7 3.5 -2.3 5,1 2.2 15.5 7.0 -3.0 -4.8 8. 1 24 25 Commercial banks.......................... 5.4 .8 -2.6 -.5 -2.0 1.0 -6.6 2.7 .9 -.2 -8.0 -5.3 5.7 -3.8 25 26 Short-term direct......................... 9.3 -5.2 -3.7 3.9 -1.7 5.4 1.4 -.5 9.2 -1.3 -7.5 -6,1 8.2 -2.3 26 27 Other direct................................. -4.1 5.2 .5 -4.1 -1.4 -2.7 -9.0 3.8 -8.6 .3 -1.1 -1.2 -3.7 -.4 27 28 Nonguaranteed........................... .3 .8 .5 -.2 1.1 -1.7 1.1 -.6 .3 .8 .6 2.0 1.2 -1.1 28 29 Nonbank finance............................. .4 1.5 -.3 1.8 -.9 1.7 3.5 2.8 -.7 2.5 -1.1 -3.7 -1.2 5.2 29 30 Short-term direct......................... 1.1 .7 -1.1 1.1 -.3 .4 2.8 .3 .8 -.5 -1.0 -1.7 2.1 2.7 30 31 Other direct................................. -.8 .6 .6 .5 -.7 1.3 .3 2.2 - 1.9 3.1 -.9 -2.1 -3.0 1.7 31 32 Nonguaranteed........................... . 1 .2 .3 .1 .4 .3 .4 -.1 .7 .2 -.4 .8 32 33 Foreign............................................ .4 1.2 .6 .4 -.1 -1.8 1.0 -.2 2.7 -2.8 1.1 -1.8 3.1 -3.0 33 34 Short-term................................... -.7 2.0 -.7 .2 -.4 -1.6 .7 -1.1 2.8 -2.8 .1 -2.5 3.4 -2.4 34 35 Pvt. domestic nonfinan. sector. . . . -.3 1.9 4.7 .9 3.3 4.6 4.2 -5.0 3.9 7.3 .2 1.7 13.0 35 36 Short-term direct......................... .2 1.0 1.9 -3.3 2.2 1.4 -3.6 -7.5 -3.6 3.0 3.7 .4 1.6 3.5 36 37 Other direct................................ -1.6 -.1 .9 2.9 -1.1 2.9 5.2 5.7 -2.3 .3 -.4 -2.8 -1.6 5.1 37 38 Nonguaranteed........................... .3 .6 .8 .4 1.6 -.5 1.5 .8 -.2 -.2 3.5 2.0 .9 4.1 38 39 Savings bonds—Households. ... .8 .4 1.2 ,9 .6 .8 .9 .8 i-° .8 .4 .5 .8 .3 39 IV. Other securities 40 Total net issues, by sector................... 13.6 11.6 13.1 14.6 16.7 13.4 17.3 13.9 13.9 15.1 19.1 15.2 17.4 21.9 40 41 State and local govts....................... 4.9 5.0 6.7 5.9 7.4 4.2 6.4 6.0 6.8 7.1 7.5 5.0 9.9 6.5 41 42 Nonfinancial corporations............. 7.1 5.1 3.6 5.4 5.7 6.2 7. 1 5.3 2.9 4.6 6.7 8.0 3.6 12.1 42 43 Commercial banks.......................... .2 . 1 .3 .6 .8 .9 .5 .6 .4 .5 2.0 . I .4 .1 43 44 Finance companies......................... .5 .3 1.4 2.1 1.9 2.2 2.4 2.0 1.8 1.5 1.9 1.4 2.7 1.6 44 45 Rest of the world............................ .8 1.0 1.0 .7 .9 « .9 * 2.0 1.3 1.0 .7 .8 1.7 45 46 Net purchases................................... 13.6 11.6 13.1 14.6 16.7 13.4 17.3 13.9 13.9 15.1 19.1 15.2 17.4 21.9 46 47 Households..................................... 1.4 -2.0 -1.7 1.4 .9 .7 5.0 .3 -.3 .4 -.3 4.5 -1.2 8.3 47 48 State and local govts....................... 2.2 2.0 2.5 3.0 4.5 2.8 3.0 3.1 2.9 3.1 4.0 4.9 6.0 5.7 48 49 Commercial banks.......................... 2.6 4.4 5.2 3.7 4.7 2.4 2.6 4.9 4.7 3.8 6.8 4.5 3.7 2.1 49 50 Insurance and pension funds......... 8.0 7.7 7.8 7.5 8.6 7.7 7.9 6.8 7.5 8.3 7.9 9.4 8.8 8.5 50 51 Finance n.e.c.................................... -.7 -.2 -.6 -.6 -1.5 -.2 - 1.2 -.7 -.4 -.7 1.7 -7.4 .5 -3.9 51 52 Security brokers and dealer....... -.1 .5 -.2 .3 .1 -.4 1.0 2.1 -5.3 1.3 -2.1 52 53 Investment cos. net..................... -.6 -.7 -.6 -.7 -1.3 —. 5 — 1.3 -.3 -.5 -1.7 -.4 -2.1 -.9 — 1.8 53 54 Portfolio purchases................. 1.4 1.1 .8 1.1 1.6 .5 1.7 2.1 .6 2.0 1.4 2.3 2.2 54 55 Net issues of own shares....... 2.0 1.9 1.4 1.7 2.8 .5 1.8 2.0 2.6 2.3 2.4 3.5 3.2 4.0 55 56 Rest of the world........................... .2 * .2 -.2 -.5 -.2 .1 -.4 -.1 . 1 -1.0 -1.0 -.1 .6 56 V. Mortgages 57 Total net lending................................. 16.9 21.3 24.7 25.6 25.5 24.3 26.8 25.4 25.7 24.8 25.6 25.6 25.9 26.1 57 58 1-to 4-family................................... 11.8 13.4 15.7 15.5 15.4 15.5 15.9 15.5 15.1 15.4 15.3 15.0 15.8 16.0 58 59 In process..................................... .4 .4 .5 -.3 -.1 -.2 -.4 -.3 -.3 . 1 .2 —. 3 -.2 .4 59 60 Disbursed.................................... 11.4 13.0 15.2 15.8 15.4 15.6 16.3 15.8 15.4 15.4 15.1 15.2 16.0 15.6 60 61 Other................................................ 5.1 7.9 9.0 10.1 10.1 8.9 10.9 9.9 10.6 9.4 10.3 10.6 10.1 10.1 61 62 Net acquisitions................................... 16.9 21.3 24.7 25.6 25.5 24.3 26.8 25.4 25.7 24.8 25.6 25.6 25.9 26.1 62 63 Households...................................... -.2 -.6 .1 -.3 -.2 .3 .2 .2 -1.0 -.7 -.6 1.0 -2.2 63 64 U.S. Government........................... .6 .3 -1.0 .2 1.0 .3 .8 . 1 — . 3 .6 1.2 .7 1.4 4.3 64 65 Commercial banks.......................... 1.6 4.0 4.9 4.5 5.3 4.5 4.4 4.0 5.1 4.8 5.5 5.9 5.0 5, 1 65 66 Savings institutions......................... 11.0 13.2 16. 1 14.7 13.1 14.5 14.9 15.1 14.4 13.1 13.3 13,1 12.9 11.6 66 67 Insurance........................................ 2.7 3.0 4.0 5.1 5.4 4.5 5.0 5.3 5.6 5.9 5.5 5.0 5.3 6.4 67 68 Mortgage companies....................... .6 .5 .8 .4 .5 .3 1.0 .1 .2 1.0 .4 .9 -.1 .5 68 VI. Bank loans n.e.c. 69 Total net borrowing............................. 3.0 6.2 8.2 9.9 16.8 4.8 14.4 4.6 15.8 20.0 15.6 10.9 20.5 8.3 69 70 Nonfinancial business..................... 1.3 4.3 5. 1 5.0 12.6 .5 5.9 4.6 9.0 13.7 11.1 7.6 17.7 10.7 70 71 Nonbank finance............................ .1 1.0 1.7 .5 2.4 3.7 -1.7 -.1 2.5 2.8 2.0 2.2 .4 71 72 Households.......................... .9 .5 .9 2.6 1.4 2.2 3.8 . 1 4.3 .7 2.8 .9 1.2 -2.5 72 73 Rest of the world........................... .7 .4 .5 1.9 .4 1.9 1.0 1.7 2.8 2.9 -1.2 .4 -.5 -.5 73 Note.—Quarterly data are seasonally adjusted totals at annual rates. 1966 relative to the May Bulletin tables in financial data. Financial These tables reflect revisions in income and product accounts for 1963-66 revisions will appear with publication of the second-quarter data. published in the July Survey of Current Business but are unrevised before For other notes see p. 1241. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
AUGUST 1966 FLOW OF FUNDS 1241 Notes to Table 2 , of deposits and credit market instruments by households, nonfinancial I. Saving and investment. Derived statistically from Commerce Dept, business, and state and local govts. Line 50 includes household savings income and product accounts. Tables showing the relation to those bonds as well as marketable issues; see Table 3, line 39. Line 52 includes accounts are in Nov. 1965 Bull. Gross national saving (line I) is the consumer credit and open-market paper in addition to private securities sum for domestic sectors of gross-saving entries in Table 4. It is before and mortgages. Line 53 is net of free credit balances at brokers. deduction of capital consumption allowances. Govt, saving is net of III. Direct lending in credit markets. Monetary authority total is public outlays for capital goods as well as current operations. Gross Table 4(G), lines 5 less 14. Commercial-bank total, line 63, is Table national investment (line 8) is gross private domestic investment in 4(H), line 5; includes security credit. Nonbank finance totals include income-and-product accounts plus consumer durables plus net foreign security credit both in lending and funds raised and exclude investment investment. Net foreign investment differs from corresponding income- company shares on both sides; Une 67 is lines 7 and 16 of Table 4(1), less and-product series by amount of errors and omissions in balance of pay line 5 of 4(1.8), and line 68 is line 22 of Table 4(1) plus line 5 of 4(1.7) less ments statement. line 5 of 4(1,8). Line 71 is the net sum of lines 50-53 in Table 2-IL Relation of saving-investment discrepancy to flow of funds matrix is described on page 1536. _ Notes to Table 3 if. Financial flows-Summary. This table is described in Nov. 1962 I. Demand deposits and currency, Lines 5-8 are holder record; line 9 Bull., p. 1405. Total net funds raised (line 17) is borrowing through is difference between holder and bank record. credit markets (line 25 of Table 1) by households, nonfinancial business, III. U.S. Govt, securities. All holdings stated in par values; excludes govts., and foreigners. Credit market funds raised by all sectors consists special issues to international organizations and includes nonguaranteed of line 17 plus financial-sector borrowing (TabtH^Jine 33 and Table issues of Govt, agencies. Short-term category consists of direct market 4(1), line 22). . able issues due in less than one year plus part of those due in less than U.S. Govt, short-term securities are direct marketable issues due in less 2 years. than 1 year plus part of those due in less than 2 years. For further IV. Other securities. Total excludes open-end investment co. shares; detail see Table 4(E), lines 26-29. these are shown as a deduction on line 55, offsetting net purchases of Demand deposits on lines 38 and 46 are on bank-record basis rather such shares included in the other lines (mainly consumer) under “net than holder records shown in Table 4. Difference is described in Aug. purchases.” Net purchases includes small amounts for mutual savings 1959 Bull., p. 852 ff. Foreign funds consist of lines 8-12 of Table 4(3). banks and nonfinancial corporations not shown separately. Sources n.e.c. (line 42) is mainly financial institution net sources of funds V. Mortgages. Loans in process at savings and loan associations are other than deposits, insurance and pension reserves, security credit, and included in totals outstanding and treated as savings and loan liability. credit mkt. funds. . . , . Line 62 includes holdings by State and local govts, not shown separately. Private domestic nonfinancial sectors (line 43) consists of acquisition 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS (In billions of dollars) 1964 1965 1966 Category 1961 1962 1963 ' 1964' 1965' I' nr III' IV' I' II' III' IV' I (A) Households i 1 Personal income............................... 416.8 442.6 467.3 496. 1 535.0 484.2 492.0 500.6 507.4 518.0 527.5 541.9 552.7 564.7 1 2 Less: Personal taxes & nontaxes.. 52.4 57.4 60.9 59.5 66.0 60.7 56.9 59.4 60.9 64.9 66.6 65.7 66.8 69.5 2 3 Personal outlays................. 343.2 363.7 384.6 412. 1 443.4 401.4 408.5 418.3 420.0 430.3 438.6 447.1 457.6 468.3 3 4 Equals: Personal saving................... 21.2 21.6 21.7 24.5 25.6 22.1 26.6 22.9 26.5 22.8 22.3 29.1 28.3 26.9 4 5 Plus: Credits from Govt, insur.2, 3.4 3.5 4.0 4.8 5.7 4.5 4.6 5. 1 4.9 5.2 6.2 5.9 5.3 5.4 5 6 Other adjustments3............ .6 . 6 . 6 .7 .8 .5 .6 .7 .9 .8 .7 .8 .8 .9 5 7 Net durables in consumpl... 2.9 6.7 8.9 11.5 15.2 10.8 12.3 12.8 9.9 15.3 13.9 15.4 16.0 17.5 7 8 Purchases......................... 44,2 49.5 53.9 59.4 66. 1 57.6 59.8 61.1 58.9 65.1 64.4 66.7 68.0 70,3 8 9 Less: Cap. consumpt...... 41.3 42.8 45.0 47.9 50.9 46.8 47.5 48.3 49.0 49.8 50.5 51.3 52.0 52.8 9 10 Equals: Net saving........................... 28.0 32.4 35.3 41.4 47.2 37.9 44. 1 41.5 42.2 44.1 43.0 51.2 50.4 50.7 10 11 Plus: Capital consumpt.4............ 47.8 49.7 52.4 55.8 59.3 54.5 55.4 56.2 57.1 58.0 58.9 59.8 60.7 61.6 11 12 Equals: Gross saving....................... 75.8 82. 1 87.6 97.2 106.5 92.4 99.4 97.7 99.3 102.1 101.9 111.0 111.1 112.3 12 13 Gross investment (14+18)................ 78.0 87.8 92.0 102.3 113.0 98.0 103.3 101.01 107.0 106.4 105.S 118.8 121.2 119.0 13 14 Capital expend, (net of sales).... 65.0 71.7 76.5 82.9 89.9 81.4 83.5 84.7 81.9 87.9 88.7 91.0 91.7 94.3 14 15 Residential construction........... 17.5 18.7 18.9 19.5 19.6 19.9 19.7 19.5 19.0 18.7 20.2 20.1 19.4 19.6 15 16 Consumer durable goods.......... 44.2 49.5 53.9 59.4 66.1 57.6 59.8 61.1 58.9 65.1 64.4 66.7 68.0 70.3 16 17 Plant and equip, (nonprofit)... 3.3 3.5 3.7 4,0 4.2 3.9 4.0 4.1 4.1 4.1 4.2 4.2 4.3 4.3 17 18 Net finan. investment (19—37)......... 12.9 16.1 15.5 19.5 23.1 16.6 19.8 16.3 25.0 18.5 16.8 27.8 29.5 24.8 18 19 Net acquis, of finan. assets 5........ 29.9 36.6 41.9 46.9 52.2 44.3 49.5 41.1 52.4 46.4 45.2 54.9 62.0 49.2 19 20 Demand dep. and currency.... .8 4.1 5.3 7.4 10.7 10.6 3.4 2.8 13.1 9.6 3.6 8.6 20.9 -.9 20 21 Savings accounts.. ............. 17.4 23.4 23.0 23.9 24.6 19.6 23.8 25.4 27,0 24.5 20.1 27.4 26.4 20.2 21 22 At commercial banks........... 6.2 10.3 7.9 8.2 11.5 4.9 8.1 8.5 11.4 11.4 8.0 14.3 12.3 10.8 22 23 At savings instutitions.......... 11.2 13.0 15.1 15.7 13.1 14.7 15.7 16.8 15.6 13.1 12.1 13.1 14.1 9.4 23 24 Life insurance reserves............. 3.4 3.7 4.2 4.3 4.1 4.5 4.3 4.2 4.1 4.1 4.2 4.0 4.0 4.1 24 25 Pension fund reserves............... 8.6 8.8 9.9 11.6 12.5 10.9 12.3 11.0 12.4 12.0 13.4 12.6 12.1 12.6 25 26 Cr. and equity mkt. instr.......... .7 -1.6 1.4 3.6 3.6 2.8 9.3 1.3 1.0 .4 6.8 4.5 2.4 17.9 26 27 U.S. Govt, securities............. -.5 .4 3.7 2.1 3.0 2.3 4.0 .8 1.1 1.0 7.8 .6 2.6 11.9 27 28 Savings bonds............. .8 .4 1.2 .9 .6 .8 .9 .8 1.0 .8 .4 .5 .8 .3 28 29 Short-term mkt.................. .5 2.9 — 1.8 2.7 -.7 -4.3 -1.9 -.5 3.6 3.4 4.4 -.5 -.7 29 30 Other direct....................... -1.2 -.9 -.9 2.0 -.9 2.4 5.1 .3 .3 -.6 .1 -5.1 2.0 11.0 30 31 Nonguaranteed.................. * .3 .5 1.0 .5 -.2 2.2 1.6 .3 -2.8 3.9 .8 .4 1.3 31 32 State and local oblig............. 1.1 .4 1.6 2.6 3.7 2,3 4.9 .3 2.9 3.9 1.3 1.6 8.0 5.5 32 33 Corporate and fgn. bonds.. . -.2 -.9 -.5 -.7 -.8 -1.7 -2.4 .8 .6 -1.1 1.0 1.9 -5.0 1.7 33 34 Corporate stock..................... .5 -15 -2.8 -.5 -2.1 2.6 -.8 -3.8 -2.4 -2.5 1.0 -4.3 1.2 34 35 Mortgages....................... ... -.2 * -.6 . 1 -.3 -.2 .3 .2 .2 -1.0 -.7 -.6 1.0 -2.2 35 36 Net invest, in noncorp. bus.... -1.8 -2.3 -2.6 -4.5 -4.1 -4.2 -5.0 -4.8 -4.2 -4.3 -4.3 -3.7 -4.1 -4.6 36 37 Net increase in liabilities......... 16.9 20.6 26.3 27.4 29.0 27.7 29.7 24.8 27.4 27.9 28.4 27.1 32.5 24.5 37 38 Credit mkt. instruments........... ’15.4 ^20.5 24.1 27.3 27.6 27.6 28.9 25.2 27.6 27.6 27.6 26.7 28.1 24.9 38 39 1- to 4-family mtgs................ 11.2 12.9 14.9 16.0 15.3 16.3 16.0 16.2 15.6 15.5 14.0 15.2 16.4 16.2 39 40 Other mortgages................... .9 .9 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 40 41 Consumer credit.................... 1.7 5.5 6.7 6.9 9.2 7.4 7.2 7.1 6.0 9.7 8.9 8.9 8.9 9.2 41 42 Bank loans n.e.c.................... .9 .5 .9 2.6 1.4 2.2 3.8 ,1 4.3 .7 2.8 .9 1.2 -2.5 42 43 Other Ioans 6......................... r.7 '.7 .6 .8 .7 .8 .8 .8 .7 .7 .8 .7 .6 .9 43 44 Security credit.......................... 1.3 -. 1 2.0 -.2 1.2 -.4 .7 -.8 -.3 -.1 .7 . 1 4.2 -.6 44 45 Discrepancy (12 — 13) ............. -2,2 -5.7 -4.4 -5.2 -6.5 -5.6 -3.9 -3.3 -7.7 -4.3 -3.7 -7.8 -10.1 -6.7 45 For numbered notes see p. 1247. See Note at end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1242 FLOW OF FUNDS AUGUST 1966 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1964 1965 1966 Category 1961 1962 1963 ' 1964' 1965' P IP IIP IV' P IP in ' IV' 1 (B) Nonfinancial business—Total 1 1 Income before taxes 2................... 95.7 102.4 109.1 115.0 125.9 113.4 115.3 116.1 115. 3 122.9 124.5 126.4 129.7 2 Gross saving...................................... 48.2 54.9 57.5 65.4 69.8 64.3 65.4 66.4 65.8 69.8 69.2 69.4 71.0 72.9 2 3 Gross Investment...................... 45.8 49.9 54.9 60.1 65.4 60.7 59.6 62.3 57.9 64. 3 65.1 67.9 64.4 67 4 3 4 50.1 60.2 63.5 68.6 81.9 65.3 67.1 68.2 73.7 80.2 78.4 81.6 87.3 90 2 4 5 Fixed investment........................... 48. 1 54.2 57.7 63.9 72.8 62.0 63.0 64.4 66.1 70.8 70.8 72.9 76.9 81.2 5 6 Business plant & equipment. . . 43.6 48.1 50.2 56.4 65.2 54.0 55.4 57.3 58.8 62.2 63.4 65.7 69.3 72.9 6 7 1-4 family residential const.3... .3 .5 -.3 .3 1 -.2 -.6 -.3 .9 -.1 .2 .7 7 8 Other residential....................... 4.2 6.0 7.1 7.8 7.3 8.1 7.8 7.8 7.5 7.7 7.4 7.2 7.4 7.6 8 9 Change in inventories 4............... 2.0 6.0 5.9 4.7 9.0 3.2 4. I 3.8 7.6 9.4 7.6 8.7 10.4 9.0 9 10 Net financial investment.................... -4.3 -10.2 -8.7 -8.5 -16.5 -4.6 -7.5 -5.9 -15.8 — 15.9 -13.3 —13.8 -22.8 — 22 8 10 11 Net acquis, of finan. assets............ 17.7 14.5 17.6 15.3 24.8 12,3 15.5 25.7 7.6 24.3 25.6 22.3 27.0 23.9 11 12 Net increase in liabilities 7............ 22.0 24.8 26.3 23.7 41.3 16.8 23.0 31.6 23.4 40.2 38.9 36.1 49.8 46.7 12 13 Credit mkt. instruments............ 13.4 18.2 18.8 22.2 30.6 15.3 29.0 21.0 23.6 28.2 32.9 28 8 32.3 35. 1 13 14 Securities.............................. 7.1 5.1 3.6 5.4 5.7 6.2 7. 1 5.3 2.9 4.6 6.7 8.0 3.6 12.1 14 15 1-4 family mortgages............. .2 .3 -.2 .2 -.6 .3 - .4 -.2 -.1 1.1 . l — .4 - .6 15 16 Other mortgages.................... 4.2 7.0 8.0 9.1 9.1 7.9 9.9 8.8 9.6 8.3 9.2 9.6 9.1 9.1 16 17 Bank loans n.e.c.................... 1.3 4.3 5.1 5.0 12.6 . 5 5.9 4.6 9.0 13.7 11.1 7.6 17.7 10.7 17 18 Other loans 7......................... .6 1.7 1.8 3.0 3.1 1.2 5.9 2.7 2.3 1.5 4.8 3.6 2.3 3.8 18 19 Trade debt................................. 7.3 4.7 6.4 3.3 8.3 3.9 -6.6 11.3 4,6 8.0 7.3 6.6 11.2 7.0 19 20 Other liabilities.............. 1.3 1.9 1.1 -1.8 2.4 -2.4 . 5 - .7 -4.8 4.1 - 1.3 .6 6.3 4. 5 20 21 Discrepancy,................................... 2.4 5.0 2.6 5.3 4.4 3.5 5.8 4.1 7,9 5.5 4.1 1.5 6.6 5.5 21 (C) Farm and noncorporate nonfinancial business 5 1 Net income 2..................................... 55.6 57.5 60.3 59.6 63.9 58.7 59.7 59.8 60. 1 61.3 64.0 64.9 65.4 66.8 1 2 Gross saving 6................ 12.6 13.1 13.6 14.4 14.4 14.2 14. 5 14.4 14.5 14.2 14.7 14.2 14.7 15.4 2 3 Gross investment,............................. 12.6 13. 1 13.6 14.4 14.4 14.2 14.5 14.4 14.5 14.2 14.7 14.2 14.7 15.4 3 4 Clapital expenditures. .......... 15.3 18.2 19.8 19.0 21.8 18.0 18.7 19.8 19.4 20.6 20.8 22.2 23.4 22.3 4 5 Fixed investment........................... 14.8 16.9 18.2 18.7 20. 1 18.3 18.5 19.2 18.9 19.5 19.4 20.6 21.0 21.2 5 6 Change in inventories 4................ .5 1.3 1.6 .3 1.6 -.3 .3 .6 ' .5 1.1 1.5 1.6 2.4 1.0 6 7 Net financial investment........... -2.7 -5.1 -6.2 -4.6 -7.4 -3.7 -4.2 -5.4 -4.9 -6.4 -6.1 -9.0 -8.7 -6.9 7 8 Net acquis, of finan. assets....... .5 . 7 .5 .5 .5 .8 .4 .4 .5 .4 .4 .7 .8 8 9 Net increase in liabilities ^......, 3.1 5.6 6.9 5.1 7.9 4.2 5.0 5.8 5.3 6.9 6.6 8.4 9.4 7.7 9 to Credit mkt. instruments............ 4.3 7.0 8.5 8.7 10.3 7.7 10.9 8.4 7.9 10.6 10.3 10.2 10.2 11.0 10 H Mortgages.............................. 2.7 4.2 5.0 5.5 5.8 4.7 6.2 5.2 5.7 5.2 6.3 6.0 5.6 5.4 11 12 Bank loans n.e.c....................... 1.3 1.9 2.2 1.6 2.7 2.1 1 . 5 1.6 1.0 4.0 1.3 2.2 3.2 3.9 12 13 Other loans 7,8................. .3 1.0 1.3 1.7 1.9 .9 3.1 1.6 1.2 1.4 2.7 2.0 1.5 1.6 13 14 Trade debt, net.......................... .6 .9 1.1 .9 1.6 .7 - .8 2.3 1.5 .5 .6 1.9 3.3 1.3 14 15 Proprietors’ net investment ?,.. -1.8 -2.3 -2.6 -4.5 -4. 1 -4.2 -5.0 -4.8 -4.2 -4.3 -4.3 -3.7 -4.1 — 4.6 15 (D) Corporate nonfinancial business 1 o 1 Profits-TIVA..................................... 40.2 44.9 48.8 55.4 62.0 54.7 55.6 56.3 55,2 61.6 60.5 61.5 64.3 67. 1 1 2 Profits tax accruals..................... 19.7 20.8 22.8 24.3 27.4 24.1 24.3 24.4 24.3 27. 1 26.9 27.0 28.5 30.2 3 Net dividend payments 11......... 10.3 11.4 12.8 13.0 14.4 12.8 12.9 13.0 13.2 13.4 14.1 14.8 15.4 15.9 3 4 Net savings"TiVA. (1-2-3). ......... . 10.1 12.6 13.2 18.2 20.2 17.9 18.4 18.9 17.7 21.0 19.5 19.8 20.5 21.1 4 5 Capital consumption......................... 25.4 29.2 30.8 32.8 35.2 32. 1 32.5 33.1 33.6 34.6 34.9 35.4 35.9 36.4 5 6 Current surp.— gross saving (43-5).. 35.6 41.8 44.0 51.0 55.4 50.0 50.9 52.0 51.3 55.6 54.4 55.2 56.3 57.5 6 7 Gross investment.............................. 33.2 36.8 41.3 45.7 50.9 46.5 45.1 47.9 43.4 50.1 50.3 53.6 49.7 52.0 7 8 flnpit.nl expenditures................... 34.9 42.0 43.7 49.6 60.1 47.3 48.3 48.4 54.3 59.6 57.5 59.4 63.8 68.0 8 9 Fixed investment........................... 33.3 37.3 39.4 45.2 52.7 43.7 44.5 45.2 47.2 51.3 51.4 52.4 55.8 60.0 9 10 Plant and equipment.......... 31.1 34.3 35.7 41.4 48.9 39.7 40.7 41.7 43.6 47.0 47.7 48.8 52.0 55.8 10 11 Residential construction........... 2.3 3.0 3.8 3.7 3.8 4.0 3.8 3.6 3.6 4.3 3.7 3.6 3.8 4.2 11 12 Change in inventories 4................ 1.5 4.7 4.3 4.4 7.4 3.6 3.8 3.2 7.1 8.3 6.1 7.1 8.0 8.0 12 13 Net financial investment. .......... -1.7 -5.2 -2.4 -3.9 -9.1 -.8 -3.2 -.5 -10.9 -9.5 -7.2 -5.8 — 14.1 -15.9 13 14 Net acquis, of finan. assets 12....... 17.2 14.0 16.9 14.7 24.3 11.8 14.7 25.3 7,2 23.8 25.2 21.9 26.3 23.1 14 15 Liquid assets.............................. 3.3 2.4 3.0 .5 .3 .3 3.2 5. 1 -6.4 -1.0 .5 .5 1.3 7.8 15 16 Demand dep. and curr.......... 1.6 -2.3 -1.9 -2.6 -3.3 -7.2 2.1 2.1 -7.5 -4.1 -2.4 -6.4 -.1 3.0 16 17 Time deposits......................... 1.9 3.7 3.9 3.2 5.0 6.4 1.4 1.5 3.4 8.3 6.8 3.7 1.2 4.2 17 18 U.S. Govt, securities............. -.3 .2 .4 -1.5 -2.1 .2 -2.4 -.2 -3.5 -5.1 -4.5 1.7 - .5 -3.3 18 19 Open-market paper................... . 1 .8 .7 1.5 .7 1.0 2.0 1.7 1.2 -. 1 .6 1.5 .8 3.9 19 20 Consumer credit....................... .1 .9 .7 1.0 1.2 .2 1.7 .9 1.0 1.8 .4 .9 1.3 2.1 20 21 Trade credit.............................. 9.4 7.8 8.0 8.9 13.5 6.7 5.5 14.4 9. 1 14.4 12.5 9.3 17.8 10.1 21 22 Other financial assets 13........... 4.4 2.9 5.2 4.3 9.3 4.5 4.3 4.9 3.5 8.6 11.8 11.1 5.9 3.1 22 23 Net increase in liabilities.............. 18.9 19.2 19,3 18.6 33.4 12.6 17.9 25.8 18.1 33.3 32.4 27.6 40.4 39.0 23 24 Credit mkt. instruments........... 9.1 11.2 10.3 13.5 20.2 7.6 18.1 12.6 15.6 17.5 22.6 18.6 22.1 24.2 24 25 Corporate bonds................... 4.6 4.6 3.9 4.0 5.4 3.6 3.8 4.2 4.3 4.7 5.0 8.3 3.6 12.6 25 26 Corporate stock.................... 2.5 .6 -.3 1.4 .3 2.6 3.3 I. 1 -1.5 1.7 -.4 - . 1 -.5 26 27 Mortgages............................... 1.7 2.9 3.4 3.4 3.5 2.6 3.9 3.2 3.7 3.0 4.0 3.7 3.2 3.1 27 28 Bank loans n.e.c.................... 2.4 2.8 3.4 9.9 -1.5 4.3 3.0 7.9 9.7 9.8 5.4 14.5 6.8 28 29 Other loans 14,........... .3 .7 .5 1.3 1.2 .3 2.8 1.1 l.l . 1 2.1 1.6 .8 2.2 29 30 Profit tax liability15................... 1.7 .4 1.8 .2 2.0 .6 -.6 -.1 .9 2.6 -1.7 1.5 5.7 1.8 30 31 Trade debt................................. 6.7 3.8 5.3 2.4 6.7 3.2 -5.7 9.0 3.1 7.4 6.8 4.7 7.9 5.8 31 32 Other liabilities.......................... 1.4 3.8 1.9 2.5 4.5 1.1 6.1 4.2 -1.6 5.7 4.7 2.8 4.7 7.3 32 33 Discrepancy...................................... 2.4 5.0 2.6 5.3 4.4 3.5 5.8 4.1 7.9 5.5 4. 1 1.5 6.6 5.5 33 34 Memo: Net trade credit................... 2.7 4.0 2.7 6.5 6.8 3.5 11.3 5.4 6.0 7.0 5.7 4.6 9.9 4.3 34 35 Profits tax payments Js. .......... 18.0 20.5 20.5 24.1 25.8 23.9 24.9 23.7 23.8 24.1 29,5 25.2 24.3 26.9 35 For numbered notes see p. 1247. See Note at end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
AUGUST 1966 FLOW OF FUNDS 1243 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1964 1965 1966 Category 1961 1962 1963' 1964' 1965' I' II' III' IV' I' II' III' IV' I (E) U.S. Government 1 1 Tax receipts (net of refunds)............ 80.0 85.9 91.4 91.3 100.2 91.9 88.7 ' 91.8 92.8 99.6 100.4 99.0 101.7 104.2 I 2 Individual income......................... 44.7 48.6 51.5 48.7 54.2 50.4 46.2 48.4 49.6 53.4 54.9 53.8 54.7 57.1 2 3 Corp, profits tax accruals............ 21.8 22.7 24.6 26.5 29.2 26.0 26.4 26.8 26.7 28.7 28.7 28.9 30.3 31.9 3 4 Other...................................... (3.6 14.6 15.3 16.2 16.8 15.5 16.1 16.6 16.5 17.5 16.8 16.3 16.7 15.2 4 Social insurance programs 2 5 Premiums received........................ 16.2 18.5 21.0 21.7 22.5 21.2 21.5 21.8 22.2 22.3 22.4 22.4 22.9 29.4 5 6 Benefits paid.................................. 16.8 17.4 18.2 18.6 20.2 19.2 18.4 18.5 18.5 19.7 18.4 22.2 20.4 21.8 6 Life insur. & retirement programs 3 7 Premiums received........................ 2.0 2.1 2.1 2.2 2.3 2.2 2.2 2.2 2.2 2.2 2.2 2.3 2.3 2.3 7 8 Benefits paid................................ 3.0 2.9 3.2 3.2 3.4 3.2 3.1 3.1 3.2 3.3 3.4 3.5 3.5 3.6 8 9 Net grants and donations paid <.. . 18.3 19.4 20.5 22.9 24.2 21.8 22.9 23.2 23.6 23.6 24.3 24.3 24.6 27. 1 9 10 Net interest paid............................... 6.6 7.2 7.8 8.4 8.8 8.3 8.2 8.5 8.4 8.6 8.7 8.8 8.9 9.2 10 11 Net purchases of goods & services.. 57.4 63.4 64.2 65.2 66.8 64.9 66.6 65.1 64.1 64.4 65.6 67.5 69.8 71.9 11 12 Net surplus........................................ -3.8 -3.8 . 6 -3.0 1.5 -2.1 -6.8 -2.6 -.6 4.5 4.5 -2.6 -.3 2.3 12 13 Credits imputed to consumers 5.... 1.0 1.1 1.3 1.3 1.4 1.3 1.3 1.5 1.2 1.3 2.0 1.6 1.0 .9 13 14 Gross saving...................................... -4.8 -4.8 -.7 -4.3 . 1 -3.3 -8.0 -4.1 -1.7 3.3 2.6 -4.1 -1.2 1.5 14 15 Net finan. investment (16 — 23)......... -5.0 -4.2 -.9 -2.0 -1.1 1.3 -2.5 -7.8 1.2 3.7 -5.4 -2.9 -3.4 15 16 Net acquis, of finan. assets............ 4.1 5.0 5.1 5.7 4.6 8.1 3.3 3.9 7.4 11.6 6.1 -9.3 9.9 10.4 16 17 Demand deposits & currency... . 1 1.0 -.3 .6 -1.4 4.4 -1.5 -.7 .3 5.4 -.6 -13.5 3.0 -3.3 17 18 Credit market instruments....... 2.8 3.5 2.7 3.8 4.5 3.4 4.9 3.4 3.6 4.9 6.7 3.1 3.2 8.4 18 19 Mortgages.............................. .6 .3 -1.0 .2 1.0 .3 .8 . 1 -.3 .6 1.2 .7 1.4 4.3 19 20 Other loans............................ 2.2 3.1 3.7 3.6 3.5 3.0 4.0 3.3 4.0 4.3 5.5 2.4 1.7 4. 1 20 21 Excess of tax accruals over receipts................................... .7 .8 1.8 1. 1 1.0 .7 .3 1.5 2.0 2.1 -2.7 1.4 3.4 2.9 21 22 Other financial assets 6............. .5 -.3 .9 . 1 .5 -.4 -.4 -.2 L? -.8 2.7 -.3 .4 2.4 22 23 Net increase in liabilities.............. 9.1 9.2 6.0 7.7 5.7 6.8 5.9 11.7 6.3 8,0 6,0 -3.9 12.8 13.8 23 24 Life insurance and retirement reserves.......................... 1.0 1.1 1.3 1.3 1.4 1.3 1.3 1.5 1.2 1.3 2.0 1.6 1.0 .9 24 25 U.S. Govt, securities 7.............. 7.3 7.3 5.2 6.2 4. 1 8.7 3.9 7.7 4.4 7.7 3.0 -7.7 13.2 13.1 25 26 Svgs. bonds 8......................... .8 .4 1.2 .9 .6 .8 .9 .8 1.0 .8 .4 .5 .8 .3 26 27 Short-term direct 9. .............. 8.8 .5 1.4 4.0 3.5 9.1 -1.0 -3.7 11.4 13.9 2.4 -12.8 10.5 9.5 27 28 Other securities..................... -2.9 4.8 I. 1 .9 -2.9 1.0 (.0 10.0 -8.6 -7.4 -4.6 .4 .2 -.5 28 29 Nonguaranteed issues........... .7 1.6 1.5 .4 2.8 -2.3 3.0 ,5 .6 .5 4.8 4.2 1.7 3.8 29 30 Other loans >o........................... .3 .5 -.2 .5 -.5 -1.1 1.7 .9 .6 — .2 -.3 .9 -2.3 1.2 30 31 Other liabilities.......................... .5 .3 -.3 - .4 .7 -2. 1 -1.0 1.6 .1 -.9 1.4 1.2 1.0 -1.3 31 32 Discrepancy (14 — 15)....................... .3 -.6 .3 -2.3 1.3 -4.6 -5.5 3.7 -2.8 -.4 2.6 1.3 1.7 4.9 32 33 Memo: Corp, tax receipts, net........ 21.0 21.9 22.8 25.3 28. 1 25.3 26. 1 25.3 24.7 26.6 31.4 27.5 26.9 29.0 33 (F) State and local governments 11 1 Tax receipts....................................... 43.2 47.1 50.5 55.1 59.7 53.0 54.5 55.8 56.9 58.1 59. 1 60.3 61.2 62.4 1 2 Social ins. and grants rec................. 10.4 11.5 12.9 14.5 15.7 13.9 14.4 14.7 15.0 15.4 15.5 15.6 16.2 17.7 2 3 Purch. of goods and services............ 50.2 53.7 58.3 63.7 69.4 61.6 63.4 64.4 65.3 67.3 68.7 70.2 71.4 73.1 3 4 Net interest & transfers paid 12. . . . 3.9 3.9 4.0 4. 1 4.3 4.1 4. 1 4.1 4.1 4.3 4.2 4.2 4.3 4.6 4 5 Net surplus........................................ -.5 .9 1.2 1.8 1.7 1.2 1.4 2. 1 2.5 1.9 1.7 1.5 1.7 2.4 5 6 Less retirement cr. to hsholds.......... 2.4 2.4 2.7 3.5 4.2 3.2 3.4 3.6 3.7 4.0 4.2 4.3 4.3 4.5 6 7 Equals: Gross saving....................... -2.9 -1.4 -1.5 -1.7 -2.5 -2.0 -2.0 -1.5 -1.2 -2.1 -2.5 -2.8 -2.6 -2.1 7 8 Net financial investment (9-17). .. . -3.3 -2.5 -2.6 -3.6 -2.1 -3.6 -5.5 -3.8 -1.4 -3.1 -2.0 -1.4 -1.7 -2.9 8 9 Net acquis, of finan. assets........... 4.4 5.6 7.2 6.2 10.0 4.0 4.7 6.4 9.7 8.4 10.5 8.4 12.5 8.5 9 10 Liquid assets............................. 1. 1 2.5 3.7 1.9 3.7 -1.1 1.2 I. I 6.4 2. i 4.8 1.6 6.2 .9 10 11 Demand deposits and cur.... .3 .9 2.0 .7 -.5 -1.7 -2.3 1.4 5.6 -5.3 1.6 .9 1 .0 -1.8 11 12 Time deposits......................... .9 1.0 1.6 1.7 3.0 .3 1.1 2.2 3.3 2. 1 .5 4.3 5.1 -.5 12 13 Short-term U.S. Govt, sec:. . - . 1 .6 . 1 -.5 1.1 .2 2.5 -2.4 -2.5 5.3 2.7 -3.5 . 1 3.1 13 14 Other U.S. Govt, securities. . . . .5 .7 .6 .9 1.2 1.9 . 1 1.8 1 2.7 1.3 1.4 -.6 1.3 14 15 State and local obligations....... -.2 -.7 -.7 -.6 -.6 -.6 -.6 -.6 -.6 -.6 -.8 -.6 -.5 -.5 15 16 Other 13..................................... 2.9 3.0 3.5 3.9 5.5 3.8 4.0 4.0 3.9 4.0 5.1 5.9 6.9 6.6 16 17 Net increase in liabilities............... 7.7 8.1 9.8 9.8 12.0 7.6 10.2 10.2 11.1 11.5 12.5 9.8 14.3 11.4 17 18 Credit market borrowing.......... 5.2 5.6 7.0 6.2 7.7 4.3 6.7 6.5 7.3 7.4 8.2 5.4 9.8 6.7 18 19 State and local obligations.. . 4.9 5.0 6.7 5.9 7.4 4.2 6.4 6.0 6.8 7.1 7.5 5.0 9.9 6.5 19 20 Short-term......................... .4 .4 .7 .5 1.3 .5 1.0 . 1 .2 1.4 1.2 1.3 1.3 1.8 20 21 Other................................... 4.5 4.6 6.0 5.4 6.1 3.7 5.4 5.9 6.6 5.7 6.4 3.7 8.6 4.6 21 22 U.S. Govt, loans.................. .3 . 6 .3 .4 .3 . 1 .4 .5 .5 .4 .6 .4 1 .2 22 23 Employee retirement reserves. . 2.4 2.4 2.7 3.5 4.2 3.2 3.4 3.6 3.7 4.0 4.2 4.3 4.3 4.5 23 24 Trade debt................................. . 1 . 1 . 1 . 1 . 1 . 1 . 1 . 1 . 1 .1 . 1 . 1 . 1 . 1 24 25 Discrepancy....................................... .4 1.1 1.1 1.9 -.5 1.6 3.5 2.3 .2 1.0 -.5 -1.4 -.9 .7 25 26 Memo: Total U.S. Govt, sec........... .4 1.3 .7 .4 2.4 2.1 2.6 — . 6 -2.7 8.0 4.0 -2. 1 -.4 4.5 26 For numbered notes see p. 1247. See Note at end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1244 FLOW OF FUNDS AUGUST 1966 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1964 1965 1966 Category 1961 1962 1963' 1964' 1965’- I' II' III' IV' II' III' IV' I (G) Monetary authorities 1 1 Current surplus................................. .1 .1 . 1 -.5 .2• -.4 -.5 -.5 -.5 .1 .2 .2 .1 .2 I 2 Net acquis, of financial assets.......... 1.4 1.7 2.2 3.4 2.3 4.4 1.1 2.2 5.2 2.2 3.8 3.5 -.5 5.8 2 3 Gold and foreign exchange 2....... -.8 -.8 -.4 -L3 .5 -.8 .2 .2 -3.0 -2.2 1.3 -1.4 -1.7 3 4 Treasury currency......................... .2 -.2 .2 -. 1 -.6 - . 1 .1 .3 .4 .7 4 5 Credit mkt. instruments............... 1.5 2.0 2.9 3.4 3.8 2.9 1.6 2.5 6.6 4.5 3.3 2.9 4.6 1.3 5 6 U.S. Govt, securities.............. 1.5 1.9 2.8 3.5 3.7 3.2 1.8 2.4 6.5 4.4 3.7 2.9 3.9 1.7 6 7 Short-term direct................... -1.1 2.0 4.9 2.1 3.7 3.5 -2.3 5.1 2.2 15.5 7.0 -3.0 -4.8 8. 1 7 8 Other...................................... 2.6 -. 1 -2.2 1.3 . 1 -.3 4.1 -2,6 4.2 -11.1 -3.3 5.8 8.8 -6.4 8 9 F.R. float...................................... .5 .6 -.3 -.4 .5 .6 -1.1 .2 1.7 -3.4 4.2 9 10 F.R. loans to domestic banks.... . 1 - . 1 * . 1 -. 1 .5 .4 -.4 . 1 .5 2,6 -2.6 -.6 1.4 10 11 Net increase in liabilities................... 1.3 1.6 2.1 3.8 2.1 4.8 2.2 2,7 5.6 2.1 3.6 3.3 -.6 5.7 11 12 Member bank reserves................. .3 . 1 -.4 1.0 .4 2.4 -1.5 .3 2.9 -.4 2.3 -.8 .2 .8 12 13 Vault cash of coml. banks 3........ .3 .7 .6 -.4 .3 .8 -.3 -.2 -2.1 2.8 -.5 -1.2 * 1.0 13 Demand deposits and currency.. 14 Due to U.S. Govt...................... .1 .3 .2 -.3 .5 .4 .1 .4 -.6 1.7 -1.6 -.2 14 15 Due to rest of the world/........ -. 1 . 1 -.1 -. 1 -. 1 .4 -.3 .1 -.2 1.3 15 16 Currency outside banks....... .7 .8 1.7 2.4 2.2 1.5 2.5 1.9 3.6 -. 1 2.6 3.9 2.1 2.7 16 17 Other.............................................. —. 1 * * .6 -.6 .5 .9 .3 .7 -.5 -.4 -.5 -1.2 ......1.7... (H) Commercial banks 5 1 Current surplus.................................. 1.3 1.5 1.7 1.9 2.2 1.8 1.9 2.0 2. 1 2.0 2.2 2.3 2.4 2.4 1 2 Net acquisition of financial assets . .. 17.1 20.7 19.8 23.4 30.1 20.7 20.2 22.8 29.8 37.1 29.0 12.0 42.1 22.4 2 3 Member bank reserves 6.............. .3 . 1 -.4 1.0 .4 2.4 -1.5 . 3 2.9 -.4 2.3 -.8 .2 .8 3 4 Vault cash...................................... .3 .7 .6 -.4 .3 .8 -.3 -.2 -2.1 2.8 -.5 -1.2 1.0 4 5 Total loans and investments........ 15.7 19.5 19.2 22.2 28.6 17.4 21.3 20. 1 29.9 33.2 27. 1 12.2 41.8 18.0 5 6 Credit market instruments........ 14.6 18.4 18.6 21.7 28.3 15.4 19.6 21.2 30.5 30.5 25. 1 21.9 35.9 17.5 6 7 U.S. Govt, securities 7........... 5.4 .8 -2.6 -.5 -2.0 1.0 -6.6 2.7 .9 -.2 -8.0 -5.3 5.7 -3.8 7 8 Short-term direct............... 9.3 -5.2 -3.7 3.9 -1.7 5.4 1.4 -.5 9.2 -1.3 -7.5 -6.1 8.2 -2.3 8 9 Other direct....................... -4.1 5.2 .5 -4.1 -1.4 -2.7 -9.0 3.8 -8.6 .3 -1.1 -1.2 -3.7 -.4 9 10 Nonguaranteed.................. .3 .8 .5 -.2 1.1 -1.7 1.1 -.6 .3 .8 .6 2.0 1.2 -1.1 10 11 Other securities & mortgages. 4.2 8.3 10.1 8.2 10.0 6.9 7.0 9.0 9.7 8.6 12.3 10.5 8.7 7.3 11 12 State and local oblig.......... 2.8 4.4 5.2 3.6 4.7 2.1 2.4 5.1 4.8 3.7 6.7 4.5 3.7 2.1 12 13 Corporate bonds............... -.2 . I .3 .3 -. 1 - . f . I . t 13 14 1- to 4-family mortgages. . .8 2.0 2.7 2.3 2.7 2.7 2.2 2.0 2.1 2.7 2.7 3.0 2.5 2.9 14 15 Other mortgages................ .8 1.9 2.2 2.2 2.6 1.8 2.2 2.0 3.0 2.0 2.9 3.0 2.4 2.3 15 16 Other credit exc. security.. . . 5.0 9.3 11.1 14.0 20.3 7.5 19.1 9.6 19.8 22.1 20.8 16.7 21.5 14.0 16 17 Consumer credit................ .9 2.3 3.0 2.8 4.4 3.0 2.5 3.0 2.5 4. 1 4.4 4.8 4.5 3.7 17 18 Bank loans n.e.c................. 3.0 6.2 8.2 9.9 16.8 4.8 14.4 4.6 15.8 20.0 15.6 10.9 20.5 8.3 18 19 Other loans 8..................... 1.1 .8 1.3 -.9 -.3 2.2 1.9 1.5 -1.9 .8 1.0 -3.5 2.0 19 20 CCC loans..................... .3 .5 -.2 .5 -.5 -1.1 1.7 .9 .6 -.2 -.3 .9 -2.3 1.2 20 21 Open market paper........ .8 .2 . 1 .7 -.5 .6 .4 .8 .8 -1.8 1.0 -1.2 .7 21 22 Security credit........................... 1.1 1.1 .6 .5 .2 2.0 1.7 -1.1 -.6 2.7 2.0 -9.7 5.8 .5 22 23 Mise, assets.................................... .7 .5 .4 .6 .9 . 1 .7 2.6 -.9 1.5 . 1 1.8 . 1 2.6 23 24 Net increase in liabilities.................. 16.0 19.7 19.1 21.9 28.8 19.4 17.9 21.9 28.4 35.8 27. £ 11.5 40.6 19.8 24 25 Demand deposits, net................... 4.8 3.7 3.7 4.8 5. 1 2.8 2.5 6.0 7.9 5.2 3.6 -9.4 21.2 -1.0 25 26 U.S. Govt. 9............................... 1.2 -.6 -1.2 3.8 -1.4 -1.5 -1.1 4.9 2.0 -14.6 2.8 -3.8 26 27 Foreign to.................................. .7 .1 .4 1.5 -.2 1.1 -.6 1.4 -. 1 1.3 -2.6 2.1 27 28 Other, net 11.............................. 4.1 2.3 4.2 4.4 6.3 -2.5 4.2 6.4 9.7 -1.1 1.6 3.9 21.0 .7 28 29 Time deposits................................ 9.4 15.6 14.3 14.6 20.1 13.1 12. 1 13.3 19.9 22.6 16.7 22.1 18.9 14.4 29 30 F.R. float....................................... .5 .6 -.3 ♦ -.4 .5 .6 . 1 - 1.1 .2 1.7 -3.4 4.2 30 31 Borrowing at F.R. Banks............. . 1 -.1 -.1 .5 .4 -.4 . 1 .5 2.6 -2.6 —. 6 1.4 31 32 Other liabilities.............................. 1.3 -.1 1.4 2.3 4.0 2.6 2.2 3.0 1.6 7.3 4.3 -.2 4.5 .8 32 33 Security issues........................... .2 . 1 .3 .6 .8 .9 .5 .6 .4 .5 2.0 . 1 .4 . 1 33 34 Discrepancy....................................... * .3 .5 . 1 .5 .2 -.8 .7 .3 .3 -.1 1.5 .5 -.2 34 35 Memo: Total loans exc. mortgages.. 6.1 10.3 11.7 14.5 20.5 9.5 20.8 8.4 19.2 24.8 22.8 7.0 27.3 14.5 35 For numbered notes see p. 1247. See Noth at end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
AUGUST 1966 FLOW OF FUNDS 1245 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1964 1965 1966 Category 1961 1962 1963' 1964' 1965 ' p ip nr IV' p IP HP IV' I (I) Nonbank financial institutions! 1 Current surplus................................. 1.9 2.2 1.4 1.4 1.4 1.5 1.5 1.4 1.2 1.4 1.5 1.4 1 4 1 a i 2 Physical investment (fife ins.).......... .4 .3 .5 .5 .4 .5 .5 .5 .5 .4 .4 .4 ’.4 .4 2 3 Net acquis, of financial assets........... 28.3 32.7 37.1 36.9 36.2 33.7 42.9 35.4 35.8 37.9 40.0 28.5 38.6 36.5 3 4 Demand deposits and currency... 1.1 1.0 .2 .2 .5 1 1.1 -.8 .7 -.4 .6 .8 1.0 -2.3 4 5 Time deposits (Mut. svgs. bks.). .. • . 1 . 1 . 1 . 1 .1 . 1 .2 .2 5 6 Svgs. and loan shares (Cr. unions) .2 . 1 . 1 -.2 . 1 . 1 -.1 .2 -.2 -.5 -.2 .1 -.3 6 7 Cr. mkt. instr................................. 24.6 30.8 33.8 35.8 34.5 33.7 39.9 36.0 33.6 38.3 38.0 26.9 34.8 37.7 7 8 U.S. Govt, securities................. .4 1.5 -.3 1.8 -.9 1.7 3.5 2.8 -.7 2.5 -1.1 -3.7 -1.2 5.2 8 9 State and local obligations....... 1.2 .9 .6 .2 -.4 .4 -.3 1.2 -.3 .3 -.6 -1.3 -.6 9 10 Corporate bonds........................ 3.7 4. 1 4.1 4.5 5.0 4.8 6.1 2.5 4.4 5.7 5.1 3.5 5.6 7.3 10 1 1 Corporate stock......................... 4.2 4. 1 3.6 3.8 5.4 3.0 2.5 4.4 5.2 4.3 6.6 2.7 7.9 2.4 1 I 12 1- to 4-family mortgages.......... 10.5 11.0 14.4 12.9 12.2 12.6 12.8 13.1 12.9 13.2 12.3 12.0 11.1 11.6 12 13 Other mortgages....................... 3.8 5.7 6.6 7.4 6.9 6.7 8.1 7.5 7.5 6.8 6.8 7. 1 7.0 7.0 13 14 Consumer credit........................ .5 1.9 2.8 2.8 3. 1 3.8 2.2 2.8 2.2 3.5 3.7 2.9 2.5 2.7 14 15 Other loans................................ .2 1.6 2.1 2.4 3.2 .6 4.9 1.7 2.4 2.4 4.3 2.9 3.3 2.2 15 16 Security credit............................... 1 .1 -.3 1.9 -.5 .2 -1.0 .2 -1.1 -.2 -1.0 .4 -.5 1.9 .5 16 17 Trade credit................................... .1 .2 .2 .2 .2 .2 .2 . 1 .2 .2 .2 .2 .2 17 18 Miscellaneous assets...................... 1.3 1.0 1.0 1.1 1.0 .7 1.4 1.2 1.1 .9 1.2 1.4 .6 .7 18 19 Net increase in liabilities................... 26.8 30.5 35.7 35.1 34.1 32.0 41.6 32.8 34.2 34.6 38.1 26.2 37.4 34.3 19 20 Time and savings deposits............ 11.3 13. 1 15.2 15.8 12.9 14.8 15.8 16.7 15.8 12.9 11.7 12.9 14.2 9.1 20 21 Ins. and pension reserves.............. 8.6 9.0 10.1 11.1 10.9 10.9 12.0 10.1 11.5 10.8 11.4 10.7 10.8 11.3 21 22 Cr. mkt. instr.2............................. 3.6 5.7 7.3 6.0 8.7 4.2 9.8 4.3 5.8 8.2 10.7 9. 1 6.9 11.4 22 23 Finance company bonds.......... .5 .3 1.4 2.1 1.9 2.2 2.4 2.0 1.8 1.5 1.9 1.4 2.7 1.6 23 24 Investment company shares.... 2.0 1.9 1.4 I .7 2.8 .5 1.8 2.0 2.6 2.3 2.4 3.5 3.2 4.0 24 25 Mtg. loans in process................ .4 .4 .5 -.3 -. 1 -.2 -.4 - .3 -.3 . 1 .2 -.3 — 2 .4 25 26 Bank loans n.e.c......................... . 1 1.0 1.7 .5 2.4 3.7 -1.7 -.1 2.5 2.8 2.0 2.2 .4 26 27 Other loans................................. .5 2.0 2.3 2.0 1.7 1.7 2.3 2.2 1.8 1.8 3.4 2.5 -1.0 5.0 27 28 Finance co. paper................. - . 1 1.2 1.0 1.5 1.0 1.0 1.5 2. 1 1 .2 .8 1.8 1.8 -.4 2.8 28 29 FHLB loans........................... .7 .8 1.3 .5 .7 .7 .8 . J .6 .9 1.6 .7 -.6 2.1 29 30 Security credit............................... .9 .9 .5 . 1 1.0 2. I -.7 -1.8 1.5 3.0 -9.0 3.6 1.2 30 31 Taxes payable.......................... ... . 1 . 1 -. 1 -. 1 .4 -.5 . 1 -.2 31 32 Miscellaneous liabilities................ 2.4 1.7 2.6 2.0 1.8 1.2 1.9 2.5 2.4 1.6 1.3 2.4 1.9 1.5 32 33 Discrepancy...................................... . 1 -.4 -.5 -.9 -1.2 -.7 -.4 -1.7 -.8 -2.4 -.9 ~1.4 -.2 -1.2 33 (LI) Savings and loan associations 1 Net acquis, of financial assets.......... 10.7 11.5 14.0 11.7 10.1 11.1 12.4 12.0 11.4 10.0 10.9 10.2 9.2 8.9 1 2 Demand deposits and currency 5. .4 .6 . 1 . 1 -.4 . 1 .6 -. 1 -.9 2 3 Cr. mkt. instr. 6............................. 9.4 10.3 13.3 11.1 9.5 10.7 11.5 11.3 10.8 10.1 10.0 8.5 9.3 9.7 3 4 U.S. Govt, securities................. . 6 .4 1.0 .6 .5 .7 .6 1.1 .9 .4 -.2 .8 1.2 4 5 1- to 4-family mortgages.......... 7.0 7.4 9.6 7.8 6.6 8.4 7.9 7.6 7.2 7.1 6.8 6.1 6.3 6.6 5 6 Other mortgages....................... 1.7 2.6 2.6 2.6 2.3 2.4 2.8 2.7 2.5 2.1 2.6 2.5 2.1 1.9 6 7 Mise, financial transactions.......... .9 .6 .5 .7 .6 .3 1.0 .8 .7 .4 .8 1.2 . 1 . 1 7 8 Net increase in liabilities................... 9.9 10.7 13.3 11.0 9.3 10.4 11.6 11.3 10.9 9.0 10.0 9.6 8.6 8.2 8 9 Savings shares............................... 8.7 9.4 11.1 10.5 8.4 9.9 10.7 11.1 10.4 8. 1 7.7 8.4 9.4 5.6 9 10 Mtg. loans in process................... .4 .4 .5 -.3 -.1 -.2 -.4 -.3 -.3 .1 .2 -.3 -.2 .4 10 11 Borrowing from FHLB................ .7 .8 1.3 .5 .7 .7 .8 . 1 .6 .9 1.6 .7 -.6 2.1 11 12 Memo: FHLB loans less deposits... .4 .8 1.4 .5 .8 1.2 .5 -. 1 .4 1.4 1.5 .7 -.3 2.9 12 (1.2) Mutual savings banks 1 Net acquis, of financial assets 4........ 2.3 3.3 3.6 4.5 4.0 4.3 5.0 5.21 3.8 4.3 4.3 4.2 3.2 3.0 1 2 U.S. Govt, securities.................... -.1 * -.2 - .3 .6 .2 -.9 -.2 .4 -.3 -1.1 -.5 2 3 Corporate bonds........................... -. 1 -.2 -.2 -. 1 . 1 -.2 -. 1 -.4 . I -.1 .2 -.2 .4 3 4 1- to 4-family mortgages.............. 1.7 2. 1 2.6 2.7 2.8 2.3 2.0 3.2 3.2 2.6 2.5 3.1 3.0 1.8 4 5 Other mortgages........................... .6 1.0 1.3 1.6 1.4 1.4 2.1 1.5 1.5 1.3 1.3 1.5 1.5 1.2 5 6 Savings deposits................................ 1.9 3.1 3.3 4.2 3.6 3.9 4.0 4.7 4.4 3.9 3.1 3.7 3.7 2.7 6 (1.3) Life insurance companies 1 Current surplus.................................. 1.0 1.1 1.1 1.2 1.3 1.1 l.l 1.3 1.3 1.3 1.3 1.3 1.3 1.4 1 2 Net acquis, of financial assets 4....... 6.1 6.8 7.0 7.7 8.4 7.2 6.8 8.6 8.1 8.7 8.1 8.3 8.6 9.1 2 3 Cr. mkt. instr................................. 5.7 6.5 6.7 7.4 8.1 6.9 6.5 8.4 7.6 8.6 7.8 8.1 7.9 9.8 3 4 U.S. Govt, securities................. -.4 . 1 -.4 -.3 -.4 -.4 -.1 -.7 . 1 -.7 -.7 -.5 -.2 4 5 State and local obligations....... .3 .1 -.2 -.1 -.3 -.2 -.8 .8 -.1 -.2 -.1 -.6 -.2 -.7 5 6 Corporate bonds....................... 2.5 2.5 2.8 2.3 2.7 2.7 2.3 1.8 2.2 2.0 2.0 3.6 3.1 5.0 6 7 Corporate stock......................... .5 .4 .2 .5 .8 .5 .5 . 6 . 6 . 6 .6 .8 1.2 . 1 7 8 1- to 4-family mortgages.......... .9 . 6 .9 1.4 1.6 1.1 1.2 1.6 1.7 1.9 1.5 1.5 1.6 1.9 8 9 Other mortgages....................... 1.5 2. 1 2.7 3.2 3.2 2.9 3.2 3.2 3.4 3.4 3.0 3.1 3.4 3.9 9 10 Other loans................................ .4 .7 .5 .3 .5 .3 * .5 .5 .8 1.5 .5 -.6 -.2 10 11 Net increase in liabilities................... 5.6 6.0 6.4 7.1 7.2 7.1 7.1 7. 1 7.0 7.1 7.2 7.3 7.3 7.6 11 12 Life insurance reserves................. 3.3 3.6 4.0 4.2 3.9 4.4 4.3 4. 1 4.0 3.9 3.9 3.9 3.9 4.1 12 13 Pension fund reserves................... 1.4 1.4 1.7 2.0 2.2 1.8 1.9 2.0 2.0 2. I 2.2 2.2 2.3 2.4 13 14 Other........................................ 1.0 1.0 .8 .9 1.1 .9 .9 1.0 .7 1.2 1.1 1.1 1.0 1.2 14 For numbered notes see p. 1247. See Note at end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1246 FLOW OF FUNDS AUGUST 1966 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1964 1965 1966 Category 1961 1962 1963' 1964' 1965" Ir IP IIU IV" Ir IU nu IV" I (1.4) Noninsured Pension Plans 1 Net acquis, of financial assets 4........ 3.9 4.0 4.4 S.O 4.8 4.6 5.7 4.0 5.5 4.8 5.3 4.5 4.5 4.8 1 2 Credit mkt. instr. 7......................... 3.8 4.0 4.3 4.8 4.8 4.5 5.5 3.9 5.4 5.4 5.4 4.4 4.2 5.1 2 3 U.S. Govt, securities................. . 1 .2 .4 .4 -.3 . 3 .4 -.2 1.0 -.3 -.2 -.7 -.2 1.3 3 4 Corporate bonds....................... 1.2 1.2 1.5 1.6 1.6 1.3 2.1 1.5 1.6 2.1 1.6 1.8 .9 1.8 4 5 Corporate stock......................... 2.3 2.2 2.2 2.3 3.0 2.3 2.4 2. 1 2.2 3. 1 3.0 2.9 3.2 1.4 5 (1.5) Other insurance companies 1 Net acquis, of financial assets 4........ 1.3 1.5 1.5 1.0 .9 1.2 1.1 .5 1.4 1.1 .7 1.2 .7 .8 1 2 Demand deposits and currency... • * -. 1 . 1 2 3 Credit mkt. instr............................ 1.2 1.3 1.4 .9 .7 1.1 1.0 .4 1.2 1.0 .5 1.0 .5 .5 3 4 U.S. Govt, securities................. -. 1 .1 .2 .1 -. 1 * -.3 .5 .2 .3 -.4 -. 1 -. 1 -.4 4 5 State and local obligations....... 1.0 .7 .8 .2 .2 .6 .3 -.2 -.1 .2 .4 .2 .5 5 6 Corporate bonds.....................I .1 . 1 .4 .3 .2 .3 .4 .5 .4 .4 .3 .2 .1 6 7 Corporate stock......................... .3 .4 .3 .3 .3 .3 .7 -.5 .7 .3 .3 .3 .2 .2 7 (1.6) Finance companies 1 Net acquis, of financial assets.......... .6 2.7 4.0 4.0 5.0 3.5 7.4 2.3 2.8 4.8 6.0 4.9 4.2 5.0 1 2 1- to 4-family mortgages.............. .6 .5 .8 .4 .5 .3 1.0 . 1 .2 1.0 .4 .9 -. 1 .5 2 3 Consumer credit........................... 1.3 1.8 1.8 1.9 3.0 1.3 1.4 1.4 2.3 2.3 1.8 1.5 1.6 3 4 Other loans.................................... — .2 .8 1.6 1.8 2.5 .2 5. 1 .8 1.2 1.6 3.4 2.2 2.9 2.9 4 5 Net increase in liabilities................... .5 2.6 4.0 4.0 5.1 3.5 7.4 2.4 2.7 5.2 6.1 4.9 4.2 5.1 5 6 Corporate bonds........................... .5 .3 1.4 2.1 1.9 2.2 2.4 2.0 1.8 1.5 1.9 1.4 2.7 1.6 6 7 Bank loans n.e.c............................ . 1 1,0 1.6 .4 2.2 .3 3.5 -1.8 -.2 2.8 2.4 1.7 1.9 .7 7 8 Open mkt. paper........................... -. 1 1.2 1.0 1.5 1.0 1.0 1.5 2.1 1.2 .8 1.8 1.8 -.4 2.8 8 (1.7) Security brokers and dealers 1 Net acquis, of financial assets.......... 1.0 .9 .5 .2 -.2 1.0 2.2 -.7 -1.8 1.6 3.0 -9.0 3.6 1.3 1 2 U.S. Govt, securities..................... -.1 .6 -1.1 .6 -.5 1.3 2.0 .3 -1.3 .5 .6 -3.1 -.1 2.8 2 3 Other securities.............................. -. 1 .5 -.2 .3 .1 -.4 .1 1.0 2.1 -5.3 1.3 -2.1 3 4 Security credit............................... 1.1 -.2 1.5 -.5 .5 -.7 -.7 -.6 -.1 .2 -.5 2.3 .6 4 5 Net incr. in liab.—security credit.... .9 .9 .5 .1 -.2 1.0 2.1 -.7 -1.8 l.S 3.0 -9.0 3.6 1.2 5 6 From banks................................... .8 1.1 .2 .2 -.5 1.7 1.1 -1.0 -.9 2.7 1.5 -10.3 3.9 1.7 6 7 From agencies of fan. banks........ -.2 .4 -.3 -.3 .2 -.5 .4 -.9 .2 .1 -.4 -.1 7 8 Customer credit balances............. .1 * * * .6 -.4 .9 .7 -1.4 -.3 1.3 1.2 * -.4 8 (1.8) Open-end investment companies 1 Net financial investment.................... -.5 -.5 -.6 -.7 -.8 -.5 -.6 -.7 -.9 -.8 -.7 -.9 -.9 -9 1 2 Net acquis, of financial assets.... 1.5 1.4 .8 l.l 2.0 1.2 1.3 1.7 1.5 1.7 2.7 2.3 3. 1 2 3 Credit mkt. instr........................ 1.4 1.2 .8 1.1 1.6 .4 .5 2.1 1.6 .8 1.2 2.5 1.9 2.9 3 4 Corporate stocks................... 1.2 .7 .9 .7 1.2 -.3 -l.l 2.5 1.5 -.2 1.7 1.2 1.9 1.4 4 5 Net stock issues3........................... 2.0 1.9 1.4 1.7 2.8 .5 1.8 2.0 2.6 2.3 2.4 3.5 3.2 4.0 5 (J) Rest of the world 1 Net purch. of goods and aerv. (2-3).. S.6 5.1 5.9 8.5 7.0 8.9 7.8 8.7 8.6 6.4 8.2 7.1 6.1 6.1 1 2 Porch, of goods and services *... 28.6 30.3 32.4 36.9 39.0 36.4 36.0 37.2 38.1 35.1 40.5 40.1 40.3 41.7 2 3 Sales of goods and services L.... 22.9 25.1 26.4 28.5 32.1 27.5 28.2 28.5 29.5 28.7 32.3 33.0 34.2 35.6 3 4 Net unilateral receipts from Govt.1. 2.6 2.7 2.8 2.7 2.8 2.7 2.9 2.7 2.7 2.6 3. 1 2.8 2.5 3.4 4 5 Current surplus (4-1) 2................... -3.1 -2.5 -3.2 -5.7 -4.2 -6.2 -4.9 -6.0 -5.9 -3.8 -5.1 -4.3 -3.6 -2.7 5 6 Net financial investment (7-14)........ -2.0 -1.3 -2.8 -4.7 -3.6 -4.9 -4.2 -5.1 -4.6 -3.5 -4.6 -3.4 -3.0 -1.4 6 7 ^nan‘ assets.........3....3 2.6 3.4 3.4 1.9 2.0 2.3 2.0 7.3 4.1 1.9 .7 .9 1.8 7 8 .9 .9 .5 . 1 1.7 .2 -.3 -.1 3.3 2.4 .5 .5 .3 8 9 U.S. dem. dep. and currency... .7 . 1 . 1 .5 -.1 1.4 -.2 1.0 -.3 1.1 1.5 -2.8 3.4 9 10 Time deposits............................ .3 .6 1.0 1.4 .5 1.5 1.5 1.0 1.6 .6 1.3 -. 1 .4 -.1 10 11 U.S. Govt, securities................. .4 1.2 .6 .4 -.1 -1.8 1.0 -.2 2.7 -2.8 1.1 -1.8 3.1 -3.0 11 12 Other credit market instr.......... .3 . 1 .2 -.2 .5 1.3 -.8 -1.0 1.3 -.3 -.8 -1.1 1.3 12 13 Mise, financial assets................ .8 -.2 1.2 1.0 .1 .3 -1.0 1.1 3.6 .6 -2.6 1.4 .8 * 13 14 Net increase in liabilities............... 5.4 3.9 6.2 8.1 5. 5 6.9 6.5 7.1 11.9 7.5 6.6 4.0 4.0 3.3 14 15 Official U.S. foreign exchange 3 .3 -.6 . 1 .4 .4 -1.5 -.4 1.3 2.1 .3 -.6 -1.4 15 16 Securities..................................... .8 1.0 1.0 .7 .9 .9 2.0 1.3 1.0 .7 .8 1.7 16 17 Loans 4..................................... 2.0 1.2 2.2 3.9 1.9 3.9 4.0 2.6 5.0 4.7 1.0 .2 1.8 .9 17 18 Miscellaneous 5.......................... 2.3 2.3 2.8 3.5 2.2 2.6 3.1 4.9 3.6 1.6 2.5 2.8 2.0 2.1 18 19 Discrepancy (5-6) 6........................... -1.0 -1.2 -.4 -1.1 -.6 -1.4 -.7 -.9 -1.3 -.3 -.5 -.9 -.6 -1.3 19 U.S. gold and fgn. exchg. held by: 20 Monetary auth................................. -.8 -.8 -.4 -1.3 .5 -.8 .2 .2 -3.0 -2.2 1.3 -1.4 -1.7 20 21 U.S. Treasury................................... .2 -.7 ♦ -.2 . 1 -.3 - .4 -.5 .4 -.4 1.9 -1.5 .4 ♦ 21 For numbered notes see following page. See Note at end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
AUGUST 1966 FLOW OF FUNDS 1247 Notes to Table 4 (A) Households 1 Includes nonprofit organizations serving individuals. 4 Line 9 plus capital consumption on owner-occupied houses 2 Imputed saving associated with growth of government life and nonprofit plant and equipment. insurance and retirement reserves. From Tables 4(E), line 13 « Includes net free balances with security brokers not shown and 4(F), line 6. separately. 3 Capital-gains dividends from open-end investment cos.' plus 0 Policy loans, hypothecated deposits, and U.S. Govt, loans life insurance reserve revaluations. to nonprofit organizations. (B, C, D) Business 1 Sum of Tables 4(C) and 4(D); for detail see below. 8 Loans from U.S. Govt, and commercial loans from finance 2 Profits and noncorporate income as defined in national cos. income. Excludes imputed rental income of owner-occupied 0 Includes earnings retained in business; see note 6 above. houses, included in Table 4(A). 10 Excludes corporations in Tables 4(C), (G), (H), and (I). 3 Change in work in process. 11 Includes branch profits paid to fgn. parents less branch * After inventory valuation adjustment. profits received from abroad. 5 Includes corporate farms. 0 Noncorporate net income is treated as payment in full to 12 Includes State and local obligations not shown separately. proprietors in the household sector. Gross saving consists of 13 Direct investments abroad, fgn. currency holdings, and capital consumpiton allowances plus corporate farm retained unallocated current assets. profits. 14 Mainly commercial paper and commercial loans from 7 Excludes CCC-guaranteed loans, treated as Govt, borrow finance cos. ing; see Table 4(E), line 30. lfl Includes State and local profit taxes. (E, F) Govts. 1 Lines 1 through 12 are derived from national-income data, n Govt, life ins., employee retirement, and R.R. retirement while lines 15 through 31 are based on data behind Treasury programs. Excludes social security, which is treated as non cash budget. Line 21 is a link between the two accounting sys financial operation. tems on treatment of corporate taxes, and the discrepancy 3 Mainly nonconvertible fgn. currencies and official fgn. ex (line 32) represents differences on other matters. change position of Treasury. Net cash borrowing in Treasury cash budget corresponds closely to line 25 less accrual of interest on savings Bonds and 7 Public debt held by public and Federal Reserve, plus non Treasury bills. Cash surplus is closely indicated by line 17 less guaranteed issues of Govt, agencies. Includes interest accruals net cash borrowing. Lines 18, 22, 30, and 31 are in cash outgo on savings bonds and Treasury bills; excludes special notes to in cash budget except for small amounts in receipts. Lines 13 international organizations. and 24 are imputations reflected in neither national-income nor 8 E and H bonds held by households. cash budget. 0 Marketable issues due in less than 1 year plus part of those 2 OASI, disability insurance, and unemployment programs. due in less than 2 years. Line 5 includes U.S. Govt, employment taxes; line 6, U.S. Govt, benefit payments to households. 10 CCC-guaranteed loans and certificates of participation in 3 Veterans’ life insurance and Govt, employee and R.R. re Export-Import Bank loans. Net movements in inventory under tirement funds. Line 7 excludes Govt, contributions to these CCC-guarantee are included in line 11. funds. 11 Includes employee retirement funds. 4 Transfers other than lines 6 and 8, grants-in-aid to State 12 Net of current surplus of govt, enterprises. and local govts., subsidies less current surplus of Govt, enter prises. 13 Corporate bonds and mortgages. (G, H) Banking 1 Federal Reserve System plus those Treasury accounts in Reported bank data, as on p. 1192, are frequently for last cluded in “Member Bank Reserves, Federal Reserve Bank Wednesday of month or other reporting date. Excludes banks Credit, and Related Items.” Excludes Exchange Stabilization in U.S. possessions. Fund, which is in U.S. Govt, accounts. 0 Deposits with F.R. Banks; vault cash in reserves is in line 4. 2 Includes F.R. holdings of fgn. currencies, which are net in 7 Net change in par value of holdings. “other F.R. accounts” in table mentioned in note 1. 8 Includes consumer loans secured by hypothecated deposits 3 Includes vault cash of nonmember banks. not shown separately. 4 Includes deposits of international organizations other than 9 Includes deposits held outside Treasury. IMF; IMF deposits are net in line 3. 10 Bank and nonbank. 5 Based on balance sheet estimates for last day of quarter. 11 Net of F.R. float, shown separately in line 30. (I) Nonbank Finance 1 In addition to types shown, includes credit unions, agencies 4 Includes cash and other assets, not shown separately. of foreign banks, and banks in possessions. 6 Excludes deposits at FHLB, which are included in Miscel 2 Lines 10, 11 of LI; lines 6, 7, and 8 of 1.6; and line 5 laneous, line 7. of 1.8, 0 Includes consumer credit, not shown separately. 3 Includes retained capital-gains dividends. 7 Includes mortgages, not shown separately. (J) Rest of the World 1 Lines 2, 3, and 4 are exports, imports and transfers to 4 Bank loans, acceptances, loans from U.S. Govt., and secu foreigners income and product accounts. rity credit. 3 Net foreign investment in national income accounts with opposite sign. 0 Direct investment abroad, foreign currencies held by other 3 Official foreign currency holdings and net IMF position of than in line 15, subscriptions to international organizations U.S. IMF position consists of U.S. capital subscription less except IMF, and unidentified liabilities. IMF holdings of special U.S. Govt, notes and deposits with 9 Errors and omissions in U.S. balance of payments state Federal Reserve. ment. Note.—Quarterly data are seasonally adjusted totals at annual Business but are unrevised before 1966 relative to the May rates. These tables reflect revisions in income and product ac Bulletin tables in financial data. Financial revisions will ap counts for 1963-66 published in the July Survey of Current pear with publication of the second quarter tables. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1248 BANKING OFFICES AUGUST 1966 NUMBER OF BANKING OFFICES IN THE UNITED STATES Commercial banks1 Mutual savings banks Type of office and type of change All Member Nonmember banks Total Total ti N on a a l State1 Total su I r n e d in N su o r n e d su I r n e d 1 in N su o r n e d Banks (head office): Dec. 31, 1934............................................................ 16,063 15,484 6,442 5,462 980 9,042 7,699 1,343 68 511 Dec. 31, 1941............................................................ 14,826 14,278 6,619 5,117 1,502 7,662 6,810 852 52 496 Dec. 31, 19472.......................................................... 14,714 14,181 6,923 5,005 1 ,918 7,261 6,478 783 194 339 Dec. 31, 1951............................................................ 14,618 14,089 6,840 4,939 1,901 7,252 6,602 650 202 327 Dec. 31, 1956............................................................ 14,167 13,640 6,462 4,651 1,811 7,181 6,737 444 223 304 Dec. 31, 1957............................................................ 14,090 13,568 6,393 4,620 1,773 7,178 6,753 425 239 283 Dec. 31, 1958............................................................ 14,020 13,501 6,312 4,578 1,734 7,192 6,793 399 241 278 Dec. 31, 1959............................................................ 13,991 13,474 6,233 4,542 1 ,691 7,244 6,878 366 268 249 Dec. 31, 1960............................................................ 13,986 13,472 6,174 4,530 1,644 7,300 6,948 352 325 189 Dec. 31, 1961......................................................... 13,946 13,432 6,113 4,513 1,600 7,320 6,997 323 330 184 Dec. 31, 1962............................................................ 13,938 13,427 6,047 4,503 1,544 7,380 7,072 308 331 180 Dec. 31, 1963............................................................ 14,078 13,569 6,108 4,615 I ,493 7,461 7,177 284 330 179 Dec. 31, 1964............................................................ 14,266 13,761 6,225 4,773 1,452 7,536 7,262 274 327 178 Dec. 31, 1965............................................................ 14,309 13,804 6,221 4,815 1,406 7,583 7,320 263 328 177 June 30, 1966............................................................ 14,307 13,802 6,194 4,811 1,383 7,608 7,359 249 330 175 Branches, additional offices, and facilities: Dec. 31, 1934............................................................ 3,133 3,007 2,224 1,243 981 783 783 126 Dec. 31, 1941............................................................ 3,699 3,564 2,580 1,565 1 ,015 984 932 52 32 103 Dec. 31, 19472.......................................................... 4,332 4, 161 3,051 1,870 1,181 1,110 1,043 67 124 47 Dec. 31, 1951............................................................ 5,383 5, 153 3,837 2,370 1 ,467 1,316 1,275 41 165 65 Dec. 31, 1956............................................................ 7,955 7,589 5,886 3,809 2,077 1,703 1 ,666 37 257 109 Dec. 31, 1957............................................................ 8,609 8,204 6,378 4, 178 2,200 1,826 1,789 37 296 109 Dec. 31, 1958............................................................ 9,286 8,861 6,924 4,534 2,390 1 ,937 1 ,898 39 305 120 Dec. 31, 1959............................................................ 10,099 9,652 7,492 4,973 2,519 2, 160 2,118 42 318 129 Dec. 31, 1960............................................................ 10,969 10,483 8,133 5,509 2,624 2,350 2,303 47 381 105 Dec. 31, 1961............................................................ 11 ,896 11,353 8,899 6,044 2,855 2,454 2,410 44 427 116 Dec. 31, 1962............................................................ 12,932 12,345 9,649 6,640 3,009 2,696 2,646 50 466 121 Dec. 31, 1963........................................................... 14,122 13,498 10,613 7,420 3,193 2,885 2,835 50 502 122 Dec. 31, 1964.......................................................... 15,275 14,601 11,457 8,156 3,301 3,144 3,094 50 549 125 Dec. 31, 1965.......................................................... 16,471 15,756 12,298 8,964 3,334 3,458 3,404 54 583 132 June 30, 1966............................................................ 17,015 16,282 12,666 9,282 3,384 3,616 3,567 49 597 136 Changes Jan.-June 30, 1966 Banks: New banks............................................................... 64 64 16 15 1 48 37 11 Suspensions............................................................... -I -1 .............. -1 -1 Consolidations and absorptions: Banks converted into branches........................... -49 -49 -28 -24 -4 -21 -21 Other...................................................................... -13 -13 — 5 -4 — 1 -8 -3 -5 Voluntary liquidations3........................................... -3 -3 -3 -3 ............. Interclass changes: Nonmember to national....................................... 6 6 -6 -6 Nonmember to State member............................. 2 2 -2 ~2 State member to national..................................... 8 —8 State member to nonmember............................. —15 — 15 15 15 National to State member................................... — 2 2 National to nonmember....................................... -3 -3 3 3 Noninsured to insured......................................... 17 -17 2 -2 Net change................................................................ -2 -2 -27 -4 -23 25 39 -14 2 -2 Number of banks, June 30, 1966........................... 14,307 13,802 6,194 4,811 1,383 7,608 7,359 249 330 175 Branches and additional offices: De novo..................................................................... 521 502 358 257 101 144 142 2 15 4 Banks converted........................................................ 49 49 37 29 8 12 12 Discontinued............................................................. -25 -24 -15 -6 -9 -9 -9 - 1 Interclass changes: Nonmember to national....................................... 15 15 -15 -15 State member to national..................................... 39 -39 State member to nonmember.............................. — 26 -26 26 26 National to State member................................... -15 15 National to nonmember....................................... -1 -1 1 1 Noninsured to insured......................................... 7 -7 Facilities reclassified as branches......................... 1 1 1 1 Net change................................................................ 546 528 369 319 50 159 164 -5 14 4 Number of branches and additional offices, June 30, 1966......................................................... 16.747 16,014 12,432 9.073 3,359 3,582 3,533 49 597 136 Banking facilities:4 Established................................................................ 1 1 1 1 Discontinued.............................................................. -2 -2 -2 -2 Interclass change: Nonmember to national....................................... 2 2 ...........-..2. -2 .............. Facilities reclassified as branches............................ -1 -1 -I -1 Net change................................................................ -2 -2 - 1 -1 -1 -1 Number of facilities, June 30, 1966........................ 268 268 234 209 25 34 34 .............. 1 Figures for state member banks and insured mutual savings banks 4 Provided at military and other Govt, establishments through arranginclude 1 to 3 member mutual savings banks, 1941 to 1962 inclusive, not ments made by the Treasury Dept. reflected in total commercial bank figures. State member bank figures also include 1 or 2 noninsured trust cos. 1954 to date. Note.—Beginning with 1959, figures include all banks in Alaska and 2 Series revised as of June 30, 1947, The revision resulted in an ad Hawaii, but nonmember banks in territories and possessions are excluded. dition of 115 banks and 9 branches. 3 Exclusive of liquidations incident to succession, conversion, and ab sorption of banks. 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AUGUST 1966 FEDERAL RESERVE PAR LIST 1249 NUMBER OF PAR AND NONPAR BANKING OFFICES Par Total Nonpar (nonmember) F.R. Disrict, Total Member Nonmember State, or other area Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n of c f h ic e e s s Banks a B n r d a n o c ff h ic e e s s Banks a B n r d a n o c ff h ic e e s s Banks a B n r d a n of c f h ic e e s s Total, including Puerto Rico and Virgin Islands:1 Dec. 31, 1965..................... 13,713 15,882 12,221 15,582 6,220 12,316 6,001 3,266 1,492 300 June 30, 1966..................... 13,715 16,412 12,247 16,108 6,193 12,686 6.054 3.422 1 ,468 304 F.R. Districts, June 30, 1966: Boston................................. 384 1, 184 384 1,184 248 921 136 263 New York........................... 520 2,767 520 2,767 407 2,439 113 328 Philadelphia....................... 535 1,074 535 1 ,074 401 813 134 261 Cleveland.........................• • 841 1,507 841 1,507 502 1,283 339 224 Richmond........................... 824 2,118 742 2,037 405 1 ,342 337 695 82 81 Atlanta............................. • 1,559 962 1,078 873 522 682 556 191 481 89 Chicago............................... 2,530 1.714 2,530 1,714 999 1,112 1,531 602 St. Louis............................. 1,503 617 1 ,266 549 483 360 783 189 237 68 Minneapolis....................... 1,358 202 760 145 494 86 266 59 598 57 Kansas City........................ 1,914 203 1,914 203 835 138 1,079 65 Dallas.................................. 1,284 235 1,216 226 676 138 540 88 68 9 San Francisco..................... 463 3,829 461 3,829 221 3,372 240 457 2 State or area, June 30, 1966: Alabama............................. 263 172 194 164 HO 142 84 22 69 8 Alaska................................. 12 53 10 53 5 45 5 8 2 Arizona............................... 16 256 16 256 5 201 11 55 Arkansas............................. 244 115 154 94 84 80 70 14 90 21 California........................... 191 2,476 191 2,476 108 2,263 83 213 Colorado............................. 214 9 214 9 134 6 80 3 Connecticut......................... 66 320 66 320 37 259 29 61 Delaware............................. 20 68 20 68 7 34 13 34 District of Columbia.......... 15 91 15 91 12 81 3 10 Florida.................... 438 19 406 19 206 12 200 7 32 Georgia............................... 431 205 181 190 71 159 110 31 250 15 Hawaii................................. 7 116 7 116 2 42 5 74 Idaho................................... 25 137 25 137 16 124 9 13 Illinois................................. 1,053 5 1,053 5 525 5 528 Indiana............................... 420 488 420 488 210 325 210 163 Iowa.................................... 673 246 673 246 161 54 512 192 Kansas................................. 598 51 598 51 211 33 387 18 Kentucky............................ 348 236 348 236 95 159 253 77 Louisiana............................ 219 272 117 235 57 165 60 70 102 37 Maine................................ 41 178 41 178 27 126 14 52 Maryland............................ 121 405 121 405 56 250 65 155 Massachusetts..................... 160 595 160 595 107 480 53 115 Michigan............................. 350 935 350 935 213 754 137 181 Minnesota........................... 722 9 322 8 222 6 100 2 400 1 Mississippi........................... 189 239 75 168 41 103 34 65 114 71 Missouri............................ 657 65 614 65 179 36 435 29 43 Montana............................. 131 3 131 3 91 3 40 Nebraska.......................... . 432 28 432 28 139 19 293 9 Nevada............................... 9 65 9 65 6 58 3 7 New Hampshire................. 73 30 73 30 52 25 21 5 New Jersey......................... 230 689 230 689 193 615 37 74 New Mexico....................... 64 100 64 100 42 61 22 39 New York........................... 342 1,988 342 1,988 279 1,881 63 2 107 North Carolina.................. 137 758 90 682 32 366 58 316 47 76 North Dakota.................... 167 54 67 24 45 10 22 14 100 30 Ohio..................................... 540 972 540 972 352 835 188 137 Oklahoma........................... 420 39 420 39 244 34 176 5 Oregon................................. 51 270 51 270 15 227 36 43 Pennsylvania....................... 557 1,280 557 1,280 408 1,015 149 265 Rhode Island..................... 11 125 11 125 5 79 6 46 South Carolina................... 129 282 94 277 31 186 63 91 35 5 South Dakota..................... 169 79 71 53 59 45 12 8 98 26 Tennessee........................... 299 352 237 338 86 245 151 93 62 14 Texas................................... 1,144 51 1,120 51 618 24 502 27 24 Utah.................................... 56 110 56 110 25 86 31 24 Vermont. ............................ 47 57 47 57 27 31 20 26 Virginia............................... 259 582 259 582 173 459 86 123 Washington........................ 99 411 99 411 40 376 59 35 West Virginia..................... 187 187 112 75 Wisconsin.......................... 582 171 582 171 164 38 418 133 Wyoming............................ 69 1 69 I 53 1 16 Puerto Rico ’..................... 13 147 13 147 16 13 131 Virgin Islands’................... 5 7 5 7 1 7 4 i Puerto Rico and the Virgin Islands assigned to the N.Y. District for Note.—Includes all commercial banking offices in the United States, purposes of Regulation J, “Check Clearing and Collection.” Member Puerto Rico, and the Virgin Islands on which checks are drawn, includ branches in Puerto Rico and all except 2 in the Virgin Islands are branches ing 268 banking facilities. Number of banks and branches differs from of N.Y.C. banks. Certain branches of Canadian banks (2 in Puerto that in the preceding table because this table includes banks in Puerto Rico and 2 in Virgin Islands) are included above as nonmember banks; Rico and the Virgin Islands but excludes banks and trust cos. on which and nonmeniber branches in Puerto Rico include 6 other branches of no checks are drawn. Canadian banks. 2 Includes 6 N.Y.C. branches of 2 insured nonmember Puerto Rican banks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1250 BANK HOLDING COMPANIES AUGUST 1966 BANKING OFFICES AND DEPOSITS OF BANKS IN HOLDING COMPANY GROUPS, DECEMBER 31, 1965 A. Details for 32 States Number of offices Deposits Banks and branches State c N o u m m p b an e i r e o s f > As a per In c A e s n t a a g p e e o r f Banks Branches centage of millions all commercial Total all commercial of dollars bank banking deposits offices Totals—32 States............................... 1 53 468 1,486 1,954 ........................ 27,560 ....................... Arizona...................................................... 1 2 92 94 34.8 692 32.9 California............................................... 4 4 199 203 7.9 3,008 8.5 Colorado.................................................... 3 11 1 12 2.1 638 22.0 Florida........................................................ 7 24 24 5.4 778 10.1 Georgia....................................................... 5 18 69 87 14.1 1,545 33.5 Idaho.......................................................... 2 2 63 65 43.0 370 41.3 Illinois......................................................... 2 4 4 .4 109 .4 Indiana........................................................ 2 3 3 6 .7 58 .8 Iowa............................................................ 2 18 17 35 3.9 377 8.4 Kentucky.................................................... I 2 26 28 4.9 362 10.5 Maine.......................................................... 1 4 8 12 5.6 40 4.7 Massachusetts............................................. 2 23 173 196 27.0 1,460 20.2 Minnesota................................................... 4 118 8 126 17.2 3,581 59.2 Missouri...................................................... 2 9 3 12 1.7 339 4.0 Montana..................................................... 4 33 33 25.0 566 50.6 Nebraska.................................................... 5 2 7 1.5 217 9.5 Nevada........................................................ 1 2 35 37 52.9 458 65.6 New Hampshire......................................... 1 6 3 9 9.0 91 15.6 New Mexico............................................... 1 5 19 24 15.4 118 12.5 New York.................................................. 7 21 227 248 11.0 4,068 6.2 North Dakota............................................. 3 32 12 44 20.4 402 38.0 Ohio............................................................ 2 25 74 99 6.7 1,482 9.4 Oklahoma................................................. 1 2 2 .4 357 9.4 Oregon....................................................... I 1 106 107 33.9 1,269 42.8 South Dakota............................................. 2 11 31 42 17.1 353 33.3 Tennessee.................................................... 2 8 10 18 2.9 132 2.6 Texas........................................................... 4 4 .3 35 .2 Utah............................................................ 2 3 61 64 39.5 694 48.9 Virginia....................................................... 3 23 144 167 20.9 1,151 22.7 Washington................................................. 3 7 73 80 15.8 511 13.4 Wisconsin................................................... 8 34 27 61 8.1 2,206 34.6 Wyoming.................................................... 2 4 ....................... 4 5.8 93 16.8 B. Summary totals and comparisons 32 States United States— Holding company groups as a all percentage of all commercial banks in— Item Holding All commercial company groups commercial banks banks 32 States United States Number of banking offices, total.................... 1,954 20,420 29,287 9.6 6.7 Banks..................................................... 468 10357 13,803 Branches. f ......................................... 1,486 10 063 15’484 Deposits (millions of dollars)......................... 27,560 252,072 332,405 10.9 8.3 1 Data for individual States represent bank holding companies hav second subsidiary bank in November 1965. That bank had not opened ing subsidiary banks in the respective States rather than registered bank for business by December 31, 1965. The data include: (1) banks of holding companies whose principal offices are located in such States. which the bank holding companies owned or controlled 25 per cent or Total does not equal sum of State figures because it has been corrected more of the outstanding stock, and (2) 7 domestic commercial banks for duplications; that is, holding companies that have subsidiary banks that are themselves bank holding companies. (A list showing the names in more than one State are included in the total only once. and total deposits of the banks is available upon request.) The 7 banks The 53 bank holding companies included in the total represent only 48 have 62 branches and deposits aggregating $1,756,278,000. Exclusion of separate bank groups because in 5 cases the bank group is controlled these 69 banking offices and their deposits from the data in the table by a bank holding company that is in turn controlled by another bank would reduce the percentage ratio shown in the table as follows: holding holding company. These groups are located in the following States: company groups to all commercial banks in 32 States—number of bank Fla., 2; Ga., 2; and Ind., 1. ing offices from 9.6 to 9.2; deposits from 10.9 to 10,2; holding company groups to all commercial banks in the United States—number of banking Note.—Holding companies registered pursuant to Bank Holding Com offices from 6.7 to 6.4; deposits from 8.3 to 7.8. pany Act of 1956, except for one company which acquired control of its Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FINANCIAL STATISTICS ★ INTERNATIONAL ★ Reported gold reserves of central banks and governments .............................................. 1252 Gold production ..................................................................................................................... 1253 Net gold transactions and gold stock of the United States.............................................. 1254 Foreign gold reserves and dollar holdings ......................................................................... 1255 International capital transactions of the United States ................................................... 1256 U.S. balance of payments........................................................................................................ 1266 Foreign trade ............................................................................................................................ 1267 Money rates in foreign countries........................................................................................... 1268 Arbitrage on Treasury bills .................................................................................................... 1269 Foreign exchange rates .......................................................................................................... 1270 Guide to tabular presentation ............................................................................................... 1176 Index to statistical tables ........................................................................................................ 1278 The figures on international capital transactions piled largely from regularly published sources are collected by the F.R. Banks from reports such as central bank statements and official made on Treasury foreign exchange forms col statistical bulletins. For some of the series, back lected by the F.R. Banks in accordance with data are available in Banking and Monetary Executive Orders No. 6560, dated Jan. 15, 1934, Statistics and its Supplements (see list of publi and No. 10033, dated Feb. 8, 1949, and Treas cations at the end of the Bulletin). ury regulations thereunder. Other data are com 1251 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1252 GOLD RESERVES AUGUST 1966 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) Esti Inti. Esti E pe n r d io 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 A i f s g t h an an A t r i g n e a n t A ra u l s ia A tr u ia s g B iu e m l Brazil Burma Canada Chile world i Fund2 world 1959 40,195 2,407 19,507 18,280 n.a. 56 154 292 1,134 327 960 43 1960 40,540 2,439 17,804 20,295 n.a. 104 147 293 1,170 287 885 45 1961 41,140 2,077 16,947 22,115 36 190 162 303 1,248 285 946 48 1962 41,470 2,194 16,057 23,220 36 61 190 454 1,365 225 42 708 43 1963 42,310 2,312 15,596 24,400 36 78 208 536 1,371 150 42 817 43 1964 43,060 2,179 15,471 25,410 36 71 226 600 1,451 92 84 1,026 43 1965--June.............. 3 43,025 1,832 14,049 26,885 36 68 230 663 1,563 62 84 1,089 42 July............... 1,847 13,969 36 68 231 675 1,564 63 84 1,096 44 Aug............... 1,856 13,916 36 67 231 688 1,573 63 84 1,104 44 Sept............... ’43,005 1,865 13,925 26,945 36 67 222 700 1,554 63 84 1,112 44 Oct................ 1,865 13,937 35 67 223 700 1,558 63 84 1,124 44 Nov............... 1,868 13,879 35 66 224 700 1,558 63 84 1,138 43 Dec................ ’43,300 1,869 13,806 27,355 35 66 223 700 1,558 63 84 1,151 44 1966--Jan................. 1,871 13,811 35 66 223 700 1,558 63 84 1,113 44 Feb................ 2,116 13,811 35 66 223 700 1,558 63 84 1,076 43 Mar............... ”43,355 2,358 13,738 ”27,260 35 65 223 700 1,556 63 84 1,086 43 Apr................ 2,369 13,668 35 65 224 700 1,556 45 84 1,096 44 May.............. '2,557 13,582 35 65 223 700 1,556 84 1 ,061 '43 June.............. 2,562 13,529 ............3..7 222 700 1,555 84 1,024 43 Ger- E pe n r d io o d f lo C m o b ia D m e a n rk l F a i n n d France m F a e n d y . , Greece India I n n e d si o a Iran Iraq Israel Italy Japan Rep. of 1959. 71 57 38 1,290 2,637 26 247 33 140 84 2 1,749 244 1960. 78 107 41 1,641 2,971 76 247 58 130 98 2,203 247 1961 88 107 47 2,121 3,664 87 247 43 130 84 10 2,225 287 1962. 57 92 61 2,587 3,679 77 247 44 129 98 41 2,243 289 1963. 62 92 61 3,175 3,843 77 247 35 142 98 60 2,343 289 1964. 58 92 85 3,729 4,248 77 247 141 112 56 2,107 304 1965--June.............. 31 97 85 4,433 4,378 84 281 141 122 56 2,384 327 July............... 33 97 85 4,471 4,383 81 281 141 122 56 2,388 Aug............... 33 97 85 4,500 4,382 77 281 141 122 56 2,383 Sept............... 33 97 85 4,556 4,390 78 281 141 122 56 2,390 327 Oct................ 34 97 85 4,604 4,404 78 281 140 122 56 2,403 Nov............... 34 97 85 4,638 4,406 78 281 146 122 56 2,404 Dec................ 35 97 84 4,706 4,410 78 281 146 122 56 2,404 328 1966--Jan................. 36 97 84 4,740 4,410 78 281 146 122 56 2,404 Feb................ 29 97 84 4,774 4,406 108 243 145 122 56 2,404 Mar............... 23 102 58 4,806 4,402 108 243 132 122 46 2,369 328 Apr................ 24 108 55 4,874 4,402 98 243 132 122 46 2,369 May.............. 24 108 55 4,953 4,311 98 243 132 122 46 2,370 June.............. 108 55 5,026 4,310 109 243 ..........1..3..2 122 46 2,369 .............. E pe n r d io o d f Kuwait a L n e o b n Libya M c e o xi Mo c r o oc N la e n th d e s r Nigeria N w o ay r P s a ta k n i Peru P p h in il e i s p Po g r a t l u A S r a a u b d i i a 1959. n.a. 102 142 23 1,132 30 50 28 9 548 18 I960. n.a. 119 137 29 1,451 30 52 42 15 552 18 1961 . 43 140 112 29 1,581 20 30 53 47 27 443 65 1962. 49 172 3 95 29 1,581 20 30 53 47 41 471 78 1963. 48 172 7 139 29 1,601 20 31 53 57 28 497 78 1964. 48 183 17 169 34 1,688 20 31 53 67 23 523 78 1965--June.............. 49 182 68 165 34 1,756 20 31 53 67 31 547 74 July............... 49 182 68 164 34 1,756 20 31 53 67 32 548 74 Aug............... 49 182 68 162 34 1,756 20 31 53 67 33 560 73 Sept............... 49 182 68 161 31 1,756 20 31 53 67 34 560 73 Oct................ 49 182 68 160 31 1,756 20 31 53 67 36 563 73 Nov............... 49 182 68 159 31 1,756 20 31 53 67 37 572 73 Dec................ 52 182 68 158 21 1,756 20 3t 53 67 38 576 73 1966--Jan................. 55 182 68 157 21 1,756 20 31 53 67 39 583 73 Feb................ 55 193 68 157 21 1 ,756 20 31 53 67 41 592 73 Mar............... 58 193 68 134 21 1,756 20 31 53 67 42 595 '69 58 193 68 21 1,756 20 31 53 65 43 600 '69 l/ay.............. 58 193 68 21 1,730 20 18 53 65 44 605 '69 June.............. 61 .............. 68 ............2..1 1,730 20 18 53 65 45 69 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
AUGUST 1966 GOLD RESERVES AND PRODUCTION 1253 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued (In millions of dollars) Bank South United for E pe n r d i o o d f Africa 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) , K d i o n m g U gu r a u y V zu e e n l e a Y sl u av g i o a S I e n tt t l i e . ments 4 1959.............................. 238 68 191 1,934 41 104 133 174 2,514 180 652 10 -134 I960............................. 178 178 170 2'185 41 104 134 174 2,800 180 401 4 -19 1961............................. 298 316 180 2,560 43 104 139 174 ^268 180 401 6 115 1962............................. 499 446 181 2^667 43 104 140 174 2,582 180 401 4 -50 [963.............................. 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—June.................. 375 780 202 2,789 55 96 126 139 2,226 171 401 18 -249 July................... 359 810 202 2,655 54 96 116 139 171 401 18 -92 339 810 202 2,653 54 96 116 139 171 401 19 -199 Sept.................. 342 810 202 2,656 54 96 116 139 2,139 171 401 18 -145 Oct ................. 371 810 202 2,660 54 96 116 139 171 401 18 -141 Nov ............... 382 810 202 2’660 54 96 116 139 155 401 19 -247 Dec................... 425 810 202 3,042 55 96 116 139 2,265 155 401 19 -558 1966—Jan................... 471 810 202 2,661 55 96 116 139 155 401 19 -105 Feb . .......... 499 810 202 2'661 55 96 116 139 155 401 19 -120 Mar................... 520 785 202 2,652 55 92 116 139 2,036 155 401 20 -30 Apr.................. 557 785 202 2,647 55 92 116 139 155 401 20 -80 May.......... 581 785 203 2'630 55 92 116 139 155 401 20 -36 June.................. 640 785 203 2; 648 92 116 139 ...........1.5..5 401 -191 1 Includes reported or estimated gold holdings of international and some member countries in anticipation of increase in Fund quotas; for regional organizations, central banks and govts, of countries listed in most of these countries the increased quotas became effective in Feb. 1966. this table and also of a number not shown separately here, and gold to be ^ Adjusted to include gold subscription payments to the IMF, except distributed by the Tripartite Commission for the Restitution of Monetary those matched by gold mitigation deposits with the United States and Gold; excludes holdings of the U.S.S. R.t other Eastern European coun United Kingdom. Adjustments are as follows (in millions): 1965 June tries, and China Mainland. +$259; Sept. +$268; and Dec. +$270. The figures included for the Bank for International Settlements are * 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 (he countries, following tables on gold (except production), see “Gold,” Section 14 of 2 Beginning June 1965, excludes gold subscription payments made by Supplement to Banking and Monetary Statistics, 1962. GOLD PRODUCTION (In millions of dollars at $35 per fine troy ounce) Africa North and South America Asia Other World Period produc Congo tion t A So fr u ic th a R de h s o ia Ghana ( p L o e ld o U St n a i t t e e s d C ad an a M ic e o x r N ag ic u a a Co b l i o a m India P p h in il e ip s t A ra u li s a ot A h l e l r ville) 1959................................. 1,125,0 702.2 19.8 32.0 12.2 57.2 156.9 11.0 7.3 13.9 5.8 14.1 38.1 54.5 I960.................................. I J75.O 748.4 19.6 30.8 11.1 58.8 162.0 10.5 7.0 15.2 5.6 14.4 38.0 53.6 1961.................................. 1,215.0 803.1 20.1 29.2 8.1 54.8 156.6 9.4 7.9 14.0 5.5 14.8 37.7 53.8 1962.................................. 1,290.0 892.2 19.4 31.1 7.1 54.5 146.2 8.3 7.8 13.9 5.7 14.8 37.4 51,6 1963.................................. 1,350.0 960.1 19.8 32.2 7.5 51.4 139.0 8.3 7.2 11.4 4.8 13.2 35.8 59.3 ................................. 1,395.0 1,019.8 20.1 30.3 4.4 51.4 133.4 7.4 7.4 12.8 5.2 14. 9 33.7 54.2 1965’ 1,069.4 2.3 125.6 11.2 4.6 15.4 30.7 1965--May...................... 89.2 1.6 2.3 10.4 .5 1.0 .3 1.3 2.5 J une..................... 90.1 1.5 2.2 10.7 .7 .9 .4 1.2 2.9 Tniv....................... 90.8 1.6 2.1 10.0 .6 1.2 .4 1.3 2.4 Aijg............... 91.0 1.5 10.5 .9 1.0 .3 1.3 2.6 Sept...................... 89.7 1.6 2 4. 3 10.2 .4 1.0 ,4 1.3 2.3 Oct................. 90,4 10.5 .7 1.0 2.6 Nov . ........ 91.6 10.4 . 5 .8 2.3 D<»r....................... 89.3 10.2 .7 + i 3 4.0 2.6 1966-■hn 1......... 91.2 9.8 1.0 2.5 Feh......................... 87.8 9.6 .9 2.4 M^r...................... 90.5 10. i .9 ^ 3.7 Anr ....................... 90.8 10.1 .8 l^y...................... 91.9 i Estimated; excludes U.S.S.R., other Eastern European countries, Note.—Estimated world production based on report of the U.S. China Mainland, and North Korea. Bureau of Mines. Country data based on reports from individual 2 Data for Aug. and Sept. countries and Bureau of Mines. Data for the United States are from 3 Quarterly data. the Bureau of the Mint. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1254 ILS. GOLD AUGUST 1966 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) 1965 1966 Area and country 1957 1958 1959 1960 1961 1962 1963 1964 1965 I II III IV I Western Europe: Austria........................ -84 -83 - 1 -143 -82 -55 -100 -25 -38 -38 -25 Belgium............................... 3 -329 -39 -141 -144 -63 -40 -83 -40 -22 -21 France................................ -266 “173 -456 -518 -405 -884 -482 -148 -117 -137 -103 Germany, Fed. Rep. of. . . -34 -23 -225 Italy............................... -349 100 200 -80 -80 Netherlands....................... 25 -261 -30 -249 -25 -60 -35 -35 Spain................. 31 32 -114 -156 -146 -130 -32 -180 -90 ~60 -30 Switzerland,....................... -215 20 -324 -125 102 -81 “50 -37 -13 7 United Kingdom............... -900 -350 -550 -306 -387 329 618 150 -76 29 132 64 -19 Rank for Inti. Settlements. -178 -32 -36 -23 Other ................................ 8 -41 -48 -96 -53 -12 i -7 -37 -17 -4 -9 -7 -34 Total........................... 68 -2,326 -827 -1,718 -754 -1,105 -399 -88 -1,299 -802 -334 -82 -81 -174 Canada ............................. 5 190 100 Latin American republics: A rgentina....................... 75 67 -50 -90 85 -30 Brazil.................................. -11 -2 -2 57 72 54 25 -1 28 -1 -I — 1 Colombia . ....................... —6 38 10 29 30 7 Venezuela........................... 65 -25 -25 Other................................... 6 2 -35 -42 -17 -5 -11 -9 -13 -7 * -3 -3 -6 Total........................... 81 69 19 -100 -109 175 32 56 17 -8 58 -4 -29 * Asia: Japan ............................. -30 — 157 - 15 —56 Other................................... 18 -4 -28 -97 i -101 2 -93 12 3 -24 * -15 -3 -6 -25 Total........................... 18 -34 -186 -113 -101 -93 12 3 -24 ♦ -15 -3 —6 -82 All other................................. -3 -5 -38 -6 -1 -36 -7 -16 -1 -9 -15 9 — 9 Total foreign countries.......... 172 -2,294 -998 -1,969 -970 -833 -392 -36 -1,322 -8H -299 -104 -108 -165 Int Monetary Fund ........ 600 3 -44 4 300 150 5-225 6—259 78 7 26 7 131 Grand total................. 772 -2,294 -1,041 -1,669 -820 -833 -392 -36 -1,547 -811 -558 -96 -82 — 34 i Includes sales of $21 million to Lebanon and $48 million to Saudi million in 1956 and $300 million in 1959 and in 1960) with the right of Arabia. repurchase; proceeds from these sales invested by IMF in U. S. Govt, 2 Includes sales of $21 million to Burma, $32 million to Lebanon, and securities. $13 million to Saudi Arabia. s Payment to the IMF of $259 million increase in U.S. gold subscription 3 Payment to the IMF of $344 million increase in U.S. gold sub less gold deposits by the IMF. scription less sale by the IMF of $300 million (see note 4). 6 Payment to the IMF of increase in U.S. gold subscription. 4 IMF sold to the United States a total of $800 million of gold ($200 7 Represents gold deposit by the IMF; see note 2 to table below. U.S. GOLD STOCK AND HOLDINGS OF CONVERTIBLE FOREIGN CURRENCIES BY U.S. MONETARY AUTHORITIES (In millions of dollars) End of period Changes in— End of period Changes in— Year Gold stock1,2 Foreign Month Gold stock1,2 Foreign Total c h u o r l r d e i n ng cy s Total T g o o t l a d l Total h c o u l r d re in n g cy s4 Total T g o o t l a d l Total3 Treasury Total3 Treasury 1953 ........ 22,091 22,091 22,030 -1,161 -1,161 1965—July... . 14,697 13,969 13,857 728 102 -80 1954........ 21,793 21,793 21,713 -298 -298 Aug.... 14,953 13,916 13,857 1,037 256 -53 1955 ........ 21,753 21.753 21,690 -40 -40 Sept.... 14,884 13,925 13,858 959 -69 9 1956........ 22,058 22,058 21,949 305 305 Oct.. . . 14,795 13,937 13,857 858 -89 12 1957........ 22,857 22,857 22,781 799 799 Nov.... 14,686 13,879 13,805 807 -109 -58 Dec.. .. 14,587 13,806 13,733 781 -99 -73 1958........ 20,582 20,582 20,534 -2,275 -2,275 1959........ 19,507 19,507 19,456 -1,075 5 -1,075 1966—Jan.....1..4,450 13,8(1 13,732 639 -137 5 I960........ 17,804 17,804 17,767 -1,703 -1,703 Feb.... 14,188 13,811 13,730 377 -262 1961........ 17,063 16,947 16,889 116 -741 -857 Mar.... 14,297 13,738 13,634 559 109 -73 1962........ 16,156 16,057 15,978 99 -907 -890 Apr.... 14,190 13,668 13,632 522 -107 -70 1963........ 15,808 15,596 15,513 212 -348 -461 May.. . 14,210 13,582 13,532 628 20 -86 1964........ 15,903 15,471 15,388 432 95 -125 June. .. 14,251 13,529 13,433 722 41 -53 1965........ 14,587 13,806 13,733 781 -1,316 6 -1,665 July.. . . 14,506 13,413 13,332 1 ,093 255 -116 1 Includes gold sold to the United States by the International Mone 4 For holdings of F.R. Banks only, see pp. 1186 and 1188. tary Fund with the right of repurchase, which amounted to $800 million 5 Includes payment of $344 million increase in U.S. gold subscription on July 31, 1966. Also includes gold deposit of IMF; see note 2. to the IMF. 2 Beginning Sept. 1965 includes gold deposited by the IMF to mitigate 6 Includes payment of $259 million increase in U.S. gold subscription the impact on the U.S. gold stock of purchases by foreign countries for to the IMF. gold subscriptions on increased IMF quotas. Amount outstanding was Note,—See Table 11 on p. 1263 for gold held under earmark at F.R. $184 million on July 31, 1966. The United States has a corresponding Banks for foreign and international accounts. Gold under earmark is gold liability to the IMF. not included in the gold stock of the United States. 3 Includes gold in Exchange Stabilization Fund. See also Note to table on gold reserves. 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AUGUST 1966 GOLD RESERVES AND DOLLAR HOLDINGS 1255 HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (In millions of dollars) Dec. 31, 1964 Mar. 31, 1965 June 30, 1965 Sept. 30, 1965 Dec. 31, 1965 Mar. 31, 1966p Area and country Gold & U.S. Gold & U.S. Gold & U.S. Gold & U.S. Gold & U.S. Gold & U.S. short Govt, short Govt, short Govt, short Govt, short Govt, short Govt, term bonds term bonds term bonds term bonds term bonds term bonds dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes Western Europe: Austria......................................................... 923 3 872 3 885 3 959 3 950 3 911 3 Belgium............................................................ 1,887 1,897 1,983 1,972 1,956 1,926 Denmark.......................................................... 428 14 '430 14 368 14 '335 14 '402 14 443 13 Finland............................................................ 212 1 201 1 189 1 179 I 192 1 153 1 France.............................................................. 5,392 7 5,530 7 5,646 7 5,667 7 5,703 7 5,877 7 Germany, Fed. Rep. of................................. 6,258 1 6,137 1 5,918 1 5,753 1 5,839 1 5,822 1 Greece.............................................................. 248 228 231 228 229 '252 Italy..................................................... 3,729 t 3,539 I 3,824 1 3,758 1 4,024 1 3,695 J Netherlands.................................................... 2,055 5 2,036 5 2,034 5 2,086 6 2,095 6 2,027 5 Norway........................................................... 215 98 234 68 263 68 262 68 354 49 285 45 Portugal........................................................... 780 802 795 837 898 889 Spain................................................................ 1,010 2 984 2 1,011 2 1,064 2 993 2 903 2 Sweden,. 833 40 928 40 921 24 906 24 849 24 853 24 Switzerland...................................................... 4,095 79 3,927 78 4,088 87 4,039 89 4,411 89 4,108 91 Turkey.............................................................. 140 142 145 140 * 150 155 United Kingdom............................................ 4,020 414 4,308 407 4,715 502 5,101 548 4,979 553 5,257 564 Other!............................................................. 508 49 '391 49 341 50 393 50 34 50 523 49 Total.............................................. 32,733 714 32,586 676 33,357 765 33,679 814 34,058 800 34,079 806 Canada................................................................ 4,010 690 3,565 735 3,492 727 3,928 718 3,725 676 3,394 683 Latin American republics: Argentina.................................................. 362 371 378 449 498 552 * Brazil.............................................................. 350 * 421 • 402 ♦ 475 446 * 344 * Chile................................................................ 219 207 240 249 263 245 Colombia........................................................ 267 1 229 1 190 1 200 1 249 1 200 1 Cuba................................................................ 12 1! 11 10 10 10 Mexico............................................................. 904 1 913 1 852 ♦ 803 861 874 1 Panama Republic of,............................... 99 111 1 124 1 113 1 120 1 135 1 Peru.................................................................. 273 1 334 I 330 1 323 1 324 I 319 1 Uruguay......................................................... 282 294 295 299 292 312 Venezuela........................................................ 1,135 1,103 1,097 1,091 1,139 1 1,102 1 Other................................................................ '478 2 '538 1 538 2 558 2 584 1 '605 * Total....................................................... 4,381 6 4,532 5 4,457 5 4,570 5 4,786 5 4,698 5 Asia: India................................................................ 306 342 353 357 365 321 Indonesia........................................................ 73 1 62 1 58 1 58 1 66 1 72 1 Japan................................................................ 3,071 5 3,167 9 3,170 9 3,274 9 3,342 9 3,294 9 Philippines....................................................... 256 279 281 ♦ 312 342 352 * Thailand.......................................................... 562 592 592 598 638 719 Other......................................................... 2,059 43 2,223 43 2,234 43 2,223 41 2,249 41 2,268 41 Total........................................................ 6,327 49 6,665 53 6,688 53 6,822 51 7,002 51 7,026 51 Africa: South Africa................................................... 621 ♦ 547 * 424 * 400 • 476 ♦ 609 • U A R (Egypt)............................................... 163 163 161 159 169 155 * Other................................................................ 283 16 317 16 373 16 357 16 347 16 373 16 Total......................................................... 1,067 16 1,027 16 958 16 916 16 992 16 1,137 16 Other countries: Australia....................................................... 402 411 433 421 477 455 All other................................................ 382 26 428 31 425 28 386 28 379 29 434 31 Total......................................................... 784 26 839 31 858 28 807 28 856 29 889 31 Total foreign countries2.................... 49,302 1,501 49,214 1,516 49,810 1,594 50,722 1,632 51,419 1,577 51,223 1,592 International and regional....................... 7,161 904 7,280 798 46,689 799 46,999 795 46,878 752 47,659 556 Grand total2............................................ 56,463 2,405 56,494 2,314 56,499 2,393 57,721 2,427 58,297 2,329 58,882 2,148 1 Includes, in addition to other Western European countries, unpub tion of increase tn IMF quotas. Amounts outstanding as follows (in lished gold reserves of certain Western European countries; gold to be millions): 1965 June 30, $259; Sept. 30, $285; Dec. 31, $313; and 1966 distributed by the Tripartite Commission for the Restitution of Mone Mar. 31, $2. tary Gold; European Fund; and the Bank for International Settlements Note.—Gold and short-term dollars include reported and estimated (the figures for the gold reserves of the BIS represent the Bank’s net official gold reserves, and official and private short-term dollar holdings gold assets.) (principally deposits and U.S. Treasury bills and certificates); excludes 2 Excludes gold reserves of the U.S.S.R., other Eastern European nonnegotiable, non-interest-bearing special U.S. notes held by the Inter countries, and China Mainland. American Development Bank and the International Development Assn. 3 Includes international organizations and Latin American and Euro U.S. Govt, bonds and notes are official and private holdings of U.S. pean regional organizations, except the Bank for International Settlements Govt, securities with an original maturity of more than 1 year; excludes and European Fund, which are included in “Other Western Europe.” nonmarketable U.S. Treasury bonds and notes held by official institutions 4 Excludes gold subscription payments by member countries in anticipa of foreign countries as shown in Table 8 on p. 1262. See also Note to table on gold reserves. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1256 INTL. CAPITAL TRANSACTIONS OF THE U.S. AUGUST 1966 1. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS AND INTERNATIONAL ORGANIZATIONS (Amounts outstanding; in millions of dollars) End of period G to ra ta n l d reg I a i n o n t n d i a . l 1 c F o o u r n e t i r g ie n s E W u e ro st p e e rn 2 Canada A re m L pu e a b r ti i l n c ic a s n Asia Africa co O u t n h t e ri r e s 1963......... .............. 19,505 5,855 13,650 7,867 1,664 1,058 2,731 154 176 1964............................................ 20,221 5,876 14,345 8,266 1 '483 1'238 3,020 160 178 1965—June................................ 18,973 5,646 13,327 7,196 1,275 1,295 3,173 193 195 July................................. 18,818 5,944 12', 874 6,722 1,281 1,296 3,198 181 196 Aug.................. 19.036 5'853 13J83 6,888 1 '378 l’356 3,176 194 191 Sept................................. 19'370 5,920 13'450 7'136 1 '385 1'385 3,162 184 198 Oct............................. 19'407 5'891 13,'516 7'173 1 ,410 1,347 3'188 187 211 Nov................................. 191520 5'836 13'684 7^192 1 '440 1^343 3,297 187 225 Dec.................................. 19,922 5'751 I4J71 7,532 1 ,403 1 ’497 3,300 194 245 1966—Jan................................... 19,783 5,839 13,944 7,264 1,339 1,480 3,421 209 231 Feb................................. 19'390 5'816 13'574 6'912 1 ',364 1,425 3'439 210 224 Mar................................. 19,423 5,848 13,575 7,037 1,308 1,359 3,410 218 243 Apr.................................. 19^432 5,784 13'648 6'988 1 ,'262 1,415 3,519 229 235 May”.............................. 19 ,'560 5,633 13'927 7'258 1 ,’239 1,438 3,532 235 225 June*............................... 19,321 5'515 13,806 7333 1 ;202 C216 3 365 237 253 1 Includes international organizations, and Latin American and Euro as reported by banks in the United States, and estimated foreign official pean regional organizations, except the Bank for International Settlements holdings of marketable U.S. Govt, securities with an original maturity and the European Fund, which are included in Western Europe. of more than 1 year. Data exclude nonnegotiable, non-interest-bearing 2 Includes Bank for International Settlements and European Fund. special notes held by the Inter-American Development Bank and the International Development Association, and also nonmarketable U.S. Note.—Data represent short-term liabilities to the official institutions Treasury notes and bonds, payable in dollars and in foreign currencies. of foreign countries and to official international and regional organizations, 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) International and regional 1 Foreign E p n er d i o o d f G to ra ta n l d Total Inti. g E i p o r u e n e a r a o n l 2 g L i r o . e A n a . l Total c O ia ff l i 3 Other Europe Canada Am La e t r i i n c a Asia Africa O c t o r t i u h e e n s r 1961 ................ <22,533 3,752 3,695 57 418,781 10,940 4 7 841 10,322 2,758 2,340 4 2 974 283 104 1962................. 25'019 5'145 4^938 34 173 19'874 11'963 7311 10'162 3,349 2,448 3 344 319 152 1963......... 25,967 4'637 4'501 18 118 21330 12'467 8',863 10’,770 2,988 3,137 4,001 241 194 1964 s.............. 28,873 4; 974 4^802 22 150 23,899 13'220 10,679 12,236 2,984 3,563 4,687 238 192 1965—June.... 27,781 4,848 4,689 15 144 22,933 12,201 10,732 11,305 2,403 3,734 4,986 277 228 July. ,.. 27,862 5,145 4,994 12 140 22,717 11,748 10,969 10,766 2,615 3,762 5,094 262 219 Aug....... 28,540 5,058 4,919 9 130 23,482 12,059 11,423 11,310 2,783 3,793 5,095 283 218 Sept. . . . 28,912 5,125 4,988 14 122 23,787 12,326 11,461 11,554 2,816 3,804 5,119 271 223 Oct........ 29,234 5,097 4,964 12 120 24,137 12,403 11,734 11,576 3,042 3,827 5,176 272 244 Nov... . 29,171 5,085 4,948 12 125 24,086 12,579 11,507 11,461 2,970 3,836 5,288 274 257 Dec....... 29,072 5,000 4,882 10 107 24,072 13,066 11,006 11,627 2,574 4,027 5,286 280 278 1966—Jan........ 29,277 5,095 4,967 9 119 24,182 12,844 11,338 11,672 2,561 4,043 5,326 312 268 Feb....... 29,154 5,210 5,083 10 117 23,944 12,474 11,470 11,358 2,589 4,055 5,356 335 253 Mar...... 29,266 5,292 5,177 12 103 23,974 12,475 11,499 11,680 2,308 4,026 5,359 330 272 Apr....... 29,518 5,297 5,180 10 106 24,221 12,548 11,673 11,542 2,460 4,099 5,526 328 266 Mayp... 29,719 5,196 5,083 12 101 24,523 12,827 11,696 11,878 2,359 4,146 5,541 336 263 June’... 29,681 5,081 4,972 14 96 24,600 12,700 11,900 12,352 2,171 3,941 5,497 334 305 2a. Europe Ger Endof period Total Austria Belgium m D a e r n k l F a i n n d France m F a e n d y . . Greece Italy N l e an th d e s r Norway Po g r a t l u Spain Sweden Rep. of 1961................. 10,322 255 326 52 91 989 2,842 67 1,234 216 105 99 153 406 1962................. 10,162 329 177 67 73 1,157 2'730 119 1'384 248 125 161 177 490 1963................. 10,770 365 420 161 99 1'478 3'041 188 803 360 133 191 205 409 1964................. 12,236 323 436 336 127 1,663 2,010 171 1,622 367 184 257 394 644 1965--June.... 11,305 222 420 271 104 1,213 1,540 147 1,440 278 232 248 231 719 July.... 10,766 248 425 269 104 1,089 1,363 144 1,314 308 214 241 234 724 Aug....... 11,310 263 444 242 100 1,181 1,233 148 1,486 316 224 256 271 707 Sept.... 11,554 259 418 238 94 1,111 1,363 150 1,368 330 231 277 254 704 Oct........ 11,576 261 411 260 113 1,036 1,385 143 1,328 356 240 280 229 699 Nov.... 11,461 263 404 275 105 1,045 1,424 133 1,328 373 239 303 210 667 Dec....... 11,627 250 398 305 108 997 1,429 151 1 ,620 339 323 322 183 647 1966—Jan........ 11,672 232 392 323 102 985 1,449 148 1,483 255 231 299 152 644 Feb..... 11,358 202 366 331 103 997 1,438 157 1,325 257 240 291 115 658 Mar...... 11,680 211 370 341 95 1,071 1,420 144 1,326 271 254 294 118 651 Apr....... 11,542 203 380 347 91 1,024 1,409 142 1,378 242 284 295 120 661 May”... 11,878 208 379 323 86 1,068 1,479 144 1,409 272 311 281 132 671 June*... 12,352 206 378 321 72 1,142 1,756 137 1,519 230 328 285 115 688 For notes see following two pages. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
AUGUST 1966 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1257 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 2a. Europe—Continued 2b. Latin America End of period Sw la i n tz d er Turkey U K d n i o i n m t g ed Y sla u v g i o a W E O u e t r s h o t e e p r r e n 6 U.S.S.R. E E O a u s t r h t o e e p r r n e Total A t r i g n e a n Brazil Chile Co b l i o a m Cuba Mexico 1961................. 875 26 2,227 12 325 5 16 2,340 235 228 105 147 43 495 1962................. 908 25 1,609 11 351 3 19 2,448 210 204 135 148 7 15 531 1963................. 906 21 1,483 16 465 2 24 3,137 375 179 143 169 11 669 1964................. 1,370 36 1,884 32 358 3 19 3,563 291 258 176 209 12 735 1965—June.... 1,299 19 2,489 18 390 2 21 3,734 310 340 198 159 11 687 July.... 1,271 15 2,463 15 296 4 25 3,762 327 339 187 162 11 623 Aug.... 1,319 19 2,727 56 292 I 25 3,793 354 410 184 171 10 622 Sept...... 1,383 24 2,962 57 303 2 27 3,804 382 412 205 167 10 642 Oct..... 1,333 30 3,146 49 245 2 29 3,827 414 356 195 191 10 611 Nov..... 1,268 27 3,032 48 287 3 27 3,836 397 382 188 201 10 644 Dec....... 1,369 34 2,714 36 369 4 30 4,027 432 383 219 214 10 703 1966—Jan........ 1,331 34 3,212 14 353 4 30 4,043 424 364 210 189 9 728 Feb....... 1,353 35 3,095 20 345 4 27 4,055 461 367 186 174 11 742 Mar...... 1,456 39 3,221 14 358 3 27 4,026 487 281 202 177 10 740 Apr....... 1,466 28 3,083 16 342 3 27 4,099 503 266 199 196 9 727 Mayp... 1,575 28 3,137 16 330 3 27 4,146 518 337 205 193 9 717 June?... 1,610 21 3,140 21 353 2 29 3.941 485 325 195 182 10 598 2b. Latin America—Continued 2c. Asia E pe n r d io o d f Panama Peru g U u r a u y V zu e e n l e a O L re t . h A p e . . r B B e a r h m & a u m d a a s 8 A S n u N t r i e i l n l t e h a s . m & Am O L e a t r h t i i e c n r a 8 Total M C la h a n i i n d n a K H o o n n g g India n d I e n o s i a Israel 1961................. 87 84 57 418 226 111 89 15 4 2,974 35 56 78 76 63 1962................. 98 105 101 405 267 123 97 10 3,444 36 65 41 28 81 1963................. 129 158 113 591 355 136 93 15 4,001 35 66 51 48 112 1964................. 99 206 111 734 416 189 114 14 4,687 35 95 59 38 133 1965—June.... 124 263 124 696 472 216 115 18 4,986 35 94 72 23 UI July.... 114 259 123 782 497 208 109 20 5,094 36 97 86 34 114 Aug.... 106 267 126 739 496 181 109 18 5,095 35 101 78 22 108 Sept...... 113 256 128 690 494 170 114 20 5,119 35 104 76 23 114 Oct....... 114 251 132 738 498 179 113 23 5,176 35 106 76 34 115 Nov....... 116 244 129 715 501 177 111 20 5,288 35 108 83 31 118 Dec....... 120 257 137 738 519 165 113 17 5,286 34 113 84 31 127 1966—Jan....... 126 248 144 788 511 (64 119 18 5,326 34 112 86 34 123 Feb....... 135 235 164 721 541 182 118 18 5,356 34 119 94 28 120 Mar...... 135 252 157 701 546 186 127 24 5,359 34 112 78 37 125 Apr....... 145 240 161 787 547 174 128 16 5,526 35 119 159 52 139 Mayp... 146 233 167 762 529 183 125 19 5,541 35 117 141 55 128 JuneP... 156 247 179 700 534 181 131 19 5,497 34 114 124 49 118 2c. Asia—Continued 2d, Africa 2e. Other countries E pe n r d io o d f Japan Korea P p h in il e ip s T w a a i n T la h n a d i O A t s h i e a r Total (L C e v o o il n p le g o ) o ld ro M cc o o 8 A So fr u ic th a ( U E . g A y . p R t . ) A O f t r h ic e a r Total t A ra u l s ia ot A he ll r 8 1961.................. 41,672 199 185 92 264 254 283 34 93 32 15 109 104 98 6 1962.................. 2,195 136 174 75 333 280 319 35 68 41 14 161 152 147 5 1963.................. 2,484 113 209 149 382 353 241 26 49 41 14 112 194 180 13 1964.................. 2,767 104 233 221 458 543 238 26 7 47 24 135 192 176 15 1965—June.... 2,843 88 250 229 496 747 277 30 18 49 22 158 228 203 25 July..... 2,830 88 280 226 501 804 262 18 17 52 24 151 219 195 24 Aug........ 2,897 92 265 228' 503 764 283 17 16 61 24 164 218 196 22 Sept..... 2,947 101 278 227 502 712 271 14 22 58 20 157 223 199 24 Oct........ 2,972 103 283 228 506 718 272 12 31 53 19 157 244 222 22 Nov....... 3,020 110 290 220 513 762 274 11 30 57 19 158 257 235 22 Dec........ 3,014 108 304 212 542 718 280 12 17 51 30 170 278 254 24 1966—-Jan......... 2,965 118 295 215 577 768 312 11 19 72 18 191 268 244 24 Feb........ 2,964 117 302 213 604 760 335 11 19 95 18 192 253 226 27 Mar.... . 2,966 116 310 215 627 738 330 14 19 89 16 192 272 232 40 Apr..... 2,959 121 313 218 580 832 328 11 20 89 17 192 266 231 35 May*. .. 2,933 114 320 222 585 891 336 8 20 95 15 197 263 234 29 JuneP... 2,924 119 329 228 576 881 334 9 22 67 23 213 305 279 26 1 International Bank for Reconstruction and Development, Inter 5 Includes revisions arising from changes in reporting coverage as national Monetary Fund, International Finance Corp., International follows (in millions of dollars): Total +50; Foreign other +50; Europe Development Assn., and other international organizations; Inter-Amer — 17; Canada +1; Latin America +26; Asia +49; Africa —9. ican Development Bank, European Coal and Steel Community, European 6 Includes Bank for International Settlements and European Fund. Investment Bank and other Latin American and European regional 7 Decline from end of 1961 reflects principally reclassification of de organizations, except Bank for International Settlements and European posits for changes in domicile over the past few years from Cuba to other Fund, which are included in “Europe.” countries. 2 Not reported separately until 1962. 8 Data based on reports by banks in the Second F.R. District only for 3 Foreign central banks and foreign central govts, and their agencies, year-end 1961-62, and Bank for International Settlements and European Fund. 4 Includes $82 million reported by banks initially included as of Dec. For Note see end of Table 2. 31, 1961, of which $81 million reported for Japan. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1258 INTL. CAPITAL TRANSACTIONS OF THE U.S AUGUST 1966 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 2f. Supplementary Data 9; (end of period) 1964 1965 1966 1964 1965 1966 Area or country Area or country Dec. Apr. Dec. Apr. Dec. Apr. Dec. Apr. Other Western Europe: Other Asia (Cont.): Iceland...................................... 5.2 7.1 5.8 4.0 Iran.......................................... 23.4 62.0 66.9 79.2 Ireland, Rep. of....................... 8.7 6.3 6.2 6.6 Iraq......................................... 21.6 65.4 12.0 n.a. Luxembourg............................. 17.4 20.1 21.1 28.2 Jordan......................................... 2.7 7.9 16.0 16.0 Monaco.................................... 4.1 3.6 3.7 4.0 Kuwait......................................... 56.4 52.0 35.5 24.6 Laos............................................ 5.0 5.0 3.2 5.7 Other Latin American republics: Lebanon...................................... 84.2 113.2 99.7 92.0 Bolivia..................................... 43.2 53.1 67.4 64.4 Malaysia..................................... 22.2 36,3 25.9 31.2 Costa Rica................................ 31.5 28.6 34,2 32.9 Pakistan...................................... 23.1 24.8 19,4 21.0 Dominican Republic............... 55.8 47.3 72.3 54.3 Ryukyu Islands (inch Okinawa). 25.6 32.7 24.0 39,5 Ecuador..................................... 67.1 65.2 69.6 62.3 Saudi Arabia.............................. 197.2 288.0 283.6 291.0 El Salvador............................... 56.0 71.7 67.0 78.3 Syria.......................................... 7.6 3.2 4.0 4.8 Guatemala................................ 48.7 71.6 68,1 86.9 Vietnam...................................... 19.0 19.7 39.0 123.8 Haiti.......................................... 14.3 15.4 16.3 16.7 Honduras..................................... 26.0 33.0 31.4 43.2 Jamaica........................................ 7.0 7.8 8.6 11.5 Other Africa: Nicaragua.................................... 42.4 67.4 67.0 75.0 Algeria......................................... 1.5 2.1 7.6 13.6 Paraguay...................................... 11.4 12.1 13.8 15.0 Ethiopia, (incl. Eritrea)............. 33.7 45.2 44.1 58.9 Trinidad & Tobago..................... 7.4 8.6 3.6 6.3 L G i h b a e n ri a a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 5 0. . 0 6 1 5 7 . , 1 6 1 2 7 . .9 6 1 2 9. . 7 9 Other Latin America: Libya........................................... 28.9 26.8 34.8 26.7 B Fr r e it n is c h h W W e e st s t I n I d n i d e i s e . s .. .. & ... ... F .. r . e .. n .. c .. h .. 8.0 16.0 11.5 8.9 N M i o g z e a ri m a. b .. i . q ... u .. e .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 5 . . 5 7 20 1 . . 3 6 21 1 . . 7 6 n 1 . . a 7 . Guiana...................................... 1.1 1.4 2.2 1.5 S S o om ut a h l e i rn R e R p h u o b d li e c s .. i . a .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103. .5 4 2. . 6 8 3. . 3 8 3. . 5 9 Other Asia: Sudan.......................................... 2.2 2.2 3.7 3.3 Afghanistan.............................. 5.5 6.3 5.6 8.0 Tunisia........................................ .9 1.0 1.8 1.0 Burma....................................... 32.5 35.9 49.1 n.a. Zambia...................................... (10) .9 7.2 n.a. Cambodia................................ 1.5 1.7 2.7 n.a. Ceylon......................................... 2.4 2.7 2.4 3.3 All other: New Zealand.............................. 12.0 19.7 18.7 27.1 9 Represent a partial breakdown of the amounts shown in the “other” their date of issue; the latter, however, exclude nonnegotiable, non categories (except “Other Eastern Europe”) in Tables 2a-2e. interest-bearing special U.S. notes held by the International Develop Jo Includes data reported for Malawi (formerly Nyasaland) and ment Assn, and the Inter-American Development Bank. For data on Zambia (formerly Northern Rhodesia). long-term liabilities, see Table 6. For back figures and further descrip tion of the data in this and the following tables on international capital Note.—Short-term liabilities are principally deposits (demand and transactions of the United States, see “International Finance,” Section me) and U.S. Govt, securities maturing in not more than 1 year from 15 of Supplement to Banking and Monetary Statistics, 1962. 3. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Payable in dollars To banks and official institutions To all other foreigners Payable End of period Total for i e n i gn Deposits U.S. Special Deposits U.S. currencies Treasury Treasury Total bills and U.S. Other 3 Total bills and Other 3 Demand Time 1 certificates notes 2 Demand Time » certificates 1961...................... 22,450 19,944 144 7,363 2,388 1,549 2,356 1.376 149 231 150 1961 *................... 22,533 20,025 8.707 7 363 2,388 1367 2,358 1,977 149 232 150 1962...................... 25^019 22311 8,528 9314 3312 1357 2365 2.096 116 352 143 1963...................... 25,967 22,787 5,629 3,673 8,571 3,036 1878 3,047 1 393 966 119 469 134 1964 5................... 28'873 25,406 6,731 3390 8,727 3,308 2,650 3,377 1,531 1,271 72 503 90 1965—June.......... 27,781 24,208 6,486 3 307 7,640 3,167 3,008 3,473 1,522 1,418 86 446 101 July........... 27,862 24382 6356 3,958 7305 3,462 3,101 3384 1,536 1323 87 438 97 Aug........... 28'540 24342 7 380 4,003 7319 3,434 3,106 3 385 1 380 1,471 88 447 113 Sept........... 28'912 25,291 6377 3,926 7,709 3394 3; 185 3 303 1,504 1,492 81 426 118 Oct............. 29^234 25387 7348 4373 7319 3,'489 3,158 3,546 1 ,'515 1,529 91 410 101 Nov........... 29^171 25.481 6,810 4305 8378 3370 3318 3391 L551 1.562 91 387 98 Dec............ 29,072 25,426 6369 3,963 8,269 3 370 3J55 3387 1374 1394 87 332 59 1966—jan............. 29,277 25,319 6,871 4343 7,848 3,558 2,999 3,592 1,563 1,627 94 308 365 Feb............ 29;154 24;108 6395 3,991 7322 3348 2,952 3,658 1,586 1,636 95 341 388 Mar........... 29 ,'266 25,'208 7,117 3,823 7,643 3,592 3,033 3,676 1 ,'530 1,703 89 354 381 Apr............ 29^18 25'400 7380 3395 7348 3397 3381 3,712 1378 1393 106 336 406 Mayp........ 29J19 25,588 7; 293 3; 770 7; 464 3327 3333 3,695 1,531 1,718 88 358 437 June?........ 29,681 25,478 7397 3,683 7,386 3,614 3,498 3,746 1,534 1,753 72 387 456 1 Excludes negotiable time certificates of deposit which are included time certificates of deposit. n “Other.** 4 These figures reflect the inclusion of data for banks initially included 2 Nonnegotiable, non-interest-bearing special U.S. notes held by the as of Dec. 31, 1961. International Monetary Fund; excludes such notes held by the Inter 5 Includes revisions arising from changes in reporting coverage as national Development Assn, and the Inter-American Development follows (in millions of dollars): Total +50; foreign banks, etc. +55; Bank, which amounted to SI96 million on June 30, 1966. other foreigners +23; payable in foreign currencies —28. 3 Principally bankers’ acceptances, commercial paper, and negotiable Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
AUGUST 1966 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1259 4. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) End of period G to ra ta n l d I r n e t g i i , o a n n a d l Europe Canada A L m a e t r i i n ca Asia Africa 1 co O un th tr e ie r s 2 1961 ............................................................................... 3 4,820 767 556 1,522 31,891 85 1962................................................................................. 5,163 877 526 1,606 2,017 137 1963 ................................................................................. 5,975 I 939 638 1'742 2,493 104 58 1964 ............................................................................... 7,469 1 1,217 725 2,212 3,137 120 58 19644............................................................................... 7^957 * 1,230 1,004 2,235 3,294 131 64 1965—June..................................................................... 7,758 1,164 807 2,172 3,409 146 61 July..................................................................... 7,570 1 1,126 786 2J16 3,329 151 62 Aug.................................................................... 7,541 * 1,121 758 2,124 3,337 142 59 Sept....................................................................... 7,498 * 1,213 678 2,136 3,266 146 59 Oct............................................................... 7,392 * 1,156 679 2,156 3,189 146 66 Nov.................................................................... 7,486 1,169 685 2,175 3,253 134 69 Dec....................................................................... 7,632 * 1,201 593 2,'288 3,343 139 67 Dec.5........................................................... 7,728 * 1,208 669 2’293 3,351 139 67 1956—jan........................................................................ 7,553 1,207 625 2,212 3,292 142 76 Feb....................................................................... 7,468 1 1,145 631 2'190 3,294 132 76 Mar...................................................................... 7,584 1 1,176 647 2 J 99 3,360 135 66 Apr....................................................................... 7,468 1 1,166 603 2,149 3,354 137 58 May^................................................................... 7^551 1 1,217 607 2^210 3,312 142 63 Junep.................................................................. 7^639 1 I; 2’83 643 2,221 3,290 140 62 4a. Europe End of period Total A tr u ia s g B iu e m l m De ar n k l F a i n n d France G Fe e d r . m o R a f n e y p. , Greece Italy N la e e n r t d h s N w o ay r t P u o ga r l Spain S d w en e 1961................................. 767 5 20 11 23 42 165 6 35 54 27 5 11 35 1962................................. 877 7 32 14 30 68 186 6 54 27 35 9 19 18 1963................................. 939 8 26 13 52 70 121 9 97 33 40 14 26 30 1964................................. 1,217 to 42 28 85 79 159 9 109 39 43 19 40 47 19644............................... 1,230 11 48 26 84 81 152 10 114 36 43 23 40 49 1965—June..................... 1,164 9 40 19 74 86 167 11 113 46 50 34 38 42 July.............. 1,126 8 37 20 71 72 174 11 113 40 44 32 52 40 Aug...................... 1,121 10 34 20 71 81 169 12 108 38 45 27 46 39 Sept...................... 1,213 9 40 24 70 76 173 12 115 42 42 24 42 40 Oct.............. 1,156 9 54 30 78 79 164 12 110 39 43 21 46 40 Nov..................... 1,169 10 50 29 79 79 173 12 110 36 47 23 41 44 Dec...................... 1,201 8 52 37 87 72 190 13 110 38 51 26 50 52 Dec. 5................... 1,208 8 52 37 87 72 190 13 110 38 51 26 50 52 1966—Jan....................... 1,207 9 57 33 86 74 177 13 121 39 55 26 59 53 Feb...................... 1,145 8 54 36 89 66 184 14 109 40 49 29 55 54 Mar............. 1,176 11 47 38 91 84 185 13 102 44 50 31 48 51 Apr...................... 1,166 10 47 39 86 74 182 13 102 37 51 31 64 53 .....1..,.2..1..7....... 11 66 36 87 70 174 14 96 39 57 32 73 58 Junep................... 1,283 12 56 40 92 72 198 15 108 34 46 34 63 58 4a. Europe—Continued 4b. Latin America End of period S l w e an r it d z T k u ey r U K d n o in i m t g ed Y sl u av g i o a W E O u e t r s h o t e e p r r e n 6 U.S.S.R. E E O a u s t r h t o e e p r r e n 7 Total A t r i g n e a n Brazil Chile l C o b m i o a Cuba M ic e o x 1961................................. 105 16 181 9 9 8 1,522 192 186 127 125 19 425 1962................................ 75 42 221 6 19 8 1,606 181 171 186 131 17 408 1963................................. 70 48 237 7 23 16 1,742 188 163 187 208 18 465 1964................................. 97 36 319 15 20 * 20 2,212 210 145 188 319 17 630 19644............................... 111 37 310 16 20 * 20 2,235 203 126 176 338 17 644 1965—June..................... 99 31 223 29 26 I 28 2,172 204 112 144 285 16 693 July..................... 87 42 195 32 26 2 27 2,116 208 113 139 276 16 671 Aug............ 82 42 201 39 28 3 29 2,124 219 111 135 265 16 672 Sept..................... 89 36 282 36 25 3 31 2,136 220 104 143 248 16 677 Oct...................... 85 40 218 32 27 3 27 2,156 220 91 152 266 16 655 Nov..................... 81 26 240 28 28 5 26 2,175 234 84 157 262 16 665 Dec...................... 73 42 210 28 28 6 27 2,288 232 94 174 270 16 669 Dec. 5................... 73 42 216 28 28 6 27 2,293 232 94 174 270 16 674 1966—Jan...................... 88 36 198 26 27 5 25 2,212 231 96 176 243 16 662 Feb...................... 85 6 177 27 30 5 28 2,190 224 94 175 236 16 686 Mar............ 78 21 196 25 27 4 31 2,199 221 97 173 225 16 718 Apr...................... 74 18 198 23 31 4 30 2,149 206 82 165 235 16 713 Mayp................... 83 30 200 23 32 5 32 2,210 199 95 168 235 17 732 Junep................... 80 48 235 23 34 5 28 2,221 196 98 169 238 16 722 For notes see the following page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1260 INTL. CAPITAL TRANSACTIONS OF THE U.S. AUGUST 1966 4. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 4b. Latin America—Continued 4c. Asia Other Baha Neth. Other E p n er d i o o d f Panama Peru U gu r a u y V zu e e n l e a re L p .A ub . B m & e a r s A S n u t & i r l i l es A L m at e in r Total C M la h a n i i n d n a H K o o n n g g India I n n e d si o a Israel lics 8 muda 1 nam ica ’ 1961.................32 74 55 144 56 13 74 3 1,891 2 9 8 36 1962................. 30 85 122 102 66 9 98 2,017 2 13 20 ♦ 37 1963.................35 99 65 114 135 42 9 16 2,493 2 11 17 22 1964................. 41 102 76 165 222 58 18 20 3,137 2 26 22 7 44 1964*................ 49 108 78 168 224 65 18 21 3,294 2 28 21 7 47 1965—June.... 50 117 72 167 213 59 19 18 3,409 1 34 26 1 54 July.... 47 115 67 164 208 56 17 20 3,329 1 32 21 1 54 Aug....... 48 122 68 172 210 52 13 21 3,337 1 32 19 2 53 Sept...... 51 125 67 177 217 56 13 21 3,266 28 18 2 54 Oct........ 53 138 67 184 222 55 14 22 3,189 1 27 19 2 67 Nov..... 55 147 50 181 234 52 14 22 3,253 I 28 16 I 76 Dec....... 59 170 45 220 250 53 14 23 3,343 1 29 17 2 86 Dec. 5... 59 170 45 220 250 53 14 23 3,351 1 29 17 2 86 1966-—Jan........ 59 172 49 185 237 51 13 23 3,292 1 24 22 2 86 Feb....... 63 162 56 174 224 41 13 24 3,294 1 26 26 2 82 Mar...... 62 167 44 171 217 45 13 27 3,360 1 29 28 2 91 66 167 42 174 206 43 12 23 3,354 1 32 28 2 84 N^y»... 64 175 56 174 200 57 16 22 3,312 1 33 28 1 81 Junep.,. 67 186 55 174 205 56 16 21 3,290 2 33 29 1 89 4c. Asia—Continued 4d. Africa 4e. Other countries Congo End of period Japan Korea P p h in il e ip s T w a a i n T la h n a d i O A t s h i e a r Total 1 ( p v L o il e l le d o ) M c o o r o t c A So fr u ic th a ( U E . g A y . p R t) . A O f t r h i e c r a1 Total 2 A t l r u i a a s oth A e ll r 10 1961......................... 3 1,528 4 114 10 34 145 6 10 13 85 29 27 1962.......................... 1,740 3 70 9 41 80 2 10 26 137 41 57 1963.......................... 2,171 25 113 8 52 71 104 1 1 15 28 59 58 48 9 1964.......................... 2,653 21 202 9 64 88 120 1 2 19 42 56 58 48 10 19644....................... 2,810 21 203 9 65 82 131 1 2 20 42 67 64 48 16 1965—-June.............. 2,880 20 200 12 77 106 146 1 3 22 43 77 61 48 13 July............... 2,831 20 191 11 74 94 151 2 31 40 78 62 48 14 Aug............... 2,830 21 196 10 74 101 142 I 2 31 36 72 59 46 14 Sept............... 2,755 20 212 9 72 93 146 1 2 36 38 69 59 45 14 Oct.......... 2,656 20 219 9 70 98 146 1 2 36 35 71 66 52 15 Nov......... 2,683 20 240 11 71 104 134 I 2 33 32 67 69 55 14 Dec.............. 2,751 22 231 15 82 108 139 1 2 34 43 60 67 52 15 Dec. 5............ 2,761 22 230 15 82 107 139 I 2 34 43 60 67 52 15 1966—Jan.,............. 2,692 24 229 16 83 112 142 1 2 38 38 63 76 62 14 Feb.’,............ 2,694 24 227 15 81 117 132 * 2 37 34 58 76 62 14 Mar............... 2,777 24 206 15 72 115 135 1 3 35 42 55 66 59 7 Apr............... 2,777 24 202 16 73 114 137 * 2 39 43 53 58 50 8 Mayp............ 2,754 14 205 15 70 110 142 2 50 39 50 63 52 11 June*1............ 2,728 16 189 17 69 117 140 1 2 41 48 48 62 52 9 1 Mot reported separately until 1963. s Until 1963 includes also the following Latin American republics: * Includes Africa until 1963. Costa Rica, Ecuador, Haiti, Honduras, Jamaica, Nicaragua, Paraguay, 3 Includes $58 million reported by banks initially included as of Dec. and Trinidad and Tobago. 1961, of which $52 million reported for Japan. 10 Until 1963 includes also African countries other than Congo (Leo 4 Differs from December data in line above because of the exclusion poldville), South Africa, and U.A.R. (Egypt). as of Dec. 31, 1964, of $58 million of short-term U.S. Govt, claims previously included; and because of the addition of $546 million of short Note,—Short-term claims are principally the following items payable term claims arising from the inclusion of claims previously held but first on demand or with a contractual maturity of not more than 1 year; loans reported as of Dec. 31, 1964, and revision of preliminary data. made to and acceptances made for foreigners; drafts drawn against 5 Differs from December data in line above because of the addition foreigners where collection is being made by banks and bankers for of short-term claims held in custody for domestic customers, but reported their own account or for account of their customers in the United States; by banks for the first time as of Dec. 31, 1965. and foreign currency balances held abroad by banks and bankers and 6 Until 1963 includes Eastern European countries other than U.S.S.R., their customers in the United States. Excludes foreign currencies held Czechoslovakia, Poland, and Rumania. by U.S. monetary authorities. ’ Czechoslovakia. Poland, and Rumania only until 1963. See also Note to Table 2. 8 Bolivia, Dominican Republic, El Salvador, and Guatemala only until 1963. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
AUGUST 1966 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1261 5. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Payable in dollars Payable in foreign currencies End of period Total Total Total O i t n i f L o s f t i n o i c t a s i u a n 1 l s to B — anks Others C s t o t o i i a o n u l n l n g t e d s c f e A o o i m a g c r f n n c a a c f e e d o e c r p e r s c s t t 2 , Other3 Total D w ei e i g t p h n o e f s o r i s t r s g c F p a o c n u o n a o v a r r p d i m t n e t , e i c i f e l g r s e i . s e n 2 , Other4 1961 ..................... 4,762 4,177 1,646 329 699 618 694 1,837 586 385 200 19615 ................... 4*820 4*234 1 *660 329 709 622 700 1*874 586 386 200 1962 , .................... 5'163 4*606 1,954 359 953 642 686 1,967 557 371 186 1963............................. 5^975 5^344 1,915 186 955 774 832 2,214 384 631 432 157 42 1964............................. 7,469 6,810 2,652 223 1,374 1,055 1,007 2,600 552 659 400 182 77 1964 6............................ 7,957 7,333 2,773 221 1,403 1,150 1,135 2,621 803 624 336 187 102 1965 Tune.................. 7,758 7,191 2,854 231 1,476 1,147 1,131 2,605 601 566 328 141 98 July................... 7^570 7,037 2,803 241 1,422 1,139 1,136 2,531 566 533 308 141 84 Aug.................. 7,541 7,032 2,821 233 1,458 1,129 1,158 2,509 544 509 298 125 87 Sept................... 7^498 6; 965 2,813 239 1,468 1,106 1,189 2,454 510 533 364 78 90 Oct................... 7; 392 6,895 2,806 265 1,440 1,101 1,191 2,422 476 496 321 82 93 Nov........... 7,486 6,983 2,887 251 1,535 1,101 1,207 2,411 477 503 325 75 103 Dec................... 7^632 7,158 2,967 271 1,566 1,130 1,214 2,554 422 474 325 54 95 Dec. 7............... 7',728 7,236 2,967 271 1,567 1,129 1,272 2,501 495 492 329 68 96 1966—Jan.................... 7,553 7,078 2,864 259 1,498 1,107 1,252 2,484 478 475 292 65 118 Feb.................... 7; 468 7,032 2,814 226 1,497 1,091 1,264 2,478 476 436 260 61 115 Mar................... 7^584 7J39 2,864 233 1,508 1,123 1,287 2,539 449 445 286 53 106 Apr................... 7,468 7,062 2,716 222 1,425 1,069 1,305 2,573 469 406 252 61 94 Mayp................ 7,551 7,137 2,828 225 1^520 1,083 1,298 2,537 473 415 247 62 106 June”................ 7,639 7,170 2,904 245 1,585 1,074 1,320 2,471 475 469 294 63 113 i Includes central banks. 6 Differs from December data in line above because of the exclusion 2 Not reported separately until 1963. as of Dec. 31, 1964, of $58 million of short-term U.S. Govt, claims 3 Until 1963 includes acceptances made for account of foreigners. previously included; and because of the addition of $546 million of short 4 Until 1963 includes foreign government securities, commercial and term claims arising from the inclusion of claims previously held but first finance paper. reported as of Dec. 31, 1964, and revision of preliminary data. 5 These figures reflect the inclusion of data for banks initially included 7 Differs from December data in line above because of the addition as of Dec. 31, 1961, of short-term claims held in custody for domestic customers, but reported by banks for the first time as of Dec. 31, 1965. 6. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES (Amounts outstanding; in millions of dollars) Claims Type Country or area Total End of period liabili ties Total Payable in dollars Payable claims All fo c r i u e n r ig n U K d n i o i n t m g ed E O u t r h o e p r e Canada A L m a e ti r n ic a Japan O A t s h i e a r Africa1 ot A h l e l r 2 Loans1 other 1 rencies 1 1961............................. 2 2,034 11 482 274 931 24 146 166 1962............................ 7 2,160 25 552 304 886 74 148 171 1963............................. 69 3 3,030 2,811 217 2 38 3 1,063 290 3 .015 3 249 3 194 113 68 1964............................. 306 3,971 3,777 195 77 1,611 273 1,162 385 238 123 104 1964 4........................... 310 4,285 3,995 288 1 87 1,632 327 1.275 430 255 156 122 1965—June.................. 505 4,545 4,239 301 5 92 1,655 357 ,327 479 305 203 129 July................... 446 4,533 4,233 295 5 89 1,619 359 ,311 482 322 207 144 Aug,................. 447 4,558 4,260 293 4 87 1,614 357 ,311 475 340 213 161 Sept................... 454 4,586 4,290 292 5 88 1,590 355 ,323 471 358 221 181 Oct.................... 419 4,575 4,280 288 6 89 1,578 348 .323 464 354 221 197 Nov................... 467 4,567 4,277 284 6 87 1,557 354 1,313 462 372 211 211 Dec................... 514 4,516 4,211 296 9 86 1,517 346 1.296 445 391 208 228 1966—Jan.................... 515 4,441 4,148 286 6 85 1,488 336 ,255 438 393 201 246 Feb.................... 511 4,418 4,124 287 7 86 1,448 335 ,245 441 403 211 250 Mar.................. 569 4,389 4^094 289 7 86 1,418 330 ,265 434 410 192 255 Apr................... 726 4,418 4,127 283 8 85 1,409 326 ,294 430 4tl 192 271 Mayp......... 842 4,430 4,152 270 7 85 1,412 308 ,318 425 406 200 276 Junep................ 965 4,401 4,120 272 8 87 1,391 318 ,306 406 412 197 283 t Not reported separately until 1963. this amount are claims on: Europe $5 million, Latin America $134 2 Includes Africa until 1963. million, and Asia $54 million. 3 Includes claims previously held, but reported for the first time as of 4 Differs from Dec. data in line above because of the inclusion of long May 1963; on that date such claims were $86 million. Also includes term liabilities and claims previously held but first reported as of Dec. $193 million reported for the first time as of Dec. 1963, representing 31, 1964, and revision of preliminary data. in part claims previously held but not reported by banks. Included in Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1262 INTL. CAPITAL TRANSACTIONS OF THE U.S. AUGUST 1966 7. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE (In millions of dollars) U.S. Govt, bonds and notes 1 U. s S e . c u c r o i r ti p e o s r 2 ate Foreign bonds Foreign stocks Net purchases or sales Period Total I a n n t d i, Foreign c P ha u s r e s Sales c N ha s e a s t l e e p s s u o r r c P ha u s r e s Sales c N ha s e a s t l e e p s s u o r r c P ha u s r e s Sales c N ha s e a s t e l e p s s u o r r regional Total Official Other 1962............................. -728 -521 -207 2,568 2,508 60 1,093 2,037 -944 702 806 — 104 1963............................. 671 302 369 2^980 2’773 207 '991 2,086 -1,095 696 644 51 1964............................. -338 -315 -23 -59 36 3^537 3^710 -173 915 I 843 -928 748 548 200 1965............................. -76 -151 75 -20 95 4,307 4,768 -461 1,198 2 440 -1 242 906 617 290 1965—June................. 14 14 * 14 326 563 -236 99 258 -159 71 36 35 July. ................ 20 20 20 244 355 -112 72 145 — 73 64 40 24 Aug.................. 8 -4 12 -2 14 234 335 -100 48 97 -49 70 44 26 Sept.................. 6 ♦ 6 6 365 393 -28 289 419 -130 75 54 21 Oct................... -44 -44 -11 —33 434 441 -6 101 217 -116 67 52 15 Nov.......... -56 -43 -13 -8 -5 426 453 -27 125 213 -88 69 51 18 Dec.................. 2 * 1 1 644 607 37 94 134 -41 83 71 13 1966—jan................... -9 -10 1 -5 6 471 436 35 109 308 — 199 73 65 7 Feb................... -118 -136 19 19 489 487 2 83 189 -106 71 75 —5 Mar.................. — 54 — 50 -4 * 4 659 544 115 243 352 — 109 100 101 — 1 Apr.................. -66 -68 2 574 564 10 106 232 -127 88 105 -17 Mayp.............. -60 -51 -9 * -9 716 576 141 152 156 -3 94 55 39 JuneP............... 6 -5 11 1 10 592 496 96 198 208 -10 91 52 40 1 Excludes nonmarketable U.S. Treasury bonds and notes held by Note.—Statistics include transactions of international and regional official institutions of foreign countries; see Table 8. organizations. 2 Includes State and local govt, securities, and securities of U.S. Govt, See also Note to Table 2. agencies and corporations that are not guaranteed by the United States. 8. NONMARKETABLE U.S. TREASURY BONDS AND NOTES HELD BY OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES (In millions of dollars) Payable in foreign currencies Payable in dollars End of period Total Austria Belgium Germany Italy Switzerland 1 Total Canada 2 Italy Sweden 1962—Dec........................... 251 200 51 1963—Dec........................... 730 50 30 275 200 175 163 125 13 25 1964—Dec........................... 1,086 50 30 679 ................3..27 354 329 .................. 25 1965—July.......................... 1,259 101 30 653 125 350 354 329 25 Aug.......................... 1,259 101 30 653 125 350 354 329 25 Sept.......................... 1,259 101 30 653 125 350 354 329 25 Oct........................... 1,208 101 30 603 125 350 354 329 25 Nov.......................... 1,208 101 30 602 125 350 399 299 75 25 Dec........................... 1,208 101 30 602 125 350 484 299 160 25 1966—Jan........................... 912 101 30 452 125 205 484 299 160 25 Feb........................... 839 101 30 401 125 182 484 299 160 25 Mar.......................... 789 101 30 351 125 182 524 299 200 25 Apr........................... 713 75 30 301 125 182 524 299 200 25 May......................... 640 75 30 251 125 158 517 299 193 25 June......................... 589 75 30 200 125 158 512 299 188 25 July.......................... 490 75 30 150 125 110 512 299 188 25 1 Includes bonds payable in Swiss francs to the Bank for International with transactions under the Columbia River treaty. Amounts out Settlements. Amounts outstanding were $70 million May 1964-June standing were $204 million Sept. 1964-Oct. 1965. and $174 million for 1965 and $93 million July-Dec. 1965. Nov. 1965-July 1966. 2 Includes bonds issued to the Government of Canada in connection Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
AUGUST 1966 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1263 9. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE SECURITIES, BY TYPE OF SECURITY AND BY COUNTRY (In millions of dollars) Type of security Country or area Period Total Stocks Bonds France S z w er i t U K n i i n t g ed E O u t r h o e p r e E T u o ro ta p l e Canada A L m at e in r Asia Africa1 O co th u e n r I a n n t d i, land dom ica tries2 regional 1962............. 60 111 -51 4 129 -33 24 124 -43 -20 -18 1 17 1963.............. 207 198 9 -8 -14 206 16 199 -47 14 17 1 22 1964.............. -173 -349 176 -37 -200 -4 14 -228 3 25 10 -1 18 1965.............. -461 -499 38 14 -63 -522 47 -523 37 -15 24 -4 -1 21 1965—June.. -236 -65 -172 6 -41 -220 -7 -262 29 -3 -2 2 July. . -112 -96 -16 -4 -22 -90 -I -117 11 -7 2 -3 3 Aug... -100 -93 -8 -8 -82 -2 -92 -13 -I 4 1 Sept... -28 -38 11 4 20 -56 -4 -36 -3 1 7 2 Oct.. . -6 -6 -1 4 10 -21 -7 -4 4 I Nov.. -27 -35 8 2 -2 -16 -16 -13 -1 2 * * 1 Dec... 37 -94 130 -10 4 -25 48 17 17 -2 1 -1 * 5 1966—Jan... 35 13 22 5 3 2 18 27 -3 3 6 • 1 Feb... 2 -20 22 * 2 -28 3 -23 11 5 8 1 • 2 Mar... 115 -41 156 9 17 -35 24 15 23 5 1 • 71 Apr... 10 -24 34 2 19 -55 3 -31 23 8 7 3 Mayp. 141 -9 150 11 31 -68 9 -18 52 13 -8 101 June”. 96 -43 139 9 3 73 -19 66 3 5 9 « * 13 1 Not reported separately until May 1963. Note.—Statistics include State and local govt, securities, and securities 2 Yearly figures through 1963 include Africa. of U.S. Govt, agencies and corporations that are not guaranteed by the United States. 10. NET PURCHASES OR SALES BY FOREIGNERS OF LONG-TERM 11. DEPOSITS, U.S. GOVT. SECURITIES, AND FOREIGN SECURITIES, BY AREA GOLD HELD AT F.R. BANKS FOR FOREIGNERS (In. millions of dollars) (In millions of dollars) Period Total g I a i r n o n e t n d i a , l c T e f o o i o u g t r n a n l r E op u e C ad an a A L i m a c t a i e n r Asia r A ica f 1 O c tr o i t u e h s n e 2 r E pe n r d io o d f Deposits U.S. A G ss o e v ts t , in c E us a t r o m d a y rked tries securities1 gold 1962 . -1,048 -235 -813 -188 -360 -41 -175 -50 1962.............. 247 6,990 12 700 1963................... -1,044 -96 -949 -49 -614 -26 -252 -8 1963.............. 171 8,675 12^954 1964................... -728 -140 -588 163 -670 -36 -77 7 25 1964.............. 229 8,389 12,698 1965................... -953 -164 -788 108 -659 -55 -131 3 -54 1965—July... 147 7,221 13,108 1965—June....... -124 9 -133 -41 -67 -6 -23 1 3 Aug... 356 7,264 13,065 July........ -49 -13 -36 33 -48 -4 -2 1 -15 Sept... 213 7,805 12,923 Aug..... -23 1 -23 18 -46 5 -1 ♦ 1 Oct... 144 7,974 12,905 Sept........ -108 -17 -92 27 -117 -5 12 4 -12 Nov... 149 8,171 12,824 Oct......... -101 6 -107 -9 -lot 3 -2 3 Dec... 150 8,272 12,896 Nov........ -70 6 -76 30 -30 -17 -29 -6 -24 Dec......... -28 8 -36 4 -28 -1 -14 2 2 1966—Jan... 283 7,974 12,933 Feb.. . 140 7,850 12,964 Mar... 329 7,617 12,944 1966—Jan.......... -191 7 -198 6 -192 -9 -8 1 4 Apr... 192 7,455 13,001 Feb......... -111 7 -118 -8 -83 -26 -3 1 May.. 263 7,631 12,975 Mar........ -110 -94 -16 77 -138 21 29 5 -10 June.. 313 7,517 12,955 Apr. -144 -31 -113 -8 -139 36 -3 2 July... 548 7,307 13,016 Mayp.... 36 -22 58 75 -8 -14 4 1 Junep.... 30 11 18 20 24 -4 -8 * -13 1 U.S. Treasury bills, certificates of indebtedness, notes, and bonds; includes securities payable in foreign 1 Not reported separately until May 1963. currencies. 2 Yearly figures through 1963 include Africa. Note.—Excludes deposits and U.S. Govt, securities held for international organizations. Earmarked gold is gold held for foreign and international accounts (for back figures, see “Gold,” Section 14 of Supplement to Banking and Monetary Statistics, 1962). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1264 INTL. CAPITAL TRANSACTIONS OF THE U.S. AUGUST 1966 12, SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (End of period; in millions of dollars) Liabilities to foreigners Claims on foreigners Area and country 1965 1966 1965 1966 Mar. June Sept. Dec. Mar.P Mar. June Sept. Dec. Dec.1 Mar.p Eurpoe: Austria.................................................. 2 2 2 2 2 7 5 6 6 6 8 Belgium.................................................... 25 21 23 24 27 16 16 20 39 45 46 Denmark.................................................. 2 1 I 1 1 9 H 11 9 9 8 Finland........................................... 1 I I 1 1 6 6 6 6 6 6 France....................................................... 35 47 51 51 45 69 71 81 82 82 97 Germany, Fed. Rep. of........................... 69 73 59 71 60 114 118 105 112 112 118 Greece....................................................... 5 6 7 3 3 7 8 10 13 13 11 Italy........................................................... 16 16 18 18 23 84 81 76 77 77 118 Netherlands.............................................. 40 50 45 55 54 29 31 30 41 41 43 Norway.................................................... 2 5 2 2 2 6 7 7 8 8 8 Portugal.................................................... 2 2 6 3 7 8 10 7 5 5 9 Spain.......................................................... 5 5 13 21 21 39 33 48 50 50 56 Sweden................................................... 6 9 11 10 12 21 23 20 20 20 28 Switzerland............................ ................ 34 35 49 39 45 29 41 40 27 27 20 Turkey...................................................... 7 7 4 4 4 12 8 8 8 7 10 United Kingdom................................ 102 100 132 139 141 365 294 310 312 315 418 Yugoslavia............................................. 1 1 I 1 I 6 5 5 2 2 2 Other Western Europe............................. 6 5 6 3 4 7 8 8 8 8 9 Eastern Europe....................................... 1 * 2 1 4 2 3 3 3 3 Total.................................................. 360 386 431 451 453 838 778 797 828 834 1,020 Canada.......................................................... 77 82 84 94 120 904 774 753 685 599 566 Latin America: Argentina.............................................. 3 2 3 4 6 33 29 37 32 31 34 Brazil........................................................ 11 11 14 13 11 113 93 91 94 93 80 Chile.......................................................... 4 4 4 4 5 25 27 30 31 30 31 Columbia.................................................. 12 13 13 9 8 26 22 21 20 19 21 4 4 4 3 3 3 Mexico...................................................... 6 6 4 5 9 75 76 71 82 76 74 Panama..................................................... 25 21 12 11 9 11 9 12 13 13 11 Peru.......................................................... 7 5 6 6 7 21 27 26 29 28 30 Uruguay.................................................... 1 2 1 1 2 9 11 11 8 8 7 Venezuela.................................................. 19 19 20 22 27 40 43 47 50 49 52 Other L.A. republics............................... 13 15 15 16 11 49 53 53 59 55 56 Bahamas and Bermuda........................... 2 2 2 2 2 8 9 5 8 8 12 Neth. Antilles & Surinam....................... 5 6 8 7 7 3 3 5 4 4 4 Other Latin America............................... 1 1 2 2 1 9 9 10 9 9 9 Total............................................ 107 108 105 102 105 426 416 422 442 429 423 Asia: Hong Kong.............................................. 2 2 2 2 2 9 8 8 7 7 5 India.......................................................... 22 24 26 25 25 45 41 36 37 36 35 Indonesia.................................................. 6 7 9 9 12 5 6 4 3 3 3 Israel................................................... 2 2 3 3 1 6 7 5 6 6 5 Japan......................................................... 22 30 28 32 27 181 172 168 170 164 174 Korea........................................................ * * 1 1 5 6 14 13 13 6 Philippines.............................•.......... 6 6 6 6 7 15 14 14 17 17 16 Taiwan...................................................... 2 1 1 1 5 5 7 5 6 5 6 Thailand.................................................... J 1 1 2 1 7 7 7 6 6 8 Other Asia................................................ 25 24 32 32 32 62 66 68 67 66 76 Total.................................................. 87 98 109 113 112 339 332 328 331 322 333 Africa: Congo (Leopoldville)................. * * ♦ 1 1 2 3 1 2 2 2 South Africa............................................. 22 22 16 11 11 19 24 23 20 20 18 U.A.R. (Egypt)......................................... 1 2 1 1 1 17 12 14 10 10 11 Other Africa............................................ 10 7 6 7 9 24 29 28 30 30 27 Total.................................................. 34 32 23 20 22 63 68 66 61 61 58 Other countries: Australia............................................... 23 25 21 23 31 33 36 33 40 40 40 All other.................................................... 8 9 6 7 4 8 7 7 8 8 7 Total.................................................. 32 34 27 29 35 41 43 40 49 48 47 International and regional......................... ♦ * ♦ ♦ * * ♦ ♦ ♦ * ♦ Grand total....................................... 695 740 779 809 848 2,612 2,411 2,406 2,397 2,294 2,447 1 Data differ from that shown for December in preceding column be- Data exclude claims held through U.S. banks, and intercompany accounts cause of changes in reporting coverage. between U.S. companies and their foreign affiliates. Note.—-Reported by exporters, importers, and industrial and com- See also Note to Table 2. mercial concerns and other nonbanking institutions in the United States. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
AUGUST 1966 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1265 13. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS, BY TYPE (In millions of dollars) Liabilities Claims Payable in foreign currencies End of period Payable Payable Payable Total do i l n la rs for i e n i gn Total do i l n la rs Deposits with currencies b i a n n r k e s p a o b rt r e o r a ’s d Other name 1962__Mar................................................................................... 675 577 98 1,780 1,461 144 175 June,.....................................,......................................... 616 518 99 1,776 1,449 178 149 Junei................................................................................. 665 551 114 1,974 1/598 208 168 Sept.................................................................................. 678 554 123 2,136 1,685 197 254 Dec................................................................................. 637 508 129 2,051 1 i625 214 212 Dec i................................................................................ 644 513 130 2,098 1,668 217 212 1963 Mar.............................................................................. 614 470 144 2,113 1,712 201 200 Mar. i................................................................................ 616 472 144 2,162 1,758 204 200 June................................................................................ 674 529 146 2,282 1,877 222 183 Sept................................................................................... 691 552 139 2,257 1,830 225 202 Dec ................................................................................ 626 478 148 2,131 1,739 201 191 Dec.2................................................................................. 626 479 148 2,188 1,778 199 211 1964—Mar.................................................................................... 631 475 156 2,407 1,887 239 282 June................................................................................... 622 471 151 2,482 2,000 220 262 June3................................................................................. 585 441 144 2,430 1,952 219 260 Sept............................................................................. 650 498 152 2,719 2,168 249 302 Dec.................................................................................... 695 553 141 2,776 2^06 189 281 Dec.4................................................................................. 700 556 144 2,853 2,338 205 310 1965—Mar................................................................................... 695 531 165 2,612 2,147 189 277 June.................................................................................. 740 568 172 2,411 11966 198 248 Sept.....................*...................................... 779 585 195 2,406 ls949 190 267 Dec................................................................................... 809 602 207 2,397 2300 167 229 Dec.4............................................................................... 809 602 207 2,294 1,906 166 222 1966—Mar. p . ............................................................................. 848 616 232 2,447 2,007 211 229 1 Includes data from firms reporting for the first time. of claims; for previous series the exemption level was $100,000. 2 Includes data from firms reporting for the first time and claims pre 4 Data differ from that shown for December in line above because of viously held but not reported. changes in reporting coverage. 3 Includes reports from firms having $500,000 or more of liabilities or 14. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (In millions of dollars) Claims Total Country or area End of period liabilities Total K U in n g i d te o d m E O u t r h o e p r e Canada Brazil Mexico A O L m a t e h t r i e i n r c a Japan O A t s h i e a r Africa 1 ot A h U e r1 1963—Mar........................ 155 816 9 64 33 143 123 193 142 90 20 June....................... 159 766 12 69 28 145 101 190 112 84 16 10 June2................ 159 882 12 88 28 145 101 192 115 85 99 18 Sept........................ 153 881 14 85 42 127 102 188 123 87 98 16 Dec.3..................... 148 734 16 83 56 61 69 154 90 93 96 16 1964—Mar........................ 143 761 30 85 58 64 74 158 89 94 96 13 June4..................... 140 815 68 92 64 67 78 145 94 99 94 14 Sept........................ 112 832 64 102 90 68 74 142 90 96 93 13 Dec......................... 107 962 51 109 95 215 72 135 89 95 88 14 Dec.3..................... 107 1,081 56 116 190 215 73 137 89 98 91 15 1965—Mar........................ 115 1,075 35 121 203 220 74 137 81 96 91 18 June....................... 110 1,081 31 118 208 221 70 144 85 96 91 17 Sept........................ 120 1,101 31 116 230 217 74 138 89 96 91 18 Dec........................ 136 1,169 31 112 233 209 69 196 98 114 89 17 Dec.3..................... 138 1,139 31 112 236 209 65 198 98 87 85 18 1966—Mar.”..................... 166 1,156 27 124 239 208 61 206 98 87 87 19 1 Until June 1963 Africa included in “All other.’’ 4 As a result of an increase in the exemption level from $100,000 to 2 Data include claims previously held but reported for the first time. $500,000, data exclude $3 million of liabilities and $3 million of claims J Data include $12 million of claims reported by firms reporting for held by firms previously reporting but now exempt. the first time and claims previously held but not reported. 5 Data differ from that shown for December in line above because of changes in reporting coverage. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1266 U.S. BALANCE OF PAYMENTS AUGUST 1966 U.S. BALANCE OF PAYMENTS (In millions of dollars) 1964 1965 1966 Item 1963 1964 1965 IV I II III IV I» Transactions other than changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets—Seasonally adjusted Exports O^ good^ Sind services—Total 1...................... 32,339 36,958 38,993 9,537 8,776 10,136 10,016 10,065 10,416 Merchandise............................................................. 22'071 25,297 26,276 6,660 5,625 6,798 6,826 7,027 7,121 Military sales, ,....................................................... 657 747 844 201 200 229 199 216 '194 Transportation......................................................... 2,115 2,324 2,415 587 546 620 617 632 662 Travel........................................................................ 934 1,095 1,212 287 282 295 305 330 316 Investment income receipts private.............*.. .. 4,156 4,932 5,389 1,191 1,422 1,470 1,321 1,176 1,383 Investment incomft receipts Govt ............. 498 460 512 62 139 146 149 78 149 Other services...... ........................ 1,908 2,103 2,345 549 562 578 599 606 591 Imports of goods and services—Total. ............. -26,442 -28,468 -32,036 -7,390 -7,164 -8,087 -8,245 -8,540 -8,908 Merchandise............................................................ -16^992 -18^621 -21'488 -4^901 -4^656 -5,481 -5'595 -5,756 -6,003 Military expenditures ............................................ — 2,936 -2,834 -2,881 -683 -664 -701 -745 -771 -837 Transportation......................................................... -2,316 -2'462 -2,691 -620 -638 -686 -661 -706 -734 Trayei ...................................................................... -2,090 -2'201 -2’400 -575 -597 -586 -603 -614 -647 Investment income payments............................... -1,271 -1,404 -1,646 -372 -373 -404 -411 -458 -435 Other services.......................................................... -837 -946 -930 -239 -236 -229 -230 -235 -252 Balance on goods and services 1.............••«... 5,897 8,490 6,957 2,147 1,612 2,049 1,771 1,525 1,508 Remittance's and pensions.......................................... -867 -879 -994 -230 -227 -288 -244 -235 -239 1. Balance on goods, services, remittances and pensions........................•■>•..•>■•■■<.•>■. 5,030 7,611 5,963 1,917 1,385 1,761 1,527 1,290 1,269 2 US Gnvf, grants and capital flow, net.................. -3,581 -3,560 -3,375 -1,059 -802 -949 -743 -881 -955 Grants 2, loans and net change in foreign curpency holdings and short-term claims....... -4,551 -4,263 -4,277 -1,162 -989 -1,141 -1,117 -1,030 -1,163 Scheduled repayments on U.S, Govt, loans. . . 644 580 681 96 177 187 191 '126 205 Nonsch^d'dwi repayments and selloffs........ 326 123 221 7 10 5 183 23 3 A TT S private capital flow, net................................ -4,456 -6,523 -3,690 -2,189 -1,605 -3,346 -827 -912 -888 Direct, investments ............................. -1,976 -2,416 -3,371 -779 -1,212 -859 -569 -731 -630 Foreign securities................................................ -1,104 -677 -758 -498 -202 -62 -285 -209 -325 Other long-term claims: Reported by hanks, - ,..................................... -754 -941 -231 -327 -468 169 -58 126 123 Reported hy others ....................................... 163 -343 -91 12 6 -6 -20 -71 -42 Short-term claims: Reported by banks....................................... -781 -1,523 325 -428 21 144 51 109 137 Reported hy others........................................ -4 -623 436 -169 250 268 54 -136 -151 4. Foreign capital How, net, excluding change in liqpid assets in U.S......... • .................. 689 685 176 310 325 -131 -251 233 239 T .ong-term investments....................................... 326 109 -167 80 285 -309 -235 92 241 Short-term claims................................................ -23 113 146 24 -5 68 39 44 46 Nonliquid claims on U.S. Govt, associated with: Military contracts....................................... 347 228 314 158 51 130 -16 149 71 US- Govt, grants and capital........................ 94 50 -85 18 -8 -25 -34 -18 -64 Other specific transactions. ............................ 1 208 -25 1 2 6 -5 -28 -2 Other nonconvertible, nonmarketable, me- — 56 — 23 -7 29 -1 * — 53 5 Errors and unrecorded transactions........................ -352 -1,011 -429 -360 -109 -240 -80 -228 Balances A. Balance on liquidity basis Seasonally adjusted (« 1+24-34-44-5).. -2,670 -2,798 -1,355 -1,381 -697 226 -534 -350 -563 Less: Net seasonal adjustments............... -12 -512 37 472 3 -485 Before seasonal adjustment........................ -2,670 -2,798 -1,355 -1,369 -185 189 -1,006 -353 -78 B. Balance on basis of official reserve transactions Balance A, seasonally adjusted......................... -2,670 -2,798 -1,355 -1,381 -697 226 -534 -350 -563 Plus: Seasonally adjusted change in liquid assets in the U.S. of: Commercial banks abroad............................ 470 1,454 116 529 -15 -30 707 -546 236 Other private residents of foreign countries.. 385 345 306 130 135 56 65 50 141 International and regional organizations other than IMF................. -236 -245 -272 -32 —64 -29 -24 -155 -30 Less: Change in certain nonliquid liabilities to foreign central banks and govts................ -7 302 97 91 -23 -15 -22 157 29 Balance B, seasonally adjusted........................... -2,044 -1,546 -1,302 -845 -618 238 236 -1,158 -245 f.ew Net seasonal adjustments........................ -36 -659 184 508 -33 -625 Before seasonal adjustment................................. 2,044 -1,546 -1,302 -809 41 54 -272 -1,125 380 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
AUGUST 1966 U.S. BALANCE OF PAYMENTS AND FOREIGN TRADE 1267 U.S. BALANCE OF PAYMENTS—Continued (In millions of dollars) 1964 1965 1966 Item 1963 1964 1965 IV I II III IV I’ Transactions by which balances were settled—Not seasonally adjusted A To settle balance nn liquidity basis..................... 2,670 2,798 1,355 1,369 185 -189 1,006 353 78 Change in U.S. official reserve assets (in crease. —•)• ■ .......................................... 378 171 1,222 -151 842 68 41 271 424 Gold ...................................................... 461 125 1,665 172 832 4 590 124 119 68 Convertible currencies ................................. -113 -220 -349 -205 -58 -56 -413 178 222 IMF gold tranche position............................ 30 266 -94 -118 68 4 -466 330 -26 134 Change In liquid liabilities to all foreign accounts 2,292 2,627 133 1,520 -657 -257 965 82 -346 Foreign central banks and govts.: Convertible nonmarketable U.S. Govt. securities 5............7..0..3...............3..7..5............ 123 50 51 122 -50 -365 Marketable U.S. Govt, bonds and notes 5. 466 -59 -20 -54 16 -15 -2 -19 -5 Deposits, short-term U.S. Govt, securi ties etc.............................................. 504 757 - 154 873 -927 -92 125 740 -594 IMF (gold deposits)....................................... 34 8 26 131 Commercial hanks abroad............................ 470 1,454 116 517 164 -206 697 -539 408 Other private residents of foreign countries. 385 345 306 128 104 82 72 48 112 International and regional organizations other than IMF....................................... —236 — 245 -272 6 -65 -26 — 57 — 124 -33 2,044 1,546 1,302 809 -41 -54 272 1,125 -380 Change in U.S. official reserve assets (in crease —).................................................. 378 171 1,222 -151 842 68 41 271 424 Change ’in liquid liabilities to foreign central banks and govts, and IMF (see detail above under A ).................................................. 1,673 t ,073 -17 869 -860 -107 253 697 -833 Change in certain nonliquid liabilities to foreign central banks and govts.: Of U S. private organizations.................. 9 148 -41 64 -21 -28 -20 28 47 Of U.S. Govt.... ~.................................. -16 154 138 27 -2 13 -2 129 -18 1 Excludes military transfers under grants. 3 With original maturities over 1 year. 2 Excludes military grants. 3 Includes certificates sold abroad by Export-Import Bank, Note.—Dept, of Commerce data. Minus sign indicates net payments 4 Reflects $259 million payment of gold portion of increased U.S. (debits); absence of sign indicates net receipts (credits). subscription to IMF, MERCHANDISE EXPORTS AND IMPORTS (In millions of dollars, seasonally adjusted) Exports । Imports 2 Export surplus Period 1963 1964 1965 1966 1963 1964 1965 1966 1963 1964 1965 1966 Month: Jan.................. 3 986 2,040 31,215 2,249 3 1,100 1,418 3 1,193 1,936 3 -114 622 3 22 313 Feb..................... 3 2,124 2,058 3 1,599 2,335 3 I ,510 1,459 3 1,600 1,993 3 614 599 3 -1 342 Mar................... 3 1,958 2,075 3 2,755 2,594 3 1,485 1,518 3 1,861 2,073 3473 557 3 894 522 Apr..................... 3 1,914 2,061 3 2,380 2,331 3 1,415 1,537 3 1 ,833 2,138 3 499 524 3 547 193 May................... 1,895 2,047 3 2,260 2,364 1 ,416 1 ,530 3 1,789 2,070 479 517 3 471 294 June................... 1,803 2,077 32,230 2,486 1 ,431 1,514 3 1,830 2,115 372 563 3 400 371 July.................... 1,841 2,119 2,256 ...............1. ,450 1,573 4 1,741 ■ • ............ 391 546 4515 ................ Aug................... 1,922 2,100 2,333 1,497 1 ,608 4 1 ,854 425 492 4 479 Sept.................... 1,958 2,261 2,324 1,443 1,563 41,865 515 698 4 459 Oct..................... 1,967 2,156 2,342 ...............1.,455 1,551 4 1 ,885 ................ 512 605 4 457 ................ Nov.................... 1,966 2,206 2,408 1,466 1,698 4 1,952 500 3 508 4 456 Dec................... 2,091 2,426 2,356 1,480 1,642 4 1,892 611 3 784 4 464 Quarter: I...................... 3 5,068 6,173 3 5,569 7,178 3 4,095 4,395 3 4,654 6,002 3 973 1,778 3 915 1,177 11........................ 3 5,612 6,185 3 6,870 7,181 3 4,262 4,581 3 5,452 6,323 3 1,350 1,604 3 1,418 858 Ill....................... 5,721 6,480 6,913 4,390 4,744 45,459 1 ,331 1,736 41,453 IV....................... 6,024 3 6,788 7,106 4,401 3 4,891 4 5,729 1,623 3 1,897 4 1,377 ................ Year3..................... 22,424 25,671 26,567 .............1..7.,142 18,684 21,293 ..............5..,282 6,987 5,274 ................ 1 Exports of domestic and foreign merchandise; excludes Dept, of 3 Significantly affected by strikes. Defense shipments of grant-aid military equipment and supplies under 4 Significantly affected by strikes and by change in statistical procedures. Mutual Security Program. _ . 5 Sum of unadjusted figures. 2 General imports including imports for immediate consumption plus entries into bonded warehouses. Note.—Bureau of the Census data. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1268 MONEY RATES AUGUST 1966 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Rate as of Changes during the last 12 months July 31, 1965 Rate Country 1965 1966 as of July 31, Per Month 1966 cent effective Aug. Sept. Oct; Nov. Dec. Jah. Feb. Mar. Apr. May June July. Argentina............................. 6.0 Dec. 1957 6.0 Austria. ............•■■••> 4.5 June 1963 4.5 Belgium................................. 4.75 July 1964 5.25 5.25 Brazil................................ 12.0 Jan. 1965 12,0 Burma. . ............................... 4.0 Feb. 1962 4.0 Canada 1............................... 4.25 Nov. 1964 4.75 5.25 5.25 Ceylon................................... 5.0 May 1965 5.0 Chile 2.................................. 15.30 July 1965 15.86 15.86 Colombia.............................. 8.0 May 1963 8.0 Crista Rica........................... 3.0 Apr. 1939 3.0 Denmark................. 6.5 June 1964 6.5 Ecuador................................. 5.0 Nov. 1956 5.0 El Salvador.......................... 4.0 Aug. 1964 4.0 Finland.................................. 7.0 Apr. 1962 7.0 France.................................. 3.5 Apr. 1965 3.5 Cermaity, Fed. Ren. of..... 3.5 Jan. 1965 4.0 5.0 5.0 Ohana................................... 4.5 Oct. 1961 7 0 7.0 Oreece................................... 5.5 Jan. 1963 5.5 Honduras 3......................... 3.0 Jan. 1962 3.0 Iceland................................... 8.0 Jan. 1965 9.0 9.0 India..................................... 6.0 Feb. 1965 6.0 Indonesia.............................. 9.0 Aug. 1963 9.0 Tran........................................ 4.0 Oct. 1963 4.0 Ireland................................... 6.0 July 1965 5.81 5.84 5.08 5.88 5,75 5.91 5.94 5.87 5.94 5.94 Israel..................................... 6.0 Feb. 1955 6.0 Italy 3.5 June 1958 3.5 Jamaica - ........... •. 5.0 Nov. 1964 5.5 5.5 Tapan..................................... 5.48 June 1965 5.48 Korea................................... 10,5 Mar. 1964 21.0 28.0 28.0 Mexico.................................. 4.5 June 1942 4.5 Netherlands........................... 4.5 June 1964 5.0 5.0 New 7eal»nd......................... 7.0 Mar. 1961 7.0 Nicaragua............................. 6.0 Apr. 1954 6.0 Norway................................ 3.5 Feb. 1955 3.5 Pakistan................................. 5.0 June 1965 5.0 Peru....................................... 9.5 Nov. 1959 9.5 Philippine Republic *. . . ... 6.0 Jan. 1962 4.75 4.75 Portugal................................. 2.0 Jan. 1944 2.5 2.5 South Africa......................... 5.0 Mar. 1965 6.0 6.0 .Spain...................................... 4.0 June 1961 4.0 Sweden.................................. 5.5 Apr. 1965 6.0 6.0 Switzerland........................... 2.5 July 1964 3.5 3.5 Taiwan 3............................... 14.04 July 1963 14.04 Thailand................................ 5.0 Oct. 1959 5.0 Tunisia................................. 4.0 Oct. 1962 4.0 Turkey............................... 7.5 May 1961 7.5 United Arab Rep. (Egypt).. 5.0 May 1962 5.0 United Kingdom.................. 6.0 June 1965 7.0 7.0 Venezuela.............................. 4.5 Dec. 1960 4.5 1 On June 24, 1962, the bank rate on advances to chartered banks shown is the one at which it is understood the central bank transacts was fixed at 6 per cent. Rates on loans to money market dealers will the largest proportion of its credit operations. Other rates for some continue to be .25 of 1 per cent above latest weekly Treasury bill tender of these countries follow: average rate but will not be more than the bank rate. Argentina—3 and 5 per cent for certain rural and industrial paper, de 2 Beginning with Apr. 1, 1959, new rediscounts have been granted at pending on type of transaction; the average rate charged by banks in the previous half year. Old redis Brazil—8 per cent for secured paper and 4 per cent for certain agricultural counts remain subject to old rates provided their amount is reduced by paper; one-eighth each month beginning with May 1. 1959, but the rates are Colombia—5 per cent for warehouse receipts covering approved lists of raised by 1.5 per cent for each month in which the reduction does not products, 6 and 7 per cent for agricultural bonds, and 12 and 18 per cent occur. for rediscounts in excess of an individual bank’s quota; 3 Rate shown is for advances only. Costa Rica—5 per cent for paper related to commercial transactions * Beginning with June 1, 1962, the rediscount rate for commercial (rate shown is for agricultural and industrial paper); bank loans financing the purchase of surplus agricultural commodities Ecuador—6 per cent for bank acceptances for commercial purposes; under U.S. Law 480 was reduced from 6 to 3 per cent; and on Aug. 22, Indonesia—various rates depending on type of paper, collateral, com 1962, the rediscount rate for commercial bank financing of 9 categories modity involved, etc.; of development loans was reduced from 6 to 3 per cent. Japan—penalty rates (exceeding the basic rate shown) for borrowings s Rate shown is for call loans. from the central bank in excess of an individual bank’s quota; Peru—8 per cent for agricultural, industrial and mining paper; and Note.—Rates shown are mainly those at which the central bank either Venezuela—4 per cent for rediscounts of certain agricultural paper and discounts or makes advances against eligible commercial paper and/or for advances against govt, bonds or gold and 5 per cent on advances govt, securities for commercial banks or brokers. For countries with against securities of Venezuelan companies. more than one rate applicable to such discounts or advances, the rate Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
AUGUST 1966 MONEY RATES; ARBITRAGE 1269 OPEN MARKET RATES (Per cent per annum) Canada United Kingdom France Fe G d e . r R m e a p n . y o , f Netherlands Sw la i n tz d er Month 3 T m r b e o i a l n s ls u t , h ry s 1 D m a o d y n a - y e t y o 2 3 B a a m a c n n c o c k e e n p e s t r t h , s s ’ 3 T r m b ea i o l s l n s u , t r h y s D m a d o y a n - y e t o y a B d ll e o a p n w o o k n a s e n i r t c s s e ’ D m a o d y n a - y e t y o 3 Tr 6 d b e 0 a i a l y - l s 9 s s u 0 , * r y D m a o d y n a - e y t y o 3 T 3 r m b e i a o l s l n s u t , h ry s D m a d o y a n - y e t o y d P is r r i c a v o t a e u t n e t 1963—Dec............. 3.71 3.55 3.91 3.74 3.00 2.00 4.66 2.63 2.56 2.25 1.56 2.00 1964—Dec............. 3.85 3.84 6.84 6.62 5.87 5.00 4.16 2.63 2.88 3.68 2.09 2.68 1965—June............ 3.95 3.80 6.04 5.59 5.02 4.08 4.36 3.13 4,44 4.08 2.69 3.00 July............ 4.00 3.76 5.97 5.59 4.93 4.00 4.34 3.13 4.06 4.13 3.53 3.00 Aug............. 4.08 3.91 5.97 5.56 4.97 4.00 4.01 3.88 3.44 4.07 2.68 3.00 Sept............ 4.11 3.98 5.97 5.51 4.95 4.00 3.86 3.88 4.75 4.00 2.66 3.00 Oct.............. 4.14 3.93 5.92 5.42 4.96 4.00 3.88 3.88 4.31 4.07 3.13 3.00 Nov............ 4.17 3.89 5.91 5,45 4.93 4.00 4.62 3.88 4.19 4.16 3.91 3.00 Dec............. 4,45 4.03 5.91 5,48 4.79 4.00 4.48 3.88 4,00 4.29 3.47 3.00 1966—Jan.............. 4.61 4.05 5.91 5.50 4.86 4.00 3.83 4.00 4.25 4.32 3.72 3.50 Feb............. 4.68 3.97 5.95 5.57 4.86 4.00 4.34 4.00 4.50 4.34 4.25 3.50 Mar............ 4.87 4.33 5.97 5.61 4.76 4.00 4.55 4.00 5.19 4.48 4.05 3.50 Apr............. 5.09 5,10 5.97 5.62 4.94 4.00 4.34 4.00 5.19 4.50 4.33 3.50 May........... 5.10 5.04 5.97 5.65 4.96 4.00 4.83 5.00 5.06 4.87 4.90 3.50 June........... 5.06 4.99 5.94 5.69 4.85 4.00 ........5....0..0... 6.31 4.95 4.87 3.50 i Based on average yield of weekly tenders during month. 5 Based on average of lowest and highest quotation during month. 2 Based on weekly averages of daily closing rates. 2 Rate shown is on private securities. NotE'—For description and back data, see “International Finance,” 4 Rate in effect at end of month. Section 15 of Supplement to Banking and Monetary Statistics, 1962. ARBITRAGE ON TREASURY BILLS (Per cent per annum) United States and United Kingdom United States and Canada Treasury bill rates Treasury bill rates Premium Premium Date K U in n g i d te o d m Spread d ( i + sc ) o u o n r t in ( c f N e a n v e t o t i v r e Canada Spread d ( i - sc ) o u o o n n r t , in ( c f N e a n v e t o t i v r e q ( u a o U d t j . a S . t . i t o o n U St n a i t t e e s d L ( o f n a o d v f o o r n ) f ( p o - o r ) w u n a o d r n d Lon o d f o n) qu A i o n t s e d qu A o U d t j a .S . t i . t o o n U S n ta i t t e e s d C ( a f n a o v a f d o a r ) C f d o a o n rw l a l d a a r i r s a d n Can o a f d a) basis) Canada basis 1966 5.45 4.57 .88 -l.lt -.23 4.67 4.55 4.57 -.02 -.40 -.42 11.............. 5.45 4.64 .81 -1.03 -.22 4.69 4.57 4.64 -.07 -.15 -.22 18.............. 5.45 4.61 .84 -1.00 -.16 4.95 4.82 4.61 + .21 -.15 + .06 25.............. 5.45 4.46 .99 -.92 + .07 5,02 4.89 4.46 + .43 -.04 + .39 Apr. I.......... 5.45 4.49 .96 -.96 .00 5.03 4.90 4.49 + .41 .00 + .41 ‘ 7.............. 5.45 4.53 .92 -.87 + .05 5.06 4.93 4.53 +.40 .00 + .40 15.............. 5.45 4.64 .81 -.89 -.08 5.09 4.96 4.64 + .32 -.06 +.26 22.............. 5.49 4.62 .87 -.80 + .07 5.10 4.97 4.62 + .35 -.15 + .20 29.............. 5.49 4.61 .88 -.83 + .05 5.07 4.94 4.61 + .33 -.15 +.18 5.49 4.65 .84 -.75 + .09 5.11 4.98 4.65 + .33 -.17 + .16 ' 13.............. 5.49 4.59 .90 -.72 + .18 5.10 4.97 4.59 + .38 -.17 + .21 20.............. 5.52 4.62 .90 -.69 + .21 5.09 4.96 4.62 + .34 -.17 + .17 27.............. 5.52 4.61 .91 -.67 + .24 5.11 4.98 4.61 + .37 -.19 + .18 5.52 4.53 .99 -.62 + .37 5.09 4.96 4.53 + .43 -.22 + .21 10.............. 5.55 4.54 1,01 -.79 + .22 5.07 4.94 4.54 + .40 -.17 + .23 17.............. 5,55 4.47 1.08 -.62 + .46 5.06 4.93 4.47 + .46 -.22 + .24 24.............. 5.61 4.31 1.30 -.61 + .69 5.01 4.88 4.31 + .57 .00 + .57 30.............. 5.61 4.43 1.18 -.59 + .59 5.00 4.87 4.43 + .44 -.11 + .33 July 8.............. 5.67 4.63 1.04 -.72 + .32 5.07 4.94 4.63 + .31 .00 + .31 15.............. 6.50 4.88 1.62 -1.46 + .16 5.09 4.96 4.88 + .08 + .04 + .12 22. 6.50 4.85 1.65 -1.45 + .20 5.05 4.92 4.85 + .07 + .04 + ■11 29.............. 6.53 4.66 1.87 -1.58 + .29 5.02 4.89 4.66 + .23 .00 + .23 6.53 4.81 1.72 -1.83 -.11 4.99 4.86 4.81 + .05 + .04 + .09 Note.—Treasury bills: All rates are on the latest issue of 91-day bills. All series: Based on quotations reported to F.R. Bank of New York U.S. and Canadian rates are market offer rates 11 a.m. Friday; U.K. by market sources. rates are Friday opening market offer rates in London. For description of series and for back figures see Oct. 1964 Bulletin, Premium or discount on forward pound and on forward Canadian dollar: pp. 1241-60. For description of adjustments to U.K. and Canadian Rates per annum computed on basis of midpoint quotations (between Treasury bill rates, see notes to Table 1, p. 1257, and to Table 2, p. 1260, bid and offer) at 11 a.m. Friday in New York for both spot and forward Oct. 1964 Bulletin. pound sterling and for both spot and forward Canadian dollars. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1270 FOREIGN EXCHANGE RATES AUGUST 1966 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Australia Period Argentina Austria Belgium Canada Ceylon Denmark Finland France (peso) (pound) (dollar) (schilling) (franc) (dollar) (rupee) (krone) (markka) (franc) I960 1.2026 223.71 3,8461 2.0053 103,122 21.048 14.505 .3112 20,389 1961 1.2076 223.28 3,8481 2.0052 98.760 21.023 14.481 .3110 20.384 1962. .9080 223.73 3.8685 2,0093 93.561 21,034 14.490 .3107 20.405 1963. .7245 223.10 3.8690 2.0052 92.699 21,015 14.484 131.057 2 20.404 1964. ,7179 222.48 3.8698 2.0099 92.689 20.988 14.460 31.067 20.404 1965. .5952 222.78 .................. 3.8704 2.0144 92,743 20,959 14.460 31.070 20.401 1965--July. ,5802 222.39 3.8726 2.0145 92.280 20.935 14.418 31,061 20.405 Aug. .5806 222.37 3.8724 2.0146 92.714 20,934 14,405 31,061 20.403 Sept. .5632 222.84 3.8721 2,0140 92.888 20.952 14,457 31.060 20,400 Oct.. .5542 223.35 3.8707 2.0130 92.999 20.989 14.502 31.059 20.393 Nov. .5546 223.40 3.8700 2.0145 93,009 21.008 14,506 31.061 20.403 Dec. .5322 223.27 ................. 3.8680 2.0141 92.939 21.003 14.520 31.061 20.402 1966-—Jan.. .5291 223.42 3.8673 2,0115 93.035 21.012 14.518 31.060 20.399 Feb. .5284 3 223,38 4 111.62 3.8669 2,0107 92.895 21.005 14,496 31.059 20.401 Mar. .5290 111.36 3.8676 2.0087 92.901 20.959 14.491 31.059 20.402 Apr. .5292 111.29 3.8677 2.0054 92.836 20.945 14.485 31.064 20.403 May .5268 111,25 3.8681 2.0089 92.863 20,941 14.459 31.060 20,402 June .4926 111.15 3.8694 2.0079 92.876 20,926 14.458 31.062 20.403 July............................. .4896 ................1..11.11 3.8705 2.0110 93.017 20.921 14.444 31.063 20.403 Period ( G d m e e r u a m t r s k a c ) n h y e (r I u n p d e ia e ) ( I p r o el u a n n d d ) ( I l t i a r l a y ) J ( a y p e a n n ) ( M do s a i l l a l a a y r) M (p e e x s i o c ) o ( e g N r u la i e l n t d h d e s r) Z (p e N o a u e la w n n d d ) I960. 23.976 20,968 280.76 .16104 .27785 32.817 8,0056 26.513 277.98 1961. 24.903 20,980 280.22 .16099 .27690 32.659 8.0056 27.555 277.45 1962. 25.013 21,026 280.78 .16107 .27712 32.757 8.0056 27.755 278,00 1963. 25.084 20.966 280.00 .16087 .27663 32.664 8.0056 27.770 277.22 1964. 25.157 20.923 279.21 .16014 .27625 32.566 8.0056 27.724 276.45 1965. 25.036 20.938 279.59 .16004 .27662 32.609 8.0056 27.774 276,82 1965--July. 24.960 20.914 279.10 .16005 .27599 32,579 8.0056 27.761 276.33 Aug. 24.923 20.913 279.08 .16005 .27598 32.565 8.0056 27.791 276.32 Sept. 24.934 20.943 279.67 .16005 .27597 32.621 8.0056 27.781 276.90 Oct.. 24.968 20.978 280.31 .16003 .27602 32.694 8.0056 27.772 277.53 Nov. 24.997 20.990 280.37 .16003 .27661 32.679 8.0056 27.756 277,59 Dec.. 24.992 20.994 280.21 .16004 .27689 32.666 8.0056 27.724 277.43 1966--Jan.. 24.926 21.005 280.39 .16002 .27695 32.678 8.0056 27.659 277.61 Feb.. 24.904 20.998 280.25 .16003 .27631 32.671 8.0056 27,603 277,48 Mar. 24.914 20.949 279.52 .16003 .27615 32,600 8,0056 27.618 276,75 Apr.. 24.902 20.936 279.34 .16011 .27591 32.588 8.0056 27.538 276.58 May. 24.894 20.928 279.23 .16010 .27603 32,588 8,0056 27.547 276.47 June. 24.963 514.393 278.98 .16017 .27584 32,545 8.0056 27.645 276.22 July.............................. 25.046 13.248 278.88 .16028 .27574 32,488 8.0056 27.719 276.12 Philip- South Africa United Period N (k o r r o w ne a ) y R ( e p p p e i u n s b e o l ) ic (es g cu al d o) (pound) (rand) (p S e p s a e i t n a) S (k w ro ed n e a n ) z ( e f S r r w a la n i n t c d ) (p K d o i o u n m n g d - ) I960. 14.018 49.770 3.4937 279.71 1.6635 19,349 23.152 280.76 1961. 14.000 3.4909 279.48 139.57 1.6643 19.353 23.151 280.22 1962. 14.010 3.4986 139,87 1,6654 19.397 23,124 280.78 1963. 13.987 3.4891 139,48 1,6664 19.272 23.139 280.00 1964. 13.972 3.4800 139.09 1,6663 19.414 23.152 279.21 1965. 13.985 3.4829 .................. 139.27 1,6662 19.386 23.106 279.59 1965--July. 13.975 3.4798 139.03 1.6662 19.355 23.128 279.10 Aug. 13.978 3.4775 139.02 1,6658 19.332 23.161 279.08 Sept. 13.990 3.4786 139.31 1.6662 19.352 23,162 279.67 Oct.. 13.998 3.4871 139.63 1.6658 19.329 23.150 280.31 Nov. 14.001 3.4928 139,66 1.6657 19.329 23.150 280.37 Dec.. 13.999 .................. 3.4922 .................. 139.58 1.6663 19.327 23.162 280.21 1966--Jan.. 13.998 3.4932 139,67 1.6661 19.339 23.102 280.39 Feb.. 13.992 3.4921 139,60 1,6660 19.346 23.077 280.25 Mar. 13.981 3.4867 139.24 1,6659 19.384 23.040 279.52 Apr.. 13.976 3,4834 139.15 1.6659 19,385 23,102 279.34 May, 13.971 3.4829 139.09 1,6660 19.398 23.167 279.23 June. 13.971 3.4806 138.97 1.6658 19.383 23.169 278.98 July. 13.974 .................. 3.4777 .................. 138,92 1.6655 19,352 23.164 278.88 i A new markka, equal to 100 old markkaa, was introduced on Jan. 5 Effective June 6, 1966, the Indian rupee was devalued from 4.76 to 1, 1963. 7.5 rupees per U. S. dollar. Quotations are not available for June 6 2 Effective Jan, 1, 1963, the franc again became the French monetary and 7. unit. It replaces, at a 1 to 1 ratio, the new franc introduced Jan. 1,1960. 3 Based on quotations through Feb. 11, 1966. Note.—Averages of certified noon buying rates in New York for 4 Effective Feb. 14, 1966, Australia adopted the decimal currency cable transfers. For description of rates and back data, see “International system. The new unit, the dollar, replaces the pound and consists of Finance,” Section 15 of Supplement to Banking and Monetary Statistics, 100 cents, equivalent to 10 shillings or one-half the former pound. 1962. 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 Chas. N. Shepardson J. Dewey Daane Sherman J. Maisel George W. Mitchell Andrew F. Brimmer Ralph A. Young, Senior Adviser to the Board Robert C. Holland, Adviser to the Board Robert Solomon, Adviser to the Board Charles Molony, Assistant to the Board Robert L. Cardon, Legislative Counsel Clarke L. Fauver, Assistant to the Board OFFICE OF THE SECRETARY DIVISION OF BANK OPERATIONS Merritt Sherman, Secretary John R. Farrell, Director Kenneth A. Kenyon, Assistant Secretary M. B. Daniels, Assistant Director Elizabeth L. Carmichael, Assistant Secretary John N. Kiley, Jr., Assistant Director Arthur L. Broida, Assistant Secretary Karl E. Bakke, Assistant Secretary DIVISION OF EXAMINATIONS LEGAL DIVISION Frederic Solomon, Director Glenn M. Goodman, Assistant Director Howard H. Hackley, General Counsel Brenton C. Leavitt, Assistant Director David B. Hexter, Associate General Counsel James C. Smith, Assistant Director Thomas J. O’Connell, Assistant General Andrew N. Thompson, Assistant Director Counsel Lloyd M. Schaeffer, Chief Federal Reserve Jerome W. Shay, Assistant General Counsel Examiner Wilson L. Hooff, Assistant General Counsel DIVISION OF PERSONNEL ADMINISTRATION DIVISION OF RESEARCH AND STATISTICS Edwin J. Johnson, Director Daniel H. Brill, Director John J. Hart, Assistant Director Albert R. Koch, Deputy Director J. Charles Partee, Associate Director Frank R. Garfield, Adviser DIVISION OF ADMINISTRATIVE SERVICES Kenneth B. Williams, Adviser Joseph E. Kelleher, Director Stephen H. Axilrod, Associate Adviser Harry E. Kern, Assistant Director Lyle E. Gramley, Associate Adviser Stanley J. Sigel, Associate Adviser OFFICE OF THE CONTROLLER Tynan Smith, Associate Adviser John Kakalec, Controller DIVISION OF INTERNATIONAL FINANCE OFFICE OF DEFENSE PLANNING Ralph A. Young, Director Robert L. Sammons, Associate Director Innis D. Harris, Coordinator A. B. Hersey, Adviser Reed J. Irvine, Adviser DIVISION OF DATA PROCESSING Samuel I. Katz, Adviser Lawrence H. Byrne, Jr., Director John E. Reynolds, Adviser Lee W. Langham, Assistant Director Ralph C. Wood, Adviser David S. Staiger, Assistant Director 1272 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
OPEN MARKET COMMITTEE AND ADVISORY COUNCIL 1273 FEDERAL OPEN MARKET COMMITTEE Wm. McC. Martin, Jr., Chairman Alfred Hayes, Vice Chairman Karl R. Bopp J. Dewey Daane George W. Mitchell Andrew F. Brimmer W. Braddock Hickman J. L. Robertson George H. Clay Watrous H. Irons Chas. N. Shepardson Sherman J. Maisel Robert C. Holland, Secretary Merritt Sherman, Assistant Secretary George Garvy, Associate Economist Kenneth A. Kenyon, Assistant Secretary Ralph T. Green, Associate Economist Arthur L. Broida, Assistant Secretary Albert R. Koch, Associate Economist Charles Molony, Assistant Secretary Maurice Mann, Associate Economist Howard H. Hackley, General Counsel J. Charles Partee, Associate Economist David B. Hexter, Assistant General Counsel Robert Solomon, Associate Economist Daniel H. Brill, Economist Clarence W. Tow, Associate Economist David P. Eastburn, Associate Economist Ralph A. Young, Associate Economist Alan R. Holmes, Manager, System Open Market Account Charles A. Coombs, Special Manager, System Open Market Account FEDERAL ADVISORY COUNCIL John A. Moorhead, ninth federal reserve district. President Ransom M. Cook, twelfth federal reserve district, Vice President John Simmen, first federal reserve Sam M. Fleming, sixth federal reserve district district William H. Moore, second federal Henry T. Bodman, seventh federal reserve district reserve district William L. Day, third federal reserve A. M. Brinkley, Jr., eighth federal district reserve district Leland A. Stoner, fourth federal Roger D. Knight, Jr., tenth federal RESERVE DISTRICT reserve district John F. Watlington, Jr., fifth federal Robert H. Stewart, III, eleventh federal RESERVE DISTRICT reserve district Herbert V. Prochnow, Secretary William J. Korsvik, Assistant Secretary Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1274 FEDERAL RESERVE BULLETIN • AUGUST 1966 FEDERAL RESERVE BANKS AND BRANCHES Federal Reserve Bank Chairman President Vice President or branch Deputy Chairman First Vice President in charge of branch Zip code Boston..................... .. .02106 Erwin D. Canham George H. Ellis William Webster Earle O. Latham New York............... .. .10045 Everett N. Case Alfred Hayes Kenneth H. Hannan William F. Treiber Buffalo............... ...14240 Thomas E. LaMont Insley B. Smith Philadelphia........... ...19101 Willis J. Winn Karl R. Bopp Bayard L. England Robert N. Hilkert Cleveland................ .. .44101 Joseph B. Hall W. Braddock Hickman Logan T. Johnston Walter H. MacDonald Cincinnati......... ...45201 Walter C. Langsam Fred O. Kiel Pittsburgh......... ...15230 F. L. Byrom Clyde E. Harrell Richmond............... ...23213 Edwin Hyde Edward A. Wayne William H. Grier Aubrey N. Heflin Baltimore........... ...21203 Leonard C. Crewe, Jr. Donald F. Hagner Charlotte........... ...28201 James A. Morris Edmund F. MacDonald Atlanta.................... ...30303 Jack Tarver Harold T. Patterson Edwin I. Hatch Monroe Kimbrel Birmingham.... ..35202 C. Caldwell Marks Edward C. Rainey Jacksonville....... ...32201 J. Ollie Edmunds Thomas A. Lanford Nashville........... ...37203 James E. Ward Robert E. Moody, Jr. New Orleans.... ..70160 Kenneth R. Giddens Morgan L. Shaw Chicago.................. ...60690 Franklin J. Lunding Charles J. Scanlon John W. Sheldon Hugh J. Helmer Detroit............... ..48231 Guy S. Peppiatt Russel A. Swaney St. Louis................ ...63166 Frederic M. Peirce Darryl R. Francis Smith D. Broadbent, Jr. Dale M. Lewis Little Rock........ ..72203 Reeves E. Ritchie John F. Breen Louisville........... ..40201 C. Hunter Green Donald L. Henry Memphis........... ..38101 Edward B. LeMaster John W. Menges Minneapolis............ ..55440 Judson Bemis Hugh D. Galusha, Jr. Robert F. Leach M. H. Strothman, Jr. Helena............... ..59601 C. G. McClave Clement A. Van Nice Kansas City............ ..64106 Homer A. Scott George H. Clay Dolph Simons John T. Boysen Denver............... ..80217 Cris Dobbins John W. Snider Oklahoma City., ..73101 C. W. Flint, Jr. Howard W. Pritz Omaha............... ..68102 Clifford Morris Hardin George C. Rankin Dallas...................... ..75222 Carl J. Thomsen Watrous H. Irons Max Levine Philip E. Coldwell El Paso.............. ..79999 C. Robert McNally, Jr. Fredric W. Reed Houston............. ..77001 D. B. Campbell J. Lee Cook San Antonio.... ..78206 G. C. Hagelstein Carl H. Moore San Francisco........ ..94120 Frederic S. Hirschler Eliot J. Swan John D. Fredericks H. Edward Hemmings Los Angeles......... ..90054 S. Alfred Halgren Paul W. Cavan Portland............. ..97208 Robert F. Dwyer William M. Brown Salt Lake City......84110 Peter E. Marble Arthur L. Price Seattle................. ..98124 Robert D. O’Brien Erwin R. Barglebaugh Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FEDERAL RESERVE BOARD PUBLICATIONS Available from Publications Services, Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. Where a charge is indicated, remittance should accom pany 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. 931-34 of the June 1966 Bulletin. (Stamps and coupons not accepted). The Federal Reserve System—Purposes and Supplement to Banking and Monetary Statis Functions. 1963. 297 pp. tics. Sec. 1. Banks and the Monetary System. 1962. 35 pp. $.35. Sec. 9. Federal Reserve Banks. Annual Report. 1965. 36 pp. $.35. Sec. 10. Member Bank Re Federal Reserve Bulletin. Monthly. $6.00 per serves and Related Items. 1962. 64 pp. $.50. annum or $.60 a copy in the United States and Sec. 11. Currency. 1963. 11 pp. $.35. Sec. 12. its possessions, Bolivia, Canada, Chile, Co Money Rates and Securities Markets. 1966. lombia, Costa Rica, Cuba, Dominican Republic, 182 pp. $.65. Sec. 14. Gold. 1963. 24 pp. $.35. Ecuador, Guatemala, Haiti, Republic of Hon Sec. 15. International Finance. 1962. 92 pp. duras, Mexico, Nicaragua, Panama, Paraguay, $.65. Sec. 16. (New) Consumer Credit. 1965. Peru, El Salvador, Uruguay, and Venezuela; 10 103 pp. $.65. or more of same issue sent to one address, $5.00 Bank Mergers & the Regulatory Agencies: per annum or $.50 each. Elsewhere, $7.00 per Application of the Bank Merger Act of annum or $.70 a copy. 1960. 1964. 260 pp. $1.00 a copy; 10 or more Federal Reserve Chart Book on Financial and sent to one address, $.85 each. Business Statistics. Monthly. Annual subscrip Banking Market Structure & Performance tion includes one issue of Historical Chart Book. in Metropolitan Areas: A Statistical Study $6.00 per annum or $.60 a copy in the United of Factors Affecting Rates on Bank Loans. States and the countries listed above; 10 or more 1965. 73 pp. $.50 a copy; 10 or more sent to of same issue sent to one address, $.50 each. one address, $.40 each. Elsewhere, $7.00 per annum or $.70 a copy. Farm Debt. Data from the 1960 Sample Survey Historical Chart Book. Issued annually in Sept. of Agriculture. 1964. 221 pp. $1.00 a copy; 10 Subscription to monthly chart book includes one or more sent to one address, $.85 each. issue. $.60 a copy in the United States and coun tries listed above; 10 or more sent to one ad Merchant and Dealer Credit in Agriculture. dress, $.50 each. Elsewhere, $.70 a copy. 1966. 109 pp. $1.00 a copy; 10 or more sent to one address, $.85 each. Treasury-Federal Reserve Study of the Gov ernment Securities Market. Pt. I. 1959. 108 Monetary Theory and Policy: A Bibliography. pp. Pt. II. 1960. 159 pp. Pt. III. 1960. 112 pp. Part I—Domestic Aspects. 137 pp. $1.00 a Individual books $1.00 each; set of 3, $2.50. copy; 10 or more sent to one address, $.85 each. Flow of Funds in the United States, 1939-53. Regulations of the Board of Governors op 1955. 390 pp. $2.75. the Federal Reserve System. Debits and Clearing Statistics and Their Rules of Organization and Procedure—Board Use. 1959. 144 pp. $1.00 a copy; 10 or more of Governors of the Federal Reserve Sys sent to one address, $.85 each. tem. 1962. 40 pp. The Federal Funds Market. 1959. Ill pp. $1.00 a copy; 10 or more sent to one address, Published Interpretations of the Board of $.85 each. Governors, as of Dec. 31, 1965. $2.50, All-Bank Statistics, 1896-1955. 1959. 1,299 Trading in Federal Funds. 1965. 116 pp. $1.00 pp. $4.00. a copy; 10 or more sent to one address, $.85 each. Industrial Production—1957-59 Base. 1962. 172 pp. $1.00 a copy; 10 or more sent to one U.S. Treasury Advance Refunding. June 1960address, $.85 each. July 1964. 1966. 65 pp. $.50 cents a copy; 10 or more sent to one address, $.40 each. The Federal Reserve Act, as amended through Oct. 1, 1961, with an appendix containing pro Survey of Financial Characteristics of Con visions of certain other statutes affecting the sumers. 1966. 166 pp. $1.00 a copy; 10 or Federal Reserve System. 386 pp. $1.25. more sent to one address, $.85 each. 1275 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1276 FEDERAL RESERVE BULLETIN • AUGUST 1966 STAFF ECONOMIC STUDIES Cyclical Determinants of Capital Expendi Studies and papers on economic and financial sub tures: A Regression Study of the United jects that are of general interest in the field of States Steel Industry, by James P. Bennett. July 1966. economic research. The European Economic Community’s Com Summaries only printed in the Federal Reserve mon Agricultural Policy and Its Impact Bulletin. on U.S. Exports, by Thomas M. Klein. July (Limited supply of mimeographed copies of 1966. full text available upon request for single copies.) A Theory of Household Asset Selection, by Statistical Refinement of the Concept of In William J. Hocter. Aug. 1966. flation—Monetary and Liquidity Aspects, by Guy E. Noyes. Oct. 1965. Printed in full in the Federal Reserve Bulletin. The Demand for Money—Speed of Adjust (Reprints available as shown in following list.) ment, Interest Rates, and Wealth, by Frank de Leeuw. Oct. 1965. REPRINTS Price Analysis and Economic Developments, (From Federal Reserve Bulletin unless preceded by Murray Altmann. Oct. 1965. by an asterisk.) A Study oE Factors Affecting the Money Stock: Phase One, by Leonall C. Andersen. The History of Reserve Requirements for Oct. 1965. ' Banks in the United States. Nov. 1938. 20 pp. The Postwar Boom in Hotels and Motels, by Royal Shipp and Robert Moore Fisher. Dec. Adjustment for Seasonal Variation. Descrip 1965. tion of method used by Board in adjusting eco nomic data for seasonal variation. June 1941. Manufacturers’ Inventory Investment and 11 PP- Monetary Policy, by Jimmie F. Monhollon. Jan. 1966. The Private Demand for Gold, 1931-53. Sept. 1954. 10 pp. Some Fiscal Implications of Expansion of the Social Security System, by Nancy H. Teeters. Bankers’ Acceptance Financing in the United Jan. 1966. ' States. May 1955. 13 pp. The Demand for Currency, by George G. Seasonal Factors Affecting Bank Reserves. Kaufman. Feb. 1966. Feb. 1958. 12 pp. The Demand for Money: A Review of the Open Market Operations in Long-Term Secu Empirical Literature, by David M. Jones. rities. Nov. 1958. 15 pp. Feb. 1966. *Part I, All-Bank Statistics, 1896-1955. Re print of the U.S. Summary containing a descrip The Demand for Money: Speed of Adjust tion of revised statistics for all banks in the ment, Interest Rates, and Wealth—A United States, by class of bank, together with Sequel, by Patric H. Hendershott. Mar. 1966. revised statistics. Apr. 1959. 94 pp. The Process of Inflation: A Review of the Statistics on the Government Securities Literature and Some Comparisons of Cy Market. Apr. 1961. 8 pp. clical Performance, 1953-65, by Glenn H. Survey of Finance Companies, Mid-1960. Oct. Miller, Jr. Apr. 1966. 1961. 21 pp. The Federal Reserve System and World Monetary Problems, by Robert Solomon. Liquidity and Public Policy, Staff Paper by Stephen H. Axilrod. Oct. 1961. 17 pp. May 1966. The Spanish “Miracle”: Growth and Change Revised Indexes of Freight Carloadings. Dec. 1961. 3 pp. in the Spanish Economy, 1959 to Mid-1965, by Rodney H. Mills, Jr. May 1966. Interest Rates and Monetary Policy, Staff Paper by Stephen H. Axilrod. Sept. 1962. 28 pp. Consumer Credit Regulation: A Review and Response, by Jerome W. Shay. June 1966. Industrial Production—1957-59 Base. Oct. 1962. 10 pp. Empirical Aspects of Cost vs. Demand in Commodity Pricing, by Addison T. Cutler. Flow of Funds Seasonally Adjusted, Nov. June 1966. 1962. 15 pp. A Model of Federal Reserve Behavior, by A Sectoral Analysis of Velocity, Staff Paper John H. Wood. June 1966. by Paul F. McGouldrick. Dec. 1962. 14 pp. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FEDERAL RESERVE BOARD PUBLICATIONS 1277 A New Look at the Farm Debt Picture. Dec. Yield Differentials in Treasury Bills, 1959 1962. 18 pp. 64, Staff Paper by Samuel I. Katz. Oct. 1964. 20 pp. Farm Debt as Related to Value of Sales. Feb. 1963. 9 pp. Research into Banking Structure and Com petition. Nov. 1964. 17 pp. Changes in Structure of the Federal Debt. Mar. 1963. 10 pp. Bank Credits to Foreigners. Mar. 1965. 10 pp. Negotiable Time Certificates of Deposit. Revision of Bank Debits and Deposit Turn Apr, 1963. 11 pp. over Series. Mar. 1965. 4 pp. New Foreign Bond Issues in the U.S. Market, Revision of the Money Supply Series. July Staff Paper by Robert F. Gemmill. May 1963. 1965. 11 pp. 13 PP- Recent Changes in Liquidity, Staff Paper by Interest Rates in Capital Markets. Aug. 1965. 13 pp. Daniel H. Brill. June 1963. 10 pp. Measures of Member Bank Reserves. July Measures of Banking Structure and Competi 1963. 14 pp. ' tion. Sept. 1965. 11 pp. Bank Loans Secured by Stocks and Bonds. July U.S. International Payments. Oct. 1965. 9 pp. 1963.19 pp. ’ Time Deposits in Monetary Analysis, Staff A Bank Examiner Looks at Agricultural Economic Study by Lyle E. Gramley and Sam Lending, Staff Paper by Brenton C. Leavitt. uel B. Chase, Jr. Oct. 1965. 25 pp. July 1963. 8 pp. ' Fiscal Policy and Debt Management. Nov. Measuring and Analyzing Economic Growth, 1965. 11 pp. Staff Paper by Clayton Gehman. Aug. 1963. 14 pp. Cycles and Cyclical Imbalances in a Chang ing World, Staff Paper by Frank R. Garfield. Changes in Banking Structure, 1953-62. Sept. Nov. 1965. 15 pp. 1963. 8 pp. Balance of Payments Program: Guidelines Economic Change and Economic Analysis, for Banks and Nonbank Financial Institu Staff Paper by Frank R. Garfield, Sept. 1963. tions. Dec. 1965. 9 pp. 17 pp. Bank Credit and Monetary Developments in Bank and PCA Lending to Farmers. Sept. 1963. 1965. Feb. 1966. 14 pp. 11 PP- Treasury and Federal Reserve Foreign Ex The Open Market Policy Process. Oct. 1963. change Operations. Mar. 1966. 14 pp. 11 PP- Research on Banking Structure and Per Survey of Financial Characteristics of Con formance, Staff Economic Study by Tynan sumers. Mar. 1964. 9 pp. Smith. Apr. 1966. 11 pp. Flows Through Financial Intermediaries. Recent Changes in U.S. Trade and Payments May 1964. 9 pp. Apr. 1966. 11 pp. Revision of Bank Credit Series. June 1964. Banking and Monetary Statistics, 1965. Se 5 PPlected series of banking and monetary statistics Recent Monetary and Credit Developments. for 1965 only. Mar. and June 1966. 15 pp. July 1964. 9 pp. Recent Credit and Monetary Developments. Federal Reserve Security Transactions, 1954 July 1966. 12 pp. 63, Staff Paper by Stephen H. Axilrod and Janice Krummack. July 1964. 16 pp. Revision of Bank Credit Series. July 1966. 6 PP- New Series on Federal Funds. Aug. 1964. 31 PP- Commercial Bank Liquidity, Staff Economic Study by James Pierce, Aug. 1966. 9 pp. Ministerial Statement of the Group of Ten and Annex Prepared by Deputies. Aug. 1964. Changes in Time and Savings Deposits, De 25 pp. cember 1965—May 1966. Aug. 1966. 35 pp. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
INDEX TO STATISTICAL TABLES (For list of tables published periodically, but not monthly, see page 1176) Acceptances, bankers’, 1185, 1203, 1205 Demand deposits—Continued Agricultural loans of commercial banks, 1196, 1198 Banks, by classes, 1184, 1192, 1200 Arbitrage, 1269 Turnover, 1188 Assets and liabilities (See also Foreign liabilities and Type of holder, at commercial banks, 1197 claims): Deposits (See also specific types of deposits): Banks and the monetary system, 1191 Adjusted, and currency, 1191 Corporate, current, 1217 Banks, by classes, 1184, 1192, 1197, 1200, 1205 Domestic banks, by classes, 1192, 1196, Federal Reserve Banks, 1186, 1263 1198, 1205 Postal savings, 1184, 1191 Federal Reserve Banks, 1186 Discount rates, 1183, 1268 Automobiles: Discounts and advances by Federal Reserve Banks, Consumer instalment credit, 1222, 1223, 1224 1178, 1186, 1188 Production index, 1226, 1227 Dividends, corporate, 1216, 1217 Dollar assets, foreign, 1255, 1263 Balance of payments (See U.S. balance of payments) Earnings and hours, manufacturing industries, 1233 Bank holding companies: Employment, 1230, 1232, 1233 Banking offices and deposits of group banks, Dec. 31, 1965, 1250 Farm mortgage loans, 1218, 1219, 1220 Bankers’ balances, 1197, 1199 Federal finance: (See also Foreign liabilities and claims) Cash transactions, 1208 Banking offices: Receipts and expenditures, 1209 Changes in number, 1248 Treasurer’s balance, 1208 Par and nonpar offices, number, 1249 Federal funds, 1182, 1196 Banks and the monetary system, 1191 Federal home loan banks, 1207, 1219 Banks for cooperatives, 1207, 1213 Federal Housing Administration, 1204, 1218, Bonds (See also U.S. Govt, securities): 1219, 1220 New issues, 1213, 1214, 1215 Federal intermediate credit banks, 1207 Prices and yields, 1203, 1204 Federal land banks, 1207 Brokers and dealers in securities, bank loans to, Federal National Mortgage Assn., 1207, 1220 1196, 1198 Federal Reserve Banks: Business expenditures on new plant and Condition statement, 1186 equipment, 1217 U.S. Govt, securities held, 1178, 1186, 1188, Business indexes, 1230 1210, 1211 Business loans (See Commercial and industrial loans) Federal Reserve credit, 1178, 1186, 1188 Federal Reserve notes, 1186, 1189 Capital accounts: Federally sponsored credit agencies, 1207 Banks, by classes, 1192, 1197, 1201 Finance company paper, 1203, 1205 Federal Reserve Banks, 1186 Financial institutions, loans to, 1196, 1198 Carloadings, 1230 Float, 1178 Central banks, foreign, 1252, 1268 Flow of funds, 1238 Certificates of deposit, 1201 Foreign central banks, 1252, 1268 Coins, circulation, 1189 Foreign currency operations, 1186, 1188, 1254, 1262 Commercial and industrial loans: Foreign deposits in U.S. banks, 1178, 1186, 1191, Commercial banks, 1196 1197, 1200, 1263 Weekly reporting member banks, 1198, 1202 Foreign exchange rates, 1270 Commercial banks: Foreign liabilities and claims: Assets and liabilities, 1192, 1195, 1196 Banks, 1256, 1258, 1259, 1261, 1263 Banking offices, changes in number, 1248 Nonfinancial concerns, 1264 Consumer loans held, by type, 1223 Foreign trade, 1267 Number, by classes, 1192 Gold: Real estate mortgages held, by type, 1218 Certificates, 1186, 1189 Commercial paper, 1203, 1205 Earmarked, 1263 Condition statements (See Assets and liabilities) Net purchases by U.S., 1254 Construction, 1230, 1231 Production, 1253 Consumer credit: Reserves of central banks and govts., 1252 Instalment credit, 1222, 1223, 1224, 1225 Reserves of foreign countries and international Noninstalment credit, by holder, 1223 organizations, 1255 Consumer price indexes, 1230, 1234 Stock, 1178, 1191, 1254 Consumption expenditures, 1236, 1237 Gross national product, 1236, 1237 Corporations: Sales, profits, taxes, and dividends, 1216, 1217 Hours and earnings, manufacturing industries, 1233 Security issues, 1214, 1215 Housing starts, 1231 Security prices and yields, 1203, 1204 Cost of living (See Consumer price indexes) Income, national and personal, 1236, 1237 Currency in circulation, 1178, 1189, 1190 Industrial production index, 1226, 1230 Customer credit, stock market, 1204 Instalment loans, 1222, 1223, 1224, 1225 Insurance companies, 1206, 1210, 1211, 1219 Debits to deposit accounts, 1188 Insured commercial banks, 1194, 1196, 1248 Debt (See specific types of debtor securities) Interbank deposits, 1184, 1192, 1197 Demand deposits: Interest rates: Adjusted, banks and the monetary system, 1191 Business loans by banks, 1202 Adjusted, commercial banks, 1188, 1190, 1197 Federal Reserve Bank discount rates, 1183 1278 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
INDEX TO STATISTICAL TABLES 1279 Interest rates—Continued Reserves: Foreign countries, 1268, 1269 Central banks and govts., 1252 Money market rates, 1203, 1269 Commercial banks, 1197 Mortgage yields, 1204, 1219 Federal Reserve Banks, 1186 Time deposits, maximum rates, 1184 Foreign countries and international Yields, bond and stock, 1203 organizations, 1255 International capital transactions of the U.S., 1256 Member banks, 1178, 1180, 1184, 1197, 1199 International institutions, 1252, 1254, 1255 Residential mortgage loans, 1218, 1219, 1220 Inventories, 1236 Retail credit, 1222 Investment companies, new issues, 1215 Retail sales, 1230 Investments (See also specific types of investments): Banks, by classes, 1192, 1196, 1199, 1205 Sales finance companies, loans, 1222, 1223, 1225 Commercial banks, 1195 Saving: Federal Reserve Banks, 1186, 1188 Flow of funds series, 1238 Life insurance companies, 1206 National income series, 1237 Savings and loan assns., 1206 Savings and loan assns., 1206, 1211, 1219 Savings deposits (See Time deposits) Labor force, 1232 Savings institutions, principal assets, 1205, 1206 Loans (See also specific types of loans): Securities (See also U.S. Govt, securities): Banks, by classes, 1192, 1196, 1198, 1205 Federally sponsored agencies, 1207 Commercial banks, 1195 International transactions, 1262, 1263 Federal Reserve Banks, 1178, 1186, 1188 New issues, 1213, 1214, 1215 Insurance companies, 1206, 1219 Silver coin and silver certificates, 1189 Insured or guaranteed by U.S., 1218, 1219, 1220 State and local govts.: Savings and loan assns., 1206, 1219 Deposits, 1197, 1200 Holdings of U.S. Govt, securities, 1210, 1211 Manufactures, production index, 1227, 1230 New security issues, 1213, 1214 Margin requirements, 1184 Ownership of obligations of, 1196, 1205, 1206 Member banks: Prices and yields of securities, 1203, 1204 Assets and liabilities, by classes, 1192, 1196 State member banks, 1194, 1248 Banking offices, changes in number, 1248 Stock market credit, 1204 Borrowings at Federal Reserve Banks, 1180, Stocks: 1186, 1201 New issues, 1214, 1215 Deposits, by classes, 1184 Prices and yields, 1203, 1204 Number, by classes, 1193 Reserve position, basic, 1182 Tax receipts, Federal, 1209 Reserve requirements, 1184 Time deposits, 1184, 1190, 1191, 1192, 1197, 1200 Reserves and related items, 1178 Treasurer’s account balance, 1208 Weekly reporting series, 1198 Treasury cash, Treasury currency, 1178, 1189, 1191 Mining, production index, 1227, 1230 Treasury deposits, 1178, 1186, 1208 Money rates (.See Interest rates) Turnover, deposit, 1188 Money supply and related data, 1190 Mortgages (See Real estate loans) Unemployment, 1232 Mutual funds (See Investment companies) U.S. balance of payments, 1266 Mutual savings banks, 1191, 1192, 1194, 1205, 1210, U.S. Govt, balances: 1211, 1218, 1248 Commercial bank holdings, by classes, 1197, 1200 Consolidated monetary statement, 1191 National banks, 1194, 1248 Treasury deposits at Reserve Banks, 1178, National income, 1236, 1237 1186, 1208 National security expenditures, 1209, 1236 U.S. Govt, securities: Nonmember banks, 1194, 1196, 1197, 1248 Bank holdings, 1191, 1192, 1196, 1199, 1205, 1210, 1211 Open market transactions, 1185 Dealer transactions, positions, and financing, 1212 Federal Reserve Bank holdings, 1178, 1186, Par and nonpar banking offices, number, 1249 1188, 1210, 1211 Payrolls, manufacturing, index, 1230 Foreign and international holdings, 1186, Personal income, 1237 1255, 1263 Postal Savings System, 1184, 1191 International transactions, 1262 Prices * New issues, gross proceeds, 1214 Consumer, 1230, 1234 Open market transactions, 1185 Security, 1204 Outstanding, by type of security, 1210, Wholesale commodity, 1230, 1234 1211, 1213 Production, 1226, 1230 Ownership, 1210, 1211 Profits, corporate, 1216, 1217 Prices and yields, 1203, 1204, 1269 United States notes, 1189 Real estate loans: Utilities, production index, 1227, 1230 Banks, by classes, 1196, 1198, 1205, 1218 Delinquency rates on home mortgages, 1219 Vault cash, 1178, 1184, 1197 Mortgage yields, 1204, 1219 Veterans Administration, 1218, 1219, 1220 Nonfarm mortgage foreclosures, 1219 Type of holder, 1218, 1219, 1220 Type of property mortgaged, 1218, 1219, 1220 Weekly reporting member banks, 1198 Reserve position, basic, member banks, 1182 Reserve requirements, member banks, 1184 Yields (See Interest rates) Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES * (O THE FEDERAL RESERVE SYSTEM o) * 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
Cite this document
Federal Reserve (1966, July 31). Federal Reserve Bulletin, 1966-08. Bulletin, Federal Reserve. https://whenthefedspeaks.com/doc/bulletin_196608
@misc{wtfs_bulletin_196608,
author = {Federal Reserve},
title = {Federal Reserve Bulletin, 1966-08},
year = {1966},
month = {Jul},
howpublished = {Bulletin, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bulletin_196608},
note = {Retrieved via When the Fed Speaks corpus}
}