Federal Reserve Bulletin, 1967-04
FEDERAL RESERVE B U LLETIN APRIL 1967 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON, D.C. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A copy of the Federal Reserve Bulletin is sent to each member bank without charge; member banks desiring additional copies may secure them at a special $2.00 annual rate. The regular subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $6.00 per annum or 60 cents per copy; elsewhere, $7.00 per annum or 70 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 50 cents per copy per month, or $5.00 for 12 months. The Bulletin may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D. C. 20551, and remittance should be made payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. currency. (Stamps and coupons not accepted) Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
CONTENTS NUMBER 4 VOLUME 53 APRIL 1967 499 The Balance of Payments in 1966 515 Staff Economic Studies: Summary 517 Changes in Time and Savings Deposits, May 1966-January 1967 534 Survey of Finance Companies, Mid-1965 560 Statements to Congress 568 Law Department 586 Presidents, Vice Presidents, and General Auditors of Reserve Banks 589 Announcements 592 National Summary of Business Conditions 594 Guide to Tabular Presentation 595 Financial and Business Statistics, U.S. 663 International Financial Statistics 683 Board of Governors and Staff 684 Open Market Committee and Staff; Federal Advisory Council 685 Federal Reserve Banks and Branches 686 Federal Reserve Board Publications 689 Index to Statistical Tables Inside back cover Map of Federal Reserve System EDITORIAL COMMITTEE Charles Molony Daniel H. Brill Robert C. Holland Robert Solomon Albert R. Koch Elizabeth B. Sette The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions ex pressed except in official statements and signed articles. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
The Balance of Payments in 1966 THE PRESSURE of excess domestic demand and the foreign exchange costs of the Vietnam war brought a sharp deterioration in the U.S. balance on international transactions in goods and services during 1966. However, the over-all balance of payments deficit measured on the liquidity basis was held at about the 1965 amount—under $1.5 billion—with the help of various special transactions undertaken by foreign official authorities and inter national institutions. These included shifts of official dollar reserve assets from liquid to nonliquid forms and also advance debt repayments. Total net outflow of U.S. private capital was somewhat larger than in 1965, but the increase was more than offset by an increase in borrowings abroad to finance direct investment; if this inflow of borrowings is deducted, the net outflow was the smallest since 1959. Outflows were restrained by tight money conditions in the United States, by the interest equalization tax (IET), and by the various voluntary programs limiting capital flows abroad. U.S. Government capital outflows and nonmilitary grants increased somewhat, but receipts from advance repayments of debts were also larger than in 1965; as a result, the net outflow was about the same as the year before. The over-all balance measured on the official reserve trans actions basis was a small surplus in 1966. The calculation on this basis was not affected by the shifts of foreign dollar reserves from liquid to nonliquid forms. It was affected, however, by the very large inflows of foreign private liquid funds which occurred under last year’s conditions of monetary stringency in the United States. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
500 FEDERAL RESERVE BULLETIN ■ APRIL 1967 CHART 1 DECLINE in surplus on goods and services OFFSET by increased inflows of foreign capital Over-alt balance on liquidity basis is net total of parts shown actions balance includes also inflow of foreign private liquid in other panels and of other payments not shown. (Govern funds, not shown, but excludes part of nonliquid capital inflow. ment capital includes nonmilitary grants.) Official reserve trans See p. 678 in this Bulletin. Foreign branches of U.S. commercial banks provided a principal channel for the liquid fund inflows; they bid aggressively in the Euro-dollar market for funds which they made available to their head offices in the United States. On the official reserve trans actions method of computation, these inflows converted what would otherwise have been a substantial balance of payments deficit into a surplus. Despite the surplus on official reserve transactions achieved in 1966, the U.S. gold stock declined further as some European countries converted their official reserve gains from dollars to gold. There were also further drawings by the United States on BALANCE OF PAYMENTS: Industrial countries other the International Monetary Fund. than U.S. and U.K. The improvement in the U.S. official reserve transactions balance (Annual averages, in billions of dollars) from 1965 to 1966 was associated with a worsening of the cor responding balance for the United Kingdom, particularly during G s a i o e c n r o e v d s d s a O t c r t a t i h n o e s n r s I r o n e in f c s f e r i n e r c v i a e a e s t l s e the summer speculative crisis, and also with a moderate decline in the combined balance of payments surplus of other industrial (959-61 1.6 1.6 3.2 countries as measured by changes in official net reserves. These 1962-64 -.2 2.3 2.1 1 1 9 9 6 6 5 6 < 2 2 . . 0 8 *- - 1 . . 1 9 1 . . 9 9 other countries had a substantial increase in their combined balance on goods and services, but a still larger increase in capital « Estimated, NoTE.-Based on data published by outflows, including movements of commercial bank funds. The the IMF. nonindustrial countries as a group had a surplus of about the same amount as in 1965. GOODS AND SERVICES The U.S. balance on goods and services shrank from $7.0 billion in 1965 to $5.3 billion in 1966, and in the fourth quarter of 1966 was at an annual rate of only $4.5 billion. Most of this deterioration stemmed from merchandise trade changes and from U.S. military expenditures in Asia. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
THE BALANCE OF PAYMENTS IN 1966 501 Merchandise trade. There was a sharp rise in U.S. imports under the pressure of the excess demand that arose from increasing domestic outlays for defense and for business investment. This pressure had begun to be reflected in an acceleration of import growth in the second half of 1965. From the third quarter of that year to the third quarter of 1966, the dollar value of imports rose nearly 20 per cent. Meanwhile export growth slowed down, re flecting mainly the leveling-off in economic activity in some major Western European countries. In the latter part of 1966, growth of demand in the United States moderated, and import expansion from the third to the fourth quarters was reduced to an annual rate of 6 per cent. In spite of this, the trade surplus reached a low of about $3 billion, annual rate, in the fourth quarter; this was the smallest surplus since 1959. The trade balance improved in January and February 1967 as exports rose faster than imports. (See Chart 3.) The rapid rise in imports during the first three quarters of 1966 occurred in all major categories of commodities. The subsequent slowing of total import growth represented, however, a levelingoff only in imports of industrial supplies and foods. Imports of industrial supplies, which constitute nearly half of total imports, rose from the third quarter of 1965 to the third quarter of 1966 by 13 per cent. Excluding imports of petroleum, which are regulated by quota, the increase in value came to 15 per cent, more than matching—as is usual in a period of rapid economic expansion— CHART 2 Measured by official reserve transactions, the U.S. payments balance improved while the U.K. deficit widened and the surplus of other industrial countries contracted Payments balances for countries other than the United States are based on data published by the International Monetary Fund; 1966 partly estimated. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
502 FEDERAL RESERVE BULLETIN • APRIL 1967 the rise in the volume of U.S. industrial production of materials, which increased by 9 per cent. Imports of materials would doubt less have been still higher in 1966 had the Federal Government not sold about $900 million of copper, other nonferrous metals, and rubber from official stockpiles. Such sales in 1965 totaled less than $400 million. TRADE SURPLUS NARROWED as imports rose faster than exports CHART 3 BILLIONS OF DOLLARS, ANNUAL RATES Three-month moving averages, weighted 1-2-1, of Census Bu reau data adjusted by the Federal Reserve for dock strikes and for changes in statistical procedures. The growth of imports of finished manufactures has been very striking. The investment boom caused imports of capital equip ment to rise by more than 60 per cent between the fourth quarter of 1965 and the fourth quarter of 1966. From less than 3 per cent of total domestic expenditures on producers’ durable equip ment in 1964, the proportion imported had risen by the latter part of 1966 to more than 5 per cent. Imports of nonfood consumer goods other than autos and parts rose by more than 20 per cent. Imports of autos and parts rose by about 85 per cent; much of this rise reflected the shifting of some production to Americanowned facilities in Canada following the reciprocal removal in 1965 of duties on cars and parts under the U.S.-Canadian Auto motive Agreement. Exports grew by nearly 7 per cent from the fourth quarter of 1965 to the fourth quarter of 1966—fractionally more than the year before if late 1964 figures are adjusted for pre-strike timing distortions. Export growth was sharpest in the first quarter of 1966 and slower thereafter. In the early months of the year shipments Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
THE BALANCE OF PAYMENTS IN 1966 503 were buoyed by increased sales to industrial countries; exports to the United Kingdom and continental Western Europe declined after that, offsetting a large further increase in shipments to Japan. Exports to Canada, apart from those of autos and parts, increased during the first half of 1966 but remained unchanged in the second half. Exports to nonindustrial countries expanded. Shipments to Latin America increased moderately, and there was a sharp rise in the second half of 1966 in exports to other less-developed countries. Imports of INDUSTRIAL SUPPLIES and FOOD ceased to rise late in 1966, but imports of MANUFACTURES continued to grow CHART 4 FOOD & INDUSTRIAL SUPPLIES FINISHED MANUFACTURES About half of the increase in nonagricultural exports between the fourth quarter of 1965 and the fourth quarter of 1966 con sisted of motor vehicles and parts, largely to Canada. All other nonagricultural exports grew by only 3 per cent. The sluggishness of nonagricultural exports in 1966 was at tributable in large part to the slowdown of total demand in Western Europe beginning in mid-1966, particularly in the United Kingdom and Germany, and to the leveling-off of total demand in Canada. But to some extent the slow pace of export growth may be at tributed to the domestic pressures on U.S. industrial capacity generated by the boom and the Vietnam war. Thus, for example, exports of commercial jet aircraft in 1966 rose less than had been anticipated because aircraft engine production facilities were diverted to produce engines for military planes. Agricultural exports, after declining slightly in the first quarter Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
504 FEDERAL RESERVE BULLETIN • APRIL 1967 of 1966, recovered in the second quarter and were at an annual rate of $7.3 billion in the second half; this was about 5 per cent more than in the second half of 1965. Most of the increase was in commercial sales of wheat, feed-grains, oilseeds and products, and tobacco. Sales of cotton declined in the first 7 months of the year, but rose rapidly in later months when a new Government policy that reduced cotton export prices became effective. The expansion of aid-financed agricultural exports was relatively small. Exports to EUROPE leveled off; exports to JAPAN and LESS-DEVELOPED COUNTRIES increased NONINDUSTRIAL -800 OTHER COUNTRIES LATIN AMERICA 200 AUSTR., OCEANIA, S. AFRICA 0 0 '65 1966 '65 1966 Three-month moving averages, weighted 1-2-1, of Census Bureau data, adjusted by Federal Reserve for seasonal variation. Figures ex clude special category exports. Military expenditures abroad. In 1966 the excess of U.S. military expenditures abroad over military sales amounted to $2.7 billion —about $550 million above the 1963-64 average. The Vietnam war has brought a considerable growth in purchases of foreign goods and services by the Department of Defense in various Asian countries and in personal expenditures abroad by U.S. troops and civilian employees. Outlays in the group of countries classified in the accompanying table as “other Asia and Africa” rose to $1.3 billion in 1966, up $550 million from 1965 and $800 million from the 1963-64 average. Expenditures in Japan have risen too. Military expenditures in Europe have continued at an annual Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
THE BALANCE OF PAYMENTS IN 1966 505 rate of $1.5 billion. About one-third of these outlays have been offset in recent years by sales of military goods and services to other countries, particularly to Germany. U.S. MILITARY EXPENDITURES OVERSEAS (In billions of dollars) 1963 1964 1965 1966 Gross expenditures....................... .... 2.9 2.8 2.9 3.6 Western Europe........................ .... 1.5 1.5 1.5 1.5 Japan........................................ ...............4 .3 .3 .4 Other Asia and Africa 1........... ...............5 .5 .7 1.3 All other................................... ...............6 .5 .4 .6 Less: Military sales: Total...................................... ...............7 .7 .8 .9 Western Europe........................... ................5 .6 .5 .6 Net expenditures........................... .... 2.3 2.1 2.0 2.7 1 Australia, New Zealand, and South Africa are included with “all other” countries. Other services. Receipts of investment income from abroad (excluding undistributed profits of subsidiary companies abroad) amounted to $6.2 billion in 1966, up only $300 million from 1965 in spite of an increase in the book value of U.S. private foreign assets by around $5 billion. Of the increase in investment income, $69 million resulted from the resumption of British pay ments on postwar debts, which had been deferred during 1964 and 1965. Most of the increase in private income receipts was from short-term assets and portfolio investments; distributed profits received from direct investments were virtually unchanged in amount. Payments to foreigners also rose, owing to the sharp increase in U.S. interest rates during 1966 and to a sizable increase in foreign-owned U.S. assets. Net outlays for foreign travel were about the same in 1966 as in 1965. Americans spent more on foreign travel than in any other year, but the increase was offset by an increase in receipts from foreign tourists in the United States. Net receipts from other service transactions were about $200 million more in 1966 than in 1965, mainly because of the rise in fees and royalties from direct investment. U.S. PRIVATE Net outflows of U.S. private capital in 1966 totaled $3.9 billion. CAPITAL FLOWS Although this was some $200 million more than in 1965, it was still well below the 1961-64 average of $4.6 billion. Capital out flows continued to be restrained by the IET and by the voluntary Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
506 FEDERAL RESERVE BULLETIN • APRIL 1967 programs coordinated by the Federal Reserve and the Department of Commerce. However, in the case of bank credits the dominant factor limiting new lending was tight monetary conditions in the United States, and there was actually a net reduction in outstanding bank-reported claims on foreigners. Direct investment outflow was about as large as in 1965, but more of this outflow was offset by U.S. corporations’ borrowings abroad than in 1965. Net purchases of foreign securities by U.S. investors declined. Holdings of short-term foreign assets by non financial corporations, which had been drawn down sharply early in 1965 in compliance with the Commerce Department program, expanded moderately in 1966; but most of the increase represented temporary investment abroad of part of the proceeds of long-term borrowing from foreigners, pending final use of the funds for direct investment. Purchases of foreign securities. U.S. purchases of new issues of foreign securities in the United States amounted to $1.1 billion in 1966. This figure includes $150 million of Canadian issues post poned from 1965. If it had not been for this postponement, new issues in 1966 would have been about $400 million less than in 1965. The new foreign issues purchased by U.S. residents since the IET was proposed in July 1963 have been largely Cana dian. As part of an agreement providing for exemption of Cana dian new issues from the IET, the Canadian monetary authorities have agreed to hold their foreign exchange reserves to a target figure somewhat lower than their actual reserves at the end of 1965. To this end, the Canadian Government repurchased in advance of maturity $139 million of its own U.S.-dollar secur ities during 1966, and it also purchased $23 million of bonds of the International Bank for Reconstruction and Development held by U.S. residents. Security issues subject to the IET have been very small. Since mid-1963, tax has been paid on $112 million of securities and on several times this amount of over-1-year bank credits; the latter have been subject to the IET since February 10, 1965. Less-developed countries, not subject to the IET, sold about $120 million of new issues in the United States during 1966. In ternational organizations, despite exemption of their securities, borrowed mainly outside the United States. The IBRD raised $118 million of new money outside the United States, mainly with 2-year bonds, and also refunded a $100 million maturing Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
THE BALANCE OF PAYMENTS IN 1966 507 2-year issue. Within the United States it borrowed only $80 million in 1966. In March 1967, however, following the decline in U.S. interest rates, the IBRD offered in the United States $250 million of dollar-denominated bonds, a good part of which was for delayed delivery. Most of this issue was subscribed by U.S. in vestors. The Inter-American Development Bank borrowed $100 million abroad in 1966. A major effect of the IET has been to reverse the balance of transactions in outstanding foreign securities (that is, excluding new issues and redemptions) between the United States and for eign countries. In the 316 years prior to the proposal of the IET, U.S. residents made net purchases of such securities from for eigners (other than acquisitions counted as direct investments); these averaged about $270 million a year. In the 316 years from mid-1963 through 1966, there were average net sales of about $230 million. It appears that gross U.S. purchases of outstanding foreign securities in this period fell off and that gross sales, re flecting rearrangements of portfolios, rose. To reduce potential pressure on the U.S. balance of payments in the event the gap between the costs of borrowing here and abroad should widen, the administration has proposed legislation permitting an increase in the effective rate of the IET. As passed by the House of Representatives, the bill would initially increase the interest-equivalent rate of tax to 116 per cent, and would give the President authority to vary the rate between 116 per cent and the present 1 per cent. The IET would be extended for 2 years beyond its present July 31, 1967, expiration date. Direct investment. Capital outflows for direct investment dur ing 1966 were about the same as in 1965, but U.S. companies offset part of the impact of these outflows on the balance of pay ments by borrowing at long term about $600 million abroad through financing affiliates incorporated in this country. (In 1965 such borrowings had amounted to $200 million.) These borrow ings, primarily in dollars, were made in European markets at higher rates of interest than prevailed at that time in the United States. They were undertaken as part of an effort by U.S. corpora tions to limit their capital outflows for direct investment in accordance with the voluntary program coordinated by the Depart ment of Commerce. In addition, enlarged borrowings by foreign affiliates helped to finance capital outlays abroad without increased outflows from the United States. Capital flows to Europe for direct investment increased from Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
508 FEDERAL RESERVE BULLETIN ■ APRIL 1967 $1.4 billion in 1965 to $1.7 billion last year. However, the increase was offset by the long-term borrowing mentioned above. Direct investment in Canada, at $1.1 billion, was also larger than in 1965. The 1966 flow included large amounts used by the auto mobile industry to expand productive capacity as required under the U.S.-Canadian Automotive Agreement. U.S. direct investment outflows to nonindustrial countries were considerably smaller than in 1965. DIRECT INVESTMENT OUTFLOWS Under the Department of Commerce program for 1967, each BILLIONS OF DOLLARS participating company has been asked to limit its capital outflows to specified countries (mostly industrial or oil-producing) during the 2 years 1966 and 1967 to an amount that, when combined with the reinvested earnings of its foreign affiliates, would not exceed 240 per cent of the corresponding 1962-64 annual aver age. In other words, companies were asked not to increase their - 1 average annual investment flows covered by the program by more than 20 per cent from the average annual outflow in 1964 1966 1962-64. Net outflows are total direct in vestment outflows less the utili Bank credits. During 1966 U.S. commercial banks reduced by zation for direct investment of funds borrowed abroad by spe about $160 million their outstanding credits to foreigners covered cially organized domestic sub sidiaries. by the voluntary foreign credit restraint program (VFCR). The influx of net repayments reflected the unusually tight credit market conditions within the United States, reinforced, so far as foreign lending was concerned, by the IET and the VFCR pro gram. The reflow, together with gradual increases in VFCR target ceilings, had the effect of increasing the banks’ leeway for extending credits to foreigners within the ceilings. In early October, when outstanding bank credits were at a seasonal low, banks’ leeway under the VFCR program stood at $1.2 billion, compared with $0.3 billion at the beginning of the year. The 1967 VFCR guidelines for commercial banks announced in mid-December provide for only gradual utilization of this leeway. Each commercial bank was requested to use no more than 40 per cent of its leeway existing on October 1, 1966, before the end of March 1967, no more than 60 per cent before the end of June, and no more than 80 per cent before the end of September. The end-of-1967 ceiling was, for most banks, the same as had been established for the end of 1966—109 per cent of the endof-1964 base. As an additional constraint, each bank has been requested not to use more than 10 per cent of its leeway to expand credits to developed countries for purposes other than financing exports. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
THE BALANCE OF PAYMENTS IN 1966 509 These guidelines apply to bank credits regardless of maturity. In addition, Ioans of more than one year’s maturity made to developed countries (with certain exceptions—most importantly, loans to finance exports) are subject to the IET. A full description of the 1967 VFCR program for banks and nonbank financial institutions was published in the December 1966 issue of the Federal Reserve Bulletin. GOVERNMENT GRANTS Net Government nonmilitary grants and credits in aggregate AND CREDITS were little changed from the 1965 outflow. (See Chart 1.) How ever, in 1966 there were $428 million of advance debt payments, compared with $221 million in 1965. The 1966 figure also reflects the resumption of British payments of principal ($69 million) on postwar debts, which in the two previous years were deferred. Excluding advance debt payments and the repayment on the British loan, net Government outflows were about $250 million higher than the 1964-65 average. The increase in gross disburse ments of grants and loans occurred in credits of the Export Import Bank. Bank-reported CLAIMS on foreigners fell further in 1966 CHART 6 and leeway under the VFCR increased 1963 1965 1967 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
510 FEDERAL RESERVE BULLETIN • APRIL 1967 FOREIGN NONLIQUID The deterioration in the balance on goods and services was matched CAPITAL INFLOWS by an increase in the net inflow of foreign funds into assets other than those classed, in the balance of payments statistics, as “liquid.” Net foreign purchases of nonliquid assets amounted to $2.2 billion in 1966, compared with average annual purchases of around onehalf billion dollars in recent years, as shown in the table below. In 1965 such net inflows had been relatively low owing to the sale of U.S. corporate securities by the British Government. FOREIGN INVESTMENT IN THE UNITED STATES OTHER THAN LIQUID ASSETS (In billions of dollars) 1963 1964 1965 ”1966 Total net inflow............................................... .7 .7 .2 2.2 Less: Borrowing abroad by U.S. corpora tions to finance investments abroad 1. ......... ...........2 .6 Net inflow on other transactions.................. .7 .7 .0 1.6 Foreign official and international 2.............. .7 .7 -.1 1.1 Foreign official: Long-term deposits .... .0 .1 -.0 .7 International organizations: Long-term deposits and nonguaranteed U.S. Govt, agency securities.................... .1 .1 .2 .4 United Kingdom (Govt, and private): U.S. securities other than Treasury issues............................................ .2 -.0 -.5 -.1 Claims on U.S. Govt., excluding mar ketable or convertible securities: Associated with military sales..... .3 .2 .3 .3 Other.................................................. .0 .2 -.1 -.3 Foreign private 2......................................... .0 -.0 .1 .5 Direct investments in U.S........................ -.0 -.0 .1 -.0 U.S. securities other than Treasury issues3 .1 -.1 -.1 .1 Commercial credit and other.................. -.0 .1 .2 .3 p Preliminary, 1 Includes only borrowing by domestic subsidiaries specially organized to finance direct investments abroad. 2 International organizations include regional organizations. U.K. transactions in U.S. securities other than Treasury issues cannot be separated among foreign official and foreign private, and are all included under foreign official. 3 Other than U.S. borrowing shown in second line. Of the inflow during 1966, some $600 million consisted of borrowing in Europe by U.S. corporations to finance direct in vestment. A large part of other inflows reflected official transac tions, including about $1.2 billion of acquisitions by international organizations and foreign official agencies of time deposits with original maturities of more than a year or of Federal agency bonds. These acquisitions, encouraged by the relatively high yields available on these assets, helped to hold down the size of the U.S. liquidity deficit. Net advance payments by foreign countries for military goods were about the same in 1966 as in 1965. British Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
THE BALANCE OF PAYMENTS IN 1966 511 official sales of U.S. corporate securities continued into 1966, but the proceeds were largely reinvested in nonliquid assets. Apart from official transactions and the private borrowings to finance direct investment, there was a net inflow of private foreign nonliquid funds of more than $450 million, in contrast with somewhat over $100 million in 1965. Canadian residents made large net purchases of U.S. corporate securities, and foreigners ex tended a substantial amount of commercial credit to U.S. firms. INFLOWS OF FOREIGN Tight money conditions in the United States resulted in a very PRIVATE LIQUID substantial influx to U.S. banks of liquid funds from abroad, much CAPITAL of it into balances held by foreign branches of U.S. commercial banks at their head offices. Most of the inflow took place during the summer and autumn, when U.S. banks were experiencing con siderable pressure on their liquidity. Early in the summer banks found it necessary, in meeting maturities of their negotiable CD liabilities, to issue CD’s with shorter terms. Later, as market interest rates rose above the rates that banks were permitted to pay for time deposits under Regulation Q, banks experienced net run-offs of their negotiable CD’s. Under these conditions, U.S. banks with branches abroad attempted to moderate the drain on their liquidity by acquiring Euro-dollar funds through their branches, which were able to bid for deposits at rates above those payable on time deposits in the United States. Funds that moved through the Euro-dollar market to U.S. banks came from foreign banks and from other holders of liquid funds in many countries. During the summer, supplies of funds to the Euro-dollar market were increased as a result of the speculative flight from the pound sterling at that time. Funds also moved into high-paying Euro-dollar deposits out of lower-paying liquid assets in other currencies. Such movements involved private acquisi tions of dollars in foreign exchange markets and kept dollar ac cruals of foreign central banks below what they otherwise would have been. In consequence of such movements, the liabilities of all banks in the United States to commercial banks abroad, including the liabilities of U.S. bank head offices to their branches abroad, rose by $2.7 billion in the course of 1966. At the same time U.S. liabilities to private foreigners other than banks continued to increase, rising during 1966 by about $200 million, and as noted earlier in this article, there was only a moderate increase in hold ings by U.S. residents of foreign liquid assets such as Euro-dollar Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
512 FEDERAL RESERVE BULLETIN • APRIL 1967 deposits. Thus the net influx of liquid funds gave very large, though temporary, assistance to the U.S. balance of payments on the official settlements basis. As credit conditions in the United States eased during the last EURO-DOLLAR RATES rose in mid-1966 as U.S. BANKS borrowed liquid funds abroad 1963 1964 1965 1966 '67 agK^ssB^^s.iir<^>gf*aiia^w^y4g«^aiBtg^m»CTgatw«^^ The Euro-dollar and U.S. certificate of deposit rates (upper panel) are for 3-month maturities. The certificate of deposit rate is an average of reported secondary market offering rates for certificates issued by leading New York City banks. Lower panel shows changes in U.S. liabilities to commercial banks abroad, including bank head office liabilities to branches abroad. few weeks of the year, liabilities of U.S. banks to their branches abroad began to be repaid. In January of 1967 there was a further reduction in these borrowings, reducing the outstanding liabilities about $1 billion below the mid-December peak. OFFICIAL RESERVE Even though the United States had a surplus of $271 million TRANSACTIONS financed by official reserve transactions during 1966, the U.S. monetary gold stock and IMF gold tranche position together declined by $1.1 billion. Sales of gold to other countries— particularly France—and sales to U.S. residents for industrial uses outweighed.purchases of gold from Canada and the United Kingdom and deposits of gold by the IMF. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
THE BALANCE OF PAYMENTS IN 1966 513 U.S. OFFICIAL RESERVE TRANSACTIONS (In millions of dollars) Official reserve transactions Reserves and Item Annual liabilities average 1965 1966 Dec. 31, 1966 1960-64 Official reserve assets (increase —) Gold 807 1,665 571 13,235 Convertible currencies -86 -349 -540 1,321 IMF gold tranche 245 -94 537 326 Total 966 1,222 568 14,882 Liabilities to foreign central banks and govts. Liquid liabilities1 1,333 -17 -1,574 14,688 Certain nonliquid liabilities2 110 100 735 1,386 Total 1,443 83 -839 16,074 Net official reserve transactions 2,209 1,305 -271 1 Includes U.S. liabilities to IMF for gold deposits; increases in 1965 and 1966 were $34 million and $177 million, respectively. 2 Excludes official U.K. holdings of U.S. securities other than Treasury issues. U.S. drawings on the IMF in 1966 included, as in earlier years, drawings of currencies that other member countries needed in order to make repayments to the Fund and which they were thus enabled to buy, for dollars, from the United States. The countries whose currencies were drawn improved their creditor positions in the IMF, whereas in the absence of the U.S. drawings on the Fund they would have acquired dollars from the countries that needed their currencies. The United States also drew $250 million of Italian lire from the IMF and used the lire, which had been provided to the Fund under a special loan from Italy, to purchase an equivalent amount of dollars held by the Bank of Italy. There was a substantial increase in U.S. official holdings of CHANGES IN U.S. MONETARY GOLD STOCK convertible currencies during 1966, which consisted largely of 1966 sterling acquired in connection with cooperative efforts to support (In millions of dollars) the pound during the summer crisis. In the first quarter of 1967 Sales (—) to foreign countries: Canada 4-200 U.S. official holdings of sterling were sharply reduced as market France -601 Italy , -60 confidence in sterling increased and the Bank of England acquired United Kingdom 4-80 Other countries -226 dollars in the foreign exchange market, which it used to repay Total -608 short-term assistance. IMF gold deposits + 177 Domestic sales (—) -140 U.S. liabilities to foreign central banks and governments as Total change -571 holders of monetary reserves fell by $0.8 billion during 1966, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
514 FEDERAL RESERVE BULLETIN • APRIL 1967 as the table on the preceding page shows. These liabilities had risen a little in 1965, but if one excludes the increase in liquid liabilities resulting from the sale by the British Government of a large portion of its holdings of U.S. corporate securities, the total would have shown a decline of about $0.4 billion in that year. The decline in liabilities to foreign reserve holders in 1965 and 1966 represents a distinct break in the pattern of financing the U.S. payments deficit. In most of the postwar period deficits on official reserve transactions were financed by a net increase in lia bilities to foreign monetary authorities as well as by a decline in U.S. reserve assets. In the 5 years 1960-64, for example, when official reserve assets fell by nearly $5 billion, there was also a rise, of more than $5 billion, in liabilities to foreign reserve holders. The decline in U.S. reserve assets continued into 1966, despite the temporary emergence of a U.S. balance of payments surplus. Countries that were in deficit financed their deficits by drawing down their dollar assets in the United States, while France, which had a substantial surplus during much of 1966, converted its dollar accruals into gold. The likelihood ttyat continued U.S. deficits would continue to involve declines in U.S. reserve assets lends urgency to the need for bringing the balance of payments into equilibrium. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Staff Economic Studies The research staffs of the Board of Gover In all cases the analyses and conclusions nors of the Federal Reserve System and of set forth are those of the authors and do the Federal Reserve Banks undertake studies not necessarily indicate concurrence by the that cover a wide range of economic and Board of Governors, by the Federal Reserve financial subjects, and other staff members Banks, or by members of their staffs. prepare papers related to such subjects. In Single copies of the full text of each of some instances the Board finances similar the studies or papers that are summarized studies by members of the academic pro below are available in mimeographed form. fession. The list of Federal Reserve Board publica From time to time the results of studies tions at the back of each Bulletin includes that are of general interest to the economics a separate section entitled “Staff Economic profession and to others are summarized— Studies” that enumerates the studies for or they may be printed in full—in this sec which copies are currently available in that tion of the Bulletin. form. Study Summary INDIVIDUALS AS A SOURCE OF LOAN FUNDS FOR STATE AND LOCAL GOVERNMENTS Helmut Wendel—Staff, Board of Governors Paper published in State and Local Public Facility Needs and Financing, a study prepared for the Sub committee on Economic Progress of the Joint Economic Committee, Congress of the United States, Volume 2, Public Facility Financing, December 1966. Most of the financial savings in the United ment debt financing either (1) directly as States are owned by households, either in the buyers of State and local securities or in form of claims on financial institutions or in their capacity as owners of personal trust the form of securities and mortgages issued funds, or (2) indirectly as holders of claims by businesses, governments, and other on financial institutions that, in turn, may be households. Savings by households that are investors in State and local obligations. deposited with financial institutions give rise This paper is concerned with direct own to a demand by these institutions for finan ership of State and local government obli cial assets, in a process often referred to as gations by individuals, and it presents the financial intermediation. Individuals thus results of analysis of several sources of data can participate in State and local govern relating to such securities. These sources are 515 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
516 FEDERAL RESERVE BULLETIN • APRIL 1967 the Federal Reserve flow of funds accounts, other types of financial assets. The age of the the 1962 Federal Reserve Survey of Finan head of the household may also be an in cial Characteristics of Consumers, and In fluence, but there was not sufficient evi ternal Revenue Service Statistics of Income. dence to test this hypothesis. The analysis As of the end of 1965, individuals held also suggests that over the period 1954-63, directly $40.5 billion of State and local obli there was a sizable potential market for State gations—representing 40 per cent of the and local bonds among individuals and that total amount of this type of debt. When all this market may not have been fully tapped categories of financial assets—-all market because of the diversity of these securities able bonds, corporate stocks, cash, time de and the resulting specialization that is re posits, savings bonds, and mortgages—are quired for investment choices. Another fac taken together as a measure of total holdings tor that limits the demand for State and of financial assets by individuals, it appears local bonds by individuals is their desire for that State and local obligations accounted assets with potential capital appreciation, for 3.5 per cent of the total portfolio. such as common stocks. The paper suggests that various condi In appraising the movements of total tions apart from relative yields influence the holdings of State and local government obli propensity of households to invest in State gations by individuals during the period and local obligations. Chief among these is the income tax bracket of the households. since World War II, the paper notes con Because of tax incentives, the direct owner siderable variation in the investment flow ship of State and local government obliga from year to year and links some of this tions is more concentrated among high in variation to relative changes in interest come earners than is the ownership of most rates on competing financial instruments. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Changes in Time and Savings Deposits, May 1966-January 1967 The structure and level of interest rates of less than $100,000. The ceiling rates re paid on time and savings deposits at mem mained unchanged for savings deposits (4 ber banks changed considerably between per cent) and for large-denomination time last spring and the end of January 1967. deposits (516 per cent). The purpose of the To provide information on developments in September action was to limit further esca this rapidly changing environment, the lation of interest rates paid in competition Board of Governors conducted another sur for consumer savings. vey of its member banks to obtain informa In line with this change in the ceiling tion on the rates paid and other terms of rates, the January 1967 survey requested fered to individuals, partnerships, and cor additional information that had not been porations (IPC) on various forms of time included in the survey in May 1966. Re and savings deposits, as well as information porting banks were asked to show a break on the dollar amount of each type of de down of each type of time deposit by de posit outstanding on January 31, 1967.1 nominations of (1) less than $100,000 and Reports were submitted by 6,114 banks, or (2) $100,000 or more. They were also re virtually all banks that are members of the quested to estimate the percentage of each Federal Reserve System.2 type of deposit held by businesses. In this Following the enactment last September article time deposits issued in denominations of temporary legislation giving the Board of of less than $100,000 (other than passbook Governors (and certain other supervisory savings) will generally be referred to as con agencies) increased flexibility for establish sumer-type time deposits, and all instruments ing ceiling rates on time and savings de issued in larger denominations, as business posits, the Board on September 26 reduced type time deposits. from 514 to 5 per cent the maximum per COMPOSITION OF DEPOSITS missible interest rate that member banks The dollar volume of time and savings may pay on time deposits in denominations deposits at member banks expanded fur Note.—Caroline H. Cagle of the Board’s Division ther after last May, but the growth rate from of Research and Statistics prepared this article. May to January was much less rapid than it 1 This is one of a series of surveys of time and sav ings deposits to be conducted by the Board of Gov had been in the early months of 1966. Ex ernors in 1967. Previous surveys were made in late pansion in these deposits continued during 1965 and early 1966. The results of the surveys ap last summer, but ceased in the fall. Holdings peared in the Bulletin for April 1966, p. 466, and August 1966, p. 1102. began to increase again following the easing 3 Similar surveys were made as of January 31, 1967, of monetary policy in November, and by the Federal Deposit Insurance Corporation for nonmember insured commercial and mutual savings growth has been at a rapid pace since the banks and by the Federal Home Loan Bank Board first of this year. With market rates of in for all member associations of the Federal Home Loan Bank System. terest declining sharply and inflows of time 517 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
518 FEDERAL RESERVE BULLETIN • APRIL 1967 deposits large, banks made successive re and other forms of time deposits declined ductions in the rates paid on large negoti $200 million. able CD’s, and recently a few also an The bulk of the rise in consumer-type nounced reductions on consumer-type in time deposits was accounted for by savings struments. Any changes since January are certificates and other small-denomination not reflected in the Survey. nonnegotiable CD’s, which increased by On January 31, 1967, total time and $5.1 billion, or 41 per cent. Growth in other savings deposits, IPC, amounted to $116.9 categories of consumer-type deposits was billion at all member banks. The increase not large in dollar amount but was substan from May 11, 1966, was $5.9 billion, or 5 tial in percentage terms. All of the increase per cent, as shown in Table 1. Consumer in business-type time deposits occurred in type time deposits rose $7.4 billion, or 42 non-money-market instruments—nonnegoti per cent, between May and January to a total able CD’s and time deposits, open account. of $25.1 billion on January 31, and busi ness-type time deposits rose $900 million, or PROPORTION OF BUSINESS-HELD DEPOSITS 5 per cent, to a total of $17.7 billion. Pass book savings deposits, on the other hand, de Most time deposits in denominations of clined further by $2.2 billion to $70.7 billion $100,000 or more were held by businesses Table 1 Types of Time and Savings Deposits of Individuals, Partnerships, and Corporations (IPC) Held by Member Banks on May 11, 1966, and January 31, 1967 Amount Number of issuing banks Millions of dollars Increase or decrease (—) Type of deposit May 11—'Jan. 31 May 11, Jan. 31, May 11, Jan. 31, Millions Per 1966 1967 1966 19671 of dollars cent Total time and savings deposits........................................... 110,944 116,890 5,946 5 Savings deposits................................................................. 5,888 5,850 72,871 70,701 -2,170 — 3 Consumer-type time deposits—less than $100,000: Total.............................................................................. 17,660 25 081 7 421 42 Savings bonds................................................................. 162 174 856 1,409 553 65 S O a t v h i e n r g n s o c n e n rt e if g i o c t a i t a e b s l 2 e . . C ... D .... ’ . s .. 2 . .. 3 .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,366 2 1 5 9 8 3 3 2 « 9 2 , , 4 8 8 7 7 6 9 8 0 4 3 0 3 2 } 5,072 41 Negotiable CD’s........................................................... 1,549 1,885 3,197 4,381 1,184 37 Time deposits, open account3................................. 977 * 1’244 1,856 ’612 49 Business-type time deposits—$100,000 or more: Total................................................................................ 16,758 17,658 900 5 Negotiable CD’s........................................................... 632 828 13,815 13,018 -797 -6 Nonnegotiable CD’s3.................................................... 882 ‘1^968 2,814 846 43 Time deposits, open account3...................................... n.a. 284 ”975 1,826 851 87 Christmas savings and other special accounts.................... 4,067 4,084 3,655 3,450 -205 -6 Note.—Dollar amounts may not add to totals because of rounding. n.a. Not available, e Estimates; see footnote 3. 1 Includes a small amount of deposits outstanding in a relatively few banks that no longer issue these types of deposits and are not included in the number of issuing banks. 2 Many small banks do not make a clear distinction between savings certificates and other small denomination nonnegotiables CD’s. Accord ingly, the apparent decline in savings certificates and increase in other nonnegotiable CD’s between May 1966 and January 1967 presumably reflects a shift by some banks in the method of reporting these instruments in the two surveys. In subsequent tables, when comparing the May and January Surveys, these two instruments were combined. 3 A breakdown of these instruments in denominations of less than and more than $100,000 was not reported by respondents tn the May 1966 Survey. Therefore the figures shown here by denomination for the May Survey were estimated on the basis of the amount of deposits outstand ing on May 11, 1966, in banks with a minimum denomination of greater or less than $100,000 on that date. These figures probably underestimated the amounts held in denominations of $100,000 or more. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
TIME AND SAVINGS DEPOSITS 519 Table 2 Estimated Percentage of Time Deposits, IPC, Held by Businesses at Member Banks on January 31, 1967 Consumer-type time deposits— Business-type time deposits— All less than $100,000 All $100,000 or more consumer business Group de t t p i y m o p s e e i ts S c c a e a v r t t i e i n f s g i s S b a o v n in d g s s g ; n O C o o t t n D i h a n e b ’ e S r l - e N C a e b g D l o e ’ t s i d a e c T o p c p i o o m e s u n i e n t s t , de t t y p im p o e s e i ts N C a e b D g l o e ’s t i g N o C o t D i n a n b ’s e le - d a e c T o p c p i o o m e s u n i e n t s t , AH banks reporting information.. 17.7 8.2 5.7 17.5 27.9 34.4 77.3 80.1 69.5 68.8 Size of bank (total deposits in millions of dollars): Under 25............................... 9.6 7.5 10.6 9.4 11.4 32.0 71.5 69.0 72.7 81.0 25-50...................................... 12.7 10.4 5.8 12.0 17.3 23.0 70.4 70.1 68.5 89.7 50-100.................................... 16.7 14.9 1 H.l 15.1 24.1 19.0 68.6 72.9 61.9 70.0 100-500.................................. 19.8 6.7 13.2 21.1 30.9 33.4 71.2 74.1 61.9 65.9 500 and over......................... 22.8 7.2 >3.7 26.5 43.2 36.3 78.6 81.3 71.7 68.8 F.R. district: Boston........................... 33.3 1 6.9 34.9 39.5 30.9 65.9 63.6 87.9 i 79.7 New York............................. 20.0 14.9 14.1 25.4 33.4 34.3 74. 1 80. 1 55.7 59.2 Philadelphia.................... 14.3 4.5 i 9.9 13.2 28.0 76.1 82.4 79.5 79.5 89.9 Cleveland......................... 17.5 6.9 i 9.6 22.2 36.9 47.0 74.8 74.8 72.4 90.8 Richmond.............................. 18.2 10.2 i 3.0 23.5 21.8 28.8 76.4 73.0 80. 1 81.3 Atlanta................................... 15.2 10. 1 4.0 14.3 24.0 54.8 67.6 69.9 60.5 1 75.3 Chicago.................................. 15.9 8. 1 i 1.5 12.8 19.8 30.8 80.3 87.5 42.6 76.2 St. Louis................................. 13.4 8.4 19.4 12.0 35.7 1100.0 80.2 88.0 51.7 i 78.2 Minneapolis........................... 6.4 4.9 i 5.5 7.3 10.5 23.8 79.0 82.9 52.5 i 100.0 Kansas City........................... 16.3 6.7 i 10.7 15. 1 25.1 58.7 69.9 71.2 64.5 i 37.3 Dallas.................................... 22.0 17. 1 i 39.0 20.7 23.9 17.9 82.3 82.7 78.5 84.3 San Francisco....................... 28.0 7.7 1 8.4 26.7 39.5 56.1 86.2 84.1 88.6 95.2 i Less than 10 banks reported the percentage of business-held deposits in this category. Since for savings bonds the total number of banks is suing these instruments was only 174 on the survey date, the number reporting this information was less than 10 banks in most F.R. districts. Note.—-The percentage of time deposits held by businesses was not reported by all survey banks. Nonreporting was greatest among small banks. Nevertheless, reporting banks held a high percentage of total deposits in each deposit category. while those issued in smaller amounts were RATE STRUCTURE held mainly by individuals and nonprofit The time and savings deposit rate structure organizations. (See Table 2.) In general, at the end of January 1967 reflected among business holders accounted for less than other things the downward movement in one-tenth of the deposits in two consumer short-term money market rates and yields type instruments—savings certificates and in late 1966 and early 1967—which influ savings bonds—but their proportion of enced mainly the rates on large negotiable small-denomination negotiable CD’s and CD’s—and the rollback of the ceiling rate time deposits, open account, was about on consumer-type time deposits. The rate three-tenths. There were considerable geo structure was also influenced by the con graphic variations in these percentages. In tinued desire of banks to attract time de some areas, banks issued savings certificates posits and their willingness to pay competi or savings bonds mainly to individuals, and tive rates to secure these funds. small-denomination CD’s or time deposits, While survey banks reported the most open account, to small businesses. By con common rate as well as the highest rate paid trast, nearly four-fifths of the deposits in on each type of deposit, there was no differ instruments issued in denominations of ence in the two at most banks on most $100,000 or more were held by businesses. types of deposits. In the accompanying Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
520 FEDERAL RESERVE BULLETIN • APRIL 1967 tables, where banks have been grouped by then had to reduce them in light of the new the rate of interest paid, only the highest rate ceilings established at that time. at each bank was used. These changes have produced consider On consumer-type time deposits, which able concentration of rates at the 5 per cent are issued by nearly all member banks, over ceiling. (See Table 4.) The number of banks half of the banks raised their rates between paying 5 per cent on one or more consumer May 11 and January 31 on at least one in type time deposits rose from 17 per cent to strument, and most of these banks went to 52 per cent between May and January, and the 5 per cent maximum. (See Table 3.) the proportion of all consumer-type time de Only 3 per cent of the banks reduced rates posits in these banks increased from less on these deposits. For the most part these than half to about four-fifths.3 These pro were banks that had been paying more than portions varied directly with the size of 5 per cent last May and later moved back bank—from virtually all for banks in the to 5 per cent. These figures probably under largest size class to about half for banks in estimate the total number of banks that re the smallest. Since some banks had several duced their rates in this period because some banks undoubtedly raised their rates be “The May 1966 percentages include banks that tween May and September of last year, and were paying rates over 5 per cent. Table 3 Member Banks Changing the Maximum Rate Paid on Principal Types of Time and Savings Deposits, IPC, from May 11, 1966, to January 31, 1967 Change in maximum rate Co t n i t m y su p e e m i er Bu t t i s y m in p e e e t ss d S e a p v o in s g it s s Co t n t i y s m u p e m e t er Bu t t i s y m i p n e e e t ss d S e a p v o in s g it s s Number of banks Percentage distribution Banks with deposits on Jan, 31,1967........................... 5,535 1,558 5,771 100 100 100 No change in rate.......................................................... . 2,369 374 5,191 43 24 90 Ranks raising rates total........................................... . 2,992 1,111 538 54 71 9 New maximum rate (per cent): 3.50 or less..................................................................... 10 75 118 (2) 5 2 3.51-4,00......................................................................... 63 201 420 1 13 7 4.01-4.50......................................................................... 551 153 10 10 4.51-5.00......................................................................... 2,151 368 39 23 Over 5.00................................................................. 217 314 4 20 Banks reducing rates,.................... 174 73 42 3 5 1 New maximum rate (per cent): 5.25................................................................................. 9 16 (2’ 1 5.00-5,24........................................................................ 133 24 2 4 L . e 5 s 0 s - t 4 h . a 9 n 9 .. 4 .. . . 5 .. 0 .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 5 28 5 3 42 ( ( 2 2 ) ) (2 2 ) i Introduced deposits after May 11, 1966............................. 131 621 31 (Included above in banks raising rate) Discontinued deposits after May 11..................................... 96 334 20 1 Since a breakdown of all instruments by denomination (above and below $100,000) was not reported by respondents in the May 1966 Survey, for comparability the definitions of consumer-type and business-type deposits used in this table are those that were used in the May Sur vey. Here consumer-type time deposits represent savings certificates, savings bonds, other nonnegotiable CD’s, and negotiable CD’s in denom inations of less than $100,000; business-type time deposits represent negotiable CD’s in denominations of $100,000 or more, and time deposits, open account. 2 Less than 0.5 per cent. 3 Reduced rate to 3.50 per cent or less. Note.—Excludes banks for which comparable data were not available on both May 11, 1966, and Jan. 31, 1967. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
TIME AND SAVINGS DEPOSITS 521 Table 4 Consumer-Type and Business-Type Time Deposits^ IPC, Held by Member Banks on January 31, 1967, by Size of Bank and by Maximum Rate Paid on Any Instrument Consumer-type time deposits Business-type time deposits Group Maximum rate paid (per cent) Maximum rate paid (per cent) Total Total 4.00 4.01 4.26 4.51 4,76 4.00 4.01 4.51 5.01 5.26 or less 4.25 4.50 4.75 5.00 or less 4.50 5.00 5.25 5,50 Number of banks All banks........................... 5,726 979 66 1,631 100 2,950 1,602 164 292 549 92 505 Size of bank (total deposits in millions of dollars): Under 10.................... 3,183 688 44 1,036 46 1,369 306 50 67 111 10 68 10-50.......................... 11927 246 17 515 46 1,103 739 77 166 285 27 184 50-100........................ ’255 20 3 53 4 ' 175 213 14 38 77 13 71 100-500....................... 270 22 2 25 4 217 253 21 18 62 24 128 500 and over........ 91 3 2 86 91 2 3 14 18 54 Amount (in millions of dollars) AU banks........................... 25,080 675 84 4,264 271 19,786 17,658 134 195 4,045 4,727 8,557 Size of bank (total deposits in millions of dollars): Under 10.................... 3,192 315 34 1,223 46 1,573 76 H 17 28 2 18 10 50.......................... 6,078 238 31 1’981 117 3'711 442 22 72 173 12 163 50-100........................ 2,018 18 14 530 26 1,431 418 7 37 94 28 251 100-500...................... 4,434 71 4 376 82 3,900 2,138 42 42 248 296 1 ,509 500 and over.............. 9,358 34 154 9,171 14^583 51 26 3,501 4,389 6^15 Note.—Consumer-type time deposits include the following instruments issued in denominations of less than $100,000; savings certificates, savings bonds, other nonnegotiable and negotiable CD’s and time deposits, open account. Christmas savings and other special funds are not in cluded. Business-type time deposits include the following instruments issued in denominations of $100,000 or more: negotiable and nonnegotiable CD’s and time deposits, open account. Excludes banks that had no deposits of these types on Jan. 31, 1967. The total amount includes a small amount of deposits outstanding in a few banks that no longer issue these instruments and are not included in the number of issuing banks. Dollar amounts may not add to totals because of rounding. types of deposits and paid a lower maximum nearly all of the larger banks but relatively rate on one or more of these, the proportion few banks with total deposits of less than of deposits to which the 5 per cent maxi $50 million. Seven-tenths of the issuing mum applied was about three-fourths. banks raised their maximum rate between Rates on passbook savings deposits the May and January Surveys, with most showed little change, because a majority of of the rates going to 5 per cent or more. the banks were already paying the 4 per Nevertheless, 5 per cent of the banks re cent ceiling last May. About 9 per cent of duced the maximum rate. Reductions were the banks, principally small institutions, most common on large-denomination nego raised their rate during this period—for the tiable CD’s, and they reflect the general most part to 4 per cent. By January 31 decline in money market rates late in the nearly two-thirds of all member banks hold period. On the survey date, rates paid on ing nine-tenths of all savings deposits were large negotiable CD’s at most money market paying 4 per cent on these deposits. (See banks were above the Treasury bill rate but Appendix Table 1.) below the rate on commercial paper. Business-type time deposits were issued The rate structure on all business-type by only one out of four member banks on time deposits on January 31 is shown in January 31, 1967. This group included Table 4. About one-third of the banks is- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
522 FEDERAL RESERVE BULLETIN • APRIL 1967 suing some form of these deposits were pay among customers at different size classes ing a maximum rate on at least one instru of banks. ment of 51^ per cent, which was the ceiling, and these banks held about half of all such MINIMUM DEPOSIT AND SHORTEST deposits. The remaining deposits were about MATURITY REQUIREMENTS equally divided between banks that paid Over half of the banks issuing consumer 514 and those that paid 5 per cent. Because type time deposits reported that they were some banks paid a lower rate on certain willing to pay their highest rate on each type types of these deposits, the proportion of of deposit in a denomination of $500 or deposits to which the 514 per cent rate ap less. About the same proportion were also plied was about two-fifths. The substantial willing to pay their highest rate on maturi variation in these rates by size of bank ties of 6 months or less. (See Appendix reflects among other things differences in Table 10.) These requirements varied with rates paid on money market versus non the size of bank and the rate of interest money-market instruments as well as differ paid. In general, large banks had greater ences in the degree of interest-sensitivity minimum deposit requirements and shorter Table 5 Changes in Time and Savings Deposits, IPC, at Member Banks from May 11, 1966, to January 31, 1967, by Type of Deposit and by Size of Bank and Federal Reserve District Consumer-type deposits Consumer-type deposits Total Business- Total Business- Group time type time type and time Consumer and time Consumer savings deposits t Total Savings type savings deposits1 Total Savings type deposits time1 deposits time1 Amount (in millions of dollars) In per cent All banks.......... 6,533 653 5,880 -1,775 7,655 6.1 4.1 6.5 -2.5 42.1 Size of bank (total de posits in millions of dollars): Under 10.............. 735 51 684 114 570 10.4 87.9 9.8 2.6 22.3 10-50..................... 1,560 115 1,445 21 1,424 8.9 43.2 8.3 0.2 30.5 50-100................... ’615 91 524 -52 576 8.3 35.1 7.3 -0.9 39.1 100-500................. 1,750 282 1,468 -213 1,681 8.6 17.3 7.9 -1.3 58.3 500 and over........ T874 114 1,760 -1,643 3,403 3.5 0.8 4.4 -4.9 51.4 F.R. district: Boston........... 390 147 243 85 158 11.5 18.5 9.3 3.5 100.6 New York....... 75 -615 690 — 429 1,119 0.3 -8.2 4.4 -3.1 58.0 Philadelphia...... 606 -11 617 154 '463 11.1 -2.0 12.6 4.1 41.1 Cleveland.............. 587 -119 706 36 670 6.3 -11.7 8.5 0.5 57.8 Richmond............. 579 5 574 128 446 11.8 1.6 12.4 3.4 54.2 Atlanta.................. 557 -13 570 16 554 10.1 -3.5 11.1 0.4 41.1 Chicago........ 1,219 817 402 -680 1,082 6.5 46.5 2.4 -5.0 30.9 St. Louis................ 254 14 240 3 237 7.9 6.9 8.0 0.2 17.9 Minneapolis,........ 228 -9 237 -10 247 7.2 -3.6 8.1 -0.9 13.8 Kansas City...... 384 45 339 -219 558 9.8 15.4 9.3 -8.8 48.9 Dallas.................... 203 -3 206 -313 519 4.5 -0.3 6.0 -12.0 63.3 San Francisco.... 1,452 395 1,057 -545 1,602 7.0 21.5 5.6 -3.4 52.1 1 Since a breakdown of all instruments by denomination (above and below SI 00,000) was not reported by respondents in the May 1966 Survey’ for comparability the definitions of consumer-type and business-type deposits used in this table are those that were used in the May Survey. Here consumer-type time deposits represent savings certificates; savings bonds; other nonnegotiable CD’s; and negotiable CD’s in denominations of less than $100,000. Business-type time deposits represent negotiable CD's in denominations of $100,000 or more, and time deposits, open ac count. Note.—In this table, a minus indicates decrease. Dollar amounts may not add to totals because of rounding. This table was compiled by comparing individual bank figures as reported on the May 11, 1966, and the January 31,1967, Surveys for all mem ber banks for which comparable information was available. The amounts shown here differ from Table 1 because data for all member banks were not available, because the definition of consumer and business-type deposits are not the same, and because Christmas savings and other special funds are excluded. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
TIME AND SAVINGS DEPOSITS 523 minimum maturities than small banks. larger for big banks than for small banks. At Moreover, when the maximum interest rate the same time, savings deposits declined paid was greater than 416 per cent, the further by nearly 3 per cent with the minimum deposit required was higher and net decline being concentrated in banks the maturity shorter than when the rate was with total deposits of $50 million and over. at or below this level. While some of this decline no doubt repre sented use of savings deposits to purchase DEPOSIT FLOWS market instruments, a part of the reduction Total time and savings deposit inflows be was attributable to a shift from passbook tween May 11, 1966, and January 31, savings into the more attractive consumer 1967, were only half as rapid, on an annual type instruments. These shifts occurred rate basis, as in the first 4V^ months of mainly at big banks where rates paid on 1966 (7 per cent as compared with 14 per consumer-type time deposits were higher cent.) These flows showed a continuation of and the differential in the two rates was trends noted in early 1966. larger than at small banks. Depositors in the With the rate of interest on passbook sav larger banks may also have been more rate ings deposits limited by the 4 per cent ceiling sensitive. and with many banks increasing their rates The flow into business-type time deposits on consumer-type time deposits after last amounted to only 4 per cent. It reflected a May, consumer-type time deposits rose reduction in large-denomination negotiable sharply between May and January. The in CD’s—holdings of which declined in the fall crease over this period was nearly $7.7 bil of 1966 and then recovered in late Decem lion, or 42 per cent. (See Table 5.)4 As in ber and early January—offset by sizable in early 1966 the rate of growth was much creases in non-money-market instruments; that is, nonnegotiable CD’s and time de 4 Figures in Table 5 differ from those in Table 1. posits, open account. See Note to Table 5. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
TIME AND SAVINGS DEPOSITS 525 Appendix Table 1—SAVINGS DEPOSITS MAXIMUM INTEREST RATES PAID BY MEMBER BANKS ON JANUARY 31, 1967 Maximum rate paid (per cent) Maximum rate paid (per cent) Group Total Total 3.00 3.00 or less 3.50 4.00 or less 3.50 4.00 NUMBER OF BANKS AMOUNTS (in millions of dollars) All banks.............. 5,850 1,356 691 3,803 70,698 3,861 3,432 63,405 Size of bank (total deposits in millions of dollars): Less than 10........ 3,255 939 413 1,903 4,604 951 597 3,055 10-50....................... 1,971 376 236 1,359 12,867 1,792 1,488 9,587 50-100..................... 256 21 28 207 5,659 374 540 4,745 100-500........... ... 277 17 11 249 15,711 554 500 14,657 500 and over........... 91 3 3 85 31,857 189 306 31,361 F.R. district: Boston..................... 225 23 5 197 2,551 79 7 2,465 New York............... 389 18 17 354 13,321 398 215 12,708 Philadelphia............ 383 152 111 120 3,969 696 916 2,357 Cleveland................. 490 147 49 294 7,302 364 268 6,669 Richmond................ 396 52 33 311 3,936 147 111 3,678 Atlanta..................... 519 43 48 428 3,827 65 251 3,512 Chicago................... 966 333 176 457 12,961 1,106 1,222 10,633 St. Louis.................. 449 183 79 187 1,685 493 159 1,034 Minneapolis............ 486 254 97 135 1,112 398 203 511 Kansas City............ 782 132 69 581 2,283 99 57 2,127 Dallas....................... 554 19 4 531 2,369 18 3 2,347 San Francisco.......... 211 3 208 15,383 19 15,364 For notes see p. 529. Appendix Table 2—SAVINGS BONDS, IPC MAXIMUM INTEREST RATES PAID BY MEMBER BANKS ON JANUARY 31, 1967 Maximum rate paid (per cent) Maximum rate paid (per cent) Group Total o 4 r . 0 le 0 ss 4.50 5.00 Total o 4 r .0 le 0 ss 4.50 5.00 NUMBER OF BANKS AMOUNTS (in millions of dollars) AH banks......................... 174 26 75 73 1,314 17 128 1,169 Size of bank (total de posits in millions of dollars): Less than 10............ 42 5 19 18 24 8 15 10-50....................... 82 11 40 31 116 8 33 75 50-100...................... 12 3 6 3 58 1 17 40 100-500.................... 23 5 6 12 137 5 28 105 500 and over...... . 15 2 4 9 979 (2) 43 935 F.R. district: Boston..............jK*-r; 3 1 2 41 (2) (2) New York... /. .... 15 4 1 10 529 1 (2) 527 Philadelphia^.......... 11 1 4 6 136 (2) 33 102 Cleveland.......... 12 3 6 3 60 1 8 51 Richmond................ 13 2 6 5 17 (2) 12 s Atlanta..................... 43 4 16 23 254 4 13 238 Chicago................... 16 I 14 1 43 43 (2) St. Louis.................. 17 9 7 1 15 10 6 (2) Minneapolis*,........ 4 4 10 10 Kansas City............ 22 2 8 12 54 (2) 1 53 Dallas..................... 8 6 2 5 (2) San Francisco...... 10 2 8 150 ................. (2) 150 For notes see p. 529. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
526 FEDERAL RESERVE BULLETIN • APRIL 1967 Appendix Table 3—SAVINGS CERTIFICATES, IPC MAXIMUM INTEREST RATES PAID BY MEMBER BANKS ON JANUARY 31, 1967 Maximum rate paid (per cent) Maximum rate paid (per cent) Group Total 3.50 Total 3.50 or 4.00 4.25 4.50 4.75 5.00 or 4.00 4.25 4.50 4.75 5.00 less less NUMBER OF BANKS AMOUNTS (in millions of dollars) AH banks, 1,583 15 237 20 510 34 767 7,971 2 228 25 1,455 60 6,201 Size of bank (total deposits in mil lions of dollars): Less than 10.. 830 13 163 16 20 307 853 102 18 356 18 359 10-50..........4..9.9 2 53 4 155 274 1,698 (2) 70 7 602 29 989 50-100...........81 8 18 55 572 7 171 393 100-500.........107 8 16 2 81 1,599 25 153 (2) 1,407 500 and over.. 66 5 10 50 3,249 23 172 (9 3,053 F.R. district: Boston............. 26 3 2 5 16 (B 28 New York..... 77 5 6 3 63 938 4 931 Philadelphia. .. 87 2 15 44 3 22 483 (0 13 (2) 210 9 248 Cleveland........ 216 70 4 57 7 77 845 (J) 63 5 117 23 636 Richmond....... 97 4 22 5 13 52 452 16 3 22 (2) 411 Atlanta........... 155 31 2 35 86 479 39 (’) 80 (’) 359 Chicago....... 268 2 30 2 129 2 103 1,658 (0 30 (0 469 (2) 1,151 St. Louis...... 113 3 14 2 57 36 482 C) 36 (2) 125 (2) 315 Minneapolis... 221 3 98 5 104 1,053 18 5 361 17 653 Kansas City... 168 2 20 43 2 100 349 (l) 8 (0 39 <0 302 Dallas.............. 93 21 2 56 152 (0 2 12 (2) 137 San Francisco.. 62 3 5 2 52 1,048 16 (0 1,031 For notes see p. 529. Appendix Table 4—OTHER NONNEGOTIABLE CD’S IN DENOMINATIONS OF LESS THAN $100,000, IPC MAXIMUM INTEREST RATES PAID BY MEMBER BANKS ON JANUARY 31, 1967 Maximum rate paid (per cent) Maximum rate paid (per cent) Group Total 3.50 Total 3.50 ar 4.00 4.25 4.50 4.75 5.00 or 4.00 4.25 4.50 4.75 5.00 less less NUMBER OF BANKS AMOUNTS (in millions of dollars) All banks 2,932 52 55 1,469 9,401 16 298 6,549 Size of bank (total deposits in mil lions of dollars): Less than 10... 1,545 275 20 536 25 656 1 ,485 2 127 706 10-50............... 1,034 112 5 317 24 562 2,931 14 104 1,620 50-100.........1..4.9. 5 5 38 4 96 953 (9 6 614 100-500.........1..54 15 20 2 113 1,380 (l> 38 1,115 500 and over... 50 4 3 42 2,652 (9 24 2,495 F.R. district: Boston............. 69 8 1 6 42 0) 1 37 New York....... 189 38 2 23 3 119 550 (0 6 529 Philadelphia... 225 38 3 112 7 60 689 11 38 300 Cleveland........ 206 64 1 54 9 75 583 P) 33 369 Richmond....... 179 38 5 31 4 93 392 (0 20 331 Atlanta....... 259 39 1 46 3 168 764 (0 41 609 Chicago....... 558 69 13 237 6 220 1,858 3 58 945 St. Louis...... 246 36 137 7 63 756 C) 42 327 Minneapolis... 229 11 132 6 77 752 (0 13 264 Kansas City... 382 33 3 89 1 253 765 0) 14 661 Dallas.............. 288 32 1 41 3 205 450 0) 9 406 San Francisco.. 102 5 1 94 1,796 C) 24 1.772 For notes see p. 529. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
TIME AND SAVINGS DEPOSITS 527 Appendix Table 5—NEGOTIABLE CD’S IN DENOMINATIONS OF LESS THAN $100,000, IPC MAXIMUM INTEREST RATES PAID BY MEMBER BANKS ON JANUARY 31, 1967 Maximum rate paid (per cent) Maximum rate paid (per cent) Group Total 3.50 Total 3.50 or 4.00 4.25 4.50 4.75 5.00 or 4.00 4.25 4.50 4.75 5,00 less less NUMBER OF BANKS AMOUNTS (in millions of dollars) All banks, 1,885 33 284 24 386 31 1,127 4,375 2 182 14 582 70 3,525 Size of bank (total deposits in mil lions of dollars): Less than 10... 908 29 168 12 240 6 453 754 2 79 6 245 2 421 10-50................ 629 2 89 8 119 17 394 1,172 (9 64 4 255 24 825 50-100.........1.0..8. 14 81 340 5 (9 51 (9 282 100-500.........1..6.6 14 3 4 133 1,034 0) 24 4 32 22 952 500 and over... 74 2 2 3 66 1 ,075 (2) (9 21 1 ,044 F.R. district: Boston........ 95 2 9 2 6 65 146 (l) 6 8 130 New York....... 146 20 3 8 113 297 0) 4 3 (9 290 Philadelphia. .. 75 10 10 2 32 4 17 160 4 (2) 80 27 47 Cleveland........ 72 2 15 23 244 10 (2) 24 209 Richmond....... 126 29 5 16 4 69 207 24 15 3 162 Atlanta............ 175 2 51 22 4 96 280 (0 34 30 8 208 Chicago........... 234 2 33 3 74 7 115 747 30 6 145 15 550 St, Louis.......... 123 5 31 3 52 2 30 243 41 87 (2) 106 Minneapolis. .. 122 7 58 56 192 6 108 (9 76 Kansas City... 315 3 39 4 68 200 476 17 61 (9 396 Dallas.............. 286 3 21 25 237 669 7 23 639 San Francisco.. 116 5 106 716 6 0) 710 For notes see p. 529. Appendix Table 6—TIME DEPOSITS, OPEN ACCOUNT, IN DENOMINATIONS OF LESS THAN $100,000, IPC MAXIMUM INTEREST RATES PAID BY MEMBER BANKS ON JANUARY 31, 1967 Maximum rate paid (per cent) Maximum rate paid (per cent) Group Total 3.50 Total 3.50 or 4.00 4.25 4.50 4.75 5.00 or 4.00 4.25 4.50 4.75 5.00 less less NUMBER OF BANKS AMOUNTS (in millions of dollars) All banks 977 159 353 7 133 25 300 1,853 15 80 8 124 19 1,608 Size of bank (total deposits in mil lions of dollars): Less than 10... 345 77 141 44 10 72 73 7 14 (9 14 3 35 10-50.........3.7..5... 69 140 3 61 9 93 151 6 26 2 40 2 75 50-100...........8.1. 6 34 2 8 30 90 12 (2) 26 (2) 43 100-500.........1..10 5 28 17 2 57 227 10 (9 42 (2) 169 500 and over... 66 2 10 3 48 1,312 18 3 4 1,286 F.R. district: Boston..... 63 18 5 4 35 216 (2) 2 210 New York....... 199 15 89 2 16 5 72 295 5 0) 2 2 275 Philadelphia. . . 180 71 58 27 4 19 57 4 8 0) 6 2 36 Cleveland..... 95 16 55 12 40 22 9 (2) 7 Richmond....... 114 18 55 12 27 63 10 (0 2 0) 49 Atlanta.... 43 4 13 13 12 13 4 (9 7 Chicago........... 89 16 19 20 6 27 1,002 (2) 82 892 St. Louis.......... 25 8 10 2 4 14 (9 3 (2) (2) 7 Minneapolis... 3 4 3 10 7 3 Kansas City... 16 4 4 3 5 17 0) 0) 2 15 Dallas.............. 80 3 20 13 43 36 (0 6 (1) 28 San Francisco., 62 7 3 41 88 9 (9 78 For notes see p. 529. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Appendix Table 7—NEGOTIABLE CD’S IN DENOMINATIONS OF $100,000 OR MORE, IPC MAXIMUM INTEREST RATES PAID BY MEMBER BANKS ON JANUARY 31, 1967 Maximum rate paid (per cent) ' Maximum rate paid (per cent) Group Total Total o 3 r .5 le 0 ss 4.00 4.25 4.50 4.75 5.00 5.25 5.50 o 3 r . l 5 e 0 ss 4.00 4.25 4.50 4.75 5.00 5.25 5.50 NUMBER OF BANKS AMOUNTS (in millions of dollars) AU banks 828 8 53 106 12 262 57 330 13,017 3 83 67 16 3,550 4,465 4,833 Size of bank (total deposits in millions of dollars): Less than 10. 141 3 12 27 52 4 42 36 2 8 (2) 14 1 10 10-50............ 325 4 23 58 6 125 10 99 202 6 27 2 76 5 83 50-100.......... 103 5 13 2 27 9 47 239 4 8 2 29 17 178 100-500........ 173 11 6 3 42 14 96 1,581 (2) 21 16 11 173 186 1,172 500 and over, 86 2 2 16 20 46 10,959 50 7 3,257 4,255 3,390 F.R. district: Boston........ 61 2 5 3 13 6 32 690 (2) 2 3 189 343 153 New York.. 104 6 5 3 34 11 45 5,395 2 2,061 2,041 1,290 Philadelphia 20 7 3 3 5 330 (2) 2 (2) 53 107 158 Cleveland. 39 6 8 8 3 14 840 2 2 398 70 368 Richmond. 48 8 2 2 20 1 14 222 (2) 5 (2) (2) 20 (2) 193 Atlanta... 64 12 4 23 3 22 335 19 3 82 1 231 Chicago.... 107 8 29 31 7 32 1,496 3 17 525 657 294 St. Louis. .. 31 2 7 10 8 4 204 (2) 52 6 24 121 Minneapolis 48 16 10 22 231 14 3 213 Kansas City.. 90 2 7 34 6 39 318 (2) (2) 6 (2) 33 69 210 Dallas............. 142 3 2 12 63 3 58 1,055 (2) 14 (2) 147 12 880 San Francisco. 74 15 14 43 1,901 (2) C2) 15 1,163 721 For notes see p. 529. Appendix Table 8—NONNEGOTIABLE CD’S IN DENOMINATIONS OF $100,000 OR MORE, IPC MAXIMUM INTEREST RATES PAID BY MEMBER BANKS ON JANUARY 31, 1967 Maximum rate paid (per cent) Maximum rate paid (per cent) Group Total Total 3-50 3.50 or less 4.00 4.25 4.50 4.75 5.00 5.25 5.50 or less 4.00 4.25 4.50 4.75 5.00 5.25 5.50 NUMBER OF BANKS AMOUNTS (in millions of dollars) AU banks...................................... 882 14 55 5 188 14 343 56 207 2,813 3 35 3 135 3 780 423 1,430 Size of bank (total deposits in millions of doUars): Less than 10......................... 142 5 17 36 4 52 5 23 34 1 5 8 1 12 1 7 10-50.................................. 410 6 26 4 106 4 164 16 84 207 1 9 3 43 1 80 5 62 50-100.r............................... 133 2 4 1 28 5 60 4 29 153 (>) 2 (■) 28 1 59 3 58 100-500................................. 136 1 7 14 1 45 20 48 439 (2) 17 34 l1) 70 136 182 500 and over......................... 61 1 4 22 11 23 1,981 I2) ........2..3.. 559 278 1,120 528 FEDERAL RESERVE BULLETIN • APRIL 1967 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
F.R. district: Boston................................... 33 1 1 5 11 1 14 53 C) (0 3 17 (2) 18 New York............................. 89 2 5 3 1 34 15 29 788 (2) 1 (*) (') 384 231 171 Philadelphia......................... 61 2 5 ............ 20 1 24 ............ 9 64 (0 4 ..........8.. (J) 36 15 Cleveland.............................. 78 8 ............ 17 4 33 5 11 112 13 7 1 54 9 29 Richmond............................. 59 1 6 8 30 4 10 180 (*) 3 5 94 13 64 Atlanta.................................. 74 1 II ............ 8 1 18 4 31 137 (*) 7 ............ 10 w 23 21 74 Chicago................................. 172 2 9 3 54 4 62 9 29 285 (*) 3 2 60 1 60 50 108 St. Louis............................... 52 3 2 29 11 2 5 71 1 (2) 17 24 (2) 9 Minneapolis......................... 59 ............ 1 ............ 30 ............ 20 1 7 34 (') ............ 12 6 (*) 16 Kansas City. — .................. 70 1 ............ 2 1 46 3 17 57 (9 (') 0) 24 15 17 Dallas.................................... 94 3 4 1 11 2 42 4 27 121 (9 1 (2) 8 (') 44 1 65 San Francisco....................... 41 ....... 2 ............ 1 ............ 12 8 18 910 (■) (2) .........1.4.. 50 843 For notes see below. Appendix Table 9—TIME DEPOSITS, OPEN ACCOUNT, IN DENOMINATIONS OF $100,000 OR MORE, IPC MAXIMUM INTEREST RATES PAID BY MEMBER BANKS ON JANUARY 31, 1967 Maximum rate paid (per cent) Maximum rate paid (per cent) Group Total Total 3.50 3.50 or less 4.00 4.25 4.50 4.75 5.00 5.25 5.50 or less 4.00 4.25 4.50 4.75 5.00 5.25 5.50 NUMBER OF BANKS AMOUNTS (in millions of dollars) All banks. 284 16 58 2 35 6 80 18 69 1,819 3 16 (9 15 7 740 562 477 Size of bank (total deposits in millions of dollars): Less than 10. 31 5 5 4 4 5 2 (9 (2) 10-50........... 81 9 22 13 3 18 14 32 2 4 (9 3 2 12 (9 9 50-100.......... 38 10 4 2 10 26 (9 3 6 (2) 5 100-500........ 78 12 10 3 25 4 23 116 (9 5 5 5 26 5 70 500 and over. 56 3 3 22 10 18 1,640 2 5 696 545 393 F. R. district: Boston........ 11 3 3 3 35 (9 (9 (9 33 New York. - 62 5 5 2 21 8 17 1,218 (2) 597 431 186 Philadelphia 39 7 15 2 5 3 6 151 5 (9 (2) 24 93 28 Cleveland. 24 14 5 2 17 4 (9 5 (9 (9 (9 Richmond 26 6 3 9 5 26 (9 (9 15 (2) 4 Atlanta... 15 2 2 6 2 3 13 (2) (2) 3 (2) 6 Chicago... - 31 7 6 10 8 76 2 14 59 St. Louis.. - 3 (2) (9 (2) Minneapolis (2) (2) Kansas City.. 8 2 4 3 (9 (2) (9 Dallas............. 39 3 5 2 13 15 35 (9 (9 2 (2) 12 15 San Francisco. 25 4 6 244 (9 (9 71 33 139 1 Less than $500,000. still had some deposits outstanding on Jan. 31, 1967; in most cases the amount of deposits 2 Omitted to avoid individual bank disclosure. held by these discontinuing banks was small but in the case of savings bonds and savings Note.—Excludes banks that reported no interest rate paid on the survey date. When a certificates the amount outstanding was $95 million and $62 million, respectively. Time de bank reported a rate in between those shown, it was included in the group paying the next posits, open account, exclude Christmas savings and other special fund accounts. Dollar higher rate. Also excludes a few banks that had discontinued issuing these instruments but amounts may not add to totals because of rounding. TIME AND SAVINGS DEPOSITS 529 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Appendix Table 10—MINIMUM DENOMINATION AND SHORTEST MATURITY ON WHICH HIGHEST RATE WAS PAID BY MEMBER BANKS ON CONSUMER-TYPE TIME DEPOSITS ON JANUARY 31, 1967 (NUMBER OF BANKS) Minimum denomination (in dollars) Shortest maturity (in months) All de- All Size of bank and maximum rate nomi maturi nations 100 & 101 501 1,001 5,001 Over ties 3 or Over under 500 1,000 5,000 25,000 25,000 less 4-6 7-12 13-24 25-60 60 SAVINGS BONDS Size of bank (total deposits, miL $) All banks......................................1..7.4............ 114 17 29 10 3 1 174 83 14 24 2 51 Maximum rate: 4.50% or less............... 101 77 12 11 1 101 47 7 11 1 35 Over 4.50%.......... 73 37 5 18 9 3 1 73 36 7 13 1 16 Under 10.................................................... 42 19 7 11 3 2 42 13 6 8 15 Maximum rate: 4.50% or less.............. 24 12 6 5 1 24 6 3 6 9 Over 4.50%................. 18 7 1 6 2 2 18 7 3 2 ..............6.. 10-50............................................................ 82 61 6 12 3 ................ 82 46 3 9 1 23 Maximum rate: 4.50% or less............... 51 44 2 5 51 28 1 3 1 18 Over 4.50%............. 31 17 4 7 3 ................ 31 18 2 6 ........... • • 5 50-100.......................................................... 12 10 1 1 12 4 3 1 4 Maximum rate: 4.50% or less............... 9 8 1 9 4 3 2 Over 4.50%................. 3 2 1 ..............3.. ................ 1 2 100-500........................................................ 23 15 2 3 2 ................ 1 23 12 4 ................ 7 Maximum rate: 4.50% or less............... 11 8 2 1 11 5 2 4 Over 4.50%................. 12 7 ................ 2 2 ................ I 12 7 ..............2.. ................ 3 500 and over................................................ 15 9 1 3 2 15 8 2 3 ................ 2 Maximum rate: 4.50% or less.............. 6 5 1 6 4 2 Over 4.50%................. 9 4 3 2 ................ 9 4 2 3 SAVINGS CERTIFICATES Size of bank (total deposits, mil. S) All banks..................................................... 1 1,582 580 380 402 176 39 5 i1,582 462 466 598 16 39 Maximum rate: 4.50% or less............... 782 355 239 142 33 II 2 781 164 244 338 7 28 rn Over 4.50%................. 800 225 141 260 143 28 3 801 298 222 260 9 11 □ rn Under 10...................................................... 830 348 217 189 51 23 2 830 177 246 389 7 11 zu Maximum rate: 4.50% or less.,............ 503 230 156 91 16 9 1 503 82 163 248 3 7 > Over 4.50%................. 327 118 61 98 35 14 1 327 95 83 141 4 4 10-50............................................................ 499 162 116 137 70 13 1 499 172 139 170 5 13 zu Maximum rate: 4.50% or less............... 214 91 65 42 14 2 214 59 65 78 2 10 rn Over 4.50%................. 285 71 51 95 56 11 1 285 113 74 92 3 3 co m 50-100.......................................................... 81 24 21 17 17 1 1 180 34 27 16 2 zu Maximum rate: 4.50% or less............... 26 14 7 3 1 1 25 9 8 6 2 < Over 4.50%.......... 55 10 14 14 16 1 ............5..5.. 25 19 10 .............. rn 10 M 0- a 5 x 0 i 0 m .. u .. m .... . r . a .. t . e .. : .. . 4 .. . . 5 .. 0 .. % .... . o .. r .. . l . e .. s .. s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 2 06 4 2 1 5 0 2 1 0 0 34 2 25 2 1 1 1 2 0 4 7 4 . 8 7 33 7 18 5 2 1 4 6 CD Over 4.50%................. 82 15 10 32 23 1 1 83 41 26 13 1 2 C 500 and over................................................ 66 21 6 25 13 1 66 31 21 5 2 7 Maximum rate: 4.50% or less............... 15 10 1 4 15 7 1 1 1 5 Over 4.50%................. 51 11 5 21 13 1 ............5..1.. 24 20 4 1 2 OTHER NONNEGOTIABLE CD’S—LESS THAN 5100,000 Size of bank (total deposits, mil. S) All banks..................................................... 2,932 896 587 878 392 156 23 2,932 893 860 1,119 32 28 Maximum rate: 4.50% or less............... 1,408 619 354 322 85 24 4 1,408 325 430 629 10 14 Over 4.50%................. 1,524 277 233 556 307 132 19 1,524 568 430 490 ! 22 14 Under 10...................................................... 1,545 554 339 449 142 57 4 1,545 348 467 700 18 12 Maximum rate: 4.50% or less............... 864 393 219 196 43 12 1 864 161 257 429 8 9 Over 4.50%................. 681 161 120 253 99 45 3 681 187 210 271 10 3 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
10-50............................................................ 1,034 282 207 312 170 55 8 1,034 360 291 359 13 11 Maximum rate: 4.50% or less............... '448 198 119 91 32 6 2 448 131 138 174 2 3 Over 4.50%................. 586 84 88 221 138 49 6 586 229 153 185 11 8 50-100.......................................................... 149 19 18 53 37 17 5 149 65 52 30 2 Maximum rate: 4.50% or less............... 49 11 10 18 5 4 1 49 13 23 13 Over 4.50%................. 100 8 8 35 32 13 4 100 52 29 17 2 100-500....................................................... 154 29 20 47 37 17 4 154 81 44 27 1 1 Maximum rate: 4.50% or less.............. 39 13 5 15 4 2 39 14 12 12 1 Over 4.50%................. 115 16 15 32 33 15 4 115 67 32 15 1 500 and over............................................... 50 12 3 17 6 10 2 50 39 6 3 2 Maximum rate: 4.50% or less............... 8 4 1 2 1 8 6 I 1 Over 4.50%............. 42 8 2 15 5 10 2 42 33 6 2 1 NEGOTIABLE CD’S—LESS THAN $100,000 Size of bank (total deposits, mil. $) All banks.................................1..,.8..8..5............ 590 312 555 233 159 36 1,885 745 558 563 10 9 727 355 359 150 37 21 5 727 198 213 306 5 5 Over 4.50%................. 1,158 23 S 153 405 196 138 31 1,158 547 345 257 5 4 Under 10 ................................................... 908 371 174 255 69 36 3 908 231 305 360 5 7 449 242 106 72 20 9 449 82 149 210 3 5 Over 4 50%. - ■ • . 459 129 68 183 49 27 3 459 149 156 150 2 2 10-50 ............................................. 629 158 105 214 94 45 13 629 263 189 173 4 218 83 45 67 12 7 4 218 80 54 83 1 Over 4.50%................. 411 75 60 147 82 38 9 411 183 135 90 3 50-100.......................................................... 108 25 10 28 23 21 1 108 68 26 13 1 26 14 3 3 2 4 26 16 5 5 Over 4 50%.......... 82 H 7 25 21 17 1 82 52 21 8 1 100-500 .................................................... 166 28 19 42 37 30 10 166 122 28 14 1 1 29 13 5 7 3 1 29 16 4 8 1 Over 4.50%.......... 137 15 14 35 34 29 10 137 106 24 6 1 500 and over........... -............. 74 8 4 16 10 27 9 74 61 10 3 Maximum rate: 4.50% or less............... 5 3 1 1 5 4 1 ' Over 4.50%.................. 69 5 4 15 10 27 8 69 57 9 3 TIME DEPOSITS, OPEN ACCOUNT—LESS THAN 5100,000 Size of bank (total deposits, mil. $) All banks .. ..............................9..7..7......... 434 85 228 116 95 19 977 585 266 120 3 3 Maximum rate: 4.50% or less............... 652 385 43 124 47 47 6 652 360 212 78 2 Over 4.50%.................. 325 49 42 104 69 48 13 325 225 54 42 3 1 Under 10.................................................... 345 178 33 76 34 23 1 345 183 114 46 2 263 161 21 46 17 18 263 132 102 29 Over 4 50% . . 82 17 12 30 17 5 1 82 51 12 17 2 10-50............................................................ 375 175 35 91 38 29 7 375 217 107 48 3 Maximum rate: 4.50% or less............... 273 163 17 55 15 18 5 273 153 85 33 2 Over 4.50%.......... 102 12 18 36 23 11 2 102 64 22 15 1 50-100.......................................................... 81 36 5 14 13 12 1 81 57 13 10 1 Maximum rate: 4.50% or less............... 50 29 2 6 9 3 1 50 32 9 9 Over 4.50%................. 31 7 3 8 4 9 31 25 4 1 1 100-500........................................................ 110 30 9 31 17 17 6 110 74 23 13 Maximum rate: 4.50% or less............. 51 23 3 15 4 6 51 33 12 6 Over 4.50%................. 59 7 6 16 13 II 6 59 41 11 7 500 and over............................................... 66 15 3 16 14 14 4 66 54 9 3 Maximum rate: 4.50% or less............... 15 9 2 2 2 15 10 4 1 Over 4.50%................. 51 6 3 14 12 12 4 51 44 5 2 1 Excludes one bank for which no information was available. TIME AND SAVINGS DEPOSITS 531 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Appendix Table 11—MEMBER BANKS CHANGING MAXIMUM RATES PAID ON TIME AND SAVINGS DEPOSITS, IPC, MAY 11, 1966, TO JANUARY 31, 1967 (NUMBER OF BANKS) Raised rate Raised rate Raised rate Group B p w o d a s i n e t i k h ts s ch r N a a in n t o e g e Maximu ( m pe r r a c te e n o t n ) Jan. 31 d r u R a c e t e e d B p w o d a s i n e t i k h ts s ch r N a a in n t o e g e Maximu ( m p e r r a c te e n o t n ) Jan. 31 d r u R a c e t e e d B p w o d a s i n e t i k h ts s ch r N a a in n t o e g e Maximu ( m pe r r a c te e n o t) n Jan. 31 d r R u a c e te e d Total o 3 r . l 0 e 0 ss 3 3 . . 0 5 1 0 3 4 . . 5 0 1 0 Total o 4 r . l 0 e 0 s s 4 4 . . 0 5 1 0 4 5 . . 5 0 1 0 O 5. v 0 e 0 r Total o 4 r . l 0 e 0 ss 4 4 . . 0 5 1 0 4 5 . . 5 0 1 0 O 5. v 0 e 0 r SAVINGS CERTIFICATES AND SAVINGS DEPOSITS OTHER NONNEGOTIABLE CD’S * NEGOTIABLE CD’S—5100,000 OR MORE All banks 5,771' 5,191 538 8 110 420 42 4,199 1,658 2,455 75 504 1,647 229 86 811 135 633 37 81 220 295 43 Size of bank (total deposits, mil. $): Under 10......... 3,205 2,817 357 7 76 274 31 2,279 1,006 1,235 51 340 818 26 38 136 8 126 13 24 45 44 2 10-50................ 1,950 1,785 157 32 124 8 1,427 516 890 18 138 641 93 21 319 31 284 18 47 117 102 4 50-100.............. 253 238 12 3 198 53 138 3 14 93 28 7 102 21 80 2 7 26 45 1 100-500............ 272 261 10 210 59 144 2 10 76 56 7 168 44 114 3 3 29 79 10 500 and over.... 91 90 85 24 48 1 2 19 26 13 86 31 29 1 ..........3 25 26 F. R. district: Boston......... 223 208 14 13 89 25 60 11 37 12 4 61 4 51 2 5 9 35 6 New York....... 379 355 22 21 2 226 60 159 11 18 97 33 7 102 20 70 5 4 25 36 12 Philadelphia. ... 379 334 39 11 27 6 285 150 128 4 49 67 8 7 20 7 11 1 4 2 4 2 Cleveland...... 487 434 47 36 6 392 184 206 8 51 131 16 2 38 10 26 5 6 6 9 2 Richmond....... 390 354 34 2 32 2 253 87 161 8 25 115 13 5 46 4 42 6 2 19 15 Atlanta............ 507 452 54 3 51 378 127 247 8 23 184 32 4 62 12 49 6 3 20 20 1 Chicago............. 956 842 106 2 26 78 8 773 309 452 12 150 257 33 12 105 18 80 2 23 24 31 7 Si. Louis............ 445 395 47 3 10 34 3 351 214 135 9 44 75 7 2 30 9 20 4 7 7 2 1 Minneapolis.... 482 421 54 2 33 19 7 418 182 236 60 168 8 47 9 37 14 8 15 1 Kansas City.... 778 698 78 67 2 533 173 350 9 39 285 17 ib 89 15 69 2 - 6 30 31 5 Dallas................ 536 490 43 42 3 357 97 251 5 33 186 27 9 137 13 124 4 7 59 54 San Francisco... 209 208 144 50 70 1 1 45 23 24 74 14 54 ..........11 43 6 Raised rate Raised rate Raised rate Group B w d a i n e t k h s ch N a in n o g e Maximum (p r e a r t e c e p n a t) id Jan. 31 d r R u a c e t e e d B w d a i n e t k h s ch N a in n o g e Maximum (p r e a r t e c e p n a t) id Jan. 31 Re r d a u te ced B w d a i n e t k h s ch N a in n o g e Maximu ( m p e r r a c te e n o t n ) Jan. 31 d r R u a c e t e e d posits rate posits rate posits rate Total o 4 r . l 0 e 0 ss 4 4 . . 0 5 1 0 4 5 . . 5 0 1 0 Total o 4 r . l 0 e 0 s s 4 4 . . 0 5 1 0 4 5 . . 5 0 1 0 Total o 4 r . l 0 e 0 ss 4 4 . . 0 5 1 0 4 5 . . 5 0 1 0 O 5. v 0 e 0 r SAVINGS BONDS NEGOTIABLE CD’S—LESS THAN $100,000 TIME DEPOSITS, OPEN ACCOUNT 2 All banks.............. 172 96 67 8 15 44 9 1,858 521 1,244 148 251 845 93 1,021 285 681 270 100 241 70 55 Size of bank (total deposits, mil. $): 40 24 16 3 4 9 892 217 661 111 168 382 14 346 93 245 132 38 70 5 8 10-50................. 82 47 30 3 8 19 5 622 170 436 31 74 331 16 398 122 260 109 46 90 15 16 50-100................ 12 6 4 2 2 2 108 38 61 3 4 54 9 86 29 53 14 4 25 10 4 100-500.............. 23 11 11 1 10 1 162 65 70 2 4 64 27 121 22 86 13 10 39 24 13 500 and over.... 15 8 6 6 1 74 31 16 1 1 14 27 70 19 37 2 2 17 16 14 532 FEDERAL RESERVE BULLETIN • APRIL 1967 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
F.R. district: Boston.............. 3 2 93 22 62 5 10 47 9 63 25 37 3 2 28 4 1 New York....... 15 7 6 6 2 143 42 85 5 9 71 16 201 65 114 36 11 51 16 22 Philadelphia.... 11 3 8 6 75 34 38 11 16 11 3 180 72 103 65 19 13 6 5 Cleveland......... 12 8 4 2 2 71 25 42 18 11 13 4 101 32 64 45 7 10 2 5 Richmond........ 13! 7 6 2 2 2 125 25 97 13 16 68 3 115 34 74 33 12 23 6 7 Atlanta............ 41 25 14 2 2 173 59 110 19 6 85 4 48 7 38 15 10 10 3 3 Chicago............. 16 13 3 2 231 52 174 21 60 93 5 98 15 82 28 18 30 6 1 St. Louis............ I? 13 3 121 53 65 18 22 25 3 27 2 22 15 3 3 1 3 Minneapolis.... 4 3 1 121 28 90 5 37 48 3 12 12 5 4 3 Kansas City.... 22 10 10 2 8 2 313 70 225 23 46 156 18 21 6 15 2 4 5 4 Dallas................ 8 2 6 4 2 277 58 210 8 17 185 9 93 12 79 17 8 41 13 2 San Francisco... 10 3 5 5 2 115 53 46 2 1 43 16 62 15 41 6 2 24 9 6 1 Includes banks issuing these instruments in all denominations. Note.—This table was compiled by comparing individual bank figures as reported on the 1 Includes banks issuing these instruments in all denominations except those issuing only May 11, 1966, and the Jan. 31, 1967, Surveys for all member banks for which comparable infor Christmas savings and other special accounts. mation was available. Banks raising rates include banks that had no rate on May It, 1966, but began to pay interest by Jan. 31, 1967. Appendix Table 12—CONSUMER-TYPE TIME DEPOSITS, IPC, HELD BY MEMBER BANKS ON JANUARY 31, 1967, BY SIZE OF BANK AND BY MAXIMUM RATE PAID ON ANY ONE TYPE Maximum rate paid (per cent) Maximum rate paid (per cent) Group Total 4.00 or 4.01 4.51 Total 4.00 or 4.01 4.51 less 4.50 5.00 less 4.50 5.00 NUMBER OF BANKS AMOUNT 1 (in millions of doUars) All banks:.................-.................................. 5,726 979 1,«97 3,050 25,080 675 4,348 20,057 Size of bank (total deposits, mil. $): Less than 10....................................... 3,183 688 1,080 1,415 3,192 315 1,257 1,619 10-50 ........................................................ 1,927 246 532 1,149 6,078 238 2,012 3,828 50-100..................................................... 255 20 56 179 2,018 18 544 1,457 100-500..................................................... 270 22 27 221 4,434 71 380 3,982 500 and over........................................... 91 3 2 86 9,358 34 154 9,171 F.R. district: Boston...................................................... 179 28 29 122 479 3 11 466 New York............................................... 354 84 41 229 2,612 15 14 2,582 Philadelphia........................... 357 86 167 104 1,586 63 483 1,040 Cleveland.................................................. 457 163 121 173 1,771 113 262 1,397 Richmond................................................ 356 104 66 186 1,155 62 70 1,022 Atlanta...................................................... 511 108 75 328 1,791 112 195 1,485 Chicago.................................................... 958 126 428 404 5,328 110 1,543 3,675 St. Louis..................-.............................. 454 83 238 133 1,510 116 588 806 Minneapolis.............................................. 487 25 260 202 2,018 31 928 1,058 Kansas City............................................ 799 94 193 512 1,662 32 186 1,444 Dallas........................................................ 608 70 72 466 1,313 17 67 1,229 San Francisco........................................... 206 8 7 191 3,856 1 1 3,854 1 Includes a small amount of deposits outstanding on January 31, 1967, in a few banks that no longer issue certain types of con sumer-type instruments and are not included in the number of issuing banks. Note.—Consumer-type time deposits include the following instruments issued in denominations of less than $100,000: savings certificates, savings bonds, other negotiable and nonnegotiable CD’s, and time deposits, open account. Excludes banks that had no deposits of these types. Dollar amounts may not add to totals because of rounding. TIME AND SAVINGS DEPOSITS____________________________________________________ 533 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Survey of Finance Companies, Mid-1965 Over the past 5 years the major types of Survey, as of similar Surveys conducted by finance companies have been moving to the Board in 1955 and I960,2 was to pro ward greater diversification of their loan vide benchmark data for the Federal Re portfolios. At the same time, they have been serve statistics on consumer credit. In addi shifting from direct borrowing at banks to tion, the Survey was designed to provide borrowing through the issuance of commer the statistical basis for analyzing the evolv cial paper to obtain funds for lending. Large ing structure of this part of the finance in sales and business finance companies are dustry, the composition of its loan portfolio, particularly responsible for this shift within and major sources of its financing and also the short-term debt market. As to market for analyzing any changes that have oc shares, sales finance companies still account curred since the earlier Surveys. for a major portion of the finance company TREND TOWARD DIVERSIFICATION business, but the shares of personal finance and business finance companies have shown All three types of finance companies in an increase since 1960. creased their loans at the expense of other These trends are indicated by the findings types of assets over the 5-year period end of the most recent Survey of Finance Com ing June 1965, as shown in Table 1. panies conducted by the Board of Governors Sales finance companies, the most diversi —a survey, as of June 30, 1965, of the fied of the three major types of companies, assets and liabilities of companies engaged have increased the absolute amount of their in financing consumers and businesses under loans on passenger cars since 1960, but the specialized financing plans. In this Survey relative importance of this type of lending information was obtained from three major —traditionally their specialty—has declined types of finance companies—sales, personal, as the companies stepped up activity in and business.1 The major purpose of the other areas. Newly emphasized areas in clude financing of other retail consumer Note.—This article was prepared by Evelyn M. goods, business receivables, and personal Hurley, the Board’s economist in charge of the Sur vey. The Survey was conducted by the staff of the cash loans. Board of Governors with the cooperation and as Business finance companies, while still sistance of the Federal Reserve Banks and of industry trade associations. Mr. Francis R. Pawley, a former engaged preponderantly in the financing of member of the Board's staff, served as consultant. 1 See p. 541 for a description of each type. Personal finance companies in the current Survey are those en categories of companies called “consumer finance gaged primarily in the business of extending personal companies” and “other personal finance companies” cash loans and having more than half their receiv in the 1955 and 1960 Surveys have been combined ables as such loans. These include companies licensed and termed personal finance companies. The con under State small loan laws and industrial loan com cept, however, is not strictly comparable with the panies extending more than half their loans as per 1965 classification. sonal cash loans. The category “personal finance 3 Articles describing the 1955 and 1960 Surveys companies" did not exist in either the 1955 or the were published in the Federal Reserve Bulletins for 1960 Survey. For purposes of comparison, the two April 1957 and October 1961, respectively. 534 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
SURVEY OF FINANCE COMPANIES, MID-1965 535 Table 1 Distribution of Assets of Specialized Types of Finance Companies, 1955, 1960, and 1965 (In per cent) Sales finance Personal finance Business finance Type of asset 1955 1960 1965 1955 1960 1965 1960 1965 Total loans (gross)........................ 93.5 98.4 98.5 77.8 82.9 96.5 96.4 97.5 Less ’ reserves.................................................... 7.9 8.4 8.2 4.7 8.1 13.1 6.8 5.5 Total loans (net)............................................... 85.6 90.0 90.3 73.1 74.9 83.4 89.6 92.0 Cash and bank balances.................................... 6.6 5.3 3.2 8.1 6.3 5.6 7.1 4.7 Investments................................................. 5.7 2.9 4.8 14.7 9.9 8.5 1.4 2.0 Other assets........................................................ 2. 1 1.8 1.7 4.1 9.1 2.6 1.9 1.3 Total assets, net............................................. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Total net assets (millions of dollars)................ 10,077 16,242 21,189 4,310 5,246 9,193 3,490 5,893 Note.—Components may not add to total due to rounding. business receivables, have begun to expand size. See Supplementary Tables 6 through into the consumer credit areas. In particu 12. ' lar, they have increased their relative and Companies with $25 million and more absolute holdings of Ioans on other retail in gross loans outstanding, although con consumer goods paper and of personal cash. stituting 5 per cent or less of the number of Among personal finance companies, con companies, accounted for 80 per cent or centration in personal cash loans has de more of the total gross loans reported in the clined slightly, while the share of business current Survey. This was true for each of receivables has increased. In their business the major types as well as for the whole. In financing, personal finance companies tend 1960 companies with gross loans of $25 to specialize in commercial accounts re million and over held a smaller proportion ceivable, discounted receivables of other fi of total receivables in each group. The 1965 nance companies, and miscellaneous busi Survey showed declines in relative impor ness loans, whereas sales finance companies tance of companies to be largest for those concentrate more in the areas of wholesale with loans of less than $5 million, as is auto and equipment financing. shown in Table 3. Growth by size and type of company. The expansion in the share of total loans The total number of specialized finance for companies with $25 million and over in companies and the total loans outstanding receivables may be attributed to several fac at each type are indicated in Table 2. Over tors: (1) an increase in the number of fi the 5-year period 1960-65 gross loans of nance company subsidiaries organized since sales finance companies grew by about 30 the 1960 Survey; (2) further growth of per cent, while loans of business finance companies already in the $25 million and firms rose more than twice that rapidly, over category; (3) a decrease since 1960 and loans of personal finance companies in the number of finance companies with less rose more than three times as fast (Supple than $25 million in receivables, at least mentary Table 1). Since loans account for partly reflecting the reclassification of grow by far the largest part of the total assets held ing companies formerly in the smaller size by finance companies, gross loans are used classes; and (4) a change in classification of as the basis for classifying the companies by companies in the 1965 Survey. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
536 FEDERAL RESERVE BULLETIN • APRIL 1967 Sales finance companies. In dollar Table 3 amounts, sales finance companies have re Percentage Distribution of Total Gross Loans and Total Number of Companies, 1960 and ported sizable increases of sales financing, 1965, Classified by Size of Company personal cash loans, and business financing Gross receivables (in millions of dollars) since 1960 (Supplementary Table 1). How ever, they have not maintained their 1955 Type of company 25 and over 5-25 Under 5 60 rate of growth. Indeed, growth in re 1960 1965 1960 1965 1960 1965 ceivables between 1960 and 1965 was restricted to the group of companies that Gross loans Sales finance......... 85 93 7 3 8 4 Personal finance..... 60 80 ll 10 28 10 had loans of $25 million and over. More Business finance........ 74 84 15 11 12 5 over, this size class was responsible for the Total...................... 79 88 9 6 12 6 growing importance of business credit Number of companies Sales finance.......... 2 4 4 4 94 92 among sales finance companies, and was the Personal finance........ ___2 1 3 98 95 Business finance..... 3 5 7 7 89 88 only one to show an increase in number of Total.................... 1 3 3 4 96 93 companies since 1960. The reduction in the * Less than .5 of 1 per cent. proportion of passenger car loans was con Note.—Size of company is based on consumer Ioans outstanding for sales and personal finance companies, and based on business centrated in the holdings of companies with loans for business finance companies. total receivables of $5 million and over. Those in the under $5 million category, in fifths to two-fifths. At the same time, the im contrast, showed an increase in the propor portance of loans on other retail consumer tion of their total receivables accounted for goods, personal cash loans, and business by auto paper. financing increased. Over the decade from 1955 to 1965 the All sizes of sales finance companies have proportion of sales finance company re felt the increased competition of commercial ceivables accounted for by retail loans on banks and other lenders for passenger car passenger cars dropped from over threeloans. The larger companies have been shifting into other areas. Small companies, Table 2 faced with competition from banks, larger Finance Companies Surveyed, I960 and 1965 finance companies, and other lenders—but without the resources needed to diversify—- Finance companies Gross loans outstanding appear to have merged with others or, in Type of company Number Per cent I o n f m do il l l l i a o r n s s Per cent some cases, to have gone out of business entirely. The number of small companies in June 30, 1960 the 1965 Survey was considerably less than Sales finance........ 2,021 31 15,969 66 in the 1960 Survey. Of all small companies Personal finance. . 3,795 59 4,347 20 Business finance.. 608 10 3,365 14 to whom forms were sent in 1965, 25 per All types.......... 6,424 100 23,681 100 cent had become subsidiaries of other re porting companies or had gone out of busi June 30, 1965 ness (see table on page 541). Sales finance........ 1,224 29 20,865 59 Personal finance.. 2,497 58 8,870 25 Personal finance companies. Personal Business finance.. 572 13 5,747 16 finance companies increased the dollar All types.......... 4,293 100 35,482 100 amounts of their loans in all of the major Note,—-Estimates for all companies based on the 1960 and 1965 financing areas. The rate of growth for Surveys of Finance Companies. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
SURVEY OF FINANCE COMPANIES, MID-1965 537 1960-65 was much larger than that for Technical Note at the end of this article. In 1955-60. As a group these companies had addition, it may reflect competition from about the same distribution of receivables other personal finance companies, mergers in 1965 as they had 10 years earlier; it may within the industry, and increased effort by be noted, however, that a trend toward the larger sales and business finance com greater specialization that had developed panies to acquire small loan subsidiaries. from 1955 to 1960 was reversed in the Business finance companies. As of 1960-65 period. In recent years personal June 30, 1965, business finance companies finance companies also have renewed their held virtually all of their loans in business interest in business financing, an area of receivables, mainly retail paper on equip activity that had almost disappeared in ment and business loans (Supplementary 1960. Table 1). Nevertheless, it should be noted As with sales finance companies size of that in both the 1960 and the 1965 Surveys company was a factor in the shifting pat the dollar amount of their business receiv tern of receivables. The larger companies— ables was less than the amount held by sales those with receivables of $5 million and finance companies, including their business over—accounted for the decline in relative financing subsidiaries. This difference may importance of personal cash loans held. The be related in part to the diverse nature of smaller companies—those with receivables the business financing field. Business financ of less than $5 million—reported a gain in ing can be broken into three major areas: the proportion of such loans held. Again financing of wholesale paper; financing of following the pattern of sales finance com retail paper arising from the sale to busi panies, all of the increase in business financ ness of commercial vehicles and equipment; ing by personal finance companies was ac and financing of other business credit. In counted for by those with receivables of 1965 sales finance companies clearly domi $25 million and over. nated the financing of wholesale items, For both the personal finance and sales while business finance companies played a finance groups the larger companies moved similar role in other business credit (Sup toward increased diversification of receiv plementary Table 3). In the financing of ables and the smaller ones remained more retail paper arising from the sale of com specialized. In part, the shifts in the per mercial vehicles and equipment, both types sonal finance sector may reflect changes in of companies were important. classification. Several companies classified Except for a few large, diversified firms, as sales finance in 1960 reported receivables business finance companies tend to con portfolios in 1965 which required that they centrate on a specific type of lending: some be classified as personal finance companies. emphasize financing of equipment, others This helps to account for the growth in emphasize financing of accounts receivable. number of personal finance companies in The maturity of the loan may be used to the $5 million-$25 million and in the $25 distinguish the two types—financing of million-and-over categories. equipment usually ranges from 2 to 5 years The sharply reduced number of small per or more, while financing of accounts re sonal finance companies is due, in part, to ceivable generally averages less than 60 changes in classification, as described in the days. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
538 FEDERAL RESERVE BULLETIN • APRIL 1967 Large business finance companies—those ness finance companies as a group had ob with total receivables of $25 million and tained a little more than half of their funds over—have made some effort toward diver through short-term borrowing. This rather sification into the consumer credit area over large amount reflected, in turn, both the the past 5 years, mainly through increased high proportion of short-term loans in their financing of other retail consumer goods. portfolios and the short-term fluctuations Nevertheless, they still hold a bigger pro that occur in this type of lending. portion of their receivables in business loans Sales finance companies also had a high than small companies do. short-term debt ratio; here, too, the high Changes in other assets. Finance com ratio reflected the substantial amount of their panies have allocated a progressively smaller business financing. Personal finance com proportion of their assets to cash and bank panies, on the other hand, had obtained a balances since 1960, as shown in Table 1. little less than one-third of their funds from This decrease may reflect not only more ef the short-term market. Most of the loans of ficient use of cash but also the relatively personal finance companies have intermedi greater expansion of companies that tend ate maturities, and variability in the volume to operate with lower cash-to-asset ratios. of these loans tends to be less than in the Since 1960 sales and business finance case of business financing. companies have increased the proportion of Personal finance companies had the high their assets held as investments. This cate est ratio of capital to total funds of the three gory includes investment in foreign sub types of companies on June 30, 1965. This sidiaries and domestic nonfinance company is because the small companies, which typi subsidiaries; such investments probably ac cally have higher capital ratios, are rela count for most of the increase. tively more important in the personal finance Continuing the trend noted in 1960, per group than they are in the sales and business sonal finance companies are changing their finance sectors. Moreover, personal finance method of accounting and are valuing their companies have a higher proportion of un receivables on a gross rather than net basis. secured loans, which leads to a greater risk Their reserves have shown a corresponding factor and the need for maintaining a higher increase. The sharp drop, compared with capital ratio. 1960, in the total of investments and other Although both sales finance and business assets of personal finance companies may finance companies obtain a high proportion reflect changes in Survey methods, as ex of their resources from short-term loans, plained in the Technical Note. they tap somewhat different sources for these funds. In 1965 almost one-third of the funds SOURCES OF FINANCING, 1965 SURVEY of sales finance companies had come from the commercial paper market, and about 95 The sources of financing for the different per cent of this paper had been placed di types of finance companies are associated rectly with lenders. Comparable figures for with the terms and relative risk of the loans in their respective portfolios, company size, business finance companies, on the other variability in volume of loans, and availa hand, were about one-fourth and threebility and cost of the various kinds of financ fourths. ing. For example, as of June 30, 1965, busi Banks provided a little over one-tenth of Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
SURVEY OF FINANCE COMPANIES, MID-1965 539 the sales finance companies’ funds compared folios as well as conditions in the money with one-quarter of the funds for the busi and capital markets. A trend noted in the ness finance group. The choice of bank loans 1960 Survey—an increase in the proportion as opposed to other short-term instruments of their resources that finance companies ob depends largely on relative availability and tained from long-term loans—appeared to cost. In periods of monetary restraint, large be leveling off by 1965, except in the per finance companies may turn increasingly to sonal finance group. The most significant the commercial paper market because changes in sources of funds occurred in the bank funds become less plentiful and more short-term market, especially for sales fi expensive. nance and business finance companies. Both But only large companies have this alter groups showed large decreases in the pro native. Commercial paper is an unsecured portions of funds obtained directly from promissory note, and only large, well-known banks and roughly offsetting increases in the firms able to employ a staff of marketing ex proportions obtained in the commercial perts can sell such notes on the open market. paper market. The Survey showed that most of the paper The rapid growth in the amount of com outstanding as of June 30, 1965, had been mercial paper issued by finance companies sold directly by the issuing company to the over the past 5 years has been due to a com lender. The fact that the business finance bination of factors. First, nonfinancial cor group makes less use of the commercial porations increasingly have found such paper market than do sales finance com paper a useful outlet for their temporarily panies arises at least partly because there are available liquid funds. Such short-term fewer business finance companies in the $25 notes often offered higher yields and more million-and-over class. flexible maturities to lenders than alternative Even though they have access to the com kinds of investments. Second, the finance mercial paper market, large finance com companies found that interest rates on di panies depend upon and continue to use their rectly placed paper have been generally extensive lines of credit at banks. These lines lower than the cost of short-term loans from serve as a protection against unforeseen de banks. Another factor may be that commer mands, which may arise from an increasing cial banks at times could not supply all the volume of receivables, or because of changes short-term funds needed by the expanding, in the money market or seasonal shifts by larger, and diversified finance companies. lenders out of commercial paper. Moreover, Sales finance companies. Sales finance unused lines of credit strengthen a com companies showed a pronounced drop in pany’s position when it is undertaking the the proportion of funds obtained through di sale of either commercial paper or long-term rect borrowing at banks and an equally pro obligations. nounced rise in the proportion obtained through issuance of commercial paper and CHANGES IN PATTERNS OF FINANCING other types of short-term debt (see Supple Sources of financing have shown more pro mentary Table 4). This shift was the re nounced shifts than portfolios have. The sult of changes within the group of com shifts between 1960 and 1965 reflect trends panies having $25 million and over in re and cyclical changes in the structure of port ceivables (Supplementary Table 5). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
540 FEDERAL RESERVE BULLETIN • APRIL 1967 For sales finance companies the pattern crease, in both relative and absolute terms, of financing through long-term debt and in the amount of funds obtained from com capital did not change significantly between mercial paper between 1960 and 1965. 1960 and 1965. " Business finance companies. The 1965 Personal finance companies. Reflecting Survey showed that business finance com the growing number of companies with panies had availed themselves of funds in receivables of $5 million and over since the commercial paper market to a much 1960, the personal finance company sector greater extent than reported in 1960. The has reduced its capital ratio and increased number of these companies in the $25 milthe proportion of its long-term debt out lion-and-over category had increased, and standing. Meanwhile the proportion of some of the larger ones had become better short-term debt in the form of commercial established and, therefore, more attractive paper and other short-term notes has in to investors in commercial paper. At the creased for this sector while the proportion same time because the amount of funds from bank loans has decreased slightly. available in the commercial paper market Of the three types of companies, the per had increased, this market became more ac sonal finance group has used the commercial cessible. Even though they were still heavy paper market least. With the majority of its users of bank loans, business finance com loans for intermediate terms, this group de panies increased their commercial paper pends less heavily on short-term debt than debt from approximately one-seventh of do the sales and business finance companies. their funds in 1960 to a little more than a Moreover, with the majority of its loans un fourth in 1965, and their bank debt de secured, it traditionally has not attracted creased correspondingly. Except for this large numbers of commercial paper inves shift within short-term debt, the pattern of tors. Nevertheless, firms with $25 million financing for these companies did not show and over in receivables reported a sizable in significant changes from 1960. TECHNICAL NOTE The Survey of Finance Companies was de The mailing list for the Survey was built signed to collect data on the major assets up from various sources: the 1960 Survey and liabilities of finance companies engaged mailing list, trade association rosters, in in making short- and intermediate-term in formation on new businesses from the Bu stalment loans to consumers as well as of reau of Old-Age and Survivors Insurance of companies engaged in financing sales of the Social Security Administration, and business and farm equipment and in financ trade journals and newspapers. The mailing ing or factoring business receivables. Other list consisted of approximately 11,000 types of financial institutions, such as banks, names, but reporting forms were sent to credit unions, and savings and loan associa only 5,800. This reduction was the out tions, were not covered. growth of a special sampling procedure (ex- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
SURVEY OF FINANCE COMPANIES, MID-1965 541 plained below), the purpose of which was to amount of consumer and business receiv ease the reporting burden on the industry. ables reported by these respondents was A “long” form 1 asking for comprehen doubled to represent estimated holdings of sive balance sheet data was mailed to all consumer and business receivables by all finance companies known to have receiv small companies. The detailed balance ables of $1 million or more (such companies sheet data obtained for a probability sample accounted for 94 per cent of gross receiv of these companies were then used to esti ables in the 1960 Survey). A short form mate asset and liability distributions for all was sent to a 50 per cent sample (every small finance companies. other one) of the remaining companies on the mailing list. On the basis of information METHODS OF CLASSIFICATION supplied on the abbreviated form it was Finance companies were classified on the possible to select a probability sample of basis of the principal type of receivables on small companies to which the detailed their books as of June 30, 1965. “long” form was then sent. In the case of a Sales finance companies are engaged parent finance company with wholly or principally in purchasing instalment paper partly owned subsidiary finance companies which arises from retail sales of passenger in the United States, a consolidated balance automobiles or other consumer goods or sheet was requested. Finance company sub from outlays for residential repair and mod sidiaries of nonfinance company parents ernization. were included in the Survey. Personal finance companies are engaged Two follow-up requests were made to principally in making personal cash loans. nonresponding companies. For the few Consumer loan companies licensed under large companies that did not answer any of State small loan laws and industrial loan the requests, estimates were made on the companies specializing in personal cash basis of available data. loans are included here. A summary presenting the number of Business finance companies include com forms originally mailed and the major cate mercial finance companies and factors en gories into which the response fell is shown gaged principally in financing or factoring in the table below. business accounts receivable, and companies specializing in financing sales of commer Long forms Short forms Total Number of forms originally mailed........................... 1,060 4,762 5,822 cial, industrial, and farm equipment. Percentage distribution Commercial finance companies mainly do Number returned; Usable forms............. 47.5 29.5 32.8 accounts receivable financing. This type of Not within scope of the Survey....................... 22.5 45.0 40.9 financing involves the assignment of open Subsidiary or branch of reporting company.. 6.2 10.0 9.3 Out of business............ 5.5 14.9 13.2 accounts receivable as collateral on loans. Postal return................ 3.1 12.4 10.6 Not a finance company 4.1 7.1 6.6 The finance company usually assumes no Other............................. 3.6 .6 1.2 Total response................. 70.0 74.5 73.7 responsibility in the collection of these ac Number not returned.......... 30.0 25.5 26.3 counts. In the current Survey loans on com Since only every other one of the small mercial accounts receivable are shown net companies received a short form, the of amounts withheld by the finance com panies pending collection of the accounts by 1See pp. 555-59 for a reproduction of this form. their clients. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
542 FEDERAL RESERVE BULLETIN • APRIL 1967 Factoring, on the other hand, is the out Classification of companies by size was right purchase of accounts receivable with based on total consumer loans for sales fi out recourse, which means the finance com nance and for personal finance companies pany assumes responsibility for checking and on business receivables for business fi credit references, maintaining records, and nance companies. making collections. Payments due to the factored client from the factor have been ESTIMATES FOR NONRESPONDENTS netted against factored commercial accounts In order to obtain estimates of consumer receivable in the Survey. and business receivables for approximately If a client desires, the factor may advance 1,500 nonrespondents to the Survey, the 12 cash for the purchased receivables—or part Federal Reserve Banks conducted a special of the receivables—before the date pn follow-up of a 25 per cent sample of those which payment is due from the customer. not responding. The results, expressed as a For this service the factor charges interest. percentage of the total number of companies Both the advances and interest charges are in the sample, may be compared with the included in advances to factored clients in 1960 Survey. the Survey. Business finance companies also redis Type I960 I96S Within the scope of the Survey............ 51 48 count paper of other finance companies. Subsidiary or branch of reporting company,.. 7 14 Out of business....................................................... 15 15 The rediscounted paper is mostly consumer Could not be located............................................ 15 13 Not a finance company......................................... 12 10 goods paper against which the business fi Total....................... 100 100 nance company advances funds without as suming the responsibility of collection. In Summary totals of consumer and business the current Survey, rediscounted paper is receivables were obtained from the 48 per shown net of balances withheld by the busi cent of the nonrespondents within the scope ness finance company pending collection of of the Survey. Detailed balance sheet data the receivables by the client finance com for the 25 per cent sample were then esti pany. mated from the asset and liability distribu The first step in the classification pro tions already reported by respondents of the cedure involved a separation of business same type and size of business. These data, finance companies from the others. A com in turn, were expanded to represent all non pany with more than half its consumer plus reporters within the scope of the Survey. business receivables in the business area And finally, data for nonrespondents were was classified as business finance. The other included with those for respondents to ob companies were classified as personal fi tain detailed assets and liabilities for all fi nance, if they had more than half their con nance companies and size classes. sumer receivables in personal loans, and as The decrease in the number of companies sales finance companies if they had more covered in the 1965 Survey compared with than 50 per cent in sales receivables. Ap the 1960 Survey (see Table 2 on page 536) pendix 1 (page 557) lists the various types is due to the elimination of some companies of sales receivables on which information in the “other personal finance” category of was requested; business receivables are de 1960, to mergers of medium-size and small tailed in Appendix 2 (page 558). companies with larger companies that were Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
SURVEY OF FINANCE COMPANIES, MID-1965 543 already included in the Survey, and to the The results of the current Survey were high proportion of small companies reported similar to those of the previous Surveys. as having gone out of business since 1960. Heavy concentration of receivables in a rel atively small number of large companies DIFFERENCES IN SURVEY METHODS and the high response rate of these com Whereas forms had been sent to all names panies are evidence that the dollar aggre that appeared on the mailing lists in the gates provide reasonably accurate estimates 1955 and I960 Surveys, the 1965 Survey of the amount and kind of financing done provided for a sampling of companies with by this segment of the finance industry. As receivables of less than $1 million. in the past, less confidence can be placed in In both of the earlier Surveys there had the estimates of the number of companies been concentration of dollar amounts of in the small size classes and, in particular, in rriost types of finance company business in a changes in these numbers from Survey to relatively small number of large companies Survey. Changes in estimating procedures and an excellent response rate from these and in coverage from 1960 to 1965 con large companies. Conversely, a very small tribute to this uncertainty. percentage of the dollar amount of total re As explained previously, the category ceivables was held by a large number of personal finance companies in the 1965 small companies. These small companies Survey includes the consumer finance com tended to specialize in one type of financing, panies but only some of the other personal and each presented a simpler balance sheet finance companies included in the 1955 and than large, diversified companies. It was for 1960 Surveys. Cooperative credit associa this reason that the decision was made in tions and loan funds operated by churches, 1965 to estimate detailed figures from only fraternal orders, or other such organizations a sample of small companies. The data re were excluded this time. They had been quested of this sample and of the large com asked to report in 1960, but since their re panies were more detailed for both receiv sponse rate was poor and the total amount ables and liabilities than in the 1960 Survey, of receivables small, it was decided to elimi but the major balance sheet items were the nate them in 1965. Moreover, these are or same.2 ganizations engaged primarily in types of business outside the scope of the Survey and 3 See description of methods used in the 1955 and they only incidentally hold consumer re 1960 Surveys in the Federal Reserve Bulletins for April 1957 and October 1961, respectively. ceivables. NOTES TO SUPPL ENTARY TABLES 1 Includes lease paper. 9 Includes deposit liabilities, dealer reserves, tax accruals, and other 2 Excludes lease paper on other retail consumer goods, current liabilities not elsewhere classified. 3 Includes retail commercial vehicle paper and lease paper. 1 o Includes inventory loans. . . , . 4 Section IV of Appendix 2 plus other wholesale credit including 11 Includes investment in foreign subsidiaries and affiliates and in inventory loans. nonconsolidated domestic companies. 5 Includes export-import credits. 12 Deposits not withdrawable during term of loan. 6 Net of balances withheld. 13 Includes short-term certificates of thrift or investment. i Less liability to factored client. ’ 4 Includes dealer reserves and all tax accruals. 8 Includes loans on open credit, dealer capital loans, small loans * Less than $500,000 or less than .5 of 1 per cent. for business or farm purposes, and ail other business loans not else Note.—Components may not add to total due to rounding. where classified. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
544 FEDERAL RESERVE BULLETIN • APRIL 1967 Supplementary Table 1 Loans Outstanding at Specialized Finance Companies, 1955, 1960, and 1965 Amount, in Percentage of total Percentage change Total millions of dollars receivables, gross from Survey percentage to Survey change Type of receivable 1955 I960 1965 1955 1960 1965 1955-60 1960-65 1955-65 a. Sales Finance Companies Consumer, total..................................... 7,317 11,165 13,918 78 70 67 52.6 24.7 90.2 Sales receivables................................. 6,896 10,176 12,254 73 64 59 47.6 20.4 77.7 Retail: Passenger cars......................... 5,976 7,599 8,313 63 48 40 27.2 9.4 39.1 Other consumer goods 1............ 897 2,452 3,716 10 15 18 173.4 51.5 314.3 Home repair and modernization loans................................. 23 125 233 * 1 1 443.5 86.4 913.0 Personal cash loans.......................... 421 989 1,664 4 6 8 134.9 68.3 295.2 Business, total 2............................. 1,945 4,683 6,810 20 29 33 140.8 45.4 250.1 Wholesale receivables: Autos............................... 1,176 2,039 2,712 12 13 13 73.4 33.0 130.6 Other consumer goods.................. 95 333 258 1 2 1 250.5 -22.5 171.6 Retail paper on commercial, indus trial, and farm equipment 3.... 452 1,556 2,698 5 9 13 244.2 73.4 496.9 Business loans.................................... 222 755 4 1,142 2 5 5 240.1 51.2 414.4 Other...................................................... 161 121 129 2 1 1 -24.8 6.6 -19.9 Total receivables, gross.............. 9,423 15,969 20,865 100 100 100 69.5 30.7 121.4 b. Personal Finance Companies Consumer, total..................................... 3,146 4,214 8,303 94 97 94 33.9 97.0 163,9 Sales receivables................................. 535 643 1,303 16 15 15 20.2 102.6 143.6 Retail: Passenger cars............................ 196 202 502 6 5 6 3.1 148.5 156.1 Other consumer goods l....... 327 414 774 10 10 9 26.6 87.0 136.7 Home repair and modernization loans........................................ 12 28 26 ♦ 1 ♦ 133.3 -7.1 116.7 Personal cash loans........................... 2,611 3,571 7,001 78 82 79 36.8 96.1 168.1 Business, total 2.................................... 152 75 538 5 2 6 -50.7 617.3 253.9 Wholesale receivables: Autos............................................... 21 16 43 1 1 -23.8 168.8 104.8 Other consumer goods.................. 6 7 19 * ♦ * 16.7 171.4 216.7 Retail paper on commercial, industrial, and farm equipment 3.... 20 14 46 1 1 -30.0 228.6 130.0 Business loans..................................... 105 39 4 430 3 1 5 -62.9 1002.6 309.5 Other....................................................... 53 58 29 2 1 ♦ 9.4 -50.0 -45.3 Total receivables, gross.............. 3,351 4,347 8,870 100 100 100 29.7 104.0 164.7 c. Business Finance Companies Consumer, total..................................... 59 153 2 3 159.3 Sales receivables................................ 49 123 1 2 151.0 Retail: Passenger cars......................... 4 7 ♦ * 75.0 Other consumer goods 1........... 44 116 I 2 163.6 Home repair and modernization loans................................. 1 * * * Personal cash loans........................... 10 30 * 1 200.0 Business, total 2..................................... n.a. 3,268 5,558 n.a. 97 97 n.a. 70.1 n.a. Wholesale receivables: Autos........................................... 175 142 5 2 -18.9 Other consumer goods.................. 72 41 2 1 -43.1 Retail paper on commercial, indus trial, and farm equipment 3.... 1,277 2,105 38 37 64.8 Business loans.................................... 1,744 4 3,269 52 57 87.4 Other....................................................... 38 36 1 1 -5.3 Total receivables, gross........ 3,365 5,747 100 100 70.8 For notes see p. 543. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
SURVEY OF FINANCE COMPANIES, MID-1965 545 Supplementary Table 2 Percentage Distribution of Outstanding Loans at Specialized Finance Companies, 1960 and 1965, Classified by Size of Receivables Sales finance companies Personal finance companies Business finance companies (gross receivables in (gross receivables in (gross receivables in millions of dollars) millions of dollars) millions of dollars) Type of receivable 25 Under 25 Under 25 Under and over 5-25 5 and over 5-25 5 and over 5-25 5 I960 1965 1960 1965 1960 1965 1960 1965 1960 1965 1960 1965 1960 1965 1960 1965 1960 1965 Consumer, total..................... 67 65 87 83 86 93 99 93 97 98 93 97 1 3 6 3 4 5 Sales receivables................. 62 58 74 68 77 81 13 15 14 17 18 10 1 2 5 3 2 4 Retail: Passenger cars............. 47 40 50 35 49 51 3 6 6 7 8 4 * ........ 1 2 Other consumer goodsi..................... 14 17 18 29 25 25 10 9 8 9 8 5 1 2 5 3 1 2 Home repair and modernization loans.... 1 6 5 3 5 * ♦ 1 2 Personal cash loans............ 5 8 13 15 9 11 85 78 83 81 75 87 i 1 ........ 1 1 Business, total 2....................... 33 34 11 10 10 6 1 7 2 1 3 2 99 97 92 96 91 93 Wholesale receivables: Auto................................. 14 14 6 4 4 3 ♦ 2 1 1 7 3 1 2 1 Other consumer goods . . 2 1 1 2 1 1 * * ♦ ♦ * ♦ * 11 4 4 5 Retail paper on commercial, industrial and farm equipment 3........ 11 14 2 2 2 2 1 1 1 44 35 25 58 17 26 Business loans 4................. 5 6 2 3 2 1 1 6 1 * 2 1 49 60 55 34 69 62 Other....................................... * * 2 7 5 2 ♦ * 1 1 4 2 * * 2 1 5 2 Total receivables, gross 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 • .......................... — -----— — _ —— - — — — —— — — Number of companies............ 34 46 87 51 1,900 1,127 17 49 45 73 3,7332,376 21 31 43 40 544 501 For notes see p. 543. Supplementary Table 3 Business Loans Outstanding at Specialized Finance Companies, June 30, 1965 Percentage distribution Amount, in millions of dollars Type of receivable Within type-of-company Within type-of-receivables grouping grouping Sales Business Personal Sales Business Personal Sales Business Personal Wholesale loans................................................ 3,200 951 88 47 17 16 75 22 2 Automotive............................................ 2’712 142 43 40 3 8 94 5 1 Other consumer goods................................. 258 41 19 4 3 81 13 6 Other incl. inventory loans......................... 230 768 26 3 14 5 22 75 3 Retail loans........................................................ 2,221 1,777 35 33 32 6 55 44 1 Commercial vehicles..................................... '757 ’838 19 11 15 3 47 52 1 Business, industrial, and farm equipment. . 1,464 939 16 22 17 3 61 39 I Lease paper........................................................ 485 339 17 7 6 3 58 40 2 Business, industrial, and farm equipment.. 477 328 11 7 6 2 58 40 1 Other.............................................................. 8 1! 6 * * 1 32 44 24 Other business credit 5..................................... 912 2,501 404 13 44 74 24 66 11 Commercial accounts receivable 6............... 278 '619 134 4 11 25 27 60 13 Factored accounts receivable 7.................... 276 323 8 4 6 1 46 53 * Advances to factored clients 6.............. 112 88 2 2 56 44 Rediscounted receivables.............................. 41 155 106 1 3 19 14 51 35 Other 8........................................................... 205 1,316 155 3 23 28 12 79 9 Total business receivables..................... 6,818 5,569 544 100 100 100 52 43 4 For notes see p. 543. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
546 FEDERAL RESERVE BULLETIN • APRIL 1967 Supplementary Table 4 Liabilities and Capital of Specialized Finance Companies, 1955, 1960, and 1965 mill A io m ns o u o n f t d , o in ll ars Pe l r ia c b en il t i a ti g e e s , o g f r o to ss tal Per f c r e o n m ta g S e u r c v h e a y n ge per T ce o n ta ta l ge to Survey change Type of liability 1955 1960 1965 1955 1960 1965 1955-60 1960-65 1955-65 a. Sales Finance Companies Bank loans............................................. 2,751 3,228 2,296 27 20 11 17.3 -28.9 -16.6 Short-term.......................................... 2,521 2,875 2,127 25 18 10 14.0 -26.0 -15.6 Long-term........................................... 230 353 169 2 2 1 53.5 -52.1 -26.5 Commercial paper and other shortterm notes....................................... 2,317 3,866 6,869 23 24 32 66.9 77.7 196.5 Other current liabilities 9...................... 531 1,120 1,930 5 7 9 110.9 72.3 263.5 Other long-term senior debt................. 2,222 4,149 5,423 22 25 26 86.7 30.7 144.1 Subordinated debentures....................... 758 1,548 1,959 8 9 9 104.2 26.6 158.4 All other liabilities...................... 120 113 1 1 120,0 -5.8 Capital and surplus............................... 1,498 2,211 2,599 9 10 12 47.6 17.5 73.5 Total liabilities and capita!............ 10,077 16,242 21,189 100 100 100 61.2 30.4 110.3 Memo: Short-term debt.................................. 4,838 6,741 8,996 48 41 42 39.3 33.5 85.9 Long-term debt.................................. 3,210 6,050 7,551 32 37 36 88.5 24.8 135.2 Total debt....................................... 8,048 12,791 16,547 80 79 78 58.9 29.4 105.6 b. Personal Finance Companies Bank loans............................................. 1,065 1,131 1,793 24 22 20 9.3 58.5 73.2 Short-term........................................... 910 1,069 1,762 21 20 19 17.5 64.8 93.6 Long-term......................................... 125 62 31 3 1 * -50.4 -50.0 -75.2 Commercial paper and other shortterm notes....................................... 589 297 983 14 6 11 -49.6 231.0 66.9 Other current liabilities 9..................... 300 377 773 7 7 8 25.7 105.0 157.7 Other long-term senior debt................. 672 1,388 2,743 16 26 30 106.5 97.6 308.2 Subordinated debentures....................... 237 418 971 5 8 11 76.4 132.3 309.7 All other liabilities................................. 320 88 6 1 -72.5 Capital and surplus............................... 1,477 1,315 1,842 34 25 20 -11.0 40.0 24.7 Total liabilities and capital............ 4,310 5,246 9,193 100 100 100 21.7 75.2 113.2 Memo: Short-term debt................................. 1,499 1,366 2,734 35 26 30 -8.9 100.1 82.4 Long-term debt.................................. 1,034 1,868 3,756 24 36 41 80.7 101.1 263.2 Total debt....................................... 2,533 3,234 6,490 59 62 71 27.7 100.7 156.2 c. Business Finance Companies Bank loans............................................. 1,290 1,470 37 25 14.0 Short-term.............................. 1,218 1,401 35 24 15.0 Long-term........................................... 72 69 2 1 -4.2 Commercial paper and other short term notes............................... 479 1,628 14 28 239.9 Other current liabilities 9..................... 261 213 7 4 -18.4 Other long-term senior debt................. 539 993 15 17 84.2 Subordinated debentures...................... 314 567 9 10 80.6 £.11 other liabilities................................. 66 19 2 * -71.2 n.a. n.a. n.a. n.a. Capital and surplus............................... 540 1,003 15 17 85.6 Total liabilities and capital........... 3,490 5,893 100 100 68.8 Memo: Short-term debt.............................. 1,697 3,011 49 51 77.4 Long-term debt.................................. 925 1,647 26 28 78.1 Total debt....................................... 2,622 4,658 75 79 77.7 For notes see p. 543. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
SURVEY OF FINANCE COMPANIES, MID-1965 547 Supplementary Table 5 Percentage Distribution of Liabilities and Capital of Specialized Finance Companies, 1960 and 1965, Classified by Size of Receivables Sales finance, companies Personal finance companies Business finance companies (gross receivables in (gross receivables in (gross receivables in millions of dollars) millions of dollars) millions of dollars) Type of liability and 2 5 over 5-25 Un 5 der and 2 5 o ver 5-25 Un 5 der and 2 5 o ver 5-25 Un 5 der 1960 1965 1960 1965 1960 1965 I960 1965 1960 1965 I960 1965 1960 1965 I960 1965 I960 1965 Bank loans: Short-term........................... 15 8 40 45 27 36 17 16 37 36 22 26 33 21 46 44 32 33 Long-term........................... 2 1 3 1 5 4 ♦ * ♦ * 4 3 2 * 3 7 1 3 Commercial paper and other short-term notes............. 27 34 8 6 10 10 4 12 8 4 7 9 16 32 9 4 8 11 Other current liabilities 9.. .. 6 9 7 12 10 9 8 8 5 11 6 8 7 3 11 4 7 9 Other long-term senior debt.. 29 27 8 8 6 3 36 35 12 12 14 6 20 19 3 4 6 3 Subordinated debentures....... 10 10 8 7 7 6 6 10 15 14 9 10 9 10 9 8 8 10 All other liabilities................ * 3 4 5 2 7 1 1 1 7 2 2 * 1 2 4 1 Capital and surplus............... 11 11 23 18 30 29 22 18 22 21 32 35 13 15 17 28 31 31 Total liabilities and cap ital ........................... 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Memo: Short-term debt.................. 42 42 48 51 37 47 21 28 46 40 29 35 48 52 56 48 41 43 Long-term debt.................. 41 37 19 15 18 13 42 45 27 27 27 19 31 30 15 19 16 16 Total debt....................... 83 79 67 67 55 60 63 73 72 67 56 55 79 82 71 67 57 59 Number of companies........... 34 46 87 51 1,900 1,127 17 49 45 733,7332,376 21 31 43 40 544 501 For notes see p. 543. Supplementary Table 6 Liabilities and Capital Outstanding of Specialized Finance Companies, 1960 and 1965 June 30, 1960 June 30, 1965 Percentage distribution Percentage distribution Type of liability ou A ts m ta o n u d n in t g, by type of liability ou A ts m ta o n u d n in t g, by type of liability all all companies Sales Business Personal companies Sales Business Personal Bank loans............................. 5,649 57 23 20 5,559 41 26 32 Short-term......................... 5,162 56 24 21 5,290 40 26 33 Long-term.......................... 487 72 15 13 269 63 26 12 Commercial paper and other short-term notes..... 4,642 83 10 6 9,480 72 17 10 Other current liabilities 9,.,. 1,758 64 15 21 2,916 66 . 7 27 Other long-term senior debt.. 6,076 68 9 23 9,159 59 11 30 Subordinated debentures.... 2,280 68 14 18 3,497 56 16 28 All other liabilities. .............. 506 24 13 63 220 51 9 40 Capital and surplus............... 4,066 54 13 32 5,443 48 18 34 Total liabilities and cap ital........................... 24,978 65 14 21 36,275 58 16 25 Memo: Short-term debt............. 9,804 69 17 14 14,741 61 20 19 Long-term debt................. 8,843 68 11 21 12,954 58 13 29 Total debt....................... 18,647 69 14 17 27,695 60 17 23 For notes see p. 543. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
548 FEDERAL RESERVE BULLETIN • APRIL 1967 Supplementary Table 7 Assets and Liabilities of Sales Finance Companies, by Size of Receivables as of June 30, 1965 (In millions of dollars) Size of company (consumer loans outstanding, in thousands of dollars) ----------- Balance sheet item Total 100,000 25,000- 5,000- 2,500- 1,000- 500- 250- 100- Under and over 99,999 24,999 4,999 2,499 999 499 249 100 Assets Consumer receivables........................................ 13.918 11.422 1,290 481 193 266 147 71 37 11 Sales receivables............................................. 12,254 10,104 1,119 394 173 225 129 66 34 10 Retail passenger car................................... 8,313 7,225 484 201 125 134 78 42 17 7 Other retail consumer goods.................... 3,708 2,800 547 167 41 68 44 22 16 3 Mobile homes and ‘campers’................ 980 661 229 47 17 10 15 1 Airplanes, boats, etc............................... 44 19 14 7 * 4 * All other.................................................. 2,684 2,120 304 113 24 54 44 7 15 3 Home repair and modernization loans. .. 233 79 88 26 7 23 7 2 1 Personal cash loans....................................... 1,664 1,318 171 87 20 41 18 5 3 1 Business receivables........................................... 6,818 6,400 316 58 16 13 10 4 1 Wholesale........................................................ 3,200 2,987 149 38 11 9 4 2 ♦ Automobiles................................................ 2,712 2,620 50 22 9 8 1 2 Other consumer goods..............................- 258 204 38 11 2 3 * * Other10........................................................ 230 163 61 5 1 Retail..................................................... 2,221 2,161 42 6 3 3 5 i Commercial vehicles................................... 757 749 3 2 2 i * Business, industrial and farm equipment.. 1,464 1,412 39 6 3 1 3 * Le B as u e s . i . n .. e .. s . s .. . e .. q .. u .. i . p .. m ... e .. n .. t .. . a .. n .. d .. .. m ... o .. t . o .. r .. . v .. e .. h .. i .. c .. l . e .. s . . . . . . 4 4 8 7 5 7 4 4 4 3 5 8 3 3 5 5 3 3 * ♦ 1 1 1 Other............................................................ 8 7 1 Other business credits................................... 912 807 90 11 2 1 i Commercial accounts receivable 6............. 278 230 47 1 • ♦ Factored accounts receivable?.................. 276 264 12 * * Advances to factored clients...................... 112 110 2 Rediscounted receivables6......................... 41 33 7 1 Others.......................................................... 205 170 22 9 2 i ♦ 1 Other receivables................................................ 129 68 8 38 5 6 ♦ 3 1 ♦ Total receivables—Gross.................................... 20,865 17,890 1,614 577 214 285 157 78 38 12 Less: Reserves for unearned income............ 1,438 1,153 158 49 20 29 16 9 3 1 Less: Reserves for losses............................... 298 234 33 12 4 8 5 1 1 Total receivables—Net...................................... 19,129 16,503 1,423 516 190 248 136 68 34 11 Cash.............................................................. ■ • ■ 686 521 86 35 14 15 7 4 3 1 Other loans and investments............................. 1,020 885 90 23 8 6 3 2 2 * U.S. Government obligations...................... 79 71 3 2 3 * « Other marketable securities........................... 177 165 1 8 2 1 Nonmarketable securities 11........................... 764 649 86 13 8 1 2 2 2 * Other assets........................................................ 356 255 52 18 8 9 6 3 4 1 Total assets................................................. 21,189 18,164 1,651 592 220 277 152 77 43 13 Liabilities and capital Loans and notes payable to banks................... 2,296 1,204 508 268 123 104 54 24 8 3 Short-term....................................................... 2,127 1,110 468 265 95 102 54 23 7 3 Long-term....................................................... 169 94 40 3 28 2 ♦ 1 1 Commercial paper.............................................. 6,512 6,367 130 15 Short-term....................................................... 6,512 6,367 130 15 * Directly placed........................................... 6,186 6,176 7 3 ♦ Dealer placed.............................................. 326 191 123 12 Other short-term notes...................................... 357 159 94 23 16 35 16 6 7 i Deposit liabilities............................................... 240 118 38 40 14 17 11 2 Hypothecated^............................................. 7 7 Other 13............................................................ 233 iis 38 40 14 10 11 2 Other current liabilities h................................. 1,690 1,558 73 31 10 8 6 3 1 Other long-term indebtedness........................... 7,382 6,736 488 88 22 26 14 4 3 i Senior debt...................................................... 5,423 5,060 289 48 2 14 6 I 2 i Subordinated debt......................................... 1,959 1,676 199 40 20 12 8 3 1 All other liabilities............................................. 113 58 17 21 5 4 5 1 2 * Capital and surplus............................................ 2,599 1,964 303 106 30 83 46 37 22 8 Total liabilities, capital, and surplus........ 21,189 18,164 1,651 592 220 277 152 77 43 13 Memo: Short-term debt............................................... 8,996 7,636 692 303 111 137 70 29 14 4 Current liabilities........................................... 10,926 9,312 803 374 135 162 87 34 15 4 Long-term debt............................................... 7,551 6,830 528 91 50 28 14 5 4 1 Total debt....................................................... 16,547 14,466 1,220 394 161 165 84 34 18 5 Commercial paper—Directly placed............ 6,186 6,176 7 3 * Commercial paper—Dealer placed.............. 326 191 123 12 Number of companies....................................... 1,224 17 29 51 51 167 194 207 237 271 For notes see p. 543. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
SURVEY OF FINANCE COMPANIES, MID-1965 549 Supplementary Table 8 Assets and Liabilities of Personal Finance Companies, by Size of Receivables as of June 30, 1965 (In millions of dollars) Size of company (consumer loans outstanding, in thousands of dollars) Balance sheet item Total 100,000 25,000 5,000 2,500 1,000 500 250 100 Under and over 99,999 24,999 4,999 2,499 999 499 249 100 Assets Consumer receivables........................................ 8,297 4,957 1,592 840 199 214 199 153 104 39 Sales receivables............................................. 1,296 759 303 143 4t 25 10 10 4 1 Retail passenger car paper........................ 502 239 164 59 12 15 5 5 2 1 Other retail consumer goods paper...... 768 513 129 76 29 9 5 4 1 1 Mobile homes and ‘campers*................ 128 112 10 4 1 1 * * * * Airplanes, boats, etc............................... 5 1 2 2 ♦ All other.................................................. 635 400 117 70 *28* 8 4 4 1 • Home repair and modernization loans... 26 7 10 7 1 ♦ 1 Personal cash loans........................................ 7,001 4,198 1,289 697 158 189 189 143 100 38 Business receivables. ......................................... 544 403 113 11 5 2 4 4 2 * Wholesale paper............................................. 88 56 20 8 2 1 ♦ * Automobiles........................................... 43 22 12 6 1 1 ♦ * Other consumer goods............................... 19 14 2 2 * • Other10.................................................... 26 20 6 Retail paper.................................................... 35 26 7 1 Commercial vehicles................................... 19 15 3 * * Business, industrial and farm equipment.. 16 11 4 1 * * ♦ Lease paper.................................................... 17 6 8 1 2 Business equipment and motor vehicles... 11 8 1 2 Other........................................................... 6 6 Other business credit 5................................ 404 315 78 2 2 * 4 1 I ♦ Commercial accounts receivable6............. 134 113 21 * * * Factored accounts receivable 7.................. 8 8 Advances to factored clients..................... Rediscounted receivables6......................... 106 99 6 ♦ Other8......................................................... 155 95 51 2 1 * 3 1 1 * Other receivables................................................ 29 6 3 5 2 5 1 3 3 1 Total receivables—Gross-.................................. 8,870 5,366 1,708 856 206 221 204 160 109 40 Less: Reserves for unearned income........... 947 584 194 84 21 19 27 13 4 1 Less: Reserves for losses.............................. 260 162 46 24 6 6 7 5 3 1 Total receivables—Net....................................... 7,662 4,620 1,468 748 178 196 170 142 102 38 Cash................................................................... 516 234 158 68 14 15 9 7 7 4 Other Ioans and investments............................. 779 691 41 18 5 9 5 5 5 1 U.S. Government obligations....................... 38 20 13 3 2 Other marketable securities........................... 89 74 6 1 2 2 2 Nonmarketable securities it.......................... 652 597 22 14 4 5 3 3 3 1 Other assets........................................................ 235 116 52 28 8 8 8 7 6 2 Total assets................................................. 9,193 5,661 1,719 862 205 228 192 161 120 45 Liabilities and capital Loans and notes payable to banks................... 1,793 633 569 315 74 70 58 42 27 5 Short-term..................................................... 1,762 633 569 312 67 66 54 34 22 5 Long-term..................................................... 31 2 7 4 4 8 5 * Commercial paper.............................................. 858 698 121 31 2 4 1 Short-term...................................................... 847 697 119 25 2 4 Directly placed.......................................... 269 263 3 2 Dealer placed.............................................. 578 434 116 24 4 Long-term............................................. It 1 2 7 I Directly placed........................................... 10 2 7 1 Dealer placed.............................................. 1 1 Other short-term notes...................................... 125 14 23 5 12 16 23 20 8 4 Deposit liabilities............................................... 451 121 225 53 12 32 3 2 3 Hypothecated12.............................................. 27 5 6 4 7 2 1 1 Other O........................................................... 424 121 220 46 8 25 1 1 2 Other current liabilities14................................. 322 225 34 41 5 8 5 2 2 Other long-term indebtedness........................... 3,714 2,784 551 226 51 34 30 27 9 2 Senior debt...................................................... 2,743 2 270 307 105 14 11 13 17 5 1 Subordinated debt.......................................... 971 514 244 121 37 23 17 10 4 1 All other liabilities............................................. 88 51 6 9 2 6 5 4 3 2 Capital and surplus............................................ 1,842 1,135 190 182 46 58 68 64 67 32 Total liabilities, capital, and surplus........ 9,193 5,661 1,719 862 205 228 192 161 120 45 Memo: Short-term debt............................................. 2,734 1,344 711 342 81 86 77 54 30 9 Current liabilities........................................... 3,507 1,690 970 436 98 126 85 58 35 9 Long-term debt............................................. 3,756 2,785 553 235 58 38 34 35 15 2 Total debt....................................................... 6,490 4,129 1,264 577 139 124 111 89 45 11 Commercial paper—Directly placed............ 279 263 5 7 2 1 Commercial paper—Dealer placed........... 579 435 116 24 4 Number of companies....................................... 2,497 14 35 73 57 143 278 454 648 795 For notes see p. 543. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
550 FEDERAL RESERVE BULLETIN • APRIL 1967 Supplementary Table 9 Assets and Liabilities of Business Finance Companies, by Size of Receivables as of June 30, 1965 (In millions of dollars) Size of company (business loans outstanding, in thousands of dollars) Balance sheet item Total 100,000 25,000 5,000 2,500 1,000 500 250 1 GO- Under and over 99,999 24,999 4,999 2,499 999 499 249 100 Assets Consumer receivables......................................... 142 110 3 15 6 1 2 2 2 1 Sales receivables............................................. 112 83 3 15 5 I 2 2 Retail passenger car paper......................... 7 3 2 2 Other retail consumer goods paper.......... 105 83 3 15 2 I 1 * Mobile homes and ‘campers*................ 12 11 * ♦ Airplanes, boats, etc. ................ 12 12 ♦ All other.................................................. 81 72 3 3 1 I 1 Pe H rs o o m na e l r c e a p sh ai r l o a a n n d s . m ... o ... d .. e .. r . n .. i . z .. a .. t . i . o ... n .. . l . o .. a .. n .. s .. . . .. . . . 30 27 1 1 * i Business receivables........................................... 5,569 3,844 842 603 81 81 40 57 16 5 Wholesale paper............................................. 951 762 94 75 11 5 3 1 Automobiles................................................ 142 140 1 1 Other consumer goods............................... 41 1 2 23 10 4 1 Otheri®........................................................ 768 621 92 52 1 1 Retail paper.................................................... 1,777 1,279 221 211 24 18 3 16 4 2 Commercial vehicles.................................. 838 '797 11 13 6 5 5 1 Business, industrial, and farm equipment. 939 482 210 197 18 13 3 11 3 2 Lease paper..................................................... 339 63 111 154 2 9 1 Business equipment and motor vehicles... 328 59 107 152 2 8 1 Other............................................................ 11 4 4 2 1 Other business credits.................................... 2,501 1,740 416 163 44 49 37 41 9 2 Commercial accounts receivable6............. 619 347 126 42 32 28 26 15 3 Factored accounts receivable?.................. 323 109 165 31 9 6 2 1 Advance to factored clients....................... 88 33 48 7 ♦ Rediscounted receivables 6.............. 155 84 35 30 5 1 i Other 8.......................................................... 1,316 1 > 167 42 53 12 12 6 20 3 Other receivables................................................ 36 17 5 8 1 1 3 1 Total receivables—Gross................................... 5,747 3,971 850 626 87 83 43 62 19 6 Less: Reserves for unearned income........... '248 159 39 33 6 4 2 4 1 Less: Reserves for losses....................... 79 41 13 18 2 2 1 1 Total receivables — Net............................. 5,420 3,771 798 575 79 77 40 57 17 6 Cash.................................................................... 279 151 68 37 8 5 3 5 1 1 Other loans and investments............................. 118 65 23 25 1 ♦ ♦ 3 1 U.S. Government obligations.................... 6 4 1 « * Other marketable securities,.................... 21 2 3 15 1 Nonmarketablesecurities 11............... 91 59 19 10 * ♦ ♦ 2 * Other assets..................................................... 75 25 23 20 2 1 * 2 1 1 Total assets.................................................. 5,893 4,012 912 657 90 83 44 64 22 9 Liabilities and capital Loans and notes payable to banks.................. 1,470 599 426 335 40 33 13 20 3 1 Short-term...................................................... 1,401 599 413 287 36 29 13 20 3 1 Long-term....................................................... 69 * 13 48 4 4 * Commercial paper.............................................. 1,563 1,503 53 7 Short-term...................................................... 1,545 1,485 53 7 Directly placed........................................... 1,211 1,205 6 Dealer placed.............................................. 334 280 47 7 Long-term....................................................... 18 18 Directly placed................................... 1 1 Dealer placed.............................................. 17 17 Other short-term notes...................................... 65 6 8 18 7 11 6 6 3 Deposit liabilities........................................... 16 1 1 14 Hypothecated 12.............................................. 7 7 Other 13............................................................ 9 1 7 Other current liabilities!^................................. 197 133 27 23 2 3 5 2 2 Other long-term indebtedness........................... 1,560 1,202 239 78 12 14 7 5 3 Senior debt...................................................... 993 861 96 26 1 7 1 1 Subordinated debt.......................................... 567 341 143 52 11 7 6 5 2 All other liabilities............................................. 19 3 4 10 * ♦ « 1 * « Capital and surplus............................................ 1,003 566 154 185 15 22 14 29 11 7 Total liabilities, capital, and surplus........ 5,893 4,012 912 657 90 83 44 64 22 9 Memo: Short-term debt..................................... 3,011 2,090 474 312 43 40 19 26 6 1 Current liabilities........................................... 3,224 2,223 502 336 59 43 24 28 8 1 Long-term debt.............................................. 1,647 1,220 252 126 16 18 7 5 3 Total debt........................................................ 4,658 3',3IO 726 438 59 58 26 31 9 1 Commercial paper—Directly placed............ 1,212 1,206 6 Commercial paper—Dealer placed............... 351 297 47 7 Number of companies................................ 572 13 18 40 25 55 63 139 86 133 For notes see p. 543. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
SURVEY OF FINANCE COMPANIES, MID-1965 551 Supplementary Table 10 Distribution of Assets of Finance Companies, by Size and Type of Company as of June 30, 1965 (In per cent) Size of company (consumer loans outstanding, in thousands of dollars) Type of company, and type of asset Total 100,000 25,000 5,000 2,500 1,000 500 250 1 DO- Under andover 99,999 24,999 4,999 2,499 999 499 249 100 Sales finance companies Loans: Receivables from consumers..................... 65.7 62.9 78. 1 81.2 87.7 96.0 96.7 92.2 84.1 84.6 Receivables from business............................. 32,2 35.3 19. 1 9.8 7.3 4.7 6.5 5.2 7.7 Other receivables........................................... .6 .4 .5 6.4 2.3 2.2 3.9 2.3 Less: Reserves for unearned income............ 6.8 6.3 9.6 8.4 9.1 10.5 10.5 11.7 6.8 7.7 Less: Reserves for losses.............................. 1.4 1.3 2.0 2.0 1.8 2.9 3.3 1.3 2.3 Total receivables—Net..................................... 90.3 90.9 86. 1 87.1 86.4 89.5 89.5 88,3 80.3 84.6 Cash................................................................. 3.2 2.8 5.1 5.9 6.4 5.4 4.6 5.2 6.8 7.7 Other loans and investments............................. 4.8 4.9 5.5 4.0 3.6 2.2 2.0 2.3 4.3 U.S. Government obligations....................... .4 .4 .2 .4 1.1 Other marketable securities........................... .8 .9 . 1 1.3 .7 .7 . 5 Nonmarketable securities.............................. 3.6 3.6 5.3 2.3 3.6 .4 1.3 2.3 3.8 Other assets........................................................ 1.7 1.4 3.3 3.0 3.6 3.2 3.9 3.9 8.6 7.7 Total assets................................................. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Personal finance companies Loans: Receivables from consumers..................... 90.2 87.4 92.6 97.4 97.0 94.3 103,6 95.0 86.7 86.7 Receivables from business............................. 5.9 7. 1 6.6 1.3 2.4 .8 2.1 2.5 1.7 Other receivables............................................ .3 . 1 .2 .6 .9 2.2 .5 1.9 2.5 2.2 Less: Reserves for unearned income............ 10.3 10.3 11.3 9.7 10.3 8.4 14.1 8.1 3.3 2.2 Less: Reserves for losses............................... 2.8 2.9 2.7 2.8 2.9 2.6 3.6 3.1 2.5 2.2 Total receivables—Net..................................... 83.3 81.6 85.4 86.7 87.1 86.3 88.5 88.3 85.0 84.4 Cash................................................................... 5.7 4.3 9.2 7.9 6.8 6.5 4.7 4.4 5.8 8.9 Other loans and investments............................. 8.5 12.2 2.4 2.0 2.7 3.5 2.6 3.1 4.2 2.2 U.S. Government obligations....................... .4 .4 .8 .3 1.1 .2 Other marketable securities........................... 1.0 1.3 .3 . 1 .5 .4 1.0 1.3 1.7 Nonmarketable securities.............................. 7. 1 10.5 1.3 1.5 2.0 2.1 1.6 1.6 2.5 2.2 Other assets........................................................ 2.5 2.0 3.0 3.4 3.9 3.7 4.2 4.2 5.0 4.4 Total assets................................................. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Size of company (business loans outstanding, in thousands of dollars) Business finance companies Loans: Receivables from consumers........ 2.4 2.8 .3 2.2 6.7 1.2 4.5 3.1 9. 1 11.1 Receivables from business............. 94.5 95.8 92.3 91.8 90.0 97.6 90.9 89.1 72.7 55.6 Other receivables........................... .6 .4 .5 1.2 1.2 2.3 4.7 4.5 Less: Reserves for unearned income 4.2 4.0 4.3 5.0 6.7 4.8 4.5 6.3 4.5 Less: Reserves for losses................. 1.3 1.0 1.4 2.7 2.2 2.4 2.3 1.6 4.5 Total receivables—Net........................... 92.0 94.0 87.5 87.5 87.8 92.7 90.7 89.1 79.2 66.7 Cash.......................................... 4.7 3.8 7.5 5.6 8.9 6.0 7.7 7.8 4.1 H.l Other loans and investments... 2.0 1.6 2.5 3.8 1.1 .............. .5 .......1..1....9.. 11.1 U.S. Government obligations . 1 . ( 1.3 Other marketable securities.. .4 . 1 . 3 2.2 1.1 6.5 Nonmarketable securities.... 1.5 1.5 2.1 1.5 .5 10.6 4.6 Other assets............................... 1.3 .6 2.5 3.1 2.2 1.2 1.1 3.1 4.8 11.1 Total assets 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
552 FEDERAL RESERVE BULLETIN • APRIL 1967 Supplementary Table 11 Distribution of Receivables of Finance Companies, by Size and Type of Company as of June 30, 1965 (In per cent) Size of company (consumer loans outstanding, in thousands of dollars) Type of company, and type of loan. Total 100,000 25,000 5,000 2,500 1,000 500 2 SO- 100 Under and over 99,999 24,999 4,999 2,499 999 499 249 100 Sales finance companies Consumer receivables........................................ 66.7 63.7 83.1 83.3 90 2 93.3 92.9 91.9 95.7 89.6 Sales receivables............................................. 58.7 56.6 71.9 68.3 80 7 78.9 81.8 85.0 88.4 83.9 Retail passenger car paper........................ 39.8 40.5 29.9 35,0 58 3 47.0 49.2 54.1 44.2 55.6 Other retail consumer goods paper...... 17.8 15.7 36.1 28.8 19 4 23.9 28.1 27.8 41.4 25.1 Mobile homes and ‘campers’................. 4.7 3.7 15.1 8.1 7 9 3.5 . 1 19.1 3.4 .8 Airplanes, boats, etc.............................. .2 .1 1.0 1.2 1.4 . I .4 All other.................................................. 12.9 11.8 20.1 19.5 11 4 18.9 28.0 8.7 37.9 23.9 Home repair and modernization loans... 1.1 .4 5.8 4.5 3 1 8.1 4.5 3.2 2.9 3.2 Personal cash loans...................................... 7.9 7.1 11.3 15.0 9 4 14.4 11.1 6.9 7.3 5.7 Business receivables.......................................... 32.7 35.9 16.3 10.1 7 6 4.6 7.0 4.8 .8 8.7 Wholesale paper............................................. 15.3 16.8 7.6 6.5 5 2 3.2 2.9 2.5 .3 .1 Automobiles................................................ 13.0 14.7 1.1 3.9 4 4 2.8 .8 2.1 .3 . 1 Other consumer goods............................... 1.2 1.1 2.5 1.8 7 .2 1.8 .4 Other to...................................................... 1.1 .9 4.0 .8 1 .4 .3 Retail paper.................................................... 10.6 12.1 2.7 1.1 1 5 1.4 3.2 1.0 .........3....4.. Commercial vehicles................................... 3.6 4.2 . 1 .7 1.0 .9 3.4 Business, industrial, and farm equipment. 7.0 7.9 2.6 1.1 1 5 . 5 2.1 . 1 Lease paper................................................... 2.3 2.5 .3 .5 1 .6 5.2 Business equipment and motor vehicles... 2.3 2.5 .3 .5 1 5.2 Other............................................................ .6 Other business credit 5............................... 4.4 4.5 5.7 1.9 7 .3 .3 1.3 .5 ............ Commercial accounts receivable 6............ 1.3 1.3 3.1 .2 . 5 Factored accounts receivable 7.................. 1.3 1.5 .8 . 1 . 1 Advances to factored clients............. . 5 . 6 . 1 Rediscounted receivables 6........................ .2 .2 .5 .1 . 1 Other 8.............................................. 1.0 .9 1.2 1.6 7 .2 .2 i.3 Other receivables................................................ .6 .4 .6 6.5 2 2 2.1 .1 3.3 3.5 1.7 Total receivables—Gross........................... 100.0 100.0 100.0 100.0 100 0 100.0 100.0 100.0 100.0 100.0 Personal finance companies Consumer receivables........................................ 93.5 92.4 93.2 98.1 96 6 96.8 97.5 95.8 95.6 97.4 Sales receivables............................................. 14.6 14.1 17.7 16.7 19 9 11.3 4.9 6.1 4.1 3.4 Retail passenger car paper................... 5.6 4.4 9.6 6.9 5 8 6.8 2.5 3.2 1.9 2.2 Other retail consumer goods paper.......... 8.7 9.6 7.5 9.1 14 1 4.1 2.5 2.6 1.3 1.3 Mobile homes and ‘campers’................ 1.4 2.1 .6 .5 5 .5 .1 .1 .4 Airplanes, boats, etc......................... . 1 .1 .2 . 1 All other............................................. 7.1 7.5 6.8 8.2 13 6 3.6 2.0 2.6 1.3 .9 Home repair and modernization loans... .3 .1 .6 .8 1 .3 .2 . 1 .9 Personal cash loans........................................ 78.9 78.2 75.5 81.4 76 7 85.5 92.6 89.7 91.4 94.0 Business receivables........................................... 6.1 7.5 6.6 1.3 2 4 .9 2.0 2.3 1.6 .9 Wholesale paper.........1....0.............1....1..............1....2 .9 1 0 .5 .2 .1 .2 .3 Automobiles.............5..................4................7 .7 5 . 5 .2 Other consumer goods.............................. .2 .3 .2 2 . 1 . 1 .3 Other to...................................................... .3 .4 .3 .1 . 1 Retail paper.................................................... .4 .5 .4 4 .2 .2 . 1 Commercial vehicles................................ .2 .3 .2 1 .2 .2 . 1 Business, industrial, and farm equipment. .2 .2 .2 3 Lease paper................................................... .2 . 1 .5 . 1 1.3 Business equipment and motor vehicles,.. . 1 .5 . 1 1.3 Other............................................................ . 1 . 1 Other business credit 5................................ 4.5 5.8 4.5 .2 1 0 .2 2.0 .7 1.3 .6 Commercial accounts receivable <5............ 1.5 2.1 1.2 .2 ,1 Factored accounts receivable 7................. .1 .1 .2 Advances to factored clients ..................... Rediscounted receivables 6........................ 1.2 1.8 .3 2 .6 Other 8................................................... 1.7 1.8 3.0 .2 5 .2 1.5 .4 1.3 .1 Other receivables................................................ .3 .1 .2 .6 1 0 2.3 .5 1.9 2.5 1.6 Total receivables—Gross........................... 100.0 100.0 100.0 100.0 100 0 100.0 100.0 100.0 100.0 100.0 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
SURVEY OF FINANCE COMPANIES, MID-1965 553 Supplementary Table 11 (continued) Distribution of Receivables of Finance Companies, by Size and Type of Company as of June 30, 1965 (In per cent) Size of company (business loans outstanding, in thousands of dollars) Type of company, and type of loan Total 100,000 25,000 5,000 2,500 1,000 SOO- 250 100 Under and over 99,999 24,999 4,999 2,499 999 499 249 100 Business finance companies (Consumer receivables....................................... 2.5 2.8 .4 2.4 6.0 1.1 4.0 3.1 11.6 17.5 Sales receivables............................................ 1.9 2.1 .4 2.4 5.4 1. 1 4.0 1.4 9.2 5.0 p etail passenger car paper........................ . 1 3.0 4.0 .2 8.7 4.1 Other retail consumer goods paper.......... 1.8 2.1 ,4 2.4 2.2 i. i 1.2 . 5 .8 Mobile homes and ‘campers*......... .2 . 3 .3 . 5 .8 Airplanes, boats, etc............................... .2 1.9 .3 All other................................................ 1.4 1.8 .4 .5 1.6 i.i 1.2 Home repair and modernization loans. .. . 1 Personal cash loans. . .................................... .5 .7 .6 1.7 2.4 12.5 Business receivables ......................................... 96.9 96.8 99. 1 96.4 93.5 98.1 93.8 91.7 83.5 82.5 Wholesale paper .......................................... 16.5 19.2 11.1 12.0 13.0 5.9 14.6 19.1 Automobiles.............................................. 2.5 3.5 , 1 . 5 3.8 19.1 Other consumer goods............................... .7 .2 3.6 11.4 4.8 5.2 Other 10...................................................... 13.4 15.6 10. 8 8.4 1.1 1.2 5.6 Retail paper.................................................. 30.9 32.2 25.9 33.7 27.7 21.7 7.8 24.6 20.4 22.9 (Commercial vehicles. .................. 14.6 20.1 1.3 2.1 6.6 5.8 7.5 4.1 Business, industrial, and farm equipment. 16.3 12. 1 24.7 31.6 21.1 15.8 7.8 17.1 16.3 22.9 T ease paper.................................................... 5.9 1.6 13. 1 24.7 2.5 11.0 9.0 Business equipment and motor vehicles... 5.7 1.5 12. 6 24.4 2.5 10.0 9.0 Other......................................................... .2 .5 .3 .9 Other business credit 5.................................. 43.5 43.8 48.9 26.0 50.3 59.5 86.0 67.1 48.4 31.5 Commercial accounts receivable $............ 10.8 8.7 14.8 6.7 36.2 34.0 61.3 24.4 17.7 3.6 Factored accounts receivable 7................. 5.6 • 2.7 19.4 5.0 11.1 9.6 10.6 16.3 Advances to factored clients..................... 1 5 .8 5.6 1.1 . 1 . 1 Rediscounted receivables 6....................... 2.7 2.1 4.2 4.7 10.8 4.1 Other 8........................................................ 22.9 29.4 4.9 8.5 13.9 14.4 14.0 33.1 16.0 11.6 Other receivables.............................................. .6 .4 .5 1.2 .4 .7 2.2 5.2 4.9 Total receivables—'Gross.............................. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 For notes see p, 543. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
554 FEDERAL RESERVE BULLETIN • APRIL 1967 Supplementary Table 12 Distribution of Liabilities of Finance Companies, by Size and Type of Company as of June 30, 1965 (In per cent) Size of company (consumer loans outstanding, in thousands of dollars) Type of company, and type of liability Total 100,000 25,000 5,000 2,500 1,000 500 250 100 Under andover 99,999 24,999 4,999 2,499 999 499 249 100 Sales finance companies Loans and notes payable to banks............ 10.8 6.6 31.3 45.6 53.9 37 5 33.8 30 8 18 3 19 7 Short-term................ ........................ .10.0 6.1 28.7 45,2 41 8 36.8 33.7 29 5 16 7 19 7 Long-term...................................................... .8 . 5 2.6 .4 12.2 .7 ' , 1 1.3 1 6 Commercial paper.............................................. 30.7 35.1 8.4 2.5 .2 Short-term....................................................... 30.7 35.1 8.4 2. 5 .2 Directly placed........................................... 29.2 34.0 .4 . 5 .2 Dealer placed.............................................. 1.5 1.1 8,0 2.0 Long-term................................................ Directly placed............................................ Dealer placed.............................................. Other short-term notes....................................... 1.7 .9 6.1 3 9 6.9 12 6 10.1 7 2 I 5 4 10.2 Deposit liabilities............................................... 1.1 .6 2.4 6.9 6.2 1 6,9 2’5 Hypothecated12............................................. 2.5 3 Other 13............................................................ 1.1 .6 2.4 6.9 6.2 3.6 6.9 2.2 Other current liabilities3 4.................................. 8.0 8.6 4 6 5 3 4 2 2 9 4 0 3 5 2^8 1 0 Other long-term indebtedness........................... 34.8 37.1 31 5 14 9 9 5 94 9 0 5 2 5 9 4 2 Senior debt.................................................... 25.6 27.9 18.7 8.1 .9 5.1 3.8 1 ^8 3 9 4.2 Subordinated debt.......................................... 9.2 9.2 12.8 6.8 8.6 4.3 5.2 3.4 2.0 All other liabilities............................................ .5 .3 1.1 3.6 2.0 1.4 3.3 1.8 4.8 3.3 Capital and surplus............................................ 12.3 10.8 14.6 17.3 17.0 30.0 33.0 48.9 52.9 61.5 Total liabilities and capital............... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Personal finance companies Loans and notes payable to banks................... 19.5 11.1 33.1 36.5 36.2 30.7 30.2 26.9 22.6 11 7 Short-term...................................................... 19.2 11.1 33.1 36.2 32.8 28.9 28.1 21.6 18.2 11.5 Long-term....................................................... .3 .2 3.4 1.8 2.1 5.2 4.4 .2 Commercial paper............................................. 9.3 12.3 7.0 3.6 1.0 1.8 .5 Short-term....................................................... 9.2 12.3 6.9 2.9 1.0 1.8 Directly placed........................................... 2.9 4.8 .2 1.0 Dealer placed.............................................. 6.2 7.7 6.7 2.8 1.8 Long-term....................................................... .1 .1 .8 .5 Directly placed........................................... J .1 .8 .5 Dealer placed.............................................. Other short-term notes.................................... 1.4 .2 1.3 .6 5.9 7.0 12.0 12.3 6.9 8.0 Deposit liabilities................................................ 4.9 2.1 13.1 6.1 5.9 14.0 1.6 1.5 2.4 Hypothecated 12.............................................. . 3 .7 2.0 3.1 1.0 ,9 .8 Other 13............................................................ 4.6 2.1 12.8 5.3 3.9 11.0 .5 .6 1.6 Other current liabilities14................................. ' 3.5 4.0 1.9 4.8 2.5 3.5 2.6 1.5 1.9 1. 1 Other long-term indebtedness........................... 40.4 49.2 32.1 26.2 25.0 14.9 15.6 16.9 7.5 3.4 Senior debt.................................................... 29.8 40.1 17.8 12.2 6.9 4.8 6.8 10.6 4.1 2.0 Subordinated debt............................. 10.6 9.1 14.1 14.0 18.1 10.1 8.8 6.4 3.4 1.5 All other liabilities............................................. 1.0 .9 .3 1.0 1.0 2.6 2.6 2.2 2.6 5.2 Capital and surplus............................................ 20.0 20.0 11.1 21.1 22.5 25.4 35.4 38.7 55.6 70.6 Total liabilities and capital........................ 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Size of company (business loans outstanding, in thousands of dollars) Business finance companies Loans and notes payable to banks.. ............... 25.0 14.9 46.8 50.6 44.1 38.7 28.6 31.0 12.8 7.2 Short-term....................................................... 23.8 14.9 45.3 43.3 39.2 33.9 28.6 31.0 11.7 7.2 Long-term........................................... 1.2 1.4 7.3 4.9 4.8 1.1 Commercial paper............................................. 26.5 37.5 5.8 1.0 Short-term .............................................. 26.2 37.0 5.8 1.0 Directly placed ......................................... 20.6 30.0 .7 Dealer placed............................................... 5.7 7.0 5.2 1.0 Long-term.................................................. .3 .5 Directly placed............................................ De,aler placed ..................................................... .3 .4 Other short-term notes....................................... 1.1 .2 .9 2.8 8.0 13.1 13.0 10.1 14.2 Deposit liabilities.............................................. .3 .2 14.4 Hypothecated 12............................................. . 1 7.2 Other 13 ................................................... .2 . i .2 7.1 Other current liabilities 14.................................. 3.3 3.3 3.0 3.5 2.1 3.5 10.7 3.9 7.2 5.0 Other long-term indebtedness......................... 26.5 30.0 26.2 11.6 13.0 16.5 15.7 7.9 13.3 4.0 Senior debt..................................................... 16.9 21.5 10.5 3.9 .6 8.7 2.6 6.1 2.0 Subordinated debt.......................................... 9.6 8.5 15.7 7.8 12.5 7.8 13.1 7.9 7.3 1.9 All other liabilities............................................. .3 .1 .4 1.5 .3 .4 2.3 2.1 .4 Capital and surplus............................................ 17.0 14.1 16.8 28.7 18.3 27.9 31.6 44.7 50.4 83.4 Total liabilities and capital........................ 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 For notes see p. 543. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
SURVEY OF FINANCE COMPANIES, MID-1965 555 Note to Branches and Subsidiaries: If your office is a branch or subsidiary of another finance company, please fill in the name and address of your parent company below and return. You need not supply the balance sheet data called for below. Parent Company_____________________________________________________ __ Add re s s_____________________________________________________________ Amount outstanding, in dollars-2/ A S S E I S —(omit cents) June 30, December . . . 1965 31, 1964 1. Receivables from CONSUMERS, gross of reserves, including both direct loans and purchased paper: a. SALES Receivables Credit arising from the retail sale or purchase of new and used passenger cars, mobile homes, airplanes, boats, and other consumer goods; and from home repair and modernization. Include revolving credit and auto repair credit, but not loans secured by real estate. If you have receivables in this category, please use Appendix No. 1 to describe them and work up the total. _________—__ b. PERSONAL LOANS to Individuals and Families Loans made for other household, family or personal expenses. These loans may be unsecured, or secured by life insurance policies, automobiles already paid for, or other collateral. Do not include loans for business or other money-making purposes, nor paper used as collateral for loans to third parties; business loans and all rediscounts belong in item 2 below. _.. , ------ ------------------- 2. Receivables from BUSINESS, of types listed in Appendix No. 2. If you have receivables in this category, please use Appendix No. 2 to describe and sum them up. 3. OTHER Receivables, excluding paper held as collateral. 4, TOTAL RECEIVABLES, Gross of Reserves Sum of items included under la, and lb, 2 and 3 above. -------------------- ------------------- 5. RESERVE FOR UNEARNED INCOME applicable to items 1, 2 and 3. 6, RESERVE FOR LOSSES ON RECEIVABLES in items I, 2 and 3. 7. TOTAL RECEIVABLES-Net of Reserves Item 4 minus the sum of items 5 and 6. 8, CASH Items, including certificates of deposit and other balances at banks and savings institutions. 9. OTHER LOANS AND INVESTMENTS, including investment in nonconsolidated subsidiaries or affiliates: a. U.S. Government obligations ________ b. Other marketable securities c. Nonmarket securities, mortgage investments, and other loans and investments not included elsewhere, j/ _____ .. „. 10. OTHER ASSETS, at book value 11. TOTAL ASSETS (Sum of items 7 through 10.) Investment in foreign subsidiaries and affiliates and in nonconsolidated domestic companies is included in item 9c, 2/ If the following breakdowns are not available from your accounting records, please estimate. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
556 FEDERAL RESERVE BULLETIN • APRIL 1967 Amount outstanding, in dollars — (omit cents) LIABILITIES, CAPITAL AND SURPLUS June 30, December 1965 31, 1964 12. Loans And Notes PAYABLE TO BANKS, excluding commercial paper a. Short-term: original maturities less than one year —/ b. Long-term: original maturities one year or over .J/ 13. COMMERCIAL PAPER (Unsecured negotiable promissory notes) If you issue these, please give details in Appendix No. 3. 14. OTHER SHORT-TERM Notes and Loans Payable (excluding current maturities of long-term debt.) 2/ 15. DEPOSIT LIABILITIES and thrift certificates If you have such liabilities, please give details in Appendix No. 3. 16. OTHER CURRENT LIABILITIES, including dealer reserves and all tax accruals. (Liabilities to subsidiary and affiliated companies should be netted against assets in item 9.) 17. LONG-TERM DEBT, not included in items 12 or 13 above. a. SENIOR debt Unsubordinated long-term loans, notes, certificates, negotiable paper or other indebtedness, including instalments of senior debt due within 12 months. b. SUBORDINATED debt Debt subordinated to other debt by terms of indenture. 18. ALL OTHER LIABILITIES All liabilities not already reported above or against assets. 19. CAPITAL AND SURPLUS Ail common and preferred stock and other capital or surplus accounts. 20. TOTAL LIABILITIES, CAPITAL AND SURPLUS Please make sure total equals total assets (item 11) Memoranda on Long Term Debt _3/ 21. Amount of Long-Term Debt publicly and privately placed or issued by your company during the 6 months ended this date. 22. Amount of Long-Term Debt Retired by your company during the 6 months ended this date. 23* Amount of your company’s Long-Term Debt Maturing in the 12 months ended this date. 3/ Liabilities with original matutitie* iifiad here a* long-term, even if they mature in the next twelve month*. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
SURVEY OF FINANCE COMPANIES, MID-1965 557 APPENDIX 1 Companies financing sales to consumers please complete and return this form Amount outstanding, SALES RECEIVABLES FROM CONSUMERS in dollars (omit cents) June 30, December 1965 31, 1964 Total gross of reserves (for line la). I. RETAIL PASSENGER CAR PAPER; Credit arising from the retail sale of new and used passenger cars except fleet sales. Sales credits on fleet sales and on commercial vehicles, trucks, taxicabs, and farm equipment are business receivables and belong in Appendix No. 2. Consumer loans secured by automobiles already paid for are personal loans (lb). II. OTHER RETAIL CONSUMER GOODS PAPER, including revolving credit* but not lease paper, arising from consumers’ purchases of: A. Mobile homes and "campers”. B. Airplanes, helicopters, boats and trailers not usable as homes. C. All other consumer goods. III. HOME REPAIR AND MODERNIZATION LOANS for existing residential properties occupied by the borrowers. (Loans secured by real estate mortgages go in 9c). * Note: Revolving credit is about per cent of line II. Federal Reserve Board FR-OT Form Approved Budget Bureau No, 55-6504 Expires June 30, 1966 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
558 FEDERAL RESERVE BULLETIN • APRIL 1967 APPENDIX 2 Companies doing business financing please fill in and return this form. RECEIVABLES From BUSINESS: Direct loans and purchased paper, Amount outstanding, gross of reserves for unearned income and losses but net of balances in dollars withheld from customers and amounts owed to factored clients. (omit cents) June 30, December 1965 31, 1964 Total gross of reserves (for line 2). I . WHOLESALE PAPER, arising from transactions between manu facturers or jobbers and dealers, and other "floor plan” loans: A. AUTO Paper, secured by passenger cars or commercial vehicles. B. OTHER CONSUMER GOODS Paper, including wholesale paper on mobile homes atu! other passenger car trailers, boats, air planes and helicopters. Paper secured by farm equipment goes on next line below (IC). C. OTHER WHOLESALE Paper, including inventory loans. 11. RETAIL PAPER, arising from retail sales to businesses: A. Paper on COMMERCIAL VEHICLES, including trucks, busses, taxicabs, truck-trailers, tractor-trailers and other "on-the-road” vehicles, and fleet sales of passenger cars (but no lease paper). B. Paper on BUSINESS, INDUSTRIAL AND FARM EQUIPMENT, including all "off-the-road” equipment (but no lease paper). 111. LEASE PAPER: A. Paper on BUSINESS, INDUSTRIAL AND FARM EQUIPMENT, Passenger Cars, and Commercial Land Vehicles. B. OTHER LEASE Paper, including paper on boats and airplanes. IV. OTHER BUSINESS CREDIT, including export-import credits: A. Loans on commercial accounts receivable, net of balances withheld. B. Factored commercial accounts receivable, less liability to factored clients. C. Advances to factored clients, not included elsewhere, in excess of receivables purchased. Include as advances ail factored client balances that result in a debit position. D. Rediscounted receivables of other finance companies, less balances withheld. E. All other business credit, including loans on open credit, dealer capital loans, small loans for business or farm purposes, and all other business Ioans not elsewhere classified. Federal Reserve Board FR-OT Form Approved Budget Bureau No. 55-6504 Expires June 30, 1966 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
SURVEY OF FINANCE COMPANIES, MID-1965 559 APPENDIX 3 Companies Issuing commercial paper please fill in and return Parts 1 and II below: Amount outstanding, COMMERCIAL PAPER in dollars (omit cents) June 30, December 1965 31, 1964 I. Paper you sold to lenders or investors directly, by passing the dealer: A. Short-term: original maturities less than one year. B. Long-term: original maturities one year or over. II. Paper you sold to or through dealers: A. Short-term. B. Long-term. Companies having deposit liabilities please fill in and return Parts III and IV: DEPOSIT LIABILITIES: III. Hypothecated Deposits of Borrowers, not withdrawable during term of loan. IV. Other deposit liabilities and short-term certificates of thrift or investment. FR-OT Form Approved Federal Reserve Board Budget Bureau No. 55-6504 Expires June 30, 1966 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Statements to Congress Statement of William McChesney Martin, would be considered small. No one can Jr., Chairman, Board of Governors of the seriously question that their well-being Federal Reserve System, before the Senate should concern us all. Select Committee on Small Business, March But the economic contribution that small 17, 1967. businesses make does not rest on a precise I appreciate your invitation to participate measure of how many of them there are, in these hearings. In undertaking an assess how many workers they employ, or how ment of the over-all position of small in many billions of dollars they add to gross dependent enterprises in the national econ national product, or how many new prod omy, you have tackled a job that is far from ucts or processes they have developed. It is easy. Perhaps I can help by sharing with enough to recognize that their contribution you some thoughts about the part that small is very real, that in many important types of business plays in our economy, the role of business activity the small unit is no less monetary policy in fostering a general pros efficient—and frequently is more efficient— perity in which we all can share, the special than larger units, and that our technological credit needs of small business concerns, and and material progress has been advanced the appropriate principles for evaluating by the inventions and innovations of in Government programs intended to assist in dividuals initially working alone. The per meeting these needs. son who prefers to be his own boss deserves I hardly need to remind this committee the opportunity to do so, and a fair chance that when we speak of “small business” we to make a success of it. are speaking of practically all the businesses In our free society, the responsibility of in the country. Only 14 per cent of our non government, as I understand it, is not to farm businesses have sales of over $100,000 order the lives of people but to provide a a year. Only 13 per cent have earnings of climate of opportunity that will encourage over $10,000 a year. Only 16 per cent are them to apply their energy, enterprise, and even corporations; three-fourths are sole ingenuity to bettering the lot of themselves, proprietorships and the rest are partnerships. their families, and their communities, and Even among corporations, all but 16 per thus to promote the welfare of the country cent have annual sales of less than $500,000 as a whole. and, compared with the billion dollar cor That general responsibility is one in which porations on which attention is so often the Federal Reserve System shares. The focused, $500,000 is not very large. direct responsibility of the System, at all There are many ways of measuring the times, is to provide monetary and credit size of a business other than by its sales or conditions that will encourage orderly ex earnings—number of employees, position pansion in business and employment and in its industry, geographic scope of its opera safeguard the value of our dollar at home tions—but no matter how you measure size, and its strength in international markets. By the vast bulk of our millions of businesses so doing, the Federal Reserve can make 560 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
STATEMENTS TO CONGRESS 561 an important contribution to improving the easier to obtain. If we sell, the opposite effect living standards of our people as a whole— is produced. though it cannot achieve that result alone The instruments we use to influence the since its powers are limited to credit matters, willingness and ability of banks to extend and business and employment do not live on credit operate generally and indirectly. Ex credit alone. cept for the authority to control the down The System is concerned primarily with payment requirements on purchases of se making money as useful a mechanism as it curities traded on stock exchanges, the Fed can be for helping men freely to make their eral Reserve has no power to control the own decisions and choices in the market specific terms of a transaction between a places that serve as the cornerstone of our bank and a borrower. We cannot require competitive, private enterprise economy. the allocation of bank funds to specific bor Making money useful in that sense neces rowers or classes of borrowers. Ours is a sarily requires maintaining confidence in the most general influence on the cost and dollar itself as well as in the integrity and availability of credit, used to create a general efficiency of the banking system. financial environment conducive to steady Because we are the custodians of the development of the nation’s resources at a greater part of the reserves the commercial pace that avoids both inflationary excesses banks are required to maintain, and because and periods of underutilization of resources. we can, in large measure, alter the volume It is in this context of how the Federal of both total and required reserves, we can Reserve can influence credit conditions that exert considerable influence over the readi we turn to the access that small business has ness with which the banks will extend credit. to credit flows. Even in a healthy growing The soundness of bank credit, as well as economy, small businesses—especially re the efficient functioning of our market sys latively new small businesses—may face tem, depends to a large extent on the Federal problems that they are less able than older, Reserve’s decisions with respect to what larger concerns to handle. A serious and it should do about the reserve position of important one is obtaining intermediate and the banking system from time to time. long-term credit and equity capital. The instruments for accomplishing this Surveys of business concerns that the include (a) changes in the proportion of Federal Reserve conducted in 1959 and deposits banks must hold as reserves, as in 1960 confirmed the widely accepted view the case of the recent reduction in require that the small-business financing gap was ments against time and savings deposits, (b) for these kinds of more or less permanent changes in the price we charge to member funds. Two surveys were conducted, each banks for borrowing reserve funds, as when requesting information on financing experi the “discount rate” is changed, and (c) ence in a single year. One covered about purchases and sales of Government securi 3,000 manufacturing corporations and the ties in the open market. If we buy Govern other about 8,500 unincorporated retailers. ment securities, we add to bank reserves, Both surveys indicated that small con in effect substituting Federal Reserve credit cerns were much more successful in meet for private credit that had been extended to ing their needs for short-term credit than in the Government and freeing private funds obtaining longer-term credit or equity cap for other purposes, thereby making credit ital. In manufacturing, for example, about Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
562 FEDERAL RESERVE BULLETIN • APRIL 1967 three-fourths of the small companies that nancing needs are satisfied. Moreover, it is reported a need for short-term credit were questionable whether any survey can take able to obtain such funds in amounts and account of all the combinations of circum on terms they regarded as satisfactory. But stances that enter into individual business only one-third of the small companies need men’s evaluation of their financing needs or ing long-term credit, and only one-tenth of into their success in meeting them. In view those needing equity capital, obtained it on of the diversity of financial and nonfinancial a satisfactory basis. problems with which small businesses may Most of those whose long-term financing be faced, statistical surveys that place large needs remained unsatisfied had made no numbers of respondents into several broad effort to obtain the funds. The reason they categories may be less revealing than case usually gave was that they felt the effort studies of individual small businesses. would be useless. We don’t know why they While we found the survey approach felt this way. Perhaps they had tried before somewhat inadequate for describing the and had been unsuccessful. Perhaps they small-business long-term financing gap, I didn’t know where to go for long-term funds. feel sure the gap existed when we ran the It is possible that some of them would have surveys; I am equally sure it still exists, been successful in obtaining the long-term though I hope it has narrowed. funds they needed if they had been en Considering the importance of small busi couraged and assisted in seeking them. This ness in our economy, it is appropriate for suggests a need for aggressive educational the Government to sponsor financial assist programs—such as those since instituted by ance programs for those creditworthy enter the Small Business Administration (SBA) prises that cannot themselves obtain from —to make smaller entrepreneurs aware of private sources the financing that they need. the variety of financial resources available, But this assistance ought to follow sound and the kinds of records and operating ex principles of business and public finance. perience needed to make use of these re Such principles were enunciated in the 1963 sources. report of President Kennedy’s Committee Of the relatively few small manufacturers on Federal Credit Programs, of which I was that made an effort to obtain long-term a member. They are worth repeating. funds, about two-thirds were completely sat In general, the Committee concluded that isfied with their long-term credit arrange any Federal program designed to provide ments and half were completely satisfied financial assistance to private sectors should with their new equity financing. Those that work through the private credit markets to were successful tended to be older, more the fullest extent possible, by stimulating profitable, and stronger financially than and supplementing the flow of private credit those that were unsuccessful, but the differ rather than competing with it or substituting ences were not striking. Other factors clearly for it. Thus, a Federal credit program could contributed to successful financing. work with private lenders to develop new A survey of business concerns, of course, financing techniques that would better meet cannot cover certain factors—such as lend the needs of both lenders and borrowers. It ers’ evaluation of management capabilities could work with small businesses themselves or of product potentials—that may be deci to alleviate shortcomings that were unneces sive in determining the extent to which fi sarily handicapping their financing efforts. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
STATEMENTS TO CONGRESS 563 A Government lending program should tions they introduce significantly increase commit public credit to individual private the willingness and ability of private sources businesses only when the need is clear, the to make funds available to small business, likelihood of repayment is high, and funds when a significant proportion of the busi are not available from private sources with nesses they help are able to prosper and grow out some participation by the Government. without repeated governmental financial as In order to obtain maximum private par sistance, and when they are sufficiently flexi ticipation and minimum commitment of ble to meet the changing needs of small public funds, the Committee recommended business. that Government guarantees of private loans The trouble with these standards is that be arranged wherever this is at all possible, they are difficult to apply, except after a with direct loans made only as a last resort. prolonged period, to programs that focus To the extent that the small-business on the provision of long-term funds. When financing gap is in the equity capital area, a program is designed to help small busi Government participation in filling it should nesses to obtain long-term loans or perma be at arms’ length, but may appropriately nent capital, its benefits will be long-term take the form of assistance to a new type ones and its shortcomings may also not be of financing institution. Here also the Com come evident for some time. mittee recommended that maximum par This is especially the case with the SBIC ticipation of private capital be sought, in program. I am not discouraged by the fact order to avoid establishing new institutions that, as the Small Business Administrator that would simply be conduits for channel indicated in his statement before this com ing public funds to private businesses. mittee, the program has not yet realized the Another recommendation of the 1963 potential Congress expected. The SBIC Committee report was that Federal credit program provided for an entirely new type programs should be regularly reviewed to of institution, and no one could know in see whether they were making progress to advance just what would be required to ward accomplishing their goal, had already make it work. accomplished it, or showed no sign of ever Now that the program has been in opera being able to accomplish it. tion for several years, it is possible to see Certainly this is an appropriate assign why certain SBIC’s have been able both to ment with respect to the existing programs attract private capital and to invest their for small business. But it is also a difficult funds profitably while too many others have assignment. It is far from easy to judge failed in one or both respects. The Small how successful our present SBA financial Business Administration has drawn up a assistance and Small Business Investment promising new blueprint for a strengthened Company (SBIC) programs have been thus SBIC industry, but we should not expect far in closing the long-term credit and equity it to show substantial results for some years. capital gap. Success can’t be measured in Time will be required for weak companies terms of the number of loans and invest to grow stronger or be phased out of the ments made, or the dollar amounts chan industry and for SBIC’s to take their place neled to small business. as seasoned financial institutions. The equity Federal small-business credit programs capital gap did not open up over night, may be deemed successful when the innova and it is not likely to be closed over night. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
564 FEDERAL RESERVE BULLETIN • APRIL 1967 The fact that there are today strong, this scientific knowledge into working prac successful SBIC’s to serve as a pattern for tice—into machinery that can increase the the rest of the industry indicates that the yield of usable product from our natural SBIC approach can be workable. The ex resources, into machinery that can release perience of recent years merits careful study, human labor for more dignified and useful to bring out more clearly the characteristics tasks. And many countries also lack the of successful companies in this field as a incentives or capacity to save—-to free the guide to where future emphasis of Govern financial and physical resources needed for ment sponsorship ought to be placed. building the capital base necessary for in It is to such specifically focused efforts creased production in the future. as the SBIC program that one must look We in the United States are indeed for for solutions of the special problems of tunate to have, in such large measure, the providing adequate long-term financing for conditions necessary to exploit scientific ad small business. The instruments available to vance in the service of economic progress. the Federal Reserve operate in a most gen We have a large savings flow, an efficient eral fashion to influence the cost and availa financial mechanism for making savings bility of credit to all borrowers. Our aim is available to finance investment, the technical to employ these general instruments in a knowledge required to develop complex manner that will help to bring about a fi production processes, a competitive busi nancial climate conducive to sound eco ness community eager to apply technological nomic expansion for business concerns of innovation in the pursuit of profits, and all sizes. large and affluent markets receptive to the new and better products of industry. In re cent years, moreover, our tax structure has Statement of William McChesney Martin, been revised to promote the long-term eco Jr., Chairman, Board of Governors of the nomic growth of the United States. The in Federal Reserve System, before the Senate vestment tax credit for equipment, intro Committee on Finance, on H.R. 6950, duced in 1962, must be regarded as an im March 21, 1967. portant landmark in this respect. Throughout the world there is an impera This tax change has rewarded us even tive need to increase productive capital. As in the short-term. As industry responded to population continues to grow rapidly and new incentives, business expenditures for the supply of easily accessible natural re new plant and equipment rose rapidly. In sources diminishes, we must look to more the 3-year period from 1960 to 1963, the efficient technology in production and dis average rise in business outlays for fixed tribution if living standards are to be main capital was only about 3 per cent. But in tained—let alone raised—for the vast num the past 3 years—1964 through 1966—such bers of people now living in poverty. outlays increased, on average, over 15 per The scientific base for improving our tech cent a year. nology is available, and growing rapidly as The more efficient plan that resulted from we reap the benefits of two decades of large rising capital spending was an important expenditures for technological research and factor in maintaining cost and price stability development. What is lacking, in many during the economic expansion after 1961. countries, is adequate incentive to convert The high rate of investment helped to em- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
STATEMENTS TO CONGRESS 565 ploy our growing labor force, and to raise levels in over 20 years, owing to shortages real wages and incomes. And labor was of skilled workers, and imports of equip employed more effectively; productivity per ment increased while exports of capital manhour rose considerably faster than goods were cut back. And shortages of sup earlier. Unit labor costs in manufacturing ply of many metals necessitated releases showed an almost unprecedented stability, from the nation’s stockpiles to alleviate and this was reflected in a long period of production bottlenecks. nearly constant prices of industrial com Increases in the prices of machinery and modities. equipment began to accelerate because of These results paid important dividends rising order backlogs and rising costs. Al for our international balance of payments. though the price rise last year was not as The competitive position of the United rapid as in the 1955-57 investment boom, States in export markets was substantially nevertheless the increases were substantial improved, a development that was vital in for almost all classes of machinery. Over the offsetting increased outflows of U.S. finan 12 months preceding the investment credit cial capital. And the investment credit was suspension, electrical machinery prices rose also helpful in increasing the attractiveness 2.5 per cent, farm machinery and construc of investment in the United States compared tion machinery prices advanced 3 per cent, to that overseas. general purpose machinery 5 per cent, and While many other measures contributed metal working machinery 5.5 per cent. directly or indirectly to the exceptionally With the economy overstimulated by long and stable expansion, there is no doubt rapidly expanding business investment and that the investment tax credit was an im defense spending, it was natural to search portant element. But in economics, as in all for any device that could help reduce de other aspects of life, it is possible to have mand pressures in the metal and machinery too much of a good thing, particularly when industries. Monetary policy was doing all it becomes a case of too much, too fast. it could to restrain aggregate demand, The combination of sharply accelerating though its effects could not easily be focused military needs after mid-1965, strong and on the business investment area. expanding civilian markets for durable There were differences in view on the goods, and sharp further increases in spend wisdom of meeting the situation by suspen ing for fixed capital spurred by the tax in sion of the investment tax credit. Some ob centives, focused unmanageable demands servers felt that the effectiveness of the tax on the metals and machinery-producing in credit as a long-run investment incentive dustries. Business capital outlays last year might be blunted if it were switched on and amounted to almost 11 per cent of gross off periodically. Others felt that owing to national product compared with 9 per cent the long lead-time for large integrated in in 1961, the year before the investment tax vestment projects, the suspension would credit was instituted. Backlogs of orders have little immediate effect in reducing de for machinery mounted, even though out mand pressures, and instead might tend to put in the machinery-producing industries slow down the expansion in productive facil had been running at or above reasonable ities only after a substantial lag, perhaps at capacity limits for some time. The work a time when the pinch on resource availa week in these industries rose to the highest bility was coming to an end. Still others Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
566 FEDERAL RESERVE BULLETIN • APRIL 1967 pointed out that a substantial share of busi accumulating. New orders for machinery ness equipment—such as trucks, office leveled off in the fall and recently have be equipment, and the like—has a fairly short gun to decline. And the accumulation since lead-time between order and delivery. It last summer of excessive inventories in both was argued that the marginal effects of investment and consumer goods industries suspending the tax credit would be large suggested some weakening in over-all eco enough and come soon enough to be worth nomic prospects, which would inevitably departing temporarily from what was, for feed back onto business demands for addi the long-term, a desirable structural feature tional new equipment. In recent months, of our tax laws. moreover, price pressures have eased in In the event, the suspension of the in many of the commodity and product areas vestment incentives, following increased re where demand had been most intense. straint on the availability of investment fi The time now seems appropriate, there nance, did prove effective in damping down fore, to restore the incentives for maintaining the investment boom. As the special survey capital formation at a rate we will need conducted by the Department of Commerce over the longer run to meet the requirements and the Securities and Exchange Commis of a growing population desirous of rising sion indicated, businessmen reported that living standards. Physical resources have the tax law changes induced them to reduce come into better balance with demands, sug their capital spending plans for 1967 by gesting that a somewhat faster pace of in $2.3 billion below what otherwise would vestment than presently contemplated by have been spent. And some of the reduc businessmen can be accommodated without tions apparently took place rather promptly. regenerating the price pressures evident a In the fourth quarter of 1966, business cap year ago. And in financial markets, the ital spending was three-quarters of a bil abatement of inflationary pressures has per lion dollars below the amounts businessmen mitted the Federal Reserve to resume had earlier reported they intended to spend. vigorous expansion of bank reserves; this, While the amounts of actual and planned along with a high and rising rate of personal spending reductions involved are small, rel saving, should provide sufficient funds to ative to the $60 billion annual rate at accommodate business financing require which capital outlays are running, the re ments and an adequate volume of home ductions have taken some of the edge off financing. current pressures on the machinery-produc Restoration of the investment incentives ing industries. And the possibility of further would be particularly important for smaller reductions in capital spending was suggested enterprises, the segment of our business by the most recent survey of business capi community that contributes so much to tech tal spending plans, which reported that nological innovation. The Department of businessmen are planning to increase invest Commerce survey to which I referred earlier ment outlays by only 4 per cent this year, indicated that suspension of the investment compared with a 17 per cent rise from 1965 to 1966. incentives hit hardest on small business— Even before the latest survey of spending firms with assets of less than $5 million. In intentions, evidence of reduced pressure in manufacturing and commercial lines, these the metals and machinery industries was small companies accounted for the bulk of Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
STATEMENTS TO CONGRESS 567 the reductions reported in capital spending inconsistency in advocating termination of programs. the investment tax credit suspension now, Reinstatement of the accelerated depre and an increase in income taxes later this ciation provisions should also aid in the year. Restoration of the incentives to invest recovery of construction activity. I have in new plant and equipment is needed to every expectation that home building will maintain and improve the efficiency of our increase as the year progresses, stimulated productive mechanism; it is an important by an ample supply of credit. Apartment element in achieving and sustaining our building could lag, however, if builders tend long-term objectives of rapid economic to delay their plans and orders—which in growth. And it is appropriate to restore the case of apartment projects often require these incentives now, since some of the a long lead-time—until the accelerated de bottlenecks in the machinery-producing in preciation option were restored. Investment dustries have been removed and some of plans of commercial establishments, where the pressures on scarce labor and material new construction is a large part of the in resources in that industry have moderated. vestment total, are also likely to be af But in the short run, we must bear in fected by uncertainties about the rapidity mind that we are still fighting a war, that of tax write-off to be permitted. rising Federal spending for this military More generally, reinstating the investment effort is contributing to a large deficit in the credit now would avoid the possibility of Federal Government’s accounts, and that a an unnecessary and undesirable hesitation resurgence in economic activity is the most in the rate of economic advance as the year likely prospect as 1967 progresses. It seems progressed. If the law were to be left as it to me that we should all be expected to pay is, with reinstatement of the incentives de our share of military cost. Moreover, on ferred until next January, we might have to budgetary grounds, we must recognize that face the possibility of an “air pocket” in continued large deficits in the Government’s new orders for equipment later this year, as budget during prosperous times can diminish businessmen delayed orders pending final confidence, both here and abroad, in the decisions on the fate of the legislation. Eco soundness of our money. On economic nomic expansion could falter as both Gov grounds, it seems to me that prudence calls ernment and business policy-makers found for moderate fiscal action, as envisaged in it difficult to assess the strength of economic the President’s tax surcharge proposal, as prospects. Now that the need for investment insurance against the possibility that we restraint has lessened, we should not defer might again confront difficulties of the the decision to restore to our tax structure character that developed in 1965 and 1966. features we regard as desirable for the long This course seems to me to offer the best run. prospect for achieving the sustained eco Let me note in conclusion that I see no nomic growth that all of us want. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Law Department Administrative interpretations, new regulations, and similar material FOREIGN ACTIVITIES OF NATIONAL BANKS by a national bank pursuant to section 25 of the Act. (b) “Foreign country” or “country” means any The Board of Governors adopted, effective foreign nation or colony, dependency, or possession March 15, 1967, a revision of Regulation M, The thereof, any overseas territory, dependency, or insular possession of the United States, or the Commonwealth principal purpose of the revision is to implement of Puerto Rico. an admendment to section 25 of the Federal (c) “Foreign bank” means a bank organized under Reserve Act (12 U.S.C. 601-604a), approved July the law of a foreign country and not engaged, directly or indirectly, in any activity in the United States ex 1, 1966, by adding two new sections to the Regu cept as, in the judgment of the Board, shall be in lation covering the purchase by national banks of cidental to the international or foreign business of such foreign bank. stock of foreign banks and loans to such banks by national banks. Under the amended law, any Section 213.3—Foreign Branches national bank having a capital and surplus of one (a) Establishing foreign branches.—A foreign million dollars or more, with the permission of the branch may be established with prior Board permis Board of Governors and pursuant to its regula sion. If a national bank has established a branch in a foreign country, it may, unless otherwise advised by tions, may invest directly or indirectly in the stock the Board, establish other branches in that country of foreign banks and make loans or extensions of after thirty days’ notice to the Board with respect to each such branch. credit to such banks without regard to section (b) Further powers of foreign branches.—In addi 23A of the Federal Reserve Act (12 U.S.C. 371c) tion to its other powers, a foreign branch may, which places restrictions on loans by member subject to §§ 213.3(c) and 213.6 and so far as usual in connection with the transaction of the business of banks to their affiliated organizations. Under banking in the places where it shall transact business: applicable law, Regulation M generally applies (1) Guarantee customers’ debts or otherwise agree also to State-chartered banks that are members for their benefit to make payments on the occurrence of readily ascertainable events,3 if the guarantee or of the Federal Reserve System. The text of this agreement specifies its maximum monetary liability revision reads as follows: thereunder; but, except to the extent secured with respect thereto, no national bank may have such liabilities outstanding (i) in an aggregate amount REGULATION M exceeding 50 per cent of its capital and surplus or (12 CFR PART 213) (ii) for any customer in excess of the amount by Revised effective March 15, 1967 which 10 per cent of its capital and surplus exceeds the aggregate of such customer’s “obligations” to it FOREIGN ACTIVITIES OF NATIONAL BANKS * which are subject to any limitation under section 5200 of the Revised Statutes (12 U.S.C. 84); Section 213.1—Authority and Scope1 (2) Accept drafts or bills of exchange drawn upon it, which shall be treated as “commercial drafts or Pursuant to authority conferred upon it by section bills” for the purposes of paragraphs (c), (d), and 25 of the Federal Reserve Act2 (the “Act”), as (e) of § 203.1 of Part 203 (Reg. C); amended (12 U.S.C. 601-604a), the Board of Gover (3) Acquire and hold securities (including certifi nors of the Federal Reserve System (the “Board”) cates or other evidences of ownership or participa prescribes the following regulations relating to (a) tion) of the central bank, clearing houses, govern foreign branches of national banks, (b) the acquisi mental entities, and development banks of the coun tion and holding of stock in foreign banks by national try in which it is located, unless after such an acquisi banks, and (c) loans or extensions of credit to or for tion the aggregate amount invested by the branch in the account of such foreign banks by national banks. such securities (exclusive of securities held as required Section 213.2—Definitions by the law of that country or as authorized under section 5136 of the Revised Statutes (12 U.S.C. 24)) For the purposes of this part- would exceed one per cent of its total deposits on fa) “Foreign branch” means any branch established the preceding year-end call report date (or on the date of such acquisition in the case of a newly estab ♦The text corresponds to the Code of Federal Regulations, lished branch which has not so reported); Title 12, Chapter It, Part 213; cited as 12 CFR Part 213. The (4) Underwrite, distribute, buy, and sell obligations subject matter of this part is in addition to that contained in 12 CFR Part 211 (Reg. K). of the national government of the country in which 1 Insofar as provisions of Federal law are concerned, the provisions of this part apply to State member banks of the Federal Reserve System as well as to national banks. 3 Including, but not limited to, such types of events as non 3 Pertinent portions of this section are printed in the payment of taxes, rentals, customs duties, or costs of trans Appendix. port and loss or nonconformance of shipping documents. 568 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 569 it is located; * but no bank may hold, or be under stock or other evidences of ownership shall be dis commitment with respect to, obligations of such a posed of within twelve months from the date of government as a result of underwriting, dealing in, acquisition unless such time is extended by the Board. or purchasing for its own account in an aggregate (b) Limitations.—Stock or other evidences of amount exceeding 10 per cent of its capital and ownership in a foreign bank shall be disposed of as surplus; promptly as practicable if (1) such bank should en (5) Take liens or other encumbrances on foreign gage in the business of underwriting, selling, or dis real estate in connection with its extensions of credit, tributing securities in the United States or (2) the whether or not of first priority and whether or not national bank is advised by the Board that its holding such real estate is improved or has been appraised, is inappropriate under section 25 of the Act or this and without regard to the maturity or amount limita part. The terms “stock”, “shares”, and “evidences of tions or amortization requirements of section 24 of ownership” in this section include any right to acquire the Act (12 U.S.C. 371); stock, shares, or evidences of ownership, except that (6) Extend credit to an executive officer of the prior Board consent is not required for the acquisition branch in an amount not to exceed $50,000 or its and exercise of stock rights in lieu of dividends which equivalent in order to finance the acquisition or con are declared on shares already held by a national bank struction of living quarters to be used as his residence and which do not result in an increase in percentage abroad, provided each such credit extension is ownership of the foreign bank. promptly reported to its home office; (c) Required information.—A national bank apply (7) Pay to any officer or employee of the branch ing for the consent of the Board to acquire and hold a greater rate of interest on deposits than that paid stock or other evidences of ownership in a foreign to other depositors on similar deposits with the bank pursuant to this section shall furnish full infor branch. mation concerning such foreign bank including (unless (c) Limitations.—Nothing in § 213.3(b) shall au previously furnished): (1) the cost, number, and class thorize a foreign branch to engage in the general of shares to be acquired, and the proposed carrying business of producing, distributing, buying, or selling value of such shares on the books of the national goods, wares, or merchandise or, except as per bank; (2) recent balance sheet and income statement mitted by § 213.3(b)(4), to engage or participate, of the foreign bank; (3) brief description of the directly or indirectly, in the business of underwriting, foreign bank’s business (including full information selling, or distributing securities. concerning any direct or indirect business transacted (d) Suspending operations during disturbed condi in the United States); (4) lists of directors and prin tions.—The officer in charge of a foreign branch may cipal officers (with address and principal business suspend its operations during disturbed conditions affiliation of each) and of all shareholders known to which, in his judgment, make conduct of such opera the issuing bank holding 10 per cent or more of any tions impracticable; but every effort shall be made class of the foreign bank’s stock or other evidences before and during such suspension to serve its de of ownership, and the amount held by each; and (5) positors and customers. Full information concerning information concerning the rights and privileges of any such suspension shall be promptly reported to the various classes of shares outstanding. the branch’s home office, which shall immediately (d) Reports.—A national bank shall immediately in send a copy thereof to the Board through the Federal form the Board through the Federal Reserve Bank Reserve Bank of its district. of its district with respect to any acquisition or dis position of stock in a foreign bank including the cost Section 213.4—Acquisition and Holding of Stock and number of shares acquired pursuant to this in Foreign Banks section. (a) General.—With the prior consent of the Board, Section 213.5—Loans or Extensions of Credit and subject to the provisions of section 25 of the to Foreign Banks Act and this part, a national bank may acquire and hold directly or indirectly5 the stock or other evi A national bank which holds directly or indirectly “ dences of ownership in one or more foreign banks: stock or other evidences of ownership in a foreign Provided, That the aggregate amount invested directly bank may make loans or extensions of credit to or or indirectly (other than through a corporation for the account of such foreign bank without regard operating under section 25 of the Act or organized to the provisions of section 23A of the Act (12 under section 25(a) of the Act) in the stock or other U.S.C. 371c). evidences of ownership of all foreign banks, taken together with investments by the national bank in the Section 213.6—Conditions shares of corporations operating under section 25 of (a) The continued or prospective exercise of any the Act or organized under section 25(a) of the Act, power under this part shall be subject to any notice shall not exceed 25 per cent of the national bank’s interpreting or applying it that a national bank may capital and surplus. Nothing contained in this part receive from the Board, and such bank shall imme shall prevent the acquisition and holding of stock or diately comply therewith. other evidences of ownership in a foreign bank where (b) The Board may from time to time require a such acquisition is necessary to prevent a loss upon a national bank to make reports at such time and in debt previously contracted in good faith; but such such form as the Board may prescribe regarding the exercise of any power hereunder and to submit in 4 Including obligations issued by any agency or instrumen formation regarding compliance with this part. tality, and supported by the full faith and credit, of such government. 0 However, prior consent of the Board is not required hereunder for indirect acquisitions in the stock of foreign 0 Whether through a corporation operating under Section 25 banks made pursuant to the general consent provisions of of the Act or organized under section 25(a) of the Act, or Part 211.8 (Reg. K). otherwise. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
570 FEDERAL RESERVE BULLETIN • APRIL 1967 FOREIGN BANKING AND FINANCING the proposed merger, in form approved by the CORPORATIONS Board, has been published pursuant to said Act. The Board of Governors also amended, effec Upon consideration of all relevant material tive March 15, 1967, Regulation K to conform in the light of the factors set forth in said Act, to a number of changes adopted in the revision including reports furnished by the Comptroller of of Regulation M of the same date. The text of the Currency, the Federal Deposit Insurance Cor this amendment reads as follows: poration, and the Attorney General on the com petitive factors involved in the proposed merger, AMENDMENTS TO REGULATION K It is hereby ordered, for the reasons set forth (12 CFR PART 211) in the Board’s Statement of this date, that said Effective March 15, 1967, sections 211.8 and 211.9 application be and hereby is denied. are amended in the following respects: Dated at Washington, D. C., this 16th day of (a) Section 211.8(c)(2) is amended to read as March, 1967. follows: (2) In computing the amount which may be in By order of the Board of Governors. vested in the shares of any corporation under section 25(a) of the Act or § 211.8(a), there shall be in Voting for this action: Chairman Martin, and Gover cluded any such investments in other corporations nors Robertson, Shepardson, Mitchell, Daane, Maisel, controlled by such corporation. Unless otherwise and Brimmer. specified, “shares” in this section include any rights to acquire shares, except that prior Board consent is (Signed) Merritt Sherman, not required for the acquisition and exercise of stock Secretary. rights in lieu of dividends which are declared on shares already held by a Corporation and which do [seal] not result in an increase in percentage ownership of the corporation. Statement (h) Section 211.9(d) is deleted. (c) The third sentence of section 211.9(g) is deleted. The Bank of Sussex County, Franklin, New (d) Sections 211.9(e), (f) and (g) are redesignated sections 211.9(d), (e), and (f), respectively. Jersey (“Sussex Bank”), with total deposits of about $36 million, has applied, pursuant to the ORDERS UNDER BANK MERGER ACT Bank Merger Act (12 U.S.C. 1828(c), as The following Orders and Statements were is amended by Public Law 89-356), for the Board’s sued by the Board of Governors denying or ap prior approval of the merger of that bank with proving applications for the merger of banks: The Hardyston National Bank, Hamburg, New Jersey (“Hardyston Bank”), which has total de BANK OF SUSSEX COUNTY, posits of about $9 million.1 The banks would FRANKLIN, NEW JERSEY merge under the charter and name of Sussex Bank, which is a member of the Federal Reserve Sys In the matter of the application of the Bank of tem. As an incident to the merger, the three Sussex County for approval of merger with The offices of Hardyston Bank would become branches Hardyston National Bank. of Sussex Bank, increasing the number of its Order Denying Application for Approval of offices to eight.2 Merger of Banks Competition. The offices of both banks are in Sussex County (population about 63,000), the There has come before the Board of Governors, northernmost county in New Jersey, situated about pursuant to the Bank Merger Act, as amended 50 miles from New York City. The economy of (12 U.S.C. 1828(c), Public Law 89-356), an the County is largely dependent on agriculture application by The Bank of Sussex County, Frank and resort activities; recently, there has been some lin, New Jersey, a State member bank of the industrial and commercial development, confined Federal Reserve System, for the Board’s prior for the most part to the southeastern portion of approval of the merger of that bank and The the County. Hardyston National Bank, Hamburg, New Jersey, The main office of Hardyston Bank is in north under the charter and title of The Bank of Sussex eastern Sussex County at Hamburg (population County. As an incident to the merger, the three offices of The Hardyston National Bank would 1 Figures are as of December 31, 1966. become branches of the resulting bank. Notice of 2 Includes one authorized branch that has not yet opened. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 571 about 1,500), approximately two and one-half ship and Sussex Borough, where Sussex Bank miles north of Franklin (population about 3,600), operates branches. which is the site of the head office of Sussex Sussex Bank, with 32 per cent of the IPC depos Bank. Hardyston Bank operates two branches, one its and 34 per cent of the loans, is the largest of at Ogdensburg and one at Stockholm, about four the six commercial banks that are headquartered miles and five miles, respectively, to the south in Sussex County. Hardyston Bank, with 8 per and east of Franklin. Sussex Bank operates a cent of the IPC deposits and 9 per cent of the branch in Sussex Borough and in Vernon Town loans, ranks fifth among County banks. After the ship, about five miles and six miles, respectively, proposed merger, Sussex Bank and the second to the north and northeast of Hamburg. Sussex largest bank in Sussex County would hold 71 per Bank also operates a branch in Andover Town cent of the IPC deposits, 72 per cent of the loans, ship, about 11 miles southwest of Franklin, and and operate 13 of the 19 banking offices 4 in the the bank has obtained approval to establish a County. Moreover, while New Jersey law permits branch in Hampton Township, about 10 miles intra-county branching, it prohibits the establish west of Franklin. ment of branches in a municipality in which there The service area3 of Hardyston Bank, which is already a banking office, either a branch or a consists of the northeastern sector of Sussex head office. The potential sites where Sussex County, lies wholly within the service area of County banks might establish branches are con Sussex Bank. The service areas of the two banks siderably limited except for the western portion of are coterminous except at their southern extremi the County, which is sparsely settled. Lafayette ties, where the service area of Sussex Bank extends Township (population about 1,100), situated be further into the central and southern parts of the tween Wantage and Andover Townships, is the County. The Andover branch and the site of the only municipality within the service area of either proposed Hampton branch of Sussex Bank are Sussex Bank or Hardyston Bank that has no bank located in this non-coterminous area. The other ing facility. Lafayette Township is in that portion offices of Sussex Bank are in the service area of of the service area of Sussex Bank that is not co Hardyston Bank. The only other banking office terminous with the service area of Hardyston in the service area of Hardyston Bank is a branch Bank. Thus, after the merger, Sussex Bank would in Wantage Township, about five miles north of control six of the seven banking offices in north Hamburg. This branch is operated by Peoples Na eastern Sussex County, the area from which it now tional Bank, which is headquartered in Sparta, derives most of its business. The Wantage branch about five miles south of Franklin. Peoples Na of the small Sparta-headquartered bank would be tional Bank is the newest (established in 1964) its sole local competitor for commercial banking and smallest (deposits of about $4 million) bank services in this area of nearly 200 square miles, in Sussex County. and no other bank could establish a branch there. Hardyston Bank and Sussex Bank offer essen The merger of Sussex Bank and Hardyston tially the same kinds of banking services, and Bank would have a substantially adverse effect on they are strong competitors. Sussex Bank derives banking competition. 65 per cent of its deposits of individuals, partner Financial and managerial resources and pros ships, and corporations (“IPC deposits”) and 57 pects. A merger with anticompetitive effects of the per cent of its loans from the same area from magnitude that are present in this case may not be which Hardyston Bank derives 79 per cent of its allowed under the amended Bank Merger Act un IPC deposits and 81 per cent of its loans. Hardy less the adverse effects for competition would be ston Bank obtains 20 per cent and 11 per cent, “clearly outweighed in the public interest by the respectively, of its IPC deposits and loans from probable effect of the transaction in meeting the the municipality in which Sussex Bank’s main offices is located. In addition, Hardyston Bank ob convenience and needs of the community to be tains 22 per cent and 35 per cent, respectively, served.” The banking factors are relevant to this of its IPC deposits and loans from Vernon Town- consideration to the extent that “they throw light 3 The area from which a bank obtains 75 per cent or more * Includes three authorized branches that have not yet of its deposits of individuals, partnerships, and corporations. opened. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
572 FEDERAL RESERVE BULLETIN ■ APRIL 1967 on the capacity of the existing and proposed insti Order Approving Merger of Banks tutions to serve the community.” 5 There is noth There has come before the Board of Gover ing in the banking factors to support the conclu nors, pursuant to the Bank Merger Act, as sion that cither Sussex Bank or Hardyston Bank amended (12 U.S.C. 1828(c), Public Law 89 faces difficulty of sufficient gravity to warrant 356), an application by Wachovia Bank and Trust remedial action in the interests of maintaining its Company, Winston-Salem, North Carolina, a soundness, and that the proposed merger is the State member bank of the Federal Reserve Sys only feasible solution to that problem.” tem, for the Board’s prior approval of the merger Convenience and needs of the communities. The of that bank and First National Bank of Morgan merger would not bring to the communities now ton, Morganton, North Carolina, under the charter served by Sussex Bank and Hardyston Bank any and title of Wachovia Bank and Trust Company. banking services that are materially different from As an incident to the merger, the four offices of those now available. The area in which these com First National Bank of Morganton would become munities are located has a credit shortage, but the branches of the resulting bank. Notice of the pro merger would not resolve that problem. Further, posed merger, in form approved by the Board, the merger would reduce from three to two the has been published pursuant to said Act. alternative sources of banking services in the serv Upon consideration of all revelant material in ice area of Hardyston Bank, and for many resi the light of the factors set forth in said Act, in dents of that area the nearby sources of such cluding reports furnished by the Comptroller of services would be reduced from two to one. This the Currency, the Federal Deposit Insurance Cor reduction in alternatives, particularly in view of poration, and the Attorney General on the com the provisions of State law that preclude the estab petitive factors involved in the proposed merger, lishment by other banks of branches in the area, It is hereby ordered, for the reasons set forth would be detrimental to the banking convenience in the Board’s Statement of this date, that said and needs of the communities now served by application be and hereby is approved, provided Hardyston Bank. that said merger shall not be consummated (a) Summary and conclusion. The merger of Sussex before the thirtieth calendar day following the Bank and Hardyston Bank would eliminate sig date of this Order or (b) later than three months nificant competition between the banks, increase after the date of this Order. the already heavy concentration of banking re Dated at Washington, D. C., this 16th day of sources in Sussex County, and give Sussex Bank March, 1967. virtually exclusive possession of every available banking site except one in an area of nearly 200 By order of the Board of Governors. square miles in northeastern Sussex County. The Voting for this action: Chairman Martin, and Gover sources of banking services in this area would be nors Shepardson, Mitchell, Daane, Maisel, and reduced from three to two, and for many resi Brimmer. Voting against this action: Governor dents the convenient sources of such services Robertson. would be reduced from two to one. The effect of (Signed) Merritt Sherman, the merger on banking competition, as well as on Secretary. the banking convenience and needs of the com [SEAL] munities involved, would be substantially adverse. Accordingly, the Board concludes that the ap Statement plication should be denied. Wachovia Bank and Trust Company, Winston- Salem, North Carolina (“Wachovia”), with total WACHOVIA BANK AND TRUST COMPANY, deposits of about $979 million, has applied, pur WINSTON-SALEM, NORTH CAROLINA suant to the Bank Merger Act (12 U.S.C. 1828(c), In the matter of the application of Wachovia as amended by Public Law 89-356), for the Bank and Trust Company for approval of merger Board’s prior approval of the merger of that bank with First National Bank of Morganton. with First National Bank of Morganton, Morgan ton, North Carolina (“First National”), which has SH.R. Rev. No. 1221. 89th ConK„ 2d Sess. 4 (1966). “Cf. St. Joseph Valley Bank, 52 Fed. Res. Bulletin 1765 total deposits of about $15 million. The banks (1966). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 573 would merge under the charter and name of Wa that any of these offices would be adversely af chovia, which is a member bank of the Federal fected by the merger. Reserve System. As an incident to the merger, the The nearest offices of Wachovia to the offices four offices of First National would become of First National are its branches in Asheville, branches of Wachovia, increasing the number of some 54 miles west of Morganton, but Wachovia its offices to 105? derives a sizable dollar amount of business from The Board received a letter from a bank head Burke County. For the most part, however, this quartered in Jacksonville, North Carolina, which business is beyond the capabilities of First Na is about 275 air miles east of Morganton, object tional; the remainder is of a type for which the ing to the merger on the grounds that: (1) the bank puts forth little or no competitive effort. For bank made a merger proposal to the president of example, Wachovia makes industrial loans to First National which was not considered by the Burke County firms which generally far exceed stockholders of First National; and (2) the mer the lending limit of First National; Wachovia de ger would increase the concentration of North rives a considerable volume of consumer instal Carolina banking resources to such an extent that ment loans from Burke County as a result of its it would tend to create a monopoly. automobile dealer financing and floor planning The Board ascertained that the merger proposal in the County, a field which First National has of the protesting bank was not considered by the not entered; further, Wachovia obtains a large stockholders of First National because the merger volume of trust business from Burke County, agreement with Wachovia had already been nearly all of which is of a type or size that First reached. The reasons for the Board’s conclusion National cannot handle. that the merger of Wachovia and First National The merger would not eliminate any meaning would not have a significantly adverse effect on ful competition between Wachovia and First Na banking competition are discussed under the com tional, nor would it reduce the number of banking petitive factor. In addition, it is noted that the alternatives located in Burke County. It would be protesting bank has only one branch in western preferable, of course, for Wachovia to enter Burke North Carolina, and it is located about 45 miles County by establishing a de novo branch, and from Morganton. The Board finds no reason to North Carolina law does permit State-wide conclude that the protesting bank would be ad branching. During the period 1962-66, Wachovia versely affected by the merger. established a total of 16 de novo branches in six Competition. The head office of First National communities where it already had offices. During is in Morganton (population about 9,200), which the same period, however, Wachovia’s applica is nearly 100 miles west of Winston-Salem and the tions to establish a de novo branch in each of two largest community in Burke County (population communities where it had no existing office were about 53,000). The bank operates a branch in both denied by State authorities; one of these was Morganton and one branch each in Valdese and an application to establish a branch in Hickory, Hildebran, about seven miles and 18 miles, re which is in Catawba County, only three miles spectively, east of Morganton. The Northwestern from the Hildebran office of First National. Bank, which is the State’s fifth largest bank, oper Wachovia, with about 22 per cent of the total ates two branches in Morganton and one branch commercial bank deposits in the State, is the larg each in Valdese and Drexel, the latter community est bank in North Carolina. The acquisition of being about six miles east of Morganton. There First National would increase Wachovia’s share of are no other banking offices in Burke County. the State’s total commercial bank deposits by The Northwestern Bank and six other banks, in about three-tenths of one per cent. The five larg cluding the third, fourth, and ninth largest in the est banks in North Carolina hold about 66 per State, operate a total of 20 offices in portions of cent of the State’s commercial bank deposits three of the seven counties that are contiguous to Viewed in terms of these State-wide aggregates, Burke County; these offices are situated from 16 the existing concentration of banking resources in to 24 miles from Morganton. It does not appear North Carolina must be regarded as considerable. However, the proposed merger would enable 1 Figures are as of June 30, 1966. Wachovia to effect a market extension by estab- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
574 FEDERAL RESERVE BULLETIN • APRIL 1967 lishing offices in a county that is located practi warranted weight to the convenience and needs cally in the center of a group of 2t contiguous factor. counties in which it presently has no offices. The majority does not consider that the merger The effect of the merger on competition would will preclude the development of any meaningful not be significantly adverse. competition in the future between Wachovia and Financial and managerial resources and pros First National, in part, apparently because it as pects. The banking factors with respect to each sumes that the State authorities would not allow of the banks proposing to merge are satisfactory, Wachovia to establish a de novo branch in Burke as they would be with respect to the resulting County. This assumption is based on Wachovia’s bank. failure, for reasons not disclosed by the record, Convenience and needs of the communities. The in its attempts to enter two other communities only significant effect of the merger on banking through the establishment of new branches. That, convenience and needs would be in Burke County, without much more, certainly does not establish an industrialized area which contains more than a sound basis for an assumption that the bank 800 business establishments, including over 100 would not be permitted by State authorities to manufacturers. As indicated earlier, First Na establish a new branch in Morganton, and thus tional and The Northwestern Bank, the State’s compete directly with the bank it is now being fifth largest bank, operate the only banking offices permitted to take over. in the County. However, even if Wachovia had been, and First National has not been aggressive in mak would be, denied an application to establish a de ing real estate loans and consumer instalment novo branch in Morganton, I do not think its loans; the bank does not endeavor to offer certain merger with First National is in the public interest. services, such as construction loans and dealer In considering the effects of the merger on bank floor plan loans, and, in general—albeit due in part ing competition, as well as on the convenience and to its size and low lending limit—makes available needs of the banking public, the majority stresses only a limited range of services relative to the the fact that Wachovia offers certain services not needs of the communities it serves. While the re provided by First National. This point overlooks placement of First National by offices of Wacho the growth and expansion forces in American via might afford some added convenience for the banking. Banks continually offer additional serv larger Burke County concerns, most of them have ices to their customers, and the fact that First ready access to banking markets outside the area. National is not presently a vigorous competitor in The principal benefit of the merger would be the the consumer loan field, for example, does not addition of a convenient alternative source of mean that its services would not hereafter be ex banking services for individuals, small local busi panded to include this and other fields in which it nesses, and intermediate-sized businesses on a would compete with Wachovia. scale commensurate with their needs. The majority statement creates the impression Summary and conclusion. In the judgment of that First National is not in a position to compete the Board, the proposed merger would benefit the with Wachovia for local industrial loans and for banking convenience and needs of the Burke other business, intimating that First National’s County area, and would not result in any signifi resources, either financial or managerial, are not cantly adverse consequences for banking compe sufficient to support such activities. Actually, First tition. National operates through four offices and has re Accordingly, the Board concludes that the ap sources of $17 million, and its “ordinary” lending plication should be approved. limit is $180,000. There is no basis for the infer ence that an organization with these characteris Dissenting Statement of Governor tics, operating in a local economy like that of Robertson Burke County, cannot compete with Wachovia for - In approving this application the majority ne most of the banking business that the locality glects, in my judgment, to take adequate account generates. In brief, the merger will eliminate not of the relevant considerations under the competi only existing competition, but also the substantial tive factor and, at the same time, attributes un possibility that additional competition would de- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 575 velop between the two banks. The majority’s ob of customers described by the majority, it is quite servation that the merger will not reduce the clear that this requirement could be met without number of banking alternatives located in Burke the jeopardy to banking competition that is attend County misses the point; the merger will reduce ant upon the Wachovia/First National merger. As by one the number of banks competing in the I indicated earlier, First National is quite capable area, and that is the correct test. of expanding its services; and the entry of other In the view of the majority, the fact that banks into Burke County through the establish Wachovia and the next four largest banks in North ment of de novo branches cannot be ruled out. Carolina control two-thirds of the State’s commer Further, banking services for the classes of cus cial banking resources is of no real moment be tomers described by the majority could be pro cause, in acquiring First National, Wachovia will vided as the result of the merger of First National be establishing offices in the center county of a with a larger bank, but with other than one of the 21-county area where it presently has no offices. State’s largest banking institutions. But it is significant, I think, that, following the Given these considerations, I think it is short merger, four of the eight banks with offices in sighted to conclude that the merger of Wachovia Burke County, and nearby in the contiguous coun and First National is in the public interest. A com ties, will be the first, third, fourth, and fifth largest petitive banking market is the first requisite to a in the State. During the 12-year period ending proper meeting of the banking convenience and June 30, 1966, the five largest banks in North needs of a community. The continued elimination Carolina acquired 53 banks by merger, and, in of sound, independent banks—such as First Na the process, they acquired loans in excess of $400 tional-—through merger with the dominant banks million and deposits of well over $700 million. in North Carolina is inimical to the preservation And each time a smaller bank is acquired by one of healthy banking competition in the State. In of the big five it is most likely to cause other short, I believe that the continued sanctioning of smaller banks that may be nearby to seek similar mergers by these large banks on the grounds re mergers. The danger is quite clear—unless the lied on by the majority is contrary to the intend trend is halted, the banking alternatives in North ment of the Bank Merger Act and that it can only Carolina will ultimately be reduced to a mere result in a great detriment to the banking public. handful. Those who would be most disadvantaged I would deny the application. by a banking oligopoly are, of course, the small and intermediate-sized banking customers, since STATE BANK OF ALBANY, ALBANY, they are confined essentially to local markets for NEW YORK their banking needs. Ironically, it is the customers in these very categories that the majority believes In the matter of the application of State Bank it is benefitting by allowing mergers of this kind. of Albany for approval of merger with The Emer In this connection, it is difficult to comprehend son National Bank of Warrensburgh. the statement by the majority that Order Approving Merger of Banks The principal benefit of the merger would be the addition of a convenient alternative source of bank There has come before the Board of Governors, ing services for individuals, small businesses, and intermediate-sized businesses on a scale commen pursuant to the Bank Merger Act, as amended surate with their needs. (12 U.S.C. 1828(c), Public Law 89-356), an ap A contention of this nature would have validity, plication by State Bank of Albany, Albany, New no doubt, with respect to the relatively few large- York, a State member bank of the Federal Re scale enterprises in First National’s service area, serve System, for the Board’s prior approval of but I am unable to grasp the concept that the re the merger of that bank and The Emerson Na sources of the largest bank in North Carolina are tional Bank of Warrensburgh, Warrensburg, New needed to serve individuals and the majority of York, under the charter and title of State Bank of business concerns in Burke County “on a scale Albany. As an incident to the merger, the two commensurate with their needs”. offices of The Emerson National Bank of War Assuming, arguendo, that Burke County re rensburgh would become branches of the resulting quires additional banking services for the classes bank. Notice of the proposed merger, in form Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
576 FEDERAL RESERVE BULLETIN • APRIL 1967 approved by the Board, has been published pur Lake Luzerne, about 18 miles south of Warrens suant to said Act. burg. The 20 banking offices in Warren County Upon consideration of all relevant material in are operated by five locally headquartered banks, the light of the factors set forth in said Act, in of which Emerson National is the third largest. It cluding reports furnished by the Comptroller of does not appear that any of the remaining offices the Currency, the Federal Deposit Insurance Cor would be adversely affected by the merger of poration, and the Attorney General on the com State Bank and Emerson National. petitive factors involved in the proposed merger, State Bank operates 28 offices in 23 communi It is hereby ordered, for the reasons set forth ties situated in 11 of the 15 counties that comprise in the Board’s Statement of this date, that said the Fourth Banking District of New York. With application be and hereby is approved, provided 25 per cent of the total deposits and 20 per cent that said merger shall not be consummated (a) of the deposits of individuals, partnerships, and before the thirtieth calendar day following the date corporations (“IPC” deposits), State Bank ranks of this Order or (b) later than three months after second in size among the 41 commercial banks the date of this Order. headquartered in the Fourth Banking District. Dated at Washington, D. C., this 3rd day of Emerson National holds about 1 per cent of the April, 1967. ' total deposits, and of the IPC deposits, in the Fourth Banking District. National Commercial & By order of the Board of Governors. Trust Company, headquartered in Albany, is the Voting for this action: Vice Chairman Robertson, largest Fourth District bank, holding 27 per cent and Governors Shepardson, Mitchell, Daane, Maisel, and Brimmer. Absent and not voting: Chairman of the total deposits and 24 per cent of the IPC Martin. deposits. In the past 10 years, State Bank has (Signed) Merritt Sherman, acquired total deposits of about $87 million Secretary. through six mergers, the latest being its acquisi [seal] tion of The First National Bank of Cairo in 1964/ Statement The nearest office of State Bank to Emerson National is its branch in Saratoga County (adja State Bank of Albany, Albany, New York cent to Warren County) at Saratoga Springs, (“State Bank”), with total deposits of about $556 about 21 miles south of Lake Luzerne. State Bank million, has applied, pursuant to the Bank Merger derives well under 1 per cent of its loans, and of Act (12 U.S.C. 1828(c), as amended by Public its IPC deposits, from the service area5 of Emer Law 89-356), for the Board’s prior approval of son National. Emerson National obtains about 5 the merger of that bank with The Emerson Na per cent and 7 per cent, respectively, of its IPC tional Bank of Warrensburgh, Warrensburg, New deposits and loans from the service area of State York (“Emerson National”), which has total de Bank. It does not appear that meaningful compe posits of about $11 million.1 The banks would tition would develop between the two banks if merge under the charter and name of State Bank, they did not merge, although State law permits a which is a member of the Federal Reserve System. bank, subject to a home-office-protcction feature, As an incident to the merger, the two offices of to branch de novo in the State Banking District in Emerson National would become branches of which it is located. In view of the small size of State Bank, increasing the number of its offices to 30.2 ' Emerson National, it seems unlikely that it would branch beyond its present service area. The home Competition. The main office of Emerson Na office-protection restriction would preclude State tional is in Warren County (population 44,000)’ Bank from establishing a new branch in the more at Warrensburg (population 2,300), approxi significant Warren County communities with the mately 70 miles north of Albany (population 130, exception of Lake George, which is seven miles 000), which is the site of the head office of State southeast of Warrensburg. However, the largest Bank. Emerson National operates a branch at 1 Figures are as of June 30, 1966. 4 50 Fed. Res. Bulletin 1416 (1964). 3 Includes one authorized branch that has not yet opened. 5 The area from which a bank obtains 75 per cent or more 3 1960 census figures. of its deposits of individuals, partnerships, and corporations. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 577 bank in Warren County already operates a branch ment of the local economy. In making loan funds in Lake George, a community with a 1960 popu available, State Bank would not be dependent on lation of 1,026. In addition, a merger application the volume of deposits derived from the local filed with the Board would, if approved, open area and its more diversified loan portfolio would North Creek to de novo branching, but that com enable the bank to cope readily with area credit munity is 19 miles northwest of Warrensburg. needs despite the predominance of resort activity. Emerson National is the only bank headquartered In addition, State Bank would offer a broad range in Warrensburg and its merger with State Bank of other banking services, many of which are not would open the community to de novo branching. now conveniently available to the customers of The effect of the merger on competition would Emerson National. not be significantly adverse. Summary and conclusion. In the judgment of Financial and managerial resources and pros the Board, the proposed merger would benefit the pects. The banking factors with respect to each of banking convenience and needs of the area served the banks proposing to merge are satisfactory, as by Emerson National, and would not result in they would be with respect to the resulting bank. any significantly adverse consequences for bank Convenience and needs of the communities. ing competition. The only significant effect of the merger on bank Accordingly, the Board concludes that the ap ing convenience and needs would be in the area plication should be approved. served by Emerson National, which includes sev eral Warren County communities but consists ORDERS UNDER SECTION 3 OF principally of Warrensburg, Lake Luzerne, and BANK HOLDING COMPANY ACT Lake George. Resort activities dominate the local The Board of Governors issues the following economy, and the area’s population nearly triples Order extending the period of time within which during the summer months; off-season facilities, a bank holding company might acquire voting catering to hunters and skiers, are also enjoying shares of an additional bank. The Board also some success. Residential construction, consisting issued the following Orders and Statements ap mainly of vacation homes convertible to year proving applications by bank holding companies round occupancy, is at a high level. A new inter for acquisition of voting shares of banks: state highway providing improved access promises to contribute to the area’s growth. COMMERCIAL BANCORP, INC., MIAMI, Because of its low lending limit and lack of FLORIDA loanable funds, Emerson National is unable to meet the credit needs of the area it serves. The In the matter of the application of Commercial bank’s loans equal more than 70 per cent of its Bancorp, Inc., Miami, Florida, for approval of the deposits. As of June 30, 1966, Emerson National acquisition of voting shares of Bank of Palm had about ninety loans in its portfolio which it Beach and Trust Company, Palm Beach, Florida. originated and in which other banks were partici pating. The original amount of these loans was Order Extending Period of Time Prescribed nearly $4 million and Emerson National was able By Proviso in Order of Approval to retain about one-third. The ability of Emerson Whereas, by Order dated December 29, 1966, National to meet local credit needs is also im the Board of Governors, pursuant to section 3(a) paired to some degree by the heavy dependence of the Bank Holding Company Act of 1956 (12 of the area it serves on resort activity; the bank U.S.C. 1842 (a), as amended by Public Law 89 recognizes that there is a limit to the extent that 485), and section 222.4(a) of Federal Reserve it can prudently concentrate its loan portfolio in Regulation Y (12 CFR 222.4(a)), approved an credit dependent on a single kind of local business. application on behalf of Commercial Bancorp, The replacement of Emerson National by offices Inc., Miami, Florida, a registered bank holding of State Bank, with its larger lending limit, would company, for approval of the acquisition of a provide an adequate and convenient source of minimum of 80 per cent of the outstanding voting credit for the area now served by Emerson Na shares of Bank of Palm Beach and Trust Com tional, which would probably enhance the develop pany, Palm Beach, Florida; and said Order was Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
578 FEDERAL RESERVE BULLETIN • APRIL 1967 made subject to the proviso “that the acquisition Notice of receipt of the application was pub so approved shall not be consummated . . . (b) lished in the Federal Register on September 3, later than three months after the date of the 1966 (31 Federal Register 11695), which pro Order” and vided an opportunity for submission of comments Whereas, Commercial Bancorp, Inc., has ap and views regarding the application. A copy of plied to the Board for an extension of time within the application was forwarded to the Department which the approved acquisition shall be consum of Justice for it consideration. Time for filing such mated, and it appearing to the Board that reason comments and views has expired and all com able cause has been shown for the extension of ments and views filed with the Board have been time requested, and that such extension would not considered by it. be inconsistent with the public interest; It is hereby ordered, for the reasons set forth It is hereby ordered, that the Board’s Order in the Board's Statement of this date, that said of December 29, 1966, as published in the Federal application be and hereby is approved, provided Register on January 6, 1967 (32 Federal Register that the acquisition so approved shall not be con 102), be, and it hereby is, amended so that the summated (a) before the thirtieth calendar day proviso relating to the date by which the acquisi following the date of this Order or (b) later than tion approved shall be consummated shall read three months after the date of the Order, “(b) later than May 29, 1967.” Dated at Washington, D. C., this 23rd day of Dated at Washington, D. C., this 14th day of March, 1967. March, 1967. By order of the Board of Governors. By order of the Board of Governors. Voting for this action: Chairman Martin, and Gover nors Robertson, Shepardson, Maisel, and Brimmer. (Signed) Merritt Sherman, Voting against this action: Governors Robertson and Secretary. Maisel. [seal] (Signed) Merritt Sherman, Secretary. VALLEY BANCORPORATION, APPLETON, [seal] WISCONSIN Statement In the matter of the application of Valley Ban Valley Bancorporation, Appleton, Wisconsin corporation, Appleton, Wisconsin, for approval (“Applicant”), a registered bank holding com of the acquisition of voting shares of American pany, has applied to the Board of Governors, pur State Bank, Grand Chute, Wisconsin. suant to section 3(a) of the Bank Holding Com Order Approving Application Under Bank pany Act of 1956 (“the Act”), for prior approval Holding Company Act of the acquisition of 9,875 of the 10,000 out standing voting shares of American State Bank There has come before the Board of Governors, (“Bank”), Grand Chute, Wisconsin. Applicant pursuant to section 3(a) of the Bank Holding presently controls five banks with nine offices and Company Act of 1956 (12 U.S.C. 1842(a)), and total deposits of $51.5 million.1 Bank was opened section 222.4(a) of Federal Reserve Regulation for business in December 1966; estimates of its Y (12 CFR 222.4 (a)), an application by Valley total deposits after three years of operation are Bancorporation, Appleton, Wisconsin, a registered $3.4 million. bank holding company, for the Board’s approval Views and recommendation of supervisory au of the acquisition of 9,875 of the 10,000 out thority. As required by section 3(b) of the Act, standing voting shares of American State Bank, the Board notified the Commissioner of Banks for Grand Chute, Wisconsin. the State of Wisconsin of receipt of the applica As required by section 3(b) of the Act, the tion and requested his views and recommendation Board notified the Commissioner of Banks for thereon. The Commissioner recommended ap the State of Wisconsin of receipt of the applica tion and requested his views and recommendation proval. thereon. The Commissioner recommended ap * At June 30, 1966, Unless otherwise noted, all banking data proval of the application. are as of this date. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 579 Statutory considerations. Section 3(c) of the In view of the location of Applicant’s present Act provides that the Board shall not approve an subsidiaries (both are located in Appleton), their acquisition that would result in a monopoly, or sizes ($38.8 million and $4.8 million, respec would be in furtherance of any combination or tively) , and considering Bank’s location in Grand conspiracy to monopolize or to attempt to monop Chute, less than one mile west of Appleton, the olize the business of banking in any part of the Board considers the market area most relevant to United States. Nor may the Board approve any a determination of this application to be the other proposed acquisition, the effect of which, in Appleton area. The City of Appleton has five any section of the country, may be substantially banking offices, holding aggregate deposits of to lessen competition, or tend to create a monop $125.5 million. Of these, Applicant’s subsidiaries oly, or which in any other manner would be in control about 35 per cent, and the subsidiaries of restraint of trade, unless the Board finds that the First National Corporation about 53 per cent. anticompetitive effects of the proposed transaction Together they control four of the five banking are clearly outweighed in the public interest by offices in Appleton. The one nonholding company the probable effect of the transaction in meeting bank, The Outagamie County Bank, has total de the convenience and needs of the community to posits of $15.1 million, or 12 per cent of the be served. In each case the Board is required to deposits held by Appleton banks. take into consideration the financial and manage While the foregoing data provide evidence of rial resources and future prospects of the bank the substantial extent to which banking resources holding company and the banks concerned, and of the Appleton area are now concentrated in the the convenience and needs of the community to two large organizations these data also reflect that be served. Applicant is not a dominant institution in either Competitive effects of proposed transaction. of the areas considered. Assuming Bank’s growth Bank is located approximately .8 mile west of the approximates that projected by Applicant ($3.4 city limits of Appleton in the adjoining Town of million at the end of three years of operation), Grand Chute. Appleton is located on the Fox the resulting increase in Applicant’s existing con River in east-central Wisconsin, approximately 30 trol of banking resources would have no undue miles southwest of Green Bay and 100 miles adverse competitive effect. northwest of Milwaukee. Appleton is the county The Board concludes that, on the basis of the seat of Outagamie County and the central city of foregoing considerations and the facts of record, a contiguous urban area extending along the Fox Applicant’s acquisition and operation of Bank River valley, consisting of seven cities and villages would not result in a monopoly or be in further known as the “Fox Cities area.” Within the Fox ance of any combination or conspiracy to monop Cities area there are 13 commercial banking olize or attempt to monopolize the business of offices, with deposits aggregating $225.6 million. banking in any relevant area of the State. Applicant’s two subsidiary banks control 19 per Turning to a consideration of the probable ef cent of the area banks’ total deposits; the two fects of consummation of Applicant’s proposal on Appleton bank subsidiaries of First National Cor existing and potential competition, the Board poration, with aggregate deposits of $66.7 million, finds, for the reasons hereafter discussed, that control 30 per cent of the area’s deposits. A na these considerations do not bar approval of the tional bank subsidiary of a third registered bank application. holding company (The Marine Corporation, Mil Applicant’s two Appleton subsidiaries presently waukee) holds total deposits of $24.5 million, or compete to some extent with Bank, particularly 11 per cent of the total deposits of the area banks. Appleton State Bank, whose service area overlaps Thus, five banking subsidiaries of bank holding that of Bank. Applicant estimates that Bank, in companies now control about 60 per cent of the its first three years of operation, will derive from total deposits of banks in the Fox Cities area. the service areas of Applicant’s two Appleton Consummation of Applicant’s proposal would in banks deposits totaling slightly less than 1 per cent crease its aforestated control of deposits to 21 per of the combined deposits of those banks. Appli cent, and that of all bank holding company sub cant calculates that a significant portion of these sidiaries by less than 1 per cent. deposits will be comprised of relocated accounts Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
580 FEDERAL RESERVE BULLETIN • APRIL 1967 of present depositors of the two Appleton banks. generally satisfactory. This conclusion is premised While the rate and nature of Bank’s future growth in part on the recent substantial improvement in is conjectural, Applicant’s estimate of its growth the capital structure of two of Applicant’s sub and probable service area appears to offer a rea sidiary banks. The management of all of Appli sonable basis for concluding that consummation of cant’s banks, as well as that of Applicant, is con the subject proposal will not cause elimination of sidered satisfactory. Based primarily upon the meaningful existing competition or foreclose sig generally favorable prospects of each of its sub nificant potential competition between Bank and sidiary banks, Applicant’s prospects are consid Applicant’s Appleton banks. ered similarly favorable. Bank opened for business Consideration must next be given to the impact at year-end 1966 and, as earlier stated, is esti that Applicant’s ownership and operation of Bank mated to have deposits totaling $3.4 million at is likely to have on The Outagamie County Bank, the end of three years of operation. Accordingly, the only bank in Appleton not a subsidiary of a Bank has no significant operating history. As to holding company. At the time the application for its prospects, assuming the banking structure of Bank’s charter was before the Wisconsin State the area as now established remains relatively the Banking Department, The Outagamie County same, it is the Board's judgment that Bank’s pros Bank opposed the granting of that charter on the pects for successful future operation are favorable grounds that establishment of Bank, or any other whether operated as a subsidiary of Applicant or bank at that location, would significantly reduce independent of that affiliation. However, it is the share of banking business which The Outaga likely that, as hereinafter discussed, Bank’s ability mie County Bank would otherwise obtain from to serve the convenience and respond to the needs its service area. While a significant portion of of the area involved would be enhanced as a mem Bank’s service area is also served by The Outaga ber of Applicant’s system, and that, accordingly, mie County Bank, that fact alone does not estab its prospects are somewhat more favorable as a lish that Applicant’s ownership of Bank would subsidiary of Applicant than would otherwise be adversely affect The Outagamie County Bank’s the case. The conclusion as to Bank’s prospects established competitive ability. In the 5-year pe takes into consideration the Board’s action of this riod ending December 31, 1965, The Outagamie date denying an application by First National County Bank’s total deposits increased at a greater Corporation, Appleton, for approval of its acqui rate than First National Bank of Appleton and at sition of a proposed new national bank to be a somewhat lesser rate than that of Appleton State located in the immediate vicinity of Bank. Tjie Bank, which banks are, respectively, approxi record herein satisfies the Board that while the mately four and three times the size of The residential, farm, and business banking require Outagamie County Bank. Over the same period of ments of the relevant area are sufficient to assure time, and despite the establishment in 1963 of a favorable prospects for Bank, no similar assurance new bank in Appleton, The Outagamie County would be presented were Bank and an additional Bank retained a near identical percentage of the new bank to operate in the same location. The total deposits held by all banks in Appleton. Con Board’s Statement accompanying its denial Order sidering the successful history of growth and com in the First National Corporation case takes note petitive effort on the part of The Outagamie of the fact that the proposed new bank there in County Bank, the Board perceives no substantially volved will not open for business in the absence adverse effect upon it from consummation of Ap of approval of First National’s proposal. plicant’s proposal. At the present time Bank is apparently closely On the basis of the foregoing considerations, affiliated with Applicant through common stock the Board concludes that consummation of Appli ownership and Bank's present management has cant’s proposal will neither result in any substan been selected by Applicant and is considered to tial lessening of competition nor in any other be satisfactory. Presumably, should this applica manner be in restraint of trade. tion be approved, the same management would Financial and managerial resources and future continue in Bank—a result consistent with ap prospects. The financial condition of Applicant proval of the application. Denial of the applica and of its subsidiary banks is considered to be tion would result, according to Applicant, in a Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 581 public sale of Bank’s stock which, in turn, in in the field of agricultural credit and, pursuant to Applicant’s opinion, could result in dissolution of this plan, has selected as Bank’s executive officer, the existing ownership affiliation and in the possi should this acquisition be consummated, an official ble displacement of present management. In the of an existing subsidiary bank who has some 10 Board’s view, the latter possibility augurs less years of experience in farm credit work. Applicant favorably for Bank than does the certainty of ex states that there will also be employed an agricul perienced management offered by Applicant’s pro tural representative who will assist officers of posal. Accordingly, that proposal, as it relates to Applicant’s banks in servicing the needs of their the management factor, is consistent with and farm customers. Closely allied to the “direct farm” weighs somewhat in favor of approval of the assistance proposed by Applicant are the general application. agri-business services which Bank, under Appli Convenience and needs of the area involved. As cant’s ownership, will be able to extend to various mentioned, Bank is located in the unincorporated farm-related businesses and industries in its serv Town of Grand Chute, a residential community ice area. Included among these are three sizable immediately west of Appleton. Bank’s primary farm supply and equipment dealers, a large manu service area extends in all directions from its site facturer of farm tractors and equipment, a coop and covers an area of approximately eight square erative dairy products concern, and a large can miles, of which about 1V2 square miles are within ning plant. the City of Appleton. Bank’s service area, with an While it is recognized that the major banking estimated population of approximately 15,000, is needs of the aforementioned farmers and related presently experiencing residential, commercial, farm business concerns, as well as those of the and industrial growth, especially in its western residents and commercial business concerns in portion. Expansion of a current development trend Bank’s service area, are presently being served by in the western portion of Bank’s service area will the five Appleton banks and other banks in the be aided by the recent extension of Appleton’s Fox Cities area, the record before the Board war principal east-west business street past Bank’s site rants the conclusion that Applicant’s ownership to U. S. Highway 41, and the proposed further and operation of Bank will provide a source of extension thereof to a point three miles west of banking services more convenient and, in certain Bank’s site. Within the western portion of Bank’s respects, more responsive to existing needs than is service area are located two large motels, two now provided. These considerations, in the Board’s shopping centers, a large insurance company office judgment, weigh affirmatively toward approval of building, several sizable industrial plants, and nu the application. merous smaller commercial establishments. The Conclusion. On the basis of all the relevant facts City of Appleton has purchased a 115-acre tract contained in the record, and in light of the facts of land about .6 mile from Bank’s site for devel set forth in section 3(c) of the Act, it is the opment as an industrial park. Several industrial Board’s judgment that the proposed transaction concerns have purchased plant sites in this area. would be in the public interest and that the appli While a significant volume of business may be cation should be approved. anticipated from the aforementioned industrial and commercial development, a more likely source Dissenting Statement of Governors Robertson and Maisel of demand for Bank’s services, with particular emphasis on loans, may be anticipated from the In our judgment, the language and clear intent dairy industry to the west of Bank’s site. The pro of the Bank Holding Company Act preclude ap posed extension of Appleton’s principal business proval of Valley Bancorporation’s proposal. The street to a point three miles west of Bank’s site Act provides that the Board shall not approve an will substantially improve access to Bank from acquisition of a bank by a bank holding company the numerous dairy farms located west of Apple where the effect of such acquisition may be to ton. Four of Applicant’s five subsidiary banks substantially lessen competition, unless the Board specialize in farm credit. Applicant states its in finds that the anticompetitive effects of the pro tention to make available to Bank the collective posal are clearly outweighed by the probable ef experience and expertise of its system’s personnel fect of the proposal in meeting the convenience Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
582 FEDERAL RESERVE BULLETIN • APRIL 1967 and needs of the community to be served. Appli ing shares to be issued by First National Bank cant has not sustained its burden of establishing West, Grand Chute, Wisconsin, a proposed new that the anticompetitive effects inherent in its pro bank. posal are overweighed to any measurable extent by probable benefits to the public. Order Denying Application Under Bank The banking resources of the Appleton area are Holding Company Act largely concentrated in Applicant (35 per cent of the area’s bank deposits) and First National Cor There has come before the Board of Governors, poration, Appleton (53 per cent of the area’s bank pursuant to section 3(a) of the Bank Holding deposits). Each system now operates two banks Company Act of 1956 (12 U.S.C. 1842(a)), and in Appleton in competition with but one inde section 222.4(a) of Federal Reserve Regulation Y pendent bank. The foregoing degree of concentra (12 CFR 222.4(a)), an application by First Na tion is sufficiently high that even a slight increase tional Corporation, Appleton, Wisconsin, for the should not be sanctioned absent a compelling pub Board’s prior approval of the acquisition of 14,500 lic need. The record in this case clearly establishes of the 15,000 voting shares to be issued by First not only that there is no compelling public need National Bank West, Grand Chute, Wisconsin, a for consummation of Applicant’s proposal, but, on proposed new bank. the contrary, that the major banking requirements As required by section 3(b) of the Act, the of the affected area are at present served ade Board notified the Comptroller of the Currency of quately and with reasonable convenience. To the the application and requested his views and rec extent that the convenience and scope of banking ommendation. The Comptroller recommended service might be improved in the foreseeable fu approval. ture by the establishment of an additional bank in Notice of receipt of the application was pub Grand Chute, this is now an accomplished fact. lished in the Federal Register on July 19, 1966 The American State Bank is in operation and will (31 Federal Register 9763), providing an oppor continue irrespective of its acquisition by Appli tunity for interested persons to submit comments cant. and views with respect to the proposal. A copy of The majority of the Board emphasizes that the application was forwarded to the Department Bank’s prospects and its potential for public serv of Justice for its consideration. Time for filing ice are bettered under control of Applicant than comments and views has expired and all those would otherwise be the case. While in certain re received have been considered by the Board. spects this conclusion appears valid, there is no It is hereby ordered, for the reasons set forth evidence that American State Bank would not ex in the Board’s Statement of this date, that said perience reasonable growth operating independ application of First National Corporation to ac ently of Applicant’s system. The fact that it might quire stock of First National Bank West be and grow less rapidly, or that its service potential hereby is denied. might less quickly evolve, is not a basis for ap Dated at Washington, D. C., this 23rd day of proving this application. March, 1967. Our appraisal of the Grand Chute-Appleton By order of the Board of Governors. banking structure leads to the conclusion that American State Bank’s operation as an independ Voting for this action: Chairman Martin, and Gover nors Robertson, Shepardson, Maisel, and Brimmer. ent banking unit would be far more consistent Voting against this action: Governors Mitchell and with the public interest than would its addition to Daane. an already sizable bank holding company system. (Signed) Merritt Sherman, For these reasons, we would deny this application. Secretary. [seal] FIRST NATIONAL CORPORATION, APPLETON, WISCONSIN Statement In the matter of the application of First Na First National Corporation, Appleton, Wiscon tional Corporation, Appleton, Wisconsin, for ap sin (“Applicant”), a registered bank holding com proval of acquisition of 14,500 of the 15,000 vot pany, has applied to the Board of Governors, pur- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 583 suant to section 3(a) of the Bank Holding Com County Seat of Outagamie County and the cen pany Act of 1956 (“the Act”), for prior approval tral city of a contiguous urban area, consisting of of the acquisition of 14,500 of the 15,000 voting seven cities and villages extending along the Fox shares proposed to be issued by First National River valley, and known as the “Fox Cities area”. Bank West (“Bank”), a proposed new bank to be In this area 11 banking organizations with 13 located in Grand Chute, Wisconsin. banking offices hold aggregate deposits of $225.6 Applicant became a bank holding company in million. Applicant’s system ranked first among the February 1966, Its system consists of two banks 11 banking organizations in terms of total deposits with aggregate deposits of $66.7 million.1 Appli controlled, holding 30 per cent of the deposits of cant’s principal subsidiary, First National Bank of all Fox Cities area banks. An additional 19 per Appleton, with two offices, holds deposits of $66.3 cent of such deposits is held by the two Appleton million; its other subsidiary, Valley National bank subsidiaries (aggregate deposits of $43.6 Bank, Appleton, opened for business in February million) of Valley Bancorporation, a registered 1966, and holds approximately $472,000 of bank holding company. A subsidiary of The Ma deposits. rine Corporation, Milwaukee, a registered bank Views and recommendation of supervisory au holding company, holds deposits of $24.5 million, thority. As required by section 3(b) of the Act, or 11 per cent of the total deposits of the area. the Board notified the Comptroller of the Currency Within the City of Appleton, the area most of receipt of the application and requested his relevant to the Board’s determination of the com views and recommendation thereon. The Comp petitive impact of Applicant’s proposal, there arc troller recommended approval. located five banking offices, holding aggregate Statutory considerations. Section 3(c) of the deposits of $125.5 million. Applicant’s two sub Act provides that the Board shall not approve an sidiaries control 53 per cent of these funds. The acquisition that would result in a monopoly, or subsidiaries of the two holding company systems would be in furtherance of any combination or located in Appleton combined hold approximately conspiracy to monopolize or to attempt to monop 88 per cent of the area’s total deposits. Appli olize the business of banking in any part of the cant’s First National Bank of Appleton, with de United States. Nor may the Board approve any posits of nearly $67 million, is the dominant other proposed acquisition, the effect of which, in banking organization in the Appleton area. Its any section of the country, may be substantially to total deposits are 70 per cent more than those of lessen competition, or tend to create a monopoly, the second largest bank, and over three times or which in any other manner would be in re those held by The Outagamie County Bank, the straint of trade, unless the Board finds that the only bank in Appleton not affiliated with a bank anticompetitive effects of the proposed transaction holding company. While the bulk of the deposits are clearly outweighed in the public interest by of Appleton banks is controlled by two banking the probable effect of the transaction in meeting organizations (88 percent), as between these two, the convenience and needs of the community to Applicant is significantly the larger. Applicant’s be served. In each case the Board is required to dominant position in the Appleton area, viewed take into consideration the financial and manage presently and prospectively, is a consideration that rail resources and future prospects of the bank militates against favorable action on Applicant’s holding company and the banks concerned, and proposal absent evidence of a compelling resultant the convenience and needs of the community to community benefit. be served. Applicant’s ownership of Bank would not result Competitive effects of proposed transaction. The in elimination of existing competition, nor fore Town of Grand Chute, Bank’s proposed location, close any real competition between Bank and Ap adjoins the City of Appleton on the west. Apple plicant’s Appleton subsidiaries. Inasmuch as Bank ton, situated on the Fox River in east-central Wis would be newly organized, no present competition consin, some 30 miles southwest of Green Bay exists; since Bank would open only as a subsidiary and 100 miles northwest of Milwaukee, is the of Applicant, it cannot be realistically assumed that any real competition between Bank and Ap 1 At June 30, 1966. Unless otherwise noted, all banking data are as of this date. plicant’s subsidiaries would arise. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
584 FEDERAL RESERVE BULLETIN • APRIL 1967 The probable impact of Applicant’s proposal on ice area, the City of Appleton has purchased a The Outagamie County Bank, the single independ 115-acre tract of land as a site for an industrial ent bank in Appleton, viewed alone, is not antici park. Several industrial concerns have purchased pated to be severe. The Outagamie County Bank, plant sites in this area. Within Bank’s service area a $15 million institution, has shown a sound rate the western portion thereof appears to offer the of growth in the face of competition with Appli greatest potential for development and expansion. cant’s $67 million institution and the $39 million The City of Appleton’s principal east-west busi subsidiary of Valley Bancorporation. Thus, were ness street has been extended west beyond Bank’s Bank the only additional competitive force that proposed site, and a further extension of this high would be faced by The Outagamie County Bank way is proposed to a point some three miles west in Appleton, such circumstances would not war of that site. This portion of Bank’s proposed serv rant concern. However, when there is added to ice area contains two large motels, two shopping this potential competitive force the additional centers, a large office building, several industrial competition now offered, and to be offered, by plants, and numerous smaller commercial estab American State Bank, recently opened in virtually lishments. The westernmost sector of Bank’s pro the same location as Bank,2 there is far greater jected service area and a considerable area beyond reason to believe that the combined competitive are devoted to farming. Although the record re force would constitute an undue impediment to flects, and Applicant concedes, that its subsidiary The Outagamie County Bank’s continued growth. banks are not agriculturally oriented, Applicant Financial and managerial resources and future asserts the belief that many of the farmers in this prospects. Applicant’s financial condition is di area would use Bank for various banking services rectly related to the condition of its subsidiary including loans. banks. Their financial conditions and prospects The evidence of record does not suggest that are considered generally satisfactory, as are those the area’s major banking needs, including those of of Applicant. The managements of Applicant and farmers and commercial and industrial concerns, its banks, and the proposed management of Bank, are not now reasonably well served. At the same are also considered satisfactory. Four of Bank’s time the numerous dairy farms located west of five proposed directors are presently directors of Appleton would undoubtedly be more conveni First National Bank of Appleton or Valley Na ently served by a bank located at or about Bank’s tional Bank, and its proposed president and cash proposed site. However, this convenience factor ier, respectively, are presently employees of First has apparently been served by the recent establish National Bank of Appleton. Viewed solely from ment of American State Bank in the Town of the standpoint of Applicant’s satisfactory finan Grand Chute. To the extent that the banking cial condition and future prospects, it is believed needs, particularly the credit requirements, of the Bank’s prospects would be favorable. These pros farmers and farm-related businesses west of Ap pects are rendered less favorable, however, by the pleton were not being conveniently met, the Board operation of the recently opened Appleton State believes they can and will now be met through the Bank two blocks from Bank’s proposed site. In Appleton area banks, including American State the Board’s opinion, Bank’s growth and earnings Bank. Considering the area banking structure as prospects under these circumstances are only fair. it now exists, the Board is unable to conclude that Convenience and needs of the area involved. the establishment and operation of Bank by Appli The Town of Grand Chute, wherein Bank would cant would provide any significant public benefits. be located, is a residential community immediately On the contrary. Bank’s establishment pursuant to adjoining the City of Appleton to the west. Bank’s Applicant’s proposal could have the effect of pre projected primary service area would extend 1% cluding later entry into the Grand Chute-Appleton miles east into Appleton and approximately three area of an additional independent banking unit miles north, west, and south from Bank’s site. The should future area developments warrant such area has an estimated population of 18,000. With establishment. On the basis of the foregoing, the in the eastern extension of Bank’s proposed serv- Board concludes that considerations relating to the 2 By Order of this date, the Board has approved the acquisi factor of convenience and needs offer little, if any, tion of American State Bank by Valley Bancorporation, and has issued a Statement of .its reasons supporting that action. weight toward approval of the application. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 585 Conclusion. On the basis of all relevant facts largest bank in an area are not uncommon in contained in the record, and in light of the factors cities the size of Appleton. As of November 1964, set forth in section 3(c) of the Act, it is the the latest date for which such data are now avail Board’s judgment that consummation of the pro able, using the 39 standard metropolitan areas posed acquisition would enhance the already dom with populations of less than 125,000 (to be inant position of Applicant in the Appleton area roughly comparable with the Appleton area), the and, more particularly, would adversely affect the average concentration ratio was 45 per cent. In competitive ability of The Outagamie County over a fourth of these areas the ratios were in Bank, without any real countervailing benefit to excess of 50 per cent. the public. The likelihood of such an occurrence It would seem to me proper to deny applications requires that the application be denied. to merge in an area where the applicant has as much as 40 to 50 per cent of local deposits, but Dissenting Statement of Governor Mitchell banks of this relative size should not be cut off from efforts to expand their deposits and add to The majority’s action in approving the Valley the convenience of their customers by other com Bancorporation’s application today and denying a petitive means, including de novo branching. similar application of the First National Corpora To the best of my knowledge, there are very tion is, in my judgment, unduly prejudicial to the few instances in which any of the regulatory au interests of the latter. In real effect, it accords the thorities have adopted so harsh an anticompetitive right to grow de novo to Valley but denies this stance. opportunity to National. It is alleged that First National Corporation’s position in the City of Appleton is too dominant to accord it equal treat Dissenting Statement of Governor Daane ment because it has 53 per cent of total deposits I concur in Governor Mitchell’s view that the in the area Valley has 35 per cent). However, Board’s denial of First National Corporation’s the service area of the new bank is not Appleton application, in the face of the Board’s approval of but a much smaller area to the west, partially in Valley Bancorporation’s application, is unduly and partially out of the city. An exactly compara prejudicial to First National’s rights and interests. ble percentage, i.e., using total deposits as a basis, The Board’s action in First National’s case re is not available to show how dominant First Na flects, in my judgment, reliance on an unwar tional is in this smaller area. But a survey con ranted distinction as to probable competitive con ducted by the Federal Reserve Bank of Chicago suggests that between 40 and 45 per cent of the sequences in the two cases. In reality, Valley household and business accounts in the area are Bancorporation won the day merely by opening presently at the First National. American State Bank ahead of First National’s Concentration ratios of 40-60 per cent for the proposed bank. To the winner goes the laurel. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Presidents, Vice Presidents, and General Auditors of Reserve Banks Federal President Reserve Bank Vice Presidents and General Auditors First Vice President or branch Boston George H. Ellis D. Harry Angney Daniel Aquilino Earle 0. Latham Ansgar R. Berge Robert W. Eisenmenger Luther M. Hoyle, Jr. Stanley B. Lacks * Harry R. Mitiguy Charles E. Turner ** G. Gordon Watts Parker B. Willis New York Alfred Hayes Harold A. Bilby William H. Braun, Jr. William F. Treiber John J. Clarke Charles A. Coombs Felix T. Davis Edward G. Guy Marcus A. Harris Alan R. Holmes John P. Jensen * Robert G. Link Fred W. Piderit, Jr. Walter H. Rozell, Jr. Thomas M. Timlen, Jr. Thomas O. Waage Buffalo Angus A. Maclnnes, Jr. Philadelphia Karl R. Bopp Hugh Barrie Joseph R. Campbell Robert N. Hilkert Norman G. Dash David P. Eastburn David C. Melnicoff G. William Metz * Harry W. Roeder J. V. Vergari Richard G. Wilgus Cleveland W. B. Hickman George E. Booth, Jr. Paul Breidenbach W. H. MacDonald Roger R. Clouse Elmer F. Fricek John J. Hoy Harry W. Huning Fred S. Kelly Maurice Mann Clifford G. Miller Elfer B. Miller * Cincinnati Fred O. Kiel Pittsburgh Clyde E. Harrell Richmond Edward A. Wayne Robert P. Black J. G. Dickerson, Jr. Aubrey N. Heflin W. S. Farmer Upton S. Martin John L. Nosker James Parthemos B. U. Ratchford R. E. Sanders, Jr. G. Harold Snead * Joseph F. Viverette Baltimore Donald F. Hagner Charlotte Edmund F. MacDonald Stuart P. Fishburne * General Auditor. * Special Adviser. 586 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
PRESIDENTS, VICE PRESIDENTS, GENERAL AUDITORS 587 Federal . Reserve Bank Pr®den' n Vice Presidents and General Auditors or branch First Vice Presldent Atlanta Harold T. Patterson DeWitt Adams * Harry Brandt Monroe Kimbrel John T. Harris J. E. McCorvey Brown R. Rawlings Richard A. Sanders R. M. Stephenson Charles T. Taylor Birmingham Edward C. Rainey Jacksonville T. C. Clark ' Nashville Robert E. Moody, Jr. New Orleans Morgan L. Shaw Chicago Charles J. Scanlon Ernest T. Baughman John J. Endres * Hugh J. Helmer A. M. Gustavson Paul C. Hodge L. H. Jones Richard A. Moffatt H. J. Newman Leland M. Ross Harry S. Schultz Bruce L. Smyth Jack P. Thompson Detroit Russel A. Swaney St. Louis Darryl R. Francis Leonall C. Andersen Marvin L. Bennett Dale M. Lewis Gerald T. Dunne Woodrow W. Gilmore George W. Hirshman * Homer Jones Stephen Koptis Howard H. Weigel Joseph C. Wotawa Orville O. Wyrick Little Rock John F. Breen Louisville Donald L. Henry Memphis John W. Menges Minneapolis Hugh D. Galusha, Jr. W. C. Bronner F. J. Cramer M. H. Strothman, Jr. Ralph J. Dreitzler * Kyle K. Fossum R. K. Grobel C. W. Groth Douglas R. Hellweg Howard L. Knous Franklin L. Parsons Helena Clement A. Van Nice Kansas City George H. Clay Wilbur T. Billington Raymond J. Doll John T. Boysen J. R. Euans William F. Fairley * Carl F. Griswold, Jr. Marvin L. Mothersead George D. Royer, Jr. R. E. Thomas Clarence W. Tow Denver John W. Snider Oklahoma Howard W. Pritz City Omaha George C. Rankin General Auditor. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
588 FEDERAL RESERVE BULLETIN • APRIL 1967 Federal _ . Reserve Bank President Keserve Bank First . President Vice Presidents and General Auditors or branch Dallas Watrous H. Irons Roy E. Bohne James L. Cauthen Philip E. Coldwell Ralph T. Green Arthur H. Lang * James A. Parker T. W. Plant W. M. Pritchett Thomas R. Sullivan El Paso Fredric W. Reed Houston J. Lee Cook San Antonio Carl H. Moore San Francisco Eliot J. Swan J. L. Barbonchielli J. Howard Craven H. E. Hemmings D. M. Davenport George D. Hartlin * Irwin L. Jennings E. J. Martens A. B. Merritt W. F. Scott Los Angeles P. W. Cavan Gerald R. Kelly Portland William M. Brown Salt Lake City Arthur L. Price Seattle Erwin R. Barglebaugh General Auditor. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Announcements CHAIRMAN MARTIN AGAIN DESIGNATED AS March 31, 1967. CHAIRMAN OF THE BOARD My dear Mr. President: The President of the United States on March 30, Having been informed of the applicability of 1967, issued an Order redesignating Mr. William the Civil Service retirement rule in my case, I McChesney Martin, Jr., as Chairman of the herewith tender my resignation as a member of Board of Governors of the Federal Reserve Sys the Board of Governors of the Federal Reserve tem, to serve as such for a term of 4 years from System effective April 30, 1967. April 1, 1967, unless and until his services as a I want to assure you that the honor and privilege Member of the Board of Governors shall have of serving in this capacity for the past twelve sooner terminated. years has been most challenging and rewarding, Mr. Martin has served as both Member and and I shall always be grateful for the opportunity. Chairman of the Board since April 1951. At that It has been truly a capstone to a career of public time he was appointed by President Truman to service, beginning with my military service as a the unexpired portion of the term ending January commissioned officer in World War I and fol 31, 1956, which had been vacated by the resigna lowed by more than thirty-five years as professor tion of Mr. Thomas B. McCabe. He was redesig and administrator in our Land Grant College nated as Chairman of the Board in March 1955 System in Wyoming, Colorado, and Texas. and reappointed as a Member of the Board in While I have no plans at the moment, I expect January 1956 for a term of 14 years from Feb to continue to make myself available for any ruary 1, 1956. Mr. Martin was again designated service that I may be capable of rendering in the Chairman of the Board in March 1959 by Presi public interest. dent Eisenhower and in March 1963 by President Respectfully, Kennedy. Chas. N. Shepardson. RESIGNATION OF MR. SHEPAROSON AS A The White House MEMBER OF THE BOARD OF GOVERNORS April 10, 1967. Mr. Charles N. Shepardson, a Member of the Dear Governor Shepardson: Board of Governors since March 17, 1955, and In accordance with your request, I accept whose term of office would normally have expired your resignation as a member of the Board of January 31, 1968, resigned effective April 30, Governors of the Federal Reserve System, effec 1967, in conformance with Civil Service retire tive April 30, 1967. ment regulations. Prior to the time of his appoint I cannot let this occasion pass, however, with ment to the Board, Mr. Shepardson, who had out expressing to you my gratitude and apprecia spent his entire career in the field of agriculture, tion for your many years of dedicated Federal was serving as the Dean of Agriculture at Texas service. Your distinguished career in the Land A & M College. He had also served as a Director Grant Colleges System, as well as your con of the Houston Branch of the Federal Reserve tributions as a member of the Board of Gover Bank of Dallas from January 1, 1950, and as nors of the Federal Reserve System during the Chairman of the Board of Directors at the Branch past twelve years, are a credit not only to you, but from January 1, 1955, until he resigned to be come a Member of the Board of Governors. to the entire Nation. Mr. Shepardson’s letter of resignation and the Thank you also for your willingness to con President’s letter of acceptance follow: tinue to be of assistance. It is gratifying to know 589 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
590 FEDERAL RESERVE BULLETIN • APRIL 1967 that our Nation is blessed with public servants Boston April 7, 1967 of your caliber and dedication. New York April 7, 1967 With best wishes, Philadelphia April 7, 1967 Sincerely, Cleveland April 7, 1967 Lyndon B. Johnson. Richmond April 7, 1967 Chicago April 7, 1967 Honorable Charles N. Shepardson Minneapolis April 7, 1967 Member of the Board Kansas City April 7, 1967 Board of Governors of the Dallas April 7, 1967 Federal Reserve System San Francisco April 7, 1967 Washington, D. C. 20551 Atlanta April 10, 1967 St. Louis April 14, 1967 ELECTION OF DIRECTOR The Federal Reserve Bank of Philadelphia on REVISION OF SERIES ON BANK RATES ON April 5 announced the election of Henry A. SHORT-TERM BUSINESS LOANS Thouron as a Class B director of the Bank to The description of the revised series on “Bank serve for the remainder of a term expiring Decem Rates on Short-Term Business Loans,” which ber 31, 1968. Mr. Thouron is Chairman of the had been planned for inclusion in this issue of Board and President of Hercules Incorporated, the Bulletin, as announced in the Board’s E. 3 Wilmington, Delaware. As a director of the release dated April 3, 1967, is now planned for Philadelphia Bank, he succeeds Ralph K. Gottinclusion in the Bulletin for May. At that time shall, Chairman of the Board, Atlas Chemical the regular Bulletin table (See page 620 of this Industries, Inc., Wilmington, Delaware, who re issue) will be changed to incorporate the revised signed, effective December 31, 1966. rates. RESIGNATION OF DIRECTORS G. 26 STATISTICAL RELEASE Mr. D. M. Pratt, who had served as a director of the Jacksonville Branch of the Federal Reserve The Board of Governors of the Federal Reserve Bank of Atlanta since January 1, 1966, resigned System has introduced a monthly statistical re effective March 31, 1967. He is President of Na lease (G.26), entitled “Automobile Instalment tional City Lines, Inc., Tampa, Florida. Credit Developments.” Mr. Donald B. Campbell, retired Works Man The release includes estimates, both seasonally ager, Sabine River Works, E. I. du Pont de Ne adjusted and without seasonal adjustments, for mours and Company, Orange, Texas, who had new passenger cars and for used cars for the served as a Board-appointed director of the Hous following items: amount of credit extended, ton Branch of the Federal Reserve Bank of Dallas average note and number of autos financed. The since January 1, 1963, resigned effective April 1, data are shown for three major lending groups. 1967. * The estimated total number of cars financed by all groups and their weighted average notes are FEDERAL RESERVE DISCOUNT RATES also shown. On April 6, 1967, the Board of Governors The first release, dated March 15, 1967, con unanimously approved the actions by the directors tained data for January 1967. A statistical supple of the first 10 Federal Reserve Banks listed below ment providing information back to January reducing the discount rates of those banks from 1960 is also available. Requests for this release 4!4 to 4 per cent, effective on the dates shown; or the statistical supplement should be addressed on April 7 and April 13, respectively, the Board to Publications Services, Division of Administra approved the same actions by the Federal Reserve tive Services, Board of Governors of the Federal bank of Atlanta and St. Louis. Reserve System, Washington, D.C. 20551. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
ANNOUNCEMENTS 591 FLOW OF FUNDS TABLES are shown at the bottom of the tables on pages It is expected that the flow of funds figures for 616-19 of this Bulletin. the 4th quarter of 1966 will be published in the May 1967 Bulletin. ADMISSION OF STATE BANK TO MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM The following bank was admitted to membership ERRATA in the Federal Reserve System during the period Figures for assets and liabilities of large commer February 16, 1967 through April 15, 1967. cial banks for June 29, 1966, were incorrect in the annual tables on pages 459, 461, 463, and 465 of Oklahoma the March 1967 Bulletin. The correct figures Ada............................... Citizens Bank of Ada Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
National Summary of Business Conditions Released for publication April 14 Industrial production and nonfarm employment ment declined further. Reductions in output of changed little in March, while retail sales in some nondurable and durable materials, including creased. Prices of industrial products continued iron and steel, were offset by increases in other to rise and prices of foodstuffs declined further. materials. Bank credit expanded sharply and time and savings EMPLOYMENT deposits and the money supply increased again. Nonfarm employment rose by only 23,000 in Yields on short- and intermediate-term maturities March with increases in Government and private of U.S. Government securities declined further services; construction employment declined and between mid-March and mid-April, but those on manufacturing employment was down further by long-term bonds—U.S. Government, corporate, 35,000—with reductions small but widespread and municipal—changed little. Reserve Bank dis among industries. Hours of work in manufac count rates were lowered April 7. turing, at 40.4 in March, increased one-tenth of INDUSTRIAL PRODUCTION an hour following a drop of seven-tenths in Feb Industrial production in March was 156.4 per ruary. The unemployment rate was 3.6 per cent as cent of the 1957-59 average as compared with compared to 3.7 in February. 156.1 in February and was 1.7 per cent above a DISTRIBUTION year earlier. An increase in auto assemblies more than offset some further declines in other con The value of retail sales rose to a new high in sumer durable goods. Output of business equip March as sales at both durable and nondurable ment and materials changed little. goods stores increased. Despite the increase, the Auto assemblies rose 13 per cent in March from dollar volume of sales at durable goods stores was the sharply reduced February level, but were 25 below a year earlier; sales at nondurable goods per cent below a year earlier. Output of most stores, however, were up considerably. Unit sales household goods—appliances, television sets, and of new domestic automobiles rose 2 per cent in furniture—declined further, while production of March and increased further in early April. consumer staples increased slightly. Output of commercial and defense equipment continued to AGRICULTURE rise but production of freight and passenger equip- Crop acreage in 1967 will be 6 per cent larger than in 1966 if farmers carry out planting plans INOUSTRtAL PRODUCTION reported in March. Although drought has cut winter wheat prospects, a total wheat crop of 1.5 billion bushels is in prospect, 13 per cent above last year’s harvest. Red meat production in the first quarter of 1967 averaged 10 per cent above the relatively low output a year earlier. COMMODITY PRICES The wholesale commodity price index in mid March—estimated at 106 per cent of the 1957-59 average—was unchanged from February. Prices of foodstuffs declined further as livestock and prod ucts continued to decrease; in recent weeks prices of livestock decreasd further. Industrial commodity prices continued to rise last month despite declines F.R. indexes, seasonally adjusted. Latest figures shown are for March. for some basic materials and products and an ap- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
NATIONAL SUMMARY OF BUSINESS CONDITIONS 593 parent leveling off in machinery and equipment March. Excess reserves declined only slightly, prices. Since mid-March, prices of basic industrial while borrowings fell significantly. Over the four materials have weakened further. statement weeks ending March 29, free reserves rose to an average of about $216 million. BANK CREDIT, DEPOSITS, AND RESERVES SECURITY MARKETS Commercial bank loans and investments rose $5.3 billion in March, the largest monthly increase Yields on Treasury bills continued to fall be on record and the fastest rate of expansion since tween mid-March and mid-April, with the 3- June 1958. Purchases of U.S. Government securi month bill bid at around 3.85 per cent in mid ties were very large, and acquisitions of municipals April. Yields on short and intermediate-term Gov and other securities continued at about the same ernment securities also declined over the same rapid pace of the preceding two months. Loan period; long-term bond yields changed little. growth also was substantial, mainly reflecting in Yields on corporate and municipal bonds de creases in business and security loans. clined slightly in the last half of March, but on Time and savings deposits increased again in balance showed little further change through mid March, but at a slightly slower rate than in the April. Common stock prices declined in early previous two months. The money supply rose $2.5 April but recovered somewhat by midmonth. billion over the month. Trading volume so far in April has leveled off Total and required reserves increased further in at around 9 million shares a day. PRICES INTEREST RATES Discount rate, range or level for all F.R. Banks. Weekly Bureau of Labor Statistics indexes. Latest figures shown for average market yields for U.S. Govt, bonds maturing in 10 consumer prices, February; for wholesale prices, "all com’ years or more and for 90-day Treasury bills. Latest figures modities,” February; others, January. shown, week ending Apr. 8. 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 III, IV Quarters S Sources of funds n.a. Not available U Uses of funds n.e.c. Not elsewhere classified * Amounts insignificant in terms of the par S.A. Monthly (or quarterly) figures adjusted ticular unit (e.g., less than 500,000 for seasonal variation when the unit is millions) . . • (1) Zero. (2) no figure to be expected, or (3) figure delayed GENERAL INFORMATION Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow. A heavy vertical rule is used (1) to the right (to the left) of a total when the components shown to the right (left) of it add to that total (totals separated by ordinary rules include more components than those shown), (2) to the right (to the left) of items that are not part of a balance sheet, (3) to the left of memorandum items. “U.S. Govt, securities” may include guaranteed issues of U.S. Govt, agencies (the flow of funds figures also in clude not fully guaranteed issues) as well as direct obligations of the Treasury. “State and local govt.” also includes municipalities, special districts, and other political subdivisions. In some of the tables details do not add to totals because of rounding. The footnotes labeled Note (which always appear last) provide (1) the source or sources of data that do not originate in the System; (2) notice when figures are estimates; and (3) information on other characteristics of the data. LIST OF TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY, WITH LATEST BULLETIN REFERENCE Quarterly Issue Page Annually—Continued Issue Page Flow of funds...................................................... Jan. 1967 148-57 Banking and monetary statistics, 1966............ Mar. 1967 456-70 June 1966 901-04 Banks and branches, number of. by class and Semiannually State............................................................. Apr. 1967 658-59 Banking offices: Analysis of changes in number of........... Feb, 1967 310 Flow of funds (assets and liabilities)............... Oct. 1966 1536-46 On, and not on. Federal Reserve Par List, number of. ......... Feb. 1967 311 Income and expenses: Federal Reserve Banks. ............................ Feb. 1967 308-09 Member banks: Annually Calendar year............................................... June 1966 892-900 Operating ratios.......................................... Apr. 1967 660-62 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. 1966 1408 594 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........... 596 Reserve Bank discount rates; margin requirements; reserve requirements..................... 601 Bank deposits; open market transactions; Federal Reserve Banks................................... 603 Bank debits; currency in circulation ................................................................................... 606 Money supply and bank reserves; banks and the monetary system................................. 608 Commercial and mutual savings banks, by classes............................................................ 612 Commercial banks ............................................................................................................... 613 Weekly reporting banks.......................................................................................................... 616 Business loans ....................................................................................................................... 620 Interest rates ........................................................................................................................... 621 Security prices; stock market credit .................................................................................... 622 Open market paper; savings institutions .......................................................................... 623 Federally sponsored credit agencies..................................................................................... 625 Federal finance......................................................................................................................... 626 U.S. Government securities................................................................................................... 628 Security issues.......................................................................................................................... 632 Business finance .................................................................................................................. 634 Real estate credit .................................................................................................................. 636 Consumer credit .................................................................................................................... 640 Industrial production.............................................................................................................. 644 Business activity; construction............................................................................................... 648 Employment and earnings ..................................................................................................... 650 Wholesale and consumer prices............................................................................................. 652 National product and income series...................................................................................... 654 Flow of funds.......................................................................................................................... 656 Number of banks and branches in operation on Dec. 31, 1966....................................... 658 Member bank operating ratios, 1966................................................................................. 660 Guide to tabular presentation............................................................................................... 594 Index to statistical tables ...................................................................................................... 689 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). 595 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
596 BANK RESERVES AND RELATED ITEMS APRIL 1967 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 than member bank Member bank P d e o a ri r t o e d U.S. Govt, securities1 Dis Gold T r c e u r u n e r r c y a y s r C e i n u n c r y T c r u a e r s a y h s with r e F s . e R rv . e B s, a nks O F t . h R e . r reserves Total B r o o ig u u h g t t ht R m c a e h g e p a r n e s u t e e r s c v o a a a n u n d c n d e t s s Float 2 t T al o 3 stock s o t i a n u n g t d c t c u i i o l r a n h in o g ld s T u re ry as F ei o g r n Other 2 co a u c n ts B W F a R n it k h . s c r C a e o n n u in c d r y 4 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......... 2,510 2,510 8 83 2,612 17.518 2,956 7,609 2,402 616 739 248 11,473 11,473 194!—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 1956—Dec......... 24,765 24,498 267 706 1,633 27,156 21,942 5,064 31,775 772 463 372 247 998 19,535 19,535 1957—Dec......... 23.982 23,615 367 716 1,44326.186 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 32^75 396 524 361 348 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—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—Mar......... 40,398 40,387 11 571 I ,82442,943 13,700 5,700 41,394 861 479 158 291 746 18,414 3,746 22,160 Apr......... 40,629 40.587 42 647 1,93443,339 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 ,87743,891 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 ,93644,498 13,500 5,916 42,296 1,033 824 152 394 535 18,679 3,855 22,534 July......... 42,221 42,210 11 767 2,62445,737 13,415 5,971 42,825 I ,066 1,059 196 419 338 19,220 3,870 23,090 Aug......... 42,280 42,130 150 730 2,29045,348 13.3!1 6,019 42,884 1,067 1,107 135 409 316 18,759 3,896 22,655 Sept......... 42,735 42,725 10 774 2,07445,631 13,258 6,072 42,991 1,078 869 131 407 217 19,268 3,972 23,240 Oct...... 42,837 42,817 20 749 1 ,94945,604 13,257 6.138 43,122 1,121 758 145 439 5 19,409 3,924 23,333 Nov......... 43,347 43,165 182 626 2,02946,087 13,251 6,214 43,748 1,173 682 152 429 143 19,225 4,026 23,251 Dec...... 43,760 43,274 486 570 2,383 46,864 13,158 6,284 44,579 1,191 291 164 429 83 19,568 4,262 23,830 1967—Jan........... 44,066 43,847 219 389 2,21546,802 13,158 6,350 43,957 1,225 566 153 442 203 19,765 4,305 24,070 Feb......... 44,215 43,915 300 362 1,87546,587 13,144 6,409 43,525 1,252 609 136 448 496 19,675 4,034 23,709 Mar...... 44,620 44,351 269 200 1,60646,524?>13. 108 7’6,473 ”43,673 ”1,297 505 136 443 647 19,404”4,002 ”23,406 Week ending— 1966 Mar. 2......... 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...4..0..,.4..2..5. 40,425 634 1,77942,987 13,733 5,677 41,319 829 429 157 241 868 18,553 3,492 22,045 16.............. 40,399 40,352 47 556 1,741 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 2,08743,193 13,704 5,709 41,459 863 506 140 303 679 18,656 3,740 22,396 30.............. 40,505 40,505 ........5..28 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 1,92843,560 13,633 5,797 41,605 935 510 157 400 417 18,966 3,769 22,735 11 ............ 41,239 40,940 299 702 1 ,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 2,025 43,771 13,532 5,833 41,924 966 591 137 384 436 18,700 3,775 22,475 25.............. 41,015 41,015 •........ 674 1,983 43,827 13,532 5,860 41,859 988 855 130 375 640 18,372 3,869 22,241 June 1............. 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 1,765 44,230 13,533 5,888 42,226 992 737 146 392 617 18,542 3,662 22,204 15............. 41,659 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 ........7..76 1,97944,783 13,432 5,933 42,251 1,076 855 152 390 472 18,952 3,984 22,936 July 6.............. 42,585 42,581 4 832 2,00645,659 13,434 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 3,869 23,252 20.............. 41,684 41,684 631 3,22545,615 13,434 5,966 42,921 I ,062 1,156 160 433 332 18,951 3.984 22,935 27.............. 41,873 41,873 .........682 2,77545,396 13,406 5,969 42,747 1,076 1,216 144 400 270 18,916 4,031 22,947 Aug. 3.............. 42,445 42,287 158 778 2.43945,713 13,332 5,993 42,752 f ,052 1,286 319 420 168 19,042 3,945 22,987 10.............. 42,583 42,231 352 786 2,32445,743 13,333 6,003 42,908 1,047 1,105 139 404 283 19,194 3,684 22,878 17.............. 42,003 41,809 194 731 2,52445,305 13,332 6,014 43,000 1 ,069 1,065 131 414 265 18,708 3,898 22,606 24.............. 41,813 41,813 720 2,541 45,121 13,312 6,030 42,894 1 ,081 1,056 126 401 386 18,519 3,935 22,454 31.............. 42,597 42,597 693 1,775 45,114 13,258 6,041 42,771 1,079 1,083 138 412 352 18,578 4,063 22,641 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
APRIL 1967 BANK RESERVES AND RELATED ITEMS 597 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 t r o e d T U o .S ta . l Go B v r o o i t g u , u h t s g t e h c t u R a r m c i g e h t e i r p a e e n s u s e t e r s * c v D o a a a n n u d i c s d n e t s s Float 2 t T al o 3 s G to o c ld k T r s c o e t i r u u a n n u e r r n g c a t y * y d s r c C t e c u i i n o i u n l r c a n r y T h c i u r n o a e r g l s y a d h s s T u r w r e y a it s h F r e F e .R i s o g e . r n r v B e a s O n , k th s er 2 c O F o a t u . c h R n e . t r s B W F a R n it k h s r c e r o C s a e e i n n u n r d c v r y . 4 e s Total Averages of daily figures Week ending— 1966 Sept. 7.............. 42,977 42,977 751 1,754 45,531 13,258 6,050 42,982 1,063 988 127 410 286 18,981 3,688 22,669 14.............. 42,936 42,895 ”"4i 893 1,914 45,791 13,258 6,069 43,228 1,071 835 125 409 234 19,218 4,013 23,231 21 42,525 42,525 782 2,48545,841 13,257 6,074 43,000 1,084 622 128 403 168 19,767 3,984 23,751 28.............. 42,493 42,493 .......... 662 2,19745,399 13,257 6,086 42,804 1,092 1.032 138 401 218 19,056 4,077 23,133 Oct. 5.............. 42,999 42,989 10 843 1,825 45,722 13,258 6,106 42,878 1,091 693 146 442 88 19,748 3,866 23,614 12.............. 42,969 42,969 947 1,88045,891 13,258 6,121 43,228 1 ,099 680 157 445 92 19,570 3,788 23,358 19.............. 42,521 42,521 805 2,155 45,532 13,256 6,145 43,267 1,120 706 148 439 -56 19,309 4,009 23,318 26............. 42,794 42,715 79 533 2,043 45,440 13,256 6,154 43,088 1,138 924 127 432 -45 19,187 4,080 23,267 Nov. 2.............. 43,019 42,958 61 610 1,77045,472 13,257 6,167 43,089 1,154 805 156 435 -33 19,290 4,090 23,380 9.............. 43,474 43,281 193 661 1,89046,100 13,258 6,185 43,406 1,163 740 162 435 17 19,620 3,735 23,355 16.............. 43,415 '43,265 150 726 1,951 46,165 13,259 6,212 43,765 1,168 714 130 452 59 19,347 4,007 23,354 23.............. 42,977 42,959 18 455 2,45045,967 13,257 6,230 43,876 1,180 707 148 409 258 18,875 4,048 22,923 30............. 43,527 43,171 356 650 1,90246,191 13,230 6,241 44,106 1,184 556 162 417 279 18,958 '4,268 2.3,226 Dec. 7............. 43,792 43,312 480 462 2,01446,399 13,158 6,252 44,210 1,188 452 162 415 255 19,126 4,062 23,188 14............. 43,597 43,264 333 668 2,03246,407 13,158 6,283 44,603 1,199 127 181 412 63 19,262 4,256 23,518 21.......... : 43,492 43,126 366 485 2,671 46.808 13,158 6,291 44,675 1,188 203 155 416 32 19,588 4,304 23,892 28............. 43,947 43,263 684 559 2,777 47,468 13,159 6,297 44,773 1,191 352 154 425 52 19,977 4,188 24,165 1967 Jan. 4............. 44,230 43,697 533 566 2,49347,491 13,159 6,311 44,670 1,194 375 167 529 -92 20,116 4,546 24,662 11 44,553 44.000 553 586 2,21747,563 13,159 6,344 44,445 1,214 510 143 435 150 20,168 4,331 24,499 18............. 43,937 43,797 140 218 2,111 46,384 13,158 6,348 44,004 1,221 565 149 445 209 19,298 4,363 23,661 25........ 43,940 43,906 34 538 2,02646,581 13,158 6,360 43,567 1,234 699 174 410 307 19,709 4,280 23,989 Feb. 1 43,698 43,698 176 2,26746,216 13,159 6,375 43,343 1,242 598 138 431 344 19,654 4,255 23,909 8............. 44,133 43,928 205 354 2,01746,630 13,159 6,392 43,405 1,252 448 145 482 393 20,056 3,793 23,849 15............. 44,244 43,987 257 456 1,92046,747 13,159 6,402 43,614 1,260 704 141 436 423 19,729 3,997 23,726 22.............. 44,337 43,844 493 477 1 ,855 46,811 13,144 6,420 43,568 1,252 686 128 434 588 19,720 4,093 23,813 Mar. 1 44,187 43,942 245 167 1,67646,183 13,108 6,433 43,540 1,253 579 127 444 615 19,166 4,257 23,423 8............. 44,550 44,276 274 202 1 ,55346,451 13,109 6,447 43,571 1 ,271 451 132 435 720 19,427”3,778”23,205 15............. 44,563 44,192 371 173 1,46546,271 13,107 6,463 43,753 1,283 244 135 454 674 19,296 "3,992”23,288 22............. 44,717 44,378 339 302 I ,85846,947 13,108 6,483 43,718 1,304 592 137 436 604 19,747”3,945 ”23,692 29.............. 44,659 44,529 130 138 1,57746,480 13,108 6,496 43,674 1,324 656 137 447 598 19,247 ”4,072”23,319 End of month 1967 Jan.. 43,464 43,464 71 1,99445,602 13,158 6,360 43,363 1,227 813 148 437 357 18,773 4,447 23,220 Feb. 43,971 43,971 165 1 ,55045,799 13,107 6,416 43,585 1 ,238 386 145 432 619 18,916 4,479 23,395 Mar. 44,921 44,762 159 42 1,43446,507 13,107 6,512 43,599 1,320 828 131 454 646 19,148 ”4,404”23,552 Wednesday 1967 Feb. 1 43,689 43,689 63 1,73345,559 13,159 6,387 43,377 1,232 594 152 431 356 18,964 r4,482 '23,446 8............. 44,541 43,987 554 827 2,34247,836 13,159 6,394 43,596 1,262 489 135 448 438 21,021 4,143 25,164 15.............. 44,778 43,987 791 364 1,61246,881 13,159 6,410 43,674 1,262 641 127 427 565 19,754 4,540 24,294 22.............. 44,652 43,893 759 387 1,53446,749 13,109 6,421 43,656 1,249 398 129 448 615 19,785 4,480 24,265 Mar. 1.............. 43,971 43,971 115 1 ,51845,713 13,109 6,438 43,573 1,263 475 133 451 610 18,755 ”4,503 ”23,258 8.............. 45,288 44,350 938 327 1 ,39347,151 13,109 6,454 43,744 1,283 181 123 447 749 20,187 ”4,097”24,284 15............. 44,622 44,295 327 278 1,52846,498 13,109 6,471 43,788 1,301 452 128 455 595 19,358 ”4,501 ”23,859 22.............. 44,879 44,478 401 111 1,521 46,579 13,109 6,483 43,759 1,322 297 134 431 599 19,630^4,403 ”24,033 29.............. 44,529 44,529 .......... 39 1,26045,928 13,109 6,504 43,725 1,335 677 134 454 597 18,619 ^4,560”23,179 1 U.S. Govt, securities include Federal agency obligations. on Wed. and cnd-of-month dates, see subsequent tables on F.R. Banks 2 Beginning with I960 reflects a minor change in concept; see Feb. See also note 2. 1961 Bulletin, p 164. 4 Part allowed as reserves Dec. 1, 1959-Nov 23, 1960; all allowed 3 Includes industrial loans and acceptances, when held. (Industrial thereafter. Beginning with Jan. 1963, figures are estimated except for loan program discontinued Aug. 21, 1959.) For holdings of acceptances weekly averages. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
598 BANK RESERVES AND RELATED ITEMS APRIL 1967 RESERVES AND BORROWINGS OF MEMBER BANKS (la millions of dollars) Reserve city banks AH 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 r F i o a n a . n w R g 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 a o n a . n w R g 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 a o n a . n w R g t k s , s s F e r r r e v e e e s 2,314 2,275 42 974 -932 762 755 7 174 -167 161 16! 1 63 -62 1933—June.......... i 2'160 1 ;797 363 184 179 861 792 69 69 211 133 78 78 1939—Dec............. 11'473 6 ,'462 5,011 3 5,008 5,623 3,012 2,611 2,611 1,141 601 540 540 1941—Dec............. 12,812 9; 422 3; 390 5 3,385 5,142 4,153 '989 '989 1,143 848 295 295 1945—Dec............. 16,027 14,536 I >91 334 1,157 4,118 4,070 48 192 -144 939 924 14 14 1947—Dec.............. 17,261 16,275 '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 J99 1 ' 191 8 5 J 19,535 18,883 652 688 -36 4,448 4,392 57 147 -91 1,149 1,138 12 97 -86 1957—Dec.. ...... 19^20 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 I ;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 -H 1963—Dec............ 20,746 20,210 536 327 209 3,951 3,895 56 37 19 1 ;056 I ;051 5 26 -21 1964—Dec............. 21,609 21,198 411 243 168 4,083 4,062 21 35 -14 1 ,083 1 ,086 -3 28 -31 1965—Dec............. 22,719 22,267 452 454 -2 4,301 4,260 41 111 -70 I , 143 1,128 15 23 -8 1966—Mar............. 22,160 21,855 305 551 -246 4,194 4,188 6 43 -37 1,102 1,099 3 65 -62 Apr............. 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,........... 23,090 22,686 404 766 -362 4,437 4,350 87 93 -6 1; 142 1,130 12 66 -54 22,655 22,317 338 728 -390 4,224 4,210 14 40 -26 1,098 1 ;094 4 28 -24 23,240 22,842 398 766 -368 4,454 4; 424 30 123 -93 1.122 1,117 5 69 -64 Oct.............. 23,333 23,031 302 733 -431 4,438 4335 3 127 -124 1,112 I J09 3 98 -95 23,251 22,862 389 611 -222 4,339 4; 299 40 111 -71 I ,'079 1 ;O77 2 26 -24 23,830 23,438 392 557 -165 4,583 4^56 27 122 -95 1,119 1,115 4 54 -50 1967—Jan.............. 24,075 23,702 373 389 -16 4,594 4,571 23 69 -46 1,164 1,136 28 151 -123 Feb.. .......... 23;709 23,351 358 362 -4 4,557 4,511 46 113 -67 1,099 1,117 -18 46 -64 ”23,406”22,969 ”437 199 ”238 >"4,612 ”4,608 ”4 72 ”-68 ”1 133 ”1,122 ”U 26 ”-15 Week ending— 22,116 21,823 293 464 — 171 4,199 4,177 22 22 1 108 1,107 ] 38 -38 9.... 22,045 21,685 360 614 -254 4,128 4J17 11 21 -11 1 ;090 1 ,088 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 -11 1,101 1,099 2 47 -46 Sept. 7 .... 22,669 22,332 337 749 -412 4,249 4,237 12 21 -9 1,098 1,101 -3 61 -64 14.... 23,231 22,727 504 888 -384 4,438 4,349 89 110 -21 1,119 1,103 16 135 -119 21. 23,751 23,159 592 771 - 179 4,528 4,528 159 -159 I , 141 1,141 46 -46 28.... 23 ,'133 23,066 67 650 -583 4; 578 4,539 39 161 -122 C124 1,123 i 48 -47 Oct. 5,... 23.614 23,300 314 828 -514 4,653 4,640 13 274 -261 1,147 1,144 3 30 -27 12.. . . 23,358 22,945 413 928 -515 4,389 4,355 34 234 -200 1,073 1,084 - 11 248 -259 19.. . . 23,318 22,829 489 790 -301 4,306 4,302 4 99 -95 1 ,093 1,080 13 136 -123 26.... 23,267 23,120 147 518 -371 4,514 4,501 13 8 5 1,139 1,130 9 18 -9 Nov. 2. ... 23,380 23,101 279 594 -315 4,471 4,463 8 43 -35 1,130 1,127 3 12 -9 9. .. . 23,355 22,977 378 646 -268 4,349 4,326 23 213 -190 1 ,095 1,092 3 43 -40 16. 23,354 22,807 547 71 1 -164 4,235 4,206 29 152 -123 1,071 1,071 26 -26 23... . 22,923 22,739 184 439 -255 4,261 4,233 28 28 1,067 1,062 5 13 -8 30.... 23,226 22,766 460 636 -176 4,361 4,345 16 90 -74 1,063 1,059 4 26 -22 Dec. 7 . .. . 23,188 23,007 181 449 -268 4,454 4,432 22 22 1 ,073 1,073 20 -20 14. 23,518 23,008 510 647 -137 4,378 4,363 15 122 -107 1 ;075 C070 5 79 -74 21 . 23,892 23,688 204 472 — 268 4,701 4,656 45 75 -30 1,156 1,147 9 9 28.... 24,165 23,728 437 548 -111 4,680 4,673 7 183 -176 1J36 1J31 5 63 -58 1967—Jan. 4.... 24,662 24,267 395 565 -170 4,846 4,827 19 201 -182 1,224 1,220 4 141 -137 It.... 24,499 23,872 627 585 42 4,618 4,579 39 254 -215 1,143 1,137 6 168 -162 18. . 23,661 23,536 125 217 -92 4,470 4,451 19 3 16 1,084 1,086 -2 84 -86 25.... 23,989 23,473 516 538 -22 4,544 4,521 23 1 22 1,107 1,108 -1 251 -252 Feb. 1 . ... 23,909 23,569 340 176 164 4,654 4,592 62 3 59 1,205 1,159 46 94 -48 8. . 23,849 23,560 289 353 -64 4,591 4,579 12 65 -53 1,141 1,144 -3 60 -63 15. 23,726 23,308 418 456 -38 4,503 4,469 34 154 -120 1,105 1,096 9 U3 -104 22.... 23,813 23,230 583 477 106 4,501 4,470 31 228 -197 1,105 1,105 ....... 6 -6 Mar. 1 . . . . 23,423 23,264 159 167 -8 4,559 4,518 41 4 37 1,120 1,11! 9 4 5 8, . .. ”23,205 ”22,838 ”367 202 ”165 ”4,499 ”4,5(2 ”-13 13 ”-26 ”1 ,092 ”1,085 »6 8 ”-2 15. .. . ”23,288 ”22,901 ”387 173 ”214 ”4,531 ”4,500 ”31 64 ”-33 ”1,088 ”1,084 ”4 8 p-4 22. ”23,692”23,126 ”566 302 »264 ”4,789 ”4,753 ”36 197 ”-161 ”1,164 ”1,166 <’-3 7 ”-10 29. ... ”23,319 ”22,942 ”377 135 ”242 ”4,704 ”4,649 »55 ”55 ”1,160 ”1,152 ”8 92 ”-84 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
APRIL 1967 BANK RESERVES AND RELATED ITEMS 599 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (Ln 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 l a d l Required Excess B F a . n R k . s reserves 1929—June........................... 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 I 188 1,188 1 568 897 671 3 668 1941—Dec.............................. 4,317 3 014 I 303 1 302 2’216 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 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 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 8,735 8,713 22 125 -103 7,707 7,337 370 55 315 1965—Dec.,........................... 9 056 8,989 67 228 -161 8,219 7,889 330 92 238 1966—Mar............................. 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 7 891 235 319 84 8,913 8,878 35 258 -223 8 249 7 926 323 2^6 27 July.............................. 9 203 9,140 63 375 -312 8 308 8 067 241 232 9 9,039 9 018 21 300 -279 8 294 7 995 299 360 61 9,269 9 198 71 288 — 217 8 395 8 103 292 286 6 Oct................. 9,344 9,311 33 279 -246 8,*439 8 J 76 263 229 34 9,306 9,258 48 293 -245 8^528 8 229 299 181 118 9 509 9,449 61 220 -159 8 619 8 318 301 161 140 9,584 9,567 17 97 -80 8,732 8,428 305 72 233 Feb.............................. 9,439 9,408 31 115 -84 8^614 8,315 299 88 211 ”9,360 ”9,300 ”60 53 ”7 ”8,301 ”7,939 ”362 48 ”314 Week ending— 1966—Mar. 2....................... 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 9,054 9,004 50 334 284 8 268 7 900 278 333 55 ' 14....................... 9,299 9,200 99 342 — 243 8,375 8,076 299 301 2 21............ 9,325 9 289 36 293 —257 8,757 8 201 556 273 28.3 28....................... 9,293 9’268 25 196 -171 8,137 8,136 1 245 -244 Oct. 5....................... 9,418 9,383 35 238 -203 8 397 8.134 263 286 —23 12....................... 9,387 9’295 92 212 -120 8,508 8,211 297 234 63 19....................... 9,261 9’254 7 348 -341 8,658 8,193 465 207 258 26...................... 9,373 9’320 53 272 -219 8,241 8,170 71 220 — 149 9,382 9 345 37 344 — 307 8 396 8 166 230 195 35 9 9,372 9’312 60 213 -153 8 538 8 247 291 177 114 16....................... 9’297 9’270 27 362 -335 8,751 8,260 491 171 320 23....................... 9,279 9^218 61 228 -167 8,316 8’226 90 198 — 108 30....................... 9,244 9/174 70 341 -271 8,558 8,188 370 179 191 9,311 9,289 22 217 -195 8,350 8,213 137 212 -75 14....................... 9,321 9’295 26 262 -236 8,744 8,280 464 184 280 21...................... 9 593 9 537 56 224 —168 8 441 8 348 93 164 —71 28....................... 9,579 9 556 23 183 — 160 8^771 8 368 403 119 284 9 832 9 773 59 159 —100 8,760 8 447 313 64 249 11....................... 9,671 9'648 23 80 — 57 9,068 8,507 561 83 478 18....................... 9,562 9^539 23 52 “29 8,545 8,460 85 78 7 25....................... 9,507 9’454 53 222 -169 8,830 8,390 440 64 376 Feb. 1....................... 9,525 9 482 43 9 34 8,526 8,336 190 70 120 8 9,511 9’477 34 170 — 136 8,606 8,360 246 58 188 15....................... 9’448 9’393 55 59 -4 8,671 8’350 321 130 191 22....................... 9335 9,374 61 167 -106 8,771 8'281 490 76 414 Mar. 1....................... 9,351 9,364 -13 70 -83 8,392 8,271 121 89 32 8....................... ”9'277 ”9,245 ”32 117 ” — 85 ”8,337 ”7,996 ”340 64 ”276 15....................... ”9’314 ”9,277 ”37 40 ” —3 ”8,354 ”8 040 ”314 61 ”253 22...................... ”9,401 ”9’355 ”47 64 ”-17 ”8.336 ”7*852 ”484 34 ”450 29....................... ”9,383 ”9,304 ”79 4 ”75 ”8,071 ”7,837 ”234 39 ”195 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. 1959; thereafter on closing figures for balances with F.R, Banks and open ing figures for allowable cash; see also note 3 to preceding table. Note.—Averages of daily figures. Monthly data are averages of daily Required reserves: Based on deposits as of opening of business each day. figures within the calendar month; they are not averages of the 4 or 5 Borrowings at F.R. Banks. Based on closing figures. 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
600 MAJOR RESERVE CITY BANKS APRIL 1967 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS (In millions of dollars unless otherwise noted) Basic reserve position Interbank Federal funds transactions Related transactions with U.S. Govt, securities dealers Less— Net— Gross transactions Net transactions Reporting banks week a e n n d d ing— s E e x r r c v e e e s s s 1 r a o B t B w a F o n in . r k R g s . s F f t i b e r n u N a a d n t n n e e e d r r t s k s a . l S d u e r o f p i r c l u it s r P r e e e q s a r e u v o r c g i f v r e . e e n d s t c P ha u s r e s Sales a 2 c t T r - t a o w io n t a a n s y l s 2 b c o b P u h a f y a u n n s i r k n e e s s g t s o b S e a f l a n l l n i e k n e s g s t d L ea o t l o a e n r s s 3 de i f B r n a r o o l g o w e m s r r s 4 lo N a e n t s Total—46 banks 1967—Feb. 1............ 144 91 1,782 -1,729 16.3 3,501 1,719 1,450 2,051 269 2,220 107 2,112 8 27 270 2,041 -2,284 21.7 3,066 1,025 954 2,113 72 1,959 89 1,870 15 68 285 2,160 -2,378 23.0 3,256 1,096 979 2,277 118 1,551 84 1,467 22............ 99 337 1,850 -2,088 20.2 3,069 1,220 1,111 1 ,958 109 1,475 101 1 ,375 Mar. 1............ 58 5 1,950 -1,897 18.3 3,268 1,318 1,161 2,107 157 1,460 74 1,385 8 50 82 1,915 -1,986 19.3 3,038 1,123 965 2,073 158 1,505 79 1,427 15 45 72 2,301 -2,329 22.6 3,679 1,378 1,138 2,541 240 1,600 78 1,522 22............ 43 219 2,467 -2,643 24.8 3,684 1,217 1,049 2,635 168 1 ,881 92 1 ,788 29............ 122 89 2,484 -2,452 23,3 3,707 1,222 1,082 2,624 140 1,828 46 1,782 8 in New York City 1967—Feb. 1............ 47 353 -306 7.2 1,278 925 811 467 114 1,200 107 1,093 8............ 8 64 641 -697 16.4 1,230 589 589 641 1,107 89 1,017 15 25 136 869 -979 23.7 1,326 457 457 869 857 84 774 22............ 62 210 529 -676 16.4 1,192 664 653 539 10 769 101 668 26 538 -511 12.2 1,155 618 591 565 27 762 74 687 8 -9 13 797 -819 19.6 1,294 498 498 797 862 79 783 15............ 22 61 1,254 -1,293 31.0 1,740 486 486 1,254 957 78 879 22.. 20 192 943 -1,116 25.3 1,410 467 467 943 888 92 796 29............ 58 1,124 -1,067 24.7 1,599 474 474 1,124 882 46 837 38 outside New York City 1967—Feb. 1............ 97 91 1,429 -1,423 22.5 2,223 794 639 1,584 155 1,020 1,020 8............ 19 206 1,400 -1,587 25.2 1,837 437 365 1,472 72 852 852 15 42 150 1,291 -1,398 22.6 1,930 639 522 1,408 118 694 694 22............ 37 127 1,321 -1,412 22.7 1,877 556 457 1,419 98 706 706 Mar. 1............ 32 5 1,412 -1,386 22.3 2,113 700 571 1,542 130 698 698 8... 20 68 1,119 -1,167 19.1 1,744 626 467 1,277 158 644 644 15............ 23 12 1,047 -1,036 16.9 1 ,939 892 652 1,287 240 643 643 22............ 23 27 1,523 -1,527 24.4 2,273 750 582 1,691 168 992 992 29............ 64 89 1,360 -1,385 22.2 2,108 748 608 1,500 140 946 946 5 in City of Chicago 1967—Feb. 1............ 47 91 318 -362 34.9 527 209 176 351 33 41 41 8. -3 59 416 -478 46.7 545 129 84 461 45 21 21 15............ 3 108 375 -480 49.2 489 114 90 399 24 14 14 22............ -3 375 -379 38.4 545 170 137 408 33 26 26 Mar. 1............ 14 408 -394 39.7 601 193 173 428 20 27 27 8 4 345 -342 35.3 433 88 76 358 13 25 25 15............ 4 242 -238 24.6 468 226 217 250 9 6 6 22 -1 225 -226 21.5 464 239 210 254 29 12 12 29............ 6 86 343 -423 40.8 533 189 181 352 9 23 23 33 others 1967—Feb. 1............ 50 1,111 -1,061 20.0 1,696 585 463 1,233 122 979 979 8............ 22 147 984 -1,110 21.0 1,292 308 281 1,011 27 831 831 15............ 39 42 916 -918 17.6 1,441 525 432 1,009 94 679 679 22............ 40 127 946 -1,033 19.7 1,332 386 321 1,011 65 680 680 Mar. I............ 18 5 1,004 -992 19.0 1,512 507 398 1,114 109 671 671 8............ 16 68 774 -826 16.0 1,311 537 392 919 145 619 619 15............ 19 12 805 -798 15.5 1,471 666 434 1,037 232 637 637 22 24 27 1,298 -1,302 25.0 1,809 511 372 1,437 139 981 981 29............ 58 3 1,017 -962 18.5 1,575 559 427 1,148 131 923 923 1 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 A.ug. 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
APRIL 1967 DISCOUNT RATES 601 FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Discounts for and advances to member banks Advances to all others under Advances and discounts under Advances under last par. Sec. 133 Federal Reserve Bank Secs. 13 and 13a 1 Sec. 10(b)2 Rate on Effective Previous Rate on Effective Previous Rate on Effective Previous Mar. 31 date rate Mar. 31 date rate Mar. 31 date rate Boston............................................. 414 Dec. 8, 1965 4 5 Dec. 8 1965 4*4 5 *4 Nov. 24, 1964 New York....................................... 4 V* Dec. 6, 1965 4 5 Dec. 6, 1965 4*4 5'4 5 Philadelphia.............................. 4'4 Dec. 10 1965 4 5 Dec. 10, 1965 4*4 5*4 Dec. 10’ 1965 5 Cleveland....................................... 4'4 Dec. 10^ 1965 4 5 Dec. IO' 1965 4*4 6” Dec. 10 1965 5*4 Richmond....................................... 4 Dec. 10, 1965 4 5 Dec. 10, 1965 4*4 5*4 Dec. 10 1965 5 Atlanta.................................. 4'4 Dec 8' 1965 4 5 Dec 8' 1965 4‘4 Dec 8 1965 6 Chicago....................................... 4*4 Dec. 6, 1965 4 5 Dec. 6, 1965 4*4 5’4 5 St. Louis....................... 4*4 Dec. 10, 1965 4 5 Dec. 10, 1965 4*4 5 Dec. 10, 1965 5 Minneapolis.................................. % Dec. 10* 1965 4 5 Dec. 10, 1965 4*4 5*4 Dec. 10^ 1965 5 Kansas City............................ 4*4 Dec. 13, 1965 4 5 Dec. 13, 1965 4*4 5*4 Dec 13' 1965 5 Dallas.............................................. 4*4 Dec. 10, 1965 4 5 Dec. 10' 1965 4*4 5’4 Dec. 10, 1965 5 San Francisco....................... 4% Dec. 10, 1965 4 5 Dec. 10, 1965 4‘4 5'4 Dec. 10, 1965 5 i Discounts of eligible paper and advances secured by such paper or 2 Advances secured to the satisfaction of the F.R. Bank. Maximum by U.S. Govt, obligations. Rates shown also apply to advances secured maturity: 4 months. by obligations of Federal intermediate credit banks maturing within 6 3 Advances to individuals, partnerships, or corporations other than months, Maximum maturity: 90 days except that discounts of certain member banks secured by U.S. Govt, direct obligations. Maximum matu bankers’ acceptances and of agricultural paper may have maturities not rity: 90 days. over 6 months and 9 months, respectively, and advances secured by FICB obligations are limited to 15 days. FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Range F.R. Range F.R. Range FR. 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 NY Banks N.Y. Banks N.Y. 1955 1959 In effect Dec. 31, 1941........ 1 -14 1 ’ 15............................ M 1'4 2'4-3 3 16............................. 3 3 Oct. 3 1 0 5. . . . . . . . . . . . . . 1 . . . . 9 . . . 4 . . . 2 . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . t 1 y V2 2 -1 t 1 I ‘4 S A e u p g “ t . . 1 4 5 9 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 I 1 H : ’4 ^ ^ 2 2 '4 J S M u e n a p y e t. 2 I 1 9 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . l . . . . . . . . . . . * . . . . . . . . . . . 1 . . . . 8 . . . . ...... 3 . 3 . . ' . 4 4 3 .. - - . ' . 4 1 3 .. ' . 4 ... ......... 4 4 ^ 3 4 ' 13.......................... 2% 2'4 1946 Nov. 18............................. 2%-2'4 2'4 I960 t yi-l 1 23............................. 2'4 2'4 1 June 3............................ 3'4-4 4 1956 10............................. 3'4-4 F 2'4-3 a 14............................. 3'4 1948 * 20....,................ 2’4-3 Aug. 12............................. 3 -3'4 i -1'4 1'4 2’4-3 3 Sept. 9........................... 3 3 19............................... % 1M “ 31............................. 3 3 iyi-t'4 1'4 " 23................................ 1'4 l’/z 1957 1963 1950 “ 23............................. 3 3 3 - - '4 3 3 ' ' 4 4 3 3 3 *4 July 17................. ' . ... 2 ... 6 ... . . . . ...... 3 .. ..3.. - .'4. 3 .. ' . 4 .. ..... 3 3 * * 4 4 i1/1-1’4 1^ Dec. 2............................. 3 3 “ 25................................ 1’4 1958 1964 Jan. 22............................ 3 Nov. 24............................. 3'4-1 4 1953 24............................. 2B'3 30..........4..................4 Jan. 16......................p...^..1.-..2. 2 Mar. 7............................. 2'4-3 23............................... 2 2 13............................. 2’4-2% 21............................. 2% 1965 v Dec. 6.....................4.. ....-..4'4 4*4 F 1 e 9 b 5 . 4 5......................m......... is May 9............................. iti 13............................. 4'4 4*4 15............................... " 16.................... pls is Oc ' t. 2 2 3 4......................... 2 2 -2^ 2 2 1967 May 21............................... 1*4 2'4 2*4 In effect Mar. 31............. 4'4 4*4 t Preferential rate of one-half of 1 per cent for advances secured by against U.S. Govt, obligations was the same as its discount rate except U.S. Govt, obligations maturing in 1 year or less. The rate of t per cent in the following periods (rates in percentages): 1955—May 4-6, 1.65: was continued for discounts of eligible paper and advances secured by Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; 1956—Aug. such paper or by U.S. Govt, obligations with maturities beyond one year. 24-29, 2.75; 1957—Aug. 22, 3.50; I960—Oct. 31-Nov. 17, Dec. 28-29, 2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3-4, 2.50; June 29, 2.75; July Note,—Discount rates under Secs. 13 and 13a (as described in table 20, 31, Aug. 1-3, 2.50; Sept. 28-29, 2.75; Oct. 5, 2.50; Oct. 23. Nov. 3, above). For data before 1942, see Banking and Monetary Statistics, 2.75; 1962—Mar. 20-21,2.75; 1964—Dec. 10, 3.85; Dec. 15, 17, 22, 24, 1943, pp. 439-42. 28,30, 31, 3.875; 1965—Jan. 4-8,3.875. The rate charged by the F.R. Bank of N.Y. on repurchase contracts Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
602 RESERVE REQUIREMENTS APRIL 1967 RESERVE REQUIREMENTS OF MEMBER BANKS (Per cent of deposits) Requirements through July 13, 1966 Requirements beginning July 14, 1966 Net Time deposits4 Net demand deposits2 demand deposits2 (all classes of banks) Time deposits Other (all time deposits Effective date1 Central classes Effective date1 Reserve reserve Reserve Country of city Country Savings city city banks banks) banks banks deposits In ex banks3 banks Up to cess of $5 mil $5 mil lion. lion In effect Dec. 31,1949............ 22 18 12 5 1966—July 14,21............. s16'4 s 12 54 54 5 1951—Jan. 11,16................... 23 19 13 6 Sept. 8, 15............. 6 Jan. 25, Feb. 1............ 24 20 14 1953—juiy 9’ J..................... 22 19 13 1967—Mar. 2.................... 3’4 314 1954—June 24, 16............... 21 5 Mar. 16............ 3 3 July 29, Aug. I............ 20 18 12 1958—Feb. 27’ Mar 1............ 191/z 1714 ID/z In effect Mar. 31,1967.... 16'4 12 3 3 6 Mar. 20, Apr. 1 ........... 19 17 11 1814 Apr. 24............... 18 16'4 I960—Sept. 1........................ 1791 Present legal Nov, 24......................... 12 requirement: Dec, 1. 161/, 1962—July 28........................ (J) Minimum..................... 10 7 3 3 3 Oct. 25, Nov. 1........... 4 Maximum........................... 22 14 10 10 10 1 When two dates are shown, the first applies to the change at central 4 Effective Jan. 5, 1967, time deposits such as Christmas and vacation reserve or reserve city banks and the second to the change at country club accounts became subject co same requirements as savings deposits. banks. For changes prior to 1950 see Board’s annual reports. 5 See preceding columns for earliest effective date of this rate. 2 Demand deposits subject to reserve requirements are gross demand Note.1—All required reserves were held on deposit with F.R. Banks deposits minus cash items in process of collection and demand balances June 21, 1917, until Dec. 1959. From Dec. 1959 to Nov. 1960, member due from domestic banks. banks were allowed to count part of their currency and coin as reserves; 3 Authority of the Board of Governors to classify or reclassify cities effective Nov. 24, I960, they were allowed to count all as reserves. For as central reserve cities was terminated effective July 28, 1962. further details, see Board’s annual reports. MAXIMUM INTEREST RATES PAYABLE ON TIME AND SAVINGS DEPOSITS (Per cent per annum) Rates Nov. 1, 1933—July 19, 1966 Rates beginning July 20, 1966 Effective date Effective date Type and maturity of deposit Nov. Feb. Jan. Jan. Jan. July Nov. Dec. Type of deposit July Sept. 1, 1, 1, 1, 17, 24, 6, 20, 26, 1933 1935 1936 1957 1962 1963 1964 1965 1966 1966 Savings deposits: Savings deposits................... 4 4 12 months or more........... 3 2'4 2/1 3 4 4 4 4 Other time deposits:1 Less than 12 months........ 3 2'4 2'4 3 314 3^/2 4 4 Multiple-maturity: Other time deposits:1 90 days or more........ 5 5 12 months or more........... 3 2'4 214 3 4 4 4'4 5'4 Less than 90 days........ 4 4 6 months to 12 months... 3 2'4 2 >4 3 314 4 ^ 5)4 (30-89 days) 90 days to 6 months......... 3 2)4 2 2’4 214 4 544 Single-maturity: Less than 90 days.............. 3 2!4 I 1 1 1 4 514 $100,000 or more...... 5'4 514 (30-89 days) Less than $100,000. .. . 5'4 5 1 For exceptions with respect to foreign time deposits, see Oct. 1962 Under this regulation the rate payable by a member bank may not in Bulletin, p. 1279, and Aug. 1965 Bulletin, p. 1084. For rates for postal any event exceed the maximum rate payable by State banks or trust savings deposits, see Board’s annual reports. companies on like deposits under the laws of the State in which the member bank is located. Effective Feb. 1, 1936, maximum rates that may be paid Note.—Maximum rates that may be paid by member banks as estab by insured nonmember commercial banks, as established by the FDIC, lished by the Board of Governors under provisions of Regulation Q. have been the same as those in effect for member banks. MARGIN REQUIREMENTS (Per cent of market value) Effective date Regulation Jan. 4, Apr. 23, Jan. 16, Aug. 5, Oct. 16, July 28, July 10, Nov. 6, 1955 1955 1958 1958 1958 1960 1962 1963 Regulation T: For extensions of credit by brokers and dealers on * listed securities........................................................ 60 70 50 70 90 70 50 70 For short sales............................................................. 60 70 50 70 90 70 50 70 Regulation U: For loans by banks on stocks...................... 60 70 50 70 90 70 50 70 Note.—Regulations T and U, prescribed in accordance with Securities centage of its market value at the time of extension; margin requirements Exchange Act of 1934, limit the amount of credit that may be extended on are the difference between the market value (ICO per cent) and the maxi a security by prescribing a maximum loan value, which is a specified per mum loan value. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
APRIL 1967 BANK DEPOSITS; OPEN MARKET ACCOUNT 603 DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS (In millions of dollars) Reserve city banks Reserve city banks All All Item m b e a m nk b s er Y N o e r w k C o it f y Other C b o a u n n k t s ry Item m b e a m nk b s er Y N o ew rk C o it f y Other C b o a u n n k t s ry City Chicago City Chicago Four weeks ending Feb. t, 1967 Four weeks ending March 1, 1967 Gross demand—Total.... 149,387 29,408 6,831 54,646 58,503 Gross demand—Total.... 145,991 29,314 6,727 53,098 56,852 Interbank.................. 16,650 5,360 1,290 7,791 2,209 Interbank................. 16,078 5,341 1,235 7,473 2,030 U.S. Govt................. 3,584 751 176 1,444 1,214 U.S. Govt.................. 4,442 832 220 1,825 1,566 Other........................... 129,154 23,298 5,366 45,410 55,080 Other...................... 125,470 23,141 5,274 43,800 53,256 Net demand1.................... 119,089 21,462 5,286 42,855 49,487 Net demand 1.................. 116,135 21,117 5,166 41,659 48,194 Time................................. 131,403 18,334 5,033 50,323 57,713 Time........................... 134,054 18,837 5,214 51,444 58,560 Demand balances due Demand balances due from dom. banks...... 8,331 195 340 2,069 5,727 from dom. banks,..... 8,013 217 350 1 ,994 5,453 Currency and coin........... 4,307 348 83 1,316 2,561 Currency and coin........... 4,035 333 76 1,236 2,389 Balances with F.R, Balances with F.R. Banks............................ 19,708 4,223 1,052 8,251 6,182 Banks........................... 19,668 4,206 I ,041 8,202 6,221 Total reserves held.....2.4..,.0..1 5 4,571 1,135 9,567 8,743 Total reserves held.......... 23,703 4,539 1,117 9,438 8,610 Required-....2..3..,.6..1...4... 4,536 1,123 9,53! 8,424 Required.................... 23,341 4,509 1,114 9,402 8,316 Excess............................ 401 35 12 36 319 Excess........................ 362 30 3 36 294 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. TRANSACTIONS OF THE SYSTEM OPEN MARKET ACCOUNT (In millions of dollars) Outright transactions in U.S. Govt, securities by maturity Total Treasury bills Others within 1 year 1-5 years Month Exch., c G h p r a u o s r s e s s G sa r l o e s s s Re ti d o e n m s p c G h p r a u o s r e s s s G sa r l o e s s s Re ti d o e n m s p c G p h r a u o s r s e s s G sa r l o e s s s m re s a d h o t e i u f r m r t s i p t , y c G p h r a u o s r e s s s G sa r l o e s s s m E s a h x t o i u c r f r h t i s . t y tions 1966—Feb............ 1,114 979 171 1,070 979 171 33 957 11 -957 Mar.......... 960 314 101 873 314 101 78 9 144 Apr.. 929 748 201 887 748 201 18 25 May............ 1,208 392 50 1,174 392 50 -281 34 281 June............ 1,448 650 HO 1,296 650 110 55 108 88 -108 July....... 2,607 2,489 2,526 2,489 29 Aug........ 1,602 1,273 98 1,602 1,273 98 84 76 Sept............ 1,976 1,419 170 1,976 1,419 170 Oct........ 1,281 893 320 1,281 893 320 Nov.,...... 860 223 323 860 223 323 6,456 -6,253 Dec............. 771 405 736 405 15 12 1967—jan.............. 904 656 439 904 656 439 Feb............. 812 305 812 305 -2,457 2,595 Outright transactions in U.S. Govt, securities—Continued Repurchase Bankers’ agreements Federal acceptances (U.S. Govt, Net agency 5-10 years Over 10 years securities) change obliga Month in U.S. tions Under Net c G h p r a u o s r s e s s G sa r l o e s s s o E t s r u h x r i m c i f t h t y a s . c G h p r a u o s r s e s s G sa r l o e s s s o E t s r u h x r i m c i f t h t y a s . c G h p r a u o s r s e s s G sa r l o e s s s G s i o e ti c v e u s t, r p ( m a n u g e r e r c t n e h t r e s a e ) s e r O i n g u e h t t t , a r m c e g h n e p r a e e n u s t e t r e s , change 1 1966—Feb...... 272 611 -376 12 -365 Mar,. . . -144 222 222 545 3 1 549 Apr.... 682 682 -20 4 30 14 May. . . 421 421 766 -1 20 786 June... 8 185 185 689 2 58 748 July,... 39 12 120 26 212 -30 -157 24 . -160 364 457 138 -3 135 Sept.,«. 97 97 388 -I 387 Oct....... 275 275 69 4 21 94 Nov.... -203 1,775 1,153 937 3 56 996 Dec..,. 3 5 3,751 3,746 370 34 15 47 466 1967—Jan....... 1,693 2,320 -818 -34 4 -124 -972 Feb....... -138 3,253 3,253 507 3 37 546 1 Net change in U.S. Govt, securities, Federal agency obligations, and Note.—Sales, redemptions, and negative figures reduce System hold bankers’ acceptances. ings; all other figures increase such holdings. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
604 FEDERAL RESERVE BANKS APRIL 1967 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1967 1967 1966 Mar. 29 Mar. 22 Mar. 15 Mar. 8 Mar. 1 Mar. Feb. Mar. Assets Gold certificate account............................................... 10,762 (0,778 10,784 10,784 10 796 10 778 10 796 11 491 Redemption fund for F.R. notes............... I'835 1,823 1,828 C836 1,829 1,833 1*830 U713 Total gold certificate reserves............................ 12,597 12,601 12,612 12,620 12,625 12,611 12,626 13,204 Cash................................................................................ 319 344 345 351 359 345 356 210 Discounts and advances: Member bank borrowings........................................ 29 111 278 327 115 32 165 Other........................................................................... 10 10 20 Acceptances: Bought outright......................................................... 68 68 70 70 74 69 76 76 Held under repurchase agreements........................... 32 73 35 41 37 50 Federal agency obligations—Held under repurchase agreements................................................................... 7 12 72 13 U.S. Govt securities: Bought outright: Bills......................................................................... 12,576 12,576 12,393 12 448 12 119 12 809 12 119 9 225 Certificates—Special............................................... Other............................................... 4,351 4 351 4 351 4 351 4 351 4 351 4 351 12 Notes........................................................................ 21 353 21,342 21,342 21*342 21'302 21,353 21'302 24 926 Bonds........................................................... 6,249 6,209 6^209 6*209 6J99 6,249 6,199 ”6’,571 Total bought outright...................................... 44,529 44,478 44,295 44 350 43 971 44,762 43,971 40,734 Held under repurchase agreements........................... 394 315 866 ’146 Total U.S. Govt, securities........................................... 44,529 44,872 44,610 45,216 43,971 44,908 43,971 40,734 Total loans and securities........................................ 44,668 45,058 44,970 45,758 44 195 45 073 44 249 41 187 Cash items in process of collection............................ 6 562 7 916 7635 6 468 7 255 5 875 6 701 5 *954 Bank premises............................................................. 108 ’ 108 ’108 ’l08 ’107 '108 ’107 Other assets: Denominated in foreign currencies.............. 188 189 198 191 293 160 293 218 IMF gold deposited1................................................ 228 227 213 213 213 228 213 165 All other................................................................. 397 365 341 324 298 403 286 343 Total assets..................................................................... 65,087 66,808 66,422 66,033 65,345 64,803 64,833 61,383 Liabilities F,R. notes,.................................................................... 38,383 38,433 38,467 38,435 38,273 38,256 38,283 36,408 Deposits: Member bank reserves.............................................. 18,619 19,630 19,358 20,187 18,755 19,148 18,916 18,000 U.S, Treasurer—General account........................... 677 297 452 181 '475 '828 386 '521 Foreign........................................................................ 134 134 128 123 133 131 145 329 Other: IMF gold deposit1......................................... 228 227 213 213 2(3 228 213 165 All other.................................................................. 226 204 242 234 238 226 219 218 Total deposits................................................................ 19,884 20,492 20,393 20,938 19,814 20,561 19,879 19,233 Deferred availability cash items............... 5,302 6,395 6,107 5,075 5,737 4,441 5,153 4,301 Other liabilities and accrued dividends. ,. ................. 218 '223 '228 252 '225 '231 225 200 Total liabilities.............................................................. 63,787 65,543 65,195 64,700 64,049 63,489 63,540 60,142 Capital Accounts Capital paid in............ 578 578 577 576 576 578 575 560 Surplus........................................................................... 570 570 570 570 570 570 570 551 Other capital accounts.................................................. 152 117 80 187 150 166 148 130 Total liabilities and capital accounts........................... 65,087 66,808 66,422 66,033 65,345 64,803 64,833 61,383 Contingent liability on acceptances purchased for foreign correspondents.......................................... 225 218 205 205 203 232 201 129 U.S. Govt, securities held in custody for foreign account...................................................................... 7,604 7,584 7,437 7,328 7,367 7,547 7,334 7,617 Federal Reserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank)..................... 40,961 41,043 41,069 41,018 41,140 40,899 41,151 39,725 Collateral held against notes outstanding: Gold certificate account............................................ 6,690 6,690 6,690 6,690 6,690 6,690 6,700 6,535 Eligible paper.............................................................. 2 2 43 U.S. Govt."securities,................................................ 36,306 36,306 ^36,306 36,326 36,326 36,306 36,326 34,712 Total collateral............................................... 42,997 42,996 c42,996 43,016 43,018 42,996 43,028 41,290 1 See note 2 to table at bottom of p. 666. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
APRIL 1967 FEDERAL RESERVE BANKS 605 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MARCH 31, 1967 (In millions of dollars) Item Total Boston Y N o ew rk P p d h h e i i l 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 Lo S u t i . s M ap in o n li e s K C s a a it s n y Dallas c F S i r s a a c n n o Assets Gold certificate account..................... 10,778 597 2,125 642 869 1,022 652 2,109 441 222 483 418 1,198 Redemption fund for F.R. notes........ 1 ,833 103 438 95 152 162 101 338 63 32 72 61 216 Total gold certificate reserves............. 12,611 700 2,563 737 1,021 1,184 753 2,447 504 254 555 479 1,414 F.R. notes of other Banks.................. 757 58 172 34 104 49 98 74 21 12 21 39 75 Other cash............................................ 345 11 41 8 57 20 41 50 32 9 18 18 40 Discounts and advances: Secured by U.S. Govt, securities. .. 26 2 5 1 1 7 * 2 3 5 Other................................................ 16 * 9 1 1 1 1 ♦ * * 1 1 Acceptances: Bought outright............................... 69 69 Held under repurchase agreements. 41 41 Federal agency obligations—Heid under repurchase agreements...... 13 13 U.S. Govt, securities: Bought outright.............................. 44,762 2,329 11,202 2,303 3,411 3,250 2,461 7,459 1,580 935 1,784 1,868 6,180 Held under repurchase agreements. 146 146 Total loans and securities.................. 45,073 2,331 11,485 2,305 3,412 3,252 2,462 7,467 1,580 937 1,787 1,869 6,186 Cash items Jn process of collection.. . 7,700 472 1 ,448 498 544 615 676 1,243 369 230 490 442 673 Bank premises...................................... 108 3 10 2 5 6 20 19 9 3 12 10 9 Other assets: Denominated in foreign currencies . 161 8 M2 8 14 8 10 23 6 5 7 9 21 IMF gold deposited2....................... 228 228 All other...................................... 402 20 100 26 31 28 22 66 14 6 16 17 56 Total assets................................ 67,385 3,603 16,089 3,618 5,188 5,162 4,082 11,389 2,535 1.456 2,906 2,883 8,474 Liabilities F.R. notes............................................ 39,013 2,330 9,061 2,240 3,191 3,602 2,193 7,039 1,428 693 1,481 1,246 4,509 Deposits: Member bank reserves.................... 19,148 709 4,916 828 1,328 880 1,170 3,035 712 514 897 1,131 3,028 U.S. Treasurer—General account.. 828 37 167 49 47 66 56 67 45 27 83 58 126 Foreign.............................................. 131 6 335 7 12 7 8 19 4 3 6 7 17 Other: IMF gold deposit 2.. .................. ; 228 228 All other....................................... 226 ♦ 143 3 ♦ 9 2 2 1 1 1 1 63 Total deposits....................... .... '20,561 752 5,489 887 1,387 962 1,236 3,123 762 545 987 1,197 3,234 Deferred availability cash items.......... 6,266 445 1,138 412 477 510 561 992 291 182 372 356 530 Other liabilities and accrued, dividends 231 12 61 11 17 17 12 39 8 5 9 10 30 Total liabilities..................................... 66,071 3,539 15,749 3,550 5,072 5,091 4,002 11,193 2,489 1,425 2,849 2,809 8,303 Capital Accounts Capital paid in..................................... 578 28 149 30 52 30 36 85 20 14 26 34 74 Surplus.................................................. 570 27 148 30 51 30 35 83 20 14 25 33 74 Other capital accounts......................... 166 9 43 8 13 11 9 28 6 3 6 7 23 Total liabilities and capital accounts.. 67,385 3,603 16,089 3,618 5,188 5,162 4,082 11,389 2,535 1,456 2,906 2,883 8,474 Ratio of gold certificate reserves to F.R. note liability (per cent): Mar. 31, 1967................. ... 32.3 30.0 28.3 32.9 32.0 32,9 34.3 34.8 35.3 36.7 37.5 38.4 31.4 Feb. 28, 1967......................... 32.3 33.3 35.4 31.0 30.4 32.1 29.1 29.0 28.7 38.1 33.0 39.3 32.3 Mar. 31, 1966........................ 35.3 30.7 36.1 33.1 34.5 36.2 35,9 34.9 35.4 28.3 34.3 36,2 38.4 Contingent liability on acceptances purchased for foreign correspond ents. .............................................. 232 11 466 12 20 12 14 32 8 5 10 13 29 Federal Reserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank)..................................... 40,899 2,422 9,502 2,294 3,457 3,728 2,320 7,321 1,500 717 1,531 1,334 4,773 Collateral held against notes out standing: Gold certificate account.................. 6,690 450 1,000 483 600 740 450 1,400 300 127 225 180 735 Eligible paper................................... * ♦ U.S. Govt.'securities...................... 36,306 2,016 8,900 2,000 3,000 3,035 2,050 6,150 1,310 615 1,400 1,230 4,600 Total collateral............................. 42,996 2,466 9,900 2,483 3,600 3,775 2,500 7,550 1,610 742 1,625 1,410 5,335 1 After deducting $119 million participations of other F.R. Banks. 3 After deducting $96 million participations of other F.R. Banks. 2 See note 2 to table at bottom of p. 666. 4 After deducting $166 million participations of other F.R, Banks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
606 FEDERAL RESERVE BANKS; BANK DEBITS APRIL 1967 MATURITY DISTRIBUTION OF LOANS AND U.S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1967 1967 1966 Mar. 29 Mar. 22 Mar. 15 Mar. 8 Mar. 1 Mar. Feb. Mar. Discounts and advances—Total. .................................. 39 Ill 278 327 115 42 165 327 Within 15 days................................................... 26 106 275 323 110 32 160 306 16 days to 90 days................................................ 3 5 3 4 5 10 5 21 9! days to 1 year........................................................ 10 Acceptances—Total...................................................... Within 15 days............................................................ 100 68 70 143 109 110 113 126 16 days to 90 days.................................................... 48 15 20 94 55 56 57 63 52 53 50 49 54 54 56 63 U.S. Govt, securities and Federal agency obligations—Total................................................... 44,529 44,880 44,622 45,287 43,971 44,921 43,971 40,734 Within 15 days*.......................................................... 1,445 2,061 1,872 2,485 1 ,417 928 I ,052 506 16 days to 90 days...................................................... 12,561 12,094 12,150 12,086 11,846 13,183 12,211 11 ,047 91 days to 1 year........................................................ 19,114 19,367 19,242 19,358 19,400 19,401 19,400 14,218 Over 1 year to 5 years................................................ 10,133 10,103 10,103 10,103 10,053 10,133 10,053 13,273 Over 5 years to 10 years........................................... 866 853 853 853 853 866 853 1,305 Over 10 years............................................................ 410 402 402 402 402 410 402 385 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 a i r a s n F fr r a e n n c c s h G m er a m rk a s n Ita li l r i e an Jap y a e n n ese g N u la e i n l t d h d e e s r r s f S r w an is c s s 1966—Apr............................. 299 103 53 2 1 81 9 I 3 47 May............................. 364 163 53 2 i 116 2 1 3 24 J une............................ 482 271 54 2 I 124 1 1 3 24 July....................... 702 566 54 2 75 2 1 ~2 Aug.............. 687 476 54 2 1 150 1 * 2 Sept........................ 742 587 54 20 1 76 1 1 * 3 Oct............................. 783 622 54 20 1 76 6 1 3 Nov............... 709 570 54 2 I 76 1 1 * 3 Dec................. 875 594 55 2 1 216 3 1 * 3 BANK DEBITS AND DEPOSIT TURNOVER (Seasonally adjusted annual rates) Debits to demand deposit accounts1 (in billions of dollars) Turnover of demand deposits Period T 2 o 3 t 3 a l Leading SMSA’s T S o M ta S l A 23 ’s 2 o 2 th 26 e r T 2 o 3 t 3 a l Leading SMSA’s T S o M ta S l A 23 ’s 2 o 2 th 26 e r S MSA’s N.Y. 6 others2 N (e . x Y cl .) . SMSA’s SMSA’s N.Y. 6 others2 N (e . x Y ci . . ) SMSA’s 1966—Feb............................... 5,673.0 2,375.6 I,265.1 3,297.4 2,032.3 50.6 105.2 47.5 36.8 32.5 Mar,. 5,784.6 2 411.7 1,313 6 3 372 9 2 059 3 51.3 106.0 48 5 37.6 32.9 Apr.............................. 5,858.0 2,501.5 1,281.6 3,356.5 2,074.9 52.7 111.8 47.9 37.6 33.2 May....................... 5’909.2 2,513 5 1 326.8 3395.7 2 068 9 52.6 109 5 49.7 37.8 32.8 June................ 5,908.3 2,494 1 1,327.0 3,414.2 2,087.2 52.2 107 4 503 38.3 33,1 July.............................. 5,868.3 2,394.1 1 343.6 3,474,2 2,130.6 52.9 106 9 51.3 39.1 34.0 Aug........................... 6;092.4 2,597.0 1,357.1 3 395.4 2,138.3 54.0 111.9 51.5 39.0 33.9 Sept.............................. 6,105.2 2,559.1 1,387.2 3 3464 2,158.9 54.2 Ill .4 52.1 39.4 34.3 Oct................ 6,065.4 2,551.8 1,364.9 3 513.6 2,148.7 54.0 111.2 52,2 39.6 34.3 Nov............................. 6,078.5 2366.6 1,373.8 3,511.9 2,138.1 54.6 111,3 52.5 39.6 33.9 Dec........................ 6,406.5 2,844.6 1,405.1 3,561.9 2,156.8 56.9 121,8 53.2 40.0 34.2 1967—Jan.............................. 6,409.1 2,847.3 1,362.2 3 561.8 2,199.6 57.2 124.7 50.9 39.4 34.8 Feb............................... 6,249.9 2,724.7 1 389.5 3470.2 2^180.7 55.6 119.4 52.6 39.4 34.2 Mar.............................. 6'315.9 2,756.6 1’386.8 3459.3 2,172,5 54.8 117,2 51.2 39.1 33.9 1 Excludes interbank and U.S. Govt, demand deposit accounts. Note.—Total SMS A’s includes some cities and counties not designated 2 Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and as SMSA’s. Los Angeles-Long Beach. For a description of series, see Mar. 1965 Bulletin, p. 390. All data shown here are revised. For description of revision, see Mar. 1967 Bulletin, p. 38. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
APRIL 1967 U.S. CURRENCY 607 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency End of period in cir cula tion 1 Total Coin $1 2 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939..................... 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941..................... 11,160 8’ 120 751 695 44 1,355 2,731 2^545 3JJ44 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;869 23^521 2’427 1,533 88 2'246 6,691 10’536 9,348 2^815 5’954 249 316 3 10 1961..................... 33,918 24,388 2,582 1,588 92 2’313 6,878 10'935 9,531 2’869 6^ 106 242 300 3 10 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 7^10 249 298 3 4 1964..................... 39’619 28 J 00 3,405 l',806 Hl 2,517 7,543 12,717 11,519 3',381 7,590 248 293 2 4 1965...................... 42,056 29’842 4 027 1 908 127 2,618 7 794 13,369 12,214 3 540 8,135 245 288 3 4 1966—Feb............ 41,252 29,149 4,096 I ,818 128 2,495 7,586 13,027 12,103 3,470 8.098 243 286 3 4 Mar........... 41,469 29,323 4352 1,824 129 2,496 7’607 13,11612J47 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 13'342 12'234 3 507 8,196 241 284 3 4 June.......... 42,554 30,228 4,264 1 884 135 2^570 7,805 13^569 12^326 3,542 8’254 241 283 3 4 July........... 42,708 30’311 4,285 I 880 136 2^550 7,770 13’690 12,397 3 ,'560 8’307 240 283 3 4 Aug....... 42,910 30,455 4’317 1,885 (38 2^561 7,780 13’774 12’456 3,568 8’358 240 283 3 4 Sept........... 42,802 30,318 4,342 1,899 138 2^551 7,730 13’659 12^483 3,562 8'392 239 283 3 4 Oct....... 43,113 30,556 4'380 1,926 137 2^583 7,785 13^745 12,556 3^572 8'455 239 283 3 4 Nov....... 44,245 31,499 4’447 1,996 1 37 2^684 8’076 14,159 12,747 3’632 8'583 240 285 3 4 Dec........... 44,663 31^695 4’480 2,051 137 2,756 8,070 14,201 12,969 3,700 8,735 241 286 3 4 1967—Jan............ 43',363 30,532 4'461 1'939 137 2,599 7',730 13,667 12,831 3'629 8,673 239 283 3 4 Feb............ 43^585 30^58 4381 1,933 137 2^12 7’840 13,755 12^27 3; 622 8,677 239 282 3 4 1 Outside Treasury and F.R. Banks. Before 1955 details are slightly 2 Paper currency only; $1 silver coins reported under coin. overstated because they include small amounts of paper currency held by the Treasury and the F.R. Banks for which a denominational break Note.—Condensed from Statement of United States Currency and down is not available. Coin, issued by the Treasury. KINDS OUTSTANDING AND IN CIRCULATION (In millions of dollars) Held in the Treasury Currency in circulation 1 Total out Held by Kind of currency s F ta e 1 n b 9 d . 6 i 7 2 n 8 g , , A g a s o s g l s i d a l e v i c n e a u r n s r t d i t y Tr c e a a s s h ury B F F a a n R o n d k r . s A B F a g a . n e n R d n k . t s s Feb. 1967 Jan. 1 F 9 e 6 b 6 . certificates Agents 28 31 28 Gold.............................................................................. 13,106 (12,626) 2 480 Gold certificates................................................... (12,626) 12,625 1 Federal Reserve notes................................................. 41,152 119 2,868 38,164 37,962 36,139 Treasury currency—’Total............................................... 6,416 (561) 638 357 5,421 5,402 5,113 Standard silver dollars............................................... 485 3 482 482 482 Silver bullion............................................................... 706 558 148 Silver certificates....................................................... (561) I 9 551 553 618 Fractional coin................................................. 4,810 475 337 3,999 3,979 3,614 United States notes............................................. 323 11 11 300 299 294 In process of retirement 1...................................... 92 3 89 89 105 Total—Feb. 28, 1967 ................................................... 5 60,674 (13,188) 1,238 12,625 3,226 43,585 561,101 (13,243) 1,226 12,677 3,834 43,363 Feb. 28, 1966 ................................................... 5 59,254 (14,088) 800 13,431 3,771 41,252 1 Outside Treasury and F.R. Banks. Includes any paper currency held 5 Does not include all items shown, as some items represent the security outside the United States and currency and coin held by banks. Esti for other items, gold certificates are secured by gold, and silver certificates mated totals for Wed. dates shown in table on p. 597. by standard silver dollars and monetized silver bullion. Duplications 2 Includes $156 million reserve against United States notes and $211 are shown in parentheses. million gold deposited by and held for the International Monetary Fund. 3 Consists of credits payable in gold certificates: (1) the Gold Certificate Note.—Prepared from Statement of United States Currency and Coin Fund—Board of Governors, FRS; and (2) the Redemption Fund for F.R. and other data furnished by the Treasury. For explanation of currency notes. reserves and security features, see the Circulation Statement or the Aug. 4 Redeemable from the general fund of the Treasury. 1961 Bulletin, p. 936. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
608 MONEY SUPPLY; BANK RESERVES APRIL 1967 MONEY SUPPLY AND RELATED DATA (In billions of dollars) Seasonally adjusted Not seasonally adjusted Money supply Money supply Period Time Time U.S. deposits deposits Govt, Total c C om ur p re o n n c e y n t D d e e m po a s n it d jus a t d ed 1 Total c C om ur p re o n n c e y n t D d e ep m o a s n it d jus a t d e d 1 d d e e p m os a i n ts d 1 component component I960—Dec................................................... 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—Dec................................................... 159.7 34.2 125.4 126.6 164.0 35.0 129.1 125.2 5.5 1965—Dec.................................................. 167.2 36.3 130.9 146.9 172.0 37.1 134.9 145.2 4.6 1966—Mar................................................. 169.3 36.9 132.3 149.5 167.8 36.6 131.3 150.2 4.6 Apr................................................... 170.9 37.2 133.7 151.4 171.6 36.8 134.8 152.2 3.1 May.................................................. 170.2 37.3 132.9 153.0 166.9 37.0 129.9 153.9 7.2 June.................................................. 171.1 37.4 133.7 2153.7 168.8 37.3 131.5 2154.1 6.3 July.................................................. 169.6 37.7 131.9 155.3 167.9 37.8 130.1 155.8 8.2 Aug.................................................. 169.6 37.8 131.8 156.6 166.9 37.9 129.1 157.0 5.2 Sept.................................................. 170.5 37.9 132.6 157.1 169.4 37.9 131.5 156.9 4.4 Oct.................................................... 169.6 38.0 131.7 156.8 170.1 38.1 132.1 156.6 4.8 Nov.................................................. 169.2 38.0 131.2 156.8 171.0 38.5 132.5 155.6 3.7 Dec................................................... 170.3 38.3 132.1 158.0 175.2 39.1 136.2 156.3 3.5 1967—Jan.................................................... 169.6 38.5 131.1 160.5 174.6 38.4 136.2 160.0 4.2 Feb................................................... 170.4 38.7 131.7 163.2 170.0 38.3 131.7 163.3 5.1 Mar.p. ............................................. 172.9 39.0 133.9 165.3 171.4 38.6 132.8 166.1 4.9 Week ending— 1967—Feb. 1............................................ 168.7 38.5 130.2 162.0 171.9 37.9 134.0 161.9 4.6 8............................................ 169.6 38.7 130.9 162.4 171.7 38.5 133.2 162.5 5.4 15............................................ 169.9 38.8 131.1 163.1 170.4 38.4 131.9 163.3 4.7 22............................................ 171.8 38.8 133.1 163.6 168.8 38.3 130.5 163.8 5.0 Mar. 1....................................... 171.0 38.7 132.3 163.8 168.7 38. 1 130.6 164.1 5.3 8............................................ 172.0 38.9 133.0 164.4 170.0 38.7 131.3 165.0 4.2 15............................................ 173.1 39.0 134.1 165.2 171.7 38.6 133.1 166.0 3.1 22p.......................................... 172.7 39.0 133.7 165.5 173.0 38.6 134.4 166.3 5.3 29p.......................................... 173.7 39.1 134.6 166.0 170.8 38.4 132.4 167.0 6.9 i At all commercial banks. Averages of daily figures. Money supply consists of (I) demand 2 Effective June 9, 1966, balances accumulated for payment of personal deposits at ah commercial banks other than those due to domestic com loans were reclassified for reserve purposes and are excluded from time mercial banks and the U.S. Govt., less cash items in process of collection deposits reported by member banks. The estimated amount of such and F.R. float; (2) foreign demand balances at F.R. Banks: and (3) cur deposits at all commercial banks ($1,140 million) is excluded from time rency outside the Treasury, F.R. Banks, and vaults of all commercial deposits adjusted thereafter. banks. Time deposits adjusted are time deposits at all commercial Note.—Tor description of revision of series and for back data begin banks other than those due to domestic commercial banks and the ning Jan. 1959, see Sept. 1966 Bulletin, pp. 1303-15; for monthly data U.S. Govt. 1947-58, see June 1964 Bulletin, pp. 679-89. AGGREGATE RESERVES AND MEMBER BANK DEPOSITS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Member bank reserves1 Deposits subject to Member bank reserves1 Deposits subject to reserve requirements 2 reserve requirements2 Period Total r N o b w o o r e n d qu R ir e e d Total sa T a v i n i m n d g e s de v P m a r a t i e n d de G m U o a v .S n t, . d Total r N o b w o o r n e d qu R ir e e d Total sa T a v i n i m n d g e s de v P m a r t a i e n d d G e U m o . v S an t . , d 1963—Dec....... 20.96 20.64 20.51 201.5 92.4 104.3 4.8 21.48 21.15 20.94 203.7 91.3 107.9 4.5 1964—Dec....... 21.84 21.59 21.53 216.7 104.2 107.5 5.0 22.39 22.15 21.98 219.1 103.0 111.3 4.8 1965—Dec....... 23.01 22.52 22.66 236.4 121.2 111.2 4.0 23.59 23.13 23.13 239.0 119.8 115.2 4.0 1966—Mar....... 23.27 22.67 22.90 239.8 122.8 112.7 4.3 23.02 22.47 22.71 239.1 123.7 111.5 4.0 Apr....... 23.53 22.88 23.12 242.9 124.8 113.5 4.7 23.41 22.79 23.05 242.4 125.4 114.4 2.7 May.... 23.54 22.88 23.16 243.9 126.2 112.9 4.8 23.37 22.65 23.00 243.1 126.8 109.8 6.5 June*... 23.52 22.84 23.17 244.2 126.3 113.5 4.3 23.42 22.75 23.10 243.9 127.0 111.5 5.5 July.... 23.73 22.96 23.32 246.1 128.0 112.4 5.6 23.73 22.96 23.32 246.6 128.4 111.0 7.2 Aug....... 23.33 22.66 23.03 245.4 129.0 112.1 4.2 23.07 22.34 22.73 243.4 129.2 109.7 4.5 Sept...... 23.46 22.67 23.03 245.3 129.2 112.6 3.5 23.36 22.60 22.97 244.6 129.0 111.8 3.8 Oct........ 23.26 22.53 23.01 244.6 128.7 111.6 4.3 23.33 22.60 23.03 244.6 128.4 112.0 4.3 Nov..... 23.23 22.64 22.86 243.5 128.4 111.4 3.7 23.25 22.64 22.86 243.0 127.3 112.5 3.2 Dec....... 23.25 22.66 22.96 244.4 129.4 112.0 2.9 23.83 23.27 23.44 247.1 127.9 116.1 3.0 1967—Jan. r... 23.58 23.15 23.21 247.7 131.5 HI.4 4.8 24.08 23.69 23.70 250.9 131.1 1 16.1 3.7 Feb....... 23.85 23.51 23.49 250.7 133.7 112. 1 4.9 23.71 23.35 23.35 250.2 134.0 111.8 4.5 MarP.,. 24.30 24.05 23.79 254.0 135.3 113.9 4.8 24.04 23.84 23.60 253.2 136.3 112.6 4.3 t Back data on member bank reserves adjusted to eliminate effects of 3 Effective June 9, 1966, balances accumulated for repayment of per changes in reserve requirement percentages. Series reflect percentage re sonal loans were eliminated from time deposits for reserve purposes. serve requirements made effective Sept. 15, 1966; series will reflect per Time and total deposits were thereby reduced by an estimated $850 mil centage reserve requirements made effective March 16, 1967, when com lion; this reduced member bank reserves by $35 million. plete deposit data are available. Note.—Tor further explanation of these data, see announcement in 2 Deposits subject to reserve requirements include total time and sav the October 1966 Bulletin, p. 1460. Back data for the period 1948 to date ings deposits and net demand deposits as defined by Regulation D. Pri may be obtained from the Banking Section, Division of Research and vate demand deposits include ail demand deposits except those due to the Statistics, Board of Governors of the Federal Reserve System, Washing U.S. Govt., less cash items in process of collection and demand balances ton, D.C. 20551. due from domestic commercial banks. Averages of daily figures. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
APRIL 1967 BANKS AND THE MONETARY SYSTEM 609 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total Bank credit assets, net— Treas Total Date ury U.S. Government securities liabil- Capital cur it>es Total and Gold rency Other and deposits misc. st o i a n u n g t d Total n L e o t an 1, s , 2 Total s C a a v o n i m n d g l. s R F B e e a d s n e e r k r v a s e l Other r s i e ti c e u s 2 ca n p e it t al, cur a r n e d n cy co n a u c e n t ts, banks 1947—Dec, 31................... 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188.148 175,348 12,800 1950—Dec. 30................... 22^706 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 1965—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—Mar, 30.................... 13,600 5,700 397,700 244,100 102,500 61,000 40,500 1,000 51,100 417,100 379,400 37,800 Apr. 27........... 13^600 5'800 401,400 246’900 102,400 60'800 40,700 900 52,100 420’800 383,300 37.500 May 25................... 13’500 5,900 402’700 248,800 101'100 58,900 41,100 1,100 52,800 422,100 382,700 39,400 June 30................... 13^434 5,978 410,775 254,693 101,630 58,625 42,169 836 54,452 430’187 391’731 38 454 July 27.................... 13'300 6,000 406’900 251’800 100,600 57’800 42’000 800 54,400 426,200 387,700 38 500 13,300 6,000 408,800 252’400 102'too 58,800 42'500 800 54,400 428,200 387,600 40 500 Sept. 28................... 13’300 6,100 410’700 254'000 102,000 58,700 42,000 1,300 54’700 430,000 387,800 42,200 Oct. 26 p................ 13.300 6,200 410,400 253,500 102,500 58,500 42,800 1,200 54.500 429,800 388,200 41,600 Nov. 30 p................ 13.200 6.200 412,200 254,200 104,400 59,200 43,900 1.300 53,600 431,600 389.000 42,600 Dec. 2P................ 13,200 6,300 419,100 259,300 105,600 60,400 43,900 1,200 54,200 438,600 396,900 41’700 1967—Jan. 25 ^................ 13,200 6,400 418.200 257.100 105,900 60,500 44,200 1,200 55,300 437,800 396.400 41.300 Feb. 22 r*................ 13,100 6,400 420.200 256.300 107,100 61,100 44.700 1 ,400 56,800 439,700 396.300 43,400 Mar. 29*................. BJ00 6,500 425,700 259;900 107,600 62’400 44.500 700 58.200 445,300 402,600 42,700 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted 3 Not seasonally adjusted Time U.S Government Date Total o b r u C e a t n n u s c i k r d y s e d ju e m s p D a t a o d e e n d s d i t s 4 Total o b r u C e a t n u n s c i k r d y s e d ju e m s D p a t a o d e e n s d d i t s 4 Total b m C a e n o r k m c s ia l 1 b s M a a v n u i k t n u s g a s l 5 S P a S t o v e y s m i s t n a g l s e n F i e g o t n r , 6 T h c i r u o n a e r g s l a y d h s s s b c a a a v o A n n i m n d t k g l s , s B F A a R n t k . s 1947—Dec. 31.... 110,500 26.100 84.400 113,597 26,476 87.121 56.411 35.249 17.746 3,416 1,682 1,336 1.452 870 1950—Dec. 30... . 114.600 24,600 90,000 117,670 25,398 92,272 59,246 36,314 20,009 2,923 2,518 1,293 2,989 668 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 1965—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—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. 27.... 169,000 36,200 132,800 169,100 35,900 133,200 206,000 152,600 53,100 300 1,700 900 5,300 300 May 25.... 165,500 36,300 129,200 163,500 36.200 127,300 207,700 154,200 53.200 300 1,700 1 ,000 8,000 700 June 30.. . . 167.600 36,300 131,300 168,089 37,128 130,961 208,647 154,798 53,657 192 1,943 1,049 11,237 766 July 27.... 166,800 36,800 130,000 166,600 36,900 129,700 210,400 156.500 53,700 200 1,800 1,100 6,400 1,300 Aug. 31.... 168,500 36,900 131,600 166,900 37,100 129,900 211,200 157,200 53,800 200 1,900 1,100 5,000 1,600 Sept. 28.... 167,200 36,700 130,500 166,100 36,800 129,300 211,300 156.900 54,200 200 1,800 1,100 6,200 1,300 Oct. 26 ». . 167,900 37,200 130,700 168,600 37,100 131,500 210,800 156,300 54.400 200 1,800 1,200 4,900 800 Nov. 30 *.. 169,100 37,300 131,800 171,300 38,000 133.400 210,300 155.700 54,500 100 1,800 1,200 4.000 300 Dec. 28 ”, . 170,000 37,500 132,500 175,200 38,300 136,900 213,000 157,700 55,200 100 1,900 1,200 5,400 200 1967—Jan. 25*... 168,500 37,800 130,700 170,700 37.300 133,400 2(7,400 161,700 55,600 100 1,800 1,200 4,900 400 Feb. 22 ••*. 167,300 38,200 129,100 166,500 37,700 (28,700 220,000 (64,000 55,900 100 1,800 1 ,200 6,300 400 Mar. 29*... 172,000 38,000 134,000 169,500 37,600 131.900 223,700 167.200 56.400 100 1 .700 1,300 5,700 700 1 Beginning with data for June 30, 1966, about $1.1 billion in “Deposits bilities. accumulated for payment of personal loans’* were excluded from “Time 6 Reclassification of deposits of foreign central banks in May 1961 re deposits’* and deducted from “Loans’* at all commercial banks. These duced this item by $ 1,900 million ($ 1,500 million to time deposits and $400 changes resulted from a change in Federal Reserve regulations. These hy million to demand deposits). pothecated deposits are shown in a table on p. 613. 2 See note 2 at bottom of p. 613. Now—For back figures and descriptions of the consolidated condition 3 Series begin in 1946; data are available only last Wed. of month. statement and the seasonally adjusted series on currency outside banks * Other than interbank and U.S. Govt., less cash, items in process of and demand deposits adjusted, see “Banks and the Monetary System,’’ collection. Section I of Supplement to Banking and Monetary Statistics, 1962, and 5 Includes relatively small amounts of demand deposits. Beginning with Bulletins for Jan, 1948 and Feb. 1960. Except on cal! dates, figures June 1961, also includes certain accounts previously classified as other lia are partly estimated and are rounded to the nearest $100 million. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
610 COMMERCIAL AND MUTUAL SAVINGS BANKS APRIL 1967 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank3 Other Cla a s n s d o d f a b te ank Total Loans G U o .S v . t. Oth 2 er a C ss a e s t h s 3 c b c o a i a l l a u p i i n a c t i n d i - t e a t s s l 4 Total 3 m D a e n d Time U.S D . ema O n t d her Time B r i o n o w g r s - c c T a o a p o u c i t n a t a l t l s b N a b o u n e m f r k s - Govt All banks: 1941—Dec. 31....... 61,126 26.615 25,511 8.999 27,344 90.908 81,816 to,982 355 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. 316............. 134,924 43,002 81,199 10,723 38,388 175.091 161,865 12,793 240 1 .346 94.381 53.105 6611.948 14.714 1965—Dec. 31.............. 362,320246,946 65,01650,35761,916435,483385,196 18,426 1,009 5,532 160,847 199,381 4,56434,935 14,309 1966—Mar. 30.............. 361,710249,580 61,030 51,100 55,030428,100 374,580 15,240 1,070 5,120 148,470 204,680 6,160 35,180 14,306 Apr. 27.............. 364,280251,380 60,790 52,110 57,280432,790380,280 15,560 1,090 5,030 152,700205,900 4,940 35,380 14,307 May 25. ............ 365,550253,890 58,890 52,77055,030 431,960377,63014,920 I ;080 7,780 146,180 207,670 5,61035,550 14,307 June 30............. 371,684258,607 58,62554,452 60,978444,807391,731 17,034 1,099 11,005 153,907 208,687 4,444 36,071 14,307 July 27.............. 370,240258,030 57,830 54,380 57,280 439,560382,560 15,480 1,090 6,180 149,370 210,440 7,230 35,830 14,305 Aug. 31.............. 372,300259,150 58,780 54,370 56,360 440,790382,900 15,930 1,130 4,720 149,830 211,290 7,170 36,190 14,305 Sep! 28.............. 373,370260,000 58,690 54,68056,110441,490383,'210 16,310 1,060 6,000 148,490 211,350 7,050 36,330 14,294 Oct. 26i'............ 372,700259,780 58,47054,450 57,780 442,250384,150 16,020 1,010 4,720 151,490 210,910 6,970 36,420 14,294 Nov. 30"............ 374,310261,520 59,150 53,640 61,700 448,040387,780 17,110 900 3,810 155,530 210,430 7,950 36,770 14.288 Dec. 28"........... 380,990266,400 60,37054,22065,690458,630398,330 18,140 940 5,130161,070213,050 8,27036,860 14,274 1967—Jan. 25"............ 379,340263,600 60,460 55,280 59,670 450,990 392,600 16,130 1,110 4.620 153.250217.490 7,010 36,910 14,266 Feb. 22r".......... 380,390262,500 61,080 56,810 61,350 453,920 394,470 16,730 1 ' 180 6.110 150.280220,170 6,740 37,140 14,260 Mar. 29"............ 386,630266,050 62,37058,21058,380457,250398,410 16,440 G360 5,'440 151300223,870 6,27037,410 14,263 Commercial banks: 1941—Dec. 31.....5.0,746 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 6............ 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 1965—Dec. 31.............. 306,060201,658 59,54744,85560,899377,264 332,436 18,426 1 ,008 5,525 160,780 146,697 4,47230,272 13,804 1966—Mar. 30.............. 304,350203,490 55,430 45,430 54,130368,840 321,090 15,240 1,070 5,120 148,420 151,240 6,160 30,440 13,801 Apr. 27.............. 307,110 205,180 55,45046,480 56,430 373,780 327,120 15,560 1 ,090 5,030 152,650 152,790 4,940 30,670 13,802 May 25 ............ 308,120207,430 53,550 47,140 54,180 372,710 324,360 14,920 1 ;080 7,780 146,130 154,450 5,610 30,790 13,802 June 30 ............ 314,238 211,980 53,503 48,755 60,013 385,393 338,004 17,034 1 ;O98 10,998 153,846 155,029 4,353 31,309 13,802 July 27.............. 312,380211,050 52,720 48,610 56,420379,790 328,840 15,480 1,090 6,180 149,320 156,770 7,230 31,090 13,801 313,980 211,820 53,730 48,430 55,530 380,630329,010 15,930 1 J 30 4,720 149,780 157,450 7,170 31,360 13,801 Sept. 28.............. 314,920212,500 53,610 48,810 55,260 381,160 328,940 16,310 1 ^060 6,000 148,440 157,130 7,050 31 ,510 13,790 Oct. 26"............ 314,120 211,980 53,540 48,60056,980 381,840 329,700 16,020 i ;oio 4,720 151,440 156,510 6,970 31;63O 13,789 Nov. 30"............ 315,570 213,460 54,290 47,820 60,890 387,450 333,260 17,110 900 3,810 155,480 155,960 7,950 31,930 13,784 Dec. 28"............ 321,940218,100 55,60048,24064,750397,620343,100 18,140 940 5,130 161,010 157,880 8,27032,000 13,770 1967—Jan. 25" .......... 319,800 215,040 55,780 48,980 58,700389,420336,950 16,130 1,110 4,620 153,190 161,900 7,010 32,050 13 762 Feb. 22" ............ 320,360 213,670 56,380 50,310 60,310391,800 338,480 16,730 1180 6,110 150,220 164,240 6,740 32,240 1 3 *756 Mar. 29"............ 326,030216,820 57,60051,61057,410394,630 341,960 16,440 1 ;360 5,440 151,240 167,480 6,27032,470 13,759 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 7,304 32.845 132.060 122.528 12.353 50 1,176 80.609 28.340 54 8.464 6.923 1965—Dec. 31.............. 251,577 169,800 44,99236,785 52,814 313,384275,517 17,454 840 4,890 132,131 120,202 4,23424,926 6,221 1966—Mar. 30.............. 249.847 171,495 41,230 37,122 46,883 305,819265,256 14,477 897 4,431 121,558 123,893 5,757 25,050 6,203 Apr. 27.............. 252,103 172,702 41,370 38,031 49,323 310,342270,866 14,795 918 4,617 125,479 125,057 4,554 25,239 6,199 May 25.............. 252,528 174,354 39,686 38,48847,548 309,186268,286 14,198 916 6,858 120,016 126,298 5,114 25,345 6,198 June 30.............. 257,767 178,257 39,942 39,569 52,853 320,350280,339 16,164 928 9,979 126,572 126,696 3,985 25,678 6,194 July 27.............. 255,819 177,210 39,072 39,537 49,749 315,068 271,464 14,630 923 5,523 122,416 127,972 6,805 25,531 6,184 Aug. 31.............. 257,315 178,023 39,984 39,30848,650 315,639271,521 15,047 963 4,202 122,874 128,435 6,633 25,766 6,175 Sept. 28.............. 257,809 178,421 39,807 39,581 48,663 316,011 271,229 15,225 890 5,448 121,728 127,938 6,684 25,843 6,171 Oct. 26.............. 256,797 177,818 39,652 39,327 50,210 316,324271,653 15,120 843 4,309 124,263 127,118 6,571 25,942 6,163 Nov. 30.............. 258,041 179,106 40,355 38,58053,564 321,185 274,676 16,188 730 3,448 127,757 126,553 7,459 26,189 6; 158 Dec. 28.............. 263,673 183,’095 41,61838,96057,072330,265 283,304 17,175 772 4,673 132,514 128,170 7,91426,223 6,150 1967—Jan. 25.............. 261,583 180,244 41,773 39,566 51,387 322,412277,460 15,228 937 4,161 125,481 131,653 6,63826,285 6,137 Feb. 22............. 262,135 178,958 42,404 40,773 52,973324,753 279,014 15,828 1,006 5,506 123,124 133,550 6.426 26,453 6,130 Mar. 29". ...... 267,086181,604 43,54541,937 50,276327,040281,903 15,547 1,192 4,857 124,096 136,211 6,04426,639 6,129 Mutual savings banks: 1941—Dec. 31...... 10,379 4,901 3,704 1,774 793 11,804 10,533 6 10,527 1,241 548 1945—Dec. 31.............. 16.208 4,279 10,682 1,246 609 17.020 15,385 14 15,371 7 1,592 542 1947—Dec. 316............ 18.641 4.944 11,978 1.718 886 19,714 17.763 1 3 14 17.745 1 .889 533 1965—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—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 30.............. 57,446 46,627 5,122 5,697 965 59,414 53,727 1 7 61 53,657 92 4,761 505 July 27.............. 57,860 46,980 5,110 5,770 860 59,770 53,720 50 53,670 4,740 504 Aug. 31 ....... 58;320 47,330 5,050 5,940 830 60,160 53,890 50 53,840 4^30 504 Sept. 28....... . 58,450 47,500 5,080 5,870 850 60,330 54,270 50 54,220 4,820 504 Oct. 26.............. 58,580 47,800 4,930 5,850 800 60,410 54,450 50 54,400 4^90 505 Nov. 30.............. 58,740 48,060 4,860 5,820 810 60,590 54^520 50 54,470 4,840 504 Dec. 28............. 59,050 48,300 4,770 5,980 940 61,010 55,230 60 55,170 4,860 504 1967—Jan. 25 . . ... 59,540 48,560 4,680 6,300 970 61,570 55,650 60 55.590 4,860 504 Feb. 22r 60,030 48,830 4,700 6,500 1,040 62,120 55,990 60 55,930 4,900 504 Mar. 29" . •. 60,600 49,230 4,770 6,600 '970 62,620 56,450 60 56,390 4,940 504 For notes see p. 613. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
APRIL 1967 COMMERCIAL AND MUTUAL SAVINGS BANKS 611 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans G U o S . v S e t c . . urit O ie t s her a C ss a e s t h s 3 c c b T o a i a l l a p o u i n i c a t i t n d i t a e a t l s s l 4 Total 3 m I D n a e n te d rba T n i k m e 3 U. D S. e ma O n t d her Time1 r B i o n o w g r s c c T a o a o p u c t i n a ta t l s l b N a b o u n e f m k r s Other Govt. Reserve city member banks: New York City:7*8 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 30,12) 4,640 17 6,940 17,287 1,236 195 2J20 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 1965—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—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 30 46,453 35,796 4,466 6,192 12,930 62,408 51,799 5,869 606 2,279 24,02019,025 1,293 5,179 12 July 27, 44,996 34,789 4,087 6,120 11,436 59,272 46,875 4,813 580 1,008 21,43919.035 2,574 5,161 12 Aug. 31, 45,740 35,287 4,430 6,023 10,574 59,392 46,869 4,647 568 857 21,955 18,842 2,071 5,250 12 Sept. 28, 45,448 34,878 4,531 6,039 11,025 59,396 46,736 4,630 509 1,510 21,75618,331 2,093 5,206 12 Oct. 26. 44,547 34.411 4,242 5,894 11,263 58,598 46,194 4,788 490 1,030 22,309 17,577 1 ,944 5,228 12 Nov. 30. 44,325 34,510 4,303 5,512 13,112 60,367 47,230 5,000 416 1,182 23,348 17,284 2,554 5,303 12 Dec. 28. 46,591 35,976 4,834 5,781 14,085 63,536 49,411 5,789 429 1,229 24,627 17,337 3,496 5,295 12 1967—Jan. 25, 45,756 35,212 4,775 5,769 11,545 60,042 47,414 5,003 551 848 22,826 18,186 2,013 5,323 12 Feb. 22, 45,474 34,396 5,115 5,963 12,200 60,537 47.404 4,987 601 1,065 22,547 18,204 2,280 5,443 12 Mar. 29’’ 46,506 35,084 5,291 6,131 11,237 60,533 48,061 4,966 736 998 22,862 18,499 1 ,920 5,450 12 City of Chicago: 7 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 >89 7,459 7,046 I >12 1 ,552 3,462 719 377 12 1947—Dec. 31. 5,088 1,801 2,890 397 1 .739 6,866 6,402 1,217 ’ 72 4 201 913 426 14 1965—Dec. 31. 11,455 8,219 1,700 1,536 2,426 14,290 12,475 1 >37 39 345 5,656 4,999 355 1,132 11 1966—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 II 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 II May 25.. 11,148 8,064 1,461 1,623 2,349 13,989 11,922 1,169 26 457 5,087 5,183 428 1,143 11 June 30.. 11,715 8,567 1 ,585 1,564 2,322 14,490 12,385 1,230 43 680 5,249 5,184 521 1,152 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 Aug, 31. . 11,495 8,364 1,475 1,656 2,382 14,297 11,876 1,201 29 248 5,157 5,241 886 1,165 11 Sept. 28.. 11,538 8.366 1,480 1,692 2,506 14,455 11,751 1,159 26 358 5,148 5,060 1,033 1,156 11 Oct. 26. 11,298 8,193 1,425 1,680 2,641 14,368 11,671 1,193 27 405 5,239 4,807 830 1,166 II Nov. 30, 11,374 8,282 1,526 1,566 2,685 14,520 11,453 1,251 17 108 5,362 4,715 1,114 1,181 11 Dec. 28 11,753 8,645 1,495 ! ,613 2,892 15,097 12,152 1,335 16 333 5,618 4,850 918 1,176 11 1967—Jan. 25.. 11,648 8,316 1,712 1,620 2,673 14,779 11,705 1,169 16 191 5,226 5,103 1,072 1,196 It Feb. 22 11,816 8,428 1,730 1,658 2,609 14,879 11,978 1,268 14 285 5,192 5,219 559 1,194 11 Mar. 29p 12,266 8,584 2,039 1,643 2,733 15,452 12,223 1,244 11 283 5,184 5,501 951 1,193 11 Other reserve city:7’8 1941--Dec, 31. ... 15,347 7,105 6,467 1,776 8,518 24.430 22,313 4,356 104 491 12,557 4.806 1,967 351 1945—Dec. 31 .... 40,108 8,514 29,552 2,042 11,286 51,898 49.085 6 >18 30 8,221 24 >55 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 1965—Dec. 31 ... . 91,997 65,117 14,354 12,52621,147 116,350 103,034 8,422 206 1,773 47,09245,541 1 ,548 9,007 171 1966—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 42,36547,953 1,990 9,200 170 June 30 93,831 67,779 12,182 13,869 20,764 118,152 103,985 7,153 215 3,968 44,51948,131 1 ,756 9,297 170 July 27, 93,519 67,738 11,791 13,990 20,070 116,873 101,489 6,795 238 2,242 43,71648,498 2,744 9,291 170 Aug. 31 93,994 68,102 12,085 13,807 19,608 117,027 101,572 7,261 292 1,562 43,72748,730 2,600 9,361 170 Sept. 28 93,899 68,359 11,718 13,822 19,590 116,951 101,100 7,056 281 1,921 43,26248,580 2,821 9,368 170 Oct. 26, 93,627 68,231 11,760 13,636 20,426117,442 101,512 7,158 252 1,630 44,06648,406 2,999 9,387 170 Nov, 30 94,654 68,959 12,237 13,458 20,732118,882 102,611 7,918 223 1,074 45,21448,182 2,807 9,453 170 Dec. 28 96,190 69,831 12,916 13,44322,305 122,007 105,902 7,934 253 1 ,731 46,94749,037 2,782 9,441 169 1967—Jan. 25. . 95,162 68,491 12,875 13,79620,283 118,870 103,332 7,065 306 1,752 43,83050,379 2,807 9,465 168 Feb. 22. 95,797 68,077 13,199 14,521 21,113 120,402 104,520 7,598 327 2,336 42,97851,281 2,957 9,481 168 Mar. 29p 97,875 68,880 13,724 15,271 19,706 121,135 105,418 7,387 381 1,825 43,54452,281 2,725 9,589 167 Country member banks:7’ 8 1941—Dec. 3! 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 II 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 1965—Dec. 31.. 103,362 63,338 23,735 16,28817,366 123,227 110,738 2,371 74 1,501 55,11851,675 343 9,673 6,027 1966—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 16,94615,782 122,524109,499 1 ,873 71 966 52,841 53,748 762 9,815 6.006 May 25. . 104.792 65,157 22,451 17,184 15,402 122,678109,125 1,763 71 2,177 50,951 54,163 988 9,854 6,005 June 30., 105,768 66,115 21,709 17,94416,836 125,301 112.170 1,912 64 3,052 52,785 54,357 416 10.050 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 Aug. 31.. 106,086 66,270 21,994 17,822 16,086 124,923 111,204 1,938 74 1,535 52,035 55,622 1,076 9,990 5,982 Sept. 28.. 106,924 66,818 22,078 18,028 15,542 125,209 111,642 2,380 74 1,659 51,56255,967 737 10,113 5,978 Oct. 26.. 107,325 66,983 22,225 18,117 15,880 125,916 112,276 1,981 74 1,244 52,64956,328 798 10,161 5,970 Nov. 30.. 107,688 67,355 22,289 18,04417,035 127,416 113,382 2,019 74 1,084 53,833 56,372 984 10,252 5,965 Dec. 28.. 109,139 68,643 22,373 18,123 17,790 129,625 115,839 2,117 74 1,380 55,32256,946 718 10,311 5,958 1967—Jan. 25. 109,017 68,225 22,4H 18,381 16,886128,721 115,009 1,991 64 1,370 53,59957,985 746 10,301 5,946 Feb. 22 . 109,048 68,057 22,360 18,631.17,051 128,935 115.112 1,975 64 1,820 52,407,58,846 630,10,335 5,939 Mar. 29^ 110,439 69,056 22,491 18,892|16,600 129,920|116,201 1,950 64 1,751 52,506 59,930 448 10,407 5,939 For notes see p. 613. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
612 COMMERCIAL AND MUTUAL SAVINGS BANKS APRIL 1967 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 Lo ‘ a » ns G U o S S v e t . c . uri O tie t s h 2 er as C s a e s ts h 3 c c b o T a i a u l a l p o i n i n c a t i t d i t - a t e a s l s l 2 Total J m D In a e t n e d rba T nk im . 3 e U. D S. ema O O n t t d h h e e r r Ti 1 m ,5 e r B 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 Govt. Insured commercial; 1941—Dec. 31.. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10, )54 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 B. 883 23,740 80.27629.876 215 8,671 13.297 1947—Dec. 31.. 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,615 54 1,325 92,975 34,882 61 9,73413,398 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 3.571 25,277 13,284 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 2,58027.377 13,486 1965—Dec. 31 . 303,593 200,109 59,12044,364 60,327 374,051 330,323 18,149 923 5,508 159,659 146.084 4,325 29,827 13,540 1966—June 30.. 312,982211,588 53,111 48,282 59,489 383,445 337,146 16,761 1,021 10,972 152,839 155,554 4,12630,873 13,552 National member: 1941—Dec. 31.. 27,571 11,725 12,039 3,806 14,977 43.433 39,458 6.786 1,088 23,262 8,322 4 3,640 5,117 1945—Dec. 3L. 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 1,704 13,548 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 1,109 15.048 4,773 1965—Dec. 31., 176,605 118,537 32,34725,720 36,880 219,744 193,86012,064 458 3,284 92,533 85,522 2,627 17,434 4,815 1966—June 30.. 181,934 124,722 28,891 28,321 36,769 225,441 197,792 10,609 514 6,767 88,61591,288 2,681 18,021 4,811 State member: 1941—Dec. 31.. 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 1 2.246 1,502 1945—Dec. 31.. 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4, 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—Dec. 3! . 74,972 51,262 12,645 11.065 15,934 93,640 81,657 5,390 382 1,606 39,598 34,680 1 ,607 7,492 1,406 1966—June 30.. 76,704 54,405 11,051 11,248 16,084 95,779 83,417 5,555 414 3,212 37,95736,278 1,304 7,656 1,383 Insured nonmember commercial: 1941—Dec. 31.. 5,776 3,241 1,509 1,025 2.668 8,708 7,702 129 53 4,162 3,360 6 959 6,810 1945—Dec. 31.. 14,639 2,992 10,584 1,063 4,448 19,256 18,119 2U 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 23,14019,793 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—Dec. 31.. 52.028 30.310 14,137 7,581 7,513 60,679 54,806 695 83 618 27,52825,882 91 4,912 7,320 1966—June 30.. 54,355 32,461 13,178 8,716 b,636 62,237 55,937 597 93 993 26,26727,987 141 5,207 7,359 Noninsured nonmem ber commercial: 1941—Dec. 31.. 1,457 455 761 241 763 2,283 1,872 329 ,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 6. 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—Dec. 31.. 2,455 1,549 418 489 572 3,200 2,113 277 85 17 1,121 612 147 434 263 1966—June 30.. 2,395 1,542 383 470 523 3,086 2,009 273 77 26 1,007 626 227 425 249 Nonmember commercial: 1941—Dec. 31.. 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,504 3,613 18 1,288 7,662 1945—Dec. 31.. 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 11 1,362 7,130 1947—Dec. 31.. 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 12 1,596 7,261 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 26,64523,043 198 4,894 7,536 1965—Dec. 31.. 54,483 31,858 t4,555 8,070 8,085 63,879 56,919 972 168 635 28,64926,495 238 5,345 7,583 1966—June 30.. 56,750 34,003 13,561 9,186 7,160 65,323 57,946 870 171 1,019 27,27428,613 367 5,632 7,608 Insured mutual savings: 1941—Dec. 31.. 1,693 642 629 421 151 1,958 1,789 1.789 164 52 1945—Dec. 31.. 10846 3,081 7,160 606 429 11,424 10>63 12 10,351 1 1,034 192 1947—Dec. 31.. 12,683 3,560 8; 165 958 675 13 >99 12,207 1 2 1212,192 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 >44 42,751 2 7 32642',416 20 3,731 327 1965—Dec. 31 . 48,735 39,964 3,760 5,010 904 50,500 45,887 1 7 35945,520 91 3’957 329 49,679 41,102 3,432 5,145 854 51,450 46,681 1 6 41646,257 92 4 >45 330 Noninsured mutual savings: 1941—Dec. 31.. 8,687 4,259 3,075 1,353 642 9,846 8,744 6 8,738 1,077 496 1945—Dec. 31.. 5,361 1,198 3,522 '641 180 5,596 5,022 2 5,020 6 558 350 1947—Dec. 316 5,957 1,384 3,813 760 211 6,215 5,556 2 5,553 637 339 1963—Dec. 20. 6,425 4,380 1,548 498 104 6,602 5,859 1 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—Dec. 31„ 7,526 5,325 1^710 491 113 7,720 6,874 1 8 6,865 1 706 177 1966—June 30.. 7,768 5,525 1,690 552 111 7,964 7,046 I 28 7,017 716 175 Por Notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
APRIL 1967 COMMERCIAL BANKS 613 LOANS AND INVESTMENTS AT COMMERCIAL BANKS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Period Securities Securities Total', 2 Loans1,2 To tai 1,2 Loans1,2 U.S. Others U S. Other 2 Govt. Govt. 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 I960—Dec. 31.............................................................. 194.5 113,8 59 8 20.8 198 5 116,7 61.0 20 9 1961—Dec. 30............................................................... 209.6 120.5 65.2 23.9 214.4 123.9 23.9 1962—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—bee. 31............................................................... 294.4 192.0 57.7 44.8 301.8 197.4 59.5 44.9 1966—Mar. 30.............................................................. 300.3 198.6 56.0 45.7 298,5 197.6 55.4 45.4 Apr. 27............................................................... 302.9 200.8 55.9 46.2 301.7 199.8 55.5 46. 5 304.9 202.3 55.1 47.4 302.4 201.7 53.6 47.1 307.7 204.0 55. 1 48.6 310.1 207.9 53.5 48.8 July 27*............................................................. 309.2 206.4 54.4 48.5 307.1 205.8 52.7 48.6 310.8 206.6 56. 1 48.1 307.7 205.5 53.7 48.4 Sept. 28?............................................................ 308.7 206.1 54.3 48.3 309.3 206.9 53.6 48.8 Oct. 26?.............................................................. 308.1 207,3 52,4 48.4 308.4 206.3 53.5 48.6 308.4 207.3 52.9 48.3 309.4 207.3 54.3 47.8 Dec. 31*3................................................... 310.7 208.2 54.3 48.3 318.5 214.0 56.1 48.4 1967—Jan. 25?.............................................................. 314.5 211.3 53.8 49.5 313.9 209.1 55.8 49.0 Feb. 22*,.,....,.............................................. 316.2 210.7 54.9 50.7 314.7 208.0 56.4 50.3 Mar. 29*............................................................. 321.5 212.1 57.6 51.9 320.2 211.0 57.6 51.6 1 Adjusted to exclude interbank loans. 3 December 31, 1966, estimated. 2 Beginning June 9, 1966, about $1.1 billion of balances accumulated for payment of personal loans were deducted as a result of a change in Note.—Data are for last Wed. of month except for June 30 and Dec. Federal Reserve Regulations. 31; data are partly or wholly estimated except when June 30 and Dec. 31 Beginning June 30, 1966, CCC certificates of interest and Export are call dates. For back data, see July 1966 Bulletin, pp. 952-55. For Import Bank portfolio fund participation certificates totaling an estimated description of seasonally adjusted series, see July 1962 Bulletin, pp. $1 billion are included in “Other securities’’ rather than “Other loans.” 797-802, DEPOSITS ACCUMULATED AT COMMERCIAL BANKS FOR PAYMENT OF PERSONAL LOANS (In millions of dollars) June 30, June 30, Class of bank 1966 Class of bank 1966 All commercial...............................................1..,.1..5.0..............A...l.l member (cont.) Insured................................................................................. 1,150 Other reserve city................................................................ 338 National member................................................................ 678 Country............................................................................... 532 State member....................................................................... 193 All nonmember...................................................................... 280 All member....................................................8..7..0.................I.n..sured.............................................................................. 279 New York City........................................................ Noninsured....................................................................... 1 City of Chicago............................................................. Note.—These hypothecated deposits are excluded from “Time depos These deposits have not been deducted from “Loans” and “Time de its” and “Loans” at all commercial banks beginning with June 30, 1966, posits” in the table on p. 612, or from “Loans” and “Time deposits, as follows: in the tables on pp. 407-09; in the table at the top of this IPC” in the tables on pp. 614-15. page; and in the tables on pp. 414-17 (consumer instalment loans). Details may not add to totals because of rounding; also, mutual savings These changes resulted from a change in the Federal Reserve regulations. banks held $166,000 of these deposits on June 30, 1966. (See June 1966 Bulletin, p. 808.) Notes to tables on pp. 610-12. 1 See table (and notes) above, Deposits Accumulated at Commercial 8 Beginning with May 18, 1964, one New York City country bank with Banks for Payment of Personal Loans. loans and investments of $1,034 million and total deposits of $982 million 2 Beginning June 30, 1966, loans to farmers directly guaranteed by was reclassified as a reserve city bank. Beginning with May 13, 1965 CCC were reclassified as securities, and Export-Import Bank portfolio (Toledo, Ohio), reserve city banks with total loans and investments of fund participations were reclassified from loans to securities. This reduced $530 million and total deposits of $576 million were reclassified as country “Total loans” and increased “Other securities” by about $1 billion. banks. “Total loans” include Federal funds sold, figures for which are shown Note.—Data are for all commercial and mutual savings banks in the separately for commercial banks on the following two pages. United States (including Alaska and Hawaii, beginning with 1959). For 3 Reciprocal balances excluded beginning with 1942. definition of “commercial banks” as used in this table, and for other 4 Includes other assets and liabilities not shown separately. banks that are included under member banks, see Note, p. 643, May 1964 s Figures for mutual savings banks include relatively small amounts Bulletin. of demand deposits. Beginning with June 1961, also includes certain Comparability of figures for classes of banks is affected somewhat by accounts previously classified as other liabilities. changes in F.R. membership, deposit insurance status, and the reserve « Beginning with Dec. 31, 1947, the series was revised; for description, classifications of cities and individual banks, and by mergers, etc. see note 4, p. 587, May 1964 Bulletin. Data for national banks for Dec. 31, 1964 have been adjusted to make i Regarding reclassification of New York City and Chicago as reserve them comparable with State bank data. cities, see Aug. 1962 Bulletin, p. 993. For various changes between Figures are partly estimated except on call dates. reserve city and country status m 1960-63, see note 6, p. 5 87, May 1964 For revisions in series before June 30, 1947, see July 1947 Bulletin, Bulletin. pp. 870-71. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
614 COMMERCIAL BANKS APRIL 1967 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Other loans 1 Investments For Class of o T a o n ta s l 1 Fed Com o p s r u e r c c c a u h r r a r it y s i i i e n n s g g in f s i t n i a t T u n o t c i i o . a n l s Other, U.S s . e G cu o r v it e ie rn s m 5 ent State bank and and eral mer Agri- Real to call date invest funds Total cial cul- es- in- Other local securments and tur- To tate di- 4 govt titics< in al * bro- vid- Bills secu d tr u ia s l k a e n r d s ot T h o ers Banks Others uals2 Total ce a r n t d if i Notes Bonds rities deal- cates ers Total: 2 1947—Dec. 31.. 116,284 38,057 18,167 1.660 830 1,220 115 9,393 5,723 94769,221 9,982 6,03453,205 5,2763,729 1963—Dec. 20.. 254,162 156,006 52,947 7,4705,353 2,509 3,605 9,47939,05634,5504,03463,196 12,71722,41528,065 29,7865,173 1964—Dec. 31.. 277,376 175,589 60,217 7,5055,5422,843 3,491 10,91343,67539,8095,15262,991 13,377 19,039 30,57433,533 5.263 1965—Dec. 31.. 306,060 2,103 199,555 71,437 8,2125,2583,231 2,158 13,29149.30€45,4685,21559,547 n.a. n.a. n.a.38,6556,201 1966—June 30.. 315,388 2,129211,001 77,2458,4885,3503,283 1,971 13,93351,89947,6825,22753,503 n.a. n.a. n.a.40,6128,142 AH insured: 1941—Dec. 31.. 49,290 21,259 9,214 1,450 614 662 40 4,773 4,505 21,046 988 3,159 16,899 3,651 3,333 1945—Dec. 31.. 121,809 25,765 9,461 1,3143,1643,606 49 4,677 2,361 1,13288,91221,526 16,04551,342 3,873 3,258 1947—Dec. 31.. 114,274 37,583 18,012 1,610 823 1,190 114.......... 9,266 5,654 91467,941 9,676 5,918 52,347 5,129 3,621 1963—Dec. 20.. 252.579 155,261 52,743 7,4445,321 2,476 3,594 9,41538,86134,383 4,01562,723 12,601 22,31627,80629,5595,035 1964—Dec. 31.. 275,053 174,23459,7467,4825,3552,794 3,419 10,81243,43639,627 5,11262,499 13,275 18,93930,285 33,2945,026 1965—Dec. 31.. 303,593 2,064 198,04570,887 8,191 5,088 3,172 2,093 13,148 49,02645,2905,155 59,120 13,134 13,233 33,858 38,4195,945 1966—June 30.. 312,982 2,061 209,52776,725 8,4705,2223,222 1,929 13,77351,59947,5065,15253,111 9,174 12,38932,70940,3687,914 Member, total: 1941—Dec. 31.. 43,521 18,021 8,671 972 594 598 39 3,494 3f53 19,539 971 3,007 15,561 3,0902,871 1945—Dec. 31.. 107,183 22,775 8,949 855 3,133 3,378 47 3,455 1,900 1,05778,338 19,260 14,271 44,807 3,2542,815 1947—Dec. 31.. 97,846 32,628 16,962 1,046 811 1,065 113 .......... 7,130 4,662 83957,914 7,803 4,81545,295 4,1993,105 1963—Dec. 20.. 210,127 131,71247,4034,6595,1242,136 3.439 8,87531,00927,9083,76549,342 9,339 18,07221,93225,2103,864 1964—Dec. 31.. 228,497 147,69053,7174,643 5,1422,411 3,250 10,17934,58732,0244,82448,717 9,93215,23823,54828,3743,715 1965—Dec. 31.. 251,577 1,861 167,93963,9795,0994,9152,714 2,008 12,47538,98836,4184,83244,992 9,441 10,10626,36732,5884,198 1966—June 30.. 258,638 1,772 177,355 69,3575,2445,0362,717 1,861 13,06840,86237,9334,80839,942 6,384 9,11825,42633,8965,672 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 Hl 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 27,30] 14,189 302,742 623 1,179 2,615 2,546 2,6541,371 6,178 1,958 1,972 2,248 5,579 449 1965—Dec. 31.. 44,763 412 32,713 18,075 202,866 665 1,010 3,471 3,139 2,928 1,340 5,203 1,538 987 2,876 5,879 556 1966—June 30.. 46,453 134 35,662 19,815 163,305 647 992 3,898 3,411 2,965 1,413 4,466 1,427 750 2,473 5,361 831 City of Chicago: 1941—Dec. 31.. 2,760 954 732 6 48 52 1 22 95 1,430 256 153 1,022 182 193 1945—Dec. 31.. 5,931 1,333 760 2 211 233 36 51 40 4,213 1,600 749 1,864 181 204 1947—Dec. 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—Dec. 31.. 11,455 72 8,147 4,642 32 444 244 188 1,201 577 762 316 1,700 542 273 961 1,400 137 1966—June 30.. 11,715 110 8,457 4,983 35 394 254 147 1,293 592 744 276 1,585 429 284 954 1,326 238 Other reserve city: 1941—Dec. 31.. 15,347 7,105 3,456 300 114 194 4 1,527 1 J08 6,467 295 751 5,421 956 820 1945—Dec. 31.. 40,108 8,514 3,661 205 427 1,503 17 1 ,459 855 38729,552 8,016 5,653 15,883 1,126 916 1947—Dec. 31.. 36,040 13,449 7,088 225 170 484 15 3,147 1 ,969 351 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 4,28612,52511,1061,46216,686 2,697 6,600 7,390 8,810 981 1964—Dec. 31 . 84,670 57.555 21,102 1,095 1,060 986 1,134 4,88713,611 12,802 1,97716,326 3,200 5,662 7,463 9,871 918 1965—Dec. 31.. 91,997 471 64,64624,784 1,206 954 1,108 635 5,82015,05614,305 1,999 14,354 2,972 3,281 8,432 11,504 1,022 1966—June 30.. 94, 169 526 67,591 26,903 1,255 899 1,123 574 5,91 1 15,62914,672 1,857 12,182 1,720 2,520 8,344 12,361 1,509 Country: 1941—Dec. 31.. 12,518 5,890 1,676 659 20 183 2 1,823 1,128 4.377 110 481 3,787 1,222 1,028 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 4 1,881 707 35926,999 5,732 4,544 16,722 1,342 1,067 1947—Dec. 31., 36,324 10,199 3,096 818 23 227 5 3,827 1,979 22422,857 3,063 2,108 17,687 2,0061,262 1963—Dec. 20., 87,316 50,023 12,831 3,374 708 496 966 1,591 16,11413,951 917 24,797 4,395 8,531 11,871 10,3852,111 1964—Dec. 31.. 93,759 55,733 14,5563,493 830 599 710 1,73017,96415,899 1,04724,341 4,209 7,206 12,925 11,531 2,154 1965—Dec. 31.. 103,362 905 62,433 16,4783,840 650 698 174 1,98320,21718,423 1,17723,735 4,389 5,565 14,098 13,8052,483 (966—June 30.. 106,300 1,002 65.645 17,657 3,938 437 693 150 1,96621,23019,5521,261 21,709 2,808 5,563 13,655 14,8493,095 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 5,544 2,811 229 373 166 604 8,047 6,643 26913,854 3,378 4,343 6,133 4,576 1,309 1964—Dec. 31.. 48,879 27,899 6,500 2,862 400 432 241 733 9,088 7,786 328 14,273 3,445 3,801 7,026 5,159 1,548 1965—Dec. 31.. 54,483 242 31,616 7,458 3,113 343 516 151 81710,312 9,050 383 14,555 n.a. n.a. n.a. 6,0672,003 1966—June 30.. 56,750 357 33,646 7,888 3,244 314 566 109 85611,037 9,749 420 13,561 n.a. n.a. n.a. 6,7162,470 1 Beginning with June 30, 1948, figures for various loan items are 4 Beginning with June 30, 1966, loans to farmers directly guaranteed shown gross (he., before deduction of valuation reserves); they do not by CCC were reclassified as “Other securities,” and Export-Import Bank add to the total and are not entirely comparable with prior figures. Total portfolio fund participations were reclassified from loans to ‘'Other se loans continue to be shown net. curities.” This increased “Other securities” by about $1 billion. 2 See table (and notes) entitled Deposits A ceumutated at Commercial 5 Beginning with Dec. 31, 1965, components shown at par rather than Banks for Payment of Personal Loans, p. 613. at book value; they do not add to the total (shown at book value) and are 3 Breakdowns of loan investment, and deposit classifications are not not entirely comparable with prior figures. available before 1947; summary figures for earlier dates appear in the For other notes see opposite page. preceding table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
APRIL 1967 COMMERCIAL BANKS 615 RESERVES AND LIABILITIES BY CLASS OF BANK . (In millions of dollars) Demand deposits Time deposits Re Bal- Deb c C a a n l l a l k s d s a a o n te f d s B w F e a r , i n v R th k e . s s r C c e a o n n u i c d r n y b m a a w d n e n i o c s t k e h t i s s c 6 ju m p d a s o a t d e s e n i - d t d s ? D I o n - terba F nk or- G U o S v . t. S l a o t n c a d a te l C c o a f e e i f n e r f r d d i s t i ’ IPC I b n a t n e k r G P U a o o n . s S v d t t . a , l S l a o t n c a d a te l IPC 2 r B i o n o w g r s - c C o a t a u a c p l n i t s mestic<> eign8 govt. checks, Sav govt. ings etc. Tolal:’ 1947—Dec. 31.... 17,796 2,216 10,216 87,123 11.362 1,430 1 ,343 6,799 2,581 84,987 240 Hl 866 34.383 65 10,059 j963—Dec. 20. . . . 17,150 4,048 12,312 126,579 14,048 1,218 6,729 12,256 4,494 124,784 526 269 7,908 102,8863.66425,677 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 9,812 116,635 2.67927,795 1965—Dec. 31.... 17,992 4,851 15,300 140,936 16,794 1,632 5,525 14,244 5,978 140,558 1,008 263 12,186 134,2474,47230,272 1966—June 30.,.. 18,094 5,234 13,548 133,535 15,488 1,546 10,998 14,931 6,692 132,222 1,098 231 12,634 143,3154,35331,309 All insured: 1941—Dec. 31.... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.... 15,810 1,829 11,075 74,722 12,566 1,24823,740 5,098 2,585 72,593 70 103 496 29.277 215 8,671 1947—Dec. 31.. .. 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 III 826 33,946 61 9,734 1963—Dec. 20. . . . 17,150 4,033 11,984 125,615 13,900 1,177 6,712 12,175 4,429 124,098 443 269 7,853 102,6003,571 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 9,766116,147 2,58027,377 1965—Dec. 31.... 17,992 4,833 14,801 139,601 16,620 1.529 5,508 14,152 5,913 139,594 923 263 12,135 133,6864,32529.827 1966—June 30.... 18,094 5,219 13,093 132,311 15,304 1,457 10,972 14,827 6,603 131,409 1,021 231 12,584 142,7384,12630,873 Member, total: 1941—Dec. 31.... 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1 ,009 33,061 140 50 418, 11,878 4 5,886 1945—Dec. 31.... 15,811 1,438 7,117 64,184 12,333 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1963—Dec. 20.... 17,150 3,131 7,359 102,816 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—Dec. 31 ... . 17,992 3,757 8,957112,569 15,977 1 ,477 4,890 10,840 5,386 115,905 840 236 10,041 109,9254,23424,926 1966—June 30.... 18,094 4,044 8,148 106,472 14,752 I ,412 9,979 11,445 6,095 109,032 928 204 10,334117,0283,98525,678 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 id 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 10,9201,438 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—Dec. 31.... 3,788 310 122 18,190 4,191 1,034 1 ,271 620 2,937 20.708 522 84 807 17,097 1,987 5,114 1966—June 30.... 3,356 313 235 16,556 4,877 992 2,279 815 3,713 19,491 606 65 841 18,1181,293 5,179 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—Dec. 31.... 1,042 73 151 4,571 1,377 59 345 328 126 5,202 39 4 210 4,785 355 1,132 1966—June 30.,.. 939 77 235 4,251 1,171 59 680 336 131 4,781 43 2 329 4,852 521 1,152 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 31,9821,416 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—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 1966—June 30.,.. 8,102 1,238 2,196 35,856 6,843 310 3,968 3,513 1,168 39,838 215 64 5,093 43,313 1,756 9,297 Country: 1941—Dec. 31.. .. 2,210 526 3,2(6 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 II 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—Dec. 31.. .. 5,463 2,235 6,344 52,104 2,317 54 1,501 6,360 1,143 47.615 74 77 4,064 47,534 343 9,673 1966—June 30,... 5,697 2,415 5,481 49,810 1,860 52 3.052 6,781 1,082 44,922 64 74 4,071 50,745 41610,050 Nonmember: 3 1947—Dec. 31.... 544 3,947 13,595 385 55 167 1,295 180 12.284 190 6 172 6,858 12 1,596 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..,.0..4..2 6,054 26,348 765 166 672 3,227 602 22.816 156 33 1,800 21,210 198 4,894 1965—Dec. 31. ... 1,093 6,343 28,367 817 155 635 3,404 592 24,653 168 27 2,145 24,322 238 5,345 1966—June 30.... 1,190 5,400 27,063 736 134 1,019 3,486 598 23,190 171 27 2', 300 26,286 367 5^632 6 Beginning with 1942, excludes reciprocal bank balances. that are included under member banks, see Note, p. 589, May 1964 7 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 8 For reclassification of certain deposits in. 1961, see note 6, p. 589, by mergers, etc. May 1964 Bulletin. Data for national banks for Dec. 31, 1964, have been adjusted to make them comparable with State bank data. Note.—Data are for all commercial banks in the United States. (For For other notes see opposite page. definition of “commercial banks’’ as used in this table and for other banks Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
616 WEEKLY REPORTING BANKS APRIL 1967 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS (In millions of dollars) Loans2 For purchasing To financial institutions or carrying securities Loansi Wednesday m i T l n a o e v o n a n e t n d a t s s s l t t v n se t a e r i r l t o e v u n o e a s f C i m n a c o d n i e a m u d r l s A t c u u g r l r a i l U a T n . o S d . b d r e o a k l e e r r s s U T .S o . others Bank D s o Pe N rs o , n bank e R st e a a t l e s i C m n u s m o e t n n a e l t r g e F o i o g v n r ts . ot A h l e l r V se t a r i r o e l v u n e a s trial G c t s u i o e e r v s i t , O c t s u t i e e h r s e i r G c t s u i o e e r v s i t , O c t s u i t e e h r s e i r F ei o g r n c m m t o i e e c m s r f s c i a a n o n l a s e d . n s , . Other cial etc. Large banks—■ Total 1966 Mar. 2.......... 178,777 128,093 53,855 1,721 636 3,441 108 2,265 1,557 2,402 5,956 4,755 25,822 28,339 2,764 9 178,042 128,085 53,720 1,736 339 3,391 106 2,263 1,549 3,184 5,634 4,727 25,865 28,347 2,776 16.......... 180,564 130,405 55,029 1,707 464 3,355 105 2,255 1,542 2,798 6,673 4,777 25,958 28,510 2,768 23.......... 179,060 129,686 55,057 1,713 363 3,213 108 2,249 1,534 2,843 6,207 4,774 25,986 28,412 2,773 30.......... 180,468 130,668 55,231 1,723 580 3,289 111 2,243 1,559 3,271 6,078 4,838 26,042 28,481 2,778 1967 Feb. 1.......... 189,814 136,651 60,385 1,817 2,302 2,966 76 2,075 1,435 3,383 6,087 4,193 27,290 15,906 1,137 10,557 2,958 8.......... 187,099 134,114 60,213 1,821 1,247 2,810 72 2,070 1,445 2,786 5,730 4,117 27,242 15,844 1,131 10,545 2,959 15.......... 188,965 135,052 60,404 1,823 979 2,992 70 2,077 1,409 3,650 5,812 4,069 27,253 15,807 1,137 10,533 2,963 22.......... 188,117 134,274 60,404 1,821 1,094 2,951 75 2,066 1,450 3,120 5,569 3,998 27,210 15,791 1,131 10,555 2,961 Mar. 1...... 189,630 135,483 60,730 1,822 1,699 2,950 76 2,074 1,401 3,134 5,883 4,059 27,168 15,796 1,102 10,553 2,964 8.......... 187,776 133,514 60,865 1,833 646 2,730 64 2,063 1,398 2,993 5,491 3,979 27,124 15,739 1,103 10,445 2,959 15.......... 193,874 137,413 61,966 1,837 1,810 3,164 64 2,063 1 ,441 3,393 6,127 4,007 27,147 15,751 1,085 10,529 2,971 22.......... 192,912 136,947 62,126 1,816 1,537 3,110 68 2,063 1 ,401 3,293 5,960 4,019 27,148 15,716 1,097 10,562 2,969 29...... 192,271 136,233 61,962 1,824 1,467 3,017 68 2,090 1,395 3,206 5,590 4,022 27,131 15,761 1,082 10,584 2,966 blew York City 1966 Mar. 2.......... 41,704 31,559 17,596 22 357 1,986 20 687 819 735 1,912 1,169 2,961 4,066 771 ' 9 41,610 31,950 17,543 22 142 1,979 20 689 805 1,595 1,757 1,155 2,965 4,049 771 16.......... 42,433 32,638 18,152 22 170 1,971 19 684 804 1,035 2,269 1,174 2,985 4,124 771 23...... 41,570 32,074 18,003 22 125 1,872 19 681 804 1,130 1 ,983 1,151 2,998 4,057 771 30.......... 42,677 32,862 18,147 22 297 1,934 19 682 820 1,494 1,964 1,232 3,010 4,012 771 1967 Feb. 1.......... 43.994 33,616 20.275 15 833 1,543 11 569 754 684 1,917 1,043 3,089 1,272 734 1,719 842 8.......... 43,305 32,955 20,186 15 459 1,476 9 570 771 712 1.739 1,005 3,084 1,265 736 1,770 842 15.......... 43,612 33,148 20,249 15 298 1,695 9 576 752 792 1,802 997 3.093 1,256 736 1,721 843 22.......... 43,565 33,090 20,290 15 290 1,691 8 575 773 838 1,698 979 3,068 1,253 726 1,729 843 44,175 33,728 20,544 16 648 1,620 8 579 749 728 1,919 1,045 3,033 1,246 709 1,727 843 8 43,225 32,731 20,678 16 282 1,457 9 579 751 462 1,674 1,021 3,024 1,241 713 1,665 841 15 ...... 45,766 34,453 21,123 15 794 1,773 9 573 795 555 1,960 1,024 3,032 1,242 699 1,700 841 22.......... 45,208 34,335 21,139 15 469 1,790 10 575 740 949 1,816 1,027 3,026 1,234 695 1,691 841 29.......... 44,520 33,754 21,037 15 448 1,753 11 604 726 723 1,634 1,034 3,011 1,234 691 1,675 842 Outside New York City 1966 Mar. 2.......... 137,073 96,534 36,259 1,699 279 1,455 88 1,578 738 1,667 4,044 3,586 22,861 24,273 1,993 9.......... 136,432 96,135 36,177 1,714 197 1,412 86 1,574 744 1,589 3,877 3,572 22,900 24,298 2,005 16.......... 138,131 97,767 36,877 1,685 294 1,384 86 1,571 738 1,763 4,404 3,603 22,973 24,386 1,997 23.......... 137,490 97,612 37,054 1,691 238 1,341 89 1,568 730 1,713 4,224 3,623 22,988 24,355 2,002 30.......... 137,791 97,806 37,084 1,701 283 1,355 92 1,561 739 1,777 4,114 3,606 23,032 24,469 2,007 1967 Feb. 1.......... 145.820 103,035 40,1 10 1,802 1,469 1,423 65 1,506 681 2,699 4,170 3,150 24,201 14,634 403 8,838 2,116 8 143,794 101,159 40,027 1,806 788 1,334 63 1,500 674 2,074 3,991 3,112 24.158 14,579 395 8,775 2,117 15.......... 145,353 101,904 40,155 1,808 681 1,297 61 1,501 657 2.858 4,010 3,072 24,160 14,551 401 8,812 2,120 22.......... 144,552 101,184 40,(14 1,806 804 1,260 67 1,491 677 2,282 3,871 3,019 24,142 14,538 405 8,826 2,118 145,455 101,755 40,186 1,806 1,051 1,330 68 1,495 652 2,406 3,964 3,014 24,135 14,550 393 8,826 2,121 8 144,551 100,783 40,187 1,817 364 1,273 55 1,484 647 2,531 3,817 2,958 24,100 14,498 390 8,780 2,118 15.......... 148,108 102,960 40,843 1,822 1,016 1,391 55 1,490 646 2,838 4,167 2,983 24,115 14,509 386 8,829 2,130 22 147,704 102,612 40,987 1,801 1,068 1,320 58 1,488 661 2,344 4,144 2,992 24,122 14,482 402 8,871 2,128 29.......... 147,751 102,479 40,925 1,809 1,019 1,264 57 1,486 669 2,483 3,956 2,988 24,120 14,527 391 8,909 2,124 June 29, 1966. 186,534136,273 58,247 1,788 682 3,970 87 2,231 1,496 3,338 7,067 4,876 26,630 15,950 1,182 11,489 2,760 ► Figures for assets and liabilities of “Total large commercial banks” For other notes see p. 619. for June 29, 1966, were incorrect in the annual tables on pp. 459, 461, 463, and 465 of the March 1967 Bulletin. Figures for June 29, 1966, shown here are correct. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
APRIL 1967 WEEKLY REPORTING BANKS 617 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Investments Cash assets U.S. Government securities Other securities Balances with— Obligations Total Bills c C t a i e f t i e r s W ly i i n N th r . o m te a s t 5 u a 1 n y r t i r d o n s . g b — on A 5 d y f s t r e s r . ra w T n a a o p t s x r s f o u 3 a l b S i n t d t d i a i c t v o a e . A t l s h l e l r p p C a a O c e t r o i o r t t s o f i h t e r i c n p e f c i . a r u , 4 n r s b i d t t o o O i s r e n c i e t s t d k c h ie s u s e , s r Total p c C i r o t t o i e i o a l o n m l c s f e n e h c s s s m b D a e n s o t k i c s b F e a i o g n r n k s r C c e a o n n u i c d n r y s B e F w r a R . v i n R t e e h k . s s a o s A t s h e l e l t s r Wednesday Large banks— Total 1966 24.654 3,837 526 3,195 10.085 7,011 26.030 38,216 18,525 3,836 201 2,270 13,384 7,479 Mar, 2 23,983 3,317 519 3,159 10,104 6,884 25,974 35,883 16.552 3,666 213 2,304'13,148 7,628 9 24,146 3,478 523 3,147 10,310 6,688 26.013 40,156 19,768 4,131 209 2,317'13,731 7,560 16 23,468 2,961 493 3,134 10,327 6,553 25,906 36.997 16,465 3,671 201 2,402 14.258 7,515 23 23,742 3,240 509 3,079 10,377 6,537 26,058 36,385 16,473 3,634 191 2,449 13,638 7,599 30 1967 25,758 5,174 338 3,575 10,470 6,201 2,707 21,121 1,047 2,530 42,442 21,229 4,101 221 2,50614,385 7,871 Feb. 1 25,326 4,648 343 3,592 10,528 6,215 2,785 21,353 1,068 2,453 39,685 16.813 3,972 218 2,484 16,198 7,856 8 25,926 4,521 339 2,985 12.003 6,078 2,920 21,548 1,094 2.425 44,663 22,444 4,450 221 2,600 14,948 7,910 15 25,622 4,228 347.3.019 12,010 6,018 2,925 21,533 1,159 2,604 41,390 19,559 4,088 202 2,624 14,917 7,824 22 25,629 4,241 330 3,013 12,109 5,936 3,059 21,723 1,168 2,568 42.449 20,855 4,471 207 2,521 14,395 8,028 Mar. 1 25,183 3,830 301 2,993 12,109 5,950 3,297 22.087 1,156 2.539 40.478 18,360 3,859 207 2,479 15,573 7.981 8 27,185 5,797 307 3,025 12,127 5,929 3,336 22,279 1,174 2,487 43,869 21,955 4,319 261 2.535114,799 7,856 15 26,705 5,211 310 3,069 12,157 5,958 3,325 22,287 1,174 2,474 40,631 18,754 3,867 215 2,545 15.250 7.851 22 26,770 5,221 301 3,086 12,235 5,927 3,358 22,304 1,263 2,443 38,888 17,537 3,976 215 2,718 14,441 7,847 29 New York City 1966 4,252 881 131 580 1,248 1,412 5,893 10,450 6,141 196 115 302 3,696 2.841 Mar. 2 3,880 626 120 553 1,250 1 331 5.780 9,941 6.103 171 109 313 3,245 2,978 9 4,105 867 117 566 1,275 1 280 5,690 11,765 7,190 205 104 294 3,972 2,919 16 3,842 648 115 556 1,315 1,208 5,654 10.620 5,895 187 94 307 4.137 2,934 23 4 144 944 123 548 1,378 1 151 5,671 10,384 5,916 186 87 314 3,881 2,929 30 1967 4,883 1,734 75 568 1,234 1,272 683 3,903 200 709 13,678 8,677 208 105 323 4,365 2,696 Feb. 1 4,792 1.634 74 586 1,232 1,266 682 4.006 196 674 11.321 5,996 180 98 330 4,717 2,711 8 4,894 1,463 75 416 1,686 1,254 702 4.006 197 665 13,813 8,801 338 97 338 4,239 2,833 15 4,873 1,438 76 463 1,650 1,246 716 3,958 202 726 12,033 7,250 209 83 343 4,148 2,784 22 4,737 1,283 84 426 1,705 1,239 840 3,983 183 704 12.403 7,864 229 84 319 3,907 2.870 Mar. 1 4,547 1,098 88 435 1,688 1.238 956 4,113 179 699 12.208 7,216 167 74 332 4,419 2.816 8 5,378 1,934 89 439 1,679 1,237 932 4,189 178 636 13,681 8,772 247 117 321 4.224 2.730 15 5,147 1,648 90 448 1,701 1,260 868 4.053 176 629 11,882 7,143 177 75 323 4.164 2.745 22 5,040 1,532 88 440 1,731 1,249 885 4,041 177 623 11,076 6,584 201 87 331 3,873 2,709 29 Outside New York City 1966 20,402 2,956 395 2,615 8,837 5.599 20,137 27,766 12,384 3,640 86 1,968 9,688 4,638 Mar. 2 20,103 2,691 399 2,606 8,854 5,553 20,194 25,942 10,449 3.495 104 1,991 9,903 4,650 9 20,041 2,611 406 2,581 9,035 5,408 20,323 28,391 12,578 3,926 105 2,023 9,759 4.641 16 19,626 2,313 378 2,578 9 012 5,345 20,252 26.377 10.570 3.484 107 2,095 10,121 4,581 23 19,598 2,296 386 2,531 8,999 5,386 20,387 26,001 10,557 3,448 104 2,135 9,757 4,670 30 1967 20,875 3,440 263 3,007 9,236 4,929 2,024 17,218 847 1,821 28,764 12,552 3,893 116 2,183 10.020 5,175 Feb. 1 20,534 3.014 269 3,006 9,296 4,949 2,103 17,347 872 1,779 28,364 10,817 3.792 120 2.154 11,481 5,145 8 21,032 3,058 264 2,569 10,317 4,824 2.218 17,542 897 1,760 30,850 13,643 4,112 124 2,262.10,709 5,077 15 20,749 2,790 271 2,556 10,360 4,772 2,209 17,575 957 1,878 29,357 12,309 3,879 119 2,281 10,769 5,040 22 20,892 2,958 246 2,587 10,404 4,697 2,219 17.740 985 1,864 30,046 12,991 4,242 123 2,202 10,488 5,158 Mar. 1 20,636 2,732 213 2,558 10,421 4,712 2,341 17,974 977 1,840 28,270 11,144 3,692 133 2,147 11,154 5,165 8 21,807 3,863 218 2,586 10,448 4,692 2,404 18,090 996 1,851 30,188 13,183 4,072 144 2,214 10,575 5.126 15 21,558 3,563 220 2,621 10.456 4,698 2,457 18,234 998 1,845 28,749 11,611 3,690 140 2.222 11.086 5.106 22 21,730 3,689 213 2,646 10,504 4,678 2,473 18,263 986 1,820 27,812 10,953 3,776 128 2,387 10,568 5,138 29 22,478 2,277 587 3,074 9,895 6,645 2,651 21,307 1,334 2,491 38,751 17,992 4,033 199 2,551 13,976 7,700 June 29, 1966 For other notes see p. 619. See p. 616. 4 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
618 WEEKLY REPORTING BANKS APRIL 1967 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Deposits Demand Time Total Wednesday unad States Do Foreign IPC States Foreign justed and mes and Do Total 5 IPC p d s i o u c iv l a b i i l t G U o .S vt . . c m c o t i i e m a c r l G e o tc v . t 6 ., C m c o i e a m r l Total? S in a g v s Other p d s i o c u iv l a b i i l t . i b m n l a ’ t e c n e s k r G e o tc v . t., C m c o i e a m r l sions banks banks sions banks Large banks— Total 1966 Mar. 2.............1..9..2..,.626 105,852 77,169 5,975 3,371 12,587 758 1,391 86,774 50,410 23,962 7,400 648 3,948 230 9.................... 188,785 101,516 75,872 5,453 1,277 12,114 703 1,383 87,269 50,574 24,281 7,418 653 3,937 231 16.................... 196,379 109,339 80,632 5,404 2,948 12,931 728 1,391 87,040 50,596 24,019 7,420 658 3,936 227 23.................... 191,207 103,700 75,873 5,525 4,072 11,652 646 1,370 87,507 50,592 24,489 7,439 666 3,904 230 30. ................. 192,320 103,957 76,151 6,113 3,479 11,511 636 1 ,414 88,363 50,624 25,169 7,553 658 3,946 230 1967 Feb. 1................ 204,753 111,768 79,215 6,771 3,355 13,481 720 1,418 92,985 46,459 32,425 8,538 763 4,428 204 8.................... 198,649 105,125 76,066 5,919 3,539 12,205 667 1,455 93,524 46,466 32,762 8,701 794 4,434 208 15.................... 204,429 110,771 80,218 5,941 2,919 13,640 710 1,424 93,658 46,506 32.889 8,665 782 4,444 204 22.................... 200,448 106,462 76,759 5,540 4,450 12,697 686 1,456 93,986 46,574 33,013 8,817 774 4,436 205 Mar. 1.................... 203,875 109,635 79,254 6,310 2,944 13,236 669 1,433 94,240 46,609 33,024 9,011 798 4,423 198 8.................... 199,132 104,096 76,224 5,656 1 ,963 12,804 641 1 ,400 95,036 46,721 33,503 9,140 863 4,431 203 15.................... 208,785 113,579 83,426 5,628 2,900 13,207 673 1,412 95,206 46,806 33,528 9,191 885 4,419 196 22.................... 204,571 108,871 78,076 5,463 5,376 12,577 666 1 ,385 95,700 46,907 33,780 9,266 925 4,439 199 29.................... 202,725 106,592 77,469 5,937 3,752 12,462 637 1 ,400 96,133 47,098 34,039 9,247 944 4,416 201 New York City 1966 Mar. 2...............4..4..,.408 26,848 17,930 382 846 3,402 605 950 17,560 5,184 8,182 698 441 2,841 133 9.................... 43,705 26,077 17,620 306 341 3,297 542 950 17,628 5,196 8,247 702 444 2,824 135 16.................... 46,288 28,773 19,208 284 675 3,622 579 945 17,515 5,206 8,116 700 463 2,812 131 23.................... 44,429 26,626 17,558 348 1,120 3,284 517 933 17,803 5,206 8,434 701 475 2,765 135 30.................... 45,154 26,972 17,930 487 977 3,183 510 967 18,182 5,191 8,791 697 470 2,813 135 1967 Feb. 1.................... 48,346 30,820 18,783 638 830 4,205 579 972 17,526 4,551 8,542 685 501 3,060 102 8.................... 44,933 27,375 17,722 422 830 3,346 522 1,011 17,558 4,560 8,558 696 520 3,046 105 15.................... 47,290 29,874 19,103 340 683 4,123 570 996 17,416 4,565 8,441 686 506 3,041 100 22.................... 45,499 28,047 18,330 273 1,059 3,628 549 1,003 17,452 4,595 8,422 730 496 3,028 105 Mar. 1.................... 47,316 29,844 19,159 459 732 4,101 534 999 17,472 4,596 8,335 841 510 3,015 101 8.................... 45,293 27,578 17,918 360 410 3,779 501 961 17,715 4,606 8,446 892 569 3,029 100 15.................... 49,472 31,843 20,596 571 872 3,882 529 983 17,629 4,627 8,363 875 586 3,003 101 22.................... 47,345 29,563 18,835 372 1 ,694 3,630 523 951 17,782 4,630 8,457 888 619 3,011 103 29.................... 46,148 28,301 18,587 465 985 3,626 503 969 17,847 4,663 8,548 824 631 3,001 105 Outside New York City 1966 Mar. 2.............1..4..8..,.218 79,004 59,239 5,593 2,525 9,185 153 441 69,214 45,226 15,780 6,702 207 1,107 97 9.................... 145,080 75,439 58,252 5,147 936 8,8(7 161 433 69,641 45,378 16,034 6,716 209 1,113 96 16.................... 150,091 80,566 61,424 5,120 2,273 9,309 149 446 69,525 45,390 15,903 6,720 195 1,124 96 23............ 146,778 77,074 58,315 5,177 2,952 8,368 129 437 69,704 45,386 16,055 6,738 191 1,139 95 30.................... 147,166 76,985 58,221 5,626 2,502 8,328 126 447 70,181 45,433 16,378 6,856 188 1,133 95 1967 Feb. 1.................... 156,407 80,948 60,432 6,133 2,525 9,276 141 446 75,459 41,908 23,883 7,853 262 1,368 102 8.................... 153,716 77,750 58,344 5,497 2,709 8,859 145 444 75,966 41,906 24,204 8,005 274 1,388 103 15.................... 157,139 80,897 61,115 5,601 2,236 9,517 140 428 76,242 41,941 24,448 7,979 276 1,403 104 22.................... 154,949 78,415 58,429 5,267 3,391 9,069 137 453 76,534 41,979 24,591 8,087 278 1,408 100 Mar. 1.................... 156,559 79,791 60,095 5,851 2,212 9,135 135 434 76,768 42,013 24,689 8,170 288 1,408 97 8.................... 153,839 76,518 58,306 5,296 1 ,553 9,025 140 439 77,321 42,115 25,057 8,248 294 1,402 103 15.................... 159,313 81,736 62,830 5,057 2,028 9,325 144 429 77,577 42,179 25,165 8,316 299 1,416 95 22.................... 157,226 79,308 59,241 5,091 3,682 8,947 143 434 77,918 42,277 25,323 8,378 306 1 ,428 96 29.................... 156,577 78,291 58,882 5,472 2,767 8,836 134 431 78,286 42,435 25,491 8,423 313 1,415 96 June 29, 1966......... 199,083 108,900 75,832 6,162 7,764 11,857 778 1,498 90,183 48,412 28,688 7,692 646 4,346 228 > See p. 616. For other notes see p. 619. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
APRIL 1967 WEEKLY REPORTING BANKS 619 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Borrowings Memoranda Total assets— From From 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 li c a T a b a o p n il t i d i t a t a i l e l s T lo o a t n a s l T ( l n o o e a t t n a ) s , l D de e p m o a s n it d s La o r f g e d e c p er o ti s f i i t c 1 a o tes Wednesday B F a . n R k . s others accounts ad ( j n u e s t t ) e , d 8 a a d n ju d s t i e n d , adjusted 9 Total Issued Issued vestments8 issued to IPC’s to others Large banks— Total 1966 483 4,416 8,492 18,455 224,472 125,691 176,375 71,369 16,852 Mar. 2 347 5,238 8,708 18,475 221,553 124,901 174,858 71,573 17,015 9 15 4,745 8,704 18,437 228,280 127,607 177,766 73,692 16,586 16 530 4,702 8,695 18,438 223,572 126,843 176,217 71,511 16,939 23 388 4,942 8,344 18,458 224,452 127,397 177,197 72,494 17,418 30 1967 2 5,673 10,363 19,336 240,127 133,268 186,431 73,703 18,128 12,221 5,907 ' Feb. 1 783 5,289 10,588 19,331 234,640 131,328 184,313 72,568 18,507 12,381 6,126 8 273 6,470 10,985 19,381 241,538 131,402 185,315 71,768 18,491 12,364 6, 127 15 333 5,895 11,275 19,380 237,331 131,154 184,997 69,756 18,551 12,329 6,222 22 45 5,635 11,085 19,467 240,107 132,359 186,506 72,600 18,517 12,227 6,290 Mar. 1 279 6, 107 11,188 19,529 236,235 130,510 184,772 70,969 18,994 12,478 6,516 8 229 6,235 10,868 19,482 245,599 134,020 190,481 75,517 18,901 12,340 6,561 15 89 6,307 10,950 19,477 241,394 133,654 189,619 72,164 19,119 12,447 6,672 22 2 5,913 10,850 19,515 239,005 133,027 189,065 72,841 19,299 12,554 6,745 29 New York City 1966 1,809 3,759 5,019 54,995 30,824 40,969 16,459 6,937 Mar. 2 12 1,852 3,948 5,012 54,529 30,355 40,015 16,336 6,932 9 2,005 3,817 5,007 57,117 31,603 41,398 17,286 6,776 16 145 1,694 3,856 5,000 55,124 30,944 40,440 16,327 ' 6,996 23 146 1,969 3,728 4,993 55,990 31,368 41,183 16,896 7,243 30 1967 1,946 4,857 5,219 60,368 32,932 43,310 17,108 6,495 4,569 1,926 ' Feb. 1 124 1,990 5,076 5,214 57,337 32,243 42,593 17,203 6,547 4,600 1,947 8 25 2,407 5,236 5,300 60,258 32,356 42,820 16,267 6,424 4,495 1,929 15 125 2,120 5,343 5,295 58,382 32,252 42,727 16,110 6,381 4,420 1,961 22 1,755 5,057 5,320 59,448 33,000 43,447 17,147 6,345 4,344 2,001 Mar. 1 64 2,346 5,233 5,313 58,249 32,269 42,763 16,173 6,535 4,404 2,131 8 100 2,482 4,812 5,311 62,177 33,898 45,211 18,317 6,455 4,312 2,143 15 2,107 5,085 5,298 59,835 33,386 44,259 17,096 6,593 4,396 2,197 22 ............ 1,819 5,037 5,301 58,305 33,031 43,797 17,106 6,654 4,436 2,218 29 Outside New York City 1966 483 2,607 4,733 13,436 169,477 94,867 135,406 54,910 9,915 Mar. 2 335 3,386 4,760 13,463 167,024 94,546 134,843 55,237 10,083 9 15 2,740 4,887 13,430 171,163 96,004 136,368 56,406 9,810 16 385 3,008 4,839 13,438 168,448 95,899 135,777 55,184 9,943 23 242 2,973 4,616 13,465 168,462 96,029 136,014 55,598 10,175 30 1967 2 3,727 5,506 14,117 179,759 100,336 143,121 56,595 11,633 7,652 3.981 ' Feb. 1 659 3,299 5,512 14,117 177,303 99,085 141,720 55,365 11,960 7,781 4,179 8 248 4,063 5,749 14,081 181,280 99,046 142.495 55,501 12,067 7,869 4,198 15 208 3,775 5,932 14,085 178,949 98,902 142,270 53,646 12,170 7,909 4,261 22 45 3,880 6,028 14,147 180,659 99,359 143,059 55,453 12,172 7,883 4,289 Mar. 1 215 3,761 5,955 14,216 177,986 98,241 142,009 54,796 12,459 8,074 4,385 8 129 3,753 6,056 14,171 183,422 100,122 145,270 57,200 12,446 8,028 4,418 15 89 4,200 5,865 14,179 181,559 100,268 145,360 55,068 12,526 8,051 4,475 22 2 4,094 5,813 14,214 180,700 99,996 145,268 55,735 12,645 8,118 4,527 29 454 5,806 8,925 18,717 232,985 132,935 183,196 71,287 18,303 13,053 5,250 June 29, 1966 1 After deduction of valuation reserves. 2 Individual items shown gross. See p. 616. <4 3 Includes short-term notes and bills (less than 1 year to maturity) issued by States and political subdivisions. 4 Federal agencies only. ^Certificates of deposit issued in denominations of $100,000 or more. s Includes certified and officers’ checks, not shown separately. Note.—Beginning June 29, 1966, coverage of series was changed from 6 Deposits of foreign governments and official institutions, central Weekly Reporting Member Banks to Weekly Reporting Large Commer banks, and international institutions. cial Banks (Earlier figures for 1966 are comparable with the new series.) 7 Includes U.S. Government and postal savings not shown separately. Also beginning June 29, 1966, detailed breakdown is shown of “All other 8 Exclusive of loans to domestic commercial banks. loans,” of “Other securities,” and of ownership of time certificates of 9 All demand deposits except U.S. Government and domestic com deposit in denominations of $100,000 or more. For description of revisions, mercial banks, less cash items in process of collection. see Aug. 1966 Bulletin, pp. 1137-40. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
620 BUSINESS LOANS OF BANKS APRIL 1967 COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during— Industry 1967 1967 1967 1966 1966 M 2 a 9 r. M 2 a 2 r. M 1 a 5 r. M 8 ar. M 1 ar. Mar. Feb. Jan. I IV III 2 h n a d lf h 1 a s l t f Durable goods manufacturing: Primary metals............................. 936 928 922 890 887 44 15 41 100 -60 -75 -135 233 Machinery......................................... 4,635 4,632 4,607 4,334 4,283 476 84 42 602 220 360 580 680 Transportation equipment.............. 2,221 2’273 2,258 2; 160 2,158 137 104 -15 226 235 239 474 358 Other fabricated metal products... On 1,710 1,668 1,612 1^86 143 17 -17 143 -99 72 -27 265 Other durable goods........................ 2,020 2,010 1,997 1,956 1,934 87 24 -54 57 6 78 84 390 Nondurable goods manufacturing: Food liquor, and tobacco.......... 2,248 2,323 2,264 2,284 2,313 -150 -104 -218 -472 519 56 575 -156 Textiles apparel, and leather.......... 2,073 2,069 2,068 2^018 1,986 131 145 -65 211 -380 106 -274 550 Petroleum refining........................... 1,487 1 486 1 475 1,464 1,469 -48 109 61 -162 -92 -254 256 Chemicals and rubber..................... 2,423 2,402 2,376 2,269 2,232 211 121 -24 308 52 81 133 353 Other nondurable goods................. 1,525 1,520 1 514 1,470 1,442 69 -24 8 53 -63 127 64 309 Mining, including crude petroleum and natural gas......................... 4,019 4,016 4,015 3,990 3,994 -49 -79 322 194 -40 222 182 344 Trade: Commodity dealers................. 1 260 1,275 1,278 1,282 l,29t -41 -71 -33 -145 312 22 334 -322 Other wholesale....................... 2,910 2,907 2,890 2,841 2,844 76 -12 -47 17 60 42 102 161 Retail........................................ 3,363 3,488 3,463 3,366 3,407 -41 71 -214 -184 69 -116 -47 455 Transportation, communication, and other public utilities..... 551 370 921 220 Transportation................................. 3 794 3,793 3,779 3,744 3,747 88 39 -39 88 n.a. n.a. n.a. n.a. Communication................................ 838 848 856 816 805 25 -21 62 66 n.a. n.a. n.a. Other public utilities........................ 1,946 1,956 2,024 2,013 2,037 -144 -133 -44 -321 n.a. n.a. n.a. n.a. Construction............................. 2,497 2,480 2,525 2,510 2,495 -8 1 -100 -107 -99 -74 -173 189 Services................................................. 4,686 4; 688 4’701 4,644 4,669 15 -60 -97 -142 n.a. n.a. All other domestic loans..................... 6,054 6,018 6,035 6,028 6,069 110 84 91 285 3 -56 -53 469 Bankers* acceptances........................... 771 804 779 771 726 154 -114 196 236 165 -101 64 -232 Foreign commercial and industrial loans............................................... 2,965 2,942 2,937 2,944 2,927 55 30 8 93 n.a. n.a. n.a. n.a. Total classified loans........................... 56,382 56,568 56,431 55,406 55,301 1 ,388 69 -88 1 ,369 1,289 1,261 2,550 4,522 Total commercial and industrial loans 61,962 62,126 61,966 60,865 60,730 1,558 -45 -298 1,215 1,339 1,656 2,995 4,671 1 Beginning with data for December 28, 1966, this series was revised Note.—About 150 weekly reporting banks are included in this series; in format and coverage as described on p. 209 of the Feb. 1967 Bulletin. these banks classify, by industry, commercial and industrial loans amount Data for earlier dates are not strictly comparable. ing to about 90 per cent of such loans held by all weekly reporting banks, and about 70 per cent of those held by all commercial banks. 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.:1 New York City. 1957........................... 4.6 5.5 5.1 4.8 4.5 1965—Dec, .... 5.08 5.74 5 59 5.34 4.99 1958........................... 4.3 5.5 5.0 4.6 4.1 1966—Mar.............. 5.41 5.92 5.78 5.66 5.34 1959........................... 5.0 5.8 5.5 5.2 4.9 June. .... 5.65 6.14 6 11 5.87 5 57 Sept............. 6.13 6.60 6.57 6.39 6.05 1960........................... 5.2 6.0 5.7 5.4 5.0 Dec............. 6.16 6.60 6.56 6.38 6.09 1961........................... 5.0 5.9 5.5 5.2 4.8 1962........................... 5.0 5.9 5.5 5.2 4.8 7 other northern and 1963........................... 5.0 5.9 5.5 5.2 4.8 eastern cities: 1964........................... 5.0 5.9 5.6 5.3 4.8 1965—Dec.............. 5.32 5.95 5.80 5.56 5.19 1965........................... 5.1 5.9 5.6 5.4 4.9 1966—Mar............. 5.58 6.10 6.05 5.82 5.46 1966.......................... 6.0 6.5 6.4 6.2 5.9 June............. 5.86 6.32 6.35 6.08 5.74 Sept............. 6.40 6.62 6.75 6.60 6.31 Quarter:1 Dec............. 6.38 6.66 6.81 6.60 6.27 19 large cities: 11 southern and 1965—Dec........................ 5.27 5.96 5.74 5 51 5.11 western cities: 1965—Dec.............. 5.46 6.07 5.80 5.59 5.23 1966—Mar........................ 5.55 6.13 5.96 5.76 5.41 5.70 6.23 6.01 5.77 5.50 June....................... 5.82 6.39 6.25 6.03 5.68 Tune .... 6.00 6.52 6.28 6.08 5.82 Sept........................ 6.30 6.73 6.65 6.51 6.18 Sept . .... 6.42 6.84 6.65 6.51 6.26 6.31 6.78 6.70 6.51 6.19 6.46 6.91 6.73 6.52 6.29 1 Based on new loans and renewals for first 15 days of month. 1956—Apr. 13 3’4 1959—May 18 4% Aug. 21 4 Sept. 1 5 Note.—Weighted averages. For description see Mar. 1949 Bulletin, 1957—Aug. 6 4% 1960—Aug. 23 414 pp. 228-37. 1958—Jan. 22 4 1965—Dec. 6 5 Bank prime rate was 3*4 per cent during the period Jan. 1, 1956—Apr. Apr. 21 3% 1966—Mar. 10 514 (2, 1956. Changes thereafter to new levels (in per cent) occurred on the Sept. 11 4 June 29 5’4 following dates: Aug. 16 6 1967—Jan. 26-27 5^-5^ Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
APRIL 1967 INTEREST RATES 621 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 rs t * F f e u d n e d r s a l 3-month bills 5 6-month bills 5 9- to I2-month issues 3- to 5- 4- to 6- directly, ances, rate 3 year months * 3- to 6- 90 days 1 Rate on Market Rate on Market Bills (mar Other 6 issues 7 nionths 2 new issue yield new issue yield ket yield) 5 1964............................ 3.97 3.83 3.77 3.50 3 549 3.54 3.686 3.68 3.74 3.76 4.06 1965............................ 4.38 4.27 4,22 4 07 3 954 3 95 4,055 4.05 4.06 4,09 4 22 1966........................... 5.55 5.42 5.36 5 11 4 881 4 85 5 082 5 06 5 07 5 17 5 16 1966—Mar................. 5.21 5,02 4.96 4.65 4.626 4.58 4.825 4.78 4 81 4.96 4 94 5.38 5,25 5 00 4 67 4,611 4,61 4.742 4.74 4.76 4.87 4*86 May................ 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 Aug................. 5.85 5.63 5.67 5.53 4 932 4.95 5.189 5.27 5.34 5.52 5 58 5,89 5.67 5.75 5 40 5 356 5 36 5.798 5.79 5 80 5.80 5 62 Oct................... 6.00 5.82 5.72 5.53 5*387 5.33 5.652 5.61 5.52 5.57 538 Nov................. 6.00 5.88 5.67 5,77 5 344 5.31 5.604 5.54 5.49 5.45 5 41 Dec.................. 6.00 5,88 5.60 5.40 5.007 4.96 5308 4.98 5.00 5,10 5.07 1967—Jan................... 5.73 5.50 5.23 4.94 4.759 4.72 4.787 4.74 4.61 4.71 4.71 Feb................ 5.38 5.19 4.88 5.00 4.554 4.56 4.565 4.59 4.57 4.64 4.73 Mar.............. 5.24 5.01 4.68 4.53 4.288 4.26 4.243 4.22 4.18 4.35 4.52 Week ending— 1967—Mar 4...,,., 5.38 5.13 4.93 4.68 4 538 4.47 4 534 4.47 4 45 4.68 4.70 11 5.35 5,03 4.88 4.71 4^344 4.37 4.340 4,37 4.32 4.54 4.61 18.......... 5.25 5.00 4,70 4.64 4 308 4.28 4.265 4.21 4.16 4.30 4.50 25 5.16 5.00 4.53 4,71 4.102 4.14 4.005 4.06 4.05 4,21 4.45 Apr. 1.......... 5.10 4.93 4.45 4.25 4.150 4.13 4.073 4.09 4.06 4.16 4.42 1 Averages of daily.offering rates of dealers. 4 Except for new bill issues, yields are averages computed from daily 2 Averages of daily rates, published by finance companies, for varying closing bid prices. maturities in the 90-179 day range. 5 Bills quoted on bank discount rate basis. J Seven-day average for week ending Wednesday. 6 Certificates 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 i Aaa Baa Aaa Baa In tr d ia u l s R ro a a i d l P ut u i b li l t i y c fe P r r r e e d C m o o m n C m o o m n 1964............................................... 4.15 3 28 3 09 3 54 4 57 4 40 4 83 4 52 4.67 4.53 4.32 3,01 5 54 1965............................................... 4 21 3 34 3 16 3 57 4 64 4 49 4 87 4 61 4.72 4 60 4 33 3 00 5 87 1966............................................... 4.66 3,90 3.67 4 21 5 34 5.13 5.67 5,30 5*37 5*36 4.97 3.40 1966—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 6 13 Apr................................... 4.55 3.68 3^46 4,06 5.16 4^96 5 41 5 09 5.19 5 21 4^78 3J5 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 4,63 3.84 3 60 4 16 5 28 5 07 5 58 5 25 5.26 5 32 4.93 3.36 6.80 July..................................... 4.74 4.01 3.77 4 31 5.36 5 16 5^68 5.33 5.37 5 39 5.00 337 Aug.................................... 4.80 4.16 3.91 4.46 5.50 5.31 5.83 5.49 5.48 5 54 5.18 3.60 Sept.................................... 4.79 4.18 3.93 4 48 5.71 5.49 6.09 5.71 5.65 5.78 5.23 3.75 7 18 Oct..................................... 4.70 4 09 3 82 4'42 5 67 5 41 6. id 5.63 5 67 5.72 5.28 3.76 Nov................................. 4.74 4.01 3.78 4*33 5*65 5.35 6.13 5,59 5.72 5,64 5.21 3.66 Dec............................. 4.65 4 01 3 70 4,29 5 69 5 39 6 18 5 63 5 78 5 65 5 24 3 59 6.78 1967—Jan...................................... 4.40 3.74 3.50 4 04 5.50 5.20 5,97 5.45 5.63 5.42 5.07 3 51 Feb..................................... 4.47 3.62 3.38 3 90 5.35 5.03 5,82 5.33 5.48 5.25 4.98 3.36 Mar................................... 4.45 3.63 3.48 3 86 5.43 5.13 5.85 5.39 5.51 5.37 5,04 3.29 Week ending— 1967—Mar. 4...,...................... 4.53 3.70 3.53 3.90 5.42 5.11 5.87 5.41 5.53 5.34 5.09 3.34 1t.............................. 4.47 3.62 3 48 3 85 5 43 5 12 5.86 5.41 5.51 5 37 5.02 3.32 18............................. 4.42 3.62 3.48 3*85 5.43 5.13 5.84 5.39 5.51 5.38 5.01 3,29 25.............................. 4.42 3.61 3.46 3.85 5.42 5.13 5.85 5.38 5.50 5.39 5.06 3.26 April I............................. 4.45 3.62 3.46 3.85 5.41 5.12 5.83 5.36 5.49 5.38 5.01 3,24 ................. 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. Corporate 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 Poops Corporate series. Dividend/price ratios are based on Wed. figures; earnings/price ratios arc 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: caliable 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
622 SECURITY MARKETS APRIL 1967 MORTGAGES: NEW AND EXISTING HOMES SECURITY PRICES (Per cent) Contract interest rate on (Pe B r o $ n 1 d 0 0 p r b ic o e n s d) Co ( m 19 m 41 o - n 4 3 s = to * c k 10 ) prices u V m ol e 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 a g s e e s ries Period ( G t l U e o o r . n m S v g t . ) , S l a o t n a c d t a e l A C p a A o o te r r A Total d t I r u n ia 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 a o r f g d e 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 1966............. 78.63 102,6 83.3 85,26 91.09 46.34 68.21 7,538 1962................. 5.60 5.93 5.99 1963................. 5.46 5.81 5 87 5 84 5 98 1966—Mar.. 78.92 103.9 87.9 88.88 c95.04 51.52 69.21 8.327 1964................. 5.45 5,80 5.85 578 5.92 Apr... 79.75 105.9 87.6 91.60 98.17 52.33 70.06 9,310 1965................. 5.47 5.83 5.89 5.76 5.89 May.. 79.56 104.5 87.6 86.78 92.85 47.00 68.49 8,165 1966................. 6.38 6.40 6.47 6.11 6,24 June.. 78.93 103.2 86.9 86.06 92.14 46.35 67.51 6,393 July.. 77.62 100.9 86.0 85.84 91.95 45.50 67.30 5,997 1966—Feb....... 6.05 6.10 5,85 5.97 Aug.. 77.02 97.7 84.1 80.65 86.40 42.12 63.41 7.064 Mar....... 6.00 6.15 6.20 5.90 6.01 Sept.. 77.15 98.5 82.6 77.81 83.11 40.31 63.11 5,722 Apr....... 6.25 6.30 5 99 6 09 Oct... 78.07 100,5 83.5 77.13 82.01 39.44 65.41 6,971 May.... 6.32 6.30 6.35 6.02 6.16 Nov... 77.68 101.0 83.5 80.99 86.10 41.57 68.82 7,297 June.... 6.45 6.40 6.50 6.07 6.18 Dec.,. 78.73 102,4 ’’83.0 81.33 86,50 41.44 68.86 7,883 July....... 6.51 6.45 6.55 6.12 6.24 6.58 6.55 6 65 6 18 6 35 1967—Jan... 81.54 106.0 85.9 84.45 89.88 44.48 70.63 9.885 Sept....... 6.63 6.65 6.70 6^22 6.40 Feb... 80.73 106.4 86.4 87.36 93.35 46.13 70.45 9,788 6.70 6.75 6.32 6.49 Mar.. 80.96 105.8 85.6 89.42 95.86 46.78 70.03 10,217 Nov...,. 6.81 6.70 6.75 6.40 6.50 Dec....... 6.77 6,65 6.70 6.44 6.52 Week ending-—■ Dec.1.. . 6.77 6.65 6.70 16,49 16.55 1967 1967—Jan........ 6.62 6.60 6.65 6.47 6.54 Feb........ 6.46 6.50 6.55 6.44 6.49 Mar. 4..... 80.11 105.1 85,4 87.47 93.58 46.07 69.79 {0.945 Mar....... 6.35 6.45 6.50 .............. 11....... 80.74 105.7 85,3 88.39 94,63 46.86 69.91 11,340 18....... 81.32 106.3 85.5 89.26 95.70 47.00 69.70 10,604 25 81.25 106.3 85.9 90.35 96.99 47.03 69,93 9,300 * New FHLBB Series. Apr, 1....... 80.95 105.4 85.8 90.68 97.31 46.57 70.66 8,624 Note.—Annual data are averages of monthly figures. The FHA data are based on opinion reports submitted by field offices Note.—Annual data are averages of monthly figures. Monthly and weekly on prevailing conditions in their localities as of the first of the data are averages of daily figures unless otherwise noted and are computed as succeeding month. The yields are derived from weighted aver follows: U.S. Govt, bonds, derived from average market yields in table at bottom of ages of private secondary market prices for Sec. 203, 30-year preceding page on basis of an assumed 3 per cent, 20-year bond. Municipal and mortgages with minimum downpayments and an assumed pre corporate bonds, derived from average yields as computed by Standard and Poor’s payment at the end of 15 years. Gaps in the data are due to Corp., on basis of a 4 per cent, 20-year bond; Wed. closing prices. Common periods of adjustment to changes in maximum permissible con stocks. Standard and Poor’s index, Volume of trading, average daily trading in tract interest rates. The FHA series on average interest rates stocks on the N.Y. Stock Exchange for a 514-hour trading day. on conventional first mortgages are unweighted and are rounded to the nearest five basis points. For FHLBB series, see footnote to table on Conventional First Mortgages, p. 639, STOCK MARKET CREDIT (In millions of dollars) Customer credit Broker and dealer credit Net debit balances with Bank loans to others than N. f Y irm s S t s o e c c k u re E d x c b h y a — nge bro c k h e a rs s in a g n d o d r e c a a l r e r r y s i n fo g r — pur Money borrowed on— Cus Month Total tomers’ securities net other than Other securities free U.S. Govt. se G c U u o . r S v it t . i , e s se O cu th ri e ti r e s se G c U u o r . i v S ti . t e s se O cu t r h i e ti r e s se G c U u o . r v S it t . i , e s Total C co u l s la to te m ra e l r co O ll t a h te e r r a l c a b r n e a c d l e i s t 1964—Dec....... 7,053 21 5,079 72 1,974 222 3,910 3,393 517 1,169 1965—Dec....... 7,705 22 5,521 101 2,184 130 3,576 2',889 687 1,666 1966—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.... 8,001 29 5,770 87 2,231 126 3,683 2,977 706 1,658 July.... 7,870 34 5,667 116 2,203 55 3,731 3,127 604 1,595 Aug....... 7,811 35 5,609 US 2.202 109 3,676 3,082 594 1,595 Sept....... 7,525 45 5,355 106 2,170 103 3,434 2,859 575 1,528 Oct........ 7,302 47 5,169 95 2,133 198 3,151 2,627 524 1,520 Nov....... 7,352 57 5,217 93 2,135 97 3,166 2,597 569 1,532 Dec........ 7,443 58 5,329 76 2,114 240 3,472 2,673 799 1,637 1967—Jan........ ’■7,345 84 '5,291 70 2,055 267 2,920 2,291 629 1,914 Feb........ 7,415 95 5,349 75 2,066 n.a. n.a. n.a- n.a. 1,936 Note.—Data in first 3 cols, and last col, are for end of month; in other partners 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 the Exchange. Customers' debit and free credit balances Bank loans to others than brokers and dealers: Figures are for large exclude balances maintained with reporting firm by other member firms of commercial banks reporting weekly. national securities exchanges and balances of reporting firm and of general Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
APRIL 1967 OPEN MARKET PAPER; SAVINGS INSTITUTIONS 623 COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS’ ACCEPTANCES OUTSTANDING (In millions of dollars) Dollar acceptances Commercial and finance company paper Held by— Based on— End of period Accepting banks F.R. Goods stored in or Banks Im Ex shipped between Total th P r la o c u e g d h P di l r a e c c e t d Total Others p in o t r o ts f p r o o r m ts Do e l x la r points in— dealers 1 ly 2 Total O bi w ll n s bo B u il g ls h t O ac w ct n . e F i o g r n U St n a i t t e e s d U S n ta it t e e d s change United Foreign corr. States countries I960..................... 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 H7 293 819 1962..................... 6^000 2,088 3,912 2,650 1,153 865 288 HO 86 1,301 541 778 186 17! 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 6,138 3,385 1,671 1.301 370 94 122 1,498 667 999 HI 43 1,565 1965..................... 9,058 1 '903 7,155 3,392 1,223 1,094 129 187 144 1,837 792 974 27 35 1,564 1966—Feb............ 10,365 1,828 8,537 3,313 1,294 1,177 117 122 135 1,762 738 920 35 22 1,600 Mar....... 10^732 2,066 8’666 3,388 1,266 1,037 229 126 129 1,867 775 887 36 21 1,668 Apr........... 11,239 2’253 8,986 3,464 1,284 1,060 224 159 137 1,884 829 875 34 20 1,706 May...... 11,437 2,113 9’324 3,418 1,269 1,034 235 180 159 1,810 834 847 39 20 1,679 June...... 10'769 2'090 8,679 3,420 1,061 927 134 238 252 1 .869 881 833 34 24 1 ,648 July....... 12,183 2,361 9',822 3,369 1,005 912 93 51 257 2,056 911 790 54 23 1,591 Aug....... 12335 2,653 10’182 3,387 909 824 84 48 272 2,158 946 781 64 54 1,541 Sept........... 11 378 2,773 9,005 3,370 935 846 89 47 243 2,145 957 760 62 60 1,531 Oct............ 13345 2,977 10.068 3,359 961 861 100 72 230 2,096 982 756 75 57 1.489 Nov....... 14,169 3,153 11,016 G357 1,056 895 161 131 203 2,067 995 781 85 69 1,527 Dec.. 13379 3 389 10,190 3,603 1,198 983 215 193 191 2,022 997 829 103 80 1,595 1967—Jan............. 15,161 3,449 11,712 3,601 1,359 1.028 331 73 173 1,996 936 829 78 r90 U ,668 Feb............ 15,199 3,781 11,418 3,575 1,266 1,004 262 113 201 1,995 918 851 65 82 1,659 1 As reported by dealers; includes finance company paper as well as 2 As reported by finance companies that place their paper directly with other commercial paper sold in the open market. investors. MUTUAL SAVINGS BANKS (Amounts in millions of dollars) Loans Securities Total assets— Total General Mortgage loan End of period M ga o g r e t Other G U o .S v . t. S g l a o o t n c a v d a t t e l . C ot r a o h a n r e t p d e r o 1 Cash O as t s h e e ts r g r l e e i a a s t n i e n b e e r d i r s v l a i e l D i e ts p o 2 s l O ia t t i b h e i s e li r r c e o s a u e c r n v t e s commitments 3 accts. NumberAmount 194!............................. 4,787 89 3,592 L’ 86 829 689 11,772 10,503 38 1,231 1945............................. 4,202 62 10 650 1 257 606 185 16'962 15,332 48 1,582 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 42329 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 2.549 1964.............................. 40328 739 5'791 391 5,099 1,004 886 54 238 48 849 989 4 400 135’992 2’820 1965............................. 44,433 862 5,485 320 5 170 1,017 944 58,232 52 443 1,124 4 665 120 476 2 697 1966—Feb.................. 44,952 925 5,623 313 5,289 932 965 58,999 52,907 1,354 4,737 114 106 2,551 Mar................. 45,180 913 5,600 317 5’352 896 998 59,256 53,286 1,228 4,742 1131554 2,565 Apr,.................. 45,335 867 5,335 307 5,323 849 994 59,010 52,959 1*343 4,’707 115,845 2,580 Nlay.................. 45,529 991 5,3H 297 5’353 854 995 59,330 53,075 1 380 4,774 116397 2,637 45,688 923 5 J50 286 5’397 963 1,007 59,415 5L3I8 IJ32 41765 115,006 2,464 July................... 45368 1,035 5,101 280 5’494 852 1,042 59,772 53,523 1,499 4,750 104.630 2,352 46 232 I 095 5,063 276 5 659 826 1,007 60 156 53 689 1 641 4,827 101,682 2,274 46350 1 !052 5378 270 5*603 850’ 1,031 60,334 54*073 1 438 4’823 99,377 2’, 191 46,737 1,023 4,913 260 5,588 833 1,037 60.390 54,178 1,400 4,812 97 283 2,151 46,953 1,131 4,848 254 5,644 799 1,029 60,658 54.326 1 463 4,869 91 634 2,072 47,193 1,078 4,764 251 5,719 953 1,024 60,982 55,006 1,114 4,863 88’808 2,010 1957—Jan,................. 47,484 1,076 4,679 247 6,053 969 1,062 61.570 55.456 1,259 4,855 88379 2,013 Feb.................... 47,692 1,137 4,700 249 6,251 1,041 1351 62,122 55,788 1,428 4,906 90,223 2,055 i 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 4, p. 609. from those shown elsewhere in the Bulletin; the latter are for call dates a 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. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
624 SAVINGS INSTITUTIONS APRIL 1967 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period T as o s t e a t l s Total U St n a i t t e ed s Sta lo te c a a l nd Foreign1 Total Bonds Stocks M ga o g r e t s e R st e a a t l e P lo o a li n c s y O as t s h e e ts r Statement value: 1941......................................... 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945................................. 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1960........................................ 119,576 11,679 6,427 3,588 1,664 51,857 46,876 4,981 41.771 3,765 5,231 5,273 1961......................................... 126,816 11,896 6,134 3.888 1,874 55,294 49,036 6,258 44,203 4,007 5,733 5,683 1962......................................... 133,291 12,448 6,170 4,026 2,252 57,576 51,274 6,302 46,902 4,107 6,234 6,024 1963......................................... 141,121 12,438 5,813 3,852 2,773 60,780 53,645 7,135 50,544 4,319 6,655 6,385 1964......................................... 149,470 12,322 5,594 3,774 2,954 63,579 55,641 7,938 55,152 4.528 7,140 6,749 1965......................................... 158,884 11,679 5,119 3,530 3,030 67,599 58,473 9,126 60,013 4,681 7,678 7,234 Book value: 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—Dec................. 158,884 11,703 5,119 3,546 3,038 65,801 58,532 7,269 60,057 4,686 7,679 8,958 1966—Feb.r........................... 160,242 11,688 5,187 3,483 3,018 66,429 59,137 7,292 60,840 4,704 7,775 8,806 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 June............................. 162,511 10,950 4,803 3,192 2.955 67,476 60,147 7,329 62,547 4,744 8,163 8,631 July.............................. 163,488 10,985 4,852 3,219 2,914 67,982 60,713 7,269 62.969 4,777 8,288 8,487 Aug.............................. 163,937 10,950 4,840 3,214 2,896 68,057 60,698 7,359 63,336 4,791 8,449 8,354 Sept.............................. 164,491 10,883 4,807 3,188 2,888 68,024 60,738 7,286 63,683 4,816 8,673 8,412 Oct............................... 165,434 10,862 4,829 3,146 2,887 68,167 60,832 7,335 64,007 4,837 8,866 8,695 Nov..................... 166,225 10,838 4,850 3,111 2,877 68,388 61,031 7,357 64.353 4,842 9,004 8,800 Dec............................... 166,942 10,848 4,862 3,119 2,867 68,362 60,927 7,435 64,803 4,878 9,136 8,915 1967—Jan............................... 168,210 10,850 4,847 3,122 2,881 68,994 61,490 7,504 65.193 4,885 9,250 9,038 Feb............................... 168,933 10,793 4,821 3,081 2,891 69,373 61,795 7,578 65,503 4,890 9,341 9,033 i Issues of foreign governments and their subdivisions and bonds of Year-end figures: Annual statement asset values, with bonds carried the International Bank for Reconstruction and Development. on an amortized basis and stocks at year-end market value. Month-end figures: Book value of ledger assets. Adjustments for interest due and Note.—Institute of Life Insurance data; figures are estimates for all accrued and for differences between market and book values are not made life insurance companies in the United States. on each item separately but are included in total, in “other assets.” SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Assets Liabilities Total Mortgage E pe n r d i o o d f M ga o ge rt s s G e U c o . u S v r t . i , Cash Other1 a li s a T s b e o i t l s t i a t 2 i l — e s 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 e m o n a m t n s i 4 t ties profits 1941 ..................... 4,578 107 344 775 6,049 4,682 475 256 6 (945.................... 5,376 2,420 450 356 8,747 7'365 644 336 I960.................... 60,070 4 595 2 680 4,131 71,476 62,142 4,983 2 197 1 186 968 1 359 1961.................... 68/34 5,211 3 315 4,775 82,135 70,885 5,708 2,856 I 550 1,136 1*908 1962.................... 78’770 5,563 3 926 5,346 93'605 80,236 6,520 3/29 1/99 1,221 2,230 1963.................... 90,944 6.445 3,979 6,(91 (07,559 91,308 7,209 5,015 2,528 1,499 2/14 1964 .................... 101,333 6,966 4,015 7.041 119’355 10!'887 7’899 5/01 2,239 1,729 2,590 1965.................... 110,202 7'405 3,899 7 936 129,442 110,271 8’708 6’440 2/89 1,834 2’745 1966—Feb.......... 111,246 7,842 3,391 7 868 130,347 110,722 8,730 6,102 2,104 2 689 2 937 112/01 7’850 3,249 8 018 131,118 111 560 8,721 6 070 2 223 2 544 3 281 Apr.......... 112;736 7,637 3,096 8,’129 131,598 110,787 8,720 6,’949 2’, 289 2/53 3,200 May..... 113,249 7,632 3,179 8,542 132,602 111,174 8,726 7,139 2,278 3,285 2,927 June........ 113,669 7,340 3,369 8,421 132,799 112,359 9,002 7,345 2,16! 1,932 2,568 July...... 113,750 7,304 2,818 8,288 132,160 110,851 9,005 7,887 1,992 2,425 2,302 Aug.......... 113,897 7,353 2,717 8,463 132,430 110,975 9,002 7,748 1,814 2,891 2,062 Sept. 114,004 7'472 2,628 8,527 132,631 111,606 9,011 7,697 1/42 2,675 1 843 Oct....... 113'998 7,626 2,682 8/82 132,888 111,550 9,018 7,749 1 493 3,078 1/89 Nov......... 113,977 7/27 2,856 8,817 133,577 112/164 9,012 7,566 1,348 3,487 l',596 Dec.......... 114,089 7,762 3'361 8/48 133,860 113,896 9,251 7,460 1,254 1,999 1,483 1967—Jan.''..... 114,130 7,874 3,164 8,428 133,596 114,080 9,080 6,702 1,172 2,562 1/33 Feb........... 114,277 8,084 3,364 8,553 134,278 114,843 9,100 6,905 1,198 3,042 1,915 1 Includes other loans, stock in the Federal home Ioan 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 preceding 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 from a total of $42 million at the end of 1957. on annual reports. Data for current and preceding year are preliminary 3 Consists of advances from FHLB and other borrowing. even when revised. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
APRIL 1967 FEDERALLY SPONSORED CREDIT AGENCIES 625 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Asset F s ederal home loa L n i a b b a il n it k i s es and capital (s F M e e c d o o o e r n p r t d e g a r a l a a r g y t N i e o a m n A ti s a o s ) r s n k n a e , l t coo B p f e a o n ra r k t s iv es i c n r t e F e d r e i m d t e e b r d a a i n l a k te s F b e l a a d n n e k d r s a l End of period v m a b A n t e e o d c m r s e s I m nv e e n s ts t p C a o d a n s e s i d t h s B n a o o n n te d d s s M p d o b e s e e m i r t s C s a to p c it k al M l g o ( a A a o g n r ) e s t D n t a e u ( o L n b r t e e d e ) s s n c L a o t ( o o i t 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 s t B ( o L n ) ds 1958............. 1,298 999 75 714 819 769 1,323 1,100 510 252 1,157 1,116 2,089 1,743 1959............. 2,134 1,093 103 1,774 589 866 1,967 1,640 622 364 1,391 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 1,153 159 1,571 1,180 1,107 2,770 2,453 697 435 1,650 1,585 2,828 2,431 1962............. 3,479 1,531 173 2,707 1,214 1,126 2,752 2,422 735 505 1,840 1,727 3,052 2,628 1963............. 4,784 1,906 159 4,363 1,151 1,171 2,000 1,788 840 589 2,099 1,952 3,310 2,834 1964............. 5,325 1,523 141 4,369 1,199 1,227 1,940 1,601 958 686 2,247 2,H2 3,718 3,169 1965............. 5,997 1,640 129 5,221 1,045 1,277 2,456 i,884 1 ,055 797 2,516 2,335 4,281 3,710 1966—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 July.. 7.342 1,445 68 6,594 711 1,356 3,801 3,058 1,167 844 3,159 2,935 4,788 4^212 Aug... 7,226 1,623 76 6,615 711 1,355 3,891 3,414 1.190 882 3,139 2,990 4.853 4.212 Sept... 7,175 1,832 86 6,765 734 1,360 3,965 3,178 1,199 882 3,077 2,991 4,900 4,295 Oct... 7,249 1,982 100 6,959 769 1,365 4,051 3,125 1,219 957 3,008 2,909 4,926 4,295 Nov... 7,084 2,210 87 6,859 865 1,369 4,160 3,152 1,276 1,067 2,901 2,814 4,938 4,295 Dec... 6,935 2,523 113 6,859 1,037 1,369 4,266 3,800 1,290 1,074 2,924 2,786 4,958 4,385 1967—Jan... 6,340 3,101 92 6,802 1 ,089 1,377 4.369 3,878 1,323 1,076 2,976 2.779 4,986 4,385 Feb... 5,800 3,305 92 6,285 1,241 1,384 4,431 3,984 1,342 1,113 3,056 2,850 5,035 4,450 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. Loansare 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, FEBRUARY 28, 1967 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 Ioan banks Federal National Mortgage Federal land banks—Cont. Notes: Association—Cent. Bonds: Mar. 27, 1967....................5.40 544 Debentures: May 22, 1967...................4 180 Apr. 25, 1967................5.55 656 Sept. 10. 1970...................414 119 July 20,1967...................6.05 302 Aug. 10, 1971...................454 64 Aug. 21, 1967.....................454 179 Sept. 10, 1971...................454 96 Oct. 1, 1967-70...............4U 75 Bonds: Feb. 10, 1972...................554 98 Oct. 23, 1967.....................4i/8 174 June 26, 1967.....................5’4 500 June 12, 1972...................454 100 Oct. 23 1967.....................5 54 150 July 26 1967.....................5 54 535 June 12, 1973...................454 146 Dec. 20, 1967.....................5% 329 A Se u p g t . . 2 1 8 5, , 1 1 9 9 6 6 7 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4 5 5 y 4 s 5 1 9 8 0 5 Feb. 10, 1977...................454 198 J M aq a . r . 2 20 2 , , 1 1 9 9 6 6 8 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 4 % 54 1 11 6 1 1 Sept. 27, 1967........................614 650 May 20, 1968....................5^ 242 Oct. 26, 1967...........................6 700 Banks for cooperatives June 20,1968.....................4 186 Nov. 27, 1967............................6 500 Debentures : Aug. 20, 1968....................4’4 160 Jan. 25, 1968........................5% 250 Apr. 3, 1967....................614 295 Mar. 20, 1969....................454 LOO Mar. 1, 1968.......................454 250 May 1, 1967...................5.95 265 July 15, 1969....................454 130 Apr. 25, 1968........................554 625 June 1, 1967...................6.05 277 July 15, 1969....................454 60 Mar. 25, 1969........................5% 300 Aug. 1, 1967...................5.15 276 Oct. 20, 1969....................454 209 Feb. 20, 1970....................554 82 Apr. 1, 1970....................354 83 July 20, 1970....................554 85 Federal National Mortgage Associa Federal intermediate credit banks May 1, 1971....................314 60 tion—secondary market opera Debentures: Sept. 15, 1972....................3% 109 tions Mar. 1, 1967....................5.60 310 Feb. 20, 1973-78..............4'/s 148 Apr. 3, 1967.....................5.60 283 Feb. 20, 1974....................414 155 Discount notes................................ 897 May 1, 1967......................5 54 298 Apr. 21, 1975....................454 200 June 1, 1967.........................6 278 Feb. 24, 1976....................5 123 Debentures: July 3, 1967....................6.20 230 July 20, 1976....................5 54 ISO May 10. 1967....................5ft o 250 Aug, 1,1967.....................5.95 298 Apr. 20, 1978....................554 150 June 12, 1967....................5?4o 400 Sept. 5, 1967...................6.05 318 Jan. 22, 1979....................5 285 Oct. 11, 1967....................454 150 Oct. 2, 1967....................5.60 372 Mar. 11, 1968....................354 87 Nov. 1,1967.....................5.15 465 Tennessee Valley Authority Sept, 10. 1968....................5% 350 Short-term notes..................... 200 Apr. 10, 1969....................454 88 Federal land banks Bonds: July 10, 1969....................5% 250 Bonds: Nov. 15, 1985...................4.40 50 Dec. 12, 1969....................6 550 Feb. 15, 1967-72................4% 72 July 1, 1986.....................4y, 50 Apr. 10, 1970....................4% 142 Feb. 1, 1987.....................454 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
626 FEDERAL FINANCE APRIL 1967 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. or 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 o n e v t s r t s a . : 1 E r T e q o c u t t a s a l . s l 2 : Budget f T P u r l n u u d s s s : t 3 A m L d e e j n s u s t s s : t 4 E p T q a o u y t a t a s l l s . : payts. (d d i i e 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—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 1966............ 110,802 40,011 4,792 145,137 118,077 36,791 4,003 150,867 -5,730 13,526 8,396 342 4,788 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.......... 104,727 34,853 4,451 134,480 106,978 34,864 4,026 137,817 -3,337 6.710 3,562 530 2,618 Half year: 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,OH 4,226 -1,464 401 5,289 1966—Jan.-June....... 61,617 20,701 2,379 79,456 54,014 19,164 2,398 70,782 8,674 2,484 5,026 129 -2,671 July-Dec 49,185 19,310 2,413 65,681 64,063 17,627 1,605 80,085 -14,404 11,042 3,370 213 7,459 Month: 1966—Feb.......8..,.3..3.5 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 J ,718 -1,971 2 -50 -1,924 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 17,151 4,796 1,413 20,391 9,439 3,531 918 12,052 8,338 -1,639 2,319 -45 -3,913 July................. 5,702 2,837 416 8,103 10,263 3,642 978 12,927 -4,824 -330 -333 65 -63 Aug................. 7,197 4,973 330 11,764 11,042 2,627 -1,537 15,206 -3,442 5.611 3,103 130 2,377 Sept................. 12,475 2,681 330 14,748 11,883 2,655 1,388 13,150 1,598 350 142 118 89 Oct........... 5,811 2,069 286 7,523 10,977 2,684 1,056 12,604 -5,080 2.270 -698 34 2,935 Nov............... 7,394 3,717 336 10,698 10,386 2,617 -651 13,654 -2,955 2,468 989 134 1,345 Dec................. 10,606 3,033 716 12,845 9,512 3,403 370 12,545 299 675 166 -267 776 1967—Jan................... 9,386 2,612 684 11,251 9,987 2,673 1,019 11,641 -390 -374 -477 -249 351 Feb.. .............. 7,757 4,696 77 12,308 9,459 2,406 13 11,852 456 515 1,649 59 -1,194 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 i c n e s Tre (e a n su d r o er f ’ s p a er c i c o o d u ) nt Period Agencies & trusts Operating bal. Change s B d u e u r o f d p i r g c l u i e t s t f T u r n u d s s t 3 a C c l c e o ar u i n n t g s i M ss s u e a o a c r f k n . 3 c e e t i I n G s n e v o U c e v . . s t S 3 t , , . p d g d u i r e i r b o n e b l s c i t 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 o e a r u ’ s n s t Balance B F a . n R k . s a l T a c o n c a a d t x n s . O as n t s h e e t e t s r 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........ -2,251 -12 -956 4,077 -3,562 2,633 132 -203 12.407 766 10,050 1,591 Half year: 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..... 7,602 1,536 — Hl 3,481 -5,026 -997 660 5,825 12,407 766 10,050 1,591 July-Dec..... , -14,878 1,683 -1,021 1,630 *-3,370 9,412 -149 -6,396 6,011 416 4,096 1,499 Month: 1966—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 4,49! 1,705 May......... -603 2,180 -454 1,070 -4,023 2,777 -423 1,370 8,077 902 6,003 1,172 June 7,712 1,265 -450 813 -2,319 -2,452 238 4,330 12,407 766 10,050 1,591 July................ -4,561 -805 497 297 333 -627 -253 -4,613 7,794 1,232 5,147 1,415 Aug.. -3,845 2,347 -1,996 470 -3,103 5,141 -139 -850 6,944 1,614 4.014 1,316 593 26 939 22 -142 328 100 1,666 8,610 760 6,415 1,435 Oct.......... -5,165 -614 736 130 698 2,140 119 -2,194 6,417 809 4,181 1.427 Nov -2,993 1,101 -1,120 -55 -989 2,523 84 -1,618 4,799 299 3,041 1,459 Dec................ 1,093 -371 -78 767 -166 -92 -60 1,213 6,011 416 4,096 1,499 1967—Jan.................. -601 -60 583 76 477 -450 -134 158 6,170 813 3,687 1,670 Feb.......... -1,702 2,290 -123 -241 -1,649 756 89 -760 5,410 386 3,299 1,725 i Primarily interest payments by Treasury to trust accounts and accumu ^ Monthly and half-year figures do not add to fiscal year totals because lations to U.S. employee trust funds. of classification revisions. 2 Includes small adjustments not shown separately. 7 Seasonally adjusted data include accelerated corporate tax payments 3 Includes net transactions of Govt.-sponsored enterprises. in 1965 and 1966; data for 1966 also include adjustments for initiation of * Primarily (I) intragovt, transactions, (2) noncash debt, (3) clearing graduated withholding of personal income taxes and change in schedule accounts. for depositing withheld and OASI taxes. 5 Includes technical adjustments not allocated by functions. Note.—Based on Treasury Dept, and Bureau of the Budget data. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
APRIL 1967 FEDERAL FINANCE 627 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 he I i n l t d h d ivid O u t a h l er C r o a r t p e o Total a L b n i a d q c u c t o o o r H w i a g y h Total F R a I . n C R d A . c 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 a n d y t s fu R n e d s Other 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... 134,480 42,811 18,486 30,834 13,398 5,888 4,037 25,527 21,243 3,773 3,094 1,811 2,303 7,256 3,472 Half Year: 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.. 79,456 22,847 14,680 19,942 6,352 2,825 1 ,969 15,926 13,500 2,166 1 .820 913 1 ,007 6,194 2,163 July-Dec... 65,681 24,641 3,983 12,045 6,762 3,105 2,313 13,472 11,658 1,563 1,258 1,017 1,493 1,142 2,152 Month: 1966—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 92! 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 20,391 4,726 2,569 8,251 1,149 578 361 2,834 2,735 59 228 172 204 539 797 July........... 8,103 3,374 351 878 971 361 357 1 ,912 1 ,726 142 215 158 179 221 286 Aug........... 11,764 5,095 173 606 1,249 539 530 3,999 3,185 770 224 179 174 198 263 Sept.,..... 14,748 3,792 2,608 4,547 1,156 550 354 1,894 1,806 46 214 170 191 158 334 Oct............ 7,523 3.434 277 797 1,065 564 341 1,385 1,248 93 206 170 197 212 204 Nov........... 10,698 5,155 148 580 1,212 600 375 2,839 2,329 469 196 179 216 185 358 Dec.......... 12,845 3,791 427 4,636 1,110 492 356 1,863 1,775 52 204 161 536 168 285 1967—Jan............. 11,251 3,674 3,075 823 1,147 n.a. 340 1,808 1,615 146 269 160 219 115 191 Feb............ 12,308 5,268 944 635 1,075 n.a. 367 4,164 3,301 820 224 134 187 550 227 Cash payments to the public Period Total 5 t f i N e o d n n e a s a e l af I f n ai t r i s , 6 s S e p r a e a r c c e h A tu c g u re r l i 6 so N u u r r e r a a c t l e s t m C ra a e o n n r m s d c p e . c H d i o n e o m g v u e m & s l. , l w H ab e e l o a f r a l , t r h e & , 6 E t d i u o c n a e V ra e n t s In e t s e t r g G e o r e a v n l t . Fiscal year—1963........ 113,751 53,429 4,066 2,552 5,362 2,609 5,777 -268 25,624 1,214 5,971 7,427 1,953 1964........ 120,332 54,514 3,837 4,171 5,416 2,774 6,545 1 ,674 27,191 1 ,299 6,107 8,011 2,221 1965........ 122,395 50,790 4,794 5,093 5,142 2,921 7,421 908 28,191 1,497 6,080 8,605 2,341 1966........ 137,817 58,464 4,463 5,933 4,H4 3,229 6,784 3,425 33,249 2,780 5,556 9,215 2,404 Half year: 1965—Jan.-June.... 60,885 26,219 2,766 2.761 1.712 1 ,270 3,131 375 14,562 852 3,134 4.376 1,203 July-Dec....... 67,035 27 ,085 2,226 2,838 3,313 1,764 3,955 1,157 16,374 706 2,590 4,367 1,259 1966—Jan.-June.. . . 70,781 31,377 2,044 3,094 935 1 ,407 2,841 2,198 16,990 2,072 3,031 4,856 1,144 July-Dec,.... 80,086 33,850 2,457 2,855 3,630 2,002 4,372 1,801 18,192 1,755 3,475 4,627 1,386 Month: 1966—Feb................ 11,264 4,534 81 456 <288 H96 519 >•228 '2,791 243 '547 '1,556 196 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 12,821 5; 025 461 569 228 339 518 362 2,778 496 540 1.401 227 12,052 6,410 174 571 -34 212 286 -47 2,916 370 414 613 137 July............... 12,927 4,959 303 494 588 314 642 1,236 2,853 270 505 347 231 Aug. 15^206 5,675 438 441 1,380 401 797 ' 33 2,923 359 496 1,435 230 Sept............... 13350 6,035 375 483 909 329 807 218 3,047 368 593 '368 243 Oct................ 12,604 5,532 637 493 583 323 763 362 3,043 281 600 373 207 Nov............... 13,654 5’557 529 458 137 325 690 -15 3,151 213 617 1,506 265 Dec......... 12,545 6^092 175 486 33 310 673 -33 3,175 264 664 ’598 210 1967—Jan................. 11,641 6,198 535 464 40 236 460 -895 3,398 87 548 415 200 Feb................ 11,852 5,806 -56 390 253 266 515 -635 3,433 302 645 1,571 175 1965 1966 1965 1966 Item I II in IV I II HI IV I II in iv I II in IV Seasonally adjusted Not seasonally adjusted Cash budget: Receipts.......................... 29.7 732.6 30.6 30.7 33.7739.6 36.3 36.8 30.7 37.7 29.2 25.8 33.3 46.2 34.6 31.1 30.2 32.4 32.1 33.1 36.9 36.0 40.0 37.8 28.3 32.6 33.1 34.0 34.6 36.2 41.3 38.8 Net....................................... -.4 .3 -1.5 -2.4 -3.2 3.7 -3.7 -1.0 2.4 5.1 -3.9 -8.1 -1.3 10.0 -6.7 -7.7 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
628 U.S. GOVERNMENT SECURITIES APRIL 1967 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 1 d d T g e i r o r b o e t s t a c s l t 2 Total Marketable C v ib e o l r n e t Nonmarke S ta a b v l e i S s p su ec e i s a l 6 Total Bills C c e a r t t e if s i Notes Bonds 4 bonds Total 5 b i o n n g d s s 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 U.4 118 6 59.5 52 1 29 0 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—Dec.................................... 321.4 320,9 270. 3 214.6 60.2 50.2 104.2 2.8 52.9 50.3 46.3 1966—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 2(5.0 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 Aug.................................... 324.9 324.4 266.5 211.4 57.9 7.0 45.9 100.6 2.7 52.4 50,6 53.2 Sept............................ 325.3 324.7 266.9 211.8 58.3 7.0 45.9 100.5 2.7 52.5 50.6 53.1 Oct................................... 327.4 326.9 270.4 215.3 62.3 7.0 45.6 100.5 2.7 52.4 50.7 51.9 Nov................................... 329.9 329.4 272.3 217.2 63.9 5.9 48.3 99.2 2.7 52.4 50.8 52,6 Dec................... 329.8 329.3 273.0 218.0 64.7 5.9 48.3 99.2 2.7 52.3 50.8 52.0 1967—Jan..................................... 329.4 328.9 273.7 218.8 65.5 5.9 48.3 99.1 2.7 52.2 50.8 51.3 Feb.................................... 330.1 329.6 274.2 219.2 65,9 5.9 48.4 99.1 2.6 52.3 50.9 51,5 Mar.................. ................ 331.5 330.9 274.9 219.9 66.6 5.9 48.4 99,0 2.6 52.4 51.0 52.1 1 Includes non-interest-bearing debt (of which $266 million on Mar. 31, bonds, foreign currency series, foreign series, and Rural Electrification 1967, was not subject to statutory debt limitation) and guaranteed secu Administration bonds; before 1954, armed forces leave bonds; before rities not shown separately. 1 Excludes guaranteed securities. 1956, tax and savings notes; and before Oct. 1965, Series A investment 3 Includes amounts held by U.S. Govt, agencies and trust funds, which bonds. totaled $18,119 million on Feb. 28, 1967. 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. J Includes (not shown separately): depositary bonds, retirement plan 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 a e r o n n u .S v c d s i t . t e , s B F a R nk . s Total m C b e a o r n c m 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 t s e l . Savi I n n g d s i vidu O al t s her n F a i o t n a i r o n t e e n d i r g a n l 1 O i m t n o t v i r h s e s c e s . r 2 funds bonds securities 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 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 13.3 318.7 60.6 37.0 221.1 64.0 5.7 It.1 17.9 21.2 48,9 21.1 16.7 14.5 1965—Dec.............. 321.4 61.9 40.8 218.7 60.8 5.4 10.4 15.5 22.9 49.6 22.7 16.7 14.7 1966—Feb................ 323.7 61.7 40.2 221.9 58.7 5.5 10.3 17.4 24.7 49.7 23.9 16.2 15.6 Mar......... 321.5 61.7 40.7 219.0 57.0 5.5 10.2 15.7 24.4 49.7 24.9 16.0 15.7 Apr................ 320.1 60.5 40,7 218.9 57.0 5.3 10.1 15.7 25.1 49.7 24.6 15.7 15.6 May........ 322,8 64.5 41.5 216.9 55.1 5.2 10.0 16.2 25.3 49.7 24,3 15.6 15.3 June.............. 320.4 66.7 42.2 211.5 54.7 5.1 9.7 13.9 24.5 49.8 24.1 15.4 14.3 July............... 319.8 66.4 42.4 2H.0 53.4 5.0 9.7 14,2 24.8 49.9 24.2 15.3 14.4 Aug......... 324.9 69.3 42.5 213.1 54.7 5.0 9.7 14.3 24.6 49.9 24.8 15.4 14.7 Sept......... 325.3 69.2 42.9 213.2 54.4 5.0 9.7 13.5 24.2 49.9 25.8 15.2 15.3 Oct.......... 327.4 68.0 43.0 216.4 54.9 4.8 9,6 14.9 24.2 49.9 26.2 15.2 16,5 Nov............ 329.9 68.9 43.9 217.1 55.1 4.8 9.7 16.0 24.1 50.1 25.8 15.3 16.2 Dec............... 329.8 68.8 44.3 216.7 57.2 4.7 9.6 14.7 23.8 50.2 25.5 14.3 16.7 1967—Jan................ 329.4 68,2 43.5 217.7 57.4 4.5 9.5 15.0 23.4 50.1 25.8 13.6 18.2 Feb................ 330.1 69.6 44.0 216.6 56.9 4.6 9.3 15.1 23.7 50.3 25.4 13.7 17.6 t 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. 2 Includes savings and loan assns., dealers and brokers, nonprofit institutions, and corporate pension funds. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
APRIL 1967 U.S. GOVERNMENT SECURITIES 629 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 r s y 5 e -1 ar 0 s 1 y 0 e - a 2 rs 0 20 O y v e e a r r s Total Bills Other AH holders: 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—Dec. 31......................................................... 218,025 105,218 64,684 40,534 59,446 28,005 8.433 16,923 1967—Jan. 31......................................................... 218,796 106,021 65,487 40,534 59,434 28,002 8,432 16,908 Feb. 28.......................................................... 219,245 101,549 65,889 35,660 66,717 25,655 8,431 16,893 U.S Govt, agencies and trust funds: 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-Dec. 31................................................. 14,591 2,786 1,573 1,213 3,721 2,512 2,093 3,479 1967—Jan. 31................................................. 14,802 3,020 1,809 1,211 3,698 2,512 2,093 3,480 Feb. 28.................................................. 15,938 3,626 2,711 915 4,256 2,444 2,110 3,503 Federal Reserve Banks: 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—Dec. 31................................................. 44,282 35,360 12,296 23,064 7,502 1,007 153 260 1967—Jan. 31................................................. 43,464 34,613 11,612 23,001 7,458 991 153 249 Feb. 28.................................................. 43,971 32,663 12,119 20,544 10,053 853 153 249 Held by public: 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—Dec. 31................................................. 159,152 67,072 50,815 16,257 48,224 24,485 6,187 13,184 1967—Jan. 31................................................. 160,530 68,388 52,066 16,322 48,278 24,499 6,186 13,179 Feb.28.................................................. 159,336 65,261 51,060 14,201 52,406 22,358 6,168 13,141 Commercial banks: 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—Dec. 31............................. 47,182 15,838 8,771 7,067 21,112 9,343 435 454 1967—Jan. 31......................................... 47,533 15,812 8,610 7,202 21,250 9,540 443 489 Feb. 28......................................... 47,099 13,831 7,570 6,261 23,568 8,767 435 498 Mutual savings banks: 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 1.15! 1966—Dec. 31......................................... 4,532 645 399 246 1,482 1,139 276 990 1967—Jan. 31....................................... 4,396 591 366 225 1,441 1,114 275 974 Feb. 28.......................................... 4,418 605 385 220 1,597 958 283 975 Insurance companies: 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—Dec. 31......................................... 8,158 847 508 339 1,978 1,581 1,074 2,678 1967—Jan. 31......................................... 8,050 837 508 329 1.949 1,516 1,076 2,673 Feb. 28.......................................... 7,879 687 397 290 2,049 1,396 1,078 2,668 Nonfinancial corporations: 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—Dec. 31......................................... 6,323 4,729 3,396 1,333 1,339 200 6 49 1967—Jan. 31......................................... 6,247 4,628 3,412 1,216 1,384 182 6 47 Feb. 28.......................................... 6,257 4,529 3,507 1,022 1,505 171 6 47 Savings and loan associations; 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—Dec. 31...................................... 3,883 782 583 199 1,251 1,104 271 475 1967—Jan. 31......................................... 3,905 808 616 192 1,248 1,112 271 466 Feb. 28.......................................... 4,029 850 660 190 1,430 1,014 263 472 State and local governments: 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—Dec. 31........................... 15,384 5,545 4,512 1,033 2,165 1,499 1,910 4,265 1967—Jan. 31......................................... 14,883 5,507 4,517 990 2,107 1,447 1,738 4,083 Feb. 28...................................... 15,174 5,702 4,869 833 2,328 1,344 1,716 4,084 All others: 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—Dec. 31......................................... 73,690 38,685 32,646 6,039 18,896 9,619 2,215 4,275 1967—Jan. 31......................................... 75,517 40,204 34,038 6,166 18,899 9,589 2,377 4,447 Feb. 28.......................................... 74,481 39,057 33,672 5,385 19,931 8,709 2,387 4,397 Note.—Direct public issues only. Based on Treasury Survey of about 90 per cent by the 5,896 commercial banks, 503 mutual savings Ownership. banks, and 764 insurance companies combined; (2) about 50 per cent by Data complete for U.S. Govt, agencies and trust funds and F.R. Banks the 469 nonfinancial corporations and 488 savings and Ioan assns.; and but for other groups are based on Treasury Survey data. Of total mar- (3) about 70percent by 506 State and local govts. ketable issues held by groups, the proportion held on latest date by those “All others,” a residual, includes holdings of all those not reporting reporting in the Survey and the number of owners surveyed were: (1) in the Treasury Survey,including investor groups not listed separately. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
630 U.S. GOVERNMENT SECURITIES APi z, 1967 dealer transactions (Par value, in millions of dollars) U.S. Government securities By maturity By type of customer U.S, Govt, Period agency Total Dealers and brokers securities Within 1-5 5-10 Over Com All 1 year years years 10 years U.S. Govt, Other m b e a r n c k ia s l other securities {966—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 1,550 156 91 26 515 51 740 517 218 May............................. 1,882 1,564 202 86 30 514 78 746 543 221 June............................. 1,927 1,614 186 94 33 646 69 729 483 278 July.............................. 1,820 {,560 155 76 29 607 64 726 423 284 Aug............................... 1,785 1,497 189 62 38 573 78 721 413 175 Sept.............................. 2,004 {,682 198 82 43 742 101 730 432 170 Oct............................... 2,329 2,019 192 82 35 782 93 915 538 180 Nov.................. 2,339 1,863 334 118 24 849 94 896 501 204 Dec............................... 2,712 2,059 427 160 66 1,114 121 978 500 232 1967—Jan............................... '2,260 1,827 289 102 48 ■■911 HO '788 453 281 Feb......................... 2,186 1,744 331 79 32 774 90 826 496 217 Week ending— 1967—Feb. 1........................ 2,665 2,061 457 108 39 1,204 154 870 437 274 8 2,137 1,639 405 67 27. 806 89 776 467 230 15........................ 2,181 1,703 375 75 29 729 103 871 478 231 22. 1,878 1,477 257 104 40 665 75 739 398 242 Mar. 1........................ 2,651 2,254 265 95 37 982 106 967 595 158 8........................ 2,374 1,980 282 69 43 1,022 135 772 446 182 15 2,586 2,090 363 89 45 1,135 173 813 466 191 22... 2,598 2,158 311 96 32 1,232 148 776 441 269 29........................ 1,775 1,436 226 75 39 655 95 664 361 219 Note.—The transactions data combine market purchases and sales of ties under repurchase agreement, reverse repurchase (resale), or similar U.S. Govt, securities dealers reporting to the F.R. Bank of N.Y. They contracts. Averages of daily figures based on the number of trading do not include allotments of, and exchanges for, new U.S. Govt, securities, days in the period. redemptions of called or matured securities, or purchases or sales of securi DEALER POSITIONS DEALER FINANCING (Par value, in millions of dollars) (In millions of dollars) U.S, Government securities, by maturity U.S. Commercial banks Govt, Period mat A ur ll i ties W 1 y it e h a i r n ye 1 a -5 rs 5 O y v e e a r r s s a e g c e u n ri c t y ie s Period sou A r l c l es Y N o e r w k w E h ls e e re C t o io rp n o s r 1 a o A th l e l r City 1966—Feb.......... 1,927 1,937 8 ~20 316 Mar...... 1 ’963 2,045 — 101 20 356 1966—Feb........... 2,309 549 421 972 367 Apr.......... 2,867 2'798 6 63 814 Mar....... 1,958 365 340 1,073 180 May........ 2,239 2,061 142 36 675 Apr............ 3,249 1,209 669 1,155 217 June..... 1,548 1,353 92 102 665 May.......... 2,787 744 602 1,067 375 July......... 1,681 1,587 49 69 408 June 2,065 523 476 796 270 Aug.. 2'188 2,001 181 46 208 July........... 2,127 623 481 737 287 Sept.. 2^229 2^043 108 78 269 Aug........... 2,229 394 430 925 480 Oct........... 2'500 2,224 109 166 353 Sept........... 2,410 725 615 731 340 Nov 3,756 2 ,'925 639 193 429 Oct............ 2,346 508 580 823 435 4,158 3'447 530 181 502 Nov....... 3,575 605 687 1,614 668 Dec....... 4,233 999 893 1,412 '929 1967—Jan........... 4,861 4,138 431 292 560 Feb.......... 4,443 3,527 681 235 467 1967—Jan............. M,925 1,565 1,678 983 700 Feb............ 4,530 1,391 1,331 1,069 740 Week ending— Week ending—• 1967—Jan. 4.. 4,719 3,940 509 270 615 11 . . 4,933 4,148 493 292 579 1967—Jan. 4... 4,462 1,335 1,097 1,042 988 18.. 4,774 4,042 430 302 513 11. 5,110 1,576 1,529 943 1 ,063 25.. 4,472 4,010 417 295 589 18. 5,078 1,522 1,954 937 666 25... 4,742 1,623 1,608 1,041 470 Feb. 1.. 5,100 4,397 419 283 526 8. . 4,785 3,635 874 277 470 1967—Feb. 1... 5,085 1,698 1,939 993 455 15,. 4,350 3,389 716 245 481 8. . . 4,670 1,639 1,530 940 561 22.. 4,122 3,327 588 208 472 15. . . 4,347 1,380 1,232 981 754 22. . . 4,510 1,193 1,136 1,228 952 Note.—The figures include all securities sold by dealers under repur chase contracts regardless of the maturity date of the contract, unless the 1 All business corporations, except commercial banks and insurance contract is matched by a reverse repurchase (resale) agreement or delayed companies. delivery sale with the same maturity and involving the same amount of securities. Included in the repurchase contracts are some that more clearly represent investments by the holders of the securities rather than Note.—Averages of daily figures based on the number of calendar days dealer trading positions. in the period. Both bank and nonbank dealers are included. See also Average of daily figures based on number of trading days in the period. Note to the opposite table on this page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
APRIL 1967 GOVERNMENT SECURITIES 631 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE, MARCH 31, 1967 (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. Apr. 6, 1967............... 2,300 Sept. 7, 1967................... 1,000 Oct. 1,1968............1W 115 Oct. 1, 1969..........4 6,254 Apr. 13, 1967............... 2,303 Sept. 14,1967................... 1,002 Apr. 1,1969........... 61 Feb. 15, 1970..........4 4,381 Apr. 20, 1967............... 2,302 Sept. 21, 1967................... 1,000 Oct. 1,1969........... 159 Aug. 15. 1970.......... 4,129 Apr. 21, 1967*............. 2,510 Sept. 28, 1967................... 1,000 Apr. 1, 1970............1U 88 Aug. 15,1971.......... 2,806 Apr. 27, 1967............... 2,304 Sept. 30, 1967................... 1,400 Oct. 1,1970............IM 113 Nov. 15, 1971.......... 2,760 Apr. 30, 1967............... 1,401 Oct. 31, 1967................... 1,406 Nov. 15,1970...........5 7,675 Feb. 15,1972.......... 2,344 May 4, 1967............... 2,303 Nov. 30, 1967................... 1,400 Apr. 1,1971............1U 35 Aug. 15, 1972...........4 2,579 May 11, 1967............... 2,300 Dec. 31, 1967................... 1,401 May 15,1971...........5'4 4,265 Aug. 15, 1973.. 4 3,894 May 18, 1967............... 2,302 Jan. 3, 1968................... 901 Oct. 1,1971............1W 27 Nov. 15, 1973.. 4,355 May 25, 1967............... 2,300 Feb. 29, 1968................... 901 Nov. 15, 1971...........5% 1,734 Feb. 15, 1974.. 3,130 May 31, 1967............... 1,401 Mar. 31, 1968................... 900 Feb. 15, 1972...........4% 2,006 May 15,1974.. 3,591 June 1,1967................ 2,309 Nov. 15, 1974.. 2,242 June 8, 1967............... 2,301 ■M ’ ay 25, 1975-1 1,217 J J J u u u n n n e e e 2 2 1 2 2 5 , , , 1 1 1 9 9 9 6 6 6 7 7 7 . . ’ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 5 2 , , , 3 3 5 0 0 1 2 6 4 Ce A rt u if g ic . a 1 te 5 s , 1967. 5W 5,919 Tr J D e u a e n s c u e . r y 1 1 5 5 b , , o n 1 1 d 9 9 s 6 6 2 3 - - 6 6 7 8 . . . . . . 2 2 1 4 4 4 1 1 , , 4 7 2 8 9 9 J F N u e o n b v e . . 1 1 15 5 5 , , , 1 1 19 9 9 7 8 8 8 0 0 - . . 1 . . 4 2 1 1 , , , 6 5 9 0 7 1 5 5 0 June 29, 1967................ 2,302 June 15, 1964-69...244 2,545 May 1155, ,11998855.... 1,122 June 30, 1967................ 1.502 Dec. 15, 1964-69...244 2,493 Aug. 15, 1987-92, 3,817 July 6, 1967................ 1,001 Treasury notes Mar 15, 1965-70...244 2,289 "Fe b• . 15, 1988-93 4 250 July 13, 1967................ 1,000 Apr. 1, 1967............1W 270 Mar. 15, 1966-71...244 1,329 May 15, 1989-94...4H 1,560 July 20, 1967................ 1,001 May 15,1967...........4% 9,748 June 15,1967-72...244 1,263 Feb. 15, 1990...........344 4,892 July 27, 1967................ 1,000 Aug. 15, 1967........... 3% 2,929 Sept 15, 1967-72... 244 1,952 Feb. 15, 1995...........3 1,961 July 31, 1967................ 1,495 Aug. 15, 1967...........4K 2,117 Nov. 15, 1967.........3% 2,019 Nov. 15, 1998...........3>/4 4,390 Aug. 3, 1967................ 1,002 Oct. 1, 1967........... 457 Dec. 15, 1967-72.. .2W 2,645 Aug. 10, 1967................ 1,000 Nov. 15, 1967...........4 8,135 May 15, 1968.........3% 2,460 Aug. 17, 1967................ 1,001 Feb. 15, 1968...........5% 2,635 Aug. 15, 1968.........3U 3,747 Convertible bonds Aug. 24, 1967................ 1,000 Apr. 1, 1968............141 212 Nov. 15. 1968.........3% 1,591 Investment Series B Aug. 31, 1967................ 2,505 May 15, 1968...........4M 5,587 Feb. 15, 1969.........4 3,728 Apr. 1,1975-80... 2% 2,642 Note.—Direct public issues only. Based on Daily Statement of U.S. * Tax anticipation series. Treasury. NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES (In millions of dollars) All issues (new capital and refunding) Issues for new capital Type of issue Type of issuer Use of proceeds Total amount Period 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 PHA1 G l U o o a .S v n t . s , State S d p i s a s t e n t a c r d t i i , c a t l Other2 ered3 Total c E at d i u on b R r a o id n a g d d e s s U iti t e il s * H in o g u s s V a e a t n e i s d r ’ p O p o u t s h r e e s r auth. I960 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 5,281 10,496 9,t5t 3,029 812 2,344 598 2,369 1964 10,847 6,417 3,585 637 208 1,628 3,812 5,407 10,06910.201 3,392 688 2,437 727 120 2,838 1965 11,329 7,177 3,517 464 170 2,401 3,784 5,144 11,538 10,471 3,619 900 1,965 626 50 3.311 1966 11,362 6,787 3,938 325 312 2,573 4,126 4,663 n.a. 11,209 3,849 1,355 1,877 547 .....3..,.5...8..0 1966--Feb........ 867 614 240 13 190 172 505 n.a. 858 208 68 137 444 Mar.... 879 554 201 96 28 151 312 416 n.a. 869 380 25 160 99 205 Apr....... 1,211 815 350 46 454 366 392 n.a. 1,194 330 105 141 2 617 May.... 906 507 378 21 118 319 469 n.a. 905 251j 134 280 2 237 June.... 1,143 587 395 110 51 275 429 439 n.a. 1,141 624 200 124 192 July.... 699 406 273 20 174 244 281 n.a. 698 226 142 73 8 249 Aug....... ■ns 453 287 35 134 275 366 n.a. 773 279 32 103 6 353 Sept.... 1,031 440 453 120 18 71 581 380 n.a. 1,018 217 218 222 124 238 Oct........ 751 539 178 34 208 256 287 n.a. 747 299 12 '99 9 328 Nov..,. 971 598 362 12 228 337 406 n.a. 965 379 108 225 40 212 Dec....... 908 384 513 11 100 548 261 n.a. 855 269 280 85 131 ............. 91 1967-—Jan........ 1,377 932 419 27 509 329 539 n.a. 1,377 406 222 155 1 593 Feb....... 1,162 878 277 ............. 7 254 269 639 n.a. 1,129 450 131 91 * 456 1 Only bonds sold pursuant to 1949 Housing Act, which are secured 3 Includes urban redevelopment loans. by contract 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
632 SECURITY ISSUES APRIL 1967 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 l y fe P r r r e e S d toc C m k o o m n Total Total m N on ew ey 7 O p p o t u h s r e e s r s m r t e i i o t r c e i f e u n e s t offered placed 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 10,154 8,081 4,806 3,275 409 1,664 9,924 91653 8,758 895 271 1961.................... 35',527 12,253 11448 8,360 303 13,165 9,420 4,700 4,720 450 3,294 12,885 12,017 10,715 1,302 868 1962.................... 29,956 8,590 1,188 8,558 915 10,705 8,969 4,440 4,529 422 1,314 10,501 9,747 8,240 1,507 754 1963.................... 31,616 7,213 1,168 10,107 891 12,237 10,872 4,714 6,158 342 1,022 12,081 10,553 8,993 1,561 1,528 1964.................... 37J22 10’656 11205 10,544 760 13,957 10,865 3,623 7,243 412 2,679 13,792 13,038 11,233 1,805 ’754 1965.................... 40,108 9; 348 2,731 11,148 889 15,992 13,720 5,570 8,150 725 1,547 15,801 14,805 13’063 1,741 996 1966.................... 45^015 8,231 6,806 11,089 815 18,074 15,561 8,018 7,542 574 1^939 17,841 17,601 15,806 1,795 241 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......... 3,668 426 392 1,181 86 1,582 1,372 628 743 28 182 1,559 1,553 1,399 154 7 May........ 3,182 412 699 877 88 1,106 1,037 481 556 13 56 1,095 1,058 1,000 58 38 June........ 5,072 397 1,030 1,118 100 2,427 1,616 832 784 74 737 2,391 2,364 2,245 119 27 July........ 3,407 411 1,084 678 149 1,085 975 440 535 70 40 1,071 1,039 932 106 32 Aug......... 3,676 387 799 764 14 1,712 1,575 1,140 435 67 70 1,688 1,670 1,617 53 18 Sept........ 3,249 402 400 992 55 1,400 1,333 676 657 6 61 1,384 1,382 1,114 268 2 Oct.......... 2,518 408 450 736 32 892 755 499 256 31 106 876 829 783 46 46 Nov......... 6,686 3,738 800 950 83 1,115 1,004 569 435 50 61 1,098 1,086 1,033 52 12 Dec.......... 3,277 373 239 923 81 1,66! 1,535 980 555 20 106 1,643 1,635 1,363 273 8 1967—Jan.......... 5,094 494 1,251 1,450 210 1,688 1,608 712 896 45 36 1,672 1,666 1,557 110 6 Proposed uses of net proceeds, major groups of corporate issuers Manufacturing C m om is m ce e ll r a c n ia e l o u an s d Transportation Public utility Communication a R nd ea f l i n e a st n a 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 capital 8 secu capital8 secu capital8 secu capital8 secu capital8 secu capital8 secu rities rities rities rities rities rities 1959. 1,941 70 812 28 942 15 3,189 15 707 * 1,801 6 1960. 1,997 79 794 30 672 39 2,754 51 1,036 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 1966. 6,855 125 1,356 44 1,939 9 3,570 46 1,978 4 1,902 14 1966--Jan......................................... 353 14 114 3 155 388 5 141 151 Feb........................................ 530 6 100 8 94 * 241 4 160 * 111 2 Mar....................................... 977 7 160 ♦ 373 340 301 294 Apr....................................... 692 4 154 2 148 364 76 119 i May...................................... 376 12 137 22 75 274 40 4 156 June...................................... 1,137 14 145 6 207 3 322 4 276 276 2 July....................................... 397 2 98 * 72 263 22 52 156 9 Aug........................................ 518 15 167 2 243 313 1 318 112 Sept....................................... 643 91 63 2 81 198 307 Oct......................................... 331 46 38 ♦ 39 254 97 71 Nov........................................ 228 2 58 204 320 10 168 107 Dec........................................ 673 4 93 ............... 266 4 409 ................ 152 ............... 42 1967--Jan......................................... 684 5 106 ............... 136 .........2..2..6.. .........2..8..1... • ............. 233 1 1 Gross proceeds are derived by multiplying principal amounts or « 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 AU 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
APRIL 1967 SECURITY ISSUES 633 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 Invest. Invest Invest. cosJ Other cos.i Other cos.1 Other 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......................... ’’18,826 8,290 '10,536 10,715 4,077 6,637 '4,363 3,748 1,895 2,317 '2,468 1,431 1965......................... ’•21,535 10,025 '11,511 12,747 4,649 8,098 '5,583 3,205 2,134 3,242 '3,450 -37 1966......................... 26,327 9,567 16,761 15,629 4,542 11,088 6,529 4,169 2,025 3,000 4,504 1,169 1965—IV................. '5,912 2,847 '3,065 3,261 1,178 2,084 '1,873 778 657 1,012 '1,216 -235 1966—1................... '7,663 '3,044 '4,619 4,568 1,335 3,233 '2,085 1,010 '557 1,152 '1,528 -142 .................. '7,517 '2,233 '5,286 3,993 1,153 2,841 '1,518 2,006 '548 532 '970 1,475 HI........ '5,534 1,756 '3,777 3,732 943 2,789 '1,271 531 490 323 '781 207 IV................. 5,615 2,535 3,080 3,336 1,111 2,225 1,657 622 431 993 1,226 -371 Type of issuer Manu Commercial Transpor Public Communi Real estate Period facturing and other 2 tation 3 utility cation and financial 4 & B n on 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 & B o n n o d te s s Stocks 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 '2,753 1965......................... 2.606 -570 614 -70 185 -1 1,342 96 644 518 2,707 '3,440 1966......................... 4,324 32 616 -598 956 718 2,659 533 1,668 575 864 4,414 1965—IV................. 612 -243 163 -10 52 -3 215 -189 124 130 918 '1,296 1966—1................... 1,440 -543 169 49 348 28 756 166 249 168 270 '1,518 ri.................. 950 657 232 -72 166 648 679 119 549 157 264 '937 Ill................. 1,198 58 143 -22 218 16 469 112 405 103 356 '721 IV................. 736 -140 72 -553 224 26 755 136 465 147 -26 1,239 1 Open-end and closed-end companies. exclude foreign and include offerings of open-end investment cos., sales of 2 Extractive and commercial and misc. companies. securities held by affiliated cos. or RFC, special offerings to employees, 3 Railroad and other transportation companies. and also new stock issues and cash proceeds connected with conversions 4 Includes investment companies. of bonds into stocks. Retirements include the same types of issues, and also securities retired with internal funds or with proceeds of issues for Note.—Securities and Exchange Commission estimates of cash trans that purpose shown on opposite page. actions only. As contrasted with data shown on opposite page, new issues OPEN-END INVESTMENT COMPANIES (In millions of dollars) Sales and redemption Assets (market value Sales and redemption Assets (market value of own shares at end of period) of own shares at end of period) Year Month Sales 1 Re t d io e n m s p s N al e e t s Total i 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 1 po C si a t s i h o n3 Other 1955............... 1,207 443 765 7,838 438 7,400 1966—Feb... 440 229 211 36,178 2,094 34,084 1956............... 1,347 433 914 9,'046 492 8^554 Mar.. 592 244 348 36,173 2,040 34,133 1957............... 1,391 406 984 8,714 523 8,191 Apr... 538 255 284 37,136 2'107 35,029 1958............... 1,620 511 1,109 13,242 634 12,608 May.. 478 216 261 35353 278 33,175 June.. 380 194 186 35; 429 2,337 33,092 1959............... 2,280 786 1,494 15,818 860 !4,958 July... 363 153 210 35,082 2,472 32,610 I960............... 2,097 842 1,255 17,026 973 16'053 Aug... 357 187 170 32’553 2’657 29,896 1961............... 2'951 1,160 11791 22,789 980 21,809 Sept... 327 145 182 32’223 3,036 29,187 1962................ 2,699 1,123 1,576 21,271 1,315 19;956 Oct.. . 329 133 196 33383 3,'244 30^239 Nov... 295 143 152 34 397 3,206 31,291 1963............... 2,460 1,504 952 25,214 1,341 23,873 Dec.,. 300 151 149 34,829 2,971 31,858 1964............... 3.404 1,875 1,528 29 J16 1,329 27’787 1965............... 4 ,'359 1,962 2,395 35,220 1 ’803 33,417 1967—Jan.... 391 183 209 37,230 2,869 34,361 1966............... 4,896 2,231 2; 665 34,829 2,971 31^58 Feb... 298 179 120 38,'034 2,866 35,168 1 Includes contractual and regular single purchase sales, voluntary Note.—-Investment Company Institute data based on reports of mem and contractual accumulation plan sales, and reinvestment of invest bers, which comprise substantially all open-end investment companies ment income dividends; excludes reinvestment of realized capital gains registered with the Securities and Exchange Commission. Data reflect dividends. 2 Market value at end of period less current liabilities. newly formed companies 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
634 BUSINESS FINANCE APRIL 1967 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1965 1966 Industry 1962 1963 1964 1965 1966 II III IV I II III IV Manufacturing Total (177 corps.): Sales.................................................................. 136,545 147,38C 158,253 176 676195,159 45,344 41,946 46,644 47,068 M9.718 46,302 52,529 Profits before taxes........................................ 15,330 17,337 JS.734 22,043 23,075 6,021 4,723 5,782 5,934 ‘6,355 4,884 6,059 Profits after taxes........................................... 8,215 9,138 10,462 12,482 13,118 3,399 2,732 3,269 3,323 c3,620 2,845 3,458 Dividends........................................................ 5,048 5,444 5,933 6,541 6,909 1,629 1,435 2,066 1,569 1,740 1,631 1,969 Nondurable goods industries (78 corps.) J Sales................................................................ 52,245 55,372 59,770 64,635 73,281 16,131 16,320 16,732 17,299 18,374 18,399 19,127 Profits before taxes........................................ 5,896 6,333 6,881 7,818 8,918 1,985 2,014 2,014 2,132 2,334 2,296 2,120 Profits after taxes............................................ 3,403 3,646 4,121 4,798 5,375 1,213 1,222 1,251 1,295 1,404 1,387 1,319 Dividends......................................................... 2,150 2,265 2,408 2,541 2,717 607 617 711 650 668 673 726 Durable goods industries (99 corps.): 2............. Sales................................................................... 84,300 92,008 98,482 112,041 122,418 29,214 25,626 29,912 29,769 ‘31,344 27,903 33,402 Profits before taxes........................................ 9,434 11,004 11,853 14,225 14,350 4,036 2,709 3,768 3,802 ‘4,021 2,588 3,939 Profits after taxes........................................... 4,812 5,492 6,341 7,684 7,832 2,186 1,509 2,018 2,027 ‘2,208 1,458 2,139 Dividends......................................................... 2,898 3,179 3,525 4,000 4,192 1,022 819 1,355 919 1,072 958 1,243 Selected industries: Foods and kindred products (25 corps.): Sales................................................................... 13,457 14,301 15,284 16,345 18,250 4,082 4,194 4,200 4,331 4,491 4,705 4,723 Profits before taxes........................................ 1,460 1,546 1,579 1,710 1,907 433 452 436 438 488 504 477 Profits after taxes............................................ 698 747 802 896 1,012 225 234 236 231 257 264 260 Dividends......................................................... 425 448 481 508 564 125 126 133 137 142 139 146 Chemical and allied products (20 corps.): Sales................................................................... 13,759 14,623 16,469 17,938 19,920 4,492 4,565 4,642 4,861 5,195 4,801 5,063 Profits before taxes........................................ 2,162 2,286 2,597 2,878 3,060 758 734 707 764 850 783 663 Profits after taxes............................................ 1,126 1,182 1,400 1,627 1,736 424 409 409 431 475 441 389 Dividends........................................................ 868 904 924 926 946 213 215 285 221 224 234 267 Petroleum refining (16 corps.): Sales.................................................................. 15,106 16,043 16,589 17,878 21,376 4,449 4,454 4,571 4,811 5,195 5,476 5,812 Profits before taxes........................................ 1,319 1,487 1,560 1,946 2,430 473 504 530 580 586 622 606 Profits after taxes............................................ 1,099 1,204 1,309 1,555 1,796 386 400 406 442 449 476 459 Dividends............................................ 566 608 672 752 826 183 187 200 203 207 204 212 Primary metals and products (34 corps.): Sales................................................................. 21,260 22,116 24,195 26,530 28,513 7,091 6,657 6,167 6,522 7,447 7,309 7,235 Profits before taxes........................................ 1,838 2,178 2,556 2,951 3,304 865 695 623 691 933 857 823 Profits after taxes............................................ 1,013 1,183 1,475 1,704 1,921 493 402 373 399 537 490 495 Dividends......................................................... 820 734 763 818 923 200 202 221 216 218 230 259 Machinery (24 corps.): ' Sales................................................................... 19,057 21,144 22,558 25,148 30,112 6,305 6,286 6,785 6,955 6,889 7,538 8,730 Profits before taxes............................ 1,924 2,394 2,704 3,116 3,606 817 764 788 877 911 831 967 Profits after taxes.......................................... 966 1,177 1,372 1,621 1,865 426 400 410 441 480 444 500 Dividends......................................................... 531 577 673 775 913 187 189 207 217 225 226 245 Automobiles and equipment (14 corps.): Sales................................................................... 29,156 32,927 35,338 42,662 43,639 11,450 8,281 12,032 11,718 11,728 8,044 12,149 Profits before taxes........................................ 4,337 5,004 4,989 6,263 5,269 1,883 756 1,797 1,780 1,615 312 1,562 Profits after taxes............................................ 2,143 2,387 2,626 3,298 2,871 1,004 430 923 935 893 226 817 Dividends......................................................... 1,151 1,447 1,629 1,890 1,775 520 307 759 360 503 361 551 Public utility Railroad: Operating revenue.......................................... 9,440 9,560 9,778 10,208 n.a. 2,582 2,575 2,668 2,518 2,728 2,690 n.a. Profits before taxes......................................... 729 816 829 980 n.a. “259 248 328 213 330 280 n.a. Profits after taxes............................................ 572 651 694 816 n.a. 213 206 276 172 ‘259 227 n.a. Dividends......................................................... 367 383 438 468 n.a. 118 81 161 113 109 113 n.a. Electric power: Operating revenue........................................ 13,489 14,294 15,156 15,961 17,036 3,822 3,901 4,011 4,456 4,063 4,268 4,249 Profits before taxes........................................ 3,583 3,735 3,926 4,116 4,396 949 1,036 977 1,215 987 1,153 1,041 Profits after taxes............................................ 2,062 2,187 2,375 2,568 2,765 597 626 632 758 632 702 673 Dividends........................................................ 1,462 1,567 1,682 1,833 1,939 438 437 491 473 486 475 505 Telephone: Operating revenue.................................. 9,196 9,796 10,550 11,320 12,420 2,790 2,854 2,944 2,992 3,091 3,135 3,202 Profits before taxes........................................ 2,639 2,815 3,069 3,185 3,537 766 830 806 851 907 911 868 Profits after taxes.......................................... 1,327 1,417 1,590 1,718 1,903 419 447 432 460 488 487 468 Dividends....................................................... 935 988 1,065 1,153 1,248 284 294 296 302 309 317 320 1 Includes 17 corporations in groups not shown separately. Telephone: Data obtained from Federal Communications Commis 2 Includes 27 corporations in groups not shown separately. sion on revenues and profits for telephone operations of the Bell System Consolidated, (including the 20 operating subsidiaries and the Long Note.—Manufacturing corporations; Data are obtained primarily from Lines and General Depts, of American Telephone and Telegraph Co.), published reports of companies. and for 2 affiliated telephone companies. Dividends are for the 20 opera Railroads: Interstate Commerce Commission data for Class I line ting 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
APRIL 1967 BUSINESS FINANCE 635 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t e r a f o x o f e r i s t e s c ta o I x n m e e s P t a r e f o x t f e e i r s t s d C d e i a n v s d i h s tr U p i r b n o u d f t i i t e s s d co c a n a t l s l p i o o u i n w 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 In x m e e s P t a r a f o x t f e e i r s ts d C d e i a n v s d i h s t U p ri r n b o u d fi t i t e s s d co c a n t a l i s l o p o u n i w t m a l p ances 1 ances' 1 1959............... 52.1 23.7 28.5 12.6 15.9 23.5 1965—1.... 74.5 30.7 43.8 18.1 25.7 35.2 I960............... 49.7 23.0 26.7 13.4 13.2 24.9 II.... 74.5 30.7 43.8 18.8 25.0 36.0 III... 75.0 30.9 44.1 19.5 24.6 36.8 1961............... 50.3 23.1 27.2 13.8 13.5 26.2 IV... 78.7 32.4 46.3 20.2 26.1 37.2 1962............... 55.4 24.2 31.2 15,2 16.0 30.1 1963................ 59.4 26.3 33.1 16.5 16.6 31.8 1966—1.... 82.7 34.1 48,7 20.9 27.8 37.7 1964................ 67.0 28.4 38.7 17.3 21.3 33.9 IL... 82.8 34.1 48.7 21,1 27.6 38.5 1965................ 75.7 31.2 44.5 19.2 25.3 36.3 III... 81.9 33.7 48.2 21.1 27.1 39.1 1966............... 82.1 33.8 48.3 20.9 27.3 *38.8 IV. .. 81.8 33.7 48.1 20.7 27.4 39.7 > 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 r c ie 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. > Govt. ■ 1961................................ 148.8 304.6 40.7 19.2 3.4 133.3 95.2 12.9 155.8 1.8 110.0 14*2 29.8 1962................................ 155.6 326.5 43.7 19.6 3.7 144 J 100.7 14.7 170,9 2.0 119.1 15.2 34.5 1963................................ 163.5 351.7 46.5 20.2 3.6 156.8 107.0 17.8 188.2 2.5 130.4 16.5 38.7 1964................................ 172.3 372.6 47.1 18.8 3.4 170.6 114.0 18.8 200.3 2.7 139.6 17.2 40.7 1965—1........................... 175.1 378.4 44.4 18,3 3.3 174.6 117.1 20.6 203.2 2.8 141.1 16.8 42.5 H 177.7 386.3 45.8 16.1 3.2 179.9 119.4 21.9 208.6 2.9 145.8 16.2 43.8 Ill........................ 180.7 395.4 45.6 15.8 3.6 185.2 123.1 22.1 214.6 3.1 150.0 17.2 44.3 IV........................ 183.4 407.9 49.2 16.7 3.9 189.6 126.3 22.1 224.5 3.1 157.2 19.2 45.0 1966—1........................... 186.0 413.7 46.9 16.9 3.9 192.5 130.2 23.4 227.7 3.8 157.5 19.1 47.3 190.4 423.6 47.7 15.3 4.0 198.4 134.4 23.7 233.1 3.9 163.4 16.7 49.1 191.5 431.4 46.9 14.6 4.2 202.8 139.4 23.5 239.9 4.4 167.1 17.9 50.4 IV....................... 192.7 441.6 49.3 15,5 4.5 204.4 144.5 23.3 248.9 4.9 173.4 19.1 51.6 1 Receivables from and pavables to. the U.S. Oovt. exclude amounts Note.—Securities and Exchange Commission estimates; excludes offset against each other on corporations’ books. banks, savings and loan assns., insurance companies, and investment companies. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT (In billions of dollars) Manufacturing Transportation Total Period Total Durable Non Mining Railroad Other u P t u il b it l i i e c s n C i o ca m ti m on u s Other t a ( r n S a n . t A u e) a , l durable 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............................................. 34J7 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 9.43 946 149 1.41 2.38 6.22 4.30 16.83 1965............................................. 51.96 11.40 11.05 1.30 1.73 2.81 6.94 4,94 11.79 1966............................................. 60.63 13.99 13,00 1.47 1.98 3.44 8.41 5.62 12.74 19672........................................... 63.00 14.64 13 JO 1.58 1.48 3.94 9.15 18.91 1965—II..................................... 12.81 2.76 2.70 .33 .44 .77 1.71 1.24 2.85 50.35 Ill................................... 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 II 15.29 3.51 3.27 .40 .55 1.00 2.09 1.42 3,06 60.10 HI.................................... 15.57 3.54 3.30 .37 .48 .82 2.36 1.36 3.33 61.25 IV.................................... 17.00 4.07 3.68 .38 .55 .86 2.36 1.58 3,52 62.80 1967—12..................................... 13.83 3.16 2.89 .35 .38 .78 1.84 4 42 62.60 II2................................... 15.84 3.60 3.39 .40 .37 1.13 2.40 4.55 62.25 1 1 Includes trade, service, finance, and construction. Note.—Dept of Commerce and Securities and Exchange Commission 2 Anticipated by business. estimates for corporate and noncorporate business, excluding agriculture. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
636 REAL ESTATE CREDIT APRIL 1967 MORTGAGE DEBT OUTSTANDING (In billions of dollars) AU properties Farm Nontarm Other Multiihmily and Mortgage holders2 1- to 4-family houses commercial properties 4 type’ E p n er d i o o d f h A e o r l l s d l t F u in t i c n i i s o a a t n l i n s ! 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 h A e o r l l s d l t F u i t i n c i n i s o a a t n l i n s 1 O h e o t r h l s d e ’ r h A e o r l l s d l Total t F u i t n in i s o a t n i n s , ! O h e o t r h l s d er Total t F u i t n in i s o a t n i n s , 1 O h e o t r h l s d er w u F n V r H l d A t A e te - r - n - t C v io 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 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 63.7 31.4 77,2 215.6 1965............ 341,7 264.5 12.4 64.8 21.2 7.8 13.4 r320.5 r213.7 *•185.1 ’28.6 ’’106.8 ’71.6 ’35.2 81.2 ’239.3 1966®.......... 366.0 280.9 15.8 69.3 23.3 8.4 14.9 342.7 225.4 194.0 31.4 117.3 78,5 38.8 84.0 258.7 1965—1.... 317.7 245.8 11.6 60.3 19.5 7.2 12.3 '298.2 200.7 '173.3 27.4 97.5 65.3 32.2 77.9 '220.3 II... 325.9 252.2 11.7 62,0 20.2 7.4 12.8 305.7 '205.1 177.4 27.7 '100.6 67.4 33.1 78.7 227.0 III... ^333.8 258.6 11.9 63.4 20.7 7.6 13.1 '313.1 '209.6 181.5 28.0 '103.6 '69.4 '34.1 80.0 '233.1 IV... 341.7 264.5 12.4 64.8 21.2 7.8 13.4 '320.5 '213.7 '185.1 '28.6 noe.s '71.6 '35.2 81.2 '239.3 1966—P... 348.2 269.3 13.5 65.4 21.8 8.0 13.7 326.4 216.9 187.9 29.0 109.5 73.3 36.2 82.1 244.3 IP.. 355.5 274.4 14.4 66.7 22.5 8.2 14.2 333.0 220.7 190.9 29.8 112.4 75.2 37.2 82.6 250.4 IIP.. 361.3 278.0 15.2 68.0 23.0 8.4 14.6 338.3 223.3 192.7 30.6 115.0 77.0 38.0 83.4 254.9 IV”.. 366.0 280.9 15.8 69.3 23.3 8.4 14.9 342.7 225.4 194.0 31.4 117.3 78.5 38.8 84.0 258.7 1 Commercial banks (including nondeposit trust companies but not savings and loan assns. trust depts.), mutual savings banks, life insurance companies, and savings s Data by type of mortgage on nonfarm 1- to 4-family properties alone and loan assns. are shown on second page iollowing. 2 U.S. agencies are FNMA, FHA, VA, PHA, Farmers Home Admin., and Federal land banks, and in earlier years, RFC, HOLC, and FFMC. Notb.—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 FHA- VA- Con O n t o h n e r Farm Total FHA- VA- Con O n t o h n e r Farm Total in guar ven farm Total in guar ven farm sured anteed tional sured anteed tional 1941.................................. 4,906 3,292 1,048 566 4,812 3,884 900 28 1945........................... 4,772 3,395 856 521 4,208 3,387 797 24 1961................................. 30,442 21,225 5,975 2,627 12,623 7,470 1,747 29,145 26,341 8,045 9,267 9,029 2,753 51 1962.................................. 34,476 23,482 6,520 2,654 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 1966* .......................... 54,704 47,396 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 H.......................... 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 ni 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®.......................... 50,650 32,822 7,717 2,659 22,446 14,840 2,988 45,370 40,700 13,956 11,408 15,336 4,617 53 .......5..2..,.3...0..6.. .....33,800 7,769 2,654 23,377 15,478 3,028 45,883 41,083 14,047 11,346 15,690 4,747 53 IIP . 53,755 46,650 IV® 54,704 47,396 1 Includes loans held by nondeposit trust companies, but not bank States and possessions. First and third quarters, estimates based on FDIC trust depts. data for insured banks for 1962 and part of 1963 and on special F.R. inter 2 Data for 1941 and 1943, except for totals, are special F.R. estimates. polations thereafter. For earlier years, the basis for first- and third-quarter estimates included F.R. commercial bank call data and data from the Note.—Second and fourth quarters, Federal Deposit Insurance Corpo National Assn, of Mutual Savings Banks. ration series for all commercial and mutual savings banks in the United Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
APRIL 1967 REAL ESTATE CREDIT 637 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Period Total Total in F s H ur A e - d a g n V u t A a e r e - d Other 1 Farm 1 Total Total in F s H ur A e - d a g n V u t A a e r e - d Other Farm 1945................................................... 976 6,637 5,860 1,394 4,466 766 1961.................................................. 6,785 6,233 1,388 220 4,625 552 44,203 41,033 9,665 6,553 24,815 3 170 1962.................................................. 7,478 6,859 1,355 469 5,035 619 46,902 431502 101176 61395 26,931 3,400 1963.................................................. 9 J 72 8306 1398 678 61030 866 501544 46J752 101756 61401 291595 31792 1964.................................................. 10,433 9’386 1312 674 61900 1,047 55 J52 501848 111484 61403 321961 41304 1965.................................................. 11,137 9,988 1,738 553 7,697 11149 60,013 55,190 12,068 6,286 361836 41823 1966*................................................ 101202 9,210 1,311 458 71441 '992 641803 591563 121411 61209 401943 5,240 1966—jan, r.................................... 981 875 170 50 655 106 60,514 55,671 12,185 6,301 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 371780 41967 Apr,. a a . 897 756 121 29 606 141 611710 56,'653 12,299 61262 381092 5,057 May...................................... 816 709 93 31 585 107 621101 56,980 12,310 61244 381426 5J21 June...................................... 908 830 107 34 689 78 621547 57,381 12,330 6,225 381826 5J66 July..................................... 869 815 106 31 678 54 62,969 57,778 12,335 61210 391233 5,191 791 746 94 38 614 45 63,336 581128 12,340 6,201 39,587 5,208 Sect.................... 781 735 83 35 617 46 631683 581457 12,344 6J91 391922 5 ,'226 Oct........................................ 718 675 86 41 548 43 641007 58,775 12,362 6,190 401223 51232 Nov....................................... 708 673 89 41 543 35 641353 591118 12,393 6J95 401530 51235 Dec....................................... 947 888 82 47 759 59 641803 591563 121411 6^209 401943 51240 1967—Jan........................................ 766 699 89 47 563 67 65,193 59,965 12,441 6,222 41,302 5,228 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) 1939 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) Period Total 1 h s N c t o r o e m u n w 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 V n u t A a e r e - d t C v io e o n n n a l Period va A n d c es R m e e p n a ts y Total t S e h r o m r t 1 t L er o m ng 1 M de e p m o b s e i r ts s* tion 1945......................... 278 213 195 176 19 46 1945............. 1,913 181 1,358 5,376 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......................... 41111 3,294 3,479 2,005 11474 1,213 1962............. 20.754 5,979 8^924 78,770 4.’476 71010 67.284 1963......................... 5’601 41296 4’784 21863 11921 1,151 1963............. 24.735 7,039 9,920 90’944 4,696 6’960 79,288 1964......................... 5’565 5,025 5325 2’846 21479 11199 1964............. 24,505 6,515 10,397 1011333 4,894 6,683 89i756 1965......................... 5,007 4335 5397 31074 2,923 11043 1965............. 23,847 5.922 10'697 110,202 5'141 6,391 981670 1966......................... 3^804 2,866 6,935 5,006 1,929 1,036 1966............. 16,729 3,604 7,748 114,089 51266 6450102373 1966—Feb.............. 171 330 5,739 2,837 2,901 795 1966—Jan.. 1,549 322 640 110,700 5,160 6,364 99,176 Mar............. 214 266 5*687 2398 31089 823 Feb.. 1,554 307 645 111,246 5,177 6,361 99,708 Apr 967 138 6,516 3,343 3,173 811 Mar.. 1,998 454 814 112,001 5,195 6,331 100,475 May........... 339 152 6,704 3,691 3,012 840 Apr.. 1,888 430 798 112,736 5,212 6,311 101,213 June............ 171 92 61783 3365 2,918 972 May. 1,696 390 773 113,249 5,236 6,293 101,720 July............. 838 279 7342 4’471 21871 710 June. 1,629 340 823 113,669 5,245 6,279102,145 Aub 146 262 7,226 4,625 2,601 698 July.. 1,234 266 643 113.750 5,235 6,254102,261 Sept............. 99 150 175 4327 2348 727 Aug.. 1,314 272 722 113,897 5,246 6,236102,415 Oct............. 300 226 7'249 4'939 2,310 767 Sept.. 1,119 24t 572 114,004 5,253 6,203 102,548 Nov............. 104 269 7,084 4,993 2,091 863 Oct.. 947 208 473 113,998 5,251 6,182102,565 Dec.............. 68 217 61935 51006 11929 1,036 Nov 866 184 423 113,977 5,257 6,167102,553 Dec.. 936 189 423 114,089 5,266 6,150102,673 1967—jan............... 224 818 6,340 4,814 1,526 1,088 Feb.............. 49 589 5,800 4,730 1,070 1,240 1967—Jan.». 804 166 371 114,265 5,272 6,136102,857 ■ Secured or unsecured loans maturing in 1 year or less. 1 Includes loans for repairs, additions and alterations, refinancing, etc., J Secured loans, amortized quarterly, having maturities of more than not shown separately. 1 year but not more than 10 yean. J Beginning with 1958, includes shares pledged against mortgage loans, beginning with 1966, includes real estate sold on contract not acquired Note.—Federal Home Loan Bank Board data. by foreclosures; and beginning with 1967, includes real estate sold on contract acquired by foreclosure. Notz.—Federal Home Loan Bank Board data. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
638 REAL ESTATE CREDIT APRIL 1967 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 t e m i x s n e g s e P c r t o s j t m p P e r e i r r m o n o t v t y p s e 2 Total 3 h N o M m ew e o s rtga h i g s o E t e m i x s n e g s E p n er d i o o d f Total Total s F u i H n re A d - a g n V u te A a e r - d 1 t C i v o e o n n n a l 1945................. 18.6 4.3 4.1 .2 14.3 1945............................... 665 257 217 20 171 192 1961................. 153.1 59.1 29.5 29.6 93.9 1961............................... 6,546 1,783 2.982 926 855 1,829 1,170 656 1962................. 166.5 62.2 32,3 29.9 104.3 1962............................... 7,184 1,849 3'421 1,079 834 2i652 1,357 1,292 1963................. 182.2 65.9 35.0 30.9 116.3 1963............................... 7'216 1^664 3’905 '843 804 3i045 1^272 1,770 1964................. 197.6 69.2 38.3 30.9 128.3 1964............................... 8J30 1^608 4'965 895 663 2,846 1,023 1,821 1965’............... 213.7 73.1 42,0 31.1 140.6 1965............................... 8,689 11705 5i 760 591 634 2,652 876 1,774 1966’............... 225.4 76.0 44,8 31.2 149.4 1966............................... 7j 320 1,729 4,366 583 641 2i600 980 1,618 1964—1........... 185.4 66.6 35.7 31.0 118.8 1966—Feb.................... 639 134 378 96 32 190 69 121 II...... 189.8 67.3 36.3 30.9 122.5 Mar................... 753 160 447 68 78 163 59 104 in......... 193.9 68.4 37.4 31.1 125.4 Apr., 636 139 376 66 54 132 51 81 IV......... 197.6 69.2 38.3 30.9 128.3 May.................. 608 137 361 56 55 167 62 104 June................... 685 152 405 69 60 205 71 134 1965—1............ 200.7 70.1 39.0 31,1 '130.6 July................... 604 136 368 42 58 219 72 147 H...’..2..0..5..1 70.7 39.7 31.0 134.4 Aug.................... 622 159 387 18 57 287 96 191 inn.... 209.6 72.0 40.9 31.1 137.5 Sept................... 610 149 367 27 66 257 96 161 IV”.... 213.7 73.1 42.0 31.1 140.6 Oct............ 508 140 275 38 54 271 110 160 Nov................... 446 130 238 26 51 247 110 137 1966—1’.....2..1..6.9 74.1 43.0 31.1 142.8 Dec................... 409 113 214 35 46 226 104 121 II*........ 220.7 74.6 43.7 30.9 146.1 IIP.... 223.3 75.4 44.4 31.0 147.9 1967—Jan..................... 449 116 263 26 44 214 100 113 IV’. ... 225.4 76.0 44.8 31.2 149.4 Feb.................... 364 91 210 32 31 168 77 91 1 Includes outstanding amount of VA vendee i Monthly figures do not reflect mortgage amendments included in annual totals. accounts held by private investors under repurchase t Not ordinarily secured by mortgages. agreement. 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. Note.—For total debt outstanding, figures are FHLBB and F.R. estimates. For conventional, Note.—Federal Housing Admin, and Veterans Admin, data. FHA-insured loans figures are derived. represent gross amount of insurance written; VA-guaranteed loans gross amounts of loans Based on data from Federal Home Loan Bank closed. Figures do not take into account principal repayments on previously insured or Board, Federal Housing Admin., and Veterans Admin. guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on number and average amount of loans closed. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY MORTGAGE DEBT OUTSTANDING ON INCOME PROPERTIES (In millions of dollars) (In billions of dollars) Mortgage Mortgage holdings transactions Com Nonfarm (during mit End of period) ments End of period Total Farm period Total F i H n A - g V u A ar - Pur bu d u r i n s s e d Total in F s H ur A e - d C ti o o n n v a e l n sured anteed Sales chases 1945.................................. 17.0 12.2 12.2 4.8 1961.............................. 6,093 3,490 2,603 815 541 631 1961.................................. 73.2 59.3 6.4 52.9 13.9 1962.............................. 5,923 3i571 21353 740 498 355 1962.................................. 85.1 69.9 7.2 62.7 15.2 1963.............................. 4,650 3,017 11634 290 1,114 191 1963.................................. 99.0 82.2 7.5 74.7 16.8 1964............................. 4i412 2,996 11416 424 2J1 313 1964.................................. 114.0 95.1 7.9 87.2 18.9 1965............................. 4i731 3.404 1,327 913 200 793 1965.................................. 128.0 106.8 8.0 98.8 21.2 1966.............................. 7iO63 5 ,’407 1,656 2,701 705 1966’................................ 140.6 117.3 8.0 109.3 23.3 1966—Feb................... 5,215 3,811 1,404 295 829 1963—11........................... 91.7 75.5 7.4 68.1 16.2 Mar................. 5i528 41077 1,451 344 750 HI......................... 95.2 78.6 7.5 71.2 16.6 Apr.................. 5^744 41268 1,476 250 691 IV......................... 99.0 82.2 7.5 74.7 16.8 May................. 5 ,'922 41430 1,492 209 650 June................. 6,082 41581 1,501 194 625 1964—1, .......................... 101.9 84.6 7.6 77.0 17.3 July.................. 6,319 41787 1,532 265 511 ri........................... 105.8 87.7 7.7 80.0 18.1 Aug.................. 6,464 41916 1,548 180 512 iri.......................... 109.7 91.2 7.8 83.5 18.5 6i 592 5,028 11564 159 532 IV......................... 114.0 95.1 7.9 87.2 18.9 Oct................... 6,731 5,146 1,585 168 576 6,891 5,272 11619 188 617 1965—1............................. 117.0 97.5 7.9 89.6 19.5 Dec.................. 7,063 51407 1,656 202 705 II.......................... ’120.8 ’100.6 8.0 *■92.6 20.2 HI.......................... 124.3 103.6 8.0 95.6 20.7 1967—Jan................... 7,216 5,522 1,964 181 695 IV.......................... 128.0 106.8 8.0 98.8 21.2 Feb................... 7,331 51615 1,716 144 ............. 641 1966—1’.......................... 131.3 109.5 8.0 101.5 21.8 II’....................... 134.9 112.4 8.0 104.4 22 5 Note.—Federal National Mortgage Assn, data, including mortgages Ill’........................ 138.0 115.0 8.0 107.0 23.0 subject to participation pool of Government Mongage Liquidation IV*........................ 140.6 117.3 8.0 109.3 23.3 Trust, but excluding conventional mortgage loans acquired by FNMA from the RFC Mortgage Co., the Defense Homes Corp., the Public Housing Admin., and Community Facilities Admin. Notb.—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
APRIL 1967 REAL ESTATE CREDIT 639 TERMS ON CONVENTIONAL FIRST MORTGAGES New homes Existing homes Period C c t ( r r e p a o a n e t n c t e r t ) c F c h ( e e a p n e r e s t g r ) e & 1 s M (y a e t a u r r s i ) ty L r c p ( a e o p r n t a i e i c r t n o e ) / (t d h c o p o P h l r u u l a i a s r c s r . e e s o ) f (t a d h m L o o l o u o la a u s r n . n s o ) t f C c t ( r r e p a o a n e t n c e t r t ) c F c h ( e e a p e n r e s g t r ) e & ' s M (y a e t a u r r s i ) ty L c p r ( e p o a r n t a i e c i t r n o e ) / (t d h c o p o P h l r u u l a i a s r c s r . e e s o ) f (t a d h L m o o l u o l o a a s u . r n n s o ) t f 1963......................... 5.84 .64 24.0 73.3 22.5 16.3 5.98 .60 19.2 70.8 17.8 12.6 1964......................... 5.78 .57 24.8 74.1 23.7 17.3 5.92 .55 20.0 71.3 18.9 13.4 1965......................... 5.76 .54 24.8 74.1 24.7 18.1 5,89 .50 20.4 72.0 19.7 14.1 iofifi......................... 6.11 .69 24.4 72.8 26.4 19.0 6.24 .59 20.0 65.1 20.4 14.4 1966--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 14.7 July............. 6.12 .67 24,2 72,1 27.1 19.3 6.24 .52 19.9 70.5 20.5 14,3 Aug.............. 6.18 .83 25.4 74.0 27.3 20.1 6.35 .61 19.8 70.6 20.8 14.7 Sept.............. 6.22 .83 24.3 71.1 27.0 19.0 6.40 .64 19.4 69.5 20.4 14.0 Oct............... 6.32 .80 23.6 71.0 27.3 19.2 6.49 .71 19.2 69.5 20.4 14.1 Nov.............. 6.40 .89 23.6 71.5 26.5 18.7 6.50 .74 19.5 69.5 20.4 14.1 Dec.............. 6.44 .91 23.2 71.4 26.5 18.6 6.52 .70 19.1 69.4 20,0 13.8 Dec. 2_____ 6.49 1.26 23.3 72.3 25.6 18.5 6.55 .81 20.2 70.8 20.8 14.7 1967-—Jan............... 6.47 1.17 23.8 73.3 26.3 19.3 6.54 .78 20.6 71.4 21.3 15.2 Feb.............. 6.44 1.07 23.6 73.8 24.7 18.0 6.49 .75 20.4 71.7 21.5 15.2 I Fees and charges—related to principal mortgage amount—include with Federal Deposit Insurance Corporation. Data are weighted averages loan commissions, fees, discounts, and other charges, which provide based on probability sample survey of characteristics of mortgages added income to the lender and are paid by the borrower. They exclude originated by major institutional lender groups (including mortgage any closing costs related solely to transfer of property ownership. companies) for purchase of single-family homes. Data exclude loans for 2 New series currently available only beginning Dec. 1966, not strictly refinancing, reconditioning, or modernization; construction loans to comparable with earlier data. home-builders; and permanent loans that are coupled with construction loans to owner-builders. See also the table on Mortgages; New and Note.—Compiled by Federal Home Loan Bank Board in cooperation Existing Homes, p. 622. DELINQUENCY RATES ON HOME MORTGAGES NONFARM MORTGAGE FORECLOSURES (Per 100 mortgages held or serviced) Rate Loans not in foreclosure Period (th N o u u m sa b n e d r s ) ( m pe o r r t c g e a n g t e o d f but delinquent for: Loans in structures) End of period fore Total 30 days 60 days o 9 r 0 m da o y r s e closure 1 1 9 9 6 6 2 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 8 3 6 . . 1 4 . . 3 4 7 2 1963............................................ 98.2 .45 1961............................ 3.10 2.27 .50 .33 .29 1964............................................ 108.6 .48 1962............................ 3.04 2.26 .50 .29 .30 1965............................................ 116.7 .49 1963............................ 3,30 2.32 .60 .38 .34 1966............................................ 117.5 .48 1964............................ 3.21 2.35 '.55 .31 .38 1965............................ 3.29 2.40 .55 .34 .40 1965—1...................................... 27.9 .48 1966............................ 3.40 2.54 .54 .32 .36 ri...................... 30.1 .52 in.................................. 29.1 .50 1965—1....................... 2.94 2.06 .54 .34 .37 IV................................... 29.6 .50 3.00 2.18 .52 .30 .38 Ill................... 3.20 2.30 .56 .34 .38 1966—1...................................... 28.8 .48 IV................... 3.29 2.40 .55 .34 .40 ...............3..0....8............. .51 Ill................................. 29.3 .48 1966—1....................... 3.02 2,13 .55 .34 .38 IV................................... 28.6 .46 II..................... 2.95 2.16 .49 .30 .38 III.......... 3.09 2.25 .52 .32 .36 IV................... 3.40 2.54 .54 .32 .36 Note.—Federal Home Loan Bank Board estimates of number of nonfarm mortgaged structures at end oi period and of non farm properties acquired during period through foreclosure Note.—Mortgage Bankers Association of America data from reports on 1- proceedings (excluding voluntary deeds in lieu of foreclosure and to 4-family FHA-insured. VA-guaranteed, and conventional mortgages held defaults on real estate contracts). Data exclude Alaska and by more than 400 respondents, including mortgage bankers (chiefly), commercial Hawaii. banks, savings banks, and savings and loan associations. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
640 CONSUMER CREDIT APRIL 1967 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 u p h d m e er r s e r e a r n R l n d o i e a z p m a n a t s o i i * r o d 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 r n ge ts S c e r r e v d i i c t 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 43327 17,223 11,857 3,191 It,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 1966............................................ 94 ,’786 74;656 30,961 19,834 3,751 20,110 20,130 7,844 7,144 5,142 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 5,393 5,044 Apr........................... 88*184 69'543 29,597 17,597 3,602 18,747 18,641 7,836 5,670 5,135 May................................ 89,092 70,209 29,908 17,732 3,642 18,927 18,883 7,925 5,860 5,098 June................................ 90J070 71,194 30,402 17,959 3,677 19,156 18,876 7,901 5,908 5,067 July................................. 90,650 71,862 30,680 18,165 3,711 19,306 18,788 7,844 5,888 5,056 Aug. .. 91,483 72,640 30,918 18,390 3,755 19,577 18,843 7,849 5,973 5,021 91,639 72,829 30,793 18,564 3,771 19,701 18,810 7,814 5,993 5,003 Oct.................................. 91.899 73,073 30,852 18,714 3,770 19,737 18,826 7,768 6,107 4,951 Nov................................. 92,498 73,491 30,937 18,945 3,772 19,837 19,007 7,807 6,199 5,001 Dec................................. 94,786 74,656 30,961 19,834 3,751 20,110 20,130 7,844 7,144 5,142 1967—Jan.................................. 93,479 74,015 30,689 19,649 3,703 19,974 19,464 7,779 6,472 5,213 Feb.................................. 92,517 73,598 30,530 19,426 3,666 19,976 18,919 7,754 5,824 5,341 1 Holdings of financial institutions; holdings of retail outlets are in- hold, family, and other personal expenditures, except real estate mortgage eluded 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- Statistict, 1965, and May 1966 Bulletin. INSTALMENT CREDIT (In millions of dollars) Financial institutions Retail outlets End of period Total Com Sales Con Depart Furni Appli Auto Total m b e a r n c k ia s l fin co an s. ce u C n r i e o d n it s f s in u a m n e c r e 1 Other 1 Total st m or e e n s t 2 st tu or re e s s a to n r c e e s d m ea o l b er il 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 37^35 17;008 11,273 4; 330 3,799 1,525 5,595 2321 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 6358 5; 078 1 349 7307 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 4388 1,235 302 447 1,820 1966................................ 74356 65;565 32,155 16,’936 8349 6,014 1311 9,091 n.a. n.a. n.a. 490 n.a. Feb...................... 68,279 60,331 29,312 16,072 7,473 5,621 1,853 7,948 n.a. n.a. n.a. 451 n.a. Mar..................... 68;827 60;863 29;684 16,106 7,593 5330 1,850 7,964 n.a. n.a. n.a. 459 n.a. Apr..................... 69;543 61339 30J27 16,191 7;?u 5,670 1340 8,004 n.a. n.a. n.a. 466 n.a. May.................... 70 J209 62j178 30J507 16,263 7 ,’839 5 ,’695 1,874 8,031 n.a. n.a. n.a. 472 n.a. June.................... 71;194 63’,097 31,013 16,454 8,009 5,742 1,879 8,097 n.a. n.a. n.a. 480 n.a. July..................... 71,862 63;745 31,398 16,585 8,093 5,791 1,878 8,117 n.a. n.a. n.a. 485 n.a. Aug..................... 72,640 64', 454 31,737 16,732 8;238 5,846 1,901 8,186 n.a. n.a. n.a. 489 n.a. Sent..................... 72;829 64;613 31,778 16,759 8,324 5,858 1,894 8,216 n.a. n.a. n.a. 487 n.a. Oct...................... 73;073 64;792 31,878 16J771 8391 5363 1,889 8,281 n.a. n.a. n.a. 489 n.a. 73;491 65;046 31;978 16,790 8380 5',881 1,917 8,445 n.a. n.a. n.a. 490 n.a. Dec..................... 74;656 65 ,’565 32355 16,936 8349 6,014 1,911 9,091 n.a. n.a. n.a. 490 n.a. 1967—Jan....................... 74,015 65,162 32,033 16,814 8,443 5,969 1,903 8,853 n.a. n.a. n.a. 488 n.a. Feb..................... 73;598 64,966 31367 16,696 8329 5,965 1,909 8,632 n.a. n.a. n.a. 485 n.a. 1 Consumer finance companies included with “other” financial insti- 3 Automobile paper only; other instalment credit held by automobile tutions until 1950. dealers is included with “other" retail outlets. 2 Includes mail-order houses. See also Notb to table above. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
APRIL 1967 CONSUMER CREDIT 641 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES (In millions of dollars) (In millions of dollars) Automobile Repair Other Repair End of period Total ch P a u s r e p d ape D r irect s O g p u c o a t o m o p h n d e e e r r s r e m l r o t a n i a n o o i n z d d n a s 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 o il r - e s g p c u o a o m o p n d e e - r s r m iz lo a o a n a d ti n d e o r s n n- s l P o o a e n r n a - s l 1939................................... 1,197 878 115 148 56 1939........................... 1,079 237 178 166 135 363 1941................................... 11797 1,363 167 201 66 1941........................... 11726 447 338 309 161 471 1945................................... ’300 164 24 58 54 1945........................... '745 66 143 114 110 312 I960................................... 11,472 7,528 2,739 139 1,066 I960........................... 16,672 5,316 2,820 2,759 2,200 3,577 1961................................... 11,273 61811 3360 161 1,201 1961........................... 17,008 51391 21860 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 81691 4,734 3,670 2,457 5,542 1965.................................. 16J38 91241 4,429 123 2’345 1965........................... 291173 101310 5,721 4,266 2,543 6,333 1966.................................. 16,936 91391 41829 110 2’606 1966........................... 32,155 11,370 6,165 5,101 2,567 6,952 1966-Feb........................ 16,072 9.187 4,423 117 2,345 1966—Feb................ 29.312 10,361 5,785 4,311 2,484 6,371 Mar....................... 16,106 9,214 41422 116 2,354 Mar........ 291684 101533 5,885 4,351 2,476 6,439 Apr....................... 16J91 91261 41448 114 2,368 Apr......... 30,127 10,699 5,967 4,423 2,481 6,557 May..................... 16,263 9,289 41479 113 2,382 .....3..0...’.5..0..7 10,852 6J037 4,491 2,502 6,625 161454 9,395 4,538 111 2’,416 June.............. 31,013 11,075 6,124 4,581 2,529 6,704 July....................... 161585 9,457 4,579 112 2,437 July............... 31,398 11,219 6,157 4,713 2,555 6,754 Aug....................... 16,732 9,498 4,632 112 2,490 311737 11,339 6,172 4,795 2,580 6,851 161759 9,427 4,693 112 2^527 Sept............... 31,778 11,313 6,113 4,864 21593 6,895 Oct........................ 161771 91398 4,726 112 2’535 Oct............ 31,878 111353 6,132 41910 21593 6,890 Nov...................... 16,’79O 91395 4,736 110 2'549 Nov............... 31,978 11,378 6,157 4,967 2,583 6,893 Dec....................... 161936 9,391 4,829 110 2,606 Dec................ 32,155 111370 6,165 5,101 2,567 6,952 1967—Jan........................ 16,814 9,285 4,817 109 2,603 1967—Jan................. 32,033 11,267 6,148 5,176 2,532 6,910 Feb....................... 16,696 9,215 4,773 107 2,601 Feb................ 31,967 11,214 6,121 5,218 2,502 6,912 See Note to first table on previous page. See Notb 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 Service End of period Total Com Other De credit 1 1 1 9 9 9 3 4 4 9 1 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 9 73 8 5 1 9 7 1 5 2 81 4 2 2 2 3 0 4 6 1 1 1 5 4 4 6 7 64 6 8 3 9 5 b m c a i n e a r k l s t f u i i n c n t i i s a a o t n l i n s st m p o a e r r n e t s - t 1 o O r u e t t t h l a e e i t l r s c C a r r e d d s it 1 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 6,906 1941............... 3’087 693 152 275 1,370 597 1945............... 3,203 674 72 290 1,322 845 1963.................................... 11,859 2,394 835 870 7,760 1964.............................. 13^285 2,699 997 933 8,656 1960............... 13,196 3,884 623 941 3,952 436 3,360 1965................................... 14362 3,124 1,153 1,009 9,676 1961............... 14,151 4,413 723 948 399O7 469 3,691 1966.................................. 16,474 3,545 1,303 1,074 10,552 1962............... 15,130 4,690 766 927 4,252 505 3,990 1966—Feb........................ 14,947 3,110 1,155 1,002 9,680 1963............... 16,303 5,205 912 895 4,456 520 4,315 Mar...................... 15,073 3,157 1,172 1,005 9,739 1964............... 17,894 5.950 1,004 909 4,756 635 4,640 Apr........................ 15,221 3,204 1,188 1,007 9,822 1965............... 19,319 6,587 1,095 968 5,055 723 4,891 May...................... 15,408 3,258 1,203 1,027 9,920 1966............... 20 ,’130 6 ,’714 1,130 n.a. n.a. 874 5,142 June...................... 15,630 3,328 1,223 1,037 10,042 July....................... 15,762 3,362 1,241 1,044 10,115 1966—Feb... 18,286 6,630 1.101 n.a. n.a. 746 5,050 Aug 15,985 3,420 1,266 1,063 10,236 Mar... 18,232 6,676 1,119 n.a. n.a. 755 5,044 Sent....................... 16,076 3,453 1,278 1,066 10,279 Apr... 18,641 6,717 1,119 n.a. n.a. 765 5,135 Oct........................ 16,143 3,480 1,286 1,065 10,312 May.. 18,883 6,784 1,141 n.a. n.a. 788 5,098 Nov....................... 16,278 3,517 1,287 1,079 10,395 June.. 18,876 6,767 1,134 n.a. n.a. 824 5,067 16^474 3,545 1,303 1,074 10,552 July... 18,788 6,720 1,124 n.a. n.a. 861 5,056 Aug... 18,843 6,718 1,131 n.a. n.a. 916 5,021 1967—Jan........................ 16,315 3,501 1,291 1,062 10,461 Sept... 18,810 6,692 1,122 n.a. n.a. 932 5,003 Feb....................... l«,3O3 3,495 1,288 1,057 10,463 Oct... 18,826 6,656 1,112 n.a. n.a. 898 4,951 Nov... 19,007 6,678 1,129 n.a. n.a. 878 5,001 Dec... 20,130 6,714 1,130 n.a. n.a. 874 5,142 Note.—Institutions represented are consumer finance companies, credit unions, industrial loan companies, mutual savings banks, savings and 1967—Jan.... 19,464 6,659 1,120 n.a. n.a. 908 5,213 loan assns., and other lending institutions holding consumer instalment Feb... 18,919 6,634 1,120 n.a. n.a. 895 5,341 loans. See also Notb to first table on previous page. t Includes mail-order houses. 2 Service station and miscellaneous 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
642 CONSUMER CREDIT APRIL 1967 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 n pa su p m er er mode R r e n p iz a a ir ti o a n n d l oans Personal loans Period S.A.1 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 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 23302 1966............................................ 78^96 28,491 23,502 2,136 24,767 1966--Feb.................................. 6,492 5,517 2,340 2,084 ,957 1,527 171 130 2,024 1,776 Mar................................. 6,673 6,865 2,479 2,676 1959 1,890 183 174 2,052 2,125 Apr,... 6^505 6,658 2 J 302 2,486 11958 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 2355 June................................ 6,675 7,236 2,419 2,746 11944 2,013 189 215 2,123 2,262 July................................ 6,732 6,670 2,383 2,466 2,050 1.945 189 203 2,110 2,056 Aug................................. 6,689 7,025 2,431 2,543 11995 2,023 187 225 2,076 2,234 Sept................................. 6,578 6,189 21387 2,070 11958 11935 175 187 2;058 1,997 Oct.................................. 6'522 6,403 2,378 2,369 1,941 1,949 166 171 2,037 1,914 Nov................................. 6,657 6,611 2,461 2,346 1,947 2,044 166 168 2,083 2,053 Dec................................. 6,433 7,442 2,297 2,178 11928 2,720 159 140 2,049 2,404 1967-—Jan.................................. 6,501 5,674 2,240 1,923 2,031 1,808 157 120 2,073 1,823 Feb................................ 6i497 5,488 2,177 i;9i6 2,099 1,655 169 126 2,052 1,791 Repayments I960 45,972 16,384 13,574 1,883 14,130 1961............................................. 47,700 16,472 14,246 2,015 14,967 1962............................................ 50,620 17,478 14,939 1,996 16,206 (963........................................... 55,171 19,400 15,850 2,038 17.883 1964............................................ 61,121 21,676 17,737 2,078 19,630 1965............................................. 67,495 24,267 19,355 2,096 21,777 ............................................ 72,805 26,373 21,361 2,060 23311 1966--Feb.................................. 5,954 5,552 2,135 1,979 ,781 1,707 174 161 1,864 1,705 Mar... ................. 6,024 6,317 2.216 2,322 ,708 1,826 176 180 1,924 1,989 Apr................................. 5,974 5,942 2,145 2,137 11729 1,727 175 173 1,925 1,905 May................................ 5'979 6; 028 2,159 2,215 ,784 11763 172 175 1,864 1,875 June................................ 6,126 6,251 2,211 2,252 ,767 11786 176 180 1,972 2,033 July................................. 6,168 6,002 2,238 2,188 ,803 1,739 174 169 1,953 1,906 Aug................................ 6,087 6,247 2,223 21305 ,792 11798 172 181 1,900 1,963 Sept........................ 6,103 6,000 2,213 2,195 1784 1,761 168 171 1,938 1,873 Oct.................................. 6J42 6,159 2,244 2,310 ,820 1,799 169 172 1,909 1,878 Nov................................. 6,213 6,193 2,255 2,261 ,836 1,813 169 166 1,953 1,953 Dec................................. 6,112 6,277 21225 2,154 1796 1,831 161 161 1,930 2,131 1967--Jan................................. 6,221 6,315 2,202 2,195 1,882 1,993 167 168 1,970 1,959 Feb................................. 6,281 5,905 21217 2,075 1915 1,878 176 163 1,973 1,789 Net change in credit outstanding 2 I960 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 1,763 1965............................................. 8,013 3,647 2,099 142 2,125 1966.......................................... 6,091 2,118 2,141 76 1,756 1966--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 July................................. 564 668 145 278 247 206 15 34 157 150 Aug................................. 602 778 208 238 203 225 15 44 176 271 Sept................................. 475 189 174 -125 174 174 7 16 120 124 Oct.................................. 380 244 134 59 121 150 -3 — 1 128 36 Nov................................. 444 418 206 85 111 231 -3 2 130 100 Dec.................................. 321 1,165 72 24 132 889 -2 -21 119 273 1967--Jan................................... 280 -641 38 -272 149 -185 -10 -48 103 -136 Feb.................................. 216 -417 -40 -159 184 -223 -7 -37 79 2 1 Includes adjustments for differences in trading days. sales of instalment paper, and certain other transactions may Increase 2 Net changes in credit outstanding are equal to extensions less repay- the amount of extensions and repayments without affecting the amount ments. 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. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
APRIL 1967 CONSUMER CREDIT 643 instalment credit extended and repaid, by holder (In millions of dollars) Sales finance Other financial Total Commercial banks companies institutions Retail outlets Period S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.< N.S.A. Extensions 1960 49,560 18,269 11,456 12,073 7,762 1961 48,396 17,711 10,667 12,282 7,736 1962 53,126 20,474 11,999 i:1,525 ..........1..,.1..2..8... 1963. 61,295 23,344 12,664 14,894 10,393 1964. 67,505 25,950 14,020 16,251 I ,284 1965 75,508 29,738 15.075 J. I2O 11,575 1966. 78,896 31,114 14,951 18,986 1.1,845 1966—Feb................................. 6,492 5,517 2,517 2,243 1,230 1,057 1,559 1,338 1,186 879 Mar................................ 6,673 6,865 2,619 2,784 1,273 1,318 1.573 1,634 1,208 ,129 Apr.......................... 6,505 6,658 2,539 2,717 1,226 1,225 1,559 ,579 1,181 ,137 May................... 6,472 6,694 2,547 2,722 1,228 1,254 1,547 ,600 1,150 ,118 June................................ 6,675 7,236 2,619 2,912 1,260 1,383 1,643 ,772 1,153 ,169 July................................ 6,732 6,670 2,673 2,717 1,255 1,265 1,593 ,577 1,211 ,111 Aug..................... 6,689 7,025 2,683 2,819 1,260 1,336 1,589 ,713 1,157 .157 Sept................................ 6,578 6,189 2,634 2,422 1,242 1,162 1,587 ,517 1,115 ,088 Oct.................................. 6,522 6,403 2,583 2,520 1,226 1,235 1,582 ■ ,505 1,131 ,143 Nov........................ 6,657 6,611 2,666 2,495 1,256 1,241 1,613 ,631 1,122 ,244 Dec................................. 6,433 7,442 2,553 2,523 1,241 1,374 1,570 ,822 1,069 ,723 1967--Jan.................................. 6,501 5,674 2,588 2,348 1,190 1,033 1,563 ,333 1,160 960 Feb................................. 6,497 5,488 2,537 2,231 1,215 1,032 1,577 1,349 1,168 876 Repayments 1960. 45,972 16,832 10,442 1 ,022 7,676 1961. 47,700 18,294 10,943 ' 11,715 6,749 1962. 50,620 18,468 11,434 12,593 8,125 1963. 55,171 20,326 12,211 13,618 9,016 1964. 61,121 22,971 13,161 .......1..4,825 10,164 1965. 67.495 25,663 13.699 16,443 11,690 1966. 72,805 28,132 14,153 17,474 13,046 1966--Feb................................. 5,954 5,552 2,292 2,132 1,137 1,091 ,420 ,286 1,105 ,043 Mar................................. 6,024 6,317 2,299 2,412 1,175 1,284 ,463 ,508 1,087 ,113 Apr................................. 5,974 5,942 2,293 2,274 1,129 1,140 ,442 ,431 1,110 ,097 May,............... 5,979 6,028 2,270 2,342 1,164 1,182 ,414 ,413 1,131 ,091 June................... 6,126 6,251 2,348 2,406 1,172 1,192 ,501 ,550 1,105 ,103 July................................ 6,168 6,002 2,382 2,332 1,180 1,134 ,476 1 ,445 1,130 ,091 Aug................................. 6,087 6,247 2,362 2,480 1,179 1,189 ,458 1,490 1,088 ,088 Sept................................. 6,103 6,000 2,396 2,381 1,156 1,135 ,481 1 ,426 1,070 ,058 Oct........................... 6,142 6,159 2,400 2,420 1,193 1,223 ,472 1 ,438 1,077 ,078 Nov................................. 6,213 6.193 2,415 2,395 1,258 1,222 ,480 1,496 1,060 ,080 Dec................................. 6,112 6,277 2,418 2,346 1,198 1,228 ,467 ,626 1,029 ,077 1967--Jan.................................. 6.221 6,315 2,435 2,470 1,190 1,155 1,500 ,492 1,096 ,198 Feb................................. 6,281 5,905 2,446 2,297 1,188 1,150 1,510 1,361 1,137 1,097 Net change in credit outstanding 2 I960. 3,588 1,446 1,152 ,051 -61 1961. 696 335 -199 578 ............-..2...0.. . 1962. 4.306 1,997 921 932 656 1963. 6,124 3,018 1,329 ,276 501 1964. 6,384 3,065 1,239 ,426 654 1965. 8.013 4.075 1,376 .677 885 1966. 6,091 2,982 798 ,512 799 1966—Feb................................. 538 -35 225 ill 93 -34 139 52 81 -164 Mar................................. 649 548 320 372 98 34 HO 126 121 16 Apr,................................ 531 716 246 443 97 85 117 148 71 40 May................................ 493 666 277 380 64 72 133 187 19 27 June................................ 549 983 271 506 88 191 142 222 48 66 July................................ 564 668 291 385 75 131 117 132 81 20 Aug................................. 602 778 321 339 8t 147 131 223 69 69 Sept................................. 475 189 238 41 86 27 106 91 45 30 Oct.............................. 380 244 183 100 33 12 110 67 54 65 Nov.................... 444 418 251 100 -2 19 133 135 62 164 Dec.............. 321 1,165 135 177 43 146 103 196 40 646 1967--Jan.................................. 280 -641 153 -122 0 -122 63 -159 64 -238 Feb................................. 216 -417 91 -66 27 -118 67 -12 31 -221 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
644 INDUSTRIAL PRODUCTION: S.A. APRIL 1967 MARKET GROWINGS (1957-59 -100) 1957-59 1966 1966 1967 pro- aver- Grouping por age’ tion Feb. Mar. Apr. May June July Aug. Sept. Oct, Nov. Dec.r Jan,r Feb. Total index........................................ 100.00 156.3 152.4 153.7 153.9 155.3 156.5 157,2 158.0 157.7 158.9 158,6 159,0 158,2 156.1 Final products, total........................... 47.35 155.4 152.1 152.5 152.9 153.7 154.9 155.3 156,4 156,3 158.3 158.5 159,2 158,1 156,0 Consumer goods.............................. 32,31 147.4 146.1 146.2 146.4 146.2 147.1 146,5 147,1 146,5 148.8 148.8 149,1 147.7 144.9 Equipment7including defense.... 15.04 172.6 164.8 166.2 166.9 169.8 171.4 174.4 176.4 177.4 178.8 179.6 181.0 180.5 179.6 Materials................................................. 52.65 157.1 152,6 154.4 154.5 157.1 158.0 158.8 159.6 159.2 159.9 159.1 158.9 158.3 156.2 Consumer goods 3,21 163.0 167.9 170,0 168.4 160,7 162.3 154.5 146.4 150,7 168.5 162,8 162,6 147.0 135.9 Autos...................................................... 1.82 169.5 177.8 180.5 178.9 166.0 167.8 151.5 141,7 148.6 177.8 166,7 167,3 141.3 120,5 Auto parts and allied products......... 1.39 154.4 155.0 156.2 154.6 153.6 155.2 158.6 152.7 153.5 156.2 157.8 156.4 154.4 156.2 Home goods and apparel................... 10.00 153.0 151.1 151,3 153.8 154.0 153.8 152,3 152.8 151,3 153.2 153,2 151.7 150.9 147.0 Home goods.......................................... 4.59 168.9 165.7 164.1 168.4 169.9 168.3 168.0 168.9 166.0 170.0 169,1 166,5 165.4 162.4 Appliances, TV, and radios........... 1.81 166.6 160.5 156.2 166.7 165.9 163.9 165.5 165.0 159.3 170,2 165.3 158.4 154.3 152,6 Appliances............................... 1.33 166.7 163.1 150.6 167.9 165.5 165.2 171,1 166.7 160,1 171.7 162,4 151.9 150.6 148.9 TV and home radios................... .47 166.3 153.1 171.8 163.0 166,9 160.3 149.8 160,2 157.1 166.0 173.7 176.7 164.8 162.9 Furniture and rugs........................... 1.26 165.7 164.0 165.5 166.3 169.1 170.1 165.2 168,0 165.9 164.4 164,7 163.5 163.4 159.0 Miscellaneous home goods....... 1.52 174.2 173.4 172.5 172,2 175.5 171.9 173,2 174,2 173.9 174.5 177,1 178.7 180,2 176.9 Apparel, knit goods, and shoes......... 5.41 139.6 138.7 140.4 141.4 140,5 141.6 139.0 139,1 138.8 139.0 139.8 139.1 138.7 Consumer staples................................ 19.10 141.8 139.4 139.5 138.9 139.7 141,6 142.1 144.2 143.3 143.2 144.2 145,0 145.4 145.4 Processed foods.................................... 8.43 126.4 125.8 125,2 125.1 123.9 126,4 126.0 127.9 127.9 126.0 127,3 130.1 130.4 Beverages and tobacco........................ 2.43 131.7 131.1 133.6 130,2 129.5 131.5 130,2 134,0 131.0 133.1 133.0 133.7 132.9 Drugs, soap, and toiletries................. 2.97 174.4 167.2 168,6 167.3 173.4 174,7 174.5 175.4 176.1 178.7 181.3 178.5 179.0 180,3 Newspapers ’ magazines, and books. 1.47 136.6 133.6 134.2 134,1 136.9 138,5 138.9 138.2 136.7 137.9 138.8 139,1 141.5 142.9 Consumer fuel and lighting................ 3.67 159.4 155.3 154.7 154.6 155.8 157,1 161.1 165.0 162.5 161.9 162,4 162,0 161.7 Fuel oil and gasoline....................... 1.20 128.6 124.0 125,2 128.4 128.7 128,6 128.8 129.1 131.8 134.0 129,8 129.2 124.9 124,7 Residential utilities........................... 2.46 174.4 170.5 169.0 167.4 169.0 171.0 176.8 182,5 177,4 175.5 178.2 178,0 179.6 Electricity....................................... 1.72 186.8 181.5 179.0 176.7 179.0 181.9 190.0 197.9 191.2 188.3 192.2 189.2 191.0 Gas...................................f............ .74 145,9 Equipment Business equipment............................. 11.63 181.2 174.0 175.4 175.9 178.3 180.0 182,7 184.4 185.7 187,2 187.5 189,3 187.8 186.1 Industrial equipment............................ 6.85 172.2 166.1 167.4 167.3 168,5 171.0 174.9 176.3 177,0 178.4 178.1 179.1 178.0 177,0 Conunerci al equip men t....................... 2.42 190.0 180.8 184.2 186.4 190.1 191,0 189.8 194,1 194.8 195.5 196.9 196.0 196.7 197.1 Freight and passenger equipment. .. 1.76 208.5 198.9 198.9 201.3 204.9 205,7 208.8 208.1 209.2 212.7 216.9 220.3 214.5 212.8 Farm equipment.................. .61 167.0 158.0 163.0 157,6 164,7 168.2 167.5 169.1 178,9 180.3 170.7 179.5 176.1 Defense equipment............................. 3.41 Materials Durable goods materials..................... 26.73 157.4 152.6 155.6 156.7 157.7 159.3 159.1 160.1 159.8 159.8 158.5 156.4 154,3 152.2 Consumer durable................................ 3.43 170.3 173.6 169,1 169.0 166.0 165,2 162.8 173.6 174.0 176.2 173.8 165.4 154.5 148.0 Equipment.............................................. 7.84 180.7 170.0 171.9 173,6 177.1 179.1 183.7 187.9 189.1 189,7 191.0 190.3 190.6 186.4 Construction.......................................... 9.17 141.6 143.6 146,1 144,3 141.8 142.3 141.0 140.2 139.8 138.5 138.5 138.2 138.7 140,2 Metal materials n.e.c............................ 6.29 144.4 143.2 147,1 145.1 144,8 148,0 146,9 145,3 142.7 145.2 139.6 139,5 139.5 140.3 Nondurable materials.............. 25.92 156.9 152.1 153.1 152.3 156,5 158.0 158,6 159,1 158.6 159.9 159.9 161,4 162.5 160.3 Business supplies................. 9.11 148.9 144.4 146.0 145,3 147,8 150.3 149.9 150.1 150.7 151.6 150.9 153.0 153.7 152.5 Containers.......................................... 3.03 145,4 143.5 145.2 142,4 146,1 146.4 143,2 143,4 147.4 145.3 147,2 151,1 146.4 146,4 General business supplies............... 6.07 150.7 144.9 146.4 146.7 148.6 152.2 153.2 153,4 152.4 154.8 152.8 154,0 157.4 155.6 Nondurable materials n.e.c,............... 7.40 192.8 187.2 186.3 188,4 192,0 192.9 194.5 195.6 193.8 197.1 198.7 198.1 199,9 197.0 Business fuel and power..................... 9.41 136.3 131.8 133.9 130.8 136,9 138.0 138.7 138.9 138,6 138,7 138.0 139.7 140,6 139.0 Mineral fuels...................................... 6.07 122,2 118.1 120,5 114.9 123,8 124,9 124,6 124.9 123,7 124.9 123.1 125.1 125,3 123.4 Nonresident!al utilities.................... 2.86 173.5 167.1 168.6 170.6 171.2 172,2 174,6 175.9 176,7 174.8 175.7 177,5 179,7 Electricity....................................... 2.32 174,5 168.7 170.3 172,2 172,8 173.8 176,7 178.2 179,1 176.7 177.8 179,0 181.8 General industrial.................... 1.03 171.6 163.9 165.6 168.2 170.0 170.1 174,6 176.3 177.0 177.6 176.7 177,1 178.8 Commercial and other............ 1.21 184.3 179.4 181.0 182.6 182.0 184.1 186.2 187.5 188.5 183,6 186.4 188.4 192.4 Gas................................................... .54 164.4 Supplementary groups of consumer goods Automotive and home goods............. 7.80 166,5 166.6 166,6 168,4 166.1 165.8 162.5 159.6 159,7 169.4 166,5 164,9 157.8 151.5 Apparel and staples.............................. 24.51 141.4 139.2 139,7 139.4 139,8 141.6 141.4 143.0 142,3 142.2 143,3 143,7 143.9 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
APRIL 1967 INDUSTRIAL PRODUCTION: S.A. 645 INDUSTRY GROUPINGS (1957-59 -100) Grouping 19 p p 5 o r 7 o r - 59 a 1 v 9 e 6 r 6 1966 1967 age’ tion Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov, Dec/ Jan.r Feb. Total index........................................ 100.00 156.3 152.4 153.7 153.9 155.3 156.5 157.2 158.0 157.7 158.9 158.6 159.0 158.2 156.1 Manufacturing, total.......................... 86.45 158.7 154.7 155.9 156.6 157.6 158.9 159.4 160.1 160.0 161.5 161.0 161.3 160.2 158.0 Durable.............................................. 48.07 165.1 160.7 161.9 162.9 164.2 165.4 166.1 167,1 167,3 169,1 167.3 167,6 165,7 162.8 Nondurable....................................... 38.38 150,7 147.3 148.5 148.7 149.4 150.7 151.3 151,3 150.9 151.9 153.1 153.5 153.3 151.9 Mining.................................................... 8.23 120.3 117.7 120,0 115.6 120.7 122,0 122,0 122.1 121.0 121.6 121.0 123,0 123.4 122.4 Utilities................................................... 5.32 173.4 168.7 168.8 169.1 170.2 171.7 175.7 179.0 177.0 175.2 176.9 177.7 179.6 178.0 Durable manufactures Primary and fabricated metals.......... 12.32 151.5 148.5 150.5 150.7 153.7 154.0 154.5 154.2 153.6 153.4 149.9 150.4 147.8 146.4 Primary metals..................................... 6.95 142.7 138.3 141.8 142.4 146.5 148.0 148.6 148.7 146.4 145.0 138.4 136,2 133.2 132.0 Iron and steel................................... 5.45 136.2 129.1 136.7 138.8 141.1 142.1 143,3 142.2 139.0 137,5 132.4 130,1 124.9 123.7 Nonferrous metals and products.. 1.50 166.5 172.5 174.5 166.0 165.0 166.2 162.4 162.1 164.7 168.2 161.7 163.5 162.9 163.0 Fabricated metal products................. 5.37 162.8 161.6 161.7 161.4 162.9 161.8 162.1 161.4 163.0 164.2 164.7 168,7 166.7 164.9 Structural metal parts..................... 2.86 158.8 158.9 158.9 159.1 158.4 158.8 157.7 158.8 158.6 159.0 160.2 161.4 160.7 160.6 Machinery and related products........ 27.98 176.5 170.1 170.8 172.4 173.7 175.5 177.4 179.0 179.8 183.4 181.9 182.0 179.7 175.6 Machinery.............................................. 14.80 183.8 176.4 176.1 178.6 180.6 182.8 186.6 189.6 188.8 191.1 189.0 189,5 189.4 185.7 Nonelectrical machinery................. 8.43 181.9 174.4 174.0 174,5 177.7 180.3 184.7 186.7 188.6 189.9 188.2 190.4 191.0 187.0 Electrical machinery.............. 6.37 186.5 179.2 178.9 184.1 184.4 186.0 189.1 193.4 189.2 192.6 190.1 188.3 187.3 184.0 Transportation equipment................. 10.19 168.3 164.1 166.1 165.9 165,8 167,1 166.0 166.0 168.3 174.6 172.9 171.5 164.6 158.9 Motor vehicles and parts............... 4.68 171.3 175.5 176.9 176.1 169.9 169.4 161.2 158.1 164.6 175.7 170.7 169.0 151.5 140.6 Aircraft and other equipment.... 5.26 165.2 153.1 155.8 156.4 161.9 164.7 169.6 172.5 171.1 173.7 174.6 173.7 176.0 174.7 Instruments and related products... 1.71 176.5 169.4 171.9 174.6 176.4 176,5 177.0 177.4 179.5 181.8 181.4 184.6 186.2 183.6 Ordnance and accessories................... 1.28 Clay, glass, and lumber..................... 4.72 132,9 136.4 138.0 137.8 133.3 134.4 131.7 129.8 129.8 128.1 126.6 128,1 129.2 129.2 Clay, glass, and stone products......... 2.99 140.7 142.2 143.0 141.9 139.5 141.0 138.5 140.5 141.2 137.8 136.5 136.9 137.0 136.9 Lumber and products......................... 1.73 119.3 126.5 129.3 130.7 122,7 122.9 119.9 111.3 110.0 111.3 109.5 112.8 115,7 115.8 Furniture and miscellaneous............... 3.05 165.0 161.6 162.9 163.5 166.7 167.0 163.5 167.1 165.9 165.3 166,3 167.5 166.3 163.9 Furniture and fixtures......................... 1.54 171.9 167.7 168.8 169.6 173.8 174.6 169.7 175.3 173.2 173.2 173.9 174.0 172.1 170.6 Miscellaneous manufactures.............. 1.51 157.9 155.3 156.8 157.2 159.5 159.3 157.2 158.7 158.4 157.2 158.5 160.9 160.3 157.0 Nondurable manufactures Textiles, apparel, and leather............ 7.60 141.6 139.8 141.1 142.6 142.0 143.4 141.6 140.1 140.2 140.9 140.8 141.3 138.8 134.8 Textile mill products........................... 2.90 142.3 140.7 142,0 143.5 143.7 144.0 143.4 142.1 141.7 142.4 141.8 141.4 138,8 136.7 Apparel products.................................. 3.59 150.3 148.4 149.4 150.3 149.9 152.0 149.7 147.7 148.4 148.1 149,3 150.5 148,4 Leather and products.......................... 1.11 111.9 109.7 112.2 115.5 112/1 114.2 111.1 110.4 109 9 113,9 110.8 111,1 107.9 Paper and printing............................. 8.17 146.3 142.7 144.2 143.5 146.6 148.3 149.6 148.6 147.2 147.9 148.5 147.4 149.0 148.4 Paper and products............................. 3.43 152.1 148.5 150.2 150.2 153.0 154.1 156.2 153.1 151.2 153.3 153,7 152.6 154,0 151,5 Printing and publishing....................... 4.74 142.2 138.6 139.8 138.6 142.1 144.1 144.8 145.3 144.3 144.1 144.7 143.7 145,5 146.2 Newspapers........................................ 1.53 134.2 131.4 133.1 128.5 133.8 135.4 136.3 137.7 139.1 135.7 135.2 133.2 133,7 134.8 Chemicals petroleum, and rubber.... 11.54 181.7 175.1 176.6 177.3 179.3 180.1 180.9 182.4 182.8 186.1 187,8 187.3 187.5 187.5 Chemicals and products..................... 7.58 193.0 185.5 187.8 187.7 191.4 192.7 194.5 194.4 193.5 196.9 199.4 198.7 199.2 200.0 Industrial chemicals......................... 3.84 220.1 210.7 213.7 215.4 218.2 219.9 222.0 222,2 220 5 224.1 227.5 228,8 230,1 Petroleum products............................. 1.97 128.4 125.5 125.6 127.7 127.4 127.7 126.9 128.5 130.6 131.2 129,1 129.0 128.6 126.9 Rubber and plastics products............ 1.99 191.9 184.7 184.5 186.9 184 3 184.1 188 7 190 3 193 6 199.2 202.0 201.6 201.0 Foods, beverages, and tobacco........... 11.07 127.7 126.8 127.4 126.9 125 5 126 8 127.2 128 5 127 9 126.7 128,8 131,0 130.9 Foods and beverages........................... 10.25 128.4 126.8 127.5 127.8 126/1 127’1 128.1 129*2 128 5 127.5 129.7 132.0 131.9 Food manufactures.......................... 8.64 126.6 125.6 125.7 126.0 124 4 125 5 126.4 127 0 127 0 124.9 127.6 130.3 130.4 Beverages........................................... 1.61 137.8 133.4 137.0 137.5 135.4 135 9 137,2 141.1 136 4 141,4 141.1 141.0 140.2 Tobacco products................................. .82 119.8 126.7 126.8 115.8 117 9 122 7 116 5 119 9 120 5 116.9 117.2 119.3 118,5 Mining Coal, oil, and gas............................... 6.80 117.6 114.3 116.7 111.6 118.8 119.5 119.5 119.7 118.8 119.8 118.4 120.1 120.0 118.8 Coal......................................................... 1.16 115.2 111.2 117.7 85.3 116.9 120.7 120.8 120.7 114.7 121.5 114.0 125,2 120,7 115,7 Crude oil and natural gas................... 5.64 118.0 115.0 116.5 117.0 119.1 119.3 119.2 119.6 119.6 119.5 119.3 119.0 119.9 119.5 Oil and gas extraction..................... 4.91 123.8 119.7 121.2 121.9 125.5 125.9 125.5 125.9 125.8 125.6 125.2 125.1 126.3 125.2 Crude oil........................................ 4.25 119.4 115.1 117.0 117.2 121.3 121.4 120.9 121.2 121.3 121.1 120,8 120,8 122,3 120.3 Gas and gas liquids..................... .66 151.7 149,0 148.1 152.2 152 2 154 4 155.1 155 5 154 4 154.6 153,3 152,3 Oil and gas drilling.......................... .73 79.2 83.0 84.4 83.6 76.2 74.6 76.4 77.0 77.9 77,9 79.2 78.1 76.3 80.5 Metal, stone, and earth minerals....... 1.43 133.2 133.6 136.0 134.6 130.1 133.7 133.8 133.1 131.4 129.9 133.2 137.1 139.4 139.7 Metal mining......................................... .61 132.7 130.8 134.5 139.7 133.6 134.2 134.0 132.1 128.6 129.4 133.0 134.2 140.3 141.1 Stone and earth minerals................... .82 133,5 135.6 137.1 130.9 127.5 133.3 133,7 133.8 133.5 130.3 133.4 139.3 138.7 138.6 Utilities Electric............................................. 4.04 179.7 174.2 174.0 174.1 175 5 177.2 182.4 186.5 184.2 181.7 183.9 183.4 185.7 Gas................................................ 1.28 153.6 151.4 152.3 153.3 1537 154.1 Note.—Published groupings include some series and subtotals not Industrial Production 1957-59 Base. Figures for individual series and shown separately. A description and historical data are available in subtotals (N.S.A.) are published in the monthly Business Indexes release. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
646 INDUSTRIAL PRODUCTION: N.S.A. APRIL 1967 MARKET GROUPINGS (1957-59 = 100) 1957-59 1966 1966 1967 pro aver Grouping por age’ tion Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.r Jan.r Feb. Total index........................................ 100.00 156.3 152.3 154.6 154.8 156.0 159.3 150.9 156.8 161.3 163.8 160.2 157.1 156,6 156.0 Final products, total.......................... 47.35 155.4 151.7 153.4 152.6 152.9 157.8 150.0 154.7 161.2 164.7 160,0 157.2 156.7 156.1 Consumer goods........................ 32.31 147.4 145.7 146.7 145.5 144.8 150.0 139.8 146.0 153.6 157.8 151.3 145.5 145.6 145.1 Equipment^including defense. .. . 15.04 172.6 164.6 167.8 167.9 170.3 174.6 172.0 173.5 177.8 179.4 178.7 182.4 180.7 179.8 Materials................................................ 52.65 157.1 152.7 155.7 156.7 158.7 160,7 151.8 158,7 161.3 163.1 160.4 157.0 156.5 156.1 Consumer goods Automotive products........................... 3.21 163.0 177.7 180.9 178.6 170.9 174.2 127.5 86.2 153.6 185,4 177.4 165,5 154,6 142.4 Autos...................................................... 1.82 169.5 195.6 202.2 196.8 184,3 190.4 112.1 32.6 150.1 202.7 193.4 175.7 155,4 132.6 Auto parts and allied products......... 1.39 154.4 154.1 153.0 154.8 153.3 152.8 147.7 156.9 158.3 162.5 156,3 152.1 153.6 155.4 Home goods and apparel............. 10.00 153.0 154.5 156.0 155.3 153.3 156.4 138.9 152.8 156,2 165.2 156.6 146,5 146,3 151,5 Home goods.......................................... 4.59 168,9 166.8 167.0 169.2 169.2 170,5 152.8 164.1 174.4 184.6 176.5 170.9 162.5 165.8 Appliances, TV, and radios.......... 1.81 166.6 168.2 166.4 174.2 169.4 171.7 140.8 149.3 170.9 191.6 173.1 163.1 153.3 166.3 Appliances.................................... 1.33 166.7 170.7 165.2 179.9 174,5 177.2 150,5 145.8 168.1 190.1 163.0 155.2 153,6 164.4 TV* and home radios................... .47 166.3 161.1 169.9 158.3 154,7 156,3 113.4 159.1 178.9 195.9 201.5 185.5 152.3 171.4 Furniture and rugs........................... 1.26 165.7 162.0 163.5 161.6 162.7 167.2 157.3 171.0 170.5 173.0 170.8 169.6 159.8 157.1 Miscellaneous home goods............ 1.52 174.2 169.1 170.6 169.6 174,4 171,9 163.3 175.9 181.7 186.0 185.2 181,4 175.7 172.5 Apparel, knit goods, and shoes........ 5.41 139.6 144.2 146.7 143.5 139.8 144.4 127,2 143.3 140.9 148.7 139,8 125.9 132,5 t^onsumer staples............................... 19.10 141.8 135.8 136.1 134.8 136.0 142.5 142.3 152.4 152.1 149.3 144,2 141,6 143.7 142,2 Processed foods.............................. 8.43 126,4 116.9 116.8 117,1 117,7 123,9 125,4 138,2 144.5 139.9 132,8 126,6 123,9 Beverages and tobacco....................... 2.43 131.7 120.4 130.7 131.6 139,0 150,2 136,4 145.0 134.4 137.1 126.3 115,4 117,0 Drugs soap and toiletries................. 2.97 174.4 165.5 166.7 167.3 171.8 180,8 167,5 181.2 179.6 185,0 183.1 177,6 180,8 180,3 Newspapers,’ magazines, and books. 1.47 136.6 133.1 136.2 134.6 136.5 137.9 137.5 139.9 137.9 137.8 137.0 138.8 140.2 142,3 Consumer fuel and lighting............... 3.67 159.4 165.4 158.6 150.2 146,4 150,7 166.3 171,8 164,8 154.1 153.0 165,5 177.1 Fuel oil and gasoline....................... 1.20 128.6 127.3 123.9 121.7 124.4 127.1 131.1 132.9 131.9 130.6 129.0 132.2 130.2 127.8 Residential utilities.......................... 2.46 174.4 Electricity...................................... 1.72 186.8 200.7 188.3 171.9 162.0 169.2 199.5 209.8 196.2 174.0 172.8 194.5 220.2 Gas................................................. .74 145.9 Equipment Business equipment............................. 11.63 181.2 173.9 177.7 177.6 179.3 184.3 180.3 181,2 186.1 187.5 185.3 189.8 187.5 186,2 Industrial equipment........................... 6.85 172.2 165.3 167.6 167.3 168,7 174.6 173.2 175.8 178.6 177.3 175.6 180.2 178,0 176.1 Commercial equipment....................... 2.42 190.0 179.5 182.5 182.9 187,8 191,6 187.1 194.1 197.7 198.8 200.8 200.3 196.9 195.7 Freight and passenger equipment... 1.76 208.5 198.9 207.9 209.4 211,0 213.9 208.8 199.8 206.1 218.0 212.6 218.1 214,5 212.8 Farm equipment................................... .61 167.0 176.3 185.1 179.9 173.6 179.3 149.8 136.4 167.3 169.1 154.3 174.9 179.3 Defense equipment............................. 3.41 Materials Durable goods materials.................... 26.73 157.4 132.3 155.9 158.3 160.0 162.4 152.1 158.4 162.7 163.5 159,6 155,4 152,9 150,6 Consumer durable............................... 3.43 170.3 176.2 174.2 174.1 171,0 166,9 141.6 158.0 174.0 178.8 179.0 173.7 159.9 150.2 Equipment.............................................. 7.84 180.7 171,5 173.8 175.5 178,3 180.9 178.0 182.3 187.2 189.1 191.2 193.2 192.3 188,1 Construction.......................................... 9.17 141.6 132.1 137.3 142.9 145,3 151,5 146.6 150.0 148,2 146.1 138.2 131,3 128.3 129.0 Metal materials n.e.c........................... 6.29 144.4 144.5 150.6 150.9 152,8 152.7 133.7 141.1 147.0 148.7 140.7 133,4 135.9 141.6 Nondurable materials......................... 25.92 156.9 133.3 153.6 155.0 157.4 159.1 151.4 159.0 159.9 162.6 161.2 158.6 160.3 161.7 Business supplies.................................. 9.11 148.9 143.9 148.7 149,4 150,3 151.8 141.4 149,8 153.9 157.7 153.1 147,9 148.4 152,0 Containers....................................... 3.03 145.4 141.8 145.9 147.5 147.6 150.9 142.5 152,0 152.4 152.7 143,1 134.0 139.1 144,6 General business supplies............... 6.07 150.7 144.9 150.1 150,4 151.6 152.2 140.9 148,8 154.7 160.2 158,1 154,8 153.0 155,6 Nondurable materials n.e.c................ 7.40 192.8 190.9 191.0 194.1 194,9 195.8 183.4 192.7 192.8 198.1 200.7 195.1 198.9 200,9 Business fuel and power..................... 9.41 136.3 132.7 134.4 129.7 134.8 137.2 135,8 141.4 139.9 139.5 137.9 140.1 141.4 140,3 Mineral fhels..................................... 6.07 122.2 121.7 123.2 116.3 122.6 122.7 116.6 123.4 122.3 125.7 124.6 126.9 127.4 127.2 Nonresidential utilities................... 2.86 173.5 Electricity...................................... 2.32 174.5 162.1 164.8 164.1 167.8 176.8 187.0 191.9 188.3 177,8 173.5 175.2 178.9 General industrial................... 1.03 171.6 159.6 164.8 166.0 170.0 173,5 173.7 179.8 179.7 178.0 176.7 175.3 177.9 Commercial and other............ 1.21 184.3 170.4 171.2 168.9 172.4 186.9 206.7 210.9 204.0 185.4 178.2 182,7 187.6 Gas.................................................. .54 164.4 Supplementary groups of consumer goods Automotive and home goods............ 7.80 166.5 171.3 172.7 173.1 169,9 172.0 142.4 132.0 165.8 184.9 176.9 168.7 159,3 156.2 Apparel and staples............................. 24.51 141.4 137.6 138.5 136.7 136,9 142.9 139.0 150.4 149.6 149.2 143.2 138.1 141.2 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
APRIL 1967 INDUSTRIAL PRODUCTION: N.S.A. 647 INDUSTRY GROUPINGS (1957-59- 100) 1957-59 1966 1967 pro 1966 Grouping por aver tion age’ Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.r Jan/ Feb. Total index........................................ 100.00 156.3 152.3 154.6 154.8 156.0 159.3 150.9 156,8 161.3 163.8 160.2 157,1 156.6 156.0 Manufacturing, total.......................... 86.45 158.7 154.4 157.1 157.9 158.9 162.2 152.1 158.0 163.6 167.1 163.3 159.2 158.0 157.7 Durable.............................................. 48.07 165.1 160.6 163.9 164.9 166.1 169.0 158.2 160.4 169.5 173.2 170.2 168.3 164.7 162,8 Nondurable........................................ 38.38 150.7 146.6 148.6 149.2 149.8 153.8 144.4 155.0 156.3 159.6 154.8 147.7 149,7 151.4 Mining..................................................... 8.23 120.3 117.0 118.7 115.5 121.3 122.7 118.2 123.6 122.8 124.3 121.5 122.1 121,7 121.7 Utilities................................................... 5.32 173.4 Durable manufactures Primary and fabricated metals.......... 12.32 151.5 149.1 153.7 154.2 155.5 156.3 143.8 151.2 156.1 156.3 151.8 147.7 146.8 147.1 Primary metals...................................... 6.95 142.7 143.4 150.6 150,5 150.3 149.5 131.5 139.5 144.8 146.4 139.8 132.1 134,5 137.6 Iron and steel.................................... 5.45 136.2 134.7 143.5 144.3 143.9 142.1 127.5 133.7 139.0 139.6 133.7 126,8 127.4 129.9 Nonferrous metals and products.. 1.50 166.5 175.1 176.4 172.3 173.7 176.5 146.2 160.5 165.9 171.4 161.7 151.1 160.1 165.4 Fabricated metal products................. 5.37 162.8 156.3 157.8 159.0 162.1 165.0 159.7 166.2 170.8 169.1 167.3 167.9 162.7 159.5 Structural metal parts..................... 2.86 158.8 152,5 152.7 154.3 157,6 162.0 157.7 162,8 164.9 163,8 162.6 163.0 157.5 154.2 Machinery and related products........ 27.98 176.5 172.2 174.3 175.0 175.9 179.1 168.1 166.4 180.2 186.7 185.2 185.7 181.1 177.4 Machinery.............................................. 14.8C 183.8 177,8 179.2 180.8 182.2 186,5 178.1 183.2 190.0 193,0 189.8 192.2 189.2 187.1 Nonelectrical machinery................. 8.43 181.9 176.1 178.9 179.7 182.1 184.6 180.1 179.8 186.1 186.5 185.2 191.7 191.0 188.9 Electrical machinery........................ 6.37 186.5 180.1 179.6 182.4 182.5 189.0 175.6 187.8 195.2 201.5 196.0 192.9 186.9 184.8 Transportation equipment................. 10.19 168,3 168.0 171.3 170.6 169.7 171.4 153.5 140.5 167.4 180,3 180,0 177.2 168.9 161.8 Motor vehicles and parts............... 4.68 171,3 184.1 187.2 185.0 178.5 180,9 138.5 106.3 163.7 187.1 183.6 174.7 159.5 146.6 Aircraft and other equipment.... 5.26 165.2 153.4 156.6 157.2 161.3 162.4 165.5 169.4 170.4 174.6 177.2 179.8 177.8 175.0 Instruments and related products... 1.71 176.5 168.6 171.0 170.2 174.6 178.3 175.2 178.8 181.5 183.8 184.7 186.8 184.0 182.7 Ordnance and accessories................... 1.28 Clay, glass, and lumber..................... 4.72 132.9 125.1 131.6 136.5 138.0 143.6 137.2 142.0 139.3 136,2 126.9 118.1 116.7 119.7 Clay, glass, and stone products......... 2.99 140.7 127.3 136.6 141.3 144.5 151.3 147.2 . 152.0 149.2 145,4 138,5 129.4 125.4 124.6 Lumber and products.......................... 1.73 119.3 121.4 122.8 128.1 126.7 130,3 119.9 124.7 122.1 120.2 106,8 98.7 101 ,8 111.2 Furniture and miscellaneous............... 3.05 165.0 156.4 159.9 159.2 162.9 167.3 159.1 171.9 172.0 174.8 174.2 169.7 161.0 158.6 Furniture and fixtures.......................... 1.54 171.9 163.5 166.8 165.0 168.6 174.3 167.2 180.2 178.4 179,8 178,8 178.4 168.7 166.3 Miscellaneous manufactures.............. 1.51 157.9 149.1 152.9 153.3 157.1 160.1 150.9 163.5 165.5 169.8 169.6 160.9 153.1 150.7 Nondurable manufactures Textiles, apparel, and leather............ 7.60 141.6 146.5 147.7 146.2 143.8 145.7 127.2 143.9 141.1 148.5 141.5 130.0 136.9 141.5 Textile mill products....................... 2.90 142.3 143.5 143.4 146.4 148.7 147.6 129.1 145.7 141.7 146.7 142.5 131.5 139.5 140.8 Apparel products.................................. 3.59 150,3 158.0 160.6 156.3 149.9 154.3 134,0 150.7 149.9 159.9 150.8 137.0 143.9 Leather and products.......................... 1.11 111.9 117.3 117.8 113.2 111.5 113.1 100,0 117.6 111.5 116.7 108,6 103.7 107.4 Paper and printing............................. 8.17 146.3 142.6 145.9 146.5 147.9 148.2 140.2 146.6 149.2 154.9 151.6 144.2 146.1 149.0 Paper and products.............................. 3.43 152.1 152.2 153.2 154.7 153.8 154.9 143,7 153.1 153.5 163.3 154.5 140.4 151.7 155.3 Printing and publishing....................... 4.74 142.2 135.7 140.7 140.5 143.5 143.3 137.7 141.9 146.0 148.8 149,5 146.9 142.0 144.5 Newspapers........................................ 1.53 134.2 126.1 135.1 136.8 142.6 136.1 118.6 126.0 138.4 145.6 148.7 136.5 123.0 129.4 Chemicals, petroleum, and rubber.... 11.54 181.7 176.7 178,2 180.7 181.0 186.0 174.7 183.3 185.3 189.7 187.8 184.0 186.5 188.6 Chemicals and products..................... 7.58 193,0 187.2 189.4 192.7 193.7 198.3 187.4 194.9 195.3 198.7 200.4 196.3 198.2 200.9 Industrial chemicals......................... 3.84 220.1 216.0 216.9 220.8 220.4 223.2 214.2 ,218.9 221.6 224.1 230,9 228,8 228.9 Petroleum products.............................. 1.97 128,4 123.0 121.2 122.6 126,1 131.5 1'33.6 135,3 134.1 132.5 127.4 125.9 124.7 124.4 Rubber and plastics products....... 1.99 191.9 190.2 192.1 192,7 187,1 193.3 167.0 186,5 198.1 212.1 200,0 194.5 203.0 Foods, beverages, and tobacco........... 11.07 127.7 118.4 120.4 120.5 122.8 129.8 127.6 139.2 141.8 139.3 131. 7 124.5 122.8 Foods and beverages........................... 10.25 128.4 117.7 120.1 120.9 122.8 129.7 129.6 140,0 143.1 140.2 132,7 126.7 123.3 Food manufactures......................... 8.64 126.6 117,8 117.5 117.4 118.2 124.1 125,1 137.6 143.8 139.9 133.3 127.0 124.5 Beverages............................................ 1.61 137.8 117,4 133.6 139.7 147.6 159.8 153.4 152.8 139.1 142.1 129.8 124.8 116,9 Tobacco products................................. .82 119.8 126,1 124.9 115.6 122.1 131.3 103.1 129.7 125.2 127.3 119.5 97.1 117,2 Mining Coal, oil, and gas............................... 6.80 117.6 117.4 118.6 112.3 117.3 117.4 112.4 118.9 118.1 120.8 119.7 121.6 122.0 122.1 Coal......................................................... 1.16 115.2 112.5 118.6 85.9 118.1 120.0 93.1 127.0 121.3 132.4 118.7 122.9 118.3 117.1 Crude oil and natural gas................... 5.64 118.0 118.4 118.6 117.8 117.2 116.8 116.4 117.3 117.4 118.5 119.9 121.4 122,8 123.1 Oil and gas extraction..................... 4.91 123.8 123.9 124.3 123.5 123.7 123.3 122.2 122.5 122.5 124.2 126.0 127,8 129.5 129.6 Crude oil........................................ 4.25 119.4 118.6 119.3 119.1 120.1 120.2 118.5 118.8 118.9 119.9 120.8 122.0 124.1 123.9 Gas and gas liquids........... .66 151.7 157.5 156.1 151.4 146.3 143.7 145.8 146.0 145.8 151,4 159,0 164.9 Oil and gas drilling.......................... .73 79.2 81.8 79.9 79.3 73.6 73.0 76.9 81.9 82.7 79.8 78,8 77,9 77.4 79.4 Metal stone, and earth minerals..... 1.43 133.2 114.6 119.3 130.4 140.2 147.7 145.6 145.6 145.4 140.9 130.0 124.2 119.9 120.0 Metal mining......................................... .61 132.7 117.7 119.7 129.9 147.0 151.6 143.4 142.7 145.3 138.5 123.7 120.8 123.5 127.0 Stone and earth minerals.................... .82 133.5 112.4 119.0 130.9 135.1 144.9 147.2 147.8 145.5 142.7 134.7 126.8 117.3 114.9 Utilities Electric.................................................. 4.04 179.7 178.6 174.8 167.4 165.3 173.5 192.3 199.5 191.7 176.2 173.2 183.5 196.5 Gas........................................................... 1.28 153,6 Note.—Published groupings include some scries 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
648 BUSINESS ACTIVITY; CONSTRUCTION APRIL 1967 SELECTED BUSINESS INDEXES (1957-59= 100) Manu Industrial production facturing 2 Prices 4 Nonag Major market groupings Con ricul Period Total Final products Mate Ma g j r o o r u i p n i d n u g s s try s t c r t t r i o a o u c n n c t s T m p t o e u e l m t o n r a a y t l — l i p m E l e o m n y t - P ro a l y ls F l i c o r n a e a g r i d g s - h t s T r a e o l t e t a s a i l l 3 s C um on e r W c s o a h m l o e l e Con Equip rials Min Util modity Total sumer ment Mfg. ing ities goods 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, I 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....................... 108.7 109.9 111.0 107.6 107.6 108.9 101.6 115.6 105 103.3 99.9 106.7 95.3 106 103.1 100.7 1961....................... 109.7 III.2 112.6 108.3 108.4 109.6 102.6 122.3 108 102.9 95.9 105.4 91.2 107 104.2 100.3 1962....................... 118.3 119.7 119.7 119.6 117.0 118.7 105.0 131.4 120 105.9 99.1 113.8 92.4 115 105.4 100.6 1963....................... 124.3 124.9 125.2 124.2 123.7 124.9 107.9 140.0 132 108.0 99.7 117.9 93.3 120 106.7 100.3 1964....................... 132,3 131.8 131.7 132.0 132.8 133.1 111.5 151.3 137 111.1 101.5 124.3 95.5 127 108.1 100.5 1965....................... 143.4 142.5 140.3 147.0 144.2 145,0 114.8 160.9 143 115.7 106.5 136.3 96.6 138 109.9 102,5 1966 p................. 156.3 155.4 147.4 172.6 157.1 158.7 120.3 173.4 145 121.6 r112.7 r150.4 96.5 148 113.1 105.9 19 66—Feb............ 152.4 152.1 146.1 164.8 152.6 154.7 117.7 168.7 157 119,6 110.9 147.5 97.2 148 111.6 105.4 Mar...... 153.7 152,5 146,2 166.2 154.4 155.9 120.0 168.8 158 120,4 111.5 148.1 100.2 149 112.6 105,4 Apr............ 153.9 152.9 146.4 166.9 154.5 156.6 115.6 169.1 161 120.6 11.9 148.9 97.0 146 112.5 105.5 155.3 153.7 146.2 169.8 157.1 157.6 120,7 170.2 156 120,9 112,4 149.0 100,0 143 112,6 105.6 156.5 154.9 147.1 171,4 158.0 158.9 122.0 171.7 147 121.8 113.4 150.1 95,1 149 112.9 105.7 July........... 157,2 155.3 146.5 174.4 158.8 159,4 122,0 175.7 147 122.0 112,7 148.9 93.6 148 113.3 106.4 Aug........... 158.0 156,4 147.1 176.4 159.6 160.1 122.1 179,0 139 122.2 113,8 151.4 94.0 150 113,8 106.8 157.7 156.3 146.5 177.4 159.2 160.0 121.0 177.0 146 122.2 113.3 152.7 95.0 150 114.1 106.8 Oct....... 158.9 158,3 148,8 178.8 159.9 161.5 121.6 175,2 139 122.7 113.9 153.8 93.9 149 114,5 106.2 158.6 158.5 148.8 179.6 159.1 161.0 121,0 176.9 130 123.4 114.6 154.5 97.1 150 114,6 105,9 159.0 H59.2 ’’149.1 ’’181.0 ’’158.9 161.3 123.0 r177.7 133 123.9 114.7 154.4 99.0 148 114.7 105.9 1967—Jan............ r158.2 ’’158.1 q47.7 r180.5 r158.3 160.2 ’’123.4 U79.6 126 r124.5 r114.7 r156.2 97.4 150 114.7 106.2 Feb............ 156.1 156.0 144.9 179.6 156.2 158.0 122.4 178.0 143 124.6 114.0 153.1 95.6 150 114.8 106.0 Mar.P.... 156.4 156.7 145.8 180.0 156.2 158.3 122.9 178.0 124.7 113.6 156.2 95.9 155 106.0 1 Employees only; excludes personnel in the armed forces. value of total construction contracts, including residential, nonresidential, 2 Production workers only. and heavy engineering; does not include data foi 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) 1966 1967 Type of ownership and type of construction 1965 1966 Feb.’’ Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Total construction............................... 49,272 50,150 3,592 4,737 5,098 5,132 4,854 4,774 4,302 4,083 4,106 3,461 3,189 2,838 3,300 By type of ownership: Public................................................ 16,302 18,152 1,083 1 463 1*574 1,902 1,937 2,020 1,568 1,379 1,607 1,357 1,287 1,113 1,188 Private.............................................. 32;970 31'998 2,509 3,274 3,524 3,230 2,916 2^54 2,733 2,704 2; 499 2; 104 1'902 1,725 2; 122 By type of construction: Residential building....................... 21,247 17,827 1,412 2 004 2 081 1 970 1.828 1,461 1,494 1,261 1 225 1 076 903 937 Nonresidential building................ 171219 19^393 I 364 1 726 1 883 1,826 1 ^885 1,813 1,729 1,676 1 796 1,424 1,358 1,175 Nonbuilding.................7................. 10,805 12,930 816 ildo? 1,134 1,335 1,140 1399 1,079 1,146 1,086 961 928 726 ........... 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
APRIL 1967 CONSTRUCTION 649 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Period Total Non Business O n t o h n e - r C v o a n ti s o e n r Total f r a e r s m i Indus Com Public d re e s n i- - Total M ta i r l y i H w ig ay h dev & el op Other 1 dential Total trial mercial utility tial ment 1956................................ 47,601 34,869 20,178 11,076 3,084 3,631 4,361 3,615 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 14,059 1,287 4,934 971 6,867 1958................................ 50,153 34,696 19,789 10,659 2,382 3,589 4,688 4,248 15,457 1,402 5,545 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 11,652 2,851 4,180 4,621 4,720 15,863 1,366 5,437 1,175 7,885 1961................................ 55,447 38,299 21,680 11,789 2,780 4,674 4,335 4,830 17,148 1,371 5,854 1,384 8,539 1962 3............................ 59,667 41,798 24,292 12,316 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 12,497 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................................ 71,930 49,999 26,689 16,968 5,086 6,704 5,178 6,342 21,931 883 7,547 2.017 11,484 1966................................ 73,866 50,623 24,633 19,230 6,779 6,887 5,564 6,760 23,243 770 8,324 2,172 11,977 1966—Feb...................... 78,920 54,290 27,463 19,435 6,629 7,294 5,512 7,392 24,630 823 8,203 2,004 13,600 Mar..................... 79,499 55,066 27,279 20,154 7,073 7,672 5,409 7,633 24,433 1,009 8,550 2,323 12,551 Apr..................... 78,578 54,347 27,437 19,730 7,175 7,097 5,458 7,180 24,231 887 8,791 2,226 12,327 May.................... 76,135 52,284 27,023 18,283 6,856 6,126 5,301 6,978 23,851 650 8,783 2,142 12,276 June.................... '74,795 52,108 26,156 19,508 7,548 6,343 5,617 6,444 *■22,687 744 r8,257 *2,091 *■11,595 July..................... '72,456 50,061 25,115 18,933 7,163 6,280 5,490 6,013 '22,395 800 *•8.175 '2,107 '11,313 Aug..................... *•72,215 49,668 23,927 19,270 7,164 6,482 5,624 6,471 '22,547 746 '8,145 *■2,219 *■11,437 Sept.................... r72,498 49,725 23,100 19,678 6,913 7,054 5,711 6,947 '22,773 848 '8,216 '2,159 '11,550 Oct...................... '69,307 46,754 22,012 18,406 6,223 6,608 5,575 6,336 *■22,553 655 '8,240 *•2,057 *■11,601 Nov..................... 69,856 46,811 20,830 19,287 6,444 7,051 5,792 6,694 23,045 716 8,266 2,379 11,684 Dec..................... 69,934 46,876 20,459 19,657 6,250 7,516 5,891 6,760 23,058 726 8,291 2,286 11,755 1967—Jan.?................... 71,066 47,868 20,740 19,747 6,136 7,800 5,811 7,381 23,198 650 8,333 2,299 11,916 Feb.?................ 71,706 48,282 21,156 5,833 23,424 8,354 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 govt, activity only). NEW HOUSING STARTS (In thousands of units) Ann S u . a A l . rate, By area By typo of ownership G un o d ve er r w nm rit e t n e t n - Period (private only) Total Metro m N e o tr n o Private Public Total N fa o rm n politan politan Total fam 1- i ly fam 2- i ly M fam uh il i y - Total FHA VA 1956................................ 1,349 1,325 24 465 195 271 1957................................ 1,224 1,175 49 322 193 128 1958................................ 1^382 1’314 68 439 337 102 1959................................ 1354 1,077 477 lj517 1,234 56 227 37 458 349 109 1960................................ 1.296 889 407 1,252 995 44 213 44 336 261 75 1961................................ 1,365 948 417 1,313 974 44 295 52 328 244 83 1962................................ 1,492 1,054 439 1’463 991 49 422 30 339 261 78 1963................................ 1,641 1,151 490 1,609 1,021 53 535 32 292 221 71 1964................................ 1,591 1,119 472 1,557 972 54 532 33 264 205 59 1965................................ 1,543 1.068 475 1.505 962 50 493 38 249 197 53 1966................................ 1 252 852 400 1 220 794 40 387 32 199 158 40 1. 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 1 481 149 107 42 147 95 5 47 2 22 18 3 May.................... 1318 1,287 139 92 48 135 88 4 43 4 18 14 3 June.................... 1,285 1,261 131 88 43 128 84 4 40 3 19 15 4 July..................... 1,088 1,068 105 70 35 104 71 3 30 17 13 4 Aug..................... 1,107 1,084 107 72 35 105 71 3 31 2 18 14 4 Sept..................... 1 ^075 1 ’050 95 64 31 92 62 3 27 3 13 10 3 Oct...................... ’848 826 83 54 29 80 55 2 23 3 13 9 3 Nov..................... 1,012 993 78 51 27 75 51 3 22 2 13 10 3 Dec..................... 1,089 1 066 66 47 19 64 40 2 21 2 12 10 3 1967--Jan..................... 3*1,282 ”1,251 ”67 47 20 ”64 40 2 22 ”3 13 10 3 Feb...................... Pl '089 ”1,073 *63 45 18 ”61 43 2 17 ”2 12 9 3 Note.—Beginning with 1959, Census Bureau series includes both farm by area or type of structure. Data from Federal Housing Admin, and and nonfarm series developed initially by the Bureau of Labor Statistics. Veterans Admin, represent units started, based on field office reports of Series before 1959 reflect Census Bureau revisions that are not available first compliance inspections. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
650 EMPLOYMENT APRIL 1967 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons unless otherwise indicated) Civilian labor force, S.A. Period i T p n o s o N t p t i a t . u S u l l . t a n A i t o o i . n o n a n - l l N ab N o o t . r S in . f A o t r . h c e e T l f a S o o b . r A t o c a e r . l Total Total E In m c u n p l o t l n u o a r y a g e l r d i- 1 In U pl n o e y m ed U (p n e m e r S r m a . e c t A n p e e . 2 t n l o t y ) industries agriculture 1961............................. 121,343 48,312 73,031 70,459 65,746 60,546 5,200 4,714 6.7 1962............................. 122^981 49,539 73’442 701614 661702 61,759 4,944 31911 5.5 1963............................. 125,154 50,583 74371 71,833 67,762 631076 41687 41070 5.7 1964............................. 127,224 51 .’394 751830 73391 691305 64,782 4,523 3,786 5.2 1965............................. 129^36 52,058 77,178 74,455 71,088 66,726 41361 31366 4.5 1966............................. 131,180 52^288 78 ,'893 75,770 721895 68,915 3,979 21875 3.8 1966—Mar................. 130,599 53,556 78,091 75,117 72,266 68,153 4,113 2,851 3.8 Apr.................. 130,749 52^938 78,349 751341 721542 68,343 41199 21799 3.7 NUy................. 130,925 52,466 78,194 751149 72,253 681351 3,902 21896 3.9 June................ 131^083 50,356 78j767 751668 721730 681749 3,981 2,938 3.9 July................. 131,236 50397 78'905 75.770 72,’846 68,920 3,926 2,924 3.9 Aug................. 131 319 50 .'75 5 79,247 761069 73,141 691206 3,935 2,928 3.8 Sept................. 131,590 52,609 79,268 76,039 731195 691309 31886 2,844 3.7 Oct.................. 131,772 52,285 79,360 76,081 731199 69,420 3,779 21882 3.8 Nov................. 131’949 52,054 791934 76,612 731897 701005 31892 2,715 3.5 Dec.................. 132,121 52,479 80,154 76,764 731893 69382 4,011 21871 3.7 19673—lan................. 132,295 53,589 80,473 77,087 74,255 70,240 4,015 2,832 3.7 Feb................ 132,448 53,341 80,443 77,025 74,137 701247 31890 21888 3.7 Mar............... 132 327 53,678 79,959 761523 73,747 691892 31855 2,776 3.6 1 Includes self-employed, unpaid family, and domestic service workers. Note.—Bureau of Labor Statistics. Information relating to persons 16 2 Per cent of civilian labor force. years of age and over is obtained on a sample basis. Monthly data relate 3 Beginning January 1967 data not strictly comparable with previous to the calendar week that contains the 12th day; annual data are averages data. Description of changes available from Bureau of Labor Statistics. of monthly figures. EMPLOYMENT IN NONAGRJ CULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Period Total M t a u n r u in 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 & sp o p r u t b a Trade Finance Service G m ov e e n r t n tion lic utilities 1961............................................................... 54,042 16,326 672 2,816 3,903 11,337 2,731 7,664 8,594 1962............................................................... 551596 16,853 650 2,902 31906 11,566 2,800 81028 8,890 1963............................................................... 561702 161995 635 2363 3,903 11,778 2,877 81325 91225 1964............................................................... 58,332 17,274 634 31050 3,951 12,160 2,957 81709 91596 1965............................................................... 601770 18,032 632 31181 41033 12,683 3,019 91098 10,091 1966............................................................... 631864 19,081 628 3 ,'281 4,136 13,220 31086 9,582 10,850 SEASONALLY ADJUSTED 1966—Mar................................................... 63,247 18,840 637 3,419 4,109 13,085 3,064 9,463 10,630 63,350 18,923 595 3,333 4,114 13,128 31068 91484 101705 May......................................... 631517 191002 628 31238 4,132 13.164 31076 9,515 10,762 June.................................................. 631983 19,167 632 31300 4,143 13,217 3,090 91549 10,885 July................................................... 64,072 19,128 636 3J297 4,122 13,256 3,095 91609 10,929 Aus. 641199 191262 636 31251 4,105 131264 31100 9,647 101934 Sept................................................... 641168 19,204 628 3,228 41168 131268 3,100 9,649 10,923 641466 191312 625 31202 41165 131340 3,102 9,712 111008 Nov.................................................. 64,823 191415 624 31204 41195 131393 3J10 91778 11,104 Dec............................................... 651076 19,445 626 31293 4,196 13,392 3,121 9,821 11,182 1967—Jan..................................................... 65,381 19,468 628 3,301 4,230 13,503 3,129 9,869 11,253 Feb.®................................................ 651463 19,388 626 3,351 4,225 13,506 3,142 91915 11,310 Mar®................................................. 65’486 19,353 627 31318 4,220 13,458 3,157 9,971 11,382 NOT SEASONALLY ADJUSTED 1966—Mar................................................... 62,243 18,651 620 2,981 4,056 12,826 3,043 9,331 10,735 Apr,.................................................. 621928 18,774 590 3,156 4,077 13,015 3,056 9,465 10,795 May................................................... 631465 18,906 630 3,277 4,115 13,061 3,070 9,572 10,834 June................................................... 64,563 19,258 645 3,521 4,180 13,239 3,112 9,702 10,906 July................................................... 64,274 19,123 645 31623 4,171 13,225 31148 9,782 10,557 Aug. * *............................................. 641484 19,391 649 31641 4J54 13,224 3,146 9,772 10,507 Sept................................................... 64,867 191533 637 3,525 4,218 13,253 3,109 9,707 10,885 Oct................................................... 65,190 191538 631 31449 41198 131385 3,099 9,751 11,139 Nov.............................................. 651389 191522 628 31310 4,208 131599 3,098 9,739 11,285 Dec.................................................... 65 ,’904 19,430 625 3 ,'I28 4,200 14,241 3,105 9,733 11,442 1967—Jan..................................................... 64,334 19,233 614 2,925 4,162 13,322 3,095 9,672 11,311 Feb.®................................................. 64,254 19,183 609 2,842 4,153 13,188 3,114 9,746 11,419 Mar.®............................................... 64,379 19,163 610 21893 4,165 13.289 3,135 9,831 11,493 , Note.—Bureau of Labor Statistics; data include all full- and part- domestic servants, unpaid family workers, and members of the armed time employees who worked during, or received pay for, the pay period forces are excluded. that includes the 12th of the month. Proprietors, self-employed persons, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
APRIL 1967 EMPLOYMENT AND EARNINGS 651 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted Not seasonally adjusted Industry group 1966 1967 1966 1967 Mar. Jan. Feb.’ Mar.P Mar. Jan. Feb.* Mar.P Total....................................................................................... 14,048 14,453 14,363 14,308 13,878 14,233 14,171 14,141 Durable goods....................................................................... 8,190 8,462 8,412 8,384 8,113 8,372 8,327 8,310 Ordnance and accessories.......................................... '112 136 '141 '143 112 138 '141 '143 Lumber and wood products..................................... 563 539 535 540 532 509 506 511 Furniture and fixtures................................................ 375 381 380 377 371 377 375 373 Stope clay, and glass products.............................. 525 515 507 509 502 486 481 487 Primary metal industries............................................ 1,058 1,090 1,070 1,059 1,064 1,077 1,068 1,064 Fabricated metal products........................................ 1,047 1 ;674 1,069 1,064 1,032 1 '063 1,055 1,048 Machinery..................................................................... 1,278 1 J63 1,358 1,355 1,289 1'363 1,363 1367 Electrical equipment and supplies........................... 1'268 1,357 1'349 1342 1,256 1 '361 1’341 1,330 Transportation equipment........................................ 1,344 1,362 1,364 1'358 1 ,'352 1,382 1,379 1'366 Instruments‘and related products............................ 269 287 '288 290 267 '286 286 288 Miscellaneous manufacturing industries................ 351 358 351 347 336 330 332 333 Nondurable goods................................................................ 5,858 5,991 5,951 5,924 5,765 5,861 5,844 5,831 Food and kindred products...................................... 1,174 1,183 1,182 1,191 L087 1,117 1'097 1'103 Tobacco manufactures............................................... 74 ’ 77 72 72 66 76 69 65 Textile-mill products.................................................. 846 847 838 835 842 835 830 831 Apparel and related products.................................. 1,230 1,257 1,241 1,219 1,246 1,233 1,248 1,235 Paper and allied products............................... ‘515 531 '533 '532 '510 '526 526 '526 Printing publishing, and allied industries............. 642 673 673 676 640 666 670 674 Chemicals and allied products.................................. 560 584 583 579 561 577 578 580 Petroleum refining and related industries.............. 112 115 114 113 110 111 111 111 Rubber and misc plastic products........................ 390 417 412 408 388 415 410 406 Leather and leather products.................................... 315 307 303 299 315 305 305 300 Note.—Bureau of Labor Statistics; data cover production and related workers only (full- and part-time) who worked during, or received pay for, the pay period that includes the 12th of the month. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES Average hours worked Average weekly earnings Average hourly earnings (per week; S.A.) (dollars per week; N.S.A.) (dollars per hour; N.S.A.) Industry group 1966 1967 1966 1967 1966 1967 Mar. Jan. Feb.” Mar.P Mar. Jan. Feb.P Mar.P Mar. Jan. Feb.P Mar.P Total.......................................................................... 41.5 41.0 40.3 40.4 110.95 113.42 111.48 112.44 2.68 2.78 2.78 2.79 Durable goods............................. 42.3 41.8 40.9 41.1 120.69 122.43 120.47 121.36 2.86 2.95 2.96 2.96 Ordnance and accessories............................. 42.0 42.1 41.9 42.3 132.82 137.80 136.18 137.15 3.17 3.25 3.25 3.25 Lumber and wood products........................ 41.1 40.3 40.3 40.3 88.91 91.37 91.64 92.73 2.19 2.29 2.32 2.33 Furniture and fixtures................................... 41.9 40.8 40.0 40.4 90.06 90.63 89.50 90.80 2.17 2.26 2.26 2.27 Stone clay, and glass products................... 42.8 42.1 41.5 41.9 112.83 113.71 112.19 114.54 2.68 2.76 2.77 2.78 Primary metal industries.............................. 41.9 41.8 40.8 40.9 136.83 138.36 134.97 135.22 3.25 3.31 3.30 3.29 Fabricated metal products........................... 42.4 42.3 41.3 41.4 119.85 122.47 120.13 120.72 2.84 2.93 2.93 2.93 Machinery........................................................ 44.0 43.6 42.9 43.2 134.95 137.03 135.45 136.83 3.06 3.15 3.15 3.16 Electrical equipment and supplies.............. 41.3 40.8 39.9 40.1 107.53 109.21 107.46 108.40 2.61 2.69 2.70 2.71 Transportation equipment........................... 42.9 41.7 40.7 40.6 140.06 141.44 136.21 136.15 3.28 3.40 3.38 3.37 Instruments and related products.............. 42.4 41.7 40.9 41.4 113.10 114.13 112.61 113.71 2.68 2.75 2.76 2.76 Miscellaneous manufacturing industries... 40.3 40.0 38.8 39.0 89.28 91.87 90.40 91.49 2.21 2.32 2.33 2.34 Nondurable goods................................................... 40.4 40.0 39.5 39.6 96.88 99.40 99.18 100.08 2.41 2.51 2.53 2.54 Food and kindred products......................... 41.1 41.2 40.9 41.2 101.66 106.08 104.92 106.78 2.51 2.60 2.61 2.63 Tobacco manufactures.................................. 39.4 38.6 37.5 38.5 84.64 83.16 82.08 87.52 2.2i 2.20 2.28 2.34 Textile-mill products...................................... 42.4 41.0 40.0 40.3 81.22 81.61 80.40 80.80 1.92 2.01 2.01 2.01 Apparel and related products...................... 36.5 36.7 35.6 35.4 69.37 70.40 71.04 71.60 1.88 1.95 1.99 2.00 Paper and allied products............................ 43.5 43.2 42.7 42.8 117.34 119.84 118.44 119.71 2.71 2.80 2.80 2.81 Printing, publishfng, and allied industries. 38.7 38.9 38.5 38.6 121.06 123.59 123.33 125.00 3.12 3.21 3.22 3.23 Chemicals and allied products.................... 42.0 41.8 41.5 41.7 122.64 126.16 125.55 126.77 2.92 3.04 3.04 3.04 Petroleum refining and related industries.. 42.6 41.8 42.5 42.8 141.62 144.90 146.50 149.46 3.38 3. SO 3.53 3.55 Rubber and misc. plastic products............. 42.2 41.4 40.7 41.4 110.46 111.51 108.95 111.65 2.63 2.70 2.69 2.71 Leather and leather products...................... 38.5 38.4 37.0 36.8 73.92 77.79 76.30 75.81 1.92 2.01 2.04 2.06 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
652 PRICES APRIL 1967 CONSUMER PRICES (1957-59= 100) Housing Health and recreation Period it A em ll s Food Total Rent o H w s o h n m i e p e r F c a o o u n i a l e d l l t e r G a l i n e c a i d c s t y o n F p i a n i n e u s g r h d t s a - - A u p p a p k n a e d e r p el T p t r o i a r o t n n a s Total M c ic a e a r d l e s P c o a e n r r a e l r R e a i c e n n r a g e d d a O g s a o e t n o r h d v d e r s tion tion ices 1929........................... 59,7 55.6 85.4 1933........................... 45.1 35.3 60.8 1941............................ 51.3 44.2 61.4 64.3 45.2 88,3 51.2 50.6 47.6 57.3 58 2 1945........................... 62.7 58.4 67.5 66.1 53.6 86.4 55.4 57.5 63.6 75 0 67*3 1958........................... 100.7 101.9 100.2 100.1 100.4 99.0 100.3 99.9 99.8 99.7 100.3 100.1 100.4 100,8 99 8 1959........................... 101.5 100.3 101’3 101.6 101.4 100.2 102.8 100.7 100,6 103,8 102.8 104'4 102 4 102 4 101 8 I960............................ 103.1 101.4 103.1 103.1 103.7 99.5 107.0 101,5 102,2 103.8 105.4 108.1 104.1 104 9 103 8 1961............................ 104.2 102.6 103^9 104.4 104.4 101,6 107,9 101.4 103,0 105.0 107,3 111 3 104 6 107 2 104 6 1962............................ 105.4 103.6 104 8 105.7 105.6 102,1 107,9 101.5 103^6 107.2 109.4 114 2 106 5 109 6 ids 3 1963............................ 106.7 105.1 106.0 106.8 107.0 104,0 107.8 102.4 104.8 107.8 111.4 117^0 107.9 111 5 107 1 1964............................ 108.1 106.4 107.2 107.8 109.1 103,5 107.9 102.8 105.7 109.3 113.6 119^4 109.2 114 1 108 8 1965............................ 109.9 108.8 108,5 108.9 111.4 105,6 107.8 103.1 106,8 111,1 115,6 122.3 109.9 115.2 111 4 1966........................... 113.1 114.2 111,1 110.4 115.7 108,3 108.1 105.0 109.6 H2/7 119.0 127.7 112,2 117 1 114 9 1966—Feb................. 111.6 113.1 109.4 109.8 113,3 109.0 108.2 103.8 107.6 111,1 117.1 124.5 110.8 115.9 113 6 Mar................ 112.0 113.9 109.6 109.9 113.5 108.9 108.2 104.0 108.2 111,4 117.6 125.3 111 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 3 112.6 113.5 110,7 110,2 115.0 108.0 108.2 104,6 109,3 112.0 118.4 126.3 112.0 116 8 114 7 112.9 113.9 111i 110,2 115.8 107,0 108.1 104,8 109.4 112.2 118.7 127.0 112.2 117 0 114 9 July................ 113.3 114.3 111,3 110,3 il6.2 107’0 108.1 105,1 109.2 113.5 119.1 127.7 112.5 117,2 115 3 Aug................ 113.8 115.8 111,5 110.6 116.4 107.0 108.1 105.2 109.2 113,5 119.5 128’4 112,7 117 4 115 5 Sept................ 114.1 115.6 111,8 110.7 116.8 107.4 108,1 105.7 110.7 113 3 119.9 129 4 113.0 117 5 1157 Oct................. 114.5 115.6 112'2 111.0 117,4 108,3 108.0 106.1 111.5 114.3 120.4 130’4 113.3 118.0 115 9 Nov................ 114.6 114.8 112.6 111.2 117.8 108.9 108.1 106.5 112,0 114.5 120.8 131’3 113.4 118.3 116 0 Dec................. 114.7 114.8 113.0 111.3 118.6 110.2 107.9 106.7 112,3 113.8 121.0 131,9 113.7 118.4 115 9 1967—Jan................. 114.7 114.7 113.1 111.4 118.7 110.5 108.3 106.7 111.3 113.4 121.4 132.9 113.8 118.5 116 2 Feb................. 114.8 114.2 113.3 111.7 118.9 111.1 108.3 107.0 111.9 113.8 121.8 133.6 114.1 118.6 116.3 Note.—Bureau of Labor Statistics index for city wage-earners and clerical workers. WHOLESALE PRICES: SUMMARY (1957-59= 100) Industrial commodities All Farm P es r s o e c d Ma Period m c t o o ie m d s i p u r c o t d s f f o a e n e o d d d s s Total T t e il t e e c x s . , H e i t d c. es’ F e u tc e . l, C ic e h a t 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 e c s t . , e c q a e h n r u i y n d ip F t e u u t r r c e n . , i N t m m a o l i e l n n i c - T e p t q r o i a o u r n n t ip a s n c M e e l o i l u s a s ment erals ment 1958................................ 100.4 103,6 102.5 99,5 98,9 96,0 98,7 100,4 100.1 97.4 100.1 99.1 100.0 100,2 99.9 n.a. 1959................................ 100.6 97.2 99.9 101 3 100.4 109,1 98.7 100,0 99.7 104 J 101.0 101.2 102.1 100.4 101.2 n.a. 1960................................ 100.7 96.9 100,0 101.3 101.5 105,2 99.6 100.2 99.9 100,4 101.8 101.3 102.9 100.1 101 4 n.a. 1961................................ 100.3 96.0 101.6 100,8 99.7 106,2 100,7 99.1 96.1 95.9 98.8 100.7 102.9 99.5 101.8 n.a. 1962................................ 100.6 97.7 102.7 100,8 100.6 107,4 100.2 97.5 93.3 96 5 100.0 100.0 102.9 98.8 101.8 n.a. 1963................................ 100.3 95,7 103.3 100,7 100,5 104.2 99,8 96.3 93.8 98.6 99.2 100.1 103.1 98.1 101.3 n.a. 1964................................ 100,5 94,3 103.1 101.2 101.2 104,6 97.1 96.7 92,5 100,6 99,0 102.8 103.8 98.5 101.5 n.a. 1965................................ 102.5 98.4 106.7 102 5 101.8 109,2 98 9 97 4 92,9 101 1 99.9 105.7 105.0 98.0 101.7 n a. 1966................................ 105.9 105,6 113.0 104 7 102.1 119.7 101.3 97.8 94,8 105.6 102.6 108,3 108.2 99. i 102 6 n a. 106 8 1966—Feb..................... 105.4 107.4 113.0 103 8 102.0 117.8 100.3 97.6 94,1 103.7 101.3 107.5 106.5 98 4 102.1 n.a. 105.4 Mar.................... 105,4 106,8 112.2 104,0 102.1 1(8.7 99.9 97.6 94,3 105’6 idi "8 ids.d 106.9 98.4 102^ 1 n.a. Apr 105,5 106.4 111.5 104,3 102.2 120,8 100.0 97.6 95.4 108,4 102,3 108.2 107.2 98.6 102,3 n.a. May................... 105.6 104.5 111.8 104.7 102.2 122.9 100.4 97.7 95.4 109^6 102,7 108.4 107.8 98.9 102.4 n.a. June................... 105.7 104.2 112.0 104.9 102.2 122.9 101.5 97.6 95,4 107.7 103.0 108.7 108.1 98,9 102, 5 n.a. July.................... 106.4 107,8 113.8 105.2 102.4 122.7 101.4 97.9 95,1 106^6 103.2 108,8 108.3 99.0 102,7 n.a. Aug. 106.8 108,1 115.7 105,2 102.4 121.2 102.0 97.9 95.1 106.2 103,2 108.5 108.5 99.1 102,7 n.a. Sept.................... 106.8 108.7 115.5 105.2 102.2 119.9 102.2 98.0 94.7 105,9 103.1 108.4 108.9 99.2 103,0 n.a. Oct..................... 106.2 104.4 113.9 105.3 102,2 118,7 102.6 97.9 94.6 104.8 103.1 108.6 109.4 99.7 103,2 n.a. Nov.................... 105,9 102.5 112.6 105,5 102.1 117.5 102.7 98.0 95.0 103,0 103.0 109,0 110.2 100.3 103, 3 n.a. Dec..................... 105.9 101.8 112.8 105.5 101.8 117.3 102.0 98.2 95.0 102.5 103.0 109.0 110.7 100.4 103,3 n.a. 107.5 1967—jan..................... 106.2 102.6 112.8 105.8 102.0 117.9 102.5 98.4 95,6 102.6 103.1 109.4 111.1 100.4 103.6 n.a. 107.9 Feb..................... 106.0 101.0 111.7 106.0 102.0 118.0 103.3 98.5 95.8 103.6 103.3 109.6 111.2 100.4 103.7 n.a. 108.0 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
APRIL 1967 PRICES 653 WHOLESALE PRICES: DETAIL (1957-59- 100) 1966 1967 1966 1967 Group Group Feb. Dec. Jan. Feb. Feb. Dec. Jan. Feb. Farm products: Pulp, paper, and allied products: Fresh and dried produce....................... 98.0 101.3 101.8 104.5 Pulp, paper, and products, excluding Grains........................................................ 92.9 101.5 100.7 95.8 building paper and board... 101.7 103.4 103,5 103.7 Livestock................................................... 119.5 97.9 101.4 99.5 Woodpulp.................................... 98.0 98.0 98.0 98.0 Live poultry.............................................. 95.4 77.2 88.1 97.1 Wastepaper.................................... 105.5 90.5 83.9 83.2 Plant and animal fibers......................... 89.5 71.0 70.8 70.2 Paper.............................................. 105.4 108.5 108,5 108,5 Fluid milk................................................. 111.5 124.0 123.4 122.9 Paperboard.................................... 96.7 97.2 97.3 97.3 Eggs............................................................ 116.3 109.0 100.0 84.0 Converted paper and paperboard.. .. 100.9 103.2 103.7 104.0 Hay and seeds.......................................... 116.6 124.5 123.5 120.3 Building paper and board......... 92.5 92.7 92.4 92.4 Other farm products............................... 102.3 100.5 99.6 100.5 Processed foods and feeds: Metals and metal products: Cereal and bakery products................. 112.1 118.0 117.6 117.3 Iron and steel................................ 102.2 102.9 103.0 103.2 Meat, poultry and fish........................... 114.9 104.4 105.4 104.7 Nonferrous metals....................... 119.5 120.5 121.8 122,3 Dairy products........................................ 113.0 122.3 121.8 121.2 Metal containers.......................... 109.8 110.2 111.5 111.5 Processed fruits and vegetables............ 105.2 105.8 105.9 104.3 Hardware....................................... 107.4 111.9 111.9 112.0 Sugar and confectionery....................... 110.1 112.6 113.0 112.6 Plumbing equipment................... 104.9 110.5 110.5 110.5 Beverages and beverage materials .... 105.7 105.8 105.8 105.9 Heating equipment...................... 91.7 93.4 92.6 92.3 Animal fats and oils............................ 126.2 97.5 94.9 92.0 Fabricated structural metal products. 102.6 104.9 104.8 104.8 Crude vegetable oils............................... 107.6 98.1 94.1 94.1 Miscellaneous metal products.. 110.5 113.2 113.6 113.6 Refined vegetable oils............................. 116.0 101.2 93.0 96,7 Vegetable oil end products................... 102.5 106.3 106.3 103.5 Miscellaneous processed foods............. 114.1 113.7 112.6 111.5 Machinery and equipment: Manufactured animal feeds.................. 124.8 132.0 132.1 125.9 Agricultural machinery and equip.... 117.8 120.8 121.5 121.7 Textile products and apparel: Construction machinery and equip... 117.5 121.0 121.3 121.4 Metalworking machinery and equip.. 116.5 121.8 121.9 122,2 Cotton products...................................... 101.5 102.7 102.5 101.8 General purpose machinery and Wool products......................................... 105.8 104.8 104.7 104.7 equipment.................................. 106.8 112.4 112.8 113.0 Man-made fiber textile products......... 91.0 86.9 87.1 87.1 Special industry machinery and Silk yarns.................................................. 155.3 163.2 166.1 164.1 equipment (Jan. 1961— 100).. 109.4 114.3 114.8 115.1 Apparel...................................................... 104.7 105.4 105.7 105.9 Electrical machinery and equip. 97.8 101.5 101.9 101.8 Textile housefurnishings........................ 103.6 105.3 105.3 105.3 Miscellaneous machinery........... 105.6 108.1 108.5 108.7 Miscellaneous textile products............. 124.2 119.7 120.5 121.0 Hides, skins, leather, and products: Furniture and household durables: O H L Fo e t i h d a o e t e t h r w s e l a e r e a n . a . r d . t . . h . . . s . . e . . k . r . . . . i . . n . p . . . . s r . . . . . o . . . . . . d . . . . . . . . u . . . . . . . c . . . . . . t . . . s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 5 1 1 1 2 8 5 . . . . 6 8 0 0 1 1 1 1 2 0 1 1 0 9 6 4 . . . . 3 2 2 2 1 1 1 1 1 1 1 2 0 4 6 0 . . . . 1 5 9 9 1 1 1 1 1 0 2 1 6 7 1 4 . . . . 3 8 6 6 H H C Fl o o o o m u u o s s r m e e h c h e o r o o c v l l d d i e a r l a f i u n p fu r g p n r s l n i i .. a t . i u . n t . u . r c . e . r e . . . e s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 9 8 0 0 7 9 4 7 . . . . 1 7 0 2 1 1 9 8 1 0 6 9 1 8 . . . . 2 2 8 7 1 1 9 8 1 0 4 9 1 8 . . . . 1 6 9 7 1 1 9 8 0 1 3 9 9 2 . , . . 9 7 3 0 Fuels and related products, and power: Home electronic equipment.... 83.8 83.8 83.6 83.5 Other household durable goods 110.2 114.0 114.8 114.8 Coal............................................................ 98.2 102.4 102.3 102.3 Coke........................................................... 107.3 112.0 112.0 112.0 NonmetalHc mineral products: Gas fuels (Jan. 1958= 100)................... 128.9 127.4 134.1 134.0 Electric power (Jan. 1958= 100).......... 100.4 100.8 100.6 100.6 Crude petroleum...................................... 97.0 98.1 98.2 98.2 Flat glass.................................. 99.9 103.3 103.3 103.3 Petroleum products, refined................. 97.8 100.2 100.3 101.9 Concrete ingredients................... 103.7 104.3 105.8 105.6 Concrete products....................... 102.1 103.9 103.9 104.4 Chemicals and allied products: Structural clay products excluding refractories...................................... 107.8 109.1 109.3 109.3 Industrial chemicals................................ 95.2 96.4 96.6 96.9 Refractories................................... 103.0 104.2 104.8 104.8 Prepared paint.......................................... 105.9 108.5 108.7 108.7 Asphalt roofing............................ 94.8 95.7 95.7 94.8 Paint materials......................................... 89.5 90.6 90.6 90.8 Gypsum products........................ 101.4 103.5 103.5 103.5 Drugs and pharmaceuticals.................. 94.5 94.7 94.7 94.2 Glass containers........................... 100,4 101.1 101.0 101.0 Fats and oils, inedible............................ 110.0 95.1 92.3 89.1 Other nonmetallic minerals.... 101.7 101.3 101.1 101.1 Agricultural chemicals and products.. 102.8 103.1 104.2 105.4 Plastic resins and materials................... 88.4 90.2 90.3 90.5 Transportation equipment: Other chemicals and products............. 106.5 107.0 107.4 107.6 Rubber and products: Motor vehicles and equipment. 100.4 101.7 101.6 101.6 Railroad equipment (Jan. 1961 =100). 101.0 102.7 102.7 102.7 Crude rubber............................................ 91.0 87.6 87.6 87.1 Tires and tubes........................................ 91.1 93.9 94.9 94.9 Miscellaneous products: Miscellaneous rubber products............ 98.5 99.3 99.7 100.4 Lumber and wood products: Toys, sporting goods, small arms, ammunition.............................. 103.3 104.8 105.2 105.3 Lumber..................................................... 105.6 104.5 104.5 105.4 Tobacco products........................ 106.6 110,3 110.3 110.3 Millwork................................................... 108.4 110.3 110.3 111.1 Notions.......................................... 99.8 100.8 100.8 100.8 Plywood.................................................... 94.0 87.4 87.3 89.2 Photographic equipment and supplies 109.1 109.9 110,1 110.3 Other wood products (Dec. 1966= 100) 100.0 102.0 102.0 Other miscellaneous products. . 104.9 106.1 107.2 107.2 Note.—Bureau of Labor Statistics indexes as revised in March 1967 to classification changes. Back data not yet available for some new classi incorporate (1) new weights beginning with Jan. 1967 data and (2) various fications. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
654 NATIONAL PRODUCT AND INCOME APRIL 1967 GROSS NATIONAL PRODUCT (In billions of dollars) 1965 1966 Item 1929 1933 1941 1950 1962 1963 1964 1965 1966’ IV I II III IV’ Gross national product 103.1 55.6 124.5 284.8 560.3 590.5 631.7 681.2 739.6 704.4 721.2 732.3 745.3 759.3 Final purchases........... 101.4 57.2 120.1 278.0 554.3 584.5 627.0 672.1 727,7 694.0 712.3 720.0 735.4 742.9 Personal consumption expenditures. 77.2 45.8 80.6 191.0 355.1 375.0 401.4 431.5 464.9 445.2 455.6 460.1 469.9 474.1 Durable goods............................... 9.2 3.5 9.6 30.5 49.5 53.9 59.4 66.1 69.3 68.0 70.3 67.1 70.2 69.6 Nondurable goods........................ 37.7 22.3 42.9 98.1 162.6 168.6 178.9 190.6 206.2 197.0 201.9 205.6 208.1 209.2 Services............................................ 30.3 20.1 28.1 62.4 143.0 152.4 163.1 174.8 189.4 180.2 183.4 187.4 191.5 195.3 Gross private domestic investment.... 16.2 1.4 17.9 54.1 83.0 87.1 93.0 106.6 117.0 111.9 114.5 118.5 115.0 120.0 Fixed investment............................ 14.5 3.0 13.4 47.3 77.0 81.3 88.3 97.5 105.1 101.5 105.6 106.2 105.1 103.5 Nonresidential.............................. 10.6 2.4 9.5 27.9 51.7 54.3 60.7 69.7 79.3 73.9 77.0 78.2 80.3 81.6 Structures.................................... 5.0 .9 2.9 9.2 19.2 19.5 21.0 24.9 27.8 26.8 28.5 27.9 27.7 27.3 Producers’ durable equipment, 5.6 1.5 6.6 18.7 32.5 34.8 39.7 44.8 51.4 47.1 48.5 50.3 52.6 54.4 Residential structures................... 4.0 .6 3.9 19.4 25.3 27.0 27.6 27.8 25.8 27.6 28.6 28.0 24.8 21.9 Nonfarm...................................... 3.8 .5 3.7 18.6 24.8 26.4 27.0 27.2 25.3 27,0 28.0 27.4 24.3 21.3 Change in business inventories.... 1.7 -1.6 4.5 6.8 6.0 5.9 4.7 9.1 11.9 10.4 8.9 12.3 9.9 16.4 Nonfarm........................................ 1.8 -1.4 4.0 6.0 5.3 5.1 5.3 8.1 12.2 9.0 8.5 12.1 10.4 17.6 Net exports of goods and services, 1.1 .4 1.3 1.8 5.1 5.9 8.5 7.0 4.8 6.1 6.0 4.7 4.2 4.1 Exports..............................7.....0... 2.4 5.9 13.8 30.3 32.3 37.0 39.0 42.7 40.3 41.7 41.9 43.4 43.6 Imports..............................5.....9... 2.0 4.6 12.0 25.1 26.4 28.5 32.0 37.9 34.2 35.6 37.3 39.2 39.5 Government purchases of goods and services.. 8.5 8.0 24.8 37.9 117.1 122.5 128.9 136.2 153.0 141.2 145.0 149.0 156.2 161.1 Federal......................................................... 1.3 2.0 16.9 18.4 63.4 64.2 65.2 66.8 76.9 69.8 71.9 74.0 79.0 81.7 National defense.......................................... 13.8 14.1 51.6 50.8 50.0 50.1 60.0 52.5 54.6 57.1 62.0 65.5 Other....................................3....1...........4....3.........11.8 13.5 15.2 16.7 16.9 17.3 17.4 16.9 17.0 16.2 State and local................................................ 1.2 6.0 7.9 19.5 53.7 58.2 63.7 69.4 76.2 71.4 73.1 75.0 77.2 79.4 Gross national product in constant (1958) dollars........................................................ 203.6 141.5 263.7 355.3 529.8 551.0 580.0 614.4 647.8 631.2 640.5 643.5 649.9 657.2 Note.—Dept, of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. For back data and explanation of series, see the Supplement to the Survey of Current Business for Aug. 1966. NATIONAL INCOME (In billions of dollars) 1965 1966 Item 1929 1933 1941 1950 1962 1963 1964 1965 1966’ IV I II III IV’ National income..................................................... 86.8 40.3 104.2 241.1 457.7 481.9 517.3 559.0 610.1 577.8 595.7 604.1 613.8 626.9 Compensation of employees............................... 51.1 29.5 64.8 154.6 323.6 341.0 365.7 392.9 433.3 406.5 419.6 427.9 438.3 447.5 Wages and salaries....................................... 50.4 29.0 62.1 146.8 296.1 311.1 333.6 358.4 392.3 370.8 380.0 387.4 396.7 405.0 Private............................................................. 45.5 23.9 51.9 124.4 240.1 251.6 269.3 289.1 314.8 298.5 305.9 311.5 318.0 323.9 Military........................................................... .3 .3 1.9 5.0 10.8 10.8 11.7 12.1 14.6 13.0 13.6 14.1 15.0 15.8 Government civilian.................................... 4.6 4.9 8.3 17.4 45.2 48.6 52.6 57.1 62.8 59.3 60.4 61.8 63.7 65.2 Supplements to wages and salaries............... .7 .5 2.7 7.8 27.5 29.9 32.0 34.5 41.0 35.7 39.6 40.5 41.5 42.5 Employer contributions for social in surance ................................................. .1 .1 2.0 4.0 13.7 15.0 15.4 16.0 20.2 16,3 19.6 19.9 20.4 20.8 Other labor income..................................... .6 .4 .7 3.8 13.9 14.9 16.6 18.5 20.8 19.4 20.0 20.6 21.1 21.7 Proprietors* income.............................................. 15.1 5.9 17.5 37.5 50.1 51.0 51.9 55.7 57.8 57.1 58.4 57.9 57.3 57.5 Business and professional.............................. 9.0 3.3 11.1 24.0 37.1 37.9 39.9 40.7 41.8 41.1 41.4 41.6 41.9 42.3 Farm................................................................... 6.2 2.6 6.4 13.5 13.0 13.1 12.0 15.1 16.0 16.0 17.0 16.3 15.4 15.2 Rental income of persons.................................... 5.4 2.0 3.5 9.4 16.7 17.1 17.7 18.3 18.9 18.5 18.7 18.8 18.9 19.1 Corporate profits and inventory valuation adjustment....................................................... 10.5 -1.2 15.2 37.7 55.7 58.9 66.6 74.2 80.2 76.9 80.0 79.9 79.1 81.7 Profits before tax.......................................... 10.0 1.0 17.7 42.6 55.4 59.4 67.0 75.7 82.3 78.7 82.7 82.8 81.9 81.8 Profits tax liability....................................... 1.4 .5 1.6 17.8 24.2 26,3 28.4 31,2 33.9 32.4 34.1 34.1 33.7 33.7 Profits after tax......................................... 8.6 .4 10.1 24.9 31.2 33.1 38.7 44.5 48.4 46.3 48.7 48.7 48.2 48.1 Dividends.................................................. 5.8 2.0 4.4 8.8 15.2 16.5 17.3 19.2 20.9 20.2 20.9 21.1 21.1 20.7 Undistributed profits.............................. 2.8 -1.6 5.7 16,0 16.0 16.6 21.3 25.3 27.5 26.1 27.8 27.6 27.1 27.4 Inventory valuation adjustment.................... .5 -2.1 -2.5 -5.0 .3 -.5 -.4 -1.5 -2.1 -1.8 -2.8 -2.9 -2.8 .0 Net interest............................................................. 4.7 4.1 3.2 2.0 11.6 13.8 15.5 17.8 20.0 18.7 19.1 19.6 20.2 21.0 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
APRIL 1967 NATIONAL PRODUCT AND INCOME 655 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME AND SAVING (In billions of dollars) 1965 1966 Item 1929 1933 1941 1950 1962 1963 1964 1965 1966P IV I II III IV» GrM« national product.................... 103.1 55.6 124.5 284.8 560.3 590.5 631.7 681.2 739.6 704.4 721.2 732.3 745.3 759.3 Less: Capita! consumption allowances.......... 7.9 7.0 8.2 18.3 50.0 52.6 56.0 59.6 63.1 60.8 61.6 62.7 63.7 64.6 Indirect business tax and nontax lia bility.................................................... 7.0 7.1 11.3 23.3 51.5 54.7 58.5 62.7 65.5 63.6 63.0 64.7 66.3 68.1 Business transfer payments.................... .6 ,7 .5 .8 2.1 2.3 2.5 2.6 2.6 2.6 2.6 2.6 2.6 2.6 Statistical discrepancy............................. .7 .6 .4 1.5 .5 -.3 -1.4 -1.6 -.2 .4 -.8 -.9 .4 -.6 Plus: Subsidies less current surplus of gov ernment enterprises............. — .1 . 1 .2 1.4 .8 1.3 1.0 1.4 .9 .8 .9 1.5 2.2 Equals! National income.................................... 86.8 40.3 104.2 241.1 457.7 481.9 517.3 559.0 610.1 577.8 595.7 604.1 613.8 626.9 Less: Corporate profits and inventory valu ation adjustment................. 10.5 -1.2 15.2 37.7 55.7 58.9 66.6 74.2 80.2 76.9 80.0 79.9 79.1 8! .9 Contributions for social insurance.... .2 .3 2.8 6.9 24.0 26.9 28.0 29.2 37.8 29.8 36.5 37.0 38.5 39.3 Excess of wage accruals over disburse ments ................................................... Plus: Government transfer payments............. .9 1.5 2.6 14.3 31.2 33.0 34.2 37.1 41.9 37.9 40.0 40.1 42.3 45.3 Net interest paid by government and consumer............................................ 2.5 1.6 2.2 7.2 16.1 17.6 19.1 20.6 22.8 21.0 21,9 22.5 23.0 23.8 Dividends................................................... 5.8 2.0 4.4 8.8 15.2 16.5 17.3 19.2 20.9 20.2 20.9 21.1 21.1 20.7 Business transfer payments........... .6 .7 .5 .8 2.1 2.3 2.5 2.6 2.6 2.6 2.6 2.6 2.6 2.6 Equals! Personal income..................................... 85.9 47.0 96.0 227.6 442.6 465.5 496.0 535.1 580.4 552.8 564.6 573.5 585.2 598.3 Less: Personal tax and nontax payments.... 2.6 1.5 3.3 20.7 57.4 60.9 59.4 66.0 75.1 66.7 69.5 73.6 77.4 79.8 Equals! Disposable personal income................ 83.3 45.5 92.7 206.9 385.3 404.6 436.6 469.1 505.3 486.1 495.1 499.9 507.8 518.4 Lew Personal outlays........................................ 79.1 46.5 81.7 193.9 363.7 384.7 412.1 443.4 478.3 457.6 468.4 473.3 483.3 488.0 Personal consumption expenditures., 77.2 45.8 80.6 191.0 355.1 375.0 401.4 431.5 464.9 445.2 455.6 460.1 469.9 474.1 Consumer interest payments.........1.....5 .5 .9 2.4 8.1 9.1 10.1 11.3 12.7 11.8 12.1 12.5 12.8 13.2 Personal transfer payments to for eigners............................................ .3 .2 .2 .4 .5 .6 .6 .6 .6 .6 .6 .7 .7 .6 Equals: Personal saving...................................... 4.2 -.9 11.0 13.1 21.6 19.9 24.5 25.7 27.0 28.5 26.7 26.6 24.5 30.4 Disposable personal income in constant (1958) dollars............................................................. 150.6 112.2 190.3 249.6 367.3 381.3 406.5 430.8 451.6 443.9 448.4 447.9 452.2 457.6 Note.—Dept, of Commerce estimates. Quarterly data are seasonally adjusted quarterly totals at annual rates. See also Note to table opposite. PERSONAL INCOME (In billions of dollars) 1966 1967 Item 1965 1966 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.P Total personal income............................ 535.1 580.4 569.0 570.5 573.0 577.2 580.0 585.4 590.0 594.4 598.5 601.8 607.5 609.7 613.1 Wage and salary disbursements........... 358.4 392.3 382.9 384.7 387.0 390.5 393.7 397.0 399.5 402.3 405.1 407.4 410.7 411.2 413.4 Commodity-producing industries... 144.3 158.2 155.4 156.0 156.8 158.1 158.2 159.8 160.7 161.5 162.4 162.9 163.9 163.0 163.4 Manufacturing only...................... 115.5 127,2 124.0 125.2 125.9 127.0 127.1 128.9 129.6 130.7 131.4 131.4 132.2 131.1 131.6 Distributive industries....................... 86.7 93.2 91.4 91.5 91.9 92.8 93.6 93.9 94.4 95.1 95.8 96.5 97.5 97.7 97.9 Service industries................................ 58.1 63.5 61.7 62.0 62.5 63.0 64.0 64.5 64.9 65.4 65.8 66.2 66.7 67.2 67.8 Government......................................... 69.2 77.4 74.5 75.2 75.9 76.6 78.0 78.8 79.5 80.2 81.0 81.9 82.7 83.5 84.3 Other labor income................................ 18.5 20.8 20.2 20.4 20.6 20.7 20.9 21.1 21.3 21.5 21.7 21.9 22.2 22.5 22.8 Proprietors* income................................ 55.8 57.8 58.8 58.2 57.9 57.6 57.3 57.3 57.3 57.2 57.4 57.8 57.9 57.4 57.0 Business and professional................. 40.7 41.8 41.5 41.5 41.6 41.7 41.8 41.9 42.0 42.1 42.2 42.4 42.7 42.6 42.5 Farm...................................................... 15.1 16.0 17.3 16.7 16.3 15.9 15.5 15.4 15.3 15.1 15.2 15.4 15.2 14.8 14.5 Rental income.......................................... 18.3 18.9 18.7 18.7 18.8 18.8 18.9 18.9 19.0 19.0 19.1 19.2 19.2 19.3 19.4 Dividends................................................. 19.2 20.9 20.9 21.0 21.2 21.1 21.1 21.0 21.2 21.2 21.2 19.8 21.3 21.5 21.7 Personal interest income....................... 38.4 42.8 41.4 41.8 42.1 42.3 42.6 43.1 43.8 44.3 44.8 45.3 45.7 46.0 46.3 Transfer payments.................................. 39.7 44.6 42.9 42.6 42.5 43.2 43.5 45.1 46.0 47.2 47.8 48.9 50.0 51.5 52.2 Less: Personal contributions for social insurance............................. 13.2 17.6 16.9 17.0 17.1 17.2 17.9 18.1 18.2 18.3 18.5 18.6 19.7 19.7 19.8 Nonagricultural income.......................... 515.6 559.7 547.0 549.1 551.9 556.5 559.8 565.4 570.1 574.6 578.6 581.7 587.5 590.0 593.5 Agriculture income.................................. 19.5 20.7 22.0 21.4 21.0 20.7 20.2 20.1 20.0 19.8 19.9 20.1 20.0 19.7 19.5 Note.—Dept, of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. See also Note to table opposite. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
656 FLOW OF FUNDS APRIL 1967 SAVING, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) 1964 1965 1966 Transa o c r t io se n c t c o a r tegory, 1961 1962 1963 1964 1965 III IV I II III IV I II III I. Saving and investment 1 Gross national saving........................ 119.7 134.5 144.5 159.4 178.4 161.3 165.5 176.8 175.3 178.4 183.0 188.2 188.3 186.7 1 2 Households.................................... 75.7 82.0 85.8 96.8 105.1 97.2 98.5 100.9 100.1 109.0 110.5 in.2 107.6 108.4 2 3 Farm and noncorp, business........ 12.6 13.1 13.5 14.4 15.0 14.6 14,8 14.9 15.0 15.1 15.2 15.3 15.5 15.7 3 4 Corporate nonfin, business.......... 35.6 41.8 43.9 50.8 55.3 52.0 51.3 55.0 54.5 55.5 56.4 57.7 57,8 57.9 4 5 U.S* Government......................... -4.8 -4.8 -.6 -4.3 .2 -4.4 -1.6 3.2 2.7 -4.0 -1.1 1.2 2.1 -1.0 5 6 State and local govt...................... -2.9 -1.4 -1.5 -1.4 -1.0 -1.0 -.5 -.9 -.9 -1.0 -1.1 -.2 .9 1.1 6 7 Financial sectors........................... 3.4 3.8 3.5 3.1 3.6 3.1 3.1 3.6 3.9 3.9 3.1 3.0 4.5 4.5 7 8 Gross national investment................. 117.9 133.9 143.8 157.0 176.4 158.7 160.7 172.6 172.7 176.9 183.1 186.3 187.4 188.0 8 9 Consumer durable goods............. 44.2 49.5 53.9 59.4 66.1 61.1 58.8 65.1 64,4 66.7 68.0 70.3 67.1 70.2 9 10 Business inventories..................... 2.0 6.0 5.9 4.7 9.1 3.6 7.4 9.5 7.7 8.8 10.4 9.0 12,3 9.9 10 11 Gross pvt. fixed investment......... 69.7 77.0 81.3 88.3 97.5 88,9 90.0 94.4 96.0 98,0 101.5 105.6 106.2 105.1 11 12 Households................................ 20.5 21.9 22.4 23.2 23.7 22,8 23.3 22.9 23.2 23,6 24.9 24.7 24.4 24.2 12 13 Nonfinan, business................... 48.4 54.4 57.9 64.2 73.0 65.2 65.8 70.5 71.9 73.5 76.1 80.5 81.4 80.5 13 14 Financial sectors....................... .7 .6 1.0 .9 .8 .9 .9 .9 ,9 ,9 .4 .4 .5 ,4 14 15 Net financial investment......... 2.0 1.3 2.8 4.7 3.7 5.1 4.5 3,6 4.6 3.5 3.2 1.5 1.7 2.8 15 16 Discrepancy (1-8).............................. 1.8 .7 .6 2.4 2.0 2.6 4.8 4.2 2.6 1.5 -.2 1.9 1.0 -1.3 16 II. Financial flows—Summary 17 Net funds raised—Nonfinan. sectors. 44.2 54.2 58.5 67.0 72.1 67.7 67.3 76.3 72.2 61.2 38.3 81.6 80.5 60.8 17 18 Loans and short-term securities.... 16.0 15,0 19.0 26.4 33.0 25.5 34.8 36.8 33.1 21.2 41.1 22.1 18.8 27.9 18 19 Long-term securities and mtgs......... 28.1 39.2 39.5 40.6 39.1 42.2 32.5 39.5 39.2 40.0 31.1 59.5 61.6 32.9 19 By sector 20 U.S. Government............................. 7.7 7.9 5.0 7.0 3.5 8.3 4.4 9.0 1.4 — 4.5 8.2 14.4 3.5 2 8 20 21 Short-term mkt, securities....... 8.9 .6 1.4 4.0 3.5 4.4 8.6 5.5 3 6 — 3.5 8 3 — 1.2 12 0 6 1 21 22 Other securities............................. -1.2 7.3 3.6 3.0 .1 3.9 -4.1 3.6 2 3 -1.0 -.1 15.6 15 4 -3.3 22 23 Foreign borrowers............................ 2.6 2.1 3.3 4.4 2.6 3.3 6.4 5.1 1.6 1.0 2.7 2.3 2.3 .2 23 24 Loans............................................. 1.8 1.1 2.2 3.7 1.9 3.3 4.4 4.3 1.1 .2 1.9 1.0 2.0 .2 24 25 Securities........................................ .8 1.0 1.1 ,7 .8 2.0 .8 .8 .8 1.3 , 1 25 26 Pvt. domestic nonfin. sectors........... 33.9 44.2 50.2 55.6 66.0 56.0 56.4 62.1 69.2 64,7 67.8 64.9 74.7 57.8 26 27 Loans............................................. 5.4 13.3 15.5 18.7 27.7 17,7 21.8 27.0 28 4 24,5 30,9 22.3 28.8 21.7 27 28 Consumer credit*....................... 1.7 7.3 8.0 9.4 8.1 7.2 10.0 9 6 9.3 8.9 8.7 7.0 6.9 28 29 Bank loans n,e.c........... 2.2 4.8 5,4 6.5 13.6 5.1 11.4 14.1 12.4 11.2 16.7 7.7 15.2 9.5 29 30 Other loans................................. 1.6 3,0 2.7 4.2 4.7 4.5 3.1 2.9 6.4 4.1 5.3 5.9 6.6 5.3 30 31 Securities and mortgages.............. 28.6 31 0 34.7 36.9 38.3 38.3 34.7 35.1 40 8 40.1 37.0 42 6 45 9 36.1 31 32 State and local obligations........ 4.9 5.0 6.7 5.9 7.4 7.1 5.8 6.1 's'.6 6.8 8.1 5.5 7.2 4.8 32 33 Corporate securities................... 7.1 5.1 3.6 5.4 5.4 5.0 3.1 4.4 7.0 7.4 2.9 11.9 15.2 11.7 33 34 j- fo 4-family mortgages........... 11.4 13.0 15.2 15.7 16.0 15,4 15.2 15.9 15 5 16.2 16.5 15.1 13.8 11.2 34 35 Other mortgages........................ 5.1 7.9 9.3 10.0 9.5 10.9 10.5 8.7 9.7 9.8 9.5 10.1 9.7 8.5 35 36 Net sources of credit (= line 17).... 44.2 54.2 58.5 67.0 72.1 63.3 63.3 36.3 72.2 61.2 38.3 81.6 80.5 60.8 36 37 Chg. in U.S. Govt, cash balance.. * 1.3 -.4 .2 -1.0 1.7 -1.4 5.2 -.9 -10.4 2.1 -3.9 9.6 -7.3 37 38 U.S. Govt. lending....................... 2,6 3.3 2.7 3.8 4.7 3.2 3.6 5.3 6 4 3.1 3,9 11.3 9.9 6.3 38 39 Foreign funds................................ 1.9 2.2 1.9 2.5 .4 1.9 3.9 -.6 5 — .9 2.7 -1.7 4.0 -3.8 39 40 Pvt. insur. & pension reserves.... 8.6 9.0 10.1 11.1 11.6 10.3 11.9 10.9 12.0 12.0 H.7 13,5 10.8 13,5 40 41 Sources n.e.c................................ 4.7 4.0 4.7 5.4 7.4 6.2 5.2 10.1 8 7 3.4 7.4 1.0 5.5 11.5 41 42 Pvt. domestic nonfin. sectors....... 26.3 34.4 39.5 44.1 48.9 44.4 44.2 45.2 45.6 54.0 51,0 61.4 40.7 40.6 42 43 Liquid assets.............................. 24.9 31 4 37.4 33.0 43.3 30.6 37,9 44.5 35 2 44.3 49.1 39.9 18.9 14,8 43 44 Deposits................................. 24 0 30 1 34 4 35 3 40.4 36.8 42.7 38.2 31 5 43.4 48 6 34.8 19.7 13.3 44 45 Demand dep. and currency 3.8 2.1 5.9 6.5 7.8 7.7 10.2 3.1 2.6 8.7 16.8 10.2 -1.2 -2.2 45 46 Time and svgs. accounts... 20.2 28.1 28,5 28.8 32.6 29.1 32.5 35.1 28,9 34.7 31.8 24,6 20,9 15.5 46 47 At commercial banks.... 9.0 15.0 13.4 13.0 19.5 12.1 17.2 21.8 16.6 21.5 18.1 14.9 16.8 10.4 47 48 At savings Instil.............. 11.2 13.0 15.1 15.8 13.1 17.1 15.2 13.3 12,3 13.2 13.6 9.7 4.1 5.1 48 49 Short-term U.S. Govt. sec... .9 1.3 3.0 -2.3 2.8 — 6.2 -4.8 6,3 3.3 .9 .5 5.2 -.8 1.5 49 50 Other U.S. Govt, securities.... -1.4 .4 1.7 3.1 .2 3.8 1.6 -.7 3.5 -1.0 -1.1 8.1 7.3 6.8 50 51 Pvt. credit mkt instruments ... 4.1 2.5 2.3 7.8 6.1 9.2 4.7 1.7 6.2 10.5 6.0 13.3 14.3 17.6 51 52 Less security debt..................... 1.3 -.2 2.0 -.2 .6 -.8 • .3 -.7 -.2 3.0 -.1 -.2 -1.4 52 III. Direct lending in credit markets 53 Total funds raised............................. 44.2 54.2 58.5 67.0 72.1 67.7 67.3 76.3 72.2 61.2 78.7 81.6 80.5 60.8 53 54 Less change in U.S. Govt, cash.... 1.3 -.3 .2 -1.0 1.7 -1.5 5.3 -.9 -10.4 2.1 -3.9 9.7 -7.3 54 55 Total net of U.S. Govt, cash........... 44.1 52.9 58,8 66.8 73.1 66.0 68.8 71.0 73.2 71.6 76,6 85.5 70.8 68.1 55 56 Funds supplied directly to cr. mkts.. 44.1 52.9 58.8 66.8 73.1 66.0 68.8 71.0 73.2 71.6 76.6 85.5 70.8 68.1 56 57 Federal Reserve System............... 1.5 1.9 2.6 3.2 3.8 3.5 3.4 5.8 4.1 3.1 2.4 3.4 2.7 4.2 57 58 Total........... /......................... 1.5 2.0 2.9 3.4 3.8 3.5 3.8 6.0 3.8 4.3 1.2 3.0 4.7 4.0 58 59 Less change in U.S. Govt. cash. * .1 .3 .2 * * .4 .2 -.3 1.2 -1.2 -.4 2.0 -.2 59 60 Commercial banks, net................. 15.6 18.2 19,7 21.7 29.3 20.5 29.5 25.8 21.3 29.9 40.3 19.2 20.2 11.1 60 61 Total..................’........................ 15 8 19,5 19.4 22.2 29.1 22.9 28.0 31.3 22.7 18.3 43.9 15.8 28.1 4.0 61 62 Less chg. in U.S. Govt. cash... 1.2 -.6 -1.0 1.7 -1.9 5.0 -.6 -11.6 3.3 -3.5 7.7 -7.1 62 63 Security issues............. .2 .1 .3 .6 .8 .6 .4 .5 2.0 ,1 ,4 .1 .3 * 63 64 Nonbank finance, net................... 21.3 23.8 28.0 28.9 27.1 31.3 29.6 28.0 27.1 26.9 26.4 26.6 15.5 21.3 64 65 Total........................................... 23.8 28.5 34.4 33.4 32.7 33.9 31.2 34.7 37.7 24.0 34.6 34.2 21.7 15.6 65 66 Less credit raised....................... 2.5 4.7 6.4 4.4 5.6 2.6 1.5 6.7 10.5 -2.9 8.2 7.6 6.3 -5.7 66 67 U.S. Government......................... 2.6 3.3 2.7 3.8 4.7 3.2 3.6 5.3 6.4 3.1 3.9 11.3 9.9 6.3 67 68 Foreign........................................... .8 1 5 ,9 .6 — .2 * 1.3 — .7 .2 -1.8 1.4 -1.5 1.7 -2.1 68 69 Pvt. domestic nonfin..................... 2.4 4.3 5.1 8.8 8.5 7.6 1.5 7.0 14.1 10.6 2.4 26.7 21.0 27.3 69 70 Households................................ .5 -1.7 ,4 3.3 2.7 1.9 1.0 -3.0 11.7 3.8 -1.9 13.9 18.3 15.2 70 71 Business...................................... ♦ 2.3 3.1 1.7 .9 1.2 -1.5 .2 -2.6 4.5 1.7 5.2 -.6 4.0 71 72 State and local govts................. 3.2 3.6 3.5 3.6 5.5 3.7 2.1 10.0 4.3 2.1 5.7 7.4 3.0 6.7 72 73 Less net security credit............. 1.3 -.2 2.0 -.2 .6 -.8 * .3 -.7 -.2 3.0 -.1 -.2 -1.4 73 Note.—Quarterly data are seasonally adjusted totals at annual rates. For notes see p. 151 of January 1967 Bulletin. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
APRIL 1967 FLOW OF FUNDS 657 PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) 1964 1965 1966 Transa o c r ti o se n c t c o a r tegory, 196! 1962 1963 1964 1965 III IV I II III IV I II III I. Demand deposits and currency 1 Net incr. in banking system liability.. 5.€ 4.5 5.8 7.4 7.6 9.6 10.3 7.7 1.7 -.1 21.1 4.4 9.3 -11.4 1 2 U.S. Govt, deposits........................ u -J .2 -l.C 1.7 -1.5 5.3 -.9 -10.4 2.1 -3.S 9.7 -7.3 2 3 Other................................................ 5.6 3.2 6.1 7.1 8.6 7.9 11.8 2.5 2.6 10.3 19.0 8.4 -.4 -4.1 3 4 Domestic sectors......................... 4.1 3.1 6.0 6.8 8.5 7.0 10.7 3.1 3.1 9.6 18.3 8.4 — .6 -1.7 4 5 Households.............................. J 2.7 4.3 6.7 7.2 4.4 13.9 6.3 .9 6.1 15.4 -1.9 -2.7 -1.6 5 6 Nonfinancial business............. 1.7 -.9 -.s -2.5 -1.9 1.0 -8.7 .6 -3.1 -4.5 -.6 2.3 -1.2 -1.2 6 7 State and local govts............... .9 2.4 1.4 1.0 2.5 3.3 -4.5 4.6 3.2 .7 .8 5.5 — • 1 7 8 Financial sectors..................... 1.0 1.1 .2 .3 .7 -.7 .5 .5 .9 1.5 -1.8 .6 .5 8 9 Mail float................................. 1.0 -.6 -.1 .9 1.5 -.3 1.7 .6 4.0 1.3 9.1 -2.8 •8 9 10 Rest of the world........................ .7 .1 .1 .5 .1 .9 1.1 -.7 -.5 .7 .8 -.1 .3 -2.4 16 II. Time and savings accounts 11 Net increase—Total............................ 20.7 28.7 29.5 30.4 32.9 30,2 34.5 35.5 29.5 34.4 32.2 24.0 22.3 15.7 11 12 At commercial banks—Total........ 9.4 15.6 14.3 14.5 20.0 13.1 19.0 22.7 17.6 21.4 18.4 14.7 18.7 ll.o 12 13 Corporate business..................... 1.9 3.7 3.9 3.2 3.9 1.5 3.4 6.4 5.7 2.5 .9 4.1 1.7 -3.9 13 14 State and local govts................... .9 1.0 1.6 1.7 2.4 2.1 2.7 1.9 1.1 3.1 3.3 .5 2.1 1.9 14 15 Foreign depositors...................... .6 1.0 1.4 .6 1.0 1.6 .8 .8 .2 .5 -.1 2.0 .6 ij 16 Households.................................. 6.2 10.3 7.9 8.2 13.3 8.5 11.2 13.5 9.8 15.8 13.9 11.3 13.0 12.4 16 17 At savings institutions.................... 11.3 13.1 15.2 15.9 12.9 17.1 15.4 12.8 11.9 13.0 13.8 9.3 3.6 4.7 i7 18 Memo: Households total................... 17.4 23.4 23.0 23.9 26.4 25.6 26.4 26.8 22.1 29.1 27.6 20.9 17.1 17.5 18 HI. U.S. Govt, securities 19 Total net issues.................................... 7.7 7.9 5.0 7.0 3.5 8.3 4.4 9.0 1.4 -4.5 8.2 14.4 3.5 2.8 19 20 Short-term marketable................... 8.9 .6 1.4 4.0 3.5 4.4 8.6 5.5 3.6 -3.5 8.3 -1.2 -12.0 6.1 20 21 Other................................................ -1.2 7.3 3.6 3.0 .1 3.9 -4.1 3.6 -2.3 -1.0 -.1 15.6 15.4 -3.3 21 22 Net acquisitions, by sector................. 7.7 7.9 5.0 7.0 3.5 8.3 4.4 9.0 1.4 -4.5 8.2 14.4 3.4 2.8 22 23 Federal Reserve System................. 1.5 1.9 2.8 3.5 3.7 3.5 3.7 5.9 4.2 4.3 .5 3.3 4.3 4.7 23 24 Short-term................................... -1.1 2.0 4.9 2.1 3.7 7.1 3.5 12.4 6.2 -.3 -3.6 4.9 -1.8 5.9 24 25 Commercial banks.......................... 5.8 1.4 -2.6 .4 -2.3 3.9 1.7 -2.6 -10.2 -1.7 5.3 -4.4 - .8 — 7.7 25 26 Short-term marketable................ 9.3 -5.2 -3.5 3.9 -1.7 4.7 8.5 -10.6 -5.7 2.4 7.2-12.5 -6.0 - .2 26 27 Other direct................................. -4.1 5.2 .5 -4.1 — 1.4 -1.2 -9.3 7.9 -5.3 -6.1 -2.3 7.9 -1.2 — 3.8 27 28 Nonguaranteed........................... .7 1.4 .3 .6 .8 .4 2.4 .8 2.1 .4 .2 6.4 — 3.7 28 29 Nonbank finance................ .4 1.6 -.5 2.0 -.8 2.9 .6 2.2 -.8 -5.9 1.5 4.6 -5.0 1.0 29 30 Short-term marketable................ 1.2 .8 -1.3 1.2 -.3 .2 .6 .1 -.1 -4.4 3.2 3.1 -2.7 .8 30 31 Other direct................................. -.8 .6 .6 .5 -.7 2.4 -.7 2.1 -1.4 -2.1 -1.5 .6 -2.7 - .7 31 32 Nonguaranteed........................... .1 .2 .3 .3 .3 .3 .6 * .7 .5 -.1 .9 ,4 .9 32 33 Foreign............................................ .4 1.3 .6 .5 -.2 .4 1.7 -2.0 .9 -1.0 1.5 -2.4 -1.4 — 3.5 33 34 Short-term................................... -.6 2.2 -.6 -.4 -.5 1.7 -1.9 -.1 -1.5 1.8 -1.6 * — 1.6 34 35 Pvt. domestic nonfinan. sector. . .. -.5 1.7 4.7 .8 3.0 -2.4 -3.2 5.6 7.2 -.2 -.7 13.3 6.4 8.3 35 36 Short-term marketable............... .1 .9 1.8 -3.3 2.2 -7.1 -5.9 5.5 3.3 .3 -.3 4.8 -1.5 1.2 36 37 Other direct................................. -1.6 -.1 1.0 2.8 -1.1 4.1 1.6 -1.3 .5 -2.3 -1.3 4.1 -3.4 4.9 37 38 Nonguaranteed........................... .2 .5 .7 .4 1.3 -.3 ♦ .5 3.0 1.3 .2 4.1 10.7 1.9 38 39 Savings bonds—Households.... .8 .4 1.2 .9 .6 .8 1.0 .8 .4 .5 .8 .3 .7 .3 39 IV. Other securities 40 Total net issues, by sector.................. 13.5 11.5 13.1 14.6 16.2 14.8 13.0 13.3 20.0 16.6 14.9 20.5 23.3 18.4 40 41 State and local govts....................... 4.9 5.0 6.7 5.9 7.4 7.1 5.8 6.1 8.6 6.8 8.1 5.5 7.2 4.8 41 42 Nonfinancial corporations.............. 7.1 5.1 3.6 5.4 5.4 5.0 3.1 4.4 7.0 7.4 2.9 11.9 15.2 11.7 42 43 Commercial banks.......................... .2 .1 .3 .6 .8 .6 .4 .5 2.0 .4 .1 .3 * 43 44 Finance companies.............. .5 .3 1.4 2.1 1.9 2.1 1.7 1.6 1.8 1.5 2.7 1.6 .3 1.9 44 45 Rest of the world............................ .8• 1.0 1.0 7 .9 2.0 1.3 1.0 .7 .8 1.7 1.0 .6 45 46 Net purchases...................................... 13.5 11.5 13.1 14.6 16.2 14.8 13.0 13.3 20.0 16.6 14.9 20.5 23.3 18.4 46 47 Households...................................... 1.3 -1.7 -2.9 1.8 .7 1.8 -1.0 —2.6 2.5 3.6 — .7 5.2 7.2 5.7 47 48 Nonfinancial corporations............. -.2 -.4 .9 .2 .7 * .3 .6 .7 .8 .8 .8 .8 .7 48 49 State and local govts....................... 2.2 2.0 2.5 2.7 2.7 2.9 2.9 2.5 1.5 3.3 3.3 4.1 4.0 5.1 49 50 Commercial banks.......................... 2.6 4.4 5.2 3.6 4.9 4.3 4.2 5.0 6.5 4.1 4.1 2.9 2.2 2.1 50 51 Insurance and pension funds......... 8.0 7.5 7.6 7.3 9.7 6.8 7.4 9.0 9.6 10.7 9.4 10.8 8.3 10.0 51 52 Finance n.e.c.................................... -.6 - .3 -.2 - .8 —2.0 — .9 - .2 -1.4 .2 -5.0 “1.8 -4.3 -1.2 — 5.3 52 53 Security brokers and dealers.... -.2 .4 .2 ♦ -.4 -.4 .3 .4 .6 -2.8 .1 -1.6 1.0 -1.4 53 54 Investment cos., net.................... -.5 -.8 -.5 - .8 — 1.6 — .5 — .5 -1.8 - .4 —2.2 — 1.9 -2.8 -2.2 —4.0 54 55 Portfolio purchases................. 1.4 1.1 .8 1.1 1.6 1.7 2.1 .8 1.9 1.3 2.3 2.5 1.1 — .2 55 56 Net issues' of own shares........ 1.8 1.9 1.2 1.8 3.1 2.2 2.6 2.6 2.3 3.5 4.2 5.3 3.3 3.8 56 57 Rest of the world........................... .2 * .2 -.2 -.5 -.4 -.1 .1 -1.0 -1.0 -.1 .6 1.0 .1 57 V. Mortgages 58 Total net lending................................. 16.9 21.3 25.0 25.4 25.4 25.9 25.4 24.7 25 4 25.7 25.8 25.6 22.4 17.9 58 59 1- to 4-family................................... 11.8 13.4 15.7 15.4 16.0 15.0 14.9 15 9 15.7 16.0 16. 3 15.5 12.7 9.4 59 60 In process..................................... .4 .4 5 —. 3 — □ — 3 — 3 2 — 1.1 — 1.8 60 61 Disbursed..................................... 11.4 13.0 15.2 15 7 16.0 15.4 15.2 • 15 9 15.5 16.2 16.5 15.1 13.8 11.2 61 62 Other................................................ 5.1 7.9 9.3 10 0 9.5 10 9 10.5 8 7 9 7 9 8 9.5 10 1 9.7 8.5 62 63 Net acquisitions................................... 16.9 21.3 25 0 25 4 25.4 25.9 25.4 24 7 25 4 25 7 25 8 25 6 22 4 17.9 63 64 Households.................................... * — 3 — .1 — 6 ’ 4 * — 9 — 6 —i i , 1 —2 5 3 1.0 64 65 U.S. Government........................... .3 — 1.0 1 0 _ 1 — 2 7 1 0 7 1 5 4 6 4 1 3 1 65 66 Commercial banks.......................... 1.6 4.0 4 9 4 5 5.6 4.5 4^6 4.7 5.6 6 4 5.8 5^3 53 5.0 66 67 Savings institutions......................... 11.0 13.2 16.1 14.8 13.0 15.2 14.7 13 0 13.0 13 i 12.8 11.4 7.2 3.6 67 68 Insurance......................................... 2 7 3 0 4 0 5 1 5 5 5.2 5 6 5 9 5+5 5 1 5 3 6 0 5 7 5.5 68 69 Mortgage companies...................... .6 .5 ''8 .4 .5 .1 .2 .9 .5 1.0 -.1 .4 -.6 -.7 69 VI. Bank Ioans n.e.c. 70 Total net borrowing............................ 3 0 6 2 7 6 8 7 16.4 5 4 13 7 19.2 13 9 12*9 19 6 6 6 19 3 3.1 70 7 7 1 2 N N o on n f b i a n n an k c f ia in l a b n u c s e i . n .. e .. s .. s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 . . 3 1 4 1 .3 0 5 1 0 7 5 5 1 1 2 2^ .4 3 -1 5 . 5 0 8 , 3i 1 2 3 .5 3 1 2 1 .0 6 9 1 .9 3 14 3 8 3 — 9 . . 9 4 1 3 5 . .1 8 -6 8 . . 4 5 7 71 2 73 Households...................................... .9 . 5 4 1 4 1 3 3 1 1 4 1*3 1 9 2 1 . i 1.0 73 74 Rest of the world........................... .7 .4 .5 1.7 .4 1.8 2.2 2.8 -1.1 .4 -.4 -.7 .4 * 74 Note.—Quarterly data are seasonally adjusted totals at annual rates. For notes see p. 151 of January 1967 Bulletin. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
658 BANKS AND BRANCHES APRIL 1967 NUMBER IN OPERATION ON DECEMBER 31, 1966 Commercial and mutual savings banks Number maintaining branches or additional offices 1 Commercial Commercial Mutual Mutual State savings savings Member Nonmember Member Nonmember Total Total Total Total Non Non Non Non Na State In in In in Na State In in In in tional sured sured sured sured tional sured sured sured sured United States2......................... 14,27413,770 4,799 H 351 7,385 235 330 174 3 573 3,313 1 406 454 1 435 18 183 77 Alabama.................................. 267 267 87 24 156 56 56 32 6 18 Alaska...................................... 14 12 5 5 2 2 8 8 5 3 Arizona....................... 18 18 4 1 12 1 10 10 3 i 5 1 Arkansas................... 246 246 67 18 158 3 64 64 28 7 29 California................................. 193 193 91 14 82 6 118 118 46 12 58 2 Colorado................................. 252 252 117 17 81 37 1 1 Connecticut..................... 137 67 30 6 27 4 70 85 44 21 6 17 41 Delaware......................... 22 20 5 2 13 2 11 9 2 2 5 2 District of Columbia........ 14 14 9 3 2 13 13 8 3 2 Florida............................ 447 447 198 8 238 3 1 1 1 Georgia.................................... 426 426 58 13 323 32 77 77 25 7 45 Hawaii.................... 11 11 2 5 4 8 8 2 5 1 Idaho........................................ 25 25 9 7 9 14 14 6 3 5 Illinois..................... 1,061 1,061 422 103 528 8 Indiana..................................... 423 419 123 83 209 4 4 172 172 64 28 80 Iowa................................ 674 674 102 57 502 13 196 196 35 13 148 Kansas..................................... 601 601 170 41 388 2 51 51 25 7 19 Kentucky................................. 348 348 80 14 248 6 105 105 41 8 56 Louisiana................................. 220 220 47 10 162 1 100 100 32 8 60 Maine...................................... 76 44 21 6 14 3 28 4 41 33 15 4 13 1 8 Maryland... J......................... 128 122 49 7 65 1 6 68 63 28 6 28 5 Massachusetts 3....................... 340 162 90 18 50 4 8 170 201 118 66 18 33 1 6 77 Michigan.................. 347 347 99 114 132 2 188 188 65 60 62 1 Minnesota....................... 724 723 194 29 496 4 1 5 5 2 3 Mississippi............................... 190 190 36 6 148 99 99 27 5 67 Missouri.................................. 661 661 98 79 475 9 69 69 19 17 33 Montana.................................. 132 132 49 42 40 1 1 1 1 Nebraska................................. 439 439 126 13 294 6 27 27 18 1 8 Nevada................ 9 9 3 3 3 6 6 2 3 1 New Hampshire...................... 107 75 52 1 19 3 32 33 25 20 1 4 8 New Jersey............................... 253 232 148 44 37 3 21 170 159 103 33 23 11 New Mexico.................... 64 64 34 7 23 40 40 19 4 17 New York................................ 464 338 190 83 38 27 126 258 175 95 56 20 4 83 North Carolina....................... 137 137 27 4 105 1 81 81 20 3 57 1 North Dakota................. 167 167 42 3 119 3 43 43 8 1 33 1 Ohio............................... 538 537 226 125 185 1 1 246 246 133 49 64 O O k re la g h o o n m .... a .. . . . . . . . . . . . . . . . . . . . . . . . . .. . . . ................. 42 53 0 42 5 0 2 22 1 0 3 23 2 1 3 7 4 6 3 1 2 3 6 7 2 3 5 7 28 5 2 19 7 i Pennsylvania. .......................... 553 546 354 37 145 10 7 240 234 153 18 62 1 6 Rhode Island........................... 18 11 4 1 4 2 7 18 11 4 1 4 2 7 South Carolina............. 128 128 26 6 92 4 67 67 21 3 43 South Dakota................. 167 167 34 25 107 1 37 37 9 3 25 Tennessee......................... 299 299 77 9 209 4 118 118 56 5 56 1 Texas.......................... 1,147 1,147 546 70 521 10 33 33 4 29 Utah......................................... ’ 55 ' 55 13 12 30 21 21 4 7 10 Vermont...................... 54 48 27 20 1 6 24 22 13 9 2 Virginia............................ 251 251 114 51 86 136 136 71 24 41 Washington..................... 100 95 28 10 56 5 43 40 14 5 21 3 West Virginia - - •, 190 190 80 34 75 1 Wisconsin........................ 594 591 112 52 424 3 3 106 106 12 8 86 ^Wyoming • ■ <......... 69 69 40 14 15 Virgin Islands 2............. I 1 1 1 i 1 1 Excludes banks that have banking facilities only; banking facilities 5 Each bank is reported once only—according to the widest area in are shown separately; see note 4. which it operates branches or additional offices. * Includes 1 national bank in the Virgin Islands, with 3 branches, that became a member of the F.R. System in 1957. Note.—Each branch and additional office is located in the same State 3 State member bank figures include 1 noninsured trust co. without as its parent bank except that 1 national bank in N.J. has a branch in Pa.; deposits. 1 national bank in Calif, has 2 branches in Wash, and 1 in Ore.; 1 non 4 Banking facilities (other than branches) that are provided at military insured (unincorporated) bank in N.Y. has 1 branch in Mass, and 1 in Pa.; and other Govt, establishments through arrangements made by the 2 insured nonmember banks in Puerto Rico have 7 branches in N.Y. In Treasury; they are operated by 182 banks, 68 of which have no other the table these branches are shown according to their own location rather type of branch or additional office. than that of the parent bank. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
APRIL 1967 BANKS AND BRANCHES 659 NUMBER IN OPERATION ON DECEMBER 31, 1966—Continued Branches and additional offices 1 Class of bank Location State Commercial banks Outside head office city Mutual Bank savings In ing Total Member Nonmember banks o h f e f a ic d e In head In con In non f t a ie c s i li < Total ti N on a a l State su I r n e d in N su o r n e d su I r n e d in N su o r n e d city c o o f u fi n c t e y c t o ig u u n o t u ie s s c c o u o u n o n u t t i s i g e s United States 2......, 17,405 16,648 9,407 33,493 3,686 62 614 143 6,495 5,539 2,562 2,809 260 Alabama....................... 180 180 137 9 34 90 73 7 10 6 Alaska............................ 50 50 42 8 15 22 8 5 5 Arizona.......................... 276 276 182 18 55 21 97 64 76 39 6 Arkansas....................... 118 118 62 18 38 57 55 5 1 1 California....................... 2,492 2,492 1,788 468 231 5 ............... 368 324 507 1,293 46 Colorado....................... 1 1 1 8 Connecticut................... 449 336 179 92 65 113 129 253 54 13 Delaware....................... 78 70 4 30 36 8 13 38 23 4 District of Columbia.. 88 88 53 29 6 88 6 Florida........................... 1 1 1 1 18 Georgia.......................... 202 202 127 28 47 147 4 8 43 9 Hawaii........................... 114 114 41 72 i 41 29 44 6 Idaho. ............................ 139 139 101 24 14 ............... 11 13 25 90 1 Illinois............................ 5 Indiana........................... 503 503 267 67 169 268 235 4 Iowa................................ 250 250 38 17 195 72 130 48 Kansas........................... 51 51 25 7 19 50 1 2 Kentucky....................... 242 242 120 40 82 145 92 5 1 Louisiana....................... 284 284 145 26 113 173 102 6 3 2 Maine............................ 193 180 71 53 53 3 13 ............... 39 76 68 10 3 Maryland....................... 443 406 196 54 149 7 37 134 106 133 70 9 Massachusetts 3........... 780 611 351 141 117 2 26 143 385 386 8 1 3 Michigan....................... 985 985 458 351 174 2 ............... 458 347 170 10 4 Minnesota..................... 9 9 6 3 9 Mississippi..................... 255 255 96 12 147 ............... 105 85 38 27 4 Missouri......................... 69 69 19 17 33 69 2 Montana........................ 1 1 2 Nebraska....................... 27 27 18 8 27 1 Nevada........................... 69 69 36 26 7 17 14 11 27 1 New Hampshire........... 42 32 26 1 5 10 .............2..0 19 3 1 New Jersey........... 736 706 458 171 77 30 251 484 1 7 New Mexico................. 98 98 54 6 38 56 33 8 1 3 New York..................... 2,290 2,047 1,015 919 108 5 243 1,168 660 376 86 11 North Carolina............. 786 786 275 105 402 4 144 91 167 384 4 North Dakota............... 59 59 8 2 47 2 ...............8 31 20 2 Ohio................................ 1,007 1,007 570 301 136 467 526 14 2 Oklahoma............... 37 37 28 2 7 37 5 Oregon........................... 274 273 218 12 43 1 55 33 38 148 Pennsylvania................. 1,398 1,330 841 207 280 2 68 420 575 402 1 8 Rhode Island................. 169 126 54 24 41 7 43 47 66 31 25 2 South Carolina............. 296 296 191 3 102 73 51 37 135 6 South Dakota............... 83 83 42 7 34 12 30 23 18 Tennessee....................... 370 370 226 27 116 1 231 124 7 8 7 Texas.............................. 34 34 4 30 34 19 Utah................................ 108 108 55 29 24 22 36 11 39 3 Vermont......................... 61 59 33 26 2 7 26 21 7 Virginia.......................... 593 593 369 101 123 241 97 109 146 19 Washington................... 441 421 355 29 37 20 153 102 68 118 3 West Virginia........ Wisconsin...................... 171 171 24 14 133 ............... 39 106 26 ...............2. 1 Virgin Islands 2............. 3 3 3 ............... 3 Nonmember Mutual Member banks banks savings banks Location of branches with respect to head office 5 Total National State Insured in N su o r n e d Insured in N su o r n e d Banks with branches or additional offices (except banking facilities) 2......... 3,573 1,406 454 1,435 18 183 77 In head office city............................................................................................. 1,137 487 150 394 6 73 27 Outside head office city: In head office county............................................................................... 1.775 688 210 764 3 66 44 In contiguous counties........................................................................... 513 164 60 238 6 39 6 Tn noncontiguous counties 2 ................................................................ 148 67 34 39 3 5 Branches and additional offices (except banking facilities) 2......................... 17,405 9,407 3,493 3,686 62 614 143 In head office city.......................'.............................».'................................ 6,495 3'233 1'589 1,196 20 386 71 Outside head office city: In head office county............................................................................... 5,539 2,772 985 1,561 18 138 65 In contiguous counties............................................................................ 2,562 1,304 528 625 20 78 7 In noncontiguous counties 2...................................................... 2’809 2,098 391 304 4 12 Banking facilities 4 ................................................................ 260 204 25 31 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
660 MEMBER BANKS, 1966 APRIL 1967 OPERATING RATIOS BY SIZE OF BANK AND BY RATIO OF TIME TO TOTAL DEPOSITS (Averages of individual ratios expressed as percentages) Size group—total deposits Ratio of time deposits to (in thousands of dollars) total deposits (per cent) All Item groups u 1 a n ,0 n d 0 d e 0 r 1 2 , , 0 0 0 0 0 0 2 5 , , 0 0 0 0 0 0 5 1 , 0 0 , 0 0 0 00 1 2 0 5 , , 0 0 0 0 0 0 2 5 5 0 , , 0 0 0 0 0 0 5 1 0 0 , 0 0 , 0 0 0 0 010 O 0 v ,0 er 0 0 Un 25 der 25-50 o a 5 v n 0 e d r Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes. 15.0 8.7 11.0 13.1 15.4 16.4 17,0 16.6 17.3 15.3 15.6 14.2 Net income before related taxes................. 11.6 7.1 8.8 10,1 12.0 12.6 13.0 12.4 13.5 12.8 12.1 10.7 Net income....................................................... 8.8 5.9 7.2 8.1 9.2 9.4 9.5 9.1 9.6 9.5 9.1 8.4 Cash dividends declared................................ 3.1 2.0 2.4 2.6 3.0 3.4 3.8 4.1 4.6 3.7 3.2 3.0 Percentage of total assets: Total operating revenue............................ 5.28 5.35 5.33 5.36 5.24 5.27 5.24 5.22 5.13 4.81 5.27 5.38 Net current earnings before income taxes. 1.26 1.10 1.22 1.26 1.27 1.26 1.26 1.22 1.33 1.60 1.32 1.12 Net income........................................,............ .74 .75 .78 .76 .76 .72 .70 .67 .73 1.00 .77 .66 Sources and disposition of income: Percentage of total operating revenue: Interest and dividends on: U.S. Govt, securities.............................. 19.4 22.3 24.9 22.6 20.2 17.4 15.6 14.5 11.0 23.4 18.9 19.1 Other securities........................................... 7.8 3.8 5.0 6.6 8.2 8.9 9.1 8,7 8.2 7.2 7.6 8.1 Revenue on loans........................................... 63.6 65.1 61.6 62.4 63.2 64.2 64.6 65.3 68.4 59.6 63.2 64.9 Service charges on deposit accounts.......... 5.5 5.4 5.3 5.4 5.5 6.0 5.9 5.6 4.5 6.1 6.2 4.7 All other revenue............................................ 3.7 3.4 3.2 3.0 2.9 3.5 4.8 5.9 7.9 3.7 4,1 3.2 Total revenue......................................... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages.......................................... 23.9 35.8 30.3 25.8 23.1 22.0 22,0 21.6 21.2 32.3 25.3 20.8 Officer and employee benefits...................... 2.6 2.3 2.2 2.3 2.5 2.7 2,9 3.0 3.2 3.0 2.6 2.4 Interest on time deposits.............................. 29.6 15.3 21.8 27.6 31.0 32.1 31.8 32.3 30.0 8.8 25.7 37.9 Net occupancy expense................................. 4.1 5.8 4.5 4.1 4.0 4.1 4.2 4.3 4.1 4.8 4.5 3.7 Other current expenses.................................. 15.5 19.1 17.5 16.0 14.8 15.1 15.0 15.3 15.2 17.5 16.4 14.1 Total expenses................................ 75.7 78.3 76.3 75.8 75.4 76.0 75.9 76.5 73.7 66.4 74.5 78.9 Net current earnings before income taxes................................................. 24.3 21.7 23.7 24.2 24.6 24.0 24.1 23.5 26.3 33.6 25.5 21.1 Net losses (or recoveries and profits +) 1. 3.6 3.4 3.2 3.7 3.3 3.5 3.9 4.1 4.5 3.7 3.8 3.4 Net increase in valuation reserves.............. 1.7 .6 1.1 1.7 2.0 1.8 1.7 1.6 1.2 1.4 1.8 1.7 Taxes on net income...................................... 4.5 2.7 3.6 3.8 4.5 4.8 5.0 4.9 6.1 7.3 4.9 3.4 Net income after taxes................................. 14.5 15.0 15.8 15.0 14.8 13.9 13.5 12.9 14.5 21.2 15.0 12.6 Rates of return on securities and loans: Return on securities: Interest on U.S. Oovernment securities... 4.37 4.61 4.43 4.55 4.40 4.30 4.20 4.15 4.02 4.39 4.39 4.35 Interest and dividends on other securities. 3.47 4.25 3.91 3.69 3.35 3.26 3.36 3.33 3.36 3.28 3.46 3.51 Net losses (or recoveries and profits +) >. .16 .03 .02 .09 .13 .18 .27 .34 .45 .10 .16 .18 Return on loans: Revenue on loans...................................... 6.93 7.90 7.32 7.09 6.92 6.84 6.78 6.56 6.41 6.92 7.00 6.86 Net losses 1....................................................... .25 .27 .30 .30 .25 .21 .22 .17 .19 .24 .27 .23 Distribution of assets: Percentage of total assets: t U.S. Government securities..................... 22.5 25.3 28.3 25.5 23,2 20.8 19.1 17.8 13.8 24.4 21.9 22.7 Other securities............................................... 12.2 6.1 7.7 10.3 12.9 14.1 14.2 13.6 12.5 11.2 12.0 12.6 Loans................................................................. 48.8 45.1 44.8 47,3 48.1 49.7 51.1 52.1 54.6 42.0 47.8 51.2 Cash assets....................................................... 14.7 21.5 17.7 15.2 14.1 13.5 13.6 14.4 16.7 20.9 16.3 11.7 Real estate assets............................................ 1.6 1.7 1.4 1.6 1.6 1.7 1.7 1.6 1.4 1.4 1.7 1.5 Other ratios: Total capital accounts to: Total assets................................................... 9.0 15.0 12,3 10.3 8.6 7.9 7.6 7.5 7.8 11.1 9.1 8.5 Total assets less U.S. Government securi ties and cash assets................................ 15.1 29.5 24.8 18.1 14.1 12.3 11.4 11.2 11.3 22.1 15.5 13.3 Total deposits.................................................. 10.2 18.7 14.6 11.8 9.6 8.8 8.4 8.3 8.8 12.9 10.4 9.5 Time to total deposits........................................ 46.4 27.1 36.8 44.9 48.2 49.8 48.6 47.6 43.0 13.6 39.6 60.2 Interest on time deposits to time deposits 2.. 3.70 3.38 3.54 3.62 3.68 3.70 3.77 3.90 4.02 3.30 3.76 3.71 Trust department revenue to total revenue 2. 2.7 .3 1.9 1.4 1.9 2.8 3,3 5.1 4.0 3.0 2.1 Number of banks 3................................................... 6,078 72 374 1,621 1,540 1,379 480 25$ 357 555 2,804 2,719 For notes see second following page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
APRIL 1967 MEMBER BANKS, 1966 661 OPERATING RATIOS BY RATIO OF TIME TO TOTAL DEPOSITS, BY SIZE OF BANK (Averages of individual ratios expressed as percentages) Banks with ratios of time Banks with ratios of time Banks with ratios of time to total deposits of to total deposits of to total deposits of under 25 per cent 25-50 per cent 50 per cent and over All Item groups Siz group—total deposits (in thousandsof dollars) u 2 a n ,0 n d 0 d e 0 r 2 5 , , 0 0 0 0 0 0 2 5 5 ,0 ,0 0 0 0 0 2 O 5, v 0 e 0 r 0 u 2 a n ,0 n d 0 d e 0 r 2 5 , , 0 0 0 0 0 0 2 5 5 ,0 ,0 0 0 0 0 2 O 5, v 0 e 0 r 0 u 2 a n ,0 n d 0 d e 0 r 2 5 , , 0 0 0 0 0 0 2 5 5 ,0 ,0 0 0 0 0 2 O 5, v 0 e 0 r 0 Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes........... 15.0 11.6 14.5 17.8 19.8 11.1 13.5 16.6 17.6 8.4 12.3 15.0 16.0 Net income before'related taxes............................ 11.6 10.3 12.2 14.5 16.6 8.6 10.3 13.0 13.7 6.2 9.2 11.4 11.7 Net income................................................................. 8.8 8.4 9.4 10.2 10.5 7.0 8.3 9.7 9.6 5.1 7.4 8.9 9.1 Cash dividends declared........................................... 3.1 3.5 3.8 3.5 4.2 2.1 2.5 3.2 4.3 1.5 2.3 3.1 3.9 Percentage of total assets: Total operating revenue....................................... 5.28 4.82 4.79 4.82 4.87 5.52 5.44 5.22 5.09 5.58 5.47 5.32 5.38 Net current earnings before income taxes........... 1.26 1.45 1.60 1.68 1.72 1.22 1.29 1.35 1.35 .84 1.11 1.15 1.12 Net income................................................................. .74 1.05 1.03 .97 .89 .77 .77 .79 .73 .47 .66 .68 .64 Sources and disposition of income: Percentage of total operating revenue: Interest and dividends on: U.S. Government securities................ 19.4 26.7 25.1 21.7 13.3 24.0 21.7 18.9 13.5 22.8 22.7 18.6 14.3 Other secutitles...................................................... 7.8 4.7 8.2 8.1 6.9 4.6 6.5 8.4 8.1 5.4 6.2 8.7 9.6 Revenue on loans...................................................... 63.6 60.3 57.9 59.4 65.1 62.2 62.4 62.5 66.2 64.1 63.8 65.1 66.0 Service charges on deposit accounts..................... 5.5 5.3 5.8 7.3 5.7 5.7 6.2 6.7 5.4 4.7 4.4 4.7 5.3 All other revenue...................................................... 3.7 3.0 3.0 3.5 9.0 3,5 3.2 3.5 6.8 3.0 2.9 2.9 4.8 Total revenue..................................................... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages.................................................... 23.9 38.7 32.7 29.1 25.1 29.6 27.2 24.8 22.4 25.3 22.1 20.0 20.3 Officer and employee benefits................................. 2.6 2.5 2.9 3.3 3.5 2.0 2.3 2.7 3.2 2.2 2.1 2.4 2.8 Interest on time deposits.......................................... 29.6 5.8 8.3 10.5 13.3 22.6 24.7 26.1 27.4 34.9 37.0 38.5 38.4 Net occupancy expense........................................... 4.1 4.6 4.7 5.2 4.3 4.9 4.6 4.4 4.3 4.5 3.5 3.6 4.1 Other current expenses............................................. 15.5 18.0 17.5 16.8 18.1 18.1 16.9 16.0 16.0 16.9 14.5 13.8 13.6 Total expenses.................................................... 75.7 69.6 66.1 64.9 64.3 77.2 75.7 74.0 73.3 83.8 79.2 78.3 79.2 Net current earnings before income taxes... 24.3 30.4 33.9 35.1 35.7 22.8 24.3 26.0 26.7 16.2 20.8 21.7 20.8 Net losses (or recoveries and profits -f-)!....... 3.6 2.5 4.0 4.4 3.5 3.7 3.9 3.6 4.1 3.3 3.3 3.1 4.3 Net increase in valuation reserves......................... 1.7 1.0 1.3 1.6 2.2 .8 1.8 1.8 1.8 1.6 1.6 1.9 1.1 Taxes on net income........................ 4.5 4.9 6.7 8.8 11.1 3.3 3.6 5.3 6.3 2.1 3.1 3.7 3.4 Net income after taxes......................................... 14.5 22.0 21.9 20.3 18.9 15.0 15.0 15.3 14.5 9.2 12.8 13.0 12.0 Rates of return on securities and loans: Return on securities: Interest on U.S. Government securities........... 4.37 4.33 4.57 4.29 4.08 4.53 4.62 4.36 4.11 4.47 4.46 4.35 4.17 Interest and dividends on other securities........... 3.47 3.69 3.08 3.17 3.36 3.95 3.92 3,19 3.32 4.32 3.65 3.42 3.39 Net losses (or recoveries and profits +)1............ .16 .03 .07 .16 .24 .02 .09 .14 .36 .01 .11 .17 .34 Return on loans: Revenue on loans.................................................. 6.93 7.16 6.99 6.81 6.34 7.69 7.23 6.98 6.51 7.15 6.98 6.81 6.77 Net losses 1.................................................................. .25 .14 .26 .32 .21 .38 .35 .25 .19 .32 .27 .20 .21 Distribution of assets: Percentage of total assets:. U.S. Government securities...................... 22.5 28.0 25.4 23.4 15.2 27.8 24.6 21.8 16.5 27.5 26.5 22.1 18.0 Other securities........................................................... 12.2 7.3 13.2 12.1 10.3 7.5 10.2 13.5 12.5 7,5 9.5 13.6 15.2 Loans............................................................................ 48.8 40.7 40.2 42.6 50.0 44.6 47.0 47.0 51.8 50.3 50.0 51.2 53.6 Cash assets................................................................. 14.7 22.9 19.8 20.2 22.4 18.2 16.4 15.8 16.9 13.1 12.3 11.4 11.3 Real estate assets...................................................... 1.6 1.0 1.4 1.6 1.5 1.7 1.8 1.7 1.7 1.4 1.5 1.5 1.4 Other ratios: Total capital accounts to: Total assets.............................................................. 9.0 13.2 11.5 9.6 8.9 12.5 10.4 8.4 7.8 12.7 9.7 8.0 7.2 Total assets less U.S. Government securities and cash assets................................................. 15.1 29.4 22,6 18.1 14.6 24.9 18.4 13.9 11.9 22.3 16.4 12.3 10.2 Total deposits............................................................. 10.2 15.6 13.3 11.0 10.2 14.8 12.0 9.4 8.8 15.7 11.0 8.9 8.0 Time to total deposits.............................................. 46.4 9.7 13.0 15.7 18.8 38.1 39.8 39.8 39.2 60.1 60.7 60.4 59.0 Interest on time'deposits to time deposits 2......... 3.70 2.97 3.16 3.59 3.70 3.70 3.72 3.71 3.94 3.69 3.64 3.69 3.84 Trust department revenue to total revenue*..., 2.7 w 3.2 2.6 6.0 e> 2.2 1.8 4.2 .8 1.6 2.9 Number of bankt3............................................................... 6,078 128 219 152 56 211 726 1,293 574 107 676 1,474 462 For Notes see following page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
662 MEMBER BANKS, 1966 APRIL 1967 OPERATING RATIOS BY FEDERAL RESERVE DISTRICT (Averages of individual ratios expressed as percentages) Federal Reserve district All Item dis tricts B to o n s Y N o e r w k P p d h h e i i l l a a C la l n ev d e m Ri o c n h d la A n t t a c C a h g i o Lo S u t. i s n M o e l a i i n s p K C s a a it s n y Dallas F c S i r s a a c n n o Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes........... 15.0 15.2 14.0 13.3 14.3 15.7 15.9 15.6 15.7 15.5 14.8 14.8 12.6 Net income before related taxes............................. 11.6 12.2 10.6 10.7 11.7 12.6 11.9 12.0 12.4 12.5 11.4 10.8 8.3 Net income................................................................. 8.8 8.7 8.3 8.4 9.0 8.9 9.1 9.2 9.6 9.4 8.8 8.6 5.9 Cash dividends declared.......................................... 3.1 3.7 3.3 3.2 3.2 3.1 2.8 3.0 3.0 3.7 3.2 3.2 2.4 Percentage of total assets: Total operating revenue........................................... 5.28 5.66 5.34 5.06 4.92 5.39 5.52 5.03 4.79 5.41 5.39 5.36 6.35 Net current earnings before income taxes........... 1.26 1.43 1.12 1.22 1.23 1.38 1.29 1.17 1.32 1.21 1.35 1.30 1.10 Net income.................................................................. .74 .82 .65 .77 .77 .77 .74 .70 .80 .74 .79 .75 .48 Sources and disposition of income: Percentage of total operating revenue: Interest and dividends on: U.S. Government securities................................ 19.4 13.2 15.2 17.6 21.1 18.2 18.0 23.6 24.7 20.5 19.1 16.5 15.2 Other securities...................................................... 7.8 5.7 8.7 8.8 7.9 6.8 8.5 7.9 8.6 9.4 6.2 8.3 5.3 Revenue on loans...................................................... 63.6 67.3 66.8 66.8 64.3 67.1 62.1 60.3 60.3 59.8 64.5 65.4 66.7 Service charges on deposit accounts..................... 5.5 8.7 5.8 3.1 4.0 4.2 7.3 4.7 3.4 5.5 6.8 6.5 8.0 All other revenue.................................................... 3.7 5.1 3.5 3.7 2.7 3.7 4.1 3.5 3.0 4.8 3.4 3.3 4.8 Total revenue................................................. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages..................................................... 23.9 26.6 22.1 19.5 20.2 22.2 24.5 22.7 23.4 22.8 27.8 27.4 25.8 Officer and employee benefits................................. 2.6 3.5 2.9 2.5 2.4 2.5 2.6 2.5 2.4 2.8 2.6 2.2 2.6 Interest on time deposits.......................................... 29.6 21.5 36.1 36.2 34.0 30.7 27.7 33.1 27.5 34.3 23.8 22.6 31.3 Net occupancy expense............................................ 4.1 5.2 4.2 3.5 3.3 3.7 4.6 3.7 4.0 3.5 4.1 5.5 5.2 Other current expenses............................................ 15.5 17.7 13.8 14.3 15.2 14.9 17.0 14.4 15.0 14.2 15.9 17.4 16.9 Total expenses.................................................... 75.7 74.5 79.1 76.0 75.1 74.0 76.4 76.4 72.3 77.6 74.2 75.1 81.8 Net current earnings before income taxes... 24.3 25.5 20.9 24.0 24.9 26.0 23.6 23.6 27.7 22.4 25.8 24.9 18.2 Net losses (or recoveries and profits 4-)1............ 3.6 3.2 3.5 2.9 3.0 3.0 3.8 3.2 3.7 2.4 4.1 5.1 5.1 Net increase in valuation reserves......................... 1.7 1.7 1.6 1.7 1.5 2.1 1.9 2.0 1.9 1.7 1.6 1.1 1.3 Taxes on net income................................................. 4.5 5.9 3.4 4.2 4.7 6.1 4.3 4.2 5.1 4.3 4.7 3.8 3.4 Net income after taxes.............................................. 14.5 14.7 12.4 15.2 15.7 14.8 13.6 14.2 17.0 14.0 15.4 14.9 8.4 Rates of return on securities and loans: Return on securities: Interest on U.S. Government securities............... 4.37 4.35 4.31 3.95 4.20 4.50 4.58 4.23 4.44 4.44 4.46 4.47 4.69 Interest and dividends on other securities........... 3.47 3.74 3.42 3.42 3.35 3.43 3.73 3.27 3.28 3.42 3.71 3.32 3.95 Net losses (or recoveries and profits +)1............ .16 .22 .24 .14 .19 .16 .11 .18 .13 .22 .13 .12 .19 Return on loans: Revenue on loans...................................................... 6.93 6.86 6.77 6.49 6.39 7.09 7.34 6.59 6.70 6.91 7.25 7.31 7.71 Net losses 1................................................................... .25 .20 .21 .18 .15 .20 .32 .17 .19 .11 .32 .45 .60 Distribution of assets: Percentage of total assets: U.S. Government securities.................................... 22.5 17.0 18.5 21.9 24.3 21.4 21.1 26.8 26.4 24.2 22.3 18.1 20.0 Other securities........................................................... 12.2 9.7 14.1 13.2 11.6 10.9 12.8 12.1 12.6 14.6 10.7 13.2 8.6 Loans............................................................................ 48.8 56.0 54.2 52.2 49.9 51.6 47.0 46.3 43.5 47.1 48.4 47.2 54.9 Cash assets.................................................................. 14.7 15.1 11.3 11.3 12.7 14.1 16.4 13.2 16.0 12.4 17.1 19.2 13.5 Real estate assets....................................................... 1.6 2.0 1.4 1.4 1.4 1.8 2.4 1.2 1.4 1.4 1.4 2.1 2.4 Other ratios: Total capital accounts to: Total assets................................................................. 9.0 9.9 8.6 9.4 8.8 9.5 8.7 7.9 8.8 8.1 9.8 9.6 11.4 Total assets less U.S. Government securities and cash assets....................................................... 15.1 15.4 12.8 14.5 14.7 15.4 14.4 14.1 16.5 13.4 17.0 16.2 17.4 Total deposits............................................................. 10.2 11.6 9.8 10.7 9.9 10.8 9.8 8.8 9.9 9.0 11.1 10.8 13.9 Time to total deposits.................................................. 46.4 35.9 56.4 60.0 55.2 48.8 42.5 50.6 39.9 53.8 37.7 33.9 51.8 Interest on time deposits to time deposits 2............. 3.70 3.85 3.80 3.39 3.35 3.74 3.94 3.59 3.58 3.75 3.70 3.81 4.34 Trust department revenue to total revenue!........... 2.7 4.1 3.1 2.9 3.0 2.4 2.8 2.4 2.1 2.5 2.3 2.2 2.9 Number of banks 3............................................................... 6,078 248 395 386 487 394 501 990 475 491 830 667 214 * Net losses is the excess of (a) actual loves charged against net in subsequent issue of the Bulletin. Such differences result from the fact come plus losses charged against valuation reserves over (b) actual re that each bank’s figures have an equal weight in calculation of the aver coveries and profits credited to net income plus recoveries credited to ages whereas the figures of the many small and medium-sized banks have valuation reserves; net recoveries and profits is the reverse. Transfers to but little influence on the aggregate dollar amounts. Averages of individ and from reserves are excluded. ual ratios are useful primarily to those interested in studying the financial 2 Banks reporting no interest paid on time deposits or trust depart results of operations of individual banks, while ratios based on aggregates ment revenue, as the case may be, were excluded in computing this aver show combined results for the banking system as a whole and, broadly age. speaking, are the more significant for purposes of general analyses of 3 The ratios for 72 member banks in operation at the end of 1966 were credit and monetary problems. excluded from the compilations because of unavailability of data covering Figures of revenue, expenses, etc,, used in the calculations were taken the complete year’s operations, certain accounting adjustments, lack of from the annual income and dividends reports for 1966. Balance-sheet comparability, etc. figures used in the compilations were obtained by averaging the amounts * No ratios are shown for groups of less than 3 banks. shown in each bank’s official condition reports submitted for December 31, Note.—These ratios, being arithmetic averages of the operating ratios 1965, and June 30, 1966. Savings deposits are included in the time de of individual member banks, differ in many cases from corresponding posit figures used in these tables. ratios computed from aggregate dollar amounts that will be shown in a Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Financial Statistics International Reported gold reserves of central banks and governments............................................... 664 Gold production .................................................................................................................. 665 Net gold transactions and gold stock of the United States.............................................. 666 Foreign gold reserves and dollar holdings ........................................................................ 667 International capital transactions of the United States ..................... 668 U.S. balance of payments.................................................................................... 678 Foreign trade ............................................................................... 679 Money rates in foreign countries............................................................... 680 Arbitrage on Treasury bills ................................................................................ 681 Foreign exchange rates ........................................................................................................ 682 Guide to tabular presentation ............................................................................................. 594 Index to statistical tables ...................................................................................................... 689 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 663 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
664 GOLD RESERVES APRIL 1967 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) Esti Inti. Esti E pe n r d i o o d f m to a t t a e l d M ta o r n y e U 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 a a n n A t r i g n e a n t A ra u l s ia A tr u ia s g B iu e m l Brazil Burma Canada Chile world* Fund world 1960 40,540 2,439 17,804 20,295 n.a. 104 147 293 ,170 287 885 45 1961 41,140 2,077 16,947 22,115 36 190 162 303 ,248 285 946 48 1962 41,470 2,194 16,057 23,220 36 61 190 454 L3W 225 42 708 43 1963 42,310 2,312 15,596 24.400 36 78 208 536 .371 150 42 817 43 1964 43,060 2,179 15,471 25,410 36 71 226 600 ,451 92 84 1,026 43 1965 >43,300 31.869 13,806 27,355 35 66 223 700 ,558 63 84 1,151 44 1966--Feb................. 2,116 13,811 35 66 223 700 ,558 63 84 1,076 43 Mar................ 43,330 2,358 13.738 27,235 35 65 223 700 1,556 63 84 1,086 43 AXnr................. 2 2 , , 5 3 5 6 7 9 1 1 3 3 , , 6 5 6 8 8 2 3 35 5 6 6 5 5 2 2 2 2 3 4 7 70 0 0 0 , , 5 55 5 6 6 4 4 5 5 8 8 4 4 1 1, , 0 0 6 9 1 6 4 4 3 4 June*............. 43,323 2,562 13,529 27,235 35 64 222 700 ,555 45 84 1,024 43 July................. 2,586 13,413 35 67 224 700 ,532 45 84 986 45 Aug................. 2,645 13,319 35 70 226 700 ,529 45 84 997 45 Sent,............... 43,255 2,643 13,356 27,255 35 74 225 701 ,527 45 84 1,009 45 Oct................ 2,645 13,311 35 77 226 701 .524 45 84 1,021 45 Nov................ 2,648 13,262 35 80 225 701 ,524 45 84 1,034 44 Dec................. *43,205 2,652 13,235 *27,320 35 84 224 701 ,525 45 84 1,046 45 1067—Inn.................. 2,659 13,202 35 84 227 701 ,524 84 1.056 45 Feb................. 2,661 13,161 35 227 701 ,523 84 1,070 45 Ger E pe n r d i o o d f lo C m o b ia m D a e r n k l F a i n n d France m F a e n d y . , Greece India I n n e d si o a Iran Iraq Israel Italy Japan Rep. of 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 3i729 4,248 77 247 141 112 56 2,107 304 1965........................... 35 97 84 4,706 4,410 78 281 146 122 56 2,404 328 1966--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 to ay,..,..., 24 108 55 4,953 4,311 98 243 132 122 46 2,370 June.............. 24 108 55 5,026 4,310 109 243 132 122 46 2,369 329 July................. 24 108 55 5,117 4,302 112 243 132 122 46 2,362 Aus. 25 108 55 5,209 4,297 112 243 131 122 46 2,358 Sept................ 25 108 55 5,241 4,295 116 243 131 122 46 2,356 329 Opt 1 • t t T * 25 108 54 5,236 4,289 116 243 131 122 46 2,351 Nov................ 26 108 51 5,237 4,290 119 243 131 122 46 2,382 “Pec,............... 26 108 45 5,238 4,292 120 243 130 122 46 2,414 329 1967--Jan.., 27 108 45 5,236 4,290 120 243 130 122 46 2,412 Feb,........ 108 45 5,235 4,289 120 243 130 106 46 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 l e a t n h d e s r Nigeria N w o a r y P s a ta k n i Peru P p h in il e ip , Po g r a t l u A S r a a u b d i i a I960............................ 119 137 29 1.451 30 52 42 15 552 18 196i............................ 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 ■33 57 28 497 78 1964............................ 48 183 17 169 34 1,688 20 31 53 67 23 523 78 1965............................ 52 182 68 158 21 1,756 20 31 53 67 38 576 73 1966— 55 193 68 157 21 1,756 20 31 53 67 41 592 73 Mar......... 58 193 68 134 21 1,756 20 31 33 67 42 595 69 Anr. 58 193 68 133 21 1,756 20 31 S3 65 43 600 69 May............... 58 193 68 142 21 1,730 20 18 S3 63 44 605 69 June............* - 61 193 68 141 21 1,730 20 18 53 65 45 607 69 July................. 62 193 68 140 21 1,730 20 18 53 65 47 612 69 Aus. 62 193 68 138 21 1,730 20 18 53 65 48 626 69 Sept,............... 62 193 68 136 21 1,730 20 18 S3 65 49 627 69 Oct.................. 63 193 68 117 21 1,730 20 18 53 65 51 633 69 Nov................. 64 193 68 111 21 1,730 20 18 53 65 52 641 69 Dec................. 67 193 68 109 21 1,730 20 18 53 65 44 643 69 71 68 21 1,730 20 18 53 65 45 69 Feb ........ 71 68 21 1,730 20 18 53 65 47 69 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
APRIL 1967 GOLD RESERVES AND PRODUCTION 665 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued (In millions of dollars) Bank E pe n r d i o o d f A So fr u i t c h a Spain Sweden Sw la it n z d er Taiwan T la h n a d i Turkey ( U E . g A y . p R t) . U K d n i o i n t m g ed 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 f n t o t t r l i e . mnts 4 1960 178 178 170 2,185 41 104 134 174 2,800 180 401 -19 1961 298 316 180 2,560 43 104 139 174 2,268 180 401 6 115 1962 499 446 181 2,667 43 104 140 174 2,582 180 401 4 -50 1963 630 573 182 2,820 50 104 115 174 2,484 171 401 14 -279 1964. 574 616 189 2,725 55 104 104 139 2,136 171 401 17 -50 1965 425 810 202 3,042 55 96 116 139 2,265 155 401 19 -558 1966—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 59 92 116 139 2,041 155 401 20 -191 July. 677 785 203 2,683 59 92 106 139 155 401 20 -401 Aug. 672 785 203 2,681 59 92 105 139 155 401 20 -388 Sept. 664 785 203 2,681 59 92 100 139 1,940 155 401 20 -299 Oct.. 655 785 203 2,680 62 92 100 121 155 401 21 -277 Nov. 637 785 203 2,679 62 92 100 93 155 401 21 -275 Dec. 637 785 203 2,842 62 92 102 93 1,940 146 401 21 -424 1967—Jan. 611 784 203 2,679 63 92 102 93 146 401 21 -274 Feb. 581 784 203 2,678 92 97 93 401 -289 1 Includes reported or estimated gold holdings of international and those matched by gold mitigation deposits with the United States and regional organizations, central hanks and govts, of countries listed in United kingdom; adjustment is $270 million. this table and also of a number not shown separately here, and gold to be 2 Excludes gold subscription payments made by some member countries distributed by the Tripartite Commission for the Restitution of Monetary in anticipation of increase in Fund quotas: for most of these countries Gold; excludes holdings of the U.S.S.R., other Eastern European coun the increased quotas became effective in Feb. 1966. tries, and China Mainland. 4 Net gold assets of BIS, i.e., gold in bars and coins and other gold The figures included for the Bank for International Settlements are assets minus gold deposit liabilities. the Bank’s gold assets net of gold deposit liabilities. This procedure avoids the overstatement of total world gold reserves since most of the Note.—For back figures and description of the data in this and the gold deposited with the BIS is included in the gold reserves of individual following tables on gold (except production), see ‘‘Gold," Section 14 of countries. Supplement to Banking and Monetary Statistics, 1962. 2 Adjusted to include gold subscription payments to the IMF, except GOLD PRODUCTION (In millions of dollars at $35 per fine troy ounce) Africa North and South America Asia Other World Period produc tion 1 A So fr u i t c h a R de h s o ia Ghana C s ( h K o a n i s n g a o ) U S n ta i t t e e s d C a a d n a M ic e o x r N a i g c u a a Co b l i o a m India P p h in il e ip s t A ra u l s ia ot A h l e l r 1960. 1,175.0 748.4 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. 1,215.0 803.0 20,1 29.2 8.1 54,8 156.6 9 4 7.9 14.0 5 5 14 8 37 7 53.9 1962. ’’1,295.0 892.2 19.4 31.1 7.1 54.5 146.2 8 3 7.8 13.9 5 7 14 8 37 4 '56.6 1963. 1,355.0 960.1 19.8 32.2 7.5 51.4 139.0 8 3 7.2 11.4 4 8 13 2 35 8 64.3 1964. rl,405.0 1,018.9 20.1 30.3 6.6 51.4 133.0 7 4 7.9 12.8 5 2 14 9 33 7 '62.8 1965. '1,440.0 1.069.4 19.0 26.4 2.3 58.6 t25.6 7 6 6.9 11.2 4 6 15 2 30 7 '62.5 1966. 1,080.8 114.6 1966—Jan.. 91.2 9.7 7 1.0 4 3 2 5 Feb.. 87.8 9.7 9 .9 3 '1 2 4 Mar. 90.5 21.2 10.3 8 .9 3 3 2 6 Aor.< 90.8 10.3 3 .8 4 3 2 8 May, 91.9 10.4 4 .8 4 3 2 9 June. 89,3 9.2 9 .8 3 2 3 3 July. 89.4 9.3 .8 3 2 6 Aug. 90.1 9.2 .8 3 0 Sept. 91.7 9.2 .8 24 0 Oct.. 89.7 9.1 Nov. 90.8 8.7 Dec.. 87.7 9.6 1967—Jan. 89.5 1 Estimated; excludes U.S.S.R., other Eastern European countries, Note.—Estimated world production based on report of the U.S. China Mainland, and North Korea. Bureau of Mines. Country data based on reports from individual 2 Quarterly data. countries and Bureau of Mines. Data for the United States are from the Bureau of the Mint. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
666 U.S. GOLD APRIL 1967 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) 1966 Area and country 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 I II III IV Western Europe: Austria................................ -84 -83 -143 -82 -55 -100 -25 -25 Belgium............................... 3 -329 -39 -141 -144 -63 -40 -83 Fiance................................. -266 -173 -456 -518 -405 -884 -601 -103 -221 -277 Germany, Fed. Rep. of.. -34 -23 -225 Italy..................................... -349 100 200 -80 -60 -60 Netherlands....................... 25 -261 -30 -249 -25 -60 -35 Spain.................................... 31 32 -114 -156 -146 -130 -32 -180 Switzerland......................... -215 '' ' 20 -324 -125 102 -81 -50 -2 7 -20 United Kingdom............... -900 -350 -550 -306 -387 329 618 150 80 -19 -7 126 -20 Bank for Inti Settlements -178 -32 -36 -23 Other.................................... 8 -41 -48 -96 -53 -12 -7 -37 -50 -34 -4 -12 Total 68 -2,326 -827 -1,718 -754 -1,105 -399 -88 -1,299 -659 -174 -221 -172 -92 Canada 5 190 200 100 50 50 Latin American republics: Argentina..................... 75 67 -50 -90 85 -30 -39 -28 -11 Brazil............................. -11 -2 -2 57 72 54 25 -3 Colombia..................... -6 38 10 29 7 7 Venezuela..................... 65 -25 Other............................. 6 2 -35 -42 -17 -5 -11 -9 -13 -6 -6 -3 -5 8 Total 81 69 19 -100 -109 175 32 56 17 -41 -4 -34 -3 Asia: Japan. -30 -157 -15 -56 -56 Other. 18 -4 -28 -97 1 -101 * -93 12 3 -24 -30 -25 -2 -12 10 Total 18 -34 -186 -113 -101 -93 12 3 -24 -86 -82 -2 -12 10 All other. -3 -5 -38 -6 -36 -7 -16 -22 -9 -8 -4 Total foreign countries. 172 -2,294 -998 -1,969 -970 -833 -392 -36 -1,322 -608 -165 -185 -172 -86 Inti. Monetary Fund 600 3 -44 4 300 150 3-225 «177 «131 « 18 «29 Grand total. 772 -2,294 -1,041 -1,669 -820 -833 -392 -36 -1,547 -431 -34 -167 -143 -86 1 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, > 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). 4 Represents gold deposit by the IMF; see note 2 to table below. 4 IMF sold to the United States a total of $800 million of gold ($200 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 ld re in n g cy s Total T g o o t l a d l Total h c o u l r d r i e n n g c s y 4 Total T g o o t l a d l Total’ Treasury Total’ Treasury 1954......... 21,793 21,793 21,713 -298 -298 1966—Mar,... 14,297 13,738 13,634 559 109 -73 1955......... 21,753 21,753 21,690 -40 -40 few 14,190 13,668 13,632 522 -107 -70 1956......... 22,058 22.058 2E949 305 305 14,210 13,582 13,532 628 20 -86 1957......... 22,857 22,857 22,781 799 799 June... 14,251 13,529 13,433 722 41 -53 July,... 14,506 13.413 13,332 1,093 255 -116 1958......... 20.582 20.582 20.534 -2,275 -2,275 Aug.,.. 14,618 13,319 13,259 1.299 112 -94 1959......... 19.507 19,507 19,456 -1,075 ’ -1,075 Sept,... 14,504 13,356 13,258 1,148 -114 37 1960......... 17,804 17,804 17,767 -1,703 -1,703 Oct.... 14,524 13,311 13,257 1,213 20 -45 1961......... 17,063 16,947 16,889 116 -741 -857 Nov.... 14,370 13,262 13,159 1,108 -154 -49 1962......... 16,156 16,057 15.978 99 -907 -890 Dec..,. 14,556 13,235 13,159 1,321 186 -27 1963......... 15,808 15,596 15,513 212 -348 -461 1964......... 15,903 15,471 15,388 432 95 -125 1967—Jan.... 13,847 13,202 13,157 645 -709 -33 1965......... 14,587 13,806 13,733 781 -1,316 « -1,665 Feb.... 13,641 13,161 13,107 480 -206 -41 1966......... 14,556 13,235 13,159 1,321 -31 -571 Mar.... 13,498 13,184 13,107 314 -143 23 1 Includes gold sold to the United States by the International Mone 4 For holdings of F.R. Banks only, see pp. 604 and 606. tary Fund with the right of repurchase, which amounted to $800 million 3 Includes payment of $344 million increase in U.S. gold subscription on Mar. 31, 1967. Also includes gold deposit of IMF; see note 2. to the IMF. 1 Beginning Sept. 1965, includes gold deposited by the IMF to mitigate < 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 Notz.—See Table 11 on p. 675 for gold held under earmark at F.R. $228 million on Mar. 31, 1967. 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 Notz to table on gold reserves. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
APRIL 1967 GOLD RESERVES AND DOLLAR HOLDINGS 667 HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (In millions of dollars) Dec. 31, 1964 Dec. 31, 1965 Mar. 31, 1966 June 30, 1966 Sept. 30, 1966 Dec. 31, 1966» Gold & short Area and country Gold & U.S. Gold & U.S. Gold & U.S. Gold & U.S. Gold & U.S. term dollars U.S. short Govt, short Govt, short Govt, short Govt, short Govt, Govt, term bonds term bonds term bonds term bonds term bonds bonds dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes Series Series & notes Ai B2 Western Europe: Austria........................... 923 3 950 3 911 3 906 3 934 3 897 897 3 Belgium.............................................. 1,887 ♦ 1,956 * 1,926 ♦ 1,933 1,905 * 1,945 1,945 ♦ Denmark.............................................. 428 14 402 14 443 13 429 13 395 13 413 413 13 Finland................................................. 212 1 192 1 153 1 127 1 116 1 103 103 1 France................................................... 5,392 7 5,703 7 5,877 7 6,168 7 6,316 7 6,309 6,308 7 Germany, Fed. Rep. of.................... 6,258 1 5,839 I 5,822 1 6,066 1 6,515 1 6,875 6,830 I Greece................................................... 248 * 229 252 * 246 ♦ 251 * 249 249 Italy....................................................... 3,729 1 4,024 1 3,695 1 3,888 1 3,881 2 3,824 3,824 2 Netherlands.......................................... 2,055 5 2,095 6 2,027 5 1,960 5 2,055 5 2,094 2,094 5 Norway................................................. 215 98 354 49 285 45 346 51 302 51 301 301 51 Portugal................................................ 780 * 898 ♦ 889 * 892 * 947 ♦ 1,001 1,001 * Spain..................................................... 1,010 2 993 2 903 2 900 2 966 2 947 947 2 Sweden.................................................. 833 40 849 24 853 24 891 24 896 24 859 859 24 Switzerland.......................................... 4,095 79 4,411 89 4,108 91 4,258 93 4,438 93 4,653 4,653 93 Turkey.................................................. 140 ♦ 150 ♦ 155 * 137 ♦ 124 ♦ 145 145 * United Kingdom................................ 4,020 414 4,979 553 5,237 564 5,161 560 5,549 298 5,779 5,757 348 Other4................................................... 508 49 34 50 498 49 343 50 252 49 26 26 49 Total.............................................. 32,733 714 34,058 800 34,034 806 34,651 811 35,842 549 36,420 36,352 599 Canada...................................................... 4,010 690 3,725 676 3,394 683 3,195 686 3,200 693 3,551 3,544 692 Latin American republics: Argentina.............................................. 362 ♦ 498 * 552 * 549 • 548 * 502 502 ♦ Brazil.................................... 350 446 ♦ 344 * 375 ♦ 390 * 344 344 Chile...................................................... 219 263 * 245 ♦ 238 283 306 306 Colombia.............................................. 267 1 249 1 200 1 206 1 211 1 204 204 1 Cuba...................................................... 12 * 10 ♦ 10 * 10 10 * 8 8 * Mexico................................................. 904 1 861 ♦ 874 1 730 1 659 1 741 741 1 Panama, Republic of........................ 99 1 120 1 135 1 156 149 1 150 150 2 Peru....................................................... 273 1 324 1 319 312 1 281 1 314 314 Uruguay................................................ 282 ♦ 292 312 334 ♦ 311 * 307 307 Venezuela.............................................. 1,135 * 1,139 1 1,102 I 1,101 1 1,080 1 1,108 1,108 1 Other............................................... 478 2 584 1 605 * 594 * 570 * 584 584 • Total............................................. 4,381 6 4,786 5 4,698 5 4,605 5 4,492 5 4,568 4,568 6 Asia: India....................................................... 306 ♦ 365 ♦ 321 ♦ 367 ♦ 394 ♦ 423 422 Indonesia.......................................... 73 1 66 1 72 1 84 1 88 1 89 89 1 Japan..................................................... 3,071 5 3,342 9 3,294 9 3,226 9 3,071 9 3,027 3,000 9 Philippines............................................ 256 ♦ 342 ♦ 352 ♦ 374 * 366 * 330 329 * Thailand................................................ 562 * 638 ♦ 719 ♦ 668 ♦ 704 * 690 690 Other..................................................... 2,059 43 2,249 41 2,268 41 2,428 41 2,539 41 2,436 2,410 40 Total.............................................. 6,327 49 7,002 51 7,026 51 7,147 51 7,162 51 6,995 6,940 50 Africa: South Africa....................................... 621 * 476 * 609 707 * 728 708 708 * U.A.R. (Egypt).................................... 163 169 155 * 162 * 154 * 132 132 Other..................................................... 283 16 347 16 373 16 392 16 432 15 425 423 15 Total.............................................. 1,067 16 992 16 1,137 16 1,261 16 1,314 15 1,265 1,263 15 Other countries: Australia............................................... 402 ♦ 477 ♦ 455 * 501 * 465 * 467 467 * All other............................................... 382 26 379 29 434 31 410 27 409 26 397 398 26 Total.............................................. 784 26 856 29 889 31 911 27 874 26 864 865 26 Total foreign countries4........................ 49,302 1,501 51,419 1,577 51,178 1,592 51,770 1,596 52,884 1,339 53,663 53,532 1,388 International and regional3................. 7,161 904 *6,878 752 6 7,659 556 67,653 433 6 8,092 389 8,100 7,771 325 Grand total4................................ 56,463 2,405 58,297 2,329 58,837 2,148 59,423 2,029 60,976 1,728 61,763 61,303 1,713 1 Data for short-term dollars are comparable to data for Sept. 30, 1966. ments and European Fund, which are included in “Other Western Europe.” Data for “International and regional” nave been increased by $330 mil 6 Excludes gold subscription payments by member countries in anticipa lion; this amount of special U.S notes held by the International Mone tion of increase in IMF quotas. Amounts outstanding as follows (in tary Fund was exchanged for a U.S. Treasury letter of credit on Dec. 30, millions): 1965—Dec. 31, $313; 1966—Mar. 31, $2; June 30, $1; and Sept. 1966. 30, $3. 2 Data for short-term dollars reflect changes in coverage and classifi cation effective Dec. 31, 1966, and exclude a $330 million letter of credit Note.—Gold and short-term dollars include reported and estimated to the IMF; see note 1. official gold reserves, and official and private short-term dollar holdings 3 Includes, in addition to other Western European countries, unpub (principally deposits and U.S. Treasury bills and certificates); excludes lished gold reserves of certain Western European countries; gold to be U.S. Treasury letters of credit and nonnegotiable, non-interest-bearing distributed by the Tripartite Commission for the Restitution of Mone special U.S. notes held by the Inter-American Development Bank and the tary Gold; European Fund; and the Bank for International Settlements International Development Assn. (the figures for the gold reserves of the BIS represent the Bank’s net U.S. Govt, bonds and notes are official and private holdings of U.S. gold assets). Govt, securities with an original maturity of more than 1 year; excludes 4 Excludes gold reserves of the U.S.S.R., other Eastern European nonmarketable U.S. Treasury bonds and notes held by official institutions countries, and China Mainland. of foreign countries as shown in Table 8 on p. 674. 5 Includes international organizations and Latin American, Asian, and See also Note to table on gold reserves. European regional organizations, except the Bank for International Settle Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
668 INTL. CAPITAL TRANSACTIONS OF THE U.S. APRIL 1967 1. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS AND INTERNATIONAL ORGANIZATIONS (Amounts outstanding; in millions of dollars) Inti, Latin End of period G t r o a t n a d l re a g n io d n al c F ou or n e t i r g i n es W Eu e r s o te p r e n 1 Canada A re m p e u r b i l c i a c n s Asia Africa co O un th tr e i 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 1483 1,238 31020 160 178 1965................................................ 19^922 5^751 14,171 7,532 1 403 1397 3,300 194 245 1966—Feb.................................. 19,391 5,815 13,576 6,914 1 364 1,425 3,439 210 224 19 403 5,848 13,555 7 017 1 308 1,359 3 410 218 243 Apr.................................... 19,412 5,785 13.627 6,968 1,262 1,415 3,519 229 234 19.542 5,633 13,909 7 238 1 239 1,442 3,532 235 223 June.................. 19.282 5,515 13,767 7,415 1,202 1,221 3,438 237 254 July.................................... r19'508 *5^624 *13.884 7,726 1’163 1.159 *■31378 234 224 »19 582 5,827 *13,755 7,626 1 096 1,153 r3,409 252 219 Sept.................................... rl9 J92 *5,826 r13.366 7,278 1 s 090 1,049 *•3,458 266 *225 Oct.................................... '19,*581 5,819 *j 3^762 *7^482 L196 L’iio *3,465 282 227 Nov................................... H9I626 5,812 *13,814 *7.553 1,212 1,101 *3'431 293 224 Dec.2................................. 19,112 5'765 13,347 7,232 1,189 1,134 3'287 277 228 Dec. 5................................. 18^838 5,435 13^403 7^232 1,189 1,134 3,'343 277 228 1967—Jan. *.................................. *18.174 4 5,163 13.011 6,908 1,186 1,139 3,262 276 240 Feb.®................................. 18,106 5,055 13,051 6,957 1,134 1,167 3,296 255 242 1 Includes Bank for Internationa! Settlements and European Fund. 2 Data included for short-term liabilities are comparable to data for Note.—Data represent short-term liabilities to the official institutions November. Data for “International and regional” have been increased of foreign countries and to official international and regional organiza by $330 million; this amount of special U.S. notes held by the International tions, as reported by banks in the United States, and estimated foreign Monetary Fund was exchanged for a U.S. Treasury letter of credit on official holdings of marketable U.S. Govt, securities with an original ma Dec. 30, 1966. turity of more than 1 year. Data exclude U.S. Treasury letters of credit, ’Data reflect changes in coverage and classification effective Dec. 31, special U.S. notes held by the Inter-American Development Bank and the 1966, and exclude a $330 million letter of credit to the IMF; see note 2. International Development Association, and also nonmarketable U.S. 4 Excludes a $298 million U.S. Treasury letter of credit issued to IMF Treasury notes and bonds, payable in dollars and in foreign currencies. on Jan. 30, 1967 in exchange for special U.S. notes. 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) International and regional Foreign E p n er d i o o d f G t r o a ta n l d Total Intl.i gi R on e a l2 Total c O i f a f P i- Other Europe Canada A L m a e t r in ic a Asia Africa O c t o r t u i h e n e s r 1963................................ 25,967 4,637 4,501 136 21,330 12,467 8,863 10,770 2,988 3,137 4,001 241 194 19644.............................. 28,873 4,973 4,802 172 23,900 13’220 10,680 12,236 2,’984 3,563 4,687 238 192 1965................................ 29’072 5^000 4,882 117 24,072 13,066 11,006 11,627 2374 4327 5386 280 278 1966—Feb...................... 29,154 5,210 5,083 127 23,944 12,476 11,468 11,358 2,589 4,055 5356 335 253 Mar..................... 29,246 5,292 5 177 115 23’954 12 455 It 499 11,660 2308 4 026 5’359 330 272 Apr..................... 29,498 5.297 5 180 116 24,201 12,527 11,674 11,522 2,460 4,099 5,526 328 266 May.................... 29.710 5,195 5,083 113 24,515 12,809 11,706 11,868 2,359 4,149 5341 336 262 June.......... 29,626 5,082 4,972 lib 24s544 12,661 11,883 12,331 2,171 3,933 5370 334 305 July..................... 30,704 r5,190 5,080 111 25314 *■13,031 *12,483 13,349 2391 3,881 5,393 329 269 Aug..................... 31'213 5'438 5,332 106 25,775 *12,903 *12,872 13'785 2,164 3'817 5'405 339 264 Sept..................... 31,077 5,438 5,311 127 25,639 *12,514 *■13,125 13,534 2,191 3,800 5,484 363 267 Oct...................... *■321082 5,429 5l 303 126 r26,653 *■12316 *■131743 *14,178 2,400 3,910 5322 376 268 Nov..................... *■32,437 5,452 5’333 118 *■26385 *•12354 *■14,031 r14,574 2,456 3361 5330 398 266 Dec. 3................. 31.792 5 339 5,329 111 26,353 12,487 13,866 14306 2,505 3,883 5,306 387 266 Dec.®.................. 31,332 5,110 4,999 111 26,222 12,543 13,679 13,939 2,498 3,883 5351 385 266 1967—Jan. p................. 730,147 7 4,859 74,706 153 25,288 12,151 13,137 13,215 2,353 3,918 5,127 390 285 Feb.®.................. 30,161 4,808 4; 678 131 25,353 12,186 13,167 13334 2,223 3365 5,168 379 284 2a. Europe Ger E p n er d i o o d f 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 a t n h d e s r Norway Po g r a t l u Spain Sweden Rep. of 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................... 11,627 250 398 305 108 '997 1,429 151 1,620 339 323 322 183 647 1966—Feb........ 11,358 202 366 331 103 997 1,438 157 1,325 257 240 291 115 658 Mar..... 11,660 211 370 341 95 1.071 1,420 144 1,326 271 254 294 118 651 Apr........ 11,522 203 380 347 91 1,024 1,409 142 1,378 242 284 295 120 661 May.... 11,868 208 379 323 86 1,068 1,479 144 1,409 272 311 281 132 671 June.... 12,331 206 378 321 72 1,142 1,756 137 1,519 230 328 285 115 688 July.... 13,349 205 406 295 70 1,169 2,025 131 1,725 344 347 306 138 672 Aug....... 13.785 180 389 271 66 1,137 2.086 129 1,667 331 299 322 174 673 Sept..... 13.534 233 378 287 61 1,075 2,220 135 1,525 325 284 320 181 693 Oct........ '14,178 208 418 285 57 1,096 2,423 141 1,447 335 265 320 155 674 Nov....... '14,574 183 462 272 53 1,124 2,571 145 1,367 364 283 343 160 655 Dec........ 14,006 196 420 305 58 1,071 2,583 129 1,410 364 283 358 162 656 Dec. 8.. 13,939 196 420 305 58 1,070 2,538 129 1,410 364 283 358 162 656 1967—Jan.?. .. 13,215 190 426 315 69 992 2,162 138 1,255 294 246 363 191 609 Feb.®... 13,334 182 421 307 69 966 2,375 127 1,208 326 258 373 147 628 For notes see following two pages. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
APRIL 1967 INTL. CAPITAL TRANSACTIONS OF THE U.S. 669 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 E p n er d i o o d f Sw la it n z d er Turkey U K d n i o i n t m g ed Y sl u av g i o a W E O u e t r s h t o e e p r r e n > 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 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................... 1,369 34 2,714 36 369 4 30 4,027 432 383 219 214 10 703 1966—Feb........ 1,333 35 3,095 20 343 4 27 4,055 461 367 186 174 11 742 Mar..... 1.456 39 3,201 14 358 3 27 4.026 487 281 202 177 10 740 Apr..... 1,466 28 3,062 16 342 3 27 4,099 503 266 199 196 9 727 May.... 1,383 28 3,117 16 330 3 27 4,149 518 342 205 193 9 716 June.... 1.610 21 3,120 21 353 2 29 3,933 485 330 195 182 10 589 July.... 1,696 18 3,350 20 397 4 31 3,881 473 314 198 189 9 566 Aug....... 1,692 26 3,901 27 380 6 29 3,817 489 327 201 182 9 554 Sept....... 1,757 24 3.609 32 358 6 32 3,800 474 345 238 186 10 523 Oct..... 1,747 31 4,163 40 '333 6 33 3,910 438 365 238 183 10 555 Nov....... 1,764 30 4,414 33 '314 5 33 3,861 417 362 226 176 9 606 Dec....... 1,811 43 3,839 37 235 8 40 3,883 418 299 261 178 8 632 Dec. 8... 1,811 43 3,817 37 234 8 40 3,883 418 299 261 178 8 632 1967—Jan.»... 1,703 38 3,764 35 384 6 36 3,918 414 297 242 170 8 636 Feb.*... 1,728 29 3,796 37 312 6 37 3,965 412 308 247 162 9 695 2b. Latin America—Continued 2c, Asia End of Uru Vene Other Bahamas Neth. Other China Hong In period Panama Peru guay zuela L.A. & Antilles & Latin Total Main Kong India do Israel rep. Bermuda Surinam America land nesia 1963................... 129 158 >13 591 355 136 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................... 120 257 137 738 519 165 113 17 5,286 35 113 84 31 127 1966—Feb........ 135 235 164 721 541 182 118 18 5,356 35 119 94 28 120 Mar....... 135 252 >57 701 546 186 127 24 5.359 36 112 78 37 125 Apr....... 145 240 :61 787 547 174 128 16 5,526 36 119 159 52 139 May..., 146 233 ,67 762 529 183 125 19 5.541 36 117 141 55 128 June.... 156 247 179 700 534 182 126 19 5.470 35 114 124 49 118 July.... 144 230 ■80 735 541 165 117 19 5,393 36 118 125 44 119 ■ Aug....... 145 227 >66 698 537 158 117 20 5,405 36 128 134 49 106 Sept.. 149 216 ! 56 679 510 179 115 21 5,484 36 135 151 53 115 Oct... 148 237 156 738 521 178 121 23 5,522 36 142 151 62 108 Nov..... 152 236 161 694 517 174 108 24 5,430 36 135 167 60 102 Dec..... 150 249 161 707 522 177 104 17 5,306 36 142 180 54 117 Dec.8.., 150 249 161 707 522 177 104 17 5,251 36 142 179 54 117 1967—Jan.»... 147 239 164 750 533 192 108 19 5,127 36 147 196 62 109 Feb.i>... 147 234 167 718 550 198 101 18 5,168 36 140 206 51 113 2c. Asia—Continued 2d. Africa 2e. Other countries E pe n r d i o o d f Japan Korea P p h in il e ip s T w a an i T la h n a d i O A t s h i e a r Total C s ( h K o a n i s n g a o ) r M oc o co A So fr u i t c h a U (E . g A y . p R t) . A O f t r h i e c r a Total t A ra u l s ia o A th l e l r 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..................... 3,014 108 304 211 542 718 280 12 17 51 30 170 278 254 24 1966—Feb........... 2,964 117 302 211 604 760 335 11 19 95 18 192 253 226 27 Mar.......... 2.966 116 310 214 627 738 330 14 19 89 16 192 272 232 40 Apr........... 2,959 121 313 217 580 832 328 11 20 89 17 192 266 231 35 May......... 2,933 114 320 221 585 891 336 8 20 95 15 197 262 233 29 June......... 2,897 119 329 227 576 881 334 9 22 67 23 213 305 279 26 July.......... 2,780 120 325 241 595 891 329 12 25 63 25 203 269 241 28 Aug......... 2,760 129 316 242 603 902 339 12 35 56 22 215 264 236 28 Sept...... 2,742 134 317 244 612 945 363 13 40 64 15 231 267 240 27 Oct........... 2,685 138 315 246 612 1,028 376 12 41 64 26 232 268 243 25 Nov.......... 2,629 158 '288 '238 611 1,007 398 14 38 73 45 229 266 242 24 Dec.......... 2,698 172 286 232 598 791 387 15 32 71 39 230 266 243 22 Dec.#.... 2,671 162 285 228 598 779 385 15 31 71 39 229 266 243 22 1967-JanA.e.. 2,573 171 282 235 610 706 390 13 33 61 42 242 285 262 23 Feb.».... 2,538 181 271 232 635 766 379 13 31 62 22 251 284 258 26 1 International Bank for Reconstruction and Development, Inter 5 Comparable to data for November. Data for “International” have national Monetary Fund, and other international organizations. been increased by $330 million; this amount of special U.S. notes held , 2 Latin American, Asian, African, and European regional organiza by the IMF was exchanged for a U.S. Treasury letter of credit on Dec. tions, except Bank for International Settlements and European Fund 30, 1966. which are included in “Europe”. 6 Data reflect changes in coverage and classification effective Dec. 31, * Foreign central banks and foreign central govts, and their agencies, 1966, and exclude a $330 million letter of credit to the IMF; see note 5. and Bank for International Settlements and European Fund. 7 Excludes a $298 million U.S. Treasury letter of credit issued to IMF J Includes revisions arising from changes in reporting coverage as on Jan. 30. 1967, in exchange for special U.S. notes. follows (in millions of dollars): Total +50; Foreign other +50; Europe 8 Data reflect changes in coverage and classification. — 17; Canada +1; Latin America +26; Asia +49; Africa —9. 9 Includes Bank for International Settlements and European Fund. For Note see end of Table 2. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
670 INTL. CAPITAL TRANSACTIONS OF THE U.S. APRIL 1967 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Contin ued (Amounts outstanding; in millions of dollars) 2f. Supplementary Data10 (end of period) 1965 1966 1965 1966 Area or country Area or country Apr. Dec. Apr. Dec. Apr. Dec. Apr Dec. Other Western Europe: Other Asia (Cent.): Iceland....................................... 7.1 5.8 4.0 6.6 Iraq.......................................... 65.4 12.0 27.1 n.a. Ireland, Rep. of........................... 6.3 6.2 6.6 8.9 Jordan......................................... 7.9 16.0 16.0 39.7 Luxembourg................................. 20.1 21.1 28.2 25.3 Kuwait................................. 52,0 35,5 24.6 49.2 Laos............................................ 5.0 3.2 5 7 n.a. Other Latin American republics: Lebanon...................................... 113.2 99.7 92.0 100.1 Bolivia................................ 53.1 67.4 64.4 66.9 Malaysia..................................... U36.3 25.9 31.2 38.3 Costa Rica.................................... 28.6 34.2 32.9 34.6 Pakistan...................................... 24.8 19.4 21.0 49.2 Dominican Republic.................... 47.3 72.3 54.3 53.2 Ryukyu Islands (inch Okinawa). 32.7 24.0 39,5 1215.9 Ecuador........................................ 65.2 69.6 62.3 86.3 Saudi Arabia............................. 288.0 283.6 291.0 176.1 El Salvador................................... 71.7 67.0 78.3 68.9 Singapore................................... (n) 8.9 4.9 34.6 Guatemala.................................... 71.6 68.1 86.9 64.2 Syria............................................ 3.2 4.0 4.8 3.4 Haiti.................................... 15.4 16.3 16.7 16.3 Vietnam...................................... 19.7 39.0 123.8 ’•132.0 Honduras...................................... 33.0 31.4 43.2 26.8 Jamaica......................................... 7.8 8.6 11.5 11.7 Other Africa: Nicaragua. ................................... 67.4 67.0 75.0 72.8 Algeria........................................ 2.1 7.6 13.6 11.3 Paraguay....................................... 12,1 13.8 15.0 14.9 Ethiopia, (incl. Eritrea).............. 45.2 44.1 58.9 53.5 Trinidad & Tobago..................... 8.6 3.6 6.3 4.7 Ghana......................................... 5.1 2.6 2.9 6.9 Liberia........................................ 17.6 17.9 19.7 21.2 Other Latin America: Libya........................................... 26.8 34.8 26.7 37.1 British West Indies................... 16.0 11.5 8.9 14.6 Mozambique.............................. 1.6 1.6 1.7 n.a. French West Indies & French Nigeria...................................... 20.3 21,7 20,3 n.a. Guiana...................................... 1.4 2.2 1.5 1.3 Somali Republic......................... .8 .8 .9 .8 Southern Rhodesia..................... 2.6 3.3 3.5 2.7 Other Asia: Sudan.......................................... 2.2 3.7 3.3 3.4 Afghanistan.............................. 6.3 5.6 8.0 9.5 Tunisia........................................ 1.0 1.8 Co 1.1 Burma. . ....................................... 35.9 49.1 34. 6 n.a. Zambia........................................ .9 7.2 16.1 n.a. Cambodia. ................... 1.7 2.7 3.1 1.1 Ceylon........................................... 2.7 2.4 3.3 3.2 AH other: Tran.............................................. 62.0 66.9 79.2 36.6 New Zealand.............................. 19.7 18.7 27.1 13.6 10 Represent a partial breakdown of the amounts shown in the “other” their date of issue; excludes U.S. Treasury letters of credit, and nonnego categories (except “Other Eastern Europe”) in Tables 2a-2e. tiable, non-interest-bearing special U.S. notes held by the International 11 Singapore included with Malaysia. Development Assn, and the Inter-American Development Bank. For data 12 Data exclude $12 million resulting from changes in reporting cover on long-term liabilities, see Table 6. For back figures and further descrip age and classification. 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 time) 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 in End of period Total foreign Total Deposits T bi r l U e ls a . S s a u . n r d y S U pe . c S i . a l Other 3 Total Deposits T bi r l U e ls a . s S a u . n ry d Other 3 currencies Demand Time 1 certificates notes 2 Demand Time 1 certificates 1963.. 25,967 22,787 5,629 3,673 8,571 3,036 1,878 3,047 1,493 966 119 469 134 1964 4, 28,873 25,406 6,731 3,990 8,727 3,308 2,650 3,377 1,531 1,271 72 503 90 1965.. 29,072 25,426 6,569 3,963 8,269 3,470 3,155 3,587 1,574 1,594 87 332 59 1966—Feb.. 29,154 25,108 6,795 3,991 7,822 3,548 2,952 3,658 1,586 1,636 95 341 388 Mar.. 29,246 25,188 7,117 3,823 7,643 3,592 3,012 3,676 1,530 1,703 89 354 381 ^: 29,498 25,380 7,080 3,895 7,548 3,597 3,260 3,712 1,578 1,693 106 336 406 29,710 25,570 7,293 3,769 7,464 3,627 3,416 3,704 1,531 1,718 88 367 437 June. 29,626 25,427 7,297 3,654 7,384 3,614 3,478 3,743 1,526 1,756 72 389 456 July.. 30,704 '26,493 7,863 *3,686 7,605 3,680 3,659 '3,726 1,490 '1,759 80 397 485 Aug.. 31,213 '27,003 8,211 *•3,701 7,529 3,923 3,639 '3,653 1,413 '1,765 81 394 556 Sept.. 31,077 *•26,630 7,893 ^3,849 7,363 3,958 3,567 *•3,839 1,531 '1,803 108 397 608 Oct... '32,082 '27,560 8,445 '4,003 7,671 3,964 3,477 '3,820 '1,479 '1,816 98 427 702 Nov.. *■32,437 '27,941 8,605 *■4,070 7,896 3,976 3,394 *■3,790 1,492 '1,809 89 400 705 Dec. 3. 31,792 27,435 8,588 4,007 7,464 ‘3,999 3,377 3,748 1,511 1,819 89 329 609 Dec. 7 31,332 26,996 8,428 4,057 7,464 3,669 3,377 3,748 1,511 1,819 89 329 588 1967—Jan.®. 830,147 825,920 7,726 3,971 7,386 8 3,343 3,494 3,713 1,455 1,830 81 347 514 Feb.® 30,161 25,878 7,633 3,897 7,559 3,337 3,452 3,778 1,509 1,845 94 330 506 1 Excludes negotiable time certificates of deposit, which are included s Comparable to data for November. in “Other.” <• Increased by $330 million; this amount of special U.S. notes held by 2 Nonnegotiable, non-interest-bearing special U.S. notes held by the the IMF was exchanged for a U.S. Treasury letter of credit on Dec. 30, International Monetary Fund. 1966. 3 Principally bankers’ acceptances, commercial paper, and negotiable 7 Reflects changes in coverage and classification effective Dec. 31, 1966. time certificates of deposit. 8 Excludes a $298 million U.S. Treasury letter of credit issued to IMF 4 Includes revisions arising from changes in reporting coverage as on Jan. 30, 1967, in exchange for special U.S. notes. follows (in millions of dollars): Total +50; foreign banks, etc. +55; other foreigners +23; payable in foreign currencies —28. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
APRIL 1967 INTL. CAPITAL TRANSACTIONS OF THE U.S. 671 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 in ic a Asia Africa cou O n t t h r e i r e s 1963........................................................................................ 5,975 1 939 638 1,742 2,493 104 58 1964........................................................................................ 7369 1 1,217 725 2,212 3', 137 120 58 19641....................................................................................... 7^957 * 1,230 1,004 2,235 3’294 131 64 1965........................................................................................ 7.632 • 1,201 593 2,288 3,343 139 67 19652..................................................................................... 7,734 1,208 669 2,293 3,358 139 67 1966—Feb.............................................................................. 7,471 1 1,145 631 2,188 3,299 132 76 Mar............................................................................. 7,590 1 1,176 647 199 3,366 135 66 Apr............................................................................. 7,474 1 1,166 603 2,149 3’359 137 58 May............................................................................ 7 ,'560 1 i,'22O 607 2,210 3,'317 142 63 June........................................................................... 7,649 1 1,285 643 2^221 3'298 140 62 July............................................................................. 7,503 2 1,291 641 2^244 3,135 128 63 Aug............................................................................. 7,411 1 1,304 563 2368 3’086 128 61 Sept............................................................................. 7,420 1 1,315 556 2,303 3'063 124 59 Oct.............................................................................. 7345 1 1,319 610 2,335 2,989 129 61 Nov............................................................................. 7,547 1 1,417 598 2,354 2.984 134 60 Dec............................................................................. 7313 1 1’368 614 2389 3,135 144 62 Dec. 3......................................................................... 7,876 1 1,353 603 2,493 3’221 144 62 1967—Jan.*........................................................................... 7,723 * 1,277 591 2,488 3,181 125 60 Feb.*.......................................................................... 7,721 5 1,228 622 2; 502 3; 172 131 62 4a. Europe End of period Total A tr u ia s g B iu e m l m D a e r n k l F a i n n d France G Fe e d r o m f R an ep y . , Greece Italy N la e e n r t d h s N w o a r y t P u o g r a l Spain S d w en e 1963.................................... 939 8 26 13 52 70 121 9 97 33 40 14 26 30 1964.................................... 1,217 10 42 28 85 79 159 9 109 39 43 19 40 47 19641.................................. 1,230 11 48 26 84 81 152 10 114 36 43 23 40 49 1965.................................... 1,201 8 52 37 87 72 190 13 110 38 51 26 50 52 19652................................. 1,208 8 52 37 87 72 190 13 110 38 51 26 50 52 1966—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 May............ 1,220 11 66 36 87 70 174 14 99 39 57 32 73 58 June....................... 1,285 12 56 40 92 72 200 13 108 34 47 34 63 60 July........................ 1,291 13 54 54 93 71 209 13 100 52 50 37 68 65 Aug........................ 1,304 10 58 S3 90 71 217 15 106 42 49 38 62 65 Sept....................... 1,315 13 60 60 92 72 225 17 105 40 51 42 56 66 bet......................... 1,319 13 70 61 95 64 217 16 105 43 53 40 60 83 Nov....................... 1,417 19 73 63 95 81 237 16 110 44 62 36 72 74 Dec........................ 1,368 16 67 62 91 73 215 16 108 40 76 44 67 74 Dec.3..................... 1,353 16 67 62 91 73 215 16 108 40 76 44 67 74 1967—Jan. *..................... 1,277 19 69 42 90 60 184 15 84 36 64 44 75 68 Feb.*..................... 1,228 20 76 42 91 64 156 15 78 45 60 41 70 77 4a. Europe—Continued 4b. Latin America End of period S l w a er n it d z T k u e r y U K d n i o i n t m g ed Y sl u av g i o a W E O u e t r s h o te e p r r e n U.S.S.R. E E O u as t r h t o e e p r r e n 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 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 19641.................................. 111 37 310 16 20 * 20 2,235 203 126 176 338 17 644 1965.................................... 73 42 210 28 28 6 27 2,288 232 94 174 270 16 669 19652................................. 73 42 216 28 28 6 27 2,293 232 94 174 270 16 674 1966—Feb......................... 85 6 177 27 30 5 28 2,188 224 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 Nfay....................... 83 30 200 23 32 5 32 2,210 199 95 168 234 17 732 June................. 80 48 235 23 34 5 28 2.221 196 98 169 238 16 722 July........................ 78 50 198 20 35 3 25 2,244 192 106 163 254 16 729 Aug....................... 92 42 214 17 37 2 25 2,268 182 110 158 279 16 743 Sept........................ 78 47 216 18 34 2 17 2,303 182 112 150 287 16 736 Oct......................... 76 48 200 20 36 18 2,335 181 106 150 288 16 724 Nov,...................... 94 45 221 19 37 2 17 2,354 177 109 141 294 16 724 Dec........................ 83 52 210 19 37 2 16 2,489 193 114 159 308 16 767 Dec.3............. 83 52 194 19 37 2 16 2,493 193 114 159 308 16 767 1967—Jan. *..................... 75 50 220 23 39 2 17 2,488 185 119 152 295 16 792 Feb.*..................... 77 27 209 22 39 2 17 2,502 175 122 150 286 16 821 For notes see the following page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
672 INTL. CAPITAL TRANSACTIONS OF THE U.S. APRIL 1967 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 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 r O l e L i p c t . h s u A e b . r B B m a & e h a r a s A N S n u e t & i r t l h i l e . s A O L m i a t c h t e a i e r n r Total C M la h a n i i n d n a K H o o n n g g India I n n e d si o a Israel muda nam 1963................... 35 99 65 114 135 42 9 16 2,493 2 11 17 • 22 1964................... 41 102 76 165 222 58 18 20 3J37 2 26 22 7 44 19641................. 49 108 78 168 224 65 18 21 3,294 2 28 21 7 47 1965................... 59 170 45 220 250 53 14 23 3'343 1 29 17 2 86 19652................. 59 170 45 220 250 53 14 23 3358 1 29 17 2 86 1966—Feb........ 63 160 56 174 224 41 13 24 3,299 1 26 26 2 82 Mar...,. 62 167 44 171 217 45 13 27 3,366 1 29 28 2 91 Apr..... 66 167 42 174 206 43 12 2} 3,359 1 32 28 2 84 Way.... 64 175 56 174 200 57 16 22 3,317 1 33 28 1 81 June.... 67 186 55 174 205 57 16 21 3,298 1 33 29 1 89 July.... 66 177 57 180 218 55 17 16 3,135 1 32 26 6 88 Aug....... 67 177 39 184 224 56 17 16 3,086 30 27 6 90 Sept.... 65 175 39 212 234 57 20 17 3,063 t 28 28 6 88 Oct........ 71 204 37 224 246 55 17 16 2,989 30 19 5 96 Nov....... 76 197 43 222 263 56 17 18 2,984 31 13 5 98 Dec........ 84 211 45 226 272 61 18 17 3,135 1 31 16 6 98 Dec.’... 85 213 45 226 272 61 18 17 3,221 1 31 16 6 98 1967—Jan. ’... 79 214 44 226 271 63 17 17 3,181 1 31 12 6 102 Feb,*... 78 226 39 220 273 62 17 17 3,172 1 31 12 6 106 4c. Asia—Continued 4d. Africa 4e. Other countries End of period Japan Korea P p h i U ne 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 C s ( h K o a n i s n g a o ) Mo c r o oc A So fr u i t c h a ( U E . g A y . p R t) . A O f t r h ic e a r Total t A ra l u i a s ot A h U er 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 19641........................ 2,810 21 203 9 65 82 131 1 2 20 42 67 64 48 16 1965............................ 2,751 22 231 15 82 108 139 1 2 34 43 60 67 52 15 19652.......................... 2,768 22 230 15 82 107 139 I 2 34 43 60 67 52 15 1966—Feb................. 2,699 24 227 15 81 117 132 ♦ 2 37 34 58 76 62 14 Mar................ 2J83 24 206 15 72 115 135 1 3 35 42 55 66 59 7 ASfpfry................ 2 2 , , 7 7 5 8 9 2 2 1 4 4 2 20 0 5 2 1 1 5 6 7 7 3 0 1 1 1 1 0 4 1 1 3 4 7 2 ♦ * 2 2 3 5 9 0 4 3 3 9 5 5 3 0 5 6 8 3 5 5 0 2 11 8 2^733 16 191 17 69 118 140 1 2 41 48 48 62 52 9 July................. 2,588 19 173 16 67 118 128 2 38 44 43 63 54 9 Aug................. 2,536 20 183 17 64 112 128 ♦ 2 37 44 44 61 52 9 Sept................ 2,487 27 195 15 65 122 124 2 34 38 49 59 50 9 Oct.................. 400 24 208 16 67 123 129 1 3 37 37 51 61 51 II Nov................. 21389 26 211 15 72 122 134 * 2 45 30 57 60 50 10 Dec.......... 21502 31 220 14 81 134 144 1 2 50 25 66 62 52 10 Dec. 3............. 2,588 31 220 15 81 134 144 1 2 50 25 66 62 52 10 1967—jan. p............ 2,508 34 233 22 83 150 125 * 3 38 18 66 60 51 9 Feb.”.............. 2; 507 34 228 26 86 136 131 * 4 44 15 69 62 53 8 1 Differs from data in line above because of the exclusion as of Dec. 31, Note.—Short-term claims are principally the following items payable 1964, of $58 million of short-term U.S. Govt, claims previously included; on demand or with a contractual maturity of not more than 1 year: loans and because of the addition of $546 million of short-term claims arising made to, and acceptances made for, foreigners; drafts drawn against from the inclusion of claims previously held but first reported as of Dec. foreigners, where collection is being made by banks and bankers for 31, 1964; and because of revision of preliminary data. their own account or for account of their customers in the United States; 2 Differs from data in line above because of the addition of short-term and foreign currency balances held abroad by banks and bankers and claims held in custody for domestic customers, but reported by banks for their customers in the United States. Excludes foreign currencies held the first time as of Dec. 31, 1965. by U.S. monetary authorities. 3 Differs from data in line above because of changes in reporting ar See also Note to Table 2. rangements effective Dec. 31, 1966. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
APRIL 1967 INTL. CAPITAL TRANSACTIONS OF THE U.S. 673 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 L f s o f t n i o i c t s a i u * a n l s to B — anks Others C s t t o i o i a o n u l n n g l t d e s c f A e m o o a i r c g f n a c n a f c d e o e c e e p r r c s * t s t , Other Total D w e e i i g p th n o e s f r o it s r s g c F a n o u c p o n v o a r a r d t i m n p e t , i i c e f e l g s e i r . s e n , Other 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 19642.............................. 7,957 7', 333 2’773 221 1,403 11150 1J35 2,621 803 624 336 187 102 1965................................ 7.632 7,158 2'967 271 1,566 1,130 11268 21501 422 474 325 54 95 19653.............................. 7’734 7'243 2’970 271 1,567 1’132 11272 21508 492 492 329 68 96 1966—Feb..................... 7,471 7,035 2,816 224 1,497 1,095 1,264 2,484 472 436 260 61 115 Mar.................... 7,590 7,'145 2^867 231 1,508 1,128 11287 21545 446 445 286 53 106 Apr........... 7,474 7^067 2,719 221 11425 1.073 11305 21578 466 406 252 61 94 May................... 7,560 7,139 2'835 224 1,520 1'091 11298 21542 464 421 253 62 106 June.................. 7,649 7’179 2^911 248 1,584 1 1079 11320 21475 473 469 294 63 113 July..................... 7^503 7,078 2'860 215 1,570 1 '075 11340 21383 495 425 252 59 113 Aug..................... 7,411 6,971 2'820 216 1,548 1 '056 1,374 21324 453 440 260 57 123 Sept..................... 7,420 6,992 2; 943 256 1,619 1 J 068 11374 21267 409 427 241 61 125 Oct...................... 7,445 7,011 2; 970 274 1^607 1,089 11354 21251 436 434 253 73 108 Nov..................... 7^547 7'095 3,015 273 1,619 1,123 11363 21276 441 452 269 77 106 Dec..................... 7^813 7,393 3,136 258 1,738 11140 1,367 21450 440 420 240 70 110 Dec. 4................. 7,876 7'480 3,137 258 1,738 1,140 11367 21540 437 396 216 70 110 1967—Jan. *................. 7,723 7,374 2,990 257 1,592 1,141 1,370 2,574 440 349 193 73 83 Feb.».................. 7; 721 7; 332 2,965 241 1,576 1,148 1,376 2,565 426 389 227 70 92 1 Includes central banks. 3 Differs from data in line above because of the addition of short 2 Differs from data in line above because of the exclusion, as of Dec. term claims held in custody for domestic customers, but reported by 31, 1964, of $58 million of short-term U.S. Govt, claims previously in banks for the first time as of Dec. 31, 1965. cluded; because of the addition of $546 million of short-term claims 4 Differs from data in line above because of changes in reporting ar arising from the inclusion of claims previously held, but first reported as rangements effective Dec. 31, 1966. of Dec. 31, 1964; and because of revision of preliminary data. 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 Uabilities Total Payable in dollars Payable claims for i e n i gn U K n i i n t g ed E O u t r h o e p r e Canada A L m a e t r in ica Japan O A t s h i e a r Africa o A th 11 e r Loans o A th l e l r re c n u c r i es dom 1963. 69 3,030 2,811 217 2 38 1,063 290 1,015 249 194 113 68 1964. 306 3,971 3,777 195 « 77 1,611 273 1,162 385 238 123 104 19641 310 4,285 3,995 288 1 87 1,632 327 1,275 430 255 156 122 1965. 513 4,517 4,211 297 9 86 1,518 346 1,296 445 391 208 228 1966—Feb.. 510 4,421 4,126 288 7 86 1,449 335 1,247 441 403 211 250 Mar. 568 4,390 4,093 289 7 86 1,419 330 1,265 434 410 192 255 Apr. 729 4,417 4,127 283 8 85 1,408 326 1,294 430 411 192 271 May. 847 4,431 4,153 271 7 85 1,412 308 1,318 425 406 200 276 June, 1,019 4,389 4,108 272 8 87 1,386 311 1,306 406 410 198 283 July. 1,083 4,389 4,111 270 8 81 1,349 328 1,300 403 428 202 300 Aug. 1,103 4,368 4,095 265 8 78 1,328 322 1,296 393 428 204 319 Sept. 1,116 4,287 4,004 266 16 75 1,270 320 1,306 374 430 202 308 Oct.. 1,175 4,247 3,969 262 16 76 1,225 321 1,295 355 432 222 321 Nov. 1,193 4,296 4,026 254 17 72 1,222 314 1,373 339 421 226 329 Dec., 1,492 4,179 3,918 243 18 70 1,158 313 1,346 326 408 226 333 1967—Jan. *. 1,556 4,072 3,819 236 16 72 1,131 284 1,320 312 391 223 338 Feb.*. 1,634 4,027 3,785 228 15 72 1,108 270 1,320 301 391 223 343 1 Differs from data in line above because of the inclusion of long- 31, 1964, and because of revision of preliminary data, term liabilities and claims previously held, but first reported as of Dec. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
674 INTL. CAPITAL TRANSACTIONS OF THE U.S. APRIL 1967 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 ec . u c r o i r t p ie o s r 3 ate Foreign bonds Foreign stocks Net purchases or sales Period Inti, Foreign c P ha u s r e s Sales c N ha e s t e p s u o r r ch P a u s r e s c N ha e s t e p s u o r r c P ha u s r e s Sales c N ha e s t e p s u o r r Total and sales sales sales regional Total Official Other 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 1,843 -928 748 548 200 1963. -76 -151 75 -20 95 4,395 4,770 -375 1,198 2,440 -1,242 906 617 290 1966. -616 -427 -189 -245 56 6,318 5,616 703 1,778 2,688 -910 960 731 229 1966—Feb.. -118 -136 19 19 496 487 8 83 190 -107 71 75 -5 Mar. -54 -50 -4 -4 696 546 150 243 352 -109 100 101 -1 -66 -68 2 2 609 566 44 106 260 -154 88 105 -17 May. -60 -51 -9 -9 742 583 159 152 161 -9 94 55 39 June. 6 -5 6 5 614 509 105 200 217 -17 91 52 40 July. -246 -246 -253 7 428 439 -11 135 248 -113 69 39 30 Aug. -21 -44 23 24 379 381 -2 90 69 21 76 65 11 Sept. -34 -35 -35 502 378 124 99 194 -95 86 42 44 Oct.. 20 20 20 383 347 36 >■293 ••351 •-59 69 37 32 Nov. -7 -28 21 7 13 433 400 33 116 187 -71 58 41 17 Dec.. -27 —36 9 9 563 542 21 152 151 85 53 31 1967—Jan. ”, -21 -21 567 514 53 112 276 -163 74 64 10 Feb.”. -53 -57 4 5 579 557 22 98 168 -70 66 52 13 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. 3 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 3 Italy Sweden 1963—Dec............................. 730 50 30 275 200 175 163 125 13 25 1964—Dec............................. 1,086 50 30 679 327 354 329 25 1965—Dec............................. 1,208 lot 30 602 125 350 484 299 160 25 1966—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 Aug............................. 415 50 30 100 125 110 512 299 188 25 Sept............................. 340 25 30 50 125 110 512 299 188 25 Oct.............................. 238 25 30 125 58 385 174 186 25 Nov.................. 238 25 30 125 58 355 144 186 25 Dec........................ 342 25 30 50 125 111 353 144 184 25 1967—Jan.............................. 414 25 30 101 125 133 353 144 184 25 Feb.............................. 414 25 30 101 125 133 353 144 184 25 Mar............................. 414 25 30 101 125 133 352 144 183 25 ■ 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-Oct. 1966; and $144 million for Nov. 1966-Mar. 1967. 3 Includes bonds issued to the Government of Canada in connection Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
APRIL 1967 INTL. CAPITAL TRANSACTIONS OF THE U.S. 675 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 Africa O co t u h n er I a n n t d i, land dom ica tries regional 1963............. 207 198 9 -8 -14 206 16 199 -47 14 17 21 22 1964............. -173 -349 176 -37 -200 -4 14 -228 3 25 10 -I 18 1965............. -375 -413 38 14 14 -522 47 -446 42 -13 24 -4 2 21 1966............. 703 -333 1,036 37 65 -80 116 140 224 65 18 1 4 251 1966—Feb... 8 -14 22 ♦ 7 -28 3 -19 12 5 8 1 * 2 Mar.. 150 -37 187 9 27 -14 24 47 25 5 1 * 1 71 Apr... 44 -15 59 2 24 -54 3 -25 24 8 7 29 May.. 159 -11 170 13 33 -66 15 -5 54 14 -7 * 1 101 June 105 -50 155 12 -4 75 -7 76 4 3 9 * 13 July.. -11 -26 15 2 19 -92 26 -44 10 6 -8 -1 * 26 Aug.. -2 -16 14 2 -3 ■•-24 r-5 -29 18 1 8 ♦ * * Sept... 124 -3 127 -2 96 2 97 19 8 -2 * * 2 Oct... 36 7 29 -4 23 -10 12 22 13 6 -7 1 * 1 Nov.. 33 -68 100 -5 -33 29 26 17 12 ♦ 2 Dec... 21 -115 136 1 -32 6 * -24 33 6 2 * * 4 1967—Jan.’. 53 -2 56 1 23 -17 -2 4 36 3 9 -1 * 2 Feb.f. 22 -28 50 7 4 -16 16 11 4 4 1 * ♦ 3 i Not reported separately until May 1963. Note.-—Statistics include State and local govt, securities, and securities 2 Includes 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 I a n n t d i, T e f o i o g t r a n l Eu Can A La m ti e n r Asia Af O co th u e n r End of Deposits Assets in custody gi r o e n al c t o ri u e n s rope ada ica rica tries period U se .S cu . r G iti o e v s t 1 , Ear g m o a ld rked 1963................... -1,044 -96 -949 -49 -614 -26 -252 (9 2-8 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.............. 150 8,272 12;896 1966................... —681 — 171 -510 214 -722 — 9 — 7 16 — 2 1966—Mar... 329 7,617 12,944 1966—Feb......... -111 7 -118 —8 -83 -26 -3 ♦ 1 Apr... 192 7,455 13,001 Mar..... -110 -94 -16 77 -138 21 29 5 -10 May.. 263 7,631 12,975 Apr........ -172 -31 -140 —8 -167 36 -3 ♦ 2 June.. 313 7,517 12,955 May....... 30 -22 53 75 -13 -14 4 July... 548 7,307 13,016 June....... 23 11 12 20 17 -4 -8 * -13 Aug... 170 7,042 13,066 July..... -83 -50 -33 15 -37 -11 -5 1 4 Sept... 159 7,092 12,904 Aug..... 32 7 25 4 34 -4 -9 * Oct.... 194 7,336 12,876 Sept........ -50 6 -56 19 -74 3 4 * -9 Nov... 196 7,450 12,912 r-27 -20 r—7 r-6 —36 17 HO 8 1 Dec... 174 7,036 12,946 Nov..... -54 6 -60 » -50 -4 -8 * Dec........ 32 2 30 20 17 -12 -10 ♦ 15 1967—Jan.... 148 7,141 12,961 Feb... 145 7,334 12,984 1967—Jan.’.... -153 -52 -101 13 -88 2 -8 1 -21 Mar.,. 131 7,547 12,972 Feb.*,... -57 6 -63 -6 -62 6 -2 * 1 1 U.S. Treasury bills, certificates of indebtedness, 1 Not reported separately until May 1963. notes, and bonds; includes securities payable in foreign 2 Includes Africa. currencies. Note.—Excludes deposits and U.S. Govt, securities held for international organizations. Earmarked gold is gold held for foreign and international accounts and is not included in the gold stock of the United States (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
676 INTL. CAPITAL TRANSACTIONS OF THE U.S. APRIL 1967 12. SHORT-TERM BILITIES 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 Sept. Dec. Mar. June Sept. Sept. Dec. Dec.i Mar. June Sept. Europe: Austria........................................................... 2 2 2 3 3 6 6 6 8 7 7 Belgium........................................................ 23 *■28 '30 '32 30 20 39 45 46 45 42 Denmark....................................................... 1 1 1 2 2 11 9 9 8 8 10 Finland........................................ .... 1 1 1 1 1 6 6 6 6 6 4 France......................................... .... 51 51 45 48 57 81 82 82 97 94 102 Germ my, Fed. Rep. of........... .... 59 71 60 '71 85 105 112 112 118 98 120 Greece ...................................... .... 7 3 3 3 2 10 13 13 11 18 15 Italy............................................. .... 18 18 23 27 52 76 77 77 118 111 107 NetherLmds........... .... 45 55 54 65 67 30 41 41 48 42 42 Norway. ................................ .... 2 2 2 2 2 7 8 8 8 7 9 Portugal • ........................... .... 6 3 7 6 6 7 5 5 9 8 6 Spain............................................ .... 13 21 21 23 25 48 50 50 56 63 51 Sweden........................................................... 11 10 12 12 14 20 20 20 28 30 27 Switzerland... .......................................... 49 39 45 61 58 40 27 27 20 20 22 Turkey........................................................... 4 4 4 4 4 8 8 7 10 6 6 United Kingdom,...................... .... 132 137 139 137 172 310 312 '323 '440 '492 599 Yugoslavia.................................... .... 1 1 1 1 2 5 2 2 2 2 4 Other Western 1 irope............................... 6 3 4 2 3 8 8 8 9 9 9 Eastern Europe........................... .., ♦ 2 1 1 3 3 3 3 6 3 Total....................................................... 431 '453 '454 '500 586 797 828 '842 '1,047 '1,070 1,185 Canada.............................................. .... 84 94 120 117 138 753 685 599 566 550 509 Latin America: Argentina............ ... 3 4 6 5 6 37 32 31 34 34 34 Brazil........................................... ... 14 13 11 11 9 91 94 93 80 78 73 Chile............................................................... 4 4 5 4 3 30 31 30 31 31 31 Colombia....................................................... 13 9 8 7 5 21 20 19 21 22 21 Cuba............................................................... * * * * * 4 3 3 3 3 3 Mexico............................................ ... 4 5 9 10 10 71 82 76 74 '79 78 Panama.......................................................... 12 11 9 4 9 12 13 13 11 13 12 Peru................................................................ 6 6 7 5 6 26 29 28 30 28 28 Uruguay............ ...................................... 1 1 2 1 1 11 8 8 7 5 6 Venezuela..................................................... 20 22 27 26 25 47 50 49 52 49 49 Other L.A. repul: ics.................................. 15 16 11 12 18 53 59 55 56 55 59 Bahamas and Bei nuda.............................. 2 2 2 1 2 5 8 8 12 8 11 Neth Antilles & : - irinam.......................... 8 ' 7 7 9 7 5 4 4 4 3 4 Other Latin Amer a.................................. 2 2 1 2 2 10 9 9 9 9 11 Total............. .................................... 105 102 105 98 104 422 442 429 424 '417 420 Asia: Hong Kong................................................... 2 2 2 2 2 8 7 7 5 7 6 India......................... .................................. 26 25 25 20 17 36 37 36 35 29 32 Indonesia....................................................... 9 9 12 11 3 4 3 3 3 3 3 Israel....................................... ... 3 3 1 2 2 5 6 6 5 4 5 Japan............................................................. 28 32 27 27 23 168 170 '162 '172 155 146 Korea............................................................. . 1 1 2 4 14 13 13 6 4 5 Philippines..................................................... 6 6 7 7 7 14 17 17 16 18 17 Taiwan........................................................... 1 5 6 7 5 6 5 6 4 5 Thailand....................................... ... 1 2 1 1 1 7 6 6 8 9 11 Other Asia...................................... ... 32 32 33 '36 34 68 67 66 76 76 69 Total............... ............................. 109 113 112 '116 101 328 331 '320 '331 309 299 Africa: Congo (Kinshasa)....................................... * 1 1 ♦ 1 1 2 2 2 1 2 South Africa.................................. .... 16 11 11 11 10 23 20 20 18 18 17 U.A.R. (Egypt)............................................. 1 1 1 2 2 14 10 10 11 17 11 Other Africa................................................. 6 7 9 9 7 28 30 30 27 30 30 Total................. .... 23 20 22 22 19 66 61 61 58 66 59 Other countries: Australia........................................................ 21 23 31 35 51 33 40 40 40 45 57 All other.................................................. 6 7 4 5 4 7 8 8 7 10 7 Total....................................................... 27 29 35 40 55 40 49 48 47 55 63 International and regional ............................ * ♦ « * * ♦ ♦ * ♦ 1 1 Grand total........................................... 779 *•810 '849 '891 1,003 2,406 2,397 '2,299 '2,473 '2,468 2,536 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
APRIL 1967 INTL. CAPITAL TRANSACTIONS OF THE U.S. 677 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 dol i l n a rs cu f r o r r i e e n n i g c n ie s Total do i l n la rs D ba e n p k o s s i a ts b r w o i a t d h in reporter’s Other name 1962—Sept........................................................................................... 678 554 123 2,136 1,685 197 254 Dec........................................................................................... 637 508 129 2,051 1,625 214 212 Dec J........................................................................................ 644 513 130 2^098 1,668 217 212 1963—Mar.......................................................................................... 614 470 144 2,113 1,712 201 200 Mar. 1............................,,...,..,...,. 616 472 144 21162 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 2306 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 1366 198 248 Sept.......................................................................................... 779 585 195 2,406 1,949 190 267 Dec........................................................................................... 807 600 207 2,397 2,000 167 229 Dec.4........................................................................................ r810 600 '210 '2,299 rl ,’911 166 222 1966—Mar........................................................................................... r849 614 '235 '2,473 *•2,033 211 229 June......................................................................................... r89l r654 '237 '2,468 '2,062 191 215 Sept........................................................................................... 1,003 760 243 2,536 2,143 166 227 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. 1 Includes reports from firms having $300,000 or more of liabilities or 14. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (In millions of dollars) Claims Country or area End of period Total liabilities Total K U in n g it d e o d m E O u t r h o e p r e Canada Brazil Mexico O La th ti e n r Japan O A t s h i e a r Africa o A th U e r America 1963—Sept.......................... 153 881 14 85 42 127 102 188 123 87 98 16 Dec. 1....................... 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 June2....................... 140 815 68 92 64 67 78 145 94 99 94 14 Scut... 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....................... r147 1,139 31 112 236 209 65 198 98 87 85 18 1966—Mar.......................... '176 1,156 27 124 239 208 61 206 98 87 87 19 June......................... ’’192 1’207 27 167 251 205 61 217 90 90 86 14 Sept.......................... 228 1,235 23 174 267 202 64 207 102 91 90 14 1 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. 2 Data differ from that shown for December in line above because of 2 As a result of an increase in the exemption level from $100,000 to changes in reporting coverage. $300,000, data exclude $3 million of liabilities and $3 million of claims Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
678 U.S. BALANCE OF PAYMENTS APRIL 1967 U.S. BALANCE OF PAYMENTS (In millions of dollars) 1965 1966 Item 1964 1965 1966’ HI IV Ir IP in IVP Transactions other than changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets—Seasonally adjusted Exports of goods and services—Total 1........................ 36,958 38,993 42,910 10,016 10,065 10,480 10,558 10,943 10,929 Merchandise................................................................ 25,297 26,276 29,180 6,826 7,027 7,154 7,098 7,426 7,502 Military sales................................................................. 747 844 908 199 216 198 260 215 235 Transportation.............................................................. 2,324 2,415 2,585 617 632 640 627 671 647 Travel.............................................................................. 1,095 1,212 1,417 305 330 333 337 373 374 Investment income receipts, private......................... 4,932 5,389 5,585 1,321 1,176 1.384 1,427 1,436 1,338 Investment income receipts, Govt............................. 460 512 595 149 78 148 148 149 150 Other services................................................................ 2,103 2,345 2,640 599 606 623 661 673 683 Imports of goods and services—Total........................... -28,468 -32,036 -37,614 -8,245 -8,540 -8,898 -9,175 -9,737 -9,804 Merchandise.................................................................. -18,621 -21,488 -25,507 -5,595 -5,756 -5,980 -6,220 -6,639 -6,668 Military expenditures................................................... -2,834 -2,881 -3,649 -745 -771 -854 -899 -934 -962 Transportation.............................................................. -2,462 -2,691 -2,903 -661 -706 -719 -712 -725 -747 Travel.............................................................................. -2,201 -2,400 -2,623 -603 -614 -642 -643 -664 -674 Investment income payments.................................... -1,404 -1,646 -1,868 -411 -458 -436 -437 -510 -485 Other services................................................................ -946 -930 -1,064 -230 -235 -267 -264 -265 -268 Balance on goods and services 1...................................... 8,490 6,957 5,296 1,771 1,525 1,582 1,383 1,206 1,125 Remittances and pensions................................................ -879 -994 -992 -244 -235 -236 -236 -277 -243 1. Balance on goods, services, remittances and pensions............................................................. 7,611 5,963 4,304 1,527 1,290 1,346 1,147 929 882 2. U.S. Govt, grants and capital flow, net.................... -3,560 -3,375 -3,396 -743 -881 -957 -952 -797 -690 Grants, 2 loans, and net change in foreign cur rency holdings, and short-term claims........ -4,263 -4,277 -4,623 -1,117 -1,030 -1,156 -1,155 -1,201 -1,111 Scheduled repayments on U.S. Govt, loans... 580 681 799 191 126 196 196 178 229 Nonscheduled repayments and selloffs............... 123 221 428 183 23 3 7 . 226 192 3. U.S. private capital flow, net.................................... -6,523 -3,690 -3,911 -827 -912 -928 -1,094 -748 -1,141 Direct investments................................................... -2,416 -3,371 -3,363 -569 -731 -687 -976 -737 -963 Foreign securities..................................................... -677 -758 -426 -285 -209 -324 6 -69 -39 Other long-term claims: Reported by banks.......................................... -941 -231 329 -58 126 122 -33 84 156 Reported bv others............................................. -343 -91 -116 -20 -71 -17 -53 -29 -17 Short-term claims: Reported by banks.......................................... -1,523 325 -68 51 109 143 -91 20 -140 Reported by others.............................................. -623 436 -267 54 -136 -165 53 -17 -138 4. Foreign capital flow, net, excluding change in liquid assets in U.S........................................ 685 194 2,168 -251 251 289 972 243 664 Long-term investment............................................. 109 -149 1,912 -235 110 298 986 96 532 Short-term claims..................................................... 113 146 246 39 44 39 57 92 58 Nonliquid claims on U.S. Govt, associated with: Military contracts................................................ 228 314 300 -16 149 71 -46 69 206 U.S. Govt, grants and capital.......................... 50 -85 -229 -34 -18 -64 -1 -12 -152 Other specific transactions................................ 208 -25 -12 -5 -28 -2 2 21 -33 Other nonconvertible, nonmarketable, me dium-term U.S. Govt, securities 3............... -23 -7 -49 * -6 -53 -26 -23 53 5. Errors and unrecorded transactions.......................... -1,011 -429 -589 -240 -80 -294 -195 173 -273 Balances A. Balance on liquidity basis Seasonally adjusted ("14-2+3+4+5)... -2,798 -1,337 -1,424 -534 -332 -544 -122 -200 -558 Less: Net seasonal adjustments................ 472 3 -496 27 499 -30 Before seasonal adjustment.......................... -2,798 -1,337 -1,424 -1,006 -335 -48 -149 -699 -528 B. Balance on basis of official reserve transactions Balance A, seasonally adjusted............................ -2,798 -1,337 -1,424 -534 -332 -544 -122 -200 -558 Plus: Seasonally adjusted change in liquid assets in the U.S. of: Commercial banks abroad................................ 1,454 116 2,731 707 -546 232 499 1,166 834 Other private residents of foreign countries.. 345 306 224 65 50 138 45 86 -45 International and regional organizations other than IMF..........-.2...4...5.............-..2..9...0.......... -525 -24 -173 -35 -362 9 -137 Less: Change in certain nonliquid liabilities to foreign central banks and govts................. 302 too 735 -18 157 25 263 109 338 Balance B, seasonally adjusted............................. -1,546 -1,305 271 232 -1,158 -234 -203 952 -244 508 -33 -636 182 525 -71 Before seasonal adjustment.................................... -1,546 -1,305 271 -276 -1,125 402 -385 427 -173 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
APRIL 1967 U.S. BALANCE OF PAYMENTSAND FOREIGN TRADE 679 U.S. BALANCE OF PAYMENTS—Continued (In millions of dollars) 1965 1966 Item 1964 1965 1966* III IV P IP III IV* Transactions by which balances were settled—Not seasonally adjusted A. To settle balance on liquidity basis......................... 2,798 1,337 1,424 1,006 335 48 149 699 528 Change In U.S. official reserve assets (increase, —)............................. 171 1,222 568 •41 271 424 68 82 —6 Gold.............................................................. 125 ♦1 665 571 124 119 68 209 173 121 Convertible currencies...................................... —220 -349 -540 -413 178 222 -163 -426 -173 IMF gold tranche position.............................. 266 <-94 537 330 -26 134 22 335 46 Change In liquid liabilities to all foreign accounts 2,627 115 856 965 64 -376 81 617 534 Foreign central banks and govts.: Convertible nonmarketable U.S. Govt. securities S............................................. 375 123 —945 122 — 50 -366 -176 — 226 177 Marketable U.S. Govt, bonds and notes’. -59 -20 -245 -2 -19 -5 6 -254 8 Deposits, short-term U.S. Govt, securities, etc............ 757 -154 -561 125 740 -611 206 -166 10 IMF (gold deposits).......................................... 34 177 8 26 131 18 28 Commercial banks abroad.............................. 1,454 116 2,731 697 -539 404 316 1,162 849 Other private residents of foreign countries. ■345 306 224 72 48 109 66 96 -47 Internationa1 and regional organizations other than IMF.............................................. -245 -290 -525 -57 -142 -38 -355 —23 -109 Official reserve transactions...................................... 1,546 1,305 -271 276 1,125 -402 385 -427 173 Change in U.S. official reserve assets (increase, —)........................................................... 171 1,222 568 41 271 424 68 82 -6 Change in liquid liabilities to foreign central batiks and govts, and IMF (see detail above under A.).......................................................... 1,073 -17 -1,574 253 697 -851 54 -618 -159 Change in' certain nonliquid liabilities to foreign central banks and govts.: Of U.S. private organizations..................... 148 -38 736 -16 28 43 284 86 323 Of U.S. Govt.................................................. 154 138 -1 -2 129 -18 -21 23 15 1 Excludes transfers under military grants. 5 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 •♦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 1 Imports 2 Export surplus Period 1964 1965 1966 1967 1964 1965 1966 1967 1964 1965 1966 1967 Month: Jan................ 2,040 3 1,228 2,274 2,620 1,418 31,199 1,948 2,296 622 3 28 327 325 Feb....................... 2,058 3 1,623 2,374 2,601 1,459 3 1,606 2,005 2,204 599 3 17 369 397 Mar...................... 2,075 32,739 2,569 1,518 3 1,861 2,068 557 3 878 501 Apr...................... 2,061 3 2,406 2,359 1,537 31,811 2,109 524 3 595 250 May..................... 2,047 3 2,299 2,411 1,530 31,797 2,063 517 3 503 348 June..................... 2,077 32,235 2,490 1,514 3 1,848 2,135 563 3 386 354 July...................... 2,119 2,300 2,436 1,573 41,742 2,205 546 4 558 251 Aug...................... 2,100 2,329 2,455 1,608 1,825 2,113 492 504 342 Sept...................... 2,261 2,291 2,542 1,563 1,858 2,301 698 433 240 Oct....................... 2,156 2,349 2,583 1,551 1,885 2,262 605 464 320 Nov...................... 2,206 2,378 2,486 1,698 1,941 2,192 3 508 438 295 Dec....................... 2,426 2,362 2,413 1,642 1,911 2,231 3 784 451 184 Quarter: I............................ 6,173 35,589 7,216 4,395 34,666 6,020 1,778 3 923 1,196 II.......................... 6,185 3 6,940 7,259 4,581 35,456 6,306 1,604 3 1,484 953 Ill......................... 6,480 6,920 7,453 4,744 4 5,425 6,618 1,736 41,495 834 IV......................... 3 6,788 7,090 7,484 3 4,891 5,736 6,685 31,897 1,353 799 Years........................ 25,671 26,539 29,412 18,684 21,284 25,630 6,987 5,255 3,782 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
680 MONEY RATES APRIL 1967 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Changes during the last 12 months Rate as of Mar. 31, 1966 Rate Country 1966 1967 as of Mar. 31 Per Month 1967 cent effective Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Argentina................................. 6.0 Dec. 1957 6.0 Austria...................................... 4.5 lune 1963 4.5 Belgium.................................... 4.75 July 1964 5.25 5.0 4.75 4.75 Brazil........................................ 12.0 Jan. 1965 12.0 Burma...................................... 4.0 Feb. 1962 4.0 Canada >.................................. 5.25 Mar. 1966 5.0 5.0 Ceylon...................................... 5.0 May 1965 5.0 Chile »...................................... 15.86 Jan. 1966 15.84 ...>>. 15.84 Colombia.................................. 8.0 May 1963 8.0 Costa 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 Germany, Fed. Rep. of........ 4.0 Aug. 1965 5.0 4.5 4.0 4.0 Ohana....................................... 7.0 Jan. 1966 7.0 Greece...................................... 5.5 Jan. 1963 5.5 Honduras J.............................. 3.0 Jan. 1962 3.0 Iceland...................................... 9.0 Jan. 1966 9.0 India........................................ 6.0 Feb. 1965 6.0 Indonesia.................................. 9.0 Aug. 1963 9.0 Iran............................................ 4.0 Oct. 1963 5.0 5.0 Ireland...................................... 5.91 Mar. 1966 5.94 5.87 5.94 6.87 6.94 7.00 6.81 6.87 6.50 6.25 6.25 Israel......................................... 6.0 Feb. 1955 6.0 Italy........................................... 3.5 June 1958 ........... 3.5 Jamaica.................................... 5.0 Nov. 1964 5.5 5.5 Japan........................................ 5.48 June 1965 5.48 Korea........................................ 28.0 Dec. 1965 28.0 Mexico...................................... 4.5 June 1942 ........... 4.5 Netherlands............................. 4.5 June 1964 5.0 4.5 4.5 New Zealand........................... 7.0 Mar. 1961 7.0 Nicaragua................................ 6.0 Apr. 1954 6.0 Norway.................................... 3.5 Feb. 1955 3.5 Pakistan.................................... 5.0 June 1965 5.0 Peru........................................... 9.5 Nov. 1959 9.5 Philippine Republic *........... 4.75 Jan. 1966 4.75 Portugal.................................... 2.5 Sept. 1965 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 5.5 5.0 5.0 Switzerland....................... 2.5 July 1964 3.5 3.5 Taiwan 5.................................. '14.04 July 1963 14.04 Thailand.................................. 5.0 Oct. 1959 5.0 Tunisia................................ 4.0 Oct. 1962 5.0 5.0 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 6.5 6.0 6.0 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. I, 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 5 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
APRIL 1967 MONEY RATES; ARBITRAGE 681 OPEN MARKET RATES (Per cent per annum) Canada United Kingdom France Fe G d e , r R m e a p n . y o , f Netherlands Sw la it n z d er Month 3 T m r b e o i a l n s ls t u , h r s y > m Da o d y n a - y e t y o 2 3 B a a m a c n n c o c k e n e p e s t r t h . s s ' 3 T m r b e i o a U n s 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 a o p n w o o k n a s e n i r t c s s e ’ m Da o d y n a - e y t y o s T 6 r d b e 0 a a i - y l s l 9 s s u 0 , « r y m Da o d y n a - e y t y o s 3 T m r b e i o a l n s ls u t , h ry s D m a d o v a n - y e t o y - d P is r r c i a v o t a u e t n e t 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—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—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 5J9 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 4.79 5.00 6.31 4.95 4.87 3.50 July............. 5.07 5.01 6.36 6.31 5.48 4.58 4.79 5.00 5.75 4.94 5.11 3.88 Aug.............. 5.07 4.75 6.97 6.70 5.98 5.00 4.78 5.00 5.44 4.90 4.65 4.00 Sept.............. 5.03 4.82 7.01 6.75 6.05 5.00 4.85 5.00 5.50 4.73 3.89 4.00 Oct............... 5.13 4.89 6.97 6.61 6.03 5.00 5.26 5.00 5.81 4.96 4.70 4.00 Nov............. 5.18 4.94 6.93 6.62 6.02 5.00 5.41 5.00 5.25 5.00 5.22 4.00 Dec.......... 5,05 4.71 6.94 6.64 6.00 5.00 5.68 4.75 5.81 4.90 3.68 4.00 1967—Jan............... 4.83 4.78 6.77 6.29 5.93 4.90 5.57 4.13 5.13 4.87 4.31 '4.25 Feb.............. 4.62 4.43 6.40 5.99 5.50 4.50 3.75 5.00 4.78 5.04 4.25 1 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. 3 Rate shown is on private securities. Note.—For description and back data, see “International Finance,’* * 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 Date q K ( u U a in o U d n t g j . i a S d . t t e o t . i d o o m n U S n ta i t t e e s d L S ( o f p n a o r v d e f o a o r d n ) P d f ( ( o p r i - s + r e o c w m ) u ) o o a n i u o u r d r n n d m t i L n ( o c f N n a e o n v d e f o t t o i r n v e ) qu A i o n t s e d C ana q d u A a o U d t j . a . S t t . i o on U S n ta it t e es d C S ( a f p a n o r v a e f o d a r d a ) C d f ( ( d o a i - + s r o n ) c w l a ) l o o a d a o u r i r n r a n s d n t i C n ( a c f N a n e o n v a e f t o d t i r v a e ) basis) Canada basis 1966 Nov. 4................ 6.38 5.29 1.09 -.60 + .49 5.22 5.08 5.29 -.21 F.28 + .07 10............... 6.38 5.38 1.00 — .75 + .25 5.22 5.08 5.38 -.30 4.26 -.04 18................ 6.57 5.32 1.25 -.66 + .59 5.19 5.05 5.32 -.27 F.41 + .14 25............... 6.60 5.25 1.35 -.54 + .81 5.18 5.04 5.25 -.21 4.41 + .20 Dec. 2............... 6.57 5.13 1.44 -.52 + .92 5.15 5.01 5.13 -.12 + .37 + .25 9.. 6.53 5.14 1.39 -.73 5.13 5.00 5.14 -.14 41 + .27 16............... 6.47 4.88 1.59 -.59 -41.00 5.07 4.94 4.88 + .06 4.33 + .39 23............... 6.47 4.77 1.70 — .67 1.03 4.95 4.82 4.77 + .05 + .26 + .31 30............... 6.35 4.79 1.56 -.74 '+'82 4.96 4.83 4.79 + .04 15 + .19 1967 Jan. 6............... 6.29 4.74 1.55 -.55 4-1.00 4.94 4.81 4.74 + .07 -.08 -.01 13............... 6.20 4.77 1.43 -.63 H+ 80 4.89 4.76 4.77 -.01 -.19 -.20 20............... 6,10 4,68 1.42 -.69 H+ 73 4.78 4.66 4.68 -.02 -.32 -.34 27............... 5.95 4.58 1.37 - .74 -.63 4.65 4.53 4.58 -.05 -.41 -.46 Feb. 3............... 5.79 4.44 1.35 -.75 + 60 4,62 4.51 4.44 + .07 -.43 -.36 10............... 5.83 4,50 1.33 -.81 h.52 4.61 4.49 4.50 -.01 -.35 -.36 17............... 5.89 4.58 1.31 -.75 H.56 4.59 4.48 4.58 -.10 -.19 -.29 24........ 5.89 4.59 1.30 -.75 4.85 4.55 4.44 4.59 -.15 -.15 -.30 Mar. 3............... 5.83 4.35 1.48 -.79 H69 4.48 4.37 4.35 + .02 .00 +.02 10............... 5.73 4.33 1.40 -.80 H+ 60 4.35 4.24 4.33 -.09 t-.is + .06 17............... 5.55 4.21 1.34 -.70 H+ 64 4.22 4.12 4.21 -.09 {-.22 + .13 23 5.49 4.11 1.38 -.85 q+ 53 4.08 3.98 4.11 -.13 V.13 .00 31............... 5.44 4.09 1.35 -.82 j+ 53 4.13 4.03 4.09 -.06 F.17 +.11 Apr. 7................ 5.44 3.88 1.56 -.89 4r.67 4.05 3.96 3.88 + .08 {-.17 +.25 Note.—Treasury bills', AM 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 wr both spot and forward Oct. 2964 Bulletin. pound sterling and for both spot and forward Canadian dollars. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
682 FOREIGN EXCHANGE RATES APRIL 1967 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Australia Period Argentina Austria Belgium Canada Ceylon Denmark Finland (peso) (schilling) (franc) (dollar) (rupee) (krone) (markka) (pound) (dollar) 1961 1.2076 223.28 3.8481 2.0052 98.760 21.023 14.481 .3110 1962 .9080 223.73 3.8685 2.0093 93.561 21.034 14.490 .3107 1963 .7245 223.10 3.8690 2.0052 92.699 21.015 14.484 131.057 1964 .7179 222.48 3.8698 2.0099 92.689 20.988 14.460 31.067 1 1 9 9 6 6 5 6 . .4 5 8 9 6 5 9 2 2 2 2 2 2 2 3 . . 7 4 8 1 mi.22 3 3 . . 8 8 7 6 0 8 4 6 2 2. . 0 0 0 1 6 4 7 4 9 92 2 . . 8 7 1 4 1 3 2 2 0 0 . . 9 9 5 4 9 6 1 1 4 4 . . 4 4 6 7 0 5 3 31 1 . . 0 0 6 7 1 0 1966-—Mar... .5290 111.36 3.8676 2.0087 92.901 20.959 14.491 31.059 Apr.... .5292 111.29 3.8677 2.0054 92.836 20.945 14.485 31.064 May... .5268 111.25 3.8681 2.0089 92.863 20.941 14.459 31.060 June... .4926 111.15 3.8694 2.0079 92.876 20.926 14.458 31.062 July... .4896 111.11 3.8705 2.0110 93.017 20.921 14.444 31.063 Aug.. . 4.4691 111.11 3.8718 2.0122 92.992 20.929 14.436 31.062 Sept.. . .4594 111.13 3.8720 2.0035 92.904 20.928 14.471 31.063 Oct.... .4590 111.22 3.8700 2.0001 92.631 20.929 14.488 31.062 Nov,.. 5.4106 111.20 3.8668 2.0012 92.398 20.927 14.474 31.062 Dec.... .4039 111.16 3.8651 1.9987 92.319 20.926 14.484 31.062 1967--Jan.... .4035 111.20 3.8648 2.0005 92.623 20.927 14.468 31.062 Feb.... .3993 111.32 3.8653 2.0100 92.529 20.932 14.444 31.062 Mar.. .................................................. 5.3103 .................1..11.41 3.8679 2.0116 92.415 20.938 14.467 31.062 Period F (f r r a a n n c c e ) ( G d m e e r u a m t r s k a c ) n h y e (r In u d p i e a e ) ( I p r o el u a n n d d ) ( I l t i a ra ly ) J ( a y p en a ) n ( M do s a l i l l a a a y r ) M (p e e x s i o c ) o ( e g N r u l e i a l t d n h e d r s ) 1961. 20,384 24.903 20.980 280.22 .16099 .27690 32.659 8.0056 27.555 1962. 20.405 25.013 21.026 280.78 .16107 .27712 32.757 8.0056 27.755 1963. 720.404 25.084 20.966 280.00 .16087 .27663 32.664 8.0056 27.770 1964. 20.404 25.157 20.923 279.21 .16014 .27625 32.566 8.0056 27.724 1965. 20.401 25.036 20.938 279.59 .16004 .27662 32.609 8.0056 27.774 1966. 20.352 25.007 816.596 279.30 .16014 .27598 32.538 8.0056 27.630 1966--Mar.. . 20.402 24.914 20.949 279.52 .16003 .27615 32.600 8.0056 27.618 Apr.... 20.403 24.902 20.936 279.34 .16011 .27591 32.588 8.0056 27.538 May... 20.402 24.894 20.928 279.23 .16010 .27603 32.588 8.0056 27.547 June... 20.403 24.963 814.393 278.98 .16017 .27584 32.545 8.0056 27.645 July. . . 20.403 25.046 13.248 278.88 .16028 .27574 32.488 8.0056 27.719 Aug.. . 20.394 25.056 13.250 278.88 .16039 .27577 32.467 8.0056 27.694 Sept... 20.314 25.069 13.252 278.93 .16029 .27574 32.458 8.0056 27.627 Oct.... 20.247 25.109 13.260 279.16 .16003 .27573 32.473 8.0056 27.625 Nov... 20.231 25.150 13.258 279.11 .16003 .27578 32.453 8.0056 27.641 Dec.... 20.199 25.169 13.256 279.01 .16011 .27577 32.442 8.0056 27.642 1967--Jan.... 20.199 25.140 13.257 279.10 .15996 .27577 32.473 8.0056 27.679 Feb.... 20.217 25.168 13.272 279.41 .15993 .27576 32.535 8.0056 27.694 Mar.. . ............................................... 20.203 25.165 13.280 279.63 .16006 .27607 32.556 8.0056 27.682 Period Z (p e N o a u e la n w n d d ) N (k o r r o w n a e y ) (e P s o c g r u a t l d u o - ) (pou S n o d u ) th Afr ( i r c a a nd) (p S e p s a e i t n a) ( S k w r e o d n e a n ) ( S e f r r w l a a i n t n z c d ) ( U p K d o n i o u n i m t n g e d - d ) 1961. 277.45 14.000 3.4909 279.48 139.57 .6643 19.353 23.151 280.22 1962. 278.00 14.010 3.4986 139.87 1.6654 19.397 23.124 280.78 1963. 277.22 13.987 3.4891 139.48 1.6664 19.272 23.139 280.00 1964. 276.45 13.972 3.4800 139.09 1.6663 19.414 23.152 279.21 1965. 276.82 13.985 3.4829 139.27 .6662 19.386 23.106 279.59 1966. 276.54 13.984 3.4825 ................... 139.13 1.6651 19.358 23.114 279.30 1966--Mar... 276.75 13.981 3.4867 139.24 .6659 19.384 23.040 279.52 Apr.... 276.58 13.976 3.4834 139.15 .6659 19.385 23.102 279.34 May... 276.47 13.971 3.4829 139.09 .6660 19.398 23.167 279.23 June... 276.22 13.97s 3.4806 138.97 .6658 19.383 23.169 278.98 July... 276.12 13.974 3.4777 138.92 .6655 19.352 23.164 278.88 Aug.. . 276.12 13.988 3.4776 138.92 .6639 19.358 23.110 278.88 Sept.. . 276.17 13.989 3.4773 138.95 .6639 19.345 23.102 278.93 Oct........ 276.40 13.993 3.4807 139.06 .6641 19.330 23.064 279.16 Nov... 276.35 13.995 3.4794 139.03 .6638 18.336 23.141 279.11 Dec.... 276.25 13.989 3.4783 138.99 .6638 19.327 23.129 279.01 ................... 1967--Jan........ 276.34 13.978 3.4786 139.03 .6636 19.337 23.089 279.10 Feb....... 276.65 13.980 3.4783 139.18 1.6634 19.353 23.061 279.41 Mar.. ................................................. 276.86 13.984 3.4811 ................... 139.29 1.6633 19.367 23.079 279.63 i A new markka, equal to 100 old markkaa, was introduced on Jan. 1, 7 Effective Jan. 1, 1963, the franc again became the French monetary 1963. unit. It replaces, at a 1 to 1 ratio, the new franc introduced Jan. 1, 1960. 2 Based on quotations through Feb. 11, 1966. 0 Effective June 6, 1966, the Indian rupee was devalued from 4.76 to 3 Effective Feb. 14, 1966, Australia adopted the decimal currency 7.5 rupees per U.S. dollar. Quotations not available June 6 and 7. system. The new unit, the dollar, replaces the pound and consists of 100 cents, equivalent to 10 shillings or one-half the former pound. Note.—Averages of certified noon buying rates in New York for 4 Quotations not available Aug. 8 and 9. cable transfers. For description of rates and back data, see “International 5 Quotations not available Nov. 4 and 7. Finance,” Section 15 of Supplement to Banking and Monetary Statistics, 6 Quotations not available Mar. 7-14. 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 Daniel H. Brill, 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 Frederic Solomon, Director LEGAL DIVISION Brenton C. Leavitt, Assistant Director Howard H. Hackley, General Counsel James C. Smith, Assistant Director David B. Hexter, Associate General Counsel Lloyd M. Schaeffer, Chief Federal Reserve Thomas J. O’Connell, Assistant General Examiner Counsel Frederick R. Dahl, Assistant Director Jerome W. Shay, Assistant General Counsel Jack M. Egertson, Assistant Director Wilson L. Hooff, Assistant General Counsel Thomas A. Sidman, Assistant Director Charles C. Walcutt, Assistant Chief Federal Reserve Examiner DIVISION OF RESEARCH AND STATISTICS Daniel H. Brill, Director DIVISION OF PERSONNEL ADMINISTRATION Albert R. Koch, Deputy Director Edwin J. Johnson, Director J. Charles Partee, Associate Director John J. Hart, Assistant Director Kenneth B. Williams, Adviser Stephen H. Axilrod, Associate Adviser DIVISION OF ADMINISTRATIVE SERVICES Lyle E. Gramley, Associate Adviser Stanley J. Sigel, Associate Adviser Joseph E. Kelleher, Director Tynan Smith, Associate Adviser Harry E. Kern, Assistant Director James B. Eckert, Assistant Adviser Murray S. Wernick, Assistant Adviser OFFICE OF THE CONTROLLER John Kak alec, Controller DIVISION OF INTERNATIONAL FINANCE Robert Solomon, Director OFFICE OF DEFENSE PLANNING 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 683 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
684 FEDERAL RESERVE BULLETIN • APRIL 1967 FEDERAL OPEN MARKET COMMITTEE Wm. McC, Martin, Jr., Chairman Alfred Hayes, Vice Chairman Andrew F. Brimmer Sherman J. Maisel Chas. N. Shepardson J. Dewey Daane George W. Mitchell Eliot J. Swan Darryl R. Francis J. L. Robertson Edward A. Wayne Charles J. Scanlon Robert C. Holland, Secretary Merritt Sherman, Assistant Secretary J. Howard Craven, Associate Economist Kenneth A. Kenyon, Assistant Secretary George Garvy, Associate Economist Arthur L. Broida, Assistant Secretary A. B. Hersey, Associate Economist Charles Molony, Assistant Secretary Homer Jones, Associate Economist Howard H. Hackley, General Counsel Albert R. Koch, Associate Economist David B. Hexter, Assistant General Counsel J. Charles Partee, Associate Economist Daniel H. Brill, Economist Benjamin U. Ratchford, Associate Economist Ernest T. Baughman, Associate Economist Robert Solomon, 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 Sam M. Fleming, sixth federal reserve district, Vice President John Simmen, first federal reserve Henry T. Bodman, seventh federal district RESERVE DISTRICT R. E. McNeill, Jr., second federal A. M. Brinkley, Jr., eighth federal reserve district RESERVE DISTRICT Harold F. Still, Jr., third federal Roger D. Knight, Jr., tenth federal reserve district RESERVE DISTRICT John A. Mayer, fourth federal Robert H. Stewart, III, eleventh federal reserve district RESERVE DISTRICT J. Harvie Wilkinson, Jr., fifth federal Frederick G. Larkin, Jr., twelfth 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
FEDERAL RESERVE BANKS AND BRANCHES 685 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 Charles W. Cole Earle O. Latham New York............. ...10045 Everett N. Case Alfred Hayes Kenneth H. Hannan William F. Treiber Buffalo.............. ...14240 Robert S. Bennett A. A. Machines, Jr. 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 Barney A. Tucker Fred O. Kiel Pittsburgh........ ...15230 F. L. Byrom Clyde E. Harrell Richmond.............. ...23213 Edwin Hyde Edward A. Wayne Wilson H. Elkins Aubrey N. Heflin Baltimore.......... ..21203 E. Wayne Corrin 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 Castle W. Jordan Thomas C. Clark Nashville........... ..37203 Robert M. Williams Robert E. Moody, Jr. New Orleans.... ..70160 Frank G. Smith, Jr. Morgan L. Shaw Chicago................ ..60690 Franklin J. Lunding Charles J. Scanlon Elvis J. Stahr 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 James S. Williams John W. Menges Minneapolis........... ..55440 Joyce A. Swan Hugh D. Galusha, Jr. Robert F. Leach M. H. Strothman, Jr. Helena.............. ..59601 Edwin G. Koch Clement A. Van Nice Kansas City............. ..64198 Dolph Simons George H. Clay Dean A. McGee John T. Boysen Denver................ ..80217 Cris Dobbins John W. Snider Oklahoma City.. . .73125 C. W. Flint, Jr. Howard W. Pritz Omaha................ . .68102 Henry Y. Kleinkauf George C. Rankin Dallas..................... ..75222 Carl J. Thomsen Watrous H. Irons Max Levine Philip E. Coldwell EI Paso..................79999 Gordon W. Foster Fredric W. Reed Houston.............. ..77001 Geo. T. Morse, Jr. J. Lee Cook San Antonio....... ..78206 Harold D. Herndon Carl H. Moore San Francisco......... ..94120 Frederic S. Hirschler Eliot J. Swan S. Alfred Halgren H. Edward Hemmings Los Angeles........ ..90054 Arthur G. Coons Paul W. Cavan Portland.............. ..97208 Graham J. Barbey William M. Brown Salt Lake City......84110 Royden G. Derrick Arthur L. Price Seattle................. ..98124 William McGregor 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. 1866-69 of the December 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. 5. Bank Debits. 1966. Annual Report. 36 pp. $.35. Sec. 6. Bank Income, 1966. 29 pp. Federal Reserve Bulletin. Monthly. $6.00 per $.35. Sec. 9. Federal Reserve Banks. 1965. 36 annum or $.60 a copy in the United States and pp. $.35. Sec. 10. Member Bank Reserves and its possessions, Bolivia, Canada, Chile, Co Related Items. 1962. 64 pp. $.50. Sec. 11. lombia, Costa Rica, Cuba, Dominican Republic, Currency. 1963. 11 pp. $.35. Sec. 12. Money Ecuador, Guatemala, Haiti, Republic of Hon Rates and Securities Markets. 1966. 182 pp. duras, Mexico, Nicaragua, Panama, Paraguay, $.65. Sec. 14. Gold. 1963. 24 pp. $.35. Sec. Peru, El Salvador, Uruguay, and Venezuela; 10 15. International Finance. 1962. 92 pp. $.65. or more of same issue sent to one address, $5.00 Sec. 16 (New) Consumer Credit. 1965. 103 per annum or $.50 each. Elsewhere, $7.00 per pp. $.65. annum or $.70 a copy. Bank Mergers & the Regulatory Agencies: Federal Reserve Chart Book on Financial and Application of the Bank Merger Act of Business Statistics. Monthly. Annual subscrip 1960. 1964. 260 pp. $1.00 a copy; 10 or more tion includes one issue of Historical Chart Book. sent to one address, $.85 each. $6.00 per annum or $.60 a copy in the United Banking Market Structure & Performance States and the countries listed above; 10 or more in Metropolitan Areas: A Statistical Study of same issue sent to one address, $.50 each. of Factors Affecting Rates on Bank Loans. Elsewhere, $7.00 per annum or $.70 a copy. 1965. 73 pp. $.50 a copy; 10 or more sent to Historical Chart Book. Issued annually in Sept. one address, $.40 each. Subscription to monthly chart book includes one Farm Debt. Data from the 1960 Sample Survey issue. $.60 a copy in the United States and coun of Agriculture. 1964. 221 pp. $1.00 a copy; 10 tries listed above; 10 or more sent to one ad or more sent to one address, $.85 each. dress, $.50 each. Elsewhere, $.70 a copy. Merchant and Dealer Credit in Agriculture. Treasury-Federal Reserve Study of the Gov 1966. 109 pp. $1.00 a copy; 10 or more sent to ernment Securities Market. Pt. I. 1959. 108 one address, $.85 each. pp. Pt. II. 1960. 159 pp. Pt. III. 1960. 112 pp. Monetary Theory and Policy: A Bibliography. Individual books $1.00 each; set of 3, $2.50. Part I—Domestic Aspects. 137 pp. $1.00 a Flow of Funds in the United States, 1939-53. copy; 10 or more sent to one address, $.85 each. 1955. 390 pp. $2.75. Regulations of the Board of Governors of Debits and Clearing Statistics and Their the Federal Reserve System. Use. 1959. 144 pp. $1.00 a copy; 10 or more Rules of Organization and Procedure—Board sent to one address, $.85 each. of Governors of the Federal Reserve Sys The Federal Funds Market. 1959. Ill pp. tem. 1962. 40 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 a copy; 10 or more sent to one address, $.40 each. The Federal Reserve Act, as amended through Nov. 5, 1966, 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. 353 pp. $1.25. more sent to one address, $.85 each. 686 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FEDERAL RESERVE BOARD PUBLICATIONS 687 STAFF ECONOMIC STUDIES The Relative Impact of Money and Income on Interest Rates: An Empirical Investi Studies and papers on economic and financial sub gation, by William E. Gibson and George G. jects that are of general interest in the field of Kaufman. Feb. 1967. economic research. The Effect of Credit Conditions on State Summaries only printed in the Federal Reserve and Local Bond Sales and Capital Outlays Bulletin. Since World War II, by Paul F. McGouldrick. (Limited supply of mimeographed copies of Feb. 1967. full text available upon request for single copies.) Investment by Manufacturing Firms: A Quar The Process of Inflation: A Review of the terly Time Series Analysis of Industry Literature and Some Comparisons of Cy Data, by Robert W. Resek. Mar. 1967. clical Performance, 1953-65, by Glenn H. Miller, Jr. Apr. 1966. Individuals as a Source of Loan Funds for The Federal Reserve System and World State and Local Governments, Helmut Monetary Problems, by Robert Solomon. Wendel. Apr. 1967. May 1966. Printed in full in the Federal Reserve Bulletin. The Spanish “Miracle”: Growth and Change in the Spanish Economy, 1959 to Mid-1965, (Reprints available as shown in following list.) by Rodney H. Mills, Jr. May 1966. Consumer Credit Regulations: A Review and Response, by Jerome W. Shay. June 1966. REPRINTS Empirical Aspects of Co t vs. Demand in (From Federal Reserve Bulletin unless preceded Commodity Pricing, by Addison T. Cutler. by an asterisk.) June 1966. Adjustment for Seasonal Variation. Descrip A Model of Federal Reserve Behavior, by tion of method used by Board in adjusting eco John H. Wood. June 1966. nomic data for seasonal variation. June 1941. Cyclical Determinants oi Capital Expendi 11PPtures: A Regression Study of the United States Steel Industry, By James P. Bennett. Seasonal Factors Affecting Bank Reserves. Feb. 1958. 12 pp. July 1966. The European Economic Community’s Com *Part I, All-Bank Statistics, 1896-1955. Re mon Agricultural Policy and Its Impact print of the U.S. Summary containing a descrip on U.S. Exports, by Thomas M. Klein. July tion of revised statistics for all banks in the 1966. ’ ' United States, by class of bank, together with A Theory of Household Asset Selection, by revised statistics. Apr. 1959. 94 pp. William J. Hocter. Aug. 1966. Statistics on the Government Securities Liquidity Considerations and Monetary Market. Apr. 1961. 8 pp. Management, by Leonall C. Andersen (with commentaries by Arthur L. Broida and Rich Liquidity and Public Policy, Staff Paper by Stephen H. Axilrod. Oct. 1961. 17 pp. ard G. Davis). Sept. 1966. The Overseas Dollar Bond Market and Re Seasonally Adjusted Series for Bank Credit. cent U.S. Borrowing Abroad, by Carl H. July 1962. 6 pp. Stem. Sept. 1966. Interest Rates and Monetary Policy, Staff Mexico’s Economic and Financial Record, by Paper by Stephen H. Axilrod. Sept. 1962. 28 pp. Yves Maroni. Oct. 1966. Measures of Industrial Production and Final Industrial Production—1957-59 Base. Oct. 1962. 10 pp. Demand, by Clayton Gehman and Cornelia Motheral. Jan. 1967. Flow of Funds Seasonally Adjusted, Nov. Firms’ Demands For Money: The Evidence 1962. 15 pp. From the Cross-Section Data, by William J. A Sectoral Analysis of Velocity, Staff Paper Frazer, Jr. Jan. 1967. by Paul F. McGouldrick. Dec. 1962. 14 pp- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
688 FEDERAL RESERVE BULLETIN • APRIL 1967 New Foreign Bond Issues in the U.S. Market, Commercial Bank Liquidity, Staff Economic Staff Paper by Robert F. Gemmill. May 1963. Study by James Pierce. Aug. 1966. 9 pp. 13 pp. Changes in Time and Savings Deposits, De Recent Changes in Liquidity, Staff Paper by cember 1965-May 1966. Aug. 1966. 35 pp. Daniel H. Brill. June 1963. 10 pp. Revision of Weekly Reporting Member Bank Measures of Member Bank Reserves. July Series. Aug. 1966. 4 pp. 1963. 14 pp. Interest Rates in Western Europe. Sept. Measuring and Analyzing Economic Growth, 1966. 19 pp. Staff Paper by Clayton Gehman. Aug. 1963. Revision of Money Supply Series. Sept. 1966. 14 pp. 13 pp. Changes in Banking Structure, 1953-62. Sept. Treasury and Federal Reserve Foreign Ex 1963. 8 pp. change Operations. Sept. 1966. 11 pp. Economic Change and Economic Analysis, Interest Rates in U.S. Capital Markets. Nov. Staff Paper by Frank R. Garfield. Sept. 1963. 1966. 16 pp. 17 pp. Toward Understanding of the Whole De Survey of Financial Characteristics of Con veloping Economic Situation, Staff Eco sumers. Mar. 1964. 9 pp. nomic Study by Frank R. Garfield. Nov. 1966. Federal Reserve Security Transactions, 1954 14 pp. 63, Staff Paper by Stephen H. Axilrod and A Revised Index of Manufacturing Capacity, Janice Krummack. July 1964. 16 pp. Staff Economic Study by Frank de Leeuw with Frank E. Hopkins and Michael D. Sherman. Ministerial Statement of the Group of Ten Nov. 1966.11 pp. and Annex Prepared by Deputies, Aug. 1964. 25 pp. Time Deposits and Financial Flows. Dec. 1966.14 pp. Yield Differentials in Treasury Bills, 1959 64, Staff Paper by Samuel I. Katz. Oct. 1964. Balance of Payments Program: Guidelines 20 pp. for Banks and Nonbank Financial Institu Research into Banking Structure and Com tions. Dec. 1966. 8 pp. petition. Nov. 1964. 17 pp. The Role of Financial Intermediaries in U.S. Capital Markets, Staff Economic Study by Bank Credits to Foreigners. Mar. 1965. 10 pp. Daniel H. Brill, with Ann P. Ulrey. Jan. 1967. Measures of Banking Structure and Competi tion. Sept. 1965. 11 pp. Size and Composition of Consumer Saving. Jan. 1967. 19 pp. Time Deposits in Monetary Analysis, Staff Economic Study by Lyle E. Gramley and Sam Recent Bank Credit and Monetary Develop uel B. Chase, Jr. Oct. 1965. 25 pp. ments. Feb. 1967. 13 pp. Fiscal Policy and Debt Management. Nov, Revised Series on Commercial and Industrial 1965. 11 pp. Loans by Industry. Feb. 1967. 2 pp. Cycles and Cyclical Imbalances in a Chang Auto Loan Characteristics at Major Sales ing World, Staff Paper by Frank R. Garfield. Finance Companies. Feb. 1967. 5 pp. Nov. 1965. 15 pp. Consumer Instalment Credit. Mar. 1967. Research on Banking Structure and Per 12 pp. formance, Staff Economic Study by Tynan Treasury and Federal Reserve Foreign Ex Smith. Apr. 1966. 11 pp. change Operations. Mar. 1967. 12 pp. Banking and Monetary Statistics, 1965. Se lected series of banking and monetary statistics The Balance of Payments in 1966. Apr. 1967. 16 pp. for 1965 only. Mar. and June 1966. 15 pp. Recent Credit and Monetary Developments. Changes in Time and Savings Deposits, May July 1966. 12 pp. 1966-January 1967. Apr. 1967. 17 pp. Revision of Bank Credit Series. July 1966. Survey of Finance Companies, Mid-1965. Apr. 6 pp. 1967. 26 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 594). Acceptances, bankers’, 603, 621, 623 Deposits (See also specific types of deposits): Agricultural loans of commercial banks, 614, 616 Accumulated at commercial banks Arbitrage, 681 for payment of personal loans, 613 Assets and liabilities (See also Foreign liab. & claims): Adjusted, and currency, 609 Banks and the monetary system, 609 Banks, by classes, 603, 610, 615, 618, 623 Corporate, current, 635 Federal Reserve Banks, 604, 675 Domestic banks, by classes, 610, 614, 616, 623 Member banks, deposits subject to reserve Federal Reserve Banks, 604 requirements, 608 Automobiles: Postal savings, 602, 609 Consumer instalment credit, 640, 641, 642 Discount rates, 601, 680 Production index, 644, 645 Discounts and advances by Federal Reserve Banks, 596, 604, 606 Bankers’ balances, 615, 617 Dividends, corporate, 634, 635 (See also Foreign liabilities and claims) Dollar assets, foreign, 667, 675 Banks and branches, number, by class and State, 658 Banks and the monetary system, 609 Earnings and hours, manufacturing industries, 651 Banks for cooperatives, 625 Employment, 648, 650, 651 Bonds (See also U.S. Govt, securities); New issues, 631, 632, 633 Farm mortgage loans, 636, 637, 638 Prices and yields, 621, 622 Federal finance: Branch banks, number, by class and State, 659 Cash transactions, 626 Brokers and dealers in securities, bank loans Receipts and expenditures, 627 to, 614, 616 Treasurer’s balance, 626 Business expenditures on new plant and Federal funds, 600, 614 equipment, 635 Federal home Ioan banks, 625, 637 Business indexes, 648 Federal Housing Administration, 622, 636, 637, 638 Business loans (See Commercial and industrial loans) Federal intermediate credit banks, 625 Federal land banks, 625 Capital accounts: Federal National Mortgage Assn., 625, 638 Banks, by classes, 610, 615, 619 Federal Reserve Banks: Federal Reserve Banks, 604 Condition statement, 604 Carloadings, 648 U.S. Govt, securities held, 596, 604, 606, 628, 629 Central banks, foreign, 664, 680 Federal Reserve credit, 596, 604, 606 Certificates of deposit, 619 Federal Reserve notes, 604, 607 Coins, circulation, 607 Federally sponsored credit agencies, 625 Commercial and industrial loans: Finance company paper, 621, 623 Commercial banks, 614 Financial institutions, loans to, 614, 616 Weekly reporting banks, 616, 620 Float, 596 Commercial banks: Flow of funds, 656 Assets and liabilities, 610, 614, 616 Foreign central banks, 664, 680 Consumer loans held, by type, 641 Foreign currency operations, 604, 606, 666, 674 Deposits accumulated at, for Foreign deposits in U.S. banks, 596, 604, 609, 615, payment of personal loans, 613 618, 675 Number, by classes, 610, 658 Foreign exchange rates, 682 Real estate mortgages held, by type, 636 Foreign liabilities and claims: Commercial paper, 621, 623 Banks, 668, 670, 671, 673, 675 Condition statements (See Assets and liabilities) Nonfinancial concerns, 676 Construction, 648, 649 Foreign trade, 679 Consumer credit: Instalment credit, 640, 641, 642, 643 Gold: Noninstalment credit, by holder, 641 Certificates, 604, 607 Consumer price indexes, 648, 652 Earmarked, 675 Consumption expenditures, 654, 655 Net purchases by U.S., 666 Corporations: Production, 665 Sales, profits, taxes, and dividends, 634, 635 Reserves of central banks and govts., 664 Security issues, 632, 633 Reserves of foreign countries and international Security prices and yields, 621, 622 organizations, 667 Cost of living (See Consumer price indexes) Stock, 596, 609, 666 Currency in circulation, 596, 607, 608 Gross national product, 654, 655 Customer credit, stock market, 622 Hours and earnings, manufacturing industries, 651 Debits to deposit accounts, 606 Housing starts, 649 Debt (See specific types of debt or securities) Demand deposits: Income, national and personal, 654, 655 Adjusted, banks and the monetary system, 609 Industrial production index, 644, 648 Adjusted, commercial banks, 606, 608, 615 Instalment loans, 640, 641, 642, 643 Banks, by classes, 603, 610, 618 Insurance companies, 624, 628, 629, 637 Member banks, deposits subject to reserve Insured commercial banks, 612, 613, 614, 658 requirements, 608 Interbank deposits, 603, 610, 615 Turnover, 606 Interest rates: Type of holder, at commercial banks, 615 Business loans by banks, 620 689 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
690 FEDERAL RESERVE BULLETIN • APRIL 1967 Interest rates—Continued Reserve position, basic, member banks, 600 Federal Reserve Bank discount rates, 601 Reserve requirements, member banks, 602 Foreign countries, 680, 681 Reserves: Money market rates, 621, 681 Central banks and govts., 664 Mortgage yields, 622, 639 Commercial banks, 615, 617 Time deposits, maximum rates, 602 Federal Reserve Banks, 604 Yields, bond and stock, 621 Foreign countries and international International capital transactions of the U.S., 668 organizations, 667 International institutions, 644, 666, 667 Member banks, 596, 598, 603, 608, 615 Inventories, 654 Residential mortgage loans, 636, 637, 638, 639 Investment companies, new issues, 633 Retail credit, retail sales, 640, 648 Investments (See also specific types of investments): Sales finance companies, loans, 640, 641, 643 Banks, by classes, 610, 614, 617, 623 Saving: Commercial banks, 613 Flow of funds series, 656 Federal Reserve Banks, 604, 606 National income series, 655 Life insurance companies, 624 Savings and loan assns., 624, 629, 637 Savings and loan assns., 624 Savings deposits (See Time deposits) Labor force, 650 Savings institutions, principal assets, 623, 624 Loans (See also specific types of loans): Securities (See also U.S. Govt, securities): Banks, by classes, 610, 614, 616, 623 Federally sponsored agencies, 625 Commercial banks, 613 International transactions, 674, 675 Deposits accumulated at commercial New issues, 631, 632, 633 banks for payment of personal loans, 613 Silver coin and silver certificates, 607 Federal Reserve Banks, 596, 604, 606 State and local govts.: Insurance companies, 624, 637 Deposits of, 615, 618 Insured or guaranteed by U.S., 636, 637, 638 Holdings of U.S. Govt, securities, 628, 629 Savings and loan assns., 624, 637 New security issues, 631, 632 Ownership of obligations of, 614, 617, 623, 624 Manufactures, production index, 645, 648 Prices and yields of securities, 621, 622 Margin requirements, 602 State member banks, 612, 613, 658 Member banks: Stock market credit, 622 Assets and liabilities, by classes, 610, 614 Stocks: Borrowings at Reserve Banks, 598, 604, 619 New issues, 632, 633 Deposits, by classes, 603 Prices and yields, 621, 622 Number, by classes, 611, 658 Operating ratios, 660 Tax receipts, Federal, 627 Reserve position, basic, 600 Time deposits, 602, 603, 608, 609, 610, 615, 618 Reserve requirements, 602 Treasurer’s account balance, 626 Reserves and related items, 596, 608 Treasury cash, Treasury currency, 596, 607, 609 Mining, production index, 645, 648 Treasury deposits, 596, 604, 626 Money rates (See Interest rates) Turnover, deposit, 606 Money supply and related data, 608 Mutual funds (See Investment companies) Unemployment, 650 Mutual savings banks, 609, 610, 612, 623, 628, 629, U.S. balance of payments, 678 636, 658 U.S. Govt, balances: Commercial bank holdings, by classes, 615, 618 National banks, 612, 613, 658 Consolidated monetary statement, 609 National income, 654, 655 Member bank holdings, 608 National security expenditures, 627, 654 Treasury deposits at Federal Reserve Nonmember banks, 612, 613, 614, 615, 658 Banks, 596, 604, 626 U.S. Govt, securities: Open market transactions, 603 Bank holdings, 609, 610, 614, 617, 623, 628, 629 Operating ratios, member banks, 660 Dealer transactions, positions, and financing, 630 Federal Reserve Bank holdings, 596, 604, 606, Payrolls, manufacturing, index, 648 628, 629 Personal income, 655 Foreign, international holdings, 604, 667, 675 Postal Savings System, 602, 609 International transactions, 674 Prices: New issues, gross proceeds, 632 Consumer, 648, 652 Open market transactions, 603 Security, 622 Outstanding, by type of security, 628, 629, 631 Wholesale commodity, 648, 652 Ownership of, 628, 629 Production, 644, 648 Prices and yields, 621, 622, 681 Profits, corporate, 634, 635 United States notes, 607 Real estate loans: Utilities, production index, 645, 648 Banks, by classes, 614, 616, 623, 636 Vault, cash, 596, 602, 615 Delinquency rates on home mortgages, 639 Veterans Administration, 636, 637, 638 Mortgage yields, 622, 639 Nonfarm mortgage foreclosures, 639 Weekly reporting banks, 616 Type of holder, 636, 637, 638 Type of property mortgaged, 636, 637, 638 Yields (See Interest rates) Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES A (o THE FEDERAL RESERVE SYSTEM A q) 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 (1967, March 31). Federal Reserve Bulletin, 1967-04. Bulletin, Federal Reserve. https://whenthefedspeaks.com/doc/bulletin_196704
@misc{wtfs_bulletin_196704,
author = {Federal Reserve},
title = {Federal Reserve Bulletin, 1967-04},
year = {1967},
month = {Mar},
howpublished = {Bulletin, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bulletin_196704},
note = {Retrieved via When the Fed Speaks corpus}
}